What attorneys don’t tell you about revocable trusts - That They Can Be Contested and Probated!

Nearly all of the states have adopted elements of the Uniform Probate Code in their own probate code so...

After the death of the settlor of a revocable trust, the trust may be contested on grounds similar to those available to a will contestant. Generally, contest grounds in an action to invalidate a revocable trust following the settlor’s death will be applied in the same manner as in contests of wills.

Two recent cases involving revocable trusts directly address standing. In the first, from New York, the issue was whether an heir of a deceased settlor of a revocable trust could contest the trust as well as the settlor’s pour over will that devised her estate to the trust. Allowing the disinherited heir to proceed, the court emphasized the testamentary nature of the revocable trust:

[R] trusts – used increasingly as devices to avert will contests – function essentially as testamentary instruments (i.e., they are ambulatory during the settlor's lifetime, speak at death to determine the disposition of the settlor's property, may be amended or revoked without court intervention and are unilateral in nature) and therefore must be treated as the equivalents of wills in the eyes of the law…[T]he rights and remedies of the parties interested in a revocable trust must be consistent with the rights and remedies of the parties interested in a decedent's will… Thus, a distributee who is entitled to file objections to probate should also be accorded standing to commence an action to set aside a revocable trust, since the latter is but another part of the decedent's testamentary plan.

University of Akron School of Law/Alan Newman

What else doesn’t your attorney tell you, that there are nonprobate instruments that transfer property on the death of a donor - non-testamentary transfers that are not subjected to Will act formalities or probate-Promissory notes.

Check our event schedule to learn more about leveraging your assets to avoid the Probate nightmare.

Information and People for Diligent Outcomes

U.S. District Judge Rejects Tax Promoters’ Plea Agreement in United States v. Crithfield: A Rare Event, but a Warning to Defense Counsel

The Very Real Pirates of the Caribbean

Duane Crithfield and Stephen Donaldson led the captive insurance promoter Foster & Dunhill, which marketed a Business Protection Plan (BPP) that the government alleges was fraudulent. In the latest twist in the prosecution of the two promoters, a judge in the U.S. district court for the Middle District of Florida has rejected a plea agreement reached by the defendants and the prosecution, even though the Court had previously accepted it, because there was no “meeting of the minds.”¹ This unconventional move by the judge is not only surprising, but offers a cautionary tale and some lessons for defense counsel.

In May 2013, Crithfield and Donaldson were indicted for promoting a tax shelter scheme relating to their marketing of a captive insurance arrangement, known as the Business Protection Plan (BPP). Both were charged with conspiracy to evade taxes, and aiding and assisting fraud and false statements pertaining to two particular clients (each client constituted a separate count).

"Furthermore, it is possible that defendants may now be in a worse position, not only because they have no plea agreement in hand that limits their exposure to three years and may instead be found guilty of all the charges and thus increase their exposure to 11 years (not to mention the legal fees that will be required to try the case), but also because this tactic likely frustrated both the prosecution and the court" 

http://www.americanbar.org/groups/taxation/publications/abataxtimes_home/16jun/16jun-ac-colvin-taylor-us-district-judge-rejects-tax-promoters-plea-agreement-in-us-v-crithfield.html

BACKSTORY

"The Real Pirates of the Caribbean Playing Now in Tennessee" was a featured blog authored by us wherein we revealed that Tennessee Trust Promoters and their Attorney were promoting the services of Stephen Donaldson to their Clients without disclosing that Donaldson was under Federal Indictment.
 

1.3 millions files from the Bahamas company registry leaked

1.3 millions files from the Bahamas company registry were anonymously released to German newspaper Süddeutsche Zeitung about a month ago, jeopardizing the financial interests of a veritable cornucopia of VIPs.

Information on approximately 175 thousand shell companies, trust and foundations made the rounds and these details have been collected in Washington DC by the International Consortium of Investigative Journalists (ICIJ) to create a public Bahamas leaks database.

Among the myriad of prominent figures affected by these leaks are UK Home Secretary Amber Rudd, former EU Competition Commissioner Neelie Kroes, former Mongolian Prime Minister Sukhbaatar Batbold, current Argentine President Mauricio Macri and former Chilean dictator Augusto Pinochet.

Plenty of wealthy individuals and companies have chosen to set up in the Bahamas thanks to its multiple tax breaks on company profits, capital gains, income and inheritance, and the anonymity awarded to its users.

According to James N. Mastracchio and Sanpreet Dhaliwal of Dentons, “The Bahamas claims to be a transparent jurisdiction with a public register of companies, but the information shared from the seat of government in Nassau is limited.”

Furthermore, they write, “Although the Bahamas Corporate Registry is supposed to contain the names and addresses of all directors and officers, there is no requirement to register the owners of a company with the authorities.”

1.3m Files Leak In Bahamas Papers
http://www.tribune242.com/news/2016/sep/22/13m-files-leak-bahamas-papers/

FIVE months after the country’s financial services sector was dragged into the spotlight as a top tax haven in the infamous “Panama Papers”, international watchdogs yesterday unveiled a free online database created from 1.3 million leaked files from the Bahamas’ corporate registry.

The database by the International Consortium of Investigative Journalists (ICIJ) circumvents the local register’s costly retrieval fee and incomplete online registry by providing, for the first time, a publicly searchable forum of the names of directors and some shareholders of more than 175,000 Bahamian companies.

Released in tandem with detailed reporting on the offshore links to high-profile international politicians, including UK Home Secretary Amber Rudd, the latest instalment to the massive Offshore Leaks Database created by the ICIJ has labelled the country as the “Switzerland of the West”.

The reports detail the country’s longstanding struggle with international tax agencies, namely the United States’ Internal Revenue Service and the Organisation for Economic Co-operation and Development (OECD), since the 1930s.

Review Of Data Systems After 'Bahama Papers' Leak
http://www.tribune242.com/news/2016/sep/23/review-data-systems-after-bahama-papers-leak/

British Prime Minister Cameron Under Fire Over Link To Bahamas Offshore Accounts
http://www.tribune242.com/news/2016/apr/08/british-prime-minister-cameron-under-fire-over-lin/

Your Invited - Call to Action for Trust Implementation - PredictIt.org Has Hillary at 83% probability

Hillary Clinton Vows a 65% Estate Tax.

As unfathomable as it is for the voter minority to think about another Clinton in the White House, Clinton is favored to win by 83% on predictit.org and this week, Trump has been "Trumped."

For those of you with a trust structure that has not been fully implemented...

• Consider that you be solely responsible for essentially screwing your family over by handing 65% of your estate to the Federal Government because you procrastinated and did not implement your trust structure.

• Consider further that your family will be forced into the 3 to 6 month Probate Court bureaucracy and forced to retain a Probate attorney who will take between 2.5 and 5% of the value of your estate (not including costs and expenses).

• Consider even further the chaos that your family will face and costs your family will endure because your business holdings and/or farm operations are entwined in the Probate Court system and family squabbles...

Ah! Imagine the fond memories of you now!

For those of you who have the knowledge but fail to act...Imagine the fond memories of you now!

Join us Monday evening for a frank discussion on Real-Life events and turmoil that can and will happen, and with the potential to destroy a lifetime of work, family unity and wealth!

The Ultimate Insurance Policy-The Wyoming Self-Settled Irrevocable Qualified Spendthrift Trust

Monday | Oct. 17 | 7:30 PM EST
Phone. 712-775-7035 | Code. 908702# | Mute/Un-mute. *6 | Bring questions for Q&A

Information and People for Diligent Outcomes
http://outpostprovisioning.blogspot.com/

EU Financial Transaction Tax: Will It Happen?

On Monday, Finance Ministers for 10 European Union nations met with the purpose of finalizing work on a proposed financial transaction, or Robin Hood, tax.

While there’s still work to be done, Pierre Moscovici, the European Commissioner for Economic and Financial Affairs, Taxation and Customs, expressed his enthusiasm for the progress achieved.

Following the OECD’s input and research done by working groups on “the main sticking points—the treatment of derivatives on sovereign debt and how to make the tax cost-effective,” the EU’s Tax Commissioner believes “a final agreement has never been closer.”

Moscovici said, “The ten participating Member States have…made excellent progress on the Financial Transaction Tax and agreed on the four basic features which will form the backbone of the tax.”

“My services, together with the technical group of the participating countries, will now draft a legal text on which we’ll be seeking political agreement over the next weeks,” he added.

Furthermore, German Finance Minister Wolfgang Schaeuble said, “The countries that had reservations last time have withdrawn them, so some countries now want to take a look at the possible consequences of the [final] text.”

“We want to have a decision by year-end, a positive one, if possible,” he added.

For the past three years, Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain have been engaged in negotiations to set up this tax after the original proposal brought up back in 2011 failed to elicit much excitement from the EU’s twenty-eight Member States.

This initiative aims to develop “levies on stock, bond, derivative and other trading as a way to curb financial speculation and get the industry to make a “fair contribution”—projected at 57 billion euros a year—to state budgets.”

Under these renegotiated terms pitched by Austria, several items have been agreed to per a Bloomberg article on the meeting:

• “Harmonized taxation would initially be applied to transactions of stocks issued in one of the participating countries.”
• “All shares would be taxed after a transition period unless participating member states decide otherwise.”
• “All derivatives” will be covered, “though initially products with public debt to 100 percent as direct underlying would be exempt.”
• “Repurchase agreements, which are used for short-term financing, as well as transactions of public debt managers would also be excluded.”
• “Market makers, who provide liquidity, would be subject to reduced tax rates.”

A final deal is expected by the end of 2016.

Will the Financial Transaction Tax Survive?

Despite these advancements, several pundits believe the Robin Hood Tax is a terrible idea.

Mark Gilbert, a columnist for Bloomberg View, says that the financial transaction tax in Europe is “unworkable, unwarranted and unwanted.”

Despite this recent meeting’s success, Gilbert’s thoughts (published only a month ago) might still hold true.

According to Gilbert, there are several problems with the financial transaction tax.

First, he writes, “the need for a coordinated policy change is one problem; if Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain go it alone, traders and investors will simply move their buying and selling to different jurisdictions that don't charge them for the privilege.”

Second, “the tax would indiscriminately penalize all market participants, be it farmers protecting their livelihoods in the agricultural futures market, savers already punished by zero interest rates putting money aside in the stock market for retirement, or traders speculating for profit.”

Third, Member States might not make any money from this experiment. Gilbert asserts that “the claim that the revenue raised would go into the coffers of participating countries is false; there's general agreement that a corresponding decline in gross domestic product erodes the wider tax take, meaning no net revenue is generated.”

Do you think the financial transaction tax will ever make it into law? Or, as predicted by Mark Gilbert, will it be “reduced to zombie status, wandering the corridors of Brussels”?

Fortune 500 Companies & Tax Havens: A Study

A new report released this week by Citizens for Tax Justice (CTJ), the Institute of Taxation and Economic Policy (ITEP) and the US Public Interest Research Group (PIRG) posits that Fortune 500 (US-based) companies have stashed away close to $2.5 trillion in offshore accounts in an effort to reduce their tax burdens.

Clark Gascoigne, Deputy Director of the FACT Coalition whose membership includes CTJ, PIRG and ITEP, said, “There’s been a lot of talk this week about how the tax system is rigged and this report is Exhibit A. Multinational corporations are now holding $2.5 trillion offshore. To put that in context, it is an amount larger than the GDP of France. By shifting their profits to tax havens, the largest U.S. companies have been able to avoid more than $700 billion in taxes. These loopholes simply aren’t available to average taxpayers and small businesses, who can’t afford to hire the lawyers and accountants to move money through shell companies created in tax havens.”

The report titled “Offshore Shell Games 2016: The Use of Offshore Tax Havens by Fortune 500 Companies” ranks Apple at the top of the list of tax avoiders with approximately $214.9 billion kept offshore followed by Pfizer ($193.6 billion), Microsoft ($124 billion), General Electric ($104 billion) and IMB ($68.1 billion).


According to the report, “multinational corporations use tax havens to avoid an estimated $100 billion in federal income taxes each year” with 367 of the top 500 companies keeping 10,366 tax haven subsidiaries.
Furthermore, the top 30 firms “with the most money officially booked offshore for tax purposes collectively operate 2,509 tax haven subsidiaries,” the most popular destinations being the Netherlands. As a group, these 30 companies “account for 66 percent or $1.65 trillion” of the total figure for Fortune 500 companies.


The study goes on to claim that “if we assume that average tax rate of 6.2 percent applies to all 298 Fortune 500 companies with offshore earnings, they would owe a 28.8 percent rate upon repatriation of these earnings, meaning they would collectively owe $717.8 billion in additional federal taxes if the money were repatriated at once.”
For instance, in the case of Citigroup and its 140 offshore subsidiaries, “the financial services company officially reports $45.2 billion offshore for tax purposes on which it would owe $12.7 billion in U.S. taxes,” implying that it “has paid only a 7 percent tax rate on its offshore profits to foreign governments, indicating that most of the money is booked in tax havens levying little to no tax.”


This practice, says the report, is unfair: “multinational companies that depend on America’s economic and social infrastructure are shirking their obligation to pay for that infrastructure when they shelter their profits overseas.”

Suggested Measures to Eliminate Tax Avoidance in the US

So what needs to be done to combat tax avoidance?

The CJIT and its collaborators suggest the following measures:

1. Do not allow American companies “to indefinitely defer paying U.S. taxes on profits they attribute to their foreign subsidiaries. In other words, companies should pay taxes on their foreign income at the same rate and time that they pay them on their domestic income.”
2. Oblige companies “to publicly disclose critical financial information on a country-by-country basis (information such as profit, income tax paid, number of employees, assets, etc.,) so that companies cannot manipulate their income and activities to avoid taxation in the countries in which they do business.”
3. Shut down “the inversion loophole by treating an entity that results from a U.S.-foreign merger as an American corporation if the majority (as op- posed to 80 percent) of voting stock is held by shareholders of the former American corporation.”
4. Prevent these firms from transferring “intellectual property (e.g. patents, trademarks, licenses) to shell companies in tax haven countries and then paying inflated fees to use them.”
5. “Reform the so-called “check-the-box” rules to stop multinational companies from manipulating how they define their status to minimize their taxes.”
6. Reject the following: a) a “territorial” tax system; b) the establishment of “patent boxes,” and; c) “corporate integration proposals, which seek to lower taxes on capital by cutting corporate or capital gains and dividends taxes.”

Originally Posted by Mateo Jarrin

Wyoming LLC's Lead The Way Over Nevada and Delaware

For many years Nevada promoters touted Nevada as a tax-free State and "one of the best places to incorporate” because of their privacy and "asset protection" – until now.

On May 31, 2015 the Nevada State legislature passed into law a Gross Receipts Tax and has developed the first ever Nevada Commerce Tax Return.

Every for-profit business in Nevada must file a Nevada State Commerce Tax return by August 15th of each year, starting in 2016.  This includes pass-through entities such as S-Corps, LLC’s, and Partnerships.  This tax return is due even if a company has not previously paid any Nevada state taxes, is not generating a profit, or is a flow through entity. Also, remember this is a tax on your gross income so there are no deductions!

At this time, not all businesses are being required to pay the Gross Receipts Tax, but Nevada's history of fee's over the past ten years may hold a clue to future intent:

• Nevada has increased its filing fees twice.

• The “State Business License” (SBL) was re-created. Only specific businesses were required to pay a one time fee, as opposed to a yearly fee.

• Nevada then started requiring all businesses file a SBL and pay a yearly fee.

• Nevada then raised this yearly fee 3 times on corporations, over a period of 4 years.

• SBL fees continue to rise.  It began at $100 then went to $200 for pass-though entities.  Corporation now pay $500.  Additionally, if you file or pay late, you will be assessed a $100 penalty fee.  There is also another $100 penalty fee if you file your Nevada Commerce Tax return late.

WHAT PRIVACY?
Look at what is currently required by Nevada.

Simply go to the Nevada Secretary of State’s website and type in the name of the person(s) you are looking for and all the business entities that person(s) is affiliated with, or has ever been affiliated with, will be listed.

On the State Business License form, you are required to list all officers, directors, shareholders, with their first and last names, home address, home phone, date of birth, SSN and the percentage of the company they own.

And...the new Nevada Commerce Tax Return form requires the total income and the source of that income for all companies, so they can make the determination if a tax is owed.

And...this is required from all Nevada corporations, even if you do not owe any tax, nor have any Nevada sourced income.

Wyoming is your best choice
Wyoming has not raised its fees in many years.  Wyoming has consistently been ranked the most business friendly state in the nation to start or operate a business.  Wyoming has no income tax, no gross receipts tax, and no State Business License.  Wyoming is much more private.  Wyoming does not require the listing of members or managers on the public record.

Reasons to move out of Nevada

In 2016 you will have to file a tax return with Nevada, even if you are under the gross receipts tax limit. This is going to provide Nevada with inside information in regards your company. Information that Wyoming does not ask for.

In 2016 your minimum State fee to Nevada for a corporation, will be at least $650. If you had a Wyoming corporation, in most cases this fee would be $50.

In 2016 you may be required to list owners with Nevada. Wyoming does not ask for this information.

Reasons to move out of Delaware
Wyoming corporate statutes are clear in that Wyoming corporations may engage in stock buy-back programs without any restrictions.  The restrictions that apply to payment of corporate dividends, in Delaware, are not included in the provision of Wyoming law that specifically authorizes stock buy-backs.  The legal certainty provided by Wyoming law on this point is a clear advantage over the present state of Delaware corporate and case law.  Additionally, there are substantial savings on state franchise tax. 

Public companies save over $250,000 per year in state fees, by re-domiciling to Wyoming.
Since Wyoming has had limited liability companies available longer than any other state, has the strongest laws protecting the members and managers of an LLC, Wyoming is the obvious state of choice for establishing LLC corporations.

In 1977 Wyoming became the first state to authorize the limited liability company (LLC). WE INVENTED THE LLC. Other states followed suit by adopting LLC acts of their own, especially after the Internal Revenue Service (IRS) granted LLCs formed pursuant to Wyoming’s original LLC Act (Original LLC Act or Original Act) favorable partnership tax status in 1988.

With its adoption of the 2010 Wyoming Limited Liability Company Act, the Wyoming legislature has chosen an “opportune moment to identify the best elements of the myriad ‘first generation’ LLC statutes and to infuse those elements into a new, ‘second-generation’ uniform act.” On March 5, 2010, Governor Dave Freudenthal signed into law the 2010 Wyoming Limited Liability Company Act.

Wyoming has pioneered a new form of LLC that precludes creditors from any legal or equitable remedy other than a charging order against the LLC interest, even for Single Member LLC’s. The charging order is the “exclusive remedy.”  This means that you do not need to have 2 or more members in the LLC to get the charging order protection!

The Close LLC was created by an act of the Wyoming legislature especially for small LLC's which have a small number of Members, usually having ties to one another through family relationships or friends and business partners. Close LLC's are special classes of regular business limited liability companies electing to operate in a more informal manner likened to partnerships.

Regular business LLC's must conduct member and director meetings and provide members with written proposals for any major action to be voted on in the annual meetings.

So, Family LLC's usually do not hold annual meetings because the family regularly makes decisions around the breakfast table or wherever.
 
A board of directors also is not required, so there is much less paperwork required for ongoing operations.

The Wyoming Close LLC Law allows small LLC's to forego many traditional corporate formalities.

Limited liability — the law says members don’t have personal liability, even though they relax corporate formalities in operations.

Ease of operation, which operates without pomp and circumstance required in regular LLC's where a large number of members must receive information and vote.

Cost of operation is reduced because relaxed corporate governance means lower legal, accounting and administrative fees for lower total cost of operation.

China’s yuan joins IMF global currency basket

The yuan took on the mantle of a global reserve currency Saturday, a milestone that is seen breathing life into China’s bond markets by prompting estimated inflows of as much as $1 trillion over the next five years.

The currency’s entry into the International Monetary Fund’s Special Drawing Rights –alongside the dollar, euro, pound and the yen―comes amid China’s efforts to boost its international usage and ambitions of providing an alternative to the dollar. Describing the inclusion as a “historic milestone,” IMF Managing Director Christine Lagarde said in a statement Friday that it reflects the progress that the Asian country has made in reforming its financial systems and liberalizing markets.

Read entire story at http://imf.einnews.com/article/347522113/OtFqvo-NGmnCFLCA
 

MF Launches New SDR Basket Including Chinese Renminbi, Determines New Currency Amounts

September 30, 2016

Today, the International Monetary Fund (IMF) announced the launch of the new Special Drawing Right (SDR) valuation basket including the Chinese renminbi (RMB), and the new currency amounts that will determine the value of the SDR during the new valuation period.

http://www.imf.org/en/News/Articles/2016/09/30/AM16-PR16440-IMF-Launches-New-SDR-Basket-Including-Chinese-Renminbi

Hillary Clinton Vows 65% Estate Tax - The Asset Protection Sector is HOT and Wyoming is on Fire!

"Now, with populist flair, she wants a 50%, 55%, and 65% rate. The 50% rate applies to estates worth over $10 million per person, 55% for estates over $50 million, and 65% for estates exceeding $500 million."

It can force sales of family companies, and sales of family farms and ranches...and more!

The top 1% of households -- defined as bringing in more than $730,000 a year -- would see their tax burden go up by more than $78,000 on average, according to an analysis of Clinton's original tax plan from the Tax Policy Center.

Wyoming Respectfully Disagrees!

The Asset Protection and State Income Tax Sector is HOT and Wyoming is on Fire!

Now You Can Make Money by Referring Business to Outpost Provisioning LLC

What is the Outpost Provisioning LLC Referral Program?

Learn more by requesting our Referral Participant Program information by sending an email to support@outpostprovisioning.com with “RPP request” in the subject line.

Platinum futures trading on the Nymex market in New York jumped 1.6% to $1,058.70 an ounce on Tuesday

Platinum futures trading on the Nymex market in New York jumped 1.6% to $1,058.70 an ounce on Tuesday after top platinum producer Anglo American Platinum announced it's shutting down a smelter responsible for one fifth of its refined platinum output capacity.

Year to date the platinum price is up more than 22%  thanks to predictions of another annual market deficit and the threat of labour action in South Africa which is responsible for 73% of global annual supply.

In its latest quarterly report the World Platinum Investment Council adjusted the supply deficit forecast for 2016 upwards by 16% or 65,000 ounces to 520,000 ounces, from 455,000 ounces previously, mostly on the back of lower than expected recycling growth. 2016 is set to the fifth annual year of market shortages for platinum, used mainly in jewellery and autocatalysts.

Annual supply from South Africa has fallen from a peak of nearly 6 million ounces a decade ago to an expected 4.2 million ounces this year

Total demand for 2016 was expected to increase moderately year on year to 8.25m ounces. Total investment demand is forecast at 350,000 ounces, up 45,000 as bar and coin demand remains strong and after ETF net sales tapered in the first half of the year. Automotive demand is expected to be largely static as is jewellery demand – up 5,000 ounces on 2015 – buoyed by growth in India, the US and Western Europe offsetting declines in China and Japan, according to the WPIC.

Total mining supply was forecast to fall 3% to just under 6m ounces. Annual supply from South Africa has fallen from a peak of nearly 6 million ounces a decade ago to an expected 4.2 million ounces this year.

A significant factor that has been putting a lid on price rises is the amount of above ground stocks of platinum (usually vaulted investor holdings), but the WPIC says these have more than halved over the five years of supply deficits and is expected to have dwindled to 1.87 million ounces this year. The authors of the report note that "positive sentiment has reduced the propensity of holders to sell platinum to meet deficits."

South African mine production figures for July released today showed PGM output fell by 10.8% compared to June and 8.2% year on year as miners close down unprofitable mines and safety stoppages halt operations.

Last week South Africa's top labour union for mineworkers in the industry said no deal was reached after more than a month of talks. The Association of Mineworkers and Construction Union (AMCU) declared a dispute on wage negotiations with the top three global producers Anglo American Platinum, Impala Platinum and Lonmin which together account for 60% of global platinum output.

AMCU led a bruising 20-week strike in the first half of 2014 that lit a fire under platinum prices after some 1.3 million ounces of production was lost.

Renouncing US Citizenship: Why & How?

With the advent of FATCA in 2010 and its onerous tax-related requirements, many US citizens living abroad have opted to expatriate and renounce their US citizenship.

According to research performed by international tax lawyer Andrew Mitchell, the growth in expatriation has been astounding since he first started collecting statistics in 2008.

Taking into account data released for the first quarter of 2016, Mitchell writes that “new records were set for the number of expatriates” with close to 3,000 in 2013, 3,415 in 2014 and 4,279 in 2015.

Furthermore, as quoted in a The Washington Post June 1st article, Mitchell’s research shows that “in the first quarter of this year, 1,158 people expatriated — more than 10 times the number in the first quarter of 2008.”

Read entire story at https://taxlinked.net/blog/september-2016/renouncing-us-citizenship-why-how
By Mateo Jarrin Cuvi

Demand for Silver pushes expectation to $21.35 for 2017

Here's an interesting note from JP Morgan in Dow Jones Newswires. "Strong growth in China's solar sector is ramping up demand for silver, says JPMorgan, driving a 40% 1H increase in Chinese silver-powder imports. Solar-capacity installations there tripled from a year earlier in the period, helping ease concerns about a lack of industrial demand for the precious metal. Based on photovoltaic consumption and a bullish outlook for gold, JPMorgan boosts its 4Q average-price forecast to $21.21/ounce and sees $21.35 for all of 2017."

Will there be an IMF October Surprise

On August 19, 2015 the IMF Board approved an extension of current SDR (special draw right) currency basket until September 30, 2016.

Will the IMF change the makeup of its special drawing rights (SDR) calculation for reserve currencies on Friday, September 30? Will the USD fall?

It’s really about China more than it is about the US dollar (unless, of course, you’re reading between the lines and predicting that this is a first step in the IMF taking over global currencies — which is a conspiracy theory line of thinking. Conspiracy theories are not necessarily wrong every time, but they rarely make for good investment strategies).

The SDR is a derivative reserve currency created by the IMF to try to diversify global reserve currencies, and to some degree that’s intended to lessen the reliance on the US dollar as the single reserve currency — though it’s not new. The SDR has been around since the late 1960s, and was originally based on gold and the US dollar (since major currency exchange rates were still fixed back then, under the Bretton Woods postwar system that collapsed a couple years later). Now, I’d describe the SDR as an attempt to have a global reserve currency that’s more representative of global trade flow and economic power — it exists as a currency, sort of, in that countries can exchange it and it’s occasionally used in some exchange rate calculations, but the most widespread use has been the 2009 attempts to bolster some economies whose balance sheets were in trouble, and opinions are that the only real value of the SDR is that it can be exchanged for the currencies that make it up.

Currently, the SDR is made up of the U.S. dollar (41.9%), euro (37.4%), Japanese yen (9.4%), and pound sterling (11.3%). As of October 1, in a move that was announced last November but delayed a bit to allow more time for the Chinese Yuan to become more freely tradable, the makeup will be: U.S. dollar relatively unchanged at (41.73%), and weightings for the euro (30.93%), yen (8.33%) and pound (8.09%) fall to make room for a 10.92% slot for the Chinese currency.

#deathpenaltyforcopkillers

8 years of Democrat lip service and racism toward law enforcement has led to the deaths of law enforcement officers.


Police unions must push a nationwide death penalty initiative for cop killers (fast-track-1 appeal only) and mandatory life for accomplices. 

It is time for police to stand-down until politicians stand up for the law enforcement community.

Police must Act now or risk death at the hands of Democrat radicals.

Your Invited! Going Offshore in Wyoming

 Why Going Offshore in Wyoming is more relevant today!

In the wake of Panama Papers and continued Asset Forfeiture activies, "Going Offshore in Wyoming" is more relevant today than ever. 

• Wyoming Spendthrift Trust Workshop
• Wyoming LLC Advantage 
• Client Update

TUESDAY | 7 June, 2106 | 7:30 PM EST
Phone. 712-775-7035 | Code. 908702# | Mute/Un-mute. *6 | Bring questions for Q&A

Information and People for Diligent Outcomes

Your Invited! Why Going Offshore in Wyoming is more relevant today....and more

An unscripted but substantive discussion with a focus on...

Recap of Baghdad trip...

• Rules of engagement, unofficial CBI Chatter

History Revisited

• In the wake of Panama Papers, how "Going Offshore in Wyoming" is more relevant today.

Client Update

THURSDAY | Apr. 14, 2106 | 7:30 PM EST
Phone. 712-775-7035 | Code. 908702# | Mute/Un-mute. *6 | Bring questions for Q&A

Information and People for Diligent Outcomes
IN THE NEWS!

Outpost Provisioning LLC gets 2016 Best of Cheyenne Award in investment management category for 2nd year in the row. www.outpostprovisioning.com

Given that only one winner is selected per category for each town, we are humbled to receive the award and be in the company of Best Buy, Intuit, Merrill Lynch, Edward Jones, Shell and other more notable recipients. http://cheyenne.alicitly.org/NotableWinners.aspx

Outpost Provisioning LLC Receives 2016 Best of Cheyenne Award

FOR IMMEDIATE RELEASE

Outpost Provisioning LLC Receives 2016 Best of Cheyenne Award

Cheyenne Award Program Honors the Achievement

CHEYENNE February 18, 2016 -- Outpost Provisioning LLC has been selected for the 2016 Best of Cheyenne Award in the Investment Management category by the Cheyenne Award Program.
Each year, the Cheyenne Award Program identifies companies that we believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and our community. These exceptional companies help make the Cheyenne area a great place to live, work and play.

Various sources of information were gathered and analyzed to choose the winners in each category. The 2016 Cheyenne Award Program focuses on quality, not quantity. Winners are determined based on the information gathered both internally by the Cheyenne Award Program and data provided by third parties.

About Cheyenne Award Program

The Cheyenne Award Program is an annual awards program honoring the achievements and accomplishments of local businesses throughout the Cheyenne area. Recognition is given to those companies that have shown the ability to use their best practices and implemented programs to generate competitive advantages and long-term value.

The Cheyenne Award Program was established to recognize the best of local businesses in our community. Our organization works exclusively with local business owners, trade groups, professional associations and other business advertising and marketing groups. Our mission is to recognize the small business community's contributions to the U.S. economy.

SOURCE: Cheyenne Award Program

CONTACT:
Cheyenne Award Program
Email: PublicRelations@awardconnections.org
URL: http://www.awardconnections.org

The World’s Favorite New Tax Haven Is the United States

Moving money out of the usual offshore secrecy havens and into the U.S. is a brisk new business.

 Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at Rothschild & Co., gave a talk on how the world’s wealthy elite can avoid paying taxes.

His message was clear: You can help your clients move their fortunes to the United States, free of taxes and hidden from their governments.

Some are calling it the new Switzerland. 

 http://www.bloomberg.com/news/articles/2016-01-27/the-world-s-favorite-new-tax-haven-is-the-united-states 

 

 

Jesse Drucker JesseDrucker

The police "stole" his house over $40

Civil forfeiture has been around as long as the US has been in existence, but it was rarely used until 1984. That year, Congress enacted a law that introduced the concept of “adoption.” Under this process, when local or state police seize property, they may turn it over to the DOJ for process­ing under federal law. Once the forfeiture is finalized under federal law, the police agency that made the seizure receives up to 80% of the proceeds as a kickback. The DOJ calls this “equitable sharing.”

This process bypasses provisions in state law that would otherwise provide a legal barrier against loss of property without a criminal conviction. It also sidesteps state laws that say forfeited assets be used for specific purposes not related to law enforcement; education for example.
And from a law enforcement standpoint, it’s been uber-successful. According to the Institute for Justice:

• In 1986, the AFF took in $93.7 million in revenue from federal forfeitures. By 2014, annual deposits had reached $4.5 billion—a 4,667% increase.

• The forfeiture funds of the DOJ and Treasury Department together took in nearly $29 billion from 2001 to 2014, and combined annual revenue grew 1,000% over the period. 

And that’s just the tip of the iceberg. In 41 states, police and prosecutors can keep up to 100% of the assets they seize in civil forfeitures, without getting the feds involved. This is “policing for profit” in its purest form—and its use is exploding in these days of budget cutbacks. While there’s no nationwide tally of how much property state, local, and county police authorities seize each year, Washington, D.C. alone confiscated assets worth $254 million in 2012.

To understand how civil forfeiture works, consider the case of Chris Sourovelis, who has never been arrested, accused, or convicted of any crime. Yet in 2014, the City of Philadelphia confiscated his home.

Chris’s problems began when his son was caught selling $40 worth of illegal drugs outside the family home. Since his son had no arrest record, the court didn’t sentence him to prison—it sent him to rehab.

But the arrest put Philadelphia’s civil forfeiture machine in motion. Not long after the arrest, and with no notice, armed Philadelphia police barged into the family home, evicted Chris’s family, and confiscated the house. This was possible because civil forfeiture laws allow the government to forfeit property that “facilitate” a crime, no matter how tenuous the connection between the property and the crime.

Police alleged that since Chris’s son lived in the home, the property itself facilitated his drug offense. Even though police charged neither Chris nor his son with any crime, the city confiscated his home. He only got it back with the help of the Institute for Justice, a libertarian-oriented organization that litigates on behalf of individuals and companies trampled by the government.
Since the DOJ has ended equitable sharing, a big chunk of the loot that cities and states seize under local or state forfeiture laws won’t be coming back to the seizing agency. They can still seize property for processing under federal law, but at least for the time being, they won’t get any of it back.

Here’s how it happened: As part of the last-minute budget deal cobbled together last month, Congress withdrew more than $1.2 billion from the AFF. It used the money to pay for spending increases elsewhere in the budget.
Keep in mind that until 1984, all assets forfeited by the feds were deposited with the US Treasury and not used to reward seizing agencies. But the sums of money raised through forfeiture are so vast that the DOJ’s decision to end equitable sharing set off an orgy of recriminations and outrage…not unlike bullies squaring off in the schoolyard over a handful of cookies.

The National Sherriff’s Association was one of the first organizations to weigh in against the new policy. It released a statement that it was:
“...shocked and disappointed by the [DOJ’s] decision to suspend the equitable sharing of Asset Forfeiture Program funds to state, local, and tribal law enforcement. This is yet another blow to those who work every day to prevent terrorism and crime in our communities… The protective capabilities of our nation are being downgraded at every level in never ending attacks on law enforcement.”

Right. Just like Chris Sourovelis was a criminal or a terrorist.

 The US is almost unique in the world with its civil forfeiture laws. Almost every other country equates the confiscation of property as punishment. And their laws require that a person who’s being punished should first be arrested, tried, and convicted of an actual crime.

But not the US. Here, civil forfeiture, in all its malodorous varieties, is an essential part of policing at every level of law enforcement—local, state, and federal.

In the end, the suspension of equitable sharing probably won’t make much of an impact. The DOJ is under immense pressure to resume it, although seizing agencies might not get back 80% of the loot they confiscate. And states can always amend their laws to make them more forfeiture friendly, so the cops can keep 100% of what they seize.

How can you prevent police “forfeiture squads” from confiscating your wealth? Keep property away from government bullies by keeping the largest portion of it in an irrevocable trust. With the civil forfeiture racket booming, I can’t think of a better reason for NOT OWNING IT.

Source: The Nestmann Group

Half a Million Bank Jobs Have Vanished Since 2008 Crisis: Chart

Staff reductions at some of the world’s biggest banks are far from over. Deutsche Bank AG, which has held employment close to its 2010 peak, plans to slash 26,000 positions by 2018, following a trend that began with the financial crisis.

Announced cuts in the fourth quarter total at least 47,000, following 52,000 lost jobs in the first nine months of 2015. That would bring the aggregate figure since 2008 to about 600,000. UniCredit SpA says it will eliminate about 18,200 positions. Citigroup Inc., which has reduced its workforce by more than a third, plans to eliminate at least 2,000 more jobs next year.

Source-Bloomberg Business