Faculty Publications

Title

Wills, asset protection trusts and financial crime.

SelectedWorks Author Profiles:

Nicole Forbes Stowell

Debra Sinclair

Carl J. Pacini

Document Type

Article

Publication Date

2017

Abstract

According to the Internal Revenue Service (IRS), trust and estate matters are one of the highest growth areas among CPA firms. Accompanying this growth has been a proliferation of abusive estate planning, such as will fraud, asset protection trust schemes to reduce or evade income taxes, concealment of assets from creditors and divorcing spouses, and participation in money laundering. This article highlights and analyzes wealth transfer and preservation fraud and trust schemes, scrutinizes both offshore and domestic asset protection trusts, provides red flags of fraud to assist forensic accountants and focuses on the role forensic accountants can play in the prevention, detection, and prosecution of wealth transfer and preservation fraud schemes.

Publisher

National Association of Certified Valuators and Analysts

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