Financial Privacy and Asset Protection
by Lyle Wall
I have been doing a lot of thinking concerning financial privacy and asset
protection. The more I ponder, the more impossible it appears to me to disappear
completely off the radar screen. Currently, with the computers systems sharing
any information about us, it really is overwhelming. Yes, I am aware of the Land
Trust, Nevada, Wyoming and Delaware Corporation strategy, etc. Yes, the
convolution of these techniques is probably effective in most situations when
used properly.
My strategy is much simpler. Why not marry a pretty "Latin Lady"
from Central America with a name like Gloria Judith Mendez Rodriquez Romero
Merida Clavel Martinez Ruiz Almenara Ricciardi Padilla Lopez Salazar Sanchez
Sandoval Wall? Then execute your pretty "Latin Lady's" POA in your
favor accordingly, and continue being nice to her. Begin immediately titling
your utilities, phones, mailing address, cable TV, vehicles and your properties
in the surname of your choice in the public record. This is the ultimate!
Several of you have asked me questions concerning transactions that are probably
prohibited transactions in your IRA. My answer is also very simple... Do not
invest with your IRA when it is a direct or indirect financial benefit to
yourself. It just isn't worth having your IRA disqualified because your greed is
bigger than your brain. Read Dyches Boddiford's "Real
Estate Investment Using Self-Directed IRAs & Other Retirement Plans"
7th Edition, pages 28 - 38. Then give me a call. Dyches tells it like it
is, and you should understand the rules covering prohibited transactions if your
are investing in this retirement environment. Your IRA is much too important for
you to step over the line and violate the governing rules. Know and understand
what a "disqualified person" is on page 29 of Dyches book. Read
the Labor Department Regulation of his book on page 33. All the rules are
considered complex and somewhat subjective.
Mr. Boddiford and myself are discussing doing a two day seminar some time
in the future. The date and place are not yet determined. Dyches is very
knowledgeable in the IRA investing environment, and is a very nice fellow.
We have placed three investment positions in our Roth IRA since
May 1999. One is a first lien position on a single family owner occupied
residence in Texas and the other two are second mortgages secured with real
estate here in Fort Collins, CO. One is a hard money loan and the other assets
were existing owner carry finance positions we purchased at discount. The
weighted average ITV is approximately 60%.
Good luck in your hunt. If you have any questions as always e-mail lyglo@cybercell.net,
fax (970) 484-3616, or call anytime (970) 484-6900. Hope you are enjoying your
summer.
Lyle & Gloria Wall
