- 5 - donate up to 100% of their income to charity which is another way to lower tax liability. Becker gave petitioners a WCS booklet entitled “Structuring Your Practice for Profit, Privacy & Protection” which described, inter alia, substantial income and estate tax savings by using trusts. On a date not stated in the record, petitioners paid $15,000 to Becker for a trust package from WCS which included a business trust known as Global Wellness Trust (Global Wellness), a primary trust known as Wealth Unlimited Investments Trust (Wealth Unlimited), and 20 holding trusts. Petitioners created Global Wellness on December 1, 1996. Petitioners completed a WCS new client application and trust purchase agreement on April 3, 1997. Petitioners appointed James Galligan (Galligan) and Secured Protections, Inc., as cotrustees for Global Wellness. Petitioners appointed Galligan and Real Protections, Inc., as trustees for Wealth Unlimited. Becker was trustee for Real Protections, Inc. 2. Operating the Trusts Petitioners purportedly conveyed to the trusts all of their personal assets, real estate assets, and assets related to their Nikken sales distributorship. During the years in issue, petitioners used money distributed to Wealth Unlimited from Global Wellness to improve their principal residence and to make double payments on the mortgage on their principal residence.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011