- 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