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Title: Your Banker Has Been Turned Into a Federal Agent With Potentially Devastating Consequences!
Source:
Sovereign Society
URL Source: http://www.sovereignsociety.com/200 ... Federa/tabid/4840/Default.aspx
Published: Oct 31, 2008
Author: Larry Grossman
Post Date: 2008-11-04 22:00:29 by Rotara
Keywords: None
Views: 95
Comments: 3
Friday, October 31, 2008 - Vol. 10, No. 260 Today's comment is by Larry Grossman, a long-time member of our Council of Experts, leading expert on retirement plan management, and Managing Director of Sovereign International in Palm Harbor, Florida. I urge you to pay close attention because this development could impact your future retirement more than anything I have encountered in the last 20 years. I'm aware that this headline may seem a little bit extreme, but unfortunately it's the truth. The government has already turned your banker into a federal agent who can confiscate your assets without warning or cause. This is why you MUST consider getting at least part of your retirement assets out of the country while you still have the opportunity. Very soon it may be too late. If you've read my articles over the years, you know I'm not a wily reactionary. Nor do I try to scare my readers with my articles. But honestly, today I need to raise a red flag because frankly, this is serious. I'm more concerned about the markets now than I have been at any other time in my 20 years in the business. And whether you agree that this could be the perfect financial storm or not, it's time to acknowledge the steps our government is taking to deal with this mess. Right now, they're wracking their brains to come up with short-term solutions for this mess. But long-term, the consequences of their actions could have a very serious impact on your retirement savings. As the saying goes 'the devil is in the details.' Well, nothing could be truer for Paulson's new TARP bailout plan. The following text is buried deep within the bill passed recently by congress: NECESSARY ACTIONS. -The Secretary is authorized to take such actions, as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation, the following: Designating financial institutions as financial agents of the Federal Government, and such institutions shall perform all such reasonable duties related to this Act as financial agents of the Federal Government as may be required. Broad sweeping authority to do whatever they want to do! "Financial agents of the Federal Government," what does this mean to you and your retirement plan? Well here are a few potential scenarios... Let's say foreigners stop buying treasury bonds because they become even more nervous about the uncertainty in our banking system. Face it, we can't survive without foreigners continually buying up treasuries. If suddenly they stopped buying, the government would have to do something to finance the debt. Panic Scenario # 1 - The government tells your banker to purchase U.S. Treasuries with 50% of your retirement plan, or worse. (How about 100%?) But that doesn't work as well as they want, so they have to figure something else out... Panic Scenario #2 - The government tells your banker to stop any transfers outside of the U.S., No more offshore accounts! (Highly likely during an Obama presidency.) Things continue to go downhill and they become even more and more desperate... Panic Scenario #3 - The government tells your banker to confiscate all gold in retirement plans for the good of the country! (This has already occurred once in American history.) And finally the "Nuclear Option" we get a president who decides the right thing to do is 'redistribute' the wealth... Panic Scenario #4 (worst case!) - The government tells your banker to confiscate all retirement plans over US$250,000 so we can redistribute the wealth! (But don't worry we are going to have universal health care and they will take care of us so you don't need it anyway.) With a stroke of the legislative pen and passage of the bailout bill, all these nightmare scenarios could be very real possibilities. As government agents, the banks (including yours) will have no means to protect your interests against aggressive 'redistribution' or the bold new plans of a welfare state. As a result, this could be one of the last opportunities you ever get to take urgent action now; before your retirement plan is in jeopardy. There are basically two types of retirement plans, Qualified and Non-Qualified. Non-Qualified include IRAs, SEPs and Keogh's. Qualified plans cover all of the rest and are handled in a slightly different manner. IRAs require a U.S. Custodian, so this becomes your biggest challenge. There are very few custodians who allow you to totally self-direct your account including using non-U.S. investments and taking it offshore. If you want to take your IRA or pension plan offshore you must use a totally flexible self-directed custodian who will allow you to take your account offshore. To find out whether they can help, just ask them - "Can I take my plan offshore?" So how do you take your plan offshore? The following methods are allowed: A direct purchase of non-U.S. real estate, a foreign bank account, a non-U.S. annuity, a foreign corporation or in some cases even direct investment into a non-US investment. There are a couple of other custodians who will allow you to use one or more of these options, but I am only aware of one company who allows all of them. This may be important if you want to use several different methods of transfer, or if you want to make multiple kinds of investments through one custodian to keep things simple. Qualified Plans require a U.S.-based administrator and demand "the indicia of ownership" remain within the United States. These plans are simpler in some cases and more complex in others to deal with than an IRA. I have reviewed hundreds of plans and the language within the plan is critical, as well as your plan administrator. In my last article for the A-Letter I mentioned a client whose administrator told them they couldn't invest in property offshore despite the rules laid out in the plan's language. After a good deal of back and forth on my part with the trustee and record keeper, I was finally able to convince them to allow the investment. In both cases, you want to have a foreign bank account in your retirement plan if it is allowed. I am currently aware of three banks, which allow Americans to open retirement accounts with them. You would work with your banker in developing an investment strategy using their expertise and services. The bottom line is that you need someone qualified to review your plan document and to assist you in structuring the investment in a compliant manner. Timing doesn't allow me to discuss in much greater detail the specifics of taking your plan offshore. For now you need to be aware that you can do this regardless of what you have been told. And I am more convinced than ever that there isn't much time left to take advantage of this incredible opportunity. Regards, lgrossman@sovereignpensionservices.com P.S. I'll be joining the rest of the Council of Experts at The Sovereign Society's 3rd Annual Offshore Advantage Academy next week in Cancun, Mexico. During four information-packed days in paradise you'll learn everything you need to know in order to protect your retirement plan, set up an offshore bank account or adjust your global investing strategy to fit the new economic climate. I look forward to seeing you there. Click here for more information.
Poster Comment: Anyone know anything about these guys ? (anyone that gets 'it', that is)
Devil in the Details of Paulson's Plan
How to Take Your Plan Offshore
How to Configure Your Offshore Retirement Plan
LARRY C. GROSSMAN, CFP®, CIMA®
Managing Director
Sovereign International Pension Services
www.sovereignpensionservices.com
727-784-4841
727-784-6181 fax
888-609-7425
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#1. To: Rotara (#0)
Nope. I do hate fear mongering, but this does sound another play from Dr. Evils playbook.
U.S. bankers have gradually turned into JBT informers over the decades, most noticeably during the 80's when cash bank transactions over $10,000 were to be reported to Uncle Scam. A Swiss banker can be your best friend, tax evasion IS NOT a crime in Switzerland, but they will lend some assistance to foreign governments when tax fraud is alleged.
Chew the fish, spit out the bones. Especially those little tiny wicked bones that can really do some damage.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your counsel nor your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen.”—Samuel Adams
Anyone know anything about these guys ? (anyone that gets 'it', that is)
#2. To: Rotara (#0)
-Schweizerische Schuetzenzeitung (Swiss Shooting Federation) April, 1941
#3. To: OliviaFNewton (#1)
Nope. I do hate fear mongering, but this does sound another play from Dr. Evils playbook.
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