October 29, 2001 By: Sharon Preston Website: http://www.need-to-know-finances.com A common-law trust: a powerful tool or scam? There are some professional accountants and lawyers that are not educated on how to use a common-law trust or Pure Trust Organization (PTO) and are misinformed. Some have even stated that the IRS will charge anyone selling or using them with a crime of some sort. This is a complete falsehood. A properly designed common-law trust (PTO) has always been a very powerful tool of the rich and well informed. Simply because someone is not familiar with a PTO does not mean that they do not exist or are illegal. The structure of a common-law trust has been around longer than the founding of this country. These trusts do business with major corporations as well as the U.S. Government on a daily basis. The Supreme Court also recognizes PTO’s. If you encounter a professional who claims that a common-law trust is illegal or doesn't exist, find out where they got their information and why they believe it's true. It is possible that these professionals are referring to what is known as an "abusive trust arrangement". There was a memorandum released to professionals in the financial arena by the IRS in April 1997 and this certainly created some confusion about the term "abusive trust arrangement". However, the memorandum was talking about trusts with tax ID numbers or statutory trusts NOT about a common-law trust. A PTO does not have tax ID numbers. It is important to educate yourself on these issues so as not lose out on the tremendous benefits these Pure Trust Organizations can offer. Click here for more information on Common-law Trust or to choose from a variety of related products and services. About The Author: Sharon Preston is a successful author and publisher of http://www.need-to-know-finances.com.  A one stop resource featuring information, reviews and articles related to the offshore arena.

 

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