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while the person remains alive and saves from taxes. It was estimated that the beneficiaries of trusts will be receiving transferred wealth of $24 trillion to $65 trillion during 1998 to 2052. In 2009 the number of form 1041 filed were 2.9 million (Christensen, 2013). The increasing number of filling form 1041 is a clear sign of beneficiaries reducing their liabilities of tax and illegally deducing their assets and expenses and understating income by abusing the estate planning.
However some of the trusts are genuine while the other are conducted on the basis of fraudulent activities such as undue influence and duress where the influencer has an opportunity and motive to intentionally exercise the trust by repeatedly requesting or threatening the testator to do so. Fraudulent conduction of trusts also includes inducement in which a will is executed through misrepresented statements and lastly in includes frauds due to execution in which the executed will differs from the will intended to be executed.
The professionals for estate planning can advise the testator to prove his mental competence at the time when will was executed and retain the details of the steps taken during the agreement if any testator fall prey to these practices (Goldman, et al., 2013). On the contrary OAPT and DAPT are devices which can legitimately transfer wealth to next generation or for investment and business purposes and for protection from liability but are used sometimes for laundering on money. However there are signs knows as red flags such as frequent deposits of cash and exchange of currencies in short periods which indicate suspicious transactions and aids the government in controlling evasion of taxes and laundering of money (Stowell, et al., 2017). References Christensen, H (2013) International State Planning. USA: Lexisnexis Goldman, A. J. and Sigismond, W. D. (2013) Cengage Advantage Books: Business Law: Principles and Practices. USA: Cengage Learning Stowell, N.F., Sinclair, D., Johanson, E., Pacini, C. and Kearns, G. (2017) Wills, Asset Protection Trusts, and Financial Crime, Journal of Forensic & Investigative Accounting, 9(1).