PROTECTING YOU AND YOURS Asset Protection& Elder Law Center 17702 Mitchell North Suite 101, Irvine, CA 92614 • tel: 714-966-2646 • fax 714-966-1646 • www.assetprotectioncenter.com Founded by Phancao & Shaffer, LLP TAP INTO CREATIVITY Asset Protection& Elder Law Center Founded by Phancao & Shaffer, LLP You may have noticed that the last several issues, we have dedicated a significant amount of time

PATHS ICON COLORS discussing concepts like – minimalism, workflow efficiency, and simplification. The reason is because

Black it is that important. In an ever so expanding and busy work-flow environment, it is imperative for

August 2019 Black @63% you to take control back of your time and energy. With the ability to focus on the things that matter,

Pantone 7694 though doing ‘less,’ you will find yourself being that much more productive.

“At our Firm, Pantone 1225 It is definitely counter-intuitive at first. You will find yourself fighting and reverting back to your Your Estate Plan old ways. We strongly encourage you to stay the course. Stick to the plan for a few months, and the FONTS: Adobe Garamond Pro, Garamond Premier Pro, Matura MT Script Capitals, Marquis De Sade Ornaments is Not Business, results will speak for themselves. As a matter of fact, they will be so fulfilling that you will look to do it’s Personal...” the same in all areas of your life. This month, let us look at creativity. Now, I can hear some of you complain already “my business is a left-brain enterprise, creativity is not necessary,” or some version of that thought. Don’t be fooled, creativity in the context of this discussion digs a bit deeper than that. Creativity here is not simply referring to an artist’s skills, but rather your ability to think outside the box, to step outside your industry and look for a solution that no one has thought of in the past. A bit aspirational you may think? Just give it a chance. For example, have you had a continuous problem in your career that has plagued you for some time? I know I certainly have. In my field, an on-going struggle I must faceevery, single, day, is the incredible amount of e-mail influx coming at me. From important to urgent, trivial to immediate response required; the list goes on. This goes on every hour, every day without fail. Well, as you may have guessed, I have dealt with this my entire career. I have sought out and read some of the most renowned experts on this field. A Patrick P. Phancao Asset Protection, Estate Planning, popular concept a few years back was called INBOX ZERO. Now, that was / is appealing! In concept, Medi-Cal Planning and Business Planning it is great. In reality, I have found it almost impossible. Shadi Ala’i Shaffer Estate Planning, Probate Administration, and And so, I struggled with it… for years. It has kept me awake late at night, it has interrupted countless Trustee Administration conversations, and has been a constant cloud to my thinking. Until one day, the moment I spent alone figuring out a solution finally came to fruition. Let me reiterate – it took me years to find a HIGHLIGHTS workable solution. I mean, talk about symptoms of addiction! IN THIS ISSUE ______Continued on page 3 01 Tap Into Creativity

02 The Largest Tax Evader SPECIAL ANNOUNCEMENT 03 Book Review

03 Nanoparticles: Is It the New August lets us prepare for one last kick to end the summer. By now, hopefully the family has had a lot Cancer Cure? of fun outside of school, you’ve had time to spend as a family, and the rest is giving you a second wind to take on work with renewed vigor! At least, that was the plan 04 What Do People Do on Senior We formally represent ourselves as the Asset Protection & Elder Law Center, and so it would be Citizens Day? fitting for us to wish you a happy upcoming Senior Citizen’s Day! You may be wondering how people celebrate this unique time of the year. Read on and find out. In order to get back to work with the right state of mind, we thought you would enjoy The Rational Optimist by Matt Ridley. Believe it or not, more so than systems and operations within your business, the right mental fortitude is not only key, but the truest foundation to any successful undertaking. Leadership is practiced not so much in words as in Finally, we’ll be taking a look into the future, and see where we stand with science and health. Could attitude and in actions. it be that we are on the verge of being a step closer to finding a cure to cancer? That would be one feat for the centuries if it should happen in our lifetime. - Harold S. Geneen Head back into the school year with your estate planning in place. Should you have any legal needs, don’t hesitate to reach out to us, 714-966-2646. Are you the shy type? Then simply visit us at www.assetprotectioncenter.com

1 WALTER ANDERSON: THE LARGEST TAX EVADER

Tax Planning and Asset Protection often get confused with one concept – tax evasion. Unfortunately, the difference between the two couldn’t be further apart. This is the story of one individual who has cheated the system. To this day, the government remains unsure as to how much money, if at all, still remains hidden offshore.

Mr. Walter Anderson was a former telecommunications executive who had earned his initial fortune in an array of various business ventures. As a young student, he appeared to have an array of interest, bouncing from one college to another, one subject matter to another; but never formally obtained a degree. As his career grew, Mr. Anderson found luck in the telecommunications world. From the 1990’s to early 2000’s, he had amassed a hefty fortune at that point, and it is believed that his offshore ‘planning’ started at that point. Because that planning started so far back, ranged from jurisdictions like British Virgin Islands to Panama, to date, no one, including the IRS, is quite certain whether all his fortune was ever formally discovered.

I would venture out and say… it was not.

It was in the early 2000’s that Mr. Anderson became enamored with everything space related. He thought that funding such projects were the solution to many of our problems, from over-population to pollution. It was during that time and with his association and attempt to privatize Russia’s aging Mir Space Station that his financial dealings started to appear. The U.S. government went as far as reaching its Russian counterpart and encouraged them to drop all dealings with Mr. Anderson.

In 2005, The Department of Justice filed its biggest tax fraud case to date against Mr. Anderson, and he was caught returning to D.C. from his London trip. He ended up serving 2 ½ years of his eventual nine-year sentence in the D.C. jail, and the remainder between federal prison and eventually house arrest at his parents’ home in Virginia.

Sometime during the trial, he admitted to hiding over $365 Million of income during the 1990’s. However, he then rescinded that representation, saying that the D.C. jail conditions were so impoverished and abusive, which is what caused his forced admission. And to show you no one is ever above human error, the federal government made a typographical error in the plea agreement, whereby he was originally supposed to pay an additional $100 to $175 Million. However, he is not out of the woods, as he still owes an outstanding $23 Million.

Today, Mr. Anderson claims he is broke, and even had a Federal Public Defender represent him at one point. Where he goes is anyone’s guess now.

These are fascinating stories that take place in the world of advanced tax planning… gone criminal. The dangerous part is that many believe it to be a venue for being completely laxed in one’s tax planning approach. No matter how much tax savings you are trying to do, no time in jail would ever be worth that.

This is one of many warning tales you can find in this arena. Unfortunately, it is those few stories that bring a dark cloud to the entire practice. We encourage you to undertake any such planning with intelligence and precaution.

As we always say, the best weapon is knowledge. If this is an area that interests you, we provide countless books, CD’s, and material on the matter. Look us up, and let us know if we can be of help, visit us at www.assetprotectioncenter.com.

17702 Mitchell North Suite 101, Irvine CA 92614 • 714-966-2646 www.assetprotectioncenter.com 2 Book Review Business / Health / Wealth

Matt Ridley - The Rational Optimist Nanoparticles: Is It the New Cancer Cure? The Rational Optimist by Matt Ridley is a good read, albeit ex- Are we close to cure cancer? This question has plagued our society for years. Of tremely opiniated. One thing the author does not fail to do is bring the countless illnesses the human race has endured, from the beginning of time in countless stories from history, tracing as far back as 50,000 years with leprosy, to more recently AIDS; it appears this is one illness that has some of greatest medical minds left powerless. ago. He goes on to tell about successive wave traders, Ukrainians, Thus, what is the latest in research that may open a door to a potential ‘cure’ Phoenicians, Mongols, and Arabs to name a few. He demonstrates for this incredibly devastating illness. If not a cure, are we on the verge of at how these trades were the beginning of a new civilization. What he least being able to treat it better than what has been customary thus attributes to this movement towards progress is free trade. far, chemotherapy. However successful it has been, chemotherapy has also been known to leave countless patients in worse conditions. As one of the leading This is in short, the basis of the book, that free markets are once causes of death, is there anything new on the horizon? again becoming the dominant source of progress. What many Today, different special tools and technologies are emerging, trying to deliver the authors had an issue with was his rather ‘loose’ interpretation of drug straight to the cancer cells and tumors. Some have been able to work, but historical facts. He somehow manages to interpret certain historical it is a far stretch from victory. correlations to causations. One of his premises is that due to gains Here comes something the medical community calls nanoparticles. It is quickly in the market, it led to a possibility for people to therefore specialize, emerging in the scientific circles as the newest form of cancer treatment through which in turn brought about possible technological innovation. what is called, as you may have guessed, nanotechnology (and nanoparticle development). He further discusses a concept we believe was made by a famous What are nanoparticles, anyway? These nanoparticles would give humankind author, James Altucher. He mentions the concept of “idea sex.” You the hope for a less invasive treatment method. They work by targeting the may be competent in those two separate skills, though you may not cancer tumors and cells, without harming the surrounding, healthy cells. be world class, your ability to mix these two ideas could create a new Nanoparticles are now used in hyperthermic treatment, a more focused type of market. Whether you agree with his opinions or not are besides the therapy using hot temperature that shrinks cancer tumors. point. There are a lot of valid concepts Ridley brings forth which A self-regulating nanoparticle has been discovered by scientists from the UK you can apply to your particular industry. and China. It is a type of nanoparticle that can expose cancer tumor without harming or contacting with healthy tissues. Overall, Ridley, in the book, shows how he loves the idea of One of the researchers revealed that this new discovery could be a game changer combining technologies in making new ones. However, he’s been on how cancer patients will be treated. They can also target cancer stem-like very casual about the logic of this idea. This book is indeed an cells, which are linked to resilient cancer. optimistic look at what potential lies ahead of us. See how you can In short, these nanoparticles can be used to load drugs and then hunt down the apply the thinking to your industry, and make changes within it as cancer stem cells to prevent the recurrence or growth of tumors. you see fit. If the research can be concluded, nanoparticles and nanotechnology can be further developed to explore a new way for cancer treatments.

Continued from page 1

All in all, the point is this – create that alone time for creativity, deep work within yourself. Why creativity is so important is that it will enable you to create a mind map around the most important issues of your life. It will really give you the ability to cope with your daily problems in ways you may have never fathomed. The age of instant gratification and internet accessibility is only going to magnify with time. It is very likely that we will look at this time as a moment of over-abundance, information overload. The suggestion here is to bypass these particular growing pains, re-center your priorities and get back in touch with your creative side. This will not simply provide you with clarity of thinking, but rather incredible outlets you will be able to use in your business. If this is of interest to you, continue reading an author we’ve often referred to by the name of Daniel Pink. Give it a chance, we’ll see you next month!

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Having a fullyfully funded,funded, well drafted Revocable Living Trust isis primordial forfor any familfamily.. However,, when contemplating Let’s look into what individuals and businesses do on that day - various activities and events are held on this day. They are done to raise awareness Manyedi-Cal, capacit it isy, alsoit is impoimpoimporrtanttant tofor determine you to let h ito wbe y ourkno wn;assets as a yreou and understanding, supporting and recognizing the achievements of senior citizens. We want to give them a platform to be recognized and Quotecur ofcouldrently the qualify held, M andonthfor additional whether some funding re-organization not available needs to the to general take learn from their wisdom. Other people try raising awareness about the elderly through news stories and social media postings. Some of them placepopulation. in order to help the qualification process also organize different community events that invite the elderly along with volunteers, friends and their families. After all, we are true believers in the fact that the way a community treats its elders is a reflection of the path it shall one day take. 3. Veteran Businesses also offer deals and discounts to them on August 21. However, some Americans celebrate it on August 14. This was when the Social ForU nelviekreything a typi c oural E smentate P andlan, ywomenour im mofe douriate sebernvicesefici asacrificeries can play a big role in the speed at which you can qualify. Security Act was signed by former President Franklin Roosevelt in 1935. There you have it, a little bit of history for you this month. Now go forfor our country,, providing them additional aid inin their old age out and tell your parents, grandparents and elder uncles and aunts how much you appreciate them! should be the minimum the government should do on their behalff.. And they do, but certainly no one goes out of their

any capacity,, itit isis impoimportant forfor you to letlet itit be known; as you could qualify forfor additional fundingfunding not available to the general 17702 Mitchell North Suite 101, Irvine CA 92614 • 714-966-2646 www.assetprotectioncenter.com population. 4 Unlliike a typiicall Estate Pllan,, your iimmediiate beneficiiariies can pllay a biig rolle iin the speed at whiich you can qualliiffy..