Replies to This Discussion

Permalink Reply by scott peterson on February 22, 2012 at 6:26pm

Thats 40% which means he eliminated completely all income tax. Hard to believe.

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Permalink Reply by Nelson Roe on February 25, 2012 at 10:53pm

Hey all, even though I have done some preliminary tax work & planning already, I had the opportunity to meet with Mr. Hannan today to further discuss the strategy they utilize.  I can not go into great detail about it, however I can say that after meeting with him today, I have a bit clearer understanding of what it is they offer.  I believe that it may be helpful for anyone who has the time, to take a few minutes to set up an appointment to meet with him & discuss this to further explore your options.  In meeting with him one-on-one, it does give him more of an opportunity to explain things in a more personalized manner than when he is presenting to a group.  I believe this is what helped me to gain more from todays meeting than I did from the presentation I attended a while back.  He was very easy to talk to, and seemed more than willing to answer any questions that I posed to him & he did so in a way that made sense to me. 

He also provided me a different way of looking at this concept that is somewhat new to us...  Say you read a book & you really enjoyed it & the author of that book wins a Pulitzer prize (or some other highly acclaimed award for literary work) and has great success with that book.  Then say you read a different book, by a totally different author.  This book is not that great... It barely sells enough copies to cover the cost of production, it is essentially a flop...  In both books (if they were both wrote in english) the authors utilized the same 26 letters of the alphabet.  However the author of the first book organized the letters in a way that made the book a success, while the author of the second book did not.  Using the exact same input gave two EXTREMELY different results...  I believe this is a good analogy of the strategy that Mr. Hannan offers versus that of a traditional CPA or planner. 

As with all my posts... This was my personal take on this, please use it as you see fit.

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Permalink Reply by Frank Walker on February 26, 2012 at 8:21am

In the immortal words of P.T. Barnum:

"There's a sucker born every minute!"

But am I telling you the truth here?  Well, perhaps not:

Is this the truth, instead?

So now you finally have the story straight.  Or do you?:

The real honest-to-goodness story . . So help me Pete!

You will have to decide for yourself who said what.  Still, the veracity of the phrase stands on its own merit.

It can take years for tax schemes finally to break down and become disemboweled by a lethargic and underfunded IRS bureaucracy.  A key antecedent to the unraveling of many of these otherwise wizardly tax-saving plans is placement into wide use.  The IRS must marshal its scant forces where they can do the most good.  A questionable tax scheme seen infrequently by them might not be worth the time and effort needed to extinguish it.  That same plan used simultaneously by hundreds (thousands?) of persons, and costing the Federal government concomitantly far more income, will draw their fire.

There have been so many of these "tax miracles" in the past.  But each new one is "different".  I suspect there always will be folks who believe and sign up, so strong is the desire to avoid tax payment.  And of course the current purveyors always acknowledge all the past scamsters  while attempting to demonstrate their fidelity to law.  This is classic and, please forgive me, genuinely amusing.

So good luck to the "true believers".  I hope it all works out for you and that you make it through the next ten years without regret (it could take that long for the IRS to roust itself and act against you).  Or, with better fortune, perhaps you will be dead by the time reality is revealed and your children, and not yourself, will end up facing the consequences of your decision.  That would be quite a legacy to leave them.

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Permalink Reply by Josie on February 26, 2012 at 9:01am

Mr. Walker, You Hit That Nail Dead Center Right on The Head!

Well, done, Sir!

Josie

Permalink Reply by Nelson Roe on February 26, 2012 at 12:23pm

Frank,  Josie, I am just curious as to whether you have spoken with multiple qualified tax planning individuals, or if perhaps you are in the field?  I have spoke with at least three different companies/individuals so far.  I will be the first to admit that I am by NO MEANS an expert in anything related to taxes or IRS guidelines.  That is why I do take the time to speak with as many individuals as I can.  I try to make informed decisions by gaining as much knowledge as I can from everything out there.  It is my belief that just because one person says it is so, does not make it so...  The way they interpret something could be totally different than the way another individual interprets something & in all honesty both interpretations could fall within the IRS legalities & formalities.  Many of the IRS guidelines are broad & allow for some freedom, while others do not.  I think that the people who have been dealing with these guidelines in their everyday business for 10, 15, or even 30 years in some cases are going to be familiar with the guidelines that allow for some "wiggle room" as well as the others that need to be strictly adhered to.  When it comes to taxes, I do not think that there is particularly one Nail to hit the head dead center on...  You may try speaking with them prior to judging them, ask about their track record using this & similar strategies.  They are willing to answer. :-)  You may still decide that the strategy is not what you are looking for.  But at least you will have the information to back that up.  Or, once you learn more about it... You may decide that it is something worth pursuing.

Permalink Reply by scott peterson on February 26, 2012 at 9:19am

Beth my comment about" hard to believe" in regards to your earlier post was not doubting that your program can reduce tax liability but was doubting that it can "eliminate" all tax liability in respect to the landowner you cited who "saved $240,000 on over $600,000 in bonus" which is about a 40% savings which to me says zero tax liability.

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Permalink Reply by Nelson Roe on February 26, 2012 at 12:34pm

Scott,

With you & I both dealing with numbers as we do on a daily basis, I think you would find a more detailed explanation of this pretty interesting.  It may be worth the call.  Same deal as with KWGD & the landgroup, the more questions we asked the more interesting it became to me.  They can only discuss to a certain point in public forum.  The one-on-one is where you can see the detail.

Permalink Reply by Chartist on February 26, 2012 at 8:45am

I've been receiving royalty streams for 20 years.  They've been large, as in millions of dollars.  There's nothing you can really do to decrease your taxes.  Of course there's the obvious situations like IRA contributions.  But I don't think that's the gist of the original post.  You folks are looking for write-offs for a passive income stream.  There just aren't any unless YOU are involved in the drilling you can't write anything off.

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Permalink Reply by LMS on February 26, 2012 at 8:50am

Does anyone know if there will be an Ameriprise Tax Seminar in Susquehanna Co. PA? 

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Permalink Reply by Frank Walker on February 26, 2012 at 2:41pm

You are correct, JOANN.  Ameriprise is a large company dealing in a wide range of financial products and services.  You can learn more about the company at this website:

Link to class actions

But wait.  There's more!

Do folks here believe Ameriprise would treat them with greater fairness and respect than it reserves for its own employees?  Do you want in your life a company accused of forging clients' signatures?

Read this. Then decide for yourself.

The line in there I enjoyed most, referring to Ameriprise employees, is this one:

"If you work for the dog food makers, they are probably going to serve you some dog food." 

If (when) their tax scheme comes apart at the seams, does Ameriprise sound to you like the kind of company that will have your back in the face of an IRS onslaught?  Good luck with that, brothers and sisters!

When it comes to Ameriprise, discard immediately your ten foot poles.  Go out to the barn and root around in the hayloft until you find your old twenty foot pole.  That's the one you need at the ready for this outfit.

These unlucky folks used only the ten foot pole:

Shouldda used the twenty footer

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Permalink Reply by Frank Walker on February 26, 2012 at 4:12pm

Beth wrote:

"I'm sorry, I am not permitted to comment in any way on behalf of thousands of employees, advisors, our brand and over 2,000,000 clients."

I, OTOH, am completely free to comment.  Let it be known that in my earlier post, above, I linked to only a tiny fraction of the negative internet material pertaining to Amerprise.  There are literally hundreds (thousands?) of such articles, readily available for the $0 price of a Google search.

Ameriprise, it would appear, is no prize.  When something appears too good to be true, it most likely is not true.

Ameriprise is Minnesota based.  MN is not exactly a hotbed of oil and gas drilling.  The ArkLaTex, however, is such a hotbed, and folks there have YEARS of experience in these matters.  If there were some hot, new, legal tax scheme to benefit oil and gas Lessors, it much more likely would have emerged from the ArkLaTex than from MN.  The Ameriprise folks in MN (or wherever) strike me as hustlers, out to make a buck at our expense.  Do not be drawn in by their swagger and feigned tax knowledge.

Straight up, this deal does not pass the smell test.  And it's not even a close call.

 

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Permalink Reply by Dave on February 26, 2012 at 8:42pm

sounds like I should use my upfront money and become a double diamond distributor for amway.......

they have black tie events also...

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