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Thanks for all the feedback! They do have traditional bank accounts, mortgage ect. I'll show them some options, document, document, document and also call underwriting just to cover all angles and make sure they are aware of what I am. Ps the comment on disliking the traditional banking system was very vague on my part. What I mentioned to them based on our conversation is that the flexibility of a well designed wl contract would likely be appealing for the easy access to cash values. Similar to how Nelson Nash suggests the concept of using well funded dividend paying wl to essentially become your own banker.
Just be sure that you and the clients are doing something that you would still be doing if they had filed taxes. It is true- as some have said- that you do not have an obligation to make sure someone files their taxes properly.
On the other hand, once people begin to hide money from the government it often becomes a tangled web where they look for various ways to make sure that their funds and assets are not visible to the government so that they will not end out in prison. If you have knowledge that he is doing anything in any form to structure his finances to avoid government detection of his tax evasion AND you take steps that help that cause then you become complicit and an accessory - AND need to watch your arse bigtime. Another agent in a similar situation might be able to argue that they were just selling a policy and had no idea about his taxes and stayed out of it - but it is too late for you. You have knowledge that he is participating in criminal activity with his finances - ie. tax evasion.
Watch your arse. As the Blackfeet Indians used to say, "you lie down with dogs, you get up with fleas."
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