Asset Protection: Investors Beware Cryptocurrency IRA Scam Alert
As an asset protection and estate-planning attorney, I frequently see clients who are exploring various investment opportunities.
With tax time there inevitably comes nefarious folks trying to scam people out of their hard-earned money. Often, with all kind of amazing investment promises. That’s where asset protection comes in…
As an asset protection attorney, I see this too often. The most recent one is the lure of being able to invest in cryptocurrencies in an IRA that is either “IRS” or “IRA” approved.
This happens a lot during this time of year. Taxpayers are focusing on retirement savings to either increase deductions, or maximize tax savings. On February 2nd, the U.S. Commodity Futures Trading Commission (CFTC) issued a warning to investors. They cautioned investors to be cautious of virtual currency retirement accounts that claim IRS approval.
Neither the IRS nor the CFTC review or approve investments for IRAs. They also do not endorse any type of investment. And they certainly do not issue statements that suggest that any investments are IRS or IRA approved, regulated or protected.
The lure of cryptocurrencies is high and the market is volatile.
I am particularly interested in helping investors use proper asset planning to protect investments. However, investors are not protected from wild price fluctuations. This is simply due to the fact that their cryptocurrencies are held in an IRA.
Digital currencies are unregulated, increasing risk of account hacking and stolen currencies. Retrieving lost or stolen digital assets is tricky, difficult and in many cases impossible.
Please resist being lured by any advertising suggesting that a cryptocurrency IRA account investment is IRS approved. If you have cryptocurrencies and want to protect those assets and make sure your loved ones can gain access when necessary, call The Estate & Asset Protection Law Firm for a consultation.