25. Setting Up a Shady Tax Shelter
A tax shelter is supposed to be a legal way to help you avoid or reduce taxes. Country singer Willie Nelson plowed money into one, and it left him owing the IRS $16.7 million, which he couldn’t pay. Most of Nelson’s assets were eventually seized and auctioned off — except his guitar, Trigger, Forbes reported.
Nelson claimed he followed the advice of the accounting firm Price Waterhouse. If so, he’s an example of going broke due to bad professional advice.
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