Make Your Trust Own Everything! A Proper Explanation
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- เผยแพร่เมื่อ 15 ก.ย. 2024
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Certified Enrolled Agent Karlton Dennis has seen everything in the game, using his knowledge to take advantage of his tax-return every year to write-off some quite luxurious items. The thing is, ANYBODY can do this! How? Find out on today's Taxes Made Simple!
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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#taxes #taxfreeliving #taxexpert #taxreduction #llc
Hope you guys enjoy this one! If you haven’t purchased your ticket yet, I’d recommend signing up now for the Tax Free Wealth Event! We will go over exactly how to make sure your LLCs and Trust structure is setup for maximizing tax savings and remaining anonymous! See you there! . www.thetaxfreewealthchallenge.com/join-thechallenge
I need your help
What is your official title in the industry?
This was awesome Karlton. I'm glad you emphasized at the beginning that if you don't have steady, stable income with 6-9 months in reserves, you need to get that taken care of first. I'm 55 and I am just now learning this stuff and honestly, I'm pissed off at myself for not getting a handle on this 20-30 years ago.
You are the goat
@@justingarcia6328#MVP
My brother. You don't even know the love and tools you have given me and my Familia.
Many blessings to you and your Family. 🇵🇷
When they say "you will own nothing" This is what they DON'T want you to know. They want you to _actually_ have nothing, but rent and rely on subscriptions. Meanwhile THEY "own nothing" so that if you sue them you get maybe a pad of sticky notes and a toothbrush, while they area beneficiaries of a trust which itself owns all the stuff the really care about (house, car, even ownership/stock in companies)
It is always about the money
Factz
They want this to easier control people,think about it
MOST PEOPLE THINK THEY OWN THINGS NOW BUT..........ONLY IF YOUR DEED TO UR PROPERTY HAS ZERO ERRORS AND FILLED OUT CORRECTLY NAMD HAVE THE MANUFACTURER TITLE TO UR CAR....IF U HAVE CERTIFICATE OF TITLE THE STATE OWNS THEM N YOU PAY TAXES IN IT......CHECK OUT DAVID STRAIGHT ASAP
So what's the problem?
Key take aways, be structured before you start the structure.
Article I Section 10 Clause 1: No State shall pass any law impairing the Obligation of Contracts.
You are the first person that talks sense, most people jumps straight into establishing a Trust and Holding Company, spending, not investing, money. Like we say in South Africa, "gat oor kop" approach. Andre.
The revocable living trust can help centralize and manage assets, but generally won't provide any asset protection or creditor protection benefits. Why? Because the trust is revocable, the person creating the trust generally can access all of the assets in the trust, and if the person creating the trust can access the assets, then their creditors can too.
Makes sense. So, I guess this is why creating a irrevocable trust is recommended.
@@timekaschannel It generally won't change anything. If you put assets in trust for yourself, whether revocable or irrevocable, you won't get much, if any, asset protection.
But an irrevocable trust can trigger some significant (if unintended) estate and gift tax consequences.
That’s why the only trust structure that is the most advantageous and checks Every box is a irrevocable complex discretionary non-grantor spendthrift trust. That is the only structure on earth that checks every box and that gives you complete control now when you die, and be on the grave.
@@ryderscottmc92 There is no one-size fits all trust. An irrevocable trust will likely trigger estate and gift tax consequences. And when it comes to asset protection, if you set up the trust for your own benefit, you are unlikely to get any protection from a self-settled trust. Here in Texas, a self-settled trust has zero protection from creditors' claims, even if it's irrevocable, discretionary, or spendthrift.
So what is the benefits of putting assets in a llc compared to a trust?
Law Depot has a basic Revocable living Trust for $39. You can add other element and pay $99. With real estate, you will never "own" it unless you pay cash. if you take out a loan, you are a Tenant and the security (Mortgage) will be sold thousands of times. Reclaim it from the Indenture Trust.
Until all are free, this is the way.
Or someone squats in your house
You’ll never own anything without the allodial title. Until you have that… the government owns it
You can't pay cash and own land, either...
You have to get the Allodial title via the land patent. That's the only way to ever own land.
I've been stuck in analysis paralysis over my blueprint forward through the trust process and this video just gave me some clarity. Thanks!
I’m a retired soldier from the 101st Airborne Division, but I think I just fell in love with this man! Thank you for not being full of sh*t!
I read this as retired toddler lol
@@fathimamuhammad3799 that's very impressive! You don't see many toddlers with a retirement, let alone a job!
Do NOT wait until you have $1 million plus dollars to start setting up a trust. Your beneficiaries are going to have a unnecessarily hard time receiving their inheritance if you get unalived on your way to try and reach that point. I say set up at least one revocable living trust after $10k and gradually add assets to that trust as soon as you attain them. At least they’ll be protected from probate and and any fees the state will place on your estate after you pass.
Immediately subscribed. Probably the best video on youtube I've ever seen. few explain this phased approach so well. . Genius
I have a financial Planning practice in NY and NJ for over 25 years and agree. Great job...
Would you do anything different
I will be giving you a call to discuss my financials sir.
@@TCB2023. Yes, he would charge you for this information 😂
I love the honesty in this video
How would you address the new changes to Trusts in March 2023 that affects the taxability?
Watching this AGAIN then have to figure out owning my first rental property! Thank you for the valuable information! ❤
This video is PURE GOLD brother! Thank you for this solid advice!
Good Job Karlton Now Expand Your Operations My Friend I Started My LLC In January And Opened My Corporate Bank Account WZEOWL Investments LLC Today At City Bank And Trust Usings Your Business Structure Thank You Karlton Now I Have A Gift For You Your Retirement.😮
Wow... I appreciate how fluid and understandable this video is. I know nothing about trusts, nor do I believe I am even close to asset accumulation in a way that would justify a trust but if I was, I feel this video would be exactly the kind of starting point I would be hoping to find. Cheers to you Mr. Karlton for putting in the time and thoughtfulness to make this video broad, understandable to the layman, and concise. I will keep your name in mind.
Take your money offshore and put it in a jurisdiction that does not recognize judgements from other countries and makes it very difficult to challenge in that country's courts. This would include a scenario where a US judge interprets a prenup in a manner not beneficial to you , despite whatever comfort you lawyer provided you when you paid him or her to negotiate that prenup.
Or just don't get married.
@@who_is_disand what happens to your money if youre never married. What is your plan with asset accumulation
Check out Nevis
@@who_is_disChildren deserve to have a father who lives in the home, and see daily love shown to their mother as a wife and a father who actively supports their upbringing. Only poor men who fear the responsibility of a family think the way you do. 💯
@@HoneyBunches100 your scenario only works if that woman is worth the time. He is speaking to the trend of divorces in the last 25 years which overwhelmingly rob men of previously owned property and assets but also hamstrings their potential moving forward all on the whim of some other person.
The trend continues to the end that you have 50/50 odds to ruin your life. It is a literal coin flip, in terms of odds, to seriously harm oneself.
Think; would you take those odds? Given that set up; would you flip the coin?
I love it how all those videos talk about estate planning and protection. As if single people who don't care what happens after death but don't want to be bankrupted by a hospital judgment don't even exist.
Bravo young man. Very down to the point. Thank You.
Beautiful straightforward and uncomplicated explanantion. TY!
Ok I do not have the asset of at least 1 million you’re talking about, what little I have I want to protect. Can I put them in a trust and how can I do a trust myself without having to pay tons of money in legal fees?
Grateful for this video and this is my second time watching it! Phase 1 confirms my sentiments that you need to have various forms of income operating and stable annually for a number of years to consider buying and tying them up to assets. The second one is that this speaks into basic book keeping and financial accounting to see where you are financially to think about your next move.
Keep in mind that in March of this year, the IRS changed the rules considerably regarding irrevocable trusts. To a large degree, placing your assets in a trust with your children no longer protects from taxes upon you death the way it used to.
True however this is an IRS rules interpretation. Considerably less binding then tax law legislation. It will surely be challenged.
@randycarstens1100 Agreed, but for now it's something that at least needs to be considered. We know how much they love stupid legislating on both sides. I trust Washington about as much as I trust a wet fart.
And for the same reason.
The trust is still under contract law, so any new laws made by the IRS doesn't hold weight.
Ewe cliché clone huemans programmed backwards are fixed ribosome waiting for corrupted mRNA data programming to copy paste transmit the data given...👁️
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
Hi, We recently set up an RLT but what do I need to do to make the Trust own the 2 LLCs that each have a rental property ( they were created before we had the Trust set up. The attorney said to change the operating agreement in the LLCs to say upon death, etc.. it would be owned by the Trust, but how do I make it own the LLCs now, What needs to happen? Thank you.
My three favorite channels: Karlton Dennis, Stock Brotha, & Richard Fain. Make my week complete!
For sure! Stock brotha is new to me but definitely been rocking with Richard for years
Great recommendations!
Add some Crypto to the mix, Lark Davis and Digital Asset News 👍
One must remember that government can only control what it creates. It does not create property nor does it create men and women. It creates things, such as entities. When you volunteer to use an entity you volunteer to have government control you and your property. Learning the laws and how courts work rather than using entities in your life will fee you from the chains you have no clue that exist on you. AmericanJurisprudence should be in every home
Thank you Karlton…. Well needed information…… I now see that I am no where near getting a Trust. Thank you for the knowledge ❤
Thank you for this video. I sent it to my mom who has been considering to set up a trust for a while now.
Stellar Breakdown Karlton
Karlton, great video. I just wish we'd discovered it, before setting up our current trust and estate planning. I trust our attorney, but still don't fully understand all the documents we've created and how to apply them. I hope you will be delving into more details about how trusts work and how to use them to protect and pass on what we have earned and accumulated. Thanks, again from a new subscriber. 🤙Aloha.
It's like learning how cars work so when you go to a mechanic you know what questions to ask & when you are getting scammed.
Have fun on your journey learning.
Karlton you're the man, the value you provide is unmatched!
This is the second time I’m watching this video, and definitely 💯 not the last. Thanks
Video starts at 6:20
Thank you so much Karlton, your channel is THE GEM! Hope one day be able to service you back my brother. Best wishes to you and your loved ones.
Florida does not have Estate Tax. Just so y'all know. DR-312. I'm an estate planning/probate legal Assistant at a title company run by a real estate attorney.
Nailed it with income first!
One problem: the IRS recently changed the rules when it comes to trusts and capital gains
What are the changes
@@godnestgodest6265 Facts Matter with Roman just had a show about it - basically if your grandmother bought a house for $40,000, and you obtain that house via an estate = you get to pay the unrealized capital gains based upon present day value of that house. So that forces a 1031 exchange but I'm not sure if those are even possible anymore either.... DADDY Gov't has a war to pay for - while - simultaneously "caring "about climate change because tanks are electric powered remember ;-)
I believe this is specific to certain types of irrevocable trusts, which exist as an independent tax entity. A revocable living trust is a transparent / disregarded entity for tax purposes, with taxation happening under the grantor’s 1040.
The Democrats have been talking about this but I'm not sure anything has actually changed
I was told and read this administration has done away with being able to do this earlier this year. It's going to wreck the financial plans of families living under trusts for rhe past 50 years. I'm not an expert so there are probably loopholes I'd love to learn more about. I'm glad I found this channel
That is not true
@@saltychristo3424 What is the truth?
It's videos like this that make it worthwhile to follow you. I appreciate what you do. 💎💎💎
Thanks man just started my first two LLCs. Trying to setup everything now doing the right things in “PHASES.”
Karlton, you have really simplified the strategies of asset protection and allocation constructs.
Props. I was putting the cart before the horse.
Thank you so kindly for the simplicity of it all. Priceless!!!....
Can you still take advantage of the tax benefits from rental real estate through Trusts?
No actually structuring your business is more important than getting the bag.
Thank-you so much for this information, Mr. Dennis!
The rich stay rich… real estate, life insurance policies, stock market…
Wow great info. Make the money then worry about it, get busy!
You are too much knowlegable and willing to share what you know.Thank you for all your videos,they have truly helped me too much know what i never knew MAY GOD BLESS YOU SIR.
Thanks for this valuable information 🙏🏽🙏🏽🙏🏽
Thank you for breaking it down for us beginners. I was torn between the two but you answered my questions-simple. To those who feel like this is too basic feel free to find another channel & keep your rudeness to yourself.
Now for the person getting older and might have to live in a nursing home, they might want to gift their home to the kids. If it's not in a trust longer then 5 years phase 1 wont matter. House gets sold. I want to put that in a trust then phase 1.
Never gift the home while living. When that person passes away, there's a step up in cost basis which "resets" the principal value of the home for tax purposes when the heirs sell
@@that9boyplease explain more. So what would you need to do if you want to make sure your child receives the home?
@@joy2come119 place it in a trust and ensure the child is a beneficiary to the trust. When you pass, they get the house and can sell tax free right away
@@that9boyplease explain
Any advice on setting up trusts prior to protect lottery winnings??
The rules on trusts have changed. Inheritance is taxable now.
How about explaining why to us a UCC-1
The real KD dropping knowledge every time... keep it up my brother
Karlton karlton karlton...you are The MAN
i need the replay for the training!!!!!!
How does this work with the new IRS laws that nullify trusts for inheritance purposes?
Thank you Mr Dennis! 💯👍🏾👍🏾 Stay blessed.🙏🏾
Yes ... brother you're providing a quite noble service. I love it. Thank You
4 Phases of Asset Protection
@2:38 Phase 1 Income Generation
Generate more and more income
@4:05 Phase 2 Asset Accumulation
Park income into what produces more income
@6:14 Phase 3 Asset Organization
$1.5M+ = Revocable Living Trust!
@9:10 Phase 4 Estate Planning
Transfer to heirs with minimum liability
Are there people that will do this for you? My brain cells are officially gone.
Did you find someone, I’m looking as well
Why do you need real estate when you have dividend paying consumer staple stocks.
Thank you for sharing your professional wisdom, kudos!
I needed this. Thank you!
Take your money offshore and put it in a jurisdiction that does not recognize judgements from other countries and makes it very difficult to challenge in that country's courts. This would include a scenario where a US judge interprets a prenup in a manner not beneficial to you , despite whatever comfort you lawyer provided you when you paid him or her to negotiate that prenup.
Okay so basically when you figure out how to evenly distribute asset accumulation and income accumulation across your estate 🏡 because those two are reporting across the estate the more your estate tax is reduced
Please can you create a UK structural engineered version of your excellent videos that's relevant to the UK audience?
The big thing used to be FLP (family limited partnerships) and charitable remainder trusts, as of 30 years ago. How about now and an update on this structures, especially if one is single.
Thank you Karlton Dennis for interrupting my show with your life changing ad! I honestly believe you care about helping us maneuver through these waters. You go above and beyond to make sure we understand what it is you're explaining to us. What a good guy!
I just want to mention that even if I come across a different video that seems like it may be more informative, I still opt to watch Karlton instead. He is just more intriguing.. Maybe it’s my age 😂🤷🏻♀️✅ I love the examples & quick speaking.. We need to MOVE FAST 😂😂💰
If a house isn't under your name, it's under an LLC which is under a trust, in Canada, a self benefits trust can have principal residence exemption no? But not a house under corporation. If the corporation is under the self benefits trust, do you get PRE when you sell?
I believe that was sound information 👍🏾
I did this all myself a long time ago. My trusts’ structures will fuck you up! Lol 😆
Loved these explanations. Subscribed!
this dude is so well spoken ..congrats and thank you for the content
I'm an LP in 30+ passive real estate syndications. All in my name. Zero reason and no additional protection if they are owned by a Trust.
Its incredibly hard for a 3rd party to get to these investment dollars.
Not zero reason - if anything happens to you, you'll want those LP interests (and potential income) to go to the people of your choosing, not the governments. That's why you get a Trust
@@that9boy So more of an estate planning reason, not asset protection from litigation
Watched 10 seconds and SUBSCRIBED
SO TRUE
SECURE THE BAG 1ST
Great advice, good flow into the facts Definitely confirmation for me. Was waiting to hear mention of the Executor and the extra costs, then finally a possible takeover of the Trust after the Executor borrows from the Estate.. leaving gefty court costs, and the Beneficiaries with no Trust or Estate left at all from the Living Will. 😮
This video is great. This is so important to remember.
July 2023. .Bless those who seek the truth. If a church is blind (sun day worshippers), then the flock will fall on the ditch....,
Why would the trust go on forever & the family uses the inventory owned by the trust?
Edits is crazy.. thanks for the gems
Loving your content. You always drop the gems 💎
very realistic. Thanks, I found this video at a great time. Good work!!!
Bro, you brought the sauce 👊🏿
Question, can a trust be set up to hide small assets even if you don’t have real estate or $2 million dollars? My bank account was just just levied by a creditor for a debt that went into collections in 2007. I had no idea a creditor could do this. I hired an attorney and discovered in the state of TN there is no statutes of limitations and all they have to do is reissue a judgement every ten years. The original debt was $1000 and they say that due to interest I owe them $11,000. They managed to get $4,000 out of my account but my attorney said they may continue to come after me unless I can get them to settle and so far we aren’t getting anywhere with them. On settling. I’m single and don’t make a lot of money. The money they took was my emergency fund and it’s created a whole storm of issues in my life. How can I prevent this from happening again?
Take the hit. Settle for a repayment plan. Like $5 a month. Take cash out of bank right away. buy gold silver crypto .
They have to accept payment plans. Find companies that specialise in negotiation debt payments. They negotiate on your behalf.
Now it’s time you wake up and pay attention. Study study study the system and how to get out of it. just remember. Spend your life study the system. You can not be free today. But years from now it’s possible.
Wait till you find out you don’t have to pay collections and can sue them for breaking the law. Look up credit bullies.
Write up your own promissory note and effect payment. Negotiable instruments law
@@AntoninusPius17where could I start studying the Trust ?
Love your videos so easy to understand
Is your Tax Free Wealth Event a virtual or in-person program? If in-person, where must one go to attend?
Thank you. You are a very clear and articulate communicator.
*This has been very eye opening. Thanks fam 💪🏽*
But what about the CORPORATE TRANSPARENCY LAW that's coming up in 2024??
Can you make s video on that? It would really help your base!! ✊🔥️🔥️🔥
I need help with a quitclaim in Florida, bought rental property before LLC and. Ow need to switch. Still have mortgage. Any advice on Lawyers?
Just the information and video I was looking for, thank you! Subbed 👍
That’s how you keep it short and simple.. INCOME generation first thing first. If u ain’t there don’t even think about structuring anything thing else