Make Your Trust Own Everything! A Proper Explanation
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- เผยแพร่เมื่อ 13 ก.ค. 2023
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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
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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. 🇵🇷
Key take aways, be structured before you start the structure.
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?
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.
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.
Immediately subscribed. Probably the best video on youtube I've ever seen. few explain this phased approach so well. . Genius
I've been stuck in analysis paralysis over my blueprint forward through the trust process and this video just gave me some clarity. Thanks!
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.
Thank you for this video. I sent it to my mom who has been considering to set up a trust for a while now.
Thank-you so much for this information, Mr. Dennis!
Bravo young man. Very down to the point. Thank You.
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.
@@sglow444vibes 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?
This video is PURE GOLD brother! Thank you for this solid advice!
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.
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.
Stellar Breakdown Karlton
I love the honesty in this video
this dude is so well spoken ..congrats and thank you for the content
Thanks for this valuable information 🙏🏽🙏🏽🙏🏽
Watching this AGAIN then have to figure out owning my first rental property! Thank you for the valuable information! ❤
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.😮
It's videos like this that make it worthwhile to follow you. I appreciate what you do. 💎💎💎
Another great video Karlton!!
Thank you so kindly for the simplicity of it all. Priceless!!!....
Excellent video. Thank you sir
This is the second time I’m watching this video, and definitely 💯 not the last. Thanks
Great information, thank you!
Karlton, you have really simplified the strategies of asset protection and allocation constructs.
i need the replay for the training!!!!!!
Great information! Thanks for the breakdown 👌🏾
Thank you Karlton ❤
Thank you for sharing your professional wisdom, kudos!
This video is great. This is so important to remember.
The best I’ve heard so far!
great work Karlton!
Props. I was putting the cart before the horse.
Thank you Mr Dennis! 💯👍🏾👍🏾 Stay blessed.🙏🏾
Just the information and video I was looking for, thank you! Subbed 👍
Nailed it with income first!
I absolutely love your channel and information
Great video. Thank you sir.
great video, phenomenal presentation
Thank you for the insights!
Thank you Karlton…. Well needed information…… I now see that I am no where near getting a Trust. Thank you for the knowledge ❤
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.
Great Info! Thank You!
How would you address the new changes to Trusts in March 2023 that affects the taxability?
*This has been very eye opening. Thanks fam 💪🏽*
Love this guy 💖
Great advice ☺️
Wow great info. Make the money then worry about it, get busy!
Bro, you brought the sauce 👊🏿
Appreciate you! Just joined up for the VIP.
Super helpful!
Thank you sir!!! Big fan!!!! Appreciate all you do. Wish you much success!!!
Loving your content. You always drop the gems 💎
I needed this. Thank you!
This is amazing! Thank you
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.
Edits is crazy.. thanks for the gems
Simplify! Word!
I believe that was sound information 👍🏾
very realistic. Thanks, I found this video at a great time. Good work!!!
Thank you for this information,
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
Super helpful!! Thanks very much for sharing, I’ll do this based on the phase approach👍🏻
Thank You!!!!! Most Honest I heard
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
Love the tag line "tax alchemist". I've also seen "tax technician".
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. 💯
Yes ... brother you're providing a quite noble service. I love it. Thank You
Can you still take advantage of the tax benefits from rental real estate through Trusts?
Awesome information!
One of the most valuable videos I’ve watched in a long time. Thank you!
Thank you
The real KD dropping knowledge every time... keep it up my brother
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...👁️
Karlton karlton karlton...you are The MAN
Watched 10 seconds and SUBSCRIBED
The rich stay rich… real estate, life insurance policies, stock market…
WOw. Thanks. Direct to the point. Must take care of Phase 1.......I subscribed...
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.
Great explanation Karlton
I ❤ YOU! Thanks for the wealth of info you share so transparently!
Thank you! This was really helpful. I have multiple businesses generating money but I’m barely about to begin my asset accumulation phase.
Good stuff chief, I like it.
Karlton. Thank you for the great information as always🎉 Does this include international properties? Also, would it include pre-construction properties?
No
Karlton you're the man, the value you provide is unmatched!
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.
So much valuable information, thank you Karlton.
🔥 like always!! Thanks sir
I guess ill come after phase number 1. Seems solid 👌.
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.
Karlton you are on the money bro. Good looks
(Tax Alchemy 😂 in the background 🔥)
Thank you.
Great podcast they just grew up live on TH-cam
SO TRUE
SECURE THE BAG 1ST