Great video! Three questions related to Charitable remainder trust (CRT) 1. Does CRT be treated as an entity and need to file 1041 return every year? 2. How to calculate CRT tax deduction ? 3. Is CRT distribution taxable income? Is distribution be issued like 1099R form? 4. Where to enter the data at form 1040 ?
Great and informative video, however I believe you missed the part that your investments in the CRT legally need to be diversified enough to keep the IRS happy. You can't for example invest all of the funds into one risky meme coin otherwise you'll get into a lot of trouble :/
Correct me if I’m wrong, but if I donate $100k into my PFF, I would lose more money than if I just pay my 37% income tax and keep the money in my bank acct. Unless I was planning to use my PFF to pay for salaries, expenses and charities then I might break even.
Helps if you own the charity, based in Hawaii, expensed as a corporate officer, hold and expense fundraisers in Hawaii, on your own estate, to special invites only, and used as a write off.... aka Oprah.
Better they give the money to charity than the corrupt government. They earned it and they're giving a lot to people that really need it. Instead of corrupt politicians. More power to them!
You need to mention that family does not mean just any relative. It means a spouse or your own biological child. And I find it ironic Gates is concerned about donations helping him save on taxes with his level of wealth.
I think you need a new calculator. At the 5:42 mark, you started explaining how you could dontate $50k (cost basis) to save $92k in taxes. My calculator says you're donating $250k (market value) to save $92k. Now, explain how that would be a smart business decision?
I think you may have missed the "appreciated" asset part. The example implies that the asset has a $50K basis and later appreciates to $250K, at which you donate... If you donate, it will be valued at the fair market value, not your cost basis.
Doesn’t make any sense. When you donate 100$ stock you donate 100$. Because you can sell it for 100$. No matter how much you paid when you purchase them. ….
Notice how this man has not named any way of how giving money to charity saves you money. When you give money to charity, that is a loss of money. You’re not getting money back from that. If you have $1000 and you give $250 to charity you are left with $750. What you find is that if you are taxed on your smaller sallary, you have less money that when you started. So if taxed for 20% on $750, then you’re left with only $712.50. Compared to if you’re taxed on $1000, you still have $950, meaning you just saved $237.50. So where do you save money??
I’d watch this video as well. Because this idea that the rich use charities to avoid taxes is so stupid. th-cam.com/video/mD7_lHatIeo/w-d-xo.htmlsi=PfJ-R1CTWVyDfxjs
A very informative video well worth watching more than once. Thank you for your work.
Thank you, Paul! I appreciate it.
Thanks for this very informative video...The real benefit will be the blessings you get from sharing with others.
This is the perfect expiation on private foundation for me, thank you.
Great video! Love it
This brother is amazing! Wow… Please make more videos like this on charity
Need to follow up with this man. This was some solid info
Glad you found it helpful! Thank you.
Makes me feel brain dead. How many people are clueless about money ?
Powerful content sir! Thank you!
This man is putting us on game
Thanks!
What a great video! 🤔
Thank you! 💚✨
Yes! Speak on it
Great video! Three questions related to Charitable remainder trust (CRT)
1. Does CRT be treated as an entity and need to file 1041 return every year?
2. How to calculate CRT tax deduction ?
3. Is CRT distribution taxable income? Is distribution be issued like 1099R form?
4. Where to enter the data at form 1040 ?
I agree!
Can you create a CRT and a private family foundation and have the funds go to the family foundation when you pass?
Great question.
Lifehack
Great and informative video, however I believe you missed the part that your investments in the CRT legally need to be diversified enough to keep the IRS happy. You can't for example invest all of the funds into one risky meme coin otherwise you'll get into a lot of trouble :/
Finally I can stop paying taxes thank you, you truly are a hero.
Correct me if I’m wrong, but if I donate $100k into my PFF, I would lose more money than if I just pay my 37% income tax and keep the money in my bank acct. Unless I was planning to use my PFF to pay for salaries, expenses and charities then I might break even.
Do you give to charity already? If so, putting money aside in a PFF just helps you create an upfront deduction for your future charitable giving.
What is 'line for line itemization'?
More details please. Make another video
Can I place my current income like Retirement from military, Disability form military and SSA in to my (CRT) or (CRUT)
Helps if you own the charity, based in Hawaii, expensed as a corporate officer, hold and expense fundraisers in Hawaii, on your own estate, to special invites only, and used as a write off.... aka Oprah.
is it the charible contribition limit to 30% of AGI? if you contribution 100K to a charity foundation, does it mean you AGI is $333K?
5:28 Where?? Where is that coming from? What is your source and how are you not getting taxed for the rest of your overall salary??
Better they give the money to charity than the corrupt government. They earned it and they're giving a lot to people that really need it. Instead of corrupt politicians. More power to them!
You need to mention that family does not mean just any relative. It means a spouse or your own biological child. And I find it ironic Gates is concerned about donations helping him save on taxes with his level of wealth.
yes and it is why they call themselves philanthropic instead of tax evaders.
I think you need a new calculator. At the 5:42 mark, you started explaining how you could dontate $50k (cost basis) to save $92k in taxes. My calculator says you're donating $250k (market value) to save $92k. Now, explain how that would be a smart business decision?
I think you may have missed the "appreciated" asset part. The example implies that the asset has a $50K basis and later appreciates to $250K, at which you donate... If you donate, it will be valued at the fair market value, not your cost basis.
That was cool.
I thought the tone was ironic and a criticism of the rich at first and how charities are a scam.
What a twist. It wasn't ironic at all :D
What about a charitable lead trust?
what is that? We are a small nonprofit organization and would love to know!
Doesn’t make any sense. When you donate 100$ stock you donate 100$. Because you can sell it for 100$. No matter how much you paid when you purchase them. ….
😂
Can I hire you to do this for me
Yes. Just book a call at mycpacoach.com
Notice how this man has not named any way of how giving money to charity saves you money.
When you give money to charity, that is a loss of money. You’re not getting money back from that.
If you have $1000 and you give $250 to charity you are left with $750. What you find is that if you are taxed on your smaller sallary, you have less money that when you started. So if taxed for 20% on $750, then you’re left with only $712.50. Compared to if you’re taxed on $1000, you still have $950, meaning you just saved $237.50.
So where do you save money??
more details please
I’d watch this video as well. Because this idea that the rich use charities to avoid taxes is so stupid.
th-cam.com/video/mD7_lHatIeo/w-d-xo.htmlsi=PfJ-R1CTWVyDfxjs
PREACH!