Thanks Lewis. Im a qualified Chartered Accountant in the UK and happy to lend some advice if need be. Im not sure you have the setup entirely correct. There will be tax to pay for the LLC/LTD for one. Additionally, it can be quite expensive to get this structure in place in the first instance. Around a couple of grand in solicitors' fees alone. I think your idea for Mastermind is a great one, and I hope it scales for you. A network of experts who understand Crypto is much needed!
I would consider a charitable remainder trust as an option as well. Since death benefits are not taxable, your heirs receive the death benefit tax free and your favorite charity gets the asset. So you set up your own charity of course. Max Maher had a very good illustration of how this works. Definitely worth the watch.
You could also have a family trust at the top with a corporate trustee to remove liability of an individual trustee. The corporate trustee can then distribute net income from the business to the multiple beneficiaries in most tax effective way. The benefit of the trust having the business and ownership of the assets is that in Australia a company is not entitled to the 50% discount in cgt when asset is owned over 12 months but a trust can take advantage of the discount. A corporate trustee can also be a beneficiary of the trust deed is set up properly. This company can then be used another entity to divert money to where the tax rate can be lower than an individual beneficiary. There are many options so speak with an accountant or tax specialist. Good luck.
Great video Lewis. The method you talked about with the insurance is based off a book called "Becoming Your Own Banker" by Nelson Nash. Very good strategies however the IRS in the U.S. put limits on insurance policies being used for the purpose of taking loans. If you go over the policies "threshold" limit the policy turns into a MEC "Modified Endowment Contract" thus effectively losing the 'tax saving status'. Still useful with multiple policies involved!
Thank you Lewis. You content has been gold. I have enjoyed watching you grow through this journey. I’m so grateful for your continuous hard work to help us all.💪🏻
This is called Infinite Banking. Only flaw I see with this is there what is called a "MEC Limit" (Modified Endowment Contract) Meaning there is a maximum amount you can place into that policy per year. Example: A policy with a $4k premium will allow you to put up to an additional $36k (total $40k). This extra $36k is called a PUA (Paid Up Additional Rider). Anything beyond that it becomes an Endowment which then the whole policy becomes null and void.
I believe that's why you would need multiple whole life policies on family members. Couldn't you also increase the Death Benefit (max allowable) on each policy to increase the Max you can pay into before it turns into a MEC?
@@polygon2744 It’s important to set this up early to allow the maximum allowable PUA’s to add up over many fiscal years of your policy. There is so much to say about this but replying is a balance of info without overwhelming people.
Totally into the 1% Mastermind idea, but my model predicts a big dip before improving in 2024, so I will hold off and HODL till things look a little more bullish. That said this is brilliant content and I appreciate your hard work.
Also, i would not wait until the appreciation is realized, i would do it asap while you can take a loss perhaps and defer the gains inside the trust. Structure your FLP (family limited partnership) or trust to where you maintain a small percentage but maintain the managing interest of the decisions made by the trust. You would assign yourself to be the the manager.
Great video but I need something more. I have watched your videos for a very long time now but I need to be able to see and read simplified information in black and white on paper in my own time so that I can digest and understand. I don't expect a book Lew but a simple pdf file of basic simple info of do'es and don'ts would be very welcome so that I can reference in my own time. Not "professional" advice but "experience" communication guidance. I would have no problem paying for a simple concise set of tips. I'm sure there are many others that would welcome a pdf addition. Wading back through videos is not really an option. Fingers crossed in the hope of you considering my request. Thank you.🤞
How much would monthly payments on those be? I wouldn't want to take out a loan with interest I just want my tax free million 😅 without a bill every month
You must remember that an LLC is a registered company, and as such therefore this structure does not provide any asset protection from a criminal government who would only be to happy to take away value in the trust. An LLC at the top of the tree is just what you do not want my friend!!!
Thank you, Lewis. I recently found your channel. Now I know why. All my eggs are in two baskets. Pretty soon it will be time to pick some of the eggs up and you're going to be the first call I make. It's very comforting to know where to go. Thank you, again.
First & foremost, your hair looks amazing in this video. 2nd, I am convinced to subscribe to the 1% Mastermind. 3rd, I'll certainly double check your information, but all of which seems very reasonable.
You have got to pay tax on gifts also the llc would need to pay tax, not to mention the costs associated with setting up a structure like discribed plus the yearly accountancy fees for the average invester this is definitely not the way to structure your finances
What if you have an Incorporation (Umbrella) with your LLC's underneath. For example you have Louie Louie Inc with Louie Louie rental properties LLC, Louie Louie Vacation destination LLC, and Louie Louie Car Rental LLC all underneath your Inc. LL Car rental could purchase vehicles and rent them to LL rental properties. LL car rental rights off the payments of vehicles purchased and LL rental properties could right off the mileage, maintenance etc. etc... LL vacation destination could cover all your travel costs and also be written off basically keeping all the taxes circulating under the same umbrella rather than paying them to someone else. Does this make sense lol.
This information is crucial and is not easily accessible to the average Joe. Once I begin to see price appreciation on my digital assets I will be joining at the highest level. I am still waiting to find out what happened to Uphold launching Vault custody as well. Love your content Trying to stay emotionless!
I just checked one of the insurance companies in Canada and on their website, I found the below. Some whole life insurance policies also include a savings portion called the cash value, which can grow over time on a tax-preferred basis. This means you won’t have to pay tax on any cash-value growth. You can take a loan against the cash value. Keep in mind, that there may be tax implications from borrowing against your cash value or surrendering your policy. What are the tax implications of borrowing against cash? Any idea???
Thank you Lewis, now I have an idea of how I'm going to manage my millions and millions from crypto. Now I gotta go learn about all that stuff. Do my own research, know what I mean. Once again thank you do much. Also, I will be joining your Master class very soon.
Doesn’t the limited company (UK) have to pay corporation tax on annual revenue, even if it sends that revenue somewhere else, even a trust. How is it exempt from corproation tax, just because it sends its revenue and assets to a trust.
There are instances that when gifted to a family trust, you can bypass that. At least, thats how it was explained to me! Im no expert - hence the Mastermind!
Why do you believe that once the financial system is “reset”, that the laws on holding, managing wealth won’t change as well. Isn’t the entire system corrupted. Love the content!!🤙🏾
The only way XRP will go up in price is Ripple has too burn half XRP tokens. Which won’t happen, Brad Garlinghouse and David Schwartz is making a lot of money from the pumps and dumps
Wait Lew, in your model, the business trust did not get taxed. Wouldn’t it? So what is the difference if the business pays the tax or you personally pay the tax?
Great content Lewis. 🎉🎉 One thing which I’m sure you have thought about is the tax implications or otherwise of transferring your personal assets to the Trust structure. Great job as always.
What was explained here is basic stuff that's available in a gazillion places on the internet, or even free from any accountant. This guy will make money off of his "masterclass" that's how he'll get rich by suckering you guys in.
Hey Lewis, great video. Would be great to have full words and clear writing to really help those visual users like myself. Love the video as always. Fantastic topic aswell!
Lewis lol, I want to know what secrets you know. In America there's this saying "don't count your chickens until they hatch". I've not seen anyone as confident as you, to pretend you've already made it. Hope you're right. Tell us what you're not saying to be so sure about this.
Mastermind, it’s a high price to pay, with no crypto profits yet. I’m in the hole big time and l can’t work due to I’ll health. Try to save a few pounds here and there to buy a little XRP. So by the time we see a little profit 1-2 years your mastermind will be so expensive again some of your loyal followers will miss out. Example Jake Claver’s group extortionate fees and l feel you are going the same way. Lew, Lew l know you work hard at this but some of this should be included free in your content. We were waiting for this, but the info is going to cost us now, so lots will miss out. Anyway, l have had my little rant, keep up the good work.😊.
Hi Lewis, Great video! Thank you! I'm living in Germany and when, not if, I join will the knowledge and contacts be applicable to Germany and German law. Exit stratagies and BYOB are difficult to navigate and like you I don't plan to sell. Thanks😁👍🏻
The advice is great. However there are opposing ideas that say the Whole of Life policy process you have detailed is actually a terrible structure of protecting and generating tax free income.
Thank you very much for this video. In a couple of years we'll be panicking on how to handle the exploding price of XRP and what to do with the profits.
Lewis. Would you cash out of crypto into the LLC or into your own bank account ? What would be the consequences either way? What would be the the ideal route for off ramping crypto profits? Cheers.
1% Mastermind - mee6.gg/m/1percent
Lewis you're a good researcher no doubt! So see what you can find with my other comment 👌🏼
Might give you a better time frame with things
Thanks Lewis. Im a qualified Chartered Accountant in the UK and happy to lend some advice if need be. Im not sure you have the setup entirely correct. There will be tax to pay for the LLC/LTD for one.
Additionally, it can be quite expensive to get this structure in place in the first instance. Around a couple of grand in solicitors' fees alone.
I think your idea for Mastermind is a great one, and I hope it scales for you. A network of experts who understand Crypto is much needed!
Oh perfect! Can you make contact with me via email? Would love to host you in the Mastermind!
I would consider a charitable remainder trust as an option as well. Since death benefits are not taxable, your heirs receive the death benefit tax free and your favorite charity gets the asset. So you set up your own charity of course. Max Maher had a very good illustration of how this works. Definitely worth the watch.
You could also have a family trust at the top with a corporate trustee to remove liability of an individual trustee. The corporate trustee can then distribute net income from the business to the multiple beneficiaries in most tax effective way. The benefit of the trust having the business and ownership of the assets is that in Australia a company is not entitled to the 50% discount in cgt when asset is owned over 12 months but a trust can take advantage of the discount. A corporate trustee can also be a beneficiary of the trust deed is set up properly. This company can then be used another entity to divert money to where the tax rate can be lower than an individual beneficiary. There are many options so speak with an accountant or tax specialist. Good luck.
Great video Lewis. The method you talked about with the insurance is based off a book called "Becoming Your Own Banker" by Nelson Nash. Very good strategies however the IRS in the U.S. put limits on insurance policies being used for the purpose of taking loans. If you go over the policies "threshold" limit the policy turns into a MEC "Modified Endowment Contract" thus effectively losing the 'tax saving status'. Still useful with multiple policies involved!
Thank you Lewis. You content has been gold. I have enjoyed watching you grow through this journey. I’m so grateful for your continuous hard work to help us all.💪🏻
It's not always plain sailing, but it's been a fun journey!
Thanks!
No problem! Thank you!
This is called Infinite Banking. Only flaw I see with this is there what is called a "MEC Limit" (Modified Endowment Contract) Meaning there is a maximum amount you can place into that policy per year. Example: A policy with a $4k premium will allow you to put up to an additional $36k (total $40k). This extra $36k is called a PUA (Paid Up Additional Rider). Anything beyond that it becomes an Endowment which then the whole policy becomes null and void.
How do you work around this?
Oh thats super interesting! I'll look into that!
@lewis also look into my comment yeah 👍🏻
I believe that's why you would need multiple whole life policies on family members. Couldn't you also increase the Death Benefit (max allowable) on each policy to increase the Max you can pay into before it turns into a MEC?
@@polygon2744 It’s important to set this up early to allow the maximum allowable PUA’s to add up over many fiscal years of your policy. There is so much to say about this but replying is a balance of info without overwhelming people.
This is what I have been needing to find time to research and plan out. I want to be ready for what is coming finally. Good job!!!
Yeah we all need to make time for that.
Definitely need more of these type of videos! I like the way you explain these kind of subjects around LLC & Tax
I listen to all your videos, More I learn about XRP more I work hard to save money to buy more XRP. Thank you for the information you serve to us.
You’re a brilliant person Lewis. That’s why I am here. Thanks
And I'm thankful!
Totally into the 1% Mastermind idea, but my model predicts a big dip before improving in 2024, so I will hold off and HODL till things look a little more bullish. That said this is brilliant content and I appreciate your hard work.
Also, i would not wait until the appreciation is realized, i would do it asap while you can take a loss perhaps and defer the gains inside the trust. Structure your FLP (family limited partnership) or trust to where you maintain a small percentage but maintain the managing interest of the decisions made by the trust. You would assign yourself to be the the manager.
Will be joining the 1% group when I get home from work. My son and I very much enjoyed meeting you at the proper party, all the best.
Oh Im so glad! See you in there!
Great video but I need something more. I have watched your videos for a very long time now but I need to be able to see and read simplified information in black and white on paper in my own time so that I can digest and understand. I don't expect a book Lew but a simple pdf file of basic simple info of do'es and don'ts would be very welcome so that I can reference in my own time. Not "professional" advice but "experience" communication guidance. I would have no problem paying for a simple concise set of tips. I'm sure there are many others that would welcome a pdf addition. Wading back through videos is not really an option. Fingers crossed in the hope of you considering my request. Thank you.🤞
Doesn't a "Loan" require a re-payment?
I remember watching Lew in his car make videos, now look at him! He’s killing it
How much would monthly payments on those be? I wouldn't want to take out a loan with interest I just want my tax free million 😅 without a bill every month
Thanks Lewis for explaing why I need to do this. So if I get divorced, my ex cant have anything and its all mine. Great advices for couples
You must remember that an LLC is a registered company, and as such therefore this structure does not provide any asset protection from a criminal government who would only be to happy to take away value in the trust. An LLC at the top of the tree is just what you do not want my friend!!!
Thank you, Lewis. I recently found your channel. Now I know why. All my eggs are in two baskets. Pretty soon it will be time to pick some of the eggs up and you're going to be the first call I make. It's very comforting to know where to go. Thank you, again.
Love this. Could you do video on what you touched on in your last video about how we can use our crypto as leverage and buy income producing assets?
You never mentioned you get a loan on
The family trust , but how do you pay the loan back or pay interest on it?
First & foremost, your hair looks amazing in this video. 2nd, I am convinced to subscribe to the 1% Mastermind. 3rd, I'll certainly double check your information, but all of which seems very reasonable.
You have got to pay tax on gifts also the llc would need to pay tax, not to mention the costs associated with setting up a structure like discribed plus the yearly accountancy fees for the average invester this is definitely not the way to structure your finances
What if you have an Incorporation (Umbrella) with your LLC's underneath. For example you have Louie Louie Inc with Louie Louie rental properties LLC, Louie Louie Vacation destination LLC, and Louie Louie Car Rental LLC all underneath your Inc. LL Car rental could purchase vehicles and rent them to LL rental properties.
LL car rental rights off the payments of vehicles purchased and LL rental properties could right off the mileage, maintenance etc. etc... LL vacation destination could cover all your travel costs and also be written off basically keeping all the taxes circulating under the same umbrella rather than paying them to someone else. Does this make sense lol.
This information is crucial and is not easily accessible to the average Joe. Once I begin to see price appreciation on my digital assets I will be joining at the highest level. I am still waiting to find out what happened to Uphold launching Vault custody as well. Love your content
Trying to stay emotionless!
I just checked one of the insurance companies in Canada and on their website, I found the below.
Some whole life insurance policies also include a savings portion called the cash value, which can grow over time on a tax-preferred basis. This means you won’t have to pay tax on any cash-value growth. You can take a loan against the cash value. Keep in mind, that there may be tax implications from borrowing against your cash value or surrendering your policy.
What are the tax implications of borrowing against cash? Any idea???
The best video and most needed video you've done Lewis. Love this. Thank you for your help!
Thank you Lewis, now I have an idea of how I'm going to manage my millions and millions from crypto. Now I gotta go learn about all that stuff. Do my own research, know what I mean. Once again thank you do much. Also, I will be joining your Master class very soon.
Love love your content! I want to join. Thank you for all you do.
🎉🎉XRP Pioneers 🎉🎉
U wanking pioneer yah
Pioneers!
that's very important information,,,looking forward to hear more content like this....thanks mr Lew Lew
Hi Lewis... where can I find the list of Wealth Management Professionals?
How and when do the loans get repaid?
You struck gold on this Lew!!!
Not sure if you can transfer such gift 95% to your family trust?!
Hey Lewis, How many times can the gift happen from the LLC to the Family Trust? Every year?
Albert Einstein was asked what makes a genius. His response was, 'if you can makes something simple to understand, you're a genius."
Doesn’t the limited company (UK) have to pay corporation tax on annual revenue, even if it sends that revenue somewhere else, even a trust. How is it exempt from corproation tax, just because it sends its revenue and assets to a trust.
Thanks Lewis, much appreciated! 1% life style
Your LLC still has to pay corporate taxes on the 1 million deposited right?
There are instances that when gifted to a family trust, you can bypass that. At least, thats how it was explained to me! Im no expert - hence the Mastermind!
👍 just a question.. when i hear loan dpwn at the family . Sounds like gotta pay it back?? I started researchjng this so i appreciate the video
Great video . Would love a deeper dive on this topic .
Be nice to know how a full or whole life insurance package is set up and works. like how does it give tax free dosh to the beneficiary's?
Why do you believe that once the financial system is “reset”, that the laws on holding, managing wealth won’t change as well.
Isn’t the entire system corrupted.
Love the content!!🤙🏾
The only way XRP will go up in price is Ripple has too burn half XRP tokens. Which won’t happen, Brad Garlinghouse and David Schwartz is making a lot of money from the pumps and dumps
Congratulations Lewis, this is most def a topic that is much needed.
So glad you’re back, I was looking for this vid
You didn't give the name to the uk equivalent to the US insurance policy?
Wait Lew, in your model, the business trust did not get taxed. Wouldn’t it? So what is the difference if the business pays the tax or you personally pay the tax?
So who is paying those loans ? The assets generating the income will right?
That is amazing!!! I love this information! Thank you for this!
Hello Lewis, so do we set up this structure now, or after the XRP flood gates open?
how much money do u need to start the whole process? I just need the guidance so I can pull a loan out and then do the whole structure.
Great content Lewis. 🎉🎉 One thing which I’m sure you have thought about is the tax implications or otherwise of transferring your personal assets to the Trust structure. Great job as always.
What was explained here is basic stuff that's available in a gazillion places on the internet, or even free from any accountant. This guy will make money off of his "masterclass" that's how he'll get rich by suckering you guys in.
I will need this sooner than later! Thanks!
But, isn't XRP being spent at the family trust level to pay for the insurance policies, etc.?
Wow....amazing info.
BTW...i just received 2 of your shirts.
Dude. You’re a beast and potentially a prominent part of the making of the digital asset future. Keep killin it!
Hey Lewis, great video.
Would be great to have full words and clear writing to really help those visual users like myself. Love the video as always.
Fantastic topic aswell!
I need this MasterMind! I am crying w joy 🎉🎉🎉🎉
You can join Les! mee6.gg/m/1percent
Excellent Sir. Now to splain this to the Wife/Fam
Love the Start of your video how you slide in to the shot you should make that your thing BTW also love your simple explanations
How do you pay back the loans? Interest? What money?
Hi this was an excellent video, but in the UK we tend to have term life insurance policies. So how would you apply this?
I think term policies work the same, but within a certain time frame. It would at least make sense to be this way...
Yes thats right! Thanks!
I think Lew Lew has been mixing too much with the yanks and forgets to use his UK terms. But some of us also in the UK get what he means 😊
Great video
Thanks for the visit
Great video.
Thanks!
Do you have resources dream team in ontafio Canada for ghis????😊
Lewis lol, I want to know what secrets you know. In America there's this saying "don't count your chickens until they hatch". I've not seen anyone as confident as you, to pretend you've already made it. Hope you're right. Tell us what you're not saying to be so sure about this.
In my mind, it's already happened. Im so ready for it :)
I’m interested in learning more
You the man Lewis.
Thank you Tracy!
@@LewisWJackson I am the guy online at the proper party line outside, Who said hey Lewis, if you remember.
Mastermind, it’s a high price to pay, with no crypto profits yet. I’m in the hole big time and l can’t work due to I’ll health. Try to save a few pounds here and there to buy a little XRP. So by the time we see a little profit 1-2 years your mastermind will be so expensive again some of your loyal followers will miss out. Example Jake Claver’s group extortionate fees and l feel you are going the same way. Lew, Lew l know you work hard at this but some of this should be included free in your content. We were waiting for this, but the info is going to cost us now, so lots will miss out. Anyway, l have had my little rant, keep up the good work.😊.
Hi Lewis,
Great video! Thank you! I'm living in Germany and when, not if, I join will the knowledge and contacts be applicable to Germany and German law. Exit stratagies and BYOB are difficult to navigate and like you I don't plan to sell.
Thanks😁👍🏻
Lol, I like the wheel in intro on your wheelie chair
Haha thanks! I thought SOMEONE would like it!
We are so lucky now we have the internet and we can all learn how the rich just keep on getting richer.
Tax free loans that you don't have to pay back?
Oh you most certainly do have to pay them back. As I said in the video, you buy cash flowing assets with the loan, so the cashflow pays back the loan.
Hi do you know anybody in Newzealand that can help us ? Thanks
Will this structure work when system changes? Does fundamentals stay the same ?
How to sign up for the 1% mastermind ?
Find the link in the description of the video!
Many thanks for this
You're very welcome
I really appreciate you doing this and making it simple to understand.👍🏾
LJ, you're the greatest!!!
The advice is great. However there are opposing ideas that say the Whole of Life policy process you have detailed is actually a terrible structure of protecting and generating tax free income.
Great info, thank you Lewis!
Thanks Lewis … I’ve been looking for this
Thank you Lewis ,this was brilliant.
Great video Lewis thank you am interested in linking into your network when ready . Best wishes
❤ sendin blessings from ireland ❤
Great work lewis
Lewis what’s the name of the whole life policy called in the uk?
Term Life Insurance Policies I think
Thank you very much for this video. In a couple of years we'll be panicking on how to handle the exploding price of XRP and what to do with the profits.
Thanks Lewis
Thank you! But how about U.K😅
I went to ur link down below but got to discord and I’m a total nub with discord
New subscriber here
Thank you for this information
Lewis. Would you cash out of crypto into the LLC or into your own bank account ? What would be the consequences either way? What would be the the ideal route for off ramping crypto profits? Cheers.
Thanks Lewis, is this structure similar or the same for Europe or Canada?
The lads in Lancashire say well done for losing the jacket👌🏼
Thanks for all the hard work behind the scenes Lewis. The future is bright
Haha It'll be back! Sorry Lancashire lads!