You can totally create your own trust. You don't need an attorney unless you want a stationary trust rather than a private trust. If you do choose to use an attorney read every page. Some attorneys like to honor their oath and they leave back doors that may allow a judge or another attorney to breach the trust. Books to read: The Art of Passing The Buck by Charles Arthur vol.1 & vol.2 Note: You don't need a million dollars to open a trust the IRS requires only a dollar 💵 to start a trust. Any asset will also work as res. EINs are only required if the trust needs a bank account.
I am trying to do both. Until now, I had no desire for wealth. I am reired living on a sailboat on Social Security, and turned 65 this year and decided I wanted to create generational wealth for my family.
I am so glad I found you Ms. Talbert!!! Thank you for these educational and insightful videos. I had to come to TH-cam University to do some research and you just empowered the business woman in me!!! I can't wait to form this holding company AND Family Trust ;-). Be blessed... I plan on sharing your videos and page whenever necessary. Consider me SUBSCRIBED!
Hey Attorney Talbert I'm loving all the content you're putting out on holding companies because not too many go into detail as you have! I do have a question if you're kind enough to clarify as I haven't seen anybody talk about this at all and would love your insight on this. (For the purpose of this example all entities will be single-member elected to be taxed as a disregarded-entity) Say I create a WY Holding Company only for anonymity purposes, meaning it won’t make any profits or lease any services to my subsidiary, and have it be member-managed and list myself as the sole member. I then create a TX Subsidiary to be member-managed and list the WY Holding Company as its sole member (for anonymity purposes). How do I then get paid from the profits of the TX Subsidiary? Would it be wise to make distributions to the WY Holding Company first (since it is the sole member listed), and then make distributions from the WY Holding Company to myself? Or can I make the distribution directly to myself instead, even though I'm not listed as the member? I understand for taxation purposes, since they're both disregarded-entities that any profits would pass through to me anyways, but for accounting purposes and to limit piercing the corporate veil, it'd be nice to know how to properly navigate this scenario as it seems so many people go this route when trying to limit their anonymity, but few, if any, actually talk about how one would get paid from the profits of their Subsidiary. Thanks in advance for your insight your amazing and keep putting out the content because you're educating a lot of people!
Thank you for your question! I will answer this question in more depth through a video because it’s a bit of a nuanced answer to what I think you’re asking. But it sounds like you’re question is alluding to a “shell” company as opposed to a holding company. A “shell” company can get you in trouble and lead to piercing of the corporate veil. But I will do a video really soon on how to pay yourself through an LLC, and I’ll explain how that may change with the holding company.
@@talbertlawoffice For the majority of people starting out I think shell companies may be a stretch, but what I was referring to with holding companies is from my understanding, their main purpose is to hold/control companies or assets. The examples you hear all the time is people having one main holding company hold/control multiple other subsidiaries they have, so that not only are their assets protected, but their anonymity as well. I’ve heard people mention what you said in your video about having assets under the holding company, and then leasing it to the subsidiary, but unfortunately the majority of people starting out won’t have any assets to lease to their subsidiary, and only create a holding company for anonymity purposes. That’s why I was wondering what you thought was the best way to get paid from the profits of the subsidiary, when you’re just starting out.. Thanks for the response anyways I really appreciate everything you do and look forward to that video!
If you don’t have assets for the holding company to hold or control, then it’s likely not the right time to create a holding company because that inevitable becomes a shell company. A holding company is not for anonymity and using one solely for that person can get you in trouble because it can be interpreted as an effort to avoid creditors or engage in illegal behavior, which is why I mentioned a shell company. The subsidiary is just a regular business and you’d pay yourself in the same manner as you would for that particular business entity without a holding company. I hope that helps, but keep a lookout for the video where I’ll explain in more detail.
I have a family trust, and I have a security guard company that I want to put in my family trust, so I'm trying to decide on a c-corp or A holding trust, Amy advice for me?
Thank you very much for the informative video! Instead of a trust , can you also use a private foundation? I am in Europe, not USA. Thanks in advance! Best regards, John
Thanks for your question! A private foundation and family trust each have purposes that are almost opposite to each other. A private foundation is a charitable organization that is funded by a private individual or a private family, and used to support charitable purposes -- such as providing scholarships or assisting humanitarian relief efforts. Alternatively, the family trust is used to maintain assets among family members only. You definitely don't want to use those interchangeably.
@@talbertlawoffice hello miss Talbert, thank you very much for your reply! I was more thinking of a Panama private interest foundation, which is also for private purposes (like family wealth). Isn't it coming close to the family trust like that? Thank you and have a nice day!
What’s is the difference between will and trust which is best for family- which is best for business - If we have a holding company then we don’t need trust
A will is document that provides instructions on how to distribute one's property upon death; a trust is an arrangement that transfers ownership of property, is managed by a third party, and distributes that property to any beneficiaries while the owner of the property is alive or dead. I can't speak to whether you need or don't need one or other because I don't know the specifics of your situation. I will just say that the holding company and the trust are different entities, and may be used for different purposes.
ThankYou very much for this educational page , I am a 20yo and also the only person in my family looking into things of such. I’m curious to know if you do mentorships; or if you ever have any type of chats/zoom calls. Thanks again🤝🏾
@sheen.m4090 Thank you so much for your comment. Send me a separate email. Currently, I only mentor law students; however, I’d be happy to consider a mentor program for young women in the future, if there is more interest.
@@talbertlawofficeI would also be interested. I'm a TX CPA & also have an MBA finance. I am considering going to law school to help use with my CPA license, however I would like to be able to shadow, intern, or mentor with guidance if this is a feasible or smart Avenue to take next!! I love your content! Thank you, God bless 🙏
I will be doing both. I do not have children yet but I am building my business and in the process of purchasing land that I want to stay within my bloodline. Do you have any tips on how to create ironclad documentation that keeps assets in a bloodline (as in, you can't marry into it and take over)
When you create your family trust, the trust documents will allow you to specify how you’d like to keep those assets within your bloodline. You can dictate that spouses cannot take over the business, etc. You shouldn’t need any other documentation outside of the trust documents. I hope that helps!
Greetings. What possible issues can develop if attempting to name a holding company as a beneficiary of a Grantor Trust for the transfer of real property not for investment purposes.
I need to move my home into the family trust. I do not want my name listed as the trustee in the QC deed. Can I list the holding company as the trustee? And that way, no names are exposed. What are your thoughts?
Beneficiaries can be trustees, but it definitely presents a conflict of interest; risks may or may not be minimal. There are many scenarios where the grantor could be unable to control the trust EVEN while alive, such as legally incompetent (meaning not of sound mind), could be invalid, incarcerated, etc. Additionally, while a trust can be implemented while the grantor is alive, the goal is to have a plan for when the grantor is no longer living, so decisions should be made from that perspective.
I'm still single and I don't trust any of my siblings. can I be the sole owner of the holding company under an asset trust in cook island? can I also be the trustor, the trustee and benificiaries of the asset trust? lastly..how many asset trust can I create in cook island?
I cannot speak to the specific laws of Cook Island, but generally, a holding company may have a sole owner. Additionally, one person can be the trustor, trustee, and beneficiary of their own living trust. However, because the primary purpose of a trust is to decide how assets are distributed after the trustor has transitioned or is incapacitated, it may be helpful to name an alternate.
We have several videos that talk about holding companies. Here are two that you should check out: What is the Benefit of a Holding Company? th-cam.com/video/tgcjPXksmSU/w-d-xo.html How do HOLDING COMPANIES make money? th-cam.com/video/WfvAiP82d6g/w-d-xo.html
No, an attorney is used to draft most, if not all types of trusts - family, statutory, business, private, etc. What makes a trust statutory is that the assets are restricted from being donated, but instead, they are held in trust to be leased or sold for profit.
You can totally create your own trust. You don't need an attorney unless you want a stationary trust rather than a private trust. If you do choose to use an attorney read every page. Some attorneys like to honor their oath and they leave back doors that may allow a judge or another attorney to breach the trust.
Books to read: The Art of Passing The Buck by Charles Arthur vol.1 & vol.2
Note: You don't need a million dollars to open a trust the IRS requires only a dollar 💵 to start a trust. Any asset will also work as res. EINs are only required if the trust needs a bank account.
I am trying to do both. Until now, I had no desire for wealth. I am reired living on a sailboat on Social Security, and turned 65 this year and decided I wanted to create generational wealth for my family.
❤
I am so glad I found you Ms. Talbert!!! Thank you for these educational and insightful videos. I had to come to TH-cam University to do some research and you just empowered the business woman in me!!! I can't wait to form this holding company AND Family Trust ;-). Be blessed... I plan on sharing your videos and page whenever necessary. Consider me SUBSCRIBED!
That’s the goal! That makes me so happy!! Thanks for watching and sharing!!
I love her vibe ❤️❤️ I can tell behind the sweetness there is a shark!
We concur 🤣!! Thanks for watching!! 🧡
Great video very informative, thank you 🙏🏻
Can you make a video on what Family Office is, how to set it up and how to ensure checks and balances
I am a fan. Loved your video. Clear and concise.
Thank you!!
Right? I watched all 3 videos all because she told me I should! lol
Very informative
Thank you for that breakdown.. Both
I want to have a holding company inside of a trust
Same!
You is so smart! Thank you❤
Love your content
Great info!
Thank you.
Both
LLC-->HOLDINGS-->TRUST not necessarily in that order, but that is the idea I have floating in my head. Perhaps wishful thinking 🤔
Sounds like a plan!!
That's exactly how I have everything set up. Now setting up a DAPT in Nevada then out of the country.
@@John-bx6if DAPT?
@@LJDS1979 Domestic Asset Protection Trust. Untouchable.
@@LJDS1979 Domestic Asset Protection Trust. Super tight, untouchable.
Great content. Thank you
Hey Attorney Talbert I'm loving all the content you're putting out on holding companies because not too many go into detail as you have! I do have a question if you're kind enough to clarify as I haven't seen anybody talk about this at all and would love your insight on this. (For the purpose of this example all entities will be single-member elected to be taxed as a disregarded-entity)
Say I create a WY Holding Company only for anonymity purposes, meaning it won’t make any profits or lease any services to my subsidiary, and have it be member-managed and list myself as the sole member. I then create a TX Subsidiary to be member-managed and list the WY Holding Company as its sole member (for anonymity purposes). How do I then get paid from the profits of the TX Subsidiary? Would it be wise to make distributions to the WY Holding Company first (since it is the sole member listed), and then make distributions from the WY Holding Company to myself? Or can I make the distribution directly to myself instead, even though I'm not listed as the member?
I understand for taxation purposes, since they're both disregarded-entities that any profits would pass through to me anyways, but for accounting purposes and to limit piercing the corporate veil, it'd be nice to know how to properly navigate this scenario as it seems so many people go this route when trying to limit their anonymity, but few, if any, actually talk about how one would get paid from the profits of their Subsidiary. Thanks in advance for your insight your amazing and keep putting out the content because you're educating a lot of people!
Thank you for your question! I will answer this question in more depth through a video because it’s a bit of a nuanced answer to what I think you’re asking.
But it sounds like you’re question is alluding to a “shell” company as opposed to a holding company. A “shell” company can get you in trouble and lead to piercing of the corporate veil.
But I will do a video really soon on how to pay yourself through an LLC, and I’ll explain how that may change with the holding company.
@@talbertlawoffice For the majority of people starting out I think shell companies may be a stretch, but what I was referring to with holding companies is from my understanding, their main purpose is to hold/control companies or assets. The examples you hear all the time is people having one main holding company hold/control multiple other subsidiaries they have, so that not only are their assets protected, but their anonymity as well.
I’ve heard people mention what you said in your video about having assets under the holding company, and then leasing it to the subsidiary, but unfortunately the majority of people starting out won’t have any assets to lease to their subsidiary, and only create a holding company for anonymity purposes. That’s why I was wondering what you thought was the best way to get paid from the profits of the subsidiary, when you’re just starting out.. Thanks for the response anyways I really appreciate everything you do and look forward to that video!
If you don’t have assets for the holding company to hold or control, then it’s likely not the right time to create a holding company because that inevitable becomes a shell company. A holding company is not for anonymity and using one solely for that person can get you in trouble because it can be interpreted as an effort to avoid creditors or engage in illegal behavior, which is why I mentioned a shell company.
The subsidiary is just a regular business and you’d pay yourself in the same manner as you would for that particular business entity without a holding company.
I hope that helps, but keep a lookout for the video where I’ll explain in more detail.
Thank you
Great info!! Thanks!
Thanks for watching!
Can you make videos on a single company that can takeover or buy sole proprietorship businesses, enterprises, partnership and other private companies
@Sebastian Kankam Thank you for this suggestion! I will definitely make a video to address this.
I have a family trust, and I have a security guard company that I want to put in my family trust, so I'm trying to decide on a c-corp or A holding trust, Amy advice for me?
Both working on it
Thank you very much for the informative video! Instead of a trust , can you also use a private foundation? I am in Europe, not USA. Thanks in advance! Best regards, John
Thanks for your question! A private foundation and family trust each have purposes that are almost opposite to each other.
A private foundation is a charitable organization that is funded by a private individual or a private family, and used to support charitable purposes -- such as providing scholarships or assisting humanitarian relief efforts. Alternatively, the family trust is used to maintain assets among family members only. You definitely don't want to use those interchangeably.
@@talbertlawoffice hello miss Talbert, thank you very much for your reply! I was more thinking of a Panama private interest foundation, which is also for private purposes (like family wealth). Isn't it coming close to the family trust like that? Thank you and have a nice day!
@johnvdk We do not have such private interest foundations in the U.S. As a result, I am unfamiliar with a private interest foundation.
@@talbertlawoffice thank you for your answer! Have a nice and successful day!
Thank you ❤
Thanks so much for watching!
Great info and videos. If you haven't could you do a video on the succession of a Holding Company if not placed in a trust? Suggestions? Thanks.
I Want To Do Both!!!!😊
What is a fair price for a family Trust. Do you believe in the online Trust format also?
What’s is the difference between will and trust which is best for family- which is best for business -
If we have a holding company then we don’t need trust
A will is document that provides instructions on how to distribute one's property upon death; a trust is an arrangement that transfers ownership of property, is managed by a third party, and distributes that property to any beneficiaries while the owner of the property is alive or dead.
I can't speak to whether you need or don't need one or other because I don't know the specifics of your situation. I will just say that the holding company and the trust are different entities, and may be used for different purposes.
ThankYou very much for this educational page , I am a 20yo and also the only person in my family looking into things of such. I’m curious to know if you do mentorships; or if you ever have any type of chats/zoom calls. Thanks again🤝🏾
@sheen.m4090 Thank you so much for your comment. Send me a separate email. Currently, I only mentor law students; however, I’d be happy to consider a mentor program for young women in the future, if there is more interest.
@@talbertlawofficeI would also be interested. I'm a TX CPA & also have an MBA finance.
I am considering going to law school to help use with my CPA license, however I would like to be able to shadow, intern, or mentor with guidance if this is a feasible or smart Avenue to take next!! I love your content!
Thank you, God bless 🙏
I'm guessing that Trusts give better tax advantages, therefore there must be a reason that people use Holding companies despite that.
I will be doing both. I do not have children yet but I am building my business and in the process of purchasing land that I want to stay within my bloodline. Do you have any tips on how to create ironclad documentation that keeps assets in a bloodline (as in, you can't marry into it and take over)
When you create your family trust, the trust documents will allow you to specify how you’d like to keep those assets within your bloodline. You can dictate that spouses cannot take over the business, etc. You shouldn’t need any other documentation outside of the trust documents. I hope that helps!
Greetings. What possible issues can develop if attempting to name a holding company as a beneficiary of a Grantor Trust for the transfer of real property not for investment purposes.
I need to move my home into the family trust. I do not want my name listed as the trustee in the QC deed. Can I list the holding company as the trustee? And that way, no names are exposed. What are your thoughts?
Can the beneficiaries also be the trustees? Seems the risks are minimal, since they cant manipulate anything while the grantor is alive.
Beneficiaries can be trustees, but it definitely presents a conflict of interest; risks may or may not be minimal. There are many scenarios where the grantor could be unable to control the trust EVEN while alive, such as legally incompetent (meaning not of sound mind), could be invalid, incarcerated, etc. Additionally, while a trust can be implemented while the grantor is alive, the goal is to have a plan for when the grantor is no longer living, so decisions should be made from that perspective.
@@talbertlawoffice thank you ❣
I'm still single and I don't trust any of my siblings. can I be the sole owner of the holding company under an asset trust in cook island? can I also be the trustor, the trustee and benificiaries of the asset trust? lastly..how many asset trust can I create in cook island?
I cannot speak to the specific laws of Cook Island, but generally, a holding company may have a sole owner. Additionally, one person can be the trustor, trustee, and beneficiary of their own living trust. However, because the primary purpose of a trust is to decide how assets are distributed after the trustor has transitioned or is incapacitated, it may be helpful to name an alternate.
@@talbertlawoffice ok thanks
You clearly explained a trust but not a holding company
We have several videos that talk about holding companies. Here are two that you should check out:
What is the Benefit of a Holding Company?
th-cam.com/video/tgcjPXksmSU/w-d-xo.html
How do HOLDING COMPANIES make money?
th-cam.com/video/WfvAiP82d6g/w-d-xo.html
Hi
Do you offer your services in South Africa
Unfortunately, we do not service South Africa. 😔
When an attorney drafts, does it not fall under a statutory trust versus a private trust?
No, an attorney is used to draft most, if not all types of trusts - family, statutory, business, private, etc.
What makes a trust statutory is that the assets are restricted from being donated, but instead, they are held in trust to be leased or sold for profit.
Both
Both
Both
Both