Doesn't CA classify out of state Statutory Trusts as “business trusts"? And they may not be subject to the franchise tax, but they are subject to California’s corporate income tax?
Hi, great show, get the lights Up! fellows! I live in Virginia, but I am thinking about placing my California property into a living trust or at best doing a 1031 exchange. Would I be subject to California LLC gross receipts tax providing I sold the property outright, what about if I used a 1031 exchange?
Hey Bill! Thanks for reaching out to the Anderson Social Media team! Join our experts every other Tuesday, founding Anderson Business Advisors Partner, @TaxWiseToby , Esq. and Jeff Webb, CPA, and get your TAX questions answered LIVE! Register and submit your questions here: andersonadvisors.com/tax-tuesdays
"WST Similar WLLC" What is the downside of the dissimilar parts? Normally you cover the pros and cons, but this time it didn't seem like it. btw This would have been a great one to use Clint's whiteboard on. lol
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide you with an answer that is unique to your situation. Visit: aba.link/fc6481
I have just one property in California where I reside. I want to get a Wyoming Statutory Trust even though my property is set up as an LLC in California? Later I want to live in the house for 2 years to avoid the tax burden when I sell it. I’m retiring this year and want to travel but will I need to pay California state tax if I live with my family in Oregon? How can I contact Clint or Carter to handle this for me?
Hi Cory, thank you for leaving your comment. You can request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. Here are the individual links for Clint and Carter: aba.link/clintss - aba.link/carlss
Hi Raul! Thanks for reaching out to the Anderson Social Media team! Join our experts every other Tuesday, founding Anderson Business Advisors Partner, @TaxWiseToby , Esq. and Jeff Webb, CPA, and get your TAX questions answered LIVE! Register and submit your questions here: andersonadvisors.com/tax-tuesdays
Have questions about this video? Sign up for a free consultation to get your questions answered by the professionals. aba.link/fc6481
Doesn't CA classify out of state Statutory Trusts as “business trusts"? And they may not be subject to the franchise tax, but they are subject to California’s corporate income tax?
Use the whiteboard!!! Would be nice to visualize.
Can you do a video with a visual? And what is the cost to set up these WST’s?
Can you please clarify if WST are not subject to California 8.84% corporate income tax?
Doing the WST's does that also protect the tax rate the property is at currently at? I have a low tax rate based on years I bought?
How u set this up
You can contact my team by visiting aba.link/tobyss
Aren't WST's EXPENSIVE to set up? Also I believe they are treated like securities. Correct me if I'm wrong...
Can I use a WST to hold my personal assets: savings, investments, cars, etc if I live in California without paying additional fees.
Hi, great show, get the lights Up! fellows! I live in Virginia, but I am thinking about placing my California property into a living trust or at best doing a 1031 exchange. Would I be subject to California LLC gross receipts tax providing I sold the property outright, what about if I used a 1031 exchange?
Hey Bill! Thanks for reaching out to the Anderson Social Media team! Join our experts every other Tuesday, founding Anderson Business Advisors Partner, @TaxWiseToby , Esq. and Jeff Webb, CPA, and get your TAX questions answered LIVE!
Register and submit your questions here: andersonadvisors.com/tax-tuesdays
Offshore bank account vs WST? Pro & Cons
"WST Similar WLLC" What is the downside of the dissimilar parts? Normally you cover the pros and cons, but this time it didn't seem like it. btw This would have been a great one to use Clint's whiteboard on. lol
What if you have a loan on the asset, can I still have a WST and WY LLC
If i reside in CA but invest out of state. Will the wst give me asset protection, anonymity and allow me to avoid the CA franchise tax fee?
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide you with an answer that is unique to your situation. Visit: aba.link/fc6481
I have just one property in California where I reside. I want to get a Wyoming Statutory Trust even though my property is set up as an LLC in California? Later I want to live in the house for 2 years to avoid the tax burden when I sell it. I’m retiring this year and want to travel but will I need to pay California state tax if I live with my family in Oregon? How can I contact Clint or Carter to handle this for me?
Hi Cory, thank you for leaving your comment. You can request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. Here are the individual links for Clint and Carter: aba.link/clintss - aba.link/carlss
Why cant you put ALL properties into ONE LLC?
Risk management.
If the LLC were to be sued than all of the properties in that LLC would be at risk.
Sounds like a legal & tax NIGHTMARE.
Better to just sell your CA property at a loss and take the hit, and reinvest in a business-friendly state.
This is beyond my understanding but I like what I'm hearing. How can I find out more?
Hi Raul! Thanks for reaching out to the Anderson Social Media team! Join our experts every other Tuesday, founding Anderson Business Advisors Partner, @TaxWiseToby , Esq. and Jeff Webb, CPA, and get your TAX questions answered LIVE!
Register and submit your questions here: andersonadvisors.com/tax-tuesdays
Is this Clint's relative
Yes! Such a great young man!