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ITV #274: The Wealthy Use These Tax Strategies to Keep Millions — Here's How You Can Too | Inside The Vault · Inside The Vault with Ash Cash

• 0:00
  [SPEAKER_03]: If I were to ask you right now how much do you owe on your taxes, can you truthfully answer that question right now?
• 0:04
  [SPEAKER_03]: And then if I were to follow up that question with how much do you actually want to save on your taxes before the end of the year?
• 0:10
  [SPEAKER_03]: Do you know exactly how much you want to save?
• 0:12
  [SPEAKER_03]: Can you answer that question right now?
• 0:16
  [SPEAKER_02]: 95% of the things that you've spent in money on, if it's for your business, it's a tax deduction.
• 0:21
  [SPEAKER_01]: It's a mindset.
• 0:22
  [SPEAKER_01]: What decisions are you making today that are going to affect the generation that comes out?
• 0:26
  [SPEAKER_04]: wealthy people don't build wealth alone.
• 0:28
  [SPEAKER_04]: Why is having the right team of experts so important?
• 0:32
  [SPEAKER_03]: to get paid after the IRS gets paid.
• 0:35
  [SPEAKER_03]: But when you're a business owner, you get paid first, then you get to create expenses, and then Uncle Sam gets paid third.
• 0:40
  [SPEAKER_01]: When we say, oh, nothing but control everything, I don't think you guys understand that concept, right?
• 0:45
  [SPEAKER_01]: Because a lot of y'all want to put your names on everything.
• 0:47
  [SPEAKER_04]: At what point should someone start thinking about it, stay planning?
• 0:51
  [SPEAKER_02]: We need to do it in 2026 because in 2027, that's when y'all start waking up, thinking about the tax code, and the IRS is like, hmm, got them, got them, and that's not how we approach taxes.
• 1:03
  [SPEAKER_04]: I'm excited.
• 1:04
  [SPEAKER_04]: If you don't care, tell.
• 1:05
  [SPEAKER_04]: Yes.
• 1:05
  [SPEAKER_04]: If you don't care, tell, I'm excited.
• 1:11
  [SPEAKER_05]: I know y'all want to watch in this episode, but listen, if you're an entrepreneur, business coach, business consultant or small business owner who has a story and wants to learn how to create multiple streams of income from that story, I need your text me right now, text me, my book to 646-687-4152, that's my personal number, I've been an author and publisher for over 15 years, I've written over 40 books, seven of them have been bestseller.
• 1:35
  [SPEAKER_05]: and I sold over 250,000 copies.
• 1:39
  [SPEAKER_05]: But listen, I also help a lot of my clients take their expertise and put it into a story that creates multiple streams of income from that.
• 1:47
  [SPEAKER_05]: So I want to help you do the same thing.
• 1:49
  [SPEAKER_05]: So text me, my book, to 646-687-4152.
• 1:51
  [SPEAKER_05]: All right, all right, let's get back to the show.
• 2:12
  [SPEAKER_04]: All right, so today we are talking about the secrets of the wealthy tax strategies that they don't tell you and when I tell you like y'all got y'all better be ready because this panel is super duper duper fire.
• 2:23
  [SPEAKER_04]: We're going to give you all the tax strategies.
• 2:25
  [SPEAKER_04]: First and foremost, we have Shanese Anderson.
• 2:29
  [SPEAKER_04]: Let's go, make some noise, make some noise.
• 2:32
  [SPEAKER_04]: And asset protection attorney and founder of Mark Sett Go-Law, PC.
• 2:37
  [SPEAKER_04]: We're more than a decade of experience.
• 2:39
  [SPEAKER_04]: She helped families, entrepreneurs, investors, and professionals protect, preserve, and transfer wealth through asset protection planning, estate planning, trust, business structuring, holding company's succession plans, and wealth preservation strategies, her firm.
• 2:54
  [SPEAKER_04]: has helped more than 3,000 clients per second preserve over 600 million in assets.
• 3:01
  [SPEAKER_04]: And she was named among lawyers of distinction to any 26 most influential lawyers.
• 3:07
  [SPEAKER_04]: And that's best, makes them noise.
• 3:08
  [SPEAKER_04]: A attorney, shenese, innocent.
• 3:18
  [SPEAKER_04]: Next we have Carlton Dennis.
• 3:22
  [SPEAKER_04]: He's one of the most recognizable tax strategists and educators in the country.
• 3:27
  [SPEAKER_04]: He specializes in helping business owners and real estate investors understand how to legally reduce their tax liability and keep more of what they earn through proactive tax planning, real estate strategies, entity structuring, deductions, credit, and tax advantage.
• 3:44
  [SPEAKER_04]: He has built a massive platform.
• 3:47
  [SPEAKER_04]: around making complicated tax strategies, understandable and actionable for everyday entrepreneurs and investors.
• 3:54
  [SPEAKER_04]: Invest, invest, make some noise for Colton, Dennis!
• 3:56
  [SPEAKER_04]: Yes sir!
• 3:56
  [SPEAKER_04]: Woo!
• 3:56
  [SPEAKER_04]: Woo!
• 3:57
  [SPEAKER_04]: Woo!
• 3:57
  [SPEAKER_04]: Woo!
• 3:57
  [SPEAKER_04]: Woo!
• 3:57
  [SPEAKER_04]: Let's go, let's go, make some noise!
• 3:58
  [SPEAKER_05]: Rent it, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it's a fair, it
• 4:14
  [SPEAKER_04]: We got our final panelist known as the Queen of Tax Code, Shakwana Brook, CPA, better known as Ms. Business, is a nationally recognized tax fatigious entrepreneur founder of Brook's Alliance, and for the EYL family, she was actually the very first guest ever.
• 4:35
  [SPEAKER_04]: On Ernie Liesha podcast, since found them Brooks Alliance at 2017, she has helped more than 3,000 entrepreneurs, business owners, influences, and investors strategically structure their business, reduce taxes and build wealth.
• 4:49
  [SPEAKER_04]: Her clients collectively generate more than $200 million in revenue and through proactive tax planning, she has helped clients save more than $100 million in taxes, ladies and gentlemen.
• 5:04
  [SPEAKER_04]: Round of applause for Miss Biscuit!
• 5:11
  [SPEAKER_01]: All right!
• 5:26
  [SPEAKER_04]: I'm excited.
• 5:27
  [SPEAKER_04]: If you can't tell, if you can't tell, I'm excited.
• 5:31
  [SPEAKER_04]: I'm going to start with you, Shini.
• 5:32
  [SPEAKER_04]: All right, let's go.
• 5:36
  [SPEAKER_04]: I want to start with some misconceptions because a lot of times like our community we hear about like like estate planning and how to state and for whatever reasons right we as a community feel like you know that's for rich people right why is that wrong at what point should someone start thinking about estate planning.
• 5:58
  [SPEAKER_01]: All right, that's a good question.
• 5:59
  [SPEAKER_01]: Actually, that's one of the most common questions is that people think that they don't have enough assets to actually put in the trust.
• 6:05
  [SPEAKER_01]: And what my response to that is always, well, what comes first, the water or the well, right?
• 6:10
  [SPEAKER_01]: The well first, obviously, right?
• 6:12
  [SPEAKER_01]: You don't wait until you have enough water to fill up the well to the top.
• 6:16
  [SPEAKER_01]: because what you're doing is you building the well because you have water now or you know that water is coming, right?
• 6:21
  [SPEAKER_01]: And so what you need to start thinking about is do I have assets that I need to be passing down to someone else?
• 6:27
  [SPEAKER_01]: Because a will alone is not going to do that.
• 6:28
  [SPEAKER_01]: The only structure, the only way you can build generational wealth is if you have a well.
• 6:33
  [SPEAKER_04]: I love that.
• 6:34
  [SPEAKER_04]: I love that.
• 6:34
  [SPEAKER_04]: But follow up question though, right?
• 6:35
  [SPEAKER_04]: Because a lot of times, and what I hear is like a mindset also, right?
• 6:40
  [SPEAKER_04]: Because a lot of times, if somebody is going from paycheck to paycheck, they might be like, well, you know, it's like, it's like at what point they'll do they say, you know what, I'm going to do it first, I'm going to wait till I get out the situation, like when should they start?
• 6:53
  [SPEAKER_01]: Because that's the thing, people want to put a number on it.
• 6:55
  [SPEAKER_01]: They always put me in a box like, oh, do I have to make a million dollars?
• 6:58
  [SPEAKER_01]: Do I have to make a two million dollars?
• 6:59
  [SPEAKER_01]: I think like you said, it's a mindset.
• 7:01
  [SPEAKER_01]: What decisions are you making today that are going to affect the generation that comes after you?
• 7:05
  [SPEAKER_01]: It's not about how much money you make.
• 7:07
  [SPEAKER_01]: It's not about how much assets you are.
• 7:09
  [SPEAKER_01]: You have.
• 7:09
  [SPEAKER_01]: It's about what decisions are you making today to impact the next generation.
• 7:13
  [SPEAKER_01]: So I say to the person that a state planning is not just about trust.
• 7:16
  [SPEAKER_01]: Trust is just one part of a state plan.
• 7:19
  [SPEAKER_01]: Well, do you have powers of turning in place?
• 7:21
  [SPEAKER_01]: Do you have medical health care proxies in place?
• 7:23
  [SPEAKER_01]: Do you have a will?
• 7:24
  [SPEAKER_01]: If you don't have enough access to going to trust, do you have a will in place?
• 7:27
  [SPEAKER_01]: So you have to look at the entire structure holistically, instead of isolating out trust and saying, well, I don't have enough access for a trust.
• 7:33
  [SPEAKER_01]: But you got to start somewhere, right?
• 7:34
  [SPEAKER_01]: We don't just build about the overnight.
• 7:36
  [SPEAKER_01]: It's a continuous process.
• 7:38
  [SPEAKER_04]: I love that, love that.
• 7:39
  [SPEAKER_04]: Call it, I want to attack school.
• 7:41
  [SPEAKER_04]: Let's do it.
• 7:41
  [SPEAKER_04]: Because you are a wizard, a genius, as it relates to translating the tax well-cold to everyday language.
• 7:50
  [SPEAKER_04]: Why does the tax code seem to reward people who own businesses, real estate, and other assets, differently than somebody who simply earns a paycheck?
• 7:58
  [SPEAKER_03]: Ooh, that's a good question.
• 7:59
  [SPEAKER_03]: The tax code is all about behavior.
• 8:02
  [SPEAKER_03]: You see, the government is going to partner
• 8:07
  [SPEAKER_03]: to do the things that they can do.
• 8:09
  [SPEAKER_03]: We all receive stimulus checks back in 2020, unfortunately, the government can't provide stimulus checks for absolutely everybody, so they partner with business owners and allow for business owners to get deductions for employing employees.
• 8:21
  [SPEAKER_03]: they partner with investors because investors are going to invest in real estate and provide affordable housing.
• 8:27
  [SPEAKER_03]: These are things that the tax code rewards, oil and gas.
• 8:30
  [SPEAKER_03]: We need to be able to power our cars for emergencies.
• 8:33
  [SPEAKER_03]: And if you continue to look at the behaviors inside of the tax code, you're going to eventually become a business owner.
• 8:38
  [SPEAKER_03]: You're going to eventually become an investor.
• 8:40
  [SPEAKER_04]: I love that.
• 8:41
  [SPEAKER_04]: So follow up questions.
• 8:42
  [SPEAKER_04]: So you're saying, if somebody right now has a nine to five, there are high earners and making money in order to stretch that money and make that money go further legally.
• 8:53
  [SPEAKER_04]: And you know, save on taxes, they should start a business some some some some way.
• 8:57
  [SPEAKER_03]: Yeah, because when you were working a nine to five, you get paid after the IRS gets paid.
• 9:02
  [SPEAKER_03]: But when you're a business owner, you get paid first, then you get to create expenses and then Uncle Sam gets paid third.
• 9:07
  [SPEAKER_03]: I'm always going to side with the latter because I have more control, and if you decide that you want to start leverage in the tax code, you're going to have to take on risk.
• 9:15
  [SPEAKER_03]: Business owners take on risk every single day.
• 9:17
  [SPEAKER_03]: How many of you guys out here are business owners raise your hand?
• 9:20
  [SPEAKER_03]: You guys are taking on risk every single day and the IRS rewards you for that.
• 9:24
  [SPEAKER_03]: And as soon as you become an investor, that's another risk you got to take on because you become a landlord.
• 9:28
  [SPEAKER_03]: So we have to do the things that the tax code is going to reward us for.
• 9:31
  [SPEAKER_03]: I love that, I love that, I miss business!
• 9:35
  [SPEAKER_05]: Go to LegacyLockBox.io right now.
• 9:38
  [SPEAKER_05]: I need you to go to the website right now.
• 9:40
  [SPEAKER_05]: You are inside of it.
• 9:41
  [SPEAKER_05]: If you're watching this episode right now, you are trying to build the legacy.
• 9:45
  [SPEAKER_05]: But if something happens to you, does your family know how to access your secure information, all of the things that you work for, what are your instructions?
• 9:54
  [SPEAKER_05]: go to LegacyLockBox.io right now so that way you can secure yourself your family and your legacy.
• 10:02
  [SPEAKER_05]: You did not work for all of this just for the goal to appropriate court.
• 10:06
  [SPEAKER_05]: Alright, tap it right now.
• 10:09
  [SPEAKER_04]: Yes.
• 10:10
  [SPEAKER_04]: That's it.
• 10:12
  [SPEAKER_04]: That's it.
• 10:12
  [SPEAKER_04]: That's it.
• 10:13
  [SPEAKER_04]: So most entrepreneurs think taxes mean filing a tax return once a year.
• 10:18
  [SPEAKER_04]: What's the biggest difference between tax preparation and tax strategy and why is it a year round planning so important?
• 10:26
  [SPEAKER_02]: Oh, you started now.
• 10:27
  [SPEAKER_02]: But before we listen, we got the entrepreneurs.
• 10:30
  [SPEAKER_02]: Right now that this is the Super Bowl for entrepreneurs.
• 10:33
  [SPEAKER_02]: I want to hear from all of my entrepreneurs.
• 10:36
  [SPEAKER_02]: Let's go, let's go, let's go.
• 10:40
  [SPEAKER_02]: All right, you know, I need energy.
• 10:42
  [SPEAKER_02]: I need a field of people, that's my thing.
• 10:44
  [SPEAKER_02]: All right, so most people have a big misconception about the tax code where they're always concerned about tax deductions.
• 10:52
  [SPEAKER_02]: Guys, saving on taxes does not start with tax deductions.
• 10:55
  [SPEAKER_02]: It starts with tax planning, right?
• 10:58
  [SPEAKER_02]: So let's just walk it through.
• 11:01
  [SPEAKER_02]: In 2027, what do we do?
• 11:04
  [SPEAKER_02]: We file out a work of 2027, we're gonna file out taxes for 2026, right?
• 11:10
  [SPEAKER_02]: That really makes sense, right?
• 11:13
  [SPEAKER_02]: What they're saying, and what they've had us focused on for so long is, oh, we're gonna have you focus on tax paying season because tax planning season is throughout the year.
• 11:24
  [SPEAKER_02]: So everybody who's in this room is in a position of win.
• 11:27
  [SPEAKER_02]: Let me hear you guys say win.
• 11:29
  [SPEAKER_02]: You guys not need that again.
• 11:31
  [SPEAKER_02]: That doesn't sound like you're ready to win.
• 11:33
  [SPEAKER_02]: Let me hear you guys say win.
• 11:36
  [SPEAKER_02]: All right.
• 11:36
  [SPEAKER_02]: Now you guys are in a position of win because tax planning says, if I'm going to save on taxes, I have to do it throughout the year.
• 11:46
  [SPEAKER_02]: If I'm going to make a change from my 2026 taxes, whether that's taking advantage of tax deductions or hiring your child or utilizing a gust of the rule or buying it real estate, whatever it is, we need to do it in 2026 because in 2027, that's when y'all thought waking up, thinking about the tax code and the IRS is like, hmm, got them, got them, right?
• 12:09
  [SPEAKER_02]: And that's not how we approach taxes.
• 12:12
  [SPEAKER_02]: So if I leave you guys with anything today,
• 12:15
  [SPEAKER_02]: Make sure that you guys are focused on saving on taxes in 2026.
• 12:19
  [SPEAKER_02]: Don't wait to go to your account and CPA, whoever it is in 2027.
• 12:25
  [SPEAKER_02]: So, what's you got for me?
• 12:27
  [SPEAKER_02]: I can hire my kids.
• 12:28
  [SPEAKER_02]: No, cause you ain't paid them in 2026.
• 12:31
  [SPEAKER_04]: What's the first part of that strategy?
• 12:34
  [SPEAKER_04]: What's the first thing that they should be doing?
• 12:36
  [SPEAKER_02]: First thing I always tell everyone is you have to sit down and really understand where your money is coming from.
• 12:42
  [SPEAKER_02]: Do you have W2 income?
• 12:44
  [SPEAKER_02]: Do you have business income?
• 12:45
  [SPEAKER_02]: Do you have real estate income?
• 12:47
  [SPEAKER_02]: And one thing I want you guys to understand is that you're paying more than just income taxes.
• 12:52
  [SPEAKER_02]: You guys pay income tax, the right federal income taxes, state income taxes, local income taxes, social security tax, Medicare tax, you go outside, you buy your shirt, you're paying sales taxes, you buy gas, you're paying taxes, I want you guys to understand that if your goal is to truly live tax-free, you have to make sure that you are looking at every bucket of taxes that you're paying.
• 13:16
  [SPEAKER_02]: So if you're saying, hey, I want to reduce my federal income tax,
• 13:20
  [SPEAKER_02]: then you need to say, okay, I have W2 income and I'm working for that.
• 13:24
  [SPEAKER_02]: That's me in tax at the highest rate.
• 13:26
  [SPEAKER_02]: Then I also have some business income.
• 13:28
  [SPEAKER_02]: Okay, my business income capacity.
• 13:30
  [SPEAKER_02]: We help me offset my W2 income.
• 13:32
  [SPEAKER_02]: Okay, if I have,
• 13:35
  [SPEAKER_02]: people say this all the time, right?
• 13:37
  [SPEAKER_02]: I saw some stocks.
• 13:39
  [SPEAKER_02]: Well, guess what, guys, stocks is in a whole different bucket because those are called capital gains, right?
• 13:44
  [SPEAKER_02]: So those are tax in a whole different bucket.
• 13:46
  [SPEAKER_02]: So I need you guys to first understand where your income is, determine how you can implement those tax deductions because again, the tax code is not at a shortage of tax strategy.
• 13:59
  [SPEAKER_02]: It's 77,000 pages.
• 14:02
  [SPEAKER_04]: 177,000 pages is just at a shortage of people really sitting down and implementing the tax deductions and tax strategies that they need to love that love that love that she needs talks to me so we're going to you know advance and maybe not advance but trust right so what's the difference between a revocable trust versus a irrevocable trust and why do wealthy families use irrevocable trust and how can they be used to protect and
• 14:31
  [SPEAKER_01]: Okay, before I answer that question, I just want to piggyback off of something that is business said because another tax that a lot of people are not aware of that should be aware of is death tax, death tax, and in their attacks.
• 14:42
  [SPEAKER_01]: So we got all these taxes while we're alive, but guess what, y'all, when we die, our estate gets taxed again, if you don't do proper planning.
• 14:49
  [SPEAKER_01]: Okay, the highest tax you could pay listen is no joke.
• 14:53
  [SPEAKER_01]: The tax rate.
• 14:53
  [SPEAKER_01]: Okay, so when it comes to revocable versus irrevocable, I want you to understand that both of them do these two things the same both of them avoid probate both of them give you privacy and both of them allow you to pass on wealth to well to do a transfer of wealth.
• 15:09
  [SPEAKER_01]: where they differ, the acronym that I want to use is taxes, so T protection for P, and then C for control.
• 15:20
  [SPEAKER_01]: So when it comes to protection and irrevocable trust gives you asset protection.
• 15:26
  [SPEAKER_01]: Our vocable trust does not give you asset protection.
• 15:29
  [SPEAKER_01]: So when you call your lawyer and you say, I want to put everything in a trust,
• 15:33
  [SPEAKER_01]: so that no one can sue me.
• 15:35
  [SPEAKER_01]: That cannot be accomplished with a revocable trust.
• 15:37
  [SPEAKER_01]: You wouldn't need an irrevocable trust to be able to do so.
• 15:40
  [SPEAKER_01]: And they true irrevocable trust because some of y'all created an irrevocable trust for yourself on lawdipo.com and you still name yourself as a trustee.
• 15:49
  [SPEAKER_01]: You are still in full control and so.
• 15:51
  [SPEAKER_01]: As a former litigator, if I wanted to sue you, I could easily pierce through that trust by arguing that you still retain control.
• 15:58
  [SPEAKER_01]: Okay, so that's control and protection.
• 16:02
  [SPEAKER_01]: When it comes to taxes, another misconception, a revocable trust does nothing for you as far as taxes are concerned.
• 16:08
  [SPEAKER_01]: And they can attest to that.
• 16:10
  [SPEAKER_01]: Thank you.
• 16:12
  [SPEAKER_01]: So a revocable trust that that is included in your taxable estate when you die and while you are alive You are considered the same taxpayer.
• 16:20
  [SPEAKER_01]: There is no separate tax return that you need to file for a revocable trust now in every vocal trust another misconception is that well if I just put in the every vocal Trust can I save on taxes while I'm alive it depends on the type of trust and I think we
• 16:33
  [SPEAKER_01]: We might hit on it a little bit later when it comes to charitable remainder trust, but in every local but trust, might save you taxes when you pass away if it's not included in your taxable state.
• 16:47
  [SPEAKER_01]: If we can determine that you are not in control while you are living, okay?
• 16:51
  [SPEAKER_01]: And if it's a non-gram tour trust,
• 16:54
  [SPEAKER_01]: it possibly while you are alive could become its own taxpayer.
• 16:58
  [SPEAKER_01]: But another thing that Miss Business said is that you have to realize that non-grant or irrevocable trust have the highest tax rate.
• 17:06
  [SPEAKER_01]: Okay, so a lot of y'all are like, I want to create a non-grant or irrevocable discretionary trust.
• 17:11
  [SPEAKER_01]: Well, are you prepared to pay 37 to 40% in taxes versus your individual tax rate?
• 17:16
  [SPEAKER_01]: So you really need to be not getting all your information off of Google.
• 17:21
  [SPEAKER_01]: and actually sit down with a team to figure out whether or not an irrevocable trust is really the option for you.
• 17:27
  [SPEAKER_01]: But it's a great benefit if you are above your state debt tax limit because, for example, my state of Massachusetts, our debt tax limit is $2 million.
• 17:38
  [SPEAKER_01]: So if I pass away with more than $2 million in my estate, I won't be leaving a huge tax bill for my family.
• 17:47
  [SPEAKER_04]: You're not going to round her clothes with that.
• 17:49
  [SPEAKER_04]: She dropped a lot of jeans.
• 17:50
  [SPEAKER_04]: A lot of jeans cause it's so cool.
• 17:53
  [SPEAKER_04]: So, look, I'm a, I'm a, I'm a former Hoover.
• 17:56
  [SPEAKER_04]: Yeah.
• 17:56
  [SPEAKER_04]: So she, she gave the assist.
• 17:58
  [SPEAKER_04]: I wasn't going to ask this question.
• 17:59
  [SPEAKER_04]: Oh, my dad.
• 18:00
  [SPEAKER_04]: No, no, no, no.
• 18:01
  [SPEAKER_04]: I was going to ask it later, but she gave the assist.
• 18:03
  [SPEAKER_04]: Yeah.
• 18:04
  [SPEAKER_04]: And so my question to you is about, you know, real estate, right?
• 18:07
  [SPEAKER_04]: It's one of the biggest wealth building tools in America.
• 18:10
  [SPEAKER_04]: So I want you to break down the tax advantages, particularly depreciation, cross segregation.
• 18:16
  [SPEAKER_04]: But she also mentioned the charitable trust.
• 18:20
  [SPEAKER_04]: Yeah.
• 18:20
  [SPEAKER_04]: So can you talk a little bit about some of those like wealth strategies, cross segregation, all of those good things.
• 18:26
  [SPEAKER_04]: But then also how does giving back to charity kind of help, you know, with the tax opportunities?
• 18:32
  [SPEAKER_03]: So we'll start with real estate first because I love real estate.
• 18:34
  [SPEAKER_03]: How many of you guys in here are real estate investors?
• 18:37
  [SPEAKER_03]: Love to see that, you know, the tax cover rewards you write.
• 18:40
  [SPEAKER_03]: You do know that, right?
• 18:41
  [SPEAKER_03]: When it comes to real estate, we get depreciation, which is the wear and tear of our investment property.
• 18:46
  [SPEAKER_03]: As soon as you buy an investment property, it's sitting outside in the rain, the sleet, the snow, even though the property can appreciate and value every single year, it's technically depreciating.
• 18:54
  [SPEAKER_03]: And the government gets you right off for it.
• 18:56
  [SPEAKER_03]: When you decide to be an active investor in real estate, you can be a real estate professional, means you're spending 750 hours in the year, managing your own rental property, or your own real estate operation, but you also have to show the IRS you're spending more time in real estate than any other thing.
• 19:13
  [SPEAKER_03]: If you're able to do that, you can use that depreciation to create what we call a paper loss.
• 19:19
  [SPEAKER_03]: I love playing with paper losses because I can apply this strategy called the cost segregation study where I can segregate the property into smaller components, get all the appliances, the windows, the shrubbery on the outside and I can write off these components in as quick as one year.
• 19:36
  [SPEAKER_03]: On an average cost segregation study, you're looking at about 25, maybe 40% of the
• 19:41
  [SPEAKER_03]: an entire purchase price as a year one loss, and if you qualify as a real estate professional, that loss can flow over to offset W2 income, your S corporation income, your LLC income, you can become tax-free this way, and that's how me and my wife were able to do it.
• 19:56
  [SPEAKER_03]: Not everybody can qualify though.
• 19:58
  [SPEAKER_03]: as a real estate professional.
• 20:00
  [SPEAKER_03]: And so back in 2020, I had time, like many of you guys did, and I went back into the tax code.
• 20:05
  [SPEAKER_03]: And I thought, well, where were Airbnb's and VRBOs?
• 20:08
  [SPEAKER_03]: Because the passive activity loss rules were written in 1987 when Ronald Reagan did the tax reform Act.
• 20:13
  [SPEAKER_03]: Airbnb and VRBO didn't come out until 2013.
• 20:17
  [SPEAKER_03]: And if you have an Airbnb or VRBO, it's technically viewed as a hotel or motel like businesses.
• 20:23
  [SPEAKER_03]: If you're able to rent out the property seven days or less
• 20:28
  [SPEAKER_03]: Now, you don't have to spend 750 hours to make that depreciation loss and active loss against your 1099 or your W2.
• 20:36
  [SPEAKER_03]: You only have to spend 100 hours and more than any other person managing your Airbnb and short-term rentals.
• 20:42
  [SPEAKER_03]: So we have taxpayers that might purchase these short-term rentals at the end of the year, manage the property for 100 hours.
• 20:47
  [SPEAKER_03]: apply that cost segregation study and can create a paper loss to offset their taxable income.
• 20:52
  [SPEAKER_03]: That's the power of using depreciation and combination with the cost segregation study.
• 20:57
  [SPEAKER_03]: Now, if we're going to talk a little bit about charitable structures, I want you to lean back in your chair here for a second because this gets real interesting.
• 21:04
  [SPEAKER_03]: When I first started looking at charities, I thought it was literally just about giving money away.
• 21:09
  [SPEAKER_03]: Little did I know that people are using these philanthropic structures for tax mitigation and wealth building.
• 21:16
  [SPEAKER_03]: Let me explain it to you.
• 21:17
  [SPEAKER_03]: The IRS will allow for you to roll over 30% of your adjusted growth income that is cash into your own, your own, not anybody else's, your own private family foundation.
• 21:30
  [SPEAKER_03]: Now here's the catch.
• 21:31
  [SPEAKER_03]: Your underneath those documents, your family members possibly underneath those documents, and they're your board members.
• 21:37
  [SPEAKER_03]: That means that you're gonna have a bank account, just like your normal business.
• 21:40
  [SPEAKER_03]: That means you can take deductions, just like a normal business.
• 21:43
  [SPEAKER_03]: That means you can employ people, just like a normal business, which can include family members as well.
• 21:47
  [SPEAKER_03]: But here's the real part, the kicker.
• 21:49
  [SPEAKER_03]: Only five percent of their charitable assets that made it inside of your foundation, have to be donated out every single year.
• 21:56
  [SPEAKER_03]: You put a hundred grand in, only five thousand dollars is actually being written out
• 22:00
  [SPEAKER_03]: to your favorite charitable church organization.
• 22:02
  [SPEAKER_03]: And I would say a lot of these wealthy individuals are using these private family foundations for more than just giving money back, they're putting on their own events, they're putting on their own fund, ridges their own charitable, fill-in, phropic things, and they're being able to leverage the task go to the full sixth-end.
• 22:16
  [SPEAKER_03]: See you.
• 22:17
  [SPEAKER_04]: All right, round of applause for that, y'all.
• 22:22
  [SPEAKER_04]: Let's business, and so everybody wants to know about the Duchess, right?
• 22:25
  [SPEAKER_04]: Like anytime I speak to somebody or anytime I hear people want to know about taxes, the first thing is the Duchess in the Duchess in the Duchess.
• 22:32
  [SPEAKER_04]: Give us one of two tax strategies, wealthy entrepreneurs use that most businesses are overlooking always.
• 22:43
  [SPEAKER_02]: Ooh, I'm a favorite one.
• 22:44
  [SPEAKER_02]: Carlson just took it.
• 22:46
  [SPEAKER_02]: Okay.
• 22:47
  [SPEAKER_02]: It's real estate.
• 22:47
  [SPEAKER_02]: Okay, so we're gonna do, okay, so I have two other ones that wealthy people are using.
• 22:54
  [SPEAKER_02]: Well, the first thing that wealthy people are doing that has nothing to do technically with a tax deduction is they are tax planning.
• 23:03
  [SPEAKER_02]: So they're preparing up front to say, you know what?
• 23:06
  [SPEAKER_02]: How am I going to make sure that I get to keep my money, and I'm not giving 50% of my money away in all taxes?
• 23:13
  [SPEAKER_02]: So that's the first thing, right?
• 23:14
  [SPEAKER_02]: Has nothing to do with tax deductions.
• 23:16
  [SPEAKER_02]: The other thing is feeling is figuring out, okay, well, what exactly am I spending money on personally that I can say, you know what, I'm using this from my business, so it's a tax deduction.
• 23:27
  [SPEAKER_02]: Whether it's the gust of the rule, how many of you guys have kids in here?
• 23:32
  [SPEAKER_02]: I know y'all left them at home, but I could give a little bit more, you know, I know how can I ask that question.
• 23:38
  [SPEAKER_02]: So how many of you guys have children in here?
• 23:41
  [SPEAKER_02]: All right.
• 23:42
  [SPEAKER_02]: So if you have a children in here, I always say the tax code guys is a wealth map.
• 23:47
  [SPEAKER_02]: Okay, and let me just break it down.
• 23:49
  [SPEAKER_02]: So when wealthy people are looking at the tax code, they're not looking at the tax code to say, oh, I get to write off a meal.
• 23:55
  [SPEAKER_02]: No, what they're saying is, how can I start a business?
• 23:58
  [SPEAKER_02]: Because as Carlton said, if you on the right side of the tax code, they want to reward you.
• 24:03
  [SPEAKER_02]: You're doing what what they want you to do.
• 24:05
  [SPEAKER_02]: So when you start a business, you're able to increase your cash flow.
• 24:08
  [SPEAKER_02]: You increase your cash flow.
• 24:10
  [SPEAKER_02]: You have your business to thrive and you're able to take tax reductions.
• 24:13
  [SPEAKER_02]: What happens then?
• 24:14
  [SPEAKER_02]: You're freeing up your money.
• 24:15
  [SPEAKER_02]: Now you get to invest.
• 24:16
  [SPEAKER_02]: Now you invest in a real estate.
• 24:19
  [SPEAKER_02]: Then is a situation where you say, you know what I have these children.
• 24:22
  [SPEAKER_02]: I need to hire these children.
• 24:23
  [SPEAKER_02]: Okay, no problem.
• 24:24
  [SPEAKER_02]: You hire your children, your business, and you don't just stop there, and I call it the tax trifecta.
• 24:29
  [SPEAKER_02]: Why?
• 24:29
  [SPEAKER_02]: Because you get to take a tax deduction of $16,100 in your business.
• 24:32
  [SPEAKER_02]: You then get to...
• 24:35
  [SPEAKER_02]: guys, you have to transfer the money to the bit the child's account.
• 24:38
  [SPEAKER_02]: Okay.
• 24:39
  [SPEAKER_02]: I'm giving you a process.
• 24:40
  [SPEAKER_02]: You transfer the money to the child's account.
• 24:43
  [SPEAKER_02]: And then from there what you do is you say, you know what?
• 24:46
  [SPEAKER_02]: I'm then going to take $7,500 of that money.
• 24:50
  [SPEAKER_02]: Invest it into an off-roth IRA.
• 24:52
  [SPEAKER_02]: And if you literally just keep contributing to that, and you guys can book this on a calculator.
• 24:57
  [SPEAKER_02]: If you guys start when your child is seven, and you guys keep contributing to that until your child is top for retirement about 62, right?
• 25:06
  [SPEAKER_02]: If you guys contribute, you start then your child starts the same $75,000 every single year.
• 25:12
  [SPEAKER_02]: Your child will have $6 million in retirement.
• 25:16
  [SPEAKER_02]: all from the tax deduction, right?
• 25:18
  [SPEAKER_02]: So now you know how you're your kid, you're leaving wealth to your child, then what happens?
• 25:22
  [SPEAKER_02]: You have your asset and most people talk about leaving a legacy.
• 25:25
  [SPEAKER_02]: If legacy is important to you guys, say legacy, legacy is important.
• 25:30
  [SPEAKER_02]: But guess what you need in order to leave a legacy?
• 25:32
  [SPEAKER_02]: You need some stuff, right?
• 25:34
  [SPEAKER_02]: You need some stuff.
• 25:36
  [SPEAKER_02]: So guess what?
• 25:37
  [SPEAKER_02]: Through your business, you now have assets.
• 25:41
  [SPEAKER_02]: You have a business you can pay down.
• 25:43
  [SPEAKER_02]: And more importantly, guys,
• 25:45
  [SPEAKER_02]: retirement.
• 25:47
  [SPEAKER_02]: I have to bring this up.
• 25:48
  [SPEAKER_02]: I notice isn't on your thing, but it's very heavy on my heart, because what I see whether you have W2 income or you don't, I know that there are a lot of people that are not prepared for retirement.
• 25:59
  [SPEAKER_02]: And I want to make the room really understand it.
• 26:02
  [SPEAKER_02]: So I'm going to ask some, sorry, I got to, I got to, I got to feel you feel you get it.
• 26:05
  [SPEAKER_02]: If you feel that you are financially prepared for retirement, stand up, you are financially prepared for retirement, stand up.
• 26:15
  [SPEAKER_02]: You guys see that?
• 26:17
  [SPEAKER_02]: You guys see that?
• 26:19
  [SPEAKER_02]: We are in a retirement crisis.
• 26:22
  [SPEAKER_02]: Each and every one of you, early as Shanisa, who has a business?
• 26:25
  [SPEAKER_02]: There was so many of you that said, I have a business.
• 26:27
  [SPEAKER_02]: So if you have a business, contributing to your retirement is a tax deduction.
• 26:32
  [SPEAKER_02]: So when we start talking about how wealthy people are utilizing the tax code, they're not thinking about taxes, such as they're thinking about how can I use the same tax code that's being,
• 26:43
  [SPEAKER_02]: poor and middle class people down, how can I use it to build my retirement, build my child's future and make sure that I'm able to leave a legacy.
• 26:51
  [SPEAKER_02]: That's what they're doing.
• 26:52
  [SPEAKER_04]: Yeah, right on the floor for that, y'all.
• 26:54
  [SPEAKER_04]: Ooh.
• 26:57
  [SPEAKER_04]: She needs, we hit, we hit terms like Dynasty Trusts, Rockefeller style trust.
• 27:04
  [SPEAKER_04]: What are these structures actually designed to accomplish and how can families use them to make sure wealth
• 27:13
  [SPEAKER_01]: That's a loaded question, and I'm going to try my best to let you see legacy content that.
• 27:19
  [SPEAKER_01]: So I want to first make sure that the understand that the Rockefeller waterfall method or the Rockefeller trust the dynasty trust is actually an ecosystem, okay?
• 27:31
  [SPEAKER_01]: And within that ecosystem, there are multiple pillars that make that ecosystem work.
• 27:36
  [SPEAKER_01]: And one, I'll, I'll, I'll, I'll condense it to four.
• 27:38
  [SPEAKER_01]: I'll say like one pipeline within that ecosystem is irrevocable trust, which includes a dynasty trust, okay?
• 27:46
  [SPEAKER_01]: Which is a type of irrevocable trust that allows the trust that pass on from generation to generation to generation.
• 27:51
  [SPEAKER_01]: Because what a lot of you don't understand is that
• 27:54
  [SPEAKER_01]: depending on your state law, your trust will expire.
• 27:58
  [SPEAKER_01]: Okay, it's called the rules against properties.
• 28:01
  [SPEAKER_01]: A trust by nature, depending on the trust, cannot continue for multiple generations.
• 28:07
  [SPEAKER_01]: Usually it will stop or expire after about two to three generations.
• 28:11
  [SPEAKER_01]: So if you are looking for a multi-generational structure, which is what the Rockefeller's did that has last them 200, 300 years, you would need a specific type of just a diagnostic trust.
• 28:22
  [SPEAKER_01]: So when we talk about dynasty trust, we're talking about a trust that can potentially last 300 years or even in perpetuity in some states.
• 28:29
  [SPEAKER_01]: And a second pipeline within that ecosystem that they created was life insurance.
• 28:34
  [SPEAKER_01]: So specifically the waterfall method is they use a specific type of life insurance because we're all familiar with like term life and IULs and whole whatever your philosophy is.
• 28:44
  [SPEAKER_01]: but within that equal system they had permanent life insurance and so that meant that every beneficiary got life insurance on their the trust got life insurance on their life and so that ensures that the well never runs dry because when someone passes away what does the death benefit do it pours it right back into the trust
• 29:01
  [SPEAKER_01]: And to go even a little bit further, hold on, give me one second.
• 29:04
  [SPEAKER_01]: You're good, you're good, you're good, you're cooking.
• 29:05
  [SPEAKER_01]: To go a little bit further is the permanent life insurance has cash value to it, right?
• 29:07
  [SPEAKER_01]: So when the trust owns that policy and you're pouring from like different things like investments and businesses, that's why it's so important to be an entrepreneur because that's what feels like, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know,
• 29:22
  [SPEAKER_01]: the engine.
• 29:22
  [SPEAKER_01]: That's what fuels the ecosystem.
• 29:24
  [SPEAKER_01]: When you have that cash value building inside of it, what does it, what can the trust now do?
• 29:28
  [SPEAKER_01]: It can take out a loan against the policy.
• 29:31
  [SPEAKER_01]: And when you're a beneficiary of the trust, you then take out a loan against the trust.
• 29:35
  [SPEAKER_01]: And so it just continues to replenish itself because there's an ecosystem being built that's backed by businesses, that's backed by investments, it's backed by insurance, and backed by
• 29:47
  [SPEAKER_04]: Jesus, y'all, crap, I don't know what's going on.
• 29:51
  [SPEAKER_04]: Look, this panel is giving us so much games.
• 29:54
  [SPEAKER_04]: I hope y'all pay attention.
• 29:56
  [SPEAKER_04]: Causing, give us one completely legal.
• 29:58
  [SPEAKER_04]: Completely legal.
• 30:01
  [SPEAKER_04]: All right, y'all, ready to fix it.
• 30:03
  [SPEAKER_03]: Who in here is a homeowner, raise your hand?
• 30:05
  [SPEAKER_03]: And who in here has a business keep your hand up?
• 30:08
  [SPEAKER_03]: Are you gonna like this one?
• 30:09
  [SPEAKER_03]: We call this one the Augusta rule.
• 30:12
  [SPEAKER_03]: I love the Augusta rule.
• 30:13
  [SPEAKER_03]: It started in Augusta, Georgia.
• 30:15
  [SPEAKER_03]: Why?
• 30:16
  [SPEAKER_03]: Because that golf tournament out there called the Master's Man.
• 30:19
  [SPEAKER_03]: There wasn't enough hotels.
• 30:20
  [SPEAKER_03]: And so when people came in from all over for this Augusta golf tournament, they would go to homeowners and run out their houses for seven days or 14 days because the tournament would last two weeks.
• 30:30
  [SPEAKER_03]: The men would take on the first week, the women would take on the second week.
• 30:33
  [SPEAKER_03]: Well guess what?
• 30:34
  [SPEAKER_03]: homeowners in a gust of Georgia were making hundreds of thousands of dollars running out their place.
• 30:39
  [SPEAKER_03]: The city of Augusta allowed for what's called this 14-day rule, which means if you earn income in the year for 14 days, it'll be considered tax-free.
• 30:49
  [SPEAKER_03]: The very following next year, it became a federal tax code.
• 30:53
  [SPEAKER_03]: And now it's underneath code section 288.
• 30:56
  [SPEAKER_03]: If you're a business owner and you have a primary residence, you can run out your primary residence.
• 31:01
  [SPEAKER_03]: Two your business preferably an escorporation or an LLC tax as an escorporation and receive a tax deduction and you can base it off of the fair market rental days of your property.
• 31:12
  [SPEAKER_03]: So if your property is 1200 square feet and it costs $2,400 to run out that type of space on peer space or another hotel, you can get a comparable rate and create a
• 31:25
  [SPEAKER_03]: and deduct up to 14 days of you renting out your house to your business.
• 31:30
  [SPEAKER_03]: Now, you need to make sure that you're actually conducting real business events, conducting real, you know, intentional business events there, but that's how you're able to take advantage of the 14-day Augusta rule.
• 31:44
  [SPEAKER_03]: That's crazy, that's powerful.
• 31:46
  [SPEAKER_04]: A lot of tax vanity on here.
• 31:49
  [SPEAKER_04]: Like we talked about a lot of stuff.
• 31:51
  [SPEAKER_04]: A lot of us, I mean, we live in the age of chat, GBT, Claude.
• 31:56
  [SPEAKER_04]: So we think we could replace our tax professional with AI, right?
• 32:00
  [SPEAKER_04]: And lawyers, right?
• 32:01
  [SPEAKER_04]: And lawyers, right?
• 32:03
  [SPEAKER_04]: But you, Mrs. Bishop, you often say that wealthy people don't build wealth alone.
• 32:07
  [SPEAKER_04]: Why is having the right team of experts so important?
• 32:12
  [SPEAKER_02]: Okay, one I want to tell you guys.
• 32:14
  [SPEAKER_02]: AI is only as good as the knowledge you know.
• 32:17
  [SPEAKER_02]: Okay, someone actually asked me a question.
• 32:21
  [SPEAKER_02]: They said, my tax person was able to find, to make me a tax professional, real estate professional.
• 32:27
  [SPEAKER_02]: I said, well, you won't qualify.
• 32:29
  [SPEAKER_02]: You have W2 income and the W2 income.
• 32:31
  [SPEAKER_02]: You have a you work about 80 hours.
• 32:33
  [SPEAKER_02]: You're not even working 40 hours.
• 32:35
  [SPEAKER_02]: You're going in and doing overtime.
• 32:37
  [SPEAKER_02]: You have the proof to them that you can spin more time.
• 32:40
  [SPEAKER_02]: They were like, well, chat, GPT.
• 32:42
  [SPEAKER_02]: So now I have to pull out the code.
• 32:44
  [SPEAKER_02]: I'm like,
• 32:45
  [SPEAKER_02]: about the code.
• 32:46
  [SPEAKER_02]: I said it's impossible for you to win an audit if in the event you are audited for them for you to prove hey I spend 80 hours at work for this week and I also spent 85 hours during real estate and so I was like let me explain something to you.
• 33:02
  [SPEAKER_02]: AI is only as good as the knowledge that you have to feed it.
• 33:05
  [SPEAKER_02]: Okay, so just take the information that you guys get from from all AI with a grain of salt You have to fact check just because they say it that do not allow chat GPT to get you audited Okay, because they will not help you they'll just come back and be like you know what you were right
• 33:24
  [SPEAKER_02]: You got your ass and I said something like, you know what, I should have thought about that.
• 33:28
  [SPEAKER_02]: So make sure that you guys are fact checking this information, but so your question about just wealth building.
• 33:34
  [SPEAKER_02]: It is very important.
• 33:35
  [SPEAKER_02]: I just broke down to you guys how wealthy people are utilized in the tax code to build wealth.
• 33:42
  [SPEAKER_02]: And I know that you guys, when you think about saving on taxes, you're like, I need a CPA.
• 33:49
  [SPEAKER_02]: No.
• 33:49
  [SPEAKER_02]: You need a whole team of people.
• 33:52
  [SPEAKER_02]: It is not just a CPA.
• 33:55
  [SPEAKER_02]: I am great.
• 33:56
  [SPEAKER_02]: I am amazing.
• 33:57
  [SPEAKER_02]: I can help you save on taxes.
• 33:59
  [SPEAKER_02]: But guess what?
• 34:00
  [SPEAKER_02]: I need you to have all the pieces of the puzzle.
• 34:02
  [SPEAKER_02]: So when we start things like, oh, wealthy people get all the breaks.
• 34:06
  [SPEAKER_02]: No, wealthy people are, they have a team of experts.
• 34:09
  [SPEAKER_02]: And that's the reason why I even started and I said, you know what?
• 34:12
  [SPEAKER_02]: I
• 34:13
  [SPEAKER_02]: leaving corporate.
• 34:13
  [SPEAKER_02]: I was working at one of the top accounts.
• 34:15
  [SPEAKER_02]: I was like, I'm leaving to bring these strategies to small businesses because I watched my dad have a business and I'm like, his accounts and they never took none of this, right?
• 34:24
  [SPEAKER_02]: And so what I did guys was I am hosting after invest that starting on Tuesday.
• 34:32
  [SPEAKER_02]: I am going into overtime because if you guys know you've been around, you're going to see my team.
• 34:36
  [SPEAKER_02]: You notice this is the, this is investment, right?
• 34:39
  [SPEAKER_02]: This is investment.
• 34:41
  [SPEAKER_04]: and so if everyone in this room could do one thing within the next seven days that will put them in a better position to build, keep protect and transfer wealth, what should they do?
• 34:55
  [SPEAKER_04]: And that's what, that's what, that's what each, each of you.
• 34:57
  [SPEAKER_03]: I like to get ultra-facific.
• 34:58
  [SPEAKER_03]: If you're trying to reduce your tax bill, I'm tax strategist here.
• 35:00
  [SPEAKER_03]: If you want to reduce your tax bill, we have to get ultra-facific on where you're at.
• 35:04
  [SPEAKER_03]: If I were to ask you right now, how much do you owe on your taxes,
• 35:10
  [SPEAKER_03]: And then if I were to follow up that question with, how much do you actually want to save on your taxes before the end of the year?
• 35:16
  [SPEAKER_03]: Do you know exactly how much you want to save?
• 35:18
  [SPEAKER_03]: Can you answer that question right now?
• 35:19
  [SPEAKER_03]: And then the third question is, is where do you want to route those tax savings?
• 35:23
  [SPEAKER_03]: Is it just going to sit in your bank account or be putting some of it into your child's Roth IRA?
• 35:26
  [SPEAKER_03]: Are we investing in another investment property?
• 35:29
  [SPEAKER_03]: So the most important thing you can do over the next seven days is to get your numbers right.
• 35:33
  [SPEAKER_03]: What you can do over the next seven days is project out your income from January up until August and with the remaining four and a half months you have left in the year.
• 35:39
  [SPEAKER_03]: Figure out what your tax liability is going to look like and then we start working backwards from there depending on your liquidity and what your goals are.
• 35:46
  [SPEAKER_04]: Love that love that.
• 35:49
  [SPEAKER_01]: Yep, yep, give it up, give it up.
• 35:51
  [SPEAKER_01]: What I would say is that you need to understand the difference between ownership and control.
• 35:56
  [SPEAKER_01]: So when we say, own nothing but control everything, I don't think you guys understand that concept, right?
• 36:00
  [SPEAKER_01]: Because a lot of y'all want to put your names on everything.
• 36:03
  [SPEAKER_01]: I need to be a member of this.
• 36:04
  [SPEAKER_01]: I need my name to be publicly.
• 36:06
  [SPEAKER_01]: publicly here.
• 36:07
  [SPEAKER_01]: As a former litigator, you are walking target.
• 36:10
  [SPEAKER_01]: I go to the Secretary of State.
• 36:11
  [SPEAKER_01]: Your name is everywhere.
• 36:12
  [SPEAKER_01]: I go to the look up your LLC.
• 36:14
  [SPEAKER_01]: Your home address is everywhere.
• 36:16
  [SPEAKER_01]: Right.
• 36:16
  [SPEAKER_01]: So the first thing you need to do is pull an inventory of every business that you have, every asset that you have.
• 36:22
  [SPEAKER_01]: see how it is titled for those of you who do have a trust is that trust fully funded with your assets for those of you who do have businesses have your business have has your stock or your membership ownership been assigned to your trust so you actually go through your asset list and if you follow me on Instagram at the real lawyer R E E L lawyer and you DM me the word invest fast I will send you an outline so that you can do that on a list of all of your assets inside and show that
• 36:51
  [SPEAKER_04]: Yeah, as business next seven days, they couldn't choose day.
• 36:57
  [SPEAKER_04]: Make sure you make sure you're all skin and let me explain something to ya.
• 37:01
  [SPEAKER_02]: Yadna, I'm the hardest person.
• 37:02
  [SPEAKER_02]: Where hardest person working at the Rashad in Troy, Troy said listen, after us as you, right?
• 37:08
  [SPEAKER_02]: But I could not let chat leave and best of us another year inspired you guys get all this information.
• 37:14
  [SPEAKER_02]: So the first thing I want you guys to do unrelated to taxes is you guys are going to get a lot of information.
• 37:20
  [SPEAKER_02]: write it down, review it, become intentional about one or two things that you're going to do immediately after invests.
• 37:29
  [SPEAKER_02]: One being that you're going to join over time, okay?
• 37:34
  [SPEAKER_02]: And also, isn't this guy's?
• 37:35
  [SPEAKER_02]: I need you guys to become intentional because what I see so often every single year's, people like, oh my God, this was great.
• 37:41
  [SPEAKER_02]: And then you guys get overwhelmed because now, you don't got exposed as thoughts, Bitcoin, AI, taxes, drugs, everything, right?
• 37:48
  [SPEAKER_02]: So now you're overwhelmed.
• 37:49
  [SPEAKER_02]: So that would be my first thing.
• 37:51
  [SPEAKER_02]: And then my second thing would be about your entity structure.
• 37:54
  [SPEAKER_02]: So we didn't really touch on that.
• 37:56
  [SPEAKER_02]: And so I'm gonna use this opportunity just to give them this advice.
• 37:58
  [SPEAKER_02]: I want you guys to understand that an LLC is not a tax structure.
• 38:03
  [SPEAKER_02]: It does not help you save on taxes.
• 38:06
  [SPEAKER_02]: It does not necessarily automatically qualify you for funding.
• 38:09
  [SPEAKER_02]: I need you guys to understand.
• 38:11
  [SPEAKER_02]: Do you need a holding company?
• 38:12
  [SPEAKER_02]: Do you, is it LLC right for you?
• 38:14
  [SPEAKER_02]: Do you need a S-Corp?
• 38:15
  [SPEAKER_02]: Do you need a non-profit?
• 38:16
  [SPEAKER_02]: So therefore you can build into your structure.
• 38:19
  [SPEAKER_02]: Is it time for you to have a trust?
• 38:21
  [SPEAKER_02]: So therefore you can protect your assets.
• 38:23
  [SPEAKER_02]: Guys, it is all a puzzle.
• 38:25
  [SPEAKER_02]: And I need you guys to make sure
• 38:27
  [SPEAKER_02]: that your entity structure is right.
• 38:29
  [SPEAKER_02]: I'm not, I don't know, talk about tax deductions.
• 38:31
  [SPEAKER_02]: Because guys, 95% of the things that you spend in money on, if it's for your business, it's a tax deduction, right?
• 38:36
  [SPEAKER_02]: But we have to be intentional about what we're spending our money on and like Carlton said, what are you doing with this tax savings?
• 38:43
  [SPEAKER_02]: If I tell you right now, you're paying 50%.
• 38:45
  [SPEAKER_02]: I can drop that down to 15%.
• 38:47
  [SPEAKER_02]: What are you doing with that other 35%.
• 38:49
  [SPEAKER_02]: You need to invest.
• 38:52
  [SPEAKER_02]: You don't just save your money, you need to invest because those investments are going to allow you to have tax deductions.
• 38:58
  [SPEAKER_04]: Round of applause, y'all!
• 38:59
  [SPEAKER_04]: Yes!
• 38:59
  [SPEAKER_01]: Jimmy's Anderson, if you would need to find you, where can they find you?
• 39:02
  [SPEAKER_01]: Oh, my God.
• 39:02
  [SPEAKER_01]: He's sitting.
• 39:03
  [SPEAKER_01]: I'm standing up.
• 39:04
  [SPEAKER_01]: Uh-huh.
• 39:05
  [SPEAKER_01]: The real lawyer at the real lawyer, R.E.L.
• 39:08
  [SPEAKER_01]: R.E.
• 39:08
  [SPEAKER_01]: L. L. L. L. And my website is shinnie'sandersonlaw.com.
• 39:12
  [SPEAKER_04]: Calls a dentist, talk to us.
• 39:14
  [SPEAKER_03]: Yo, thank you, investors for having me.
• 39:15
  [SPEAKER_03]: You guys can follow me at Carl Tendenis on all platforms.
• 39:18
  [SPEAKER_03]: Go visit the YouTube channel.
• 39:19
  [SPEAKER_02]: Let's go miss business guys.
• 39:21
  [SPEAKER_02]: You can follow me at miss business.
• 39:23
  [SPEAKER_02]: So that's MS dot business one zero one You guys make sure that you also go to booth eight one three.
• 39:31
  [SPEAKER_02]: You cannot miss it guys.
• 39:33
  [SPEAKER_02]: This is the Super Bowl for entrepreneurs I have turned in best best into embeds ball and it is getting time
• 39:41
  [SPEAKER_04]: And me, I am last cash make sure you visit me.
• 39:43
  [SPEAKER_04]: I am last cash.
• 39:44
  [SPEAKER_04]: I cost follow me on all social media platforms And I am last cash make sure you're busy.
• 39:49
  [SPEAKER_04]: Look inside the vault we asked cash the greatest money mindset started playing it Random applause y'all.
• 39:55
  [SPEAKER_04]: Let's go