Summary of Biden's Massive New Taxes and the Bullet Proof Solution

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00:00:00 - 01:00:00

The video discusses how to use trusts to protect assets and how to use them to save on taxes. It also discusses how Joe Biden's new taxes will affect people who have trusts.

  • 00:00:00 The Platinum Trust Group offers trusts that can reduce annual tax liabilities for real estate investors and business owners by 78 to 97 or even more. These trusts provide absolute asset protection so that assets cannot be reached through judgment lien or levy, passive income from leases and rentals, and income taxes can be protected and deferred in capital gains taxes can be excluded entirely. Bruce Mack, co-founder of the Platinum Trust Group, is a nationally recognized speaker and author who has worked with numerous trusts for decades. He will show us how to benefit from the significant tax benefits that are possible with these trusts. Gina Guardio, a lawyer and graduate of the Notre Dame Law School, will also join the discussion.
  • 00:05:00 The video discusses how to protect your assets in case of a crisis, and provides a different type of trust that offers more protection and tax benefits.
  • 00:10:00 The video provides a chart that compares the various ways that a trust can protect assets from lawsuits. The chart also compares the trust options with corporations and LLCs. The trust options provide greater asset protection than corporations and LLCs, and are easier to pierce the corporate veil.
  • 00:15:00 The video discusses how a person can open themselves up to various legal troubles by not having asset protection trusts in place. The main points to take away from the video are that asset protection trusts can help protect a person from lawsuits, fines, and seizure of assets, and that trusts are not self-settled and require professional help to create.
  • 00:20:00 The video discusses the case of a man whose mother was in a car accident and racked up over 90,000 in bills. Because the son was criminally liable for the accident, the hospital took the debt out of his account. If he had a trust, this would not have happened. Statistically, most people are sued, and if you are a real estate investor, you have a 50% chance of being sued. Therefore, it is important to have an umbrella policy to cover punitive damages.
  • 00:25:00 The video discusses the difference between a real estate investor and a dealer, and explains that a real estate investor cannot be classified as a dealer by the IRS. The video also provides an example of how the IRS can sue a trust, and explains that trusts are not recognized as legal entities in the same way that people are.
  • 00:30:00 The video discusses the potential impact of proposed federal tax changes on real estate investors, and provides advice on asset protection, tax mitigation, and legal advice.
  • 00:35:00 Proposition 19, which replaced Proposition 13, is impacting property owners who have transferred their homes to their children or grandchildren. There is a solution available, however, in the form of a trust. This will keep the beneficial interest intact, preventing any reassessment fees from being incurred.
  • 00:40:00 According to a Forbes magazine article, capital gains taxes could potentially be deferred for forever, making tax avoidance legal. The Department of the Treasury has a handbook that discusses the special agent's Handbook, which states that tax avoidance is not tax evasion.
  • 00:45:00 The video discusses how the Vice President, Joe Biden, has announced that the IRS will start providing refunds to taxpayers whose tax liabilities have been disputed. The video also discusses how Joe Biden's new taxes will affect people who have trusts.
  • 00:50:00 The video discusses how a spendthrift trust can be beneficial for those who want to save on taxes. The trust allows for the payment of expenses such as college tuition, car purchases, and homeowners insurance, among others. The trust is also advantageous in that it does not distribute any income to the trust, meaning that it is not taxable.
  • 00:55:00 The video discusses the various ways in which a person can use trust funds to fund various purchases, such as cars, boats, and properties.

01:00:00 - 01:25:00

The video discusses the upcoming changes to taxation in the United States, including the increased taxes that will be levied on those with income in excess of $250,000 per year. The presenter notes that the trust instrument they offer, which is a revocable living trust, offers massive asset protection and is its own separate entity, meaning that it will not report any of the income or assets on any financial aid forms. This makes it a great option for those who are planning on investing in education or long-term care.

  • 01:00:00 The video discusses how the children of taxpayers who are taking advantage of the new tax laws can qualify for a tax break. The children can qualify for tax breaks when they file their taxes as adults, when they are 17 and when they are in college. The video also mentions that taxpayers can take assets out of the trust without triggering a taxable event.
  • 01:05:00 The presenter provides information on how platinum trust group can help with setting up trusts for individuals. They also mention that platinum trust group can provide a quote for trusts, and that they can assess an individual's tax liability and amend their return for up to three years.
  • 01:10:00 The video discusses the upcoming changes to taxation in the United States, including the increased taxes that will be levied on those with income in excess of $250,000 per year. The presenter notes that the trust instrument they offer, which is a revocable living trust, offers massive asset protection and is its own separate entity, meaning that it will not report any of the income or assets on any financial aid forms. This makes it a great option for those who are planning on investing in education or long-term care.
  • 01:15:00 The presenter discusses the benefits of a revocable living trust for families who struggle to send their kids to college or private schools, and how the trust can help with year-end taxes. Judy has a question about whether title to property needs to be removed from a trust in order to have a taxable event, and Bruce notes that a private family foundation can be used to reduce taxes.
  • 01:20:00 The platinum trust group provides advice on estate planning, and they offer a two-hour call every week to help people with questions. The main downside of the platinum trust is the investment required to set it up, but the benefits outweigh this drawback.
  • 01:25:00 Elizabeth Reynolds, a property management expert, will be speaking about current trends and regulations in property management on December 7th, and appfolio will be discussing new technologies to streamline business on December 8th. On December 10th, optimum seismic will be discussing seismic retrofitting, and on December 14th, property managers from around the southland will be discussing questions submitted by viewers. Finally, Patty Widget will be back on December 16th to talk about what to expect for 2022.

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