0:07
one of the first lectures I gave back in 19 95. It was to a room of about 80 people. And I was talking about residency, and I was explaining, and I had a stack of papers, Aaron. We printed papers copied, and we had our own copy machine, and we handed out all these packets, OK, from the state statutes. This is back in Arizona. So, there's like 80 people there. And we gave all these papers out folders, and folders of pages to explain what residency was. And we're looking at case law and statutes and things like that. I'm going to summarize it for you, But this is what you need to understand.
0:40
Because a lot of you ask about liability for different things, mostly about taxes.
0:45
So, there's taxes, regulatory compliance, and mmm hmm. Let's say attach ability for claims.
0:54
I mean, if you get sued right, OK, so, there's, there's a way to escape the liability if you understand residency.
1:00
So, the title of this video is, I wrote, Residency in Liability, and eligibility or residency eligibility liability.
1:10
If you have residency, you're eligible for benefits, for example, you're eligible for a driver's license, OK, that's a benefit. So, if you're eligible for the benefit, then you're liable for all the terms under there. Unless you do something.
1:25
You have to do something, OK? You can disclaim liability. There's all kinds of things you can do.
1:29
You can divesture exclusive rights over something and you can even change your residency. Now there's some things you cannot change.
1:35
Like, for example, if it, if there's evidence that you live in a place more than six months, let's say, in the 50 states, um, then that, that would constitute residency. But that's always not discoverable. So sometimes you can be a resident and not appear to be a resident, for example. I can live in Orlando, Florida and have a driver's license from Kentucky And I'm literally a resident of Kentucky.
1:57
And to the extent I use that driver's license to ID myself in places, I'm a Kentucky resident.
2:03
I'm not a resident of Florida, Same thing at a traffic stop, OK, unless there's some other factors in there, and the police officer who stops me, wants to conclude or cite me for something, and conclude that I'm a resident.
2:17
All right, so it's kinda hard to do that though, if I have a government document from another jurisdiction, because they the system doesn't like to recognize two residencies, two simultaneous residencies.
2:31
So I wouldn't be considered a resident in Kentucky and Florida at the same time.
2:36
Now, I can be Again, it depends on who I'm talking to so let's just speak about LLCs and and money.
2:44
OK, so I wanted to share with you this, this website.
2:49
And apparently was written by some lawyers, it looks like that from the states.
2:52
But it talks about Israel. And I was originally asked to look at some Israeli laws there to restructure a company.
3:00
And so I thought that this would be a good opportunity to just go into the subject and then use these guys as kind of like a guide for what I want to show you.
3:10
So if you look here, they're explaining about, um, you, US. Tax law, or US. the US LLC an Israeli taxes, right, OK? So an LLC is an important investment, OK?
3:22
And so they're talking about this is, you know, from their understanding, OK, this is from probably attorneys writing this.
3:28
I didn't really look too much in the hooves who's doing this.
3:32
But according to the tax on LLC, may be considered a pass through whose income is taxed at the individual level.
3:38
Now, let me explain something here What I'm doing for you.
3:41
And I think a lot of you understand this.
3:43
I'm making it to where there is no individual level by what these attorneys are saying their understanding of, OK, No, law says that you have to own something.
3:53
No law says that that guy over there has to own something.
3:56
So I can do whatever I want. Because I have an intangible property, right?
4:00
So if I structure my property interests in a group, then I no longer have the exclusive rights over the property.
4:08
If I do it that way, I could wave that based on my conduct, OK?
4:14
Or written instrument, but generally, if I identify a group, that's not me, that's no longer exclusive to me or any one person, that would never be considered in this particular sentence here.
4:27
The individual, yeah, it's an individual group, OK, but it's not one person who normally would file a 1040 or would normally be considered a resident or would normally have a driver's license, OK.
4:40
This is what we're doing.
4:42
We're divesting our exclusive rights and we're making the owner of the LLC a non resident.
4:49
So this is, this, gives you the thing that many of you wanted or thought you were going to get with offshore companies. You don't need to be offshore.
4:57
All you have to do is change your property rights.
4:59
They can be held in an entity or group. When I say group, I mean 1 or 2 people it could be two people or more, OK?
5:07
Or it could be your entire family, it could be everyone in your neighborhood whose right-handed it could be for people. It could be your existing business partnership.
5:15
OK, we just give it a name, now, because we identify the group by a name, and we say it has property rights, therefore it, let's say it's the managing member of this LLC, it's the sole member.
5:27
It's the individual right, according to the statement here. Now, remember, this is just commentary, OK, there's, there's references here to tax circulars again, that's not law.
5:37
It's just a description of what they're saying that the legal implications are it's not binding, but anyways the group.
5:46
Has no liability because the group is not a resident, give an example.
5:52
Everybody in my family lives in Orlando Alicia's, say, my immediate family.
5:56
We're all individually residents of the state of Florida, But our entire family call it whatever you want.
6:03
The Smith Family doesn't matter.
6:05
Our entire family is not a resident.
6:10
It has no obligations at all the entire family together.
6:14
If I pick myself and my son, for example, same thing, he and I have no obligations to each other or to anyone, any third parties.
6:22
We have no legal duty to anyone, and unless we get into one, I mean, we can get into one, but check this out. My son and I cannot get a driver's license for the both of us to drive a car, right?
6:32
That's an individual obligation.
6:35
So he and I together, sometimes conniving become a resident.
6:40
This is what we're doing, OK, with the property rights.
6:42
This is why we can do it in any country. I'm going to show you how this will work in Israel.
6:48
OK, just like the United Kingdom, Australia, Canada, et cetera, the tax status of an LLC is not clear. As Israil law, well, it's not clear here, either, because you have so many options as to how you want your tax treatment.
7:01
I mean, they're talking here about a pastor, so for Israeli investors and port to take this into account together with other various tax planning considerations, tax, credit, terminal, OK, All the benefits right now, the advantages of an LLC, an LLC is treated as a transparent entity for tax purposes. You know, under US Tax law, it means that it's disregarded for tax purposes, if you want to treat it that way.
7:22
Consequently, the LLC owners may be assessable individually based on their tax status.
7:30
Now, this is bad grammar. So let me just correct this here.
7:34
The, the owners, his and her people, OK? May be assessable, may be assessed, attacks. May be assessed.
7:45
They don't automatically have a tax liability. There has to be an assessment and we'll get to that in a second.
7:50
Based on their taxes. No, no, no, it's based on his or her tax status.
7:55
His or her This is an individual determination. This is an individual legal determination. There is no such thing as a tax status, let's call it for more than one person, unless it's husband and wife.
8:08
Unless you're filing jointly with somebody that's a partnership, OK.
8:12
I don't know any other reason really that you'd have two taxpayers filing one tax return, OK.
8:20
So the members of an LLC, you should not be taxable in the US if the owners are not US residents. Well, we already know that.
8:26
Ooooh, the members of an LLC, are not taxable in the US. Guys, I'm not saying this.
8:35
Lawyers are saying this.
8:37
You can ask any lawyer ask any CPA if an owner of an LLC is not a resident.
8:46
United States: is the owner taxable under US tax law? Everybody's gonna say no.
8:52
But then they're gonna say, but you have to own it.
8:55
They're gonna say If the trust tells that you're the trustee, but individually you benefit, it's just, they just can't get out of their little brains, OK.
9:03
But you get the idea, so nor Green card holds a green card holders are US residents, US citizens are US residents, US Resident or a US resident, OK.
9:12
Provided that the LLC conducts no business in the US and drives no income in the US, Well, OK.
9:18
That's what they say.
9:19
Now, this base is based upon your accounting practice.
9:25
And Alex, we're gonna get to this.
9:28
This makes an LLC, potentially an off shore vehicle for Israeli members, who invest outside the US and Israel, now.
9:34
The LLC that we're using, that I'm describing to people, operates just like an offshore company that gets getting the same benefits y'all want as an offshore company, without having all the nut nuts.
9:44
So, craziness, nonsense of, disclosure obligations, which you can never comply with, OK, An LLC will generally afford limited liability, legal protection to its members, of course. However, it should be noted, the members of an LLC or Israeli residents would be subject to US estate tax on the value of any assets held in the U S.
10:03
Now what didn't, what this means is a non resident Israeli resident of a US LLC would be subject to US estate tax on the value of any assets held in the United States.
10:21
Get that, the Israeli resident is not a US resident, but it's going to be taxed. When?
10:29
A US estate tax, what's that? Did that's not an income tax? The estate tax is when the owner dies.
10:37
And it goes into probate, it has to go into probate unless there's a will or something like that, OK, that's all avoidable of course.
10:45
As we know, but see they're making the point.
10:48
You become a resident in certain conditions.
10:51
While you're alive, you can choose how your residency is for the most part. Sometimes you can't avoid it. Sometimes you can't avoid being a resident.
10:58
I mean, you can have, you can be determined to be a resident in different places, but not officially, like, for example, having a driver's license, You're not gonna be able to have to driver's licenses in the 50 states. OK, so that's a quick example. Alright, so in Israel, an LLC will generally afford limited liability protection, OK, so it should be noted members.
11:19
OK, so the tax implications in the foreign country in Israel, Um, the anticipated Israeli tax consequences depending on whether the LLC's income remains in the LLC or is distributed.
11:32
Partly or fully has dividends.
11:34
Remember, right?
11:36
I explained many, many times When do I have a liability The LLC has all these crypto coins and now they're worth a lot more.
11:44
Is there a life building?
11:45
No, is there distribution? No, there's no liability.
11:50
But if I account for it that way, yeah, if I account for the value, sure, so here, the anticipated tax consequences of the foreign owner remains an LLC, it will depend on whether the LLC income remains in the LLC, so it just sits there. Remember, we talked about all the time, The money goes into the LLC, and it just sits there and pass through. It's not, there's no liability, there's no tax dollars, OK?
12:12
But if it's distributed, in part, or in full, and I have videos on how to calculate your tax consequences, because you can't have one using a pass through, if you distribute funds, sell something for dollars and take it for your own personal benefit, You're going to have this situation here being distributed, partly or fully.
12:30
And then here they're even going further and saying as dividends, dividends is just one example. Of sure, dividends are taxable. When argue with their with yet with their anywhere. In the world.
12:41
It's going to be like that, but we're not talking about that. You see we're talking about disbursing, property distributing, property liquidating, coins, holdings, assets, gold, whatever.
12:51
Remember crypto coins are defined as property just like gold, So the treatment of coins should be exactly for gold So you don't tax. You're not filing a tax report on the changing value of your gold.
13:02
I don't know anybody who's doing that. I mean, Unless you're big corporation, and you need to do that for your accounting practice, but most of us will hold gold until we're ready to sell. And when we sell, we deal with whatever tax consequences we end up with, unless, you know. We don't know if We don't know how to plan ahead.
13:17
That sort of thing. So to the extent. OK, so I want to repeat yourself. So OK so to the extent the LLC income remains in, the LLC, there may be arguably no Israeli tax on income of the LLC.
13:27
OK so to do the extent that the LLC's income remains in the LLC, it's arguably not subject to the Israeli tax on income.
13:38
Assuming all the following.
13:42
If the LLC is not controlled or managed from Israel, Again, this is intimating, the accrual based accounting.
13:51
This whole article is based on accrual based accounting accrual based, remember, you're being taxed at the end of the tax period on the change in value, cash basis means you're being taxed when you dispose of the asset for dollars for the taxable.
14:04
Fiat, OK, remember the dollars the currency is being taxed not the asset Here are the conditions.
14:13
If the LLC is not a foreign professional company ro it doesn't apply to any anything here, if the LLC is not controlled and managed from Israel, and it's saying, here, the LLC should have one or more US. Resident directors, that's not necessary. But anyways, because we use nominees if we do something like that, We don't even make that distinction. When I do an LLC here for the Canadians, we don't, We don't even get into that.
14:35
It's not if you get an attorney, that's what happens, they lead you into all these liabilities, right.
14:40
Remember, you have property rights. An attorney will tell you what your property rights are.
14:45
Or act as though he is going to determine your property rights so that you will incur liabilities.
14:51
They don't even know they're doing this.
14:53
The LLC is not a controlled foreign corporation for Israeli tax purposes. We're not even gonna get into that.
14:59
I'm not saying just Israel, particularly I'm saying foreign companies and non residents and all this stuff.
15:07
That's why the one a gentlemen who registered the Australian company and he had a private membership association, and the Government wouldn't registered until he registered the PMA somewhere. So the PMA he registered in the United States, which is kinda cool because it makes it a foreign person.
15:21
You see, it's a non resident.
15:24
And he controls it, so that's kinda good. You could do it that way.
15:28
But again, the government is telling you, It's not going to issue the charter indemnifying, the interested parties in the LLC, until you submit to its tax jurisdiction.
15:40
This is not legally required, they're just refusing to provide a service until you submit to their tax scheme.
15:47
There's not even a law that requires you to do that, but once you do it, you submit to the tax scheme. Now don't get scared if you domesticated your PMA or something like that. Remember it's still a PMA.
15:56
Even if it's not designated as a PMA, OK, it's still an unincorporated cessation. It's still a trust, it's still a non resident. If it is a resident, it's still not a taxpayer, OK? I know plenty of residents that are not taxpayers.
16:09
They make a lot of money, too.
16:10
When you get into that subject, I'm sure I've covered it quite a bit.
16:14
Let's see here.
16:16
No!
16:19
I don't want to miss anything.
16:27
OK, so there's a third one here, OK, we just went over this, this doesn't really matter to us.
16:33
Israeli tax authority circular.
16:34
Now, there, these are a bunch of attorneys, and they're referring to a publication, just like IRS has publications, the IRS has circulars, Israeli tax, whatever, has Circulars.
16:44
So according to Israeli income tax authority, Circular 3 slash 2 0, or two, dated 2 0 2, an LLC would be viewed as a body of persons, as defined in Section one of the ordinance, however, the Circular does not address the question of whether an LLC is a company.
17:01
That is quite interesting, isn't it?
17:02
It the government waits for you to make that determination in an official report.
17:07
Maybe it's a tax report, or an annual registration, but let's say it's a tax report.
17:11
The tax report is filed under penalty of perjury, right? It's going to be like that in every jurisdiction, so you're basically creating a legal duty when you file a tax return.
17:20
OK, it's like I explained a long time ago with the mortgages, a mortgage, or the covenant of a homeowner's association, a mortgage lien, a judgement lien, an HLAA covenant. All those that are recorded in the county where the property is situated are the law of the company. It is a law. Statutes are not the only laws, OK.
17:40
Liens are laws.
17:42
So when you file a return, it becomes the law of the company. This is what I'm trying to impress on everyone. They keep asking me, everyone's asking me, so why doesn't have to file my answers because it didn't file?
17:56
That's why it didn't, it didn't, it didn't impose a legal duty on itself by filing a return.
18:02
It has a different obligation.
18:04
Doesn't include filing a return, OK. It's a pass through, so, according to the Circular, the LLC could be challenged as either controlled or managed in Israel or an artificial transaction, according to Section 86, dealing with the artificial transactions in Israeli tax law.
18:17
OK?
18:18
so I don't know what all that involves, but the bottom line is: if you operate accompany a vehicle, a third party, OK, you can show it and you set up your receipt of funds in that organization or the property rights in that organization.
18:37
And if it's cash, let's say it's taxable cash.
18:40
OK, fiats, taxable.
18:42
If those funds are unsettled, they are unsettled because of your tax treatment because of what you chose to do or not do.
18:49
If you chose to file a tax return, you've claimed them to be settled funs. You don't have to do that.
18:55
But once you do, you're under that rule. You gotta follow that stuff, OK?
19:01
So according to 86, a, certain transaction may be considered artificial. So if carried out mainly for the improper affordance of tax, OK, So we can avoid taxes, but it can't be done properly, and I'm not sure what the criteria are for that.
19:14
Consequently, the transaction may be disregarded, OK, there are situations like, for example, let's say, let's say you borrowed money and didn't pay it back, or you borrowed money, and the interest rate was too low.
19:24
Then the IRS could, if they were to audit that transaction, the iris could determined that it wasn't a real, had no economic reality, or it wasn't it was questionable. So the IRS can re-assess what based on fair market numbers and your credit and all this, it could it could re determine what the tax or the, sorry, the interest rate should have been. In the fact that you didn't pay it back just becomes an imputed income: Tax Liability, all right.
19:46
It's just treated as part of your gross income.
19:49
And I would have to agree with that. I mean, that makes total sense. If you accept the tax provisions that face to face value and you borrow money and that's not taxable and then you don't pay it back. Well then at some point the irises has to say, well, that's just you just got money.
20:02
I don't care what you call it.
20:03
The fact is you didn't You didn't paid back as if it were alone.
20:09
They can, they can correct that, assess you and impose penalties.
20:12
So therefore the incorporation of an LLC may be disregarded and the Israeli owner may be seen as directly deriving income instead of the LLC, OK, for tax purposes. That's the same for the United States. So let's say you're using a PMA.
20:25
It is possible for the government to say.
20:29
Your PMA, your trust, your whatever, this thing that owns the LLC is a shell.
20:38
OK, and someone else is liable. Now, I've never seen that.
20:43
I've seen abuse of trust organizations. That's why I don't like to use them too much. But I've seen them be abused in the nineties, mostly, and the IRS, and rightly so. I mean they took, they took what people's property, because they didn't do it right. They can make that determination.
20:58
Now here's the thing, the LLC is a pass-through, right. So that's not going to be audited. It can be part of an audit. It's not going to be audited because it's not a taxpayer.
21:08
The Iris can do anything at once basically.
21:10
And you almost have no protection. I mean, I've even tried to sue the IRS to stop them during an audit. And the court said, no, you have to complete the audit. Then you can stop them, so to speak.
21:21
And we did, so, it just, you know, there's a different way to do that, but your LLC, that's owned by a trust or an association or a group, OK, is not going to be audited but, but just keep this in mind. The group, let's, let's look at this again, OK.
21:35
Therefore, the incorporation of an LLC may be disregarded and the owner, and it says, here, Israeli, but it could be any owner in the US, where Canada may be seen as directly deriving income instead of the LLC Now, let's say the owner is you, your cousin, Bob, and you're 32 other family members.
21:56
Where's the taxpayer?
21:59
There isn't one.
22:00
Let us say the owner is, you and your son, which of you is liable?
22:07
I don't know.
22:07
The interests are shared, who's going to divide it up? You can't.
22:12
You can't, because, It wasn't reported that way. They can't do it that way, if it's not reported that way.
22:17
That's why I'm so powerful.
22:20
The circular states, and this is for Israel, that an LLC would not be subject to treaty protection, of course. Yeah, OK.
22:26
So, in certain conditions, it's as if the LLC doesn't exist, but remember, you can use an LLC in any way, and you have liquidity, and if there's a problem, and you messed up, you have so much liquidity that, by the time the IRS gets around, or that, whatever, tax authority gets around to do anything about it, It's dissolved, and it's done, and it doesn't matter, and I can just say that, I probably have, probably, have done, like, maybe, I don't know, maybe 7 to 10, maybe 12,000 different cases, with IRS, state tax, all these types of situations, OK?
23:05
I've never seen a situation where, this comes to pass.
23:09
The organization that owns the LLC, that's not the individual, single member or traditional. You know, John Smith owns everything.
23:16
That guy is, you know, sitting duck.
23:18
But when you structure something and you operate it properly and you, you file your 1040, if that's what you're doing and you you account for your state or personal, state and federal personal income tax liability, OK, and you report your gross income, you're not gonna have a problem. Now, there are some of you that don't file tax returns, that actually might be easier, OK, in those situations. But just the same, either way, it's fine.
23:42
What we're doing is we're taking the obligation and we're legitimately passing it over to a group.
23:48
I was talking to someone the other day, and she had she had a deal with a partner. It was a real estate deal.
23:53
And I think they wonder both of a misunderstood the purpose of their organization. They had a limited liability company. This is years ago, that long before they even talk to me. And so they understood somewhat about the pass through benefits of it, but the thing is, it was filing a return.
24:10
No problem. But there was a situation where there was like, a loan in there. And it was an unrecorded mortgage and things like that. And.
24:18
And one of the members was going to take on the liability or something, and the way this transaction looked, as I just said, why didn't, why don't you pass the liability onto the LLC?
24:28
and and basically write it off because you can write it off in your personal return. If it's a lost like that, you know, because it was a personal loan and things like that.
24:35
Instead of taking on the liability and trying to pay it, like you were dealing with the bank, because it's a friendly loan.
24:41
No, it's a loan from your partner and stuff like that. So, the whole purpose of the LLC is to dump liability on it, OK?
24:48
The way the whole tax system works, in fact, the entire banking system, banking insurance, it works on putting a human being that has a tax number and a birth certificate as the ultimate liable party.
25:02
And we don't have to do things that way.
25:06
Understand residency and how it creates liability because it gives you eligibility.
25:13
Let me give another example, here's eligibility when you become a resident, when an LLC is formed and it's registered.
25:20
Let's say, OK, let's say it's listed with the state registered, like, we are used to doing, but let's say you publish it in the newspaper in a particular state.
25:28
And you operate under that name. Well, then you make it a resident because you're using a local address. It's got local customers.
25:35
The people that own it, our residents, so, you're making it a resident. It's becoming a resident.
25:39
So, guess what, It has indemnification and it's that indemnification is provided by the laws of that community.
25:48
So, you're the LLC that's a resident or you individually.
25:52
That's a resident is you're eligible for, for indemnification by law, and by the state or Secretary of State or whatever, because of your residency. So, if you're eligible for those benefits, that great benefit of indemnification. well, then you're liable for all the things that go along with that. You're liable for licensing. Taxation, sales tax, all this other stuff, right?
26:14
You give this Data Compelling Interests because you exchange, you asked for you, Applied for Indemnification, protection from creditors or investors, or whatever.
26:24
In Exchange, the state says, OK, you're going to have to do the following thing right, so we're doing all that, but we're kind of tricking the system because we're making the owner a non resident.
26:37
OK, so?
26:42
I'm not going to get into so much detail here.
26:50
Yeah, so you have choices here as an LLC so that they kind of allude to that here. I don't wanna go too far into that.
26:56
But I just wanted to demonstrate if you do some research, I'm not saying what these attorneys are saying is you can bank on it.
27:03
Chances are, it's legally correct. I wouldn't doubt it, OK? Their reputation is based on this information, you could probably go look it up.
27:11
I, I don't know where you would look it up. I don't remember to be quite honest, but I can tell you that a good lead would be Title 26 of the US. Code, that's probably going to be very similar to the Israeli tax laws.
27:25
And those of other countries, you will find some things in K and case law. So let me help you with some case law.
27:30
So if you'd like to list the research into this, you want to look at case law for residency and liability of residents and things like that.
27:38
You want to look at charging order protection, that gives you a better understanding of how that works.
27:44
And then, if you go look at the United States Code Annotated, the annotation of the statute will give you case law, OK. If you look at that case law, you can copy and paste it into a file.
27:56
You can Google that on the Internet and read the case. Now, in those cases, you're going to find other legal citations of holdings. And it's the holdings in the case because they have a lot of discussion. They think they have things called dicta In the case, that's the discussion of the case, the judge is talking amongst themselves. And then at the very bottom, they're going to have a final like legal conclusion which is called the holding.
28:14
And the holding is the law. Basically, they're interpreting the law, and they're saying, OK, from now on, here's how we're going to treat the statute. Right.
28:20
So, if you look at the Net United States Code Annotated and the case law and you find something that is interesting or useful or educational, you can do what's called Shepherd eyes, that case citation. Now, you don't have to know what shepherd. I mean, it sounds is what it sounds like. Shepherd eyes, OK.
28:37
To shepherd eyes, a case means you, you pull the case, and you look at all the cases with a similar holding, or on which it's based.
28:43
If you want someone to do that, you can go and find a paralegal to do illegal memorandum for you. They probably charge you a couple hundred bucks to do it, OK, if you really are into that. You could probably even ask your attorney to do that.
28:55
You could probably do it yourself. There's software you can subscribe to on line for 20 bucks a month. Sometimes there's 100 bucks a month.
29:01
I think Lexis Law has something you can subscribe and you can search case law. And you can shepherdess the case law. So if you find something really cool, you can shepherd eyes it and find the other cases that are just like that, that are maybe, you know, 30 years old, 50 years old, 100 years old, OK.
29:17
So, I hope that helps with your understanding on this.
29:20
But remember, residency crease eligibility, which creates liability?
29:27
What's residency? Know what that is?
29:30
If you're a human being individual and the states residencies established by having a license in a particular state or city.
29:38
Any kind of license.
29:39
Having a state ID, having children that are registered in a public school, having your name on real estate, on the title to real estate, there's a list of other things being married. Have a merit having a marriage license, being in the play, in the jurisdiction for more than six months, but again, that has to be discoverable. Now it can work against you and it can work for you in cases where I I restructure.
30:03
People's residency. I actually do that. OK, so, sometimes I need to change a person's residency for whatever reason it is, OK. It's usually about financial risk, but if I change his residency, one of the things I'll do is a declaration of domicile.
30:18
So, I can file an affidavit declaring that I intend I intend to live in a place so, I'm in Florida now OK been here for a long time.
30:26
I can file a declaration of domicile in the state of Kansas.
30:31
And I can go to Kansas next week and enroll at a university and be and get in-state tuition, OK?
30:39
That's an example of how it can work in your favor, um, Anyways, hope that gave you some good ideas.
30:46
Let's stop this for a second.
30:48
And, uh.
30:52
Thanks for watching.