{"id":14247,"date":"2021-04-24T14:48:30","date_gmt":"2021-04-24T18:48:30","guid":{"rendered":"http:\/\/privacyfight.io\/?p=14247"},"modified":"2023-06-25T06:25:53","modified_gmt":"2023-06-25T10:25:53","slug":"u22-this-one-was-a-question-and-answer-discussion-about-very-basic-llc-and-tax-strategies","status":"publish","type":"post","link":"https:\/\/privacyfight.io\/u22-this-one-was-a-question-and-answer-discussion-about-very-basic-llc-and-tax-strategies\/","title":{"rendered":"U22 &#8211; This one was a Question and Answer Discussion about very basic LLC and Tax Strategies"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"14247\" class=\"elementor elementor-14247\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-03a76e8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"03a76e8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-78b65b8\" data-id=\"78b65b8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8b8cdbe elementor-widget elementor-widget-text-editor\" data-id=\"8b8cdbe\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"vidseo_wrapper\" style=\"width: 100%;\">\r\n\r\n    \r\n    \r\n        <div class=\"vidseo_vimeo\">\r\n\r\n            <iframe title=\"vimeo-player\" src=\"https:\/\/player.vimeo.com\/video\/717935127\/?\" width=\"100%\" frameborder=\"0\" allowfullscreen><\/iframe>\r\n\r\n        <\/div>\r\n\r\n    \r\n    \r\n    <div class=\"vidseo_collapse\" style=\"\">\r\n        <div class=\"vidseo_btn\" style=\"\">\r\n            U22 \u2013 This one was a Question and Answer Discussion about very basic LLC andTax Strategies\r\n0:00\r\nSo, this, I\u2019m gonna make this recording available on the YouTube channel privacy fight, OK, and privacy fight is one word. So, again, I\u2019m just going to summarize again. We\u2019re going to talk about&#8230;        <\/div>\r\n        <div class=\"vidseo_collapse_content\" style=\"\">\r\n            <p>U22 \u2013 This one was a Question and Answer Discussion about very basic LLC andTax Strategies<br \/>\n0:00<br \/>\nSo, this, I\u2019m gonna make this recording available on the YouTube channel privacy fight, OK, and privacy fight is one word. So, again, I\u2019m just going to summarize again. We\u2019re going to talk about the basics of using a limited liability company, opening accounts at the bank, and opening accounts that the exchanges. If you want to talk about more complex questions, we can certainly do that on this call, but I just thought I\u2019d just start it that way with the basics.<br \/>\n0:25<br \/>\nSo, what we can do is, um, I believe you can raise your hand here, so to speak, and then I can let you ask the question, are we can start a conversation, you can make a comment if you want, and that\u2019ll just kinda lead the discussion.<br \/>\n0:36<br \/>\nWe can\u2019t, OK.<br \/>\n0:45<br \/>\nI just found this is Terry. I don\u2019t know how to raise my hand, so to speak up, if that\u2019s OK. Yeah. Hi, Terry. Fine.<br \/>\n0:50<br \/>\nHi, hey, I\u2019m filling out the application. I know on Gemini one of the well, and I know Coinbase did this as well. They want to know, you know, who owns a greater than a 10% of the LLC and in all cases I put nuts.<br \/>\n1:09<br \/>\nI put nobody does.<br \/>\n1:11<br \/>\nJust because I knew it would caused me to have to give them more information, so was that correct?<br \/>\n1:19<br \/>\nHow I did it? Did it result in you getting the account opened?<br \/>\n1:23<br \/>\nI don\u2019t know, because I was, like, within the last week, and I know they\u2019re bartered, so, really been about maybe 10 days since I\u2019ve done these, so I\u2019m not sure, OK. My preference is to just look at what the Certificate of beneficial interest in states, that one that I provide when I open your when I create your documents. Literally, change what it says there, and most of the time, I\u2019m going to use a PMA as 100% owner.<br \/>\n1:49<br \/>\nThat means the authorized signer, right? Which is what I, what I have, is that: So, yeah. So I don\u2019t know if I did it wrong. If I could just put I had that 100% of it. Well, let\u2019s say they do really. It\u2019s just like you just want to get your account open. So while that\u2019s what I figured, too, so I could be wrong, but my thinking is to go exactly on the certificate, a beneficial interest that I wrote, because I wrote it for that reason. So you can get your account.<br \/>\n2:19<br \/>\nOK, thank you. Sure.<br \/>\n2:26<br \/>\nYeah.<br \/>\n2:30<br \/>\nYeah. Hey, hey, Johnny. Mike, I have a question. I think that\u2019s when you\u2019ve probably charge video. So let\u2019s say I\u2019m using like a simple swap, and I\u2019m exchanging token.<br \/>\n2:51<br \/>\nSorry about that, Mike. Just unmute.<br \/>\n2:54<br \/>\nTrying to clean it up a little bit.<br \/>\n2:56<br \/>\nOh, there we go. Sorry about that. Using one token.<br \/>\n2:58<br \/>\nYou said, well, like a simple swap.<br \/>\n3:01<br \/>\nBut just an exchange, let\u2019s say, an exchange, some theta into true USD.<br \/>\n3:08<br \/>\nThen I send really haven\u2019t created a taxable event yet or, right, Or, I\u2019m still an exodus just changing stuff around.<br \/>\n3:17<br \/>\nSo so it\u2019s not really until I send like true USD two like Coinbase and then send that into my checking account. Correct, when you trade it for dollars, then you may have a taxable reportable event. Yes.<br \/>\n3:32<br \/>\nOK, and so then I just just reported, either add, like, uh, long term capital gains or short-term. If you want to do that, my gosh, that\u2019s the whole point of using the LLC. I mean, if you\u2019re going to do that transaction, put it in the LLC.<br \/>\n3:45<br \/>\nYeah, I know.<br \/>\n3:46<br \/>\nI\u2019m trying to get the thing, but keep in mind, if you get up, I just can\u2019t, it hard. It\u2019s hard for me to wrap my head around it, buddy. Alright, well, just to save you an effort here, if you\u2019re just gonna take that money out, like one thousand bucks, and just go spend it on something well, then just take it out.<br \/>\n4:06<br \/>\nI mean, you don\u2019t have to run it through the company, so, But, but, if it\u2019s going to be a real transaction, like buying a car or something, definitely, you want to use the LLC, and yeah, it\u2019s hard to get your brain around that.<br \/>\n4:16<br \/>\nLike, gosh, we\u2019ve been trained our whole lives to file returns all the time.<br \/>\n4:19<br \/>\nIf I can give you a couple of examples of when you would not file a return, I mean, you can ask your accountant.<br \/>\n4:25<br \/>\nYeah.<br \/>\n4:28<br \/>\nMan, I hate taxes. Just, look, I go to the Secretary of State\u2019s website and scroll down, search on, um, like here in Florida, it\u2019s called sun biz dot org, and I can search on corporations.<br \/>\n4:41<br \/>\nAnd, uh, if I search on A, it\u2019s going to, it\u2019s going to just give a age is hundreds of companies, OK, most of, which probably 90% are expired revoked charters.<br \/>\n4:57<br \/>\nBut, so these are right now, for my small P brain, I\u2019m not creating a taxable event until I send it into my checking account.<br \/>\n5:07<br \/>\nCorrect.<br \/>\n5:09<br \/>\nOh, that\u2019s correct.<br \/>\n5:10<br \/>\nEven if let\u2019s say I took a big chunk and put it into exodus wallet on true USD this year but didn\u2019t send my checking account till next year, then that\u2019s the taxable event.<br \/>\n5:22<br \/>\nThat would be for next year. Right? There\u2019s no taxable event.<br \/>\n5:25<br \/>\nYou didn\u2019t realize again, And, going from coin to coin, didn\u2019t change the beneficial interests.<br \/>\n5:32<br \/>\nSo, yeah, there\u2019s no gain. OK, appreciate it, thanks, I\u2019ll explain later on, I\u2019ll explain what exactly how do you determine that.<br \/>\n5:39<br \/>\nKaren want to ask a question?<br \/>\n5:41<br \/>\nI think you just unmute it, John.<br \/>\n5:45<br \/>\nTaking cashing out, and I want to go into another asset.<br \/>\n5:52<br \/>\nWould it be under another LLC of the same LLC?<br \/>\n5:55<br \/>\nwhen you show that that cash out of it?<br \/>\n6:00<br \/>\nYou could use the same LLC, you could have a crypto account with an LLC, and then sell some of your kryptos for dollars into the LLC, and then buy a car with it, and then you can title the card in the name of the LLC.<br \/>\n6:16<br \/>\nI want an LLC.<br \/>\n6:17<br \/>\nA lot of different asset classes.<br \/>\n6:21<br \/>\nAnd I set up another LLC for that.<br \/>\n6:24<br \/>\nDo I, would that be a taxable event, just one LLC, and put it into the other? No, it would not. And there is the issue of beneficial interests, not changing, but then it doesn\u2019t really matter about beneficial interests.<br \/>\n6:39<br \/>\nYou can move from one company to another, and then it depends on the accounting and reporting practices of the company. So if they\u2019re both your company, well, then your beneficial interest stay the same.<br \/>\n6:50<br \/>\nAnd sometimes you do want a separate company if you want to isolate risk. So if it\u2019s an asset with, let\u2019s say, another partner, you may not want to take your site LLC, that\u2019s, you know, your Bitcoin account.<br \/>\n7:00<br \/>\nYeah, all right, and then the second one with a partner, I don\u2019t know.<br \/>\n7:05<br \/>\nBuying real estate.<br \/>\n7:06<br \/>\nI\u2019m guessing that would be a standard taxable event putting cash into it but its own operations.<br \/>\n7:15<br \/>\nWhat would be taxable? It would do as a partner, that one.<br \/>\n7:18<br \/>\nWould that be, buy a house or property with a partner under that second LLC?<br \/>\n7:25<br \/>\nThat would file, assuming the partner, no, not comprehend, what\u2019s going on here, and cash being put into that LLC. What does that, is that? That\u2019s what you still have.<br \/>\n7:36<br \/>\nthe option when it becomes reportable and taxable, is when you file a tax return.<br \/>\n7:41<br \/>\nSo if you, if you take on a partner and you decide you want to use your company and file a return in a certain way, well then, yes, it becomes taxable at that point. But you still have the option not to do that. I\u2019ve done partnerships with people before, and I just let them file a return for the company. You can do that if you want.<br \/>\n8:03<br \/>\nIt\u2019s up to you though. Yeah. And you can work it out with the partnership. What what?<br \/>\n8:09<br \/>\nWhen you\u2019ve done that, you know, cash put it into that LLC and partners files for that. So that means you\u2019re on the hook for it to, correct.<br \/>\n8:20<br \/>\nIf the company files, you could separate it out where the your partner gets a disbursement and he\u2019s happy with the money.<br \/>\n8:29<br \/>\nAnd you can retain your whatever.<br \/>\n8:31<br \/>\nYou can have your text situation different than your partners, but if you file collectively with the company, then whatever interest you have in the company is subject to that whatever filing you choose.<br \/>\n8:43<br \/>\nAll right, and last thing is the tax boards.<br \/>\n8:45<br \/>\nI\u2019m taking the cache and putting it in there from crypto.<br \/>\n8:49<br \/>\nSo, not, not the, I don\u2019t know, capital gains from selling a house or anything like that, but just taking from LLC, one, taking the crypto gains, \u2026 with a partner. Just that move into L two with the partner. No, that\u2019s not, OK I thought would not be taxable, That\u2019s like contributing to accompany. That\u2019d be like, if you set up a new company, is in fact, exactly, like funding a company, or buying an investment, or buying stock. So, buying an interest in something that\u2019s not taxable. Question is, what about the company?<br \/>\n9:18<br \/>\nBecause the company is receiving money and yeah, you, the company again has the choice to, to determine if that\u2019s gonna be a tax situation, and it doesn\u2019t have to be that way, I can, I can move money, I could, I could sell coins for a million dollars and then move it to three different companies in one day.<br \/>\n9:33<br \/>\nThat\u2019s not going to create a tax liability.<br \/>\n9:37<br \/>\nI don\u2019t even have to have a reason for that.<br \/>\n9:40<br \/>\nYep.<br \/>\n9:48<br \/>\nAnd if you guys love me, I\u2019ll just keep on talking, so I\u2019m just kinda giving you the opportunity to guide this conversation.<br \/>\n9:54<br \/>\nI\u2019ll just start telling these stories.<br \/>\n9:58<br \/>\nMy purpose was to just cover the basics. I mean, we can, we can get into this, how to do some transactions too, if you want.<br \/>\n10:05<br \/>\nDoes anybody have other questions? Go ahead.<br \/>\n10:08<br \/>\nYeah. So you are talking about, an example, a little bit ago about buying a car was like no funds from your company. So, say, I have like, I had crypto, and I wanted to buy a car LLC.<br \/>\n10:24<br \/>\nKnow, it\u2019s, it\u2019s, it\u2019s owned by an LLC, What tax risk do I have with data and reporting requirements or anything along those lines well, your LLC can take an asset and and sell it for dollars So let\u2019s start there. So it\u2019s going to sell coins, or it\u2019s going to sell gold.<br \/>\n10:43<br \/>\nAnd the money goes to the company, and then that company can turn around and buy something, a car.<br \/>\n10:49<br \/>\nAnd the card title can be in a different name, like, you can make up a trust name, or a new LLC, or that same company that sent the money for the car, can be the title holder.<br \/>\n10:58<br \/>\nDoes that answer your question?<br \/>\n10:59<br \/>\nBecause I got more for you.<br \/>\n11:02<br \/>\nYeah. That was the tax consequence.<br \/>\n11:05<br \/>\nNo? No tax consequences, right? Because I know in the past and other interviews, you\u2019ve stated something to the effect that, you know, when you use your LLC, to purchase a car, for example, that you want to, like, set up a scenario where you\u2019re paying your car payments, or something. So, that was my next example.<br \/>\n11:22<br \/>\nIf I want to put the car my name, maybe it\u2019s easier for insurance or something.<br \/>\n11:27<br \/>\nSo if I put the car in my name, I want to put a loan on it. So the way I do it, is I just tell the dealer.<br \/>\n11:34<br \/>\nI\u2019m buying this car and I have a loan already established, it\u2019s ready to go.<br \/>\n11:39<br \/>\nJust tell me where to send the money, and the dealer will will record the certificate of title with the DMV, in the name of the lender and due to what it always does, It\u2019ll send the lender, the title documents, and it\u2019ll send you the loan payment documents, or whatever. You know, have you work it out.<br \/>\n11:58<br \/>\nAnd so the way you document that is, show, You have to, just, you want to keep records showing that you\u2019re making those card payments, whatever it is. And you can decide what those are, because you\u2019re the lender, basically, you get to decide.<br \/>\n12:08<br \/>\nBut just make sure that you document those payments, OK? You can just see, you can make, like, you know, $200 a month payments. But there\u2019s really no defined line as to when you stop making those payments or how would I would do work? I would just make it a typical loan.<br \/>\n12:24<br \/>\nLike if I\u2019m going to if I\u2019m gonna go to the trouble of getting a loaner vehicle the car I\u2019m going to drive. I\u2019m going to make it a 3 or 5 year loan.<br \/>\n12:31<br \/>\nAnd, got it! I will already know my terms.<br \/>\n12:34<br \/>\nSo what I\u2019ll do, is I\u2019ll go on the Internet, and I\u2019ll do an amortization for 60 months.<br \/>\n12:40<br \/>\nFor a real interest rate that I would probably qualify for, like me, probably is going to be 9%. I don\u2019t know if that\u2019s highest, probably 12%, I don\u2019t know, it\u2019s going to be high. So, I would do an amortization because my credit is bad.<br \/>\n12:52<br \/>\nSo, then I would get the numbers.<br \/>\n12:55<br \/>\nI would get my monthly payment, I would already have that written down and have it calculates.<br \/>\n12:59<br \/>\nSo, now, I can just go into the dealer and say here, you know, here\u2019s the loan terms, he\u2019ll write up the documents and put the names in the right places.<br \/>\n13:08<br \/>\nGot one more question for you. In the past, you\u2019ve talked about, like, I think it\u2019s called a whole life policy where, you know, you have a certain, you know, like, I don\u2019t know if windfall, or certainly a lot and amount of money and that you can work it.<br \/>\n13:23<br \/>\nWe\u2019re like, you pay the interest upfront and then after a certain point when that policy matures, you can start getting like quarterly payments or whatever is specified within the terms of your situation. So, I was from the perspective of like say like I\u2019m getting like a monthly income from passive income, from a crypto or something like that. What recommendations would you have?<br \/>\n13:53<br \/>\nCause receiving monthly money, are like, I would probably be receiving an initially lived in, a stable coin of some sort, right? So if I wanted, or needed to turn that into dollars, or some sort of what recommendations would you make up for the monthly situation to kind of limit your tax liability, or, if possible, not have one? Are you contributing each about contributing to the insurance contract?<br \/>\n14:23<br \/>\nIf well, I was just kind of articulating a scenario that, I remember you talking before.<br \/>\n14:30<br \/>\nAre you saying that maybe monthly income is contributing to that same policy?<br \/>\n14:37<br \/>\nYou could do that.<br \/>\n14:39<br \/>\nIf you\u2019re funding a policy, you can do it with regular premium payments, or a single payment, I\u2019m not sure, I understand your question. You want to fund an insurance policy, and you can just do that.<br \/>\n14:53<br \/>\nOK, I guess, I guess what I\u2019m really trying to get out is if I\u2019m receiving a monthly pass, OK, and I have a passive or not a stable coin. What What options do I have to limit my tax liability?<br \/>\n15:14<br \/>\nOK, well, that\u2019s not taxable, Just receiving stable.<br \/>\n15:17<br \/>\nNo, no, no, Yes, I\u2019m sorry. I should have completed when I, if I need to turn that stable coin into no liquidity or you want Do you want to get stuff alright.<br \/>\n15:28<br \/>\nSo, you can say OK, anything personal so anything personal is going to be denominated in the dollar. So, whoever however that gets paid is considered your income.<br \/>\n15:41<br \/>\nSo, whatever that looks like, any, any personal obligation you have that gets paid by anybody or anything, even if you barter it is going to be considered your income.<br \/>\n15:51<br \/>\nSo, OK, So that, so that means I need to, know, file your tax forms and whatnot with the IRS and not kind of thing. Yeah, just add up Hearing Fellows.<br \/>\n16:01<br \/>\nYeah, if your income exceeds uygur wasn\u2019t $600 for the year, then it probably should be reported.<br \/>\n16:09<br \/>\nIf you want to reduce it, I would just suggest to you, that probably the least concern, if you\u2019re making a lot of money in kryptos, or you\u2019re running a business.<br \/>\n16:16<br \/>\nI would not be so concerned about my personal taxes on my regular living expense income, the income I need to pay my bills.<br \/>\n16:24<br \/>\nI don\u2019t, I don\u2019t think that\u2019s, I don\u2019t think taxes should be the purpose of your decision making.<br \/>\n16:31<br \/>\nAlthough we can do it, I mean, we could talk about that. We can make it zero taxes, if you want, that\u2019s easy. But really, like you mentioned, the whole life policy, that is a tool for managing risk. And so, you have to decide what risks you want to manage with it. It sounds kinda cool to put some money in an insurance policy. They borrowed out, and it\u2019s 8% or something I\u2019m making on it. While I\u2019m using the money it\u2019s after tax money because I pay the interest upfront. OK, well, what am I doing with that money? What risk am I managing?<br \/>\n16:54<br \/>\nI would say that a good risk would be the operating costs of an expense asset.<br \/>\n17:01<br \/>\nSo let\u2019s say you bought a business and it has so many operating costs and you\u2019ve, you\u2019ve whittled them down as far as you can. The next thing to do would be pay those costs with borrowed money from the insurance policy.<br \/>\n17:12<br \/>\nThat would further lower your operating costs.<br \/>\n17:15<br \/>\nThat\u2019s a good way to use it. But certainly you can live off of it.<br \/>\n17:19<br \/>\nYou can borrow quarterly or annually and pay your whole living expenses in advance with borrowed money, tax free money after tax money, and then have zero taxes. And then, yeah, not file a return, if you wanted to do that.<br \/>\n17:34<br \/>\nAll right. Thank you. That answered my question.<br \/>\n17:36<br \/>\nOK, I think Terry was over there.<br \/>\n17:40<br \/>\nWant to tell you how to question?<br \/>\n17:43<br \/>\nYeah, I just wanted to go back to the car thing, where the LLC loans you, the money to buy a car.<br \/>\n17:51<br \/>\nOK, so I Set up a payment plan, but is the LLC obligated to report that loan to some government agency?<br \/>\n18:01<br \/>\nIt\u2019s not going to do that.<br \/>\n18:03<br \/>\nOK, LLC will not do that.<br \/>\n18:05<br \/>\nNo reporting, no, no, no.<br \/>\n18:08<br \/>\nRight, no one will know, but because people pay me money to tell them this stuff, I\u2019m just going to tell you how to do it correctly.<br \/>\n18:12<br \/>\nJust keep track of it, because if you\u2019re auditing, you don\u2019t want, You don\u2019t want the IRS to criticize the transaction, You don\u2019t want to be in a situation where you can\u2019t prove that there was an actual payment, or the interest rate was not real, and then send you a bill for imputed income tax liability that you did not report. It\u2019s called underreporting.<br \/>\n18:32<br \/>\nSo we\u2019re just trying to avoid that situation. So, you know, if I, if I tell you this stuff and then, I\u2019d never talk to you ever again in five Years later. You have an audit, You\u2019ll be covered.<br \/>\n18:42<br \/>\nGreat question, OK, so it\u2019s just, it\u2019s just me as the individual that could get ODOT. It\u2019s not the LLC.<br \/>\n18:48<br \/>\nYeah, the LLC is not filing, but the IRS asked, the IRS could audit you and ask about the LLC and that\u2019s fine. I\u2019ve seen cases like that before, and usually it doesn\u2019t, OK. There\u2019s nothing that really matters. The audit is intended to determine if your tax liability is correct.<br \/>\n19:07<br \/>\nOK, so does the same go, if the LLC, I take a loan out for, to pay off my house with my LLC, so the LLC, so I\u2019d pay the LLC back.<br \/>\n19:19<br \/>\nSo does that is the LLC in the case of a house? Does that have to do any kind of a reporting? No matter how big?<br \/>\n19:26<br \/>\nNow, it doesn\u2019t matter how big you can spend $10 million out of it, 2050, it doesn\u2019t matter, OK? Perfect, That\u2019s what I needed to know.<br \/>\n19:35<br \/>\nYep.<br \/>\n19:35<br \/>\nIt\u2019s an innocent party the way we\u2019re doing this, Just creating an innocent party, OK, Interesting, OK.<br \/>\n19:43<br \/>\nThank you, OK.<br \/>\n19:46<br \/>\nUm, You can interrupt me, but I\u2019ll just say a couple of things. On the, you know that there\u2019s no change in beneficial interests, if you still have the same concern about the money.<br \/>\n19:57<br \/>\nSo if you\u2019re moving money around from thing to thing, account to account, personal to LLC, to LLC, whatever, if you care about that money after you do it, the beneficial interests have not changed.<br \/>\n20:11<br \/>\nSo that\u2019s how you, that\u2019s kinda the measurement of how you know.<br \/>\n20:15<br \/>\nAnd that\u2019s a key thing. I mean, we do that for estate planning.<br \/>\n20:18<br \/>\nSo if somebody wants to avoid capital gains tax on real estate or the sale of stock, that would normally be a disposition of assets. So, we make sure the disposition takes place in the pass through. Where we can pull the money somewhere and not realize again, and not be subject to tax tax reporting. So, before a sale of real estate takes place, you can literally file it quitclaim deed now. You shouldn\u2019t have to follow the quitclaim deed.<br \/>\n20:43<br \/>\nIt\u2019s just that the people involved with the closings are typically not going to honor a contract unless it\u2019s recorded in public record.<br \/>\n20:51<br \/>\nSo, if you want to get around the cap gains tax, if you own the real estate, you would deeded over to a company and be the owner of the company.<br \/>\n21:00<br \/>\nThat retains beneficial interests, not an argument.<br \/>\n21:03<br \/>\nAnd, uh, Then, when the closing takes place, the funds would go to the current titleholder, Even if you did that during the closing process, just make sure that you can assign the contract and make sure the sellers or, I\u2019m sorry, the buyer, it is OK with that, which they should be, because it is not going to prejudice the contract at all.<br \/>\n21:21<br \/>\nSo, that\u2019s another example.<br \/>\n21:24<br \/>\nBut, yeah, it\u2019s for estate planning purposes.<br \/>\n21:34<br \/>\nI\u2019ll share with you one example. Let\u2019s, let\u2019s take a little bit to another level. Let\u2019s say you\u2019ve got a lot of money. I always use this example, $10 million and it\u2019s time to re-allocate. It\u2019s time to sell some Bitcoin or whatever asset. You got the money in and put it into some real estate. You always want to buy a hotel.<br \/>\n21:51<br \/>\nSo, you, you sell the coins for $10 million into your company, and then you go and make a deal on the hotel.<br \/>\n22:00<br \/>\nSo you pay cash for the hotel.<br \/>\n22:02<br \/>\nYou spent the whole whole 10 million on the hotel.<br \/>\n22:04<br \/>\nWell, that\u2019s fine, and I\u2019m sure it would be a good asset.<br \/>\n22:06<br \/>\nAnd it\u2019s the asset is making money, but the fact is when you pay cash for an asset, it\u2019s a business paying you money, You\u2019re, by default, your own lender. So, here, we have a different kind of risk, and this is why I tell people don\u2019t focus so much on making decisions like this. You have a really interesting tool here, a really useful tool.<br \/>\n22:27<br \/>\nDon\u2019t just use it for like, mundane things, like who really cares about $5, OK.<br \/>\n22:34<br \/>\nUse it for really good things, so if I\u2019m gonna, if I\u2019m going to buy an asset with cash.<br \/>\n22:40<br \/>\nI, I understand that if I\u2019m my own lender, because I don\u2019t have a lender.<br \/>\n22:45<br \/>\nMy cash is tied up in that asset, so I\u2019m on my own lender. What\u2019s the problem with that? Well, maybe I\u2019m really good at real estate, but I don\u2019t understand lending.<br \/>\n22:53<br \/>\nAnd not moreover, maybe I do understand lending, but I don\u2019t know, people, I can\u2019t get my loan that I\u2019m, by default, my own lender.<br \/>\n23:01<br \/>\nI can\u2019t get that offset by another loan.<br \/>\n23:05<br \/>\nI can\u2019t call up a bigger lender, no get alone, that, that I just took. You say that\u2019s how banks work. When banks give you a loan, they go get a loan for the loan they just gave you and if you\u2019re your own lender, by default, chances are you\u2019re not going to be able to do that, And you\u2019re not going to understand how to gage the risk. I mean, you can get lucky, and it may never happen to you, but it\u2019s It\u2019s a better use of capital.<br \/>\n23:28<br \/>\nIf you have a lot of cash tied up in an asset Don\u2019t leave it there for a long time you want to offset some of that risk. And the way to manage risk in business, and buying assets, is to actually use debt.<br \/>\n23:40<br \/>\nDebt is your friend.<br \/>\n23:42<br \/>\nToo much personal debt is not your friend.<br \/>\n23:44<br \/>\nA little personal debt is a good idea, And a little bit more business, Debt is a pretty good idea, too. So, like, for example, if I\u2019m gonna go partner with somebody, Let\u2019s say, I wanted to go by part of that hotel with, somebody that just bought it, and I go, meet with them, and we\u2019re talking about the thing, and I asked him what his, um, you know, has financing terms aren\u2019t all that Stephanie goes, oh yeah, I paid cash for it. Well, I think he\u2019s an idiot.<br \/>\n24:08<br \/>\nI probably wouldn\u2019t deal with them.<br \/>\n24:10<br \/>\nSo, just keep that in mind.<br \/>\n24:12<br \/>\nIf you\u2019re dealing with $10 million, you gotta be, you know, you gotta be smart.<br \/>\n24:16<br \/>\nUse other people\u2019s money.<br \/>\n24:20<br \/>\nAnd avoid making decisions solely for tax benefits.<br \/>\n24:23<br \/>\nYou\u2019re just gonna get yourself into a trap, and you\u2019re gonna miss things, you\u2019re gonna miss.<br \/>\n24:27<br \/>\nYou\u2019re gonna miss opportunity because just like I\u2019ve talked to, so many people that were afraid to do things on their kryptos because they were concerned about tax liability, so they missed out on taking profits, you know, a few years ago.<br \/>\n24:39<br \/>\nAnd so let\u2019s now\u2019s the time to learn about that.<br \/>\n24:42<br \/>\nLet\u2019s, let\u2019s not be afraid and let\u2019s, so let\u2019s take some profits and who cares about taxes? You can deal with that later.<br \/>\n24:49<br \/>\nI\u2019ve got situations where some of my clients owe a lot of money in taxes and we can either work out a payment plan. The IRS is very friendly. The states are workable. They\u2019re not as friendly as the IRS, believe it or not.<br \/>\n25:00<br \/>\nBut that\u2019s my last concern. My first concern is, like, my dentist asked me.<br \/>\n25:05<br \/>\nIf my account is telling me all these things to do to get tax deductions and you\u2019re telling me, that\u2019s a stupid idea, well, what then should I look for?<br \/>\n25:12<br \/>\nAnd I say, well, make decisions with your capital based upon return on capital based upon capitalization rate, not based upon a tax deduction, or even interest rate for that matter, I don\u2019t really care too much about interest rates.<br \/>\n25:26<br \/>\nI just want my financing.<br \/>\n25:28<br \/>\nI can manage my interest rate. I\u2019ll give an example.<br \/>\n25:30<br \/>\nLet\u2019s say my interest rates a bit too high.<br \/>\n25:32<br \/>\nWell, I\u2019m going to take a chunk of money and go fund a life policy for some insurable interest.<br \/>\n25:39<br \/>\nAnd I\u2019m going to borrow against it within about a year or two.<br \/>\n25:41<br \/>\nI\u2019m going to take that high interest rate and offset it by return on capital, OK?<br \/>\n25:47<br \/>\nSo look at things in that, and that sense, OK.<br \/>\n25:59<br \/>\nWell, the floor is open. You guys can kind of direct the conversation.<br \/>\n26:07<br \/>\nDo I do, I need to tell another story, What\u2019s there?<br \/>\n26:10<br \/>\nThis? Video, but I just put a question in the chat, which I\u2019m not reading it over to you. Oh, I see some things down here, OK. All right, thank you. All right, privacy, OK.<br \/>\n26:22<br \/>\nYeah, that was just the, OK, That\u2019s an admin thing, I\u2019ll go check it out. I\u2019m not sure. I gotta go check it out. That\u2019s the the membership.<br \/>\n26:28<br \/>\nRight, Yes, yeah, I\u2019ll check that out.<br \/>\n26:32<br \/>\nIt was confusing when I received the e-mail, but then I didn\u2019t get on my to-do list, I really want to conclude what I started. Oh, absolutely, Yeah, OK. Yeah, we\u2019re putting a lot more content up there, too, So, I\u2019m gonna give it, start getting into things a little preview on the membership area.<br \/>\n26:47<br \/>\nWe\u2019re gonna talk about, I\u2019m bringing some people on that I\u2019ve never done before, because I believe we\u2019re gonna get into an area that is new to me, but I understand it to some extent, but I have to bring other people in with a lot more experience.<br \/>\n26:57<br \/>\nAnd they\u2019re going to be talking about how to place capital in what\u2019s called, let\u2019s say, a limited partnership.<br \/>\n27:03<br \/>\nSo, it\u2019s, like, maybe the term would be private placement, it\u2019s not exactly that, but placing, excuse me, placing capital.<br \/>\n27:11<br \/>\nWe\u2019re talking about $10 million and more into an asset where you don\u2019t have to be, you know, working at the asset. You know, it does not your job, right? It\u2019s literally passive income.<br \/>\n27:22<br \/>\nSo, we have people that we can, we can get on, and do interviews with. And so we\u2019re going to be talking about that. So, that\u2019s going to be in the ultimate membership area.<br \/>\n27:31<br \/>\nAnd that\u2019s where, yeah, I hear that. That\u2019s an administrative matter. But my real question is, in the very last sentence, Who should I contact? I mean, that was it.<br \/>\n27:41<br \/>\nIt was an e-mail from someone, OK.<br \/>\n27:44<br \/>\nHow do I do this? Right. So.<br \/>\n27:50<br \/>\nSo you want an EIN, Oh, wait. You just need to file with Arizona.<br \/>\n27:55<br \/>\nOh, you need a failure, your articles, I think you\u2019re reading something else, needs to be filed with the State of Arizona. No business, phone number, I guess. No, you don\u2019t have to do that.<br \/>\n28:08<br \/>\nWho\u2019s telling you that?<br \/>\n28:10<br \/>\nI\u2019m just going off of what you sent me.<br \/>\n28:13<br \/>\nYou said, My papers and there\u2019s no number business number to it, and I can\u2019t, I can\u2019t find myself on the State of Arizona Registry, hasn\u2019t been filer.<br \/>\n28:26<br \/>\nMmm hmm, OK, Greg Schwartzman help, guide me on that help from your knowledge of working with you before.<br \/>\n28:36<br \/>\nOK, I don\u2019t know how to answer you on that one.<br \/>\n28:41<br \/>\nI don\u2019t know, I\u2019d have to go look and I\u2019m not, I\u2019m not doing the call for that, but I will look at your notes here.<br \/>\n28:46<br \/>\nI understand, yeah, I know you\u2019re busy, you ever messaged you multiple times for the last 2.5 months try and get this done finally. Where did you send me a message?<br \/>\n29:01<br \/>\nAnd the crypto, telegram room, and direct messages.<br \/>\n29:06<br \/>\nOK, I\u2019m sorry, I haven\u2019t seen any, I\u2019m on like 15 different forums, I\u2019m sorry, I\u2019m senior.<br \/>\n29:13<br \/>\nI will look for it, though, I\u2019m sorry about that.<br \/>\n29:16<br \/>\nOK, thank you, John, mmm hmm, hmm, hmm.<br \/>\n29:18<br \/>\nJohn, this is Jeff, again, May I, I just need to understand, I was a member I paid 599, I let it lapse late last year. I wanted to get back in, is there an annual membership fee, and if so, in what amount and who do I contact now to get back?<br \/>\n29:34<br \/>\nIt is and it\u2019s privacy fight dot IO and you can renew there.<br \/>\n29:39<br \/>\nNow, the e-mail I got referred to 299 instead of 599. I wanna get I want to maintain it and re-establish full access, because that\u2019s how I registered at the highest level, right?<br \/>\n29:49<br \/>\nIs the option will be there, is that going to be 599 a year? Because that e-mail referred to 299. That\u2019s what, it was confusing to me. I don\u2019t know, I\u2019d have to say, I don\u2019t know what the e-mail as, I, again, I just, the purpose of my call here is not to talk about administrative access, I want to give you some money. So, I appreciate that. But, let me, Let me focus on the subject of the call.<br \/>\n30:10<br \/>\nI will definitely address this today, OK, and when they appreciate.<br \/>\n30:14<br \/>\nYeah, guys, I\u2019m sorry if it takes a while to get me. I try to answer everybody everywhere and sometimes I miss some, sorry about that.<br \/>\n30:24<br \/>\nAlright, so that\u2019s another reason why I\u2019m doing this.<br \/>\n30:29<br \/>\nSo, all right, don\u2019t know.<br \/>\n30:36<br \/>\nGo right ahead.<br \/>\n30:38<br \/>\nJoan, how are you? All right.<br \/>\n30:40<br \/>\nGood. Good.<br \/>\n30:41<br \/>\nWe spoke about a year ago, and Kryptos had been pretty good for me since then, so I\u2019m ready to go forward.<br \/>\n30:49<br \/>\nBut there\u2019s been a bit of a wrinkle here lately.<br \/>\n30:53<br \/>\nCan we talk about divorce, OK, let\u2019s, let\u2019s you know be OK if we\u2019re talking about the use of the like separating out the asset. right, Meredith, yeah, that\u2019s that\u2019s a lot of last-minute, yeah, There\u2019s a lot of crypto, there\u2019s a lot of rentals, there\u2019s a lot of equity. So, do we sell all the property or do we transfer?<br \/>\n31:13<br \/>\nUm, the rentals into an LLC, OK, there\u2019s 2 considerations 1 is we don\u2019t want to rob the marital community so I don\u2019t know exactly what the facts are and we can, we can talk about that. So, when I set up a structure for somebody, it\u2019s with the idea that it needs to be isolated from everything else, unless they tell me otherwise. Or unless there\u2019s a need. So, whenever I set it up, it\u2019s by default. It\u2019s going to be bulletproof, and by itself, and isolated, because sometimes I do this for people that are on disability, for example, or that are in a divorce. And they want to be able to isolate things from the marital community or from the disability benefits so that they can\u2019t get their benefits canceled or whatever.<br \/>\n31:50<br \/>\nUm, but yeah, that\u2019s the idea.<br \/>\n31:54<br \/>\nBut you have limitations, though, So I\u2019d have to know more about timing and it\u2019d be better to talk about that you know, off, you know, individually.<br \/>\n32:02<br \/>\nSure, sure. I\u2019d like to do that. So my my other question is?<br \/>\n32:07<br \/>\nI\u2019ve been violent taxes and finally, capital gains but the crypto for the last several years.<br \/>\n32:13<br \/>\nThis will be the last year to do it and I\u2019m assuming that you know, I wind down on all my personal Exchange accounts, create new accounts under the LLC, right. So wind everything back up underneath that name.<br \/>\n32:29<br \/>\nCorrect. Yes, you can do that.<br \/>\n32:32<br \/>\nOK, can I, can I keep my, can I keep my existing Exchange accounts and just rename them into the LLC?<br \/>\n32:38<br \/>\nIt depends on the exchange, from what I understand. They want you to open a separate account. I just do that.<br \/>\n32:44<br \/>\nYeah, I just learned the other day that Caleb Brown will let you upgraded or convert it. I think. I think they\u2019ll do that. Well See, I\u2019ve still got an ex. I\u2019ve been grandfathered into the old \u2026 dot com account, and I don\u2019t want to lose that because I think it\u2019s it\u2019s in my name. If I move it to the LLC, I\u2019ll probably get pinched. You will But keep it because a personal account is not a problem.<br \/>\n33:06<br \/>\nYou\u2019re not gonna create a tax liability, even if you have lots of trades in that, and that account even if you get a 1099. as long as you didn\u2019t sell for dollars.<br \/>\n33:14<br \/>\nYou\u2019re gonna be fine, Right, yeah, I\u2019ve never taken any Dollars or Fiat at all.<br \/>\n33:19<br \/>\nIt\u2019s just everything\u2019s just they\u2019re building up mm millimeter.<br \/>\n33:25<br \/>\nOK, yeah, yeah, we\u2019ll talk. If you want to shoot me an e-mail, I will look, I try to answer e-mail the earliest, and the latest, at the same time, so because I\u2019m, I\u2019m behind right now. So, I\u2019ll get OK. Well. Thank you.<br \/>\n33:47<br \/>\nWhoa, Alright. Anyone else?<br \/>\n33:51<br \/>\nYeah, do you hear me? Yes.<br \/>\n33:54<br \/>\nOK, my question is what do it, what is the advantage for me to open an LLC for Canada instead of just a business in Canada?<br \/>\n34:05<br \/>\nI would basically kind of the same.<br \/>\n34:09<br \/>\nWell, um.<br \/>\n34:11<br \/>\nYeah I know that the LLC here is not going to create a new tax liability for one.<br \/>\n34:16<br \/>\nYou can, you can divest your exclusive interest in the, whatever investment it is using an LLC here in the states, it\u2019s just that when you want to bring some money locally, you\u2019re gonna have to deal with a bank system there. Maybe you want to have a company there. You can also domesticate your LLC in Canada with your province.<br \/>\n34:35<br \/>\nThey\u2019ll let you registered as an extra Provincial company.<br \/>\n34:39<br \/>\nSo, you may get the same benefits there.<br \/>\n34:43<br \/>\nWhen I cash money out, if I want the trade like income, like yeah, like your salary, then I would pay the same tax. Would you would if you take money out as a salary, whether or not you\u2019re in the states or Canada. It\u2019s the same way. You\u2019re sure.<br \/>\n35:04<br \/>\nYeah, yeah.<br \/>\n35:08<br \/>\nIf you use a company like I\u2019m structuring it, you can actually it\u2019s not your asset.<br \/>\n35:13<br \/>\nSo that is the one benefit. It\u2019s isolated from your personal tax situation. Whatever that happens to be.<br \/>\n35:19<br \/>\nAnd then you can decide how you want to take the money out.<br \/>\n35:25<br \/>\nOK.<br \/>\n35:29<br \/>\nYeah. I thought I would do the same.<br \/>\n35:33<br \/>\nYou probably could. My guess is that you could, you could either domesticate an LLC there.<br \/>\n35:38<br \/>\nYou can probably create an LLC and they\u2019ll accept it if you domesticated.<br \/>\n35:45<br \/>\nI haven\u2019t done that yet.<br \/>\n35:47<br \/>\nBut looking at the roles, it looks like you can do that, OK. I\u2019ll check the rules. Yeah. Thank you. Yeah, Yeah.<br \/>\n35:54<br \/>\nAnd the alternative would be using partnership. It would be a limited partnership.<br \/>\n35:59<br \/>\nOh, yeah, OK. Yeah. Some, somebody, some in, in the US to partner with me.<br \/>\n36:06<br \/>\nYou could do it that way, but you can also be your own general partner, and limited partner, they let you do that as well.<br \/>\n36:11<br \/>\nWhat\u2019s the benefit of that?<br \/>\n36:12<br \/>\nWell, OK, you\u2019re gonna need a separate partner beside yourself to make this work, but you can strip the equity from the tax, from your, like whatever, Whatever amount of money is sent to the partnership, you can strip the value of it, the taxable value, and reduce it.<br \/>\n36:31<br \/>\nSo I\u2019m not, I haven\u2019t done that on every case. I\u2019ve done that a couple of times.<br \/>\n36:35<br \/>\nBut the easier way is just to use an LLC outside the country and then the portion that you\u2019re going to keep for yourself, just send it back to Canada.<br \/>\n36:43<br \/>\nThen anything else. You can literally go from cryptographic currency into an asset when you re-allocate.<br \/>\n36:50<br \/>\nYou can use escrow.<br \/>\n36:51<br \/>\nIf your escrow agent doesn\u2019t do this, we actually have one that will liquidate the coins for your escrow and send the money to your escrow so that you\u2019re not selling the coins.<br \/>\n37:01<br \/>\nI see. Yeah.<br \/>\n37:06<br \/>\nOK, thank you, that\u2019s a lot doing orange OK. Yeah, that\u2019s that\u2019s another thing too. I mean, I should mention that and then I\u2019ll get back to in a second.<br \/>\n37:14<br \/>\nI just want to mention, you can use escrow to go from an asset $2 and then to another Asset if that\u2019s the way you want to work it and, and if your escrow agent doesn\u2019t isn\u2019t doing that yet providing that service, it\u2019s just because the escrow agent doesn\u2019t understand yet that there\u2019s a whole market out there that he could, he could get into and to be an early provider in that service.<br \/>\n37:36<br \/>\nWe actually have the ability to liquidate your coins when you\u2019re putting him in escrow and we can deposit the coins into your escrow in dollars and you won\u2019t have sold them.<br \/>\n37:49<br \/>\nOK, OK, all right, well, all right, thank you. Yeah, sure thing.<br \/>\n37:56<br \/>\nGo ahead, Anna.<br \/>\n37:58<br \/>\nYeah, so her, her, her question actually reminded me of something. So, if we go ahead and do the, I think you and I were talking about doing a one in New Mexico, right?<br \/>\n38:07<br \/>\nYou\u2019re right.<br \/>\n38:09<br \/>\nAnd so, let\u2019s say, we\u2019ll go ahead and do that, and then I ended up leaving the country, for whatever reason.<br \/>\n38:16<br \/>\nOr, you know, six months or a year or whatever or more.<br \/>\n38:19<br \/>\nCan I keep it there, and or do I have to basically move it to the country that I\u2019m moving to?<br \/>\n38:25<br \/>\nYeah, the company, it can be registered anywhere on the planet.<br \/>\n38:27<br \/>\nIt doesn\u2019t matter where you are and thanks to technology and the way banks operate today.<br \/>\n38:32<br \/>\nYeah, you keep it New Mexico, you can go anywhere you want, and just log on to the Internet, You\u2019re probably never even gonna go to New Mexico.<br \/>\n38:39<br \/>\nRight, and what\u2019s really nice about New Mexico is they give you this PDF image of a certified copy of the articles, which is not a certified copy of the article.<br \/>\n38:49<br \/>\nIt is a copy of the certified copy, two different things. And, in years past, the banks would not accept that. Now they will.<br \/>\n38:58<br \/>\nSo that\u2019s kinda nice, so with New Mexico, when I finished the order, I can have, I can have that available, and just e-mail it to you. And then when you create your account, if they ask you for it, you just upload that document, and they\u2019ll accept it as if. it\u2019s the actual certified copy. OK, yeah, that\u2019s great. So, you\u2019re not bound by any geography, then.<br \/>\n39:16<br \/>\nYeah, you\u2019re not OK, Thank you.<br \/>\n39:29<br \/>\nHi, John. I have a question.<br \/>\n39:31<br \/>\nYep, I currently have some crypto assets and in my name and I and I formed a corporation with you and What\u2019s the best way to get them now into the corporation?<br \/>\n39:44<br \/>\nAre they in an exchange?<br \/>\n39:46<br \/>\nKnow they\u2019re just in hard wallet on my computer I\u2019ve done everything through hard wallets. I haven\u2019t I\u2019ve only used an Exchange to Transfer Fiat into a stable coin. Sure, OK, The only reason to move them really is if you\u2019re going to exchange them on a platform. Where are you going to liquidate them for dollars?<br \/>\n40:02<br \/>\nAnd then you would just go from your, let\u2019s say your Bitcoin wallet on, your Hard wallet to your Bitcoin wallet at the, at the Exchange, just move them.<br \/>\n40:12<br \/>\nOK, so as I\u2019ve done is because I was under the impression that the safest place to keep my kryptos was in my own possession versus storing them as at an exchange. Can you speak about that? Yeah, if that\u2019s how, you know, however you decide that, the most secure way to manage your kryptos. Yeah, it might be a hard wallet. And if that\u2019s the case, Well, then it\u2019s in your possession.<br \/>\n40:36<br \/>\nThere\u2019s no, there\u2019s no really need to title your hard walad contents in a company.<br \/>\n40:43<br \/>\nOK, the only reason I would do that, it would be, let\u2019s say I\u2019m trying to, I\u2019m trying to get some financing, Right, and maybe I need something on my balance sheet.<br \/>\n40:54<br \/>\nSo then, I would take some gold and maybe some Bitcoin and I would put it on the balance sheet and then maybe the other party needs to see it somewhere right, like a custodian.<br \/>\n41:05<br \/>\nOther than that, I don\u2019t see any need to identify your hard wallet or your gold coin in your sock drawer, as being owned by your company, nobody cares and where do you register that.<br \/>\n41:14<br \/>\nYou know, there\u2019s no third party custodianship, like with an exchange.<br \/>\n41:20<br \/>\nOK, then my next question to wrap this up would be that if I set up an account with Caleb and Brown, do I want to leave my purchases there or do I want to bring them on to my Hartwell and I would be setting up that account under my corporations name.<br \/>\n41:40<br \/>\nThere, it\u2019s, it depends on the use of your money.<br \/>\n41:45<br \/>\nWhy are you doing that, I mean, use it, however you see fit.<br \/>\n41:50<br \/>\nI don\u2019t know why, why you do either way.<br \/>\n41:55<br \/>\nThey\u2019re both ways of holding your money. What is your purpose?<br \/>\n41:59<br \/>\nThat\u2019s what I\u2019m trying to look. I\u2019m just trying to learn my way through this. So what\u2019s more secure? I mean, if some people don\u2019t feel comfortable having a third party.<br \/>\n42:10<br \/>\nHold the coins, So if you don\u2019t then, you want to use a hard wallet.<br \/>\n42:17<br \/>\nSo it just depends on how you want to store your money, just like anything else.<br \/>\n42:22<br \/>\nThank you, OK.<br \/>\n42:30<br \/>\nAnd, I think, Terry, you want to ask something?<br \/>\n42:32<br \/>\nYeah, just going back to where you were talking about net qualified escrow agent.<br \/>\n42:36<br \/>\nNow, I know you\u2019ve mentioned in the past that you have access to a qualified escrow agent, is that still true?<br \/>\n42:43<br \/>\nSo if we, when we get to that point when we need one, just contact you and you can put us in touch with someone. That\u2019s correct. Yes. And my suspicion is that while we can do it, we\u2019re gonna do it for, you know, For as long as we have a market there, I think there\u2019s a big market for it. And it\u2019s standard industry fees, rates, whatever. Probably after this year, escrow agents are realized that they\u2019re missing out on a big chunk of the market so you\u2019re eventually going to find a lot more agents that can do it.<br \/>\n43:09<br \/>\nOK, yeah, All right, hmm, hmm.<br \/>\n43:21<br \/>\nAre we out of questions?<br \/>\n43:22<br \/>\nI know, have one question.<br \/>\n43:25<br \/>\nUm, no accompany, you have to have a reason for it, like you can\u2019t have, can you as a company, with everything in it, like yeah, investment company, trading company, but everything in it. And how do you justify buying a garden? Like, for example, that\u2019s an example.<br \/>\n43:46<br \/>\nWell, I can register a company then.<br \/>\n43:50<br \/>\nAnd I can say that it\u2019s organized for all lawful purposes.<br \/>\n43:53<br \/>\nAnd that\u2019s legally sufficient.<br \/>\n43:55<br \/>\nI can then do whatever I want with it. I can also register a company.<br \/>\n43:58<br \/>\nSo that\u2019s telling them nothing. That\u2019s, that\u2019s disclosing, that it\u2019s just a company.<br \/>\n44:03<br \/>\nI didn\u2019t say that it\u2019s going to be doing anything as you can do anything at once is what I said, OK, Yeah, if you announce a company, if you announce the existence of a business, whether it\u2019s registering with your state or government, or publishing in the newspaper, or announcing it in some way, and then you operate that way, remember, a company is the name of an association.<br \/>\n44:22<br \/>\nWhat is your association?<br \/>\n44:24<br \/>\nMaybe the association has a purpose, and maybe it doesn\u2019t.<br \/>\n44:28<br \/>\nBut there\u2019s no rule that says it has to have a purpose.<br \/>\n44:32<br \/>\nI have a purpose, when I\u2019m doing one, but I can just set up a company, I know people that set up companies and then sell them a year later, as a shelf company.<br \/>\n44:40<br \/>\nI mean, I guess that\u2019s the purpose.<br \/>\n44:43<br \/>\nBut I know, I know, they want to ask, like, if I do want to Pennsylvania, it\u2019s not good enough for me to say it\u2019s for all alpha purposes. They wanna know what\u2019s more, that\u2019s why you see a lot of my registrations. You\u2019re gonna see that ice I put in there that, for all lawful purposes. And including, but not limited to investing in real estate.<br \/>\n44:58<br \/>\nBecause real estate is kind of a nice backstory that you can tell anybody and it\u2019s very easy to talk about And it really ends a conversation because it could be boring Yeah, it\u2019s really not, It\u2019s not really someone else\u2019s business. Unless it\u2019s your partner.<br \/>\n45:10<br \/>\nYou know, your business partner.<br \/>\n45:12<br \/>\nYeah, OK, Thank you.<br \/>\n45:15<br \/>\nOK, Yep.<br \/>\n45:21<br \/>\nAll right, you know, when I when I, when I talk to you guys individually, you have way more questions. And you\u2019re asking me now 1 1 person at a time. So don\u2019t be, don\u2019t be shy.<br \/>\n45:31<br \/>\nQuestion, can you hear me? Yes.<br \/>\n45:33<br \/>\nSo like if I have like a block phi and its corporate and then I wanna I\u2019m limited to like the amount of coins I could use my wife\u2019s exchange which personal can I moved back from corporate to personal and then corporate, the coin Yeah, yes. You can coin to coin account to account husband a wife sure.<br \/>\n45:55<br \/>\nThat does not change beneficial interests. It doesn\u2019t create a tax liability.<br \/>\n46:01<br \/>\nYeah, yeah. I mean really.<br \/>\n46:05<br \/>\nGoing from coin wallet to coin wallet really doesn\u2019t create a tax liability either because again, there\u2019s no I mean, it\u2019s technically, it\u2019s a barter and technically, the IRS will ask you to report it in terms of dollars, but it\u2019s not reportable Unless You\u2019d report it that way.<br \/>\n46:25<br \/>\nSo, yeah, I mean, but what\u2019s kind of nice is, what happens if I transfer some coins to my son?<br \/>\n46:31<br \/>\nWell, my son lives with me, so I\u2019m not really leaving the household, so the beneficial interest still remains the same Because he\u2019s he\u2019s not old enough to, you know, enter two agreements himself.<br \/>\n46:43<br \/>\nSo, I would think that anyone who\u2019s in your household, that you transfer it to, is not going to change beneficial interest.<br \/>\n46:55<br \/>\nAny hypothetical examples?<br \/>\n46:58<br \/>\nBeneficial interests, estate planning.<br \/>\n47:04<br \/>\nWhat about when I set up a company?<br \/>\n47:06<br \/>\nAnd something happens to you as a, as you all, always tell me, what happens if something happens to me? And I always ask what that?<br \/>\n47:14<br \/>\nWhat might that be Getting lost at sea, falling into a coma?<br \/>\n47:19<br \/>\nUh, you know, whatever Dieing, what you want to do is, because you\u2019re going to a lot of trouble to build up a structure to manage, let\u2019s call it your treasure, and maybe you want your children or someone else to benefit when you no longer need that treasure.<br \/>\n47:35<br \/>\nYou want to, in my opinion, you want to bring them on board to that. You want to involve them in some way, so they understand what it is, where it came from, have some appreciation for it, and and also know how to use it. Just like if, if you gave someone a helicopter for his birthday, chances are most people, you know, don\u2019t know how to fly a helicopter.<br \/>\n47:50<br \/>\nSo how would you really do that?<br \/>\n47:52<br \/>\nWell, you would say, Hey, Joe, next year, I\u2019m gonna give you a helicopter for your birthday. Here\u2019s a manual on how to fly a helicopter. Would you like one, you know? And then Joe can learn how to use the helicopter. So when I give it to him, he\u2019s not going to kill himself, or somebody else.<br \/>\n48:05<br \/>\nSo so when you set up a company, it is made as my intent that the access to the treasure that it\u2019s holding can be passed on simply by passing on the access to the company.<br \/>\n48:20<br \/>\nAnd the credentials, Simple version of that, one million dollars in the bank of the LLC, in the bank account.<br \/>\n48:27<br \/>\nAnd I\u2019m dead.<br \/>\n48:28<br \/>\nAnd my kids go in my personal effects and they look in the book I have in the vault.<br \/>\n48:33<br \/>\nAnd it says, here\u2019s the login and user ID for the bank account, right?<br \/>\n48:37<br \/>\nOr there\u2019s my favorite book that I was reading before I died. And as a bookmark that I always use is a blank check for that LLC account.<br \/>\n48:47<br \/>\nAnd they pulled the blank check out.<br \/>\n48:49<br \/>\nIt\u2019s not even signed and they write out. They can see online how much money\u2019s in there. They write out a check and clear the funds somewhere else.<br \/>\n48:57<br \/>\nThey forge my name on the check.<br \/>\n48:59<br \/>\nAnd done deal, now they have access to the money, it\u2019s that simple.<br \/>\n49:03<br \/>\nSo, what, yeah.<br \/>\n49:06<br \/>\nWhat\u2019s that, I said, would you repeat this? Yeah.<br \/>\n49:10<br \/>\nWhat I\u2019m what I\u2019m suggesting as a way to make the transition of the user access to your wealth you\u2019re creating with your company seamless with your heirs.<br \/>\n49:21<br \/>\nAnd the most effective is to do it with credentials, credentials meeting, like if my wife was assigned for a company that I create and then she\u2019ll say, oh, by the way, here\u2019s the access code to the bank account. And so when I want to use the company, she\u2019ll never use the company. I\u2019ll just go in User Access, Kono login, and I\u2019ll do my transactions, but she\u2019s the signer on the account. Nobody cares.<br \/>\n49:44<br \/>\nWe, we have, we have credentials there that we can pass around.<br \/>\n49:49<br \/>\nSo you would use those credentials. So that way, let\u2019s say both of us disappeared.<br \/>\n49:54<br \/>\nWell, then, we want our children to be able to access that. Well, they would know how to do that. They may not have the credentials, but they know where to get them.<br \/>\n50:03<br \/>\nSo I don\u2019t, I don\u2019t have to go through probate. I don\u2019t need to put my children\u2019s names on anything. I don\u2019t even need to put my name on anything. I need one person\u2019s name.<br \/>\n50:12<br \/>\nI know, that sounds simple. It\u2019s simplified, but there\u2019s a lot more to it, but I just want to introduce that concept to you.<br \/>\n50:19<br \/>\nYeah, mm, hmm. Yeah. It\u2019s very diplomatic.<br \/>\n50:22<br \/>\nNeed a dictionary. Thank you.<br \/>\n50:24<br \/>\nOK, and Terry?<br \/>\n50:31<br \/>\nDid you have a question, Terry?<br \/>\n50:34<br \/>\nYeah, let me see, yeah.<br \/>\n50:38<br \/>\nOh, here we go. If I\u2019m off topic here, so if somebody wants to go off of what you were talking about, I can wait. Sorry.<br \/>\n50:47<br \/>\nGood, so, I can throw at me when he got OK.<br \/>\n50:51<br \/>\nSo, all right.<br \/>\n50:53<br \/>\nSo, I know you\u2019ve talked about not having different assets in the same LLC, so right now we have an LLC, crypto trust with you, and looking at, down the line, having a couple of different rental properties.<br \/>\n51:09<br \/>\nSo, I\u2019m assuming I should have those in a separate LLC and then a business.<br \/>\n51:17<br \/>\nSo, I guess my question is, is how do I set those up?<br \/>\n51:21<br \/>\nIs it going to be exactly the same as what I have now, the LLC Crypto Trust, just doing another one of those, four, the business, and another one of those to keep, let\u2019s say, three proper rental properties in.<br \/>\n51:36<br \/>\nOK, give an example, And that\u2019s what you\u2019re, What you\u2019re talking about is investment, real estate, let\u2019s call it single family residential, so you\u2019re going to buy and rent out to somebody then another one is a business, so let\u2019s say it\u2019s a restaurant.<br \/>\n51:49<br \/>\nso definitely I would have two different companies and it\u2019s OK operating agreement.<br \/>\n51:55<br \/>\nI mean I would I don\u2019t need the part about the blockchain trust, I mean, I liked the idea of the PMA as the owner, you don\u2019t have to do it that way. If you have a real partner, you can make them the you can you can have you yourself and their partner, OK.<br \/>\n52:07<br \/>\nOr you can create an association an unincorporated association between yourself and your partner and named that as the owner of the LLC, So Yeah.<br \/>\n52:16<br \/>\nDifferent companies, for two different types of assets, OK, and then how do you, how do you register it, so let me give you a couple ideas.<br \/>\n52:29<br \/>\nOK, so, I would probably not have one LLC for every piece of real estate in the same market, that\u2019s the same kind of property, like if I bought an apartment complex, I\u2019d probably have one LLC for that and I got three single family residential. I would use one LLC for those three.<br \/>\n52:47<br \/>\nOK, another way to do it, and I know some of you are familiar with using a series, LLC, you know, ages, just on the fly, you can just create another LLC by naming it.<br \/>\n52:56<br \/>\nAnd then it\u2019s part of the, the main, original, LLC.<br \/>\n53:03<br \/>\nI\u2019m familiar, OK. Explain. Yeah, a series just is, is a convenient way for investors to do what you just described?<br \/>\n53:10<br \/>\nTo have a company, and then, for each asset, to definitely set up a different LLC without registering with the state.<br \/>\n53:19<br \/>\nEvery time the state charter says, it created a way to do a series of LLCs within that first LLC, so that it can do what you just said, have one LLC.<br \/>\n53:35<br \/>\nOK, so, I don\u2019t have to register with the state, so, then, is the only way I\u2019m keeping track of them being separate is just in the accounting area. Yeah. Yeah. And that\u2019s important because if it\u2019s something you\u2019re going to be, Yeah, you want to, each series, LLC, depending on how it\u2019s written and I don\u2019t specialize in that. I can find out information.<br \/>\n53:53<br \/>\nIt\u2019s very simple to do this, but you have certain benefits on how you, you write up each operating agreement, but let me, I\u2019ll give you my version of this.<br \/>\n54:03<br \/>\nIt\u2019s the same as a series LLC, but what I do is, I use the address of the property as the name of the company.<br \/>\n54:10<br \/>\nSo, for every piece of real estate, I\u2019d just call it, you know, 123 Elm Street, 12 56, Elm Street, LLC, right.<br \/>\n54:19<br \/>\nAnd I do not register that company.<br \/>\n54:22<br \/>\nIt\u2019s just a name, OK.<br \/>\n54:25<br \/>\nThe reason being is that it\u2019s a company, if I say it, is, if I need it to be registered somewhere, I can simply do that. And chances are, no one\u2019s using that name because it\u2019s an address. It\u2019s a street address. So it\u2019s likely going to be available.<br \/>\n54:38<br \/>\nYeah. So, so I do that for convenience and saving money and time. So, I don\u2019t want to have to create a name every time, and I want to keep track of stuff.<br \/>\n54:45<br \/>\nSo, my asset literally is the name of the asset.<br \/>\n54:50<br \/>\nIt\u2019s so it\u2019s easy and I don\u2019t have to register it, and I don\u2019t have to file returns for it.<br \/>\n54:57<br \/>\nIf I\u2019m collecting rental income, then I want to have one company that manages the cash flow from all my real estate investments.<br \/>\n55:05<br \/>\nSo, my real estate holdings are titled in whatever company or companies or grouped however I want to do it. And none of those get any money, so that means when I do an LLC for a property or a trust, I don\u2019t need a tax number for it.<br \/>\n55:18<br \/>\nI just need to hold the title.<br \/>\n55:20<br \/>\nAnd then when the money comes in, it gets paid over to my other company and one company handles all the accounting.<br \/>\n55:26<br \/>\nIt\u2019s much more simple to do it that way.<br \/>\n55:30<br \/>\nOK, I think I followed.<br \/>\n55:34<br \/>\nI can give you more examples.<br \/>\n55:36<br \/>\nYeah, do.<br \/>\n55:37<br \/>\nplease, There\u2019s Yeah, I mean, the name of the prompt, the title holder, is simply established by quitclaim deed.<br \/>\n55:45<br \/>\nSo if I if I\u2019m buying a property and I\u2019m gonna go, I\u2019m gonna buy it in my name, I\u2019m going to make the offer and my name and then a week before the closing, I\u2019m gonna say, Oh, I\u2019ll make sure we, I\u2019m going to make sure that its title in the name of 123 Elm Street LLC.<br \/>\n56:00<br \/>\nAnd they\u2019ll say, OK.<br \/>\n56:01<br \/>\nWell, OK, yeah.<br \/>\n56:02<br \/>\nOh, I can roll it out, and nobody cares, OK? So they don\u2019t even check to see if it\u2019s registered or ask, where does it?<br \/>\n56:10<br \/>\nIt doesn\u2019t matter if it\u2019s registered, but, yeah, they will check and they will ask and then say, look, it\u2019s a company.<br \/>\n56:15<br \/>\nDo your job, or get someone else to do it. And, you know, that sometimes we have to know that we\u2019re gonna deal with, hey, yeah. So don\u2019t be intimidated by other people. if you have chosen a way to manage risk a certain way you\u2019re the boss, OK? Because you have all the liability and some attorney can\u2019t tell you what to do. I\u2019ve had so many attorneys trying to push my client around and they\u2019ll call me back. The kinds of the attorneys said, I have to do this.<br \/>\n56:40<br \/>\nAnd I\u2019ll say, look, you\u2019re the boss, It\u2019s your money. He\u2019s working for you.<br \/>\n56:44<br \/>\nAnd just because he went to law school doesn\u2019t mean he\u2019s your boss, and you tell them, know, 1, 2, 3, and they always do what they\u2019re supposed to do, or they get fired.<br \/>\n56:53<br \/>\nYou don\u2019t need them.<br \/>\n56:54<br \/>\nSo, uh, yeah, you can use the name of a company to own the title, to real estate, and if for some reason, let us say when you go to sell it, maybe you have, maybe you want to deal with the revenue this way, you want you want to sell it three years from now. And there\u2019s some money that come into the owner, which is the LLC then you would go on and register the company.<br \/>\n57:19<br \/>\nWherever you can put it, in any state, you want, OK, Other states don\u2019t like this.<br \/>\n57:24<br \/>\nBy the way, agents don\u2019t like this, and attorneys do not like this, but they have to deal with it because it\u2019s your choice, OK.<br \/>\n57:32<br \/>\nThen, you get a bank account for it, and you could do that quickly.<br \/>\n57:37<br \/>\nRight, at the closing, you\u2019ll get a check, or a wire transfer, and then the funds are cleared.<br \/>\n57:43<br \/>\nand you move on.<br \/>\n57:45<br \/>\nThat\u2019s one example.<br \/>\n57:46<br \/>\nNow, sometimes you can pay the funds out.<br \/>\n57:48<br \/>\nI don\u2019t wanna get too far out, but it doesn\u2019t have to be so cumbersome that every time you deal with an asset, you\u2019ve got to do a new LLC.<br \/>\n57:57<br \/>\nYou could use one. I use one LLC, I\u2019ve been using it for years. It\u2019s, it\u2019s managed millions of dollars, it\u2019s expired, it\u2019s been like that for probably 16 years or 17 years.<br \/>\n58:08<br \/>\nExpired charter from day one. I never renewed it.<br \/>\n58:13<br \/>\nNever had a problem, I\u2019ve never needed a new bank account. If I need a new bank account, I\u2019d have to go register one in a different state, because I\u2019m not going to pay all the fees. You know.<br \/>\n58:21<br \/>\nIt\u2019ll be, like, thousands of dollars, OK. Yeah.<br \/>\n58:24<br \/>\nSo, that one LLC, then, you\u2019ve used for multiple real estate business, Yeah. Different businesses use it for many, many ratio mm while, I mean, to me, that makes life a **** of a lot of, Yeah.<br \/>\n58:37<br \/>\nIt\u2019s just literally, go get one of those paper ledger books from Barnes and Noble, and keep a list on paper. That\u2019s why I like do. I keep a list on paper of things. I do like that.<br \/>\n58:49<br \/>\nAnd I keep in a fireproof back sometimes I put it in the vault.<br \/>\n58:53<br \/>\nSometimes, I\u2019m too lazy to put it in the vault, but, you know, I just I just keep in a fireproof bag, and I literally, you know.<br \/>\n59:00<br \/>\nI like to keep track of things like that on paper. I like to see and carry it around. I don\u2019t want to turn my computer on.<br \/>\n59:06<br \/>\nSometimes. that\u2019s a, that\u2019s how I am, too. Yeah, yeah. So, Yeah, so, So this doesn\u2019t have to be some onerous thing. Oh, my gosh. I\u2019m going to buy an asset.<br \/>\n59:15<br \/>\nYou, know, put things together that have similar risk, and and then group others, you know, group A group at apart.<br \/>\n59:27<br \/>\nYeah.<br \/>\n59:28<br \/>\nIt\u2019s kind of like a guess. I mean, what has what has similar risk? I don\u2019t know.<br \/>\n59:32<br \/>\nI mean, if I buy two single families in my neighborhood to run them out somewhere in my neighborhood, that\u2019s different than neighborhood a few miles away, where mostly there\u2019s bars on the windows, right?<br \/>\n59:46<br \/>\nSo without even me checking, there\u2019s the higher there\u2019s a higher crime rate, right?<br \/>\n59:50<br \/>\nSo, I might have even a different insurance contract on those things, so, I probably would use a different company.<br \/>\n59:57<br \/>\nYou know, I\u2019d probably separate that risk out a little bit.<br \/>\n1:00:00<br \/>\nOK, yeah.<br \/>\n1:00:01<br \/>\nAll right, Thank you. All right.<br \/>\n1:00:10<br \/>\nNotice on script that, that you\u2019re not supposed to when you open up a bank account, You\u2019re not supposed to give your Social Security number made. The mistake of Giving them my Social Security. Oh, no. That\u2019s OK. You have to.<br \/>\n1:00:24<br \/>\nThey\u2019re not going to show you. Yeah, It\u2019s a good job.<br \/>\n1:00:32<br \/>\nYeah. What\u2019s that, Karen?<br \/>\n1:00:39<br \/>\nIt sounds like you\u2019re breaking up there.<br \/>\n1:00:43<br \/>\nJohn.<br \/>\n1:00:44<br \/>\nI was asked with a score agent when they transact for you.<br \/>\n1:00:54<br \/>\nDoes that get registered?<br \/>\n1:00:57<br \/>\nThe escrow agent is going to reports to the IRS.<br \/>\n1:01:01<br \/>\nThey are mm.<br \/>\n1:01:04<br \/>\nThat\u2019s why we\u2019re doing this similar way an exchange.<br \/>\n1:01:07<br \/>\nYeah, whatever information you give for a transaction is going to get reported. So what we\u2019re doing is controlling the way it\u2019s being reported.<br \/>\n1:01:17<br \/>\nSo what I guess what? Debbie, what\u2019s the benefit of using the NetSquared?<br \/>\n1:01:23<br \/>\nWell if you could do it yourself. With the loan, OK. Escrow is a good way to really protect yourself because it\u2019s a, it\u2019s a neutral way to pool all the money for the down payment. The terms of the contract to sit at the table, negotiate final things. Like real estate is a great example.<br \/>\n1:01:41<br \/>\nI mean I\u2019m an escrow on a deal and I have the property inspected and I do my due diligence and maybe I might want to change a term or something in the contract.<br \/>\n1:01:53<br \/>\nYou know, so while it\u2019s an escrow I can do that, everything is pulled in a third party, a neutral party, so we have to perform. So, the neutral party makes it to where both parties have to do what they say.<br \/>\n1:02:08<br \/>\nRight?<br \/>\n1:02:08<br \/>\nLike, for example, I ever see these, um, you see these movies where they do the drug deal and the guy with the suitcase in the cache and the other guy with the drugs, you know, and they\u2019re going to shoot each other stuff. You know, if you don\u2019t have escrow, you got that. Turn out to OK. I mean, I know countries that don\u2019t have ESCO countries.<br \/>\n1:02:31<br \/>\nI\u2019ve been in other countries before and they\u2019re like, what\u2019s that?<br \/>\n1:02:34<br \/>\nYou know, like, Oh gosh. Yeah.<br \/>\n1:02:38<br \/>\nYou have to re-invent the wheel there.<br \/>\n1:02:41<br \/>\nSure, you don\u2019t have a concern with that. But what do you think about the I think it was Homeland Security Partner.<br \/>\n1:02:47<br \/>\nIt\u2019s cashier.<br \/>\n1:02:49<br \/>\nFor crypto. Just for reporting.<br \/>\n1:02:53<br \/>\nWhatever. party forever, it\u2019s just a sales pitch.<br \/>\n1:02:58<br \/>\nYou guys got, or, I saw that article about, It\u2019s good. Yeah, and everybody has to ask me. And I go, yeah. Well, nothing\u2019s changed. It\u2019s just another sales pitch, Nothing\u2019s changed.<br \/>\n1:03:10<br \/>\nIt\u2019s funny, yeah.<br \/>\n1:03:13<br \/>\nYeah, on the signer of an account, I mean, this is how we have it. I mean, ever since 2000 around there, you have to give an SSN, or at least a credit phone number to be a signer on an account. There\u2019s a lot of reasons for that.<br \/>\n1:03:28<br \/>\nIt\u2019s a way for the banks to help each other out. So, let\u2019s say you owe the bank some money for like some fees.<br \/>\n1:03:33<br \/>\nYou didn\u2019t pay, like some bounce checks or something, and you go to it\u2019ll, it\u2019ll get tagged your signature, it\u2019ll get tied to your name and a database called Check systems.<br \/>\n1:03:41<br \/>\nAnd check system is like Equifax Check System is under the Fair Credit Reporting Act. But people don\u2019t normally talk about it until you have $100 fee, you owe the other Bank, right?<br \/>\n1:03:52<br \/>\nAnd then the new bank says, oh, well, we can\u2019t open your account to pay this other bank. So that\u2019s one reason why they do it. But they also want to collect your ID, because whatever you give the bank, they can they can give to whomever.<br \/>\n1:04:03<br \/>\nSo everyone\u2019s a suspect in money laundering.<br \/>\n1:04:05<br \/>\nThat\u2019s another reason to get your, you\u2019re identifying information, but that doesn\u2019t mean you have a tax liability.<br \/>\n1:04:12<br \/>\nNow, you know, even if you apply for an EIN, and use your SSN in the application.<br \/>\n1:04:18<br \/>\nThat doesn\u2019t create a tax liability. Everybody goes, yeah, but it\u2019s connected to its tag. It\u2019s tied to, no, it\u2019s not.<br \/>\n1:04:25<br \/>\nIt\u2019s, it\u2019s when the person is the account holder and gets it, 10, 99, for example.<br \/>\n1:04:32<br \/>\nThat\u2019s when there\u2019s a concern about if something should be reported.<br \/>\n1:04:38<br \/>\nOK, just talks about Skype, OK.<br \/>\n1:04:43<br \/>\nWhere do they say it on Skype?<br \/>\n1:04:47<br \/>\nAm I going to put someone there to scare everybody?<br \/>\n1:04:52<br \/>\nThey put a note, like, Oh my gosh, did you guys hear the latest? Like, what?<br \/>\n1:04:57<br \/>\nYou know, there\u2019s no reason to be afraid of the IRS. Just be pragmatic and don\u2019t lie to them.<br \/>\n1:05:03<br \/>\nYou\u2019ll be fine.<br \/>\n1:05:04<br \/>\nI mean, I\u2019ve got cases right now where, it\u2019s so shocking.<br \/>\n1:05:08<br \/>\nThey are the biggest liars ever.<br \/>\n1:05:12<br \/>\nThey will falsify records, it\u2019s, it\u2019s nuts.<br \/>\n1:05:15<br \/>\nBut when you do it to them, you know, you\u2019re in big trouble, so.<br \/>\n1:05:26<br \/>\nJohn? Yes.<br \/>\n1:05:28<br \/>\nOh, OK, Well, here I have a question on the same. what you just said about Be Pragmatic, and don\u2019t lie to them.<br \/>\n1:05:39<br \/>\nSo, here\u2019s a little story. I sold in 2020.<br \/>\n1:05:46<br \/>\nSomething at 7000 \u2026<br \/>\n1:05:50<br \/>\n5000 on Gemini in the dollars.<br \/>\n1:05:54<br \/>\nAnd I have this dilemma right now, because if I, if I report that, then they will star two.<br \/>\n1:06:04<br \/>\nThey, they, then, they will ask me to show other record switches, a lot of other trades, uh, between the kryptos, who\u2019s going to ask that?<br \/>\n1:06:18<br \/>\nThe IRS?<br \/>\n1:06:21<br \/>\nAh!<br \/>\n1:06:22<br \/>\nI ask that if they do the audience, right, if if I say sure, they can they could subpoena the record sure, and they could run the software. Yes.<br \/>\n1:06:33<br \/>\nSo, so, they us now, to say yes or no, on there, and that\u2019s my dilemma right now, because it\u2019s only seven KM Crockett, five K and Gemini.<br \/>\n1:06:47<br \/>\nBoth of this exchanges said that they will not report.<br \/>\n1:06:53<br \/>\nIt\u2019s your responsibility if you want to report, OK. I, I do it like this. I get this question a lot. So, I suggest that if you get a 1099 for those transactions, then say yes.<br \/>\n1:07:08<br \/>\nIf you don\u2019t, then say, no, mm, if they\u2019re not gonna get notified, then say no, if you\u2019re losing sleep every night because you said no, then say, Yeah, Yeah. Keep in mind.<br \/>\n1:07:23<br \/>\nThat is not a financial question.<br \/>\n1:07:25<br \/>\nThat does not lead to a tax liability and you can still be audited anyways and they could run the software and they could say, well, you should have told us this, and then you would end up in a situation where, This is what I do when I get a 1099 from someone\u2019s got 1099 because it trades mm, they didn\u2019t take dollars out.<br \/>\n1:07:42<br \/>\nI write a letter to the IRS and get them corrected.<br \/>\n1:07:44<br \/>\nSo, if the IRS does an audit, you would just do the same thing because between coins is not taxable mm, they can say all they want. They can even send you a bill for underreporting.<br \/>\n1:07:53<br \/>\nAnd then I would take that and send a letter to the secretary of the treasury and say, look, this is erroneous because the beneficial interests did not change.<br \/>\n1:08:05<br \/>\nThere was an article in somewhere around Internet, said that if you say no, but you actually sold some, then it says criminal activity could be either. It could be, the penalty is five years in prison for lying on a 10 40, and they could say that.<br \/>\n1:08:28<br \/>\nHmm, hmm, hmm, hmm, yep, So that\u2019s, I\u2019m saying, it\u2019s, you know.<br \/>\n1:08:32<br \/>\nIt\u2019s a risk, I seriously doubt, that would be in a penalty imposed on you, and let\u2019s say, I want to try to make an example out of somebody.<br \/>\n1:08:39<br \/>\nI haven\u2019t seen it yet. So I think, you know, here\u2019s what\u2019s going to happen, I\u2019ve seen so many, literally thousands of IRS cases, literally, and they only want money.<br \/>\n1:08:52<br \/>\nAnd lots of times they want more than they\u2019re entitled to, but uh, they just want money.<br \/>\n1:08:56<br \/>\nSo what they will be happy to send you is an adjusted tax return examination changes notice and underreporting notice and penalties, that\u2019s all they care about, because they want to use that to take your money.<br \/>\n1:09:10<br \/>\nMillimeter, hmm? And so, they\u2019ll take anything that\u2019s, you know, that\u2019s in your name, but they can have access to. Let me give you guys an analogy.<br \/>\n1:09:19<br \/>\nSo, let\u2019s say I trade litecoin and bitcoin, and I did that for three months. And then, if I evaluate the dollars before, and after, let\u2019s say, my dollar value double. So, now I have twice as much dollar value from just going from litecoin and bitcoin, because I got lucky. And I, you know, I did my thing. All right, So.<br \/>\n1:09:39<br \/>\nLet\u2019s say that the profit is 100% I doubled my principal. And presumably, I owe a tax on it.<br \/>\n1:09:47<br \/>\nSo how would I pay the tax?<br \/>\n1:09:49<br \/>\nI paid dollars, right?<br \/>\n1:09:51<br \/>\nThat\u2019s on my account until it tells me, I tell my accountant, but I don\u2019t have dollars.<br \/>\n1:09:58<br \/>\nAm I required to go get some dollars, so I can pay that tax?<br \/>\n1:10:03<br \/>\nYes.<br \/>\n1:10:05<br \/>\nNo, I\u2019m not.<br \/>\n1:10:06<br \/>\nThat\u2019s right.<br \/>\n1:10:09<br \/>\nSo.<br \/>\n1:10:12<br \/>\nThis just so happens that most people have dollars, you know, and they don\u2019t give it much thought, but this tells you that it\u2019s not the coin that\u2019s taxable. It\u2019s the dollars that are taxable.<br \/>\n1:10:21<br \/>\nThis is what tells you this.<br \/>\n1:10:22<br \/>\nIt\u2019s just logical And Now if they sent me a bill and said We would love to have some Bitcoin because Over the last couple of years, We enacted new legislation and adopted a new set of rules. And then you can see it\u2019s published in the Federal Register, and it was open to public debate. And we adopted a new law that says you can pay your taxes in Bitcoin if that were to happen.<br \/>\n1:10:42<br \/>\nForget what? I just said mm, hm.<br \/>\n1:10:45<br \/>\nIt might happen that way, in fact.<br \/>\n1:10:47<br \/>\nI think we are heading to that point, and I think what\u2019s going to happen is I think the whole reason for the blockchain and that technology is so that we can be taxed not on our financial income, but on something that\u2019s Just as measurable. It has a similar metric and that would be human activity. They want to taxes for human activity.<br \/>\n1:11:09<br \/>\nThat\u2019s what Bitcoin and crypto there is all about for them they created it.<br \/>\n1:11:13<br \/>\nOK make no mistake Satoshi Nakamoto is JP Morgan and China it\u2019s not some guy. And I believe they want a tax not only not your income.<br \/>\n1:11:23<br \/>\nThey want to tax your production of carbon because it measures your human activity.<br \/>\n1:11:29<br \/>\nBut if they can tax you for carbon, they can also tax your, your lamp, your lawnmower your cat, your car, your pool, they can tax, everything, they can tax your house for its production of carbon, OK?<br \/>\n1:11:44<br \/>\nThat\u2019s what\u2019s going on. So be aware of that, the blockchain is, is, you know, some of the blockchains are going to be like that. Some will not.<br \/>\n1:11:54<br \/>\nSo if I can ask another question so which one will not?<br \/>\n1:11:59<br \/>\nI don\u2019t know, I can\u2019t tell you what they tell me And what you all know that XRP is a World Reserve currency, right?<br \/>\n1:12:06<br \/>\nThat\u2019s the next World Reserve currency.<br \/>\n1:12:09<br \/>\nIt hasn\u2019t yet been adopted as that it\u2019s pegged as that.<br \/>\n1:12:13<br \/>\nYes.<br \/>\n1:12:17<br \/>\nAnd steller, is going together was XRP.<br \/>\n1:12:24<br \/>\nIs it still does steller has any?<br \/>\n1:12:27<br \/>\nUm, what do you mean going with?<br \/>\n1:12:30<br \/>\nI don\u2019t know, I don\u2019t know, I couldn\u2019t tell you on Stellar, but what is, what do you mean it\u2019s going with, Is it, it\u2019s yield, it\u2019s usually correlated, stellar and \u2026, maybe they correlated also, in the designation, in the future. Financial, I\u2019ve never heard that, and I haven\u2019t recently done too much research on Kryptos themselves. I\u2019m a bit behind when it comes to that right now.<br \/>\n1:12:58<br \/>\nOK, thank you, John, you\u2019re just, you\u2019re answered my question. Sleep well, All right, please. Awesome, yeah, definitely, you should be sleeping well, I mean, don\u2019t worry over this stuff.<br \/>\n1:13:11<br \/>\nYeah, but better us to use the money than those guys. Look what they\u2019ve been doing with it so far.<br \/>\n1:13:16<br \/>\nSure, thank you.<br \/>\n1:13:22<br \/>\nAlright, so, I am, this is being recorded, So I know some of you guys just joined, and I will make the video available.<br \/>\n1:13:28<br \/>\nI believe it\u2019s going to be on the YouTube channel privacy fight.<br \/>\n1:13:34<br \/>\nSo I\u2019ll, I\u2019m probably gonna chop some parts out. But other than that, it should be. It should be up there probably tomorrow.<br \/>\n1:13:42<br \/>\nAnd I want to do these every week and I may have some special ones, but for right now, we\u2019ll do it every week.<br \/>\n1:13:47<br \/>\nAnd I appreciate your patience.<br \/>\n1:13:49<br \/>\nI know I\u2019m behind on e-mail but um, I\u2019m working feverishly 12 hours a day at least sometimes 16 hours a day to get through all that.<br \/>\n1:14:01<br \/>\nThanks, John, OK.<br \/>\n1:14:05<br \/>\nAll right anymore, I can\u2019t think of any stories, don\u2019t get me started, though, because I might tell you more stories.<br \/>\n1:14:13<br \/>\nJohn, OK, Alright, appreciate y\u2019all attending. I hope this is good content. And guys, about the memberships, I will take care of that promise.<br \/>\n1:14:24<br \/>\nSorry, I had to wait so long.<br \/>\n1:14:26<br \/>\nOh, somebody asked me some questions, yeah, the IRS can? Yeah, go ahead.<br \/>\n1:14:31<br \/>\nI just was curious. What did you mean that the XRP was the World\u2019s Reserve Currency?<br \/>\n1:14:38<br \/>\nlike? Didn\u2019t they have like a lawsuit or something more?<br \/>\n1:14:44<br \/>\nProbably a lot of that stuff is for show and positioning.<br \/>\n1:14:48<br \/>\nLike, Oh.<br \/>\n1:14:49<br \/>\nYeah, like the, who, What was it, recently, it was, um, SEC attack somebody.<br \/>\n1:14:54<br \/>\nWhat was it, Just kidding?<br \/>\n1:14:59<br \/>\nXRP.<br \/>\n1:15:00<br \/>\nYeah. Yeah. Yeah, OK. So that\u2019s all right. So well, yeah. I think that that would, the purpose of that was to let the big money in.<br \/>\n1:15:06<br \/>\nI could be wrong, you guys can check the blockchain and see if they did that.<br \/>\n1:15:09<br \/>\nBut I think they do that to disparage the price and then the big guys come in.<br \/>\n1:15:14<br \/>\nThey get their buddies in, bought it, I think probably, OK.<br \/>\n1:15:20<br \/>\nSo it\u2019s something we should own, right or buy within the yellow. I think it\u2019s a good bet, yeah, XRP is a good idea, right? I mean, it\u2019s gonna, it\u2019s gonna go up a lot against the dollar, and that\u2019s gonna reach some sort of plateau. I don\u2019t really know what that is.<br \/>\n1:15:33<br \/>\nBut it will be the World Reserve and I believe, I believe Bitcoin will be the currency of, of nations.<br \/>\n1:15:41<br \/>\nI mean, I think that was decided a long time ago. Pulling it a store of value, I guess. I don\u2019t know. Yeah, Well, isn\u2019t gold, does that sound familiar? Yeah, yeah, yeah.<br \/>\n1:15:56<br \/>\nThank you so much. I just wanna, like listening to everyone else that you can go with it, that let you get the questions answered. Sure, Yeah, there\u2019s one here about waiting to borrow your own money on the insurance policy. It depends on the maturity of the of the policy, so you have to figure out what that is. I believe you\u2019re looking at 1 to 2 years, so it does take some planning ahead. That\u2019s why I say, use it for what it\u2019s intended for. It is for managing risk.<br \/>\n1:16:19<br \/>\nIt\u2019s not a, you know, put some money over there and make 8%, That\u2019s pretty boring.<br \/>\n1:16:25<br \/>\nUm, the IRS can audit, please, trust me on audits, they will do everything, They, they have no limits, OK. They have limits, They don\u2019t abide by them and they\u2019re the IRS.<br \/>\n1:16:37<br \/>\nNot to scare you, guys, I\u2019m just telling you from experience and they are manageable, OK, and I\u2019ll just tell you a quick story on that one, but, um, as far as IRS audits, they can ask for everything.<br \/>\n1:16:48<br \/>\nUm, one of the, one of the ways I mitigate the, let\u2019s call it, the problem of audits, is I give the IRS one meeting, I don\u2019t do 2 or 3, 1 meeting, that\u2019s how they get.<br \/>\n1:16:59<br \/>\nAnd I make them conclude the meeting and agree that everything we complied with, OK, all the disclosure request.<br \/>\n1:17:06<br \/>\nIn some cases, I have a court reporter sitting there and taking the transcript.<br \/>\n1:17:10<br \/>\nThat way, if they try some funny business, I can, I can pound them over the head with what they said at the meeting.<br \/>\n1:17:17<br \/>\nWhich is a recent case I just had about a year ago, where the IRS did that.<br \/>\n1:17:23<br \/>\nAnd luckily, I had it transcribed, and I told my clients exactly what to say at the, at the audit, and they did exactly what I told them.<br \/>\n1:17:29<br \/>\nAnd the IRS went and lied to the judge and said we used the Fifth Amendment, which we never did.<br \/>\n1:17:35<br \/>\nAnd I use the transcript, and I filed a motion to dismiss, and I said, See, judge, the transcript. If you read it nowhere and there was a Fifth Amendment used, we answered all the questions.<br \/>\n1:17:44<br \/>\nAnd moreover, I told the judge, you guys all know that the US constitution has nothing to do with an IRS audit.<br \/>\n1:17:50<br \/>\nAnd they just said nothing. They didn\u2019t even respond and then about three months later, they dismissed the case.<br \/>\n1:17:56<br \/>\nSo, that audit took awhile, took about a year and a half, but when I, when I do those, we go there once, Now they had sent questions in the mail.<br \/>\n1:18:04<br \/>\nSo they didn\u2019t like my answers, but I gave them one meeting, and the transcript is what did it. So we are the Don\u2019t fool yourself. These guys will just, they can go to the court for anything, but you gotta be careful with them.<br \/>\n1:18:15<br \/>\nYou want to you want to comply with the audit but you don\u2019t want to be so co-operative like do whatever they tell you OK.<br \/>\n1:18:25<br \/>\nQuick question Someone earlier mentioned About the LLC\u2019s being outside of the country, since I have mine yet and I\u2019m getting ready to leave the country, should I open it outside?<br \/>\n1:18:37<br \/>\nIt will matter where you\u2019re located. It doesn\u2019t matter where you\u2019re located, because once it\u2019s registered, you can open your account. And from anywhere in the world, as long as you have access to a computer.<br \/>\n1:18:47<br \/>\nYou for, you could use your bank account, yes.<br \/>\n1:18:52<br \/>\nIt\u2019s not going to matter, OK.<br \/>\n1:18:55<br \/>\nBasically, you\u2019re going to open an account with the photos.<br \/>\n1:18:59<br \/>\nOK, I\u2019ve heard other people talking about how difficult it is to open account VR a bank account.<br \/>\n1:19:07<br \/>\nOver the Internet, or facsimile. It\u2019s veteran her, it\u2019s easier and personal.<br \/>\n1:19:13<br \/>\nIt could be, from I\u2019ve for 10 years, we\u2019ve been using online accounts, 10 years. We\u2019ve been it for 10 years. And, you know, what\u2019s funny is? Yeah. Yeah, it could be true for some people like that.<br \/>\n1:19:26<br \/>\nBut actually, one of my clients started doing it, a few of my clients started doing it over with Chase Bank, like in around 2009 or so, and I didn\u2019t even know you could do that.<br \/>\n1:19:36<br \/>\nOh, yeah. Anyways, that\u2019s how I knew we could do it and now, now, recently, it\u2019s become even easier.<br \/>\n1:19:41<br \/>\nI did see a trend recently where they\u2019re saying Come in the bank, but I don\u2019t know if that\u2019s a real trend. It may have happened just a couple of times.<br \/>\n1:19:51<br \/>\nOK, so with you, I\u2019ve tried to open up the The Crypto Trust and the LLC.<br \/>\n1:19:58<br \/>\nIs the LLC able to purchase property anywhere in the world?<br \/>\n1:20:03<br \/>\nIt can if that jurisdiction will recognize it.<br \/>\n1:20:07<br \/>\nSo like, for example, in Canada, you\u2019d have to check and see.<br \/>\n1:20:11<br \/>\nThe way you would check is, it would be their version of the County Recorder\u2019s Office. So In Canada, it\u2019s provinces.<br \/>\n1:20:20<br \/>\nAnd there\u2019s a public records.<br \/>\n1:20:21<br \/>\nIt\u2019s affiliated with the court system, so you could talk to a barrister there, or solicitor, and ask them how you record deeds to property and an idol holder of real estate.<br \/>\n1:20:33<br \/>\nWhat, what are the limitations on, who could hold property in Canada?<br \/>\n1:20:37<br \/>\nAnd I think you can have a foreign company, and then I believe you may have to domesticate it, sometimes I don\u2019t know. So I would ask someone there.<br \/>\n1:20:45<br \/>\nOK, well I probably have to purchase, this is an island down, and Caribbean off of mainland, on Earth is still ruled by Honduras.<br \/>\n1:20:57<br \/>\nAnd the only thing over half an acre, you have to have an LLC.<br \/>\n1:21:02<br \/>\nOh OK. Create an LLC down there was this one up here.<br \/>\n1:21:06<br \/>\nThe one I\u2019m praying with you, sufficient. That\u2019s kinda what I\u2019ve asked my dad. I went down according to that.<br \/>\n1:21:13<br \/>\nOK, well you have to go by the local people, but I would start with what I want to do. And then try to do it. Yeah.<br \/>\n1:21:19<br \/>\nIf the local people say now, or you have to do it this way, then you kind of have to do what they say. Yeah. Just pay for it.<br \/>\n1:21:26<br \/>\nJust have a set of feet, Yeah.<br \/>\n1:21:29<br \/>\nYeah. You can do what you want, but the problem is, you may not have the same protection, you know, or, or they might invalidated or something.<br \/>\n1:21:36<br \/>\nSo, that\u2019s how you know. I do.<br \/>\n1:21:40<br \/>\nYeah, I do recommend using a local companies.<br \/>\n1:21:43<br \/>\nI mean, when I go into a foreign jurisdiction, I use the joint stock company.<br \/>\n1:21:47<br \/>\nAnd if I don\u2019t, if I don\u2019t want to have the tutor under my main, I open with you. You could, you could do that, you could. But, but again, Yeah. It sounds a creative at all, but what\u2019s the purpose?<br \/>\n1:22:01<br \/>\nWhat are you really trying to do?<br \/>\n1:22:02<br \/>\nRemember, a company is just a way to manage risk, so you don\u2019t need to stack companies together somewhere else. This is what it\u2019s for.<br \/>\n1:22:13<br \/>\nSo, OK, I can just take it from me later on No, Run it through \u2026 or whatever, OK. That\u2019s a very, very basic way to understand. Absolutely. So, so, this is the rule, OK.<br \/>\n1:22:27<br \/>\nThe general rule of of managing at risk, you want to separate your personal risk, which is wild and crazy because you can get accused all kinds of stuff. Right? You can be sued, you can be indicted, You could be beat up. You could be accused of drug dealing, all this stuff.<br \/>\n1:22:39<br \/>\nBut a company or a trust, that does nothing, but hold the title, has no risk.<br \/>\n1:22:45<br \/>\nExcept what\u2019s in that thing it owns.<br \/>\n1:22:47<br \/>\nSo you want to separate your interests.<br \/>\n1:22:49<br \/>\nAnd the way to do it is, you can do this anywhere in the world.<br \/>\n1:22:53<br \/>\nYou own an interest in the company that owns the property, and you share that interest with someone else. So let\u2019s call it a partnership. So we have the name of a partnership. And sometimes you have to record a partnership deed in the local jurisdiction.<br \/>\n1:23:10<br \/>\nAnd then, so it\u2019s me and my Uncle Bob, and we own it now, Uncle Bob and I have no joint liabilities together at all. We don\u2019t do anything together that, he doesn\u2019t even live here, right? I just call up and said, hey, can I put your name on a thing? He\u2019s like, yeah, sure!<br \/>\n1:23:22<br \/>\nSo I put his name on there, so mean Uncle Bob, who\u2019s a real person, we\u2019re partners and with an undivided interest, and the name of the partnership is the title Holder of the property.<br \/>\n1:23:32<br \/>\nNow it\u2019s locked up.<br \/>\n1:23:34<br \/>\nNow it\u2019s locked up because any personal liability I have would never attached to that, because it\u2019s not mine, it\u2019s not liquid, and there\u2019s no divided interest, OK.<br \/>\n1:23:48<br \/>\nOK, thank you, sir. All right.<br \/>\n1:23:50<br \/>\nSo, um, I guess that\u2019s all the questions I have.<br \/>\n1:23:55<br \/>\nHopefully all your contact, when you were finishing up, Registration of my fellow. Yeah. Yeah, I\u2019m gonna check and make sure, and I\u2019m sorry, I\u2019m late on some of these. I\u2019m behind and I just, when I send them out for approval, I know you guys approve them and you have questions and I just, it\u2019s just taking me a little bit longer to get to it. So I appreciate your patience, but I\u2019m gonna get the stuff out to you when needed.<br \/>\n1:24:16<br \/>\nAutism and stuff. So, e-mails on them.<br \/>\n1:24:20<br \/>\nI\u2019ve gotten up and so OK, I appreciate the questions. I\u2019m gonna, I\u2019m gonna end it for tonight. And again, this is recorded. I will put it at privacy, fight on the YouTube channel, and I\u2019m going to do this weekly.<br \/>\n1:24:32<br \/>\nSo look forward to the next one.<br \/>\n1:24:37<br \/>\nAll right.<br \/>\n1:24:38<br \/>\nGoodnight everybody.<\/p>\n        <\/div>\r\n    <\/div>\r\n\r\n    \r\n<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bf90ec0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bf90ec0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8f1dfb2\" data-id=\"8f1dfb2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e17891a elementor-widget elementor-widget-spacer\" data-id=\"e17891a\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-38a099a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"38a099a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d45a712\" data-id=\"d45a712\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ddcc7a6 elementor-widget elementor-widget-text-editor\" data-id=\"ddcc7a6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Please also review:<\/p><p><strong>U42 &#8211; July 28, 2021, Thur Eve with John Jay Open Discussion<\/strong> &#8211; 1 hr 7 mins &#8211; <a href=\"https:\/\/privacyfight.io\/u42-july-28-2021-thur-eve-with-john-jay-open-discussion\/\"><strong>Watch Now<\/strong><\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-13c54b8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"13c54b8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2f4c864\" data-id=\"2f4c864\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-693be4a elementor-widget elementor-widget-spacer\" data-id=\"693be4a\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b7eba84 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b7eba84\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0c8c4ff\" data-id=\"0c8c4ff\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4f1f9c5 elementor-widget elementor-widget-text-editor\" data-id=\"4f1f9c5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Summary<\/strong><\/p><p style=\"padding-left: 40px;\">1. The discussion covered basic principles of using a limited liability company (LLC) for managing assets, including tax strategies, and handling cryptocurrency transactions.<br \/>2. It was noted that moving assets between different companies under the same beneficial ownership doesn&#8217;t alter the tax liability.<br \/>3. The use of LLCs to isolate risk and protect specific assets was explained, and it was mentioned that transactions within these companies do not necessarily create a tax event.<br \/>4. The audience was guided on dealing with crypto transactions and their tax implications. It was clarified that converting cryptocurrency to dollars can be a taxable event.<br \/>5. Using an LLC to take loans for personal expenses like paying off a house was discussed. It was suggested that the repayment to the LLC might not be subject to taxation.<br \/>6. The concept of setting up a company and how it affects personal tax liabilities was discussed. The LLC does not create a new tax liability but can be audited by IRS for determining correct tax liabilities.<br \/>7. The speaker guided on registering companies in other countries and touched upon managing the banking system in a foreign country.<br \/>8. Estate planning was discussed, including how to ensure that beneficiaries could access the assets of a company in the event of the owner&#8217;s death or incapacity.<br \/>9. Strategies for managing multiple assets using different LLCs and the implications for registration and accounting were outlined.<br \/>10. The speaker stressed the need for individuals to take charge of their financial decisions and not be intimidated by legal or financial advisors.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1fc9482 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1fc9482\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-983bd23\" data-id=\"983bd23\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>U22 &#8211; This one was a Question and Answer Discussion about very basic LLC and Tax Strategies<\/p>\n","protected":false},"author":131,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[124],"tags":[],"_links":{"self":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/14247"}],"collection":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/users\/131"}],"replies":[{"embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/comments?post=14247"}],"version-history":[{"count":7,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/14247\/revisions"}],"predecessor-version":[{"id":25269,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/14247\/revisions\/25269"}],"wp:attachment":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/media?parent=14247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/categories?post=14247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/tags?post=14247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}