{"id":16708,"date":"2021-07-28T09:50:26","date_gmt":"2021-07-28T13:50:26","guid":{"rendered":"http:\/\/privacyfight.io\/?p=16708"},"modified":"2023-06-25T07:35:12","modified_gmt":"2023-06-25T11:35:12","slug":"u41-discussion-about-wealth-and-risk-management","status":"publish","type":"post","link":"https:\/\/privacyfight.io\/u41-discussion-about-wealth-and-risk-management\/","title":{"rendered":"U41 &#8211; Discussion about Wealth and Risk Management"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"16708\" class=\"elementor elementor-16708\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b6fc39b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b6fc39b\" 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-edb1f1b\" data-id=\"edb1f1b\" 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-4094c03 elementor-widget elementor-widget-text-editor\" data-id=\"4094c03\" 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\/722544865\/?\" 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            U41 \u2013 Discussion about Wealth and Risk Management\r\n0:02\r\nKane, I\u2019ll give you guys know the intro briefly. My name is John Jay Singleton, and I was invited to for the group to discuss my strategies for investing a cryptographic currency managing that type of portfolio.\r\n0:13\r\nAnd then likely asse&#8230;        <\/div>\r\n        <div class=\"vidseo_collapse_content\" style=\"\">\r\n            <p>U41 \u2013 Discussion about Wealth and Risk Management<br \/>\n0:02<br \/>\nKane, I\u2019ll give you guys know the intro briefly. My name is John Jay Singleton, and I was invited to for the group to discuss my strategies for investing a cryptographic currency managing that type of portfolio.<br \/>\n0:13<br \/>\nAnd then likely asset allocation, which is what I Typically get involved in lately in the last few years, has been been more on that subject. So. Thank you, Christopher, for explaining, and so we can get started.<br \/>\n0:28<br \/>\nLet me just tell you a bit about myself.<br \/>\n0:29<br \/>\nI live in Florida been here all my life, mostly, and I started doing this work about 30 years ago, because I noticed there was a niche market, or a market of consumers, that were just, they lack knowledge on credit and finances. I didn\u2019t have much back then. I didn\u2019t really know what I was getting into. So anyways, I picked a niche market.<br \/>\n0:49<br \/>\nI developed that out, and it kind of turned into what it is now, and I\u2019ve developed strategies that allow people to change risk.<br \/>\n0:56<br \/>\nAnd let\u2019s just say that what everyone cares about so much is taxes. Let\u2019s just say that taxes are part of the risk, OK? There\u2019s other types of risks being sued.<br \/>\n1:07<br \/>\nAnother type of risk is parking cash in the bank and not knowing what to do with it, Another type of risk is taking on the wrong risk.<br \/>\n1:16<br \/>\nFor example, if you pay cash for an asset, you become the lender by default, right.<br \/>\n1:20<br \/>\nAnd if you don\u2019t understand what that is, then there\u2019s a lot of things that can happen or missed opportunity, let\u2019s say.<br \/>\n1:26<br \/>\nSo, my uh, I\u2019m an entrepreneur, I\u2019m an investor, I\u2019m heavily invest in cryptographic currency. I have a net worth, that\u2019s usually around $3 million I don\u2019t. I\u2019m not a super rich guy, but I\u2019ve been doing this for about, let\u2019s say since 20 13.<br \/>\n1:40<br \/>\nI\u2019ve been buying Kryptos, I\u2019m not an expert in Kryptos, I understand technology, I understand how to write computer code, so I understand the technical aspects of it, but I just, I\u2019m not a person that is an expert in writing a blockchain, OK. I wouldn\u2019t do that, I need other experts for that sort of thing.<br \/>\n1:57<br \/>\nMy focus is on, the way I like to phrase, It is, risk management.<br \/>\n2:01<br \/>\nSo that means, if someone comes to me with a particular problem that involves money, or a similar related type of risk, then I\u2019m going to come up with a solution for him. And usually that involves writing a legal document or a contract.<br \/>\n2:16<br \/>\nMy first step to help someone avoid risk, let\u2019s say it\u2019s us a small business owner, or it\u2019s an investor. My first consideration is the cost of litigation. So, most everything I do is geared toward avoiding the cost of litigation.<br \/>\n2:29<br \/>\nAnd I\u2019ll just, I\u2019ll leave you with a brief story and maybe we should help guide me if you would, Chris, for maybe with some questions. The brief that this is going to give you an idea of what I look at. So about a year ago, somebody was referred to me and he\u2019d never became my client. But this is the conversation we had. He said his attorney told him, he needed $3 million of litigation insurance.<br \/>\n2:51<br \/>\nSo I, I don\u2019t know this person. I was only talking to him for NaN, right?<br \/>\n2:54<br \/>\nAnd I asked him, who was it again that asked you for litigation insurance?<br \/>\n2:59<br \/>\nAnd he started laughing, and I said, well, what do you think he\u2019s going to ask you for? Right? He wants to get paid, That\u2019s what attorneys do billable hours, and so that\u2019s actually one of the major risks I look at according taxes also. But still, so I said let\u2019s look at this.<br \/>\n3:12<br \/>\nWhat is the risk and he explained it was this customer in that business, he was and the customer has a propensity to Sue.<br \/>\n3:19<br \/>\nSo I said, All right, well, you know, as well as I do, that, if you have a good relationship with your customer is probably not going to sue you. So how do you get that? Have good training? Have good customer relations. Have a good policy. All this stuff, refund policy, whatever that is. So he goes, Yeah, I got that. And I said, Now you need to also have a written contract. Do you ever written contract for your customer? And he didn\u2019t.<br \/>\n3:36<br \/>\nSo then he realized his attorney wasn\u2019t really give them the full picture. He\u2019s almost setting them up to go to court. Right.<br \/>\n3:41<br \/>\nSo I said, have a contract and not just have a standard customer service contract, have a contract that has an a non binding mediation clause.<br \/>\n3:49<br \/>\nThat means that your customer has to work something out with UPS a dispute, and if you can\u2019t, yeah, you guys have to agree to bring in a third party that\u2019s neutral to work it out, help you work it out. If you don\u2019t do that, you both lose the right to Sue.<br \/>\n4:02<br \/>\nIf you try to sue first, you both, you eat that person who did that, sood first, loses the right to Sue and mediate.<br \/>\n4:10<br \/>\nSo, it basically has to shut up, OK, so this really reduces the chance of someone going to court, and it\u2019s not so much about not wanting to go to court because the costs maybe cost of litigation, maybe you might lose. But it\u2019s also brand name recognition.<br \/>\n4:22<br \/>\nWhy do I want my company dragged through court, even if it\u2019s public record, right, even if I didn\u2019t do anything wrong, or I\u2019m in the right, Who wants to see his company name there? And now, there\u2019s a question by customer, who just happens to glance it on the internet right now. People, are they just Google stuff on the Internet, right? Right? So I said, OK, so we do all that. And he started, he starts getting a little, actually getting a bit angry.<br \/>\n4:42<br \/>\nNot with me, but realizing that his attorney didn\u2019t really give him, like, a whole view of how to manage risk. He just said, I\u2019m your guy, you have to pay me to manage risk, right? Or, they say, you have to buy this insurance policy, you know. So I said, let\u2019s do one more thing.<br \/>\n4:57<br \/>\nLet\u2019s have the best contract for your customer, the best customer service, but let\u2019s export that relationship away from your core brand name company.<br \/>\n5:05<br \/>\nLet\u2019s set up a new company that just makes that contract with your customer so that if your company ever does get sued, it\u2019s a company that you don\u2019t care about, it\u2019s not your brand.<br \/>\n5:15<br \/>\nIt\u2019s just a piece of paper.<br \/>\n5:18<br \/>\nAnd you can hear this like, Ah. And then he says, Well, then if I do that, I don\u2019t think I need the attorney.<br \/>\n5:24<br \/>\nI say, Well, you said that. I didn\u2019t say that you said it. So that\u2019s what I like to look at is what kind of risk are we talking about?<br \/>\n5:30<br \/>\nSo if I\u2019m gonna invest in kryptos and I\u2019m gonna make 10 million bucks do I need to pay $3 million in tax or four million or wherever that is without getting into some non-profit or an annuity contract and tie money for years. Do I have to do all that? How do I, how do I get out of that risk? And this is what I think we\u2019re going to be talking about, right, Christopher?<br \/>\n5:50<br \/>\nMostly on Spadaro, yes.<br \/>\n5:53<br \/>\nSo here\u2019s the simple version of it. The reason why you have the liability is because of the way you\u2019re set up and you\u2019re set up that way.<br \/>\n5:59<br \/>\nHere, let me get an example.<br \/>\n6:00<br \/>\nSo I go to a CPA, and I say to the CPA, I need a company, I guess, so I can invest, or, so I can run a business. And he\u2019ll say, OK, do it this way.<br \/>\n6:10<br \/>\nSo he\u2019s going to do it in a way that makes accounting easy. You can tell me if I\u2019m wrong. Maybe. I think they all do that.<br \/>\n6:16<br \/>\nCPAs are not risk managers. Attorneys usually are not risk managers.<br \/>\n6:21<br \/>\nSo that\u2019s fine. It\u2019ll be functional for that purpose. But if you ever sued, and you\u2019re 100% owner of the company, and you\u2019re sued for personal debt by bite of the cash flow in the company, they\u2019ll reach in and take it.<br \/>\n6:30<br \/>\nBecause the guy who set it up is not a risk manager.<br \/>\n6:33<br \/>\nSo to avoid that risk, here\u2019s a very simple way to do it. And I know my audience here is in other countries, so I\u2019m going to share with you how we do it here in the states. This is one word version.<br \/>\n6:44<br \/>\nWe have a corporate structure here called a limited liability company.<br \/>\n6:47<br \/>\nNow, I can do this with other structures. I\u2019m just saying this is a simple way to do it. If I have a limited liability company which I\u2019m the exclusive owner and I get sued for, let\u2019s say, I didn\u2019t pay my credit card bill has nothing to do with my company.<br \/>\n6:59<br \/>\nAnd I lose the creditor can can take the money from my personal bank account and he could take it from my company\u2019s account because I\u2019m the 100% owner.<br \/>\n7:07<br \/>\nHere\u2019s how I solve that problem. I add another person as the owner, a cannot be my spouse.<br \/>\n7:13<br \/>\nIt has to be somebody else. It could be my brother who doesn\u2019t even care about my company. It is. He\u2019ll just say, yeah, you can add my name in there. It will not create a liability for my brother in any way, tax debt, Nothing like that will not pull him into that situation, but what will happen is because there\u2019s two owners with an undivided interest, and it doesn\u2019t even really matter if you have a divided interests.<br \/>\n7:33<br \/>\nThere\u2019s two owners of a limited liability company, and until the money is disbursed to one of the owners who has the liability like a personal debt, no money can be taken from the company for any one of the members\u2019s debts.<br \/>\n7:47<br \/>\nSo all I did there was change my property rights, and I changed my liability.<br \/>\n7:53<br \/>\nThat\u2019s one example.<br \/>\n7:54<br \/>\nSo, basically, by changing the person\u2019s name on who owns whatever account to this business entity, it unlocked it\u2019s owned by two non married people.<br \/>\n8:05<br \/>\nThen that\u2019s all it takes to mitigate that risk. Right, Unsuited, to pay something off, and my name can be on it. It\u2019s just that I no longer have the exclusive right to spend the money or sell the property.<br \/>\n8:16<br \/>\nThat\u2019s the key thing, and I can do this in every country, every country, there\u2019s always a way to do it.<br \/>\n8:23<br \/>\nSome countries don\u2019t recognize LLC\u2019s. So what I can use a partnership, I can use a private company and LTD. It just depends. A trust. I can even use the trust.<br \/>\n8:33<br \/>\nOK, so, it\u2019s very interesting on that, but at the end of the day, they\u2019re gonna want to be able to at least control their funds coming back out, into, whether it\u2019s person purchasing, a piece of property, or a business, etcetera.<br \/>\n8:46<br \/>\nHow does What can they do, What are some simple steps that they can take, through this LLC, to then bring those funds to themselves to go out and do what it was they wanted to do? All right. Do they need to make that, take the next tax exempt purchase, the company\u2019s name?<br \/>\n9:01<br \/>\nAnd they still control it, but it never came to them? OK? The money needs to be moved, but it doesn\u2019t need to be moved in the person\u2019s name. When I say the person, I mean, you are me that the liable party, OK? So the way I do it is I have this company that, let\u2019s say it had some money in crypto, and now it\u2019s worth a lot more in your local dollars currency. And I don\u2019t have a tax liability on it, because the company itself has a different tax treatment, but I still want to spend the money.<br \/>\n9:24<br \/>\nRight? Yeah, I can\u2019t just, I can\u2019t just take it out and say, well, it was in the company.<br \/>\n9:28<br \/>\nAnd, just because they can\u2019t see it, I still have gross income if I take the money out. So, how do I avoid that?<br \/>\n9:34<br \/>\nSo, let\u2019s say I want to buy a car or a house, I can move the money from my company that just got the profits. This is taxable gains profits that my LLC just received from kryptos from selling kryptos to the exchange.<br \/>\n9:47<br \/>\nIt is not going to be recorded, because, of the way I\u2019m going to show you how to do this. So I can pull that money there, and I can go buy the car.<br \/>\n9:55<br \/>\nNow, as long as I do it 1 of 2 ways. I can buy the car in a trust name, or I can buy the car and another company name. I can buy the car in, the same company name, that was holding my crypto proceeds.<br \/>\n10:06<br \/>\nAs long as I don\u2019t put it in my name.<br \/>\n10:07<br \/>\nSo, what that looks like is, I\u2019m just moving money from here to there.<br \/>\n10:12<br \/>\nIt\u2019s almost like somebody would say a 10th or 1031 exchange, but it\u2019s not. I\u2019m just not taking the gain yet, I\u2019m just moving it around.<br \/>\n10:19<br \/>\nI didn\u2019t have a gain yet.<br \/>\n10:21<br \/>\nIt hasn\u2019t reached.<br \/>\n10:24<br \/>\nYeah. There are some steps, are some questions we need to ask the CPA that\u2019s going to help us get that accounting right, to not know raising the eyebrows with the tax.<br \/>\n10:32<br \/>\nThe folks in any ways that we need to do that? Most of the accounts I talk to will not tell you to do any of this, and they will tell you that I\u2019m wrong.<br \/>\n10:39<br \/>\nBut, if you get them on the phone with me, and we have like a three minute conversation, they will go, Well, yeah. I guess you could do it that way.<br \/>\n10:47<br \/>\nAnd, in fact, I\u2019ve been doing that way for 30 years. So, I wouldn\u2019t say, rely on your accountant for this. What I would do is use your accountant to do accounting, but don\u2019t ask them, if you\u2019re right.<br \/>\n10:56<br \/>\nYou have to decide that for yourself. I mean, sure. You can talk with them and see what he thinks.<br \/>\n11:00<br \/>\nBut most of them don\u2019t like this.<br \/>\n11:03<br \/>\nI\u2019ve never had a penalty, and I\u2019ll just tell you. I gave you a little my background.<br \/>\n11:08<br \/>\nIn the States, I\u2019ve worked with consumers, mostly, and maybe, let\u2019s say 5%, small business owners, that have an annual income of less than $5 million since 19 94, and it\u2019s probably in the range of around 30,000 clients, OK, 30,000, and we\u2019ve done, we\u2019ve done versions of this, in the thousands of examples, thousands of times, we\u2019ve never created a problem.<br \/>\n11:34<br \/>\nWe\u2019ve never created problem of the tax people, or debt collectors, or the court system even to a point where pushing the envelope. We\u2019ve done some things that we really shouldn\u2019t have done, but it wasn\u2019t illegal, and we still did fine. We got away with it. So none of what I\u2019m explaining to you is illegal. You\u2019re not getting away with something.<br \/>\n11:49<br \/>\nWe\u2019re just changing the way you\u2019re using property and You know coins are property. So the way to do it is you would move from the the holding of the kryptos into a new holding. So, if I bought a car from my own personal use, make sure that I\u2019m not the owner of the car. I get to use the car. I don\u2019t have to own the car. Or, if I want to own the car. Maybe your insurance company gives you a hard time. If you\u2019re not the owner and maybe you have to pay more something, you can be the owner of the car, and then what you want to do is tell the dealer that selling it to you, to write it up as a loan.<br \/>\n12:19<br \/>\nSo the money you\u2019re paying for the car, you just tell the dealer that is a loan and you give the dealer the lender information, which can be your company, or it can be a new company.<br \/>\n12:29<br \/>\nOK, I remember one of your videos.<br \/>\n12:31<br \/>\nI think a basic set was going over that technique as well.<br \/>\n12:36<br \/>\nYeah, that is, that is alone and some people would argue that it\u2019s not arm\u2019s length, but you want to treat it like arms length. I\u2019m not even gonna make that argument, I\u2019m just gonna say, if you, if you treat it as arm\u2019s length, you\u2019re gonna be fine if you\u2019re ever audited and the IRS says, Hey, that\u2019s not really alone.<br \/>\n12:51<br \/>\nIf you show that you made payments on it, which you should do, and the instrument of the loan has a real interest rate on it, then you should be fine. You won\u2019t have a problem.<br \/>\n13:00<br \/>\nNow, let me give you a simple profile. So I got lots of money kryptos, I only need $80,000 a year to live. But I make $10 million in one year, or my company makes $10 million in one year, OK, so the $80,000. Let\u2019s say I\u2019m, I quit my job because now I\u2019m super rich rice. I quit my job and I got my I still have my $80,000 and living expenses. I have to pay my mortgage and stuff like that.<br \/>\n13:23<br \/>\nI can take the 80,000 out of my $10 million and report that as my gross income and the rest of it I can re-invest somewhere else.<br \/>\n13:30<br \/>\nI can, I can even buy another house, if I want to.<br \/>\n13:33<br \/>\nI can buy a brand new house, as long as I structured as a loan or a different owner, just like with the car.<br \/>\n13:39<br \/>\nSo I can\u2019t get away from I can\u2019t really easily. I can\u2019t do this, but I\u2019m going to say generally.<br \/>\n13:45<br \/>\nI cannot easily or justifiably say that I don\u2019t have any income because I\u2019m somebody\u2019s still paying the light bill.<br \/>\n13:54<br \/>\nSomebody\u2019s still paying the mortgage rate, somebody\u2019s still paying the rent.<br \/>\n13:56<br \/>\nSo, as long as I have a personal debt in my name, therefore, if it\u2019s getting paid, I have income.<br \/>\n14:02<br \/>\nSo just keep that in mind, just because someone else is paying it.<br \/>\n14:06<br \/>\nThe other thing is, OK, and I know this is, this is going to branch off a little bit, but we can go back. I know you guys want to talk about taxes, but if, if, I would just recommend that you not get excited and pay off your mortgage.<br \/>\n14:19<br \/>\nIf you go into them, or please go. And a lot of people really especially miserable hate. That, hate the idea of debt, and they\u2019re gonna come to these windfalls, sooner or later, you\u2019re gonna wanna pick up a property. What, what do you mean by this out, right? Can you go to that? please? I\u2019m just going to ask you to control yourself. Control yourself. Don\u2019t pay off large personal debts because you put yourself in a new tax bracket.<br \/>\n14:39<br \/>\nAll my clients that come to me, OK, when I\u2019m done solving their financial problem, their net worth, their net worth looks worse than when I started with them, but they will become rich or stay rich and not have new liabilities that are associated with becoming rich because I separated their net worth from their state.<br \/>\n14:57<br \/>\nSo that\u2019s what I suggest, OK, so if you pay your mortgage off early, you probably will, you have a different tax bracket, let\u2019s say.<br \/>\n15:04<br \/>\nBut check this out, you guys spend all your effort intelligence to find return on capital, and you found it, and you made your return more than you expected, and now you\u2019re going to go backwards and put it on a negative guarantied, negative return on capital.<br \/>\n15:21<br \/>\nOK, it is a liability.<br \/>\n15:23<br \/>\nBut let\u2019s deal with a liability, like responsible, educated investors, OK, let\u2019s do it this way. So if I look at my house, it, there\u2019s no way it cannot be a liability and listen like Donald Trump, right, and I build a castle in the sky and lease out the bottom parts to everybody around the world, OK, that guy is different. But if I just have a regular house, like most people, even a mansion, really nice house.<br \/>\n15:43<br \/>\nAnd it\u2019s a liability. And I let\u2019s say I don\u2019t even have a mortgage.<br \/>\n15:47<br \/>\nI still, it\u2019s a liability. It\u2019s not paying me. So all I want to do is take the, let\u2019s call it, every time you have a liability look at it.<br \/>\n15:54<br \/>\nIn terms of a Balance Sheet, my house has a Balance Sheet.<br \/>\n15:59<br \/>\nMost people don\u2019t have this, but you can go make one up yourself, you can just go figure it out, right, Just go to Spreadsheet. So on this balance sheet that is represents your house. What you want to do is add an asset to that.<br \/>\n16:10<br \/>\nBalance Sheet.<br \/>\n16:11<br \/>\nTo a point where you don\u2019t pay off the mortgage, you just set off the debt service on the liability.<br \/>\n16:19<br \/>\nSo if my mortgage taxes and insurance are, you know, 5000 a month.<br \/>\n16:23<br \/>\nI wanted to put an asset on this balance sheet so that my operating costs are zero or close to it.<br \/>\n16:30<br \/>\nSo how would I do that? I\u2019m not going to get into too much detail on that, but I\u2019m just going to suggest to you, that, within 1 to 3 months of very little effort, you can find an asset that will create cash flow, that you don\u2019t have to work for.<br \/>\n16:42<br \/>\nThey will do that, that I\u2019m explaining here.<br \/>\n16:45<br \/>\nI mean, So, for example, they\u2019ve got, they get this windfall and maybe they purchase a stable coin, OK? It\u2019s going to produce that. recurring income, right? Yes. You can do something to do with that. Yeah, That\u2019s absolutely what I would suggest. Yes. Isolate a thing that would set off the mortgage payment, and that\u2019s that will help you control yourself.<br \/>\n17:04<br \/>\nSo so I didn\u2019t add an asset to the Balance sheet that has the liability on it until it balances. That is a quick example. Let\u2019s say you and I open this company. All right?<br \/>\n17:15<br \/>\nOK, And I We both get the same big crypto windfall and I find this property. I want to go by, but I want to own this in my name.<br \/>\n17:23<br \/>\nOr maybe I do another LLC to separate my my live close to that and so I go get this property.<br \/>\n17:31<br \/>\nGet purchased and then I take a loan from our company with just enough per month pay it out to cover my mortgage on this other than what you\u2019re saying While you\u2019re borrowing money, OK, you\u2019re buying another house for yourself or an asset.<br \/>\n17:48<br \/>\nLet\u2019s say.<br \/>\n17:48<br \/>\nLet\u2019s say it\u2019s an asset, OK? So, this property is going to be a foster home.<br \/>\n17:53<br \/>\nYeah, you can do that, right? So your idea of offsetting a liability on a balance sheet is to buy another asset, which is a house, OK, fine. You can do that and it doesn\u2019t matter where you get the mortgage from, you can borrow from anywhere.<br \/>\n18:08<br \/>\nSo, just to say that again, I can go find this property and purchase it and my other company\u2019s name and get another another party in there and then we take along that company, it takes a long years in my company.<br \/>\n18:24<br \/>\nThat\u2019ll work.<br \/>\n18:26<br \/>\nThat\u2019s probably how a lot of you are going to do it, OK, yeah. one other thing I\u2019ll just throw out, Yeah.<br \/>\n18:33<br \/>\nSo, it\u2019s not like you\u2019re describing, because you can do it, It\u2019s perfectly fine.<br \/>\n18:37<br \/>\nA little little more sophisticated, though, is connect with a business broker, someone who has listings, and this helped help him help you figure out a kind of a profile of an asset that you want to get into. And so now you\u2019re talking to somebody who just does Dad, who\u2019s an expert at it, and he can bring you deals all the time. So let\u2019s say, every month, he brings you a deal, and you\u2019re not ready yet, so you can be like, OK, that\u2019s cool, but now not yet, not yet, not yet, and then next year, you\u2019ll be like, OK, I want that.<br \/>\n19:03<br \/>\nAnd he\u2019ll bring you something, that, doesn\u2019t require you to be on-site every day, it might be a car wash in your neighborhood.<br \/>\n19:09<br \/>\nRight. So you guys can do that, now, it\u2019s kinda like a hobby.<br \/>\n19:12<br \/>\nYou can even look for real estate to buy it, you can even buy, you can even buy a tax lien certificate portfolio Why buy wine when he can buy three point five million dollars with a tax lien certificates?<br \/>\n19:23<br \/>\nThen, so, and then for those that are watching, maybe not familiar, that\u2019s where somebody fell behind on their taxes, on their property.<br \/>\n19:29<br \/>\nMaybe they inherited as an estate, and forgot to pick up that tax burden, and so the county or the state has now place to lead on that property. They cannot sell it, so they make their taxes fall.<br \/>\n19:39<br \/>\nYou can purchase that lien from the county or state, to, which at a severe discount to the property\u2019s value. It could be a few thousand dollars for a very large property.<br \/>\n19:50<br \/>\nBut because you bought the paper, you bought that leen.<br \/>\n19:54<br \/>\nthe government\u2019s happy, because they got their taxes. And now that property is yours for very, very little, and neat around a rented out.<br \/>\n20:00<br \/>\nThere\u2019s that cash flowing asset as well, which I\u2019m not a good explanation. The tax lien Certificates, it\u2019s just paper. You don\u2019t get the property unless you have to foreclose most of the time. You don\u2019t foreclose. And that\u2019s not really the purpose. The purpose is to manage cash flow to the tax lien certificate. It does have some liquidity, not as much as gold. And it does have some operating costs. Because you do have to correspond with the homeowner. But there are services It\u2019ll, You can just plug them in and you won\u2019t even miss it. It\u2019s just easy to do. The purpose of me doing something like that would be answering the question, oh, my gosh, what do I do with $3.5 million? I can just stuff it over here. I don\u2019t have to put it into gold in a vault somewhere.<br \/>\n20:34<br \/>\nI could put it into something that\u2019s generating cash flow, and then I can also, I can take my tax lien certificate portfolio because it\u2019s real estate and it\u2019s guaranteed income. OK, it\u2019s guaranteed by law, I can borrow against it.<br \/>\n20:48<br \/>\nI can borrow against it and buy another assay.<br \/>\n20:50<br \/>\nSo there\u2019s some, There\u2019s a lot of things we can talk about, but yeah, The very beginning part is you just change the way you own the property and manage it, and you can avoid the initial hit on your principal.<br \/>\n21:03<br \/>\nSo, again, the way we own that company is two people not married.<br \/>\n21:06<br \/>\nYes, Correct. That\u2019s then And then how we and how we handled the principal was exactly how.<br \/>\n21:13<br \/>\nWell, OK, Let\u2019s say you do have You want to account for some of it. I have a couple of videos on how to do this.<br \/>\n21:18<br \/>\nYou want to calculate your cost basis in some cases, because you\u2019re gonna take somebody out, maybe gonna go on vacation, so that\u2019s taxable unless you can figure out how it\u2019s not. Or by, you know, go look at some real estate while you\u2019re on that. Right? Off part of the trip. You can do that, OK. So there\u2019s, there\u2019s your cost basis. And then what\u2019s your money you take out? But you\u2019re going to take the money out when it\u2019s worth a lot more, so. There\u2019s an algebraic little function I described. I hope I did it well enough on a little short six minute video on my channel. I can, I can show you guys what that is, and that tells you how to back out that that portion of the of the principal, the figure cost basis.<br \/>\n21:53<br \/>\nSo you can subtract that out. So, anyways, but yeah, you could, that\u2019s how you could do it. mm.<br \/>\n22:03<br \/>\nSo much for trying to get to so much for taxes. Right, everything right now, that\u2019s the basic thing.<br \/>\n22:08<br \/>\nSo, so, maybe we can open up the chat room for folks to type in questions, if they have some questions on what we\u2019ve covered so far, or maybe something else that we didn\u2019t bring up?<br \/>\n22:19<br \/>\nThat\u2019d be great.<br \/>\n22:22<br \/>\nYeah, I know a couple of comments. Got it. I got a question.<br \/>\n22:26<br \/>\nOverall, hey, I bought crypto just to get started. A lot of them join our community.<br \/>\n22:32<br \/>\nSo somebody could walk them through how they can own their own keys and not leave their funds on an exchange, maybe get hacked, but they bought it on their own name.<br \/>\n22:39<br \/>\nThey\u2019re here, and all this gone, oh, my gosh, OK, So, Can\u2019t do I have to give my crypto up, put it in this company? How do I do that so that I don\u2019t wind up with this massive capital gains tax when when these things go to the moon?<br \/>\n22:52<br \/>\nI asked a move those into held in their name to accompany, OK? You could today, continue investing in crypto.<br \/>\n22:58<br \/>\nAnd bye, bye, Bye all you want and not have a tax liability.<br \/>\n23:01<br \/>\nAnd that includes trading from coin to coin, and that even includes, if you get a tax report, now I\u2019m going to talk about the US. Because I can tell you for sure, this is the results I\u2019ve gotten. I believe you can do this in other countries. But so in the United States, people have been trading on the, let\u2019s say, Coinbase for example And sometimes their trades are frequent enough, they\u2019ve done so much in a year or such high value in dollars that they get a 1099.<br \/>\n23:23<br \/>\nThis is a report that coin but Coinbase says Sends out to the account holder you and a copy to the Internal Revenue Service, OK.<br \/>\n23:31<br \/>\nAre tax people All right.<br \/>\n23:33<br \/>\nIt says you have you have there\u2019s so much in taxable whatever income or gains.<br \/>\n23:39<br \/>\nSo the 1099 shows the dollar value of all the coins that were traded back and forth but no coins were sold.<br \/>\n23:44<br \/>\nSometimes they are and sometimes not all they are, right.<br \/>\n23:47<br \/>\nBut a lot of cases I have most of the coins the client did not sell.<br \/>\n23:51<br \/>\nI can do it either way when you sell you need coming back into seok currency.<br \/>\n23:56<br \/>\nExchange yeah, even if you went let\u2019s say sold bitcoin and got dollars into Coinbase and then you went and bought litecoin from those dollars That is reportable reportable and it could be taxable.<br \/>\n24:08<br \/>\nBut here\u2019s how you fix it.<br \/>\n24:10<br \/>\nBecause of the way Coinbase owns the coins, we can ask the IRS for a legal determination letter and show that even though the dollar amount on the 1099 is whatever it was.<br \/>\n24:20<br \/>\nLike, for example, I had this one, gentlemen, I was talking to, he had $40,000 on Coinbase and he got 1994 $900,000. Because he\u2019s trading interests. Oh my gosh, Yeah. So he was like having a heart attack and I said, Well, hold on. Let\u2019s just see what the IRS says about that.<br \/>\n24:35<br \/>\nSo, there is actually a process that the iris tells you how to do this, OK? They have a book that tells you how to do this. And, I\u2019ve been doing it like this for like almost 20 years, so. It\u2019s not, this is nothing new for me. So, I said, hey, let\u2019s just ask them. Let\u2019s just ask them for making it. Ask them for determination of legal determination on this situation where you get a 1099 for all these dollars, and you didn\u2019t get the dollars.<br \/>\n24:55<br \/>\nOr you only got a teeny amount of those dollars, right?<br \/>\n24:58<br \/>\nSo I sent in my request and sure enough it came back and Iris says, Oh, yeah, that\u2019s fine. Just ignore the 1099 in, so many where they didn\u2019t say that, but they in so many words it said they\u2019re very cryptic.<br \/>\n25:08<br \/>\nThey said, here\u2019s what I told them. I\u2019m going I\u2019m going to exclude this 10 99 because it\u2019s erroneous. I\u2019m going to exclude it from my 10 40.<br \/>\n25:16<br \/>\nHere\u2019s a copy of my 10 40 and the IRS wrote a letter back and said correct. Please take no further action.<br \/>\n25:24<br \/>\nThat\u2019s how they. So they\u2019re happy to take your money if you mess up reporting. Or if you\u2019re Yeah, oh, yeah. Oh, my god. Yeah. And here\u2019s the thing. If this is the thing that makes me sick, is if at that transaction, if he reported the 1099, he\u2019d be liable for it.<br \/>\n25:40<br \/>\nyou can\u2019t get around it. And here\u2019s why.<br \/>\n25:42<br \/>\nBecause you\u2019re reporting under under penalties of perjury, and this is why I like to describe it, when you file a tax return under penalties of perjury, you this is the law.<br \/>\n25:51<br \/>\nLike, the 10 40 is the law, This is your legal duty.<br \/>\n25:54<br \/>\nOnce you\u2019ve filed the return, that\u2019s the way it\u2019s treated. And the unless you want to amend it? And if you don\u2019t tell people to amend those things, if they, If they do, am, I just say like just just go forward?<br \/>\n26:05<br \/>\nBecause if you amend it, I don\u2019t know maybe it\u2019ll create all kinds of an audit or something like that. I don\u2019t know. I\u2019ve never told someone to amend it.<br \/>\n26:12<br \/>\nBut, Yeah, so we can actually get a determination so don\u2019t be concerned about structuring things in a certain type of company and You can just own the coins in your name or manage them in your name and Just don\u2019t sell them for dollars or your local currency in your name.<br \/>\n26:30<br \/>\nThat\u2019s it.<br \/>\n26:32<br \/>\nIf as long as you don\u2019t do that, you\u2019re gonna be fine now when you wanna go take profits. This is why I really recommend have a vehicle by which you can do that. So here\u2019s an example. I\u2019ll give an example If I don\u2019t have a company. I have a million dollars in Kryptos Maybe it\u2019s more or whatever.<br \/>\n26:47<br \/>\nAnd it\u2019s still in my name, and I went and I put it all it, took it out all my coins. And I put it in Bitcoin because I\u2019m going to take my profits and move on I am to I\u2019m done with crypto is I\u2019m going into something else So I go all into bitcoin.<br \/>\n26:58<br \/>\nI\u2019ve got one million dollars with a Bitcoin And I want to move it to let\u2019s say real estate, I want to invest in a apartment complex or something.<br \/>\n27:05<br \/>\nOK, so so I\u2019m going to open escrow.<br \/>\n27:10<br \/>\nI\u2019m going to take my Bitcoin wallet, and I\u2019m going to put it in escrow I\u2019m not gonna sell it for dollars.<br \/>\n27:16<br \/>\nI\u2019m gonna give my escrow Agent Bitcoin, that\u2019s going to go in escrow.<br \/>\n27:19<br \/>\nNow escrow as a trust, qualified escrow as it trusts, you guys can look this up, qualified escrow.<br \/>\n27:25<br \/>\nThat just means that it\u2019s not your Uncle Bob holding your money. OK, it means it\u2019s a third party, OK, so I put the Bitcoin and Qualified escrow now. If my escrow agent is smart He or she is going to already Understand how to liquidate the coins for clients to do this type of service because this is coming.<br \/>\n27:40<br \/>\nSo if any of you out there want to see this you\u2019re going to be the first N, OK? Now I can do this I\u2019ve already set this up last year, but anyway, so the escrow agent can then sell the Bitcoin for dollars because let\u2019s assume the seller wants dollars.<br \/>\n27:53<br \/>\nWe\u2019re not going to talk to them about Bitcoin, right, so, in escrow my agent sells for dollars. Now I\u2019ve got dollars in escrow, now I\u2019ve got my contract now, I\u2019ve got my property, I\u2019m buying so here comes the closing.<br \/>\n28:06<br \/>\nI\u2019m going to take the title, to the to the property.<br \/>\n28:08<br \/>\nSo all along this way, I\u2019ve moved Bitcoin into dollars, I\u2019ve never heard of tax liability nor has anyone, not even the escrow agent, OK. So now I\u2019m going to spend it.<br \/>\n28:18<br \/>\nIt\u2019s going to complete the transaction it\u2019s going to reach its destination and I\u2019m going to have the apartment complex and the seller is going to have his dollars and I don\u2019t care what happens to him.<br \/>\n28:27<br \/>\nThe question is: if I take that apartment complex and put it my name and leave it, like that, I am, at that point, going to have a tax liability, whatever to the million dollars, Whatever it was.<br \/>\n28:37<br \/>\nOK, because I did get a gain. It\u2019s I did get something, and there it is.<br \/>\n28:42<br \/>\nIn order to avoid that, I would simply buy the apartment complex in the name of a company, so all I\u2019ve done then is just fund another investment. It\u2019s moving money around myself.<br \/>\n28:54<br \/>\nOK, that\u2019s one way to, That\u2019s the, that\u2019s the key thing, is not, Oh, nothing.<br \/>\n28:59<br \/>\nWell, everything, right? Yeah, I mean, I\u2019ve done this for 30 years more than that, and money always moves around me. I don\u2019t, I don\u2019t need money for anything, I really don\u2019t.<br \/>\n29:06<br \/>\nSo, you can just use it that way.<br \/>\n29:09<br \/>\nYou can, you can do it that, or you can do it with alone.<br \/>\n29:12<br \/>\nThere\u2019s a couple of ways to structure with a loan to, before we go into the loan, can we come back to the front?<br \/>\n29:17<br \/>\nIn this stage, folks like us know and love crypto. But a lot of escrow agents, that\u2019s just kinda realms beyond where they are yet.<br \/>\n29:24<br \/>\nSo, how would we take kryptos and RNA, turn it into dollars and get those to that escrow agent without incurring a tax liability in that process, assuming that the escrow agent cannot, doesn\u2019t have the ability to convert bitcoin dollars? Most, won\u2019t, Yeah, maybe next year they might start figuring this out. Right? The way I set up clients so that they don\u2019t have to rely on the escrow agent to do that.<br \/>\n29:50<br \/>\nI set them up so that when you have my my LLC type structure, whatever I do, it\u2019s already covered so you can sell for dollars in the LLC and move it to your asset and you can move it into escrow too.<br \/>\n30:02<br \/>\nYou could do if it\u2019s in the LLC. Sure, yet.<br \/>\n30:05<br \/>\nBut soon the crypto\u2019s are still in their own name, and they haven\u2019t gone through the process to KYC their LLC on an exchange, and then, and then move the dollars from the exchange into that LLC. That LLC doesn\u2019t exist yet, but they\u2019re about to buy this property and that\u2019s right for that. That future purchase would be the first thing in the LLC up. There a way they can convert their Bitcoin dollars through that escrow agent?<br \/>\n30:28<br \/>\nYes, if the OK, so you want to open escrow with an agent that you want to use. Let\u2019s just say wherever you are, let\u2019s say in the States.<br \/>\n30:35<br \/>\nRight, and that agent can\u2019t can\u2019t stage conversion himself. He won\u2019t do it today. Chances are so right, like I can do that. I\u2019m just saying I can do that. I don\u2019t know anyone else who can do that yet I did have one agent called me. She\u2019s all excited. She goes, Wow, yeah, and I said you know you could do this. I don\u2019t mind competition There\u2019s plenty market out there.<br \/>\n30:54<br \/>\nShe goes, no, I just want to know who to call So my partner and I set this up, we have an exchange.<br \/>\n30:59<br \/>\nIt\u2019s his exchange broker, the deals. They charge like 15% so just know there\u2019s a there\u2019s a premium there.<br \/>\n31:06<br \/>\nSome people are more than happy to do that. If it\u2019s a large amount, now we can liquidate seven and half million dollars with the coins per day per client.<br \/>\n31:14<br \/>\nSo just know we can do quite a bit.<br \/>\n31:16<br \/>\nI would encourage you to use your structure, you know, use a company and not have to incur that cost.<br \/>\n31:22<br \/>\nRight?<br \/>\n31:23<br \/>\nYeah, so, you don\u2019t need it now. I did talk to one gentlemen and he was so eager to do a thing, I don\u2019t know what it was, he was in a rush. And I said, Look, if you just wait like a couple of weeks, you can set up the structure. He was like, No, I gotta do it now. So I said, OK, Well, my partner up.<br \/>\n31:35<br \/>\nYou know, and we said that but yeah, yeah, OK, so subscribe Susie that subscribe into your privacy fight to the Premier Base site Or how would they would be the best way for them to get that content from you to have you set that up for them? Maybe not two to 15%, but but still right?<br \/>\n31:54<br \/>\nthe best ways to connect with me on Monday said I\u2019m an ace of coins on Telegram, so ace of coins is an announcement form.<br \/>\n32:00<br \/>\nIf you subscribe to that I announced things I\u2019m also on telegram under at JJ Singleton. So that\u2019s a good way to connect with me.<br \/>\n32:09<br \/>\nI\u2019m opening a helpdesk on ace of queens dot com There\u2019s a help desk so that way you can call or chat or do a telegram prompt because if you\u2019re out of the country, You can contact and I\u2019m having people set this up.<br \/>\n32:21<br \/>\nIt\u2019ll be a separate company, and they will be able to answer your questions now, These people that are running this are my clients, many of which, and they, I would consider them pretty well versed on what I do there. I would almost say they\u2019re experts, OK. So you\u2019re gonna get questions answered right away with people that answered the phone or telegram or whatever. And if I need to get on something, They\u2019ll get me on the phone, or have me call you back.<br \/>\n32:45<br \/>\nSo that\u2019s coming in the next month Excellent, so that\u2019s each of coins dot com and then on Telegram they lookup J X J. J Singleton. And you see there was a third is that \u2026 Yeah, I have an e-mail address that\u2019s. It\u2019s singleton press at proton mail dot com.<br \/>\n33:02<br \/>\nIt\u2019s singleton trust that proton mail dot com.<br \/>\n33:04<br \/>\nThat may take awhile to get, get me. Because unless I see it, when I first look at the very top of my e-mail, I\u2019m like thousands behind. So I\u2019m trying to do the best I can. But Telegram and my helpdesk I have to do the helpdesk.<br \/>\n33:16<br \/>\nSo you\u2019ll be fine that way. And sometimes you get me right away and sometimes it takes a day or two.<br \/>\n33:21<br \/>\nSo in any case, I know, I think Edith was, she took a couple of weeks I think it was, So, that\u2019s all my fault. That happens. Anyway, I think book in your, in the fall, through the consultation on the calendar, you maybe into the fall, which is that\u2019s the kind of problem we want to have of getting your value in front of folks and then trying to figure out how to bring some of this into the port.<br \/>\n33:42<br \/>\nSo, as far as transfer their crypto.<br \/>\n33:45<br \/>\nSo let\u2019s say we aren\u2019t going to go through escrow to purchase a property, but someone wants to take their Kryptos purchased in their own name and Glenn funded company for this, and then, you know, maybe it\u2019s a Wyoming LLC or affordable. There\u2019s, there\u2019s no state income tax.<br \/>\n34:00<br \/>\nSo, the stable rewards. You know, there\u2019s no income on that, right? Is there anything they need to do to retitle those besides KYC, their LLC?<br \/>\n34:09<br \/>\nNo, company, on a sticky note. Just set up your company. Open your accounts. You don\u2019t even need to be concerned about whether or not there\u2019s a state income tax, because this company has a pass through. Until you treat it as if it\u2019s not. So, the tax liability and the filing obligation comes when you file.<br \/>\n34:24<br \/>\nThis is where, I\u2019m gonna say that again, because lot of people go, Oh, wait a minute. What did you just say, the obligation to file a tax return for an LLC, like the way we\u2019re describing it, comes from filing the return.<br \/>\n34:36<br \/>\nAnd once you file the return, then the Irish expects a certain tax treatment, unless you do a conversion or dissolve the company from then on.<br \/>\n34:42<br \/>\nSo the companies I set up, my clients don\u2019t file returns for those. They account for any taxes later on down the road, if, if that\u2019s needed.<br \/>\n34:51<br \/>\nSo, because there is no taxable action taken inside the LLC, there\u2019s no requirement to file.<br \/>\n34:57<br \/>\nIt\u2019s not that you\u2019re evading taxes, because you didn\u2019t file. You\u2019re not filing, because you\u2019re following the IRS tax code.<br \/>\n35:04<br \/>\nYou\u2019ve taken no tax reportable action and that\u2019s the key thing I think is nothing was tax reportable, therefore, there is no requirements file.<br \/>\n35:13<br \/>\nAnd then what are the what are 1 or 2 things that are maybe common?<br \/>\n35:18<br \/>\nThings to avoid to make sure they don\u2019t accidentally do something they should have reported, but they\u2019re already in this habit, if not filed.<br \/>\n35:25<br \/>\nAs long as you don\u2019t file for it, you\u2019re gonna be fine. What I would caution you on is: don\u2019t try to get tax deductions from it because it doesn\u2019t file returns. So it\u2019s not gonna have a tax deduction, it\u2019s just not going to have a tax. That\u2019s way better, I think, don\u2019t try to do some funny business where you\u2019re trying to get zero taxes or something, I mean, you\u2019re gonna have some taxes on your income.<br \/>\n35:44<br \/>\nYou don\u2019t need a million dollars to live though.<br \/>\n35:46<br \/>\nYou can live like a million dollars a year, You don\u2019t need to show that on paper. It can just be done structured a certain way.<br \/>\n35:51<br \/>\nAnd I would also caution you, here\u2019s where you get into trouble.<br \/>\n35:54<br \/>\nIf you focus your efforts to simply, for one purpose, to avoid taxes, you\u2019re probably not going to do it. And you\u2019re probably gonna break the law, You probably do something wrong.<br \/>\n36:04<br \/>\nSo, as long as you\u2019re OK with, you know, paying tax on your income that pay all your bills and you\u2019re not going to pay tax on that 10 million, $100 million principle and you\u2019re gonna use the strategies, you\u2019re gonna roll the money over and re-invest, and you\u2019re going to be just fine.<br \/>\n36:17<br \/>\nOK, so that\u2019s a really key thing, I think where it ties together.<br \/>\n36:21<br \/>\nWhen you personally don\u2019t own anything your company does, you have to declare any income you receive, maybe take a little bit outfit, our bill. Buy groceries.<br \/>\n36:30<br \/>\nFrom the company, you report that tax on yours. Does your company and to report that taxable losses and expense, or no, because it\u2019s not working?<br \/>\n36:38<br \/>\nIt\u2019s just a loss. Yeah, you\u2019re just not, You\u2019re not in that system, It\u2019s not doing that. You want to use it as a pass through, that\u2019s how you have to do it.<br \/>\n36:45<br \/>\nSo, yeah, I can\u2019t, you can\u2019t do. Elizabeth had a question.<br \/>\n36:49<br \/>\nI think you\u2019ve mentioned, I know you\u2019ve mentioned a lot of your videos, because I\u2019ve up, Instead of trying to share that, with this community, terms of when you open up a company, what\u2019s, what\u2019s the thing that you say to put for the business purpose? Has got some really good pieces on that, as well, I\u2019d just like to create, um, because of the way I\u2019m doing it, I get a lot of friction from the bankers. They don\u2019t like to see someone actually avoiding liability. They always creating liability for people. So, I, my backstory is a real estate because I can make a real estate, really boring so for a new person doing this, I just said when I do like I\u2019ve been Pennsylvania, Pennsylvania, I can\u2019t just say the purpose of this company is for all legal purposes. I could do that in almost every state. But in Pennsylvania, they\u2019re going to say: Now we want to know more.<br \/>\n37:31<br \/>\nSo, my response is, no, I don\u2019t have to tell you anything. But, if I say that, they won\u2019t register the company, right?<br \/>\n37:38<br \/>\nRight, so, instead, I say, This company is may also invest in real estate, and then I give something like, what kind of real estate I go? It may invest in real estate in terms of commercial real estate, or staging, or property management.<br \/>\n37:54<br \/>\nAnd that\u2019s it, and maybe I\u2019m not going to do that. Maybe I\u2019m going to own a website that sells socks.<br \/>\n38:01<br \/>\nI don\u2019t care.<br \/>\n38:02<br \/>\nThey don\u2019t care. They just want me to answer the question. And so when I go to the bank, it serves two purposes. Now I go to the bank and the bank does the same thing, and then on the articles that are filed with the State. It says that, so when my client goes to the bank and says what I tell him, the bank says, Hey, What do you do? And you know what the company what\u2019s it for? He\u2019s going to say?<br \/>\n38:19<br \/>\nOh, well my my uncle said this.<br \/>\n38:21<br \/>\nIt\u2019s a great idea to invest in real estate, and I\u2019m going to take his word for it He said, I need to set up this company So that kills the conversation, because You\u2019re not saying anything interesting. You look like a novice, right?<br \/>\n38:31<br \/>\nI\u2019m gonna get my account open And It\u2019s a standard thing. They love real estate investors.<br \/>\n38:36<br \/>\nIf I if you said something like, I\u2019m running a cash based, bending machine operation to them. They\u2019re like, boop, boop, boop! Now let\u2019s ask them more questions. Oh, lots of cash. For all we know he\u2019s dealing with cocaine, you know we have to know we\u2019re not going to do that. Let\u2019s just talk about real estate and be boring, and maybe common like everybody else.<br \/>\n38:54<br \/>\nRight. Just gives it a comfort level that you\u2019re not gonna do anything that isn\u2019t legal.<br \/>\n38:58<br \/>\nYou\u2019ve already declared in your operating agreements, your articles that it\u2019s gonna be legal. And there you go. Fetch. And we had a question come and say, what about non crypto money inflow? Like when one of our venture capital pays out, so, and we\u2019re looking at where we think from the numbers we\u2019ve seen coming back and wanting to 100 X, now these are just going to change people\u2019s lives, they don\u2019t want to turn around and hand over 30 or 40% to state federal taxes.<br \/>\n39:23<br \/>\nYes, OK?<br \/>\n39:25<br \/>\nYou can manage any cash flow this way, you can manage any Asad this way. You can manage an apartment complex, a rental, real estate portfolio.<br \/>\n39:33<br \/>\nYou can manage securities this way. You can manage stocks this way.<br \/>\n39:37<br \/>\nI\u2019ve been doing it since the nineties, and it\u2019s way kryptos or just the latest thing.<br \/>\n39:41<br \/>\nThe next thing, this is nothing new, guys, That I didn\u2019t invent this last week, this I\u2019ve been doing since like 1995 probably mm and yeah, so you can, you can run any cash flow this way. In fact, I was just on the phone. That\u2019s why I was late. I was just talking to a gentleman who was dealing with the problems related to the fake pandemic, OK. And this state in the County is harassing his business. And they\u2019re trying to impose these fines on him.<br \/>\n40:05<br \/>\nSo I\u2019m setting them up with a company, just like I\u2019m describing to you guys, But in his case, this company will manage his company\u2019s cash flow. He has to retail locations in like Near Tampa, Florida.<br \/>\n40:17<br \/>\nAnd this new company I\u2019m setting up for him, a limited liability company is going to manage the cash flow and they cannot impose the fines on his company.<br \/>\n40:26<br \/>\nThey will not be able to touch any of his cashflow because I isolate it in a way where he no longer has the rights over the money.<br \/>\n40:34<br \/>\nSo it doesn\u2019t matter what the fines are, he can ignore them, OK? So, Company A are these retail sites. Company A is the one that builds the customers, The customers pay.<br \/>\n40:42<br \/>\nCompany A then turns around and gives all that cash flow company B minus what it needs for payroll and an insurance and power bills, right? How does that go? The company he has now is filing a tax return. Every or maybe it\u2019s a C corp. I don\u2019t know. Exactly. OK, and I don\u2019t care because his accounting will not change. All, I\u2019m doing is taking the money That comes from the customer and putting it in a company.<br \/>\n41:02<br \/>\nThat\u2019s not his core business, It\u2019s not as brand payment. It\u2019s a payment processor. It\u2019s a holding company just like PayPal.<br \/>\n41:11<br \/>\nOK, so the PayPal money goes to this new company. I just set it for him.<br \/>\n41:15<br \/>\nThe merchant account goes there. My chiropractors office insurance billing goes to the separate company, OK? So now, the separate company, let\u2019s say it\u2019s a chiropractor\u2019s office and he\u2019s making $2 million.<br \/>\n41:26<br \/>\nAnd he only needs a half million dollars. Well, the half million dollars is going to get paid to his company and he\u2019s gonna pay tax on that ever going to be happy, but the 1.5 is going to sit out here untaxed. Waiting for something to be done with it.<br \/>\n41:38<br \/>\nHe can so disease, as you set up is billing, then where Company B cashflow Company, Company B is, is the on the receiving end of the payment processor. So you see as card swipes customer on, company A\u2019s property.<br \/>\n41:52<br \/>\nThe money from the customer\u2019s card goes directly to Company B: Yes.<br \/>\n41:56<br \/>\nThen he can choose to do what he wants, and the reason why I came up with this back in the nineties is because my first clients were a group of, they didn\u2019t know each other. There\u2019s like, over a series of time, I just had all of a sudden, all these IRS cases, and I was, I worked with a partner and we were sharing cases and he was assigning me, and he was training me and all this. So it was IRS and the IRS is doing it. What\u2019s called a tilt take.<br \/>\n42:15<br \/>\nUntil take is when you just levy everything that\u2019s coming in from and you don\u2019t get any money, you\u2019re just starved out. You can\u2019t pay your people you write your products. Yeah. Yeah. Yeah, They\u2019re done. I mean, you\u2019re like, you can even do bankruptcy to recover, so don\u2019t even get around that. So, what I would do is it would take me like an hour. I would set up a new company rewrite everything, and the way we do it with a merchant processor is we send them a new W nine A W nine is a certification that the EIN We got the new company name, and new EIN is, correct.<br \/>\n42:41<br \/>\nThat\u2019s all that is, So we reroute the money to the new company and cut the IRS off. We literally take it away.<br \/>\n42:47<br \/>\nNow the iris can take zero And that brings them to the table. They actually call up and send a letter and say, Hey can we work out something?<br \/>\n42:54<br \/>\nYou know, and then I, then, I come back like a month later, and I say, Yeah, We\u2019re poor.<br \/>\n42:59<br \/>\nI can\u2019t pay, know, and I know they can see everything I just did. That\u2019s why I learned how this works. OK, I can see, they can see everything I just did, and they\u2019re gonna agree with me that they can\u2019t pay, that I can\u2019t pay, and they will make a payment arrangement or something.<br \/>\n43:14<br \/>\nSo the radar for it there. Yeah, so doing those types of cases. And I did this for, like, two decades, before we started getting the kryptos. And I didn\u2019t really, even dawn on me to run 2015, that this sort of method can be used for wealth planning.<br \/>\n43:28<br \/>\nAnd so that\u2019s what I\u2019ve been doing for, like, the last 10 years.<br \/>\n43:33<br \/>\nAwesome.<br \/>\n43:33<br \/>\nWhat if someone receives an inheritance or a gift of a windfall and they want to put that into a property?<br \/>\n43:41<br \/>\nHow do they how do they take that?<br \/>\n43:43<br \/>\ntax free gift babies, an insurance payment and then turn around and do something that they benefit from or maybe their trust benefits from without having to pay taxes when they liquidate that stock, for example?<br \/>\n43:55<br \/>\nMaybe they only already own a property, they\u2019re looking to develop it, prove that whatever they\u2019re doing, they\u2019ve got this insurance policy, your gift or whatnot.<br \/>\n44:04<br \/>\nHow did they get that over there?<br \/>\n44:05<br \/>\nOK, make sure the, the beneficiary of whatever it is, the will.<br \/>\n44:10<br \/>\nThe whoever inherited inherited the money makes sure that that is a pass through, like I\u2019m describing.<br \/>\n44:17<br \/>\nIf your name is on, your parents, will your dads will let us say, you can\u2019t get around it, if there\u2019s an inheritance tax, if there is, right?<br \/>\n44:25<br \/>\nSo, what I just recommend is, make sure that you\u2019re not, your name doesn\u2019t appear and make sure it\u2019s the thing you want to use.<br \/>\n44:31<br \/>\nThe vehicle, the LLC, for example, or the trust, If it\u2019s a gift, same thing. Now, sometimes, we can\u2019t get around it sometimes. I mean, it\u2019s a gift. Chances are the gift. The gift, or it\u2019s gonna pay the tax, I guess, is how they work it.<br \/>\n44:44<br \/>\nHmm.<br \/>\n44:45<br \/>\nAnd so you deal with that. But, yeah, you want to try to avoid getting that tax situation first. Who can\u2019t receive the money, and then do something, and avoid the tax. That\u2019s, like, going back in time. They can\u2019t go back in time to tax you, and then you can\u2019t go back in time to get out of the tax.<br \/>\n44:58<br \/>\nSo even if they took that gives, Thanks.<br \/>\n45:00<br \/>\nI\u2019m gonna go to company and then can they write off that, what the received and a gift its value. Can they write that off by plugging that into the company?<br \/>\n45:11<br \/>\nOr is that nobody, if the company files are returned? Yes.<br \/>\n45:15<br \/>\nSo if your LLC that doesn\u2019t file, no, it\u2019s either one or the other, and actually you\u2019re gonna, you\u2019re gonna come out way ahead anyways if it\u2019s not filing.<br \/>\n45:24<br \/>\nYeah, that\u2019s the simple version.<br \/>\n45:26<br \/>\nNo, I can\u2019t, It\u2019s not as different. You\u2019re not, you\u2019re not going to do a 1099 with a company that doesn\u2019t file. You\u2019re not going to do it. You\u2019re not going to issue a K one, You\u2019re not going to get a tax benefit. And those, in that sense, you\u2019re not gonna get a deduction.<br \/>\n45:39<br \/>\nIt\u2019s just, so, thanks for that. Thanks for the unexpected gift. I guess I\u2019ll pay the taxes.<br \/>\n45:43<br \/>\nI wasn\u2019t expecting it anyway, So, pay the taxes, be done, right, and go, do we want to do that? Yeah. I do that, too. I mean, I have cash flow. That is not taxed and it\u2019s legally not taxed. But, when I donate money somewhere, that\u2019s me. That\u2019s literally me. I\u2019m not getting a benefit for that, and I want to donate the money, you know, so yeah. You just have to deal with that.<br \/>\n46:01<br \/>\nOK, we\u2019ve got Lynn asking the question, if you could address an IRA LLC. That setup, as a solo, as a single party LLC, because that going to be a problem. Everyone knew and draw money spending. It\u2019s not a problem at all, but it is separate. Do not mix it with what I\u2019m explaining here, so your LLC, that\u2019s the trust custodian for your IRA or whatever Your self directed follow, Those rules, The thing that makes that different from what I\u2019m explaining here, is it in the Operating Agreement, which, you have to disclose to the organization and the IRS. If they ask you mind, you don\u2019t, but there\u2019s, there, they add two more provisions, and at some technical language about the tax system, that is added into the operating agreement.<br \/>\n46:40<br \/>\nAnd that is a taxpayer. It has to do whatever the IRS says, whatever the IRA trust agreement is.<br \/>\n46:45<br \/>\nSo, that is a separate creature from what we are talking about.<br \/>\n46:49<br \/>\nSo, the other thing there, to point out, is, there\u2019s not going to be any liability.<br \/>\n46:53<br \/>\nIts job is to be the buffer between you and your IRA, that has a tax reporting liability to the IRS, just to match up and make sure when it distributes money to you.<br \/>\n47:04<br \/>\nIt has to report that and then the IRS is expecting to see forwarding that is taxable income or, or as tax reportable.<br \/>\n47:11<br \/>\nincome, just, yeah, you can report and disclose what\u2019s required for all the self directed IRA type structures.<br \/>\n47:19<br \/>\nSo, I don\u2019t, I don\u2019t know what that is. I, like, I talked to one, the woman a couple of years ago, she had, she used a self directed IRA, and she bought Kryptos with it, Which is fine. But she did it the wrong way, apparently. And luckily, she got she, her account, and told her, I wouldn\u2019t have known this, because I don\u2019t keep track that stuff, but the accountant told her that she needed to put it, put it back, and then do it. Again, the right way to be having considered as part of the trust, the IRA, Roth IRA is a trust.<br \/>\n47:45<br \/>\nSo, yeah, you can mess those up. So be careful.<br \/>\n47:49<br \/>\nThe thing I don\u2019t like about them I don\u2019t want to disparage it because they are good tools, it\u2019s just that I\u2019m not gonna follow a set of rules for one purpose to avoid attacks for a long period of time because I\u2019d rather be liable for the tax and have the freedom to invest in assets and bet on my ability to make way more money than who cares about saving money from attacks, right?<br \/>\n48:09<br \/>\nThat\u2019s how I think, anyways.<br \/>\n48:11<br \/>\nRight? We\u2019re like, It was interesting, talk with some clients and members yesterday, where we\u2019re looking at portfolio is going, Oh, yeah, Miss Miss cashed out on the 25 X but I\u2019m still sitting on six X. And were bummed about that. Yeah, really. When we see people, I gotta be 20% in taxes.<br \/>\n48:28<br \/>\nIt\u2019s a big dollar figure, but because they don\u2019t know any better, Sam, 6%, yeah, let\u2019s not step over over dollars to pickup times. That\u2019s right. That\u2019s what, don\u2019t catch yourself doing that. Yeah, yeah. Always look for the, the return on capital K, don\u2019t make decisions like, my dentist, you know, you go to the dentist and he steps your mouth with the stuff. And they start to ask you, So, what do you do? Yeah. So, we had that conversation, and he was complaining about, as account. And he didn\u2019t know what I was, I did. You know, I started, I gave him a couple of answers. But he\u2019s, like, my count says, I had to buy this parcel of land to get a tax break. And then there\u2019s other insane stuff.<br \/>\n49:03<br \/>\nAnd I said, well, ask yourself, who\u2019s giving you that information?<br \/>\n49:08<br \/>\nIt\u2019s an accountant.<br \/>\n49:09<br \/>\nNot, not that he\u2019s not a smart guy, but he\u2019s a professional.<br \/>\n49:12<br \/>\nAnd he\u2019s not an investor, and he\u2019s actually not a business owner. He\u2019s a professional.<br \/>\n49:17<br \/>\nAnd as a dentist, your both your professional, but in your case, like this guy was running his own operation. So he\u2019s also the owner or the business owner. But he\u2019s He\u2019s also trying to be an investor. He\u2019s thinking is being investor, but really, he\u2019s trying to get a tax break on some silliness. And I said, Consider who\u2019s telling you the information first. Is he like, you is seen investors? Has he taken risks? Has he lost money before? This guy probably hasn\u2019t lost a million dollars at Stop, trying to trying to make money.<br \/>\n49:41<br \/>\nSo I said, find somebody who is like you, and who\u2019s invested money, and found a way to do it, and make your decision based upon return on capital, or net present value of your cash, not a tax rate, tax rate, or an interest rate on the loan, that\u2019s another problem people run into. They\u2019re trying to shop for interest rates on loans. When I just want the dang asset, I don\u2019t care what the interest rate is, really. Unless it\u2019s 30%, you know, I want it because I can use an asset to offset that. There\u2019s all kinds of ways to offset that.<br \/>\n50:10<br \/>\nPick up something else. Go get another stable coin, pay the bill are buying. Complex that to give you the cash flow, that office. Yes, that yeah. Yeah, So make your decisions based on return on capital, and then also make your decision. I mean, you could offset like you\u2019re saying in a high interest rate, but then you look foolish for paying a high interest rate, and you can offset it because Look at it like this.<br \/>\n50:29<br \/>\nLet\u2019s say you\u2019re doing it by yourself by yourself, and then you want to take on Another investor. Let\u2019s say someone comes in and says, Man, you look like you\u2019re doing pretty good. Can I look at your books? Could I could I put in two million bucks on what you\u2019re doing? Can I get it on the party?<br \/>\n50:42<br \/>\nYou\u2019d be like, OK, fine. Because if you get in with your two million, I have some liquidity and I can do something else, right? So, he says, let me see your books, right? So, you show him and he sees that you did some foolish things.<br \/>\n50:53<br \/>\nAnd he\u2019s gonna be hesitant, like, why do you do this, you know?<br \/>\n50:57<br \/>\nSo, always keep in mind you want to do the right thing for making money but also because it just makes you look respectable.<br \/>\n51:07<br \/>\nAbsolutely. Julie, yes, we\u2019ll make sure we CCC gets its reporting. Junji, if I can give you my address, we can get that sent over, and then, I can make sure the leadership forgot it to put on our website. That would be great.<br \/>\n51:21<br \/>\nWe had a question come in, Can you rename your IRA to an LLC, and instead it all tax free? I don\u2019t think rename, and an IRA is going to change the three you got it. Set it up as a self directed.<br \/>\n51:31<br \/>\nAnd then it\u2019s either going to be taxable as a traditional, or after taxes or Roth, but, uh, that, yeah, I have, I have strategies on that. I mean, I don\u2019t know how much more time you guys got, but on an IRA, you\u2019re tying up your money for a tax benefit.<br \/>\n51:46<br \/>\nAnd yeah, with the self directed, that\u2019s kinda nice. You can get into stuff, but you\u2019re still under that umbrella. An IRA is a trust, no matter what you call it. And that trust is under subject to certain criteria, You gotta follow. Those are you\u2019ll get huge penalties.<br \/>\n51:57<br \/>\nSo work with someone who really understands that I\u2019ve done two of those. I don\u2019t like to do them. I don\u2019t want to be responsible for that.<br \/>\n52:03<br \/>\nSo it\u2019s a different creature.<br \/>\n52:05<br \/>\nIf you want to get out from under it, take your licks OK. Pay a penalty, you pay your tax, and go, so maybe your type of person that for you, You\u2019ll just make that money up in three months.<br \/>\n52:16<br \/>\nSo, I\u2019m gonna look at it that way.<br \/>\n52:19<br \/>\nGreat possibility. So, question is coming through. We mentioned some of the venture capital deals, but the contracts, you know, hey we were just getting into this.<br \/>\n52:27<br \/>\nBut some amount of money from my name, contracts in my name. If it comes back as a windfall, can I do it quit playing on that contract? You can read retitled into that into a company. Yes, you can, I just did one the other day, and it was for stock. In fact, I\u2019ve done several already, that people had stock, and they, they\u2019re suddenly see my strategies. And I\u2019m like, Oh, that looks cool, I could do that. So, they work it out. And so what? you can do this, I\u2019m gonna, I\u2019m gonna tell you guys something, I\u2019m gonna give you a phrase.<br \/>\n52:54<br \/>\nAnd you\u2019re gonna get the video.<br \/>\n52:55<br \/>\nBut I think, in the meantime, you\u2019re gonna want to check this phrase out, OK, if I have stock, here\u2019s a hypothetical, I have stock, and I want to sell it, and I\u2019m gonna take the money and go somewhere else, but I really don\u2019t want the capital gains on it.<br \/>\n53:07<br \/>\nSo, what I need to do, is, I want to change the ownership of the stock without selling it first.<br \/>\n53:12<br \/>\nNow, this is a bit of a headache, but you can do it, you go to your stockbroker and you switch the account, you\u2019re changing the title on the account.<br \/>\n53:20<br \/>\nSomebody who\u2019s an LLC, us as a pass through.<br \/>\n53:23<br \/>\nSo, it\u2019s in my name, roll it over to an LLC. That\u2019s the wrong language, but I\u2019m going to move it over to an LLC without selling it.<br \/>\n53:31<br \/>\nSo make sure that they understand that you\u2019re going to re-register it already, right? Reregistered, right, OK. Then you can sell it and then the new owner will get a 1099.<br \/>\n53:41<br \/>\nNow that\u2019s one example. Another one is, let\u2019s say I own stock in a private company.<br \/>\n53:45<br \/>\nIt\u2019s private equity, and it\u2019s time for a dividend or I want to sell that stock.<br \/>\n53:51<br \/>\nOr my partner wants to buy me out and I don\u2019t want the capital gains.<br \/>\n53:54<br \/>\nSo here\u2019s what you have to do, just like in my first example, where you get the stock brokerage switchover, in this other example, I\u2019m going to do a stock transfer agreement.<br \/>\n54:03<br \/>\nOK, it\u2019s a contract where I\u2019m going to transfer my stock, my personal holdings of stock into the LLC, for example.<br \/>\n54:11<br \/>\nThat is not a sale, that is not a disposition of assets, Here\u2019s what it is.<br \/>\n54:16<br \/>\nIt\u2019s A It\u2019s a conveyance of property for estate planning purposes.<br \/>\n54:22<br \/>\nIf I convey property that\u2019s otherwise taxable ancell for estate planning purposes, and I can get a different track tax treatment by doing that.<br \/>\n54:32<br \/>\nThe transfer itself is not taxable because the beneficial interest remained the same.<br \/>\n54:39<br \/>\nSo I was the owner before, I still care about it after, even though the titles in a different name. I\u2019m still effectively the owner after. So if I still care about the asset after the transaction or the transfer, then it\u2019s the beneficial interest are the same and it\u2019s not a disposition and it\u2019s not reportable or taxable.<br \/>\n54:57<br \/>\nThat\u2019s a fascinating idea, so you still control it, you no longer own it and that\u2019s because it legitimately is for estate planning.<br \/>\n55:04<br \/>\nSo, if we maybe go back to a previous example where that gift showed up.<br \/>\n55:10<br \/>\nThat\u2019s kind of stocks of stocks.<br \/>\n55:12<br \/>\nAnd let\u2019s say they say there\u2019s a property that\u2019s on antitrust.<br \/>\n55:17<br \/>\nand that\u2019s what we want to get developed. Could we use that? That technique you just described?<br \/>\n55:23<br \/>\nCould you change that into the trust\u2019s ownership, for estate planning purposes? Assuming that was the purpose of the trust.<br \/>\n55:31<br \/>\nWhen it gets processed \u2026, but I\u2019m gonna, I\u2019m just gonna say, be cautious on those. Yeah. I get, There were, there was one last month that I could not do. Because it has to be a legitimate estate planning function. You can\u2019t just say it\u2019s a state planning, but it\u2019s not, So No, no, no, no. Yeah, so, I don\u2019t know.<br \/>\n55:48<br \/>\nIt doesn\u2019t sound like it is, I\u2019d have to look more at it, but I just, generally, if I go from a business or a trust to another business or a trust, that is actually may not be estate planning.<br \/>\n55:59<br \/>\nRight? Something else, though, it is something else, but I\u2019m not gonna, I\u2019m not gonna get into too far into that, so be careful on this, So it has to be considered part of your state. So, if you personally care about the money and then you still personally care about it, you\u2019re fine. It\u2019s like, I can do this for a house, if I own the house first.<br \/>\n56:15<br \/>\nIf I own the house first, I can convey it to an LLC.<br \/>\n56:19<br \/>\nCalifornia\u2019s great for this California\u2019s enormous tax on the value of the house, they tax you and on the filing fee for the quitclaim deed.<br \/>\n56:26<br \/>\nSo, if I can pay the property just before the sale, if I sign the sales contract and I put it in the LLC name and then it sells and my LLC gets the money, there is no tax on it. There is no capital gains tax on it. It\u2019s completely deferred.<br \/>\n56:40<br \/>\nFascinating. And into everybody, get on his calendar to learn how to do that. To prove this, if you guys say, this guy\u2019s nuts. Here\u2019s how you prove that I\u2019m not nuts, At least for this. You can go to any county in the State of California, in Florida to, and you can ask them now some counties will be reluctant to give this to you.<br \/>\n56:57<br \/>\nIt\u2019s on the Internet, too. but there\u2019s a form.<br \/>\n57:00<br \/>\nIt\u2019s and it\u2019s it\u2019s a checkbox form that shows that that conveyance is exempt from that documentary stamp tax because the conveyance was done for estate planning purposes.<br \/>\n57:14<br \/>\nThere\u2019s actually a tax code that identifies this.<br \/>\n57:17<br \/>\nAnd that so that was a checkbox code. You just go to that or e-mail them and say, hey, mister Miske clerks and need a forum called will deal with that. One\u2019s called a Californian. Yeah, I can look it up. It\u2019s in one of my videos.<br \/>\n57:28<br \/>\nAnd by the way, the video content I have on privacy fight dot IO, I go into all the little details about how to do this. I show you the form and I walk you through it.<br \/>\n57:36<br \/>\nSo, I\u2019ve done, I think two videos on that California\u2019s quitclaim deed, how to avoid the capital gains tax.<br \/>\n57:43<br \/>\nLet me give you a quick plug on that, that my firm bought this from him, and it\u2019s amazing content. It\u2019s going to take just a couple of days to sit down and really nugget through it. Make sure you take some notes along with it. Oh, and by the way, it gives you a really nice discount if you pay in crypto.<br \/>\n57:58<br \/>\nThanks. Thank you. Thank you. Yeah, yeah, you mentioned that available to us.<br \/>\n58:03<br \/>\nThat, yeah, this, Hey, this is saving me, too, because I\u2019d love to talk to you guys, but I can\u2019t do it all the time. You know, one-on-one, this stock transfer agreement, let me just give an example, OK.<br \/>\n58:12<br \/>\nI didn\u2019t want a few years ago for a client and he just called me up. He was a client from a long time ago and he had an attorney working with money on some other deal and his partner was buying them out of the company. This is a real deal, 50%, right.<br \/>\n58:24<br \/>\nSo, it was over a million dollar sale of stock and his attorney swore up and down there is no way, Mike that you can avoid the capital gains tax on this. So, finally, he\u2019s got he gave up and just called me and he goes, John, what do you think?<br \/>\n58:36<br \/>\nI said, Well, let me see. Let us see your corporate charter. I\u2019m not going to tell you what you can do. Let me see what your corporate says. Let me see what you guys agree to. So he sends me the thing and I get them on the phone, and I\u2019m reading through and it\u2019s a page and a half of rules about how you can and can\u2019t move stock around.<br \/>\n58:50<br \/>\nAnd the last line says if the conveyance that the stock is for state planning purposes, disregard the foregoing now I knew that it was in there. I just wanted to show him. So I showed him the piece of paper.<br \/>\n59:04<br \/>\nAnd he goes, Wow, OK, so what does that mean?<br \/>\n59:05<br \/>\nI said, well, you\u2019re Tony said, there\u2019s a capital gains tax, and he\u2019s right, if you sell it now, but as you convey the right to own the stock, if you\u2019re conveying the ownership to a new company like you we\u2019ve already set up before. Let\u2019s set up a new one.<br \/>\n59:17<br \/>\nSet up a new company, conveyance to the LLC, If we put that in the stock transfer agreement, that, that\u2019s the purpose for estate planning, I wrote that up. I said, Give this to your attorney and see what he says, So the attorney shoot them an e-mail back the next day and says, Oh, great, this will work, thanks.<br \/>\n59:33<br \/>\nAfter all of that drama.<br \/>\n59:36<br \/>\nAnd notice that last sentence from the right, and again, this, this underscores. The way I tell everyone if you change your property rights and the way you\u2019re managing property, you can avoid whatever liability mostly mostly.<br \/>\n59:48<br \/>\nIt\u2019s, like, hold on to send all the time. You say mine, more slips through your fingers. The tax code lets you pay everything they want to pay, you, say, it never really ensures Anyways, yeah, I never really is. You\u2019re always using it. Yeah.<br \/>\n1:00:00<br \/>\nHere\u2019s a great question, so, you know, your calendars get filled up until about October, the end of extensions for filing kryptos, hold personal name, tax returns, and personal name. Do I check yes or no for? OK, good, great question. I have a couple of videos on this, but I\u2019ll give you guys the punchline.<br \/>\n1:00:15<br \/>\nIf you took dollars and bought cryptographic currency on your 10 40, you would say no.<br \/>\n1:00:23<br \/>\nDid you? Or did you not?<br \/>\n1:00:25<br \/>\nLet me explain. So, if you took, I\u2019m gonna say it, again. If you took dollars and bought cryptographic coins virtual currency from anywhere.<br \/>\n1:00:33<br \/>\nOn your 10, 40, if it asks you, Did you purchase coins? Your answer is no.<br \/>\n1:00:40<br \/>\nNow, where do I get this information from I\u2019m not then I\u2019ll give the other half, and I got all hanging onto our scene.<br \/>\n1:00:45<br \/>\nI got this from the IRS, because, you know, people pay me for information, so I have to go get it from the source.<br \/>\n1:00:53<br \/>\nSo here\u2019s what the IRS says.<br \/>\n1:00:54<br \/>\nIf you took cryptographic currency, and you bought cryptographic currency from somebody else besides yourself, someone who owned private keys, and you did not, you would say yes.<br \/>\n1:01:07<br \/>\nOn the 10 40 as to having purchased coins, that\u2019s when you say if I go. So if I go to an over the counter, and do a crypto to crypto swap, that\u2019s a yes.<br \/>\n1:01:16<br \/>\nBut if I bought it from Coinbase, and I haven\u2019t done anything else with it, that\u2019s a no that\u2019s a no if you, if you use dollars to buy it.<br \/>\n1:01:24<br \/>\nNow it gets a little more complex and I have to give you guys a couple of videos here, but because we can slow down and do this.<br \/>\n1:01:31<br \/>\nBut on Coinbase, you never own the coins.<br \/>\n1:01:37<br \/>\nAnyways, not only that, the coins are held in trust, the relationship that the account holder at Coinbase and any exchange by the way. Correct me if I\u2019m wrong. I\u2019ve not seen anything different. Coinbase owns the private keys that makes Coinbase the owner. In fact, if you\u2019re an account holder, you\u2019re literally the beneficiary of a trust.<br \/>\n1:01:55<br \/>\nHmm hmm, hmm, hmm. It\u2019s not a trust that\u2019s in writing. It\u2019s just the simple relationship that you have. So when you\u2019re buying coins on Coinbase, you\u2019re actually not doing that.<br \/>\n1:02:04<br \/>\nYou\u2019re changing beneficial interests and coins between Coyne that you\u2019re going back and forth with.<br \/>\n1:02:09<br \/>\nSo there\u2019s no there\u2019s no purchase of somebody else\u2019s coins. So again the answer is no on the 10 40.<br \/>\n1:02:16<br \/>\nSo if I exchange on that, now that\u2019s kinda the key thing is not your coins, not your crypto, right?<br \/>\n1:02:22<br \/>\nYes, if you\u2019re not the private key holder, right?<br \/>\n1:02:25<br \/>\nAll right, so if it\u2019s not my crypto exchanges crypto I\u2019m the beneficiary of it is great, I can check no all day long once they bring that into my exodus wallet and diversify rebalanced whatever liked my staking rewards. What about that\u2019s my Access Wallet? Do I need to check? Yes now?<br \/>\n1:02:41<br \/>\nDon\u2019t keep keep that. You\u2019re gonna. keep that in mind. So I took cash. I bought coins.<br \/>\n1:02:45<br \/>\nI was a beneficial party and owning those coins.<br \/>\n1:02:48<br \/>\nThen I move. I move from that wallet because I have the right to do that to my Exodus.<br \/>\n1:02:52<br \/>\nAnd now I own the private key.<br \/>\n1:02:54<br \/>\nSo I acquired the private key with white cash, so again, that\u2019s not a purchase, OK?<br \/>\n1:03:02<br \/>\nBut just be careful about when you own the private key and when you don\u2019t, and when you\u2019re acquiring coins from someone else who owns a private key of those coins, so just be careful about that.<br \/>\n1:03:12<br \/>\nIt\u2019s not it\u2019s not really that complicated.<br \/>\n1:03:14<br \/>\nBut again, I have a video on it and stuff that may help.<br \/>\n1:03:17<br \/>\nIs that part of your privacy fight that I owe package? Yeah, it\u2019s in there, right? It\u2019s in the member. It\u2019s OK, I can send to you guys if you want if you just want to look at that video.<br \/>\n1:03:25<br \/>\nI can send you just just give me um like when I send you the video here, that we\u2019re doing I\u2019ll send you guys a couple more videos That are produced on the subject. A fantastic Thank you so much for those.<br \/>\n1:03:36<br \/>\nAnother got a great question here from Corina, So she has a second person, not her spouse, On ownership of the LLC, Can she bring her spouse into that LLC and still have all the benefits that we\u2019ve talked about today? Yeah, sure, yeah.<br \/>\n1:03:50<br \/>\nJust don\u2019t rely upon the married couple as having anything, any other consideration, but single membership, so sure you can bring in as many people. If you want the charging order protection, that separation you want to, people that are not married.<br \/>\n1:04:03<br \/>\nNow, there\u2019s, There\u2019s another thing we didn\u2019t talk about, and I\u2019ll just, It\u2019s, kind of an easy concept, but I can have two people own the LLC and I can also have an innocent parti own it.<br \/>\n1:04:13<br \/>\nSo if the Innocent party does nothing except own the LLC, it will never have a liability to anybody, and it will not be subject to anyone making a claim. It gets me personally, and reaching into the company, because I don\u2019t own the company. Something else does.<br \/>\n1:04:27<br \/>\nAnd that thing that owns the company, that\u2019s an innocent party, can be a trust.<br \/>\n1:04:32<br \/>\nIt can be a group of people that have a common association, that are given a name.<br \/>\n1:04:38<br \/>\nIt have no rights over the company. They just are a group that owns the company.<br \/>\n1:04:42<br \/>\nAnd the one who runs the company like you, for example, the signer for the company, makes all the rules and has all the rights and this sort of thing. But the group can actually hold all the rights to the company.<br \/>\n1:04:54<br \/>\nI didn\u2019t want to go too far into that. There\u2019s a lot to unpack without one, but I know that ones in your videos, I\u2019ve been watching, Yeah, Yeah. OK, All right.<br \/>\n1:05:02<br \/>\nDo you, I\u2019ve heard you mentioned on the videos, but can we get you to visit here to our community? Do you work with Canadians and British Commonwealth? How broadly does this? Does this information apply?<br \/>\n1:05:13<br \/>\nYeah, we can, we can use these techniques in Canada, the United Kingdom, Australia, New Zealand, um, Ireland. And, by the way, Ireland has a pretty good setup there. The Republic of Ireland, you can set up a company over there and use it throughout Europe.<br \/>\n1:05:28<br \/>\nIndia is very friendly to, to this concept.<br \/>\n1:05:33<br \/>\nwhat I even know, they\u2019re not friendly to kryptos.<br \/>\n1:05:36<br \/>\nYes, correct. That. Yeah. Yeah. I know, I gotta be careful there, because I don\u2019t know what they\u2019ll do over there. I mean, if you start dealing with crypto\u2019s at the bank, in fact, I don\u2019t think you can do it yet, you will be able to eventually when you don\u2019t need the banks.<br \/>\n1:05:48<br \/>\nNow, if you\u2019re, if you\u2019re in India or if you\u2019re in an oppressive jurisdiction, let\u2019s, let\u2019s say New York City back home yeah, Yeah.<br \/>\n1:05:57<br \/>\nIndia in New York, Iraq, so, we have clients that do this, so what we do is we have the Client Open and Limited liability company.<br \/>\n1:06:06<br \/>\nNew Mexico, I\u2019m talking about Canadians, UK people, even Australia. OK, we do in New Mexico, LLC. We opened another account with that LLC and at Caleb and Brown in Australia. I like those guys because they don\u2019t report on anyone.<br \/>\n1:06:21<br \/>\nAnd I kinda don\u2019t care, but it\u2019s kinda nice that they don\u2019t.<br \/>\n1:06:25<br \/>\nAnd you can do your trades, are very sophisticated. It\u2019s a trading platform.<br \/>\n1:06:29<br \/>\nAnd then you can, you can have access to your assets, then when you want to take it locally, you\u2019ll want to locally take your time and set up a holding company like I\u2019m describing. But to make it real fast, you would just do an LLC here in the states.<br \/>\n1:06:41<br \/>\nGo to Caleb around manage your portfolio and then you can set up a company locally in your country.<br \/>\n1:06:47<br \/>\nThat\u2019s how we\u2019re doing it right now.<br \/>\n1:06:50<br \/>\nAnd I can vouch for that New Mexico company process.<br \/>\n1:06:53<br \/>\nThere\u2019s a lot of registered agents around the states, just do a Duck Duck go search forum and they\u2019ll take just a couple minutes point and click and up and running very low expense checkout JJ\u2019s videos on on how to do that.<br \/>\n1:07:07<br \/>\nWhat I do on those guys is I do not have you pay for a registered agent.<br \/>\n1:07:11<br \/>\nNow, the state doesn\u2019t like me doing this, but they can\u2019t really argue with me because it\u2019s legal. So, what I do is I get an office space address for you on the fly. at random. As I set up each company, and then I put your name or any name I want, It doesn\u2019t matter what name I put on there, as the agent at that address, so that I can registered in that state.<br \/>\n1:07:29<br \/>\nAnd then I don\u2019t pay a fee for that, I\u2019m just using an address, it\u2019s not going to bother them. Nobody cares, but there\u2019s no $100 a year, 150 a year for that agent. Now if you\u2019re running a business, I would probably have you get a real registered agent.<br \/>\n1:07:42<br \/>\nAnd in New Mexico? There\u2019s no annual fees. There\u2019s no, there\u2019s none for New Mexico and Pennsylvania.<br \/>\n1:07:49<br \/>\nSo just put that in mind, which is, yeah, Very fantastic.<br \/>\n1:07:53<br \/>\nWe\u2019ve got a comment. Just comment and then another question coming up, But my 2%, I believe taxes or theft, and creating systems that you just described, keep supporting the old system.<br \/>\n1:08:01<br \/>\nWhile we\u2019re along for a new world, it no longer supports the few, but the many members from the Netherlands and we pay about 80% wow! 80% tax.<br \/>\n1:08:10<br \/>\nOh, my gosh!<br \/>\n1:08:12<br \/>\nRight, yeah. So so this would be where opening an LLC inside of the US that can then turn around and slow to company and say, oh, look of Ireland, perhaps.<br \/>\n1:08:22<br \/>\nYeah, you can bring dollars back, right? You can do that. If you\u2019re a country is not friendly to this stuff, you can. You can use Republic of Ireland.<br \/>\n1:08:32<br \/>\nI haven\u2019t done that yet. I\u2019ve seen that. I know how to do it, but I just, I sent some people over there to do it, because I don\u2019t like to charge people money for things. I haven\u2019t done yet, so I can guide you through that process.<br \/>\n1:08:44<br \/>\nYeah. Let\u2019s see. I was going to explain something else. Yeah.<br \/>\n1:08:46<br \/>\nBasically, Gosh, 80%. So stay out of that jurisdiction. My gosh. People in New York, here\u2019s what we do.<br \/>\n1:08:54<br \/>\nPeople in New York have a difficult time opening an account at some exchanges, or let\u2019s say, Caleb and Brown because of whatever restriction or a New York residents, and the way that they determine that. It\u2019s a signer on the account, right?<br \/>\n1:09:04<br \/>\nSo, that signer is going to use his New York driver\u2019s license or something, or, or an address.<br \/>\n1:09:09<br \/>\nSo, the way we get around that is, we create what\u2019s called a declaration of domicile, or a lease agreement for another jurisdiction like Florida mm. And we just create the documents, and we give it to Kellermann Brown.<br \/>\n1:09:22<br \/>\nNow, they don\u2019t care whether what you\u2019re doing, They just want to have a document that says, you\u2019re moving out of New York or you\u2019re a resident somewhere else, And here\u2019s the document that says so because they want your business, they just don\u2019t want to her be harassed by New York.<br \/>\n1:09:35<br \/>\nSo if you give him plausible deniability, they\u2019ll open your account if you\u2019re from New York.<br \/>\n1:09:40<br \/>\nSo we deal with that here, if you guys have a situation like that, let me know because we could pretty much walk around anything.<br \/>\n1:09:47<br \/>\nGreat.<br \/>\n1:09:47<br \/>\nWe\u2019ve got Rachel asking, Can you speak a little bit more about the asset to use for offsetting liability such as real estate or a car, et cetera, OK, well, you want cashflow.<br \/>\n1:10:00<br \/>\nSo here\u2019s a quick one.<br \/>\n1:10:02<br \/>\nYou can, you can get a website in about a month, that\u2019s running by itself, pretty much. And maybe you might need to pay attention to it once a week. But it can produce whatever amount of cash flow. And I say a website, because you can get a website for anywhere from 2000 to $7000.<br \/>\n1:10:16<br \/>\nA lot of times, a seller will finance it to you, and that will make $7000 a month.<br \/>\n1:10:21<br \/>\nYou could you could pay 5000 for it. It\u2019ll make you 3000 a month, for example.<br \/>\n1:10:25<br \/>\nAnd so I use those, and I\u2019ve been using those frequently, like recently, I should say, for like the last 7 or 8 years, I\u2019ve been using those for people that just need to offset a little bit of their living expenses.<br \/>\n1:10:35<br \/>\nLike, some people find themselves kind of coming up short when they\u2019re, like, in retirement years, and they don\u2019t have enough money to comfortably live, so even if they\u2019re in retirement, I still show them. And this goes to show you, it\u2019s not that complicated. A person who\u2019s, you know, didn\u2019t grow up with computers.<br \/>\n1:10:51<br \/>\nI\u2019m showing them how to buy a website and make $2000 a month and supplement his income.<br \/>\n1:10:56<br \/>\nSo that is one example. Another example is like you said with staking.<br \/>\n1:11:01<br \/>\nAnother example is literally buying another asset like, find a broker and buy it. You can also, you can buy a business. You can buy into a business, for example, you can buy into a private equity. This is something, I\u2019m gonna, I\u2019m gonna put a series together explaining the four categories of assets you guys want to look into for asset allocation or re-allocation, OK, When you wanna get partially out of kryptos, There are four categories and they certainly don\u2019t include the stock market because there\u2019s no market, OK? We know that F prime and we\u2019ll get into that. So I\u2019ll give an example.<br \/>\n1:11:32<br \/>\nLet\u2019s say chick fil a is popular, where I live it just happens to be. I mean, they\u2019re always pan, right? So I would be more than happy to talk to a broker and see if I can connect and set up a meeting with the owner of that local chick fil a and I would ask him if I could buy into his company. Let\u2019s just say, I want to put in a quarter million dollars to start with. Maybe I wanna put in five, but I\u2019m gonna start with a quarter million.<br \/>\n1:11:55<br \/>\nSo, I would get a meeting, and my proposal would be, can I own a percentage of your local operation here? And I have a quarter million dollars in cash.<br \/>\n1:12:03<br \/>\nMaybe he wants it because he can use the cash for something, right? Maybe there\u2019s some deal there. And maybe he\u2019s making eight or 12%, or maybe 3%, I don\u2019t know, we can work out, whatever.<br \/>\n1:12:11<br \/>\nAnd so, I would then buy, I would take my quarter million in cash and I would put it into his ownership, and then I would start receiving a dividend or whatever our deal is, OK? That would be a way to take money out of Kryptos, and get into some private equity.<br \/>\n1:12:26<br \/>\nNow, there\u2019s more sophisticated ways. Here\u2019s another example. Let\u2019s say everybody knows gold, right? You can just buy gold, OK? You can buy gold, put it in a vault. That\u2019s not exciting, but it\u2019s safe and secure. I tell people if you\u2019re old buy gold.<br \/>\n1:12:38<br \/>\nWhat I mean by old is, you\u2019re not very creative. Or you don\u2019t wanna go and take risks. You just want to sit back and chill right with your money, so therefore, you would go into gold and as liquid. But what about going into a base metal? Now, I\u2019m not saying, get a get a big yard, OK, where you can get a forklift and move all these copper bricks over here, right. Oh, this Boolean right into a yard, and we\u2019re not doing that, OK. It\u2019s not doesn\u2019t make any sense. Understand that.<br \/>\n1:13:03<br \/>\nThe reason why I say coppers, because copper is the most recycled metal in human history.<br \/>\n1:13:10<br \/>\nAnd there\u2019s some really new use cases for copper, one of them has to do with superconducting. If you guys want to check that out? I\u2019m not gonna get too far into that. Fascinating. Yeah, Superconducting, yeah. Really amazing.<br \/>\n1:13:20<br \/>\nAt room temperature, it\u2019s amazing.<br \/>\n1:13:22<br \/>\nBut copper, if I want to buy a contract for the delivery of finished copper, let\u2019s say, copper, wire and tubing. This is a common example. I get people, OK. So I don\u2019t care about the mining copper, because that\u2019s long term mining, high risk, you know, long term stuff, I don\u2019t know that, I\u2019m not gonna invest in it.<br \/>\n1:13:38<br \/>\nI don\u2019t want to know that, but I do understand the supply chain, on the, on the side of copper wire and tubing. And I know that there\u2019s a regular sale taking place at all these manufacturers, right? So I\u2019m gonna go to a factor and say, I would like to buy copper, and a guaranteed way. That means I\u2019m gonna give you X dollars under a contract, and you\u2019re gonna give me a discounted price.<br \/>\n1:14:01<br \/>\nAnd I can exercise my option to take delivery of the copper in that contract. Or I can choose not to. And you keep on selling to the guy you\u2019re going to sell to anyways.<br \/>\n1:14:09<br \/>\nOtherwise, I\u2019m going to buy the copper.<br \/>\n1:14:12<br \/>\nSo now my money\u2019s in copper, finished copper, not a commodity.<br \/>\n1:14:18<br \/>\nIt\u2019s a product that everybody wants.<br \/>\n1:14:21<br \/>\nAnd if I don\u2019t want it, that guy will take it. At the mean, in the meantime, I\u2019m still making 3%, two, and a half, whatever, some small amount. I\u2019m not trying to make a lot of money, that I\u2019m trying to park some money there.<br \/>\n1:14:31<br \/>\nYou see I\u2019m trying to get out of, or, you know, kryptos and dollars and things like that.<br \/>\n1:14:35<br \/>\nTurn it into something cashflows with less, much less volatility, because we\u2019re still going to build a bridge. They\u2019re going to be built in places that need.<br \/>\n1:14:43<br \/>\nOh, my coming in. And why superconducting gap.<br \/>\n1:14:46<br \/>\nWe got lots of cool. That\u2019s a fantastic idea. Another one, too, that we can talk more about that? I\u2019m sorry. Go ahead.<br \/>\n1:14:52<br \/>\nThat\u2019d be great. I\u2019m starting to jot some notes down here too, to make sure that that I have a chance to connect with you and figure out how to plug this in to our community. Beautiful. Belgium, is that work? OK?<br \/>\n1:15:03<br \/>\nWith what we are talking about here, Belgium, I just looked at that a few months ago, Belgium I thought was from my I have a file on that I thought it was a friendly jurisdiction.<br \/>\n1:15:12<br \/>\nI thought it was a good place to organize a holding company. So I would just look at the language you wanted to shop for is holding company.<br \/>\n1:15:20<br \/>\nYou can look, you can, you can easily set up a, an LLC in the Republic of Ireland and use it in Belgium. You can also set up a company in Belgium. And, I believe, it\u2019s either going to be a limited, a private, limited or private limited liability company.<br \/>\n1:15:32<br \/>\nAnd, in Germany, it\u2019s going to be a GMBH.<br \/>\n1:15:35<br \/>\nDon\u2019t ask me to pronounce that. So, so, yeah, Belgium from my memory.<br \/>\n1:15:42<br \/>\nI did one time I researched this, it looks like a favorable country in which to register a company like I\u2019m describing.<br \/>\n1:15:50<br \/>\nIn Product Germany, you got to give some love to a pretty sizable contingent of our membership that\u2019s from there. It\u2019s very unfavorable staking law. So yeah, once you tie it up, it\u2019s there for 10 years.<br \/>\n1:16:01<br \/>\nCan they use some of these strategies? Is workarounds. Germany name, Yeah. This is what I mean, like I even do this for Californians. I mean, if you\u2019re in California, it\u2019s another country, I get them out on paper, OK. I move my client out of California financially on paper.<br \/>\n1:16:17<br \/>\nHe\u2019s still OK, Alright? So we can do the same thing for Germany. You guys in Germany, I mean, if you could make a phone call and be on the Internet, you can organize a company. and somewhere else.<br \/>\n1:16:26<br \/>\nI mean, I would organize it in probably the Republic of Ireland.<br \/>\n1:16:31<br \/>\nI would start there, I would look at that as an option.<br \/>\n1:16:34<br \/>\nYou can also do it in the States. I\u2019m not, I hate to say just the States, because I do it. But you can just pick a country. Pick Republic of Ireland. That\u2019s what I would look for, first.<br \/>\n1:16:43<br \/>\nAnd be careful to, I\u2019d have to look some more about your laws, because we have certain issues here. Let\u2019s call it issues. Where if if a US citizen goes and signs on a corporation or bank account in another country, he\u2019s really not out of the country. He\u2019s still. He\u2019s not offshore, because that country, most of the countries around the world, are going to report back to our country here. And there\u2019s new disclosure requirements.<br \/>\n1:17:03<br \/>\nSo, be concerned about the disclosure requirements for German citizens.<br \/>\n1:17:08<br \/>\nIf you had a dual citizenship that would help, or a second residency, that would help if you had documents for that.<br \/>\n1:17:14<br \/>\nSo, just keep that in mind.<br \/>\n1:17:15<br \/>\nI\u2019m not sure if you need that, but one of the first things I would look for is a foreign company, like a guy in Canada. OK, I can set up a company here in the states.<br \/>\n1:17:23<br \/>\nI can even open a bank account where he\u2019s the seiner, and we can do crypto investing at Caliban Brown.<br \/>\n1:17:30<br \/>\nSo, I would consider something like that.<br \/>\n1:17:35<br \/>\nI definitely would love to get that information from you.<br \/>\n1:17:39<br \/>\nLike, just enough to be able to get it. Cranking our folks, get them, get the expertise that would be fantastic sub project.<br \/>\n1:17:45<br \/>\nYeah, Have a question so on exit is the coins are not bought in cash. They\u2019re bought bitcoin.<br \/>\n1:17:50<br \/>\nSo again dollars to exchange Bitcoin on the Exchange in Exodus Wallet because they originally started in dollars even though they have possession. Now an exodus that is not a check mark Yes, well, you\u2019re taking your coins and going on exits and buying It\u2019s coins and so that would be a yes on your 1040.<br \/>\n1:18:10<br \/>\nYour coins for someone else\u2019s coins.<br \/>\n1:18:12<br \/>\nThat\u2019s a yes on the 10 40 even though exodus uses centralized exchanges behind the scenes.<br \/>\n1:18:19<br \/>\nI don\u2019t know, um, I\u2019d have to do further research.<br \/>\n1:18:21<br \/>\nI\u2019m making an assumption that exit, as holds the ownership like Coinbase does But it doesn\u2019t matter because it\u2019s not your coin anyways You\u2019re using coins to buy coins from coins that you don\u2019t own the private keys, too. So that would be a yes, on the 10 40. I don\u2019t need to know how exodus does it in that kit because you\u2019re taking coins to buy coins.<br \/>\n1:18:41<br \/>\nOK, so that is a yes, that is, that, is it. Yes! Now, keep in mind. Don\u2019t be afraid of that. It\u2019s just like, don\u2019t be afraid of KYC, because that does not create a tax liability. They can see everything you do. I write up everything for, I\u2019ve been doing this a long time. Since the nineties, I assume that the IRS, the tax people always gonna look and see everything my client did and everything I did for him, and still be OK with everything I did, and so far, I\u2019ve never had a problem.<br \/>\n1:19:05<br \/>\nSo, it\u2019s OK to tell them I\u2019m doing this, It\u2019s just, that when you go to take this profits, make sure that it\u2019s done in a way that doesn\u2019t create a gain for yourself.<br \/>\n1:19:14<br \/>\nWhich we talked about earlier, and you talk about in your video series. Yep, yes.<br \/>\n1:19:18<br \/>\nIf somebody already checked yes on their 10, 40, but they never exchange crypto back to see, it\u2019s all held so that\u2019s the same thing, is if they now, if they bought all their different coins on the exchange moved to Texas.<br \/>\n1:19:31<br \/>\nHey, I want something else Move from Exodus back to the exchange.<br \/>\n1:19:35<br \/>\nMade the exchange there and then brought it back. Does that a yes or No?<br \/>\n1:19:39<br \/>\nNo, because you didn\u2019t buy coins from someone else with coins So access if that\u2019s just the holding.<br \/>\n1:19:47<br \/>\nThat\u2019s just a holding wallet for security sake, but all of your exchanges take place on your swamps take place on an exchange.<br \/>\n1:19:54<br \/>\nThat\u2019s right.<br \/>\n1:19:55<br \/>\nRight. That, that\u2019s all the same. OK, ask yourself this question: Did the beneficial interests change?<br \/>\n1:20:02<br \/>\nThere\u2019s no third party.<br \/>\n1:20:03<br \/>\nThere\u2019s no second party in their tissue, the whole time, I mean, Coinbase never sells them to you anyways, right?<br \/>\n1:20:11<br \/>\nPrivate key is owned by Coinbase.<br \/>\n1:20:13<br \/>\nSo until you tell you, move a Texas. Yeah. Yeah. Long as your swaps are done on an exchange that\u2019s still unknown.<br \/>\n1:20:20<br \/>\nIt\u2019s still a no, That\u2019s correct. OK, it could change, but for right now I think it\u2019s still a no. Here\u2019s an idea for you, if you take a lot of dollars, if you want to have the privacy, You take dollars, you go into the exchange by the coins you want, Don\u2019t do that. Go on the exchange by stable coin.<br \/>\n1:20:37<br \/>\nThen send that to your wallet, re-allocate to how the coins you want.<br \/>\n1:20:42<br \/>\nSo I know there\u2019s maybe a couple of fees there. Maybe it\u2019s worth it. I don\u2019t know.<br \/>\n1:20:46<br \/>\nSo now you\u2019re allocated, nobody knows what you bought You\u2019re allocated in some other network, not Coinbase.<br \/>\n1:20:53<br \/>\nWhen you go take back your profits the ones you want to take either you\u2019re gonna go through escrow That\u2019s not on Coinbase I could take $10 million through escrow you see I can do that from my private wallet Or I can take some money back that if I don\u2019t. I don\u2019t care if they see that I did this. So I take, I go back into stable coin. Go back on Coinbase in the same stable coin.<br \/>\n1:21:12<br \/>\nAnd then into dollars.<br \/>\n1:21:14<br \/>\nSo now it just looks like I put dollars in stable coin, stable coin dollars out. You know, back and forth. There\u2019s no nobody asked like, hey. We see Coinbase gave you $10000. That came back as $10 million, how did that came out, OK? now chances are you can avoid that because you\u2019re gonna put it in assets anyway. So you don\u2019t need them, you\u2019re gonna go through your escrow. Your gonna go around the other way. C: So, you gotta, you gotta think this through, but don\u2019t be afraid of a situation like this.<br \/>\n1:21:41<br \/>\nSo, let\u2019s say, OK, I\u2019ve had a situation where the client is trying to make a deal with the IRS, and already had a thing going and sold his boat that was sitting on its property for $30,000. And the Iris can see it, the money went and his bank account. And that\u2019s what they\u2019re looking at. And they\u2019re saying, hey, we\u2019re trying to figure out how much you have to pay is based on how much money you have. And we see you sold a boat.<br \/>\n1:21:59<br \/>\nAnd so we go to the audit or whatever it is and just tell the client, confirm that the IRS, what it just discovered about the sale at the IRS is correct.<br \/>\n1:22:11<br \/>\nAnd then stop talking.<br \/>\n1:22:13<br \/>\nYou don\u2019t have to talk about it. Just say, OK you got the I sold the boat because for all they know you had a more pressing creditor to pay.<br \/>\n1:22:21<br \/>\nYou know, maybe you had appear grandma first before you pay the IRS, right?<br \/>\n1:22:25<br \/>\nBut you don\u2019t have to tell them that.<br \/>\n1:22:26<br \/>\nYou just sit there and say, yep, you know, I did that, and those records are correct.<br \/>\n1:22:30<br \/>\nAnd then stop talking, So it\u2019s not a problem, OK, That they see some things, like the other day I had to move. I can\u2019t tell my wife for years, stopped buying Bitcoin on Whatsapp you know, and she wouldn\u2019t stop doing it. So then we had this huge amount of money on whatsapp and then she got scared. And I said, OK, great, Let\u2019s move on. finally, so, I had to send them a photo of my take, my picture, my driver\u2019s license, I\u2019m with my face.<br \/>\n1:22:54<br \/>\nAnd I don\u2019t like doing that. I don\u2019t even use my driver\u2019s license for ID, I use it for traffic stop, but that\u2019s it. So I didn\u2019t mind doing that. Because it was a one-time thing, and, yeah, OK, my data\u2019s out there.<br \/>\n1:23:04<br \/>\nBut it doesn\u2019t create a liability.<br \/>\n1:23:07<br \/>\nSo just realize, getting an EIN does not create a liability a tax number, your 10, your, Your LLC, by the way, guys, when you do this, it may get a 1099.<br \/>\n1:23:17<br \/>\nIt will not create a tax liability. It will not create a filing obligation. That does not do it. It\u2019s filing a return that creates the filing obligation.<br \/>\n1:23:25<br \/>\nSo, you get to 99, it looks like I should, I should do something to marry up with that. If I just sit on it, do I need to have my accountant write a letter or put it on my corporate files? Nothing? I keep them though I keep it files. I scan mine. I get lots of 10 99 for my companies. I\u2019ve been doing for 30 years I get 10, 99, and I scan them and I just keep them because it\u2019s nice to have a record.<br \/>\n1:23:46<br \/>\nI don\u2019t. There\u2019s no returns that are filed mostly.<br \/>\n1:23:50<br \/>\nGreat We got somebody saying, if I inherited house, how best to prevent gains to actually buy it for dollar instead? I think you mentioned something. You know, me and my brother, my mom, quick claims. How would you recommend going about that?<br \/>\n1:24:01<br \/>\nDon\u2019t inherited make the, make the air, the LLC, or trust or whatever structure, don\u2019t make yourself the air, or take it out of the relatives or state first.<br \/>\n1:24:16<br \/>\nLike, what\u2019s my mom, right? My mom knows what I do. I would just tell. She would say, OK, John, like I want you and your brother have the house after I die, right? So I say great mom. I follow Quitclaim deed and we\u2019ll need the property over from your name over to Accompany where you\u2019re the owner, I\u2019m the owner and my brothers owner, or you\u2019re the owner, it doesn\u2019t matter, it really doesn\u2019t matter. As long as I control the paperwork, she can be the owner forever for the next hundred years and I can never be the owner and I can still control the property.<br \/>\n1:24:41<br \/>\nSo, let\u2019s say my mom, my mom dies, and then that Property, it\u2019s not part of her State.<br \/>\n1:24:48<br \/>\nSo nothing happens to it, right? It\u2019s just owned by a company, that\u2019s a piece of paper and my brother and I can then exclusively do what we want with it.<br \/>\n1:24:56<br \/>\nSo yeah, that\u2019s how you get out of that if, but if your name\u2019s on something, if you\u2019re inheriting something, can\u2019t help you after the transaction, you\u2019re subject to whatever rules Apply.<br \/>\n1:25:07<br \/>\nThat\u2019s where the planning part as, kinda ahead of time. Right. It has a question: does this apply to saint Lucia?<br \/>\n1:25:13<br \/>\nI don\u2019t know. I believe that\u2019s the countries that not, I know, I mean, Yeah.<br \/>\n1:25:18<br \/>\nIt is a country in the Caribbean: OK.<br \/>\n1:25:21<br \/>\nAny nation has its own set of laws and I believe that you would have a similar use for what I\u2019m suggesting or the way you set up your account with a company charging order protection. I don\u2019t know that the country itself recognizes charging order protection.<br \/>\n1:25:36<br \/>\nCanada does not, but you can still get it, by the way, you do the contract.<br \/>\n1:25:41<br \/>\nSo what, you know, if you have a bank account there, here\u2019s what you want to find out.<br \/>\n1:25:45<br \/>\nCan I open a holding company in my country, and use it without filing a return for it?<br \/>\n1:25:50<br \/>\nWithout having a tax liability, the answer is, probably gonna be yes.<br \/>\n1:25:54<br \/>\nYou\u2019d have to do a little research, because a lot of times, accounts won\u2019t tell you that.<br \/>\n1:26:00<br \/>\nOr they\u2019ve got the opportunity to maybe open a company here in the US, that you can do that from anywhere in the world. Yeah. A lot of, a lot of big companies organize their finances here in the states. It\u2019s not what you think. It\u2019s the opposite of what they tell you in the news. A lot of, a lot of companies come to the states to be, headquartered because of the tax breaks, and because of the privacy. I mean, I can organize a company here in a completely fictitious name, with all bogus, the whole thing.<br \/>\n1:26:30<br \/>\nAnd I could, I could do business with people with it, and nobody cares.<br \/>\n1:26:34<br \/>\nI don\u2019t see that I can do that in other countries.<br \/>\n1:26:39<br \/>\nI already knows. I sure am every right through this Argentina, kinda kinda saying you budget LLC and tbilisi, Georgia?<br \/>\n1:26:47<br \/>\nThough I see that enriched kryptos are bought and her personal name, how can I move them into my George business, sort out, the answers? Would it be leasing or in Spain?<br \/>\n1:26:56<br \/>\nOK, that the company, I would pick the country that\u2019s easiest to register a company. I don\u2019t I, Georgia, in my mind, I thought it was an easy country to register, and I could be wrong. I\u2019m sorry, I\u2019m not to adapt on that, but I would pick a country that\u2019s easy to register the company, and open a bank account. Once you have that. you can then start titling your property, How you want, or taking profits in a way that would defer any taxes.<br \/>\n1:27:20<br \/>\nI mean, a lot of your your content is based on Western law, not specific to US.<br \/>\n1:27:27<br \/>\nLaw was based on Western, which all Denominate from really the same thought processes in our laws come from the United Kingdom, England?<br \/>\n1:27:35<br \/>\nFor 500 years? Yeah, 500 years of, yeah. Laws.<br \/>\n1:27:38<br \/>\nSo, yep, absolutely.<br \/>\n1:27:41<br \/>\nWe\u2019ve got Peru, Canada, LLC, IRA, Roth, IRA in in the US. And I set up. Or where\u2019s the third place, again, kind of, whatever is easiest.<br \/>\n1:27:51<br \/>\nYeah, I would pick a jurisdiction that\u2019s easiest. Like, that\u2019s why I tell you if you\u2019re in Canada, the UK. Let\u2019s use New Mexico.<br \/>\n1:27:57<br \/>\nRight. Because if I, if I start with Canada, it\u2019s going to take longer. And the client\u2019s gonna get frustrated. So, I just say, look, I can do this in one day. New Mexico LLC, Caleb, and Brown. Take your time organizing what you need over there.<br \/>\n1:28:09<br \/>\nLots of times you can go right through escrow with your Bitcoin wallet in Canada and then just take title to the property in a company name and not even use a bank account there.<br \/>\n1:28:22<br \/>\nJust gone through escrow, that\u2019s beautiful.<br \/>\n1:28:24<br \/>\nIf you go, check this out, if you go through escrow in Canada, OK and you\u2019ve got holdings in New Mexico with your Kelvin Brown and you got, you want your coins over there and KLM Brown and you open escrow in Canada and you put your Bitcoin in Canada, the Canadian escrow, and you liquidate and you buy the property.<br \/>\n1:28:41<br \/>\nYou did not have a bank account nor did your company anywhere in Canada. And the escrow used his bank account to liquidate the funds and send them to the seller.<br \/>\n1:28:49<br \/>\nNow you\u2019ve got a piece of paper with property and your company\u2019s name on it where you go, right? Just using escrow this beautiful, creative ways of how he can legally use paperwork, titles on it to control what you want control And because you don\u2019t own it protect yourself from liabilities for taxes and create cash flows. So you can go create opportunities or experiences.<br \/>\n1:29:11<br \/>\nYeah, exactly. Is there This will be my question between you and I afterwards. It was their video where we can find out about buying the website page that you mentioned for cash flows.<br \/>\n1:29:21<br \/>\nSo well, maybe get that to the members afterwards.<br \/>\n1:29:24<br \/>\nOK, man. Creating cashflow.<br \/>\n1:29:26<br \/>\nYou were saying, life for older. Many of our members are actually Kenny in that.<br \/>\n1:29:30<br \/>\nThat retiree demographics, where, Hey, you know, if I had a couple extra thousand a month, OK, breathe easier, OK? There is one video, I did, a series of, these, there\u2019s one on privacy fight that channel on privacy fight.<br \/>\n1:29:43<br \/>\nIt\u2019s one word on YouTube, In fact, I can post the link here.<br \/>\n1:29:47<br \/>\nIf you can give me a second, I can probably grab it Yeah, and it\u2019s a short video.<br \/>\n1:29:51<br \/>\nI\u2019m explaining the very basics Millimeter, He said, that\u2019s on public YouTube, so it\u2019s OK if I post this on our communities disclosure.<br \/>\n1:29:58<br \/>\nSure. Yeah. Great. Thank you. Yeah, the other ones. I\u2019m going to send you guys, just yet keep it to yourself.<br \/>\n1:30:05<br \/>\nUm, please, OK, if we put that on our membership site, so that is contained within the community, you can, and a lot of the content that I, that I have in the ones I\u2019m going to send you, I\u2019m going to expound upon that.<br \/>\n1:30:16<br \/>\nBut I still want to keep it private for the members.<br \/>\n1:30:19<br \/>\nGotcha.<br \/>\n1:30:20<br \/>\nAnd of course, we want to encourage members that if you find it as much value as I do on this, spend a few bucks or kryptos, pop onto privacy, fight dot IO.<br \/>\n1:30:30<br \/>\nGet ahold of those.<br \/>\n1:30:32<br \/>\nBasic, Premier, and Ultimate, especially, the ultimate, he goes deep into details on kryptos.<br \/>\n1:30:38<br \/>\nYeah, here we go, it\u2019s only 13 minutes, and I\u2019ll just post the link right here, it\u2019s How to acquire new cash flow for beginners. Now what\u2019s cool about this is for almost no money or a couple thousand dollars, if you just go through that process, think of it like a hobby, and you learn how to do that.<br \/>\n1:30:53<br \/>\nThis is a tool that you would want to know how to use, and in order to manage large amounts of money, in my opinion, these are skills you would need to know. So, ask yourself this question. I\u2019m gonna leave you guys with this, I mean, I\u2019m OK, I\u2019m welcome. I\u2019m happy to talk more but I would leave you with this question.<br \/>\n1:31:10<br \/>\nWhat would you do with $3 million.<br \/>\n1:31:16<br \/>\nIf you\u2019ve never had it before, see if you can answer that question.<br \/>\n1:31:24<br \/>\nYou hopefully want to be constructive with it and keep this in mind.<br \/>\n1:31:26<br \/>\nI\u2019ve seen many, many situations over the years and I\u2019m just going to be I\u2019m gonna use hyperbole here but.<br \/>\n1:31:34<br \/>\nMoney, large amounts of money is like fire and it can kill you.<br \/>\n1:31:40<br \/>\nLiterally because you can do some stupid things. So, if you\u2019re doing stupid things, when you don\u2019t have a lot of money, you will do bigger, stupid things when you have a lot of money. So, just kind of try to control yourself and connect with people that are entrepreneurs and investors.<br \/>\n1:31:55<br \/>\nAnd see what they know what they\u2019ve done over the years.<br \/>\n1:31:58<br \/>\nThat\u2019s where I\u2019ve received a lot of my learning.<br \/>\n1:32:00<br \/>\nIs seriously sitting with multibillionaires when I was not a multi-millionaire, sitting with them and in the lobby at a hotel, waiting for a ride or something and having a drink or just talking. And they\u2019re like, Hey, guess what. I did the thing, and then I pick their brain on this stuff. You know.<br \/>\n1:32:13<br \/>\nAnd so that\u2019s how you learn, is from people that have learn the hard way, OK? When you lose money on something, we call that tuition. So that has to be your attitude as well.<br \/>\n1:32:23<br \/>\nDon\u2019t be afraid, OK, to take a risk.<br \/>\n1:32:26<br \/>\nThere\u2019s winds, and there\u2019s lessons, right. Winds and lessons that, hopefully, it\u2019s a lesson, yeah, all right.<br \/>\n1:32:34<br \/>\nOK, I\u2019ve got, I\u2019ve got that link. All our members with us today have that as well, I\u2019m not sure if recording will bring the chat. But that\u2019s gonna show up in our, on our show notes.<br \/>\n1:32:44<br \/>\nDaniella that\u2019s privacy, fight dot IO.<br \/>\n1:32:47<br \/>\nNo, no dot com privacy fight dot IO.<br \/>\n1:32:51<br \/>\nUm, yeah, which is fabulous. If you\u2019ve got more time, great, we have just a few more questions. Sure, I\u2019d be great. Yeah.<br \/>\n1:32:58<br \/>\nGreat. So if you move from Coinbase directly to your treasure that I think you were saying, That\u2019s a no. Unless you do any swaps, Internet, but the treasure which would make it a yes.<br \/>\n1:33:08<br \/>\nIt\u2019s it\u2019s a no unless the coin jer, you\u2019re using or acquiring coins that someone else on the private keys too.<br \/>\n1:33:16<br \/>\nSo, if it\u2019s your tracer no, it\u2019s a, no, it\u2019s a no.<br \/>\n1:33:21<br \/>\nSo, try tracer is just the additional security on top of exodus. Think of the Tracer as another wallet that you created on Coinbase.<br \/>\n1:33:29<br \/>\nYou know, you can create new wallets Kenya, I don\u2019t know if you can walk in trays or you can, Coinbase.<br \/>\n1:33:35<br \/>\nLike you\u2019re saying, Coinbase owns the keys where the Yeah OK, the beneficiary of that, but tracers just an additional encryption method on top of meta masker exodus that the telling of the fact, is whether or not the beneficial interests have changed.<br \/>\n1:33:50<br \/>\nThe beneficial interests are determined by whether or not you care about it, before and after the transaction.<br \/>\n1:33:56<br \/>\nSo, if I sell my boat, to my neighbor, well, I\u2019m not going to care about my boat after that. It\u2019s on him now. He\u2019s got to take care of it and all that stuff, right? Well, the beneficial intercept changed.<br \/>\n1:34:05<br \/>\nBut if I sell my boat too, let\u2019s say my brother, who lives next door, let\u2019s just say and we still go out on Saturday. I don\u2019t care about the boat, right? So it kind of, the beneficial interest kinda wouldn\u2019t change, even though the title might change.<br \/>\n1:34:22<br \/>\nSo OK, but if I swap some Ethereum first and Super Farm, the Ethereum I swap that super farm food they can do whatever they want with it. I got super farm that. Well that would be a yes. Yeah. Right? You, you traded, you got rid of one coin for another one.<br \/>\n1:34:36<br \/>\nAnd the coin you acquired came from someone else who own those private keys to that coin, So yeah, that would be a yes coins for someone else\u2019s coins.<br \/>\n1:34:45<br \/>\nOK, if if my coins went to an exchange, that\u2019s a change of interest, right?<br \/>\n1:34:51<br \/>\nFrom Exodus leaves my private wallet goes to an exchange like it\u2019s something different that\u2019s changed beneficial. He would say yes.<br \/>\n1:34:57<br \/>\nYes, OK, so does that, Does that make it an actual game? No.<br \/>\n1:35:02<br \/>\nBecause it wasn\u2019t disposition and and dollars where I could actually correct You just said there was no Disposition of Asset. That\u2019s correct. I hope everybody picked up on that. Very good. The the other thing is, a lot of the instruction, Almost 100% of it, actually, the garbage on the internet. I should even called instruction this. Look, trace it back. Who\u2019s coming from Forbes? And these same people, OK, it\u2019s coming from the IRS, and they\u2019re speaking in terms of accrual based accounting.<br \/>\n1:35:27<br \/>\nWe don\u2019t use accrual based accounting.<br \/>\n1:35:29<br \/>\nWe don\u2019t pay tax on the value increase. Now, sometimes we do, we get tricked into that.<br \/>\n1:35:33<br \/>\nBut we\u2019re not supposed to be paying tax income tax on the increase in value in a thing that we own.<br \/>\n1:35:39<br \/>\nUh, all these are telling us to do that.<br \/>\n1:35:42<br \/>\nIt\u2019s cash basis accounting. It\u2019s once you dispose of the asset and then the change in value of it in dollars. Because I now have the dollars, in my hand, that dollars are being taxed, cash, basis accounting is how we\u2019re being taxed.<br \/>\n1:35:55<br \/>\nThere is no tax on Kryptos, not anywhere in the world except El Salvador.<br \/>\n1:36:00<br \/>\nBecause they just annexed Bitcoin as legal tender, right? Legal tender and it\u2019s taxable, and that\u2019s how you make a taxable I haven\u2019t seen that here yet. So there is no tax on crypto, there\u2019s no new tax on kryptos.<br \/>\n1:36:12<br \/>\nWhat is being taxed is the fiat currency, always and the reason why I know that is because I can only pay the tax in the thing being taxed in dollars. That\u2019s right. Nobody comes. When it comes to your yard. It takes a chunk of your yard to pay your taxes. They did, it. Did it. Yeah. And you know, what\u2019s funny is, the currency we\u2019re using as being tax constantly because it\u2019s inflationary, it\u2019s designed that way. It\u2019s being taxed constantly. So, the longer, that\u2019s another thing, I mean, that\u2019s a risk to you, hold onto that, and it\u2019s on fire.<br \/>\n1:36:40<br \/>\nSo, you\u2019re having a, the IRA, OK. You get an IRA to avoid attacks and do a certain thing. You have to use your money a certain way.<br \/>\n1:36:49<br \/>\nYou\u2019re being taxed for the loss of opportunity while you\u2019re gonna wait for that tax benefit down the road, you\u2019re getting taxed and they\u2019re like any into whatever tax rate they put you in further down the road.<br \/>\n1:37:00<br \/>\nUh huh?<br \/>\n1:37:02<br \/>\nYeah, and, yeah, and now we\u2019re talking was only a six X, so it was only 600%. That\u2019s outrageous. Yeah.<br \/>\n1:37:10<br \/>\nAnd simply your content with LLCs and why is use that we wind up 0%.<br \/>\n1:37:16<br \/>\nThat\u2019s right. because you just perpetually never let the money reach its destination. OK, that\u2019s what you\u2019re doing.<br \/>\n1:37:21<br \/>\nIt\u2019s deferred, Uh huh. Oh, that\u2019s That is a key concept. Their monies made to move, otherwise it stagnates. What does a California resident, they\u2019ve got an LLC in Wyoming, and I have a hard time opening a bank account.<br \/>\n1:37:33<br \/>\nUh, OK.<br \/>\n1:37:35<br \/>\nI would want to know, or that Wyoming, LLC, it sounds well.<br \/>\n1:37:39<br \/>\nI would want to know if you use a California address, when you register the articles, with the state of Wyoming, because if you did, you\u2019re probably going to get a bill from the state of California.<br \/>\n1:37:47<br \/>\nPretty steep one to from your, from whatever filing fee. Yeah, They\u2019re going to say How dare you register outside our state? You\u2019re gonna pay us a fee as if you registered in the state.<br \/>\n1:37:56<br \/>\nThey\u2019ll send you a bill for $800 So that\u2019s rule number one If you registered if you\u2019re in California resident and you register a Wyoming company, do not use the California address for the Wyoming registration.<br \/>\n1:38:06<br \/>\nYeah, you have to make one up or use your and Betsy\u2019s over New York, whatever. OK, do not use the California address. That\u2019s number one.<br \/>\n1:38:12<br \/>\nNumber two Oh, You didn\u2019t? OK. I think I think she he or she said you did OK. It did not good. So you\u2019ll be fine there So what did OK. What is the problem with the bank? I\u2019d have to know what the bank is saying that they\u2019re probably having a problem with?<br \/>\n1:38:27<br \/>\nYou\u2019re a resident of California and it\u2019s a Wyoming company My response to that is so what Wanted to find open a bank account, right? I\u2019m trying to operate a business OK, and this is how I\u2019m choosing to manage risk What\u2019s the problem? Am I suspect in money laundering? I mean, do you need some other disclosure for me? No, my LLC doesn\u2019t have a utility bill, that\u2019s nuts. I disorganized that I have a utility bill. It doesn\u2019t have an apartment, OK, It\u2019s a piece of paper.<br \/>\n1:38:52<br \/>\nCome on guys, OK, sometimes you have to talk to them like that.<br \/>\n1:39:00<br \/>\nRight, going back to the tbilisi, so, Christina saying, yes, that\u2019s right, she registered LLC, three years ago, Lucy given in Spain, the cost was close to a thousand mural and tbilisi costs only \u20ac40.<br \/>\n1:39:12<br \/>\nSo, she has George an LLC with a business bank account there, purpose is online sales, but living in Spain with my family, so I don\u2019t exactly know how to go about it regarding the crypto monitor my personal name and paying taxes smartly on the upcoming crypto returns oh, That\u2019s a bit of information See if I follow that.<br \/>\n1:39:33<br \/>\nSo she\u2019s running a business out of her country out of out of two. please see.<br \/>\n1:39:38<br \/>\nShe\u2019s in Spain to please see this more more Cost effective to do that so the Georgia LLC with a bank account in Georgia, but she lives in Spain. So, how does she go with crypto bought and her name?<br \/>\n1:39:52<br \/>\nOK, you can move from wallet to wallet from your name to your LLC name. If you want your company name, if that\u2019s what you want to do, I\u2019m not sure you can go from wallet to wallet because, again, your beneficial interest don\u2019t change.<br \/>\n1:40:04<br \/>\nThere\u2019s nothing complicated there.<br \/>\n1:40:08<br \/>\nSo, she saw, she has to do, is, open another exit as wallet in her, that her George, an LLC controls, You could crypto over to that. And then she\u2019s taxed according to George in tax law versus Spanish tax law.<br \/>\n1:40:25<br \/>\nYeah. But I don\u2019t know about the tax because you\u2019re just going from coin to coin. Even if you go from your coin to a stable coin that\u2019s not taxable, I don\u2019t think, I\u2019m sorry. So, in any future dispositions, depending on how she does, OK.<br \/>\n1:40:37<br \/>\nIf you, if you dispose of it in a jurisdiction that\u2019s gonna, first of all, you\u2019re gonna get a report for that sale into your local currency.<br \/>\n1:40:46<br \/>\nI gotta be more specific because it depends on how you, how your account is like, how are you identifying yourself at the account as what kind of citizen?<br \/>\n1:40:56<br \/>\nAnd then who\u2019s the account holder?<br \/>\n1:40:59<br \/>\nSo I don\u2019t know.<br \/>\n1:41:02<br \/>\nMight be good on the book with you, because it\u2019s more involved that we can help you get into details. And yes, and I would have to have that conversation on the assumption that the there is an income tax.<br \/>\n1:41:13<br \/>\nThen I think we can answer the question, but I would really need some dialog there.<br \/>\n1:41:17<br \/>\nBut then it will go back to two. Are you going to take it as income, you control, or is it going attorney, exactly, exchange a property, control with property, company controls? Yeah, I think, I think ultimately, once I get the facts on it, it wouldn\u2019t matter anyways because we can restructure the way I\u2019m describing.<br \/>\n1:41:33<br \/>\nSo, yeah, you can move money around all the time. I believe you can do it anywhere.<br \/>\n1:41:36<br \/>\nI mean, there, there is such a thing as an innocent party, OK?<br \/>\n1:41:40<br \/>\nWhat does that, let\u2019s say, a baby, Right?<br \/>\n1:41:44<br \/>\nWhen a baby comes into the world, he doesn\u2019t owe anybody anything, right? What about a company?<br \/>\n1:41:49<br \/>\nDid I just registered yesterday? What about a handshake, deal with my friend?<br \/>\n1:41:54<br \/>\nThat\u2019s an arrangement, right?<br \/>\n1:41:55<br \/>\nIt\u2019s a contract, a Handshake deal, that\u2019s a baby.<br \/>\n1:41:58<br \/>\nIt doesn\u2019t know anybody.<br \/>\n1:42:00<br \/>\nIt\u2019s just between us too, right?<br \/>\n1:42:02<br \/>\nSo then, let\u2019s say after a week, the two of us go to rent a commercial space and we have to sign a commercial lease agreement together.<br \/>\n1:42:09<br \/>\nNow, we jointly have a liability, OK, there\u2019s your first liability.<br \/>\n1:42:13<br \/>\nWhat about if the owner of your company or your asset?<br \/>\n1:42:16<br \/>\nIt\u2019s like that, the two people with the handshake and it stays like that.<br \/>\n1:42:22<br \/>\nIt can still be an innocent party and never have a liability to anybody and then you get to control when that happens.<br \/>\n1:42:28<br \/>\nSo, you can learn from that innocent party.<br \/>\n1:42:31<br \/>\nIt doesn\u2019t ever have a tax reporting, you don\u2019t have a taxable income because it\u2019s alone now. It has to be legit loan where you have to be on payments to go back so by enough to purchase an asset based loan back. Yeah. We could do that before me before Many of those. Yes. I\u2019m just saying we can do that. So it\u2019s how to generalize that, you know, in Georgian and CV or whatever. I\u2019m sorry.<br \/>\n1:42:52<br \/>\nI don\u2019t know the believe that it would be intuitive.<br \/>\n1:42:55<br \/>\nOK, any foreign jurisdiction you can\u2019t, you have, the right to contract is what I\u2019m saying.<br \/>\n1:43:00<br \/>\nYou can get into an agreement whereby property is owned in which the interested parties do not at any one time, have the exclusive right, to sell the property.<br \/>\n1:43:11<br \/>\nThat is what I\u2019m saying, and I were just talking about how we do it with LLCs.<br \/>\n1:43:15<br \/>\nYou guys can do with the partnership or trust in any country you want.<br \/>\n1:43:20<br \/>\nSo, the actual way to do it, may take me a little bit of time to help you, You know, figure out what it is.<br \/>\n1:43:25<br \/>\nBut, I mean, if I talk to an attorney in that country and he was honest and he\u2019s going to do the right thing, he could you know, Right away, he would say, Oh, yeah. We have these over here and we can do this.<br \/>\n1:43:34<br \/>\nThey won\u2019t do that, though.<br \/>\n1:43:35<br \/>\nSo, I would just recommend that you guys don\u2019t seek out help from these professionals, like accountants and attorneys, in a way where you\u2019re doing it, because you don\u2019t know.<br \/>\n1:43:45<br \/>\nMake sure you understand what you\u2019re doing, and then you\u2019re just going to them for what they do, the accounting, or make sure that he\u2019s, The attorney can tell you what you can and can\u2019t do.<br \/>\n1:43:54<br \/>\nDon\u2019t, don\u2019t just put up your hands, go, please save me, tell me how to do this, because you\u2019re just gonna turn yourself over, and you\u2019re not going to have the benefits that speaks to the self empowerment and self responsibility, that they were all kind of drawn to crypto. Just part of that.<br \/>\n1:44:08<br \/>\nAnd, again, the question is, will, you know, hey, how do I build that bridge across JJ\u2019s materials?<br \/>\n1:44:14<br \/>\nRight. This is a non paid announcement, but get him to JJ. Materials is going to teach you how to do those things, and then you\u2019ll know how to do it. And then, you can ask some discussions with your accountant, asking the right questions. Right?<br \/>\n1:44:26<br \/>\nAnd catching them, try and do, or your attorneys, catch them, trying to get you to do stuff that supports their profession rather than you and your family\u2019s interests.<br \/>\n1:44:34<br \/>\nYeah, Yeah.<br \/>\n1:44:37<br \/>\nTime Plug for tight bank from Stacy Sustained Bank in Texas. Does online banking pretty friendly for unique situations? I think that was a response to the case. With the Wyoming. Yeah, OK, you gotta for another arrow in your quiver to Yeah, yeah.<br \/>\n1:44:52<br \/>\nClarification, exchanging coins and access does not change the beneficial interest actually does, because whatever coin you swap goes to somebody else and you don\u2019t care about that one.<br \/>\n1:45:03<br \/>\nYeah, true, no tax on no tax on exchanges of coins with an exodus only if we exchange the coins back to see ups.<br \/>\n1:45:11<br \/>\nSo I think we have a couple of things in that.<br \/>\n1:45:12<br \/>\none don\u2019t mean that if you bring stable coin over and then you keep the privacy what\u2019s going on?<br \/>\n1:45:18<br \/>\nThere\u2019s no taxable extra affordable event inside that wallet, right? just make sure it\u2019s the same kind of stable coin when it goes back.<br \/>\n1:45:26<br \/>\nBut we don\u2019t matter tax. It won\u2019t matter what kind of stable coin any stable coin.<br \/>\n1:45:30<br \/>\nAny stable coin Because it\u2019s pegged to the dollar.<br \/>\n1:45:33<br \/>\nExactly.<br \/>\n1:45:33<br \/>\nAnyhow, yeah.<br \/>\n1:45:35<br \/>\nYeah, so it could come if you come over, OK, great, and you can even go you can even go buying Bitcoin and leave in Bitcoin Do whatever you want and then come back and get Bitcoin?<br \/>\n1:45:45<br \/>\nI just use a stable coin as an example, but just make it the same coin, but it could be any any stable coin, or the same coin every time, OK? So this keyword is consistency, or consistency. What you\u2019re trying to do is create the value of the coin that\u2019s moving around that looks like this, flatlined. Mmm hmm, that\u2019s all you\u2019re trying to do at Coinbase it\u2019s just flat line.<br \/>\n1:46:07<br \/>\nBut there\u2019s 10 million of those points now instead of 10000 of those coins, that\u2019s a different story, we could talk about that.<br \/>\n1:46:13<br \/>\nBut, uh, yeah, there\u2019s a way to get around that, too.<br \/>\n1:46:17<br \/>\nOK, if we sell crypto to stable coins, there is no tax, because you\u2019re not selling it.<br \/>\n1:46:22<br \/>\nYou\u2019re swamped your change property property No gain.<br \/>\n1:46:28<br \/>\nYeah, Lin Lin as a response to our California Why don\u2019t you tell them you\u2019re going to buy real estate Wyoming?<br \/>\n1:46:35<br \/>\nYeah, just tell me anything. Yeah. Hey, guys, I\u2019m buying, we\u2019ll say Wyoming, you wouldn\u2019t know about that, but I\u2019m investing in real estate in Wyoming and why, do you think of it, then, the HRSA, the Bank group? Yeah, sometimes you can make a comment. You can make a comment to the person at the bank.<br \/>\n1:46:52<br \/>\nIt\u2019s in a way that makes it sound like he should have known that, and it was a stupid question, but you can say it politely, and then he\u2019ll stop asking you.<br \/>\n1:47:01<br \/>\nYou can just get past that.<br \/>\n1:47:03<br \/>\nSometimes we have to do that.<br \/>\n1:47:05<br \/>\nAnd as key folks, We\u2019re not saying don\u2019t tell the truth or saint. Tell him only what they need to know.<br \/>\n1:47:10<br \/>\nWhat might you at some point, consider buying real estate? The right piece of real estate to cash flow strongly in Wyoming? Maybe so, there\u2019s your purpose.<br \/>\n1:47:20<br \/>\nEven if you never actually do, you\u2019d be open to it so therefore that\u2019s for your business purpose or your website to sell socks. Right, right.<br \/>\n1:47:32<br \/>\nCelera Bank is another plug, I think one of the main self directed IRA companies likes to, or yeah, OK, I recommend store is another one.<br \/>\n1:47:46<br \/>\nYep, they\u2019re out of Colorado.<br \/>\n1:47:49<br \/>\nGreat, we made to the bottom.<br \/>\n1:47:50<br \/>\none last Christina, she\u2019s not hundred percent shareholder, so an individual owner of the Georgian LLC?<br \/>\n1:47:58<br \/>\nJust back in Spain. Yeah, probably better. Just reach out to Jake.<br \/>\n1:48:01<br \/>\nJohn, Jay: Top of it.<br \/>\n1:48:05<br \/>\nAnd Lynn, yes, we\u2019ll get down. We\u2019re going to get that information on the cash flow.<br \/>\n1:48:10<br \/>\nWebsite visits, we\u2019re gonna get that out to you following this: What\u2019s the best way for people to reach you? You mentioned a couple telegram channels and that we can maybe get a list of those sent afterwards, but for anybody watching the video that hung with us for two hours, it\u2019s just amazing content and information. Thank you so much What\u2019s the best way for them to reach out to you?<br \/>\n1:48:31<br \/>\nIs it different things Eisa coins and privacy fight?<br \/>\n1:48:34<br \/>\nWhat\u2019s the best way the best way is through telegram um?<br \/>\n1:48:38<br \/>\nThrough my telegram ID.<br \/>\n1:48:40<br \/>\nYou can call me I know for people out of the country that\u2019s going to be a more difficult, but It\u2019s hard to get me on the phone if you call me in the morning.<br \/>\n1:48:48<br \/>\nI\u2019m here Like I like I said I do want to set up a call in service and a service where you can reach me Online Through ace of coins dot com This is not yet available.<br \/>\n1:48:57<br \/>\nIt may be next month, So that may be the way to get me almost live. So there will be people that can answer questions, but then you can also reach me that way. So for right now, it\u2019s Telegram.<br \/>\n1:49:08<br \/>\nE-mail is kinda slow. Sometimes I might miss your e-mail. I try to keep up as fast as I can.<br \/>\n1:49:12<br \/>\nBut a singleton, press at proton mail dot com You can just keep that in your records there.<br \/>\n1:49:18<br \/>\nShoot me an e-mail, But then call me right or try to get me on telegram. Get on my ace of coins distribution list because I do it Thursday evening call, you know, every week.<br \/>\n1:49:29<br \/>\nAnd I cover a lot of these topics.<br \/>\n1:49:34<br \/>\nFantastic.<br \/>\n1:49:36<br \/>\nJohn, Jay, I\u2019ll stay back after the call if you don\u2019t mind and tidy up a couple of administrative things. Sure. Wow, Great, great, great stuff. Thanks for all the work you do, and you\u2019ve done for so many decades already.<br \/>\n1:49:46<br \/>\nAnd helps you make wise paperwork decisions that literally changing lives. Yeah, appreciate your help on the call. Certainly, glad to do a bit.<br \/>\n1:49:54<br \/>\nYeah, great, talk to the in person. Thanks, everybody, for joining us.<br \/>\n1:49:59<br \/>\nOK, yeah, I\u2019m gonna go ahead and add anything else, We\u2019re good, We\u2019re going to end the end, the recording, then I think we\u2019d go ahead of that, yes.<\/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-4350d6a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4350d6a\" 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-8111059\" data-id=\"8111059\" 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-87c8128 elementor-widget elementor-widget-spacer\" data-id=\"87c8128\" 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-1219f7f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1219f7f\" 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-a99afa7\" data-id=\"a99afa7\" 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-2ea582d elementor-widget elementor-widget-text-editor\" data-id=\"2ea582d\" 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. John Jay Singleton was invited to discuss his strategies for investing in cryptocurrency and managing such portfolios.<br \/>2. He advises using contracts with non-binding mediation clauses for customer service to help resolve disputes in a neutral manner.<br \/>3. Singleton spoke about utilizing limited liability companies (LLCs) to protect individual assets from personal debts.<br \/>4. He suggests altering how property, including cryptocurrencies, are used and owned to prevent issues with tax collectors and debtors.<br \/>5. He proposed a strategy of purchasing tax liens from counties or states, allowing acquisition of properties at significant discounts.<br \/>6. Singleton addressed the issue of how tax reporting for cryptocurrency transactions works, even when the coins haven&#8217;t been sold.<br \/>7. The idea of moving from holding Bitcoin to having an escrow agent liquidate the coins was presented as a potential investment strategy.<br \/>8. Singleton emphasized the importance of setting up proper financial structures and suggested not trying to completely avoid taxes, but rather manage them effectively.<br \/>9. He discussed managing various assets including real estate, securities, and stocks, using strategies learned over two decades.<br \/>10. He concluded by discussing methods of transforming volatile assets like cryptocurrencies into cash flowing assets, emphasizing the importance of beneficial interest in asset disposition.<\/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-6e90f53 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6e90f53\" 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-f103157\" data-id=\"f103157\" 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>U41 &#8211; Discussion about Wealth and Risk Management<\/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\/16708"}],"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=16708"}],"version-history":[{"count":7,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/16708\/revisions"}],"predecessor-version":[{"id":25388,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/16708\/revisions\/25388"}],"wp:attachment":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/media?parent=16708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/categories?post=16708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/tags?post=16708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}