See the Video Recording here: https://zoom.us/rec/play/AG-RxEQ2ZHtRi_jzrI7zn8xkoRJjYV1JFVeFCVGfgq60GLMjZvJxVJUSqHvoClj7_e6-gSZszK4tIvET.PgAaA0kTnEnSE5ix?autoplay=true&startTime=1685549261000

Access the Live Transcript here: https://otter.ai/u/g0GQW16iMCkgzCGxSTPmpmJJkJk?utm_source=copy_url

Register for our first Annual Mastermind and Networking Event here: https://www.abundancegroup.com/2023event

• There are a limited number of rooms blocked for the event with discounted rates available. Please book your room sooner than later to guarantee these rates!

Looking to invest in life insurance and leverage your Trust? 

• Email Ben at [email protected], or use the link below to receive your free quote!
• Get your free quote here: https://www.abundancegroup.com/insurance

Outline:
-What is the effective date to transfer property? (3:39)
-How to do your own bookkeeping? (11:00)
-How do you change the title to the Trust? (15:00)
-How long is it to set up a Trust company? (21:32)
-A property management agreement. (25:17)
-The best way to convey a rental property to a Business Trust. (35:59)
-Personal vs business accounts. (43:41)
-Cancelling interest on accounts payable. (47:24)
-How to acquire health insurance in the name of the Trust. (53:42)
-Transitioning into a Wyoming LLC. (1:01:21)
-Why can’t we put passive income into a Trust? (1:06:23)
-A client question about transfer taxes. (1:11:36)
-What is a disregarded entity? (1:16:42)

See the Video Recording here: https://us02web.zoom.us/rec/play/s5SPXbfVyUY15EmEh1xLuvW-o0S0OZpUBSEVjNPQ9kfp26Ippt26H_Gm4b0cno5booHAoaPknQdn6Gtn.mItX33BOxPd1CgYV?autoplay=true&startTime=1684944138000

Access the Live Transcript here: https://otter.ai/u/mN7h0PZsywM-kGY4rJWSRViIDM8?utm_source=copy_url

Register for our first Annual Mastermind and Networking Event here: https://www.abundancegroup.com/2023event

• There are a limited number of rooms blocked for the event with discounted rates available. Please book your room sooner than later to guarantee these rates!

Looking to invest in life insurance and leverage your Trust? 

• Email Ben at [email protected], or use the link below to receive your free quote!
• Get your free quote here: https://www.abundancegroup.com/insurance

Outline:
-Karen’s advice on how to close a deal. (9:12)
-The interest on the Promissory Note. (18:38)
-Short-term accounts payable account. (28:52)
-What happens if you’re not a Trustee? (37:43)
-Gift tax return and interest. (43:38)
-Selling the property to the Trust. (47:42)
-Asset protection and asset protection. (54:33)
-Cancelling the interest on your property. (59:55)
-How to make a demand note. (1:04:43)

See the Video Recording here: https://us02web.zoom.us/rec/play/Eaf1ne1jxCZdpNG94LeIFdFtvEVdeU34hnBp4GT-u8CV0YoYtPttmGNdEwvz2SnKqENsuRk9NNllLpQ9.Y7g6LoJq3Ie_nA5t?autoplay=true&startTime=1684512232000

Access the Live Transcript here: https://otter.ai/u/GcplKoQlrmzVPcWkl4x37UhUZcI?utm_source=copy_url

Register for our first Annual Mastermind and Networking Event here: https://www.abundancegroup.com/2023event

• There are a limited number of rooms blocked for the event with discounted rates available. Please book your room sooner than later to guarantee these rates!

Looking to invest in life insurance and leverage your Trust? 

• Email Ben at [email protected], or use the link below to receive your free quote!
• Get your free quote here: https://www.abundancegroup.com/insurance

*Important from this call:

• Demand Note Interest Approach: https://drive.google.com/file/d/1nL_UpDKA3FtGTr8cWZqrPbZHr2yj-iSb/view?usp=share_link
• LA Law Center, PC: https://www.abundancegroup.com/lalaw
• Change of Administrative Address: https://drive.google.com/file/d/1L43a_SpzH8oXCv-N96o0OMoNuo_tV2Ii/view?usp=sharing
• Example Operational Rules: https://drive.google.com/file/d/1SsYCLWewIeGAd49O0lTJfX0YK19Hyi6k/view?usp=sharing
• Articles of Formation: https://docs.google.com/document/d/11VpfHWuOvwH8c8AlafFAQEZWzgx97S3d/edit
• The California Long-Term Care Insurance Tax, which we expect to pass, would take effect on January 1, 2024. If you currently don't have LTCi, we highly suggest attending one of the two upcoming webinars! Each session will last around 15 minutes. This is a FREE educational webinar. Afterward, you may reach out to Ben at [email protected] to obtain your quote.

                Saturday, May 20th at 10 a.m. Pacific: https://register.gotowebinar.com/register/2548603512926541920
                Wednesday, May 24th at 7 p.m. Pacific: https://register.gotowebinar.com/register/5318364562759714656

Outline:
-How much taxable income can you expect to receive? (3:42)
-Is it necessary to change the administrative address to South Dakota? (9:36)
-Operational rules for a Business Trust division. (14:48)
-How to calculate interest income. (25:18)
-How the demand note system works. (30:39)
-Will the demand note system be part of the application? (39:24)
-What do we do with the accrued interest? (44:56)
-Using waveapps.com for trust accounting. (51:21)
-How to transfer data back to Google sheets. (57:24)

See the Video Recording here: https://us02web.zoom.us/rec/play/4r-hhHOCNS8UlJCi2R1mCL1zkDbl26bPEKbm0_mL4Tp8IF41a0t_3PgFfRZve9_awtIZ3Pf9hzx9kuNK.DR5Vlr7bz_CENair?autoplay=true&startTime=1684339328000

Access the Live Transcript here: https://otter.ai/u/-cA5RFsMsxSuB_8mwdm1LxTN-HU?utm_source=copy_url

Register for our first Annual Mastermind and Networking Event here: https://www.abundancegroup.com/2023event

• There are a limited number of rooms blocked for the event with discounted rates available. Please book your room sooner than later to guarantee these rates!

Looking to invest in life insurance and leverage your Trust? 

• Email Ben at [email protected], or use the link below to receive your free quote!
• Get your free quote here: https://www.abundancegroup.com/insurance

*Important from this call:

• Demand Note Interest Approach: https://drive.google.com/file/d/1nL_UpDKA3FtGTr8cWZqrPbZHr2yj-iSb/view?usp=share_link
• The California Long-Term Care Insurance Tax, which we expect to pass, would take effect on January 1, 2024. If you currently don't have LTCi, we highly suggest attending one of the two upcoming webinars! Each session will last around 15 minutes. This is a FREE educational webinar. Afterward, you may reach out to Ben at [email protected] to obtain your quote.

                Saturday, May 20th at 10 a.m. Pacific: https://register.gotowebinar.com/register/2548603512926541920
                Wednesday, May 24th at 7 p.m. Pacific: https://register.gotowebinar.com/register/5318364562759714656

Outline:
-What is the area where the company is based? (3:40)
-What does this mean for tax compliance? (7:02)
-Cancelling interest on the 1099. (12:32)
-What about taxes on other income? (16:51)
-Selling assets to the Trust. (22:50)
-Do commodity investments need to be treated differently? (30:04)
-Filing for an extension. (37:41)
-How do you create a tax-efficient Trust? (39:19)
-California taxes and tax liability. (46:39)
-The importance of location in real estate. (50:53)
-Setting up a Wyoming LLC. (56:55)
-Do you still recommend not using a name? (1:01:32)
-How to avoid taxes on long-term care insurance. (1:09:00)
-How to get help with your taxes? (1:17:03)

See the Video Recording here: https://us02web.zoom.us/rec/play/HZ1XPUNFJY6lCXT9QaF-QV2Bg4RoPDOn9QTlvekegh1GWIsxZ0hkZbSMzusQ1vkMm3manOIB_yD46KBo.sjOdmLqGzp3fNCWW?autoplay=true&startTime=1683734722000

Access the Live Transcript here: https://otter.ai/u/hGwM-ztp4sR-UfqwUzZ6oa8G2hE?utm_source=copy_url

Register for our first Annual Mastermind and Networking Event here: https://www.abundancegroup.com/2023event

• There are a limited number of rooms blocked for the event with discounted rates available. Please book your room sooner than later to guarantee these rates!

Looking to invest in life insurance and leverage your Trust? 

• Email Ben at [email protected], or use the link below to receive your free quote!
• Get your free quote here: https://www.abundancegroup.com/insurance

*Documents from this call:

• Updated Chart of Accounts for Personal, Business, and Foundations: https://docs.google.com/spreadsheets/d/1hymv8bIaSPCXqowvylYnatwaq2HzH2qJ734x8gUtVuE/edit?usp=sharing
• SOI Tax Stats - Examination Coverage and Recommended Additional Tax After Examination, by Type and Size of Return - IRS Data Book Table 17: https://www.irs.gov/statistics/soi-tax-stats-examination-coverage-and-recommended-additional-tax-after-examination-by-type-and-size-of-return-irs-data-book-table-17
• Compliance Presence | Internal Revenue Service: https://www.irs.gov/statistics/compliance-presence
• Audits Records Request | Internal Revenue Service: https://www.irs.gov/businesses/small-businesses-self-employed/audits-records-request

Outline:
-Using Quickbooks for both Trusts. (5:47)
-The reason for the difference between lease agreements and professional services agreements. (12:25)
-How to convert a C Corp to an LLC. (17:20)
-Tax returns and auditing. (25:46)
-Fiduciary vs. Trust protector. (30:54)
-Is it too late to become a beneficiary? (39:00)
-What type of insurance providers do you recommend? (48:49)
-How much is an IRS audit? (56:25)

See the Video Recording here: https://us02web.zoom.us/rec/play/bZd8b033OeO0it-ynnuAFEdmwE0YccEw97njAJl48Z91gzkcIn2sZQvHcz7cVQRF_R40SUuhNjsSvo5C.HyMzfb0dntyRaPuY?autoplay=true&startTime=1683302776000

Access the Live Transcript here: https://otter.ai/u/vgqyqo8xYXpCAkiqQZ47sXJGfpA?utm_source=copy_url

Register for our first Annual Mastermind and Networking Event here: https://www.abundancegroup.com/2023event

• There are a limited number of rooms blocked for the event with discounted rates available. Please book your room sooner than later to guarantee these rates!

Looking to invest in life insurance and leverage your Trust? 

• Email Ben at [email protected], or use the link below to receive your free quote!
• Get your free quote here: https://www.abundancegroup.com/insurance

*Documents from this call:

• How Short-Term Rentals are Taxed: https://markjkohler.com/how-short-term-rentals-are-taxed/

Outline:
-How do you track extraordinary dividends?
4:15
-The fair market value of household furnishings.
11:47
-The exception to the rule for household furnishings.
17:46
-How much should you expect to pay?
23:12
-Paying contractors through a Business Trust.
33:38
-Income from referrals and property management.
40:04
-Passive income and capital gains.
50:58
-Dividends and capital gains.
56:36
-Short-term leases vs. long term lease agreements.
1:04:16
-How to get out of a long-term lease?
1:10:29
-How to convert passive income into active income.
1:17:05

See the Video Recording here: https://us02web.zoom.us/rec/play/fVaNrDNig-N6LKjOvTYRdaoKF0k1vF8uTgwdGcVoyTiSD1pLIGSoEA9EyOWE84xEt4MqI2TY7c6Hsq2B.kkeECDvKfIhGWpVi?autoplay=true&startTime=1683130007000

Access the Live Transcript here: https://otter.ai/u/pE851bkbohE8N4iZiTG9JHp540c?utm_source=copy_url

Register for our first Annual Mastermind and Networking Event here: https://www.abundancegroup.com/2023event

• There are a limited number of rooms blocked for the event with discounted rates available. Please book your room sooner than later to guarantee these rates!

Looking to invest in life insurance and leverage your Trust? 

• Email Ben at [email protected], or use the link below to receive your free quote!
• Get your free quote here: https://www.abundancegroup.com/insurance

*Documents from this call:

• Instructions for Creating Divisions to Own Real Estate from Decanting Land Trust: https://docs.google.com/document/d/1WeQf8rDeQe_ScnapcA4v_ZOE31loc-TEXMicpmGjDzM/edit

Outline:
-How do you structure a Business Trust?
4:41
-Who are the beneficiaries of the property?
13:21
-The difference between a Land Trust and a Business Trust.
21:49
-The problem with using addresses to draw legal conclusions.
28:52
-Do we need a management agreement with the property management division?
36:19
-How does a Trust Transfer trigger a transfer tax?
44:00
-How would a division be organized?
53:11
-What is a related party transaction?
1:01:11
-The difference between fair market value and base sale price.
1:07:50
-How much should we value this business?
1:17:09
-What can you do with the charitable public foundation?
1:20:45

See the Video Recording here: https://us02web.zoom.us/rec/play/XzPH27O18V90xLMeWEUUFsapJfRM6B91ifdSnyJxt-2kw2HP_qUzu-XzlN2yO40wgEHZLD2JKRijzo7A.nmhVW0ZUqDoT96B-?autoplay=true&startTime=1682697991000

Access the Live Transcript here: https://otter.ai/u/7UZ0AAXP2tURhancFcPvP9dD1as?utm_source=copy_url

Register for our first Annual Mastermind and Networking Event here: https://www.abundancegroup.com/2023event

• There are a limited number of rooms blocked for the event with discounted rates available. Please book your room sooner than later to guarantee these rates!

Looking to invest in life insurance and leverage your Trust? 

• Email Ben at [email protected], or use the link below to receive your free quote!
• Get your free quote here: https://www.abundancegroup.com/insurance

*Important links from this call:

• Pakmail (Mail Services): https://www.pakmail.com/

Outline:
-How did you decide to become a coach?
1:23
-How to find the date of a call?
4:25
-How to get a debit card through the bank.
15:34
-Power of Attorney and credit cards.
22:42
-Virtual mailbox vs. physical mailbox.
27:13
-The role of a Trust Protector.
32:39
-What kind of bank account are you recommending?
42:18

See the Video Recording here: https://us02web.zoom.us/rec/play/_gMZar483XU1TQk0H-6SbFW-7AD9bQJS-IKhqsSKF4j7_dcEGxG05yHQXGtZSDPqknzv3tocDqqg_6q8.pGN3fG8RPA1RusNW?autoplay=true&startTime=1682524879000

Access the Live Transcript here: https://otter.ai/u/qKuax1KtgyOcRXB3TvmPvgUdewg?utm_source=copy_url

Register for our first Annual Mastermind and Networking Event here: https://www.abundancegroup.com/2023event

• There are a limited number of rooms blocked for the event with discounted rates available. Please book your room sooner than later to guarantee these rates!

Looking to invest in life insurance and leverage your Trust? 

• Email Ben at [email protected], or use the link below to receive your free quote!
• Get your free quote here: https://www.abundancegroup.com/insurance

*Documents used on this call:

• Revoke General POA: https://docs.google.com/document/d/1Qpvsk_x1RS6CqPQdPSpIN7VoliTeYqIchGOs2t78IDc/edit?usp=sharing
• Trust POA - Sign Checks: https://docs.google.com/document/d/1Brtuiyb8nOYK4J_5Z06S2w7L_Kxj_T0ZuC0AVdJ4eu4/edit?usp=sharing
• Power of Attorney: https://docs.google.com/document/d/1cs2w2qlb5HXGFWjazqgTkbdnsUSJb3g44IaFlov71eM/edit?usp=sharing

Outline:
-Balance sheet requirements.
6:58
-What type of entity is a division?
13:33
-The three-step process for creating a Trust.
18:51
-Transitioning into a Personal Trust.
24:13
-Two ways to handle closing documents.
30:23
-Importance of listening to the podcast.
36:22
-What is the difference between a Business and Personal Trust?
45:19
-What is a straw-man transaction?
53:20

See the Video Recording here: https://us02web.zoom.us/rec/play/WbtCBKj45XYwDbeoYJ0_G-AvqSnxVUJbtFjFjWi0M24wdYuK_5jA5hA0xEuhKGaXYZujN_zGmQp8NeM8.br7CiP6GURuoPc4L?autoplay=true&startTime=1682092962000

Access the Live Transcript here: https://otter.ai/u/RlIswB3EWshUaTPplD-hAYR01es?utm_source=copy_url

Register for our first Annual Mastermind and Networking Event here: https://www.abundancegroup.com/2023event

• There are a limited number of rooms blocked for the event with discounted rates available. Please book your room sooner than later to guarantee these rates!

Looking to invest in life insurance and leverage your Trust? 

• Email Ben at [email protected], or use the link below to receive your free quote!
• Get your free quote here: https://www.abundancegroup.com/insurance

*Documents used on this call:

• Application for Delivery of Mail through Agent: https://about.usps.com/forms/ps1583.pdf

Outline:
-How to get a picture in your spreadsheet?
5:03
-Bills and utility bills.
11:36
-Drivers on-demand question.
19:41
-How do we account for Capital Loss?
25:50
-How do you determine where the administrative address of your Trust is?
34:58
-Who are the beneficiaries of the Business Trust?
43:48
-Examples of maintenance and support.
52:34
-Conveying assets into a Business Trust.
1:00:41
-Business transfer and tax considerations.
1:07:33
-What is a Deed of Trust conveyance?
1:13:04
-What is an equity stake in a business?
1:20:28
-What happens if the Trust becomes insolvent?
1:29:15
-Who should be the Trustee of the Trust?
1:38:36