See the Video Recording here: https://us02web.zoom.us/rec/play/MdYU4RW5D4yAK1AgEgDObVVWIanjnBqKPwnveF4YUAAvr5Rh6VHISswkRfzCxiPpO-_KqnJtrJUbgJpT.-lJ_Gi7V56G7xR_Y?autoplay=true&startTime=1674061697000

Access the Live Transcript here: https://otter.ai/u/mbXX5I-TDNBTdhdb8OUhzPc42W0

Outline:
-What is the basis of the trust?
10:42
-What to do if you have to step down as trust protector and trustee.
16:05
-What forms of musical chairs do you use?
19:55
-What happens to the assets once the assets are out of the business?
33:50
-Kraken has no knowledge of where any deposit comes from unless you’re doing it with a bank.
43:00
-Can you transfer your cold storage device just like you would a used computer?
50:14
-What is an amendment? How does it work?
55:53
-Susan’s concern this month is 1099 because of the deadline.
1:02:27
-David’s tax preparer is handling all the 1099 work for non-bookkeeping clients. Do you need a W9?
1:09:59
-Bookkeeper vs. tax preparer.
1:13:32
-How do you know if you’re going to continue to use the same vendor?
1:17:44
You need to think about what your quantifiers can mean financially -.
1:24:59
How do I allocate fuel charges to my kids and my own charges? Do I do it to the personal trust or the business trust?
1:29:56
-What’s the difference between a 1040 return and a personal tax return?
1:40:27

See the Video Recording here: https://us02web.zoom.us/rec/play/qQzTP5YHPErjhbnbae6jAgbahrlHAy38ZENKlXHgzCMjkLHVgfUZ7R4TfIWL_wkBitxaXpbVQHgxBqw.nKHO1TvxH0_d05Qj?autoplay=true&startTime=1673629624000

Access the Live Transcript here: https://otter.ai/u/TnRFBPV7-cZZDMC1L9ls2ouYbkY

Outline:
-Fictitious name filing for business trust.
7:08
-Tax questions for the group.
12:50
-How do you create a tax return division?
19:28
-Cynthia’s recent call about a Wyoming llc.
23:42
-Questions and answers from the listener.
27:45
-The value of the notes and the trust.
37:48
-A non-grantor trust vs a grantor trust.
43:02
-Walking away from an agreement.
48:33

See the Video Recording here: https://drive.google.com/file/d/1xb9XQA1rTQ33hsgC_GUl7wuPM_xtr2V9/view?usp=sharing

Access the Live Transcript here: https://otter.ai/u/i5Pxzqf7Prlg6kdRQC_aE3RQPoo

Decision Tree: https://www.abundancegroup.com/decisiontree

Eviction Attorney in California: https://www.evict123.com

Personal Trust Instructions: https://www.abundancegroup.com/instructions

Not Filing a PCOR in California: https://drive.google.com/drive/u/1/folders/1Fgur8ZTfc42AZE3IgL6Xf2yLGw_Djhnu

See the Video Recording here: https://us02web.zoom.us/rec/play/4GyQbW3RzC_Y9Dxv59Px-v7mBKIF4ptOZrCGooAl7Z6oYKZ5WcKbaFweFYR8hLGc6j-d6bxUWWy8vGlM.F18BxJDCpgXfaE7M?autoplay=true&startTime=1672851866000

Access the Live Transcript here: https://otter.ai/u/_u04gAPzUla6PiEf58IeH1byCHw

Looking to invest in life insurance? Get a free quote!: https://www.abundancegroup.com/insurance

Don't forget to purchase your 2023 Support Package: https://abundancegroup.com/2023support/

Form 8832: https://www.irs.gov/forms-pubs/about-form-8832

Tax Basics of Intellectual Property: http://publications.ruchelaw.com/pdfs/2018/tax-basics-intellectual-property.pdf

Tax Issues for Individuals Who Create Intellectual Property: https://www.thetaxadviser.com/issues/2013/dec/kelley-dec2013.html

Current Podcast Links:
Personal Trust Training: https://abundancegroup.com/trainingpodcast
Personal Trust Q&A: https://abundancegroup.com/weeklypodcast2022
Business Trust Q&A: https://abundancegroup.com/bizpodcast2022
Business Trust Training: https://abundancegroup.com/biztrainingpodcast
Foundation Training: https://abundancegroup.com/foundationpodcast
Foundation Q&A: https://abundancegroup.com/pffpodcast

Outline:
-How do you know if your credit report is reporting against your trust?
5:45
-How do you use a lineal descendant as a trustee for musical chairs?
11:05
-What is the difference between a fiduciary and a trust protector?
18:26
-Do you recommend us to have separate meeting minutes for all divisions?
25:59
-Do you accept fair market value as a method to transfer other options? Is it a taxable event?
35:09
-What happens if the conveyances don’t come up after the fact?
41:49
-Make sure you have a personal trust and business trust.
51:37
-How to value the basis of intellectual property for federal tax purposes.
58:47
-Does consulting fall under passive income?
1:04:24
-You have to be able to justify whatever you state your cost basis is if you are ever audited.
1:09:31
-How do you estimate the value of your antique cars?
1:17:35
-The first place to start is in the Conveyances folder.
1:21:22
-Why you don’t want a business to act as an escrow agent in a trust.
1:26:39

See the Video Recording here: https://us02web.zoom.us/rec/play/qg2OsZB_8tWGL2ef3D8fwqcKy5aGeKRXlcXQMkHAEMZ_aHG_tsuaERwdSsmRGrihviDkMX75zgDxaikz.2AACOzfwMKJYJBPX?autoplay=true&startTime=1672247132000

Access the Live Transcript here: https://otter.ai/u/jA7Nr0w1895j51B5XOoz5HWTk8w


Outline:
-What do you need to do to make sure all of these payment amounts go to the new personal trust instead of to the other two individuals?
6:10
-Can a fictitious name be registered as a DBA?
12:09
-What documents do I need to show the title company to purchase the property?
19:19
-How do I decide issue a total of 100,000 units of beneficial interest in the division?
24:40
-Why you can choose to have divisions and administration office address the same as the business .
30:45
-When doing a bill of sale for cash, the form asks for $1 amount on page one.
37:10

See the Video Recording here: https://us02web.zoom.us/rec/play/i0rO7dytY5PWkmm964YmVb9OyMXDACKKjv9P3V0ODco4HESsrUeqdgqqsQCZOrg7QQBQCII--5j2XKn9.XOn_hCODg71IA1d4?autoplay=true&startTime=1671642716000

Access the Live Transcript here: https://otter.ai/u/40Yo3TB9s1aRkOZYZgA8nwAWDWU

Canceling an EIN with the IRS: https://www.irs.gov/businesses/small-businesses-self-employed/canceling-an-ein-closing-your-account

Jessica Bader
Ext 6603
Mobile: (414) 301-3174
Work: (414) 961-6600
Website: www.americandeposits.com

Outline:
Do we need a special form to convey the license of street-smart system to the personal or business?
-11:05
What is the legal risk of musical chairs?
-22:06
If you are the sole member or sole shareholder in the S corp, what do you do if you want to change its tax status?
-28:50
When you sign the trust agreement, do you need a member and manager?
-38:05
Who do you contact in your organization to get these powerpoints?
-41:52
Who is liable for the current loan balance?
-48:32
What’s the difference between an interest-bearing and non-interest-bearing account?
-54:21
What’s the difference between a Fiduciary account and a trust account?
-58:22
The difference between an interest bearing account and a non-interest bearing account .
-1:06:25
How do I split the money between my personal and personal accounts?
-1:13:57
What if we made her sister a director of the foundation? Is it taxable income?
-1:18:48
Is there any drawback to using a trust to buy a property in your name?
-1:26:12
Do you have to worry about fair market value on your assets?
-1:33:10
Gina shares a story about a call that changed the course of her life.
-1:42:52

See the Video Recording here: https://us02web.zoom.us/rec/play/NXXgA2ng4mpMiiakba4878xYMOkgmIw7qVuoBogNp-IQiRQNz5rcDFXH2Zks-EOBe9-bl4ptjbyhr0ll.0O0yXKD8MTLsCEzk?autoplay=true&startTime=1671210408000

Access the Live Transcript here: https://otter.ai/u/w96tGL5hEStCFm2Ul4b5NLPgQzE

Renew Your Support Package for 2023: https://www.abundancegroup.com/2023support

Looking to Invest in Life Insurance? Get a quote now!: https://www.abundancegroup.com/insurance

Outline:
What’s the difference between a self-settled and a non-self-settled trust?
-12:15
An example of a member vs. a member.
-19:29
What is a two-step conveyance and how does it work?
-28:03
What happens if you lose your homestead exemption when you sell your personal residence to a trust.
-35:54
How to get your homestead exemption back if the state audits you.
-42:39
Is there a max percentage limit on how much a charitable trust can donate?
-49:46
If you're going to play musical chairs, do a 265 account and not a 260 account.
-58:07
What is the protection level of a deed?
-1:06:39
Can you list the trust as an additional insurance company?
-1:14:08
When do you record the deed? When is it a simultaneous recording?
-1:22:43
What’s the pathway for the bill of sale?
1:28:01
How to use a title company to get tax benefits.
1:35:41
How do you know if a deed is valid?
-1:42:04
What happens if you change the division of the business to a trust.
-1:48:54

See the Video Recording here: https://us02web.zoom.us/rec/play/JR8HYvHVDp_QoV5j7no7t4tdIsaz-t2aVInLvXAEs3faKMhLlkzPBcEBQKjiJA4b2Je0Cn5QSooRwu4l.7_Vt9fDXhjnW6GFD?autoplay=true&startTime=1671037869000

Access the Live Transcript here: https://otter.ai/u/Q4oomchsl39CnYjSHq5bC0sEcfc

Outline:
If a client has income from an LLC in august, what do you need to do?
-6:54
What’s the name of the division?
-16:18
Can the trust also pay for upgrades to their home?
-23:04
How can we sell those properties?
-31:13
How do I get the link to what I thought you gave us?
-39:37
How do you know what the original cost of the land was?
-42:46
Is farming income currently reported on a Schedule E? Is it considered active active active?
-51:09
If Kevin owns part of the business, is it better to do it in a division or a division of a business?
-56:48
If a parent trust was giving money to a sub trust and then that sub trusts were passing money from it to the parent trust...
-1:04:05

See the Video Recording here: https://zoom.us/rec/play/SLKPe2P7h-g3CPuyRevGIEHDPsOkdMO1DTrKIuChBrvnJn4KbsWvj720Z8DjcWn2VFnq6HtdyJZlVf5y.eEBOwHgjSjM4LQgy?autoplay=true&startTime=1670605845000

Access the Live Transcript here: https://otter.ai/u/PsKjzyiRZYEFEbPExqjNOvLl6IQ

Don't forget to renew your Support Package for 2023!  If you haven't done so already, you may do so here: https://www.abundancegroup.com/2023support

Looking to Invest in Life Insurance for yourself or a family member? Get a free quote!: https://www.abundancegroup.com/insurance

Instructions for Creating Divisions: https://docs.google.com/document/d/1K5sDSC-mMe5XcB7BIFMPFA3urdCeQb_5fYbsszuus1k/edit

Divisional Letter of Introduction and Instruction: https://docs.google.com/document/d/1z0RnlevUzqUb7ghApyO-9JC4RuG2CxNb/edit

Section 7872 and Blended Annual Rates: http://evans-legal.com/dan/blended.html

Gift Tax Return Form 706: https://www.irs.gov/pub/irs-pdf/f706.pdf

Outline:
When you convey an asset and liability from your personal trust to a business trust division, does the value of your beneficial interest units receive equal to...
-0:03
What is the best way to get my intellectual property in a division of the business, do I sell it directly to a division with a demand note?
-9:52
Are assets in an irrevocable trust subject to estate tax?
-18:34
Operational rules are similar to an operating agreement, but different.
-35:27
Is there a lawyer that can review the operating agreement?
-43:17
The name of the trust needs to be spelled out on any legal document.
-57:13
What happens if something happens to me tomorrow? We don’t have them yet.
-1:03:56
What is the difference between fair market value and the value of the assets?
-1:11:50

See the Live Recording here: https://us02web.zoom.us/rec/play/R57tpnE9ZOl0YHDhESxovGLL-RUZCihn0qDVUkCRl5ud2uF-s3Fx-2h8PrzeWnF8MkSv_M4qsdbdYDlT.8Zk9OmL1gIo40WXm?autoplay=true&startTime=1670432549000

Access the Transcript here: https://otter.ai/u/ZrmLpxrkEFYSFu8UFDnq6Lhfals

Home Owner's Insurance:
Nancy Solache
Call: (407) 988-0022
Text: (407) 337-8903

Outline:
How do we ensure that Wyoming classifies the LLC as a manager-managed LLC?
-2:11
Do you have to have an address in Wyoming for this form to work?
-6:54
Getting ready for tax season for 2022.
-8:28
Dan Hollis and the IRS.
-9:36
Are there capital gains in the trust? Is it capital gain earned in the current year or past year?
-14:56
What’s your annual premium for homeowners insurance?
-22:51
The gift is an act of the giver, not the receiver. The receiver does not have to claim it.
-31:23
How do you know if you have a trigger that triggers the crummy power?
-38:33
Are we trying to model the rules that happen outside of a trust from person to person inside the trust?
-46:11
Advice for getting around the roadblock at Schwab.
-51:52
Whether or not the acceptance gets notarized at the time the other pages of the trust get notarized.
-57:38
What’s going on with the reassessment of the property?
-1:05:32
California Franchise Tax Board vs. state tax.
-1:13:55
What’s the demand note?
-1:20:42
Use the trust the way it’s intended - live your life.
-1:26:54
How to use an LLC for payroll.
-1:34:19
What is the lifetime gift exemption?
-1:43:03