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Access the Live Transcript here: https://otter.ai/u/UHoOFhUgvrvuj2oFm89apKxPZmw

*Important documents from this episode:

• Instructions for Creating Divisions to Own Real Estate from Decanting Land Trusts: https://docs.google.com/document/d/1WeQf8rDeQe_ScnapcA4v_ZOE31loc-TEXMicpmGjDzM/edit?usp=sharing
• Divisional Certification of Trust for Decanted Land Trust/Personal Property Trust: https://docs.google.com/document/d/1zsMeEl5ua78kwWLKTT1saCP4RwHBI_O5uV6ibpZ8yJw/edit?usp=sharing

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See the Video Recording here: https://us02web.zoom.us/rec/play/sDJ9zW5b9wCVZe2Wq_879tDAXBRAIKNuQ4emUcyQ1FXETApvy5C8er-gnyiYRFlNRGNyJomo8l0jOs7T.at4n27Tn49STkg1Z?autoplay=true&startTime=1667927173000

Access the Transcript here: https://otter.ai/u/FQBHn6c8hsGnZP-PHh7JbFwuJbs

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

Instructions for Subject To: https://docs.google.com/document/d/1A3rxcA1nQG3f8VX9KG1v8G0-8UyFCKZ6htHdWokhlE0/edit

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Access the Transcript here: https://otter.ai/u/4udY2eUFVN_KtqcvCA-vIS45LWM

Professional Services Agreement: https://docs.google.com/document/d/1NaCmKIwqgV_F4j8bPQrVhmUM_mfFhbvx/edit

Employee Lease Agreement-LLC: https://drive.google.com/drive/u/1/search?q=employee%20lease%20agreement

LLC Operating Agreement: https://docs.google.com/document/d/1cqD3ly4NJV3J2-yByChpKvPZYetoCRCS/edit

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Access the Live Transcript here: https://otter.ai/u/d1My0m2uaw4hj7b7tBCDsCi-lB8

Business Trust Chart of Accounts: https://docs.google.com/document/d/1mk5J9c_wJf3tY5uMwJWl9CucRZEVErVQ8lGsa6Wy47Q/edit?pli=1

Outline:
Business trust bookkeeping is the same as any other business other than one exception.
-7:23
What other assets do you need to know about?
-16:42
On your 260 basis account, are you addressing the basis of the business and the business income?
-21:23
The 1065 partnership classifications so that you don't miss anything.
-29:52
What is the difference between a business and a business trust?
-35:20
What are the taxes you have to pay on your business?
-43:30
Vehicle fuel and vehicle expenses.
-47:52
Business trusts are no different than personal trusts.
-52:09
The three categories of accounts - business, personal, and business - and how to use them.
-59:12
How do you transfer capital gain from a business to a personal trust?
-1:04:32
What is a business trust? How does it work?
-1:13:16
What’s the difference between ordinary income and capital gains?
-1:16:40

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Access the Live Transcript here: https://otter.ai/u/TH0kHWTNjhFlSbu4mYu43yfxV0M

Articles of Formation: https://docs.google.com/document/d/11VpfHWuOvwH8c8AlafFAQEZWzgx97S3d/edit

Instructions for Subject To: https://docs.google.com/document/d/1A3rxcA1nQG3f8VX9KG1v8G0-8UyFCKZ6htHdWokhlE0/edit

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

Wyoming LLC Domestic Conversions: https://sos.wyo.gov/Business/Docs/Wyoming_Business_Entity_Conversion_Information.pdf

Wyoming LLC Instructions: https://sos.wyo.gov/Forms/Business/FLLC/Series-FLLC-ArticlesContinuance.pdf

Outline:
Background on the sale of the property.
-2:30
What is the money flow of this transaction?
-7:36
What’s the difference between a business trust and a personal trust?
-17:04
Why would you want to get a bank account under the business trust EIN even if it’s a management company division?
-22:49
Can you do the same thing with an EIN of an LLC that’s formerly outside of a trust?
-26:15
Does she need to do anything about the past or should she just incorporate it as a disregarded entity on the business trust tax return going forward?
-32:41
Are the properties listed individually or are they listed together?
-37:53
What the IRS says and what it doesn’t say in the instructions on income or loss from rental real estate.
-42:31
What does your tax accountant do with your tax return?
-43:49
What to do if the agreement for deed is still not in your name.
-45:55
Can you get a quantity discount on your report?
-51:44
How to remove the seller from the interest of the business trust.
-59:46
How do you know if you’re doing your paperwork correctly?
-1:06:24
Decanting from the personal trust to the business trust .
-1:14:25
The interest holder is the interest holder of the specific trust .
-1:31:55
What is a certificate of continuation?
-1:39:41
Can we change the name of the LLC if it’s an old LLC?
-1:51:25

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See the Video Recording here: https://us02web.zoom.us/rec/play/C6I_mIICcBq7A1NsxZVSyU6tKkzqrw06G8rGhNhskIMlSaN6wczMg_SNgB-8JF5Sa5cWRhoDUN0Y_I0-.lr9KksamqOcZvGrK?autoplay=true&startTime=1671555972000

Access the Live Transcript here: https://otter.ai/u/DC5Gt7tOeWh7qj5WgnoaipvUYxA

Dental Practice Case Study: https://www.abundancegroup.com/moneyflow

Asset and Liabilities Spreadsheet: https://www.abundancegroup.com/assetlist

Outline:
What is an in-kind distribution of equity to its owner?
-6:34
What is going to happen within the personal trust to total income?
-13:31
Don’t donate 100% of your taxable income to a nonprofit.
-20:59
What’s the business of the trust?
-28:51
How does this apply to you if you have active business income?
-34:06
What’s in the knowledge base?
-48:07
What’s the difference between passive income and active income?
-56:35
Does passive income in the personal trust have any effect on asset protection?
-1:02:32
The more you grow, the more likely it will be that you’ll want to add the business to the trust.
-1:10:25
Should we put the house in the business or the foundation?
-1:16:30
What is a 1099? What is an IRA?
-1:23:43
Are the rent and utilities covered by the trust or the lease?
-1:30:54
How to get all your documents digitally.
-1:36:21

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See the Video Recording here: https://us02web.zoom.us/rec/play/v7vOcE55OA3ogvrYlP5l_uNiwlhKwQ0Sv2xXEuJtYPQtTBK6sKjh1bYxa7OORdTqWrfel0i17TzI1LCp.odXVHkQTGfJkn8PH?autoplay=true&startTime=1672765365000

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

Outline:
-How do you know if you’re going to make ACN a big part of your business?
6:37
-How do you get separate corporate credit for each division?
16:04
-How long does it take to get a ruling from a court?
26:12
-What is a divisional certification of trust?
32:01
-The maximum number of units the division is allowed to issue.
39:01
-What is a co-trustee and divisional trustee in a business trust?
48:41
-Who can be both a divisional trustee and an interest holder in a business trust?
1:00:25
-The interest holder does not need to have any management or voting rights.
1:05:51
-Do you have to file an amended deed? Do you need an affidavit of trust?
1:12:15
-Make sure you specify the successor trustee as part of your affidavit.
1:20:54
-The more properties you have, the more you have a target on your back.
1:27:24