Total Sooey Lunacy

[Nikki]

Count how many laws were broken

You have a very good knowledge base and some excellent opinions and questions. The savings and features of doing it this way are so numerous that it would take hours to explain. For instance, I have a corporate welfare program written into the C-Corp. This way everything that medical insurance doesn't cover becomes a tax deduction for the corp. The corp reimburses the board members for all out of pocket medical expenses. I take care of my 85 yr. old father with alzheimers and since he is an advisory board member, this feature saves a fortune.

The FLP owns my log home business. It hires the corp to run the day to day operations and marketing. The FLP pays the corp. I can move money back and forth this way. The FLP owns the office and all the equipment which it leases to the Corp for thier oprations. Another tax deduction to leverage the tax liability of the corp. This can move money back to the FLP. The rent is so "high" that the corp makes a very thin margin on every home I sell. Plus as a board member, I have a housing provision for my father who lives in the other half of the office/guest house. This way ALL maintenance of the house and office are tax deductible. All utilities as well. My home is also my model-home so it too has all utilities, maintenance, etc...as tax deductions since the home is a showcase for the product plus the housing clause covers me as the President and my wife as Chairman of the board.

It goes on and on so when you stop to consider all these features, when used correctly, and the proper language included, it is a wise structure and a safe structure. You are correct that many wealthy people use this structure but one need not think this way. You'll never get rich unless you stop the biggest hemmoraging wound in your financial life which is WHAT? TAXES...TAXES...TAXES...!!!

If you set up a Charitable Remainder Trust, CRT, then you avoid Capital Gains Taxation because profits from sales of lets say..."Investment Properties" can be used to buy investments that are not "Like Investments." That is the rule as I'm sure you know. If you sell an investment home and buy more investmment homes with the profit then you owe no CGT. But if the CRT owns the investment home (move it in right before sale) then you can reinvest in whatever you wish and avoid CGT. Buy Llamas if you want and no one can say a thing about it. The rule is that you pay ONE NICKLE on the dollar in taxes. Nice HUH? This will make the CRT rich very fast and very versitile so you can spin on a dime and make diversified investments then you set up a family foundation and down the road, designate it as your "Charity of Choice" hire your family to run it and put them on the payroll and keep all the money in the family.... forever!

If this weren't the preferred way, the the Fords, Pews, Carneggies, Rockefellers, et al wouldn't be doing it this way. It's not the way the rich do it...It's the way they do it to get rich. It's never to early or too late to get on the wagon.

Sooey at Asset Protection Strategy / C-Corp / FLP

[webhick]

Wow, I don't know much about 90% of the tricks he's trying to pull, so I couldn't count...but damned if that doesn't sound like a one-way ticket to the graybar hotel.

[Judge Roy Bean]

Now if he really had the income required to drive the system as he describes.

It's interesting to see how the mythology of building wealth includes a simplistic way to get there. Oddly, only the wealthy seem to be able to master these secrets, yet the scam artists and nut cases like to report on how to do it from their distant economically-challenged shore.

[grixit]

Why do i have mental picture of lincoln logs coming apart and rolling all over the floor?

[notorial dissent]

My suspicion is that the idiot has probably spent more on his “sure fire guaranteed” methods of burying his income than he probably would have owed, and in the process created a title nightmare that will come back and bite him in the ass eventually and cost him lots more money, when he most likely won’t have it. As to his facades, if a creditor really wants to go after him, I would suspect that all that would be required is to go into court and have them all set aside as sham transactions and seize whatever isn’t nailed down.

What truly amazes me, is that this is the same crowd who don’t believe in the tax laws, because they aren’t “positive law”, and yet have this overweening belief in their little attempts at corporate or trust evasion of the laws, when the same courts get to rule on them just as they do on the tax laws, be they state or federal. I wouldn’t bet on it taking a court very long to declare the whole thing a collection of sham transactions as an attempt to avoid taxes and process, which of course it is, and their illusions of invincibility will evaporate, much like what will be left of their bank accounts and property.

Lord knows there are probably enough tax fraud issues here that the IRS could have a field day with this bozo, if he were worth the effort.

[Disilloosianed]

The corp reimburses the board members for all out of pocket medical expenses. I take care of my 85 yr. old father with alzheimers and since he is an advisory board member, this feature saves a fortune.

While I won't slight anyone for scamming the healthcare industry, I wonder what else he uses his dad for.