SORT BY Relevancy
Hard to believe that the IRS is out to screw the fifty states. This special IRS designed Nevada asset protection trust's income avoids state income taxes.
Having a trust in Nevada to avoid state income taxes is not new.
However, in the past you could not control the trust if you wanted the tax savings. Also, you could not be a trust beneficiary. This means once the assets were placed in the trust you cannot get them back.
But there is a tiny tiny crack in the law. And now the IRS is letting all of us know how to use that crack to avoid gift taxes, avoid state income taxes and to protect assets.
The general rule is the trust is a grantor trust if I create the trust and I am a beneficiary or if I am the trustee.
For example, if the trust was in Nevada and earned an hundred thousand dollars of interest income, I pay tax on the hundred thousand dollars if the trust is classified as a grantor trust.
But not now! The IRS found a tiny crack that allowed the taxpayer in this ruling to be both a beneficiary and the owner of the trust company and avoid the grantor trust rules. That $100,000 is not state income tax free.
By the way, also the IRS also ruled that no gift tax was due on the millions of dollars he placed into the trust.
Here is the link to the IRS ruling and my annotations.
Join us for our Wednesday night services at the Tri-State Ministry Center! Each service is exciting and powerful and we pray that you are touched by the Spirit of God as you listen! Become part of our internet congregation this Wednesday night at 7:00PM
Starting your own business while working is the best thing a working class citizen can do. We all know a few more things today, than we knew a decade ago. One thing we know is nothing is guaranteed. Another thing we know is the average person will not build wealth on a 9 to 5 job. What better time to step up that entrepreneur spirit. On today's show I'm going to talk about a money making project to supplement the income we already have. Have lack of time, knowledge or money been holding you back? Then join my money making project today. Together we'll merge everything but the profits and advertise our house helper services all over America. I believe the American dream still lives. It lives inside of each one of us. America's House Helper Services project is a challenge, but together we will be able to keep cost low; work out challenges together; grow together; and who knows, the sky is the limit. Listen in and let's discuss the pros and cons.
This morning on Wake Up Knoxville, we will be discussing local news, weather and sports as well as discuss the property taxes as the assessed values increase. We will also discuss international topics with focus on the latest airline crisis.
If you have comments or questions, please email us: firstname.lastname@example.org
Tune in this morning at 7 for Wake Up Knoxville!
Our country is going through tranformations not seen since the Industrial Revolution. America is transforming because it HAS TO. The current state of our nation, politically and economically, is unsustainable. Change is the only certainty. I am a part of that change. If you live in the United States, consciously or unconsciously, YOU are a part of that change too. As we go through these changes together, we will be the ones redefining the state of America, the new American state. These are extraordinary times.
All about the Trail Ride & Rodeo
7:30 PM to 8:30 PM
The Gov Hour
8:30 PM to 10:30 PM
Misha, Like a Boss
Click on the link to hear the show in live stream on your computer or smart phone. Be sure to refresh the page at 7:30 p.m. to hear the current program. You may also call in to ask questions. Call Instructions: Call 3478558118. While waiting to speak please press mute on your phone to avoid background noise from being heard, or you may listen live from your computer and call in when ready to talk. Please like, comment, and share with others. Thanks! We look forward to you joining in!
Most investment choices don't earn great curiosity, but if any are deserving of that kind of attention, it would be the Roth IRA.
Financial planners routinely say that younger people should invest in a Roth because they would most benefit from its many wonderful qualities. But the truth is, Roth IRA accounts make a good choice for people of all ages.
With Roth IRAs, savers get a tax-free stream of income in retirement. And it's not just the contributions that come out tax-free. Uncle Sam doesn't lay a finger on any of the earnings. It can be a pretty sweet deal when you're talking about decades of compounding.
The only catch is that you pay income tax on your contributions upfront (post-tax dollars).
Unlike the traditional IRA, which gives investors a tax deduction for the year the contribution is made, the Roth version lets savers contribute after-tax money today and withdraw principal and earnings tax-free at retirement.
The Roth can also be used for educational purposes, major medical expenses, and first home buys...with qualifications.
For individuals looking for tax diversification in retirement, the Roth IRA is one of the few tools they can create that ensures that they have a stream of tax-free income in retirement.
Let's get financially well:
Get your free copy of the essential book, How Money Works: A Common Sense Guide to Financial Success. You'll fall in love with this it and never have a major money question again. Go to bitly.com/yourmoneyny and sign up for your copy right now. bitly.com/yourmoneyny
See you next time.
Join Host Live Chats
- The Wacko Network (14 chatters)
- Clay Douglas (9 chatters)
- Tracey and Friends (8 chatters)
- JulieGeigle (3 chatters)
- KDCL Media (2 chatters)
- Red Pill Network (2 chatters)
- In His Presence MWE (2 chatters)
- The Road Less Traveled (2 chatters)
- Bill Martinez Live (1 chatters)
- DONNELL BALLARD MORNING SHOW (1 chatters)
- Dragon vs Dragon (1 chatters)
- The Cross in the Desert (1 chatters)
- Out of the Box Business Forum (1 chatters)