Hello Rob Lambert with Asset Protection Training
Today we’re talking about the care and feeding of uncle sam, by that I mean all of the governmental agencies that you owe taxes and fees to.
Some of them can be just terrible opponents and we’re going to talk about that.
Now let’s get into our diagram.
Your tax obligations are represented by this little money bag down here both to the state and the federal and local agencies.
Now there are three things I really want you to remember about taxes. This will be short because they’re pretty simple.
First, no country in the world cares about u.s taxes and because the united states do not recognize their tax judgments. They refuse to recognize US tax judgments. It’s called comedy and it’s a little bit of protection, but it’s best to never have the obligation because the u.s government particularly and several of the states including New York and California will spend a fortune to teach you a lesson. They will destroy you.
I have seen it happen tax fights are terrible and the US government does not care what they spend to bring you down. They’re not just trying to collect money, they’re trying to teach you a lesson and they do, so don’t take on uncle sam.
I want to show you how simple the tax requirements are if you have a foreign trust, they’re right here. You have to file two little baby forms three pages and an extra 10 minutes at your accountant, but this does bring the point up that you need a good accountant. You shouldn’t try to do this yourself, you might have an extra four or five hundred dollars in accounting fees but that’s it.
What about the LLC?
The LLC is the same you have two little forms, yes if you don’t file them you’re going to be put to penalties and have lots of trouble. Stay fully compliant because the governments have plenty of non-compliant low-lying fruit comply and you will be fine. I have not had anybody audited in over 20 years who is fully compliant, so bottom line takes that seriously.
Finally, I mostly want you to realize that this structure neither decreases nor increases your tax liability. You won’t pay more and you won’t pay less and yes you can do any tax planning you need to do using these structures. They don’t disable you in any way but don’t expect them to save taxes.
If somebody comes to you and promises to do asset protection that it will save you taxes, you should run from that person. Same if they promise that you have a secret bank account that nobody will be able to discover, or they have a trust that will keep your real estate from being able to be discovered. That’s often called a land trust it’s pure garbage don’t fall for it
Okay, guys, the next video is on the creditors the sharks the little red devil. Again a short video but very important for you to listen to because they will skin you alive if they can and all we do is stop them.
This is Rob Lambert with Asset Protection Training
Thank you very much for watching and have a great day.