Nongrantor irrevocable discretionary complex spendthrift trust 🤝 508c1a trust #trusts #banking #money #wealthymindset

tax evasion is illegal, the tax avoidance is not. So you're just being smart in the way that we're structuring things in the same exact way that celebrities do, right? So now since my, well see, my operating, my home state, it's managed by an operating company. If I ever get sued, they have to now pierce that corporate veil of which is really hard in Wyoming because there's so many protections of that, right? And if they do happen to get pierced the holding company, they're only going to see that it is beneficiary to a ministry trust, the 508C1A, right? What we like to do is we like to have that working alongside what's called a, this is mouthful, non-granter, irrevocable, discretionary, complex, and thrift trust. And I know it sounds like a lot, but it's just a type of trust that does file taxes. So this is the entity which all the other entities are operating company, you're holding company, all that stuff files underneath. So you're no longer filing a personal tax return. It's your trust that's filing that. So, and there's only a tax when there's a taxable event. So we take advantage of this, and you know, whenever I'm doing anything for the church, Joseph Daniels consulting it, there's exchanges there, right? So now I can create these events that provide me like education credits, research and development credits, which you can actually go back five years. And we do pay our, we do like file taxes on the trust because checks and balances. If you have, you know, more credits, then you do obligations. Well, guess what? Now you get a check back in the mail. So it pays to be structured this way, right? Get all that money even spending on your life back. Whereas in the sole proprietor, you can't get any of that back. And not only that, but any money you make, they're going to automatically skim 15% in self-employment tax right off the top because you don't own that sole proprietor, right?