How The Ultra Wealthy Stay Wealthy 💰#shorts
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Published 2022-10-03
beacons.ai/thelegacyinvestingshow/
All Comments (21)
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Financial Freedom Resources👇 beacons.ai/thelegacyinvestingshow/
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are we gonna talk about how he doesn’t care that his dad is gonna die
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"Son I'm about to die and I want you to have this house" "oh, cool"
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“dad, a funeral just isn’t profitable for you or the family”
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“Son where did u get this beautiful knowledge” “I follow the shit that comes out of my asshole and it speaks to me”
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Seems like pretty normal dad and son talk
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The point of an Irrevocable Living Trust is to avoid Probate Court, not avoid paying taxes smh. 🤦♀️
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"Where did you learn this?" "I follow Josh Otusanya BWAHAH"
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Or just keep the house for 2 years before you sell. No capital gains tax
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Imagine your dad builds a house with his bare hands decides to give it to you and the first thing he says is I’m gonna sell it
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This is the clearest self promo I have ever seen
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The “ oh cool” got me rolling on the floor.
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"Ah yes dad, since you GOING TO DIE make sure you don't bring me taxes"
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"Its how the ultra rich stay wealthy." ah guess I'll ignore all those private wars and so on...
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All these trusts are someday gonna collapse. It's an outdated way of transfering assets which has come under so much controversy amongst scholars.
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"Hey son, I want to give you my house" "That's great and all but if you were dead I'd pay less taxes so how about you do that first" "Oh..."
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"Son im gonna die so I want you to have the house" "Hold up dad lemme quickly maximise my profits from your death real quick"
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The irrevocable trust also avoids probate, as you just assign who the property passes to. I bought a house 2 years ago, it cost about $2k extra to set up
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You don’t get a step up basis in an irrevocable trust. You get a carry over basis. You want a qualified revocable trust.
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That's actually really, really good advice. A trust turns into an irrevocable trust after death and saves your heirs on taxes.
