Toby Mathis Esq | Tax Planning & Asset Protection
Toby Mathis Esq | Tax Planning & Asset Protection
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States.
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I created an S-corp in NY. during the lockdown. How can I get my name and info removed from the articles of incorporation?
Does depositing stocks into a single member LLC incur a capital gain? The stocks will not be sold. I have searched for this but cannot find an answer.
Your videos are very useful and provide lots of information. I have received lots of help after watching this post, please continue to share this kind of information. Thank you.
How is it racist if they don't know the race?
TAP
This is not true do your own due diligence first read the laws or seek a professional.
Would like a consultation
Great video Toby; thanks! Do you think it matters where the firm that creates the trust is located? In other words should I only consider someone local? Also, is the trust still valid if I relocate to a neighboring state?
Yes we have all that. Thanks- makes me more comfortable.
You cannot keep what you don't give away
Thanks very educative .
enjoyed your video, no do not have a living trust yet, thinking of starting 1 with Community CPA next month July!
Donor Letter - They get to screw the donor out of the deduction to increase the tax burden and still let the nonprofit keep the cash. If it affected the nonprofit negatively like they had to return it, the rule would be gone.
30% deduction on average for year 1... how about year 2 deduction on average?
Recently bought some recommended stocks and now they are just penny stocks. There seems to be more negative portfolios in the last 3rd half of 2024 with markets tumbling, soaring inflation, and banks going out of business. My concern is how can the rapid interest-rate hike be of favor to a value investor, or is it better avoiding stocks for a while?
The truth is that this is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. My friend just pulled in more than $84k last month alone from his investment with his advisor. That is how people are able to make such huge profits in the market.
nice! once you hit a big milestone, the next comes easier.. who is your advisor please, if you don't mind me asking?
Angela Lynn Schilling is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.
I live in Maryland and upon my death I want to leave my son my house and my belongings I don't have much .
Question. I understand start-up costs write-offs. But what if you purchase a business? Like for $300,000. Can you write off the whole expense? For instance maybe as a capital gains write off when you sell the business? Or can you depreciate the whole cost? Over 15 years?
I'm single but in the future I want to get married, can my wife be the managing LLC or C-corp? Would that be recommended if we want to go into business together?
Thanks Bro. Your Retirement is tied to these Laws. So let them.
Oh, the privacy.
Fantastic video! So informative! Thanks for educating us and emphasizing the importance of estate planning.
So will a living trust allow me to distribute my wealth to certain family members for certain emergency needs upon my discretion? but in most cases the wealth in my trust will first go to my immediate family needs first, so in other words can a living trust take care of those who are listed in it or whomever I decide needs the help at the present moment?
Very nice video...
9:04 Would a Special Needs Trust avoid the state from taking the money? The military recommended this, your thoughts?
A Special Needs trust is a irrevocable trust with special wording that shields it from the govt to seize it to recoup money for medical services the child may have received. The keyword there is the "i" in irrevocable because whatever you place in there cannot be taken out they way you could with a Revocable trust. Different tools for different needs. Read books on it and educate yourself and then use an attorney to create whatever you need.
When my husband passed he had a Tranfer on Dearh Deed and will. With the Transfer on Death Deed that said all property and anything on those properties automattically transferred to me. I got two homes, boat, 3 cars and the property, with No Probate. But the Transfer on Death deed must be filed at the courthouse, or it is worthless. And they cannot be contested. My husband told me what he wanted his kids to have and i fulfilled his wishes.
I'm trying to reach your company
Great insights and easy to follow and digest the information that has been presented.
I’ve discussed it with my lawyer. Awaiting the first draft 🤞🏽
I love maxing out my HSA each year!
TAP I am 64 years old I have a side hustle making over 200k per year. I already have over 4 million in my retirement account I want to build an aggressive account in my new Solo 401 k which will be converted to a Mega Backdoor Roth (putting in over 79,000 per year) I Would like to eventually have Monthly income generated without losing principal.
A_Francis....... Holding fixed-income assets in tax-deferred retirement funds as opposed to taxable accounts has additional advantages. If you don't know how to invest in the market, get some advice from a financial counselor.
You are correct benitabussell, The issue is most people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt, no offense. In general, invt-advisors are ideal reps for investing jobs, and at firsthand encounter, since Jan.2020, my portfolio has yielded nearly 300%, summing up to 7-figure as of today.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
*Sharon Lynne Hart* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Underrated
But you don't tell the cost of living trust over many years, which cloud end up more then probate! Lawyers fees states fees and nickel and diming fees of the lawyers maintain over the years.... tell the full story and make a explanation more clear when it comes to cost for each
You can't set up a generational wealth system for many generations down the road with just a will. If you have a 1m estate and have provisions where it can always get 3-5% returns after 50 years that's 11 mil that descendants have access to. Some states have 100+ year trusts. Let compounding work for you even when you dead
This was awesome thanks.
Do you want to dive deeper into this topic and talk to someone on my team? Schedule your free consultation now: aba.link/xvz
yes
What is the average cost of a complete revocable living trust in Eastern USA? THANK YOU
1,500 to 10,000. Depending on area and the kind of car your lawyer drives.
Toby, I have a revocable living trust that I'm using for just my bank account (Clint's recommendation). I named my beneficiary as my Irrevocable trust that I setup. I thought this was best since my Irrevocable trust names my actual family members as beneficiaries. Is this ok, or should I change this provision?
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide you with an answer that is unique to your situation. Visit aba.link/xvz
Great video like always. I believe you can since it is irrevocable and a trustee will control those assets. My wife and I have a joint revocable trust set up and we each have our own irrevocable trust which are the beneficiaries to the revocable trust. We have a provision that upon the death of the first grantor, the revocable becomes irrevocable so those assets transfer. It’s all how you set it up, the trust is your agreement. Hope this helps.
Hi Tony Can you use a living trust Just for the privacy of a bank account, If it has an ein number? Thank you!
Excellent video Brother!!!
Much appreciated
So good, thank you. Your skills to educate us in a relatable and understandable way are phenomenal.
Great stuff, Toby. Thanks!
Glad you liked it
Clearly, extremely sneaky
Very very informative. I have a 501c3 and I’m still learning allot. Thank you so much
Thanks for watching!
TAP!!!
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@Tobymathis would this method work if I held durable power of attorney of the owner but the real estate agent had me quitclaim the property to myself(foolishly) because the owner isn’t available and title company refuses to acknowledge my power of attorney to finish closing deal on property. We are 3 days into the close and this, if viable and effective, will solve my problem. I will inquire with you right now.
Thank you for reaching out with your situation. I recommend registering for a complimentary consultation with my team. We'll tailor our advice to your specific needs. Sign up here: aba.link/2tj
For rentals, you hid your name under" land trust", what happen, when you want to sell, you'll get taxes as business profit or capital gain ?
Great question. To get the best answer tailored to your specific circumstances, I recommend scheduling a free consultation with my team. Visit: aba.link/vvv
Can’t wait for Jesus to do away with all of this! 🎉
Strategy
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What if you have multiple brokerage accounts? Do you need to set up one LLC for each one with a partnership agreement to the C-corp or is there another way? Also if the brokerage account is a joint account, is that still considered one member?
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide you with an answer that is unique to your situation. Visit: aba.link/89v
Strategy
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Hi Can you make a video on how to give it to your own private family foundation? Thanks
Thank you for your suggestion! I'll definitely consider making a video on that topic.