(Dinar Recaps posts this for informational purposes only. Everyone should seek professional licensed advice on their own.)
~SpecialAgentGibbs] I have retained a very high end tax/estate/trust attorney that has multiple board acredations and is certified all the way to the Supreme Court, I will share just a little of the advice he has provided me. We will not turn this into a debate or argument, I am ONLY sharing what he has told me. Everyone PLEASE attain professional advice!!!
[~SpecialAgentGibbs] 1) MOST people do NOT need a trust.
[~SpecialAgentGibbs] 2)do NOT beleive that a trust set up for the deferment of taxes is the best plan.
[~SpecialAgentGibbs] 3) Estate and capital gains tax rates are scheduled to increase significantly next year.
~SpecialAgentGibbs] 4) The thought of setting up a "business" trust without a legitimate business MAY be illegal.
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[~SpecialAgentGibbs] For those that are thinking of deferring taxes, Think about THIS. Your rate will be calculated partially on your LAST YEARS earnings.
[~SpecialAgentGibbs] If you defer until next year, you will be rated on THIS years earnings.
[~SpecialAgentGibbs] If you defer, you will be subject to the increases in capital gains tax rates
~SpecialAgentGibbs] Simply said, pay the taxes THIS year, as quickly as you can.
[~SpecialAgentGibbs] I AM NOT OFFERING YOU LEGAL ADVISE, BUT SIMPLY SHARING WHAT I HAVE BEEN TOLD.
[~SpecialAgentGibbs] SEEK PROFESSIONAL TAX/TRUST AND ESTATE LEGAL ADVISE FOR YOURSELF!
[randaree ] Specialagentgibbs will you file taxes quarterly? ? If you don't mind my question? ?
[~SpecialAgentGibbs] randaree I will follow MY attorney's advice
~SpecialAgentGibbs] ALL I'M TRYING TO YOU FOLKS IS DO NOT LISTEN TO RUMORS AND OPINIONS, GET PROFESSIONAL HELP!!!
[~SpecialAgentGibbs] ON THE SUBJECT OF THIS NOT BEING TAXED, MY ATTORNEY JUST BUSTED OUT LAUGHING
~SpecialAgentGibbs] DO YOU REALLY THINK THE IRS IS GOING TO PASS UP POTENTIALLY BILLIONS IN REVENUES? REALLY???
[~SpecialAgentGibbs] The current so-called lower limit is $5M NOTE, this will change next year to $1M
[Glynn R] special agent what did you mean when you said the current so called lower linit is 5m note
~SpecialAgentGibbs] DO NOT FOLLOW INTERNET TRUST ENTITIES, THERE MAY BE SPECIFIC STATE LAWS YOU WILL HAVE TO ABIDE BY!
[~SpecialAgentGibbs] LICENSED PROFESSIONAL LEGAL REPRESENTATION!
[~SpecialAgentGibbs] IF THERE IS A PROBLEM WITH YOUR TRUST, WHO ARE YOU GOING TO BE AB;E TO VIST AND RESOLVE IT WITH???
[~SpecialAgentGibbs] Sambo: ***** EVERYONE NEEDS TO CONTACT A CERTIFIED TRUST ATTORNEY BEFORE SIGNING OR COMMITTING TO ANY TRUSTS - GET 2 or 3 REVIEWS BY DIFFERENT ATTORNEYS - THIS IS TOO MUCH MONEY TO JUST TRUST A SINGLE PERSON OR FIRM - PROTECT YOUR ASSESTS - YOU ARE THE ONE THAT HAS MONEY TO LOSE
~SpecialAgentGibbs] GO ONLINE TO THE BAR ASSOCIATION AND SEARCH FOR ATTORNEYS THERE, YOU CAN USE SPECIFIC SEACH CRITERIA TO FILTER WHAT YOU NEED AND CHECK THEIR ACREDATIONS!
TPD333] I do not want to rock the boat but you may want to look at offshore trust one small country they will arrest anyone asking about info about someones trust. There is another that will cost someone$25.000 to sue someone this goes to the court prior to court. darn fingers
~SpecialAgentGibbs] TPD333 Offshore entities are dangerous grounds for the majority of people
[~SpecialAgentGibbs] TPD333 They can offer interesting options but for the uneducated, they can be very hazardous ventures
[TPD333] Yes they can but there are some that are not.
[~SpecialAgentGibbs] There are tons of companies online that offer setting up offshore entities, google their names and you will find the majority of them have some VERY serious problems in their records!!! BEWARE AND DO YOU RESEARCH!
[busterbrown] My opinion I'll be real glad to pay any taxes due- just give us the chance ! go rv
[Allison] ~SpecialAgentGibbs I think your advice is spot on.
[Grandpa10] TPD333 my old cpa did 1 1/2 yrs in state pen for getting clients involved in offshore accounts, sure fire way to get audited. If you are a pro and know what you are doing ok, many do, most of us are newbees to wealth
[~SpecialAgentGibbs] Allison I know, I HAVE done the research
[sue47] I'm afraid of offshore entities - they are offshore for more than one reason and are not supervised by US laws - scary.
[ [~SpecialAgentGibbs] sue47 There are many offshore entities that are very legitimate, it's the "third party" offerings that get you into trouble
[~SpecialAgentGibbs] HSBC is an excellent offshore banking entity
[sue47] I've heard of HSBC - but don't know much about them.
sue47] Given the amount of money involved, I want to be able to sit down in front of someone and speak to them in person. Just kind of old fashioned that way.
[~SpecialAgentGibbs] sue47 If you go offshore, I assure you you will have meet them face to face
[TPD333] My cpa has dinar and we have talked about this for several years I have done a lot of study over the last 25 years on moving out of the USA I know this is not for everyone but I can not express enough study, study, and then study some more
[sue47] sag - thanks - I'll keep them in mind also and will look into them. When this does happen and decisions have to be made that may indeed be an option.
olesailor] ~SpecialAgentGibbs did you look at WF offshore?
[~SpecialAgentGibbs] olesailor WF does have an international banking division
[sue47] SAG -I understand the principle of protecting our capital - does your prof person have comments re purchasing other foreign currency?
[~SpecialAgentGibbs] sue47 Mine is a tax/trust/estate attorney and does not advise on investing
[~SpecialAgentGibbs] sue47 with the new Basil III system, all currencies that are backed by hard assets should not be an issue. you filter, you decide
[olesailor] ~SpecialAgentGibbs yes WF has an international division and from what I can tell is top notch - along with HSBC
[~SpecialAgentGibbs] olesailor stay with the record proven players
[sue47] SAG - by hard assets do you mean precious metals, i.e. gold etc.
[~SpecialAgentGibbs] sue47 among other things, yes
[~SpecialAgentGibbs] It's basically a countries net worth