WEBVTT - HOW WEALTHY PEOPLE USE LIFE INSURANCE TO AVOID PAYING TAXES

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J.

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<v Speaker 2>Trump's leadership.

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<v Speaker 1>I'm Christy nom the United States Secretary of Homeland Security.

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<v Speaker 1>Under President Trump, attempted illegal border crossings are at the

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<v Speaker 1>lowest levels ever recorded, and over one hundred thousand illegal

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<v Speaker 1>aliens have been arrested. If you are here illegally, your

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<v Speaker 1>next you will be fined nearly one thousand dollars a day, imprisoned,

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<v Speaker 1>and deported.

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<v Speaker 2>You will never return.

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<v Speaker 1>But if you register using our CBP home app and

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<v Speaker 1>leave now, you could be allowed to return legally.

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<v Speaker 2>Do what's right. Leave now.

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<v Speaker 1>Under President Trump, America's laws, border and families will be protected.

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<v Speaker 3>Sponsored by the United States Department of Homeland Security.

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<v Speaker 4>So I wanted to say something because I posted something

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<v Speaker 4>on Instagram and it got a lot of traction, and

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<v Speaker 4>it was it was actually an old post. But what

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<v Speaker 4>I realized is that a lot of people you know,

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<v Speaker 4>don't catch the information when it comes out, or they

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<v Speaker 4>might be new or they just forgot So I posted

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<v Speaker 4>about my islet air Vocable Life Insurance trust and this

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<v Speaker 4>is something that I think is important for people to understand,

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<v Speaker 4>just the trust period. We should probably at some point

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<v Speaker 4>bring a lawyer on to talk about trust and the

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<v Speaker 4>state planning because it's extremely important, especially when you talking

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<v Speaker 4>about wealth. But the whole point of a trust is

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<v Speaker 4>to take things out of your name. And this is

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<v Speaker 4>why when they always say, you say that cliche like

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<v Speaker 4>what does it own nothing? Control everything? Yes, And that's

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<v Speaker 4>you know, that's kind of where that that comes from

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<v Speaker 4>with you know a lot of wealthy people, they don't

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<v Speaker 4>really and they're not really in a hurry to have

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<v Speaker 4>their name on everything. And this goes back to even

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<v Speaker 4>that versus battle with Jizi and Gucci and when Jezi

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<v Speaker 4>said he owns half Atlanta and then you know, of

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<v Speaker 4>course people on social media they got to Google in

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<v Speaker 4>and they was like, well it actually comes out that

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<v Speaker 4>he only owns one house and making Jeorgia da da dada.

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<v Speaker 4>Then there's another way of social media people that was like, well,

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<v Speaker 4>you know, you don't just because your name is not

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<v Speaker 4>attached to it doesn't mean that you don't. Right, that's

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<v Speaker 4>actually more beneficient because just how you found out that

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<v Speaker 4>he owns that house, Like, don't you think that it

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<v Speaker 4>would probably be beneficial that you wouldn't be able to

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<v Speaker 4>find it out. And it's like, you know, that's why

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<v Speaker 4>people own things and trust and LLCs and different things

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<v Speaker 4>of that nature, for protection on the legal side, but

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<v Speaker 4>also to take things out of their personal a state,

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<v Speaker 4>because there's a thing called a state taxes. So this

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<v Speaker 4>is extremely important where it's like, Okay, as you're accumulating

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<v Speaker 4>wealth and you become wealthy, this information might not apply

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<v Speaker 4>to you right now, but God willing, it will apply

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<v Speaker 4>to you in the future. And this is the whole

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<v Speaker 4>pointing why you're watching market mondays, Right, So when you're

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<v Speaker 4>ten million up and when you're twenty million up, now

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<v Speaker 4>you've got a whole different set of problems. It's not

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<v Speaker 4>like your problems aren't money, your problems are keeping money. Yes,

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<v Speaker 4>that's extremely important. Getting money is one thing. Keeping money

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<v Speaker 4>is a whole different ballgame. And that's the part that

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<v Speaker 4>they never taught you. They never really taught you how

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<v Speaker 4>to get money. But some people are smart enough to

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<v Speaker 4>figure it out, but you definitely wasn't taught how to

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<v Speaker 4>keep money because even if you get money, it could

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<v Speaker 4>just be a fluke. They'll let you have money for

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<v Speaker 4>twenty years, thirty years, but that's not really no real

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<v Speaker 4>money because ultimately you're just gonna give it back in

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<v Speaker 4>thirty years. Anyway, when you die, your family, your the irs,

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<v Speaker 4>everybody's just gonna come and then you know, one generation,

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<v Speaker 4>you back to where you started. So this is extremely

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<v Speaker 4>important to understand. So when you hear the word trust,

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<v Speaker 4>it's a it's just important. I wanted to kind of

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<v Speaker 4>give that groundwork.

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<v Speaker 5>Anothering is no peton. I just want to know if

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<v Speaker 5>it's no peton, let's do this thing always, Let's do this.

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<v Speaker 6>Then, let's do this.

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<v Speaker 4>Yeah, money Green, Let's go money Green the money team.

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<v Speaker 4>So there's a difference between tax evasion and tax avoidance.

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<v Speaker 4>Let's put this out there right away, because I even

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<v Speaker 4>not going.

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<v Speaker 3>Through this with you.

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<v Speaker 4>Oh, this tax evasion is a federal crime that you

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<v Speaker 4>will be penalized for and you'll probably go to jail

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<v Speaker 4>if you ever get caught. This is when you're purposely

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<v Speaker 4>avoiding paying taxes and you're lying on your income and

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<v Speaker 4>you're not reporting income. That is tax evasion. That's illegal,

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<v Speaker 4>and you shouldn't. You should never do that under any circumstances.

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<v Speaker 4>Tax avoidance is the practice of minimizing the taxes that

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<v Speaker 4>you owe in a legal and efficient manner. This is

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<v Speaker 4>something that smart people doing, wealthy people have been doing

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<v Speaker 4>for a very long period of time. Tax avoidance is

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<v Speaker 4>not tax evasion. They're two different things, right, And we

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<v Speaker 4>can have a conversation about Donald Trump at some point

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<v Speaker 4>if you're interested in but that's a different conversation.

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<v Speaker 5>All the game, everybody out of team, everybody out of campra.

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<v Speaker 4>So the whole point, your whole point is to pay

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<v Speaker 4>as little taxes as possible. There's nothing wrong with that.

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<v Speaker 4>And this is why it's important to be a business owner.

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<v Speaker 4>This is why it's important to have deductions. This is

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<v Speaker 4>why it's important to have employees, because the tax code,

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<v Speaker 4>once again is not set up for employees. The tax

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<v Speaker 4>code is set up for entrepreneurs and investors, landowners. These

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<v Speaker 4>are these are who do you think writes the tax code?

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<v Speaker 4>This is This is something that people don't fully understand

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<v Speaker 4>and one thing that you can't do if you're trying

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<v Speaker 4>to become wealthy. You can't beef with information, don't argue

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<v Speaker 4>with information, don't find Yeah, but the thing is like,

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<v Speaker 4>if you're not qualified to speak, you have to listen.

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<v Speaker 4>You're not qualified to speak, you have to listen. This

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<v Speaker 4>is where humility comes into play. So all right, Having

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<v Speaker 4>it said that, the islet irrevocable life and trust very

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<v Speaker 4>important to understand why this is even important. So the

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<v Speaker 4>irrevocable life insurance trust is when you have a life

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<v Speaker 4>insurance policy, but you're not the owner the trust. You

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<v Speaker 4>have a trust set up and the trust is the

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<v Speaker 4>owner of the life insurance. Now why is this important?

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<v Speaker 4>Because if you own life insurance and your own personal

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<v Speaker 4>name right and you die, now that gets added into

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<v Speaker 4>your estate. Now, if you're worth five million dollars and

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<v Speaker 4>you have a five million dollar life insurance policy, now

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<v Speaker 4>you are actually a state is ten million dollars. It's

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<v Speaker 4>actually an issue because now you have what's called the

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<v Speaker 4>state text. You can study what happened to Prince, you

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<v Speaker 4>can study what happened to Michael Jackson. When you don't

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<v Speaker 4>have an estate plan, the government comes and they want

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<v Speaker 4>money within ninety days. So now you have to do.

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<v Speaker 5>This episode is brought to you by P and C Bank.

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<v Speaker 5>A lot of people think podcasts about work are boring,

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<v Speaker 5>and sure they definitely can be. But understanding a professionals

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from El Salvador

0:08:47.400 --> 0:08:51.520
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:08:51.600 --> 0:08:55.480
<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J.

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<v Speaker 2>Trump's leadership. I'm Christy Noman, the.

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<v Speaker 1>United States Secretary of Homeland Security. Under President Trump, attempted

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<v Speaker 1>illegal border crossings are at the lowest levels ever recorded,

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<v Speaker 1>and over one hundred thousand illegal aliens.

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<v Speaker 2>Have been arrested.

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<v Speaker 1>If you are here illegally, your next you will be

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<v Speaker 1>fine nearly one thousand dollars a day.

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<v Speaker 2>Imprisoned and deported, you will never return.

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<v Speaker 1>But if you register using our CBP home app and

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<v Speaker 1>leave now, you could be allowed to return legally.

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<v Speaker 2>Do what's right. Leave now.

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<v Speaker 1>Under President Trump America's laws, border and families will be protected.

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<v Speaker 3>Sponsored by the United States Department of Homeland Security.

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<v Speaker 4>This is why the whole estate sale. When you see

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<v Speaker 4>a lot of musicians like Elvis President, they selling his

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<v Speaker 4>guitar because they don't have enough money. So now you

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<v Speaker 4>got to do a fire sale. Start selling things, start

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<v Speaker 4>selling autograph jersey, start selling homes because you got to

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<v Speaker 4>raise money to give it to the irs. That's because

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<v Speaker 4>they didn't do a state planning. Extremely important to understand this.

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<v Speaker 4>So to avoid the life insurance causing an issue. Then

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<v Speaker 4>you can put it in the trust and being that

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<v Speaker 4>it's in a trust, it doesn't get added to your

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<v Speaker 4>estate because you don't own it. The estate owns it.

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<v Speaker 4>That is the benefit of it. Now. What it also

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<v Speaker 4>can do is pay a state taxes because if you

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<v Speaker 4>have taxes that are due, now you can use a

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<v Speaker 4>portion of the life insurance policy that's owned by the

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<v Speaker 4>estate tax free to pay your state taxes, and a

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<v Speaker 4>variety of different other things that you can actually do

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<v Speaker 4>to set it up. So, like I said, it's not

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<v Speaker 4>for everybody, but a lot of people listen to market mondays,

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<v Speaker 4>So I'm assuming that some of the people probably are

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<v Speaker 4>in that situation where they are wealthy. Just by the

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<v Speaker 4>number of one hundred thousand people listen to this, some

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<v Speaker 4>are wealthy. And that's just the law of the law

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<v Speaker 4>of large numbers. And like I said, if you yourself

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<v Speaker 4>are not wealthy, that's okay. You're gonna get there at

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<v Speaker 4>some point. Enough, when you are there, it's better to

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<v Speaker 4>have the information as opposed to not having the information.

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<v Speaker 4>We saw it happens piece of takeoff. He didn't have

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<v Speaker 4>a will, didn't have any estate planning place. His parents,

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<v Speaker 4>I guess they're they're not together anymore, and now allegedly they're,

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<v Speaker 4>you know, fighting over his situation, and it's in probat

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<v Speaker 4>and it's the whole thing. So it's like, these things

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<v Speaker 4>keep happening, They keep happening. It's been it was happening

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<v Speaker 4>in the sixties with Jimmy Hendrix, it happened with Prince,

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<v Speaker 4>it happened with Michael Jacksons, and it happened as recently

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<v Speaker 4>with Takeoff. This is generations keep making the same mistake

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<v Speaker 4>because they're not educated and they're not informed, and you're

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<v Speaker 4>not planning for your death because you're thinking that it's

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<v Speaker 4>superstitious that if you if you think about death, you're

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<v Speaker 4>gonna die. Well, news flash, you're gonna die. It's it's

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<v Speaker 4>one hundred percent chance you're done.

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<v Speaker 6>You know, I'm not.

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<v Speaker 4>That's the thing about it, it's one hundred percent chance.

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<v Speaker 4>I've never met a person that has not I've never

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<v Speaker 4>met a person that that's that is three hundred years old,

0:11:55.720 --> 0:11:58.640
<v Speaker 4>five hundred years die proof. I've never met a person

0:11:58.679 --> 0:12:02.640
<v Speaker 4>that's immortal, never met a person that has Eli Musk,

0:12:02.679 --> 0:12:04.640
<v Speaker 4>all the money he's I've never met a person that

0:12:04.840 --> 0:12:08.440
<v Speaker 4>has become immortal. Yes, who knows, maybe maybe they maybe

0:12:08.480 --> 0:12:10.960
<v Speaker 4>they are. I just never met I've never met an

0:12:10.960 --> 0:12:11.880
<v Speaker 4>immortal person before.

0:12:11.880 --> 0:12:13.960
<v Speaker 6>I never met with some of them babies they putting

0:12:14.040 --> 0:12:16.000
<v Speaker 6>like in that matrix boomb they'll be able to for

0:12:16.040 --> 0:12:16.800
<v Speaker 6>three hundred years.

0:12:16.840 --> 0:12:18.199
<v Speaker 3>Put them in the bubble the matrix pot.

0:12:18.440 --> 0:12:20.160
<v Speaker 4>Put them in the bubble, the real bubble.

0:12:20.200 --> 0:12:21.320
<v Speaker 6>That's the other big podcast.

0:12:21.360 --> 0:12:23.640
<v Speaker 3>Boom we go. See. Yeah, so.

0:12:25.240 --> 0:12:28.719
<v Speaker 4>Reach out to your trusted lawyer. Get your estate plan

0:12:28.840 --> 0:12:31.280
<v Speaker 4>in order. This is extremely important and this is what

0:12:31.320 --> 0:12:33.400
<v Speaker 4>I'm doing myself as right now, I'm getting my estate

0:12:33.400 --> 0:12:35.240
<v Speaker 4>planning order. So even if you're not at the level

0:12:35.280 --> 0:12:39.359
<v Speaker 4>to get a trust make check your beneficiaries, get life insurance,

0:12:40.000 --> 0:12:43.760
<v Speaker 4>get a power of attorney, get a healthcare proxy, get

0:12:43.800 --> 0:12:45.920
<v Speaker 4>your state plan order. We're at the top of the year.

0:12:46.080 --> 0:12:48.480
<v Speaker 4>Everybody sat in the New Year's resolution. This is a

0:12:48.640 --> 0:12:52.560
<v Speaker 4>this is a good resolution for you to have. Have

0:12:52.600 --> 0:12:56.079
<v Speaker 4>a conversation with your family. Have a conversation with your children.

0:12:56.640 --> 0:12:59.920
<v Speaker 4>You know, sometimes you got to have uncomfortable conversation. So yeah,

0:13:00.160 --> 0:13:02.760
<v Speaker 4>just wanted to talk about that. I'm sure we'll probably,

0:13:02.840 --> 0:13:04.319
<v Speaker 4>like I said, at some point, we should probably bring

0:13:04.320 --> 0:13:05.840
<v Speaker 4>a lawyer on and we can have an even more

0:13:05.840 --> 0:13:09.920
<v Speaker 4>in depth conversation. But important to keep in mind.

0:13:09.800 --> 0:13:10.640
<v Speaker 5>New Year's resolution.

0:13:10.880 --> 0:13:12.000
<v Speaker 3>Check your paperwork.

0:13:12.120 --> 0:13:14.400
<v Speaker 6>Update your paperwork. Fam Listen, if somebody put it on

0:13:14.440 --> 0:13:16.000
<v Speaker 6>you good two years ago and y'all broke up, you

0:13:16.040 --> 0:13:17.640
<v Speaker 6>may want to take her name off of Benice, get

0:13:17.640 --> 0:13:19.120
<v Speaker 6>all your money and then all your three kids on

0:13:19.160 --> 0:13:22.200
<v Speaker 6>the side of the man. It just happened. I know

0:13:22.280 --> 0:13:24.280
<v Speaker 6>somebody who I ain't gonna say your name. I love you.

0:13:25.400 --> 0:13:27.000
<v Speaker 6>I was in love with her. Why was she in

0:13:27.080 --> 0:13:30.520
<v Speaker 6>love with what she was doing to you? Okay, great, great?

0:13:31.000 --> 0:13:33.400
<v Speaker 6>Think what your hair? But not your hair? Right? Never

0:13:33.480 --> 0:13:38.280
<v Speaker 6>updated this paperwork. Nice little policy came through for the

0:13:38.360 --> 0:13:41.760
<v Speaker 6>side joint, not the main joint or the kids.

0:13:42.360 --> 0:13:44.640
<v Speaker 4>And then one last one last thing. Because people ask

0:13:44.720 --> 0:13:46.520
<v Speaker 4>what's the best type of policy. There's a variety of

0:13:46.520 --> 0:13:49.440
<v Speaker 4>different type of policies. But the policy that I'm using

0:13:49.480 --> 0:13:54.280
<v Speaker 4>personally is guaranteed protection universal life because that's a lifelong

0:13:54.360 --> 0:13:57.360
<v Speaker 4>policy where it doesn't it's not designed to build cash value,

0:13:58.440 --> 0:14:01.520
<v Speaker 4>so it's a it's a cheaperum then a whole life

0:14:01.679 --> 0:14:04.080
<v Speaker 4>or I U L. But you don't want to do

0:14:04.200 --> 0:14:05.920
<v Speaker 4>term with this because term is going to run out,

0:14:06.280 --> 0:14:08.280
<v Speaker 4>so you need a permanent type of policy. So for

0:14:08.360 --> 0:14:10.319
<v Speaker 4>all you people that's like, well, whole life isn't a

0:14:10.360 --> 0:14:11.959
<v Speaker 4>good investment. Well, I'm not here to convince you that

0:14:12.040 --> 0:14:12.800
<v Speaker 4>is a good investment.

0:14:13.080 --> 0:14:14.880
<v Speaker 6>But if it runs out and you never get the benefit,

0:14:15.640 --> 0:14:18.880
<v Speaker 6>that's the great finesse. And I'm pro term in some cases,

0:14:18.880 --> 0:14:21.480
<v Speaker 6>but if you don't expire before the twenty years or

0:14:21.480 --> 0:14:23.440
<v Speaker 6>thirty years, and then they get to keep all the premium.

0:14:23.600 --> 0:14:26.800
<v Speaker 6>That is a big that's like options for the broker trousers.

0:14:27.080 --> 0:14:31.200
<v Speaker 5>Yeah, yeah, twenty years is here, Yeah, expired.

0:14:30.800 --> 0:14:33.120
<v Speaker 4>But the guaranteed protection is it is a is another

0:14:33.240 --> 0:14:35.920
<v Speaker 4>choice where you don't. It's like a hybrid between term

0:14:36.000 --> 0:14:37.720
<v Speaker 4>and whole life where it doesn't. It's not designed to

0:14:37.720 --> 0:14:39.640
<v Speaker 4>build cash value, but it's going to be here for

0:14:39.640 --> 0:14:40.760
<v Speaker 4>the rest of your life, so you don't have to

0:14:40.760 --> 0:14:41.880
<v Speaker 4>worry about it expiring.

0:14:41.920 --> 0:14:46.320
<v Speaker 6>So how much coverage you're getting or show how.

0:14:46.280 --> 0:14:49.320
<v Speaker 4>Much coverage to be determined.

0:14:50.320 --> 0:14:55.560
<v Speaker 6>Mike clipped that out Shoty, Like what you're doing, boy,

0:14:57.480 --> 0:15:01.800
<v Speaker 6>have that offline. Join our group text and we'll tell

0:15:01.840 --> 0:15:05.280
<v Speaker 6>you how much coverage you should be getting to be earned.

0:15:06.520 --> 0:15:12.560
<v Speaker 7>All right, my graduates from my school being force back

0:15:12.720 --> 0:15:16.560
<v Speaker 7>drop drop, Mike, drop bag drop.

0:15:27.640 --> 0:15:31.320
<v Speaker 1>An illegal alien from Guatemala charged with raping a child

0:15:31.360 --> 0:15:35.160
<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:15:35.400 --> 0:15:39.520
<v Speaker 1>accused of murdering a Texas. Man of Venezuelan charged with

0:15:39.600 --> 0:15:42.520
<v Speaker 1>filming and selling child pornography in Michigan.

0:15:42.880 --> 0:15:43.560
<v Speaker 2>These are just.

0:15:43.600 --> 0:15:47.360
<v Speaker 1>Some of the heinous migrant criminals caught because of President

0:15:47.400 --> 0:15:47.800
<v Speaker 1>Donald J.

0:15:47.880 --> 0:15:48.840
<v Speaker 2>Trump's leadership.

0:15:49.160 --> 0:15:52.760
<v Speaker 1>I'm Christy Noman, the United States Secretary of Homeland Security.

0:15:53.080 --> 0:15:56.840
<v Speaker 1>Under President Trump, attempted illegal border crossings are at the

0:15:56.880 --> 0:16:00.760
<v Speaker 1>lowest levels ever recorded, and over one hundred thousand illegal

0:16:00.800 --> 0:16:04.600
<v Speaker 1>aliens have been arrested. If you are here illegally, your

0:16:04.720 --> 0:16:08.840
<v Speaker 1>next you will be fine nearly one thousand dollars a day, imprisoned,

0:16:09.120 --> 0:16:12.800
<v Speaker 1>and deported, you will never return. But if you register

0:16:13.080 --> 0:16:16.200
<v Speaker 1>using our CBP home app and leave now, you could

0:16:16.240 --> 0:16:17.760
<v Speaker 1>be allowed to return legally.

0:16:18.120 --> 0:16:20.360
<v Speaker 2>Do what's right. Leave now.

0:16:20.680 --> 0:16:25.040
<v Speaker 1>Under President Trump, America's laws, border and families.

0:16:24.680 --> 0:16:25.480
<v Speaker 2>Will be protected.

0:16:25.600 --> 0:16:27.720
<v Speaker 3>Sponsored by the United States Department of Homeland Security,