Post From TNT By TNT Member Mother, Esquire
To TNT Crowd --
I have maintained a self controlled silence now for several months. Honestly cannot remember my last posting. However, have been asked many questions by others and while I answer personally “some” not all questions I thought I would grab a few of them and answer – and make comments on some things that have created in my spirit much consternation.
I was asked this morning about Tier I banks. I want to share with you a link:
http://ift.tt/1LzT1UY
That link will take you to every Tier I bank in the United States.
With that said: I am going to say this again.
I think it is best to have someone close to home so you can monitor their activity. You need to research the sites of various banks in your local and see if they have "Wealth Management/ Private Banking" the terms are almost synonymous.
~~~
To TNT Crowd --
I have maintained a self controlled silence now for several months. Honestly cannot remember my last posting. However, have been asked many questions by others and while I answer personally “some” not all questions I thought I would grab a few of them and answer – and make comments on some things that have created in my spirit much consternation.
I was asked this morning about Tier I banks. I want to share with you a link:
http://ift.tt/1LzT1UY
That link will take you to every Tier I bank in the United States.
With that said: I am going to say this again.
I think it is best to have someone close to home so you can monitor their activity. You need to research the sites of various banks in your local and see if they have "Wealth Management/ Private Banking" the terms are almost synonymous.
~~~
I want my wealth manager close enough I can get my hands around his/her throat if possible. Just kidding, but you need to develop a relationship from the sense that he/she understands your needs and can help you develop a plan that is right for you.
Too many - folks on various Dinar sites are getting the cart before the horse. How can you possibly know what you need before this happens?
You can have a general idea but nothing concrete and the big thing is people go out and create a bunch entities but nothing that connects and provides cohesion in a well thought out plan.
In all my years of estate planning, asset protection planning and being involved with Wealth Managers and Private Bankers I have never sat down with a poor person and created vast entities on pure speculation.
Simply stated these folks cannot afford the fees for services or consultation.
Secondly, I have heard it all – I am in this “Private Placement Deal and I am going to hit the “mother load” and all of sudden these folks are experts, geniuses and they know exactly what they need and they have never made considerable money in their entire lives but they are experts now mind you.
And I sit and listen and sit and listen – I am a patient man and probably way too nice. However, it only took me being burned one time to realize how foolish it is to conceive, draft, execute and implement a plan based upon the “Speculation” someone was going to come into a lot of money without any solid foundation to support it.
Caveat - Unless you have the bank statement in hand you have nothing to support your claim that you have money.
I was burned several years back engaged and took the person at their word lost over 40,000 in legal fees and the client – well the client did not realize he had to pay yearly fees to keep things current and he had the obligation to keep minutes and by laws and resolutions and file annual reports and file tax returns whether any money was there or not.
We parted ways many years ago, me wiser for the experience. However, he was not the first nor the last who walked in and was participating in some:
1.Private Placement scheme with some greater world mission to accomplish
2.Something where a Paymaster was involved
3.Some Ponzi Scheme cooked up and had all the bells and whistles and looked slick
I have seen it all so when I tell you that you can look foolish calling an attorney and or planner and telling them I am going to “strike it rich” I need a plan, they may be courteous and kind but if they are like me now I am not going to lift a finger or give it a second thought until there is money in the bank.
Again all the fancy dancy planning I have ever been engaged in except for the aforementioned experience above the folks had money – we knew what we were dealing with. We could get our hands around it and arms and thoughts in order to come up with solid ideas and variations on themes.
There are too many arm-chair quarterbacks who have read a book perhaps or watched an infomercial and are now experts.
I skim TNT site often and I read “LLC” and then look. Someone has an LLC set up here and they live in another state. Lets look at it like the IRS is going to look at it.
IRS - “Mr. Taxpayer – you set this LLC up?”
Taxpayer – “Yes I paid for it here are my receipts”
IRS – “So you put currency into the LLC?”
Taxpayer – “Yes here are my gifting letters””
IRS – “So you gifted the LLC currency valued at XYZ?”
Taxpayer – “Yes I did”
IRS - “What was the reason for setting up the LLC?”
Taxpayer – “Well.. . ummmm, someone at a seminar told me I need one, ummmm I am trying to do some tax planning”
IRS is thinking and not saying this, “Hmmm a taxpayer trying to evade the payment of tax liability”
IRS then goes back to their office and sends you the “Taxpayer” a letter. Lets call it a Determination Letter because it will say that at the top. “Dear Taxpayer for LLC such and such. The monies you “gifted to the “We Cheatem & Howe LLC” is deemed as a gift.
You owe $X amount in federal gift taxes for making a gift above your annual exclusion. Now you could come back and say to the IRS well I am using my one time lifetime exemption. However, no good attorney in his mind would ever advise anyone to use their one time exclusion to do this.
So in essence – the IRS deems all the currency you gave to the LLC as your personal property and you are thereafter under scrutiny for several years a possible Tax Evader one they will want to audit every year for the next 5 to 7 years.
And by the way regardless what you put in an LLC it is a pass-thru entity which means all the money in it passes through to you the taxpayer annually as pre-determined “income” If you pass it through as a passive income you are going to get nailed.
Or you get it as self-employment income as you were smart and took the money on a 1099 therefore you own self-employment taxes on it.
Lets see now – the average Dinarian who did not put his/her money into an LLC but takes the money as an individual. He/She may or may not have to pay any tax, but you – you removed all doubt you ran it through the LLC and now there is no doubt in the mind of the IRS you owe self-employment tax at the end of the year. Wow you have hit the jackpot!
You see how a little bit of knowledge can create an utter disaster?
I have said it before – a good plan takes time. Good solid plans I have worked on for 3 to 4 months. And when finished in some cases it is a masterpiece but with the collaboration of financial wealth managers, and insurance folks and brokers and tax experts.
We create something that has cohesion and is “unique” to the client. Not a dab of this and a dab of that. Not a trust here and an LLC there and haphazard portfolio of stocks etc.
It is a plan that maximizes tax efficiencies and savings and gives the greatest asset protection to the client while generating income and growth into the future. It is a nurturing process not a wham bam thank you deal.
Just because you do not have a trust or an LLC set up does not mean you do not have a plan. Think through this – a good plan takes a lot of people who charge fees and are paid for their counsel and wisdom.
So take your time – do not get in a hurry. And unless you have more money than common sense – wait. You do not know right now what you are going to be dealing with.
Secondly, be patient with the professionals, do not be smug and give the impression you know it all. Again as I said above – I am amazed at how many people who have never had anything all of sudden are “experts”. “In the multitude of counsel there is wisdom”
Foundations - these are greatly miss-understood on here and elsewhere. They are not a panacea. What the "Clintons" are doing would have anyone else under investigation by the CID of the IRS. Criminal Investigative Division.
I have friends who work for the IRS and you cannot abuse a foundation like the Clintons and get away with it. There are other folks out there abusing similar entities. And unless you are connected at the highest levels then I strongly suggest you again wait and get some solid advice.
Again people have no idea of the complexity. What folks fail to mention is that if you screw it up you are in a world of hurt --- this is another way people will lose their money. Penalties, Interest and attorneys's fees defending defenseless positions. “Ignorance of the Law is no excuse”
There is an old saying what goes around comes around and the wheels of justice grind slow but true. I am confident that those who have abused the trust of the American people and others will one day “get their just reward”
Maybe here or in the next world but you cannot nor should any of you get involved in something you do not fully understand for certain if you do not have the money to maintain or understand the rules governing the entity.
Another subject: Giving
I do not understand how people miss this part of the Book of Matthew: In Chapter 8 I think we are still on the “Sermon of the Mount” or shortly thereafter. But Christ is talking about, “Not letting your left hand know what your right hand is doing”. He is very clear about this, there are numerous stories about giving and about the poor woman who gave more than all the rest. You see Jesus knew a person’s heart.
What I am trying to say is you want to change someone’s life do it privately. Doing it publicly only draws attention to “YOU” and goes against the ‘solid” advice given on here and other sites that says, “Do not be flashy, do not do things that could put your life or your family’s lives or the recipient’s life in danger”
Think about it before you publicly give something to someone. What is your motivation? Why are you doing it? Is there not another way to bless someone more privately?
I have had the enormous privilege of representing and befriending some of the kindest most generous folks in the world. Just solid. And you would never know they were multi-millionaires.
Sure some of them own their own jet planes, and they have nice cars, but it is funny running into them at Home Depot wearing jeans and getting into a pick up in the parking lot. They blend in, they drive the side-roads in life, they quietly give and try and “help” people.
They have learned it is better to teach a person to fish then give them the fish. How many calls have been devoted to trying to instruct and impart wisdom on how to preserve and grow your monies.
And then you would go out and do the exact opposite to someone and perhaps “ruin” their life because do you think they have all the knowledge you have? $1,000, $5,000, $10,000 sure that kind of money can change a person’s life, but in the end unless you are “As wise as a serpent and as harmless as a dove” you reap what you sow.
Be wise but be gentle. King James says, “Now abideth faith hope and charity” but the greatest of these is “charity” Translation: Love. Think about it before you do it – what is your motivation? Is there a better way? 9 times out of 10 there is a better way that is inconspicuous that really blesses and does not curse.
The Government of the United States
There is some guy out there who goes by the name of “court clown” I am not going to mention his acronym but he had the audacity to say last night that the new AIIB bank will replace the Federal Reserve.
However he is not the only “clown” out there. All this talk about the “new republic” the new this and new that. Has there been a coup and none of us were privileged to read about it?
These guys need to win an award for pure fiction. Can you imagine going around in life thinking everything is a conspiracy? I hope these guys are on blood thinners they are going to stroke out one of these days. You can read for the comical value but other than that treat as a grocery store tabloid.
As for the current political situation. I am not going to get into politics. It should be pretty obvious what side of the fence I come down on but lets look at it like this. The United States is the most powerful nation in the world. We have the largest navy, the greatest wealth of any country in the world.
We have more opportunity for more people than anywhere. We have created more millionaires, more billionaires then any nation in existence. We are only what 239 years old. The nation of Israel in Biblical times one called into being by THEE GOD lasted what a 1000 years?
Look at how many bad kings and rulers they had? God was still there. He causes it to rain on the just and unjust and causes the sun to rise and set on both. He is in control.
Neither you nor I ultimately control nations. As it says in Isaiah all nations are before him. He causes some to rise and some to fall.
However, He ordained this country the United States there are still wonderful people here in this great nation. Wonderful patriots of both parties. Guess what? We will survive and be stronger for it. So take heart, chin up! The Sun will come out tomorrow!
Too many - folks on various Dinar sites are getting the cart before the horse. How can you possibly know what you need before this happens?
You can have a general idea but nothing concrete and the big thing is people go out and create a bunch entities but nothing that connects and provides cohesion in a well thought out plan.
In all my years of estate planning, asset protection planning and being involved with Wealth Managers and Private Bankers I have never sat down with a poor person and created vast entities on pure speculation.
Simply stated these folks cannot afford the fees for services or consultation.
Secondly, I have heard it all – I am in this “Private Placement Deal and I am going to hit the “mother load” and all of sudden these folks are experts, geniuses and they know exactly what they need and they have never made considerable money in their entire lives but they are experts now mind you.
And I sit and listen and sit and listen – I am a patient man and probably way too nice. However, it only took me being burned one time to realize how foolish it is to conceive, draft, execute and implement a plan based upon the “Speculation” someone was going to come into a lot of money without any solid foundation to support it.
Caveat - Unless you have the bank statement in hand you have nothing to support your claim that you have money.
I was burned several years back engaged and took the person at their word lost over 40,000 in legal fees and the client – well the client did not realize he had to pay yearly fees to keep things current and he had the obligation to keep minutes and by laws and resolutions and file annual reports and file tax returns whether any money was there or not.
We parted ways many years ago, me wiser for the experience. However, he was not the first nor the last who walked in and was participating in some:
1.Private Placement scheme with some greater world mission to accomplish
2.Something where a Paymaster was involved
3.Some Ponzi Scheme cooked up and had all the bells and whistles and looked slick
I have seen it all so when I tell you that you can look foolish calling an attorney and or planner and telling them I am going to “strike it rich” I need a plan, they may be courteous and kind but if they are like me now I am not going to lift a finger or give it a second thought until there is money in the bank.
Again all the fancy dancy planning I have ever been engaged in except for the aforementioned experience above the folks had money – we knew what we were dealing with. We could get our hands around it and arms and thoughts in order to come up with solid ideas and variations on themes.
There are too many arm-chair quarterbacks who have read a book perhaps or watched an infomercial and are now experts.
I skim TNT site often and I read “LLC” and then look. Someone has an LLC set up here and they live in another state. Lets look at it like the IRS is going to look at it.
IRS - “Mr. Taxpayer – you set this LLC up?”
Taxpayer – “Yes I paid for it here are my receipts”
IRS – “So you put currency into the LLC?”
Taxpayer – “Yes here are my gifting letters””
IRS – “So you gifted the LLC currency valued at XYZ?”
Taxpayer – “Yes I did”
IRS - “What was the reason for setting up the LLC?”
Taxpayer – “Well.. . ummmm, someone at a seminar told me I need one, ummmm I am trying to do some tax planning”
IRS is thinking and not saying this, “Hmmm a taxpayer trying to evade the payment of tax liability”
IRS then goes back to their office and sends you the “Taxpayer” a letter. Lets call it a Determination Letter because it will say that at the top. “Dear Taxpayer for LLC such and such. The monies you “gifted to the “We Cheatem & Howe LLC” is deemed as a gift.
You owe $X amount in federal gift taxes for making a gift above your annual exclusion. Now you could come back and say to the IRS well I am using my one time lifetime exemption. However, no good attorney in his mind would ever advise anyone to use their one time exclusion to do this.
So in essence – the IRS deems all the currency you gave to the LLC as your personal property and you are thereafter under scrutiny for several years a possible Tax Evader one they will want to audit every year for the next 5 to 7 years.
And by the way regardless what you put in an LLC it is a pass-thru entity which means all the money in it passes through to you the taxpayer annually as pre-determined “income” If you pass it through as a passive income you are going to get nailed.
Or you get it as self-employment income as you were smart and took the money on a 1099 therefore you own self-employment taxes on it.
Lets see now – the average Dinarian who did not put his/her money into an LLC but takes the money as an individual. He/She may or may not have to pay any tax, but you – you removed all doubt you ran it through the LLC and now there is no doubt in the mind of the IRS you owe self-employment tax at the end of the year. Wow you have hit the jackpot!
You see how a little bit of knowledge can create an utter disaster?
I have said it before – a good plan takes time. Good solid plans I have worked on for 3 to 4 months. And when finished in some cases it is a masterpiece but with the collaboration of financial wealth managers, and insurance folks and brokers and tax experts.
We create something that has cohesion and is “unique” to the client. Not a dab of this and a dab of that. Not a trust here and an LLC there and haphazard portfolio of stocks etc.
It is a plan that maximizes tax efficiencies and savings and gives the greatest asset protection to the client while generating income and growth into the future. It is a nurturing process not a wham bam thank you deal.
Just because you do not have a trust or an LLC set up does not mean you do not have a plan. Think through this – a good plan takes a lot of people who charge fees and are paid for their counsel and wisdom.
So take your time – do not get in a hurry. And unless you have more money than common sense – wait. You do not know right now what you are going to be dealing with.
Secondly, be patient with the professionals, do not be smug and give the impression you know it all. Again as I said above – I am amazed at how many people who have never had anything all of sudden are “experts”. “In the multitude of counsel there is wisdom”
Foundations - these are greatly miss-understood on here and elsewhere. They are not a panacea. What the "Clintons" are doing would have anyone else under investigation by the CID of the IRS. Criminal Investigative Division.
I have friends who work for the IRS and you cannot abuse a foundation like the Clintons and get away with it. There are other folks out there abusing similar entities. And unless you are connected at the highest levels then I strongly suggest you again wait and get some solid advice.
Again people have no idea of the complexity. What folks fail to mention is that if you screw it up you are in a world of hurt --- this is another way people will lose their money. Penalties, Interest and attorneys's fees defending defenseless positions. “Ignorance of the Law is no excuse”
There is an old saying what goes around comes around and the wheels of justice grind slow but true. I am confident that those who have abused the trust of the American people and others will one day “get their just reward”
Maybe here or in the next world but you cannot nor should any of you get involved in something you do not fully understand for certain if you do not have the money to maintain or understand the rules governing the entity.
Another subject: Giving
I do not understand how people miss this part of the Book of Matthew: In Chapter 8 I think we are still on the “Sermon of the Mount” or shortly thereafter. But Christ is talking about, “Not letting your left hand know what your right hand is doing”. He is very clear about this, there are numerous stories about giving and about the poor woman who gave more than all the rest. You see Jesus knew a person’s heart.
What I am trying to say is you want to change someone’s life do it privately. Doing it publicly only draws attention to “YOU” and goes against the ‘solid” advice given on here and other sites that says, “Do not be flashy, do not do things that could put your life or your family’s lives or the recipient’s life in danger”
Think about it before you publicly give something to someone. What is your motivation? Why are you doing it? Is there not another way to bless someone more privately?
I have had the enormous privilege of representing and befriending some of the kindest most generous folks in the world. Just solid. And you would never know they were multi-millionaires.
Sure some of them own their own jet planes, and they have nice cars, but it is funny running into them at Home Depot wearing jeans and getting into a pick up in the parking lot. They blend in, they drive the side-roads in life, they quietly give and try and “help” people.
They have learned it is better to teach a person to fish then give them the fish. How many calls have been devoted to trying to instruct and impart wisdom on how to preserve and grow your monies.
And then you would go out and do the exact opposite to someone and perhaps “ruin” their life because do you think they have all the knowledge you have? $1,000, $5,000, $10,000 sure that kind of money can change a person’s life, but in the end unless you are “As wise as a serpent and as harmless as a dove” you reap what you sow.
Be wise but be gentle. King James says, “Now abideth faith hope and charity” but the greatest of these is “charity” Translation: Love. Think about it before you do it – what is your motivation? Is there a better way? 9 times out of 10 there is a better way that is inconspicuous that really blesses and does not curse.
The Government of the United States
There is some guy out there who goes by the name of “court clown” I am not going to mention his acronym but he had the audacity to say last night that the new AIIB bank will replace the Federal Reserve.
However he is not the only “clown” out there. All this talk about the “new republic” the new this and new that. Has there been a coup and none of us were privileged to read about it?
These guys need to win an award for pure fiction. Can you imagine going around in life thinking everything is a conspiracy? I hope these guys are on blood thinners they are going to stroke out one of these days. You can read for the comical value but other than that treat as a grocery store tabloid.
As for the current political situation. I am not going to get into politics. It should be pretty obvious what side of the fence I come down on but lets look at it like this. The United States is the most powerful nation in the world. We have the largest navy, the greatest wealth of any country in the world.
We have more opportunity for more people than anywhere. We have created more millionaires, more billionaires then any nation in existence. We are only what 239 years old. The nation of Israel in Biblical times one called into being by THEE GOD lasted what a 1000 years?
Look at how many bad kings and rulers they had? God was still there. He causes it to rain on the just and unjust and causes the sun to rise and set on both. He is in control.
Neither you nor I ultimately control nations. As it says in Isaiah all nations are before him. He causes some to rise and some to fall.
However, He ordained this country the United States there are still wonderful people here in this great nation. Wonderful patriots of both parties. Guess what? We will survive and be stronger for it. So take heart, chin up! The Sun will come out tomorrow!
What is Mother Doing?
Mother does not have any LLCs set up, nor does he have any foundations, nor does he belong to some crazy group with a Paymaster involved or third party. Mother has complete confidence he can negotiate one on one with any financial institution and get the best deal for himself and his family.
Mother only has his professional corporation for practicing law and a Complex Revocable Living Trust for current estate planning needs. Both of which may or may not be in existence 6 months from now, because one of them for certain is going to end.
Mother is going to do the exchange in his name and have separate accounts for each currency he owns and is going to live by the 10-10-80 rule on earnings of the after tax proceeds 10% Tithe, 10% reinvest back to Principal and live off 80% of the Interest earned.
Right now Mother has no idea how much he is going to have. He has no idea what the tax consequences will be. He has no idea what plan will finally take place for asset protection and estate planning because he knows it is futile to speculate.
Mother knows the banks he wants to talk to. Mother even has made contacts and feels confident.
Honestly, sure you need a plan but think about it. The list of Tier 1 banks in the link, get on the computer and do some research, which ones have wealth management or private banking.
Then hit the link and see what they do. When this happens they are all going to want your money. Again be as wise as a serpent and as harmless as dove.
There has been lots of good advice on this site as well as a lot of crazy advice on this site. So step back, think about it. . .what makes sense? What will work for me?
A lot of you are nervous about going into your banker and negotiating. Do what a lot of attorneys do. Make some flash cards – sit in front of a mirror and role play. Get your wife or someone you know who is in this to play the other side. Role play, practice what your going to say.
Most importantly practice “listening”. Do not over complicate this. You can do this! Ask well conceived and thought out questions and then listen to the answer. If you are nervous about looking someone in the eyes then look slightly at their forehead.
God bless everyone and I wish and hope a wonderful life for everyone may “He cause his light to shine upon you” and bring you blessings, good health and success
Kindest regards Mother, Esq.
Mother does not have any LLCs set up, nor does he have any foundations, nor does he belong to some crazy group with a Paymaster involved or third party. Mother has complete confidence he can negotiate one on one with any financial institution and get the best deal for himself and his family.
Mother only has his professional corporation for practicing law and a Complex Revocable Living Trust for current estate planning needs. Both of which may or may not be in existence 6 months from now, because one of them for certain is going to end.
Mother is going to do the exchange in his name and have separate accounts for each currency he owns and is going to live by the 10-10-80 rule on earnings of the after tax proceeds 10% Tithe, 10% reinvest back to Principal and live off 80% of the Interest earned.
Right now Mother has no idea how much he is going to have. He has no idea what the tax consequences will be. He has no idea what plan will finally take place for asset protection and estate planning because he knows it is futile to speculate.
Mother knows the banks he wants to talk to. Mother even has made contacts and feels confident.
Honestly, sure you need a plan but think about it. The list of Tier 1 banks in the link, get on the computer and do some research, which ones have wealth management or private banking.
Then hit the link and see what they do. When this happens they are all going to want your money. Again be as wise as a serpent and as harmless as dove.
There has been lots of good advice on this site as well as a lot of crazy advice on this site. So step back, think about it. . .what makes sense? What will work for me?
A lot of you are nervous about going into your banker and negotiating. Do what a lot of attorneys do. Make some flash cards – sit in front of a mirror and role play. Get your wife or someone you know who is in this to play the other side. Role play, practice what your going to say.
Most importantly practice “listening”. Do not over complicate this. You can do this! Ask well conceived and thought out questions and then listen to the answer. If you are nervous about looking someone in the eyes then look slightly at their forehead.
God bless everyone and I wish and hope a wonderful life for everyone may “He cause his light to shine upon you” and bring you blessings, good health and success
Kindest regards Mother, Esq.
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