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Wealth preservation and decreasing income taxes

15,967 Views | 141 Replies | Last: 3 yr ago by AmericanWealth
Logan Lee
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In reply to one MEEN Ag • 3:35p, 10/18/21
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AG
one MEEN Ag said:
I suggest y'all take a closer look at your relationship with your sponsors. It seems like y'all generally do that upfront and then walk away. EcoZapp would still be here picking fights like this was gradeschool lunch if he hadn't gone under.


First, EcoZapp did not listen to me, or other numerous people, about how to handle the TexAgs community. I won't go into that situation, as I'm sure everyone knows how that played out, but that was highly against my advice and we'll leave it at that.


one MEEN Ag said:
AWS has provided zero content, they just want leads. AWS just posts scare tactics, provides no examples, and wants you to jump in on a webinar.


This was the point of the phone call I had with AWS last week. I could see that everyone on here was asking for more information and wanting more details, which is what will hopefully happen in the next post.


one MEEN Ag said:
The ironic part is, AWS has a great opportunity to engage their target demographic in a professional, educational manner and they blew it. This board would love to see someone walk through the different types of trusts, general pros/cons. The basic hurdles of estate taxes and how to avoid them. Setting up a will, PoA, etc.

If there methods were so great and above board, they would have no problem discussing them.

The problem is, they probably operate deeply in a gray area that is pretty close to the tax avoidance/tax evasion line, and posting things online establishes records they don't want. Another thing is their main tax avoiding vehicle makes you put your assets in a perpetual trust that you can't ever remove it from, and probably declares AWS as executor. For middle class america that is a lot of control to give up.


I agree that AWS has a great opportunity to connect with its target demographic, but to date, has missed the spot on connecting and relating. It is my hope that we can build a bridge to help everyone on here understand what they do and how they do it.
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YouBet
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In reply to Logan Lee • 3:41p, 10/18/21
AG
Logan Lee said:
YouBet said:
Stive said:
Is this the first green post in B&I history?!?!?

If it's not it's been a LONG time since staff has weighed in on this page.
Yeah, I saw green on my watchlist and thought I saw a unicorn run through my backyard at the same time.
I would love to be referred to as a unicorn!
Ha!
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Logan Lee
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In reply to Spaceship • 3:42p, 10/18/21
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AG
Spaceship said:
Stive said:
Is this the first green post in B&I history?!?!?

If it's not it's been a LONG time since staff has weighed in on this page.

I was hoping it was Liucci selecting a very obscure thread to shoot down the Jimbo to LSU rumors.
I cannot confirm nor deny the Jimbo to LSU rumors... that is an absolute Liucci topic!

Unless you want to hear it from Jimbo:

https://instagr.am/p/CVLmErlrv17
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rathAG05
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10:12p, 10/18/21
AG
I read this thread a week or so ago and just checked back. Most individuals that are in wealth management, genuinely want to help people and have no problems passing out free advice. Your competence/transparency in a general conversation is what draws people in and make them want to work with you.

This sounds like an annuity seminar invitation you get in mail. Lots of fear, word pictures and analogies without any real substance. He's been called our all over this thread and continues to ask you to attend a zoom seminar with a bunch of other suckers. Don't be that sucker.

If it walks like a duck and quacks like a duck, well…you know the rest.

You gave an example of how you saved a "good ag" $300K in taxes. How? I'm not asking you to disclose personal info. If you can answer this question directly, you'll start digging yourself out of a hole.. As of now, you sound like an annuity salesman. Im in wealth management and your posts stink to high heaven.
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$30,000 Millionaire
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11:08p, 10/18/21
AG
Snake oil in my opinion. Sad.
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ORAggieFan
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In reply to Logan Lee • 9:20a, 10/23/21
And instead, they post the same BS with a link to sign up to their webinar to learn more. Until they clearly lay out here what they do, no one will trust them.
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Sea Speed
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In reply to ORAggieFan • 9:24a, 10/23/21
AG
Yea aren't they advertising on other boards right now under the texags sponsors user name? The ad doesn't actually say what company it is so I wasn't sure. I almost posted on one of the threads to reference this one. Pretty shady.
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aggiebq03+
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2:22p, 10/23/21
Stopped back by the thread as I saw staff had posted. I think TexAgs is doing right by their sponsors to make sure and inform them what the community they have fostered and run for years expect. Good job Logan.

I'll also say I'm not exactly expecting someone who said this is really trying to foster a relationship where they answer serious questions.
Quote:
I would refer you to your local H&R Block for your line of questioning.


I won't be holding my breath for the detailed follow up reply with specifics of their examples of helping customers from AWS. Would be more than happy to be proven wrong and learn something in the process.
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Logan Lee
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1:25a, 10/24/21
Staff
AG
AWS posted on this forum on Oct. 22 and gave three examples of how they've helped their clients.

I've now talked to numerous people with AWS and they truly do want to explain what they do to see if they can help anyone on TexAgs.

However, no one has made any comments on that thread. I was hoping I would have a few questions or at least some comments, given the nature of the opinions shared on this thread.
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cjsag94
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In reply to Logan Lee • 6:17a, 10/24/21
AG
Logan Lee said:
AWS posted on this forum on Oct. 22 and gave three examples of how they've helped their clients.

I've now talked to numerous people with AWS and they truly do want to explain what they do to see if they can help anyone on TexAgs.

However, no one has made any comments on that thread. I was hoping I would have a few questions or at least some comments, given the nature of the opinions shared on this thread.


Where they posted the 3 examples, it was more of the same. Except they phrased it in 3 stories.

An example of telling HOW they help people would be something like "we structured an irrevocable life insurance trust and were able to save 1 Aggie family.... "

But see, AWS will not even vaguely say what actual strategies they use. Therefore, the perception is that there isn't anything they actually offer that any other team of financial advisor/CPA/attorney does every day. Their strategy is to set the hook by getting you to meet, then let their sales pitch work the magic.

And they know this, which is why they won't even remotely discuss what they actually do. And no, stating "by using existing tax and corporate law" isn't saying what they do. In my opinion, they just dug the hole deeper with that message. I guess they want kudos for clarifying the with within the rule of law?
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Sea Speed
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6:19a, 10/24/21
AG
They never even say the name of the company in their ad. That's odd.
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cjsag94
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In reply to Sea Speed • 6:20a, 10/24/21
AG
It's American Wealth Strategists.. it's their user handle.
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Sea Speed
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In reply to cjsag94 • 6:22a, 10/24/21
AG
That thread loan is talking about is posted by texags sponsors and AWS is nowhere in it. You have to click the link and scroll down and look under the guys picture
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cjsag94
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In reply to Sea Speed • 6:24a, 10/24/21
AG
Gotcha.. guess I've just seen enough of who they are and didn't notice the omission in the details.
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Stive
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In reply to Logan Lee • 7:32a, 10/24/21
AG
Logan Lee said:
AWS posted on this forum on Oct. 22 and gave three examples of how they've helped their clients.

I've now talked to numerous people with AWS and they truly do want to explain what they do to see if they can help anyone on TexAgs.

However, no one has made any comments on that thread. I was hoping I would have a few questions or at least some comments, given the nature of the opinions shared on this thread.

What cjsag said….that post didn't have a single "how" in it. It was simply three examples targeting three different segments of potential clients with more of the exact same stuff that brought you and your concern to this forum.

"We saved a guy some taxes. We saved a different guy some taxes. We saved a totally different guy some taxes…" is hollow and pointless information.
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AmericanWealth
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1:42p, 10/25/21
Gents,

Apologize for not responding sooner. We just wrapped up a very busy tax season and are extremely busy with those taking action before its too late for 2021.

It's been an interesting exercise to see fellow Aggies present perspective with what they "think" we do without engaging in direct conversation, as invited to do so.

Sadly, in most cases it has been filled with a level of vitriol. It is unfortunate some have taken that road.

Our team of licensed tax professionals and attorneys would not put their licenses on the line or risk their reputation for anything that is not 100% in compliance with all IRS tax code and corresponding law. This includes anything in the "grey." Insinuating otherwise is complete malarkey and indicative of individuals who have a habit of making decisions without looking at information.

We operate under the fullest integrity and transparency as we build tailored protection strategies. By design they protect wealth and give access to capital the client would never would have the ability to control. Whether you believe that is true or not is completely up to you, but it does not change the facts.

There isn't a one size fits all solution for every individual. Are there powerful solutions we have intimate knowledge of?

You bet.

We have shared some of those examples accordingly.

We are happy to further educate on what recommendations have value, but a client must qualify, and that takes a conversation.

We work with CPAs, FAs, and other advisors to bring tremendous added value and increase capital under management. This includes everyone who was reached out to us, including EVERY credentialed professional on this board.

Our passion is helping those who have worked so hard to grow their wealth and retirement vs. seeing it wasted away from unnecessary taxes.

The rules are changing, times are changing, and government has new plans for your money.

Our encouragement is to look at every available option before you "think" nothing can be done.
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MAS444
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In reply to AmericanWealth • 1:43p, 10/25/21
AG
More words.
Same thing.
No thanks.
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Sea Speed
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1:50p, 10/25/21
Stive
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In reply to AmericanWealth • 1:52p, 10/25/21
AG
AmericanWealth said:


There isn't a one size fits all solution for every individual. Are there powerful solutions we have intimate knowledge of?

You bet.

We have shared some of those examples accordingly.

Not on this board you haven't. Unless you consider a powerful solution to be sharing a link for a webinar.
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AmericanWealth
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In reply to Stive • 2:15p, 10/25/21
Stive said:
AmericanWealth said:


There isn't a one size fits all solution for every individual. Are there powerful solutions we have intimate knowledge of?

You bet.

We have shared some of those examples accordingly.

Not on this board you haven't. Unless you consider a powerful solution to be sharing a link for a webinar.


Stive, happy to speak with you about your specific situation and see what can be done. We are in a very unique window to do anything for 2021 but that window is closing.
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AmericanWealth
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In reply to MAS444 • 2:16p, 10/25/21
MAS444 said:
More words.
Same thing.
No thanks.


MAS, we wish you all the best and hope things improve for you.
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Thriller
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2:21p, 10/25/21
AG
Is your webinar being recorded for people to view at an alternate time?
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Stive
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In reply to AmericanWealth • 2:24p, 10/25/21
AG
AmericanWealth said:
Stive said:
AmericanWealth said:


There isn't a one size fits all solution for every individual. Are there powerful solutions we have intimate knowledge of?

You bet.

We have shared some of those examples accordingly.

Not on this board you haven't. Unless you consider a powerful solution to be sharing a link for a webinar.


Stive, happy to speak with you about your specific situation and see what can be done. We are in a very unique window to do anything for 2021 but that window is closing.

My situation is very well taken care of, but thanks.

We tend to use this board as a free sharing of ideas and solutions no matter what business we're in. I'm sure Texags appreciates the advertisement dollars you guys have spent but if you were to actually share some solutions to certain problems that have been posted, it might inspire others to seek you out to learn more.

My guess though is that you're the marketing rep for the firm and hesitant to comment with ideas and assistance since you yourself aren't the person actually handling the cases (just a guess….I could be wrong). If that's the case I'm afraid utilizing the thread steering option is going to be a slow uphill slog for your advertising purposes but good luck.

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MAS444
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In reply to AmericanWealth • 2:30p, 10/25/21
AG
Quote:
MAS, we wish you all the best and hope things improve for you.
Doing just fine - but thanks!
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aggiebq03+
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In reply to AmericanWealth • 2:30p, 10/25/21
AmericanWealth said:
MAS444 said:
More words.
Same thing.
No thanks.


MAS, we wish you all the best and hope things improve for you.

You need to hand over the login info and keyboard to someone at your company that doesn't write snarky comments to possible customers and inject political commentary into the B&I board.

ABC =/= Always Be Condescending
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Goldie Wilson
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In reply to AmericanWealth • 2:57p, 10/25/21
AmericanWealth said:
There isn't a one size fits all solution for every individual. Are there powerful solutions we have intimate knowledge of?

You bet.

We have shared some of those examples accordingly.
Can you share a link to those examples of powerful solutions? Thanks
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AmericanWealth
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In reply to Goldie Wilson • 4:54p, 10/25/21
Goldie Wilson said:
AmericanWealth said:
There isn't a one size fits all solution for every individual. Are there powerful solutions we have intimate knowledge of?

We have shared some of those examples accordingly.
Can you share a link to those examples of powerful solutions? Thanks


Howdy Goldie. You bet.

Check out this link. From our TexAg's Webinar 9/21: How to Invest without Capital Gains

Fast Forward to 11:45 if you want to get to the nuts and bolts.

https://us06web.zoom.us/rec/play/2_3ca73lq49WK51-4BHvfeKuUhlgNPNntUWijmj4bIiSydRyWpdMducwO9CQKpGgeZ2O1wRl0_LPTlDT.u57MO1a1SIKITBYx?continueMode=true
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nactownag
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In reply to AmericanWealth • 9:27p, 10/25/21
AG
AmericanWealth said:
Goldie Wilson said:
AmericanWealth said:
There isn't a one size fits all solution for every individual. Are there powerful solutions we have intimate knowledge of?

We have shared some of those examples accordingly.
Can you share a link to those examples of powerful solutions? Thanks


Howdy Goldie. You bet.

Check out this link. From our TexAg's Webinar 9/21: How to Invest without Capital Gains

Fast Forward to 11:45 if you want to get to the nuts and bolts.

https://us06web.zoom.us/rec/play/2_3ca73lq49WK51-4BHvfeKuUhlgNPNntUWijmj4bIiSydRyWpdMducwO9CQKpGgeZ2O1wRl0_LPTlDT.u57MO1a1SIKITBYx?continueMode=true



This is just a video with a PowerPoint presentation. No real detail.

Joe and Suzy Q sold a business for 10mm and would have paid 4mm in taxes (really?) but if they set up a LP structure they pay 0. If your cost basis was 0 and you lived in Texas would you pay 40% in tax on a business sale like that?

I want to understand this key point here…

Is this just tax deferral or are we actually never going to pay that tax? Are we hoping to get a step up in basis?

If I take a distribution in the future is that taxable income? Ordinary income or capital gains? Can I take income whenever I want?
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RebAg13
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10:24p, 10/25/21
AG
This administration is planning to charge you both long term gains and income taxes.
We are the Aggies, The Aggies are We
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Irish 2.0
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9:34a, 10/26/21
American Wealth seems like a group of guys that attended a Zig Ziglar seminar and decided to run with it...

This was a fun thread to happen upon!
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AmericanWealth
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In reply to nactownag • 3:03p, 10/26/21
I want to understand this key point here…
Is this just tax deferral or are we actually never going to pay that tax? Are we hoping to get a step up in basis?[/quote said:

All taxes are deferred in perpetuity and are not subject to taxes unless a distribution is made to a beneficiary. However, NO TAX, is paid when the instrument pays for expenses for the beneficiary directly.

In most cases the children are the beneficiary and the trust funds expenses through its investments activities such as: food, clothes, lessons, private school, gifts, 529's, cars, travel, homes, etc.

If I take a distribution in the future is that taxable income? Ordinary income or capital gains? [/quote said:

The power of the instrument allows for the allocation of capital that you would be paying excessive taxes on to be placed in corpus. Then use those funds to pay for all things for your beneficiaries with pre tax dollars, boosting your after tax income and increasing your lifestyle options.

Can I take income whenever I want? [/quote said:

After the instrument grows and compounds we have strategies to pull the money out tax free by using the trust as a lending tool.

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htxag09
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In reply to Irish 2.0 • 3:43p, 10/26/21
AG
Irish 2.0 said:
American Wealth seems like a group of guys that attended a Zig Ziglar seminar and decided to run with it...

This was a fun thread to happen upon!
I think they got their marketing and community engagement skills from Eco Zap!
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nactownag
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In reply to AmericanWealth • 3:45p, 10/26/21
AG
Please post links to IRS website talking about this or some more info on the PLR.

This seems really strange to me that the IRS would allow me to "defer" taxes and then just spend the money and therefore avoid paying taxes.
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AmericanWealth
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In reply to nactownag • 4:16p, 10/26/21
nactownag said:
Please post links to IRS website talking about this or some more info on the PLR.

This seems really strange to me that the IRS would allow me to "defer" taxes and then just spend the money and therefore avoid paying taxes.


There are many tax deferred instruments operating today. IRA, 401k, DST's, etc. They all have specific rules regulating them.

The money cannot be spent at your leisure. It must fit certain criteria. On going compliancy is extremely important. Its purpose is for the benefit of the beneficiaries and used accordingly under the guidance of a trustee who you, the trust protector, choose.

The trust can be used as a family bank and can only give loans that are fully collateralized.
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nactownag
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4:40p, 10/26/21
AG
So we're just borrowing money using the pre tax money as a collateral for the loan?
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