How I Screwed Up My Trust

Hey everybody. Welcome to a live broadcast on. I know it sounds a little salacious here. How did I screw up my trust? Some of you are like, I don't even have a trust. Well, hear me out for this first couple minutes as I explain the point and the topic. And that is, if something happens to you, maybe you're in a car accident and you're incapacitated or you die, what happens to your stuff, your real estate, your cryptocurrency, your retirement account, your life insurance, your house? Where does it all go? You married, single, young, old, kids, no kids? It doesn't matter if you're rich or poor, you're going to have stuff. And a trust is the way to make sure it goes where you want. Now if you don't have a plan, oh, there's a plan for you, the state has a plan for you. The government's going to say where your stuff goes. You don't want that plan. That's not a good plan. So a lot of people set up a trust. It's better than a will. And a trust lets you dictate so many little bells and whistles and strategies. I call it dead hand control. Because you can just screw up your family from the grave. You can just, your hand just comes out of the coffin and just, it's called dead hand control. You're just going to continue to mess with your family and your beneficiaries lives with your money. It's wonderful. I mean, this is totally the, you know, narcissistic thing you can do, you can keep, but it's, but it's good too, because you don't want to just dump money and dump assets sometimes in your family's lives that aren't prepared for it. But if you set up a trust and you don't do it right, it's easy to screw up. So I'm going to give you 10, 10 ways that I've seen trust jacked up. And I want to help prevent that from happening to you. So you can grab a pen and paper, write these down, and if you're in the middle of setting up a trust with your own attorney or trying to do it yourself, which may be one of the 10, FYI, spoiler alert. But if you're trying to get your estate plan in order, these 10 will be really, really helpful. Now, I'm a CPA attorney, senior partner in a law firm and accounting firm. We've been helping clients for over 20 years around the country set up their estate plans and do it right and do it Affordably, it does not have to cost thousands and thousands of dollars. In fact, this year, this time of year, every year in June, we do an estate planning special. We knock off a couple hundred bucks. It's around $1,300 for a full estate plan with a real lawyer and helping you do your estate plan that could last the rest of your lives. Just, just with a little update. The rest of your life, you don't have a bunch of lives, sorry, but the rest of your life can survive with maybe some simple amendments. And for around 12 to 1500 bucks you can get it done. Right? And so our special this time of year is a great way to get it done. That's down below. And I will not be salesy any longer. I want to help you out and I'd love to hear your questions and comments and here in the notes. And I love to see people saying hello and I love you regular followers that just click on this when you see the bell icon. I mean, so you click the bell icon. So when I go live you get a little note and thank you for coming on. Now I want to give a warning to everybody too. If you see anybody on here with my face posting any crap about any bitcoin or cryptocurrency, it's a scam. And if you see anybody else trying to solicit your participation in any type of investment or crypto or bitcoin, it is a scam. Stay away. Do not click on it. Focus on the topic today and the comments and questions that are most helpful. And I love Kyle's already asking some questions here. I am going to try to answer all these. Kyle, you're going to use a warranty deed or a grant deed in the state of California to transfer your home into your trust. We're going to talk about. That's one of the top three here on my list. Okay, so the number one way you can screw up your trust and let's put a visual on this to answer. Some of you are like, what the hell is a trust, Mark? Okay, your trust is a revocable living trust that you can change while you're alive. Change the provisions. And your trust RLT owns everything you have. And we want to make it the beneficiary. We want it to own your home, which Kyle was just asking about. How do I transfer it into my trust? So this is your primary home. We want it to own any LLCs that may own rental property or investments or bitcoin or whatever. So we want your trust to own these LLCs we want your trust to own your side hustle S Corp or llc. We want your businesses to be owned by your trust and you still can be an S corp, it's fine. And we're going to get great tax planning, but we want your trust to be the owner. We also want the trust to be the beneficiary of your life insurance, any investment accounts and especially IRAs, 401ks and you financial advisors that are freaking out out there, it's okay. You are using a see through trust with the new provisions under federal law you can still make all the elections necessary to transfer IRAs to spouses or children in the proper manner with inherited IRAs, yada yada. But the trust can put provisions on there to protect the kids from themselves. Okay, so this is a trust, it's going to own all these things. And the trust is works in conjunction with your will. And then you have an estate plan that brings this whole thing together. And an estate plan might have powers of attorney. Pull the plug. If I'm a vegetable, where do I go? If I there's do I want to be cremated? Where am I buried? Where do all my little assets go? And it's a binder. And this is all included in an estate plan. You shouldn't spend again more than a couple grand getting it done properly. And we're in that fifteen hundred dollar range. And right now with a special the links down below. Okay, so this is what a trust is about. A revocable living trust. Now here's 10 ways you can jack it up. It is a trust, meaning you are creating a trust and you're going to appoint a trustee to run the trust when you're gone. So one of the ways you can screw this up is choosing the wrong trustee. And a lot of times people think, well I trust my dad or I trust my mom or I trust so and so to be the trustee of my trust. Now if you're married, usually your surviving spouse is going to be the trustee of your joint trust. But you also might be remarried and found that true love. And you're going to each have your own trust and then they're going to coordinate them and new things you're going to build together. But you might have a trustee for your trust and he or she has a trustee for their trust and then the combined trust, yada yada yada. But the point is you want to choose the right person. And when you choose this person, they might be wonderful and kind and happy, but they may not be the best with Money and making financial decisions and being tough. The trustee is going to run the show of your assets when you're gone. You don't need the person that's the best, you know, cook in the kitchen for the funeral or the best person to come through and clean your house after you're dead, or the best person to write your eulogy and say all these good things about you. You need a trustee that's going to kick some ass and get your assets where they need to go and make some good, smart financial decisions. You're going to want a backup. You might even choose three people. Kind of a financial person, a legal person, family member, two family members, a professional advisor. I don't know. You can have three people do it. Don't have two people do it because if they get deadlocked or there, it's a mess. So choosing two people is wrong. Choosing the wrong person that is again a wonderful, nice, kind person, but bad with money. That's one of the first mistakes is choosing the wrong trustee for your trust. Okay, now I'm going to hit these 10 real quick. By the way, I'm going to give away some books by the end of this. If you can stick with me here at the end, I'm going to give away one of each of my books what your CPA isn't telling you. I'll give away one of Matt Sorensen's book. I'll sign it for you. The self directed IRA Handbook, the tax and legal playbook, Financial freedom, and also my 8 steps workbook and a calendar. So I'm going to give away five or six things here, but I'm going to do it at the end so you don't need to say mark, I want a free book. I'm going to make sure my studio people have choose six random winners here at the end. So got to stick around for that must be present. All right now number two, the next screw up with a trust is you don't fund it. You set up the trust but you don't fund it. It's only you could sign a trust that's 200 pages long and gold leafed and notarized three times and 10 witnesses. If you don't put anything in it, it's worthless. So see this picture here where I said the trust is the owner of all these things? Well, you got to transfer the home into the trust. You need to change the beneficiary of the IRAs or 401ks, change the beneficiary of the life insurance. Make sure the Member of the LLC is the trust, the shareholder of the S Corp, the member of the side hustle. So you've got to fund it and maintain it. Now, a trust doesn't have to do tax returns. It doesn't have to have a bank account. There's no annual fee with my firm. There's no annual fee with the state or the irs. But you got to keep your crap in it. You got to make sure when you go out and form a new llc, you go, oh, I have a trust. Let my trust own the llc. Boom. You're going to love it. Okay, number two, you've got. I'm going to. This is good. This is a funny one. I'm going to kind of tell you a quick story here is people screw up their trust all the time without updating it. Now, I've told this story of some live events. If you've had the pleasure to come to one of my live events that are super fun. Got a few more this fall. You'll be hearing about them. But this is a story. It's just crazy. So this was a guy died in California about 10, 15 years ago, and it went to the Supreme Court of the state of California. Now, he was out golfing. I don't know why guys die on golf courses. Maybe because they're in their special place. I don't know. So he's hitting his golf ball and boom, dies. Maybe he's getting hit by lightning and a storm. Next to Bill Murray is your caddy, huh? You know what I'm talking about? Little caddyshack there. Anyway, so this guy dies on a golf course, has a million dollar life insurance policy. Well, his wife, they go through the funeral, da, da, da, da, da. And then she calls up the life insurance company and says, hey, hey, I need to get the, you know, million dollars. Can you send me the check? And they go, oh, okay, sure. What's your name? And they're like, okay, you know, Judy. Well, your name's not here. You're not the beneficiary. Like, I'm his wife. We've been married like 40 years. What are you talking about? He goes, no, so and so is the beneficiary. And it was his wife from 40 years ago where he was married for about two days and got divorced and never changed the beneficiary, never updated it. And she's like, no big deal. I'll just, I'll give this woman a call and I'm sure she'll understand and she'll sign a piece of paper and let me have my million dollars. Imagine how that went. So two years later, at the Supreme Court of the state of California, the court said, we don't know what Tom really wanted. He's dead. He never changed the beneficiary or updated it. So first wife, you get the money. Ouch. Now, that's a sad story. Even though I joke about it here, and forgive me, but the, the reality is, is when you do a trust and all of a sudden there's changes in your life, you know, maybe a change in your marriage, change with your children and their success or failures and your health, Their health. Some of the people that you were going to leave money to or the people that you had decided to be trustees, if you don't update your trust, it's going to be a mess. So updating your estate plan or your trust is absolutely critical. Now, I know my example was life insurance, but it's the same concept because I want your trust to be the beneficiary of your life insurance. Because if you have a change in your life, you don't have to go change beneficiaries on all these different things. All you have to do is change the trust because the trust is a beneficiary of all these different things. So all your changes occur here without having to go around and do all these other little things. So, all right, so we've got our one and two here. One, two, three. Updating. Oh, okay. The next one that I'm going to throw out is some people will make it irrevocable. See, I called it a revocable living trust, but some people say, no, I'm going to go with an irrevocable trust because I want asset protection. So an irrevocable trust provides asset protection, but they are no fun for tax reporting. Let me see. Irvacor provides asset protection. Sorry, I'm getting my mouth ahead of my pen here. Irville provides asset protection, but they are not a good move for an estate plan. They're. An irrevocable trust is good for an asset. Like, you want to have an asset specific trust, maybe a ranch, a second home, a beach house, a cabin, blah, blah, blah. That's where an irrevocable trust comes into play. But it's not for an estate plan. And so a lot of people get sucked into this asset protection sales pitch and they're going to get charged a lot more, too. Don't do it. If you want to add an irrevocable trust somewhere in the mix. Okay, do that. Let's make this little black box here your irrevocable trust. But you still have your foundational, revocable living trust. So don't get sucked into an irrevocable trust. Okay, number five, way to jack up your trust is you put the person that your trustee also in charge of raising your kids. Now, some of you that your kids are older and they don't need, you know, raising. They're 18 or older and they're off on their own, hopefully providing for themselves, yada, yada. But the same person that's the money person is raising the kids. That's like giving the key to the cookie jar to the person that gets the cookies. And you put in the document, you only get money for this, this, and this. And. But here's the keys to the cookie jar. There you go. I really need a cookie. No one's watching. I'm going to go get a cookie. You want to have some checks and balances here, people? So I really like to have a guardian for your children that's different than your trustee. Let the person that's handling the money be the money. And they dish out cash to the guardian every month, every year. Help kids go through school, buy a car, get, go to. Get. Go to the doctor, buy their first home, start a business, get money in stages. Da, da, da. We're going to come to that. But just don't have the same person getting the cookies and controlling the lid and not a good thing. All right, number six. And while we're on that, I think one of the ones that's really a mess is giving money to kids or any beneficiary outright where they can't handle money. And it's sad. I just, I meet with. I meet with parents that are like, oh, my kids are so smart. They're great. I'm like, how old are they? Oh, they're 15. They're just great kids. When I die, they can have all the money. I'm like, okay, you've got equity in your home, a 401k, you've got some retirement, you know, some life insurance. That means your kid's going to get 1.5 million. You're going to drop them their lap at 8 at age 18 and just hope it works out. Right? That's. That's your plan. Oh, my gosh. You know, you want to really watch that. I just, I like to give kids money in stages. No matter how responsible you think they are, let them practice on a first, third, and you want to try to keep it in a. In a format that it's educational and giving outright is a mistake. I really like to see it in stages where they're learning as they go. So maybe a third, a third, a third. And you can choose ages, you know. On a poignant moment, I had a woman come to my office. She was in her. She was in her late 60s, and we were doing her estate plan, and she had, like, two or three kids. And she's like, okay, everything I have, which isn't much. I just wanted to go to my three kids. And I was like, all right. I mean, these kids are like, in their 40s, you know, whatever. And I'm like, okay, third, third, third. And we're getting ready to design it and get the trust done. And she goes, no, no, no, no. They don't get the money till they're 65. Like, oh, okay. Are they jacked up? What, are they all in rehab? What's going on? You know, like, 65. They might be able to use that money. What are you talking about? And she goes. And it was really. I guess I don't want to get too emotional here, but she started to cry, and she's like, mark, I'm more scared about money in my life now than I've ever been in my life. These kids need that money when they turn 65 and they don't even know it. And she goes, anything I have, they can have it then, and they're going to need it, and they're going to appreciate it. And I was like, give me a hug and see. You know, we got to think through this. We just can't take our trust and just give money to kids or beneficiaries, no matter what age. Maybe we know better. It's okay. Control it from the grave. People screw up their lives. Actually help their lives. All right, number seven. Another thing that I just think is Nutty is missing out on provisions. This is where. Which I'll come to. I'm going to put number eight here, too. And the diy, do it yourself people, if you want to do a will and I. We don't even charge people to do a will. We don't even do wills. Because they just go with the trust. They're simple, they're easy. They need to go with the trust. But if you want to handwrite a will, go download one, sign it. That's great. Go do that. That's cool. But if you're going to design your own trust, which could be easily 30 to 40 pages, and not miss any of these mistakes, you're doing the wrong thing. This trust is going to last you the rest of your life if, if you do it right. So don't try to DIY it. Which brings me to number seven, which is missing provisions. And some of the provisions that I see people miss that are most common is the pet provision. I just wrote an article, it's in my blog, and I had to research the pet issue. Over 65% of households in America now have either a cat or a dog. And 95% of the people surveyed as pet owners in this thousands and thousands survey links. In my article, 95% of those pet owners said the pet was equivalent to a family member. Peter, now, it's kind of a cool deal, but how many people take time to say, who's going to raise my pet? Am I going to give them a little money out of my life insurance to raise the pet? I can cross checked those, the census figures of how many people die a year and how many are pet owners. And then the surveys of euthanasia, meaning pets that get dropped off at the shelter because the owner dies and the family doesn't want them. And it you put two and two together, they're kind of sad, right? So you want to not miss out on these provisions like pets and guns and personal property, pianos, wedding rings. There are so many other little provisions we talk about in our questionnaire to make sure clients don't miss out on different sections. Who's going to inherit these, these really important assets and should they? You may have said to your third child, hey, when we go deer hunting every year, you're going to have this gun. If you don't put it in your trust, they're probably not going to get that gun. And then sometimes kids that shouldn't have a gun end up inheriting guns. And I know it's a, it's a touchy topic, but it's out there and that's cool, you know. So anyway, you got to make sure these provisions are messed up, not missed, and hereby, you mess up your trust. Okay, two more, and then I'm just going to do some Q and A here. All right? Number nine is not disinheriting someone properly. Now, I know this sounds harsh, but I have a lot of trust in estate plans where people say, I this. I'm. What do they say? Oh, my gosh, the word. My studio's got to help me out. When you're, I want to say disenfranchised, but you're distanced from your children. You're not. And they're not in a relationship with you anymore. And come on, help me out, guys. And so everybody else there knows what I'm talking about. But so if you estranged, that's the word, Dr. Strange. Okay. If you're estranged from your kids, meaning that relationship's gone and you don't want to leave them anything, if you specifically don't say that in your trust they're going to get something and it's going to be a fight. So if you're going to disinherit, you have to do it right. So not properly disinheriting specific people. So you want to make sure you get that right. And then number 10, excuse me, is putting your own name on your trust. I think that's a mistake. We are trying to be at the forefront in privacy planning and how you can hide your assets more from identity theft and oh gosh, all the white collar crime that's out there. I mean, just scary stuff. And so the more privacy you can have with the ownership of your assets, the better. So putting your own name on your trust is a mistake. We do not want to do that. And excuse me. So we're going to use, you know, Blue Sky Trust, more unique names and try to provide some anonymity. Now I know in the county recording, when you go to record real estate, we have other strategies to maybe hide your ownership of your home or rental property. But putting your trust on property, you're going to have to usually reveal you're the trustee. So there's some hang ups when it comes to real property. But you can use that trust name that's unique in a lot of other ways without disclosing who the trustee is. So my friends, those are 10 ways to screw up your trust and I hope that's helpful so that as you're doing your estate planning, you think of, okay, I can, I can do this better. I can do this right. And again, I mentioned it below, you can talk to one of our lawyers on Zoom right there from any state in the country and our attorneys can help you design your estate plan and your trust. We got a little specialist down below. Okay, now I'm going to do some Q and A and oh my gosh, so many great questions. I'm going to see if we can. Oh boy, where do we go here? I'm going to kind of start at the top and just scan quickly. Some of you that it's not fair for those that threw out questions right out, right out of the gate to kind of miss this so that the done. So I think I said right at the beginning, Kyle was asking in here, in our ownership, you want to have your home transferred to your trust. Don't worry about your mortgage and don't worry about the homestead exemption or tenants by the entirety for asset protection. You can still transfer your home to your trust. You're going to use a warranty deed. We have or grant deed in the state of California and there's 3,500 counties across the country. We do probably 45 states worth of deed transfers. You can call our office, call a local title company, whatever, but you're going to transfer your home into your trust. Other ways you're going to fund this is just changing the membership ownership of your LLCs, your corpse, and changing the beneficiaries of your IRAs, 401ks or life insurance. Someone says you're a directed IRA company doesn't allow foreign corporations, even though it is allowed by the irs. Doug, double check the rules on that. And in fact, Doug, please make sure that you pick up a copy of Matt Sorenson's book, the Self Directed Dark. Sorry, the Self Directed IRA Handbook. And if you're just getting an answer that you feel directly conflicts with the irs, that's not us. We want to be on the cutting edge of everything. So if there's a problem, set up a half hour, consult with one of my lawyers and any of you out there doing planning, it's sometimes easy to find on Google an answer that you really like and, and vice versa. I know. I'm saying, Doug, we could be wrong. I'm not. I'm never saying we're always right, but we're trying to be the experts in this area. So if they're trying to invest your IRA into something and we're saying you can't do it, but you found somewhere else that says you can get a third opinion, keep your research up, give one of our lawyers a call, say, show me, show me the money. Show me the rules on this so I can make sure we knock it out. True. I'm starting. Okay. Marco wants to talk about investing in LLCs outside of the country. Marco is a topic outside of the scope today. I don't mind talking about that. And we maybe should bring that up on one of our podcasts. Thanks for being a first time listener here on the Live, but we're going to focus on estate planning today and maybe a few business questions as I can. But that's a tough one, people. Watch out for this good news bitcoin crap that's out there. There's no bitcoin thing. And be careful on anybody that's trying to scam you on this podcast, okay? Okay. This is a good one. Leno says, hey, Mark, my mom only has two very small insurance policies, a small checking account and furniture from a one bedroom apartment. Does she need a trust? Leno? The only reason why I would want her to have a trust is that if she is incapacitated to the point where you need to pay some bills out of her accounts, collect Social Security checks, pay some bills, things like that, you're going to need to have either powers of attorney for financial reasons to do that or just make sure her trust is the owner of her checking accounts. But if really it's a checking account and a bedroom apartment, I would. And you're not worried? There's not enough there to even worry about where if she's incapacitated you need to kind of pay bills and collect money. I'd get a power of attorney and get make sure she has a will so at least it's clear on what she does have when she dies, if anything crops up. You'd be surprised. Sometimes clients are, you know, my mom died, I had no idea she had stock in Albertsons and it's sitting here in a drawer and now I'm stuck, I can't transfer it or whatever. So. But probably a will would suffice and. But the trust could help out if she was incapacitated. Nahum, thanks for the kind words. And everybody be careful of this Facebook crap on depositing money in bitcoin. It's a scam. And Nima says thanks for these little short lives and every week I really appreciate it all. Thank you so much. Alyssa says, I won a book several months ago and I never received your book. Well, I'm going to give winners out here in a minute and we're going to give away six books. And any of you that win, your job is to email Corey@markjkohler.com he's my studio producer here and he's going to make sure the right person in the office, typically Diane, mails these out. So if you've won before and you've got any sort of email from Corey or verification of any sort and you can kind of get that information to Corey. We want to make it good with you. We'd love to have you get a copy of the book, any of these books and use them. So good stuff. Now, Kyle says another good question. If you do move from California to Texas, do I have to redo my trust? No, you do not people. Once you set up your trust, it'll go with you all over the country. The one documents. The one document I really want you to redo when you go to a new state is your living will or health care directive. We had stories again of clients and friends of clients through the years where. Where they've got their estate plan done. The trust and the wheel are all good. They move to another state and then they get in a car accident or they're in a coma and they need to pull the plug or there's some major medical decisions. And the healthcare directive is under the laws of another state. So the one document you always want to update when you go to another state is that health care directive. The health care powers of attorney and sometimes called the living will. That's. That'd be what you'd want to do. Brett, I'd love to come to Portland. You put together an event that makes it financially worthwhile. And I don't need to make millions by any means. Let's go to Portland. I went to law school at Willamette in Salem, Oregon, just up the road and just love Oregon. I was actually born in Oregon, so that means I believe in Bigfoot. So just FYI. Okay, can my Roth own a laundry mat? Yes, it can. So in our trifecta, remember, everybody in your trifecta, Revocable Living Trust, which is the beneficiary of your IRA, is going to be your trust. And your Roth IRA can invest in real estate, it can create LLCs and run a laundromat. It can do crypto, it can do real estate, all sorts of goodies. So this is called self directing. That's the topic of this self directed IRA handbook. And if you want to learn more about that, go to directed ira.com we have monthly recorded webinars that are free. We have a chat line and help that can give you all the information you need to set up a Roth or a traditional IRA and get investing in what you know best. You can do that. Okay. A couple $50 million trusts. Why? Nice. Sorry. Know that now. By the way, if you were going to do a laundromat, you would have UBIT because it's an operational business. So you would do a blocker C Corp. And I think someone just mentions that in a comment. So I appreciate. And it would mw. Oh, my gosh, I'm glad this MW says you would destroy any benefits of a Roth by investing in a laundromat. That is absolutely wrong. Let's think about it. The benefit of the Roth is when it distributes, you pay no tax, okay? And you get to invest this Roth, okay? In anything you want. Now, let's say you go out and buy stock or ETFs or mutual funds, and over the years, these average 10 to 12%. And I get hate mail even making that assumption. Most people go, mark, you're going to see 6 to 8%. All right, whatever. So you're in this range and mw. This is good, everybody. He says a Roth owning a Laundromat destroys the benefit of a Roth. Bull crap. Here's why. So let's say I take the Roth and I go buy stocks, bonds, mutual funds, ETFs. All right? I make 10 to 12%. Well, guess what? That laundromat is a frickin ATM. That laundromat is making 30, 40%. It is killing it. I can take that same damn 100 grand, 20 grand, 15 grand, whatever. Go buy one laundromat, five laundromats, and I'm going to create an LLC and go create these Laundromats, and I'm going to go out and create a 30% return or better on my money. Okay, cool. Do I pay ubit? No, you're not going to pay ubit because what we do is put a blocker C Corporation in here. Please be careful, people making comments on here if you haven't done some of the research on this, because we would never pay ubit. We set up a block or C corp and you only pay a 21% federal tax rate. So let's say I make a 30% return. I'm making 30,000 a year versus 10,000 a year, and I pay 21% tax on that 30,000. Okay? So I brought in $30,000 and I'm going to pay six grand in tax and I net 24. Or I can take the same hundred grand and make a 20%, 100 grand and make a 10% return and there's no corporate tax, and so I still net 10k. Oh, wow. Okay. I invested the same hundred grand in two different ways and I made more money. And it's not a Roth or an ira. It's people invest in what makes the most damn money. Even if you have to pay 21%, but you're making 30 at the top, that's okay. Take your Roth IRA and go make millions. That's what Peter Thiel did. Peter Thiel invested in a business that paid corporate tax. Did it destroy his Roth? No, he blew it up. Invest in what you know best don't worry about UBIT per se because you're going to use A block or C corp anyway. But don't worry about the C corp tax. If your rate of return exceeds the bull crap Wall street is offering. Boom. Love this. Okay, all right, I'm going to run down here. Oh my gosh, all this damn bitcoin scam stuff drives me crazy. All right, I'm going to go over to Miran and let's try to see if we can do this. Me run says, hey, Mark, I'm planning to move to California. Wow, ambitious. Okay. Hence we'll create an S corp in California. However, I might move to Massachusetts after a year. Is moving the S corp from California to Massachusetts easy or problematic? It is easy and it is not problematic. I've moved my S corp over the years as I've lived in different states and it's okay. My S corp is the same damn S corp I've had for over 20 years. And I can move from state to state. It's called all articles of domestication. I keep the same tax ID number, I file the same federal tax return, and I just move it from state to state as I go along. Now some of you are like, well, if you move to California, don't register there. It's going to. You're going to pay more tax if you move to California, you're going to pay tax in California. Move your damn corporation. Sorry, I hate to tell you. Yes, I actually have a good question from Deborah in the chat. Do you suggest gun trust separate from your Revocable Living Trust? Oh, good comment. So Deborah says, if you didn't hear that over the voice of God here, that was Corey over the microphone here said, if I. Deborah says, do you recommend a gun trust over a revocable living Trust? We have a lot of clients that do both. Or just the Revocable Living Trust. Let's contrast them. Yeah, let me contrast them. So some people do both, some people don't. So here's a revocable Living Trust versus a gun trust if you just have basic firearms. So let's say, you know, a deer rifle, a shotgun, maybe a 9mm. Just some basic handguns, nothing over the top, no high capacity clips, no silencers, yada yada. Basic firearms. We have a provision in the Revocable Living Trust that's going to say who's going to get these guns? And it's. It could be sufficient. And I recommend this bare minimum. So make sure your Revocable Living Trust is amended or when you design it you have that section to address any normal guns. Now, once you get into the ATF guns now you've got bigger problems. Oh, I said atf. That's not the word I wanted to use. Oh, help me out. NFR guns. So if. No nfr. NFR guns. If I'm going to get into these guns that have. We're talking about probably assault rifles, silencers, high capacity clips, things that. Well, high capacity clips is more of a state issue. But if you're going to get into these guns that are regulated, I think they're called Schedule 2 or something like that. Forgive me. I've got a gun trust article in the works right now to help clarify a lot of this. It's hard to answer these questions on the fly people. So thanks for patience. But with a gun trust, with these more regulated guns, let's call it that when I have more regulated guns, that's the benefit of a gun trust. The regulated guns. You're going to have a lot more benefits with a gun trust because you're going to be able to create issues to get around the possession problem. Because if you're the licensed owner of this regulated gun and it's in the safe, but someone in the house has the combination, that means they have possession or access to that gun. If they are not licensed to own that gun, that's a felony. There's been spouses charged on felony gun possession when they don't aren't even holding the gun, but they know it's in the house and they could go get it. And so that's one issue with a gun trust. You can have multiple trustees and multiple beneficiaries and people that can use the gun that are allowed to have a gun. You're not trying to get around that and you're going to make sure that there's privacy. And you can also get special permits and silencers and other types of guns with a gun trust, sometimes faster. And it's going to allow you to have more people to use the gun without the. I don't. Without the gov. The government coming in and seizing those firearms. Those are the words I was looking for. So I have. When, when you have regulated guns, you're going to definitely want a gun trust. But I still have clients that use these guns and put them in the gun trust because they still like that privacy and a little more of the organization to have that. It's kind of cool. All right, let's see here. All right, want to be one or two more questions? Let's see. Okay. Boy, a lot of the same people making the same comments. I'm trying to get some new callers in here. Leslie says thanks, Mark. Super helpful. Who can we talk to in your office to get our LLC paperwork all squared away and into a book? Any of you that are working on an LLC or a corporation, call our office and talk to Christy Rice. She is my director of business operations. She's incredible. And you can call the office at 435-586-9366. And if any of you have an LRC or a corporation and it's not up to date, the minutes are a mess. You want to get your annual maintenance done or you want to make sure your trust is the owner of them, call Christy. She can get the process started or get with you, the right people in the office. Let's see. Oh, Chris G. Says, mark, I bought a trust from you guys a few years ago but never finished it. Is it still good or do I need to order a new one? It depends, Kris, on how much we accomplished in the process or where you were at in the process. And we want to make it good with you. We would love to help get it finished up. And the person to talk to in the office if you're in that situation, Kris, is talk to Shantelle. She is my director of customer service. And Chantelle can help you, same phone number and say, hey, Chantelle, can you look me up? I'd like to figure out if we did some work already on it. We might have to charge you some to get it back up to where we can finish it up. Maybe an appointment, maybe not. Let's see where your. Your file's at. All right, I'm going to do one more question here. And this is a good one. Bik07s says I'm in a new REI. I'm a new real estate investor in Hawaii. Do I need a Wyoming LLC or will a Hawaii LLC be fine? Very interesting. So if we go to our trifecta here and let's just create a new one, and I love this question because this person that's in Hawaii says, I need an llc. Should it be in Hawaii or Wyoming? Well, I don't know. What are you doing? Would you. Where, where are your rentals? If your rentals are in Tennessee, even though you live in Hawaii, I'm going to set up a Tennessee LLC to own your Tennessee rentals. If it's rental property, you set up the LLC where the rentals are. Now, the Wyoming strategy is a higher level strategy where if this person Says, well, mark, I've got 10 rentals in three different states and they're worth a million dollars or more. Okay, we might set up a Wyoming llc even though you live in Hawaii to create more privacy and an extra layer of protection. And this LLC goes out and owns the other LLCs, which could work. Then if this person says, well, I'm not. I don't have rental property. I just moved to Hawaii to be a real estate investor and I'm going to buy property in Hawaii. Okay, well then you need a Hawaii freaking llc. And maybe down the road you could add the Wyoming in stage two. Maybe you need it now. I don't know what your net worth is and how much you're throwing down. If some of you like, well, Mark, I'm not buying rentals. I'm doing fix and flips and rehabs. Oh, well, you're going to start out as an LLC at least, or maybe go straight to the S Corp, which is where we want to be. And this is where you're going to do your fix, your flips, fix and flips and your realtor commissions and all those goodies. All right, well, everybody, I want to give away some books fast. I need these names. We're going to give away some good stuff here and I'm going to throw this up here. So if you're a winner, we're going to do this quick. I got to get out of here. Coreyarkjkohler.com he is going to cross check your information against your email. You email him and say, mark, I won. Or Corey. Sorry. You're going to say, corey, that's C O R E Y. You're going to say, I won a book. So tell me the winner and I'll tell you who the it's going to be. The Tax and Legal Playbook. And who's the winner? Lino Villegas. Lino Villegas. Lino Villegas wins the Tax and legal Playbook. I love this. It's a desktop reference for me. Going to give away the self directed IRA handbook. This is on those that are going to be investing their IRA, their 401ks, the Roths, Brett Canney. Brett Canney. This book's for you. We'll make sure that gets out to you. Thanks everybody for watching today. I appreciate it. What your CPA isn't telling you a story that makes tax planning come alive. You're going to love it. It's one of my first books that I just love. And our winner is Kyle Starr. Kyle Starr, who had some questions right out of the gate. Thank you, Kyle. I'll sign these books and get them out to you with a signature so you can give them away too, as a gift if you want. Business Owner's Guide to Financial Freedom. Nima Resran. Nima Resran. Thanks for your patience as we try to pronounce these. And the grand prize is going to be the eight steps. But next we have our 2022 calendar. It's going to be good up until Frank in December. I don't care if you get it then, because there's so many great resources in it. And our winner of another calendar is. Leroy Tillman Jr. We'll get you a book out, a calendar out, and then my eight steps workbook. 60 plus videos, tables, charts. Oh, my gosh, it's so good. 99 bucks on Amazon and so many people that already have businesses or want to build a business. This workbook is such a huge help. And our winner is. Wample Wample Wompol. W O M P E L O L okay. All right, well, everybody, thanks for watching today. We'll see you next week. I hope we're going to see where I'm at next week, hopefully here in the studio. Keep living the dream. Don't give up. Get your estate plan done. If you don't have a trust, get it done right. And we're here for you. Links down below. Thanks, everybody. Have a great day.