I personally use Prime Corporate Services because they will take care of you and they know this stuff better than anyone! ➡️ PRIMECORPORATESERVICES.COM/ABC
Please put you cars in their own separate trust. That way your home snd other assets cannot get hit by an auto accident lawsuit. This is what Yellow Cab Vegas does with each cab.
Jesus Christ…😳 His payroll must be astronomical with all those businesses! I would love to know his true margins in each LLC. Talk about building an empire… Dude just crushes it, then makes it sound like everything is so easy.
Hey! I love your content! We are looking for speakers that would want to be a part of our events in Utah, Las Vegas and Arizona. Would this be something you'd be open to hearing more about?
Starting out all you need, is what you need to work. if you’re concerned about anonymity, a Wyoming holding company will do which is what he has. But 1st check to see if your state provides anonymity, a few do and you can start with that. You can always sell or sign over your interest and you’re operating company so a holding company you create later. But bring in some money first, so everything pays for itself.
If you are looking to invest yourself it’s variable universal however whole life is not for everyone. In fact most everyday millionaires do term and then invest on their own and “self insure” so you don’t have to keep making payments most of your life
@@joeyhampton5075Correct you are my friend. The teachings of Primerica Financial Services. Buy term and use the difference in another type of fund & still borrow against it.
If the Holding LLC is an S-Corp, how does it make sense to hold buy/hold real estate assets within that ecosystem? Those assets would ideally be held in a “passive” holdings LLC separately owned by the Trust.
I’m 25 and have been ambitious to do this. I purchased my first property looking to make it a rental once I finish renovation. Any person in this field looking to help or teach even a phone call would be great. I would even venture to a community trust for assets as gold and silver too. My capital is low as I’m cash flowing all renovations. Once I have this home with some income I’ll start the real estate LLC and focus on fix and flips I’d like to have a dumpster and lawn care LLC managing all my properties also
Yes as long as the asset is increasing in value or providing more than that then it's ok. My lawyer said to put each house in it's own multi member LLC, so other LLCs don't get infected.
Depends on where you do deals I say. I do deals in Florida, so I purchased under a trust because of the laws concerning taxes when transferring real estate into LLC’s. It can get expensive really quick and kill the deal with potential profit losses due to regulations.
If you sell a house that is under an LLC and the LLC is owned by a holding company which is owned by a trust, when you sell the house, can you get principal residence exemption on that house? What kind of trust do you have?
It’s always going to depend on how you want to use it. No one is better than any other, they’re just different. They are over 70 different types of trusts.
Generally, that would be the case, but you have to understand what you’re protecting. Most of, if not all his properties have huge amounts of debt on them, so that keeps their financial liability low. And from the standpoint of asset protection, that’s why he has the set up. When you sue, you sue the owner. The owner is out of state and Wyoming where you’d have to get a local attorney that has thee strongest charging order protection in the country. It would be very, very hard and expensive. Most attorneys will try to get you settle knowing what they'd have to go through.
@@stevenarandle7581 Idk, I assumed he was selling the stuff. There’s so much RUclips content around whole life policies because the commissions are so high on them. The companies selling them make a ton of money on them, so they’re able to pay salesmen much higher commissions.
@pace what are the other companies you have on row 3? I see LENDING LLC, SOFTWARE, WHOLESALE, but there's 2 to the left. Also, who do you use for insurance and does each entity hold its own policy, bank account, etc..?
It says, "Fund, Media, Krypto, Lending, Software, Fix/Filps". Only one I'm not sure about if the very first one, Fund. Could be misreading it, it's blurry.
Hey I am a 17 year old male whose been researching endless and I basically came up with the same structure including using the whole life insurance to fund it all down the line however I’m have trouble with the clarity behind the entire idea and was wondering if you could help me just a little
Hey brother! Pace holds a FREE challenge each month where he and his wife, Laura train students for three days, and then you joint venture with his subto students. They have a team of lenders, transactional coordinators, unicorn real estate agents, and all the resources! Sound like something you'd be interested in? Register here: paceapproves.com/elephantytc
I’m curious; shouldn’t you have all those LLC’s under different holding companies for an extra layer of protection. And shouldn’t there be a c corp or an LLC holding the trust for an extra layer of privacy. I also noticed you don’t have a foundation setup for generosity and taxes.
A trust is more of a probate avoidance mechanism rather than an asset protection tool. The LLC’s provide the asset protection. Am I correct about all of this?
Main goal is avoid probate which IS actually asset preservation at the same time. Avoids big taxes and state interference, and your heirs get a step up in basis when you die which means gains can continue to compound uninterrupted. 2nd goal is to dictate how & when assets pass to beneficiaries after your death. Disclaimer: not an attorney or CPA and this is an opinion, not advice.
@@LambRealEstateStep-Up Basis is gone now for assets held in an irrevocable trust that are excluded from the taxable estate. Now you have to choose whether to include an asset in the estate (and deal with Estate Tax if it goes over) or pass on the original basis and depreciation. Living Trusts are still great for dodging probate though
No, Series LLCs are a single LLC that has sub entity protection but are only available in a few states like Texas. Texas doesn't have the asset Charging Order protection that Wyoming or Deleware has so holding companies are usually set up in those states. If a holding company is registered using a law firm, anonymity from private individual property searches can be achieved (but not from courts or federal treasury financial crime network due to new "anti-money laundering" laws...) Additional state-specific LLCs can be owned by the holding LLC.
@@RookieMistakeYT I talked to Prime Corp back in October and to be honest I don't remember if i asked the question.. i did go with prime and set up my holdings and LLC
By having a holding LLC...doesn't that make one liability lawsuit take all the sub-LLCs? If that fix and flip has a major lawsuit against it, they will go to the top LLC holding a relationaship.
Is it a conflict of interest to have, say, a roofing company as an entity and a public claims adjusting firm as another separate entity both under the same holding parent company? The reasons I ask is because it's illegal for a claims adjuster to also receive compensation for a roof that he/she is doing the adjusting for. I'm wondering if you could avoid this by having two separate legal entities under one holding company.
If you head over to my Facebook Group - paceapproves.com/communityfbc and ask this same question, I bet you'll get a lot of feedback. We have over 80k+ people in that group and my Mastermind Subto Students who I mentor are in there helping out. Join us!
Are you in IL by any chance? I have a holdings LLC and trying to get to the next step of creating a baby LLC for it but can not find any info anywhere on the proper steps to do so.
I don’t know what I’m doing, but shouldn’t the holding company be an S-corp? I mean its $18 renewal fee instead of $210, an extra 5 minutes of tax paperwork each year, and you’re eligible for health insurance so your s-corp can “contribute” 100 percent to your insurance tax free without being obligated to do that with other employees
Does prime corporate services set up the trust aswell? I'm really wanting to get started in Realestate, and even sign up as a student, but want to make sure I start with the right foundation. Is this where I should start?
@PaceMorby I'm now a student, going through the modules. Set up the trust and LLC's, and already in the process of lending on my first deal. We'll do deals together!
I'm Not an attorney but my understanding is that the best anonymity needs to be set up pristine from the beginning with a law firm as your registered agent and none of your information on the secretary of state site. Adding existing LLCs or properties with your personal name attached might ruin the anonymity of your structure. It's often better to start from scratch and then only put new LLCs and assets into this anonymous structure and keep old structures separated until liquidated or 1030 exchanged, etc... Make sure to talk to a real-estate and anonymity attorneys and understand the tax implications for any actions and the possible hints that your transfers might give to skilled attorneys doing an asset search as to your ownership of the holding company. The reason for anonymity is to avoid litigious people who would otherwise settle for insurance.
Problem is JB changed the rules for LLCs January 1, 2024. In addition, you will be required to send your picture to the government for every LLC you own or face a penalty up to thousands of dollars per DAY.
@@priestesslucy3299They're correct. According to my ChatGPT query "What is the new law passed by congress that requires every business to register the human beneficiary/owner of every company/corporation with the US treasury financial crimes unit. Supposedly it won't be accessible by the IRS but that's probably temporary like any new power the government gains." Answer: The law you're referring to is part of the Corporate Transparency Act, which was included in the National Defense Authorization Act for Fiscal Year 2021. The Corporate Transparency Act requires certain business entities to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury. This is intended to enhance the U.S. government's ability to detect and prevent financial crimes, including money laundering and terrorist financing. While the information is supposed to be used exclusively for law enforcement purposes, concerns similar to yours have been expressed by various stakeholders about the potential for the government to expand the use of this information in the future. It's important for these concerns to be addressed through oversight and accountability mechanisms to protect privacy and other rights.
![How to Set Up a Trust Fund in 2023 [Step-by-Step]](http://i.ytimg.com/vi/-OIVtJ10cnk/mqdefault.jpg)
🙏🏾 you just help me unlock the secret to the universe, this is what I’ve been asking about and I couldn’t get a straight answer that I understood.
Please put you cars in their own separate trust. That way your home snd other assets cannot get hit by an auto accident lawsuit. This is what Yellow Cab Vegas does with each cab.
Not necessary with certain trusts, the assets can be held separately by different trustees. It's a good idea to research trust laws
This is a great way to structure your businesses
That’s how Pros roll 🙌
Hey Pace,
Thanks for the vid. Can you do a vid on trusts and setup of the structure? Thanks man
Okkkkkk My Kings and Queens point blank knowledge is powerful love ❤
My boys spending 60k a year on renewals
LOL I wonder what the ROI is on all of the LLCs though
You can write all of that off
@@juliantorres3887 idgaf what u can write off ur still spending it 😂😂
You are probably correct. And making how much though?!!
@@stevenarandle7581 yeah probably an ungodly amount if he’s not lying
Is your trust revocable or irrevocable?
This the structure idea video I've been looking for!!!
This is a lot right here. I've heard of this but this is new for me.
Thank you. Your sharing is much appreciated Sir. You're a great educator.🎉
You are insane GOOd!!👊🏼
The most clearest explain-action yey 🎉
I definitely appreciate this video. It’s very informative 💯💯💯
Appreciate this break down
Such amazing info.
Thanks Kameren!
@@PaceMorby Anytime! I appreciate what you’re doing.
Hey thank you , I really appreciate you
You are so welcome!
I just subbed, based on this one video short.
It's that good.
Awesome, thank you!
Wow I need do this
Thank you ❤
Wait until you have to sit down and do all your corporate transparency act paperwork. Fun times.
30 minutes to report an empire
Very useful! Answers my question on how to deal with my two existing LLCs. Looks like I need to contact them
All depends on how they were filed and structured initially!
This makes sense 👌
Genies information thank you
Great knowledge
Interesting. Thx.
🤔💭
Jesus Christ…😳 His payroll must be astronomical with all those businesses! I would love to know his true margins in each LLC. Talk about building an empire… Dude just crushes it, then makes it sound like everything is so easy.
Why do you need to know his margins, this structure is all you need to know!!!
@@iamOAKland Didn’t say i needed to know anything. 🤷♂️ It’s called curiosity.
Well, Jesus Christ's payroll is certainly astronomical.
Awesome individual 👍
Great vid!
Nice bro Godbless you!
How come the holding LLC isn’t a
S-corp
Nice.👍
Thx
Hey! I love your content! We are looking for speakers that would want to be a part of our events in Utah, Las Vegas and Arizona. Would this be something you'd be open to hearing more about?
Can I do this for all business or is it just real estate
All those llcs have to be expensive especially starting out.
If a lawyer is doing it you’re looking at about 1k per llc.
Starting out all you need, is what you need to work. if you’re concerned about anonymity, a Wyoming holding company will do which is what he has. But 1st check to see if your state provides anonymity, a few do and you can start with that. You can always sell or sign over your interest and you’re operating company so a holding company you create later. But bring in some money first, so everything pays for itself.
🔥🔥
WOW....👍
Flipping Brilliant!
Would be good to know a similar company in UK who does that like the one you mentioned for the US
What kind d of trust did you use? Can a judge make you change the beneficiary to a creditor?
LLC's or Company names because I was told you can use multiple companies with different names but with one LLC
Lets discuss taxes and renewals for each LLC. Im worried about those items.
What kind of whole life insurance do you have? I understand it's best to put your money there and borrow from yourself, you become your own Bank.
I believe its a IUL
If you are looking to invest yourself it’s variable universal however whole life is not for everyone. In fact most everyday millionaires do term and then invest on their own and “self insure” so you don’t have to keep making payments most of your life
@@joeyhampton5075Correct you are my friend. The teachings of Primerica Financial Services. Buy term and use the difference in another type of fund & still borrow against it.
Yes
If the Holding LLC is an S-Corp, how does it make sense to hold buy/hold real estate assets within that ecosystem? Those assets would ideally be held in a “passive” holdings LLC separately owned by the Trust.
PCS ❤❤❤❤❤
Tyrone just told us too
nice
I don't understand who own house trust or LLC? (hold strategy)
Thanks for your answers)))
I’m 25 and have been ambitious to do this. I purchased my first property looking to make it a rental once I finish renovation. Any person in this field looking to help or teach even a phone call would be great. I would even venture to a community trust for assets as gold and silver too. My capital is low as I’m cash flowing all renovations. Once I have this home with some income I’ll start the real estate LLC and focus on fix and flips I’d like to have a dumpster and lawn care LLC managing all my properties also
How are you cashflowing your renovations? Looking to do something similar since I'm also starting out with low funds
By “whole life insurance policies”, are you saying you use Infinite Banking? Just curious.
Great?
Trust has no annual registration fee, LLCs are like $150 per year.. having 100 llcs is somewhat an expense
Yes as long as the asset is increasing in value or providing more than that then it's ok. My lawyer said to put each house in it's own multi member LLC, so other LLCs don't get infected.
does the holding has its bank account?
For someone looking to start a real estate company or AirBnB would you start with a Trust or Holding company?
Do you recommend using a trust when you wholesale houses or do you put it in a LLC ?
Depends on where you do deals I say. I do deals in Florida, so I purchased under a trust because of the laws concerning taxes when transferring real estate into LLC’s. It can get expensive really quick and kill the deal with potential profit losses due to regulations.
Pace, do you use a spendthrift trust?
As a software engineer, what is the runtime and memory space of the data structure?
So this is just a commercial for prime, thanks.
Of course. If thats who I use... dont you want to know who did the setup for us?
I was asking in my head who do you use so thank you
Morby!
Tubefish!
Do you have video in depth? Thanks
If you sell a house that is under an LLC and the LLC is owned by a holding company which is owned by a trust, when you sell the house, can you get principal residence exemption on that house? What kind of trust do you have?
Should one make a trust first then holding llc? Or can I fold my LLCs into the holding LLC and my holding into my trust after the fact
How much do all these different entities cost to maintain?
Is your trust a revocable or irrevocable trust?
It’s always going to depend on how you want to use it. No one is better than any other, they’re just different. They are over 70 different types of trusts.
Should you do this if your just starting out?
From whet I heard you don’t want multiple entities in one LLC. If they go after one entity, they have access to the others.
Correct you do not want multiple assets in one llc
Generally, that would be the case, but you have to understand what you’re protecting. Most of, if not all his properties have huge amounts of debt on them, so that keeps their financial liability low. And from the standpoint of asset protection, that’s why he has the set up. When you sue, you sue the owner. The owner is out of state and Wyoming where you’d have to get a local attorney that has thee strongest charging order protection in the country. It would be very, very hard and expensive. Most attorneys will try to get you settle knowing what they'd have to go through.
would you recommend all homeowners to get a trust ?
Land trust for your home
Don’t take legal or financial advice from someone on the internet, especially someone dumb enough to buy whole life insurance.
@@kungfoochicken08he’s probably just repeating something somebody told him to make videos. That might be the only money he’s making?!?!
@@stevenarandle7581 Idk, I assumed he was selling the stuff. There’s so much RUclips content around whole life policies because the commissions are so high on them. The companies selling them make a ton of money on them, so they’re able to pay salesmen much higher commissions.
@@kungfoochicken08😂😂😂 don’t be so mean whole life has its purposes 😂
@pace what are the other companies you have on row 3? I see LENDING LLC, SOFTWARE, WHOLESALE, but there's 2 to the left. Also, who do you use for insurance and does each entity hold its own policy, bank account, etc..?
It says, "Fund, Media, Krypto, Lending, Software, Fix/Filps". Only one I'm not sure about if the very first one, Fund. Could be misreading it, it's blurry.
Hey I am a 17 year old male whose been researching endless and I basically came up with the same structure including using the whole life insurance to fund it all down the line however I’m have trouble with the clarity behind the entire idea and was wondering if you could help me just a little
Hey brother! Pace holds a FREE challenge each month where he and his wife, Laura train students for three days, and then you joint venture with his subto students. They have a team of lenders, transactional coordinators, unicorn real estate agents, and all the resources!
Sound like something you'd be interested in? Register here: paceapproves.com/elephantytc
So if I have an LLc I can put it as the single member or owner of my new LLc
I’m curious; shouldn’t you have all those LLC’s under different holding companies for an extra layer of protection. And shouldn’t there be a c corp or an LLC holding the trust for an extra layer of privacy. I also noticed you don’t have a foundation setup for generosity and taxes.
A trust is more of a probate avoidance mechanism rather than an asset protection tool. The LLC’s provide the asset protection. Am I correct about all of this?
Main goal is avoid probate which IS actually asset preservation at the same time. Avoids big taxes and state interference, and your heirs get a step up in basis when you die which means gains can continue to compound uninterrupted. 2nd goal is to dictate how & when assets pass to beneficiaries after your death. Disclaimer: not an attorney or CPA and this is an opinion, not advice.
@@LambRealEstateStep-Up Basis is gone now for assets held in an irrevocable trust that are excluded from the taxable estate.
Now you have to choose whether to include an asset in the estate (and deal with Estate Tax if it goes over) or pass on the original basis and depreciation.
Living Trusts are still great for dodging probate though
@@priestesslucy3299 100%. Pretty sure Pace recommends a revocable trust too, so you'd still get all of the previously stated benefits.
There is no main goal, if you've seen one trust, you've only seen one trust. Google hybrid purpose trust
Do you use different banks for all LLCs or can I open a separate bank account for separate llcs with the same Bank firm ?
😎✌️
Thanks 😊
No problem 😊
How much did it cost you to set up a trust just wanna compare numbers thanks
Probably around $3k. Depending on the type, they could be more
How would this be done in the uk
Is a holding LLC the same as a series LLC?
No, Series LLCs are a single LLC that has sub entity protection but are only available in a few states like Texas.
Texas doesn't have the asset Charging Order protection that Wyoming or Deleware has so holding companies are usually set up in those states.
If a holding company is registered using a law firm, anonymity from private individual property searches can be achieved (but not from courts or federal treasury financial crime network due to new "anti-money laundering" laws...) Additional state-specific LLCs can be owned by the holding LLC.
The masses really are delusional. Nobody even notices that this was an ad for an affiliate
That is the first thing I noticed 😂but it doesn't discredit the information
Hi Pace.. so I went to Prime Corp and set up my holding and LLC.. can still add the trust if I never started with that?
Just curious if you ever got any info on this?
@@RookieMistakeYT I talked to Prime Corp back in October and to be honest I don't remember if i asked the question.. i did go with prime and set up my holdings and LLC
@@ric.huerta01 would you recommend them?
@@RookieMistakeYT yes
So how do you start a trust
By having a holding LLC...doesn't that make one liability lawsuit take all the sub-LLCs?
If that fix and flip has a major lawsuit against it, they will go to the top LLC holding a relationaship.
What type of trust ?
what kind of trust, living, irrevocable...???
Is it a conflict of interest to have, say, a roofing company as an entity and a public claims adjusting firm as another separate entity both under the same holding parent company? The reasons I ask is because it's illegal for a claims adjuster to also receive compensation for a roof that he/she is doing the adjusting for. I'm wondering if you could avoid this by having two separate legal entities under one holding company.
If you head over to my Facebook Group - paceapproves.com/communityfbc and ask this same question, I bet you'll get a lot of feedback. We have over 80k+ people in that group and my Mastermind Subto Students who I mentor are in there helping out. Join us!
Damn that's a good hustle lol definitely don't get caught mixing those entities too close together.
This discount code didn’t work anyone knows a different one ?
How can I learn this
Are you in IL by any chance? I have a holdings LLC and trying to get to the next step of creating a baby LLC for it but can not find any info anywhere on the proper steps to do so.
I'm not. Set up a call with Prime Corporate Services. They can help you with structuring your LLC: go.www.pacejmorby.com/pcs
What kind of trust, what kind of llc, or is this just a clever ad?
Hello do form trust in the beginning
Dude said excetera
I don’t know what I’m doing, but shouldn’t the holding company be an S-corp? I mean its $18 renewal fee instead of $210, an extra 5 minutes of tax paperwork each year, and you’re eligible for health insurance so your s-corp can “contribute” 100 percent to your insurance tax free without being obligated to do that with other employees
Everyone talks about”Trusts” but what type of trust are you using and why ? Feel like so much content creators leave so much info out..
Am I seeing that right that you have an LLC for tithe?
Does prime corporate services set up the trust aswell? I'm really wanting to get started in Realestate, and even sign up as a student, but want to make sure I start with the right foundation. Is this where I should start?
Yes they can help with trusts paceapproves.com/primeytc
@PaceMorby I'm now a student, going through the modules. Set up the trust and LLC's, and already in the process of lending on my first deal. We'll do deals together!
How
Do you use a third party website to set up your LLCs?
We use Primecorporateservices.com
Could I turn my Wyoming LLC into a holding company? Will it still provide an amenity for me?
I'm Not an attorney but my understanding is that the best anonymity needs to be set up pristine from the beginning with a law firm as your registered agent and none of your information on the secretary of state site.
Adding existing LLCs or properties with your personal name attached might ruin the anonymity of your structure. It's often better to start from scratch and then only put new LLCs and assets into this anonymous structure and keep old structures separated until liquidated or 1030 exchanged, etc...
Make sure to talk to a real-estate and anonymity attorneys and understand the tax implications for any actions and the possible hints that your transfers might give to skilled attorneys doing an asset search as to your ownership of the holding company.
The reason for anonymity is to avoid litigious people who would otherwise settle for insurance.
Problem is JB changed the rules for LLCs January 1, 2024. In addition, you will be required to send your picture to the government for every LLC you own or face a penalty up to thousands of dollars per DAY.
Can you provide a link to learn more?
This sounds fake, can you tell us where we can verify it?
@@priestesslucy3299They're correct. According to my ChatGPT query "What is the new law passed by congress that requires every business to register the human beneficiary/owner of every company/corporation with the US treasury financial crimes unit. Supposedly it won't be accessible by the IRS but that's probably temporary like any new power the government gains."
Answer:
The law you're referring to is part of the Corporate Transparency Act, which was included in the National Defense Authorization Act for Fiscal Year 2021. The Corporate Transparency Act requires certain business entities to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury. This is intended to enhance the U.S. government's ability to detect and prevent financial crimes, including money laundering and terrorist financing.
While the information is supposed to be used exclusively for law enforcement purposes, concerns similar to yours have been expressed by various stakeholders about the potential for the government to expand the use of this information in the future. It's important for these concerns to be addressed through oversight and accountability mechanisms to protect privacy and other rights.
I'm sure officials in the government won't abuse our information...
@@philosophyzeright; we can trust the government!!😂😂😂