HI Jake, Can you elaborate more on the Operating Agreement? Is this an agreement separate from LLC documents? Where do you obtain an Operating Agreement? Is it just a general term for operating an LLC? Thank you.
The operating agreement is a document you'll need to have in place after forming your entity - I always suggest seeking legal counsel from an attorney for any questions. I have some quality law firms listed in the directory on our website at www.digitalfamilyoffice.io
Hi Jake, thanks for the great information! Once I've set up a Recovable Living Trust and create my Holding Company and Operating Compan(ies), do I transfer my digital assets into the Holding Company? And if so, if I want to continue DCA-ing, I would have to make the purchases with the funds in the LLC, correct?
Yes, You can make purchases from the LLCs bank account or you can use your personal account and record the transfer on a written action or consent form.
Thank you for your question. I am going the same route with setting up a trust. My question to you is Do you have to also set up a LLC OR do you set up a regular banking account with the trust name? Thank you.
what difference does it make if you move your digital assets into a trust or LLC before or after "the liquidity event"? I see zero tax benefits in doing so. I see an increased tax event for the LLC. Im confused as to the "rush" pitched as "before a liquidity event" unless i guess if you have a pissed off wife or exwife lol or somebody that is already trying to sue you and just trying to avoid having you shit taken.
Does depositing digital assets into a single member LLC incur a capital gain? The digital assets will not be sold. I have searched for this but cannot find an answer. Thanks Jake!
hey Terry, I did a video with Molly Elmore recently and talked a bit about this - ruclips.net/video/81FuAAxl9N8/видео.html Shoot me an email via the form on my website at www.digitalfamilyoffice.io if you'd like to talk more about how we might be able to assist
Hey there, I've been working to establish some more resources for our friends to the North and should have some additional info available in the near future.
I had asked you a previous question about funding/transfering your personal crypto to your new LLC and what the tax implications might be. You suggested to look into gifting them, but I see there is an annual limit for gifting. What are your thoughts about designating them as a capital contribution? Do you know if there are tax implications in that situation?
Hey there, easiest thing to do is to join our discord community at mastermind.beyondbroke.com - we do two weekly calls and can answer any questions there.
So if 5000 XRP, goes in to holding company. Then it turns into 50 million. Since its in a holding or trust help. What if you do not use crypto? What if you borrow against it? Do you still have to pay tax agaist the loan you draw?
It is wrong, morally wrong. People not in the know for decades thought they could 'gift'(IE: pass an inheritance) to the next gen only to get hammered by the gift tax threshold. Thousands of family farm families across America were devastated when the threshold was much lower. Gotta plan forward. Gift tax is wrong IMO. Think we are a 'free' people? 'They' will try to come for it when you move it on or sell. END THE(criminal) IRS. @@beammeaboard
Why am I so relaxed 😌 😂😂😂 I know this is your most early content. Lol It's awesome, man. Soooo grateful for ya. Jonathan has helped me with my LLC. He's also a great dude.
The Fee depends on the state in which it’s filed and the rate your attorney charges if you use one Visit my website as well, we can help set it up - www.digitalfamilyoffice.io
Question Hypothetical Scenario: I've held 10 BTC for over a year (long term) during bull market BTC goes to $100k. To avoid volatility I convert $1m to a stable coin does my long Term BTC investment, now become a short term stable coin investment, which is held to high taxes (unless I hold for over a year?)
@@midwestkevin6101 I thought about that. Then again because it’s a stable coin there shouldn’t be that much if any volatility. So since I’m taxed only on gains it might not matter. Hopefully
1. What's the actual tax benefit of going through all these hoops to set up an LLC if you still have to pay capital gain taxes? 2. What's the benefit of trusting some overseas company with your crypto and give them a huge chunk in fees when you can just use Kraken OTC trade desk? It's the easiest thing ever and super low fees
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Join my Mastermind community on Discord and get exclusive info and dealflow - Visit mastermind.beyondbroke.com
Hey Jake, very well spoken. I learned a good bit in the last 7:40. Thanks for posting.
Thank you for taking the time to watch!
You’re a legend brother, thank you 🙏🏽
Thank you for the valuable information sir. Definitely appreciate you.
Thanks for watching!
I appreciate you brother.
Thank you and thanks for taking the time to watch!
HI Jake, Can you elaborate more on the Operating Agreement? Is this an agreement separate from LLC documents? Where do you obtain an Operating Agreement? Is it just a general term for operating an LLC? Thank you.
The operating agreement is a document you'll need to have in place after forming your entity - I always suggest seeking legal counsel from an attorney for any questions. I have some quality law firms listed in the directory on our website at www.digitalfamilyoffice.io
Hi Jake, thanks for the great information! Once I've set up a Recovable Living Trust and create my Holding Company and Operating Compan(ies), do I transfer my digital assets into the Holding Company? And if so, if I want to continue DCA-ing, I would have to make the purchases with the funds in the LLC, correct?
Great question
Thank you for watching!
Yes, You can make purchases from the LLCs bank account or you can use your personal account and record the transfer on a written action or consent form.
Thank you for your question. I am going the same route with setting up a trust. My question to you is Do you have to also set up a LLC OR do you set up a regular banking account with the trust name? Thank you.
what difference does it make if you move your digital assets into a trust or LLC before or after "the liquidity event"? I see zero tax benefits in doing so. I see an increased tax event for the LLC. Im confused as to the "rush" pitched as "before a liquidity event" unless i guess if you have a pissed off wife or exwife lol or somebody that is already trying to sue you and just trying to avoid having you shit taken.
Does depositing digital assets into a single member LLC incur a capital gain? The digital assets will not be sold. I have searched for this but cannot find an answer. Thanks Jake!
Do you have any information about custody of our assets? And we tie the custody account to our Caleb and Brown account?
hey Terry, I did a video with Molly Elmore recently and talked a bit about this - ruclips.net/video/81FuAAxl9N8/видео.html
Shoot me an email via the form on my website at www.digitalfamilyoffice.io if you'd like to talk more about how we might be able to assist
Great insights… just curious… why Australia? I’m in the US.
Most of our clients are US based
Hi Jake…Hope you are well…. Are you saying the company name of Caleb and Brown..?
Likewise, Caleb & Brown in Australia
Can you do a video on this for Canadians?
Hey there, I've been working to establish some more resources for our friends to the North and should have some additional info available in the near future.
What is the Ascension Group for? Are they notarizing the docs for Caleb and Brown?
I had asked you a previous question about funding/transfering your personal crypto to your new LLC and what the tax implications might be. You suggested to look into gifting them, but I see there is an annual limit for gifting. What are your thoughts about designating them as a capital contribution? Do you know if there are tax implications in that situation?
I believe capital contributions are tax free and therefore should be the right choice to make
Jake, how can I get linked with you all for a discussion? I'm looking to move in this direction.
Hey there, easiest thing to do is to join our discord community at mastermind.beyondbroke.com - we do two weekly calls and can answer any questions there.
@jakeclever what bank would you suggest setting up an account with?
Thanks for watching - check out my video here where we discuss this in a bit more detail: ruclips.net/video/XrD9AlhKN8k/видео.html&lc
@@jakeclaver Thank you Sir!
Does this also apply to shares held in a private company
Do you have recommendations for Canadians or have a professionals you can refer?
Another great video.
Thank you & thanks for watching!
HI JAKE, WHO CAN I CONTACT TO HELP ME SET ME UP?
You pay less taxes on long term capital gains rather than and LLC or an S corporation.
So if 5000 XRP, goes in to holding company. Then it turns into 50 million. Since its in a holding or trust help. What if you do not use crypto? What if you borrow against it? Do you still have to pay tax agaist the loan you draw?
loans are not income and not taxable
Why do you reference not saying trading crypto? But do put it in you operating agreement?
Some banks don't like hearing that when setting up the account, saves you the hassle
We have to give them our full wallet address? Hiw safe is that, that's a no no In the community
Does it make sense to have multiple holding companies or trusts?
depending on the size of your holdings and your particular situation, it could - We are working to get another video out on trusts very soon
OUCH! 40% tax just to move assets to a trust? OMG.
It is wrong, morally wrong. People not in the know for decades thought they could 'gift'(IE: pass an inheritance) to the next gen only to get hammered by the gift tax threshold. Thousands of family farm families across America were devastated when the threshold was much lower. Gotta plan forward. Gift tax is wrong IMO. Think we are a 'free' people? 'They' will try to come for it when you move it on or sell. END THE(criminal) IRS. @@beammeaboard
It's not the capital gains tax, it's the lifetime gift tax as you are 'gifting' your assets into the LLC or trust at that point. @@midwestkevin6101
Thank you for watching!
Above 12.5 million
@@crypto_guapobenefit of setting up a llc. Over me just holding my own crypto in hardwallets?
Jake, It looks like setting up an LLC has gone up to $1,000...a lot more than $300-$500 you mention in this video.
Why am I so relaxed 😌 😂😂😂 I know this is your most early content. Lol It's awesome, man. Soooo grateful for ya. Jonathan has helped me with my LLC. He's also a great dude.
music name ?
not sure, the person that edited it for me added it in
Thank you for the information my question is there a fee associated with setting up a LLC?
The Fee depends on the state in which it’s filed and the rate your attorney charges if you use one
Visit my website as well, we can help set it up - www.digitalfamilyoffice.io
Question Hypothetical Scenario: I've held 10 BTC for over a year (long term) during bull market BTC goes to $100k. To avoid volatility I convert $1m to a stable coin does my long Term BTC investment, now become a short term stable coin investment, which is held to high taxes (unless I hold for over a year?)
@@midwestkevin6101 I thought about that. Then again because it’s a stable coin there shouldn’t be that much if any volatility. So since I’m taxed only on gains it might not matter. Hopefully
1. What's the actual tax benefit of going through all these hoops to set up an LLC if you still have to pay capital gain taxes?
2. What's the benefit of trusting some overseas company with your crypto and give them a huge chunk in fees when you can just use Kraken OTC trade desk? It's the easiest thing ever and super low fees