You must be logged in to reply to this topic.
More than 20 years ago I went to a charitable remainder trust, and Jack Miller taught the trust, but didn’t go into a lot of depth, simply because most of us were not truly utilizing them.
I today now am looking at these, because honestly back then Jack looked at me and asked me how old I was, and I told him and he said you’re far too young.
Even still, he gave me lots of information. I dug I learned and because the properties that I’ve got that I bought years ago and greatly appreciated. This appreciation could and would be taxable and it is much easier and less expensive to convert and transfer the into a charitable remainder trust.
State, federal, local taxes as well as depreciation all, when done correctly, can and will be wiped clear!
Jackie, if you have anything on this, you’re welcome to send it to me directly, as you did with the files and you’re certainly welcome to share with all of the cash flow depot recipients.
I’m sure I’m not the only one with gray hair!
Thank you for what you do,
Really good info!
I still have Jack Miller’s book about Charitable Remainder Trusts.
The very first Jack Miller seminar I went to was Advanced Asset Protection and Estate Planning strategies. I didn’t have a clue what he was talking about. But it was obvious that I found the ONE real estate investor training that really knew he was talking about. He did talk about charitable remainder trusts during the seminar. It is definitely an advanced strategy and perfect for “enders” with assets to protect.
The charitable remainder trust seminar was about those trusts specifically. As I remember it was a 5 day class.
Jack was barely able to speak at the end. He was a trooper. He would wear himself out.
I was just like normal, taking it all and taking heavy notes and asking lots of questions.
When I called him on the phone. It was quite comical, he gave me a name for the trust, but didn’t give me the right name. Because he didn’t want me to do anything wrong. Instead bless his heart. He wanted me to come to the seminar.!
That charitable remainder trusts, help me and anyone else avoid taxation!
While on a conference call, I simply put up a question in the chat about charitable trusts and they got 3 different people, asking questions and seeking answers.
I think we become so accustome to giving way profit and paying taxes that everybody takes it as a normal. Thing to do.
Every day or almost every day you hear about donations for this and that being given by the corporations.
These are pretty much the same thing but, the word irrevocable tends to scare the hell out of people. I think? I’ll inquire to the members and after their opinion.
In short, one property I bought 24 years ago for $21,000 has a price now of about $450,000 as is.
To purchase the property for cash and have probably put 3 roofs on the property. We get a lot of rain in Oregon. One new furnace and also a breaker box.
These occupants of this property where the sellers, and I purchased the property. As I mentioned for $21,000 and I will donate the property and receive $170,000 in credit toward my federal taxes..
The good parts are, I will not pay federal taxes, state taxes County taxes or any of their other traditional expenses.
Anyone who is experienced or does have equity, should certainly look at this. I would welcome you to do a conference call on this because I’m sure I’m not the only person who does not want to give 50% of what they’ve made to the state or the federal government.
A caveat is, I was in the habit of buying properties on the cheap! Kind of like Jack Miller. Except I was a Carpenter and I was able to do all the work and I probably got too wrapped up in that but over the years operating with no debt. It’s been nice.
Having an open conference call about the charitable trusts the benefits and the pluses would be a good thing for all of the membership.
I’ve gone to every trust class that Jack has put on and the charitable remainder trust can be done with probably 6 or 8 different trust types.
I have federal and state taxes in Oregon, and I lost my tail one-on-one DEQ property, but I was pleased when I didn’t have to pay a dime and taxes!
Over the years on the cruise ship I’ve heard stories and experiences of other people losing money and in a roundabout way, you try as hard as it cannot lose money, but sometimes you just lose your butt.
And of course you have to do the right thing and report that on your taxes!
I hope that lights a lightbulb in the head of some of the other investors out there 🙂
Thanks so much for your, input,
Dan Butler love to hear from other people!
You must be logged in to reply to this topic.