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Special Trusts: defer ALL passive income tax - reduce active income down to 12-18%

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  • #46
    Originally posted by Klemens View Post
    James, why do you keep insisting that I committing tax fraud? I said before that I have nothing to hide from IRS and not evading tax. You did not scare me anything. You just made me realize that societal indoctrination clouded your mind to other "out of the box" idea. It's hard "to teach old dog with new trick." You can stick with your herd mentality.
    You can’t logic someone out of something they didn’t logic themselves into so I don’t expect your mind to be changed. However, your definition of tax fraud and the IRS definition differs but their’s is the only one that matters. I’m incredibly confused how you think any part of this is on the up and up.

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    • #47
      OP, is it reasonable to ask for references in this plan beyond your attempts to educate us?

      It would nice to verify this as a viable option, yet you refuse to refer to the folk that benefit from your efforts to educate. Why? This refusal undermines your stance this is kosher and well vetted. Why the secrecy?

      As a stated physician, you know that trust but verify is baked into our psyche. Plenty of forum members have learned from each other here with some advanced savings and earning techniques.

      ​​​​​​If this is truly new sliced bread, why not refer the bakers of this recipe?

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      • #48
        Instead of posting trying to educate all of us about this scheme, maybe should have thought about why we're not all already doing it. WCI forum has to be the most financially literate group of doctors and others anywhere. And if none of us are doing it..
        Usually if someone suggests getting a lawyer, you should

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        • #49
          You could also post this over on Bogleheads to get their viewpoint. They have a lot more non-medical professionals. I would bet your thread would eventually get shut down for promoting tax evasion.

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          • #50
            Funny comments... Again, people just don't know what they don't know and I accept that. No promotion from me. Period.

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            • #51
              Originally posted by Klemens View Post
              James, why do you keep insisting that I committing tax fraud? I said before that I have nothing to hide from IRS and not evading tax. You did not scare me anything. You just made me realize that societal indoctrination clouded your mind to other "out of the box" idea. It's hard "to teach old dog with new trick." You can stick with your herd mentality.
              I would personally never take medical advice from a lawyer, nor legal advice from a doctor, so your posts are just pure entertainment for me. But if you are so sure what you are doing is legal then it should be easy to confirm that with a consultation with a qualified and reputable trust and estate attorney. Let us know what she says after you've done that.

              Otherwise you're just a fanatic, which Winston Churchill defined as someone who cannot change their mind, and will not change the subject. Fanatics make good cult leaders, but not legal counsel.

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              • #52
                Originally posted by Klemens View Post
                James, why do you keep insisting that I committing tax fraud? I said before that I have nothing to hide from IRS and not evading tax. You did not scare me anything. You just made me realize that societal indoctrination clouded your mind to other "out of the box" idea. It's hard "to teach old dog with new trick." You can stick with your herd mentality.
                I've literally been teaching doctors "new tricks" and "out of the box" ideas for over a decade. Yet you're convinced I'm "indoctrinated" and "stuck in a herd mentality." Don't you think that's kind of weird for me to all of a sudden be against new tricks and out of the box ideas?

                If you have nothing to hide from the IRS, take me up on that little bet. Seriously, I'll write a big blog post about your technique and bring you on the podcast if the IRS and your state tax commission bless it during your audit. If they don't, lots of med students get extra money in their WCI scholarship. It's a real win-win, no?

                You're convinced thousands of other "elites" are doing this. How do you know? Name a few.
                Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                • #53
                  Originally posted by CordMcNally View Post
                  You could also post this over on Bogleheads to get their viewpoint. They have a lot more non-medical professionals. I would bet your thread would eventually get shut down for promoting tax evasion.
                  I don't think more people telling him it's tax evasion is going to change his mind. I think there's probably only one thing that is going to do that. The best we can do is make sure no other WCIers think this is legit and follow him down this rabbithole.
                  Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                  • #54
                    Originally posted by Klemens View Post
                    Funny comments... Again, people just don't know what they don't know and I accept that. No promotion from me. Period.
                    Valid concerns that haven't been answered and only deflected with 'you just don't know'

                    Okay, we've sat through the timeshare presentation. Where's my free dinner and point of reference?

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                    • #55
                      I am not advising anyone here, nor promoting anything. Just informing.

                      James, I do no want to become a source for you to generate more ads revenue with your podcast. Think about it: what's really in it for me to do that with you? I have nothing to gain here.

                      Enjoy paying tax as you are content too. Good luck.

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                      • #56
                        Originally posted by StarTrekDoc View Post

                        Valid concerns that haven't been answered and only deflected with 'you just don't know'

                        Okay, we've sat through the timeshare presentation. Where's my free dinner and point of reference?
                        What are valid concerns that need answers?

                        I have answered in details the what, how, and why the strategy works with my true intention of informing people.

                        The rest of the posts from others in here were just stating their opinions implying that this does not work, or advising me to get second opinion from unbiased trust lawyers, etc... Also several posts were asking me for the law firms who set this up, etc... I believe they implied that the strategy is a scam that I got into, rather than wanting to seek the truth behind it. With that intention, there is no need for me to say about the firms because the next thing I will get is that "so you are promoting this frivolous scheme for those firms".

                        Let's be real. If there are real valid concerns in a spirit of exploring then I am happy to answer.
                        Last edited by Klemens; 01-23-2022, 11:06 AM.

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                        • #57
                          WCI

                          I am surprised that you are spending so much time on what is clearly a fraudulent scheme. If he had not had the words MD used here and spouted some obscure IRS rule I doubt anyone would have given him the time of the day.

                          My only hope is that no one else on this from tries such crazy schemes.

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                          • #58
                            And digging up the OP's last thread, it also was one of dubious nature and when the forum members disagreed with him/her, he wanted the thread closed.

                            https://forum.whitecoatinvestor.com/...ction-strategy

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                            • #59
                              It is sad.

                              This person has been convinced that they have a great tax avoidance plan and that anyone who disagrees " just does not understand" the sophisticated strategy. This means that no amount of challenges will be attended to. There would be no point in asking attorneys. If the attorneys disagree with the plan, then they "don't understand" and therefore their opinions are worthless.

                              The best I can suggest is to establish some criteria for expertise in a tax lawyer. You might start with a masters in taxation after the JD. Add being an ACTEC fellow and 20 years experience as a tax lawyer. If some of that was as an attorney for the IRS, all the better. Leadership positions in tax law for their bar association would be another indicator other tax lawyers consider your lawyer to be an expert.

                              To be on the safe side, identify two such people independent of each other.

                              Consult both of them. If they both say your plan is perfectly legal, then please come back and tell us what they said. If one says yes and one says no, tell.us about both.

                              If, far more likely, both of them give you high five figure to low six figure costs to straighten this out, please tell us that as well.

                              But get professional help.

                              If you stick with the notion that anyone who disagrees just does not understand, then no one can help you.
                              Last edited by afan; 01-23-2022, 01:37 PM.

                              Comment


                              • #60
                                Originally posted by Kamban View Post
                                And digging up the OP's last thread, it also was one of dubious nature and when the forum members disagreed with him/her, he wanted the thread closed.

                                https://forum.whitecoatinvestor.com/...ction-strategy
                                Yes exactly! I just happen to be the contrarian in this forum and I stand behind what I posted and what I believe. I do not follow the herds here.

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