0:00 I wonder if they like twisting the knife a little bit they're like what if the other guy has a huge dick and you're like wait what what the ████ is [Music] all right this is this is gonna be a good one because uh Min had a good video about what to do in this situation uh the third biggest lottery jackpot was just awarded in Illinois 1.34 billion whoa whoa a billion Oh Billy that's not even that's not even funny anymore that's just ridiculous how much do they get to leave with after taxes well it's going to be split between two people because two people want it how the ████ they get the same number and that means each person is only going to take home like a quarter million a quarter billion 250 or something like that are they both in Illinois or only one uh yeah they're
0:51 both in Illinois dude that's right do they got state taxes like we do or no do they only have to pay federal they got federal state they have federal and state yeah so if you take a look so you take a lump sum right now you get less than you can do it over yeah 30 years but the thing is in 30 years if they keep raising taxes it gets diminished anyway so you either pay as well always go for the love I think that's the biggest thing is like not to tell anybody oh yeah that's they definitely did that thing where like so I don't know if it's the same in Illinois but I know it is in California if you win the lotto and you don't want anyone to know that it was you you have to give up some of that money to buy that anonymity son's a ████ what the ████ how much I don't know I really don't know what it is it's worth it but God if you have a big family yes the ████ Lotto Mafia well that's probably the first good thing to spend that money
1:41 on yeah that's true so they're splitting the money uh it's they chose to do the lump sum it says they're they're choosing the lump sum payment I don't know if it's correct 780 million each wow is that the right math 1.3 that's almost like 700 million each yeah 780 million each yeah yeah you're probably walking with 700 so probably like 300. hey yeah that's still right that's pretty good yeah they take 400 from you God when you do when you do the lump sum they take more than just way more yeah but then if that's better because if you do the payments then you know they're not going to send an assassin to kill you and cut the payments shortly sure true so what was it that you said you had a thing on your socials about what you would do and it was pretty ████ smart because yours was really good it was mainly about uh not paying tax on pretty much the money that you you earn
2:32 yeah so I would I would go out there first like get a lawyer get a lawyer first and then take that money and find a way to put it into more properties and then when you put in the property put in the trust where if you put in enough trust pretty much you're not paying taxes on the gain yeah if you're in the trust or if you put it into your raw your retirement you don't have to pay taxes on the game so it's about capital gains what if what if um are you so like do they give you the check first and then they're subject to tax after or is it like a paycheck where they remove the tax first and then they give you the remainder that I don't know but rather than just having to take the tax on the spot yeah you know I think they take the tax out and they give you the remainder do they give you one of those big ass checks I hope so right that these guys like trying to be anonymous and like walking into the bank because I'm wondering if okay so like if like let's
3:22 say I own the Red Cross that's my organization nice what if I won the lotto and I go yeah I'm gonna take the whole thing and just donate it then would they be able to but then you up your salary oh but they know that you are the Red Cross you're donating to something exactly so like because you know when you when you make earnings right but if you give it all away they can't tax you on that to a non-profit yeah because it's like you didn't you didn't take any of that I think I think they're already taking the taxes out when they give you the money though yeah you don't get it yeah right away so you were saying that it's better to um let's say you got all that money rather than put it in stocks and those stocks do well you have to pay Capital Gains if you put it in real estate what happens if you're the properties go up in value that you if they if they go up in value you just sit
4:12 on it unless you want to transfer the property out so you're just sitting on the property and just gaining Equity you're not really paying tax on the equity and then you keep transitioning up and up and up and then of course if you do want to sell it you sell off a portion and you can slow down how you get taxed on that money too so there's all different ways to with real estate because of the the way it's so the state of Cal or the United States is built on um tax law you know tax laws are built on real estate and being an entrepreneur so if you can either pay less tax or slow down the way you get paid taxes and there's a bunch of ways to do that if you put it in property correct you can't do it and you can't do it in um you can't do it in day trading you can't do it in any business because you're going to have to unless unless you completely wipe it all out and then you get audited so the safest way where you're not going to get audited is to keep flipping in real estate and that's mainly because uh the government gives you tax incentives for Real Estate because in that sector
5:02 right um the government is being measured in their success and growth of the economy by things like real estate they want to give tax breaks to people to buy land or buy property or to build property because that shows that their growth as a country as a nation as an economy is getting better so they're giving you tax benefits which end up making people want to roll their money into things like those sectors so let's say you come across 300 million let's say this was you what would you do with that money split it with JK yeah sounds a good plan I would buy as much real estate as I can and then find a make sure I do the math on uh depreciation and cost segregation so when I collect the rent money I don't have to pay any taxes on that red money you'll stick to residential uh commercial commercial because you you can stretch out the depreciation you get
5:52 miles and stuff so let's but let's ask the hard questions let's say you don't pay for the anonymity what do you say to all the aunties and uncles and cousins yeah dude because that's the real thing that nobody prepares you for man I got school loans man I break off everybody I would do it must have been Asian coming here like you know what let me before I die let me wipe it out for everybody everyone gets a fresh start but you know a lot of people that come back after the and they're dumb too you give them like 10 G's for a car or whatever ah ████ up man ████ smoke crack gone now you buy them a property under their name yeah and that you put in you put a trust where like they can't sell the property but the rental income keeps going back to them and then just Fork out the depreciation right okay when they receive that rent it's the depreciation and cost segregation already washes the rent money can you can you can you explain like for the idiots that don't
6:43 understand what a trust is yeah not us yeah yeah tell them what the trust is trust is like another vehicle instead of like you owning it directly it's owned by another entity it's like a vault that no one can touch okay and then you also can make the rules in the trust where you can assign it to somebody or it can almost live forever live forever so so let's say you you have a trust that could go to your great great grandson the trust will keep going you want it to keep going if you're like hey you can't it's an irrevocable trust like hey you let's say you have that crackhead cousin or uncle that you were you know you buy that property you put in the trust hey they're always receive money but if you pass away they can't oh they're probably gonna change who's living and they can go they can ruin your whole like Legacy correct and sell it all for crack yes but then with the trust that protects
7:33 the crack yeah yeah so uh what are the tax benefits of like making that kind of a move like trust um I'm not a tax person so I'm not supposed to give you like exact uh direction we are benefits so you know first I think when you receive some sort of money you have to decide okay what do you want to get taxed on and what you don't want to get taxed on so depending on the business let's say you receive money as a business if you want to avoid tax on it you gotta do something with it right away and then that's when you decide okay if I want these businesses how do I put them in llc's do I put these llc's in trust you know you got to kind of Juggle it around but if you keep juggling around enough which a lot of people do you start deteriorating your actual income that's why you see these guys from uh you know Rich Dad Poor Dad yeah um none of them own anything they own nothing in their name it's all owned
8:23 under llc's that are put in trust that's like you know so it's like a juggling act to pretty much diminish your income and you're just living off of loans oh God but you're asking but your trust and your LLC like it's worth so much like you know very make America's gonna break you off and loan you the money right but you're only paying taxes on the stuff that's in your name correct so the um so after all trusts have been around there's no way to like work around that let's say like somebody left you a trust and they died there's absolutely no way for you to kind of skirt around and get all of it depends if it's a revocable or irrevocable living trust so if you know you're the person like oh I know he's a crackhead there's no way I'm doing a you know revocable you know irrevocable living trust you know or revocable living trust damn those things are really bulletproof
9:13 huh you can't change any rules when you even you made the rules but all of a sudden you get older and you become senile and people start coming up to you like all right I'll give this to you if it's irrevocable there's nothing like I would have thought by now some rich kid would have figured out a crazy ass loophole together but that's the thing with like like wills and like trusts and stuff they they're set so that um your support the the whole like point of it is in your best state of mind you are agreeing to this contract so that in a lesser state of mind you don't go back and change things and you can create different stipulations too like it's like this will go to my son if he gets a college degree it will go to my daughter if she becomes a doctor or whatever otherwise it'll all be donated to this cause yup wow people could do that like there's like many steps that you can because people could be like
10:03 um like let's say oh this will have hella money like hey go back in there change your ████ living trust you know but then you can't like it's irrevocable I literally can't change it anymore does it normally cost a lot of money to have a trust exist you go on ████ Legal Zoom bro it was me I'd probably go to someone and just pay like the 20 right now we have one for my son it's we paid 2 500 bucks and then we got it done but you when you get go you go get a trust with their spouse do they ask you some ████ ████ up question like like if you die who's who are your kids gonna live with everyone oh and then you really gotta like hit or like or if you die and your wife remarries does that kid gets any of the money in the trust and you're like nah like there's some things that's really what happens yeah they ask like who's gonna get your kid they're all desensitized to it too they say this ████ all the time because I think like when you have a you know husband and wife everyone thinks their kids should go live with their
10:53 side of the family that's when it gets like awkwardly quiet you know things that you don't think about like if you go get a trust go with go see a counselor or go get married therapy first before you go because they're gonna ask you some things that you can bring you I wonder if they like twisting the knife a little bit they're like what if the other guy has a huge dick and you're like wait what what the ████ it was even like the the very first time we we llc'd up uh kinjas yeah right uh I remember me Michael and sitting with the lawyer and stuff like that and then they you know they never like llc'd like a dance group so the closest thing they could do was show us an example of an operating agreement for a rock band where all the different members like kind of like I'll have a some sort of uh Equity or entity in in this like larger brand of a group that's built on people right and so all the questionnaires and stuff it's kind of like uh just like a rock band it's like all right if this person like decides to leave the group
11:44 but you know you're like super naive even at first state of mind when you're starting a business so you're just like wow how would anybody leave like you know what I mean like but but it just asks you and puts you in this position of like real life situations that have already happened it's like this person leaves decides to sue you and blah blah blah like and you're just kind of like uh met with this reality of what actually happens and suddenly you have to make like these grown-ass decisions that you've never had to face before you know what I mean that's good that you made it so no one's allowed to leave that's what you got to give you that you got to get your papers right right away you know especially I think it's hard uh when it when money isn't when there's no money in the picture yet oh everyone's like dude we're gonna split it all oh yeah and then eventually money's not trickling as I then I just do more work for this ████ he just flew in and then I gotta do everything and now I gotta split the ████ that's some amateur ████ though in the very beginning everybody fights over this stuff that's
12:34 my ████ dude that's just life in general that that's every ████ organization right things change people change work changes scale changes ████ terrible ideas it's completely stupid but it's fun in the beginning and then later you learn yeah it's legendary in the beginning you learn the difference between businesses and and homie ████ yeah foreign [Music]
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