May 27, 2025 • 55 mins
Every wealthy family has one thing in common: they don't actually "own" most of their assets. Surprised? You're about to discover why controlling—not owning—is the ultimate wealth protection strategy.Nakeem Bey, a financial expert with decades of experience in trust formation and asset protection, unveils the secrets of generational wealth building that most financial advisors never discuss. Drawing from his unique background spanning from the Five Percent Nation to Masonic studies to certified legal training, Bey breaks down complex wealth preservation concepts into actionable strategies anyone can implement.At the heart of this eye-opening conversation is the power of trust structures—legal frameworks that create separation between you and your assets while maintaining your control. Unlike wills that face public probate proceedings, properly constructed trusts transfer wealth seamlessly to your beneficiaries while protecting against creditors, lawsuits, divorce proceedings, and other wealth-draining threats. Bey masterfully explains the roles of grantors, trustees, and beneficiaries while outlining how different trust types serve different purposes.The discussion extends beyond trusts to include strategic business formations that create additional layers of protection. Learn why sole proprietorships expose your personal assets to unnecessary risk, how LLCs function as hybrid entities offering flexibility and protection, and why distributing assets across multiple entities creates powerful barriers against potential claims. Bey doesn't just explain what to do—he explains why, referencing actual court cases and legal precedents that demonstrate these principles in action.Whether you're just starting to build wealth or looking to protect what you've already accumulated, this conversation offers invaluable insights into creating true financial
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:11):
what's going on.
Everybody out there is ronbrown, lmt, the people's fitness
professional.
You already know who it is.
Another podcast.
You know we've been putting ina lot of work.
Thank y'all for joining us thisevening, really appreciate you.
You, we got the God, nakeem Bey, in the building this evening.
Financial Literacy 101.
Understanding trust andbuilding wealth.
(00:32):
Now here's the thing, right.
So I'm going to give y'all,we're going to give y'all, a
brief history and then, afterthe brief history, we're going
to go straight into trust.
Here we got the brother NakeemBey.
How you doing brother?
Hey, my brother, I'm doinggreat.
How you doing?
Life is good.
Life is good.
Working and grinding as usual.
That's what I do.
Okay, okay, all right.
Morning, morning, morningtonight, man, that's what I do
(00:54):
grind.
So real quick brief history.
I know Nakeem Bay some years.
I've known Nikeem Bay sinceprobably 2000.
I don't know.
2010?
When did you do the Clock ofDestiny on 125th Street?
Speaker 2 (01:10):
Oh 1994.
Speaker 1 (01:14):
No, no, no.
When you re-brought the Clockof Destiny back in the 2000s,
you remember at the Lodge.
Speaker 2 (01:24):
Oh, you mean the Lodge perspective of it.
Yeah, that was like early 2000.
But the clock of Destiny wasreinstated by me in 1994.
And there's many elder gods whoalso dealt with the Mori signs.
That was present.
So yeah, 94 is when it becameofficial, but early 2000 is when
the Masonic part manifested onthe esoteric side.
Speaker 1 (01:48):
Okay, so I was around Nakeem Bay when that happened.
In fact, I don't know if youremember God, but I was the one
who got the spot over there inLodge on 126.
No, it was 124th street 124thstreet am am I forgot am fm?
Speaker 2 (02:14):
yeah, full of high ground lodge yeah, that one that
that's not there, no more.
Speaker 1 (02:16):
But yeah, yeah, I know, yeah, I remember yeah,
yeah yeah so so yeah, I wasaround n Bay at that point and
he's still putting the work in.
Just give them a brief history,because you're also known as
the God.
You know 5%.
So from what I know, that'syour beginning, absolutely, and
(02:37):
then you went into masonry.
So that's what I know about you.
Speaker 2 (02:40):
So if you can kind of give people a brief history of
that, and then we go straightinto the trust, Absolutely so,
if you can kind of give people abrief history of that and then
we go straight into the trust.
Absolutely so.
At the age of 15 I got involvedwith the study of the five
nations of gods and earths and Igot 120 lessons in six months.
My man Kashim, he got it inseven months.
(03:01):
We built together, we talkedabout the god named Allah, qutb,
right, and fortunately we wasaround freedom, firstborn
freedom, also known as Yuhura,and being around those great
gods, i-god and Jus-Allah, andyoung God called God Supreme.
It helped us get 120 degreeswithin the time frame that it
(03:22):
did.
It helped us get 120 degreeswithin the time frame that it
did.
But I know one God, I heard oneGod named science that got 120
degrees within three days,something like that.
All right, but that was wayback in history and it was that
science that led me into theMori science.
You know you're talking aboutaround 1983, you know.
(03:47):
And then I was curious after Ihad 120 degrees I went to the
science of masonry.
I remember asking the god, Igot 120 degrees at that time
about masonry, you know, aboutstudying masonry.
I got said you want to be likea cucumber in vinegar and come
out a cucumber, don't go intovinegar.
(04:10):
Come out a pickle, that makesyou a fellow victim.
I had 120 degrees there and Iunderstood what the gods
basically shared with me, youknow, and that understanding
basically allowed me tounderstand my foundation as
being God, the original man, andI think this had knowledge
further than many have done.
Right, 120 degrees has allowedme to navigate, but I still be
(04:33):
the God, because the Blackmandefinitely is God.
God's a whom or what, and soMaitreya and Moorish science was
an added science, but themathematics that the law gave us
is what taught us to master allsciences that we go into, you
know, with God, and every degreethat I studied in life, whether
(04:57):
it's our lessons or it'scollege degrees or
certifications, like Messiahsaid, that they are all called
plus degrees, you know.
So, studying law and andfinance.
I had that experience, and sonow, being 50, I'm 15 and now
I'm almost 60.
It's a big jump, but I'm stillthe true living.
Speaker 1 (05:17):
God, indeed, indeed God.
So now you go from five percentnation to masonry.
So what gets you?
We're gonna go more into yourhistory later on, like in the
next episode or whatever, butnow I want to talk about peace,
peace, ben.
Peace to Ben Asiatic soldier,peace to you, salve.
(05:38):
Charity always in a check-in.
Speaker 3 (05:41):
We'll go further on Peace Nakeem.
Hey, my brother.
Speaker 2 (05:43):
I was logging in, it's all good came um.
Speaker 3 (05:44):
So we'll go further on.
Peace nakeem, my brotherpartner, partner, the um the
lateness I was logging in it'sso good.
Speaker 1 (05:49):
So now, um, we'll get into your history more later
because you know, to me you'relegendary out here to me, like
that's how I, that's how I viewyou, I have high respect for you
.
You know I'm saying thank you.
You know I saying, but how didyou get into trust and financial
literacy and things like that?
Speaker 2 (06:10):
I got into trust.
I'm a certified power legal andin power legal studies.
You learn about trust throughestate planning right and trust
is really the concept ofsovereignty, and sovereignty
meaning absolute independencefrom attachments, right, freedom
(06:31):
, right and trust.
In this case it meant economicsecurity Right Now.
Estate planning Right there's acourt question mark there.
State planning right there's acourt question mark there.
I learned that as well.
So, from the politicalperspective, you know, I learned
(06:52):
the specific substance of trustlaw and fortunately fortunately
undergrad, I have a BA right.
I had some of the law classes,you know I have a BA right.
I had some of the law classes,you know.
And also I went to CambridgeLaw School in England, did the
hardships.
I never finished, butnonetheless, that mind frame
(07:30):
that set consciousness allowedme to see things from an
independent perspective offamily legacy security, you know
right.
So I attach sovereignty withtrust and that's what really led
me to it to understand thattrust is very valuable and is
more superior than a will rightand it grants more control and
management within the familydynamics or company, you know.
And and so apply it to myself,my own family, looking at our
people where they may reallyneed this here.
(07:53):
I think it's time to so muchyou know express that component
okay so now.
Speaker 1 (08:01):
So, as far as filing a trust and like what to do with
that trust, exactly how much,how much does it cost to file a
trust?
And you know from that point,once you fight, because you know
, like coming up in like theMoorish movement, you know, if
you're not, I don't want to callit the renegade Moors, right,
(08:22):
right, but I'm going to use thatterm, I'm going to use that for
today.
Speaker 3 (08:25):
I'll say it, renegade Moors, absolutely, absolutely.
Speaker 1 (08:29):
Icon sellers I'm going to say renegade Moors, for
lack of a better term rightIcon sellers.
So like before you go into thetemple, before I went into the
temple, I was into the patriarchmixture and things like that.
So you go and you file a uccand you do this and you do all
of this stuff and, uh, there wasreally no, no goal in that.
(08:53):
You know what I'm saying.
So you know, I'm of course, atrust is completely different
and I think that, from myperspective, we go and we file
things and we just leave it asis and we don't really do much
with it, and it's just like oh,I just got a trust now, so how
much does it cost?
And what is it?
What is the, the, the, theprocess of filing a trust?
Speaker 2 (09:18):
Sure, All right.
First question A trust can run.
First question a trust can run.
Well, I do trust right from$2,500 to $10,000 based on the
assets and the mechanics.
That qualifies that.
You might have a house, youmight have homes right.
(09:38):
You might have tangible goldand other things right you.
You have to appraise um and andand you might have cause.
And you know you have policiesof insurance and you have um
retirement assets right.
So there's a whole componentthat involves putting that in
(09:59):
the trust.
It's a whole process.
I just got finished doing atrust for an attorney, actually
this month Yep, this month andjust understanding that the
whole key was not the file orfile.
(10:20):
You give them the option orfile, right.
You give them the option right,and the choice was not to file
because the choice is notmandatory to be recorded within
the courts, only a will upondispute.
So the fee can be $2,500 upward, especially if you have assets.
(10:42):
Now, if you have no assets,then I'm walking for $2,000
Because it's the mechanic thatgoes into it, the mechanics
Right.
The grantor, that's the boss,alright.
Trustee, the manager, thekeeper, those who are
responsible for the assets goingin and going out Right.
(11:04):
Then you have the Beneficiariesthe keeper, those who are
responsible for the assets goingin and going out Right.
Then you have the beneficiariesRight, those that will actually
inherit the assets, thebenefits now or the future Right
, so that's a chess game.
Right, it's a contract amongparties.
(11:25):
Right, granteur trust game Right, it's a contract among parties.
Right, granteur, trustee, right.
So therefore, inside there'sconsideration.
The assets Right, so it's acontract.
Now you have those that's goingto inherit it.
They're initiated as applied tothe contract, you see.
(11:48):
So what goes into it is a lotof mechanics and you can see
that it's very strategic.
Right, and I'll give you anexample I mentioned attorney
Right, I didn't want to passthree or four months Right, one
this month and one about twomonths ago.
So this is a house.
The grantor wants to assurethat Ron sees the house.
(12:16):
That means that a new deed hadto be created in your name and
the grantor got transferred overto you.
A new deed had to be created inyour name and the grantor got
transferred over to you.
Now the grantor capacitydepends on if he or she would
(12:39):
like to still have attachment toit or if they want to not have
attachment to it and is owned bythe trust and the trustees
therein.
Speaker 3 (12:48):
I got it.
I got it.
I have a question.
You said the mechanics of it.
Behind it, what's involved isthe appraisal of each item, such
and such as iron client.
It's like a business isseparated from the actual person
.
This becomes its own entity,basically, right.
Speaker 2 (13:01):
Absolutely.
Speaker 3 (13:03):
Got you.
Speaker 2 (13:03):
Absolutely and I, like you said, because you
mentioned a separate entity, Seewithin the law, see many more
share this, but in law you learnthis here you have the natural
person, you have the artificialperson.
Speaker 3 (13:18):
The straw man.
Speaker 2 (13:19):
Right.
Straw man is the artificial,the natural is flesh and blood
right man is the artificial, thenatural is flesh and blood
right.
So if you want an irrevocabletrust with no attachment but yet
control, do you want toestablish a straw man right?
Speaker 3 (13:31):
Yeah.
Speaker 2 (13:32):
Right, and then if you want one that is still
managed by the owner, thegrantor, you'll want a revocable
trust.
Which one is more accommodating, which one is most secureating,
which one is most secure?
It depends on, actually, again,what you want to accomplish.
(13:52):
So, as you said, brother Ron,and you hear, see, many Moors
have received abstracts andextracts of solvent materials
but there's no legal backing.
You got to do legal research,right, you know, you can't even
(14:18):
give legal advice, right, andevery case is different, right,
and every case is different.
You know, I got right now acase still in the process of
establishing.
This person has property in theSouth.
They got property here in NewYork.
How do you work that out?
(14:40):
Right, you put all in a trust.
You put all in a trust.
You put all your eggs in onebasket.
No, exactly.
Speaker 3 (14:50):
Alright.
Speaker 2 (14:51):
What do you use?
Go ahead, brother.
Speaker 3 (14:54):
It sounds like.
Correct me if I'm wrong.
It sounds like a trust has anS-corp structure.
It's all based on structuringof basically protecting your
actual assets and just leavingit on to the straw man,
basically.
Speaker 2 (15:07):
Yes, the straw man, as long as it is irrevocable.
And you are correct, it's aboutcontrolling, not owning.
Owning is a threat to yourassets, to your family legacy.
I'm the president of a company,I'm the president of this
(15:28):
corporation.
So actually, even in terms ofemployment, you own a business.
They're going to attach you tothe business, you see.
Speaker 1 (15:44):
Okay, so I wanted to start from the ground.
Rise up.
So trust, right.
When you talk about trust, whenwe think about trust, the
definition is like you trustsomeone in a general sense, but
in legalese, what's thedefinition?
Speaker 2 (16:06):
A trust, primarily, is a compact between parties.
Again, it's a contract.
You understand Trust,definitely you could say so.
We cannot always come from thegeneric.
We got to come from more divineperspective.
I'm going to give you myauthority to manage my trust.
(16:26):
Can I trust you?
You understand, I have todepend on you To manage my
assets Because if I don't, mychildren are going to suffer If
I don't manage it right.
And the big question with thatI will say is this here Can a
(16:49):
will be Probated?
Yes.
Can a trust be Probated?
Yes.
Can a trust be probated?
No slash, yes.
Speaker 1 (16:59):
Okay, no slash, yes, what do you mean?
Speaker 2 (17:04):
You are managing Brother Fever, trust Y'all
brothers right Now.
He's going to inherit it thebenefits but you are not being
transparent about transparency,about how you manage the funds.
(17:25):
He's going to accuse you offailing to be transparent, right
and mismanagement of funds,because that day alone he will
bring you in court.
Speaker 1 (17:42):
Right.
Speaker 2 (17:43):
And what's going to happen?
You might be found guilty.
All the judge is going to do isreplace you with another
trustee with the dynamics of thefamily.
That case is Howard versusHoward.
Howard like diversity.
Howard versus Howard.
2019, that's a year in Florida.
(18:07):
An actual case, right.
So what you can see, also whatI'm sharing with you, is
legalese, right and a referencepoint of law.
Right, trust is a bindingcontract and it can be breached.
(18:27):
This is why I'd rather shareindirectly.
You got to be architecture.
You got to be not just astrategist but an architecture.
I've seen many two pieces right, right, but I got to understand
(18:49):
the family dynamics and whatyou want to accomplish.
So a trust is definitely againa contract and contract.
Take legalese, yeah, I guesswork.
Speaker 1 (19:03):
And I want to ask you this question.
So what do you say about peoplewho say that you can take your
whole life insurance policy andput it into the trust I don't
know like the exact terminology,but hold on a second.
Okay, okay, that's peace.
(19:24):
That's peace, wuzel and Wuzel.
So.
So what do you think about that?
Is that possible?
Have you heard of that before,where you could take the whole
life insurance policy, put itinto the trust?
Absolutely, absolutely.
I'll give you an example Right.
Speaker 2 (19:43):
Can you have a trust if you're not wealthy?
Yes, we're going to prorate it.
We're going to whole lifepolicy.
It we're going to do a wholelife policy and upon the decease
of Jane Doe or John Doe, thevalue of that trust is going to
(20:04):
be put in.
That trust, do you understand?
Speaker 3 (20:09):
Right.
Speaker 2 (20:09):
It can be done At the same time.
If you're living, you can do it, but I'm telling you you have
to architecturally design thetrust to qualify for acceptance.
I'm going to say it because myclients it's very clear, and you
(20:30):
asked the question earlierabout filing it for the records.
Avoid that if it's going to beirrevocable.
But you want to put youraccounts in the trust Through
experience.
The bank is going to say thankyou.
(20:52):
I'm going to send it up to thelaw department.
It goes up.
Who will put together thattrust?
Got to know what they're doing.
Speaker 3 (21:08):
I got it, I got it, I got it.
Now I get it.
He's basically the lifeinsurance.
I could be wrong, but this iswhat I'm seeing from what you're
drawing.
They could put that whatever.
If you're not wealthy, say yougot life insurance policies for,
like, say, 40, 50,000.
You put it in the trust, beingthat the trust will be its own
entity, its own business, withits own number, with everything
(21:29):
else, because it has to have anumber that's filed along with
it Absolutely.
Absolutely.
It opens up a line of credit.
You can do that too to allow itto double up right To a certain
degree.
Speaker 2 (21:38):
No, the trustee is going to have to.
First of all, the insurancepolicy cannot even be touched.
It is accrued cash value overtime.
You don't touch that,especially the person still
living.
Speaker 3 (21:54):
Yeah.
Speaker 2 (21:55):
Right, whatever simulation is in, that trust
that can be the power to doregarding that trust.
Speaker 3 (22:02):
Yeah.
Speaker 2 (22:03):
That determines what you can and cannot do.
Speaker 3 (22:05):
Gotcha.
Speaker 2 (22:05):
That trust is still in that person's name.
Speaker 3 (22:07):
Mm-hmm, I got you All right.
Speaker 2 (22:10):
So your question was yes, it can be done.
Speaker 1 (22:28):
Mm-hmm, right Either way, but that is a couple of
cars, houses, some rentalproperties.
For one K I have a whole lifeinsurance policy and maybe some
other things, some other assets,you know, maybe a boat, maybe
(22:52):
some.
You know, maybe a boat, maybesome bikes, I don't know.
I mean, what can be put in atrust and what can't be put in a
trust.
Speaker 2 (23:01):
Like you mentioned, it can be put in a trust, but
401k you don't have to.
But see, my question is againwho are the ones that's going to
inherit it, the benefits?
Who are going to be thetrustees?
Right, you know, and you'retalking about multi-homes, you
said.
You said multi-real estateproperties.
(23:21):
Right, you're talking aboutLOCs.
Speaker 3 (23:24):
Right Yep.
Speaker 2 (23:25):
You're talking about who are going to manage the LOCs
.
Right, I can do it.
It's going to cost you, right,you know.
And my cost you right, my thingis to secure your wealth, to
have generation wealth, not todrain you.
You can pay me to maintain it,to manage it, but at the same
time, if you got to keep peoplein place, they're messing with
LLCs.
If you got five homes, you gotnow five LLCs.
Speaker 3 (23:47):
That's a fact.
Speaker 2 (23:48):
You got about 50 acres of land, two or three LLCs
.
Now the question is, how comeso many should not be made easy
to access.
It's about complicating thematter from creditors and
frivolous litigators.
Speaker 3 (24:09):
I like this conversation because that's what
I was looking at.
I'm happy that you came on theshow to talk about this and
again, as Ron said, you're alegend.
I purchased a book from youback in 2012.
You probably don't remember itwas the CM Bay Clock of Destiny.
We spoke on the phone, but Ipurchased that.
But I love where thisconversation is going because I
really started getting more intothis, although I did it in
school.
(24:30):
But they never teach you likethe backstories.
So after you start going behindthe story to read about these
things with the structure andyou know, to that common person
it will be viewed as illegal.
If you don't know what you'redoing Right, you get caught up
in the loopholes and that's whywe have different tax laws and
stuff like that in place.
But it's true, what you said isabout separating yourself from
(24:50):
your personal assets andfinances from the straw man,
yourself from your personalassets and finances from the
straw man, because you know notto go on a long tangent.
But it's like situation as wesee today with the whole sean
comb stuff, like people thinkthat bad boy itself is being
sued, but it's him personally,but it's not his business.
So I'm like okay, I see what hedid.
He caught some trademark withhis name and stuff like that.
(25:12):
So I'm like, oh, he's protected.
Speaker 2 (25:14):
Right, right, you mentioned that.
And the legend African VanBottom.
You know who he is?
Right, van Bottom?
Speaker 3 (25:23):
Yeah yeah, yeah.
Speaker 2 (25:24):
Some years ago, I remember, when he wanted me to
deal with his assets, Imentioned his name.
Because I'll tell you why Imentioned his name.
I'll mention my client's names,period that fell through on my
side.
I'll tell you why.
Bottom line, we were bothtogether in Sony, downtown,
(25:50):
around Fifth Summit Street,madison Avenue.
The big attorney sitting downdowntown around Fifth Summit
Street, right Imagine Avenue,and the big attorney you know
sitting down and I realized thatall of his businesses was sole
proprietor.
That means his whole securitywas being used for that purpose.
(26:11):
You know, I'm like wow.
And so I dealt with Nevadaregarding some things.
I was in the process butbecause I was not a member of
the Zulu Nation organization,some people were not favorable
of me managing that situationand I had to pull back.
(26:31):
Right, you know.
But you know it's veryimportant to deal with those who
have both sides.
Speaker 3 (26:42):
You know, Okay, okay.
Speaker 1 (26:46):
So now you said that you know he had a sole
proprietor and everything.
So everything basically leadsback to that person, right,
right?
So that would be the basicallyleads back to that person.
So that would be the wrongbusiness structure for that
person?
Speaker 2 (26:59):
Absolutely.
Why would you put all yourproperties, all your assets on
the Yusuf security number Right?
Speaker 1 (27:10):
And so they sue you.
Speaker 2 (27:12):
You got to liquidate all the assets to satisfy the
debt.
Speaker 1 (27:19):
Right.
So why LLC and not an S-Corp?
You know?
Speaker 2 (27:23):
an S-Corp is primarily managing taxes, right,
right, that's minimized taxes.
Right, that's minimized taxes.
You know, an OC it's a hybrid,it's a partnership.
I'm going to be honest now.
It's a partnership and it's anink.
(27:45):
Right, that's one thing I gotto tell you.
I do a lot of OCs.
You know, I do a lot of OCs.
I just did a few businessevaluations of my client to see
their health condition in termsof the business this month.
If you're a member amongmembers, you're an owner.
(28:12):
Right, I know how it goes.
If one is no longer there, thewhole company, the whole LLC,
can dissolve.
I believe in not being on theradar period.
I am that guy.
My thing is get in theresolutions, establish it in
(28:32):
bylaws, have your next meetingand play chess.
Right, if I'm concerned,anything Alphabet City give you
and give you thumbs, for there'salways a question mark, there's
something always to it.
Right Now, mind me, I'm nevergoing to advocate evade law.
(28:57):
We don't evade law, we avoidlaw In finance.
I learned this here At thebeginning of the year claim nine
dependents.
You'll say to the IRS you payme first.
(29:19):
In six months I'm going to markzero, I pay you.
Speaker 3 (29:25):
That's a fact.
Give him a gunshot for that run.
That's a fact.
Speaker 2 (29:31):
I don't even have to plan it.
That's legal.
You're not evading, you'reavoiding.
I'm not going to pay youanything.
You're saying I need my sixmonths capital right now.
Come, go and invest this moneyin something and I'll pay you on
the back burner In six months.
I'm going to mark zero.
Now you get it back.
(29:52):
Simple, all right.
You learn that in financialplanning I got a firm in
financial planning licensed inNew York.
Other products, but nonetheless, you know, you got to know how
to avoid and not evade.
So I don't believe involunteering my freedom, right?
(30:14):
I don't believe in disclosingassets where assets don't need
to be disclosed.
You see some coming from youknow a legal perspective, a
family responsibilityperspective.
Or make it hard for yourchildren to inherit these
benefits because you ain't setit up correctly or someone is
(30:36):
not giving you the properinformation or reference.
Like I said, howard versusHoward, right, you need facts,
reference points.
Go ahead.
Speaker 1 (30:47):
So now, llc, right, so it's a hybrid, it's an Inc
and it's a.
I forgot the other thing.
You said Partnership and apartnership.
So what are the benefits ofhaving an LLC versus having an
S-Corp?
Speaker 2 (31:07):
LLC is mostly it is controlled in partnership and
not so much S.
Like I said, I didn't do somany S-Corps, I did a few, but I
always knew they always wantedto minimize the tax returns.
You understand, right,short-term family.
(31:30):
That's going to be the LLC orthe Inc.
All right, the Inc is probablya bit more.
The S corps only comes in whenyou want to save taxes, not to
manage and regulate your assets.
Speaker 1 (31:47):
Would it be easier to get loans from banks if you're
in funding with an S-Corp?
Speaker 2 (31:56):
You can still get it.
It doesn't matter S-Corp, llc,inc.
Even S LLC, inc, even S.
You know what's moreaccommodating to the bank.
Always I would say Inc or LLC.
What I'm going to say was moreacceptable would be your credit
(32:23):
and the business credit.
Right, because you can look atthat, because usually they want
your EIN number and they wantyour individual for the credit
number.
Speaker 1 (32:30):
Now with the trust, if you could give people a
rundown of how a trust isstructured, you have the
trustees and the beneficiariesright.
So how many trustees can youhave, how many trustees can you
have, how many beneficiaries canyou have?
And where are they in the foodchain, so to speak, or in the
(32:51):
pyramid, so to speak?
I like that.
Speaker 2 (32:54):
There's no limit to the trustees, nor the ones that
can inherit it.
I mean, I did a trust for fivekids different ages.
You know trustees, you know itdoesn't matter.
Okay, okay, my bad, my bad.
The trustees are all aboutmanaging what you give them to
(33:20):
manage, to regulate, becausetheir grantor, you either gave
them partial Authority or full,based on the type of trust you
established.
The beneficiaries.
They're just sitting aroundwaiting.
As I said to you earlier, youknow You're a trustee and One
(33:45):
brother sued the other brother,howard versus Howard sued the
other brother All because of animpression that the trust is
wrong.
Something is wrong because whatI'm getting is not Fair.
It seemed like I'm thinking ofthe court.
You see what I'm saying.
So, all based on the structureyou provide.
(34:06):
So the business owner issitting back.
Listen, I'm looking forward tomy assets.
You know, that's it Okay, andthe trustee's job is to make
sure that it happens.
You can have three or fourtrustees, but let's be honest,
you can have three or fourtrustees, but let's be honest,
you don't want too many trustees.
(34:27):
Because you know family you know, as we say, family is always
questionable, right?
Speaker 1 (34:35):
That's crazy.
Hold on, damn.
Speaker 3 (34:41):
That's wild man.
Speaker 2 (34:43):
Family.
I mean, you can employ anattorney to look over you know
what I'm saying, but you haveattorneys that are crooked.
You don't have court of conductand ethics, you know.
So you got to really vet.
Speaker 3 (34:57):
Watching lawyers Right right.
Speaker 2 (35:00):
I mean, it's about credentials, right?
How solid are your credentials?
How solid is your backgroundRight?
I can show you certificatesthat I got specializing in asset
protection.
Speaker 1 (35:12):
Now let's say you pass on, right, and then you
have your trustees and theybasically okay, for lack of a
better term, who's going to getwhat?
Okay, for lack of a better term, who's going to get what?
So how would those assets wouldbe recovered by the beneficiary
.
Speaker 2 (35:32):
Because, primarily, it's already in the trust how
it's to be dispersed.
Ah, okay, for example, thehouse, for example, I mentioned
earlier All the cars, all theaccounts that I'm aware of,
right, right, even in New Jersey, my client in New Jersey right,
it's already recorded what'sdone and what's already been
(35:53):
filed.
The House cannot be.
I mean, the bill of self of theHouse cannot be drafted after
the fact it got to be draftedbefore.
Speaker 3 (36:06):
Yeah.
Speaker 2 (36:09):
Right, because, as a trustee, you're not doing any of
that.
You're just hands on withdelivering, paying out any debt.
Because if there's a house, youknow, if there's a house and
there's still a mortgage on thehouse and taxes, the trustee's
job is to pay those mortgagesand taxes.
If you got a car note, right.
(36:29):
If you got a car note, the samething.
You got to pay that car note.
A trustee's job to do the samething with the spruciums, the
assets.
Speaker 3 (36:42):
Got you Very, very informative, brother.
So if you have an LLC,basically don't put yourself as
a sole proprietor.
Basically you're saying putyourself as a member of the
board, or something like that.
Speaker 2 (36:53):
If you're an LLC, you're a member.
Speaker 3 (36:56):
If you're a sole proprietor, it's just you.
Okay, got you.
Speaker 2 (37:00):
It's just you as an individual, that's it.
Speaker 3 (37:02):
Nice, nice.
That's dope.
Okay, got you.
It's you as an individual.
Speaker 1 (37:04):
That's it, nice, nice , that's dope, alright, okay now
how would I put the LLCs underthe trust?
Speaker 2 (37:11):
You gotta sign it over, like the house, the same
thing.
You gotta sign it over.
I mean, I've actually did anLLC and put it on the trust.
It's here between you and thetrust Because the state was only
(37:32):
the creator of LLC.
That's it.
Llc is a creature of the state.
That's all All taxes and annualfilings, reportings and all
compliances With the state,whether New York State nine
dollars, you know or whetherit's reporting Um uh, uh, uh
(37:56):
Change in officers, every year Achange, or whether it's
Delaware, right, it is atrustee's job to stay on top of
all that, unless attorneys andso forth got involved, you know,
and they're part of that makeup.
Speaker 1 (38:16):
Okay, we got a question from the chat.
Do you need a trust for a508C1A or?
Those have nothing to do withthe other.
Speaker 2 (38:29):
Is that?
I'm not familiar with that one.
Is that the nonprofit?
Speaker 3 (38:34):
Probably sounds like that.
Speaker 1 (38:36):
That's what it sounds Well, 501.
No, no, no.
Speaker 2 (38:40):
I know about 7 and 3 and 8.
That's not that CLA.
Speaker 3 (38:47):
I think that's C1A.
Speaker 1 (38:50):
C1A right so refers to provision in the Internal
Revenue Code that exemptscertain churches religious
provision in the InternalRevenue Code that exempts
certain churches.
Speaker 3 (39:06):
Okay, not religious, yeah, yeah.
Speaker 2 (39:07):
Yeah, yeah, yeah, right, because I remember that
section.
But it falls under the wholestatus, right?
Well, see, I'm going to expandon that a little bit.
When it comes to churches andreligious associations, if you
have one, you'll see it saysdown below religious bodies
(39:31):
involved, right by the name.
Answer your question Anot-for-profit doesn't own
anything.
A not-for-profit doesn't ownanything.
When a not-for-profit isdissolved, all assets return to
(39:56):
the community, right?
So there's no choice involvedthere.
Now, if you have staff and theyhave personal investments,
that's different.
But in terms of putting a 501c3in a trust, I don't find that
(40:18):
within the boundaries of thatlaw.
I'll look into it.
But nonprofit-profit is a wholeother entity.
Speaker 1 (40:25):
Right, indeed, indeed .
So now, as far as the trust isconcerned, you already broke
down the basics, right, so youhave trustees, beneficiaries,
and you already gave usbasically the basics of it.
Now, basically, what you weresaying is like to complicate
(40:47):
things, to make it hard forpeople to access your assets.
Now, can you give me an exampleof that?
Speaker 2 (40:58):
Well, it's simple.
I'm looking for Ron Brown'sassets Somehow or another.
I only found one.
I only found the other three,right?
Okay, if everything was all inone, you'd have access to all
(41:19):
your assets, right?
Speaker 1 (41:23):
You understand.
Speaker 2 (41:24):
Okay, it might be a holder company where there's no
mark, there's no use of anycommercial business.
So it might go from a trust toa LLC, to a holding company.
Speaker 1 (41:36):
A holding company, so explain that right there.
All of a sudden hold nobusiness, so how is?
Speaker 2 (41:41):
that is a hold no business.
Speaker 1 (41:43):
So how is that possible?
Okay, so the holding company,that's like another LLC.
Let's see, for instance, rightyes, different name, different
name.
Speaker 2 (41:54):
I said different names, different name, right?
Okay, so remember and it's veryimportant, I make this very
clear it's not about not payingtaxes, right, you with me.
It's about someone who fell infront of your house and now
claiming a lawsuit.
A car stopped in front of yourwife or your kids, you know, I
(42:20):
mean in front of somebody foryour kids.
You know, I mean, if I findsomebody and they're claiming
that, who was in the car, yourfamily, they now have a lawsuit,
right, you know, it's aboutlogging things in for your
family.
It's about protection.
It's about legacy, right, youunderstand?
Right?
So, instead of all theseentities, you have creditors.
(42:45):
Right, the first thing they do,they want to hire an attorney
to do asset protection, assetsearch.
Right, and it's in a thousandnames, right, can't find
anything.
You're not doing anythingfraudulent, you just make it
(43:09):
matter.
It's complicated for the searchand it's legal.
Speaker 3 (43:15):
Yeah, the president does that.
There's a lot of things he hasdone.
I'm reading his books.
He knows the ins and outs ofbusiness.
People could say chapter 40bankruptcy whatsoever.
I just want to clear it up forpeople.
Bankruptcy doesn't mean thatyou're flat broke.
It means that you're protectingyour assets.
It kind of works like that witha trust right Right Asset trust
(43:40):
.
Speaker 2 (43:42):
let's be clear Trust is to prevent the credit
lawsuits.
You know divorces right.
You know mad creditors right.
You got to save your wealth.
You got to save your wealth.
(44:04):
I trust my brothers and sistersthat may be on this call is all
about protecting your assets sothat the next generational
wealth family members caninherit it without any
incumbents.
It's about generational wealth.
If this matters appropriatelyRight by trustees is about
(44:24):
generational wealth.
It is managed appropriately bytrustees.
Speaker 1 (44:29):
Go ahead, you got it.
Speaker 2 (44:35):
I emphasize because I know you mentioned the word
more earlier A lot of theseso-called morals.
They're about evading, findsome kind of illegal something
to do.
Right, and I emphasize thattrust is not for that.
There's no common law of trust,blah, blah.
You know what I mean.
Right, and certain states havetheir own laws regarding trust
(44:56):
as well.
This is what I got to sharewith you.
Every state has their own laws.
When I did a trust a couple inNew Jersey, there was a law.
There's a child, a certain age,there's a law regarding that,
you know.
And then there's an age factor,not with the child, but with
the grantor, you know, even thetrustees.
(45:17):
There's an age factor calledcompetency, right, you know.
So you can see a lot of thingsthat go into play than just
trust this trust that no, don'ttrust anything.
You know, qualify.
Speaker 3 (45:33):
Qualify, that's smart .
Speaker 1 (45:34):
Now Sue Lee asked if you can is it legal to pay your
children via your LLC?
Speaker 2 (45:43):
Absolutely If they are on the books.
Absolutely If they're on thebooks certain age qualified I
don't care if they're sweeping,I don't care if they're just
monitoring, whatever it may beas security, helping out the
amount of money received thatyear.
(46:03):
Definitely, you got to reportit.
But they're on the books LLClike an ink, you know yes.
Speaker 1 (46:12):
What's the benefits?
For you know, letting that forsetting a business up that way
where you can pay your children.
Speaker 2 (46:20):
Well, a few reasons.
Number one learn the business.
Speaker 3 (46:27):
Family's business.
It's the first rule Family'sbusiness.
Speaker 2 (46:31):
Number two a business is not set up just for
self-gratification.
You're talking about wealthsuccession planning, right,
right, right.
And hey, great question.
You know what I'm saying.
Why not employ your children?
You know, right, you have abookkeeper or accountant to make
(46:57):
sure all the taxes are properlyallocated to levels of
government.
Your books are current.
Because I say this?
Because of compliance.
You know, I have set upbusiness formations and if you
already know, it's about stateand federal compliance.
You know and I think Trump onething I'm not a Trump fan in
(47:22):
that sense, right.
Well, in this sense right.
But when he came out under theprevious administration, there
was a transparency law that wasin place.
Remember that that everycompany had to follow the
federal government, right, yeah,you know.
And I managed to estate for awell-known family and I notified
(47:49):
the family, I filed with thestate Within about a month later
.
What happened?
It went to court.
It went to court.
When Trump came, he got rid ofit, right.
But you know, if you're not incompliant with state or federal
regarding taxes or timely filing, you'll get penalized, you'll
(48:11):
get fined and, if not properlydirected, you'll lose your
business.
So I say, regarding what Imentioned about the LLC
absolutely yes, you can employanyone, you know, but family
first right.
So I say, regarding the one Imentioned about the LLC
absolutely yes, you can employanyone you know, but family
first.
Speaker 1 (48:29):
Right, right, right, okay.
She says that's like 12K yearly.
I guess it depends on what youfeel like.
You know you can pay them.
Speaker 2 (48:48):
Yeah, right, right, I mean, I forgot the amount that
you have to report.
I think it was $600.
Yeah, but that's fine, nothingwrong with that.
Now, what's their age?
Are they in school?
You know right, part-time,full-time all it has a play in
this here.
Speaker 1 (49:08):
You know what all the studying we did about.
You know all that UCC and allthat.
This is what we should havebeen studying right, exactly.
Speaker 2 (49:19):
Now I'm going to tell you, I'm going to tell you see,
when it had UC1-207 and 3 andso forth out, you know, there
was an advantage, you know, ifyou had knowledge of the law.
Right, you know, and I'm goingto give you an example.
(49:41):
You know, and I'm gonna giveyou an example you know, with
yeah, this is not, this is notan asset protection issue.
Right, this is primarily abusiness issue that I dealt with
.
I see someone's house for beingconfiscated due to UCC codes.
Hmm, you're one to five right CCoates and you're 125, right
(50:05):
Watkins Huffle store.
Speaker 3 (50:07):
Yeah, yeah, yeah.
Speaker 2 (50:10):
Watkins His house.
He knows me.
That was some years back but Ididn't see the advantage.
My brothers and those on thiscall you have to have knowledge
of the law.
I don't mean the sovereigntystuff A lot of these cats they
(50:36):
put in their hairs don't knowwhat they're doing.
You know Messiah Bay right.
You know Messiah Bay right.
Speaker 1 (50:39):
Yes sir, yes sir.
Speaker 2 (50:40):
Yeah, messiah Bay is a paralegal.
He finished the school downtownin Y State Paralegal School.
If I call him, I say, hey, g, Ineed a case checked out, he
would do it.
You need somebody that can dothe research on UCC and other
(51:00):
cases.
That's the advantage of knowingthe law, no guesswork.
They're doing findings for you,research.
They're not giving you legaladvice.
Speaker 3 (51:14):
That's a fact.
You got to reference it.
Many of them don't have casepoints to prove, they just say
well, according to this.
Would you cite a case wherethat was used?
They can't.
Speaker 2 (51:22):
They just say well, according to this would you like
, cite a case where that wasused.
They can't they just be like.
I love her question because I'mvery keen on family.
You know, trust is all aboutgenerational wealth, inc.
Llc is all about generationwealth.
(51:43):
It's about showing that yourfamily, your children, will have
something 15 and 20 and 30years out.
But as she had that question,why are they in the business?
They learn the business, theylearn how to run the business,
(52:05):
moving forward.
Speaker 1 (52:08):
Right, indeed, Before we cut out.
Is there anything else that youwant to add on to this?
Speaker 2 (52:13):
before we cut out what I will say as we say right.
What I will say as we say right.
Don't take anything on facevalue.
Number one Right.
Number two consider the trustLLC and when you advance,
(52:41):
consider a family bank Right.
Learn about investments,because here go the trusts.
We will also feed the trusts.
Right, so learn the basics ofinvesting.
(53:02):
I'll have you two or threeinvestors Right, so learn the
basics of investing.
I'll have you two or threeinvestors Right, because a trust
is not just a holder, it is adynasty and, look it up, a
dynasty trust.
But usually it's more like thereal wealthy right, it is a
(53:23):
dynasty.
You're building an empireyou're building.
So think as trust, as acontract to secure and protect
your family name, your familybrand, and the whole key is
generation of wealth.
Indeed.
On that note, thank you, blahblah Indeed On that note.
Speaker 1 (53:45):
thank you for coming out.
God the legend reallyappreciate you and we are out of
here.
Peace to everybody on the chat.
See you on the next episodecoming on in seven minutes eight
o'clock.
See y'all soon.
Peace.
Speaker 3 (54:05):
Peace.
what's going on.
Everybody out there is ronbrown, lmt, the people's fitness
professional.
You already know who it is.
Another podcast.
You know we've been putting ina lot of work.
Thank y'all for joining us thisevening, really appreciate you.
You, we got the God, nakeem Bey, in the building this evening.
Financial Literacy 101.
Understanding trust andbuilding wealth.
(00:32):
Now here's the thing, right.
So I'm going to give y'all,we're going to give y'all, a
brief history and then, afterthe brief history, we're going
to go straight into trust.
Here we got the brother NakeemBey.
How you doing brother?
Hey, my brother, I'm doinggreat.
How you doing?
Life is good.
Life is good.
Working and grinding as usual.
That's what I do.
Okay, okay, all right.
Morning, morning, morningtonight, man, that's what I do
(00:54):
grind.
So real quick brief history.
I know Nakeem Bay some years.
I've known Nikeem Bay sinceprobably 2000.
I don't know.
2010?
When did you do the Clock ofDestiny on 125th Street?
Speaker 2 (01:10):
Oh 1994.
Speaker 1 (01:14):
No, no, no.
When you re-brought the Clockof Destiny back in the 2000s,
you remember at the Lodge.
Speaker 2 (01:24):
Oh, you mean the Lodge perspective of it.
Yeah, that was like early 2000.
But the clock of Destiny wasreinstated by me in 1994.
And there's many elder gods whoalso dealt with the Mori signs.
That was present.
So yeah, 94 is when it becameofficial, but early 2000 is when
the Masonic part manifested onthe esoteric side.
Speaker 1 (01:48):
Okay, so I was around Nakeem Bay when that happened.
In fact, I don't know if youremember God, but I was the one
who got the spot over there inLodge on 126.
No, it was 124th street 124thstreet am am I forgot am fm?
Speaker 2 (02:14):
yeah, full of high ground lodge yeah, that one that
that's not there, no more.
Speaker 1 (02:16):
But yeah, yeah, I know, yeah, I remember yeah,
yeah yeah so so yeah, I wasaround n Bay at that point and
he's still putting the work in.
Just give them a brief history,because you're also known as
the God.
You know 5%.
So from what I know, that'syour beginning, absolutely, and
(02:37):
then you went into masonry.
So that's what I know about you.
Speaker 2 (02:40):
So if you can kind of give people a brief history of
that, and then we go straightinto the trust, Absolutely so,
if you can kind of give people abrief history of that and then
we go straight into the trust.
Absolutely so.
At the age of 15 I got involvedwith the study of the five
nations of gods and earths and Igot 120 lessons in six months.
My man Kashim, he got it inseven months.
(03:01):
We built together, we talkedabout the god named Allah, qutb,
right, and fortunately we wasaround freedom, firstborn
freedom, also known as Yuhura,and being around those great
gods, i-god and Jus-Allah, andyoung God called God Supreme.
It helped us get 120 degreeswithin the time frame that it
(03:22):
did.
It helped us get 120 degreeswithin the time frame that it
did.
But I know one God, I heard oneGod named science that got 120
degrees within three days,something like that.
All right, but that was wayback in history and it was that
science that led me into theMori science.
You know you're talking aboutaround 1983, you know.
(03:47):
And then I was curious after Ihad 120 degrees I went to the
science of masonry.
I remember asking the god, Igot 120 degrees at that time
about masonry, you know, aboutstudying masonry.
I got said you want to be likea cucumber in vinegar and come
out a cucumber, don't go intovinegar.
(04:10):
Come out a pickle, that makesyou a fellow victim.
I had 120 degrees there and Iunderstood what the gods
basically shared with me, youknow, and that understanding
basically allowed me tounderstand my foundation as
being God, the original man, andI think this had knowledge
further than many have done.
Right, 120 degrees has allowedme to navigate, but I still be
(04:33):
the God, because the Blackmandefinitely is God.
God's a whom or what, and soMaitreya and Moorish science was
an added science, but themathematics that the law gave us
is what taught us to master allsciences that we go into, you
know, with God, and every degreethat I studied in life, whether
(04:57):
it's our lessons or it'scollege degrees or
certifications, like Messiahsaid, that they are all called
plus degrees, you know.
So, studying law and andfinance.
I had that experience, and sonow, being 50, I'm 15 and now
I'm almost 60.
It's a big jump, but I'm stillthe true living.
Speaker 1 (05:17):
God, indeed, indeed God.
So now you go from five percentnation to masonry.
So what gets you?
We're gonna go more into yourhistory later on, like in the
next episode or whatever, butnow I want to talk about peace,
peace, ben.
Peace to Ben Asiatic soldier,peace to you, salve.
(05:38):
Charity always in a check-in.
Speaker 3 (05:41):
We'll go further on Peace Nakeem.
Hey, my brother.
Speaker 2 (05:43):
I was logging in, it's all good came um.
Speaker 3 (05:44):
So we'll go further on.
Peace nakeem, my brotherpartner, partner, the um the
lateness I was logging in it'sso good.
Speaker 1 (05:49):
So now, um, we'll get into your history more later
because you know, to me you'relegendary out here to me, like
that's how I, that's how I viewyou, I have high respect for you
.
You know I'm saying thank you.
You know I saying, but how didyou get into trust and financial
literacy and things like that?
Speaker 2 (06:10):
I got into trust.
I'm a certified power legal andin power legal studies.
You learn about trust throughestate planning right and trust
is really the concept ofsovereignty, and sovereignty
meaning absolute independencefrom attachments, right, freedom
(06:31):
, right and trust.
In this case it meant economicsecurity Right Now.
Estate planning Right there's acourt question mark there.
State planning right there's acourt question mark there.
I learned that as well.
So, from the politicalperspective, you know, I learned
(06:52):
the specific substance of trustlaw and fortunately fortunately
undergrad, I have a BA right.
I had some of the law classes,you know I have a BA right.
I had some of the law classes,you know.
And also I went to CambridgeLaw School in England, did the
hardships.
I never finished, butnonetheless, that mind frame
(07:30):
that set consciousness allowedme to see things from an
independent perspective offamily legacy security, you know
right.
So I attach sovereignty withtrust and that's what really led
me to it to understand thattrust is very valuable and is
more superior than a will rightand it grants more control and
management within the familydynamics or company, you know.
And and so apply it to myself,my own family, looking at our
people where they may reallyneed this here.
(07:53):
I think it's time to so muchyou know express that component
okay so now.
Speaker 1 (08:01):
So, as far as filing a trust and like what to do with
that trust, exactly how much,how much does it cost to file a
trust?
And you know from that point,once you fight, because you know
, like coming up in like theMoorish movement, you know, if
you're not, I don't want to callit the renegade Moors, right,
(08:22):
right, but I'm going to use thatterm, I'm going to use that for
today.
Speaker 3 (08:25):
I'll say it, renegade Moors, absolutely, absolutely.
Speaker 1 (08:29):
Icon sellers I'm going to say renegade Moors, for
lack of a better term rightIcon sellers.
So like before you go into thetemple, before I went into the
temple, I was into the patriarchmixture and things like that.
So you go and you file a uccand you do this and you do all
of this stuff and, uh, there wasreally no, no goal in that.
(08:53):
You know what I'm saying.
So you know, I'm of course, atrust is completely different
and I think that, from myperspective, we go and we file
things and we just leave it asis and we don't really do much
with it, and it's just like oh,I just got a trust now, so how
much does it cost?
And what is it?
What is the, the, the, theprocess of filing a trust?
Speaker 2 (09:18):
Sure, All right.
First question A trust can run.
First question a trust can run.
Well, I do trust right from$2,500 to $10,000 based on the
assets and the mechanics.
That qualifies that.
You might have a house, youmight have homes right.
(09:38):
You might have tangible goldand other things right you.
You have to appraise um and andand you might have cause.
And you know you have policiesof insurance and you have um
retirement assets right.
So there's a whole componentthat involves putting that in
(09:59):
the trust.
It's a whole process.
I just got finished doing atrust for an attorney, actually
this month Yep, this month andjust understanding that the
whole key was not the file orfile.
(10:20):
You give them the option orfile, right.
You give them the option right,and the choice was not to file
because the choice is notmandatory to be recorded within
the courts, only a will upondispute.
So the fee can be $2,500 upward, especially if you have assets.
(10:42):
Now, if you have no assets,then I'm walking for $2,000
Because it's the mechanic thatgoes into it, the mechanics
Right.
The grantor, that's the boss,alright.
Trustee, the manager, thekeeper, those who are
responsible for the assets goingin and going out Right.
(11:04):
Then you have the Beneficiariesthe keeper, those who are
responsible for the assets goingin and going out Right.
Then you have the beneficiariesRight, those that will actually
inherit the assets, thebenefits now or the future Right
, so that's a chess game.
Right, it's a contract amongparties.
(11:25):
Right, granteur trust game Right, it's a contract among parties.
Right, granteur, trustee, right.
So therefore, inside there'sconsideration.
The assets Right, so it's acontract.
Now you have those that's goingto inherit it.
They're initiated as applied tothe contract, you see.
(11:48):
So what goes into it is a lotof mechanics and you can see
that it's very strategic.
Right, and I'll give you anexample I mentioned attorney
Right, I didn't want to passthree or four months Right, one
this month and one about twomonths ago.
So this is a house.
The grantor wants to assurethat Ron sees the house.
(12:16):
That means that a new deed hadto be created in your name and
the grantor got transferred overto you.
A new deed had to be created inyour name and the grantor got
transferred over to you.
Now the grantor capacitydepends on if he or she would
(12:39):
like to still have attachment toit or if they want to not have
attachment to it and is owned bythe trust and the trustees
therein.
Speaker 3 (12:48):
I got it.
I got it.
I have a question.
You said the mechanics of it.
Behind it, what's involved isthe appraisal of each item, such
and such as iron client.
It's like a business isseparated from the actual person
.
This becomes its own entity,basically, right.
Speaker 2 (13:01):
Absolutely.
Speaker 3 (13:03):
Got you.
Speaker 2 (13:03):
Absolutely and I, like you said, because you
mentioned a separate entity, Seewithin the law, see many more
share this, but in law you learnthis here you have the natural
person, you have the artificialperson.
Speaker 3 (13:18):
The straw man.
Speaker 2 (13:19):
Right.
Straw man is the artificial,the natural is flesh and blood
right man is the artificial, thenatural is flesh and blood
right.
So if you want an irrevocabletrust with no attachment but yet
control, do you want toestablish a straw man right?
Speaker 3 (13:31):
Yeah.
Speaker 2 (13:32):
Right, and then if you want one that is still
managed by the owner, thegrantor, you'll want a revocable
trust.
Which one is more accommodating, which one is most secureating,
which one is most secure?
It depends on, actually, again,what you want to accomplish.
(13:52):
So, as you said, brother Ron,and you hear, see, many Moors
have received abstracts andextracts of solvent materials
but there's no legal backing.
You got to do legal research,right, you know, you can't even
(14:18):
give legal advice, right, andevery case is different, right,
and every case is different.
You know, I got right now acase still in the process of
establishing.
This person has property in theSouth.
They got property here in NewYork.
How do you work that out?
(14:40):
Right, you put all in a trust.
You put all in a trust.
You put all your eggs in onebasket.
No, exactly.
Speaker 3 (14:50):
Alright.
Speaker 2 (14:51):
What do you use?
Go ahead, brother.
Speaker 3 (14:54):
It sounds like.
Correct me if I'm wrong.
It sounds like a trust has anS-corp structure.
It's all based on structuringof basically protecting your
actual assets and just leavingit on to the straw man,
basically.
Speaker 2 (15:07):
Yes, the straw man, as long as it is irrevocable.
And you are correct, it's aboutcontrolling, not owning.
Owning is a threat to yourassets, to your family legacy.
I'm the president of a company,I'm the president of this
(15:28):
corporation.
So actually, even in terms ofemployment, you own a business.
They're going to attach you tothe business, you see.
Speaker 1 (15:44):
Okay, so I wanted to start from the ground.
Rise up.
So trust, right.
When you talk about trust, whenwe think about trust, the
definition is like you trustsomeone in a general sense, but
in legalese, what's thedefinition?
Speaker 2 (16:06):
A trust, primarily, is a compact between parties.
Again, it's a contract.
You understand Trust,definitely you could say so.
We cannot always come from thegeneric.
We got to come from more divineperspective.
I'm going to give you myauthority to manage my trust.
(16:26):
Can I trust you?
You understand, I have todepend on you To manage my
assets Because if I don't, mychildren are going to suffer If
I don't manage it right.
And the big question with thatI will say is this here Can a
(16:49):
will be Probated?
Yes.
Can a trust be Probated?
Yes.
Can a trust be probated?
No slash, yes.
Speaker 1 (16:59):
Okay, no slash, yes, what do you mean?
Speaker 2 (17:04):
You are managing Brother Fever, trust Y'all
brothers right Now.
He's going to inherit it thebenefits but you are not being
transparent about transparency,about how you manage the funds.
(17:25):
He's going to accuse you offailing to be transparent, right
and mismanagement of funds,because that day alone he will
bring you in court.
Speaker 1 (17:42):
Right.
Speaker 2 (17:43):
And what's going to happen?
You might be found guilty.
All the judge is going to do isreplace you with another
trustee with the dynamics of thefamily.
That case is Howard versusHoward.
Howard like diversity.
Howard versus Howard.
2019, that's a year in Florida.
(18:07):
An actual case, right.
So what you can see, also whatI'm sharing with you, is
legalese, right and a referencepoint of law.
Right, trust is a bindingcontract and it can be breached.
(18:27):
This is why I'd rather shareindirectly.
You got to be architecture.
You got to be not just astrategist but an architecture.
I've seen many two pieces right, right, but I got to understand
(18:49):
the family dynamics and whatyou want to accomplish.
So a trust is definitely againa contract and contract.
Take legalese, yeah, I guesswork.
Speaker 1 (19:03):
And I want to ask you this question.
So what do you say about peoplewho say that you can take your
whole life insurance policy andput it into the trust I don't
know like the exact terminology,but hold on a second.
Okay, okay, that's peace.
(19:24):
That's peace, wuzel and Wuzel.
So.
So what do you think about that?
Is that possible?
Have you heard of that before,where you could take the whole
life insurance policy, put itinto the trust?
Absolutely, absolutely.
I'll give you an example Right.
Speaker 2 (19:43):
Can you have a trust if you're not wealthy?
Yes, we're going to prorate it.
We're going to whole lifepolicy.
It we're going to do a wholelife policy and upon the decease
of Jane Doe or John Doe, thevalue of that trust is going to
(20:04):
be put in.
That trust, do you understand?
Speaker 3 (20:09):
Right.
Speaker 2 (20:09):
It can be done At the same time.
If you're living, you can do it, but I'm telling you you have
to architecturally design thetrust to qualify for acceptance.
I'm going to say it because myclients it's very clear, and you
(20:30):
asked the question earlierabout filing it for the records.
Avoid that if it's going to beirrevocable.
But you want to put youraccounts in the trust Through
experience.
The bank is going to say thankyou.
(20:52):
I'm going to send it up to thelaw department.
It goes up.
Who will put together thattrust?
Got to know what they're doing.
Speaker 3 (21:08):
I got it, I got it, I got it.
Now I get it.
He's basically the lifeinsurance.
I could be wrong, but this iswhat I'm seeing from what you're
drawing.
They could put that whatever.
If you're not wealthy, say yougot life insurance policies for,
like, say, 40, 50,000.
You put it in the trust, beingthat the trust will be its own
entity, its own business, withits own number, with everything
(21:29):
else, because it has to have anumber that's filed along with
it Absolutely.
Absolutely.
It opens up a line of credit.
You can do that too to allow itto double up right To a certain
degree.
Speaker 2 (21:38):
No, the trustee is going to have to.
First of all, the insurancepolicy cannot even be touched.
It is accrued cash value overtime.
You don't touch that,especially the person still
living.
Speaker 3 (21:54):
Yeah.
Speaker 2 (21:55):
Right, whatever simulation is in, that trust
that can be the power to doregarding that trust.
Speaker 3 (22:02):
Yeah.
Speaker 2 (22:03):
That determines what you can and cannot do.
Speaker 3 (22:05):
Gotcha.
Speaker 2 (22:05):
That trust is still in that person's name.
Speaker 3 (22:07):
Mm-hmm, I got you All right.
Speaker 2 (22:10):
So your question was yes, it can be done.
Speaker 1 (22:28):
Mm-hmm, right Either way, but that is a couple of
cars, houses, some rentalproperties.
For one K I have a whole lifeinsurance policy and maybe some
other things, some other assets,you know, maybe a boat, maybe
(22:52):
some.
You know, maybe a boat, maybesome bikes, I don't know.
I mean, what can be put in atrust and what can't be put in a
trust.
Speaker 2 (23:01):
Like you mentioned, it can be put in a trust, but
401k you don't have to.
But see, my question is againwho are the ones that's going to
inherit it, the benefits?
Who are going to be thetrustees?
Right, you know, and you'retalking about multi-homes, you
said.
You said multi-real estateproperties.
(23:21):
Right, you're talking aboutLOCs.
Speaker 3 (23:24):
Right Yep.
Speaker 2 (23:25):
You're talking about who are going to manage the LOCs
.
Right, I can do it.
It's going to cost you, right,you know.
And my cost you right, my thingis to secure your wealth, to
have generation wealth, not todrain you.
You can pay me to maintain it,to manage it, but at the same
time, if you got to keep peoplein place, they're messing with
LLCs.
If you got five homes, you gotnow five LLCs.
Speaker 3 (23:47):
That's a fact.
Speaker 2 (23:48):
You got about 50 acres of land, two or three LLCs
.
Now the question is, how comeso many should not be made easy
to access.
It's about complicating thematter from creditors and
frivolous litigators.
Speaker 3 (24:09):
I like this conversation because that's what
I was looking at.
I'm happy that you came on theshow to talk about this and
again, as Ron said, you're alegend.
I purchased a book from youback in 2012.
You probably don't remember itwas the CM Bay Clock of Destiny.
We spoke on the phone, but Ipurchased that.
But I love where thisconversation is going because I
really started getting more intothis, although I did it in
school.
(24:30):
But they never teach you likethe backstories.
So after you start going behindthe story to read about these
things with the structure andyou know, to that common person
it will be viewed as illegal.
If you don't know what you'redoing Right, you get caught up
in the loopholes and that's whywe have different tax laws and
stuff like that in place.
But it's true, what you said isabout separating yourself from
(24:50):
your personal assets andfinances from the straw man,
yourself from your personalassets and finances from the
straw man, because you know notto go on a long tangent.
But it's like situation as wesee today with the whole sean
comb stuff, like people thinkthat bad boy itself is being
sued, but it's him personally,but it's not his business.
So I'm like okay, I see what hedid.
He caught some trademark withhis name and stuff like that.
(25:12):
So I'm like, oh, he's protected.
Speaker 2 (25:14):
Right, right, you mentioned that.
And the legend African VanBottom.
You know who he is?
Right, van Bottom?
Speaker 3 (25:23):
Yeah yeah, yeah.
Speaker 2 (25:24):
Some years ago, I remember, when he wanted me to
deal with his assets, Imentioned his name.
Because I'll tell you why Imentioned his name.
I'll mention my client's names,period that fell through on my
side.
I'll tell you why.
Bottom line, we were bothtogether in Sony, downtown,
(25:50):
around Fifth Summit Street,madison Avenue.
The big attorney sitting downdowntown around Fifth Summit
Street, right Imagine Avenue,and the big attorney you know
sitting down and I realized thatall of his businesses was sole
proprietor.
That means his whole securitywas being used for that purpose.
(26:11):
You know, I'm like wow.
And so I dealt with Nevadaregarding some things.
I was in the process butbecause I was not a member of
the Zulu Nation organization,some people were not favorable
of me managing that situationand I had to pull back.
(26:31):
Right, you know.
But you know it's veryimportant to deal with those who
have both sides.
Speaker 3 (26:42):
You know, Okay, okay.
Speaker 1 (26:46):
So now you said that you know he had a sole
proprietor and everything.
So everything basically leadsback to that person, right,
right?
So that would be the basicallyleads back to that person.
So that would be the wrongbusiness structure for that
person?
Speaker 2 (26:59):
Absolutely.
Why would you put all yourproperties, all your assets on
the Yusuf security number Right?
Speaker 1 (27:10):
And so they sue you.
Speaker 2 (27:12):
You got to liquidate all the assets to satisfy the
debt.
Speaker 1 (27:19):
Right.
So why LLC and not an S-Corp?
You know?
Speaker 2 (27:23):
an S-Corp is primarily managing taxes, right,
right, that's minimized taxes.
Right, that's minimized taxes.
You know, an OC it's a hybrid,it's a partnership.
I'm going to be honest now.
It's a partnership and it's anink.
(27:45):
Right, that's one thing I gotto tell you.
I do a lot of OCs.
You know, I do a lot of OCs.
I just did a few businessevaluations of my client to see
their health condition in termsof the business this month.
If you're a member amongmembers, you're an owner.
(28:12):
Right, I know how it goes.
If one is no longer there, thewhole company, the whole LLC,
can dissolve.
I believe in not being on theradar period.
I am that guy.
My thing is get in theresolutions, establish it in
(28:32):
bylaws, have your next meetingand play chess.
Right, if I'm concerned,anything Alphabet City give you
and give you thumbs, for there'salways a question mark, there's
something always to it.
Right Now, mind me, I'm nevergoing to advocate evade law.
(28:57):
We don't evade law, we avoidlaw In finance.
I learned this here At thebeginning of the year claim nine
dependents.
You'll say to the IRS you payme first.
(29:19):
In six months I'm going to markzero, I pay you.
Speaker 3 (29:25):
That's a fact.
Give him a gunshot for that run.
That's a fact.
Speaker 2 (29:31):
I don't even have to plan it.
That's legal.
You're not evading, you'reavoiding.
I'm not going to pay youanything.
You're saying I need my sixmonths capital right now.
Come, go and invest this moneyin something and I'll pay you on
the back burner In six months.
I'm going to mark zero.
Now you get it back.
(29:52):
Simple, all right.
You learn that in financialplanning I got a firm in
financial planning licensed inNew York.
Other products, but nonetheless, you know, you got to know how
to avoid and not evade.
So I don't believe involunteering my freedom, right?
(30:14):
I don't believe in disclosingassets where assets don't need
to be disclosed.
You see some coming from youknow a legal perspective, a
family responsibilityperspective.
Or make it hard for yourchildren to inherit these
benefits because you ain't setit up correctly or someone is
(30:36):
not giving you the properinformation or reference.
Like I said, howard versusHoward, right, you need facts,
reference points.
Go ahead.
Speaker 1 (30:47):
So now, llc, right, so it's a hybrid, it's an Inc
and it's a.
I forgot the other thing.
You said Partnership and apartnership.
So what are the benefits ofhaving an LLC versus having an
S-Corp?
Speaker 2 (31:07):
LLC is mostly it is controlled in partnership and
not so much S.
Like I said, I didn't do somany S-Corps, I did a few, but I
always knew they always wantedto minimize the tax returns.
You understand, right,short-term family.
(31:30):
That's going to be the LLC orthe Inc.
All right, the Inc is probablya bit more.
The S corps only comes in whenyou want to save taxes, not to
manage and regulate your assets.
Speaker 1 (31:47):
Would it be easier to get loans from banks if you're
in funding with an S-Corp?
Speaker 2 (31:56):
You can still get it.
It doesn't matter S-Corp, llc,inc.
Even S LLC, inc, even S.
You know what's moreaccommodating to the bank.
Always I would say Inc or LLC.
What I'm going to say was moreacceptable would be your credit
(32:23):
and the business credit.
Right, because you can look atthat, because usually they want
your EIN number and they wantyour individual for the credit
number.
Speaker 1 (32:30):
Now with the trust, if you could give people a
rundown of how a trust isstructured, you have the
trustees and the beneficiariesright.
So how many trustees can youhave, how many trustees can you
have, how many beneficiaries canyou have?
And where are they in the foodchain, so to speak, or in the
(32:51):
pyramid, so to speak?
I like that.
Speaker 2 (32:54):
There's no limit to the trustees, nor the ones that
can inherit it.
I mean, I did a trust for fivekids different ages.
You know trustees, you know itdoesn't matter.
Okay, okay, my bad, my bad.
The trustees are all aboutmanaging what you give them to
(33:20):
manage, to regulate, becausetheir grantor, you either gave
them partial Authority or full,based on the type of trust you
established.
The beneficiaries.
They're just sitting aroundwaiting.
As I said to you earlier, youknow You're a trustee and One
(33:45):
brother sued the other brother,howard versus Howard sued the
other brother All because of animpression that the trust is
wrong.
Something is wrong because whatI'm getting is not Fair.
It seemed like I'm thinking ofthe court.
You see what I'm saying.
So, all based on the structureyou provide.
(34:06):
So the business owner issitting back.
Listen, I'm looking forward tomy assets.
You know, that's it Okay, andthe trustee's job is to make
sure that it happens.
You can have three or fourtrustees, but let's be honest,
you can have three or fourtrustees, but let's be honest,
you don't want too many trustees.
(34:27):
Because you know family you know, as we say, family is always
questionable, right?
Speaker 1 (34:35):
That's crazy.
Hold on, damn.
Speaker 3 (34:41):
That's wild man.
Speaker 2 (34:43):
Family.
I mean, you can employ anattorney to look over you know
what I'm saying, but you haveattorneys that are crooked.
You don't have court of conductand ethics, you know.
So you got to really vet.
Speaker 3 (34:57):
Watching lawyers Right right.
Speaker 2 (35:00):
I mean, it's about credentials, right?
How solid are your credentials?
How solid is your backgroundRight?
I can show you certificatesthat I got specializing in asset
protection.
Speaker 1 (35:12):
Now let's say you pass on, right, and then you
have your trustees and theybasically okay, for lack of a
better term, who's going to getwhat?
Okay, for lack of a better term, who's going to get what?
So how would those assets wouldbe recovered by the beneficiary
.
Speaker 2 (35:32):
Because, primarily, it's already in the trust how
it's to be dispersed.
Ah, okay, for example, thehouse, for example, I mentioned
earlier All the cars, all theaccounts that I'm aware of,
right, right, even in New Jersey, my client in New Jersey right,
it's already recorded what'sdone and what's already been
(35:53):
filed.
The House cannot be.
I mean, the bill of self of theHouse cannot be drafted after
the fact it got to be draftedbefore.
Speaker 3 (36:06):
Yeah.
Speaker 2 (36:09):
Right, because, as a trustee, you're not doing any of
that.
You're just hands on withdelivering, paying out any debt.
Because if there's a house, youknow, if there's a house and
there's still a mortgage on thehouse and taxes, the trustee's
job is to pay those mortgagesand taxes.
If you got a car note, right.
(36:29):
If you got a car note, the samething.
You got to pay that car note.
A trustee's job to do the samething with the spruciums, the
assets.
Speaker 3 (36:42):
Got you Very, very informative, brother.
So if you have an LLC,basically don't put yourself as
a sole proprietor.
Basically you're saying putyourself as a member of the
board, or something like that.
Speaker 2 (36:53):
If you're an LLC, you're a member.
Speaker 3 (36:56):
If you're a sole proprietor, it's just you.
Okay, got you.
Speaker 2 (37:00):
It's just you as an individual, that's it.
Speaker 3 (37:02):
Nice, nice.
That's dope.
Okay, got you.
It's you as an individual.
Speaker 1 (37:04):
That's it, nice, nice , that's dope, alright, okay now
how would I put the LLCs underthe trust?
Speaker 2 (37:11):
You gotta sign it over, like the house, the same
thing.
You gotta sign it over.
I mean, I've actually did anLLC and put it on the trust.
It's here between you and thetrust Because the state was only
(37:32):
the creator of LLC.
That's it.
Llc is a creature of the state.
That's all All taxes and annualfilings, reportings and all
compliances With the state,whether New York State nine
dollars, you know or whetherit's reporting Um uh, uh, uh
(37:56):
Change in officers, every year Achange, or whether it's
Delaware, right, it is atrustee's job to stay on top of
all that, unless attorneys andso forth got involved, you know,
and they're part of that makeup.
Speaker 1 (38:16):
Okay, we got a question from the chat.
Do you need a trust for a508C1A or?
Those have nothing to do withthe other.
Speaker 2 (38:29):
Is that?
I'm not familiar with that one.
Is that the nonprofit?
Speaker 3 (38:34):
Probably sounds like that.
Speaker 1 (38:36):
That's what it sounds Well, 501.
No, no, no.
Speaker 2 (38:40):
I know about 7 and 3 and 8.
That's not that CLA.
Speaker 3 (38:47):
I think that's C1A.
Speaker 1 (38:50):
C1A right so refers to provision in the Internal
Revenue Code that exemptscertain churches religious
provision in the InternalRevenue Code that exempts
certain churches.
Speaker 3 (39:06):
Okay, not religious, yeah, yeah.
Speaker 2 (39:07):
Yeah, yeah, yeah, right, because I remember that
section.
But it falls under the wholestatus, right?
Well, see, I'm going to expandon that a little bit.
When it comes to churches andreligious associations, if you
have one, you'll see it saysdown below religious bodies
(39:31):
involved, right by the name.
Answer your question Anot-for-profit doesn't own
anything.
A not-for-profit doesn't ownanything.
When a not-for-profit isdissolved, all assets return to
(39:56):
the community, right?
So there's no choice involvedthere.
Now, if you have staff and theyhave personal investments,
that's different.
But in terms of putting a 501c3in a trust, I don't find that
(40:18):
within the boundaries of thatlaw.
I'll look into it.
But nonprofit-profit is a wholeother entity.
Speaker 1 (40:25):
Right, indeed, indeed .
So now, as far as the trust isconcerned, you already broke
down the basics, right, so youhave trustees, beneficiaries,
and you already gave usbasically the basics of it.
Now, basically, what you weresaying is like to complicate
(40:47):
things, to make it hard forpeople to access your assets.
Now, can you give me an exampleof that?
Speaker 2 (40:58):
Well, it's simple.
I'm looking for Ron Brown'sassets Somehow or another.
I only found one.
I only found the other three,right?
Okay, if everything was all inone, you'd have access to all
(41:19):
your assets, right?
Speaker 1 (41:23):
You understand.
Speaker 2 (41:24):
Okay, it might be a holder company where there's no
mark, there's no use of anycommercial business.
So it might go from a trust toa LLC, to a holding company.
Speaker 1 (41:36):
A holding company, so explain that right there.
All of a sudden hold nobusiness, so how is?
Speaker 2 (41:41):
that is a hold no business.
Speaker 1 (41:43):
So how is that possible?
Okay, so the holding company,that's like another LLC.
Let's see, for instance, rightyes, different name, different
name.
Speaker 2 (41:54):
I said different names, different name, right?
Okay, so remember and it's veryimportant, I make this very
clear it's not about not payingtaxes, right, you with me.
It's about someone who fell infront of your house and now
claiming a lawsuit.
A car stopped in front of yourwife or your kids, you know, I
(42:20):
mean in front of somebody foryour kids.
You know, I mean, if I findsomebody and they're claiming
that, who was in the car, yourfamily, they now have a lawsuit,
right, you know, it's aboutlogging things in for your
family.
It's about protection.
It's about legacy, right, youunderstand?
Right?
So, instead of all theseentities, you have creditors.
(42:45):
Right, the first thing they do,they want to hire an attorney
to do asset protection, assetsearch.
Right, and it's in a thousandnames, right, can't find
anything.
You're not doing anythingfraudulent, you just make it
(43:09):
matter.
It's complicated for the searchand it's legal.
Speaker 3 (43:15):
Yeah, the president does that.
There's a lot of things he hasdone.
I'm reading his books.
He knows the ins and outs ofbusiness.
People could say chapter 40bankruptcy whatsoever.
I just want to clear it up forpeople.
Bankruptcy doesn't mean thatyou're flat broke.
It means that you're protectingyour assets.
It kind of works like that witha trust right Right Asset trust
(43:40):
.
Speaker 2 (43:42):
let's be clear Trust is to prevent the credit
lawsuits.
You know divorces right.
You know mad creditors right.
You got to save your wealth.
You got to save your wealth.
(44:04):
I trust my brothers and sistersthat may be on this call is all
about protecting your assets sothat the next generational
wealth family members caninherit it without any
incumbents.
It's about generational wealth.
If this matters appropriatelyRight by trustees is about
(44:24):
generational wealth.
It is managed appropriately bytrustees.
Speaker 1 (44:29):
Go ahead, you got it.
Speaker 2 (44:35):
I emphasize because I know you mentioned the word
more earlier A lot of theseso-called morals.
They're about evading, findsome kind of illegal something
to do.
Right, and I emphasize thattrust is not for that.
There's no common law of trust,blah, blah.
You know what I mean.
Right, and certain states havetheir own laws regarding trust
(44:56):
as well.
This is what I got to sharewith you.
Every state has their own laws.
When I did a trust a couple inNew Jersey, there was a law.
There's a child, a certain age,there's a law regarding that,
you know.
And then there's an age factor,not with the child, but with
the grantor, you know, even thetrustees.
(45:17):
There's an age factor calledcompetency, right, you know.
So you can see a lot of thingsthat go into play than just
trust this trust that no, don'ttrust anything.
You know, qualify.
Speaker 3 (45:33):
Qualify, that's smart .
Speaker 1 (45:34):
Now Sue Lee asked if you can is it legal to pay your
children via your LLC?
Speaker 2 (45:43):
Absolutely If they are on the books.
Absolutely If they're on thebooks certain age qualified I
don't care if they're sweeping,I don't care if they're just
monitoring, whatever it may beas security, helping out the
amount of money received thatyear.
(46:03):
Definitely, you got to reportit.
But they're on the books LLClike an ink, you know yes.
Speaker 1 (46:12):
What's the benefits?
For you know, letting that forsetting a business up that way
where you can pay your children.
Speaker 2 (46:20):
Well, a few reasons.
Number one learn the business.
Speaker 3 (46:27):
Family's business.
It's the first rule Family'sbusiness.
Speaker 2 (46:31):
Number two a business is not set up just for
self-gratification.
You're talking about wealthsuccession planning, right,
right, right.
And hey, great question.
You know what I'm saying.
Why not employ your children?
You know, right, you have abookkeeper or accountant to make
(46:57):
sure all the taxes are properlyallocated to levels of
government.
Your books are current.
Because I say this?
Because of compliance.
You know, I have set upbusiness formations and if you
already know, it's about stateand federal compliance.
You know and I think Trump onething I'm not a Trump fan in
(47:22):
that sense, right.
Well, in this sense right.
But when he came out under theprevious administration, there
was a transparency law that wasin place.
Remember that that everycompany had to follow the
federal government, right, yeah,you know.
And I managed to estate for awell-known family and I notified
(47:49):
the family, I filed with thestate Within about a month later
.
What happened?
It went to court.
It went to court.
When Trump came, he got rid ofit, right.
But you know, if you're not incompliant with state or federal
regarding taxes or timely filing, you'll get penalized, you'll
(48:11):
get fined and, if not properlydirected, you'll lose your
business.
So I say, regarding what Imentioned about the LLC
absolutely yes, you can employanyone, you know, but family
first right.
So I say, regarding the one Imentioned about the LLC
absolutely yes, you can employanyone you know, but family
first.
Speaker 1 (48:29):
Right, right, right, okay.
She says that's like 12K yearly.
I guess it depends on what youfeel like.
You know you can pay them.
Speaker 2 (48:48):
Yeah, right, right, I mean, I forgot the amount that
you have to report.
I think it was $600.
Yeah, but that's fine, nothingwrong with that.
Now, what's their age?
Are they in school?
You know right, part-time,full-time all it has a play in
this here.
Speaker 1 (49:08):
You know what all the studying we did about.
You know all that UCC and allthat.
This is what we should havebeen studying right, exactly.
Speaker 2 (49:19):
Now I'm going to tell you, I'm going to tell you see,
when it had UC1-207 and 3 andso forth out, you know, there
was an advantage, you know, ifyou had knowledge of the law.
Right, you know, and I'm goingto give you an example.
(49:41):
You know, and I'm gonna giveyou an example you know, with
yeah, this is not, this is notan asset protection issue.
Right, this is primarily abusiness issue that I dealt with
.
I see someone's house for beingconfiscated due to UCC codes.
Hmm, you're one to five right CCoates and you're 125, right
(50:05):
Watkins Huffle store.
Speaker 3 (50:07):
Yeah, yeah, yeah.
Speaker 2 (50:10):
Watkins His house.
He knows me.
That was some years back but Ididn't see the advantage.
My brothers and those on thiscall you have to have knowledge
of the law.
I don't mean the sovereigntystuff A lot of these cats they
(50:36):
put in their hairs don't knowwhat they're doing.
You know Messiah Bay right.
You know Messiah Bay right.
Speaker 1 (50:39):
Yes sir, yes sir.
Speaker 2 (50:40):
Yeah, messiah Bay is a paralegal.
He finished the school downtownin Y State Paralegal School.
If I call him, I say, hey, g, Ineed a case checked out, he
would do it.
You need somebody that can dothe research on UCC and other
(51:00):
cases.
That's the advantage of knowingthe law, no guesswork.
They're doing findings for you,research.
They're not giving you legaladvice.
Speaker 3 (51:14):
That's a fact.
You got to reference it.
Many of them don't have casepoints to prove, they just say
well, according to this.
Would you cite a case wherethat was used?
They can't.
Speaker 2 (51:22):
They just say well, according to this would you like
, cite a case where that wasused.
They can't they just be like.
I love her question because I'mvery keen on family.
You know, trust is all aboutgenerational wealth, inc.
Llc is all about generationwealth.
(51:43):
It's about showing that yourfamily, your children, will have
something 15 and 20 and 30years out.
But as she had that question,why are they in the business?
They learn the business, theylearn how to run the business,
(52:05):
moving forward.
Speaker 1 (52:08):
Right, indeed, Before we cut out.
Is there anything else that youwant to add on to this?
Speaker 2 (52:13):
before we cut out what I will say as we say right.
What I will say as we say right.
Don't take anything on facevalue.
Number one Right.
Number two consider the trustLLC and when you advance,
(52:41):
consider a family bank Right.
Learn about investments,because here go the trusts.
We will also feed the trusts.
Right, so learn the basics ofinvesting.
(53:02):
I'll have you two or threeinvestors Right, so learn the
basics of investing.
I'll have you two or threeinvestors Right, because a trust
is not just a holder, it is adynasty and, look it up, a
dynasty trust.
But usually it's more like thereal wealthy right, it is a
(53:23):
dynasty.
You're building an empireyou're building.
So think as trust, as acontract to secure and protect
your family name, your familybrand, and the whole key is
generation of wealth.
Indeed.
On that note, thank you, blahblah Indeed On that note.
Speaker 1 (53:45):
thank you for coming out.
God the legend reallyappreciate you and we are out of
here.
Peace to everybody on the chat.
See you on the next episodecoming on in seven minutes eight
o'clock.
See y'all soon.
Peace.
Speaker 3 (54:05):
Peace.
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