All Forum Posts by: Mark S.

Everyone on this thread needs to read The Value of Debt in Building Wealth by Thomas J. Anderson and call it a day. 

Thanks @Basit Siddiqi and @Lance Lvovsky   

Just wondering if maybe I overlooked a possible estate planning item in favor of being more focused on asset protection. 

Hopefully nothing to worry about for a long time (well - never, really, because I’ll be dead!).  I’ll ask @Michael Plaks’ team on my next call with them in a couple weeks. 

How does the IRS view a step-up in basis at death on a rental property that is owned by an LLC (single member LLC in Kentucky if that matters)?

Let’s say I acquire the rentals in my personal name, transfer to my SMLLC, and die. How does that affect whether or not my heirs get a step-up in basis?

I'm assuming if I held them in my personal name, heirs would get step up in basis at my death but not if they're owned by the LLC. Is this correct?

Can someone walk through a simple example of each scenario with numbers?

@Jacob Sampson

What are you using in your calculations?

I just finished reading The Debt Millionaire by George Antone. Decent book (although I would recommend The Value of Debt in Building Wealth by Thomas J. Anderson over this one - somewhat similar concepts). The author introduces the idea of a Family Bank. I’m sure there are many variations of this (assuming it’s a spin-off of the Infinite Banking / Bank on Yourself concepts), but wondering if anyone is employing this Family Bank concept. If so, please provide some general details.

@Johannes Gilbertson

Trying to do this on the app. Sent you a colleague request but wouldn’t let me attach a message. Please PM me w details.

Bump

@Scott Hasselbach, I don’t

have the answer, but this sounds interesting to me also and I will be following your thread. 

Option 1 until option 5 makes sense.  Why are you leasing a vehicle?  Is this something you can expense as business use?