Leaving a Legacy by Protecting Your Assets With Brian Chou
Brian, thank you for coming back to the show and joining us.
Actually, I haven’t been Taylor. It’s nice to get back.
I’ll man. It’s been a few years here, one of my first interviews for this show and how much, how much time has passed, how far we’ve come. I know, man, it’s been, I think almost three years.
I have to look up the date from the original interview but thank you. Had a cold last time you’re over it. Now I’m happy to observe. So for our listeners out there who don’t know about you and what you do, can you give us a quick intro to you and your
practice? Sure. Yeah, so my name is Brian chow.
I am an estate planning and asset protection attorney. So what that means or what I do on a daily basis that I help my clients, as they acquire wealth to structure that well, to make it more difficult for people to Sue them and to take those assets away from them, and then ultimately help them to pass those assets onto their loved ones or to charity in a way that minimizes their head.
Minimize their taxes and maximize, whatever their legacy goals may be.
Awesome. And I feel like every four to eight years, depending on when you find yourself, we hear about maybe a renewed push to alter estate taxes and, basically extract more money from dead people by the government. Put a little spin on that.
What do you, and I think we’re starting to hear something like that now. Again, what do you see if you look in your crystal ball, what are your expectations coming down the road, especially for, real estate
investors. Yeah. I think this is something that’s very relevant to probably a lot of your audience as investors, as people who are building wealth.
So there’s something out there called the estate tax, which is a tax that the government places on your assets when you die. And basically, the way the government works, they say, Hey, when you die, We’re going to figure out the value of everything that you own. And we’re going to come up with a number.
So whatever that number is, right? We’re that you’re passing on. Your loved ones are going to be subject to this tax. The current tax rate is 40%. So that’s a significant tax if you have to pay it. But the good news is most people don’t have to pay it because the government has an exemption amount. So there’s a certain amount you can pass on to your loved ones before this tax kicks in the current amount that you can print.
From this tax is $11.7 million per spouse. So if you’re a married couple and you pass away with the current law in place, you can pass on between you and your spouse, roughly 23 and a half million dollars. So most Americans don’t fall into the range where they really have to worry about that.
That exemption isn’t permanent, right? That exemption will change the rates and the amount that you can protect will change by the winds of Congress. And so currently there is a three and a half trillion dollar spending bill, which you may have heard about in the news. And part of that.
Is going to be the right way to increase taxation, to generate money, to pay for that $3.5 million or trillion-dollar spending package. And one of the things that are being proposed is a significant reduction of your estate tax exemption. So the amount that you can protect is likely to shrink by the end of the year, to anywhere between three and a half million dollars personal.
Or best case scenario. We think it’ll get cut in half, so it’ll go to about $6 million per spouse. And so for those clients that have, that are, that have built significant wealth, that is a big deal. So we have lots of clients that are either in the process of or considering gifting assets away now, so they can get assets out of their state for the benefit of their spouses or their kids, et cetera.
So that they won’t be taxable in their state later on down the line. So right now you can give away $11.7 million, come January 1st likely it’s going to be a lot less. And so the idea is if we give away $11.7 million today, and we utilize our example, That money gets out of our state one.
It’s not taxable in our state when we die, but then all the future appreciation on those assets also grows outside of our state. So for example, if I transfer a $10 million commercial property to my wife today utilizing my exemption then what happens is that money over the course of, let’s say my lifetime, let’s say I live for another 45 years.
That $10 million property could very well be worth 40 or $50 million. And so that full 40 or 50 million, can now pass on for the benefit of my spouse or my kids without being subject right to that add to those additional estate taxes in the event of my passing, which again, at this point is 40%.
So that’s significant, that’s tens of millions of dollars of estate tax savings by virtue of simple things that we do or relatively simple things that we do.
Nice. I guess my biggest question, maybe it’s a naive question in this case, but for real estate investors, especially, are we looking at, equity in these properties or the gross value of them?
Because if you have a $10 million property, she might have just a few million dollars worth of equity in that property, you have an alone, maybe 65% LTV or something like that. Yeah. They’re looking at the value of the property or the value of your backup.
It would be the value of your equity for estate tax purposes.
Yes. So now for probate purposes was the whole other thing that the costs associated with that are based on the gross value. But yeah, for state tax purposes, the one good thing is they will it’s your net worth now your gross value of your assets.
How long does that process take?
You saying that the government goes in and I count myself as very uneducated on these particular topics. Hopefully a long time from having a worry about it. But so when the government goes and looks at the overall value, how long does that take? I imagine, especially if you are pushing that, that level where there’s a risk.
That you could be, this could apply to you, that tax could apply to you that, the bills, legal bills probably get really expensive. What’s that actual process to go in and evaluate.
How many, yeah. So if you have a taxable estate, so the processes you have nine months from the date of your death, or the estate has nine months from the date of your death to report or file what’s called in the state tax return.
So that’s basically reporting all the information about the various assets that you have and what they’re worth. And then claiming whatever exemptions or are available to you to figure out how much money actually has to be paid to the government. So it’s not a friendly process in the sense that especially if you have lots of assets getting those assets valued and figuring out what your number is, and what’s gonna be subject to this tax, doesn’t leave you a whole lot of time to do that because it’s, again, because of that nine-month deadline.
So if they, if somebody passes away and they have a few million dollars in retirement accounts still leftover and then a few million dollars with a property, and let’s assume for the sake of argument that it’s going to be over the line.
Are there any issues with say, it’s going to cost money to hire somebody to do that stuff. So are there any issues with, I don’t know, paying for that attorney out of the retirement account? What are the, I’m wondering if the actual risks there, because I can’t, for example, I can’t personally advance take advantage or benefit from my self-directed retirement account now that I’m alive.
But if I’ve got heirs who inherit, a retirement account with $3 million in it, and then millions of dollars of real estate. Are they subject to those same issues, compliance problems that they might have to think about? Does that question make sense?
I suspect that probably wouldn’t be well, I don’t know.
I’d be, I don’t know the exact answer because you’re basically asking. Would my beneficiaries have the same conflict of issue, conflict of interest issues? If they inherited a self-directed IRA,
right? Yeah, exactly. Within they get the IRA plus, a big chunk of real estate. I guess I’m just wondering about the logistics issues of dealing with all of that.
Leaving a Legacy by Protecting Your Assets With Brian Chou
Yeah, so that’s a technical question that I don’t know the exact answer to, but certainly, they could take distributions from their inherited IRA and then utilize it to pay the bill. But the thing is, from a technical standpoint, it would really be the executor of the estate that would be paying the estate tax bills.
So one thing that’s, again, from a technical standpoint, right? The tax is applied to the. So the decedent’s assets are utilized to pay the tax and then once that’s done, then the assets are distributed to the beneficiary. So technically it’s not a tax on the beneficiaries, it’s a tax on the person who died.
Okay. So what are some ways to, we have the? Transfer things to our spouses, what are some ways to protect ourselves, at least as the law stands today, subject to Congress changing its mind either a couple of months from now or a couple of years from now, what are some things?
Yeah,
in all likelihood, it will be sooner rather than later, most likely by the end of the year. But so in a very broad sense, transferring assets now. Is a great way to reduce your estate tax battle, but there are a host of ways to do that, to achieve the various goals that our clients may have.
So some clients are very charitable-minded. So we might use some sort of charitable trust as a way to reduce their estate tax burden other clients may want to give to assets to their kids. So this is something that’s very common, right. Paying for your kids. Education, right?
Paying making your $15,000 gift every year to each of your kids, right? Over time, you can get a lot of assets out of your state, but in a situation like this, where we have a tight timeline, we might be making large gifts of millions, of dollars of assets for the benefit of children or a spouse.
And so usually that will involve in irrevocable trusts because if we’re giving assets directly to our kids, that creates problems, especially if they’re minors or if they’re not very responsible, then those assets we could be subjecting them to be used. Inappropriately or the kids just wasting it or even if the kids are very responsible, let’s say they incur liability on their own.
Maybe one of the kids, a brain surgeon, got sued by one of his patients. So we may not want to expose those assets to our children’s liability. And we may not want to expose it to their management, because sometimes, or a lot of times clients, want to retain control. So if you’re the patriarch or matriarch of the family, you may want to be giving assets away for estate tax purposes, but you may not want to be giving away control.
And so one way that we deal with that is we’ll utilize irrevocable trusts, right? So these are. Entities whereby the assets that we transfer to this entity, let’s say we draft it so that the assets that we transferred to this entity have to be utilized for the benefit of my son, for example.
So I can start shifting assets. This trust is for my son, but he doesn’t directly own those assets. So maybe I’m the manager of those assets or maybe I point you to Taylor, as the manager of those assets, and the manager has a legal obligation to utilize those assets for my son’s benefit.
But as I transfer these assets these assets now get out of my name. They’re no longer mine. And again, they’re no, no longer subject to my liability. And they’re no longer subject to my son’s liabilities because the assets are, have to be used for the benefit of my son, but he doesn’t directly own them.
So now what happens is one, my son doesn’t get control until let’s say the terms of the trust. Allow him to control if ever right and further, if he gets in trouble, somebody sues him. It’s not subject to his credit. And right. Let’s say he’s going through a divorce, same thing, right? He doesn’t own those assets.
They’re not co-mingled with any communal assets that he would have with his spouse. And so it creates a high degree of asset protection. And then also a from an estate tax planning point of view, those assets again now grow for the benefit of my son without being subject to my estate taxes or.
Futurist state tax in the event of my passing and furthermore is significant. Some, if not all of those assets can also grow for the benefit of my son without necessarily adding to his estate tax bill when he passes.
Interesting. Okay. So something I’ve always wondered about that. Revocable versus irrevocable trust or horrors pronounced is like what?
That actually means, who can’t it be revoked from by whom? I just, that is something I’m missing out on another naive
question. So a revokable trust. So for those of your clients your audience members out there, many of them may have living trusts. Many of them may not know what it is at all, but let’s just start at the basics.
So if you’ve ever heard of a living trust or your thought of a living trust, usually what you’re hearing about is a revokable trust, right? So this is a trust or again, an entity. Think of it almost like a. An entity that you create that holds your stuff during the course of your lifetime.
And the purpose behind this is we want to allow. You as the creator to have control of your life and your finances in the event of your death or incapacity. So the problem that the trust solves is this is most people. When they acquire assets in their own name. That’s the easy way to do it, right?
So I buy a house. My name is on the deed, my, my car, my name is on the pink slip. I opened up bank accounts and. My name is on all those accounts. So if I own a house, it says, Brian challenges the deed and I’m the legal owner. I can do whatever I want with it while I’m alive. But in the event of my passing, what happens is Brian chow has no legal ability or has no actual ability to make any decisions because I’m dead.
But according to the documents, right? I’m the only one on title. So I’m the only one with any legal authority. So since nobody else in the world is me. No one else can step in and do anything with that property. It’s just sitting there. It’s not being lived in. It’s not being rented out. It’s not being productive.
So at that point, it falls to the state to figure out what to do with my stuff. So then we, all these assets ended up going into probate, which is a court process by which title transfers from somebody who’s passed away to wherever it is that those assets should go. And so probate, whenever we go to court, things become a lot more expensive.
They take a long time. And it’s also public. So those are things that three things, three reasons why people generally dislike probate. And so one way that we avoid probate again, is by putting our assets into this trust, a revocable trust which then holds those out. So that when I die, right Brian child, the individual died, but everything’s held by the child, family trust, which exists separately from me.
And within my trust, I had the foresight tool point successor trustees, or vice-presidents right. Cause during my lifetime, I’m the president. I’ll have a, I then make, I make all the decisions about what the trust does. I think solving’s refinance. Remodel the kitchen, et cetera. And then let’s say, I point you, Taylor, as my vice-president, if I’m gone, then you would now step up into my place and then you can then carry out the trumps of the trust to let’s say, distribute the assets for my kids or manage them until they’re a certain age or, sell the business or whatever.
So that’s a revokable trust, right? So most trusts that you encounter are revocable, which means that you retain the right as the creator retains the right to make changes to the trust up to, and including completely getting rid of the trust. And so the purpose there is to make the trust really user-friendly.
So I get married. Okay. I can add people in. My kids grew up. Maybe they marry somebody that I don’t really like, I can write them out. I can the tax laws change, I can always make adjustments. So the problem with an ear with a revocable trust, however, or one of the shortcomings of revokable trust is it doesn’t create any asset protection benefit for you.
And the reason why is because it’s revokable. So I re if I retain the right to undo the trust, and everything just comes back to me when I do that, then if I get in trouble, so I got in a car accident, somebody sues me, I can say to a judge, Hey, I, Brian chow, I’m liable. Everything else is hell.
Everything I own is held in the child, family trust. So I don’t actually own anything. Do I have any liabilities or should my, I don’t have any assets. So I have nothing to pay my creditor, right? A judge is going to say, Brian, I see that you’ve got this child, family trust over here and it’s revocable.
So you can undo the trust and pull the assets back into your name. So I’m going to compel you to do. So for that reason, you’re a revokable trust. It doesn’t create a whole lot of assets for irrevocable. Trust is a trust where you do not have the ability to unilaterally undo the trust. And so for that reason, when I give away assets, when irrevocable trust, let’s say for the benefit of my son or my spouse, or even my.
In many cases, right? What happens is if I get sued, I can’t be compelled to pull those assets back into my name. And that’s what creates that asset protection benefit. And then that’s what also creates the estate tax benefit. Because if I don’t, if I retain the right to pull it back into my name, I haven’t really given it away.
But if I give it a transfer to an irrevocable trust where I don’t retain the right to pull the assets back, Then essentially I’ve divested myself for those assets so that I can start making strategic gifts for the benefit of family members that result in state tax savings.
Interesting. Okay. So I guess that then leads to a major risk for an irrevocable trust.
So what if you, I don’t know, pick somebody as a beneficiary or put somebody on it that you then have a serious falling out with for make up a reason, are you out of luck? Is that it? Like we, you said you can’t unilaterally remove assets that may be implied. There’s some, method, you can do it like a big what
Right.
That’s observation, Taylor. And the answer is yes. So it depends on how you draft the terms of the trust, but often. Trusts are drafted to build flexibility for changing circumstances. Now as the creator, so irrevocable, a lot of times people assume that you’re vocal means that’s completely set in stone.
You can’t do anything otherwise. But an irrevocable trust again. Okay. To what I said before really just means that you, as the creator, don’t, can’t just undo the trust on your own. You might be able to undo it with the help of a trustee or with other beneficiaries. If everybody agrees right, then the trust me can be collapsed and undone, or you can.
You can give the trustee sometimes certain powers to make changes or adjustments or you can appoint somebody called a trust protector, which is like a third-party overseer of the trust, and give the trust protector kind of powers to make changes or adjustments to the trust as well. So there’s a whole host of ways to undo or change an irrevocable trust.
Comport with either changing circumstances or changing desires.
The more you give, the more you get.
So interesting. Okay. So you’re not completely up Creek without a paddle in that case.
Okay. But it is a common misperception, a lot. A lot of clients have some apprehension about utilizing irrevocable trust until they understand what their options are.
Okay. Okay. I’ve, I’ll openly admit, I’ve already said it, that this is a topic that I am not particularly educated on or naive or what have you, I’m 32. I don’t like thinking about my mortality and hopefully, I don’t have to deal with it for a good long while at least, Oh a while from now.
Don’t wait too long. But that is the next question is the obvious answer is tomorrow to the following question, but when is a reasonable time for an investor to start thinking about these things? Yeah, you could, I could be in a car accident later tonight, it heard, but it could happen, but are you seeing clients.
Saying, start thinking about this, like in your forties or maybe when you have kids or you have to really think about potential beneficiaries to your assets once you pass away. What are your, let’s say be reasonable thoughts about that. Cause the quick easy answer is to do it now.
Totally.
So I’m not gonna, I’m not gonna prescribe like a hard and fast rule other than this right now. Maybe I’ll share with my audience. The decision-making points to think about it. So so the obvious answer is anyone can benefit from an estate plan and they should, and they could do it right away.
And the reason why I say that is even if you don’t have any assets and if you don’t really have, let’s just say. Any particular desire for your assets to go to any particular place? Still, oftentimes a good idea to have some basic estate planning in place, for example, a basic health care directive so that if you’re incapacitated, right?
Even if you have no assets, make sure the right people, the people that you want. Have the authority to make decisions on your behalf without having to go to court. That’s simple. That’s easy, pretty straightforward, right? Or like a power of attorney, right? Who can access your bank accounts if you’re sick, who can pay your bills, et cetera? Like those are two basic things that even if you have nothing. Are probably good things to have. But when do people tend to get motivated to do estate planning? Because a lot of it is based on motivation, finding the motivation to actually do the work because procrastination it’s easy.
It’s easy to do. And so major life events, like having a child, if you’re buying real estate, if you buy a primary room, You probably have an estate plan, if you’re buying rental properties probably should have an estate plan if you’ve if you have lots of money or have built significant wealth, probably want an estate plan.
So those are some big kinds of life events by which you would start thinking about those things. But yeah, I would just say that. The sooner you find the motivation the better. And when you find the motivation, hang on to it, because it’s easy to, it’s easy to procrastinate for sure.
The other thing that I would say is the case for estate planning or the S the case for planning generally is like the clients that are coming to me for the first time to do their estate planning or their asset protection planning. In their twenties and thirties, Tend to be disproportionately more successful than the clients that are coming to me for the first time in their seventies and eighties, sixties, seventies, and eighties.
And not to say that the planning miraculously, it’s not causation, but it is correlated, because if you are planning oriented, you’re, you will tend to be more successful. And so if you have an inclination to start planning in general, I would say lean into it, because again, these are just good habits to have for going forward in life.
And will in most cases help you to be more successful or financially successful, I suppose then? Or I would even say financially, spiritually, right? Healthier and more successful if you plant. And however you define it, planning will help you get there
as they say or say, it’s going around today.
That is a mental Maury, right? Remember you’re more Toler. Remember your death, it’s going to, and it’s planning and execution to a lot of younger people who are really good at planning and thinking about this are executing on it as well. Cause they’re calling you. They’re not just making plans or they’re going to do.
And that would be, I would guess that many in your audience are that way, right? Because they’re out there doing it, building their wealth and building their real estate portfolios. And they’re not just having in hiring and sitting on their hands. So again, lean into it guys. If you have that inclination set.
Absolutely great.
Right now, we’re going to take a quick break for our sponsor. All right, Brian, I’ve got three questions. I ask every guest on the show. Are you ready?
I’m ready.
Give me with it. All right. Great. First one. What is the best investment you ever made other than in your education?
I think that. No, the thing that first comes to mind is I bought a couple of rental properties shortly after I graduated from law school right during the heart of the recession.
So nice, good timing. Yeah. So I feel like I’m a little spoiled now buying those properties. They’ve done really well for us and we got them for a song and dance and a. That’s what jumps out at me is my first couple of real estate investments.
Alternate. Very nicely based on the timing. And yeah and then also I think that the benefit of just learning how to be a landlord and learning how to be a property owner I think great lessons to learn.
So yeah, absolutely. And with the business that you’re in, you can relate more, I think probably to your real estate investor clients as a real estate investor yourself, which I’m sure many estate planning, asset protection attorneys actually aren’t, they’re not in the investing business, I would say.
Yeah. Cool. We had the best investment. Now we go to the other side of that coin, the worst investment. What is the worst investment you ever made?
Oh, man. So the one that kinda jumps out at me is I bought an I bought somewhat, was it? It was an oil and gas investment. It was like a private placement deal out in Texas. And Yeah, it was an illiquid investment and they all was well for probably a year. And then all of a sudden gas prices went down and then and then it failed.
I think they’re liquidating everything this year, but yeah, basically just went from, pretty productive investment to nothing and in a pretty short period of time. And. That’s probably the one that kinda jumps out at me as being a bad investment, other than just like any frivolous spending that over the years.
But luckily there’s not too much of that going on, so that’s good.
That’s good. And yeah I’ve heard both a major success and major horror stories with oil and gas, investments that can either do well or just end up being absolutely nothing or kind of in-between. Yeah. Many of them do go bust with prices.
Yeah. My favorite question here at the end of the show is what is the most important lesson that you’ve learned in business and investing?
Yeah. I think the most important thing that I’ve learned is that the more you give, the more you get, and so going through that. Outwardly focused on the people around me and figuring out how I can best bring value to them without necessarily focusing on the value that it brings to me as tended to make me the most satisfied in my work and has also, I think, translated to me being much more successful because I think that.
People can sense when you have their best interests at heart. I hope, and I hope that my clients feel that way. But I’ll leave it to them to confirm that. But I definitely feel much more fulfilled when I operate from a place of giving as opposed to being the first attitude. That’s something that I learned.
I was blessed enough to learn relatively early on in my practice. And it’s really solidified and helped me grow into the person that I am today is really just hanging on to that philosophy.
Awesome. I love it. Brian, it’s been great talking with you once again.
Thanks for coming back to the show and especially entertaining some of my I’m just going to keep saying naive questions about estate planning and hopefully the listeners that learned something today. I know, I sure did want to reach out if they want to get in touch with you. If they want to learn more about your practice or what have you, where can they track you down?
Sure. So you can email me at [email protected]. Or you can hit me up on LinkedIn. My name is Brian Chou. You can look me up and leave a message there as well.
Great. It’s been fantastic talking with you once again to everybody out there. Thank you for tuning in. If you’re enjoying the show, please leave us a rating and a review on the apple podcast. Five stars. If you don’t mind, I appreciate that so much because that helps other people learn about the show because it helps us rank higher in the apple podcast ecosystem.
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Bye-bye, awesome. Thanks.
Asset Protection
About our Guest
Brian Chou
Brian Y. Chou is an Associate Attorney at the firm of BARTHCALDERON LLP and his practice focuses on asset protection, estate planning, and business succession planning. Mr. Chou assists clients in all stages of life, from the young professional couple that is concerned about estate planning for their minor children, to the wealthy real estate investor who wants to insulate himself and his properties from lawsuits, to the successful business owner who is agonizing about how to transition his company to the next generation. Mr. Chou understands that coming to grips with an impending lawsuit and confronting one’s mortality are typically not high on most clients’ list of things to do and his goal is to make the planning as accessible, digestible and (dare we say it?) enjoyable as possible. Mr. Chou seeks to build lifelong relationships with his clients to ensure that as their personal lives and legal situations evolve, their planning continues to accurately reflect their wishes.
In addition to working with clients to protect and transition their assets, Mr. Chou actively seeks to be a resource to his clients in all aspects of their lives. He encourages his clients to contact him with all manner of needs, whether it be a plumber to fix a clogged drain, qualified employment counsel to address a nasty workers compensation claim, or anything in between. An avid public speaker, Mr. Chou has presented to numerous groups all over Southern California, including Pepperdine University, University of California Irvine, Cal State Long Beach, the Planned Giving Roundtable of Orange County, and the California Society of Tax Consultants. He is also especially proud of passing the California State Bar Certified Specialists Exam for Estate Planning, Trust & Probate Law.
Episode Show Notes
Brian Y. Chou is an Associate Attorney at the firm of BarthCalderon, LLP and his practice focuses on asset protection, estate planning, and business succession planning. Mr. Chou assists clients in all stages of life, from the young professional couple that is concerned about estate planning for their minor children, to the wealthy real estate investor who wants to insulate himself and his properties from lawsuits, to the successful business owner who is agonizing about how to transition his company to the next generation. Mr. Chou understands that coming to grips with an impending lawsuit and confronting one’s mortality is typically not high on most clients’ list of things to do and his goal is to make the planning as accessible, digestible and (dare we say it?) enjoyable as possible. Mr. Chou seeks to build lifelong relationships with his clients to ensure that as their personal lives and legal situations evolve, their planning continues to accurately reflect their wishes.
[00:01 – 04:33] Opening Segment
- Get to know Brian Chou
- What does Brian do?
[04:34 – 15:39] Leaving a Legacy by Protecting Your Assets
- Brian talks about pushing to alter estate taxes
- The Estate Tax
- How much does your loved ones have to pay when you’ve passed?
- The Value of Your Property versus The Value of Your Equity
- How to Process Your Taxable Estates Before You Pass
- What you need to know about retirement accounts and taxes
- How to Protect Ourselves by Transferring Assets
- Utilize your revocable trusts
[15:40 – 26:57] Revocable and Irrevocable Trusts
- Irrevocable Trusts
- Three reasons why people don’t like probate
- The problem with revocable trusts
- Changing revocable trusts
- When should you start protecting your assets?
[26:58 – 35:50] Closing Segment
- Quick break for our sponsors
- Groundfloor offers short-term, high-yield real estate debt investments to the general public. Check www.passivewealthstrategy.com/groundfloor/ to get started.
- What is the best investment you’ve ever made other than your education?
- Rental properties right after the recession
- Brian’s worst investment
- Oil and gas investment
- What is the most important lesson that you’ve learned in business and investing?
- “The more you give, the more you get.”
- Connect with my guest. See the links below.
Tweetable Quotes:
“For state tax purposes, the one good thing is it’s your net worth, not your [the] gross value of your assets.” – Brian Chou
“In a very broad sense, transferring assets now is a great way to reduce your estate tax bill.” – Brian Chou
“A revocable trust doesn’t create any asset protection benefit for you.” – Brian Chou
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Connect with Brian Chou through [email protected] and LinkedIn.
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