Royal Tax Podcast

Episode 25 - Solo 401k Custodian Duties with Pete Schindele

ROYAL LEGAL SOLUTIONS Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth. ********************************************************************************* MEET THE HOSTS Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance. ********************************************************************************* KEY TAKEAWAYS First, what is a custodian? Investopedia describes it as " ... a financial institution that holds customers' securities for safekeeping to prevent them from being stolen or lost. The custodian may hold stocks, bonds, or other assets in electronic or physical form on behalf of its customers." In this session, Pete breaks down a few key differences between the Self-Directed IRA and the Solo 401k as they relate to custodian duties. Tax code regulations dictate that if you are using an IRA, the custodian must be a 3rd party bank or trust company. This means that they control when, where, and how assets are invested. Pete explains that this reduced flexibility for investors makes the Solo 401k a beloved alternative. So what's the difference? With a Solo 401k, you are your own plan administrator. You take on the role of the bank, trustee, or custodian, and the fiduciary responsibilities fall on you. With that, you have the freedom to invest your funds directly without having to work through a 3rd party custodian for a fee. There are some caveats, though, such as being responsible for monthly, quarterly, and annual reporting. Along with keeping good records that document distributions. Listen in as Pete and group members discuss how this retirement vehicle can be used to invest in various asset classes, including real estate to grow wealth with less hassle than an IRA. Want a refresher or to see what you missed? Watch the replay. REGISTER FOR ROYAL INVESTING [https://hubs.la/Q012zzbD0] and attend for FREE on Zoom, Wednesdays at 11:30 p.m. CST. Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. [https://royallegalsolutions.com/vault-optin] This resource contains our top 5 video Masterclasses and ebooks. ********************************************************************************* ENGAGE WITH US Are you ready to take action on Asset Protection, Tax Strategy, or Estate Planning? Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0 [https://hubs.la/Q014rfVz0] For tax questions complete this quiz: https://go.royallegalsolutions.com/tax-discover-quiz [https://go.royallegalsolutions.com/tax-discover-quiz] For insurance questions complete this quiz: https://go.royallegalsolutions.com/insurance [https://go.royallegalsolutions.com/insurance] ********************************************************************************* DISCORD COMMUNITY https://discord.gg/KKS7rZG5kM [https://discord.gg/KKS7rZG5kM] ********************************************************************************* WEBSITE: http://royallegalsolutions.com [http://royallegalsolutions.com] LINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith https://www.linkedin.com/in/scott-royal-smith/ [https://www.linkedin.com/in/scott-royal-smith/] FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. https://www.facebook.com/groups/495820367909918/ [https://www.facebook.com/groups/495820367909918/]

Episode 24 - Cash In On Green Energy with Inflation Reduction Act Credits with Pete Schindele

ROYAL LEGAL SOLUTIONS Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth. ********************************************************************************* MEET THE HOSTS Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance. ********************************************************************************* KEY TAKEAWAYS The Inflation Reduction Act is creating a lot of buzz. While the IRA has been signed into law, tax service providers and investors alike await the release of IRS guidance as to how the provisions will be applied. Curious about what clauses are most relevant to you, as a real estate investor? Join us as Pete Schindele, Royal Legal Solutions CFO gives a run down on two areas in which you can cash in on green energy rebates. Changes to the Residential Energy Efficient Program Credit * The credit period has been extended through 2033 * It may be applied to non-primary residence * Qualified product upgrades include heating and cooling systems, appliances, water heaters, lighting, building products, and appliances. Qualified Plug-in Electric Drive Motor Vehicle Credit * Amended and renamed the Clean Vehicle Credit * A new requirement states the final assembly must occur in North America * Imposed income cap at $300k for married couples * Claim a credit of up to $7,500 Pete also touched on changes in Medicare where out-of-pocket expenses were capped and more. Want a refresher or to see what you missed? Watch the replay. REGISTER FOR ROYAL INVESTING [https://hubs.la/Q012zzbD0] and attend LIVE on Zoom, Wednesdays at 11:30 p.m. CST. Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. [https://hubs.la/Q012tFGY0] This resource contains our top 5 video Masterclasses and ebooks. ********************************************************************************* ENGAGE WITH US Are you ready to take action on Asset Protection, Tax Strategy, or Estate Planning? Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0 [https://hubs.la/Q014rfVz0] For tax questions complete this quiz: https://go.royallegalsolutions.com/tax-discover-quiz [https://go.royallegalsolutions.com/tax-discover-quiz] For insurance questions complete this quiz: https://go.royallegalsolutions.com/insurance [https://go.royallegalsolutions.com/insurance] ********************************************************************************* DISCORD COMMUNITY https://discord.gg/KKS7rZG5kM [https://discord.gg/KKS7rZG5kM] ********************************************************************************* WEBSITE: http://royallegalsolutions.com [http://royallegalsolutions.com] LINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith https://www.linkedin.com/in/scott-royal-smith/ [https://www.linkedin.com/in/scott-royal-smith/] FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. https://www.facebook.com/groups/495820367909918/ [https://www.facebook.com/groups/495820367909918/]

Episode 23 - Filing Taxes as Partners with a LLC or Series LLC with Pete Schindele

ROYAL LEGAL SOLUTIONS Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth. ********************************************************************************* MEET THE HOSTS Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance. ********************************************************************************* KEY TAKEAWAYS Have you wondered how you would file taxes if you had or formed a partnership through an LLC or Series LLC? Partnerships are required to file additional documentation with the IRS called form 1065. An entity owned by two or more people is considered a partnership by the IRS. The one exception is if the partners are married. In this case, married partners may choose to file a joint personal tax return and forgo form 1065. However, there may be advantages to filing form 1065. Find out why you might want to file form 1065, even though you technically don't have to, in this session of Royal Investing with Pete Schindele. Want a refresher or to see what you missed? Watch the replay. REGISTER FOR ROYAL INVESTING [https://hubs.la/Q012zzbD0] and attend LIVE on Zoom, Wednesdays at 11:30 p.m. CST. Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. [https://hubs.la/Q012tFGY0] This resource contains our top 5 video Masterclasses and ebooks. ********************************************************************************* ENGAGE WITH US Are you ready to take action on Asset Protection, Tax Strategy, or Estate Planning? Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0 [https://hubs.la/Q014rfVz0] For tax questions complete this quiz: https://go.royallegalsolutions.com/tax-discover-quiz [https://go.royallegalsolutions.com/tax-discover-quiz] For insurance questions complete this quiz: https://go.royallegalsolutions.com/insurance [https://go.royallegalsolutions.com/insurance] ********************************************************************************* DISCORD COMMUNITY https://discord.gg/KKS7rZG5kM [https://discord.gg/KKS7rZG5kM] ********************************************************************************* WEBSITE: http://royallegalsolutions.com [http://royallegalsolutions.com] LINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith https://www.linkedin.com/in/scott-royal-smith/ [https://www.linkedin.com/in/scott-royal-smith/] FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. https://www.facebook.com/groups/495820367909918/ [https://www.facebook.com/groups/495820367909918/]

Episode 22 - How Land Trusts Reduce the Risk of Lawsuits with Scott Royal Smith

ROYAL LEGAL SOLUTIONS Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth. ********************************************************************************* MEET THE HOSTS Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance. ********************************************************************************* KEY TAKEAWAYS This session of Royal Investing opened with a quick presentation about tax implications relative to land trusts. Not all trusts are required to file taxes. Revocable trusts are the simplest to set up and have no impact on your tax filings. The remainder of the time involved a QA session with attendees. Scott provided valuable insight on a variety of land trust questions, including: * Does a land trust need to be listed on my insurance policy and an additional insured? * How does a land trust add a layer of asset protection? * Who should sign as the trustee to maintain anonymity? * How does discovery work if a litigation attorney is considering taking a case? * Can I do anything to protect my assets if I am already involved in a lawsuit? * ... and more! Want a refresher or to see what you missed? Watch the replay. REGISTER FOR ROYAL INVESTING [https://hubs.la/Q012zzbD0] and attend LIVE on Zoom, Wednesdays at 11:30 p.m. CST. Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. [https://hubs.la/Q012tFGY0] This resource contains our top 5 video Masterclasses and ebooks. ********************************************************************************* ENGAGE WITH US Are you ready to take action on Asset Protection, Tax Strategy, or Estate Planning? Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0 [https://hubs.la/Q014rfVz0] For tax questions complete this quiz: https://go.royallegalsolutions.com/tax-discover-quiz [https://go.royallegalsolutions.com/tax-discover-quiz] For insurance questions complete this quiz: https://go.royallegalsolutions.com/insurance [https://go.royallegalsolutions.com/insurance] ********************************************************************************* DISCORD COMMUNITY https://discord.gg/KKS7rZG5kM [https://discord.gg/KKS7rZG5kM] ********************************************************************************* WEBSITE: http://royallegalsolutions.com [http://royallegalsolutions.com] LINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith https://www.linkedin.com/in/scott-royal-smith/ [https://www.linkedin.com/in/scott-royal-smith/] FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. https://www.facebook.com/groups/495820367909918/ [https://www.facebook.com/groups/495820367909918/]

Episode 21 - Entity Selection to Maximize Tax Savings Opportunities with Pete Schindele

ROYAL LEGAL SOLUTIONS Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth. ********************************************************************************* MEET THE HOSTS Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance. Megan Templeton, Esq. Megan Templeton is from Birmingham, Alabama. She attended Auburn University and graduated in three years with a Bachelor’s in Psychology. While attending Auburn University, Megan was actively involved in the Auburn Honors College and Omega Phi Alpha, a service sorority. Upon graduation from Auburn University, she pursued her Juris Doctorate from Samford University’s Cumberland School of Law and her Master’s of Public Administration from the University of Alabama at Birmingham. Megan obtained both her JD and MPA in December 2015. Megan’s previous law positions have included clerk at the U.S. Attorney’s Office of the Northern District of Alabama, manager of a closing and title company, and currently the owner and principal attorney of Iron City Law, a boutique law firm in Birmingham, AL serving small businesses and the real estate community. ********************************************************************************* KEY TAKEAWAYS Royal Legal Solution's CFO, Pete Schindele, led an informal discussion about appropriate entity selection for real estate investors to maximize tax savings. Many people start out as a Sole Proprietorship that sets up an LLC for asset protection from personal loss. As your business grows, you will find that an S Corporation or C Corporation may be more beneficial to lower your tax burden by avoiding the self-employment tax. Pete shared a simple cost benefit analysis guideline to help determine which entity structure is the best relative to current business size or earned income. Also, learn how your decision may be affected depending on if your income is active or passive. Want a refresher or to see what you missed? Watch the replay. REGISTER FOR ROYAL INVESTING [https://hubs.la/Q012zzbD0] and attend LIVE on Zoom, Wednesdays at 11:30 p.m. CST. Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. [https://hubs.la/Q012tFGY0] This resource contains our top 5 video Masterclasses and ebooks. ********************************************************************************* ENGAGE WITH US Are you ready to take action on Asset Protection, Tax Strategy, or Estate Planning? Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0 [https://hubs.la/Q014rfVz0] ********************************************************************************* DISCORD COMMUNITY https://discord.gg/KKS7rZG5kM [https://discord.gg/KKS7rZG5kM] ********************************************************************************* WEBSITE: http://royallegalsolutions.com [http://royallegalsolutions.com] LINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith https://www.linkedin.com/in/scott-royal-smith/ [https://www.linkedin.com/in/scott-royal-smith/] FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. https://www.facebook.com/groups/495820367909918/ [https://www.facebook.com/groups/495820367909918/]