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Sept. 12, 2022

TLP33: Pay Less Taxes Protect Your Assets and Live on the Beach with Jonathan Feniak

TLP33: Pay Less Taxes Protect Your Assets and Live on the Beach with Jonathan Feniak

Limited Partners often invest on real estate assets registered under their own names. That only leaves them open for attacks coming from the inside or on the outside. A LP must be prepared for life’s uncertainties because they may never know what the future will bring. That is why an investor must be able to protect their assets and privacy at some point in time.

In today’s podcast episode, we interview Jonathan Feniak, Chief Product Officer and General Counsel at Company Sage. Today’s topics are locked in on Jonathan’s life in Puerto Rico, tax benefits by building a business in Puerto Rico, and best practices for a Limited Partner in asset and privacy protection.

Quotables and Key Takeaways:

  • You know, sometimes you need to take a step back and really rebuild, almost burn it all down in order to get something that is gonna be sustainable for the future.
  • We'll pay or the company will pay that 2% to 4% tax, but then those dividends to the owners are gonna be untaxed. 
  • I mean, LPs are probably also getting some exposure to REITs and things like that. Those would be potentially untaxed.
  • You could buy an acre of land for under a half, a million dollars with an existing home on it.
  • Puerto Rico's an easy place to live. The cost of living is low. And so you don't see any of those problems.
  • You should be investing through your holding company or some entity, even if you've got your trust.
  • You're investing through a trust. I recommend form that underneath your trust. And that becomes the investing vehicle to keep that layer of privacy away from you.
  • Sometimes divorces happen. What you can do is move assets into the asset protection trust, and whether you guys are together or not. Those assets will always go to your children.
  • Inside of an LLC, there's something in Wyoming called charging order protection and that means that a, a charging order or a judgment creditor of an individual member of an LLC, that judgment creditor cannot break into the LLC. And seize the assets, the best they can do is sit on the outside and wait for a distribution to be made, which is, you're not under an obligation to make a distribution.

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