@originaldohnthornton: Most people spend their life backwards.
They earn money personally…
pay taxes personally…
then spend what’s left personally.
That’s the trap.
Every dollar flowing through your personal name creates more exposure.
More taxable events.
More lawsuit risk.
More public financial footprint.
Sophisticated people understand something different:
Spend the trust’s money.
Not your money.
Move the money into a contract law spendthrift trust first.
Then let the trust acquire the assets and pay the expenses directly.
Homes.
Vehicles.
Education.
Travel.
Wellness expenses.
Lifestyle assets.
Now those expenses become trust expenses that are tax deductible to the trust.
Meanwhile, the assets benefit from powerful lawsuit protection, far greater privacy, and no taxable events.
Same spending.
Completely different financial structure.
(Info purposes only; not a licensed tax, legal, or accounting professional) #taxdeductions #taxreduction #taxsavings
