@originaldohnthornton: Four-wheelers.
Three-wheelers.
ATVs.
Side-by-sides.
Off-road toys.
People spend huge money on these vehicles.
Purchase price.
Trailers.
Fuel.
Repairs.
Upgrades.
Insurance.
And most of it gets paid personally with completely non-deductible money.
So first they earn the income…
then Uncle Sam takes a huge cut…
then they buy the toys with what’s left.
That’s backwards.
With a contract law spendthrift trust…
the vehicles can become trust assets.
Now the vehicle-related expenses paid through the trust become trust expenses that are tax deductible to the trust.
And since the money is already being spent anyway…
why not run it through the trust first and create the deductions?
Plus, the vehicles benefit from powerful lawsuit protection, far greater privacy, and no taxable events.
Same off-road lifestyle.
Completely different financial outcome.
(Info purposes only; not a licensed tax, legal, or accounting professional) #taxdeductions #taxreduction #taxsavings #ATV
