@originaldohnthornton: A lot of successful people own multiple vehicles: Luxury cars. Trucks. RVs. Classic cars. Weekend toys. But most people hold them personally or through publicly visible LLCs / Corporations. That creates two huge problems: Lawsuit exposure… and non-deductible expenses. And if there’s a catastrophic accident? The lawsuit can go far beyond the insurance policy limits. That’s the danger most people don’t think about until it’s too late. A contract law spendthrift trust changes the structure completely. Make the vehicles trust assets. Now the vehicle expenses paid through the trust become trust expenses that are tax deductible to the trust. Fuel. Insurance. Repairs. Maintenance. Payments. Plus, the vehicles benefit from powerful lawsuit protection, far greater privacy because the trust is not publicly registered with the state, and no taxable events. Same vehicles. Completely different level of protection (info purposes only; not a licensed tax, legal, or accounting professional) #taxdeductions #taxreduction #taxsavings #vehicle
