Inheritance Planning: What To Do With $1.1 Million

Hello, I have

my husband here too. My husband, Kenny. I don't know if

you can see him well.

What's his name?

Kenny.

Kenny, good to meet you too. And you're from

Minnesota. Yes. All right. And how'd you guys hear about me?

Uh, lots of Facebook online,

Facebook. All right. Well, and check out the

YouTube and Instagram, and all the other places you've been

working with Rebecca, correct?

Yes.

All right. Big question. So, I'm gonna take it

in chunks. I'm gonna ask questions along the way. You're

working at w2 does that mean both of you are w2

ASK LORAL - Lynelle: Correct.

All right, so you're both retail operations

part-time as worship director at your church. Your husband,

Kenny, there is local flatbed truck driver for commercial

concrete. We are getting burnout. No, can't imagine. And

you know you need something different. Kenny's a DJ on the

side, getting back to the business after nearly a decade.

You have two LLCs, one in Wyoming and one in Minnesota,

set up one's for the DJ business, the other is for

future real estate. So, I'm assuming since you live in

Minnesota, the DJ business will be it in the Wyoming LLC.

ASK LORAL - Lynelle: Yeah, they're both technically filed

under the Wyoming LLC, but they're operating in Minnesota.

So, you started them in Wyoming, and

then foreign registered? Yes. Completely wrong. Whoever told

you to do that? Who told you to do that?

ASK LORAL - Lynelle: There, there were some like entity

registration experts that recommended that.

No, because what you did is you just, just

Minnesota, you know, is not all the way to California or New

York, but it's got a lot of those tendencies in the tax

code, so Wyoming is like Texas, Florida, and Nevada, which is

where we are, Northern Nevada, so that just disrupted it. I

mean, basically null and voided why Wyoming is even in there, so

that's just it's it's a, it's a old and I would say more

immature strategy for someone, anyway. That's a long story. How

that ended up there, but you are, so we can fix that.

Everything's fixable, that's a good thing. Yeah, take a minute.

Kenny, you just received an inheritance from your father.

When you say sizable, are we six or seven figures?

1.1 okay?

And how did it come to you?

ASK LORAL - Lynelle: Between mutual funds, we have a single

family residence, and then there's proceeds from sale of a

farm that they had,

and that's all yours. You don't have to share

with siblings, that's all undecided. We're all done. Okay,

that

ASK LORAL - Lynelle: was his share. Yeah, and is it

sitting in a personal bank account, or where

is it?

ASK LORAL - Lynelle: It's in a personal bank account right now.

You want to do the right thing, set up for your

family in the future. What's stopping us is a fear of losing

what you have or making the wrong moves. What does your

company do differently to give us peace of mind? Well, you're

going to give yourself peace of mind, young lady. I would think

26 years of doing this, really, if I add in all the Kiyosaki

years, well over 30 years of doing this, and I have a team

that's integrated, meaning the tax team, the corporate

structure team, the trust team. We all talk together and about

you. That doesn't happen, you can't find it. I mean, you can

give it a go if you have. So we take a very integrated approach.

So number one and two, just given what you've done, is we

need to fix the corporate structure. You're not making a

lot of revenue, and doesn't sound like you have any

property. Was any property in the inheritance, or was that

cashed out?

ASK LORAL - Lynelle: There is the house currently, but we're

planning to sell that.

Okay, so it's not worth putting, like, sell it

immediately, or sell it in year,

ASK LORAL - Lynelle: sell it within the next few months.

Yeah, we're preparing it. Yep,

so again with you guys as W twos, the W twos

are causing a big tax problem. The DJ business, great, but I'd

like to see that just in Wyoming, not where you are in

Minnesota. And then we need another operating company. What

are you going to do, which we don't need to decide that, but

we would be deciding that with what do you want to do, and you

have great skill sets with retail worship director, believe

it or not, those are all marketing centric skill sets, so

you maybe not see yourself that way, but you can make a ton of

money that way, and then we have to do with that estate, is there

a 401 k in that estate?

ASK LORAL - Lynelle: No.

Okay. Good. So then it's a matter of deciding

how do you want to invest 1.1 million and how do you want it

to grow. So you can do a compounded calculator and just

see very quickly, you know, if you put 1.1 to work at say 10%

12% play with those numbers, and then contributed, say the DJ

money or extra money to it. How quickly that can become four and

5 million, right? So you want to compound it, reinvest it, and

then diversify it. So right now you have a tax problem because

of the W-2, the corporate structure, and then how you

spend would fix that, and then how you invest going. Forward,

so the what's different about us is we are the ones, we're pretty

much a one one stop shop. From business development, we have

marketing, we have a lot of marketing folks, we have sales

folks, cash flow management, finance for non-finance people.

How do you understand all that? Those are all the courses. So,

from that you head into corporate structure, tax

structure, that makes sense, because your, your companies are

gonna allow you to have all the deductions, right now you don't

have any deductions, you have very few in the way that you're

set up, and then how you make your investment decisions,

depending on what you want to work on. So, for you guys, you'd

spend a lot of time in the beginning just learning about

different investing strategies, because it doesn't sound like,

if right, if I just.. if I had to, just based on your question,

how to invest is probably your, your biggest weakness. Would

that be? Yes, you got to learn the most. So, you would be

learning about assets. Part of the bonus of the big table,

starting actually this weekend, is we offer a real estate tour

once a month as part of the bonus. So, 10 months of the 12

months, actually it's nine months of the 12 months, we have

real estate tours, and then we have supplemental tours, so it's

just starting to learn. What do you want? Minnesota real estate

further out, land out further out is good, but again, you're

not in the best tax state, you know. Oklahoma is my millionaire

market, Missouri, Kansas, Ohio is right around the, you know,

it's down, but over, I mean, so you guys will be learning how

you want to invest, and you look pretty young, so you also could

go the franchise route, you have enough money, you could buy a

couple franchises, so in the beginning for you it would be a

lot of learning and understanding what do you want

to do with it, right, so but you're gonna, the difference

would be, I mean, you could read all over this lovely bathroom

wall called the Internet, or you can have multi millionaires

helping educate you along the path. So that's the big, the big

difference is you got a collective group. There's a lot

of us on the team side. We got tax, corporate structure,

corporate compliance, which a lot of people leave that out of

the documentation. Do you guys have a trust on your own by now?

ASK LORAL - Lynelle: We do have a trust. Yes.

When's the last time it was reviewed?

ASK LORAL - Lynelle: Probably should be reviewed,

but that's part of what you are going to do

the first, you know, few months, when we get it, when you get in,

is we're going to look at all what that you've done to

yourself, start making, you know, adjustments to what's a

better structure, you'll make the decisions. We're going to

educate you, like if you do, we do a lot of pros and cons. If

you do it this way, this what you get. If you do it this way,

this what you get, because you may say after that you want to

keep this corporate structure. I don't think you will, but when

you really understand what that's not getting you versus

what it could get you by just switching it, it would be

better, that makes sense. Yeah, yes. So it's a complete sweep

across the board. Once the companies are set properly, then

we look at all your personal expenses, and as you guys start

doing, like, you know, Kenny, you start doing the DJ business.

What personal expenses can move, which is mostly your technology,

right? Your phone bill, your vehicle, because you have to

travel to locations. I mean, a lot of that stuff moves from

personal expenses to business deductions. Does that make

sense? So, I mean, we're super, super mindful of making sure

your taxes stay really, really low as you make more and invest

more. Does that help? And there's a lot of us, there's

about, there's me and about 28 other, you know, experts around

the house, including franchise, including licensing, gold,

silver, crypto. Yeah, and if you, and if at the end of the

day, you say, you know what, I just want an alternative. Here's

an alternative financial planners planner or

alternative wealth manager, you can just go a little more hands

off, knowing that you are, you know, going to put your, your

livelihood in someone's hands, because there are some, you

know, folks that just are really, really conservative and

scared to death. So then you can start pulling money as you learn

more to be at least just start making money in one place, and

then you start pulling, say, okay, I want 100 150 to go buy

this piece of property. I want that for land. And then it

starts getting diverse over the next two to three years. You

don't want to go rush too many people. We see people on the

other side where you've already put all that to work, and it's

like, oh my gosh, because then you can undo those moves. So I

would go in with a nice plan, as long as it's done by October,

November, you'll be able to really have an extraordinary

year from a tax perspective, making more money, and just

feeling like you had a solid plan. Okay, and then at some

point the kids need to come along. Oh, yes, assuming yes,

ASK LORAL - Lynelle: they're 14 and almost 12, so

yeah, because they're going to be the ones

inheriting all this, so they don't get to be.. I mean, if

it's under my watch, I don't like to create trust fund

babies. I like smart kids following the parents,

ASK LORAL - Lynelle: exactly. So, otherwise, what's the point

to somebody that actually has a clue? Yeah,

so that's a big answer. Hopefully, that it

ASK LORAL - Lynelle: was a big question. It was

a big question. So, we got you, is

what I would say. And look forward to helping, uh. Guide

you through these decisions, it'll be fun, and I think for

you guys, just remember you're not in this alone. There, the 26

years, there's 1000s of people across this nation, in every

state, that have that are part of the table. So you're going to

meet folks from your state, you're going to meet people from

your hometown. It's interesting, in the last few years, a whole

bunch of, you know, I grew up in Nebraska. I never had a Nebraska

client for the first 10 years. Now I got Nebraska, Nebraska

Farmer Energy, all sorts of different flavors of people

coming, so it works well. You have a lot of advice and a lot

of help.

ASK LORAL - Lynelle: Great.

All right. Well, it's good to meet you too.

ASK LORAL - Lynelle: All right. Thank you.

Bring what's going next for you? All right,

thanks.