TAX EVASION & TAX AVOIDANCE – Market Mondays w/ Ian Dunlap

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[Music] Which stock I think is going to do the Best this year but I think I will say a Stock that I think could potentially be The Best Buy this year and being a Best Buy doesn't necessarily mean that it's Going to have a great year this year but Is gonna have a good run eventually when You buy it and that's Amazon and I feel Like you know it's 50 off of his All-time high Um it doesn't really take a rocket Scientist to figure this out that at Some point the ship is going to be Turned around Um yeah I'm about to say this guaranteed There's going to be booming this year as Far as their stock but strongly believe In what Amazon has their business model They've pretty much created a monopoly In their space Um and I think that they're going to Continue to get bigger over the next Decade so anytime that you get a chance To buy a stock like Amazon as such a Deep discount I think you you definitely Have to consider it And I think that um you know if you hold For the long term you will probably be Rewarded for that yeah yeah I'm with you I just didn't want to say it two years In a row Got to change it up yeah I was like let Me just because they were like yo you

Said that last year man it's time went Down 64 Um that's a great one I just I'll add Another one that's why it's good now Well I think I think Google's in that in That as well absolutely especially with The NFL deal and which Everyone is your competitor Everyone yeah From advertising space from a Content Space from a search engine And now from uh Sports a viewership right because you Figure that NFL ticket is a is a monster Um I think that's what are they selling If 300 for the season 2.99 for the season something like that Which is that's prime plus Prime NFL Plus Apple y'all better get nine billion Together for the Super Bowl I'm going to Make a call right now apple or Amazon is In three years is going to have Exclusive rights to the Super Bowl Oh Ian's crazy he's on pineapple juice To give her a shot how do you deal with Him okay Everyone is your competition Let Blac Chyna clean up her acting go to Etiquette classes she'll be teaching Investing on only fans everybody is your Damn competition and once people realize That and we're in a consolidation phase Amongst tattoo Twitch had a whole bunch of Deals they

Were giving out then they Consolidated And now they're not as popular I know Like academics doesn't have his deal There anymore but T-Pain is popping Everyone on Earth is your competition Shout out to Google shout out to YouTube Um we're living in interesting times but If you go study the tech Wars from 1994 Through 2005. this is Alta Vista yes G's Google AOL Netscape go look at everything Mark Andreessen wrote back in the day we're Going through the second version of that And web 3.0 is overrated Mike clipped it Up so Um all right wait wait hold on what what Was that a a teacup oh yeah you know [ __ ] y'all Good time to drink isn't it hey we Coming back we'll be going back Girl took the drink out of my hand you Shouldn't carry rubbish I said baby you Go to Harris right now what you mean a King like you should not even carry Rubbers Room 1714 come on What Jesus All the way the eagle has landed Um shout out to coach Prime Deion Sanders yes yeah he reached out to us Today oh for us though yeah yeah he sent Some some words of encouragement What were those words they'll come out

He told us to continue what we're doing Um he's proud of us you know 2023 is Going to be a big year for us so Shout out to coach Prime man that was no Fire oh oh no that sounds like Boulder Scrolling Love Ginger we're gonna be on the Sideline like Gillian wallow hey Hey what we doing let's go Let's take this let's take this Intermission breaks I wanted to say Something because uh I posted something On Instagram and um it got a lot of Traction and it was it was actually an Old post but um What I realized is that a lot of people You know don't catch the information When it comes out or they might be new Or they just forgot so I have posted About um my eyelid irrevocable life Insurance trust and uh this is something That I think is important for people to Understand just the trust period we Should probably at some point bring a Lawyer on to talk about trust and estate Planning because it's extremely Important especially when you're talking About wealth but the whole point of a Trust is to take things out of your name And this is why when they always tell You you always hear that cliche like oh What is it uh oh nothing control Everything yes Um and that's you know that's kind of

Where that that comes from with you know A lot of wealthy people they they don't Really and they're not really in a hurry To have their name on everything and This goes back to even that versus Battle Um with uh Jeezy and Gucci and um when Jeezy said he owns half Atlanta and then You know of course people on social Media Um they got to Googling and they was Like well it actually comes out that he Only owns one house in Macon Georgia Then there's another wave of social Media people that was like well you know You don't just because your name is not Attached to it you don't surprise that's Actually more beneficial because just How you found out that he owns that House like don't you think that it would Probably be beneficial that you wouldn't Be able to find it out and it's like you Know that's why people own things and Trust and llc's and different things of That nature for protection on a legal Side but also to take things out of Their personal Um estate because there's a thing called Estate taxes so this is extremely Important where it's like okay as you're Accumulating wealth and you become Wealthy Um this information might not apply to You right now but God willing it will

Apply to you in the future and this is The whole point of why you're watching Market Mondays right so when you're 10 Million up and when you're 20 million up Now you got a whole different set of Problems it's not like your problems Aren't money your problems are keeping Money yes that's extremely important Getting money is one thing keeping money Is a whole different ball game and That's the part that they never taught You they never really taught you how to Get money but some people are smart Enough to figure it out but you Definitely wasn't taught how to keep Money because even if you get money it Could just be a fluke they'll let you Have money for 20 years 30 years but That's not really no real money because Ultimately you're just gonna give it Back in 30 years anyway when you die Your family your the IRS everybody's Just gonna come and then you know one Generation you back to where you started So this is extremely important to Understand so when you hear the word Trust it's a it's just important I Wanted to kind of give that groundwork Nothing there's no I just want to know If there's no pets on yes this is Important let's do this thing Money green let's go honey green The Money Team Um so there's a difference between tax

Evasion and tax avoidance let's put this Out there right away because I I don't I'm not going through this with you oh This tax Evasion is a federal crime that you will Be penalized for and you'll probably go To jail if you ever get caught this is When you're purposely avoiding paying Taxes and you're lying on your income And you're not reporting income that is Tax evasion that's illegal and you Shouldn't you should never do that under Any circumstances Tax avoidance is the practice of Minimizing the taxes that you owe in a Legal and efficient manner this is Something that smart people do and Wealthy people have been doing for a Very long period of time tax avoidance Is not tax evasion they're two different Things right and we can have a Conversation about Donald Trump At some point if you're interested but That's a different conversation I will Duck this straight Everybody out of Team everybody out of Camera So the whole point your whole point is To pay as little taxes as possible There's nothing wrong with that and this Is why it's important to be a business Owner this is why it's important to have Deductions this is why it's important to Have employees because the tax code once

Again is not set up for employees the Tax code is set up for entrepreneurs and Investors Landowners these are the these are the Who do you think writes the tax code This is this is something that people Don't fully understand and One thing that you you can't do if You're trying to become wealthy you Can't beef with information Don't argue with information or Legislation Yeah but the thing is like if you're not Qualified to speak you have to listen If you're not qualified to speak you Have to listen To where humility comes into play Sorry All right having said that The eyelet irrevocable life insurance Trust very important to understand why This is even important so the Irrevocable life insurance trust is when You have a life insurance policy but You're not the owner the trust you have A trust set up and the trust is the Owner of the life insurance now why is This important because if you own life Insurance in your own personal name Right and you die now that gets added Into your estate Now if you're worth five million dollars And you have a five million dollar life Insurance policy now you are actually Your state is 10 million dollars is

Actually a issue because now you have What's called a state tax you can study What happened to Prince you can study What happened to Michael Jackson when You don't have an estate plan the Government comes and they want money Within 90 days so now you have to this Is why with the whole estate sale when You see a lot of musicians like Elvis Presley they selling his guitar because They don't have enough money so now you Got to do a fire sale and start selling Things start selling autographed jerseys Start selling homes because you got to Raise money to give it to the IRS that's Because they didn't do estate planning Extremely important to understand this So to avoid The life insurance causing an issue and You can put it in a trust and being that It's in a trust it doesn't get added to Your estate because you don't own it the Estate owns it yeah that is the benefit Of it now what it also can do is pay Estate taxes because if you have taxes That are due now you can use a portion Of the life insurance policy that's Owned by the estate tax-free to pay your Estate taxes in a variety of different Other things that you can actually do to Set it up so like I said It's not for everybody Um but a lot of people listen to Market Mondays so I'm assuming that some of the

People probably are in that situation Where they are well you just buy the Number of 100 000 people listen to this Some are wealthy yeah that's just the Law of the law of large numbers and like I said if you yourself are not wealthy That's okay You're gonna get there at some point Stay with us long enough when you are There it's better to have the Information as opposed to not having the Information we saw it happen rest in Peace of takeoff he didn't have a will Didn't have any estate planning based His parents I guess they're they're not Together anymore and now allegedly They're you know fighting over his Situation and it's in Probate and it's The whole thing so it's like these Things keep happening they keep Happening it's been it was happening in The 60s with Jimi Hendrix yeah it Happened with Prince it happened with Michael Jackson And it happened as recently with takeoff This is Generations keep making the same Mistake because they're not educated and They're not informed and you're not Planning for your death because you're Thinking that it's superstitious that if You if you think about death you're Gonna die well news flash you're gonna Die at some point it's 100 chance you're Done you know I'm not that's the thing

About it it's 100 chance I've never met A person that has not I've never met a Person that's that's that is a 300 years Old 500 years I've never met a person that's Immortal yep never met a person that has Elon Musk all the money he's I've never Met a person that has become immortal Yet who knows maybe maybe they maybe They are I just never met Korean I've Never met an immortal person before I've Never met someone maybe with some of Them babies they putting like in that Matrix room they'll be able to live for 300 years put them in a bubble The Matrix box the real bubble that's the Other thing big podcast boom We gonna See yeah so Reach out to your trusted lawyer get Your estate plan in order this is Extremely important and I this is what I'm doing myself as right now I'm Getting my State playing in order so Even if you're not at the level to get a Trust make check your beneficiaries yeah Get life insurance get a power of Attorney get a health care proxy get Your estate plan ordered we're at the Top of the year everybody's setting a New year's resolution this is a this is A good resolution yeah for you to have Um have a conversation with your family Have a conversation with your children You know sometimes you got to have

Uncomfortable conversation so yeah just Wanted to talk about that I'm sure we'll Probably like I said at some point we Should probably bring a lawyer on and we Can have an even more in-depth Conversation but Important to keep in mind And what's up [Music]

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