Protecting Your Brokerage Account and Savings

Clint Coons Esq. | Real Estate Asset Protection

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In this video, we break down the best way to protect your brokerage account, while also taking a look at things to stay away from!
Learn more about how to become anonymous AND appear as if you own nothing at our next Free Tax & Asset Protection Workshop. Save Your Seat: aba.link/8me
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#stockmarket #brokerage #savings

Опубликовано:

2 июн 2024

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Комментарии : 129

@ClintCoons 3 месяца назад

Learn about Real Estate & Asset Protection at our next all-day free live stream. Our attorneys and specialists will answer ALL questions: 👉 Save Your Seat: aba.link/8me

@andrewmorales9050 Год назад

Enjoy your videos, very informative! Quick question. Instead of creating WY LLC #2, can you create a personal property trust for the brokerage account with the WY LLC #1 as the beneficiary, or is having separate LLCs ideal for protection?

@butterfieldmachine Год назад

Hi Clint! Thanks for all your information, I really appreciate it. One question, for which the answer may be obvious, but what is the reasoning for having the 2nd WY LLC that holds the brokerage and savings account be on its own rather than under the 1st WY LLC/Holding company? Just a further separation of interest/liability? Thanks!

@jajajaja2624 2 года назад

So how much do it cost to set up a LLC for my brokerage account .

@organizer14 Месяц назад

Many many thanks!

@angeltorracaofficial 2 года назад

Great info!

@ClintCoons 2 года назад

Thanks for watching!

@amazonlily0 2 года назад

Great info. Can you also use the WY llc of brokerage/cash to hold real estate syndicate fund as limited partner?

@ClintCoons 2 года назад

Absolutely.

@johnr.7466 10 месяцев назад

Thanks Clint, great content as usual, short, direct and clear.If the stocks/bonds inside the LLC generate income (interest or dividends), do the member pays self employment tax on that?

@headlibrarian1996 5 месяцев назад

Interest and dividends are not self-employment income.

@dankozak1080 2 года назад

Thanks for the info, Clint. If you had a charging order against you, how would you be able to use or spend the cash you have in your savings account in WY LLC #2? Since any distribution would go towards the person suing you, could you just pay for everyday items out of your protected savings account?

@ClintCoons 2 года назад

You would need to keep it in your LLC and either pay yourself a management fee or loan the money to yourself. Both of these strategies avoid the charging order because neither is a distribution.

@moncourrielanonyme Год назад

hi Clint, thanks for another great video. I have two questions about the Wyoming LLC holding brokerage accounts, shares of partnerships / syndications and cash: 1) do you pay self employment tax on the income from the assets, eg dividends or can those qualify as non-active 2) are you allowed to have business deductions on your schedule C, eg LLC formation cost, accounting fees, business trips, business related training ?

@ClintCoons Год назад

The income is not active. The Income will retain its character as it flows through to you. Therefore, you will not receive any additional deductions with the LLC versus not using an LLC. If you were an active trader then you might consider setting up a management corporation. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@mgmtcp 2 года назад

Great video. Assuming if you have a Delaware entity as the holding company it will work as well ?

@ClintCoons 2 года назад

Yes it will

@Trading_Nerd 2 года назад

Hi Clint. Really enjoy the content. One thing I can’t understand is why use an LLC and not a S Corp? From what I have learned a S Corp has a better tax structure than an LLC. However I am open to learn more

@ClintCoons 2 года назад

Not for a trading account. If you positions appreciate and you want to move them out of the corporation you will be taxed on the unrealized gain. An S-corporation might be an option if you are trying to obtain trader status. Remember you can treat your LLC as an S-Corporation for tax purposes.

@lucai.5850 2 года назад

Great info, would the capital gains on your brokerage account, be taxed to you as capital gains or normal income?thanks

@ClintCoons 2 года назад

Depends on how long you held the position. If less than one year then STCG if more than one year LTCG.

@aeongaming2561 2 года назад

Does WY or DE LLC's offer charging order protection if you are the sole member and not married? And should these entities also be disregarded in this scenario?

@ClintCoons 2 года назад

Yes and Yes.

@bobby24321 10 месяцев назад

Excellent Video!! Quick question: As mentioned, for real estate investing, we should first create a "holding" LLC in WY or NV, and then create another LLC in the state where the property is located, with the "holding" LLC being the member. Why are we allowed to skip this step with a stock brokerage account and go directly to a WY or NV LLC? Couldn't the state courts where we reside argue that a stock brokerage account (owning portions of a company through shares) is an investment similar to owning real estate and that unless an LLC is setup in residing state also, we'd lose the WY or NV asset protection?

@ClintCoons 10 месяцев назад

Holding a brokerage account is not conducting business activity in the state because you are not trading someone assets for income.

@bobby24321 10 месяцев назад

@@ClintCoons Thanks for the response!!

@amazonlily0 2 года назад

Great content. How can I assign the assets to beneficiaries according to my living trust to avoid probate?

@ClintCoons 2 года назад

Via an assignment form or you must retitle the assets into the trust name.

@BillCoSmith 2 года назад

Hi Kent, Can you do a video on what happens if things go wrong with the wy LLC structure? And what would be need to fix it? Thanks

@chizzyike 2 года назад

To simplify things in Wyoming, set up your LLC as a closed LLC. However, you must pay the annual (franchise) fee and maintain a registered agent for your LLC to remain a legal entity.

@ClintCoons 2 года назад

Great suggestion!

@alfalogic 2 года назад

Thank you. Does New Mexico LLC also offers charging order protection?

@ClintCoons 2 года назад

Yes but they also allow for foreclosure so it does not really offer any protection.

@coachc9532 Год назад

What about Kentucky's charging order protection?

@wanxiangchen2114 2 года назад

I heard setting up an offshore trust (in Cook Islands) is another way of protecting your brokerage account. Is the LLC method better? What are the pros and cons of offshore trust v LLC.

@ClintCoons 2 года назад

We do not deal in offshore entities however I have heard it can offer great protection is set up properly. The drawback is the reporting to the IRS. There can be a presumption of tax evasion with offshore so you may come under additional scrutiny.

@EduardoJSanchezPA 2 года назад

Great video Clint, as always! Question: in minute 4'20" you mention that the real estate LLC is taxed as a partnership but the brokerage LLC is disregarded. How is this possible when you and your wife (as you mention in the video) are both owners in both entities? Wouldn't both entities be then taxed as partnerships?

@eldonbirth5429 2 года назад

The disregarded llc flows down to you

@EduardoJSanchezPA 2 года назад

@@eldonbirth5429 I understand that part. My question was how can a two-person owned entity be disregarded ?

@eldonbirth5429 2 года назад

I think there can be more then 1 member in a LLC without it being a partnership

@EduardoJSanchezPA 2 года назад

@@eldonbirth5429 Not unless you're in a community state....

@chizzyike 2 года назад

@@EduardoJSanchezPA My understanding is that if the husband and wife are filing jointly in the community state like Texas, the entity will be disregarded.

@fr2034 2 года назад

Can rollover from personal to LLC brokerage happen if you have an SSN and LLC has EIN?

@ClintCoons 2 года назад

Yes with no isses

@klepdaddy2 Год назад

Excellent info! I have the same setup...just opened the Wyoming LLC for my stocks/safe assets...however, was curious about making the LLC a disregarded entity as you said. My spouse would not be able to be a member (partner) as Wyoming is a non community property state to be disregarded entity. To make it a disregarded entity I would have to be the sole member. Do you suggest keeping the WY LLC a sole member disregarded entity rather than forming a partnership with spouse?

@ClintCoons Год назад

The tax status is determined based on the state where you reside. Do you reside in a community property state?

@klepdaddy2 Год назад

@@ClintCoons I see...unfortunately, I reside in FL which is also a non community property state.

@ClintCoons Год назад

@@klepdaddy2 You can list your joint living trust as the member but title it only one trustee's name e.g., John Doe as Trustee of the John and Jane Doe Living Trust.

@klepdaddy2 Год назад

@@ClintCoons Understood...will do...thank you again for all your videos, have utilized information from all of them in one sense or another. Excellent job explaining. Well done!

@jerrykid4972 2 года назад

Can I setup a Wyoming from say a states like NY, CT & NJ?

@ClintCoons 2 года назад

Yes you can live in any state and set up a WY LLC

@rangerstrade2268 2 года назад

Would you use a personal property trust with LLC as beneficiary to hold the brokerage?

@ClintCoons 2 года назад

Yes if you are an active trader otherwise just use an LLC.

@philippedros7752 11 месяцев назад

Great info!! With a Wyoming LLC, do you open a bank account in Wyoming or your home state??

@ClintCoons 11 месяцев назад

Home state.

@amazonlily0 2 года назад

For LLC, the fdic insurance of cash is up to 250K, right? So cannot put more than that in it?

@rolyvoicorp3827 2 года назад

(use multiple banks) My understanding is that If your business is depositing over $250K in a Bank deposit account, you may want to consider opening multiple accounts at separate banks (i.e. $250k in bank A, $250K in bank B, and so on). Also in case you were referring to cash in brokerage accounts, my understanding is that FDIC insurance is for banks not brokerage accounts. Hope this helps..

@gokullu 2 года назад

Great video Clint. The WY LLC has the charging order protection right, so even if they pierce the real estate (Georgia) LLC as per you example, how can they take the other assets of WY LLC in this case the brokerage account? also how easy it is pierce the veil in states like WY, NV?

@ClintCoons 2 года назад

Piercing the veil of an LLC is difficult - it is an extreme remedy. The charging order applies to members of an LLC so if the veil is pierced and a judgement is entered against the WY LLC then the other LLCs that it own will have charging order protection depending on the state.

@gokullu 2 года назад

@@ClintCoons got it. so if the judgement is entered against the WY LLC then other assets owned by or for which the LLC is beneficiary of - like brokerage accounts, Land-trusts etc are at risk?. If the properties are not under the landtrust but in its own LLC then charging order protection depending on the state where the LLC exists is applicable. am I understanding it correctly?

@ClintCoons 2 года назад

@@gokullu That is correct.

@tinylearnersfunhouse 2 года назад

What if your first holding company open a llc for your brokerage account, would that be taxed?

@ClintCoons 2 года назад

Disregarded

@treejohnson89 2 года назад

thank you so much you are really helping me, i need to schedule my 45min asap

@ClintCoons 2 года назад

Happy to help!

@e1n17g13l1i14sh 2 года назад

What about protecting yourself from the brokerage account, eg protecting yourself from a margin loan gone bad- the LLC structure also does this, yes?

@ClintCoons 2 года назад

No it will not protect you from a margin loan because the account is the collateral

@sachastayswi Год назад

Thank you Clint. I was under the impression that for the LLC protection to work it has to have a business purpose. If it is just holding these accounts, could that be an issue? What are your thoughts in structuring a family limited liability company instead?

@ClintCoons Год назад

The business purpose for these accounts is investing. A family LLC is just an LLC that has family members included. I hesitate to bring kids into an LLC because of their lack of maturity and likelihood of making mistakes that could hit their LLC interest I.e., charging order.

@sachastayswi Год назад

@@ClintCoons thank you Clint. Just signed up for Titanium today. Look forward to working with you and your team.

@ClintCoons Год назад

@@sachastayswi Great. Welcome aboard.

@DavidBindel 2 года назад

Rather than create two WY LLCs, would there be any downsides to using one WY Series LLC with two or more series segregating ownership of the entities holding riskier assets from your low-risk brokerage accounts?

@ClintCoons 2 года назад

I think you will have difficulty opening your account under the cell.

@SpartanOfFinance Год назад

Hi Clint. Does the LLC holding the brokerage account need an EIN number or can it use my SS number?

@ClintCoons Год назад

It will need an EIN to open the account.

@amazonlily0 2 года назад

The separate LLC holding brokerage acct needs to have business activities, right? Can it still be legitimate LLC?

@ClintCoons 2 года назад

Yes, the business purpose is investing.

@amazonlily0 2 года назад

Also, as CA resident, for WY Brokerage LLC, I need to foreign register it, right? Then there is no animosity, but do I still get charging order protection for single member LLC as it is created in WY?

@ClintCoons 2 года назад

No, you do not foreign file the WY LLC in CA. You will be responsible for paying the $800 franchise tax on the LLC but it is not filed with the CA secretary of state.

@amazonlily0 2 года назад

@@ClintCoons my account says that in order to pay $800, I would need to foreign file the LLA in CA, can you clarify? I am confused.

@ClintCoons 2 года назад

@@amazonlily0 You need to get a taxpayer number from the FTB and file a tax return but not file with the CA secretary of state.

@DavidDuy23 Год назад

Hi...if my llc tax as partnership, is it ok to open llc brokerage account tax as solo? will there be any problem? OR its better to open account and check box tax partnership? Thanks.

@ClintCoons Год назад

Solo is fine for a brokerage account

@alliesteamc3546 2 года назад

How to have Clint or Toby do quality review if person properly set up these Wyoming LZkC correctly for savings safe assets? Will they do that for your platinum members?

@ClintCoons 2 года назад

Platinum members can have 2 documents reviewed monthly.

@jeeplova 2 года назад

Thank you for putting this together. Does the First holding LLC that holds the real estates owns the second holding LLC that holds the accounts?

@ClintCoons 2 года назад

No. The Real estate holding LLC will hold RE LLCs. The cash LLC will hold your brokerage account etc.. You will own both the RE holding LLC and the cash LLC.

@headlibrarian1996 5 месяцев назад

@@ClintCoons In this example do the owners have personally owned accounts separate from the cash LLC's accounts through which money flows from the RE LLC to the cash LLC (and from which presumably their lifestyle is paid for), or are they trying to be completely invisible and appear to own nothing so they run their personal life out of the cash LLC?

@ClintCoons 5 месяцев назад

@@headlibrarian1996 You do not run your personal life out of the cash LLC. the cash LLc holds your savings/investments and you pay for your personal bills out of your checking account.

@thebestken Год назад

3:20 - When you say "sign personally", for a holder of LLC, how should they sign, "for XYZ LLC", or "Member, XYZ LLC" etc? Are you saying papers should not have personal name of the member or Mmanager of LLC?

@ClintCoons Год назад

I was just referring to how you sign an agreement that should be with the LLC but you sign as an individual and not a manager etc. of your LLC.

@thebestken Год назад

4:23 Wouldn't Fidelity or Charles Schwab ask for our personal SSN when setting up an LLC account?

@ClintCoons Год назад

Yes they do

@sundragonfarms9806 8 месяцев назад

Hi Clint, I've been watching you and Toby for some time now. Loads of information thank you. I want to setup a Wyoming LLC for my brokerage account. I was going to set it up with a living trust but I would like the protection of the Wyoming LLC. My question is how do I fund the brokerage account from my personal or trust bank account and keep it anonymous? Thanks

@ClintCoons 8 месяцев назад

If you set up the account under your WY LLC you will have anonymity e.g., no one will know (other than IRS and broker) that you have the LLC.

@sundragonfarms9806 8 месяцев назад

I have the link for a free consultation, can you give me a price for setting up the WY Holdings LLC for the brokerage accounts over the phone? I have property coming my way too and want to setup another WY LLC and land trusts for those properties in CA as well in the future.@@ClintCoons

@buzybill Год назад

I'm your client. I plan to open a trading LP or LLC with my C Corp as the general partner. The trading LLC will have multiple accounts with different brokerages. How do you keep books, and what software do you use? Are you just using 1099-B from every brokerage? How do you handle the GP portion of the books if you are using 1099-B? I have a business background and was an institutional trader on Wall Street, so there would be tens of thousands of trades. Manual entry would be out of the question. Is there a software solution?

@ClintCoons Год назад

I do not know of a software solution. All of the trades are handled at the LP/LLC level for tax purposes but the Corp will be responsible for tracking everything for the LLC/LP.

@uclajd 2 года назад

Any differences for California residents?

@ClintCoons 2 года назад

No but you will be subject to $800 franchise fee on the LLC

@brownpapi2634 Год назад

Hi Clint....can you put multiple brokerage accounts in one LLC or better yet should you do that?

@ClintCoons Год назад

Yes you can I that is how I do it.

@brownpapi2634 Год назад

@@ClintCoons Thanks....I appreciate the information

@om8652 2 года назад

Do you need a California LLC connected to a foreign Wyoming LLC if you live in California?

@ClintCoons 2 года назад

Not for a brokerage account. Just use WY.

@nguye1971 Год назад

For a California resident, do we have to pay $800 for that WY holding LLC just to hold the safe assets?

@ClintCoons Год назад

Yes California has taken that position.

@otmanalami6621 Год назад

Will I need an accountant if I trade stocks on wyoming llc (I'm not us citizen ), and how much it will cost approximately, thank you for all your videos

@ClintCoons Год назад

Are you living in the US?

@otmanalami6621 Год назад

@@ClintCoons no and i am not planning to in the near futur

@FatalFarrow 8 месяцев назад

Hello, Clint. My brokerage account doesn't allow an LLC to have an account with them. They do, however, allow brokerage accounts to be held in a trust. What is the best type of trust for holding a brokerage account? I also want to shield my brokerage account from creditors. Should I create a new trust, making my Wyoming LLC the beneficiary of that trust, and then open a brokerage account in the name of the trust? Will that work for asset protection?

@ClintCoons 8 месяцев назад

When we run into this situation we place the account into a Personal Property Trust then make a WY LLC the beneficiary of the trust.

@josiahallis6614 2 года назад

Clint - Would you prefer this strategy over the Personal Property Trust that you have talked about in other videos to title your personal banking and brokerages?

@ClintCoons 2 года назад

I use thsi strategy to protect investment accounts but your personal checking must remain in your living trust or a PPT.

@wanxiangchen9511 Год назад

How much money do you need to have in your investment accounts for this strategy to be necessary? Is it only needed for high net worth individuals?

@nicglau8803 7 месяцев назад

Can you transfer investment accounts that are considered separate property under a prenup to a WY LLC?

@ClintCoons 6 месяцев назад

Yes provided you are sole owner of the LLC

@nicglau8803 6 месяцев назад

@@ClintCoons Thank you for clarifying! :)

@vmxs 2 года назад

For this kind of LLC for the purpose of holding brokerage and saving, make it disregarded, does CA resident need to pay $800?

@ClintCoons 2 года назад

Unfortunately yes.

@om8652 2 года назад

So if you have multiple llc it’s $800 each ?

@mervinsecure1cambricsecure957 2 года назад

My understanding is that an IRA is not protected from garnishment like a 401k is... It seems like you mentioned those two in the same breath as if they're protected the same way when I believe they are not...

@ClintCoons 2 года назад

Depends on the state where you reside.