Woman 1: OK. OK and then Don, you had a question?
Don: Yes. I’m also interested in probate but more in the trust…
Woman 1: OK.
Don: ..how to handle trust issues?
Woman 1: OK.
Don: And real estate is part of it.
Woman 1: OK. So Don is asking the question about trust. And it’s sort of, let me see if I can paraphrase for you. What’s a trust? Why should you have one? How does it work with real estate? Does that all make sense? OK. Next? Alright. Somebody’s going to. Thank you!
Woman 2: We are interested in assets protection.
Woman 1: You’re interested in asset protection. And when you say asset protection are you looking at like protection from claims of creditors, or from taxes, or both.
Woman 2: Both are true.
Woman 1: OK. Asset protection, creditors and taxes. Alright! Thank you.
Woman 3: Is there any way to shield your real estate from the humongous California franchise, IRS, taxes upon a sale other than rollover?
Woman 1: OK. The question was is there any way to protect your real estate from the taxes that are result on the gain in the growth when you sell the property. That’s called capital gains tax planning. So, we will be talking about that. OK?
Man 1: What’s the pro’s and con’s of TIC?
Woman 1: Tenant and common? Like Tenant and common ownership? The question was: What are the pro’s and con’s of TIC? TIC means Tenant in Common, which is a means, a way of owning property. And are you asking like owning tenants in common with other investors like a pool. OK. I’ll get to you in just a second. Yes sir!
Man 2: How about the differences of LLC’s and S corporation and C corporation that you relate to asset protection and trust planning?
Woman 1: The question was tell me about ‑‑ and I hope you don’t mind if I paraphrase ‑‑ tell me a little bit about the differences between an S corporation, a C corporation, an LLC, a family partnership, in the context of asset protection planning.
In the legal world, that’s called entity planning, so I hope you don’t mind if I just put that down here at shorthand for that.
OK, one more? Yes, sir.
Man 3: I wanted to find out the difference between community property and joint tenancy ownership relating to the capital gain tax.
Woman 1: The question was you want to find out what the difference is between community property and joint tenancy ownership as far as capital gains go?
Man 3: Uh‑huh.
Woman 1: OK, OK. What’s the best form of title? [short pause] OK, and then Greg, you get the last question.
Man 4: What about 1031 exchanges?
Woman 1: The question was what about 1031 exchanges? We will be addressing all of these issues this evening, and I’m going to keep this in front of me to make sure that I talk about all of them as we go through tonight’s presentation.
Man 4: The seminar was great. Very informative, very concise, easy for people to understand, so that was very good. We’re going to come and see her, OK?
Woman 4: Absolutely excellent. Both of the presenters were concise, knowledgeable, extremely knowledgeable, and they communicated well.
Man 5: It was very informative and very interesting. She covered a lot of topics, and we got a lot of information. Thank you.
Man 6: I found the seminar very interesting and picked up a lot of new information regarding real estate. It’s been very informative, and I did appreciate coming in and attending tonight. Thank you.
Woman 2: Oh, yeah, it was wonderful. Especially they talked about the community with the title as community property, that the base can start up to 100 percent. It saves a lot of capital gains. This is the most important part that I would like to…
