I'm the 1%. How can I shelter money from the IRS?

In 6 weeks, I'll be paid over $1 million USA dollars. I'm looking for advice on how to shelter this money so I can avoid paying 40% to the Internal Revenue Service (IRS). I will leave the country before I let this happen. l will not pay a bankrupt nation that mismanages the tax revenue paid by hard working people!

I'm not sure if this is enough money to last me the rest of my life? I'm also unsure how the 1% shelter their income? I've called CPA's, attorneys and even a friend who works as a business auditor for the IRS. Nobody can advise me on how to shelter the money. Where is the 1% getting advice from?

I've paid an exorbitant amount of money to the IRS during my professional career. I've paid my dues and then some. When I began earning over $250k per year, I lost most of my tax write-offs and was forced to pay an alternative minimum tax of 40%. I've worked extremely hard all my life, working 6 days/week, going to school for years.

A few years ago, our net worth was over a million. We lost it all with the down turn of the economy. We gave our rental properties and primary home back to Bank of America and Chase as the value vs. loan was severely upside down. We put $100k down on most of the homes, so it wasn't a factor of over extending ourselves. When we analyzed our continued payment of these homes, it was discovered it would take 10 years to break-even.

When I was working as a high profile executive and earning an excessive amount of money, I felt like I was in jail. I hated my job, hated everything about where I was at in my life. I was tired of being a slave to money and a job. I decided to walk away from a career that took 20 years to build and started over by reinventing myself and how I would earn an income during the worst economy since the Great Depression. I lost all professional friends as a result. They could not understand how someone with my career and background could just walk out. They thought by my stepping out of the high profile executive scene, that I either had a break down or succumbed to weakness which isn't tolerated in that arena. The reverse is now true.

I opened a small business from scratch and literally worked my tail off. I went from working as an executive to literally backing up the phones if needed. I built the company up very fast and now I sold it. That was the plan from the beginning. This is how I will have money to hopefully enjoy the rest of my life, or many years without being a slave again.

Our monetary system in the USA is designed to keep us enslaved to the dollar. It makes me sick.

We are debt free and own our home, vehicles outright and we do not have credit card debt. I help all our family financially. I'm supporting my elderly parents as well as our grown daughter so she can be a stay-at-home mom to our gkids. I volunteer with Hospice as well. I'm conveying my character so you understand that I am a good person at heart.

I'm asking for advice or help with how to shelter this money? I don't think I trust the economy to invest in stocks. How on earth is the 1% sheltering their income?

reply to post by derekg


You are far from being part of the 1% maybe if you had a few hundred million or a billion you would be.. just having a million bucks now days doesn't go very far..

as far as how to cheat on your taxes not the best thing to ask about.. But if you pay me $10k I will walk you through it, its not that hard.

reply to post by derekg


You can invest it in my small company I started not too long ago....

Honestly, if you can't find a good tax attorney to guide you, the only thing I can think of is, become a Politician...run for some office in your State....they seem to skate by on their taxes pretty well.

Des

reply to post by derekg



It seems as though you have worked very hard and now you are reaping the rewards of that labor.

I do not have the answers for you that you seek. I do wish you well in finding your answers.

I think that most of the members of ATS are in the 99%; but still some may have the answers you are looking for.

A word of caution...keep it legal and look for legal loop-holes within the law.

ATS isn't a how-to-fraud Website.

I'd edit what you said in the OP or expect this to be 404'd.


Also..£1million pounds is a cleaners salary to the 1%. See how the media have turned it around to make it out as if its rich fighting poor? When in fact its rich & poor fighting the elitist billionaire families - which you are not part of.

You're not the 1%. Possessing somewhere around $1,000,000 USD of worth puts you well below the 1% line. There are many forms of investment. The stock market isn't your only option.

reply to post by derekg


Sounds like a 'lump sum" payment.... if so, I can think of no way that Federal and possibly State taxes cannot be paid without changing residency quickly.

The "so called" 1% utilize overseas banks and they are not paying taxes on "new money made" earned from interest and stock investments. That initial lump sum if I am correct on that is pretty hard to shelter without leaving the country or possibly a "Trust" of some kind.

If you have to ask how the 1%'ers do something then you aren't one of them.

create a religion and open a "church" or create a foundation like "for the poor little red children in wheelchairs from mars" and there you go...

EDIT: Oh and no, one million will not last you the rest of your life. Not without investing it of course and taking some risks. Now to last you the rest of your life without any risky investment you'd prolly need around 5 million, the interest alone in a regular bank would give you a nice drop every month - not to live at large but would allow you to survive

Start a church and donate your money to it. I don't think there is a religion that worships squirrels yet, but in 2000 years, who knows? This could be the start of something big.

reply to post by FraternitasSaturni


May the squirrels curse you for beating me to it.

No, you aren't the 1%. You're very far from it.

Get out, troll.

Originally posted by VictorVonDoom
reply to post by FraternitasSaturni

 

May the squirrels curse you for beating me to it.

reply to post by dc4lifeskater

as far as how to cheat on your taxes not the best thing to ask about..

Are you "cheating" a burglar by putting a lock on your door?

Tax is theft my friend and this chap has every right to want to protect it. He earned it, good for him! In fact he has a moral obligation to not let the murderous, torturous, crooks in "POWER" get their grubby little hands on it.

Just my opinion.

reply to post by FraternitasSaturni


You can laugh now, but in 2000 years the Holy Righteous Squirrel Crusaders will be boarding spaceships to ethnicly cleanse the infidel red wheelchair children from Mars. Glory be to the Great Squirrel, for we are his nuts!

Well, derekg, I hope you're happy. You just started another religious war.

don't want to pay 40% ??

give obama 20%....

he will make irs go bye bye

Originally posted by Destinyone
reply to post by derekg

 

You can invest it in my small company I started not too long ago....

Honestly, if you can't find a good tax attorney to guide you, the only thing I can think of is, become a Politician...run for some office in your State....they seem to skate by on their taxes pretty well.

Des

You looking for investors???

Originally posted by beezzer

Originally posted by Destinyone
reply to post by derekg

 

You can invest it in my small company I started not too long ago....

Honestly, if you can't find a good tax attorney to guide you, the only thing I can think of is, become a Politician...run for some office in your State....they seem to skate by on their taxes pretty well.

Des

You looking for investors???

Have had 2 meetings with a potential....

Des

1%er's make over $1 million PER YEAR, you're receiving a one-time payment of $1 million. More than most of us have, but not more than 99%.

As others have pointed out, you can start a non-profit and donate it to it, then as the director just spend it as you wish. The money won't really belong to you, but you still have the means to control it and spend it on your lifestyle... ah legal loopholes are fun.

I guess it depends on how you're going to get this money, check, cash, direct deposit, gold, etc.
Depending on your situation, depends on how successful you might be in sheltering it from the IRS.
You can always use an offshore account to receive the payment instead of receiving the funds in the USA.
You can migrate to a country with no tax treaty with the USA - if you can get the money out of the country to begin with - there's the old stand by of renouncing your US citizenship once you've migrated, leaving the IRS without a claim.

Of course, depending on your chosen lifestyle and your age that million dollars may keep you the rest of your life.
I'd definitely be able to live on it for the rest of my (few remaining) natural days in various South American or Asian countries.

ADD: There's almost no way you can keep the money or have it last you the rest of your life and stay in the USA unless you get VERY creative with tax avoidance - and then the legal expenses will eat up most of your windfall eventually.

ganjoa