Control Everything, Own Nothing with Rick Williams: An EOFire Classic from 2022

What It Covers

Rick Williams explains how wealthy individuals use unincorporated trusts to legally avoid probate, estate taxes, and income taxes while buying and selling real estate, following strategies used by Rockefeller and Trump.

Key Questions Answered

• •Tax-Free Real Estate: IRS code 6033a allows operating through unincorporated trusts to buy and sell properties completely tax-free, unlike 1031 exchanges or self-directed IRAs where taxes are merely deferred until later payment is required.
• •Probate Avoidance: James Brown's estate spent seventeen years in probate court. One client's million-dollar estate was reduced to four hundred thousand dollars through probate fees and attorney costs, which unincorporated trusts completely bypass by keeping assets private.
• •Tax Credit Multipliers: Trump paid seven hundred fifty dollars in taxes on millions earned by using tax credits. Operating through unincorporated trusts allows average business owners to receive tax credits that return multiples on money spent, not just deductions.
• •Posterity Over Prosperity: Posterity means structuring wealth to pass through seven to ten generations without taxes or probate interference, ensuring children are born wealthy. Prosperity represents temporary gains that typically end within one generation due to poor planning.