You know there’s going to be good information when the interview starts with a legal disclaimer. Phil Tortorich sits down poolside with Paul and Patrick in The Boardroom’s first San Juan Session. This interview is the prelude to Paul and his wife sitting down with Phil for Paul’s personal planning.

Phil made his Boardroom debut in Episode 73. Phil steps into the outdoor Boardroom to respond to a listener’s question about the pros and cons of an LLC taxed as a S-Corp vs being taxed as a partnership. The three also discuss The State and Local Tax (SALT) Deduction for 2021, the likelihood of retroactive capital gains taxes, captive insurance, and asset protection. This interview dives into more details on trust and personal effects. Hear how a trust is used to gift shares to the next generation. Pull up a lounge chair, and join us on YouTube for this pool patio interview.

Timestamps

0:00 = Intro.

1:37 = SALT (state and local tax) deductions

9:52 = Capital gains and retroactivity in 2022

12:07 = LLC vs. S Corp

23:35 = Captive insurance

35:48 = Trusts and titles

44:07 = Irrevocable trust planning

47:08 = Asset protection

58:41 = Who should place their business in a trust?

1:02:14 = Families and trusts

1:05:33 = Closing remarks

Filmed, Edited, and Mixed by Dylan Seals of www.Verbell.Ltd Additional Videography by Gabriel Gonzalez.