Private Life Asset Protection & Business Funding

If you’ve ever wondered whether an LLC is real protection or just paperwork, we go straight into the uncomfortable part: courts can still connect you to your company when the separation isn’t real. From the hills over downtown LA, we talk privacy, risk, and why “moving quiet” becomes a strategy once your name, location, and money are visible.

We break down a layered asset protection approach: LLCs as pass-through entities, holding companies in charging order protection states, and the “alter ego doctrine” problem that can pierce the veil when your business and personal life blur together. Then we step into the most debated part of the conversation, a trust structure the host describes as a non-grantor irrevocable complex discretionary spendthrift trust. He ties it to trust taxation concepts and cites IRC 643(b), arguing it changes how certain income items are treated under the governing instrument and local law. This is technical territory, so we keep it practical: what questions to ask, what to verify, and why licensed legal and tax advice matters before anyone tries to implement a plan.

We also get into the mechanics that make or break real-world business finance: documentation, invoices, receipts, profit-sharing agreements, and why cash flow often matters more than chasing a perfect credit score. We close with what’s next for the private community, including updates on services and the Las Vegas Memorial Day weekend plans. If you got value, subscribe, share this with a builder who needs it, and leave a review with the one topic you want us to go deeper on next.

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Transcript

SPEAKER_01 0:00

Peace and love, peace and love, peace and love. Rich rises to the world.

Peace, Love, And How To Reach Me

SPEAKER_01 0:06

Text private life. This is 702-200-4900. Or you can call the private lifeline at 702-200-4900. Tap into the private community. Book your consultation with your boy Don Colon. This is how we rising up. This is how we rising up. Even in the worst of times. Y'all like the views? Peace and love. Let me know where y'all tapped in and tuned in from. Rich Risings. Rich Risens. Let me know what city y'all tapped in and tuned in from. That's LA by the way. That's downtown LA right there. That's downtown LA right there. Keep turning, keep turning. The turtles are up with us today. The whole family of turtles. I caught them fucking yesterday, excuse my language. They was on the rock getting it in. Swear to God, all my mama. Peace and love. How are y'all feeling today? See who we got in the building. Who do we got in the building? We got Houston in the building. San Diego in the building. Memphis in the building. Florida in the building. Michigan's in the building. Rockford, Illinois. Shout out to Rockford, Illinois. I'm actually from Quincy, Illinois. That's where I'm from. You rev up St. Louis though. But shout out to Illinois. We be on the east side. Belleville. Belleville, Illinois. Shout out to Belleville, Illinois. We got Land in the building. Ohio in the building. We in LA too with it. Shout out to LA. You see the views right behind us. We on the top of the mountains. We on the mountainside. We in the hills, baby. We in the hills with it. When I tell y'all live that prosperous life, I just want y'all know it's not a game. Like this is what I wake up to

Prosperity, Privacy, And Going Incognito

SPEAKER_01 3:03

daily. Like, I don't even really like showing my life off too much no more. Because I'm really private now, like low-key. I don't like to know, I don't like people to know actually where I'm at. Especially, you know, I had some incidents going down. So we're gonna move around. We're about to move around. But I was like, you know what? Let me just uh talk to my people and figure out who I'm gonna move around to because I gotta sit still. I'm about to go incognito for a second. I'm about to sit still, I'm about to go incognito for a second because I got a lot of work to catch up on. I have I'm overbooked. I'm getting a team together to come help me. So that's really what my main objective is these next few days. I'm catching up, I'm about to block out the rest of May. So if y'all want to book a console, y'all about book it. I'm about to block out all of May, focus on the event, Memorial Day week in Las Vegas, click the link in the bio or text Private Life or call the number and ask about Las Vegas. You feel me? But I'm about to go incognito, finish up on some one-on-one services. I got lots of one-on-one services, and then um also have over a hundred private IDs and plates to assist with, and I'm getting the team together for that. And then we're working on our next moves. I'm really looking to um do this home health care facility,

Building A Team And New Facilities

SPEAKER_01 4:31

and then the second project is a halfway house. Um, it looks like the home health care facility. There's two locations it can be. We can we're we're looking at Phoenix and we're looking at St. Louis. As you know, um I've already assisted um with some one partner of mine in St. Louis that's done something similar. So, you know, then I got people in Missouri that's willing to help me, um, that's already doing the same things that want to come on board and assist your boy. So if y'all want to jump on board with that, y'all want to, it's trustees and board members that are getting it in, hit me up, text private life at 702-200-4900, book a consultation, and that's how I know you're serious, and say, hey, I just want to become a trustee or board member. How can I do that? And that comes with the trust that we're going over today, the non-granner, irrevocable, complex, discretionary spent their trust. And a lot of people don't understand the importance of this trust. So, look, because I I can only put so much out in the public, right? So, first off, they let me breathe. They let me breathe on this and allow me to bring this information, which is truly private, to the public,

Turning Your Name Into An LLC

SPEAKER_01 5:45

and that is turn your name into a M uh uh turn your name into an LLC. Allow me to bring this to the public. Turn your name into an LLC. Now, there's something called the alter ego doctrine, right? So that's this can this couldn't possibly be the last step. But it used to work. This is the only thing we used to have to do in the public was I feel like I should be recording this. I feel like I should be recording this. I was just gonna do the video so y'all can see the views. I'm like, I need to be recording this. And that is turning your name first step. Now there's more to it now, but this used to be the only step, and that is turning your name into the LLC. First, middle, last name, okay? This is where the first step that I started and started getting remedy. And the alter ego is a legal doctrine whereby the court finds that a corporation lacks a separate identity from an individual or corporate shareholder. The court applies this rule to ignore the corporate status of a group of stockholders, officers, and directors of a corporation with respect to their limited liability. Finding alter ego gives the court cause to pierce the corporate veal and hold individual shareholders personally liable for the debts of the corporation. Now, earlier, this doctrine, the alter ego doctrine, was not applicable to other business forms such as LLCs, limited liability companies. However, the alter ego doctrine is now applied to a limited liability company as well. This was revised in 2024, but since 2022, this has applied to LLCs. I'll be right back. I need some water. One second, John. Smoke two blazes before I hopped on here and having getting the ethos for y'all, okay. Now so the alter ego does apply. So LLCs now. The next step would be get the holding company. Now, now it is you become the manager of the holding company. That's a thin line. Maybe one day they see your name on there, they can probably they may be able to still pierce the veal. So when you get in in one of these five charging order protection states, you are protected, um, which is Nevada, Wyoming, South Dakota, Alaska, and Delaware. That's where your holding companies are. It's like a parent company because your LLC is your baby. Your LLC is your baby, okay? And that's that's how you have to look at it. These are entities. When you're born, they create a business. I'm just I the pause was so it was thinking for everybody. So, yes. When you're born, it turns into a business, right? Now, someone just asked the boy about New Mexico. I don't really like questions during my lives. But New Mexico, you don't have to put your name on the business anywhere. So you you remain anonymous, so that's why people use New Mexico. I don't use New Mexico, but I know people that do, and it is cheaper than other places. But I'm telling you, you get what you pay for. So when you set up in the valley, you set up in Delaware, you set up in Wyoming, you're good as gold, okay? Holding company. That's your holding company. And then a holding company is manager managed. Your name is gonna be an operating company, and that's gonna be a single member. So LLCs are only member managed or manager managed. Now, we do use corporations as well, but it's gonna get deeper, okay? Because I'm gonna show you how to put it in the trust. So if you're just using LLCs, you're just using corporations, your business model is obsolete. Every trust that I utilize is truly considered a business trust, but there's really no such thing as a business trust in the IRS manual. Because they can't tax them if you if you truly know what you're doing. This is the private life. Okay? This is the true private life. Um, but you don't want to you want to limit your liability exposure all the way. Alright? With uh when you're taking distributions from LLCs, you're taking salaries, multi-members, K1 distributions, there's a lot of different things that's going on here, okay? Salaries. When you're dealing with just LLCs alone and corporations alone, there is deductions and other ways to reduce taxes, okay? But when it's coming to protecting your assets alone, um a good attorney could um pierce the veal because corp the LLCs, corporations are not a hard veal to true a veal to truly pierce. Alright? I just use these things as pass-through entities. Appreciate that. Appreciate that. They said uh meatball 90496 because he's dropping gems. Appreciate that. These are pass-through entities. Um because literally, in the school, it takes private life to 702-200-4900. In the school, my private community, you go to the nine-grainer irrevocable complex discretionary

The Trust Walkthrough And Community Access

SPEAKER_01 12:23

trust uh walkthrough in the classroom, it costs extra money, it does. Because you get the trust as well. It shows you how to fill out, there's a template that shows you how to fill out the actual tax form. The tax return. The actual template for a tax return on a 1041 and how to fill it out. You can't make this up. Can't make this up. So I just shared it to the screen while I'm recording. So y'all get a sneak peek if y'all go to the school anyway. Now with S-Corps, you can get basic deductions. Um, you can get tax credits as well with S-Corps. Um, and their veil is definitely not hard to pierce at all. Okay. When you're using these corporate structures, there's really no way to reduce taxes. They're gonna hit you, alright? Multi-million dollar tax judgment. Some companies get hit with. Now, what's gonna protect you is this trust. A non-granter, irrevocable, complex, discretionary spendthrift trust. Now, mine is dope. It's over 80 pages, but I'm gonna give y'all some game. If y'all know how to use Google Gemini, okay, these are different trusts. Just put them together. These are five different trusts. You got a non-granter trust, then you make the trust irrevocable, and it's also considered a complex trust. It's also a discretionary trust with the spendthrift clause. Okay? That's the game if you understand trust. I'm gonna say it again. It's five different trusts. It's a non-grantner trust, it's an irrevocable trust, it's a complex trust. It's also a discretionary trust, and it's a spendthrift trust with the spendthrift cost. So you can look up all these trusts and put it into one package if you can't afford the thing. But if you need expertise, you're gonna have to invest in that money or get around those people that's actually operating this thing. And with this, it has unlimited projects, unlimited income streams, unlimited bank accounts, and only guess what? One tax return. I might have to roll up on y'all, man. We'll finish this one off. Because I'm getting deep. Getting deep. Because I'm gonna drop this game today because I feel great. Look at the views. Look at the view. That's what I woke up to. Even when I go through bullshit, I'm waking up with diamonds in my mouth and looking at prosperity. What did you want? Yeah. Real life. Now, also, I'm gonna tell you, because this is for big people getting big money, you know. The small-minded people didn't even know this. It took me a while for this. What is capital gains tax? I didn't know until a motherfucker started getting capital gains. You feel me? But there's no capital gains. It's eliminated with this trust. And guess what? All the income is considered passive. All the income is considered passive. I'm gonna say it again. This is why I said put the businesses in the trust. All the income is considered passive, which means it's non-taxable. That hardworking money you're working for, you're getting taxed because it's not passive. And you don't know what that means because you ain't studying in DK's private business circle. Get your ass in the school. Text private like the 702-200-4900. Quit playing, because no matter what I'm going through, I'm waking up to prosperity. The fuck you mean? You understand? Now look, 100% lawsuit proof. That's asset protection for your ass. And you know why all this comes together? It is IRS code. Write this down. Write this down. I'm giving you the game. It needs to be included in your trust.

IRC 643B Claims And Passive Income

SPEAKER_01 16:51

IRS code 643B. He said yes, Google will not save you. IRS code 643B. That's that's who we compliant with, you feel me? I'm giving y'all the game. I'm giving y'all the law. Five different trustes in one package. We do this. I got my own chair. But I did put one, I did one together for a person last night. Just because she booked a console and she really wants this. You want it? Here it is. I gave you the go. Go do something with it. Alright? This trust can only receive passive income. That's important because that means it's non-taxable. Now, with 643B, this is considered an extraordinary dividend. For the purpose of this subpart and subparts B and C and D. The term income when not preceded by the words taxable, distributable net, undistributed net or gross means the amount of income of the estate or trust for the taxable year determined under the terms of the governing instrument and applicable local law. Items of gross income constitute an extraordinary dividends or taxable stock dividends, which the fiduciary acting in good faith determines to be allocable to corpus under the terms of the governing instrument and applicable local law shall not be considered income. That's money. That's money. Get your life together. That's money. Throw that shit in your motherfucking Google Gemini and Chad JP tag. That's money. IRS code 643B, capital gains, tax exclusions, okay? When you're selling stocks, okay? This is stock money. Your motherfuckers ain't getting tax. Y'all ain't getting capital gains, so you don't know that you're getting taxed when you bring it into a domestic account, okay? So capital gains and losses. Gains from the sales or exchange of capital assets shall be excluded to the extent that such gains are allocated to forpus and are not a paid, credited, or required to be distributed to any beneficiary during the taxable year, or paid permanent set aside or to be used for the purpose specified in section 642C. Losses from the sell or exchange of capital assets shall be excluded except to the extent such losses are taken into account in determining the amount of gains from the seller exchange of capital assets which are paid, credited, or required to be distributed to any beneficiary during the taxable year. The exclusion under section 1202 shall not be taken into account. So at the end of the day, you can you can this trust with this trust 100 years you you can if if the beneficiary does take money from the trust before it gets taxed. But I'm gonna tell you this my beneficiary, my beneficiary is never a person. Because the person is gonna get taxed, period, inherited tax, a lot of different things. When you're establishing your 508 C1As and your family foundations, these are the beneficiaries of this trust. This is how you want it established because your children will take on administration, management, trusteeship of the nonprofit organizations which fund the family, whether it's family wardrobe, you know, family vehicles, family businesses, family loans, whatever it may be, to continue the legacy of the family and the family businesses. It's all perpetual. And so is the the um not being taxed, okay. Um as a beneficiary, as a person, you're gonna always be handed the tax bill. Okay? So you you have to remember that. That's who gets taxed, and that's what's going on in the real world. You're a beneficiary of the Social Security Trust. You're the beneficiary of the Social Security Trust, and this is why you're always handed the tax bill. And the way that you're maneuvering is as a sole proprietorship, which is always given the tax. You're always reliable for the business expenses and the business that you're not a trustee. You're a sole proprietor, you're a sole trader. And that's one of the lowest um roles to be in in this game. Uh um just operating from the social security number. We don't even like to operate under the social security number because you can be sued for it. Anything that's put in in and under. That public trust. Um, the reason why we're not required to distribute under this trust, you can't force us because that's part of the complex trust. Okay. Um, when you're setting up with um corporations with the corporate documents, um, the funds are that are allocated to the corporation, you're signing profit-shared agreements. All the profits go to the trust. Okay. I hope that makes sense. The profit sharing agreements. All the profits go to the trust. When we're filling out the 1041 tax return, um, it's gonna be the type of deductions is gonna be the non-granted irrevocable complex discretionary expense of trust, okay? The deductions that you're writing off is gonna be advertisement, vehicles, bank charges, credit card charges, professional fees, professional services, medical expenses, dues, subscriptions, insurance, postage, rent, all your leases. You should have leases with the businesses as well. This is how really you get paid back. Like when I sell the businesses to the trust, listen, I'm gonna hope this makes sense for y'all. When I sell the businesses to the trust, the trust don't give me money, it gives me a promissory note. And when the trust acquires money, I cash in the promissory note with the trust, and that's how I take the financial funds or get the bank wires or anything that I may need. I hope that makes sense. That's a million dollars worth of game right there. If you got it, you need to text private like the 702-200-4900 book account safe so you can continue to get some more game. I just showed you how to have the trust pay you out. All right, and the next steps, the next steps that we're going is showing how to get funding from the assets that are placed in the trust. More expenses, repair and maintenance, office expenses. You know how many office expenses I have? You know how many trust functions expenses I have? This is a trust function. I need it for the function the trust. Okay? Communications. I don't even care if it's a then you got business travel. I go everywhere, okay? Utilities. Then more expenses is extraordinary dividends allocated to corporates per IRC, Internal Revenue Code, 643B. This is how we get paid tax-free. But y'all don't hear me though. And then we have other means and the public. Okay? Because y'all sitting here worrying, I don't want to do the LLC. Y'all not finishing the steps, y'all not understanding the steps. All right? You can do this with anything. You can get your offshore holding company, you can get your offshore trust and do the same exact thing. Alright? This since you have this is considered a beneficial trust, it has a spin through provisions, so this means it can only receive passive income. It holds personal business assets and never owns them. It's the recipient of the funds from the business trust. This is the beneficial part. It with the spin-thrift provision, this receives the active business income from the pass-through entities. He says, I'm doing all this shit. Watch, I'm dropping game for free. This is pro bono. You're welcome. You're welcome. This is pro bono, you're free. This is why they be hate. You hear me. Don't stop hating on the boy. So, I want you to understand. You are no longer the the business will own your your the trust will own your business. He said I've quit my job. Now look, now look, I can get deeper. Should I get deeper today? Should I get deeper? I got some stuff to do today. I got a lot of stuff to do today. But look, because there's still more. I'm showing you how to zero. Tax returns are all zeroed out. All the profits are passed down to the beneficiaries. The trust pays your expenses and deductions. All the other professional services are considered invoices and income exchanges, send an invoice. All these trusts work together with your business. So I am gonna give you some games. I'm just gonna give you one. I have ten lenders in my I have a you go to the classroom, I got ten lenders. Okay? I got ten lenders. And here's the thing. When you when you apply for these business loans, business, there's no impact to your credit score. You gotta understand when you start working the levels, I'm not worried about no credit score. A lot of people be worried about a credit score. These people are looking for cash flow. But they do a soft pool, and you do need to show at least a 500 FICO score. So if you don't have that, you need to go to kickoff. Get your trade line. You know, go to self lender, you know, self-card, get that uh self card. There's a bunch of you go to Ava Credit, get your Ava credit line. There's a bunch of different credit lines and trade lines you can get, right? But look, here are the requirements. Here are the requirements.

Business Loans, Cash Flow, And Credit Basics

SPEAKER_01 28:09

I'm gonna let y'all see it. I'm gonna let y'all see it. To get your business loan, your first business loan, okay. These are the requirements. You must have a $7,500 cash flow. Now, if you don't have a cash flow, you just run $500 in and out your account. Do that 20 times. $500 in and out your account. Do that 20 times. That's $10,000 in and out your account. Do multiple businesses. You must be in business three months. Create multiple businesses. All you have to do is have an invoice or some type of paperwork that goes with each cash flow. Hey, these are uh trust expenses. I just gave y'all the game. What to use? You know, whatever it may be, y'all all work together. All the businesses work together, and you can take each business to this lender. Okay? To this lender and get that bag. I've gotten multiple loans from these people. But I have a top 10 lender list in the business credit section of my school. Business credit is not hard to build, and you can do it yourself. You know, y'all spending more, y'all circulating more money with the weed man than you are yourself. Want to do your businesses first before you go holler at the weed man. I promise you. I promise you, it'll be worth it. Hope that makes sense for everybody. I was trying to get the list for the expenses again. Hold on, let me go. Here they go. Expenses, charitable donations. Make sure you have a charity, travel, communication, advertisement, whatever it may be. You know, give me a 100 or a five emoji if that made sense. So you must be three months in business. You must have a 500 credit score, that's it. And you must have at least $7,500 cash flow, and you can do that yourself. In and out the accounts. Just make sure you have an invoice, make sure you have some paperwork, you know how people charge you. You gotta have receipts. You gotta have proof that these were legitimate transactions, and your businesses should always be dealing with each other, anyways. So not only am I showing you how to create the trust, how to make the businesses tax-free, now you can circulate the money in and out the accounts tax-free, and you don't have to worry about taxes, so you can do as much as you want. You know, this is not um legal advice. Consult with a professional. I'm not a professional. I told you I smoked a blunt. I need another blunt right now. But the boy has been getting paid for years. Come on, man, I've been getting millions since 2020. Literally. Been getting millions since 2020. This stuff is not hard, okay? And you don't even need a credit score. Quit chasing credit. I'm not worried about credit. I'm worried about building these businesses up, and then the next step is learning how to since since since the trust took everything, listen, this is it. This won't believe you with. Since the trust took all the money, the businesses are now in the red. Now we can write off net operating losses, tax credits, business thefts, business losses. But y'all don't hear me though. And y'all think my consultations are too much. I charge $500 for 30 minutes. I should charge more. Start asking the right questions and lead you to prosperity. Because that's what life's about. You know, you can't get ahead without financial prosperity. And that's what I'm trying to teach y'all, man. Oh, he said, uh, let me see. Homie said he was trying to hop on the line. Let me see. I don't see the request now, mom. There you go. I just dropped it all down. You need to rewatch the video. Can someone answer this dude's question? Does it work in any state? Well, I'm outside of codes and statues, homie. This is a private life. Or you've been your whole life. You need to go to the school. Text private life 702-2149. Join the private community and catch your ass up asking questions like that. Demographics is the graph of demons. Can you prove that a state even exists? Or is it invisible line? They they show you where the mortgage is. They have they have paperwork. Hey, this is what a mortgage is. Show me the land need for a state. That's agreed upon the community. You feel me? Not legal enough.

SPEAKER_00 34:23

There you go.

SPEAKER_01 34:24

He says, I like the people that listen. I got you, brother. I got you, man. I'm gonna holla at you. But that's what I got for y'all today. I'm about to smoke a uh blazy. Um, I got a lot to do today. If you're so here's what's going on for all my people in the private community. Um, I do have to get to those private IDs. I'm working on them. Getting them out over the next couple weeks. Um, one-on-one services. Um, I still got some people's cash credits I have to uh get put out. I have everybody's done, I have to get them out. Um and just catch up, you know? It's about catching up and then Las Vegas. Y'all want to tap in? Las Vegas, Las Vegas Memorial Day weekend, three-day weekend for the VIP guests. Um, first day is is really open to the public. Second day is graduation day. We got some big names in the building, but if you're part of the VIP, you get to attend that. Um, I will be sending off the VIB badges and um those things um over the next few weeks. So y'all be getting y'all's um VIP tickets and badges. But that's what's going on. I appreciate y'all. Much peace and love.