Making side income without suppose support increase ?

Gattsama · 2022-11-12T19:06:33+00:00

You need an attorney and CPA to help you with this. I can't speak about spousal support but for general taxes and asset protection, yes this is done all the time.

You set up a LLC in DE, WY or SD. These states don't report and don't have public records of ownership. You give the LLC a title NOT related to who you are. You are an employee of the LLC. The LLC owns everything. Not you, and you way corporate taxes on everything through the LLC. If you need money from the LLC it either pays you a loan or a dividend.

To truly decrease risk you have the LLC/s own all your expensive items: home, car, boat, plane, etc. And you take business trips through them as well; just need to document a business related reason for trip. Eg I went to Thailand to look at property.

Thus is used primarily for assest protection, if I personally get sued most of my wealth is unknown to the other party and I'm not legally required to report it, as I don't own it. Further if any judgements are places against me or my LLC/s they are based on payments (ie the entity with the judgement gets paid first) but I can still loan money out, just no more payments.

I don't pretend to understand the laws rules or regulations of the tax code. The ongoing maintenance of my 3 LLCs is about $2.5-3k per year (that's everything including taxes).

IcyEntertainment8673 · 2022-11-12T19:13:19+00:00

Forget the alimony, you’re in for an audit from the IRS. Anything not on YOUR tax return (or a K-1 share from a business you own) is tax evasion or can “seem to be”. This screams red flags for an audit. Get a lawyer and see if there’s a clause that can be put in your paperwork to where she can’t access over a certain percentage.

I don’t suggest this but as someone who works in taxes…. Have someone you trust run the business in their name. Become an officer of the business and cut yourself a set salary. Get the bonuses in cash and don’t deposit it into your bank. The business will take the hit as it will have to pay taxes on the bonuses since it won’t be “to you”.

If it’s in the bank, it’ll be up for audit and grabs from your spouse.

captainchippsixx · 2022-11-12T18:56:18+00:00

You should hire a lawyer/consultant to figure that out for your state.

FindingMyPrivates · 2022-11-12T20:23:46+00:00

I’m pretty much gonna open a business with my sister. Only person I trust in this world. She will give me a car, house, or anything on her ‘dime’. I’ll do this until my kids are out of CS territory.

david10277 · 2022-11-13T00:52:28+00:00

Wow real world solutions.. I love it its...thanks gentleman

Yes this serves 2 purposes..

After I settle my divorce i plan on disposing of all assets.. house, cars, investments and cash out.

Setup the structure and keep the income Level same...say 100k earnings . So every year when taxes are reviewed for any spousal adjustment. Nothing changes .

I will show no new assets owned under my name and stll making my same income.

On the back end .. I move all newly acquired assets under the LLC ..say new vacation property.

All partnership dividends payments are sent to the LLC.

Assume I can make one of kids a director of the LLC and they can take those dividends, cash them , Bitcoin them over and send to me.

Aware I need a CPA just wanted to see if anyone has tackled this.

This also protects me from any future relationships.. not planning on remarrying but I need to protect anything going forward.

Also.. spending 2 to 3 k per year to maintain this is worth the cost. Who the hell wants to give there ex wife 1million from a 2million deal that she had nothing to do with..post divorce .

Forgot to add..my spousal is indefinite. So what ever success the universe has for me she is able to get some of that... Fuck that

Also I have read that you can acquire assets and put them in trust. Trust is a separate entity like a LLC but provides different benefits ..something like this

TRUST (owns all assets) kids are beneficiary /\ LLC 1 (Kids own LLC1) my name is not mentioned /\ Partnerships sends payments to LLC 1

Something like the above.. I think my divorce.had highlighted the need to simplify and protect your assets. Also putting things in trust ..protects my.kids from there assets getting taken as part of the divorce.

AudreyTooTwo · 2022-11-13T05:44:25+00:00

If we're really talking about $1MM or more, perhaps a lawyer should be involved. Perhaps an accountant, but I'd pick an accountant that's also a lawyer for the simple reason that conversations with a lawyer are privileged; conversations with an accountant are NOT.

I wish I knew more about money laundering to give you a better answer. My completely non-expert opinion? I always liked those schemes where one shell company "borrowed" money from another shell company, but then defaulted and never paid it back. It shifts the official liability around. But I guess forensic accountants will look for that nowadays.

Also, for some light reading, check out Brian Blatherwick. He described a "brotherhood of trust" that helped him hide money from his ex-wife.

Title	Making side income without suppose support increase ?
Author	david10277
Upvotes	6
Comments	12
Date	November 12, 2022 6:48 PM UTC (3 years ago)
Subreddit	Posted in /r/Divorce_Men
Original Link	https://old.reddit.com/r/Divorce_Men/comments/ytf622/making_side_income_without_suppose_support/
Archive Link	https://theredarchive.com/r/Divorce_Men/making-side-income-without-suppose-support.1138867 https://theredarchive.com/post/1138867

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