If you had like 3-5 million for a house, plus suitable money for day-to-today living.

[iwannaretire]

and u had to stay in the US, where would you go?

This is NOT my situation but it is for an acquaintance. We got to talking over bourbons and he was thinking about what to do (inheritance).

He's thinking about Norcal. He's a gun guy, a weed guy and an outdoors/hunter guy. His thoughts were humboldt sheriff will very likely issue him a CCW, he can grow legally high numbers for himself (he's a strain hunter), and the hunting is pretty good. No terribly cold winters.

I told him he's absolutely nuts for voluntarily paying the 13% state income tax California has to offer (4% in Colorado!) , not to mention the gang bullshit that pollutes Humboldt these days.

I said I would pick some elk hunting ranch on the front range in the middle of nowhere, maybe a small spot in the keys to hang 2-3 months a year when it gets too cold or I get too lonely.

What would you do?

(these threads tend to either depress/annoy people or are fun and interesting heh)

 

[Tronic]

How much exactly are we talking about here...

"suitable money for day to day living" and "an inheritance" do not really say much...

are we talking a <$10 million inheritance here or a $50 million+ inheritance. They are VERY different things.....

IMO, one who gets less than $10MM and spends 30-50% of that on a house, won't have that amount very much longer....

The more important reason for asking - one allows you to live a comfortable life, the other allows you do truly interesting and unique things.

That said? If the inheritance in the 7 digits, I'd just go to Colorado. Truly does not matter where. Good taxes, laws, weather, people.

If its 8 or closer to 9... then I would go Medoc, France (bordeaux peninsula), California (central coast ranch), and a place in his current location. Obviously aviation strips on all of them, and a fractional jet ownership at a minimum. Obviously the taxes on said inheritance would be paid and moved offshore to minimize tax on capital gains, so you can live wherever you want. This is only the beginning....

Once you hit a certain $$ level... law enforcement is the least of your worries. Think otherwise all you want - these are the facts.


**Edit - if this was truly any real amount of money then your rebuttal with CA high taxes should have been immediately culled. So this may be a bit of a wasted reply....**

 

[iwannaretire]

How much exactly are we talking about here...

"suitable money for day to day living" and "an inheritance" do not really say much...

are we talking a <$10 million inheritance here or a $50 million+ inheritance. They are VERY different things.....

IMO, one who gets less than $10MM and spends 30-50% of that on a house, won't have that amount very much longer....

The more important reason for asking - one allows you to live a comfortable life, the other allows you do truly interesting and unique things.

That said? If the inheritance in the 7 digits, I'd just go to Colorado. Truly does not matter where. Good taxes, laws, weather, people.

If its 8 or closer to 9... then I would go Medoc, France (bordeaux peninsula), California (central coast ranch), and a place in his current location. Obviously aviation strips on all of them, and a fractional jet ownership at a minimum. Obviously the taxes on said inheritance would be paid and moved offshore to minimize tax on capital gains, so you can live wherever you want. This is only the beginning....

Once you hit a certain $$ level... law enforcement is the least of your worries. Think otherwise all you want - these are the facts.


**Edit - if this was truly any real amount of money then your rebuttal with CA high taxes should have been immediately culled. So this may be a bit of a wasted reply....**

About 20 million. Has to stay in US. As you may know the US is one of the only nations in the world that requires all its' Citizens pay double taxes if they live abroad. Meaning if he were to move to Marseilles (his favorite city), he would pay about 80% of his wages in taxes to two governments on two continents.

If he were to renounce citizenship he would have to pay a massive fee (it's based on net worth) or never come home. He wouldn't care but he wants to be able to bury his mother, who lives in Texas. Crazy huh?

Land of the free.

 

[habeeb]

you can't answer this question directly, as every place is different, and every place has a vibe..

I know some very wealthy people billionaire, and multimillionaires. I learned a lot from getting in on there conversations, attitude toward life, general nature..

if this guy does have money, first off, there is really no saying he needs that much for a house, he can it's up to him, but the wealthier you are, actually the less you spend on things.. but everyone's different, and priorities are different..

if he has that much money, taxes don't matter, the rest of his money makes enough to cover any tax he has, granted he's not a risk taker, and plays business very risky, he's fine to pay whatever tax is imposed on him.

he needs to take a trip out there, if he really does have money, as he's able to, who moves without taking a trip somewhere.. as I said everywhere has a vibe.

named places are far worse then no name places.. I will admit this very easily, and it's going to offend people, the higher a place, the "more security" it has in it's name, hence attracting "low smart" people. As you even said, CA robs you, because it's CA. Everyone knows CA, how many visitors takes trips to CA every year, what about Wyoming now.. Like look at cities, there shit, why? because people need to feel secure around each other, and no land, no trees, nothing but concrete. a grouping of people doesn't make you smarter, it makes you dumber.. look at some of the wisest people in history, were loners, you don't need people surrounding you to be smart. It's actually ego to need people around you to make yourself feel better..

sorry off topic, so anyways, tell him to check out no name places, if he likes northern california, he might like so other area better then the famous Humbolt.



down to the question, if I had to say in the USA.. I wouldn't. USA is shit. I would move to the European countryside.

 

[Tronic]

About 20 million. Has to stay in US. As you may know the US is one of the only nations in the world that requires all its' Citizens pay double taxes if they live abroad. Meaning if he were to move to Marseilles (his favorite city), he would pay about 80% of his wages in taxes to two governments on two continents.

If he were to renounce citizenship he would have to pay a massive fee (it's based on net worth) or never come home. He wouldn't care but he wants to be able to bury his mother, who lives in Texas. Crazy huh?

Land of the free.

Fair enough - sounds like you know what you're talking about.

That said though - what does he do for a living? I'm well aware of the penalties for income and renouncement, but again, there are MANY ways around this problem. It really involves what he does for a living and does he want to continue doing it?

For example, if he is getting $20 million, why bother buying or moving in the US? Continue to have a TX address with the IRS, but establish a foreign s corp that is simply an investment trust. Hire a staff at home (to keep appearances) and simply live wherever the fuck you want. If he can't live off of the capital gains of $10MM invested incredibly conservatively then he's an asshole.

Is this something your buddy would consider? Sounds like it if he already is a strainhunter in TX - but then he would be aware of their lack of cultivation law and incredible privacy laws when it comes to property. IMO the risk of growing weed in texas and fucking with the IRS at this scale is comparable. I.e. easy.

And when i say easy i mean pay your bills on time and give them no reason to think anything otherwise... paranoia runs rampant around here for some reason...

 

[habeeb]

About 20 million. Has to stay in US. As you may know the US is one of the only nations in the world that requires all its' Citizens pay double taxes if they live abroad. Meaning if he were to move to Marseilles (his favorite city), he would pay about 80% of his wages in taxes to two governments on two continents.

If he were to renounce citizenship he would have to pay a massive fee (it's based on net worth) or never come home. He wouldn't care but he wants to be able to bury his mother, who lives in Texas. Crazy huh?

Land of the free.

this tells me everything..

first off I will say, France has a dark looming energy over it.. like Hawaii. It's a very beautiful place, with a very dark energy over it.

But i guess he's free to do what he wants. sounds like he needs to ask himself a very personal question: what do you like more, money or happiness. here's a hint, happiness has nothing to do with money, he might be accustomed to having money, but money is not required for happiness, what's required is doing the things you like to do.

another thing to help him, is he needs to ask very quality questions to himself. and be calm and relaxed while doing so.. sound slike he knows what he wants already though, most do if given the choice, sound slike fear is holding him back. which fear is the cause of all negativity.

well, please tell him I said good luck, and don't be afraid, nothing to be afraid of in life.

 

[Tronic]

Habeeb and I are asking teh same question - what is important to your buddy and why? Is the number in the account what's important or is it what that number can do for him on a daily basis.

 

[OGEvilgenius]

I'd move to South America, isn't Ecuador looking at legalization? Cheaper in most places too. And you can avoid the Fukushima fall out largely (the Northern and Southern hemispheres really don't share much in the way of air) if that thing gets any worse (and I think it probably will).

 

[iwannaretire]

Fair enough - sounds like you know what you're talking about.

That said though - what does he do for a living?

Now? A construction trade. In a few months? Managing his money part-time. heh.

I'm well aware of the penalties for income and renouncement, but again, there are MANY ways around this problem. It really involves what he does for a living and does he want to continue doing it?

There are but, respectfully, the penalties for getting caught here are significant. He could lose a ton, and believe it or not there is precident for looking into this with serious investigation.

Johnny Depp's lawyers couldn't even keep him in France more than 6 months a year while avoiding double taxation. Obviously a very different situation but I mention it to highlight that, as I understand it (limited admittedly), it's not as easy as you might think.

For example, if he is getting $20 million, why bother buying or moving in the US? Continue to have a TX address with the IRS, but establish a foreign s corp that is simply an investment trust. Hire a staff at home (to keep appearances) and simply live wherever the fuck you want. If he can't live off of the capital gains of $10MM invested incredibly conservatively then he's an asshole.

You can get busted doing this and from what he says (not a lot of research done on my end) the results can be devastating. He knew a guy who knows a guy who lost his balls trying to play this game. The US government is shit at everything but if you fuck with their money they are actually a bit clever. His buddy apparently had agents doing serious NSA-level internet snooping on him, checking mail forwarding, etc. I believe it's a bit riskier than you are implying. Not an expert though.

Is this something your buddy would consider?
ds like it if he already is a strainhunter in TX - but then he would be aware of their lack of cultivation law and incredible privacy laws when it comes to property. IMO the risk of growing weed in texas and fucking with the IRS at this scale is comparable. I.e. easy.

I don't know brother. He's got the world by the balls and he's going to risk living in a us prison for a decade aka a torture chamber instead of just going to a free state? You have bigger balls than me my friend. Privacy laws don't mean shit in Texas in my experience, that's rooted in some truth but egh...they still use infrared snooping for indoor grows, lie about warrants and raid even now in 2013. I've read court cases of dismisses complaints in El Paso of cops doing this.

And when i say easy i mean pay your bills on time and give them no reason to think anything otherwise... paranoia runs rampant around here for some reason...

Maybe so, it's tough to gauge these things.

 

[OGEvilgenius]

About 20 million. Has to stay in US. As you may know the US is one of the only nations in the world that requires all its' Citizens pay double taxes if they live abroad. Meaning if he were to move to Marseilles (his favorite city), he would pay about 80% of his wages in taxes to two governments on two continents.

If he were to renounce citizenship he would have to pay a massive fee (it's based on net worth) or never come home. He wouldn't care but he wants to be able to bury his mother, who lives in Texas. Crazy huh?

Land of the free.

That is pretty crazy. What about capital gains and such? Double taxation as well?

 

[subZ-ro]

I wouldnt go around telling everyone I know every time I got a few drinks in me, thats what I would do, cause odds are someone will end up backstabbing/scamming/extorting the money out of you one way or another. Its just how this country works.

 

[iwannaretire]

this tells me everything..

first off I will say, France has a dark looming energy over it.. like Hawaii. It's a very beautiful place, with a very dark energy over it.

But i guess he's free to do what he wants. sounds like he needs to ask himself a very personal question: what do you like more, money or happiness. here's a hint, happiness has nothing to do with money, he might be accustomed to having money, but money is not required for happiness, what's required is doing the things you like to do.

another thing to help him, is he needs to ask very quality questions to himself. and be calm and relaxed while doing so.. sound slike he knows what he wants already though, most do if given the choice, sound slike fear is holding him back. which fear is the cause of all negativity.

well, please tell him I said good luck, and don't be afraid, nothing to be afraid of in life.

Thanks habeeb. He's not really struggling w/ this, he's having fun with it. I found it an interesting conversation/question once we got the ball rolling so I posed it here.

He's certainly going to be fine and then some regardless of the taxation situation, for me it would just eat at me on principle haha. Just urinating away 10% a year for the luxury of california living when a free state like Colorado is just a few states over, has more sunshine etc.

Thanks for your input

 

[iwannaretire]

That is pretty crazy. What about capital gains and such? Double taxation as well?

You know I'd assume so since he didn't mention that otherwise..altho I know some of his bonds and even investments will unfortunately be considered income and not capital gains so he'll be paying 30+% to the US Feds regardless on that..

TBH I don't know for certain though.

 

[Tronic]

You know I'd assume so since he didn't mention that otherwise..altho I know some of his bonds and even investments will unfortunately be considered income and not capital gains so he'll be paying 30+% to the US Feds regardless on that..

TBH I don't know for certain though.

This is helpful in that clearly a lot of his inheritance is in the form of bonds... otherwise why would he have them?

In response to all your rebuttals above - I'm 100% certain there are easy ways around it. I know people who do ti - lots of people. It just truly depends on your comfort level, and your responses highlight that.

If you look back at what you responded to me - each one is essentially asking 'is this worth it?' and that is why I asked the way that I did.

Think of it like this - what if he did everything as I outlined above, and he got caught. Had to pay like a $5 million fine (unheard of) but just bear with me... how big of a deal would that be to him? Is it a risk worth taking? Or is he happier playing by the rules and spending 182 days a year in the good ole USA?

Get me?

 

[iwannaretire]

never mind I'd move to california and buy this:

http://www.realtor.com/realestatean...a_Rancho-Santa-Fe_CA_92067_M15854-54717?row=4


lol.

 

[iwannaretire]

This is helpful in that clearly a lot of his inheritance is in the form of bonds... otherwise why would he have them?

In response to all your rebuttals above - I'm 100% certain there are easy ways around it. I know people who do ti - lots of people. It just truly depends on your comfort level, and your responses highlight that.

If you look back at what you responded to me - each one is essentially asking 'is this worth it?' and that is why I asked the way that I did.

Think of it like this - what if he did everything as I outlined above, and he got caught. Had to pay like a $5 million fine (unheard of) but just bear with me... how big of a deal would that be to him? Is it a risk worth taking? Or is he happier playing by the rules and spending 182 days a year in the good ole USA?

Get me?

Totally. He's a texas good ole boy, the only law he breaks involves burning plant matter heh. He definitely wouldn't sleep well at night playing the game like that.

Interesting you're certain that he can get around it easily. I didn't realize that. Thanks for sharing. If this is the case, and he can find a way to only pay taxes in one country somehow....me personally i'd be longggg gone. This country is beautiful but "proper fucked" is I believe, the expression in Manchester Ideal verbiage?

 

[Tronic]

Totally. He's a texas good ole boy, the only law he breaks involves burning plant matter heh. He definitely wouldn't sleep well at night playing the game like that.

Interesting you're certain that he can get around it easily. I didn't realize that. Thanks for sharing. If this is the case, and he can find a way to only pay taxes in one country somehow....me personally i'd be longggg gone. This country is beautiful but "proper fucked" is I believe, the expression in Manchester Ideal verbiage?

Oh he will pay a small bit of taxes to the US... just an incredibly small amount. Every corporation in this country pays almost nothing in tax on foreign earnings by way of some convenient laws in scotland / amsterdam / US. All one needs is an s corp. If apple can avoid paying billions, lots of them, in tax, your boy can avoid an acceptable metric himself.

On the good ole texas boy - tell him that i'm a mustang from dallas. That should answer any questions about believing what I spew...

Rancho Santa Fe is nice - but check out Tiburon, Mendicono, Carbon Beach, 17 mile drive, laguna, la jolla as well - all amazing

 

[OGEvilgenius]

That house you posted is pretty spectacular. Too bad it's in the United States. And the last sentence you wrote - I believe that's accurate.

 

[habeeb]

never mind I'd move to california and buy this:

http://www.realtor.com/realestatean...a_Rancho-Santa-Fe_CA_92067_M15854-54717?row=4


lol.

have fun cleaning that.. or worse, people in your house everyday cleaning / maintaining it. no peace.

rule number #1. never ever buy a big house, or something you can't clean yourself.

 

[Jbomber79]

What a joke, who tells someone that they are inheriting 20mil and can't leave the US... To many drinks.. That's like saying oh I won the lottery but can't leave my house.. doubtful at best wishful at most.