The Truth About Taxes: How the Wealthy Elite Play a Different Game

By Sean Briscombe

This book exposes the black box secrets of the wealthy elite, showing the reader how they legally and ethically keep their tax dollars, grow that wealth, so that they can give back more, and create a legacy.

"In America, there are two tax systems, one for the informed, and one for the uninformed, and both are legal!"-Judge Billings Learned

• Language: English
• Publisher: Author Academy Elite
• Release date: May 31, 2021
• ISBN: 9781647467708

Sean Briscombe

Sean is a husband, father, and co-trustee of Kind Foundation with his beautiful bride, Ellen. This private family foundation was started to 'help kids heal from life's hurts".

Book preview

Praise

Sean systematically shows you how to break down some of the biggest wealth creation strategies—a must read for anyone looking to create real wealth.

- Kc Chohan, Founder of Together CFO

"Sean is on a mission to help people save more of their hard earned money, while also showing them how they can strategically give it away more effectively."

- Caleb Guilliams, Founder of BetterWealth

I’ve never met a more selfless, genuine, and helpful person in my life. You won’t either. Never once has Sean said what he wants, but always from the perspective of ‘How can I help you achieve your goals?’ Whenever I applied resistance, his inner Socrates came out, and he directed his questions right at my own obstacle that I put up.

- Preston, business student with a focus in real estate investing

Because of working with Sean, I now have improved confidence that I can ‘weather the financial storms’ that may arise in the next 10-20 years by being smart about money and investing now, using Sean’s connections and alternative strategies. Sean is here to help and can be trusted because, after working with him over the years, he has proven those qualities time and again.

- Vishal, major airline pilot

The Truth About Taxes:

How the Wealthy Elite

Play a Different Game

Sean Briscombe

© 2021 by Sean Briscombe. All rights reserved.

Published by Author Academy Elite

PO Box 43, Powell, OH 43065

www.AuthorAcademyElite.com

All rights reserved. This book contains material protected under International and Federal Copyright Laws and Treaties. Any unauthorized reprint or use of this material is prohibited. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without express written permission from the author.

Identifiers:

LCCN: 2021907564

ISBN: 978-1-64746-768-5 (paperback)

ISBN: 978-1-64746-769-2 (hardback)

ISBN: 978-1-64746-770-8 (ebook)

Available in paperback, hardback, e-book, and audiobook

All Scripture quotations, unless otherwise indicated, are taken from the Holy Bible, New International Version®, NIV®. Copyright © 1973, 1978, 1984 by Biblica, Inc.™ Used by permission of Zondervan. All rights reserved worldwide.

Any Internet addresses (websites, blogs, etc.) and telephone numbers printed in this book are offered as a resource. They are not intended in any way to be or imply an endorsement by Author Academy Elite, nor does Author Academy Elite vouch for the content of these sites and numbers for the life of this book.

Some names and identifying details have been changed to protect the privacy of individuals.

Table of Contents

Preface

Chapter One: My journey of discovery

Chapter Two: Shifting your mindset

Chapter Three: Disrupt the system

Chapter Four: Prepare for the journey

Chapter Five: Crafting your mission and purpose statement

Chapter Six: The history of economic collapse: you’re not prepared for this—sit down

Chapter Seven: Exposing the gap

Chapter Eight: Don’t let good be the enemy of great.

Chapter Nine: Can this work for me?

Chapter Ten: Call to action

Bibliography

Preface

You may be wondering how this book came to be and how I came to write it. After all, I am not a tax planner, do not have a tax preparation license, nor am I an expert in tax code.

I actually stumbled upon the 1041 trust and foundation system by accident, and I have a team of experts for legal and tax counsel to help me with the process I am going to outline in this book. These experts are at the top of their fields in constitutional law, contract law, and tax law. I can say with confidence that the team that files my tax returns is the best in the country. They hold the highest nationally regulated licenses available to anyone in the field.

The Truth About Taxes is about my experience with the 1041 system, and my own journey of discovery, growth, and contribution. I encourage you to read the tax code in order to learn how it might apply to you and your business. Don’t rely on another person to make your decisions for you. Nothing in this book should be taken as advice or counsel. You have to hire your own team or engage with experts who know this stuff inside and out. Sean Briscombe, LLC and its affiliates do not provide tax, legal, or accounting advice. The material contained herein has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. You should not act or refrain from acting on the basis of any legal information contained herein without first seeking legal advice from counsel in the relevant jurisdiction. Only your individual tax, legal, and accounting advisors can provide assurances that the information contained herein—and your interpretation of it—is applicable or appropriate to your particular situation. This material may contain links to third-party websites. Such links are only for the convenience of the reader and Sean Briscombe LLC does not endorse the contents of the third-party sites.

I believe people have to follow their dreams—I did.

- Larry Ellison, former Oracle CEO

Chapter One

My journey of discovery

In 2008, I was newly married, passionate, and ready to conquer the world. My wife and I had one desire: to start our family. Naturally, we were ecstatic when we found out my wife was pregnant. We picked out the name Charlie before we knew if we were having a boy or a girl, but I secretly hoped we’d have a girl. Our excitement built as we set up the nursery for her arrival. We could not wait to start this new chapter of our lives. Everything in our young marriage was going as planned.

Ever since I was a boy, I lived my life according to plans I made in order to check off the next box and accomplish my next lofty goal. I grew up the son of two middle-class parents, who worked hard from 9 a.m. to 5 p.m. I trained at a high level as a diver my whole life, and I eventually earned a scholarship to dive for Southern Methodist University. My aspirations were to be on a Wheaties box and win an Olympic gold medal. In college, I started out as a biology major, but diving took priority over studying. If you had told me I would eventually get into business, finance, or anything related to my current profession, I would have thought you were crazy. I had no interest in anything related to that line of work. Biology didn’t really interest me either, though. Since I focused on fitness so much and enjoyed training others, I ended up majoring in physical therapy, and I got a job with a practice right out of college. In exchange for 10-hour days, I earned a salary, received health benefits, and started contributing to a 401(k).

That is what middle-class Americans are expected to do, after all. That is what I was taught safety and security looked like. You work hard in school, land a good job, earn a salary, and contribute to a pension—all to retire with a gold watch and a 401(k). I was educated to be a great employee, not to think like a business owner, which is how the wealthy elite educate their children. They pass down knowledge of marketing, accounting, investments, tax code, and much more from generation to generation, as you will soon find out in great detail.

By the time I got married in 2008, my career had taken several turns, and I had my own real estate and mortgage company. However, the economic collapse from the subprime mortgage meltdown soon forced me to shut it down, and my losses were accumulating. I had been in real estate lending and investing for six years at that point, and I was becoming more uncertain and fearful about the industry. How could anyone win the game of investing if this was our new normal?

The bottom fell out from under me later that year when we lost our daughter, Charlie, due to a miscarriage. I was telling myself the story of self-pity, that I’d never become a dad or create a legacy. Everything my wife and I had hoped for when we got married earlier in the year seemed like a distant dream. Our plan went off the rails, and we fell from cloud nine into a pit of despair.

For years, my wife had been told she could never have children. When she was 20, she had been diagnosed with interstitial cystitis and endometriosis. Her doctors wanted to remove her uterus, which she did not allow. When we first met, she told me she didn’t believe she could have children, yet she held onto hope that one day she would have a baby. Knowing how far-fetched her chances of getting pregnant were made the miscarriage even more devastating. Little did we know that it wasn’t about our plan, it was about God’s plan.

As you can imagine, I was desperate and in bad shape mentally and emotionally, but we weren’t ready to give up on our dream of starting a family. Through our church, we became friends with a couple who had started going through the process to get their foster care license. They approached us to see if we wanted to go through the classes with them. We were reluctant, as our wounds were still fresh from our loss, but we decided to explore the option. As we moved on with our lives and became friends with this couple, we began to imagine ourselves with a family again.

While we were taking classes to become foster parents, we also decided to try in vitro fertilization. We made several attempts to get pregnant, but we weren’t successful at that time. Despite these setbacks, we were still hesitant to become foster parents. We were just so afraid of the unknown. Ultimately, though, we decided to finish the licensing process.

We were also persuaded to become foster parents when we learned some devastating statistics about the children who needed our help. According to the most recent numbers available from Pathways Youth and Family Services, in 2018, there were 17,500 Texas children in foster care. The state also had 280,911 reported allegations of child abuse or neglect. I guarantee the COVID-19 pandemic has made those numbers dramatically increase. Buckner International Foster Care and Adoption, an agency based in Dallas, reports that 62% of children in the foster care system were removed from their homes due to neglect, and 36% due to parent drug abuse. Thirty-five percent of the children in Texas foster homes have been bounced around to more than two placements, according to the Kids Count Data Center. Some of the youngest children need help the most, as 48% of children in the Texas foster care system are five and under.

The children in my state need loving homes more than ever, so my wife and I stepped up to help. In our experience, Texas Health and Human Services needed foster parents right away. Almost immediately after getting our license we received a phone call about fostering two sisters, ages 2 and 5. They had been rescued from a one-room apartment where they lived with their parents and four other siblings. When their parents were busted for cooking meth (which is a huge problem in Texas), Child Protective Services took all six children to a group home. The home did not have enough beds for the two youngest sisters, so we ended up getting the call. My wife and I took care of them for three months before they went to live with their aunt in Dallas. We still keep in touch.

After they left, we were contacted about fostering a three-year-old girl, who we were later blessed to be able to adopt. The police found her hiding in the bathtub of a hotel room surrounded by food wrappers and half-eaten jars of peanut butter marked with her finger prints from scooping it out like a spoon. A SWAT team had swarmed the hotel after suspecting meth activity, and they stumbled upon the largest check fraud scheme in Texas history, run by the little girl’s birth mother and grandfather. She was hiding under a blanket, and the police said it looked like she used the bathtub as her bed and occasionally had food thrown in to her by an adult. All of her teeth had been capped with silver, as many children in similar situations are fed juice in bottles from infancy, instead of milk or formula. There was also a scar on her back from some sort of sharp object.

Child Protective Services placed her

Reviews for The Truth About Taxes

[vernette carbon · Rating: 5 out of 5 stars]

A must read if you want to go to the top financially.