How to get tax scholarships from scholarship houses

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The problem

1. Why I went looking for a different approach
2. Income is the biggest factor in the aid formula
3. Choosing the right school

How tax incentives work

1. The tax code is a book of incentives
2. How these programs get vetted
3. What your tax bill could be doing instead

Real estate as the vehicle

1. Depreciation, leverage and tax scholarships
2. Why a short-term rental counts as active income
3. How the houses are found, designed and run

Funding it, and the long game

1. Where the money to invest comes from
2. What the ultra-wealthy do differently
3. Building a long-term tax plan

Why I went looking for a different approach

Hi, my name is Lance Morgan and I've been in the financial industry over 20 years, but more importantly, I'm a father of five kids. When I first started in the financial industry, my kids were young and some of them hadn't even been born yet. Like many of you, when we took our first kid to kindergarten, they gave us a 529 account brochure and talked about the importance of saving for college. I had 529 accounts for all my kids and encouraged my clients to do the same.

I figured if I started early enough, I'd be in pretty good shape. As my kids got older, I saw that the cost of college was skyrocketing eight times faster than wages and I started panicking about how I was going to help them pay for college. My income was growing, but so were my financial responsibilities. I had many sleepless nights about how I was going to pay for five kids to go to college while also trying to save enough for retirement.

Eventually, I had another problem. I was doing well financially and had successful career, but the more money I made, the more I was paying in taxes. I realized I had two enormous expenses staring me in the face, college and taxes. I remember thinking, there has to be a better way.

That's when I became obsessed with researching and learning how the ultra wealthy and financially successful families were investing for retirement and paying for major expenses like college while still reducing or eliminating their taxes. And what I discovered changed everything. Instead of looking at college, taxes, and retirement as separate financial strategies, I started seeing how certain strategies could potentially work together. What if some of the money I was paying in taxes could instead be put towards building assets that might also fund college and retirement?

That was a completely different way of thinking. I discovered that one of the strategies that the wealthy use is real estate. I learned that there are huge tax benefits to investing in real estate and the cash could pay for major expenses like college and ultimately retirement. But then I ran into another problem.

I didn't have the time to figure it all out. I was running a business and raising five kids. I didn't have time to become a real estate expert and research all the tax laws. I also realized that most of my clients were in the same exact position.

They were successful professionals, executives, and business owners. They were working hard earning good incomes, raising families, and trying to prepare for college and retirement. They were making good money, but they didn't necessarily have the time, expertise, or network to evaluate all these opportunities on their own. And that's when I had my biggest realization.

Maybe the answer wasn't learning how to do everything myself. Maybe the answer was finding the right people who already knew how to do it. About that time a friend and mentor of mine told me about the book Who Not How, which talks about the importance of building a team and looking for the who's and not trying to figure out all of the how's. So that's what I did.

I started building a team of specialists across college funding, tax planning, real estate, and wealth planning. I wanted my clients to have access to a coordinated team that could help them understand their options, evaluate what made sense, and get help implementing the right strategies. I kept thinking about the families I worked with who were doing everything they were supposed to do. They were earning great incomes, saving for retirement, putting money away for college, working with accountants and financial advisors, but nobody was necessarily looking at the entire picture and asking, "Are there opportunities we're missing because we're treating all of these financial decisions separately?" And that's what I want you to think about.

If you're a high-income W-2 employee, you have a child getting closer to college, and you're paying a significant amount in taxes every year, you may be in a very similar position to where I was. You're probably not looking for another course to take. You don't want another project or a side job, and you certainly don't want to spend the next 6 months trying to become an expert in tax strategies and real estate investing. You want to know what opportunities may apply to your family, whether they're worth pursuing, and who can help you actually put them into place.

And I want to show you why the traditional approach to college funding may be a much bigger opportunity, and how looking at your taxes, your assets, and your long-term financial goals together could change the way you approach paying for college. My goal as a parent is to leave a legacy by helping my kids get the education of their dreams, which will lead to a rewarding career and allow them to support their families by giving back to society. I also want to leave a legacy by teaching them the financial strategies and wealth principles that they won't be learning in college, so that they can apply these same strategies in their lives. And finally, I want to leave a legacy by creating generational wealth that I can leave when I'm gone.

This desire to leave a legacy was the inspiration for why I named my company Legati, which is inspired by the word legacy. There are four strategies or four puzzle pieces, which when combined can help high-income families pay for college without sacrificing your financial future. First, how to reduce the cost of college through strategic financial positioning, even if you're a high-income family. And second, how to reduce or eliminate your taxes every year through strategic tax mitigation strategies, even as a W-2 employee.

We call these tax scholarships. And third, how to use real estate to reduce your taxes and pay for college and retirement by using our done-for-you and turnkey properties that we call scholarship houses. And fourth, how to leave a legacy by helping your kids get an education while still increasing your retirement income and growing your wealth. All right, so let's talk about how to reduce the cost of college through strategic financial positioning, even as a high-income family.

After having five kids and seeing the cost of college increasing, I was freaking out about how I was going to help them pay for college. So, like most of you, my mind went to how I could reduce the cost of college by getting free money for college. I discovered that there are two ways to get free money, scholarships and financial aid. Some of my kids were what I would call exceptionally gifted and some of my kids were gifted in other ways.

We always encourage our kids to study and get good grades, but I realized that some would probably get scholarships and some probably wouldn't. So, I started researching financial aid and how to get free money from the schools and the government. I discovered that the financial aid formula looks at a family's income and non-retirement assets to determine if the schools and the government are going to give you any free money, which meant that saving for college in a 529 account and having taxable brokerage accounts were actually hurting my chances of getting financial aid. Okay, so how do we increase merit-based scholarships and need-based financial aid, even if you're a high-income family and your kids may or may not get scholarships?

Well, the first step is through what we call student positioning, where we help our kids go from being gifted in other ways to exceptionally gifted students, which includes getting good grades, good SAT and ACT test scores, extracurricular activities, and just overall building their resume. And most importantly, choosing the right school where your student is in the top percentage of that school. Not only will that help them get merit-based scholarships, but it also helps the kids to get accepted to the schools of their dreams. Now, the second way that we can increase the free money for college even as a high-income family is through financial positioning.

When I discovered early on that my non-retirement assets were going to hurt my chances of getting free money for college, I stopped funding my 529 accounts and started using Roth IRAs and cash value life insurance because those assets don't count against you on the financial aid formula. So, one way that you can increase financial aid is by repositioning your non-retirement assets, like 529 accounts and brokerage accounts, into retirement assets that don't count against you. Now, you might be asking, "What about the taxes and penalties for moving money out of a 529 account?" Well, one option is to use the money for private high school, but in most cases it's true. If you take money out of a 529 account that is not used for a qualified education expense, you will be taxed on the gains and there is a 10% penalty on the gains, not all of the money, like taking money out of an IRA, but only on the gains, which is the interest the account has earned.

Now, stay tuned because in the next strategy, we will talk about how to use tax strategies to offset the taxes and the penalties from repositioning your assets. Now, caution. It is important to calculate the potential college savings with the taxes and penalties before moving any of your money. I have met with several families over the years who had someone tell them to move all their assets, but they were never going to qualify for financial aid.

Also important note, reducing your financial aid number doesn't mean you will get free money for college. The formula that is used to calculate your financial aid eligibility is by taking the cost of attendance, or COA, and subtracting it from your financial aid number. Your financial aid number is calculated when you complete the FAFSA and CSS Profile financial aid forms during the senior year of high school. Your financial aid number is referred to as your student aid index or SAI number.

It used to be called your expected family contribution or EFC number, but it created too much confusion because families thought that your EFC number was what you had to pay for college. Your SAI or EFC number isn't what you are expected to pay, it's simply a number used in a formula. By lowering your SAI number, you can significantly increase your financial aid eligibility. It wasn't long, however, before my income increased into the multiple six figures, and I

Income is the biggest factor in the aid formula

quickly realized that it didn't really matter how many assets I had because the number one factor in calculating your financial aid is actually your income. That's when I realized that if my kids didn't qualify for any merit-based scholarships, I would be paying full price to send five kids to college. So, now I had two major problems: paying full price for college and paying a lot of money in taxes. It wasn't until several years later that I learned about tax strategies that would not only reduce my income, which meant paying less in taxes, but it also meant that by lowering my income, it would lower my SAI financial aid number, and I could increase my financial aid eligibility.

Which brings me to the next strategy, which is how to reduce or eliminate your taxes every year through strategic tax mitigation strategies. Yes, even as a W-2 employee. We call these tax scholarships. Now, caution, most schools that use the CSS Profile financial aid form won't consider business losses on your taxes to reduce your SAI number.

Once again, choosing the right school will have the biggest factor in reducing the cost of college. Also, one final thought, before I finish talking about reducing the cost of college, I want to mention what I call the secret cost of college. If you help your kids pay for college, that money won't be there for your retirement. For example, if you pay $300,000 for your kids to go to college, that money could have grown to several million dollars during your lifetime.

That's what we call the opportunity cost of paying for college. In other words, the financial impact in the future of paying for college, or the money you are not going to have. That is by far the biggest cost of college, and reducing the cost of college also means reducing the opportunity cost of paying for college. When I realized that I wasn't going to get financial aid before I learned about the tax strategies I'm going to share next, my focus changed to learning about better ways to pay for college.

I have always said how you pay for college is 10 times more important than how much you pay for college. In the fourth strategy, I'm going to show you how to pay for college like the ultra-wealthy to reduce the opportunity cost. All right, so let's talk about how to reduce or eliminate your taxes every year through strategic tax mitigation strategies. Yes, even as a W-2 employee.

We call these tax scholarships. Over the years, my income increased, and I always felt like I was paying a lot of money in taxes. I switched CPAs more times than I can count, trying to find someone that could help me reduce my taxes. In 2023, my income had increased into the seven-figure range, and I was paying way more in taxes every year than the cost of college.

One day, I was in an appointment with one of my clients, and I was complaining about how much I was paying in taxes, and he asked me if I had heard about cost segregation studies and bonus depreciation from investing in real estate. He explained how I could reduce or eliminate how much I was paying in taxes by purchasing real estate. I was very intrigued and I have always loved the idea of investing in real estate. My dad was the accountant for a multi-billion dollar real estate company and he had all of his money invested in real estate and was able to retire at 57 from the cash flow from his real estate investments.

I was excited about the possibility of reducing or eliminating my taxes, but I was also running a successful business and raising five kids. It was one of the busiest times of my life. So, I spent what little free time I had watching YouTube videos and buying courses on real estate investing and learning everything I could. One day, I was on a real estate webinar that was teaching how to invest in vacation rentals and use the tax savings from the bonus depreciation and the cash flow from running it as an Airbnb to go towards another property the next year and repeating the same thing each year after that.

It was called Five Years to Financial Freedom and the idea was to reinvest the tax savings and cash flow every year to buy another property and then in five years you would have enough money to retire. And that's when the light bulb went off that changed everything. I realized that on top of all the tax savings and cash flow from the real estate, if I could show zero income for five years, I could lower my financial aid numbers while my kids were in school and get free money for college. That's when I realized that all of my clients could benefit from these same strategies and how purchasing real estate and reducing taxes could also reduce the cost of college and create cash flow to pay for college and retirement.

Unfortunately, I also learned that most of the top private schools that use the CSS Profile Financial Aid form wouldn't consider those business losses from the depreciation on taxes to reduce the financial aid numbers. So, it doesn't work with

Choosing the right school

every school, but if you choose the right school, you could increase your financial aid eligibility. But either way, even if it didn't help you reduce the cost of college, it could still offset the cost of college by reducing your taxes, which we call tax scholarships. And the real estate cash flow can still pay for your college or pay back the college loans. At this point, I was really excited about how this could help my clients.

The only problem was having enough time to learn everything about reducing taxes and investing in real estate. So, I started recruiting and building a team that all of my clients and I could benefit from. We now have a team that works with real estate agents all over the country to find good deals on investment properties. We have a team that handles the ownership transition and the minor renovations.

We have a design team that creates a unique guest experience, and we have a property management company that manages the properties and all the guests. That's when my business model completely changed, and we started helping clients with what we call turnkey and done-for-you vacation rentals, we call scholarship houses. I'll explain more about real estate and these scholarship houses in the next strategy, but the idea of reducing or eliminating my taxes took me down the rabbit hole of researching all the tax mitigation strategies that were available. One of the biggest realizations I have had about reducing taxes is that it's actually not the strength or responsibility of most CPAs.

The primary responsibility of most CPAs is to help you file your taxes and make sure they are compliant. Think about it. Most families meet with their CPA a month or two before taxes are due, which means that the tax year to take advantage of all the tax strategies is already in the past. So, most families don't meet with their CPAs every month or every quarter to strategize on how they can reduce or eliminate their taxes for the year.

And even if they do, most CPAs will tell you that if you are a W-2 employee, then all you can do is max out your 401(k)s and IRAs. If you are a business owner, you can take advantage of home office deductions, vehicle deductions, putting your kids on payroll, maybe family vacations become business trips, and the Augusta rule is where you can lease your house to your business. However, even if you own a business and take advantage of all the deductions, you will still be paying a lot of money in taxes. Most of you, however, probably don't own a business, which means that if you are a high-income W-2 employee and you feel like you're paying a lot of money in taxes, you're probably not wrong.

Back in 2021, there was an article that everyone was talking about, which was how the wealthiest avoid income tax. It showed that Warren Buffett had a true tax rate of 0.10% like that's a tenth of a percent. Jeff Bezos had a true tax rate of almost a percent at 0.98% and Michael Bloomberg at 1.3% and Elon Musk way back then before he made all of his trillions of dollars um at 3.7 or 3.2%. The article is complaining about why the wealthy aren't paying their fair share in taxes, but what I was interested in was how they were doing it.

It has always been said that Warren Buffett is in a lower tax bracket than his secretary. So, what are the wealthiest of the wealthy and the billionaires doing that everyone else isn't doing? That's when I discovered what I call the business of tax mitigation strategies. Have you ever bribed your kids with money to do something?

Maybe you told them you would pay them $5 if they would clean out the car. We can pay people to do what we want. However, the government doesn't work that way. Since they really don't make any money, they can't pay people to do what they want them to do.

Instead, they created the tax code as a playbook of incentives. In the book, Tax-Free Wealth by Tom Wheelwright, who is Robert Kiyosaki's CPA from Rich Dad Poor Dad, he says the tax law is a tool the government uses to shape the economy and promote social, agricultural, and energy policy. It's a series of incentives for entrepreneurs and investors. Over 95% of the tax code is intended not to raise taxes, but rather to stimulate economic, agricultural, and energy activities.

In fact, the tax law is a map or code to vast amounts of wealth. And the tax code doesn't only show you how to reduce your taxes. If you follow the tax law carefully, you will discover that the secrets to amassing huge amounts of cash and wealth are found within its pages. Okay, so what do I mean by the business of tax mitigation strategies?

Imagine for a minute that you own a company that sells a product and the government gives you free money to purchase it through tax incentives. That would make it a lot easier to sell, right? Like putting solar on your house. The government used to offer tax savings as incentives to buy solar panels.

Or let's use Elon Musk as another example. The

The tax code is a book of incentives

government wanted everyone to buy electric cars. So, they created tax incentives if you bought an electric car. Under the federal program expanded by the 2022 Inflation Reduction Act, eligible buyers could receive up to $7,500 in tax credits for a qualified new electric vehicle. Unfortunately, these incentives ended in 2025, but Elon Musk created a business around the tax code that allowed people to buy electric cars.

As you can see from this chart, he also benefited from these government incentives by not paying taxes. The most common objection I get when talking about tax strategies is, "But what if I get audited?" As if we are doing something illegal and they are worried about getting caught. What's funny is that nobody worried about getting audited when they purchased solar for their house or bought a Tesla. Let me give you a few examples of how you can benefit from tax incentives and some of the entrepreneurs who have created businesses to help make it easy for you.

They may not be as well known as Elon Musk or Tesla, but the principles are still the same. Let's look at commercial solar, which has now turned into batteries and energy storage. The government is concerned about terrorist attacks on our energy grids, so they are encouraging businesses to use solar and big batteries to store energy. As an incentive, there are huge tax credits if you buy these big batteries.

So, how does this benefit you if you don't own a commercial business or have the need to buy these batteries? Well, there are entrepreneurs who have built businesses that purchased a large inventory of these batteries that investors like you can purchase to benefit from these tax credits, and the business will find companies that wants to lease these batteries from you. So, you as an investor can benefit from huge tax credits, which basically pays for the batteries. So, now and now you have an asset, or in other words, these batteries, instead of paying taxes, and you get cash flow from the companies that lease these batteries from you.

Let me give you another example with equipment leasing. When you purchase equipment for your business, the government allows you to depreciate the cost of the equipment on your taxes. Basically, you get to reduce your taxable income by the cost of the equipment over a period of time. The typical depreciation period would be computers and certain technology equipment about 5 years, GPUs or graphics processing units for AI computing is about 5 years, office furniture and fixtures about 7 years, general business equipment and machinery often 5 or 7 years, commercial buildings 39 years, and residential real estate is 27 and 1/2 years.

Now, this all changed in 2025 with the One Big Beautiful Bill Act when Trump brought back bonus depreciation to 100% and made it permanent. Bonus depreciation means that instead of spreading the depreciation out over 5 to 7 years or 27 and 1/2 or 39 years in real estate, which we'll talk about in a minute. You get to take the depreciation in the first year. For example, let's say that you purchase $100,000 worth of equipment.

You get to reduce your taxable income by $100,000 in the first year. If you purchase $500,000 worth of equipment, you get to reduce your income by $500,000. We will talk more about the real estate depreciation and cost segregation studies next, but let's use an example of heavy equipment leasing. There are companies that want to lease heavy equipment instead of purchasing it.

So, there are entrepreneurs who created businesses that make it easy for you as an investor to purchase this heavy equipment and get cash flow every month from leasing it to these companies that they will help find for you. As the owner of the equipment, you get to depreciate or reduce your taxable income by the retail price of the equipment. So, now instead of paying taxes, you have a business that owns this heavy equipment, which is an asset that generates monthly cash flow, which you could use to pay for college and retirement. In other words, you are either going to pay taxes every year, or you can purchase assets to reduce or eliminate your taxes and generate cash flow.

After working with wealthy families for the past 20 years, one of the lessons I have learned is how they think about good debt versus bad debt and the importance of leverage. Or in other words, other people's money or OPM. Yes, you could pay cash for the equipment or pay cash for real estate, but the wealthy use leverage. For example, you could put 10% down on a $400,000 loan to purchase $400,000 worth of heavy equipment, which is only $40,000 and reduces your income by $400,000.

In the highest tax bracket of 37%, that's $148,000 in tax savings for a $40,000 investment, which generates cash flow to pay the loan payments and additional cash flow to pay for college and your lifestyle. These programs exist for heavy equipment, GPUs for AI processing, software, portable houses, and dozens of others. I'm often asked by clients, "What happens if I get audited? Or I don't want to do any of these tax strategies because I'm afraid of getting audited." Even though the government creates incentives like these,

How these programs get vetted

doesn't mean that they don't also create rules that you need to follow. So, how can we help you? Our team spends countless hours every year researching these different tax strategies. We also spend $500,000 a year on tax attorney retainer fees to vet each of these programs and make sure they are compliant and follow all the tax laws.

So, the good news is that you don't need to fire your CPA. Over the years, I have sat in on appointments with several clients and their CPAs. And some are definitely more educated than others on tax mitigation strategies, but it is unrealistic to assume that your CPA knows about all the tax programs that exist. However, your CPA can review all the details of these tax strategies with you and help you understand all the benefits and make sure you are compliant.

I'll finish with one more story as another example, which next to real estate is my personal favorite tax strategy. There was a wealthy guy in southern Utah who purchased a large farm. There were farm hands living on the farm, and he was appalled by the living conditions of these farm workers. So, he started doing some research on affordable tiny homes for these farm workers.

He ended up finding these houses overseas that were made from solid steel and could be folded up and shipped anywhere in the world inside a shipping container, and it gave him the idea of providing affordable housing with these portable tiny homes. Here's a picture of the first house, which still has a farm worker living in it today. Over the years, they spent several million dollars on research and development to improve these houses and increase the quality. In addition to using them for the farm workers, they ended up putting several of them in the oil fields of West Texas to provide housing to the oil workers, and they have also used them in RV parks and several other places.

One day, one of the bigwigs at FEMA saw them and loved the idea of portable houses that could be shipped anywhere in the world inside a shipping container for natural disasters. They wanted them to provide temporary housing when there was a natural disaster like a fire or hurricane that destroyed all the houses in the area. As an entrepreneur, he had the idea that instead of using his own money or taking out loans to build thousands of houses for FEMA, he would allow investors like you to purchase these houses and you could get the tax deductions from the depreciation just like purchasing equipment for your business. They also made it super easy for the investors by providing the loans to purchase these portable houses.

For example, you can put a hundred thousand dollars down on a five hundred thousand dollar portable house and reduce your income from the depreciation by five hundred thousand dollars in the first year. At the highest tax bracket of 37%, that's a hundred and eighty-five thousand dollars in tax savings. You could put eighty-five thousand towards a top-tier private school and take the other hundred thousand to purchase another house the next year. Or you could take the tax savings to purchase real estate or another tax strategy and take out college loans to pay for college.

I know that most people don't want to take out loans unless they have to as a last resort, but remember the importance of leverage and using other people's money. If you invested your tax savings into another asset that generated cash flow, you could always use the cash flow to pay for college, but the best part about that is that once college loans are paid off, the cash flow continues to pay for your lifestyle and retirement. You can lease these portable houses to FEMA, oil fields, data centers, or anywhere else that requires temporary housing and earn cash flow to pay the loan payments and college or college loans. You can even use these houses as vacation rentals and generate cash flow for the rest of your life and you can even pay for retirement with them.

Our company is super excited about these portable houses and all of the possibilities like turning RV parks into micro resorts or putting them on the lots of vacation rentals and adding another two bedrooms and a bathroom to increase your average nightly rate. I recently purchased a farmhouse in Florida by the beach in Santa Rosa and it's on 10 acres with a horse stable. Unfortunately, the house is only a three bed two bath, but I'm going to add two of these portable houses and it will give me a total of seven beds and four bathrooms, which will significantly increase my annual revenue from that property. Plus the tax savings will reduce my income by a million dollars by purchasing two of these tiny homes, which will more than pay for the down payment.

Hopefully, you are getting the idea that you have two choices. You can either pay taxes every year for the rest of your life, which will be money that will never go towards college or retirement, or you could use that same money to go towards tax incentives that the government wants you to invest in and purchase assets that provide tax savings

What your tax bill could be doing instead

and cash flow. Think about how much you are currently paying in taxes. Imagine how your financial situation would change if you could use that money to invest in cash flowing assets. Once again, we call these tax scholarships and in some cases, if you choose the right schools, you can also get free money from the colleges by increasing your financial aid eligibility.

As an added bonus, all of these tax strategies are are set up using an LLC, which means that now you own a business. If you buy real estate, you have a real estate investment business. If you buy a portable house or equipment and lease it out, you have a business, which means as a business owner, you can now take advantage of home office deductions, vehicle deductions, putting your kids on payroll, family vacations can now be business trips, and you can take advantage of the Augusta rule that allows you to lease your house to your business each year. These additional tax deductions can create tax savings from the house and vehicles you already own and the vacations you already take.

Just additional icing on the cake. Let's talk about how to use real estate to reduce your taxes and pay for college and retirement by using our done-for-you and turnkey properties that we call scholarship houses. As a traditional financial advisor for over 20 years, I started my career selling 529 plans to pay for college, setting up 401k plans for businesses, and starting IRAs and Roth IRAs for my clients. I was fully licensed and got paid to manage assets.

Everything I did was related to the stock market or insurance products. I never recommended real estate to my clients as a tax or retirement strategy because to be honest, I didn't know anything about it, and I got paid to manage assets in the stock market. Looking back, I do find it interesting that I was able to pass all the tests and get licensed as an industry-recognized fiduciary and financial planner so that I could charge clients a fee to build a financial plan that had nothing to do with real estate. The financial industry doesn't really teach how to use real estate in financial planning because we as financial planners and the brokers we represent don't get paid to sell real estate.

The only people who get paid to sell real estate are real estate agents, and no offense to most real estate holders, but they don't know anything about real estate investing or financial planning. I remember as a financial planner that when I met with clients who had real estate investments, I was always a little intimidated because I felt like they knew more than I did. I've always loved real estate as an investment and saw firsthand the benefits in my own family. My dad was an accountant for a multi-billion dollar property management company that owned a lot of apartments and commercial buildings all over Utah, Arizona, and California.

Although he started the company when it was just him and his boss, he never made a large salary. His income peaked around 60,000 a year and as a bookkeeper and retired at 57 with only 50,000 in his 401K. However, several years earlier, he took out a loan to invest in some of the real estate with his boss and had enough cash flow by 57 to retire. When he died in an accident at 72, his income had increased significantly over the years and the value of his real estate had gone up over 50%.

He had life insurance, but my mom didn't need it because the cash flow kept coming uh the month after he passed away. When she dies, the three of us kids will keep getting the income and then our kids and their kids and so on. In other words, real estate can truly create generational wealth. What I didn't realize until recently was the tax benefits of owning real estate.

The five biggest benefits are tax savings, cash flow, appreciation, tax-free leverage, and inflation protection. But, let's first focus on the tax savings. Like I mentioned in the tax scholarship strategy, the most common way to reduce your taxes is by creating these paper losses using depreciation. I purchased a $100,000 vehicle for my business last year, which has a five-year depreciation schedule, which basically means that the government considers the vehicle to be worthless in five years.

But, with bonus depreciation, I was able to reduce my income by $100,000 in the first year. However, my car will truly depreciate over the years and before long won't be worth much. Real estate is one of the most popular tax strategies and my personal favorite because although the government says the commercial property depreciates over 39 years and residential property depreciates over 27 and 1/2 years, I mean, we all know that traditional real estate has actually increased in value. So, real estate today is worth more than it was 30 years ago.

Yes, it's true. The roof will need to be replaced, the flooring wears out, and the appliances won't be worth much over time, but it still appreciates. This means that you are purchasing an asset that increases in value over time and generates cash flow, but the government gives you a tax incentive to buy

Depreciation, leverage and tax scholarships

real estate because they want to bribe you to provide housing. If you recall, when you purchase $500,000 worth of equipment for your business or pay $500,000 for a portable house, you get to reduce your income by $500,000. If you borrow the money and only put down 10% or 20%, depending on your effective tax rate, you could save more in taxes than your investment. Unfortunately, it doesn't work that way with real estate.

If you purchase a $500,000 investment property, you don't get to reduce your income by $500,000. The biggest factor is the land. The IRS doesn't allow you to depreciate the land. Real estate is also different than purchasing a large excavator or vehicle for your business because it's not just one piece of equipment.

The foundation, the walls, the roof, paint, wallpaper, flooring, furniture, appliances, pools, driveways, fences, all have their own depreciation schedule. By default, when you buy real estate, it depreciates over 39 years for commercial and 27 and 1/2 years for residential, but if you get an engineering study called a cost segregation study, the engineer will break down the value of the property into items that depreciate over five years, items that depreciate over seven years, and 15 years. The rest gets depreciated over 27 and 1/2 or 39 years. Some people think that a cost segregation study is a tax loophole or a gray area that is going to trigger an audit, but the truth is that it's actually required by law to get a cost segregation study done on all real estate investments.

However, the government doesn't enforce it because it means they are required to give you more tax savings up front. Once again, the beauty of the new bonus depreciation program is that it allows you to take the five-year, seven-year, and 15-year items in the first year, depending on the price of the land. The average is around 30%. This means that if you purchase an investment for $1 million, you can reduce your income in the first year by around $300,000 on average from bonus depreciation.

If the land is worth 200,000, then the rest of the 500,000 would still be spread out over the remaining 26 and 1/2 or 38 years. So, if you purchase a million-dollar investment property and the land is worth 200,000, you still get to reduce your income by 800,000, but only 300,000 in the first year. Let's take a look at an example of a cost segregation study. This is a cabin that I purchased in Idaho on a lake where we like to visit as a family.

The purchase price was almost 1.5 million, 1,495,000. The land was valued at 299,000. The amount I get to depreciate is 1,196,000 over 39 years. Yes, it's residential property, but if I rent it as a vacation rental, it's considered commercial.

That's why it's 39 years instead of 27 and 1/2 years. However, because of bonus depreciation, I get to depreciate the five-year property, seven-year property, and the 15-year property in year one, which was $456,000 last year that I got to reduce my income. Typically, it's around 30% of the purchase price with of course the land as the biggest variable. So, which is better?

Investing in real estate or purchasing equipment? Well, let's take a look. If you purchase a million-dollar investment property, you can reduce your income around 300,000. Even at the highest tax bracket of 37%, that would only be $111,000 in tax savings.

If you put 20% as a down payment and at least 10% for some upgrades, furniture, amenities, and so forth, then you would be investing $300,000 to get $111,000 in tax savings. Compared to investing 300,000 as a 20% down payment on equipment or portable houses like we discussed in the last section, that would reduce your income $1.5 million and save you $555,000 in tax savings at 37%. So, purchasing equipment could provide more tax savings, but the equipment does depreciate and lose value over time. The real estate also provides great tax savings, but also increases in value.

They could both provide cash flow, but in most cases the cash flow is better with real estate and can provide generational wealth. So, they both have their strengths and that's why most of our clients will combine these tax strategies and often do both depending on your situation. So, does this still work if you are a W-2 employee? Yes.

Most real estate investments are considered a passive form of income. For example, if you were a landlord and had a long-term rental, in a perfect world the tenants just pay you rent every month and you never hear from them. Which means your income is passive and you can only take the tax and real estate depreciation against your passive income. So, if you have an active W-2 or 1099 income, you couldn't reduce your active income with passive losses from the real estate.

Only the passive income you receive from rent. The short-term rental or vacation rental is the exception to the rule if your house is rented out 7 days or less on average. Basically, think Airbnb or VRBO. Everyone refers to this as the short-term rental tax loophole, but it's not a loophole at all.

A vacation rental simply falls under the same tax code as a hotel,

Why a short-term rental counts as active income

which is an active form of income since you are checking guests in and out all the time. So, think of it like a mini hotel, which allows you to take the bonus depreciation against your active income as a W-2 or 1099 employee. Another common misconception is that you must be a real estate professional to take the bonus depreciation from the real estate. That is also not true.

I'm not a CPA and I'm not giving you tax advice, but there are material participation rules, and one of them says that if you spend at least 100 hours on your real estate business, and no one person spends more time than you, you qualify for material participation. If you are married filing jointly, if you and your spouse work on the business together, you would only need 50 hours. So, please consult with your CPA for tax advice, but also keep in mind that in my experience in working with several CPAs, many of them don't understand these nuances to the short-term rentals. Here is the tax code for your reference.

Code section 469. Okay, so yes, there are huge tax savings when purchasing a short-term vacation rental, and now you have an asset that is appreciating in value over time. But that's only the beginning. One of the best reasons to purchase real estate is the cash flow.

I often hear of people comparing the stock market that grows at 7 to 10% on average with real estate that might average around 5% in appreciation. As a traditional financial advisor, I always focused on the rate of return as well. I didn't consider the tax savings and cash flow. For example, if you invest $300,000 in the stock market versus $300,000 on a million-dollar property, you could get over $100,000 in tax savings in the first year.

That's a great ROI, but now you also have a million-dollar property that is appreciating at 5% on average and only $300,000 growing at 7 to 10% in the stock market. But that's still not the best part. The best part about real estate is the cash flow. How do you generate cash flow from the stock market?

You spend the money. If you spend the money, it stops the growth. Even if you invest in stocks that pay dividends, if you don't reinvest those dividends, you will stop or slow the growth of your money. One of the most valuable lessons on wealth that changed how I think about money is the idea of uninterrupted compounding interest.

The billionaires don't spend their stocks because they understand that compound interest works best over time. So, instead, they use their money as collateral and borrow money at a lower interest rate. I'll talk more about these strategies in the next section when we talk about creating generational wealth, but for now, just remember that if you spend your money, it doesn't keep growing. Real estate, however, is different.

If your property generates cash flow, even if you spend all the money, the value of the real estate still increases over time. Let's say that you have $300,000 in the stock market and you don't plan on retiring for another 15 years. The $300,000 will increase in value, but it doesn't generate cash flow unless you spend it, which slows the growth. However, if we invested the same $300,000 into a million-dollar vacation rental, and it generates even 20,000 a year in net cash flow after all the mortgage payments and expenses, that's $300,000 in cash flow over the same 15 years that you could pay for college and go towards your lifestyle or retirement.

That doesn't even take into consideration the benefits of inflation. Real estate has inflation protection because rent today is higher than it was 30 years ago, which means that you would probably earn more than $300,000 over 15 years because it would increase to keep up with inflation. This is how you can truly pay for college without it having a negative impact on retirement or your financial future because even if you take out college loans and make loan payments with the cash flow from your real estate, after those loans are paid off, the cash flow continues to pay for your retirement. And that like I mentioned in the beginning, when you die, the cash flow from the real estate keeps coming and creates generational wealth, which allows you to leave a legacy by providing your kids with a college education and generational wealth from the real estate.

Not to mention teaching your kids how all this works, which we all know they're not going to learn in college. At this point you might be thinking that this all sounds good, but how do you know how much a vacation rental is going to cash flow? And how do you find the best investment property? That's why I built a team that finds the houses, analyzes the market data for the revenue projections, provides done-for-you and turnkey scholarship houses that makes it as easy as investing in the stock market.

Our team will find the vacation rentals in the top markets. We will analyze the market data for the revenue projections. We will help you with the ownership transition process. We will do any renovations that are needed and our design team will design it

How the houses are found, designed and run

to create a unique guest experience. Our property management company will then manage the property and guests for those five-star reviews and our revenue optimization team will optimize the pricing on a regular basis to maximize the average nightly rate and increase occupancy. You might be saying that this all sounds great, but what about all the risks with real estate? Are there any risks?

Yes, of course there are risks in any investment. However, ask yourself this, has real estate increased in value over the past 30 years? Yes. And has rent increased over the past 30 years?

Yes. So, what happens if you don't collect enough rent to cover all the expenses and you need to pay some money out of your pocket? Are you losing money? No, you're not losing money because you put some money towards the mortgage or covered some expenses.

You are investing in real estate. Even if you paid 20,000 a year to cover the mortgage and expenses, it would be better than putting that money into the stock market. Someday the mortgage will be paid off and your net income from the cash flow will increase significantly. Plus, let's be honest, which would you rather own, money in the stock market or a house on the beach?

Okay, at this point, the only thing left to discuss is the money. Where do you find the money for these tax strategies or investing in real estate? Remember, the government gives you tax incentives to invest in these programs. This means we need to find the money.

I will discuss some advanced strategies to leverage your money in the next section, but let's talk about a few of the most common options. First is the money in the bank or your savings. There are no tax penalties to use that money and it's probably not earning much interest. So, if you have enough money in the bank, you're all set.

Next is your 529 accounts or college savings. You can use college loans to pay for college and withdraw money from your 529 accounts up to the qualified education expenses for the years you have kids in college without taxes or penalties. However, if you don't have kids in college or you withdraw more than the qualified education expenses, you will pay taxes and a 10% penalty on the gains, but not the entire amount, just the gains. For example, let's say you have $300,000 in 529 accounts and half of that is gains.

If you withdraw the entire $300,000 and you don't have any qualified education expenses that year, you will be adding $150,000 to your income and paying a $15,000 penalty. This is why most people want to use their 529 accounts to pay cash for college and avoid taking out loans. However, remember in the first strategy we talked about reducing the cost of college. One of the biggest expenses when paying for college is the opportunity cost.

If you pay cash for college and drain your 529 accounts, that money will be gone. You will be interrupting the compounding interest and that money won't be there in retirement. That could cost you millions of dollars in lost interest and opportunity cost. Plus, let's be clear.

I am not suggesting that you withdraw the money from your 529 accounts and take a trip to Disneyland. I'm suggesting that you use the money to invest in a tax strategy or real estate that will give you tax savings and cash flow to pay for college. For example, let's say that we take out $300,000 from a 529 account and purchase a million dollar vacation rental. If $150,000 are gains, it will add $150,000 to your income, but the cost segregation study and bonus depreciation would decrease your income by an average of 30% or $300,000.

So, you increased your income by $150,000, but because you purchased real estate, you decreased your income by $300,000, which means you still have tax savings. If you use that same $300,000 to invest in an equipment leasing business or buy portable houses to lease, you could reduce your income by $1.5 million, which would more than offset the increased taxes and penalties from taking out your 529 money. Not to mention all the cash flow and other benefits. Next is a very sensitive subject, retirement accounts.

Most families don't want to touch their retirement to help their kids pay for college. After all, they are much younger and have a lot more time than you do. However, may I suggest that everyone is going to use retirement money to help their kids pay for college. Think about it.

If you pay cash for college, that money won't be there for retirement. If you take out loans and make loan payments, that's money you could have been saving for retirement. And if you spend your 529 accounts or your brokerage accounts, that money won't keep compounding interest for your retirement. The truth is, if we help our kids pay for college, it will have an impact on retirement.

Unless we offset the cost of college by saving money on taxes and invest our money in strategies like real estate that will increase our retirement. So, let's say that you have $300,000 in a retirement account like an IRA. Like the 529 accounts, if you have a kid

Where the money to invest comes from

in college, you can withdraw money from an IRA up to the amount of the qualified education expenses that year without a penalty prior to 59 and 1/2, but unlike the 529 accounts, you will pay taxes on all of it. So, does that mean it's not worth it? No, not at all. Yes, it's true.

It will increase your income by $300,000 in this example, but if you purchase real estate, it will also reduce your income by the same $300,000. So, it's a wash. Now, here's a trick question. If it's a wash, are you getting any tax savings?

Yes, IRA money hasn't been taxed yet. You are using the bonus depreciation to pay the taxes and buy the government out of your IRA. If you waited until you retired to take the money out of the IRA, you would pay all of the taxes. Plus, if you're like me and think that taxes will go up in the future, you could be saving a lot of money in taxes by using the bonus depreciation to pay the taxes now and get them out of the way.

I'm often asked about um doing a Roth IRA conversion when we talk about lowering someone's taxes. If you only converted a small amount and kept your income low enough that you didn't pay any taxes, then it's fine. But, why not use the IRA money to buy real estate instead of a Roth IRA, which creates more tax savings from the bonus depreciation? If you use your IRA money to invest in an equipment leasing business, you could reduce your income a lot more than real estate and save even more in taxes.

However, if you are going to use an IRA, I would suggest the real estate in most cases because of the cash flow, appreciation, and all the retirement benefits. Okay, so you might still be asking, "Will using an IRA to pay for my kids' college have a negative impact on my retirement? Not necessarily. Think about it like this.

How much income are you currently receiving from your IRA? I'm not asking about the interest you're earning. I'm talking about cash flow. If you're not retired yet, you probably aren't spending your IRA money to generate cash flow, right?

So, let's say that you use the IRA to buy real estate and in addition to the tax savings, let's say it generates 20,000 a year in net cash flow. Just like we mentioned earlier, if you have 15 more years until you retire, even without any inflation, that could generate $300,000 in cash flow that you aren't going to get from your IRA. Plus, remember, once college loans are paid off, the cash flow keeps coming. And like I mentioned in the beginning by my about my dad, when you pass away, that cash flow keeps coming for several generations.

The last thing I want to cover is the recapture on the taxes from the bonus depreciation if you sell the real estate. This is one of the most common questions and objections that I get, but I left it until the end on purpose because hopefully by now you are sold on the idea of owning real estate as a big part of your tax strategy, college funding strategy, and retirement. Yes, it's true. If you sell the real estate, there will be recapture on the taxes.

Unless you do what they call a 1031 exchange. Basically, it's like rolling a 401k into an IRA or moving the cash value from one life insurance policy to another life insurance policy. If you use the money to buy If you use the real estate money to buy more real estate, you defer the taxes. If you keep buying and selling, but always do a 1031 exchange, you can defer the taxes indefinitely until you die.

Plus, the best part about real estate is that your beneficiaries get what they call a step-up in basis, which means that they only pay the taxes if they sell on the increase from when they inherit the property and not the increase from when you purchased it. In other words, you can leave the real estate to your kids tax-free and teach them how to pass it on to their kids tax-free as well. Leaving a legacy is my passion and what drives me. So, in the fourth and final strategy, we will cover how you can help your kids pay for college while still growing your wealth and increasing your retirement income through creating long-term tax strategies, reinvesting your tax savings, and using real estate to create generational wealth.

Let's talk about how to leave a legacy by helping your kids get an education while still increasing your retirement income and growing your wealth. About 10 years ago, before I discovered these tax scholarships and ways to reduce my income to possibly increase financial aid, I realized I was making too much money to get free money for college. Unless my kids could find scholarships, I was going to be paying full price to send five kids to college. That's when I shifted my focus from getting free money for college to finding better ways to pay for it, and I learned that how you pay for college is 10 times more important than how much you pay.

I

What the ultra-wealthy do differently

had been a financial advisor for several years at this point and had worked with lots of wealthy clients. I discovered that the ultra-wealthy look at paying for major expenses like college more strategically. They like to leverage other people's money. I learned an extremely valuable principle, which is the importance of not interrupting the compounding interest on your money.

We all know that compounding interest works best over time. However, most of us like to save and spend to avoid debt. We save for college in 529 accounts, and then we spend the money on college. We save for retirement in 401(k)s, and then we spend the money in retirement.

However, the ultra-wealthy invest and allow their money to compound interest uninterrupted and use their money as collateral to borrow other people's money at a lower interest rate. This concept not only changed how I looked at paying for my kids' college, but this concept changed how I looked at paying for retirement and creating generational wealth. In 2018, I wrote a book called the Retirement Scholarship Strategy, which teaches families a better way to pay for college and the concept of allowing your money to compound uninterrupted and use other people's money at a lower interest rate. In other words, the power of having a positive spread on your money.

Over the past decade, we have helped thousands of families to reduce the cost of college by repositioning assets to increase financial aid and how to use the Retirement Scholarship Strategy to pay for college. So, let's dive into this strategy and see how it could help you pay for your kids' college while still increasing your retirement income. It's the strategy of uninterrupted compounding interest. The wealthy don't interrupt the compounding interest on their money.

It's that simple. If you sell or spend your money, it's no longer compounding, and in most cases, you also pay taxes. If you don't sell, but instead you use your money as collateral and borrow against it, you don't pay taxes and you don't interrupt the compounding interest. You aren't taxed on loans.

That's the secret. The wealthy purchase apartment buildings, and after some renovations, they refinance the real estate and live on millions of dollars in loans tax-free. Or they use their stock portfolios as collateral and take out what they call margin loans at a lower interest rate so they don't pay taxes and don't interrupt the compounding interest. And that's just a couple examples.

In the tax scholarship strategy, we talked about some of the strategies that the ultra-wealthy and billionaires use to reduce taxes. However, over the past 20-plus years, I have learned that tax savings is only the beginning. They also use different strategies for retirement and growing their wealth as well. Unfortunately, most of us have been programmed to save for college in 529 accounts and save for retirement in 401(k)s and IRAs.

The biggest problem with 401(k)s and IRAs or even Roth IRAs and 529 accounts is that they are all designed to be spent. You can't borrow against these investments. You can't use any of them as collateral to borrow someone else's money at a lower interest rate and avoid the taxes. You have to take the money out at some point so that Uncle Sam can get his money.

Yes, you can take a loan from a 401(k), but it's your money that you are borrowing, which interrupts the compounding interest. We think we are saving money on taxes by investing in 401(k)s, but in reality, we are just deferring the taxes. Let me give you an example of how messed up this is. If I asked a thousand people if they thought taxes were going to go up in the future, 999 of them would say yes.

Just look at how much debt we have as a country and the mess we're in. So, even though everyone thinks that taxes will go up in the future, everyone is still saving for retirement in 401(k)s and IRAs as the most common retirement plan. They won't be taxed until later when the taxes are higher. The lie The lie that we have been programmed with is that the tax savings we think we are saving.

You are not saving money on taxes by saving into a 401k or IRA. You are deferring the taxes until later when you take out the money. And if you believe that taxes are going to go up in the future, why are you voluntarily choosing to wait until later to pay your taxes when they will be higher? Most financial advisers tell their clients that it's okay to defer taxes until later because you will be making less money in retirement.

So, basically the financial industry is telling you that you will be broke if you follow their advice. Wow, how sad is that? We also get so focused on the rate of return we are getting that we don't pay any attention to the fees, the tax consequences, or the lack of cash flow. In short, there is a better way to pay for college and retirement that maximizes long-term tax savings and increases your retirement income.

Our goal is not to help you reduce your taxes for just a year or for the four years that your kids are in college. Our goal is to

Building a long-term tax plan

help you create a long-term tax plan that allows you to reduce or eliminate your taxes every year. Imagine how much you are paying in taxes every year. What if you could invest that money towards your retirement? Think about what that would do you know to your financial situation.

That's how you can still help your kids pay for college while increasing your retirement income and growing your wealth. So, how do we do this? First, use your tax savings to create more tax savings. You want to focus on investments that have tax benefits.

We have talked about investing in equipment leasing business, solar and commercial batteries, and of course, real estate. The goal is to take your tax savings every year to invest in new strategies to keep the ball rolling. Second, I know this goes against everything you've been taught, but you want to live on leverage. That's right.

You want to live on leverage. You want to use other people's money to pay for college, and yes, even retirement. Remember, loans are not taxed. Imagine if your stock portfolio could average 10% returns over time, and the brokerage firm would loan you money at 5%.

You could use these loans to pay for college and even live on in retirement. You could also use these loans to invest in real estate, and use the cash flow from the real estate to pay for college and retirement, which of course gives you more tax savings. I understand that not everyone has the luxury of a large brokerage account that you can borrow against. Plus, typically, you can only borrow up to 50% of your balance, and if the market drops, it triggers a margin call, which sells your stocks to pay off the loans, which could trigger taxes, and interrupts the compound interest.

This is also a more advanced strategy that is not for everyone. It's important to consult with your financial advisor to understand all the risks. Tony Robbins wrote a book called Money Master the Game, and in chapter five, he talks about the secrets of the ultra-wealthy that you can use, too. And he quotes an article from The New York Times from February of 2011.

It's viewed as the insider's secret for the affluent, a legal way to invest, all without paying taxes on the gains, he says. He was talking about cash value life insurance. He then goes on to say, "Believe it or not, the ultra-wealthy do indeed buy astronomical amounts of life insurance, but it's not the billionaires who buy the most. The biggest buyers are the banks and large corporations, from Walmart to Wells Fargo.

As an example, Wells Fargo's balance sheet showed 18.7 billion of its tier one capital deposited in life insurance cash value back in May 27th of 2014. By the way, tier one capital is the core measure of a bank's financial strength. Contrary to what the media says, corporations and the ultra-wealthy are not looking to benefit from anyone's death. What they really want is a place to park their cash in an IRS sanctioned vehicle that allows them to grow their investments tax-free.

Sounds too good to be true? In fact, it's very much like a Roth IRA in terms of tax treatment. You pay taxes when you earn your money or get the income, but once you deposit your after-tax dollars within a specific type of life insurance policy, the IRS says you aren't required to pay taxes as it grows. And if structured correctly, you aren't required to pay taxes when you pull out the money.

So, while it's life insurance, it's really designed to benefit you while you're alive. If it's good enough for billionaires and the world's largest corporations, it's probably good enough for us, Tony Robbins says. The biggest mistake people make when purchasing life insurance is that they buy the policy for the insurance and not to maximize the cash value. The fees are tied to the insurance and most policies have little to no fees tied to the cash value.

So, if you maximize the cash value and minimize the insurance, the fees are typically around 1% on average over 20 years. We recommend the IUL because it has the ability to get a percentage of the upside of the market without any downside. And if you get the right policy, it doesn't have a cap or limit on how much it can earn. We have seen on average around 6 to 7%.

That might not sound very exciting, but it's safe and not exposed to the risk of losing money when the market crashes. However, the best part isn't the return. The best part is that the insurance company will use your cash value as collateral to loan you money at 5%, which means you can earn a 1 to 2% positive spread on your money to pay for college and retirement. These plans can be tailored to anyone's financial situation.

We have clients saving $1,000 a month and clients saving a million dollars a year into these plans. It's the same concept as you as using your stocks as collateral to take out margin loans, but with less risk. You can also use these loans to live on in retirement tax-free. Yes, that's right.

I have a client who is borrowing $250,000 a year in life insurance loans and shows zero income on his taxes. That is truly a long-term tax strategy that allows you to save or eliminate your taxes the rest of your life. Now, in the beginning, I mentioned that you can help your kids pay for college without having a negative impact on your financial future by using these four strategies together. The key is that all of these strategies we have talked about need to work together.

For example, in the first strategy, we talked about how to reduce the cost of college through financial positioning. The way you do this is through lowering your income using the tax strategies that we have been talking about and repositioning your assets into retirement accounts that don't count against you on the financial aid forms. So, life insurance is considered one of those assets. You can reposition 529 accounts and taxable brokerage accounts into these life insurance policies and it could increase your financial aid.

Now, remember, caution, okay? It does it depends on the colleges. So, make sure and do your research before moving money to reduce the cost of college. Okay, I know that was a lot of information, but I want to make sure you know that we are here to help.

I have spent 20 years learning this information and putting together a team that can make this easy for you. I also want to caution you that if you aren't careful, you can make a lot of mistakes and lose a lot of money by trying to learn this on your own. So, please let us help you. You can book a call on this page and our team will learn more about your situation and create a plan for how we can help.

I'll talk to you on the other side.