This morning, I woke up to what should have been the happiest day of my life. I rolled over, checked my phone, and saw the unbelievable: the price of XRP had skyrocketed to $1.06 per coin. At first, I thought it was a glitch, but after refreshing a few times, reality hit me—I was a millionaire. A flood of emotions washed over me: joy, disbelief, and excitement. This was it. My life was about to change forever.
I had invested in XRP back in 2020 when it was a mere $0.16 per coin. Everyone thought I was crazy. Friends laughed, family doubted, but I believed in its potential. I scraped together every dollar I could spare—$151,000 to be exact—and bought in. I held onto it, riding the waves of volatility, enduring the ups and downs, and resisting the urge to sell when things looked bleak. Today, all that patience had paid off.
As I sat down to calculate my newfound wealth, the numbers blew my mind. My original $151,000 investment had turned into a whopping $1,001,250. That’s a profit of $850,250!I couldn’t help but smile. But then, as the excitement began to settle, another realization crept in—taxes.
I quickly Googled “capital gains tax” and my heart sank. As a single filer, I knew I would be hit with long-term capital gains taxes, which can range up to 20%, depending on your income. With this windfall, I was firmly in the top tax bracket. I did the math: 20% of $850,250 is $170,050—gone to the IRS. Suddenly, the joy of becoming a millionaire was dulled by the sobering thought that nearly one-fifth of my hard-earned profits were going straight into Uncle Sam’s pocket.
And that’s not even considering state taxes! Depending on where you live, the total tax burden could be even higher. The sheer size of the tax bill made me pause and wonder:
In the middle of my euphoria-turned-anxiety, I remembered a conversation I had a year ago with a colleague. He had mentioned something about a specialized trust that could help defer taxes on gains like this. At the time, I dismissed it, thinking, “I’ll deal with taxes when the time comes.” Now, I realized the magnitude of my mistake. If I had this trust in place, the story could have been entirely different. Here’s how it works, and why I wish I had listened.
If I had set up a specialized beneficial trust, I could have sold my XRP to the trust instead of holding it personally. Here’s what would have happened:
Tax-Deferred Gains: By selling my XRP to the trust, the gains from the sale could have been allocated to the corpus of the trust under a discretionary election made by me, as the trustee. The trust, operating under definitions provided in IRC Section 643(b), and the trust’s instructions to the trustee to defer taxation on gains held in principal, means those taxes wouldn’t be due until much later, if ever.Tax-Free Return of Principal: The trust would have issued me a demand note for the cost basis of my investment—$151,000. I could have withdrawn this amount from the trust tax-free as a return of principal, giving me liquidity without triggering a taxable event.Instead of scrambling to figure out how to pay $170,050 in taxes, I would have had $151,000 tax-free in hand and my remaining gains safely growing in the trust. The missed opportunity stung, but it was a lesson I would never forget.
As I look back on today, I am filled with a mix of happiness and regret. Happiness because I achieved something many only dream of—turning a small investment into a fortune. Regret because I could have kept so much more of what I had earned if I had taken the right steps to plan ahead.
If you’re reading this and you’ve been holding on to investments like cryptocurrency, stocks, or other appreciating assets, don’t make the same mistake I did. Take action now. The specialized beneficial trust isn’t just for the ultra-wealthy—it’s for anyone who wants to protect their gains, defer taxes, and ensure their wealth is managed wisely. Don’t wait until you’re staring at a massive tax bill to start thinking about solutions. Contact Ascension Alliance Trusts today and let us help you put this powerful tool in place. Your future self will thank you. #XRPMillionaire #ProtectYourWealth #TaxSmartInvesting
Visit https://corvusnetwork.com now to schedule your consultation and learn how you can take control of your financial future with the specialized beneficial trust.
