Transcription
All right, you guys. So, this concludes day two of the wealthy trustee workshop. Today, we went over the unincorporated private family trust. So, I broke down every single paragraph so that you guys can understand the contents of the trust because it's so important for you to know what's inside of the trust so that you know how to properly operate the trust.
So, without further ado, I want to go ahead and open up the floor for Q&A so that I can answer any questions that you guys had based off of the information that I went over today. So, I know that there's a ton of questions in the chat. Um, first I'm going to go to the hands that I see raised. So, I see Joyy's hand.
Hi Joy.
>> Hey, how you doing?
>> Wonderful. How are you?
>> Good. Good. Good. Thank you. All right. I have a good number of questions, but
>> good.
>> Here. So, here we go. And I might have missed I know I didn't listen to all the Q&A yesterday. So, I had to go to sleep. So, I worked night shift. So, but you might have answered it yesterday.
>> Um, does a physical binder of minutes need to be located in the main office of where the trust is administrated?
>> Um, not not where the office not where the address of the trust is. No. Um, but wherever the trustee is?
>> Gotcha. Trustee. Okay. And bear with me. Should I write that down? And also, in your opinion, what's the best way to prepare a beneficiary?
>> Um, let me take this back. So, it's me and my daughter basically. And I wanted to know I is it possible for her to become a successor trustee after I pass like from going from beneficiary to successor trustee and if so how would I um prepare for that?
>> That's a wonderful question. So how old is your daughter?
>> Well she's currently 21 going on 22. And I was thinking maybe like let's say I passed. Hopefully I don't pass sometime soon, but let's say I did and um let's say the the thing is more than likely I was thinking cuz she's going to have children and I wanted to know let's put let me kind of back up. Let's say she had children and let's say I passed and let's say I want her to become a successor um trustee. Is she able to like pass off her TCUs to her children and then become a successor benefici uh trustee?
>> Yes. So, one, you want to list her as a successor trustee now. So, as long as she's 18 years or older, which you said she's 21, so you can list now as a successor. Don't wait until later.
>> Right. Right now, today, you list her as a successor. Okay. Now your daughter, she um she can be a beneficiary and a trustee simultaneously, but she has to have other beneficiaries. And so those other beneficiaries would be her children. But if she didn't have any children, then there has to be other people because if she doesn't, she cannot be trusty and 100% of the beneficiary. she cannot
>> so um just make sure that she's protected from that because she doesn't want to be accused of selfdealing.
>> So
>> so basically I would um list her as successor trustee her as beneficiary and other beneficiary.
>> Yeah. And if um and then if she knows who her successors are meaning the successor beneficiaries then you can list it. So you can list it in the beneficiary contact information, you can list those people. Um, so whoever her descendants are or whoever she wants to give her TCUs to as long as they are within the family and you want to have a board meeting. So you want to document it in a board meeting. So whoever your beneficiaries are, please have a board meeting with them to document who they're choosing as their successor. So have a succession plan in place because that's going to become a officially a part of the indenture once that board meeting is printed and um certified as a resolution.
>> Okay. So let me just make sure I got it straight. Um let's So it's me and my daughter. She's 21, but she doesn't have children yet. But I'm going to be creating the trust. So, I do want her ultimately to become successor once she has children. However, she doesn't have children yet. I pray she doesn't have any anytime soon. But when the plan is more than likely that's the way it's going to go, but from the time being for the trust to be legit, um I can't. So, basically, I can't list her as successor and beneficiary.
>> Correct.
>> I can. Okay.
>> That's why I said do it today.
>> Oh, yeah. I just want to make sure. I don't want to mess up.
>> Put her on there. So, when I'm saying that when she becomes the trustee in the future.
>> Gotcha.
>> She has to make sure there's other beneficiaries and not just only her.
>> Gotcha. Okay. So, hopefully I die after that happens. That would be like that's how it would go, right? Get loans listed. Okay. All right, I got it.
>> You can you can add beneficiaries at any point in time. So, let's just say five years into the future, she has a child, you can add that child as the beneficiary.
>> Okay.
>> Um, let's see here. And as far as business trust, when you have your LLC under the business trust, does the LLC money have to go to the business trust before the business trust um pays out any expenses or does it just pay through the LLC? Like let's say the business the LLC expenses, would it would it just pay out the LLC expenses or would it go to the business?
>> No. Yeah. So, whatever expenses are for the LLC. So, remember the LLC still has to pay taxes.
>> Yes.
>> Or file, excuse me, not pay, but file. So, the LLC still has to file. So, you can um go ahead and have your tax deductions for your LLC.
>> Gotcha. All right. And also, for the different trust we're going to set up, should we have a different uh addresses and phone numbers for each trust?
>> Yes, that's best practice.
>> Gotcha. And let's see here. Business. And should each business have its own business trust? Let's say you have um a art business and then like some real estate. Should it be under the same? Could it be under the same business trust or is it best for them to be under their own separate business trust?
>> That's a wonderful question. And so you want to se so you can have multiple businesses under one business trust but you want to separate it from a standpoint of high liability businesses versus low liability businesses. So you want to keep it separate. So in society an art company is seen as a low liability but a real estate company is seen as a high liability. So for that um example, you would have two separate business trusts.
>> Gotcha. And let's see here. Also, because it's just me, am I able to act at least initially as both not only as a trustee, but also the treasurer and secretary?
>> No. So, so, so there has to be three people, not you serving in three capacities. It has.
>> Yeah.
>> Okay. And um let's see here. We're almost done. I'm just wanted to go down the line.
>> Uh
>> so, so Joy, you cannot have a meeting with yourself. Okay.
>> I know.
>> Okay. Making decisions, but I mean I understand that, but you know.
>> Yeah. Start from scratch.
>> Good. Good. Good.
>> And Ken and family.
>> Okay. So and then so let me ask you a question. So my daughter even though in the family trusts she will be a beneficiary but as far as like say the um business trust she won't is she able to act as like say a treasurer or a secretary.
>> Correct.
>> Okay. So she would be and one more how does the trust and so let's say like yesterday we were going to make the business trust I think what we made the business trust which was the beneficiary I think the business trust the beneficiary of the business correct
>> no um so trust the family trust is the beneficiary of the business trust Okay. Yeah. The family
>> the business trust is the owner of the business
>> beneficiary of business trust. And so let's say so the business trust would it be able to directly pay expenses for the family trust?
>> Can you say that again? Would the business trust be able to directly pay um out expenses for um well actually would say the beneficiaries or would No,
>> it would
>> it would have to transfer to the uh so basically we have to transfer to the family trust and the family trust would pay the beneficiaries. Um, so, so the trustee can cover expenses for the family trust, but usually we don't do that. We just distribute and then you you want it to be a clean process.
>> Got
>> so want to use business trust funds to cover the family trust. You just want to distribute, close that door, and then on the family trust level, you cover your own expenses.
>> Gotcha. So you would um transfer uh wait a minute family. So I would just transfer the the um the the proceeds from the family basically I'll distribute from the family trust to the uh beneficiaries and from the business trust family beneficiary of and the business trust. So if the business trust anything that I would want to give to ultimately to the beneficiaries of the family trust I would have to do business trust the family trust and then family trust to the beneficiaries.
>> That's correct.
>> Okay. All right. That's it. Thank you so much.
>> You're welcome.
All right, let's see here. Somebody said if you have it on a yacht in Maldes. Absolutely. So if you have your meeting on a yacht in Maldives, right, it's all expenses paid. Trust me. Trust me. Trust me. Trust me.
>> It's Craig. It's Craig Talia said it.
>> I see that. All right, Craig. I love I love the way you think.
All right, So, next we have Mona. Hey, Mona.
>> Hey, again.
>> Hi. How are you?
>> Good. Got a question what Miss Joy was talking about. So the business trust. So if your kids are like the secretary treasury, you can't you can't pay them from out of the business trust. They got to come from the family trust.
>> No, that's not correct.
>> Okay. So, so if your children are the beneficiary of the family trust, they cannot serve on the board because then you're giving them um some type of power and control. So, they can only serve on a board where they're not listed as a direct beneficiary. So, the example that she gave was that her daughter is not a direct beneficiary of the business trust. So, she's going to serve on the board
>> because the family trust is the beneficiary, right?
>> Correct. not her daughter.
>> Okay. Okay. Awesome. I had an one more question. I had another question. Um so and and Okay. So the the the the grantor do the grtor open up the account for the business and the family trust or the trustee?
>> That's a wonderful question. So both the financial institution is going to ask for both. So, I'm going to go over that on Thursday when we talk about banks. Okay. We're gonna we're gonna spend like 30 to 45 minutes talking about banks.
>> Okay.
>> Awesome. And I got one more question about the I postal thing.
>> Yes, ma'am.
>> Um because I have a LLC in truck and I'm just the only employee of it. I I transport vehicles all over 50 states. So my question with that is the mail because I have a big issue with them in this mail and I'm having a hard time getting my mail now. But how how do these trusts have mail coming in?
>> So the answer is yes, they do have mail coming in because every time that you're doing a transaction for a trust and they require an address, you're going to put the virtual address for IP postal. So, for example, I'll show you tomorrow that when we do our EIN application with the IRS, the IRS is going to ask for the trust address. What address are you going to put? You're going to put the IP postal address.
>> Okay. Okay.
>> Same thing for the bank.
>> Okay. Awesome. Okay. I was just asking because I'm having a hard time getting the mail from them. And not to be rude, the young lady uh her customer service skills is not up to par. It's like ghetto.
>> This is for the one.
>> Yes, ma'am. Yes, ma'am. They run like seven businesses out of one uh office, but she was like, "My mail went back to a warehouse or something." And it's it's confusing. It Well, it's not confusing. It's just a lot. Okay. So, that's the that's the specific location that you chose, right?
>> Okay. Awesome. So, you could choose any location.
>> So, it's best to go.
>> So, your situation
>> Yeah. Your situation is an isolated situation to where um the virtual address, you know, uh company um or Is she I think she got kicked out. Okay. as she froze and it just went somewhere. Christina, you're frozen. We can't hear you. and save. Okay. It says she have a little lost of connection.
>> Can you guys see me?
>> Yes, we can see you.
>> Okay, awesome. All right.
>> So, it's just best for me to go to these um locations and kind of scope it out and see if they are up to par.
>> Yeah. Yes. Okay. Absolutely.
>> Okay. That's pretty much right now. Thank you so much.
>> Awesome. You're welcome.
So someone in the chat asked if the grtor and the trustee can be the same person. So no the grtor and the trustee cannot be the same person because this is a irrevocable trust and the grtor cannot serve in any other position outside of being a grtor. So the grtor has no power, no control. The trustee has all the power and and all the control. So those are opposite positions and so you need two individuals to be able to um to be appointed in those two opposite positions.
So next we have Rudy. Hey Rudy, how are you?
>> Heyesen, gracias. Um yeah,
>> I know you're I know you're doing good. Not even the internet can can get you down.
>> Oh yeah, forget that. Like, no, I just had to jump back on my hot spot. I went back to my uh Xfinity. I don't know. I'm going to call Xfinity. I'm not sure what's going on, but maybe somebody
>> Hey, they don't they don't want us to know. They don't want us to know all the all your wisdom.
>> Um, so so I have a few questions. I I Yes.
>> Um, okay. Okay. So, the first one, like let's say if if if I had an LLC and I wanted to get out of it, would I dissolve the LLC, then make the uh the trust, the business trust, and then start a new LLC under the trust, or is that too much work? You know, how they can still find you on the Secretary of State, how you said they can.
>> Yeah. Business with your current LLC, then you would dissolve it. But ultimately, do you still want to have an LLC?
>> Oh, no. I don't have one. I was just thinking because I was listening to the people yesterday, so I was just wondering. I I plan to just work right with the trust.
>> Oh, okay.
>> Okay. Yes. So, you're referencing like the skip tracing, right? So, unfortunately, what I want you guys to know is that when it comes to the LLC, they're um whoever is looking into your LLC, they're going to be able to see that you processed an amendment and that you removed yourself. So, they're going to know that you were once associated with the LLC. Some people don't even want to take that chance, right? Because they don't want to be lowhanging fruit for an attorney. So, they will dissolve the LLC and they will start from scratch to where they'll have the business trust open up a brand new LLC and then their name will never be anywhere on site. Now, that is not everyone's circumstance because some people have established LLC's that they wouldn't even think twice about dissolving. Okay? So um so just determine if it's you know in the best interest um for you and your company for you to either amend or dissolve.
>> Okay. Like last time I want to disappear and that's what kind of held me back because of the ipostal but this time I'm going to go through it. My wife's already like we need to do this.
>> Oh, that's
>> so I was I was given a property by by my dad, right? And so I would I would put it in schedule B. Correct. But then I have to go do the paperwork and put it in the trust with the county. Correct.
>> Correct. Yeah, you have to transfer the deed. We're going to go through that. I'm going to show you step by step on Friday how to transfer the deed. But yes, that property is not going to be inside of the trust if you do not transfer the deed. So the schedule B is not sufficient. The schedule B is just you listing it. You have to legally do a transfer with the county in the state. So yes.
>> Okay. And then uh earlier they were talking about y'all were talking about the successor trustee, right? So on schedule C, what I put on there, I just type it out and say the successor trustee will be let's say my oldest son, Caleb. So that that's how I let them know. So, no, it doesn't. This the successor trustee goes on the administrative contact information form. It doesn't go on the schedule C. The schedule C is only for beneficiaries. So, on the schedule C, what you would put is current beneficiaries and future beneficiaries. Those future beneficiaries are successor beneficiaries to the current ones.
>> Okay? So if somebody's a beneficiary that automatically makes them like let's say my wife and I both had no or
>> no so so let's just say that one of your children is an adult right
>> yes
>> and um and they just had a baby right so what's going to happen is you're going to list your child as the beneficiary right and then they are going to list their child as the successor beneficiary.
>> Okay?
>> So that means that if they have 50 units, their 50 units is going to go to their child because they listed their child as their successor. So we're not talking about the trustee position when you're talking about um the schedule C.
>> Okay. So then I guess I didn't catch it. So, where would I put for there to be a successor if my wife and I both passed?
>> So, you put it
>> Yes. So, you put it in the last page, which is the administrative contact information. So, let me show you. One second. Hold on. Let me Wait a minute. Where's my stuff here? Oh, man. Hold on. I have to look for it now. Let's see. Okay. One second. Oh, I see administrative contact information.
>> You found it.
>> Yes, it's I guess the the last page. So on there I would Oh, okay. I see successor trustee. Okay. And then co-rustee trust protector.
>> Okay. So that that's going to lead into
>> that's going to lead into my next question. If somebody happens to
>> if somebody happens to get a hold of schedule, let's say B, C, and D, since they're not
>> um
>> notorized,
>> notorized, and they change it, let's say somebody hacks into the computer or they find my paperwork and they change all that. Am I like so
>> or do you know what I mean?
>> Yeah. So, actually, no.
>> Okay.
>> Because the page where you listed your beneficiaries is notorized. So you see,
>> so this is the page where you listed the beneficiaries. So the beneficiaries are here and you see it's notorized.
>> Yes.
>> So you're not
>> So then what could they do something either way with the administrative contact information like say, "Hey, I'm a I'm a successor or a co-rustee or Do you know what I mean?
>> Oh, if you get
>> Yeah. hacked or something.
>> Um, that's a really good question.
>> I'm just saying like I mean I don't I'm trying to disappear.
>> Yeah, I know. So,
>> I'm sorry. You know what I mean? But
>> yeah. Yeah, that's that's a really good question. The only the only thing that I would think so if you get hacked and they can change it like yeah they can change it. Um but it's still it's like it's not a part of your of your trust, right? So that's why on this form we don't put the actual first trustees information. We only put like you know the people outside of the fiduciary. Okay. So, okay. Now, going back to the other one just a bit. So, if my all three of our kids are 11 and under, right? So, let's say my wife and I pass, should I have somebody as a successor trustee regardless? Like, since they're not over 18,
>> you have to. You have to.
>> Oh, okay. Okay. Okay. Okay. So, I put my dad or
>> today. Right now. Right now. Today. As soon as possible.
>> My dad or or somebody. Okay. Yeah. Who whoever whoever you want to take over for you.
>> Yeah. Yeah. Because if not, they'll be with nobody. Okay. Now, and then last one. If if if the trustee on his own, let's say me, I mess up and I and I put money into stocks and I and and I blow it, right? Without getting um a professional's uh what is it called like when we were going through that part if if they don't advise me on it if nobody advise me and I and I and I lose that money I'm liable for it correct
>> no
>> because on the other one we can blame we can blame the the the other person right we can say well
>> yeah so if you made that investment in good faith,
>> okay?
>> Then you're not liable. If so, if you personally say, "Oh my gosh, IBM looks great. Let me go throw a couple hundred thousand into IBM." You made that in good faith. The market was in a healthy condition,
>> right?
>> And six months into the future, there's a crash, there's depreciation. You're not liable because at the time of the investment, you made it in good faith and it was a sound decision.
>> Oh, okay. I thought I had to have somebody's recommendation or somebody telling me, "Hey, this is, you know." Okay. All right.
>> Okay. Well, then, uh, I think that's it for now. Thank you so much for everything.
>> You're welcome, Rudy. Thank you.
Hi. Hi. Hi, how are you?
>> Zack, how are you?
>> I'm doing good. How are you doing?
>> It's freezing.
>> Hey, nice to see you again. I hope you're learning a lot.
>> Say yes, I am.
>> Yes, I am.
>> Awesome. Have a good Have a good day, love. Bye.
>> You, too. Bye. Oh my gosh, I love it. Yes, this is a family affair. I love it.
>> Thank you. Thank you.
>> Thank you.
All right. Next, we have Tony. Hey, Tony.
>> Hey, Christina. How are you?
>> I'm great. How are you, Tony?
>> I'm confused. I'm not gonna lie.
>> Oh, I am. I'm so sorry about that. Let's provide some clarity.
>> I know. So, okay. I I'll be the trustee, of course. But I think um I don't know when I was uh oh no. Well, so it's me, my wife, and my daughter. My daughter's 13 and uh so I'm trying to You said don't you said something about don't make the spouse u like a beneficiary or something like that.
>> I'm sorry. Make the spouse make your spouse the grand tour.
>> Make the spouse the grandtor.
>> I said do not do not make your spouse the grandtor because then you're locking your spouse out of the trust.
>> Yeah. Okay. Um, so she's not is her sister-in-law. I mean my sister-in-law. Her sister.
>> That's fine. That's fine.
>> Okay. So, um the I guess did you say that I guess the daughter would be like she'll get all the uh what is it called the the the 50 and the 100.
>> So it it your your daughter will be a beneficiary of the trust. There's a 100 units. You decide how much units you want to give to your daughter. So, can uh do I can I split it up uh between her and my wife or?
>> Yes.
>> Okay. So, um
>> you you could add me in there, too.
>> All right. I know. That's right. We'll Let's swap out then. You add me to yours, dog. But I will tell you that one of our community members, he did ask add me as a beneficiary.
>> That's cool. That's cool.
>> That's a great point.
>> I know, right? I'm lucky.
>> Yeah. There you go. Um, and also, you know, when you said uh when you can make amendments or something like that or if you want to change something up, how do you uh get that paperwork or whatever or you know, when you taking when you uh when you doing um when you're having little meetings and everything like this um, you know,
>> I'm going to show you on Thursday. We have the templates for you. Okay. So, I'll show you on there's a bunch of templates that we have in the resources tab and the resources tab is in the online portal. And so, we have all those templates for you. You don't have to figure it out on your own. So, I'm going to show you how to fill it out on Thursday.
>> Okay. The only thing is my wife is going to be taking my place cuz I got to go to a liver specialist. I'm a I'm a veteran and uh so I got I got an appointment I have to be at.
>> I totally understand. That's why the the um the great thing about these sessions is that they're recorded. So whatever you miss, you can rewatch.
>> Sounds great. All right. So, I'm I'm I'm better now.
>> Yes, sir.
>> Thank you so much.
>> You're right on track.
>> All right. Thank you so much.
>> All right. Somebody in the chat said, "Thank you for your service, Tony." I love that. Yes.
>> I appreciate them. Yes. Thank you.
>> That's beautiful.
>> Yeah. You see the community, they acknowledging your service. I love that.
>> Right. Right.
>> Yes. I'm telling you, it
>> I don't feel too patriotic now with with the w with the war going on. So, but it's just, you know, that's a different different conversation.
>> Yes, sir. So, thank you for those wonderful questions, Tony. So, we're going to go to the next person. The next person is Malachi Malachi.
>> Malachi, I'm so sorry.
>> Can you hear me now?
>> Perfect.
>> Oh, you can hear me? Yes, I can hear you. I'm so sorry I butchered your name.
>> Yes, I was um I heard the lady say something about I Postal and I I had some kind of bad experiences with I Postal too. Um would it be okay if we use the actual post office for um our address?
>> As long as so you want to stay away from PO boxes and you need to have like a sweet number because PO boxes are going to be rejected by the IRS and the bank.
>> So, okay. So, what address could we use? Like cuz we live like we in a hotel. So, we like in and out of certain different hotels cuz we working on the road. And
>> I So you can find another company outside of I postal.
>> Oh, I see. Okay. Some just just get some kind of virtual address.
>> Some virtual address. Yes.
>> Okay. Yeah. Also, what?
>> So, some some of those companies that have the PO box, they will actually give they will give you the physical location and then you'll just use the PO box as the suite number. So, you'll you'll you'll put, you know, PB123 as the suite, but they'll give you the actual physical location. So that's an alternative, but once again, you know, there is a risk of you not being able to use it and that's obviously a service that you're paying for. So,
>> right. Yeah. Cuz see, we're, you know, in the hotels right now and we're trying to kind of nail it down. Uh, and I'm I'm just confused on the address part, but uh just
>> Yeah. You say just use another company and just try to use a and they're going to And like when they give me the the uh box number, do I you just say sweet number and then that box number. Is that what you're saying?
>> It depends on the provider. So, I'm not saying that you should do that. I'm saying it depends on the provider and if they're able to give you a physical address. Mhm. Okay. So, we just got to check with the provider and see what happens with that.
>> Absolutely. Yes.
>> Okay. And um I was want to ask you about the grtor.
>> Yes, sir.
>> Um who exactly can be the grtor? Like what would be the best option for a grtor? Like
>> I got people in mind, you know, but
>> that's a wonderful question. So ideally what you want to do is first you want to choose someone who's not related. But if you cannot find someone who's not related then you can choose someone who is related. But you want to choose someone who is um who you don't want to lock out of the trust, right? and um not that they are fully aware that they're not going to benefit from the trust. Also, you're going to you're going to choose someone who's able to provide the duties necessary. So, the duties that are necessary is they have to notoriize the trust. They have to provide their personal information to obtain the EIN and they have to give the initial consideration of $1 and they have to be able to provide their information uh to the financial institutions cuz some of them are going to ask not all but some a majority will ask will ask
>> Yeah. Uhhuh.
>> Uhhuh. Yeah.
>> Yeah. So, someone who's capable of doing all four of those things,
>> right? Okay. So, yeah. Um, that's okay. That got me. And then the should we get life insurance like right now or in our in our legal names and then dump it into the trust once we're done by Friday or something like that or should we wait until the end of the week and then you know to the end of the session and um we'll find out then.
>> That's a really good question. I mean you can you can begin the process. So the life insurance is not a one two three kind of thing. Um I don't know it depends on the type of policy but the type of policies that um that I personally recommend right it requires a medical um a medical evaluation. And so this is going to take like three to four weeks. So it's not oh I'm getting life insurance today. So you do want to start the process sooner rather than later. And you can go down each route. I always tell people to set up your trust first, right? Because then you're going to have to backtrack, right? So, you might as well set up the trust and have the trust take out the policy versus you taking out the policy and then you're going to have to change everything over into the trust being the owner, payer, and beneficiary.
>> Right? So, if you if you want to do pay uh um double the paperwork, you can um and another thing is that the IRS has a 5-year look back, right? And so, uh one thing that they do is they do factor in um your life insurance, um when it comes to the five-year look back,
>> right? Okay. So, a five-year look back means what? They just look to see if you had any insurance then and
>> in your personal name,
>> right? So, I don't think I have had any insurance in my name,
>> right? So, so my my question to you is, okay, so so this is what you need to understand, right? The five-year look back is applicable to um I don't know if you know this, but the IRS taxes you when you die. Did you know that?
>> Yep. Yep.
>> Okay.
>> Yep. I know that.
>> So So that So if you die within within these five years, then they can tax you and that means that the death benefit will be taxed, right? And that's only because you've had that policy in your personal name. So now if you take out that if the trust takes out that policy that um automatically cancels out the five-year look back.
>> Oh snaps. Okay. Oh, that's why you said we set the trust up first and then we're going to put the ins make the trust get the insurance and that'll cover all of us like my whole family. There's four of us.
>> Mhm.
>> Yeah. Um I got a 28-year-old daughter. I got a 10 year old and two kids in Georgia in Atlanta.
>> Nice.
>> So, I'm trying I would put all of those all all of these kids as beneficiaries in this trust regardless. Even my and I got a 20-year-old son that's uh out here on the run. You know, he's he's skipped out skipped out on me.
>> So, right. And I don't know if I can trust him, you know, to
>> Well, you know what I'm saying?
>> Well, you want you want everyone to have their own individual policy and you want the trust to be the owner of everyone's policy.
>> Okay, hold on one second. Hold on. Everyone is individual policy. Okay. And then the trust will own all of those policies.
>> Correct. The trust will be the owner of the policy. The trust will be responsible for paying the premiums and the trust will be the beneficiary so that if anything happens to the insured then the death benefit goes to the trust fund and not to an individual to where it will be subject to tax.
>> So what I see
>> and the trust will be the beneficiary. That is correct.
>> Okay. Okay. So, we'll wait on that. And um I think you got me all on all three of mine, I think. Yeah. So, I can wait and just keep going through the class and just keep learning. But I appreciate
>> Absolutely. Yeah,
>> we we've we we've only scratched the surface. Today's day two.
>> I know. You know what I'm saying? So,
>> yes.
>> Well, thank you for asking that really good question, Malachi. So,
>> all right. Uh, we're gonna move on to D'Angela. How are you?
>> Hi, Christina. I am great. How are you?
>> I am great, too. Okay. So, all right. My first question is dealing with the if is dealing with the mortgage company. So, if my mortgage taxes and insurance is all tied in one, do I still need to reach out to them to change ownership into the name of the family trust?
>> So you do not need the permission of the mortgage company for you to deed your property over to whoever you want to deed it over to. So, you are the one that owns the property. Now, you can notify them of what you're doing. You can also notify them and let them know that there's going to be a third party that's responsible for the mortgage um so that the mortgage payments can be covered uh by the trust. So if your family trust owns the property, then your family trust is the one that should be covering the mortgage.
>> Okay, got it.
>> And also since the grtor is opening up the trust, what happens in the event the trust is sued or dragged into court? Is is the grand term liable or who?
>> No. No. So, we went over. So, so whenever you have these very important questions, you always have to refer to the to the governing instrument. The governing instrument is the trust. You go inside of the trust. There's a section in there that talks about liability. And so, the grtor is not liable. Um, the for any assets the trustee is liable for assets but it depends on the nature of the lawsuit right so um generally the like if the trust is sued the trust is sued right they're not coming after the trustee and they're definitely not coming after the grtor because it's a irrevocable trust
>> right okay so it's the trustee that
>> liable for the assets. Okay.
>> All right, Christina. I think that's it for my my questions are is for the rest of the week. My other question.
>> Okay. Sounds good.
>> You're welcome.
All right, Next, we have Najma. How are you?
>> I am fantastic.
>> Oh, fantastic. I love it.
>> Yes, ma'am. I've seen some questions that'll probably come out for the the next part of the week as well. When you mention when we have multi-rustees, shouldn't that be an odd number in case there's a need a tiebreaker?
>> Um, so the board of trustees, not trustee, but the board of trustees should be an odd number. Yep.
>> Okay. So, if you have the trustee and the co-rustee or whatever it's called, they they function independently. That's correct.
>> More than one trust.
>> Okay. Okay. Now, what are the names of the trustees? You said successor trustee and you mentioned some of them.
>> Um, is it co-rustee or is it successor trustee?
>> Okay. Co-rustee. What's the difference? Co-rustee and successor trustee.
>> That's a wonderful question. So, co-rustee is acting now. So, they're your co-pilot now. We're both driving the plane together, right? Flying the plane together. And your successor trustee is a future trustee. They're not acting now. So the minute that you step down, the successor then becomes an acting trustee.
>> Okay. In regards to the grantor, can this can siblings be grant and trustee
>> as opposed to a parent and child or someone? So a sibling can be.
>> Okay.
>> Yes.
>> Okay. Um, can the number of beneficiaries be reduced if the trustee desires or because you said once you have a certain number of of beneficiaries then they could be reduced by someone passing or deciding not to be a trustee I mean be a beneficiary can they be
>> reduced period
>> yeah you can reduce it um as long as there's grounds right So if you're removing a trust, excuse me, if you're removing a beneficiary, usually it's because they have violated the trust agreement in some way, some fashion.
>> Okay. And on the certificate of trust, I notice number nine says grtors with an S and trustees with an S. How many grantors can there be?
>> Unlimited.
>> Oh, okay. Okay. Unlimited. The certificate of trust also has names and addresses. Should those addresses be real addresses or should they all be virtual addresses?
>> The virtual So, it says name of trust and that's where you're going to put the name of the trust. And when it says address, it's referring to the trust address. So, the trust will have a virtual address and that's where you're going to put the trust address, not your address, not the trustes address. And so I thought this I thought I saw were the names and addresses of the trustees the uh different offices.
>> So that's not the certificate of trust. So what you're referring to is the administrative contact information where you're going to put all of the individuals that you're appointing in their position and you're going to put their name, address, and phone number.
>> Okay. And you did say a nonprofit can be a beneficiary.
>> I didn't hear the first part.
>> A non
>> a non a nonprofit can be a beneficiary as well and family.
>> Yeah. So So the beneficiary can be an entity and a nonprofit falls under that category.
>> Okay. Can you explain again what protector what the protector is and does?
>> The protector is an optional position in the trust and they are there to protect the beneficial interests of the beneficiaries. So they're going to make sure that the beneficiaries receive their distribution, receive assets that's that is owed or entitled or that they are entitled to.
>> Okay. Okay, Christina, that's it for me. Thank you so much.
>> You're welcome, Miss Nashma. Thank you for asking those good questions.
All right, Next, we have Ray. Hey, Ray. How are you?
>> Ray, are you available? You're still on mute.
>> Is it Ray you're calling?
>> Yes. Can you hear me?
>> Yes. Can you hear me?
>> Yes, I can now. Yeah, I can hear you now. Are we good? Um, thanks. How you doing?
>> Great. How are you?
>> Question about
>> Good. About distributions. When you um when the the fees are distri distributed to the beneiaries, is that taxed at the um rate of the um trust which is like 30 something% or would it be to whatever it is they're making their own tax bracket? So, I was just trying to figure out if the the trust isn't paying the taxes, but if it had to pay taxes on that money, it' be around 30 something%. I think that's what the gentleman said before. So, when you distribute money to the beneficiaries or their distributions, is it taxed at the trust tax rate or at the individual's tax rate?
>> That's a wonderful question.
>> You said they have to pay
>> That's a wonderful question. So, so that is considered a part of their annual gross income. It's going to go on their 1040 and it's going to be applicable to their tax rate.
>> Okay. And the other question I asked yesterday about the um registered agent and then I went back and looked and and it was saying, well, the registered agent will take the mail and do and do all but that's the same thing I Postal does. So would I Postal be kind of considered a registered agent since they get all of your mail and send it to you?
>> It's not the same thing. So I Postal is mail forwarding service meaning that they forward mail. They don't receive correspondence. So it's not the same thing.
>> Okay. So, but that so you can't have I postal and a registered agent
>> because if you get if you get mail then your mail will go to the registered agent, right?
>> Because they have to be the one to receive your mail cuz I that's why I'm a little confused. I was reading yesterday they're saying if you have a court, you know, you couldn't be your own registered agent because if you get like a court notice or a fine or something, then the registered agent has to pass that to you. But I'm saying, well, isn't that the same thing that I postal does, you know, because they're receiving your mail?
>> Yeah. So, one, it's not the same thing. two, they are going to receive the mail, but they're going to receive the mail from the mail forwarding service. So, the registered agent would receive the mail from IP postal one. So, I So, the trust still needs an address and the registered agent is responsible for receiving the correspondence and processing it.
>> Oh, okay. So, they won't receive all of your mail. They'll just receive what you tell I postal to send to them.
>> They will receive all of the mail for the entity that they are assigned to as a registered agent.
>> Oh, okay. So, they will they will both get it
>> if if if I have my my
>> So, okay, hold on one second. Okay. So, it I Postal is a mail forwarding service, meaning that the mail goes to IPO first. I post forwards it to um to the registered agent. So when you say they both get it, yes, it goes it's a it's a filter. It goes straight to I postal and then I postal sends it where it needs to go, which is to the RA
>> and then RA sends it to me or or they they I I can view it online. The same thing that I Postal would do. I Postal would send it to me first. So you receive this.
>> Mhm.
>> Yes. So the R So the RA is supposed to process it. So that means that they receive the correspondence and then they do what they're supposed to do with the correspondence. So if it's notify you, then they'll notify you.
>> Okay. All right. Well, I I I think I got it now that they both get the same mail that that is sent to either my company or to the trust to the trust rather. Oh, wait a minute. Or to the company, whichever I use I post for in that state, I have to have a registered agent. So, the money the the the mail will go from I postal to the registered agent. Period. No matter what what I decide to do, that's the way it's going to go.
>> Correct.
>> Okay. Thank you, ma'am.
>> Welcome.
All right, uh, next we have Mona.
>> It's me again.
>> Can you hear me?
>> Yes, ma'am.
>> Hello.
>> Okay.
Okay. Ma'am, first of all, my question, what the young lady just said, who is the registered agent? What is that? I must have missed that.
Um, so, um, a trust is not required to have a registered agent. It's not required. Um, usually a registered agent is for statutory entities. So she is following the statutory guidelines for a specific state.
Okay.
So a registered agent is an agent that will receive correspondence for your entity.
Okay. Okay. Now I got a couple of more questions just to just to be sure. For your business trust and your family trust, you have to have three trustees or you could just have one. So you can have one trustee, you have to have at least two to three um you have to have two to three board members. It's you.
Two to five.
For the family trust or the business trust.
For any of them.
Okay. Board that's board members.
Right. Board members are different from from trustee but the trustee is a part of the board. So if you have three board members, one is going to be a trustee and the other two are going to be members. There's a difference.
Okay. And we'll probably talk about that later. Now I have another question because Okay. So do you think so? I have multiple insurance. This is why I joined your class. I have multiple multi multiple insurance that have cash values in them. I have three and my kids both of my kids have two a piece and my granddaughter has two. Now, is it best to cancel all these, but I didn't put a lot of money in them and I have cash values or do.
I answer your question? You do not have to cancel your policies. All you have to do is contact the carrier to update the owner, the payer, and beneficiary.
Okay.
So, which is state form. So, I just tell state form that my family trust is the beneficiary and study me and my kids.
That's correct. So, they're going to provide you with the paperwork and you fill out, send it to them, they'll process it and update everything on your policy.
Okay. Now, I have one more question. I'm hearing a lot about Wyoming. Is there any way you could eliterate what why why people keep saying Wyoming? I'm in Texas. I'm in Houston, Texas. So, why would what what I hear a lot of us saying something about Wyoming. What do that mean?
That's a great Wyoming is one of the states that has um the strongest and most favorable laws when it comes to litigation for entities and for trusts. So if you are concerned about your trust being sued and you want instead of your so when it comes to your trust being sued it's going the the court proceedings are going to be carried out in the doiciled state.
So choose Texas then the court proceedings are going to be in Texas. If you choose for it to be doiciled in Wyoming, then the court proceedings are going to be in Wyoming. So for individuals who are are operating, you know, in a highly liable um way um and they're concerned with litigation, they are choosing Wyoming.
Okay. Okay. Okay. We'll talk more later.
Yes, ma'am. Okay.
Thank you so much again.
You're welcome. All right. Uh, next we have Andy.
All right. Hi, Christina. How you doing?
Hey. Hey, Andy. How are you?
Uh, I'm coming back from a water leak that I had to deal with. So, I'm gonna have to listen to the recording.
Oh, okay. No problem.
But, um.
I hope I hope you're in that issue.
Yeah, I got it. I got it resolved. I kept telling them turn off the water outside and they wouldn't and so I went and turned it off and then fixed the little thing that was busted. Um but um my question is on the you you mentioned that uh a beneficiary can't be a trustee earlier and um I'm thinking about my parents trusts. Um I am a beneficiary and they put me as a trustee. Is that going to be a problem in the in the living trust? I guess I guess it's not a problem but in a a revocable is that a problem?
So actually um I did not say that. So what I said was that a beneficiary cannot be a board of trustee member. So a beneficiary cannot be a part of the board because then they would have some form of control. A beneficiary can be a trustee. So you're fine on your parents' trust. So a tr a trustee can be a beneficiary. A beneficiary can be a trustee. But if you have a beneficiary that is not a trustee, they cannot be a board member. For example, a beneficiary and a secretary. I cannot be a beneficiary and a treasurer. But I can be a beneficiary and a trustee. I hope that makes sense.
I think so. So when when it's there's a line that just says that a beneficiary cannot be part any part of management that only talks about the board of trustees and that's why we have to have a board of trustees is so that we could separate the management from the trust itself I guess. Is that right?
Yes, that's correct. Yes, that's correct. Oh, okay. But, uh, okay. I'm a little still a little confused because as a trustee, particularly if I'm the primary trustee, I have a lot of management, I think.
So, that's where I'm confused. It says you cannot be any part of the management.
Yeah. So, so you have to understand what is your first position, what is your second position. So, your first position is the highest position, which is what which is I'm a trustee and I'm a fiduciary. So, you are in management. So, we're talking about if you're not a trustee. If you're not a fiduciary and if your only position is a beneficiary, you cannot manage anything.
Okay. All right. Got it. The reason the reason it's okay for me to be a trustee is because I also have beneficiary uh for uh responsibilities. And a a beneficiary if they're not a trustee, the only the only thing they're thinking about is themselves.
Yes. A beneficiary doesn't have responsibilities.
Got it.
Okay.
So only the trust responsibility.
Okay. And so so just so so I get it right. A a a beneficiary just can't be on the board. They can be trustees but not on the board. They can they be they can't be protectors or anything else other than a trustee. Oh, is that right? So a beneficiary can be anything other than a trustee. So the beneficiary is either going to be the only a beneficiary or they can operate simultaneously as.
As I am a trustee but I'm also benefiting from the trust because I hold TCUs but I am a trustee. Okay. is is I I here's I'll try to restraight my restate my question. A beneficiary can be a trust can be anything like a grantor or uh uh a trustee the only thing that they can't do is be a manager. Right.
No, that's in that's incorrect. That's incorrect. So a beneficiary cannot be a grtor.
Okay.
So a beneficiary a beneficiary is either only going to be a beneficiary and nothing else or a trustee a trustee can serve as trustee and beneficiary.
Perfect. Okay. That makes it easy. Got it. And that's it. No other role. Got it.
That's it.
Okay. Okay.
Sorry. Sorry that it seems a little complicated.
No, you that that wording on that part maybe is it is it okay to change that part where it says it can't take any part of of any management and say only can be trusty uh can be.
What did you say there? Yes. So it is in other sections of the trust but if you need to customize something and if you want to provide clarity in your indenture that is what is there for for you to um change the verbiage to what you feel is um more applicable for your organization.
Okay. And so um I forgot already. I'm driving and I forgot what the other role was that a a beneficiary can be. They can be either a a trustee or what was the other one?
That's it.
Okay. Oh, right. Because the beneficiary is one role and then trust the other. Perfect. Okay. All right. Got it. Thanks.
You're welcome, Andy. Uh, next we have Malachi.
Yeah. Hey. Um, came up with another I came up with another question. Um, we're trying to lease or either rent somewhere to, you know, to live and whatnot. And, um, I know we going through this process. So, like as soon as like maybe next week, would that be a a possibility since we're doing what we're doing now and just putting putting the lease into the uh making the trust lease the place for us instead of us putting our names on it and social?
Yes. So, as soon as the trust is notorized, you're able to start operating it.
Okay, got it. Okay, got it. Got it. And yeah, just trying to figure out my uh Okay. and an assignment of debts and stuff like that.
Does that work? Come come after after everything is said and done then we can start.
Uh, endorsing bills.
Yes. Yes.
Okay. Cool. And like you say once the um trust is um notorized and finalized then it's done. But we would do all of the business and leasing and stuff with the first trust you did yesterday, right?
So that's if you're going to get a that's if you're going to get a corporate lease. Yes. If you're going to get a corporate lease.
Or if it's just going to be just for me and the family. I mean, I should do the the.
Yes.
Yes.
So the same one I can do for the just the family. just all of us want to just get us a place.
And put the uh the trust name on the lease and all of that stuff and the trust it'll be in the name of the trust instead of in our names.
That's correct.
Okay. And uh I had another question about insurance. I think it's like uh can you get any kind of insurance, any kind of life insurance and will that suffice to uh benefit you in the trust?
That's not what I recommend.
I.
Okay, got it.
Okay. So, you guys have a certain insurance company that we would probably be going with or that you probably would uh suggest to us?
Yes. Yeah, we have we have the information on the portal and we also have information on the dashboard and it should also be in your email. Oh.
Okay. And are they like uh intrusive on your privacy like when you are doing the insurance thing or is it like mandatory?
Oh, you have to go you have to go through an application and they're pretty much going to ask you everything under the sun.
Right? Okay, got it. And then after that, you don't have to go draw blood and cut off a finger or give a lung or nothing like that.
So, so I I mentioned this to you earlier and I said that if you're getting um if you're getting like an IL that there is a medical exam associated with it. So, the medical exam does require.
Drawing blood and they're going to check labs and stuff like that.
It actually depends on the type of policy that you get.
Okay. So, some policies don't require all of that. Is that what you're saying?
That is correct. Not every single policy requires a medical exam.
And then you can still get bonds from the insurance company, right? and and and run those into the trust too, right? And just like intellectual property.
Right?
Huh.
Um I cannot confirm that.
Okay, got it. Okay.
But I was just just asking because I don't know what you know, but uh Okay, I'm done. I think I got you. I mean, or you got me.
Okay. Sounds good. question about the league. Thank you again.
You're welcome. Okay, let me see something really quick. Okay, so Kristen has a question in the chat. She said, "Would it be better to get a warranty deed instead of a quick claim deed?" So, a warranty deed is great. Um if your original deed is a warranty deed then that um protection is still carried over. So but a lot of people they do prefer the warranty deed. So there's no real difference. I'm going to show you the process, right? Um, of how you deed it over from one property, I mean, excuse me, from one from your personal name into the trust. Okay? So, if you would like to use a warranty deed versus a quit claim deed, then you can do that. So, if you're starting the trust, your name cannot be anywhere correct like name on the trust and any signatures. So if you are listing yourself as the trustee then your name is going to be on the trust and that is required because you're the authorized signatory for the trust. There's no way for you to car out task associated with the trust if your name is not on the trust. So the next question is so someone was asking about the quick claim deed again. So we are going to go over assets on Friday and I'm going to show you step by step about the quick claim deed. So please go ahead and um and attend our session on Friday so that I can show you. Okay. So, uh Rudy asks, "Can the co-rustee be also the successor trustee?" No. Um the successor trustee is going to take over. So, they cannot be acting. So the successor trustee is pretty much on hold waiting to come and accept their position and be an trustee and their tensure depends on the vacancy of the trustee positions and so then the next question is me as the primary trustee cannot be a beneficiary. Correct? That is incorrect. So you as the first trustee, you can list yourself as a beneficiary. You just cannot be the only beneficiary on the trust because that is considered selfdealing. So there has to be other people to benefit from the trust and not only you. So but the trustee can have a part in the board like secretary. Correct. No. So, okay. So, the trustee is not going to be appointed in any other position. Those positions are going to remain vacant. Is the trustee going to have secretarial duties? Yes. If there is a vacant position as an executive secretary. So, meaning that if you don't have anyone appointed to the board, then you do everything, but you're not going to hold those positions. those positions are going to be vacant. So, if the house in the car is in your name, you can still be the trustee. I thought if things were in your name, you couldn't be listed. No, that's incorrect. So, um, if the house in the car is in your name, you want to get it out of your name, and you want to either do the the quick claim deed or the bill of sale so that you can get it out of your name. So, I will talk about the house and the car on Friday when we go over assets because I can I understand that there's confusion and I haven't even taught the information for you to have clarity on assets. Okay? So, let's wait until Friday when I show you everything to know and then I'll answer your questions. So, we have a few more hands and then we're going to adjourn. So, we are an hour over. It is 3:02 p.m. Eastern Standard Time. So, u Miss Dina has a question. Hey, Miss Dina, you're still on mute. I cannot hear you. All right. So, um I cannot hear you miss move on to the next person. So, we have Najma.
Thank you, Christina. Thank you for hanging in here with us. This these Q&A sessions are phenomenal. I think if people can hang out here, you can get a whole another whole another session. It's so beautiful. Thank you so much for being patient. I have one one question.
When it comes to the beneficiaries. Should I make my sons and daughters the beneficiaries and my grandchildren the successor beneficiaries or does it matter?
Yes, ma'am.
Which is best?
Yeah. So, it just depends on if you want your grandchildren to benefit now. So, um people in your position, they will make their children the beneficiaries and their grandchildren the successor beneficiaries.
Okay. Thanks, Christina. That's it. All of my other questions were answered as I listen to the question and answers.
So.
I love that. I love that. I know you. So, everybody on the call were like-minded and so that's why we have the same questions. So, it's just it's it's so great.
Thank you, Christina. Have a blessed one.
You're welcome. Thank you. All right. Next, we have Miss Rhonda. How are you?
Okay. Can you hear me? Okay.
Yes. How are you, beautiful?
I'm great. I'm great. I'm great. And thank you for all that you do. Uh, I'm like the other uh young lady said, she this is her second, third time going through. It's a lot. So, I just appreciate I appreciate having this access over and over again until we get it. So, thank you so much for that.
You are so welcome. It's a pleasure. And I appreciate you being a part of the community. So, your presence is valuable. So, thank you for being here. All right. All right. My question is, um, I have a real estate company. I'm getting ready to form another one. Uh, and I decided to make it a make it a corporation because a corporation can a trust can hold a corporation. Correct.
Yes. A CC Corp.
A CC Corp. Yes. So, is that two tax returns though? Because I have a corporation.
Yes, it is two.
Those those are two separate entities. So, they're both forprofit entities and you're going to have to file taxes both. That's correct.
Okay. Okay. That's going to be a million dollar tax return. It's okay. No problem. I got the money. I'm good.
All right. That wasn't my only question.
Yes. I love it.
Okay. Thank you for Rhonda.
All righty.
You're welcome. All right. And then our last question is going to be from Edward. Hey, Edward. How are.
Edward? Are you available?
Yes. Can you hear me?
Yes, we can hear you now.
Okay, I'm great. How are you?
I'm fantastic. How are you today?
I'm doing absolutely wonderful. Um so my question is family.
Is if if the family trust is the beneficiary of the unincorporated business trust can the trustees in both trusts be the same?
Yes, that's correct. These are separate entities and the same people can serve in the same capacity per entity. Yes.
Okay. There's no conflict there.
No.
Okay. Thank you.
All right. You're so welcome, Edward. Thank you. All right, you guys. So, that is it for day two of the wealthy trustee workshop. So, today we went over the private family trust and we broke down all of the contents of the trust so that you guys can be more informed on how you're going to operate this trust. Right? Our goal is for you to be encouraged um to be able to operate as a trustee. Okay? And so we mainly focus on teaching you about trusteeship. Now you do have homework. So a lot of you guys were asking questions about assets and assets are so important. So in your resources on the dashboard and inside of the portal you have one of the resources which is the asset inventory list. So your homework is for you to begin to work on that worksheet. So it is a living worksheet where you're going to take an inventory of your assets so that you know assets you're going to place into which trust so that you can be better prepared for Friday because Friday is is very in-depth when it comes to assets. Okay? And then the next piece of homework is that tomorrow we are going to be applying for our first EIN and you are going to need the grtor's information. So if you've chosen someone to be your grtor, you're going to want to ask them for their personal information if you're going to apply for the EIN live. But you're going to need all of the information. So what you're what is needed is the name of the trust. So finalize that the address of the trust and the grtor's information which is name and social security number and the trustes full name. So those are the four pieces of vital information that you're going to need um so that we're able to fill out the online EIN application and I'll show you step by step. Now the IRS they restrict you to one application per day. So tomorrow we're going to begin the first application and then subsequently we'll do um one on Thursday and Friday. So that is it for today's session. Tomorrow what we're going to be reviewing is we're going to go over the tax exempt nonprofit trust. So we'll break down every single paragraph so that you can understand the trust constitution and bylaws. And then after that I will show you guys how to obtain your tax exam EIN number. And lastly, I'll show you how to go through the online ordination process. So, that's what we have planned for you tomorrow. Our session is from 11:00 a.m. Eastern Standard Time to 2:00 p.m. Eastern Standard Time. We're going to meet here on the same space. Okay? So, we're going to meet here on Zoom. You are going to receive an email reminder and you're going to receive a text message reminder and you're going to have full access to the dashboard to be able to retrieve your resources and templates that you're going to utilize for tomorrow. So without further ado, you guys have a blessed and highly favored rest of your Tuesday and I will see you here. Same place, same space tomorrow. Bye everyone.
We made it again.
Bye. Yeah.
Say that again.
What we needed again the name and social of the grtor.
That's correct. Yeah.
And what we need as the trustee.
Oh, you say I postal. We need to do our I postal today.
Yes. So if you want if you you are going to need your address for the IRS um application for the EIN.
Okay. So we do that today. That's the homework. And get the social name of the grand tool.
Yep. And I'll show you everything step by step tomorrow.
Awesome. Thank you.
You're welcome. Bye.
Christina, can can I ask a quick question?
Yes.
I need to I need to dissolve my old um uh my old uh uh LLC. I need to dissolve that. Is that a long process? because I want to do it right this time. I didn't do it correctly the last time, so I just want to dissolve it.
Yeah. So, it depends on the secretary. It depends on the secretary of state. Every single secretary of state is different. So, you have to contact them to notify them that you want to dissolve the LLC. So, if you another way that it'll automatically be dissolved is if you don't do your annual report. So, if you don't do it, then the state will dissolve it for you. Okay. I wanted to reserve the name, but I can't I guess I I can't do that because it'll be easier not to have it tracked. But if I wanted to to to keep the name, then I would have to go through just uh changing the information, but it will still be discoverable. That's what you said, correct?
So you Yeah, you won't be able to use the same name if you dissolve the entity.
Okay. Okay. No, I I'm just going to start over again. Thanks a lot. I appreciate you.