How To Set-up An Irrevocable Trust The Right Way | Step By Step Tutorial

Hello, hello, hello, hello beautiful and amazing people! How is everyone? Thank you so much for joining me tonight. Welcome to the Wealthy Trusty Webinar. So, I have a lot planned for you guys. If you guys are able to come on camera, I would really, really, really appreciate that if you guys are able to.

So, let's see who we have here. We have, um, Admin, we have Annie, Ashley, Betty, Carol, Carolyn, Coach Mimo, uh, Colin, Dr. E, we have Francisco, Joselyn, KT, uh, Shandra, uh, Terren, Tina, Tai, and EWC Reggie. Okay, so cool.

So tonight, I'm going to be teaching you guys how to create a trust, right? A lot of us, we are so intentional about building generational wealth. Thank you to everyone who's on camera, I appreciate it. So, we are so intentional about building generational wealth, but we don't have the right tools in place in order for us to effectively build that wealth, protect that wealth, and preserve that wealth. So today, I'm going to be teaching you guys the tools that you need in order to protect the wealth and preserve the wealth. It's very important, especially if you're on this mission to build generational wealth that lasts many, many, many generations.

So, who am I? I am Christina Evette, you guys. So, I am your host for this evening, and I am a trust strategist. So, I have been a trustee since 2015, and I'm going to teach you guys everything that I know in this short 90 minutes of what I know about trusts and how to operate trusts, right? So, I actually, the way I became a trustee was by way of real estate. So, I was a registered nurse and I was living paycheck to paycheck, you guys. I was young, I was 25 years old, and I was working five days a week, 12-hour shifts. And I noticed that I was actually spending more time with my co-workers than I was with my one-year-old son at that time. So, I said, "I need another stream of income. I need financial freedom. I need passive income." So, I went to a seminar where they teach you guys about real estate. So, I learned in those three days everything that I could know about real estate, right? How to actually flip houses. And it was life-changing for me because I got into mentorship, and six months after I attended that, um, that conference or, uh, that conference for the seminar, I bought my first property. So, it was actually an investment property. It was a little two-bedroom, one-bath that I bought for $88,000. And my mentor, he happened to be my hard money lender. So, he put 100% of the money, and all I had to do was just come up with the money in order to fix the house. But the one thing that he taught me, which actually changed my life, was he told me I needed to put that property into a trust. He had over, you know, 2,000 properties at that time, and all of those properties were in a trust. And me being inexperienced, I was young, I didn't want to be taken advantage of, and that was my first property. So, I listened to what he said, and I put that property into a trust, and I've been operating in trust ever since because I don't want anyone to take the property that, you know, the property that I have, right? Any of my investments. I don't want to be sued and someone can just, you know, take my wealth away. So that's why it's so important that we are intentional about protecting our wealth, you guys, right? So, all of us, we're so focused on making the money, but we never think, "How are we going to protect the money?" or "How are we going to pass it on to the next generation?" So that's what I'm going to be going over today.

So, with that being said, I got a short presentation for you guys. So, we're going to dive right into the presentation. If you have any questions, save it to the end, and I'll be able to answer any and all questions that you guys have. Okay, so let's get started. I'm going to share my screen here. All right, and we're going to go over the objective for tonight's webinar. So, the objective for tonight is for you to learn what a trust is, for you to learn how to actually operate a trust, for you to learn some tax strategies, some wealth-building strategies, who the contributors are in the trust, and about asset protection.

Okay, so with that being said, let's move on here. Okay, so, um, these companies, right? You see the Trump Organization, you see Amazon, Microsoft, Exxon. All of these big billion-dollar organizations, right? The question is, how do these companies pay little to no taxes? Right? And it's all because of structure. You have to be structured the right way in order to reduce your tax liability, which is one of the things that I'm going to teach you guys tonight is about the structure that we use in order to reduce our taxes.

So, let's dive into what a trust is, right? So, a lot of us, we're not familiar with trusts. Uh, we've heard the term trust before. We've heard the term "trust fund baby" before. We've heard all those things, but we're not, we're not too sure what it is, right? So, a trust is an entity, you guys. It's an entity, just like you are an entity, just like a business. A business is also an entity, okay? So that's the first thing. But the way that it becomes an entity is by way of a contract, okay? So, it is a contract. It's going to be on black and white paper, and there are several different parts to this contract. So, you create the contract first, and then you legalize it, and that's what creates this trust entity, okay?

So, with this contract, right? There's two parts that I want you to know of. The first one is the Declaration of the Trust, okay? So, that is where you're declaring what it is, and you're declaring what it is not. So, if you're declaring what it is not, you're saying, "Hey, this is a trust. It is not an LLC. It is not a corporation. It is not a partnership or any of those other types of entities." And then you're declaring what it is. So, you're saying, "This is a trust entity," okay? So that's the first part of the contract, which is the Declaration.

The second part of the contract is what we call the Indenture. So, I want you to just pay attention to the terms that I'm using because if you're going to start operating trusts, you want to be familiar with these terms, okay? So, that means agreement, which is what the contract is. So, now you actually have the actual agreement, which are your bylaws, where you are, you know, pretty much saying you have all your provisions in there, the rules and regulations of how you want the trust to operate, right? So, how you are going to operate it, and how anyone in the future who takes over after you, how they are going to operate the trust, okay? So, those are the most important things.

So, now that we know that it's a contract, the second thing that's important for you to know is that there's several different parties involved in this contract. So, who are the parties involved in the contract? Well, the first party involved is the Grantor. That is the creator of the contract or the trust. So, that is the individual or entity that actually establishes the trust, and they establish the trust for the benefit of somebody else. That other person or entity is the Beneficiary, okay? So, the Grantor one, creates the trust, and two, they actually fund the trust or they donate, um, the initial consideration to the trust, okay? So, they put the initial value inside of the trust.

The second party involved is the Trustee. So, that is the controller of the trust. That is the individual who is going to be running the trust on a day-to-day basis and who actually gets to control the assets inside of the trust. So, they make all of the decisions for the trust, and if the trust needs, you know, needs somebody to sign it, it is the Trustee. The Trustee is the authorized signer for the trust, okay? So that's the most important thing. And the Trustee is what we call the fiduciary, so that is the person who is representing the Beneficiary.

So, now the next person that we have is the Beneficiary. The Beneficiary is the inheritor of the trust, okay? So, they are ultimately going to receive the assets that are inside of the trust once the trust is dissolved, if and when, right? So, if the trust becomes dissolved, then all those assets go to the Beneficiary. If not, then the Beneficiary, they receive a distribution from the trust, and it could be however often the Trustee decides to issue out those distributions.

Okay, so let's move on. So, now there's several different types of trusts, you guys. There are hundreds of types of trusts. So, you have to do your research. You have to do your due diligence to make sure that you choose the right trust for you, for your family, for your organization, okay? So, there's, um, several different categories that trusts fall under, and I'm going to go through those categories.

So, the first category that I want to tell you guys about is Express versus Implied. So, with an Express trust, that means that it is a written trust, okay? So, that means that it's in a contract style, it's in black and white, it's on paper, you actually physically sign it, okay? Now, that is expressed. On the contrary to that, you have Implied. An Implied trust is an oral trust, so that's an oral agreement between the Grantor and the Trustee, okay? So, those are your two different types.

So, now the next one that I want to tell you guys about is Simple versus Complex. So, a Simple trust is shorter in nature, and the trust, the Trustees are not required to give distributions. Oh, no, excuse me. The Trustees are required to give distributions. On the contrary to that, you have a Complex trust where it's longer in nature, so it has more rules, regulations, and provisions, and the Trustees are not required to give distributions to the Beneficiaries.

So, the next one that I want to tell you guys about is Statutory versus Non-Statutory. So, every single trust is going to fall within these two categories, okay? So, now, if you have a Statutory trust, that means that it is actually created in a, in a specific state, right? And that trust has all of the state statutes inside or embedded in the contract, okay? So, the states have laws, those laws are called statutes. Those statutes are inside of the trust, which means that the state now has the permission to regulate your Statutory trust. That's one. Two, usually a Statutory trust is actually going to be registered with the state, which means that it is a part of the public records. And the third thing is that with a Statutory trust, you can only use it in the state that you set it up in, okay? So, you cannot use it nationwide or in other places.

So, the next type of trust is a Non-Statutory. With the Non-Statutory, it means that none of the state statutes and codes are embedded inside. So, the jurisdiction is a common law jurisdiction, okay? Which means that because it's not restricted to one state because of the statutes and codes, you can actually use this trust in all 50 states and all of the US territory. So, it's considered domestic, and you can use it pretty much, um, anywhere that you, um, can operate within the US, okay? So, that is a good thing, and it's not registered with the county or the state, so it's not a part of the public record, so you get to maintain that privacy, okay? So, that is that for the, um, Non-Statutory.

The next category that I want to tell you guys about is Revocable versus Irrevocable. So, with a Revocable trust, what we're talking about here, we are actually referring to the Grantor when we're talking about revocable or irrevocable, why? Because the Grantor is the person who created the trust. So, with a Revocable trust, the Grantor has the power to revoke things, right? So, what can they revoke? If they were to put assets into the trust, they can take them back out. If they were to appoint a Trustee or a Beneficiary, they can remove them. If they created the trust, they can terminate the trust at any point of time. If they created the trust, they can make amendments or changes to the trust. Because the Grantor has so much administrative power over the actual trust, it's actually seen as their alter ego, okay? Usually, with a Revocable trust, the Grantor serves multiple positions. So, they can serve as the Grantor and the Trustee, and even sometimes the Beneficiary, which means that your assets, unfortunately, are not fully protected because it is seen as the Grantor's alter ego. So, if the Grantor has creditors, those creditors can actually come after the trust, okay? So that's one thing. And if that trust were to end up in a lawsuit, the judge can decide to pierce through that trust. If the judge pierces through that trust, that that means that that trust is now part of the public records, and everyone can see the assets, everyone can see who the Beneficiaries are, who the Trustees are, right? And the whole point of you actually having a trust is to maintain privacy, so you really don't want that to happen.

Okay, so now let's talk about Irrevocable. With an Irrevocable trust, the person who created the trust, which is the Grantor, has what we call irrevocability, which means that they are not able to revoke things. So, what can they revoke? If they were to put assets into the trust, they cannot revoke or take the assets back. The assets would need to be sold back to them, okay? Um, the next thing is, if they were to appoint a Trustee or Beneficiaries, they cannot remove them, okay? If they created the trust, they cannot make any changes or amendments to the trust, and if they wanted to terminate the trust, they cannot do that, okay? So, the Grantor is able to do any of those things. So, the Grantor has no power and no control over an Irrevocable trust, which means that your assets are actually fully protected, and that entity is seen as a separate, um, a separate entity from you or from the person who created it. So, that is extremely important because with an Irrevocable trust, if it was to end up in litigation, then, um, the judge most likely, uh, will not pierce through that type of trust. So, that means that you can get to maintain that privacy, and it won't end up in the public records, which is what you want, okay?

Um, and then the last category that I want to tell you guys about is Discretionary versus Non-Discretionary. So, with a Discretionary trust, um, that means that the Trustee has full discretion to be able to make any decisions that is going to be in the best interest of the trust, even if it's not inside of the actual contract. And Non-Discretionary means that they will not be able to do that.

So, now that you know a little bit about a trust, or the different types of trusts, or categories that these trusts fall under, now let's talk about how to actually create the trust, okay? So, these are the steps that we're going to go through. All right, so number one is, you need to determine what type of trust that you want to create. So, I just gave you a bunch of categories, right? And so the type of trust that I recommend is an Express trust that is complex in nature, that is, um, Irrevocable, that is Non-Statutory, and that is Discretionary, okay? So, that is the type of trust that you want. That is what we call a bulletproof trust, okay? That is what's going to fully protect your assets, um, in the event that somebody wants to sue you or try to take those assets.

So, number two, then you want to determine the actual trust name. So, now that you figured out, "Hey, I want to actually create a trust, right?" So, now you have to create, um, you have to come up with a name for the trust. And when you're coming up with a name, the first thing that you want to avoid is naming the trust after yourself. Do not name the trust after yourself because the whole purpose of you actually creating a trust is for privacy, so you don't want anyone to know that you're associated with this trust. So, please do not put your first and last name as the actual name of the trust. The second thing is that the trust doesn't have to end in the word "trust." So, when you're creating this entity, you can use random names, you can use abbreviations, you can use terms like "Family," and "Holding," and "Dynasty," "Legacy," things like that, but you don't have to use the word "trust" in the actual name, okay? So, keep that in mind.

Now that you've determined what you're going to name your trust, right? Remember, we're creating a contract, so there's several different parties that you have to appoint for this contract. So, the first one is the Grantor. So, if you're creating the best type of trust, which is an Irrevocable trust, you do not want to be the Grantor, why? Because the Grantor has irrevocability, that means they have no power and no control. So, what you want is you want to appoint someone else to be your Grantor. So, that person can be anyone. It could be a next-door neighbor, it could be a best friend, a coworker, you know, anyone, um, anyone that you want, right? It could also be a family member, too. Um, so just think about someone that you can appoint. That person has to be at least 18 and older, and, um, able to actually notarize the trust for you or with you, okay?

So, the next party you're going to appoint is a Trustee. You want to appoint yourself as the Trustee, why? Because you want all the power and control. You want to be running your trust on the day-to-day basis. So, that's why you want to be that position. You cannot be both the Grantor and the Trustee for an Irrevocable trust, so you're just going to solely appoint yourself as the Trustee.

The next party is the Beneficiary. So, the Beneficiary can be either another trust or can also be your children, okay? So, just think about that. And then the last one is a Successor. This individual is a Successor Trustee. That means that they are going to take over after you in the event that you resign, in the event that you become incapacitated, in the event that you pass away, the trust needs to continue to operate. So, that means that you need to have someone ready to go who is going to take over, you know, um, and pick up where you left off, basically, okay? So, that is your Successor.

So, now that you know all of the different parties involved in your contract, it's time to actually create your contract, okay? So, you're going to create your trust agreement. You're going to put all of the provisions, which are the rules and regulations of how you want the trust to operate. You also get to put what we call spendthrift provisions. That is where you get to control the money from the grave. So, you are going to basically let the Beneficiaries know what they can spend their money on, what they can and cannot do with it, okay?

So, the next thing is for you to actually notarize the trust. So, the trust does have to be legalized, and the way that we do that is by getting it notarized. And the two signatures that are required is the Grantor and the Trustee. Those are the signatures that need to be notarized. One, once they are notarized, that means that your trust is fully legal, and you're able to operate your trust.

So, what are you going to do? The first thing that you want to do is you want to open up that trust fund, okay? So, the trust fund is actually that bank account that is going to be associated with your trust. That's what we label as the trust fund. So, what type of accounts can you open up? You can open up a checking account, you can open up a money market account, you can open up a cash management account or savings account. You can open it up with a bank, with a credit union, or with any other financial institution that offers trust accounts. Not all banks or financial institutions offer trust accounts, so you got to do your research and find out which ones do so that you're able to open up an account with them.

So, now that it's time for you to open up the bank account, what are you going to bring? Well, you want to get an EIN number with the IRS. That's that nine-digit number that you're going to use for banking purposes. And then the next thing that you're going to do is you're going to provide them with a Certificate of Trust because the last thing that you want to do is you don't want to come to, you know, to the actual bank with 60 pages of trust documents. So, what you want to do is you want to provide them with a certificate, which is what we call the proof of identity that the trust exists, okay? So, you're going to provide those two things, plus, you know, proof of identification that you're the Trustee, and then you're able to open up that trust account.

So, now that you open up the trust account, it's time to fund the trust, right? And so you can fund it with whatever the bank's minimum is. So, usually their minimum is $100. It depends on the bank. I've seen it upwards of, of $300. I've seen other accounts upwards of $3,000, so it just depends on the bank that you choose to actually open up your trust fund with.

So, now that you open up your trust fund, what, what is the next thing that you want to do? Well, you want to protect your assets. So, the next thing that you're required to do is, or highly encouraged to do, is actually transfer your assets inside of the trust, right? So, on the actual trust documents, you're going to list all the assets that you're putting inside of the trust. So, you could put your house, your car, your furniture, you can put guns or weapons, you can put equipment, you can put cryptocurrency, you can put, uh, fiat or cash, you can put stocks, bonds, you, you can put insurance policies, 401ks. So, anything that you actually consider an asset, um, you can put in there, okay?

So, uh, real estate is, is one of the examples that I want to give you right now. So, you have a primary residence, right? And a lot of us, we don't know that, like, everything is a part of the public records. So, if anybody wanted to know where you live, all they have to do is just go down to the county website, do a property search, put your first and last name, and any and all property that you own comes up right on that search. And so you want to actually remove that because you don't want to be what we call low-hanging fruit, right? So, you want to remove yourself from the public records as being the owner of that property. So, what you're going to do is, right now, you have a deed on that property, right? It's a warranty deed. So, what you're going to do is you're going to Quick Claim Deed it over into the name of the trust. So, you're going to gift that property to the trust so that you don't have to pay, um, any, um, sales taxes or capital gains taxes, right? And then once you quit claim it into the name of the trust, you're going to record it with the county. And now, once they record the new deed, it's going to now represent that the trust is the owner of that house, okay? So, that's exactly what you want to do. So, you not only can only, um, so there's two things, right? So, you have to actually list the asset inside of the contract, and then you also have to do the legal part with the county, okay? So, that is how you're going to transfer your assets into the trust, or at least your home, um, so that it's protected.

Let's keep moving on. So, the number one reason why you want to actually set up a trust is for asset protection, you guys. That is the number one reason. Um, another really good reason is for privacy, right? Why? Just in case somebody wants to sue you, then they don't know what assets you possess because those assets are in the trust.

So, what can a trust protect you from? It can actually protect you from bankruptcy, from divorce, from foreclosures, from heavy taxation, from lawsuits, from probate. So, we're going to go through a few of these now.

The first one that I want to talk about is divorce, why? Because a lot of us, we are not aware that a divorce is a transfer of wealth, you, you guys, right? So, usually, a divorce is a lawsuit, and it's a lawsuit between two spouses, and unfortunately, sometimes one spouse will end up with everything, and the other spouse will end up with nothing. So, that's why you want to protect yourself because you never know, 10 years down the line, you know, your, your spouse might change, right? Or you might change, and then you guys decide to go your separate ways. But you had assets before you even got into this marriage, right? So, you want to protect what you have. So, um, the way that you can actually protect it is by setting up a trust and putting those assets in a trust because in the event that there is a divorce, everything that's in your personal name is what is included in the divorce, right? And so, because those assets are in the trust, the trust is separate from you. So, anything and everything that is owned by the trust cannot be pulled into that divorce. Only things that are in your personal name, like your 401k, like houses, bank accounts, things like that, right? So, if it's in the name of the trust, and the trust owns it, you are not the trust, so they cannot pull those assets or the trust into the divorce. Okay, so just think about that.

The second thing that I want to tell you guys about is heavy taxation, why? Because we are giving away half of our income, and we're giving it away to the IRS or the government, right? And so, you can legally reduce your income, reduce your taxes, um, reduce your tax liability, right? And the way that you can do that is by utilizing a trust, why? Because a trust is, um, very similar to a business, to where you're going to spend the money first, and then you get to pay taxes on the leftovers, right? And so, you can use that strategy, uh, very nicely. Um, another type of trust that we use is a nonprofit trust, which means that, um, legally, the IRS will allow you to donate up to 60% of your annual gross income to a nonprofit. So, you can donate up to 60% of your own salary to your nonprofit trust, and then now, instead of you being taxed on 100% of your income, you'll only be taxed on 40% of your income because the other 60, uh, went, um, as a donation to the nonprofit trust, right? So, just, uh, think about that because structure is very important, and you want to be structured the right way so that you can reduce your taxes because those taxes that you get to save on, right? Instead of giving the IRS, you know, $100,000, now you only give them $25,000. That money that you get to save, you can allocate it to you acquiring assets and building wealth faster.

So, let's talk about lawsuits, why? Because the United States is a sue-friendly country, let's just be honest, okay? Your siblings, they want to sue you. Your neighbors, they want to sue you. Your best friends, your co-workers, the people from high school, they want to sue you, right? And so, you need to protect yourself. This is the type of mindset that you need to have, that like, "Somebody wants to take my house away." Right? A lot of us, we're not thinking that, we're just going day to day until it happens, right? Or if you have a business, "Somebody wants to sue my business," right? And that's your bread and butter, that's how you feed your family. So, you need to be able to protect yourself because anything could happen at any moment in time.

So, one example that I want to give you is, let's just say that you're running a business, right? And that business that you're running, um, you are the owner of that business. So, if one of your customers gets sick, or, you know, or slip and fall at your, um, location, or anything like that, and they decide that they want to sue your company, all they have to do is go down to the, um, Secretary of State's website, and all they have to do is put in your name, and all of the companies that you own, they come up, right? So, that's one thing. Or all they have to do is put in the name of the company, and then your name comes up. So, now we know exactly who, um, so now we know exactly who, excuse me, I got to mute somebody, uh, the owner is, right? Which is, uh, not beneficial for you because now they decided to sue your business, and let's just say it goes to litigation, and you lose, then what happens, right? Because a lot of us, we are operating under LLCs. LLC stands for what? Limited Liability Company. The word "limited" is there. A lot of us, we don't even think about that, we just pass through, right? So, if it's limited, that means what? That the company has limited liability. Who do you think has that other half of the liability? Right? Because it didn't say "full liability." This is not a "full liability" business or company, it's a limited. So, that means that the owner or the authorized member of that LLC has the other half, has also limited liability, right? So, in the event of a lawsuit, right? In the event that you go to litigation and you lose, right? If that company, if your LLC cannot fulfill that judgment, then guess what happens? That judge might decide to pierce through the corporate veil. Whatever was protecting you, that invisible veil that was protecting you with this LLC, they're pierced right through it, and then what? That means they're going to come after the authorized member, which is you. And then what that means is that now they can actually seize your assets, they can garnish your wages, they can garnish your bank account, they can pretty much take anything and everything from you in order to fulfill that judgment for your company. You do not want that to happen. You will be putting yourself and your family at risk. So, that is why you don't want to have your business in your personal name. You want to have a trust on your business because that trust is going to take full liability for what happens to that company, right? So, in the event of that lawsuit, right? So, what's going to happen is you are going to actually remove yourself as the owner of that business. You're going to put the trust as the owner of the business now. And now, when they decide to sue the business and they pierce through that corporate veil and go, go to go after the owner, the owner is a trust. So, now they're going to go after that trust for whatever assets that trust has, right? So, it's very important that you have multiple trusts within your structure and that you don't put all of your assets or all of your eggs in one basket, okay? So, that is actually going to ultimately protect you, right? So, that trust that is going to be the owner of your business is going to be your first layer of protection between you and the company.

So, let's talk about probate. So, what I want to ask you is, if you have a house, right? You have a primary residence, and your house, right now, that you're living in, is in your name, right? In your personal name. And let's just say you didn't wake up tomorrow. My question to you is, how do you expect that house to be transferred from your personal name to your kids's name, to your children's name, to your spouse's name? So, that is the question that's on the table right now. Now, who wants to answer? Who we got? Who we got? Who we got? You can come off mute, you can let me know what you think.

"Unfortunately, probate." Exactly. Who answered that question? Who is that? Aton Washington. All right, Aton, exactly. So, he said, "Unfortunately, probate," and that is so correct. Why? So, that means that ultimately, it's going to be the decision of a judge, and you don't want that to happen. Why? Because that judge doesn't know you. That judge doesn't know your children. That judge doesn't know how hard you worked for that asset, for that home, right? And so, you already know that you want your children to inherit your house, and you already know that, um, you know, that they are going to ultimately be the beneficiaries, right? They're ultimately going to own the house. So, instead of you actually waiting for the state to do it, you want to do it yourself. So, all of us, we don't even know this, right? But all of us, we are ultimately going to end up with an estate. You can actually have the state do it, or you can do it yourself. What do I mean by this, right? So, if, let's just say that you have a will, right? And you, a will, a lot of us, we don't know. A will is a wish list, you guys, right? So, a will can't own anything. A will is going to end up in probate, right? So, you have a will, you thought that that was good enough. You put in your will, "I want, you know, my house to go to my daughter and my son, right?" So, the first thing that happens, right? With this probate process, is the state actually creates an estate for you, right? So, you decided that you didn't wake up tomorrow, right? And you have assets, you have a house, you have a car, you have, you know, money in the bank, six, seven figures in the bank, and you only had a will. So, what happens is the state, wherever you live, let's just say you're in Nevada, the state of Nevada is going to create an estate for you, and they're going to transfer all of your assets in that estate. So, the house, the car, the bank account, the money, whatever it is that you have, right? They're going to transfer it into that estate, okay? And the first thing that they do is now your estate needs to be represented. It's going to go to probate, so it needs to be represented by a probate attorney, and it's going to go to probate court, right? And so, the first thing that that judge is going to do is pay off your debt. So, let's just say you had hospital bills, medical bills, nursing home, you had student loan debt, you had credit card debt, all those, all of those things, right? The judge is going to pay off all of your debt first. And then, after they pay off all your debt, then the probate attorney needs to get paid, then the probate court takes their fees, and then whatever is left over is what your children get. Your children get the leftovers. And I've seen it so many times where the individual's debt is so much that they are forced to sell the house. And like, kids, like, like us people that we want our inheritance, right? We're like trying to fight for Mom and Dad's house, and there's nothing that we can do because the judge decided to sell it so that Medicare and the nursing home and all these other frivolous things get paid. So, you don't want that to happen. So, you, you don't want to do your family a disservice because at that point in time, they just lost the most important person of their life, which is you. So, instead of them grieving, you're actually dragging them through the court process, through the court system. That's the last thing you want to do. So, like I said, you already know that you want your children to inherit your properties, your assets. So, why are you going to drag them through probate when what you can do is you can create your own estate? Don't let the state of Nevada, the state of Georgia, Florida, New York, don't let them do it for you. Do it yourself. So, that means that you need to have your affairs in order. You need to create your own trust estate. You need to put your assets in the trust estate actually legally, and then you need to list your children or the beneficiaries, because then that process is going to be avoided. A trust is the only way to avoid probate. So, unfortunately, all of us, we're going to go through probate unless we have a trust, right? Because now, if you have a trust and you decided, "Hey, I'm not going to wake up tomorrow," guess what happens? Nothing. Why? Because everything's going to remain intact because your house is going to stay in the name of the trust, because the bank account is staying in the name of the trust, because your children are the beneficiary, and they're going to benefit from all the assets and the money that's inside of the trust. And guess what happens to your debt? Your debt dies with you. Why? Because those creditors cannot come after your trust estate because the creditors issued credit to you, a natural person, not to the trust. The trust is a separate entity from you. That is the scenario that you want for you and your children, especially if you're walking around here talking about building generational wealth. It actually has to last until the next generation. So, don't let your children lose their inheritance to probate. I see it all the time.

Let's get back to the presentation, you guys. Hold on. All right, I got a couple more slides for you, and then we're going to start Q&A, okay? All right, guys, so let's talk about how to actually build wealth with the trust. This is my favorite topic. Right, we always hear this term "trust fund baby." We always hear these terms, and so we actually need to know how to structure this whole thing properly, right? And so, this is how it goes. You have three pillars here, all right? This is the wealth-building formula. The first pillar, you see, is structure. The second one is credit. The third is invest. Okay, so let's focus on the first one first, which is structure.

So, when it comes to structure, it's so important that you're properly structured. And if you're not structured the right way, you need to get restructured, okay? Because that can actually determine how fast or slow you actually build wealth, okay? So, this is the structure that I recommend. I recommend that you have multiple trusts within your structure, right? Multiple trusts. A lot of you guys on the call, you guys are entrepreneurs, business owners, you have multiple businesses, right? A lot of you guys are investors, you have multiple assets, right? And so, you need to already have this mindset that you're going to have multiple trusts within your structure, why? Because different trusts are for different things. Different, they serve different purposes, okay? So, that's the first thing. The second thing is what I mentioned earlier, which is you're not going to put all of your assets in one trust. You need to spread them out throughout different, um, different types of trusts, okay? In the event that that trust is sued, all your assets are not going to be in that one trust, okay? Think about it. So, I recommend that you guys have a business trust, especially if you're an entrepreneur, business owner, or you want to build business credit. The second one is a personal private family trust. So, that is for your personal assets or for the assets that are within your family. Um, and then the next one is a tax-exempt nonprofit trust. So, you want to, within your structure, you want to have a for-profit entity, and you want to have a nonprofit entity. All of the big businesses do it, and this is the type of structure that you need to where you have both, okay? That is what's going to maximize your wealth building. It's going to actually accelerate it because you're going to be reducing taxes that you can allocate in other places.

So, let's start from the top, you guys, and let's talk about the business trust. So, what is it? So, this type of trust is designed to act as a holding company or to manage other entities, specifically other, other companies or businesses like LLCs and corporations, okay? So, you can use it for that purpose, or you can use it if you don't have an LLC or a corporation, and you want to now start doing business, then you can set up a business trust, and you can operate a business under a business trust, okay?

So, let's just say that you already have a business, you have an LLC or a corporation, right? Well, remember what we mentioned earlier, right? LLC stands for Limited Liability Company, right? So, what you want is you want to set up this business trust, and this business trust is now going to be the authorized member of your LLC or a shareholder in your corporation, okay? So, you can remove yourself from the company, from the business. You don't want anyone to know that you are the owner or you have ownership interests in that business, okay? So, that's the first thing.

So, now that the, um, now that the business trust is acting as a holding company and is the authorized member for your LLC, what's going to happen is your LLC, whatever your LLC is generating, right? So, let's just say it's generating $100,000, well, that money can then now flow into the business trust, okay? So, so that $100,000 is going to be, um, like a K1 distribution, and it's going to be distributed to the business trust. And on the LLC side, your tax liability then becomes zero. You do your normal taxes as you would, but whatever goes to the owner, whatever is the owner distribution and goes to the business trust. So, let's just say $100,000 came into the business trust. The thing that I love about these entities is that you spend the money first, and then you're taxed on the leftovers. That is the way that you actually want, you know, want to be taxed, right? Uh, versus how we're taxed personally, which I'll get into just a little bit. So, you're going to spend the money first, and then you're going to be taxed on the leftovers. So, you spending money first is your operating expenses, right? So, what does it cost for you to operate this business? So, you get to write all of those operating expenses off, right? So, let's, let's just say it costs $30,000 for you to operate this business trust. So, now that $30,000 is deducted, right? And then you have the $70,000 that's left. So, now you have to pay taxes on the $70,000. With this type of entity, it can be taxed anywhere between 10% upwards of 39%, depending on the income.

So, what, um, the beautiful thing about this type of entity is that it can actually, um, distribute those funds, and now the taxes will be owed or have to be paid by the Beneficiary. So, that $70,000, instead of you paying taxes on it, you're going to distribute it to the Beneficiary, and then the tax liability for the business trust is now zero, right? So, you, um, deducted your operating expenses, and then whatever, whatever's left over, you distributed it to the Beneficiary. So, what we do is we make the Beneficiary of the business trust the private family trust, why? Because you are conducting business, and that money that you're generating, you need to spend it on your family, right? If you're a full-time business owner, entrepreneur. So, with that being said, so with that being said, um, that money, that $70,000 is now, um, is now distributed to the private family trust. And once again, we start this process all over again. So, you spend the money first, and then you're taxed on the leftovers. So, now we have $70,000 that just came in. It is considered income. We do have to pay taxes on it, remember, 10 to 39%. But what we're going to do is we have operating expenses. What does it look like for you to actually operate your family, right? Because your children are the Beneficiary. So, what do you have? You have assets. The assets are what? Your primary residence. So, what, what does that entail, right? So, you have mortgage, you have utilities, you have groceries, you have a car note, you have insurance, you have all these things, right? So, those are all operating expenses for the trust. So, they're going to be all deducted. So, let's just say you have $50,000 in operating expenses. So, now you

get to deduct that from the $70,000, and now you have $20,000 left. So, that $20,000, you're going to have to pay 10% taxes on it, right? So, you can clearly pay your 10% taxes, or another thing that you can do, additional, um, to, you know, what to your other deductions, is you can donate. Why? Because you have a nonprofit, tax-exempt trust within your structure that you have the liberty of donating to. So, you can donate whatever you want, um, of that $20,000 to even reduce your, uh, tax liability even further.

So, now let's just say that you decided to donate $15,000 out of that $20, right? So, now that $15,000 goes straight, um, you donated it to the tax-exempt nonprofit trust. And so, now on the Family Trust level, you have $5,000. So, you're going to pay 10%, um, taxes on that $5,000, and you're done. And then for the tax-exempt trust, you just had $15,000 come in, but it's tax-exempt from federal taxes. So, you do not have to pay taxes on that $15,000, okay? And you can use those funds for whatever you want. You can buy crypto with it, stocks, you can put it into your business, you can do whatever it is that you want to or need to do with those funds. Um, if you have philanthropic endeavors, if you have other charities that you are, um, collaborating with, you can, you know, use those funds for whatever it is that you need to, um, use them for, okay?

So, now, so now let's talk about the actual tax-exempt trust. What is it, right? So, this trust is actually designated as a 508(c)(1)(A), okay, per the IRS code, okay? So, what that means is that it is a nonprofit, and it's automatically exempt from federal taxes. Why? Because it's actually, um, a mandatory exception to not having to, um, apply for a 501(c)(3) because of its designation. So, this actual entity can be labeled as a church, can be labeled as a faith-based organization, um, can be labeled as a ministry, right? Um, it doesn't have to be religious, it can also be educational-based as well. But if it's designated as this type of entity, like a faith-based organization, right, you have to understand that there is a separation between church and state. So, with that being said, is you don't have to, if you're labeled as a, um, church or a congregation or, um, an auxiliary or anything like that, then you don't have to file to be exempt from, um, paying federal taxes. You're automatically exempt from paying federal taxes. So, you don't have to go through the 501(c)(3) process, okay?

So, with this type of entity, you are automatically exempt from federal taxes. But you can also qualify to be exempt from state taxes, from city taxes, from county taxes, from property taxes, from sales taxes. You do have to apply for those exemptions, okay? But you don't have to apply for the federal exemption. So, with this type of trust, like I was telling you earlier, it can actually help you reduce your taxes, which is what you want. So, just imagine, let's just say that you are a W2 employee, right, and you make $100,000 per year, right? So, what you can do is you can donate up to $60,000, or 60% of your annual gross income, to the actual trust, right? And so, once you do that donation, instead of you being taxed on $100,000, now you're going to be taxed on $40,000, because 60% of it went to you donating to your own nonprofit, okay? So, think about that, because just imagine you being able to save that much money to now you can allocate it to you getting assets, stocks, right, um, real estate, crypto, whatever it is that, whatever assets that you want to acquire with the money that you're going to be saving on taxes, okay?

So, let's move on to the second pillar. So, the next one we're talking about is credit, right? The first thing I want to tell you is because you have a nonprofit within your structure, which is the tax-exempt, um, the 508(c)(1)(A), the ministry trust, you can qualify for nonprofit grants, okay? So, that is you, um, you know, actually using those funds, right, for, like I said, whatever philanthropic endeavors that you have. But that's you putting yourself in a position to where you can use OPM. That is what you want to do, right? So, um, the other thing is that you can actually build credit with your trust, right? So, let's just talk about the business trust. With the business trust, you can build business credit. With the business trust, why? Because the business trust is going to be issued an EIN, and you're going to build credit off of that EIN, just identically the same as you would with an LLC or a corporation. So, that is you putting yourself in a position to where you're using OPM, other people's money. That is what you want. That is a position that you want to put yourself in. Why? Because right now, you're probably just using or relying on your own personal credit, which is nice. But just imagine you being able to now leverage a second credit profile, which is a business credit profile, because with business credit, right, businesses actually get higher lines of credit than on the personal side. So, that's why you want to put yourself in the position to where now you're building business credit for the business trust that you can now use for funding. That's what you want to do. That is how you want to fund your trust fund with credit, OPM, which is you getting lines of credit and credit cards for your trust, okay? So, think about that, because it's vitally important, and that takes a mindset shift, right? Sometimes it takes us to, um, do things a little bit different than how we've always been doing it, okay?

So, now that you know that you're going to leverage credit and you're going to use OPM, other people's money, um, the next, um, the next that I want to talk about is invest. So, there's two very important assets that you need to acquire, right, or that I recommend, which is one, an index universal life insurance policy, and then the second one is real estate, right? So, with the index universal life insurance policy, right, that is your liquid asset, right? But then you have real estate, which is your tangible asset, okay? So, you have many assets in your trust, and I'll talk about that in just a minute, but just, you know, just keep that in mind, okay?

So, let's talk about the, um, the index universal life insurance policy, okay? So, this policy, right, is what we call a cash value life insurance policy. Me personally, um, I talk about this policy, I love this policy. Why? Because I have five IUL policies. Why? Because I have five people inside of my trust, and so my trust has actually taken out a policy on all five individuals, okay? So, with this policy, like I said, it is, um, it's a cash value life insurance policy. So, that means that you get to build cash value, which is what you want. A lot of us, when we think about life insurance, right, we think that life insurance is supposed to be used when we're dead. But in fact, it's supposed to be used when you are alive. That's why it's called life insurance, right? So, you're supposed to be using it while you are living because it has a lot of living benefits. One of the, the most beautiful living benefits is you actually accumulating cash value that is going to earn compound interest, right? So, that is what this type of policy does, okay?

So, with the cash value life insurance policy, you have like a whole life policy that also builds cash value, and then you have what we call the IUL, the index universal life. That's my favorite. That's the one that I have, right? So, with this policy, right, it's building cash value, and you see the term index in there, right? Which means that it's actually going to mirror an index, right? So, what is an index? An index is an indicator. So, um, you have different types of indices. You have the Dow Jones, you have the NASDAQ, you have the S&P 500, right? Those are just to name a few, and we're specifically talking about the stock market here, okay? So, you get to choose whichever index you want to mirror, okay? So, usually we do the S&P 500, which is tracking the top 500 companies in this country, the United States, okay? So, with that being said, just imagine the performance of the top 500 companies, right? So, usually, um, the stock market gives you anywhere between like 8 to 10%. That's on average. It could be lower, it could be higher, okay? So, with this type of policy, right, your cash value, or your money, is not inside of the market. It just mirrors it. So, that means that whatever the stock market does, let's just say it does 9%, right, the, um, the company, the insurance carrier, is actually going to match that 9% and give you a 9% return on your cash value, okay? So, whatever money is inside of your cash value is going to earn that 9%, okay? So, the whole goal is for you to accumulate as much cash value as you can inside of your policies, which is a beautiful thing because you want to put yourself in a position to where you are paying yourself first, right? So, this is a concept that, um, that a lot of us, we use it, and it is, like I said, it takes a mindset shift, okay?

So, um, when it comes to you paying yourself first, right, a lot of us, what is it that we do, right? So, let's just go through this process. So, let's just say that you're a W2 employee, right? Well, it's Friday, it's payday. What is going to happen? The first thing that happens is the IRS takes their cut, right? Social Security takes their cut, Medicare takes their cut, your 401(k) contribution takes their cut, right? So, after that, then you get what we call the leftovers. So, all everyone is already paid first. They already took their withholdings and their portion, and whatever is left over from your paycheck is what you get. The leftovers go where? They go direct deposit into your bank account. Who are you banking with? Chase, Wells Fargo, Bank of America. So, now your money, your hard-earned money, is going into Wells Fargo, right? And you're making Wells Fargo rich now, okay? How, how is that happening, right? So, your money is going into Wells Fargo, and what are they doing? What are they doing with it, right? They are lending it out for what? For credit cards, for mortgages, for auto loans, right? They're lending out your money, and they're making billions of dollars, right? One thing that I need you to know is that with a bank, right, their number one investment, a lot of us, we think the banks are getting rich off of giving mortgages and credit cards. But in actuality, their number one investment, or their number one asset, is life insurance. So, they have what we call BOLI, Bank Owned Life Insurance policies, okay? So, if the banks are putting their money into life insurance policies, do you think that you also should be putting your money into life insurance policies? Just think about that, okay?

So, now your money went direct deposit into Wells Fargo, okay? And how much money is Wells Fargo giving you, right? Because remember, they're issuing credit cards and student loans and car loans. How much are they giving you? So, your money is sitting there in the checking account, and they're giving you 0.003%. That's how much money you're making off of your money, right? And the whole goal is for our money to be making money for us. We don't want to continue to work 40 hours, you know, a week for 40 years and retire when we're 65 and not have enough to sustain our retirement, okay? So, with that being said, right, the bank is giving you 0.00 nothing, okay? But what you can do is you can put your money into your cash value life insurance policy, and how much is the insurance carrier going to give you? They're going to match the market, right? They're going to give you whatever 7%, 8%, 9%, whatever the market is making, okay, or producing, okay? So, that is one thing that you need to think about. The second, second thing is, what happens when you get paid? When we get paid, let's keep it real, right? So, we just got paid. The leftovers, let's say that the leftovers is $5,000, right? You just got paid. It's Friday. You made $5,000, okay? What's the first thing that we do? We pay the mortgage or the rent. We pay our car note. We pay our car insurance. We buy groceries. We pay utilities, right? We got the lights on, all kind of stuff, right? AC's running, all water is flowing, everything. So, we pay everyone else first. You pay your mortgage company first. You pay your utility bills first. You pay your, um, car note first before you pay yourself first, right? And then what happens after we paid all of our bills? We either got nothing left, or we got a little bit, maybe like, you know, $500, $1,000, and we just let it sit in our checking account. That's the process. That is us being in the, the hamster wheel or the rat race. So, we need to get out of the rat race, and the way that you do that is by changing your mindset and by you deciding to stop getting into that vicious cycle that you're in and actually pay yourself first before you decide to pay the mortgage company and the groceries and all this stuff. So, how are you going to do that? What does that look like? When your money comes in, your $5,000, instead of you paying your rent or your mortgage, what you're going to do is you're going to funnel your money into your policy, into your IUL policy, okay? So, now that $5,000 that came in, you're going to deposit it into your life insurance policy. Your cash value is going to go up by $5,000, right? And what, and now you're going to make 8%, 9%, 10% off of that $5,000, instead of you paying all the bills first and you only having $500 left and you put the $500 into the cash value life insurance policy, okay? But what I'm explaining to you right now, it takes time. This is not an overnight thing. This is after you have already have your policy, been paying your premiums, and you have cushion in there, why? Because you, you already need to have money in your cash value life insurance policy because, why? What happens, right? Well, well, you actually need to pay your rent on time. You actually need to put gas in your car in order to be able to make it to work. You actually need to put groceries and food on the table, right? So, what's going to happen is you are going to take out a loan, right? And that loan is going to come from the insurance carrier's money. It's not going to come from your cash, um, your cash value. So, your money, your $5,000 that you just put in there, right, it's going to stay inside of your cash value earning the 9%, 10%, right? But like I said, you need to pay your bills. So, you're going to request a loan from your carrier, and that loan, that money is going to come from their reserves, is going to come from their own, you know, own pocket, right? And it's, it's usually not 100%. So, what they're going to do is they're going to look inside of your cash value and see that you have funds in there, and they use it as collateral, right? So, now that they know that you have funds in there, they're going to say, yeah, you're eligible for a loan, and we'll give you, you know, $4,800, right? Um, and so now they direct deposit that $4,800, right? They do a, or they'll mail you a check, whichever one you want, into your checking account, okay? And so, now you are able to pay your mortgage, you're able to, um, buy the groceries and do all the things that you need to do, right? But your $5,000 is still working for you, earning compound interest inside of your cash value, and you took their $4,800 to be able to pay your bills, right? That loan that you took from the insurance carrier, it does not need to be paid back. Why? Because it's going to be deducted from your death benefit. So, one of the, one of the many benefits of you actually having the cash value life insurance policy is that it has a death benefit. Let's just say it's, you know, $1 million, right? So, in the event that you don't want to pay back that $4,800, it's just going to be deducted from that $1 million, from your death benefit, okay? So, that is the beautiful process of you actually paying yourself first. Like I said, this is not an overnight thing. So, this takes time in order for you to build up your own bank. So, what you're going to do is, instead of you relying on Wells Fargo and Bank of America and City Bank and all these other banks, you need to create your own private bank, which is you actually setting up this cash value life insurance policy, and you using that as your bank. So, majority of my money is held inside of my policies, and that is the type of, like I said, mindset shift. I'm not going to use any other word but that, because that's what it takes. It takes you shifting your mind from you being done with receiving the leftovers, from you being done with being on the hamster wheel, to you now saying, hey, I am going to pay myself first. Hey, I am going to get this policy, and I'm going to start earning compound interest, right? So, that is, uh, the first asset. The second asset is, well, no, let me, let me rewind back. So, with the, the life insurance policy, how you tie it in with the trust is, the trust is going to be the owner of the policy. The trust is going to be the payer of the premiums, and the trust is going to be the beneficiary of the policy. Why? Because if anything happens to you, guess what? The, um, the trust fund is going to receive that death benefit, and I'll talk about that in just a minute, okay?

So, the next thing that I want to tell you guys about is real estate. So, when it comes to real estate, right, you guys, um, definitely need tangible assets, and you need, you know, multiple assets. So, with real estate, your trust can actually take out a mortgage. Your trust, excuse me, guys, I was sick last week. So, your trust can actually get a home equity line of credit, okay? So, with that being said, um, you want to put your trust in the position to where it's actually going to start cash flowing off of the assets that it has, so that it can actually sustain itself, okay? So, the trust needs to be put in a position to where it has, it's generating its own income, and you don't have to be pouring in the money from your business or from your job in order to sustain the trust, okay? So, how are we going to do that? Well, like I said, OPM, other people's money. So, when it comes to real estate, you guys can qualify for Debt Service Ratio loans, okay? So, those are investment loans specifically for income-producing assets like real estate, where you can get up to 80% of the purchase price for this real estate. So, if you're going to get this type of loan, and it's going to give you 80% of whatever the purchase price is, then you need to know that you need to come up with a down payment. So, you need to come up with at least the other 20%. Where is that money going to come from? Well, that money can actually come from the business credit that you guys are building. So, you guys are now qualifying for credit cards and for lines of credit on the business side because you decided to build business credit with a business trust. So, now let's just say that you have two credit cards, each of them are like $20,000, $30,000, right? So, now you actually pull out the money from the credit card, and you pulled out a total of $50,000. That $50,000, you're going to use it as a down payment for this home, for this, uh, duplex or triplex that you're purchasing, right? So, that is extremely, um, important. What you can do is, one strategy that you can do, and everyone's scenario or case is different, so, um, just know that, you know, this strategy can apply for you, or maybe it won't. I, I'm not sure. So, everyone is, everyone is different, right? Your, your credit might, um, factor into this, so just think about that, okay? But, um, a strategy that you can use is, when you're pulling this money out of the credit card, right, the first place that you can park this money is actually inside of your policy. So, that $50,000 that you're about to use as a down payment for real estate, you can actually funnel that money into your life insurance policy, and now your cash value goes up by $50,000, and then you decide to borrow it back out, right? Um, and then what you're going to do is you're going to use it for the down payment for real estate. So, now that $50,000 is actually working inside of your policy, inside of your cash value, earning compound interest. So, that's the first way that that money is generating income. But then the second, um, way is you actually using it as a down payment for real estate, and so now this home or investment property that you purchased is now cash flowing. So, it's earning, you know, it's earning revenue every single month, okay? And so, that money, that cash flow that's coming in from that property, what is going to happen, right? Well, you're going to be able to, um, pay off the, um, you're going to pay towards the business credit card, and then you're going to pay towards the mortgage, right? And so, now it's going to be cash flowing, and whatever else that's left over is going to go into the trust, okay? So, you are putting the trust in a position to where it is going to sustain itself. It has multiple assets, and these assets are earning compound interest or cash flow, okay?

So, let's keep moving on. We, um, are almost done. So, the next, um, thing is how to actually transfer the wealth, right? We are so busy making the million dollars, we never ask ourselves, how am I going to transfer this money to my children? Right? So, you need to put yourself in a position to where you own nothing, but control everything. And I'm going to say that again: put yourself in a position to where you own nothing, but control everything. That is the definition of stewardship. That is what you want to do, guys. You want to be good stewards of your wealth versus what you're doing now. What you're doing now is you're operating in ownership, which means that, hey, I have this house, and I'm so proud to be the owner of this house. I worked so hard for this house, right? And so, you're focused on, um, being the owner of the property, when in fact, that is not your goal. What is your goal? Your goal is to actually control that property, right? Um, and so, with that property, right, let's just say that you didn't wake up tomorrow, right? That property is still going to be there, like, exactly where that house is, that house is still going to be there. So, what you want is to control that house while you're living, okay? You don't necessarily need to be the owner of the house, you just need to have control. And that's what a trust can do. A trust can give you control over that asset while you are alive. That is what you want, okay? That is you being a good steward of your wealth, and you actually, you know, guiding the wealth in the right direction to where it's being multiplied, um, and is growing over many generations because of that solid foundation that you are putting forth today, okay?

So, now, so, like I said, be a good steward of your wealth. Stewardship, stewardship, stewardship. So, let's move on to the next thing, which is TCU. TCU stands for Trust Certificate Units. So, just like stock certificates represent ownership in a business or company, TCU represent beneficial interests in a trust, which is what you guys want. So, the TCU actually go, or issued to the beneficiaries, okay? So, um, the beneficiaries have, you know, um, a certain amount. So, for example, your trust, when you create it and you fund it, now it gives the trust value to where the trust now creates 100 trust certificate units. Those units are then dispersed to the beneficiaries, right? So, um, like I said, it's 100 units, they cannot be fractionalized, so you have to give out whole units. So, let's just say I'm one of your beneficiaries, so you just gave me 25 TCU, right? So, now that means that I have 25% of beneficial interest in the trust. So, let's just say that this trust has a net worth of a million dollars, that means that my ownership interest is valued at $250,000 because I own 25 units, um, of the TCU, okay? So, that is, um, that is one of the ways that you're going to put yourself in a position to where you're going to protect the wealth and make sure that it's transferred the right way, okay?

So, the, the last way is preservation. So, a lot of us, like I said, we are focused on building the wealth, we're focused on making the money. How many celebrities, rich families, actors, athletes have we seen where the money doesn't even make it to the next generation? They blow all of it, or it doesn't last, like it's gone by the second and third generation. We see it all the time. Why? Because they don't have the tools that we're talking about now. They don't have a trust set up where they have what we call spendthrift provisions, right? Where you get to control the money from the grave, and you get to tell the beneficiaries, no, you can't go on lavish vacations, or you can't, um, use money on illicit drugs and and all of this, you know, frivolous spending, right? So, that's why you need to have, um, preservation tools in place. So, what can actually help you preserve your wealth? Well, one is a trust. That's the number one component is that you need a trust. The second thing is the life insurance, right? So, I just mentioned in the previous slide how important life insurance is. So, here I'm going to show you a different aspect of it. So, when it comes to preserving your wealth, you need a trust, and you need the cash value life insurance policy, okay? Um, and the first thing that happens is, or the first thing that you need to be aware of is that the trust has multiple assets, but the trust has what we call human assets or human capital. Those human assets are you as the trustee and the beneficiaries, right? So, those are all of the key players inside of the trust. So, if the trust has physical assets or tangible assets like real estate and vehicles and crypto and cash and all this stuff, right, that they ensure, the trust also has human assets that the trust needs to ensure, okay? So, that means that, um, the trust is actually going to take out a life insurance policy on every single person associated with the trust, meaning the trustees, right? So, you as the trustee, and all of the trustees, right? So, if you have 10 trustees, then, and which you can have an unlimited amount, then the trust is going to take out a policy on all of you guys, plus the beneficiaries, plus the future beneficiaries, okay? So, that, um, so that you can actually ensure their life, right? So, like I said, in the previous slide, right, the trust is going to be the owner of the life insurance policy. The trust is going to pay the premiums every single month, or quarterly, or, you know, yearly, and the trust is going to be the beneficiary of the policies, and the insured is going to be you and the beneficiaries, okay? So, that is the most important thing. Why? Because you are the most important asset inside of the trust, and if anything happens to you, the trust is actually suffering a, you know, a great loss. It's going to be detrimental to the trust. So, the trust needs to be compensated for their loss, which is you. So, that means that that death benefit, let's just say you have a $2 million death benefit on your life, then guess what? That death benefit, that $2 million goes straight to the trust, and then guess what? The trust is now replenished. The trust now just received $2 million. That is how you're actually going to preserve the wealth that you're building, right, with ensuring your life and everyone that's associated with the estate, okay? Is vitally important. So, now the trust is going to do that for the beneficiaries and all the future beneficiaries. So, inside of our trust, we have provisions that say that when there's a beneficiary that comes into the trust or is born into the trust, they are going to receive a policy. Though, the trustee is now going to take out a policy on that new baby, right? If there's a beneficiary that's born, as soon as that baby's 30 days old, the trust is going to take out a policy, a cash value life insurance policy on that baby. The trust is now going to be paying into that policy and building up cash value for who? For that baby. That baby is who? That baby is a trust fund baby. That baby is a beneficiary, right? So, now that money, that cash value, is now being accumulated, right, and it's compounding. So, then what happens, right? So, let's just say that this baby grows up, is 18 years old, and now that baby, it's time for them to go to college, right? So, that baby needs a car. So, what can that beneficiary do? That beneficiary can actually go down to the dealership, pull their credit, um, get, you know, get a loan for a $30,000 car, and can now get into, um, you know, in into a car note with the dealership and start paying $800 a month to the dealership for that vehicle. That's one scenario. Or, instead of them going through that whole process, they can actually go to the, the trust, why? Because they're a beneficiary of the trust, and they're able to take out loans, right? So, trustees and beneficiaries are able to receive and give loans to the trust. So, that beneficiary goes to the trust and says, hey, I would like a loan for $30,000 so that I can get a vehicle. So, the trustee issues out a check for $30,000 and hands it to the beneficiary. The beneficiary signs the promissory note and hands it to the trustee. So, now, instead of the beneficiary paying the dealership $800, now the beneficiary is going to start paying a smaller amount, let's just say, you know, $300 to the trust, um, and the trust is charging, let's just say 2% interest. So, now the trust is making a little bit of interest and receiving those funds back in increments in $300, okay? So, that is one of, you know, that's one aspect of it to where the trust is earning interest, okay? But let's just say that the beneficiary decided to default and they didn't want to pay the trust anymore for their, um, for their $30,000 loan. Well, what happens is that $30,000 loan was a risk-free loan, why? Because the funds did not come from the trust fund. The fund actually came from the beneficiary's life insurance policy. So, the trustee actually contacted the insurance carrier and took out a loan, you know, against their, against their cash value on their policy for the $30,000. So, that money, the $30,000, came from the insurance company's reserves, and it was a payment direct deposit into the trust fund, right? And so, because the trust is the owner of their policy, right? So, now that money went to the trust fund, and then at that point, the trustee was able to issue out a check for the $30,000 to give it to the beneficiary. So, it is a risk-free loan because the money came from the insurance company, and that money doesn't need to be paid back. Why? Because that $30,000 is going to be taken out of their death benefit, right? So, once that beneficiary dies, right, they have a, let's just say a $3.5 million death benefit, that death benefit is going to go to the trust fund. So, now that loan is paid back, and the trust fund is replenished with $3.5 million. So, that is the tools that you need in order to preserve wealth. That is how you are going to ensure that your wealth that you're building right now is actually going to last many generations, 8, 9, 10, 11 generations into to the future, right? But you have to set up the foundation now. You have to get your affairs in order now. You have to start using the trust and establishing these cash value life insurance policies now.

So, let's wrap it up, you guys. These are the books that I recommend. So, I recommend, "What Would the Rockefellers Do?" It's a really good book. It teaches you about what the Rockefellers do, right, which is what they actually use trusts and life insurance in order to build and preserve their wealth, okay? So, you can learn a lot from that book. The next one is "The Art of Passing On," Book Volume One and Two. So, that's a really good book about trusteeship. It teaches you guys how to actually operate a trust, right? Um, the next one is "Family Wealth," right? So, that teaches you how to run your family like a business. Your family is a business. You are the CEO of your family, okay? And so, you need to, um, look at it that way because now you're going to be operating your family, um, and it's actually called a family office. So, you guys get to learn how to implement that, right? How to make sure everyone has their the right roles inside of this family office that you're operating as a business. All right. And then the next one is "The Complete Book of Trusts," which teaches you about the multiple different types of trusts, okay? Um, which is you actually doing your research and your due diligence. So, what I want to show you is a quick video on, um, on one of the trustees that actually took action on the information that I provided you guys with tonight. Well, kudos to you all again, Christina. It's been a wonderful experience. I've been looking at your videos on, uh, YouTube for a while, and, you know, there are a number of people offering trusts these days, and, you know, I guess that's the big thing, you know, "Don't own anything, control everything." That kind of, I didn't say it correctly, but that is the sentiment. And so, the, it seems like the, the playing field is being leveled now for the rich and people who weren't privy to this information. So, thank you for being such a great asset to a community that didn't, uh, have this information, and you made it so simple. Um, thank you for the recordings, uh, thank you for the step-by-step instructions, things that we can go back, go back and look at. So, we do appreciate you and thank Mondo. That.

So, take action on the information that I provided you guys with tonight, right? So, tonight I gave you, um, a structure that you guys can follow, and this can be your new form of doing business and actually making profit inside of your business, right? Why? Because you can actually learn how to protect your assets and to save on taxes so that you can build wealth efficiently and effectively. That's why you came here tonight, to learn how to build wealth using these trusts, right? So, you need to treat this like a big business, not like a small mom-and-pop shop, right? You need to treat it like an Amazon, like a Facebook, like an IBM, and a Google, something huge, right? Because that's what it's going to be, um, as long as you, you know, take heed on what I, uh, mentioned. So, what I want is for us to work together, you guys. So, I actually have a course where I teach you all of this information. So, with the course, it's do-it-yourself. It's 43 video modules, and what happens is you actually get access to the templates to all three trusts that I mentioned. So, you get the business trust, the private Family Trust, as well as the tax-exempt nonprofit trust. And so, what you do is you watch the videos, you download the templates, you start customizing them for your specific business or your family. And I'll show you what, um, one of the templates looks like. So, you get lifetime access to the course and the modules. You also get all the resources that you need in order to actually operate your trust the right way, you guys. So, that means that if you need to, um, file taxes, you get all of the, um, the the templates that you need to file your 1041, right? If you need to have a board meeting, right, a lot of us, we don't have meetings for businesses, and so if you need to have a meeting, then we give you the templates for that. If you need to open up a bank account, we give you the templates for that, right? So, everything that you need in order to operate your trust, we give it to you. You also get the ebooks. So, all the books that I just mentioned, some of those books are valued at over $700, you get them inside of the program electronically. We also have a private Facebook community with over 300, um, trustees that actually have already gone through what you guys are about to go through. So, you get to network with them. And then we have a Telegram chat where we get to chat with each other and constantly, you know, learning and sharing information and becoming a resource to each other and masterminding with each other. So, the course is only $997. And the second option is done with you. So, done with you is where we actually do it together as a group. So, it's me and you on Zoom with, um, a group of other individuals, and we actually do it in a workshop style. So, it's actually five days. So, it's actually Monday through Friday. It's from 11:00 in the morning to 2:00 PM Eastern Standard Time. So, on Monday, we set up the business trust together. So, I break down every single paragraph of the trust. What you need to know is that, um, you want to actually know the contents of what you're about to operate, right? So, you're about to operate a trust, you need to know what's inside of the trust contract. So, I break down every single paragraph so that you can learn that, okay? Um, and then, um, so that's on Monday, right? So, it's a business trust, and then we go through Q&A. On Tuesday, we set up the Family Trust together, and then we go through Q&A. On Wednesday, we actually set up the nonprofit tax-exempt trust together. We go through Q&A, and then I also teach you guys how to become, or ministers, if you want to. And then on Thursday, we apply for the EIN with the IRS. So, we do that together, and then you learn about how to build business credit for the business trust and how to get business funding. So, I bring in my, um, my guest speaker, his name is Brian Dorsey. He comes in and he teaches you guys. So, he gets people, you know, he raises over millions of dollars, over tens of millions of dollars every single year, um, in funding. So, he's going to show you how to get the funding that you need for your trust fund. Um, and then we actually have a board meeting so that you can open up your bank accounts, and then we do promissory notes so that you can actually fund, um, you can document how much you're going to fund your trust fund with. And then on Friday, which is the last day of the workshop, what we do is we actually transfer assets. So, if you have a house, we do the quick claim deed together. If you have a car, we do the bill of sale together. If you have a business, then we do the amendments with the Secretary of State together. And then the last thing that we learn about is infinite banking, which is the concept that I was showing you guys today, where you can actually have the trust get the cash value life insurance policies or the IULs so that you can start paying yourself first. So, you learn all of that in the workshop, and you get lifetime access. So, you still get the course, you still get the Facebook community and the Telegram chat, and all of this stuff, but you get lifetime access to be able to go to all of the workshops. So, our workshops are every four weeks, and you definitely want to be in a group setting because you get to be in a space where other individuals, where they ask questions that you didn't even know that you wanted to know, right? So, you actually learn more, but you get, um, our assistance, right? So, you get hands-on assistance, so that, you know, that your trust is being set up the right way. So, after you're done with the workshop, then you get a personal one-on-one with me, where I'll review all of your trusts, make sure everything is correct before you go get it notarized, okay? So, um, that is if you don't want to do it alone, right? Um, the workshop is only $2,500, okay? So, you guys can go to wealthytrustee.com in order to be able to, you know, um, to enroll into the wealthy trustee program. And for the individuals that are on this call today, you guys can get, um, you get, you get to enjoy 20% off. So, if you enroll in the next 24 hours using the discount code TRUST20, then you get to enjoy 20% off, okay? So, um, this is our contact information. So, you can either call or text this phone number that you see on the screen, or you can go to our website, wealthytrustee.com, or you can send us an email, or go to social media.

So, now what I want to do is I want to show you what the course looks like. I want to show you what a trust looks like, and then we're going to dive into Q&A. I want to answer any and all of your questions. So, here is what the actual, um, course looks like. So, like I said, um, it's 43 video modules. So, you start with the introduction, and then we go, um, dive into the foundational education. So, the foundation is you actually learning what a trust is and the different parties in the contract, okay? So, you learn who is the grantor, the trustee, the beneficiary, the successor, the protector, the benefits of the trust, and the types of trust. Then you start actually setting up the ministry trust. So, we break down the declaration, the articles, the bylaws, and then you learn how to apply for the EIN. The same thing goes for the Family Trust, where we break down all of the sections inside of the contract, and then you get to learn how to set it up, as well as apply for your EIN. And the same thing with the business trust. And then we dive into tax strategies so that you can actually reduce your taxes. So, we show you how to operate tax-exempt, the difference between the three different, uh, trusts that you're going to be operating, how to apply so that you're tax-exempt, as well as how to determine what is, um, your income and how to avoid any tax evasion. That's not what we do here. So, next is asset protection, which is exactly why you came here. All right. So, one, you have to actually take an inventory of your assets, so you know which assets are going to go inside the trust and which assets are going to stay out. Then you learn how to actually open up a bank account for your trust, a brokerage account, and how to transfer your house, your car, your insurance policies, your companies, and how to have board meetings for your trust. And then we go into wealth creation. So, with wealth creation, we teach you first is how to get the money. So, you need to build credit so that you can get the money for the actual trust. And then how to invest it, so you can learn how to invest in the stock market, and that can actually be through you, um, investing in index funds or REITs, and then, um, a specific, um, asset allocation guide of how you want to split your money up in different investments. And then the infinite banking, um, then we show you.

about the Legacy Crest so that you can create a crest for your family, um, and leave that Legacy. And then we have all the resources that I told you guys about, all of the templates and the ebooks.

Okay, so this is what an actual trust looks like. So these are one, this is an example of one of the templates. So everything that you see in red is what you guys are going to be customizing in the actual trust. Okay, so this trust is 60 pages and like I said, everything that you see in red is what you're going to be customizing. So you have all your articles, which are your provisions, and these are the provisions that are going to hold up in court and that are going to actually protect your assets. And this is the, the direction of how you want your wealth to grow and how you want to preserve it. Okay, so with that being said, we are all done and I am opening up the floor for Q&A. So, um, raise your hand or if you are in the chat, you can go ahead and put your question in the chat and I'm here to answer any and all questions that you guys have about anything that I went over tonight. And I'm going to look inside the chat. So let's see here. All right, any questions?

Yeah, I have a question. Go for it. What's the difference between having a spin thrift trust and a spin thrift provision?

Oh, okay. Um, I mean, so they're, they're pretty much the same, right? So, and anything that's inside of a spin thrift trust are provisions, right? So those are the rules and regulations. They're different articles. So a spin thrift trust is, is specifically for how you want the beneficiaries to be able to spend the money, right? So they're spec, that trust is specifically for controlling the beneficiaries and the distribution, right? And then the provisions are pretty much everything that's inside of that trust. Those provisions are the same thing. So it's the rules and regulations of how you want the beneficiaries to be able to spend the money or receive the money or dispose of the money or allocate it, you know, all of those, um, all of those guidelines. So that's pretty much it. So you have one trust that's only tailored specifically to that. And so usually what people do is they will actually create a spin thrift trust per child, um, and then they'll have those spin thrift trusts be the beneficiaries of their bigger trust, which is their Family Trust. So that's a strategy.

Got it. Thank you. You're welcome.

So someone asked, can someone open up a trust in the UK? So they have international trusts where you can pretty much operate it, um, internationally. Um, but you have to check, you know, your specific, uh, country. So I'm not familiar with the UK. I can't really answer that question. Um, someone was asking about whole life versus term. So I'm not an insurance, uh, agent, but what I do know is that the main difference between whole life and term is that whole life, you get to build that cash value, right? Versus term, um, is mainly for the death benefit, right? So you're just ensuring your life and making sure that your family receives money when you died. But the whole life has the living benefits, which is what you want.

Um, all right, next we have Annie. Hey Christina, how are you? I'm doing good. How are you? I'm well, thanks for asking. Um, I have a question. If you want to put a partnership LLC in a trust, is, do you handle it differently than if you were doing a single member LLC?

Um, so, so yeah, you would, um, this is the way that I do it and most people do it. So if you have, um, an LLC with multiple members, then what you want to do is you want to have a separate, you want to create a business trust. And then you want to have all of those members that you're going to be removing from that LLC become trustees of the actual trust. Okay, so let's just say you have two partners, right? So you're going to remove both of those authorized members. You're going to have one business trust be the owner of that LLC, and both of those members are going to be the trustees of that business trust. And then the beneficiary is going to be your own individual trust. It's going to be the own trust.

Okay. Yeah. So like if you have your own personal trust, then your personal trust will have like 50% of the business trust. And then if your partner has their own personal trust, then their trust will have 50% of the business trust.

What about if they don't have a trust? If they don't have a trust, then they have to list who they want as a beneficiary. So it can be a human or it can be another entity.

Okay. Yeah. Um, okay. The, the example you were giving, the other question is, uh, the example you were giving on the trust babies and how, how do you like, how does the trust acquire all the funds to be able to fund all these insurances? You know what I'm saying? Like, like in the beginning, obviously, um, I just, I'm just trying, it's a lot to digest, so I'm trying to figure it out.

I know, I know it is. And I'm gonna tell you, take, uh, baby steps and take it one bite at a time, okay? So, and that's why I was telling, um, you guys, when it comes to the insurance, right? It takes time to build up, right? Um, but the way that you are, there's two ways of funding a trust, right? So you're either going to use your own personal capital and you're going to issue a loan to the trust, and then the trust will eventually pay you back. And if you don't have the funds, then you have to generate it from thin, from thin air, which is actually creating that credit, right? Creating that, um, that business credit with the business trust is actually going to put you in position to where you can get then acquire the funds that you need in order to fund the insurance policies or get other assets for the trust.

Okay. All right, perfect. Thank you. The last question is, um, I don't, I'm not able to get on the calls during the, you know, the your live sessions. So, so what do you recommend? Because I know that I have different things that I want to do, not so, which is confusing for me right now because the language and the lingo is is new, but there's a lot. I do have multiple LLCs and I do have assets that I want to move into the trust. So I know I'm going to have a lot of questions. So what do you recommend, um, outside of the Facebook group? Like, how do I navigate having getting the answers and being able to, you know, leverage you, um, um, to be able to structure everything correctly? Because I know you said that, um, you do check on the one-on-ones to make sure that the trusts are set up correctly. So I, how do I do that if I, if I'm not doing the one-on-one?

Yes, so, um, the first thing is that everything is recorded, right? So, um, one, if you're, you know, because you're not able to attend the workshop because of the hours, the workshop is recorded. So once you go through the recordings for the workshop on your own time and you're able to start setting up the trust, you just write down your questions. So I'm available and my team is also available, right? So, um, so you can email me, um, you can also call, call the number, right? So the number that you receive the text messages on, you can call that number and I will answer, right? Um, and then you can also book a call at any point in time. So you can just get on my calendar, um, at any point in time. If and and if any of those hours don't work for you, you just let me know because sometimes I've met with people at 9:00 AM just because that's the time they got off of work, right? So, um, you know, I try to be as flexible as, uh, as possible and considerate of, um, other people's schedules as well. But once you start the foundational stuff, which is going through all of the workshop recordings and actually implementing and starting your templates and stuff, then you just book that one-on-one call with me on your time, right? Whatever time that works for you. If it doesn't work for you, you send me a message, you email me back and forth, and we'll find a time that's conducive for both of us, um, and then I'll answer all of your questions and, um, and then I'll review all of your documents too.

Okay. The one-on-one calls are only eligible for the, the second tier, not the, not the do-it-yourself, right? So, yeah, so with the do-it-yourself, with the do-it-yourself, you're pretty much like on your own. I'm still going to answer your questions, but I don't spend hours and hours going through all of your, all of your documents and stuff like that. I do it as a courtesy, but it's not included.

Okay. Perfect. Thank you so much. You're welcome.

All right, next we have Tina. Hey Tina. Hi, how are you? I'm fine. And you? Quick question. With the faith-based organization, can you build credit with that trust?

Yeah, you can. You can build credit with any trust because you're building it with the EIN.

Okay. And by it being private, can you, um, list it with the Secretary of State?

You can if you want to, but it's not recommended. But, um, but you can. So some people decide with the FB that they want to put it with the Secretary of State because it's easier for them to get funding for their nonprofit.

Got you. And one more question. Far as the grantor, who has to be the grantor? Like for the religious church, the faith-based organization, can God be the grantor? Or it has to be a person?

So it has to be someone who's able to, you know, to sign. Um, so it could be an entity. Um, doesn't have to be like, it doesn't have to be a human. It could be an entity. Um, but there has to be someone who's able to sign for that entity.

Okay. Got you. Thank you. You're so welcome, Tina. Thank you.

All right, next we have Terrence. Hey Christina, how are you? I'm great. How are you? I'm good. You're working hard. This is like the third time I've seen you this week doing this.

I know you hear my voice, right? I do. I'll be quick. Um, so once you get your assets into your different trusts, um, let's say your, your permanent, I mean, your residence, you live in. Do all your bills and things like that have to be in the trust name?

That is such a good question. If you want to, um, to deduct it on your taxes, then yes. If you want them to be considered an operating expense, yes. So for example, that asset that you're talking about, if it's your house, right? Then once your house is in the trust, that trust is, um, now financially responsible for that asset and everything associated with that asset. So the trust is now, um, the owner of the house. The trust is now responsible for the taxes of the house and all of those utility bills. You can actually transfer into the name of the trust. So your phone, so like my phone, I'm with T-Mobile and it's in the name of my trust, right? Um, your electricity, your water, your gas, all of those utilities can be now in the name of the trust. And then you can deduct those as operating expenses.

Great. So what about, um, other properties that, or maybe investment properties that are in my business trust that I want to use as deductions as well? Yeah, that I don't live in. Do I put those in the trust name and then I guess charge the tenants the monthly bills? Or I don't, not really sure how to structure that.

If you want to, if you want to. So, so there, you know, there's a lot of investors that, um, that do it that way. And I'm also one of those investors to where everything's all inclusive. So you, you are the one that paid for the utilities, water, and everything, and you charge them one price that includes, you know, all the utilities, internet, and everything. So if that's the strategy that you want to use, yeah, and that's what I do.

Okay. Cool. And then lastly, um, when you start to build business credit with your business trust, are you in any way pulling it out of that common law jurisdiction or out of the private into the public?

For sure. Yes. So you are creating a public profile or a public record, excuse me, for your business trust if you are going to start building credit for it. So credit that's commerce. And, um, and with that, you're now disclosing that one, the trust exists. That two, you are the trustee or the representative. So you are pulling it into, um, you know, out, out of common law. So you, the, what you want to do is, if that is what your strategy is, you want to just create a separate trust specifically for building credit. You don't want to use that business trust for being your holding company or any other reason. So you don't want to have assets in there like your investment properties and stuff like that. You want to have a private trust that you're not building credit with that's going to actually hold your investments. So one thing that you can do is you can have one business trust that you're building business credit. You can acquire the, um, the business credit and you can even acquire the assets and then deed them over to the private trust.

Oh, okay. That makes perfect sense. Or I guess build a trust with the LLCs an option as well, I guess.

Yeah, that's definitely an option. Yes, that's a good option too. It's easier.

Okay. That makes sense. Thank you so much. You're welcome. Thank you, Terrence.

All right, who else do we have? Who's next? Um, let's see here. Somebody asked about the replay. So our replay is going to be available on, um, the Seven Ways to Wealth YouTube channel. So if you go into the chat, you will see the link for the YouTube channel. I think, let me see, do we have the link here? I'll look. Um, the next person said, I want to start a business this year. Um, I also want to set up the three-part trust structure. Which should I do first? Thinking of the trust structure.

So if you want to start a business, um, and you also want to start a trust, you have to understand that you want to create, create the owner of the business before you create the business. So if the business is going to be owned by the trust, then you want to set up the trust first. Why? Because if you go down to the Secretary of State right now today, and you don't have a trust, you're going to have to put your personal name as the authorized member. And then in a few months, when you go and set up the trust, then you're going to have to come back to the Secretary of State and do an amendment and remove your name and put the business trust. But the original articles of organization is always going to be available and they're always going to be able to see that you were once an owner of that business. So if you're able to do it correctly, the right way, the first time around, that's the route that you want to go through, or to versus I'm doing it the second way, which is making all these amendments and changes. So set up the business trust first, and then have the business trust open up the LLC.

Um, any other questions? Is the unincorporated business trust the only trust we want to build credit with?

I mean, you can build credit with any trust, but you're building business credit, so it should be, you know, you should designate the business trust to build the business credit. But you can build credit with your private Family Trust if you want to. I don't recommend that at all. You want to just have your personal assets in there for you and your family. Um, and then you, you can build it with the, um, with the faith-based, um, ministry trust as well. So you can choose any one of the trusts because you're building business credit off of your EIN, and you're going to get an EIN for all three entities. So, um, but I recommend you do it with the business trust.

Um, what if you made a trust right before someone tried to sue you? Is it still safe?

I mean, if they didn't start the litigation yet, but if you are already in litigation and then you try to transfer assets or do anything funny like that, um, they are going to definitely identify that you're trying to commit fraud. So, um, if you have, if they haven't started, you know, suing you or haven't started any legal proceedings or anything like that, then you're fine.

Can the beneficiary become a trustee?

Yes, the beneficiary can be a trustee. Um, and if it's an irrevocable trust, then they cannot be the sole beneficiary. So there needs to be at least one other beneficiary in order for that beneficiary to serve as both the trustee and beneficiary.

Does the express trust have to have an EIN?

No, it's not required. It's easier for it to have an EIN, but you can get also, um, a 98 number, um, or you can just not have an EIN. It's not required.

Can the grantor be the one for all three trusts?

Yes. And can you set up the business trust first? Yes, you can set up any one of the trusts in any order that you want. Um, but if you're going to do this structure, then you want to do everything simultaneously versus just doing it one by one.

If you put your property into an irrevocable trust before foreclosure, can they still foreclose?

So I mean, it just, it just depends on, um, on the process that you've taken. So it's going to be, if your property is in an irrevocable trust, it's going to be very challenging for the bank to foreclose on you. But I don't know how far in the process you are. So if they haven't, um, started it yet, um, then you should be okay. But it really depends on if they've already gone, um, through the county and stuff.

How much to just do the minister class?

So everything is a part of the program. It's not just a, like a one, one. You can't just pay for one class.

Do I need to print the whole trust contract for the notary process?

No, you don't. You can just only get the, um, the pages that need to be notarized. You can just print those pages and get them notarized. You don't have to provide the whole trust.

[Music]

Um, so Matt said, um, so would I set up the public business trust and also keep a private business trust? I missed the answer you gave regarding that.

Well, yes. So if you want to build business credit, that is going to be on the public side. So you don't want to have assets in that business trust that you're building business credit with, and you don't want, um, that to be serving as your holding company for your LLCs or your corporations. So you do want to have two separate ones. One is going to be private where you can house assets, and the other one is going to be public where you're going to be building business credit.

I currently run a company that helps with business credit and funding. Do you offer a white label or an affiliate program?

Yeah, we do have an affiliate program. So let me see if the link is there. Yeah, so the link is there. Join our affiliate program. I'll go ahead and put it. Oh, man, hold on one second. So that's the link to. Okay, perfect.

AA, can you put the link to the Facebook? I mean, not the Facebook, the, um, this, the YouTube channel? I don't see, I don't see that there.

Um, oh, yeah, it is there. Okay, my bad. So, um, the replay is going to be available on the YouTube channel. So you can go to the link in the chat so that you can rewatch it or you can send it to your friends or your family. And then we do have an affiliate program. So if you want to become an affiliate, you can click on that link and we do give a 25, 20% commission for anyone that you refer that enrolls into the program. And, um, and if you guys are, uh, interested in getting that 20% off, but you know that you can't do it within the next 24 hours, then what you can do is you can put down a deposit today or within the next 24 hours. And the deposit is only $200. And then that will actually, um, that will actually hold your spot so that you can receive the discount of the 20% off. So if you are interested in putting the deposit down, then you can go ahead and click on that link. And then, yeah, I could put it in there so you can click on that link, put down your $200 deposit, and then whenever you're ready to pay the rest so that you can take advantage of that discount, then you, uh, will just let us know whenever you're ready to pay the balance off.

So our next workshop is going to be, um, June 29th. I mean, excuse me, July 29th until, um, August 2nd. So that last week of this month is our next workshop. And like I said, it's Monday through Friday, 11:00 AM to 2:00 PM. And we pretty much get everything done in one week, you guys. So if you're intentional about, you know, getting your trust set up, if you're ready to change your family's life, change the trajectory of your kids' kids, and now start raising them to be trustees, then you want to get into the workshop, you guys, because that's the best way to really dive into this information. It's very thorough. And like I said, you're going to be amongst other trustees, so it's a group, um, setting, just like this. And like I said, it's, um, you know, you, we hold you accountable. So we really hold your hand through the whole process. We make sure that you get, uh, everything done. And then after the workshop, um, I will meet with you individually so that, um, so that I can make sure that everything is, uh, correct. And you can go ahead and get everything notarized and open up your bank accounts and start transferring assets.

So, uh, any other questions? Terrence said, if an asset that has a mortgage on it, um, can't be switched to the name of the trust, is it still tax deductible?

So if it's, so the asset that has a mortgage on it, because it is owned by the trust, it is an operating expense. So you can, you know, consider it like kind of like a, a headquarters or an office for the actual trust. And you can, um, sorry, I got distracted. Um, you can, um, you can deduct it. So you can deduct either the entire thing or a portion of it. It just depends on your specific tax strategy and then what, what you, you know, what you discuss with your, with your CPA or your accountant.

So the next class is going to be, uh, July 29th to August 2nd. And it's 11:00 AM Eastern Standard Time to 2:00 PM Eastern Standard Time. And on Mondays, we go through the business trust. So we set it up together and then we dive into Q&A. Tuesday, we set up the Family Trust together. We dive into Q&A. Wednesday, we set up the nonprofit trust together. I show you guys how to become ordained ministers in five minutes, and then we dive into Q&A. On Thursday, we go through business credit and business funding. We do board meetings so you can open up your bank account. We do promissory notes so you can document how much you're going to fund the trust fund with. And then we apply for the EIN with the IRS. And then Friday is the last day that we focus on assets. So we focus on doing the quitclaim deeds for any real estate. We do bills of sale for your vehicles. We do business purchase agreements and amendments with the Secretary of State for your company. And then we focus on, um, infinite banking. So our infinite banking specialist comes in and teaches you guys about the cash value life insurance policies and how to have your trust be the owner, payer, and, um, beneficiary of the policies.

All right, any other last questions? Again, the deposit for the discount. Can you put it up again to receive the 20%?

Yes, so Aika is going to put the deposit link again. That's if, if you're interested in putting the deposit so you can get the 20% off, then click on that link because it's not going to be available anywhere else. So as soon as I close the Zoom, the link is not available.

Um, any other questions before we wrap it up for the evening? I really appreciate you guys being here tonight. Um, most of you guys stayed for the entire webinar. So any, yeah, so any other last questions, comments, concerns, anything?

I already, I'm sorry. I'm sorry. I just wanted the total price again.

Oh, okay. So the course, if you want to do the course, it's independent. It's by yourself. It's on your own time. You get lifetime access to it. The course is $997. It's very thorough. If you, um, and then if you want to do the workshop, you still get access to the course. So you get everything. You get the course and the workshop. So if you want to do the workshop, the workshop is every four weeks. You get lifetime access to every single workshop that we do. Um, and the workshop is like, the next one is coming up is the 29th to the 2nd. And the workshop is $2,500. So you guys get to get 20% off, um, for the next 24 hours using the discount code Trust 20. And if you don't have the, the, um, the entire amount, then what you can do is you can, um, hit that link to put down a $200 deposit. And then you can pay the whenever you're ready. Um, and we also have payment plan options available as well. So you'll see that on, um, on the website.

And any other comments, questions, concerns? Chanel said, if I wanted to add my LLC to an irrevocable trust now and add the life insurance policy and other assets later, could I do that?

Yeah, absolutely. You can do, um, amendments to your trust and you can add or remove assets at any point in time. So if you wanted to sell your business and remove it, you know, three, four years down the line, you can do that. So all you have to do is just an amendment, um, and you're just amending the assets that are inside of the trust. So you're removing or adding, and you can do that any point in time.

Any other last questions, comments, concerns?

I have one question. Yeah, go. Retire and I have a Thrift Savings and they're going to penalize me. Can I just put the money into open up a trust and have it sent there so they won't penalize me?

Yeah, so it's, what did you say was a Thrift Savings? Yes, I work for the Post Office and it's a Thrift Savings. It's like a 401. And I don't, I would like to just put it in the trust because instead of being penalized, I don't know if I will still get penalized, but can I just, oh, for for taking the money out?

Yes. Yes. So, um, so if you want to take the money out, you can put the money into a trust. You can also create an investment account for the trust too. So you can actually open up like, um, you can open up a brokerage account with like Charles Schwab or Fidelity or any one of these other brokerages and then you can open up, um, you can put that money into the brokerage and you can, you know, invest it or do, you know, do whatever, whatever you want with it. But you can open up an account for the trust and put those funds in there and have that money, um, grow in another way.

Okay. Thank you. You're welcome.

Okay, Christina. Yeah, for her here. I'd like to, I retired from the city, so I was wondering, I read somewhere where you could take the bulk of your pension and put it into your trust or your IUL.

So that is a really good question for our infinite banking specialist. So, you know, I'm not really sure about, you know, the pensions and everything like that, but I've heard of those types of things where they're taking out of their investments and putting it into their IUL. So, um, so what I'm going to do is, let me see, is her link on there? See, I don't see it. Oh, it is. So you see where it says book a call with our insurance partner Herman? Do you see that?

Okay. Yes, I see that.

Okay. So can you click on that? And then what I want you to do is book a call with her. And then she'll, she'll be able to, um, to really thoroughly answer your question on your specific case. Um, okay. And for anybody that is on the call, if you guys have any questions about the cash value life insurance policies, the index universal life insurance policies, whole life, or anything like that, go ahead and click on that link now. Get on her calendar because, like I said, she's phenomenal. She's thorough. Um, she helped me with my policies. She really, um, is a trustee and knows how to set it up correctly so that you're building high cash value. So, um, go ahead and click on that if you want to start discussions, uh, with her about building wealth with the cash value life insurance policies.

Okay. Okay. All right. So, well, I, I already gave you a down payment. So I'm gonna make sure I have it. I'm gonna make sure I have it in because I'm doing the group thing.

Okay. I'm not, I'm even gonna try to do the individual.

Right. Yeah. But I'm telling you, that's the best option. Is to do it as a group. It's very thorough. It's going to blow your mind. You're going to love it. Trust me. Trust me. So I'm excited. Herman, yay! Thank you very much. You're so, I'm excited too. Well, I'm taking off. You know, I have a side gig where I drive limousine, but I told them I won't be there.

Oh, okay. Okay. I say I'm, I got to get this done.

Yeah, exactly. Time is now. Yes. I'm so excited. All right. And thank you so much for everything. You are amazing.

You're welcome. Thank you. Thank you.

All right. And then we have Tina. Tina, you have a question?

Um, yes, one more question. Can the grantor be a relative?

Um, yeah, the grantor can be, um, related to you. It's, uh, preferable that the person is not related to you, just in case of any like audits or lawsuits, but they can be, you're so, they can be a blood relative. Yes.

Okay. Thank you for everything.

You're so welcome, Tina. Thank you.

Um, and then Annie said, if opening up a brokerage account, um, should it be opened in a trust first or LLC, then a trust?

So you can open up the brokerage account directly with the trust. So it doesn't have to be with the LLC. So that's what you want. You want the trust to be the owner of that brokerage account. And then that's where you're able to do your investments, like your index funds or your stocks, your REITs, any of those things. Do it through the brokerage account that's owned, um, by the trust or in the name of the trust.

All right. All right. All right, guys. Well, thank you.

Well, thank you so much. And I'm gonna say good night and I will see you soon.

You're so welcome. You're so welcome. Thank you, Herman. Peace and blessings. Yes. God bless you. Yes.

Does the lady do cash value life insurance?

Yes, she does. So she is a, um, a specialist when it comes to cash value life insurance. So go ahead and click on that link, um, and then book a call with her. And she is going to look at your individual case. Okay? So she's going to look at everything that you got going on specifically, uh, with your, uh, finances and what you're looking to do, um, with using with using the cash value to build wealth. And then, uh, the last question is, what is the difference between a trust nonprofit and a nonprofit organization?

So the difference is that with the nonprofit organizations and foundations, you have to go through the 501c3 route. So you have to actually apply for it. You can either get approved or denied. And then, um, you have to also, so, um, provide them with your records every single year. And then you also have to give like a certain, um, you know, percentage, um, to a, to like charity or a certain, uh, group. Versus the, um, with the nonprofit trust, none of those rules apply. So you don't have to apply for exemption, and then you don't have to give a certain percentage, like 5 to 20%.

Do you have to get the new EIN in, um, if the address changed?

No. So all you have to do is you have to fill out the 8822B form. So you can Google that form. It's on the IRS website. And that is to update the personal information for the entity. And so you'll just put the new address on there and then you'll turn it into the IRS.

Um, all right, guys, you guys have an amazing, wonderful night. Thank you so much for being here. God bless you. And