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Your Money, Your Rules | Money Mindset, Budget, Personal Finance, Human Design, Female Entrepreneur
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Ep. 63 What is a Spendthrift 643B trust (with special guest Sally Gimon)
Manage episode 439330136 series 3573046
Sisällön tarjoaa Erin Gray | Financial Coach, Former Certified Financial Planner and CFO, Erin Gray | Financial Coach, Former Certified Financial Planner, and CFO. Erin Gray | Financial Coach, Former Certified Financial Planner and CFO, Erin Gray | Financial Coach, Former Certified Financial Planner, and CFO tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.
On today's podcast I invited Sally Gimon, a real estate investor on the podcast to discuss Spendthrift 643B trusts. She explains how this trust saved her from hefty tax bills. We delve into the origins, legal foundations, and practical applications of the Spendthrift Trust, illustrating its potential for high earners, especially investors. Sally provides insights into the trust's benefits, such as long-term wealth preservation, legal protection, and financial privacy.
On this episode we discuss:
- What is a Spendthrift 643B trust
- Who might benefit from this trust
- The tax saving advantages
- Disadvantages of the trust
If you would like to learn more about Sally, you can connect with her on her website here (https://www.thetrustisyou.com) or her YouTube channel (https://www.youtube.com/@sallygimon).
Want to learn more? Here are your next steps:
Step 1: Join my FREE Facebook Community
➡️ Join here: https://www.facebook.com/groups/941450038160915
Step 2: Ready to feel more confident with your money using Human Design? Join my FREE 4-part video workshop series where I show you how to use your unique decision-making skills with money.
➡️ Sign up now: https://generatealifewelllived.com/create-financial-ease-with-human-design
Step 3: Want to work together to transform your relationship with money and build true financial confidence?
➡️ Book your 1:1 coaching call here
Money doesn't have to feel overwhelming. Let's create a strategy that feels aligned and empowering for you.
From my soul to yours,
Erin
Luvut
1. Ep. 63 What is a Spendthrift 643B trust (with special guest Sally Gimon) (00:00:00)
2. Introduction of Sally Gimon (00:03:16)
3. Sally's background and personal experience with taxes (00:04:12)
4. Explanation of what a spendthrift trust is and its historical background (00:06:14)
5. Who can benefit from a spendthrift trust (00:07:12)
6. Difference between revocable and irrevocable trusts (00:12:03)
7. Distribution rules and taxation for beneficiaries (00:20:00)
8. Benefits of the spendthrift trust (taxes, privacy, lawsuit protection, exemption from Corporate Transparency Act) (00:22:13)
9. Potential drawbacks or challenges with spendthrift trusts (00:24:47)
10. Dealing with financial institutions and trust documentation (00:29:49)
11. Availability of spendthrift trusts through different law firms (00:37:05)
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