Spendthrift Trust Explained: Benefits and Drawbacks You Must Consider ]Sally Gimon]
Spendthrift Trust Explained: Benefits and Drawbacks You Must Consider
On this episode of the Investor Financing Podcast, Beau interviews Sally Gimon, Senior Transition Specialist, Public Speaker, and Travel Enthusiast at https://thetrustisyou.com/.
A spendthrift trust is a type of irrevocable trust that is designed to protect the assets of the beneficiary from being spent recklessly or seized by creditors. The trust is set up in a way that the beneficiary cannot control the assets directly, and instead, the trustee has the discretion to distribute the assets to the beneficiary in a way that protects the assets from creditors or from being spent too quickly. Spendthrift trusts are often used for estate planning, asset protection, and tax planning purposes.
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(01:23) Beau introduces Sally Gimon on the show
(02:54) Purchasing of property with LLC
(03:29) What Would the Rockefellers Do? How the Wealthy Get and Stay That Way ... and How You Can Too – Book by Garrett B. Gunderson
(05:29) Setting up a spendthrift trust for income, what are its features
(08:15) What are the differences between a spendthrift trust and a personal property trust or land trust and others
(09:52) Crazy rule in North Carolina about spendthrift trust
(12:47) How to set up the trust and use it for business purposes
(13:58) Calculation of rental income and taxes
(17:21) Using the trust for business, beneficial trust, debit cards for food, fun, and fashion
(17:57) Differences between business trust and beneficial trust
(20:29) How to separate different deals and consider having multiple beneficial trusts for different purposes
(20:50) It’s more beneficial to have only one beneficial trust and one business trust working together, rather than multiple LLCs or S Corps
(22:20) Deciding about having multiple entities and personal choices in deciding whether or not to close them or not
(23:37) Are there annual fees on trusts?
(23:53) How to save money by using the law firm
(24:28) The importance of having a spendthrift trust and testimonials from others who have used the service
(24:50) Go to www.thetrustisyou.com/ to find resources about trusts
(26:11) Cost of setting up a trust with the law firm and what the trust preparation involves
(27:13) The use of a trust to save on taxes before selling a property
(29:27) Saving a significant amount of money on taxes by using a trust to sell their warehouses
(29:53) The 1031 exchange process and how it can be difficult to follow the rules and timelines
(32:04) Sally shares a story about liability, trust ownership in real estate, the privacy of trust ownership, and avoiding lawsuits
(35:52) Where to go to find out more about Sally Gimon
If you'd like to ask me a question about real estate, do it here -- https://investorfinancingpodcast.com/ask
💥 Thanks for watching 💥
#SpendthriftTrust #llc #lawfirm
About Beau: Beau Eckstein is a real estate entrepreneur, TV personality, and commercial mortgage advisor, specializing in construction financing and multi-family lending.
🎥 The video interviews we do on IFP will help you scale your real estate business and learn how to finance all your projects.
About the Channel: Want to structure your investments in the right and secure way?
Learn great insights and make the right decisions through the Investor Financing Podcast hosted by Beau Eckstein.
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