))
Ep. 63 What is a Spendthrift 643B trust (with special guest Sally Gimon)
Manage episode 439330136 series 3573046
Content provided by Erin Gray | Financial Mentor and Guide and Erin Gray | Financial Mentor. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Erin Gray | Financial Mentor and Guide and Erin Gray | Financial Mentor or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
Have a question? Send me a text message.
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).
Compassionate financial mentor and guide to female entrepreneurs so that they have peace of mind and fun with their money in order to live life now and in the future.
Generate a Life Well Lived website
New to Human Design? You can receive your Human Design chart here
As always, thanks for listening.
From my soul to yours.
Erin
Chapters
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)
67 episodes
Share
