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  • Fresh Start Trust

    Lesson #1 Checklist – Starting at the Beginning ***This condensed version of the main lesson is for review purposes only. For an in-depth explanation of each of the items listed here, please refer to the main PDF file or the MP3 audio version.

    In this first lesson, we’re going to talk about: what actions you need to take to assure your home is protected from unscrupulous money grabbers and frivolous lawsuits. In this first lesson, we’re going to talk about: exactly what

    a trust is and the major differences between the two basic

    types. You will learn what perils might be ahead for you if you

    don't take action now to protect what you have and what you

    will have in the future.

    We'll be making some important decisions with the

    information from this first lesson. You'll be

    learning the difference between owning your

    Millions of Americans deserve a

    second chance. If done right, they will be financially secure for the rest of their lives.

  • Fresh Start Trust

    Lesson #1 - Starting at the Beginning Checklist

    © 2011 Financial Success Institute. All rights reserved. www.financialsuccessinstitute.org

    2

    business versus retaining full control of it

    although it is technically owned by a Fresh Start

    Trust. There are a lot of different types of

    trusts established for many different reasons.

    You need to know specifically why a Fresh Start

    Trust is designed the way it is if you want to

    fully protect your business and other assets.

    There are five important parts to any trust. When

    you finish this first lesson, you will know the

    differences. Once you have that information

    you'll understand other important concepts that

    go into creating your own Fresh Start Trust.

    What you will learn is not based on legal theory.

    Asset protection has been around for centuries.

    The rich use it all of the time so that they are

    not sued. These concepts have been tested in many

    court cases and by putting your Fresh Start Trust

    together following the step-by-step directions

    you'll be given, yours will stand up in court if

    need be.

    By the end of this very first lesson on Fresh Start

    Trusts, you will have the tools and knowledge you need

    to take immediate action. You won't need to wait to

    complete the entire eCourse. After this first lesson,

    you'll sleep better knowing you no longer need to

    worry about putting a bunch of hard work into a new

    business just to lose it in a lawsuit.

    For some, this

    concept is difficult to understand but the rich

    use it all

    the time

    You'll be ready to

    start planning

    your future as soon as you finish this first eClass

  • Fresh Start Trust

    Lesson #1 - Starting at the Beginning Checklist

    © 2011 Financial Success Institute. All rights reserved. www.financialsuccessinstitute.org

    3

    THIS eCLASS OBJECTIVE - Over the entire eCourse you'll be learning everything

    you need to know about protecting all of your assets.

    Both personal and business related. Al lot of people

    are familiar with the concept of using trusts to

    protect assets but very few understant the important

    aspects of trusts that actually accomplish this. If

    the trust is not created correctly it will not

    accomplish its primary objective of protecting your

    assets. A court will simply declare the trust

    dissolvable to allow creditors access to the assets.

    Correctly structuring your Fresh Start Trust is the

    primary objective of this eCourse. Throughout the

    modules, you will be given detailed instructions about

    exactly what you need to do to accomplish this

    important task. There will be variations depending on

    the laws in your state. You will use the concepts and

    instructions from this ecourse to work with an

    attorney that specializes in the trust law of your

    particular state.

    The specific objective of this first module is to make

    you familiar with the two primary differences in

    trusts. The Fresh Start Trust is an irrevocable trust.

    That is critical to asset protection. By the end of

    this module you will understand the primary elements

    of an irrevocable trust and the roles each one plays.

    When it comes to

    trusts, one size does

    not fit all

    You will need to

    share what you learn with an attorney

    specialized in setting up trusts

  • Fresh Start Trust

    Lesson #1 - Starting at the Beginning Checklist

    © 2011 Financial Success Institute. All rights reserved. www.financialsuccessinstitute.org

    4

    By the end of your first eclass, you will be prepared to begin

    taking immediate action. Specifically, you’ll have the

    following things in place…

     Knowledge of why you want to take all the equity in

    your business out of your name.

     Each of the five important elements that go into a Fresh

    Start Trust and the important role each of them has.

     Grantor

     Intention of the grantor (Trust document)

     Trustee

     Beneficiary

     Trust subject matter

     The big difference between revocable and irrevocable

    trusts and why making the Fresh Start Trust irrevocable

    makes all the difference from revocable trusts that offer

    no protection from lawsuits.

     What the big lenders are doing behind the scenes that

    could be disastrous for you if your business becomes

    successful and you don't have asset protection in place.

     The knowledge and tools you need to become an

    immediate action taker and be rewarded for being

    proactive.

    You will establish a business

    owned not by you but by a Fresh

    Start Trust

  • Fresh Start Trust

    Lesson #1 - Starting at the Beginning Checklist

    © 2011 Financial Success Institute. All rights reserved. www.financialsuccessinstitute.org

    5

    Major assets are always vulnerable to lawsuits. A great deal of

    free information about asset protection planning can be found

    on the internet. Most of it is simply wrong.

    Exactly What a Trust Is

    We hear the word Trust quite often in reference to protecting

    assets and minimizing taxes, but what is a trust exactly and

    how is it legally structured?

    Keep in mind that we are speaking in general terms here

    because of the many variations in trusts, state laws, and how

    different courts view them.

    General Description of a Trust There are four primary players or elements to a trust. They

    are:

     The Grantor

     The Trustee

     The Beneficiary

     The Trust Subject Matter

    The trust is a legal and separate

    entity from all the others. Some people find it easier to

    understand this concept by thinking of the trust as an

    "artificial person".

    Some will tell you that you need an

    off- shore trust but

    you don't

    Although you will benefit

    from the trust, you and it are

    legally

    separate

  • Fresh Start Trust

    Lesson #1 - Starting at the Beginning Checklist

    © 2011 Financial Success Institute. All rights reserved. www.financialsuccessinstitute.org

    6

    People set up trusts for a variety of reasons. The three main

    reasons are to avoid an inheritance estate from having to go

    through probate, to minimize taxes, and to protect assets.

    The Fresh Start Trust eCourse primarily deals with asset

    protection although it also touches on estate planning and

    taxes where appropriate.

    A trust is essentially a contract between the Grantor

    (sometimes called a settlor) and beneficiary that is

    administered by the trustee. The grantor initiates the trust by

    drawing up the contract and placing specific assets inside the

    trust. The contract is known as the "Trust Document" or "trust

    agreement". It specifies the who, what, where, when, why,

    and other conditions and terms for managing the assets.

    As you can see, there is enormous variation between

    individual trusts. This is definitely not a one-size-fits-all

    concept.

    The Trustee is an individual or law firm (many states allow it

    to be any competent adult) that the grantor entrusts the

    assets to. The trustee must follow the instructions established

    in the trust document. Generally, the trustee is obligated to

    manage the assets in the best interest of the beneficiaries.

    State statutes may or may not address the duties of the

    trustee. However, most of the law covering trustee's

    requirements is found in state case law or court opinions.

    You will not be the Grantor

    that is key to asset

    protection

  • Fresh Start Trust

    Lesson #1 - Starting at the Beginning Checklist

    © 2011 Fin

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