How Do Trusts Work?
This is a great question!
One of the great things about trust is that you can set it up that your assets are protected.
This is one of the things that I cover with my training at
This is one of the most valuable things you can learn.
Learn yourself of what you’re up to.
You can find out more on the website along with a home study course.
Planning your estate is a very important thing.
So I hope to see you there. Yeah, baby!
Hi! It’s Lou Brown. And I’ve been asked. How do trusts work? Now that’s a great question because the great benefit is that we’ve got an entity here that most people don’t know about. Attorneys. CPAs. They go down a different road. Now, why does somebody need a trust in the first place? Well, usually they’re looking for an entity of sorts. Well, there’s all kinds of entities. There’s LLCs. There’s corporations. Limited partnerships. There’s a whole variety of different entities. So the question would become, what are you trying to accomplish?
Now, one of the great things about trusts is that you can set yourself up so that your assets are protected. There’s sort of like a way from you. They’re in another dominion that you have control of, or you have influence over inside that trust. However, they’re not attached to you. So if anybody got a judgment against you personally, they wouldn’t be able to get to those assets. And it has to be set up correctly. And there’s some paperwork and there’s some provisions that you have to be aware of.
That’s one of the things I cover at an upcoming event, we’ve got a four day training called Maximum Asset Shield. And one of the great things about that training is you get to go inside what you’re actually trying to accomplish. And bring a deed with you to class. Bring a title with you to class. And learn yourself what you’re up to. And I call it where the bones are buried, right? You’re about to bury all the bones in the backyard. It’s a good idea to know, and have a map to those bones. And that’s exactly what we do at this four day training. So you’re given an opportunity to kind of review what your estate looks like, and then review what you want to have happen in your world.
And by the way, this is for people just getting started as well, so that they can learn how to do it the right way. Others have to go backwards and deal with all the assets that they currently have. Either way. We’ve got all kinds of folks in the room when we’re going through that training. So it’s important that you learn that trusts have a process. So it’s coming the asset, whatever it might be owned is being transferred from your name, your ownership, into the trusts name. The trusts ownership.
And one of the things I teach is go ahead and further separate your assets so that each asset is in its own name. Its own trusts. Create insulators for each of your assets, so that if anything happens with a particular asset, it cannot infect or affect the rest of the assets that you have. Very important that you think about what the real world is out there. There’s an awful lot of people that want to have what you’ve got. That they don’t want to do what you did to get what you got. They only want to have what you got.
So we want to put ourselves in a position to isolate, insulate our assets so that we are putting ourselves in a clear path to the money. And always think about that clear path to the money, right? Protecting your assets and the more that you’re able to retain, the more you’re able to invest. So there’s also some tax advantages. When you look at certain parts of the tax code, there’s some great, great benefits in the tax code. We’re going to be teaching that also at Maximum Asset Shield. You could find out more at MaximumAssetShield.com about the live event.
There’s also a home study course that you can learn about as well, but definitely planning your estate is a very important thing. Doing is even more important. So we could have the intention to do everything, but if you die, without that trust in place, just know that your family is going to have to go through that painful time consuming and expensive process called probate. That can be avoided. And the only entity on the planet that can avoid it is trusts. So I want you to learn that. It’s the most valuable thing you could ever be doing for yourself and for your family going forward. My name’s Lou Brown. I look forward to seeing you soon. Yeah, baby!