How Many Discretionary Trusts Can I Have?
The best kind of discretion you can have, you want to be able to have control over those various assets using this thing called land trust and personal property trust.
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Hi! My name is Lou Brown. I’ve been asked. How many discretionary trusts can I have? Well, it really depends on what you’re trying to accomplish. Now, one of the ways that I deal with that question is I put each asset in a separate trust. You might think to yourself, well, that’s going to be expensive Lou! Well, what if you already had the forms disk and you could create each trust yourself? That’s exactly what I do. We already have the paperwork. It’s already done. Once you do one as a model, then you can do that duplicatably. So then to have one trust and have multiple things within that trust to me is putting all your eggs in one basket, unless it’s a very specific kind of trust. So when you’re outside of that realm, then the best way to do it is to put each asset in its own trust.
And I use something called Land Trusts. Land trusts and Personal Property Trusts. The Land Trusts are for real estate and Personal Property Trusts are for everything else in your life. Stocks, bonds, mutual funds, bank accounts, et cetera. Your vehicles can be in trusts. So those allow you to put each asset kind of insulated and isolated from everything else so that you have, if there’s an attack, or if there’s an issue with one particular asset, it’s not going to infect or affect the rest of the assets that you have. And that is the best kind of discretion you can have, right? Is that you would be able to have control over those various assets using this thing called Land Trusts and Personal Property Trusts. Now, there is another type of trust that I teach that is a very advanced trust. And for some of you that would make sense.
Now I’m going to be training that at our upcoming event, it’s a four day event it’s called MaximumAssetShield.com MaximumAssetShield.com. You can learn more about that. We’re going to go soup to nuts through the entire process of how to set up the trust. What type of trust to use? What type of other entities might be involved? LLCs. Corporations. Limited partnership. We’re going to talk about taxes. Taxes are a big, huge benefit where you can grow your business dramatically. Using the benefits of taxes that using the combination of trusts with your knowledge about taxes, man, you can advance your business dramatically. Not only tens of thousands, hundreds of thousands, and over a lifetime, millions of dollars can be saved simply by understanding the tax code better. So we’re going to definitely delve into some things that most CPAs aren’t aware of.
Most attorneys are not aware of. And definitely most financial planners are not aware of. So it’s going to be you actually learning it for yourself. Why not turn it over to the professionals? Well, one of the things is that you don’t quite understand what’s going on. So I suggest that you really understand what’s going on when you’re going to be burying the bones. And that means burying the bones in the backyard, we’ve got to have a map to all of those different bones. And we got to know what we’re doing, why we’re doing it, and then certainly have it reviewed by an attorney after you do all the understanding work and setting one a model trust up. Once you get that approved, boom, boom, boom, boom, boom! From now on, you’ll have the autofill software and you can just create the trust yourself.
So that’s an opportunity for you definitely to come to a training, learn more about what it’s all about. And then once you have that understanding, you’re really able to advance your business in a remarkable way. MaximumAssetShield.com or you can call our number 1-800-578-8580. Love to see you there. Yeah, baby!