Welcome to Episode 21 of "Stop Paying Capital Gains NOW!" with Sally Gimon. In this episode, Sally introduces the concept of the Spendthrift Trust and its remarkable benefits. Discover how this unique trust, rooted in centuries-old legal traditions, can save you federal taxes, safeguard your privacy, and protect you from potential lawsuits. Sally shares insights on the Business Trust for 1099 income earners and the Beneficial Trust for various types of income, including capital gains, interest, dividends, rental, and royalties. Tune in to learn about a joint venture agreement called IRMAA and how it can affect your Social Security benefits, along with practical strategies to avoid its impact.
Outline of this episode:
0:02 - Overview of the spendthrift trust and its benefits in terms of federal tax savings, privacy, and protection from judgments.
2:21 – Two different parts of this trust: business trust (designed for 1099 income earners) vs beneficial trust.
4:14 - Introduction to the Joint Venture (JV) agreement and Sally's personal story of becoming a real estate investor.
5:28 - Sally's experience working as a Medicare broker and getting fired due to a misunderstanding.
7:04 – What is IRMAA and how it can affect an individuals' Social Security benefits if they exceed certain income thresholds.
9:12 - Reflections on working hard and the uncertainties surrounding future Social Security benefits.
10:39 - Discussion on the risks of investing too much money (particularly in real estate), and potentially experiencing financial losses.
12:20 – A true story about assisting a gentleman on dialysis in California with the use of a trust to manage his financial affairs and protect his assets.
13:45 - Recap of the importance of saving on capital gains and other types of income through the use of the spendthrift trust.
This episode covers the following:
About Sally Gimon:
Real estate expert Sally Marie Gimon was recently featured in Authority Magazine, discussing Infinite Wealth Strategies. Gimon, who holds a weekly mastermind for her Real Estate group that reaches over 800 investors, also hosts a weekly show called "Money Secrets" on Win, Win Women TV. In addition, Gimon announced she will launch a new podcast called "Stop Paying Capital Gains, now!" She is a regularly featured expert guest on podcasts and summits.
Sally is a wealth-building expert. She is a real estate expert and has been a licensed life insurance agent for 19 years. Sally uses proven wealth-building programs such as the Infinite Banking system and Spendthrift Trusts. She assists consumers in becoming debt-free in less time, saving money on capital gains, and protecting financial investments. Sally leads a weekly mastermind for her Real Estate group of over 800 investors, and she broadcasts "Money Secrets" weekly on Win-Win Women TV.
A Spendthrift Trust defers Capital Gains into infinity, becomes judgment-proof, and information is 100% private. Gimon offers a