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Ep. 63 What is a Spendthrift 643B trust (with special guest Sally Gimon)
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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).
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Erin
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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)
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