All About Trusts - Misuses And Uses (How To Avoid Trust Scams)

What is the truth about the current trust scams that nobody is aware of? The esteemed Brent Nelson is joining Toby Mathis, Esq. to help discuss their misuses and how you can avoid trust scams.
Brent Nelson is going to be joining in on the discussion and offering his own insights into the various questions and all you need to know about trusts.
“Trusts in moderation” 1:29
Contact Brent Nelson 👇
Bio: www.rimonlaw.com/team/brent-n...
Podcast: wealthandlaw.com/category/pod...
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There are a number of ways a trust can be used and misused so it is important to know what a trust is and how it works.
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The first thing we need to understand is what a trust actually is. A trust is essentially an agreement between two or more parties that governs how assets are managed and distributed by a third party (the trustee). A trustee manages the assets for the benefit of another person or persons.
Trusts can be used for many different reasons. Some of the most common uses are to avoid probate, protect minor children from creditors, provide for your family after you die, and reduce estate taxes.
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Until our next episode, we wish you the best of luck in your financial endeavors.
Show Notes:
0:00 Intro
1:31 Trust in Moderation
4:02 What Scammers Are Doing
8:13 Situations Involving Trusts
13:58 Red Flags to Look For
17:31 Estate Tax
25:50 Questions to ask Yourself
34:10 Living Trust vs. Wills
45:26 Outro
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#trusts #estateplanning

[@TobyMathis]

Want answers to your questions about this video? Schedule a complimentary consultation with our experts today! aba.link/3892cb

[@JasonBobby-xj1lk]

Attorneys don’t like trusts usually because they can’t challenge them. That’s why the BAR doesn’t regard them much and prefers llc’s given the fact that they can be challenged and offer less protections than the correctly structured trust.

[@mountainmedium111]

Just found you! This is great information! Thank you both for these detailed definitions of trusts. I plan to listen to all of your videos now, & will share them!

[@mastersbusinessalliancetrust]

Research IRS code 643(b) this is how you shift proceeds in such a manner that’s not considered income. “Extraordinary Dividends applicable to corpus” meaning if the “income” is passively distributed (for example by a K-1 from another trust) the courts have ruled on this so many times. I will get on the show and show the IRS opinion letter on this matter.

[@hadassahjacksonchannel6971]

Thank you for wisdom

[@keymax5628]

Thank you so much for this insightful video! The knowledge shared by both Toby and Brent Nelson was truly valuable. I appreciate the genuine approach and expertise demonstrated. It's evident that you're passionate about providing helpful information. Looking forward to more content like this!

[@TobyMathis]

Thank you for your kind words! I'm glad you found the video insightful and valuable.

[@organizer14]

Thank you very much! Very helpful!

[@TobyMathis]

Glad it helped! Thank you for watching.

[@nightdipper5178]

Excellent content. Great guest. Thanks.

[@TobyMathis]

Our pleasure! Thank you for watching!

[@dcmiracles17]

Toby: this is great interview providing info most people are not aware of, who should we refer to ie what is the person’s name? He appear to be a specialist on this topic, hard to know who knows this info. Thanks for the education!

[@exjwfromwyoming1275]

Just wanted to let you know that i been watching your videos for a few years now and enjoy the information you share. I was in the construction contractor for 20 yrs and retired to care for my mom and her dementia and her assets are in a living trust due to the info you have given thank you. I am currently playing the lottery and will be in touch once I win, lol. Again, than you!

[@TobyMathis]

Thank you for being a loyal viewer, we wish you all the best!

[@outacontro1]

This cast is a breath of fresh air in the midst of all the crap I've seen

[@lordsonic4567]

Very commplicated. Great video Toby. I have the Anderson Structure and Trusts are next so all your information is preperaing me to pull the trigger.

[@TobyMathis]

Glad it was helpful! Let us know if you need help with anything!

[@4homemail]

My head exploded 😂 I have to start doing some serious readings. Then, rewatch all his videos.

[@TobyMathis]

Thanks for watching!

[@darrishawks6033]

This is a terrific discussion

[@TobyMathis]

I'm glad you enjoyed the discussion.

[@organizer14]

What is a business trust as contrast to grantor trust? Thanks for education!

[@thefeloniousscot3955]

Toby...I just caught a promotional video that got me fired up...and the first place I ran...to you! I figured you would have a video up providing clarity on how a business trust isn't just as good as an LLC. I am going to watch this trustarte video and see what they have to say...

[@TobyMathis]

Thanks for watching!

[@deniselockett290]

You guys need to educate yourself on the Trusts of the elite. Many people are now getting wise to the Private Express Trusts

[@Uaintfireliar]

I would not expect an attorney to understand the private side.

[@LuxeprivaeMedia]

The mere use of the word "trust" does not establish the existence of an express trust. La Throp v. Bell. Federal Savings Loan Ass'n, 68 Ill. 2d 375, 381, 370 N.E.2d 188, 191 (1977). (Again, six requirements must be met. Eychaner, 202 Ill. 2d at 253, 779 N.E.2d at 1131.)

[@Uaintfireliar]

@@LuxeprivaeMedia Indeed thanks for the case law.

[@TobyMathis]

A living trust is a private express trust. Just about any trust created to hold assets for a private beneficiary qualifies. It is not special.

[@spg1794]

ill bet anything , that someone sold you services to set up an ordinary trust, gave it a fancy name, and lied to you about its tax liability. I strongly suggest you get yourself a tax accountant, find out how much in back taxes you owe, and pay them off. "but they told me i wouldnt owe taxes" will not float in court. 🎉 youre welcome

[@AndrewGuyton-fq1je]

Is it a good idea to have common stock in a family trust ?

[@DougallMcCorkle]

Is an installment sale trust a viable strategy?

[@hadassahjacksonchannel6971]

Asset protection for our kids

[@KennethStickler]

CTA is the hot button in my circles. Can you research how a business trust can or cannot provide anonymity?

[@H1ya2u2]

Does tax laws have definitions for specifically its own laws?

[@wompol7117]

so do. i need to give assets to each of my kids and get their businesses set up with their own limited trusts with insurance policies? that way i only keep &6m for myself to live on? totally confused now

[@wompol7117]

can we put insurance policies in the trust and not have to pay taxes on that?

[@arthurquinn9989]

What about a home that is in an irrevocable trust

[@anderiahutchinson6456]

Hi I been having iusse with muse trust doucment in as well

[@TobyMathis]

Hi Anderia, thank you for leaving your comment. You can request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. You can click this link to get set up! ------> aba.link/tobyss

[@hadassahjacksonchannel6971]

Revocable trust

[@silver6054]

Where do QDOT comes in?

[@marshacooper9088]

If I live in a state like Ohio can I set up living trust in no income taxed state? Thank you

[@gregbannish8423]

You mentioned that a grantor irrevocable trust pays no estate tax, but doesnt irs rule 2023-2 effective march 2023 say otherwise? Confused...

[@richbrott]

How do I get started?

[@FishFemme]

Interesting checkerboard floor....

[@CobraDove1111]

Masonic

[@sophiesmith5922]

The difference between a trust and a will? Where there is a will, there's a delay. (corny pun, but true.) Its not a happy meal vs a burger, its a gift card vs a meal.

[@sophiesmith5922]

Power of Attorney expires at death, so if there is a lot of money being left, it STILL goes through probate, and you can no longer TOUCH it!

[@spencerhansen8374]

Power of attorney is for incapacitation, not death. Trust probate is way smoother than Will probate. And it can all be touched by the trustee(s), with minimal interference.

[@golfprogress]

Awesome interview!

[@jimmywatermelon357]

Do you guys do reviews of proposed estate plans? Just so we don’t get scammed

[@TobyMathis]

We can certainly do our best to help you. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.

[@agustamomo5870]

So let me understand this a trust is double dipped do you put the money in the trust before it was taxed or pay taxes on it twice.

[@wompol7117]

wait! so MJK is wrong about having trust own llcs not helpful?

[@wompol7117]

can they do multiple trusts or other vehicles to mitigate estate taxes? if we have $12 m in a trust NOW do we get generated in or still screwed if limit changes later?

[@TobyMathis]

Setting up multiple trusts or exploring other estate planning vehicles can indeed help mitigate estate taxes. To get a comprehensive answer tailored to your specific situation and concerns, I recommend scheduling a strategy session with my team. Visit: aba.link/3892cb

[@misterdouchemz6217]

Foreign private trust. Keep the trust out of their jurisdiction

[@NormanGrant4Jesus]

Can you share some knowledge on foreign express trust?

[@TobyMathis]

Hi Norman, thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby

[@RashedBey]

Definitely want insight on that indeed Private express trust!!

[@myobmyob2215]

The problem with trusts is there multiple pieces of paper that are "lost" "changed" "items removed/added" without any legal oversight

[@sophiesmith5922]

Actually there has to be some trail to get the asset INTO the trust. Otherwise it isnt. And if YOU are the trustee and main beneficiary, you have control over what is in it and who gets it, just like your will. If its NOT your personal wealth, its your rich uncle, you dont have a say anyway. You want "legal" oversight to broadcast to the world all your assets? No. Are you trying to control someone else's choices about what goes in? You cant.

[@JasonBobby-xj1lk]

non grantor irrevocable complex discretionary spendthrift trust

[@TobyMathis]

sorry - extraordinary dividends are only allowed for simple trusts. You just made my point. § 1.643(a)-4

[@wompol7117]

so is there ANY vehicle for tax free growth?

[@user-ie8sc8oe2w]

Any feedback on these Non-Grantor, Irrevocable, Complex, Discretionary, Spendthrift Trusts that are marketed to remove certain trust income from current taxation?

[@TobyMathis]

These types of trusts can be complex, and it's crucial to understand their implications fully. We offer free strategy sessions where we can discuss your specific situation in detail and provide personalized guidance on whether such trusts align with your goals and financial strategy. Sign up here: aba.link/3892cb

[@sophiesmith5922]

So basically, are you saying, if the trust holds your assests/savings, it is assumed you already paid tax on your income before you put it in the trust? (obviously not in the case of rentals or business or dividends from stock, but just what you put in)

[@KarenNimroozi]

How do I protect myself/assets on a free & clear rental property in Anaheim CA. Should I put in a separate property trust I purchased prior long before marriage. Should I open up a trust checking/savings account?

[@KarenNimroozi]

Where would I I find any/all paid tax prior to or after my rental property was paid off.

[@JasonBobby-xj1lk]

To the point about fraud you can say that about anything and it would have to be proven it’s fraud. Additionally the distribution from the trust is from passive income and a extraordinary dividend declaration and that is how it side steps a taxable event.

[@TobyMathis]

Sorry - give me a cite. I can give you one 26 USC 643 - whomever is selling you the extraordinary dividend garbage is gonna get people in a lot of hot water.

[@LynFord-kr7of]

Can you talk about a business also having part of your building is your home. Now if you sell is the home in the $25000.00 rule.

[@TobyMathis]

Thanks for the suggestion! I appreciate your input and will look into discussing this in an upcoming video.

[@JasonBobby-xj1lk]

There is case law on this. “Eliot v. Freeman”

[@TobyMathis]

It has nothing to do with the subject matter discussed.

[@mastersbusinessalliancetrust]

It’s absolutely applicable. If you have a trust that’s not under legislative control that is very relevant.

[@hadassahjacksonchannel6971]

Grantor trust

[@fineartonfire_5327]

It sounds to me like they tax “income” so instead of trying to hide income. How about don’t have “income”??? “Income” is a legal word with a specific legal definition.

[@spencerhansen8374]

Taxpayer is also specific, don't be a taxpayer. Legal non-taxpayer is also a thing. Foreign grantor trust also gets an IRS 98 ein that is non taxable. Don't set up your trust in corporate jurisdiction.

[@GoNoGoDIY]

Foundations are good for gifts? Like cars especially among the wealthy? You need multiple tax-structured businesses, trusts, foundations, etc to not pay taxes not paying taxes to me is about writeoffs. Unless someone is a super genius, consult a tax accountant. I am going hack to school to he a tax consultant emphasis on aboriginal and indigenous rights grandfathering rights and old historical rights suoerceding deeds and claims or perhaps subceding. I would like to get the only degree higher than a doctorate. All roads lead to roam. I mean rome or ROME. Thank you!

[@darinnix1913]

Who has first-hand knowledge here that isn't a corporation with a ein? Last time i checked we the people not persons have the unlimited ability to contract and the right to privacy one could accept the oaths and do a administrative process for taxing a (wo)man if they dont have a ssn aka sin number they also must not have a fictitious address because we know the law of minimum contacts aka court test is real only a living soul can make a true claim 😂😂😂

[@misterdouchemz6217]

Stop using words that fall under their jurisdiction. It's as simple as that. Multiple words to use that don't fall under their jurisdiction.

[@user-fp8xc8lf3f]

Yeah you’re definitely a lawyer youre a genius

[@LAKitchen]

Can't you just replace the trustee? they don't have that kind of power

[@holyfamily8635]

Can you give me a referral here in southern California on tax real estate and living trust Thank you Dee

[@TobyMathis]

Hello, we have five physical offices located in Nevada, Wyoming, and Washington and we operate virtually in all 50 states. andersonadvisors.com/locations/ Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.

[@misterdouchemz6217]

So don't call it income. Period

[@cindybrady5585]

If you're married can you just make one trusts because you only have one child

[@TobyMathis]

Great question, in order to assist you further, I highly recommend you request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. aba.link/3892cb

[@LAKitchen]

This missed the real benefits and skipped alllll the real benefits

[@jayvincent8860]

Can you comment on Business Trusts according to James Billings? Legit?

[@xxmaddog_madaraxx]

🥷🏾🥷🏾