Personal Trust Training Podcast

See the Video Recording here:
https://zoom.us/rec/play/xGdLGzHVXjMx5rcoc2y32UtVVbjEKkOse6x0mQuC0pUdNOWfGBVV9zo_CEbgs-_aEMs8KvXqRwPFBWZM.ibdpBarTCIHG0hab?autoplay=true&startTime=1723564970000

Access the Live Transcript here:
https://otter.ai/u/8NPLebNzuUxt6viXm5FkBmLVnPk?view=summary

Outline:
- Audio issues and solutions with noticeable improvement. (10:42)
- Trusts, including statutory and contractual trusts. (13:38)
- Trusts, settlers, and asset protection. (19:31)
- Creating a Wyoming Private Family Trust Company for personal trust management. (26:09)
- Setting up a trust and naming it. (32:54)
- Trusts, taxes, and legal matters. (42:29)
- Creating a trust with a PTC, including filling out forms and providing personal - information. (51:55)
- Trust protector role and beneficiaries. (58:59)
- Setting up a private trust with a distribution advisor. (1:07:04)
- Implementing a trust and transferring assets. (1:12:57)
- Trusts, investments, and taxes. (1:20:50)
- Trusts, taxes, and documentation. (1:28:06)

Training #1: Trust Basics, Parties to a Trust, and New Client Questionnaire

First, Welcome to the Abundance Group Trust (AGT) Family! Thank you so much for investing in a Trust from  Abundance Group Trust. It is truly our privilege to have you as a part of the Family!

Over the next several weeks, you'll want to go through each recording in this "Trust Implementation Training Call Podcast" to learn how to execute and implement your Trust, manage your Trust, and Operate your Trust.

Before you get started on your Trust education, please look in your email for a message(s) from Conga.com. This will cover both your Personal Trust and your Private Family Trust Company (PTC).

NOTE: If you invested in a Business Trust or a Foundation, these will have separate emails from Conga.com, and each contains a "New Client Questionnaire". You'll need to complete each Questionnaire before we can create your Trust(s).

Once you've located that email, then continue watching the video for this training, Training Call #1.

This will help you to complete the "New Client Questionnaire" (NCQ) that was sent to you from Conga.com. When you complete this, you'll be giving us the basic information about your new Trust(s).

If you have any questions about any of the Questionnaires, please make sure you attend the next AGT Q&A Call. These are held on Mondays for Business Trusts and Foundations, Wednesdays for Personal Trusts, and Fridays for Accounting and Tax Questions. All calls are at noon Eastern/9 am Pacific. All calls are held on Zoom which is located at:

https://abundancegroup.com/gina26zoom *Passcode: 26blessed


You can also call in via phone at:


312-626-6799 and use Meeting ID 352-234-4462

Here's what will happen once you've completed each of the Questionnaires…

https://docs.google.com/document/d/1jdMAkL8SrGVTmf8SUCg4i5rud_X2715ymg43112_x5s/edit?usp=drive_link

Copyright 2024 Abundance Group Trust. All Rights Reserved.

See the Video Recording here:
https://zoom.us/rec/play/0MiQr39O1YNmhQ8Xj4klV2k0AHdDRBuhgQFq6c3D86AR7wcgUPQ3WgOHFC2tY_W_RCMvXRSJ6Ky7np3s.DXOp4z6HLFzCo2RT?autoplay=true&startTime=1724774829000

Access the Live Transcript here:
https://otter.ai/u/BNR6g437dk6V6bTzHccXr7fIUu8?view=summary

Outline:
- Dr. Gina Gaudio-Grace's Personal Meeting Room Introduction (0:55)
- Introduction to Wyoming Private Family Trust Company (6:41)
- Substantial Ownership Test and Adversarial Relationship Test (11:03)
- PTC Structure and Documentation (18:21)
- PTC Operating Agreement and Committees (25:41)
- PTC Documentation and Tax Considerations (1:42:33)
- Q&A Session and Clarifications (1:47:45)

Training #2: Wyoming Private Family Trust Company as Your Trustee; PTC Documents Walk Thru and Structure

Effective October 1, 2023, Abundance Group Trust requires every new Personal Trust to use a Working Private Family Trust Company (PTC) as it's Trustee. This is crucial to prevent the IRS from declaring you (and your spouse) as the “substantial owner” of your Trust under Internal Revenue Code sections 671 through 678.

If that were to happen, the income in your Personal Trust would go right back to your 1040 return, causing you to have none of the tax mitigation that you were looking for. In addition, all assets would go right back into your Estate, subject to Estate and Private Taxes.

The IRS issued a Notice in 2008 talking very favorably about the use of PTCs as the Trustee in a Non-Grantor Trust. We have obtained an Opinion Letter from an Estate Planning/Tax Attorney on the efficacy of this structure.

A Wyoming PTC consists of the following documents:

• PTC and NCSPT Engagement Letter - engages the services of Cloud Peak Law Group PC to form the NCSPT and the PTC LLC
• Non-Charitable, Specific Purpose Trust (NCSPT) and Certification of Trust for the NCSPT - acts as the Member in the PTC LLC; you (or you and your spouse) are the Grantor (s) and the Trustee(s) of this statutory trust
• PTC LLC Operating Agreement - controls the Manager Managed LLC; creates an Investment Committee (IC), a Discretionary Distribution Committee (DDC), and an Amendment Committee which each have one member who acts as the Advisor
• PTC Organizational Consent - approves the Articles of Organization filed with the Secretary of State; accepts the resignation of Cloud Peak Law Group PC as the Organizer of the PTC; adopts the Operating Agreement; sets the address of the PTC LLC; appointments the initial Manager of the PTC
• Investment Committee Acceptance of Appointment - signed my the Investment Advisor
• Discretionary Distribution Committee Acceptance of Appointment - signed my the Discretionary Distribution Advisor
• Administration Agreement - naming Cloud Peak Administrative and Employee Services, LLC to provide administrative services including keeping PTC records, filing annual reports with the state, preparing annual meeting minutes, etc. 
• Discretionary Distribution Committee (DDC) Meeting Minutes - signed by the Manager of the PTC, these Meeting Minutes document the appointment of the DDC Advisor and details of how the DDC is to be operated

Copyright 2024 Abundance Group Trust. All Rights Reserved.

See the Video Recording here:
https://us02web.zoom.us/rec/play/XqeiQoznDXCi38elijiQrnjHENLwF7C8JUw9hWNWEjEE49AFOFiqP-0W175wOzd9p26nZLs90_hWNE52.2EZEUjThROa8UQKT?autoplay=true&startTime=1725379657000

Access the Live Transcript here:
https://otter.ai/u/tkcbqoFsL9Y_AKpJm9HgI4ykiXo?utm_source=copy_url

Outline:
- Introduction and Meeting Setup (0:04)
- Trust Binder Structure Overview (2:12)
- Detailed Breakdown of Trust Sections (5:38)
- Amendments and Updates to the Trust (9:17)
- Legal and Tax Considerations (15:28)
- Administrative and Operational Details (34:10)
- Beneficiary Provisions and Distribution Rules (53:16)
- Trust Protector Role and Responsibilities (1:09:01)
- Discretionary Distribution Process (1:21:19)
- Incapacitated and Minor Beneficiaries (1:25:45)
- Methods of Distribution and Trust Corpus Ownership (1:30:06)
- Jurisdiction and Privacy Provisions (1:35:07)

Training #3 - Trust Walk Thru

On Training #3 you will learn:
What's In Your Trust (the Rule Book)

• How to Execute Your Trust

Once you've approved your Trust eBinder, it's time to execute your Trust. You'll do this online, using our Real Online Notary Platform.


After signing your Trust Approval Form, we will upload your Trust to the Notary Platform. The Notary Platform will then send you an email containing a link to schedule your Notary Session.


It is your responsibility to coordinate having everyone join the Notary Session! This that need to attend include: 

• Manager of your PTC
• Trust Protector 
• Successor Trustee
• Successor Trust Protector

AGT will only pay for one single Notary Session! If any of the individuals above cannot attend the Notary Session, then you will need to arrange for their pages to be notarized at your own cost.


After the Notary Session, the Notary will send us the executed copy of your Trust. AGT will upload this to your ShareFile folder and send it out for printing, binding, and shipping. About 5 days after it is received from the Notary, we will ship your Trust via FedEx 2 day. We will upload your Tracking Number to your ShareFile folder.


It is a good idea for you to read your Trust eBinder prior to your Notary Session. We also recommend that you watch this Training #2 video to better understand your Trust prior to your Notary Session.


If you should have any questions as you go over your Trust, please prepare them to be discussed during the next Q&A Call or on your next call with your Trust Advisor.


You can also submit your Personal Trust questions in advance of the Wednesday Q & A Call which takes place from Noon to 1 pm eastern each week. It's held on Zoom. You can either come in on a computer or an app on any device or you can call in via telephone. Here's the call details:


WHEN: Wednesdays at Noon to 1 pm Eastern

WHERE: On Zoom at:  https://abundancegroup.com/gina26zoom *Passcode: 26blessed


or call in via phone to 312-626-6799, Meeting ID: 352-234-4462

WHAT: Abundance Group Trust - Personal Trust Q & A Call

Copyright 2024 Abundance Group Trust. All Rights Reserved.

See the Video Recording here:
https://us02web.zoom.us/rec/play/aAFLuYCdL1a0Hq83aAHhlzbO9Ns4Nv6tI4-2GXMMkp6jZm1-jvIbAmVuDsw-60qSIQ4WSxgjxZfoEeue.QBsgSZAnWzE3ahqc?autoplay=true&startTime=1725984680000

Access the Live Transcript here:
https://otter.ai/u/P0lolFNg2jmnnUB1TQivKPxiQNY?view=summary

Outline:
- Opening the Trust Bank Account (0:03)
- Instructions for Personal and Business Trusts (2:36)
- Bank Account Opening Process (6:24)
- Creating Google Accounts for Trusts (14:39)
- Handling Active Income and Business Trusts (16:59)
- Corporate Transparency Act and LLC Filings (22:01)
- Planning for Asset and Liability Conveyance (28:17)
- Handling Real Estate and Revocable Trusts (44:56)
- Demand Notes and Trust Accounting (58:11)

      Training #4: Opening Your Trust Bank Account; Purchase of Assets and Liabilities Spreadsheet; Conveying Assets and Liabilities to Your Trust

In Training #4, you will learn:
- Setting Up Your Trust Bank Account
- Creating your Assets & Liabilities List
- Conveying Your Assets and Liabilities to Your Personal Trust
- In our experience, we highly recommend https://www.PrimeAlliance.bank, as they routinely set up Trust Accounts as Business Accounts. Prime Alliance Bank is located in Utah. They have a fantastic app that can be used to manage your account no matter where you're located.


Wells Fargo is the easiest nationwide bank to work with to establish your trust account. However, some Wells Fargo branches are not as familiar with Irrevocable Trusts and may have issues with opening your Trust’s account. If this should happen, then open an account at PrimeAlliance so that you can get moving forward and then circle back to Wells Fargo by going to a different branch.


Please advise your Banker that you are in need of a Non-Interest-Bearing, Depositor (NOT Shareholder) Checking Account for an Irrevocable Trust(s). Please do NOT give a copy of your Trust documents to the Banker for them to make any copies, as your Trust documents are PRIVATE!


You should only bring 3 documents with you to your appointment. These are:
- The SS-4 Letter from the IRS
- Letter of Introduction and Instruction
- Certification of Trust
- Do NOT bring your Trust binder with you! At most, you can also bring a copy of the first page of the Trust Indenture and the Signature Page of the Trust Indenture with you.
Your next step will be to complete a list of assets using the Purchase of Assets and Liabilities spreadsheet which you'll find at https://www.AbundanceGroup.com/AssetList.

To complete this, follow the instructions in the PDF found at https://www.AbundanceGroup.com/ListInstructions.

This spreadsheet is used for several thing.

1. You will use it to create the conveyances to sell your assets to your Trust.
2. Our tax team will use it to create the beginning inventory of your Trust and as assets get purchased and sold, they will get updated throughout the year.
3. Our tax team will use it to create your Demand Note. Remember that the Demand Note is what allows you to take funds out of the Trust tax-free.

In addition to the Instructions PDF, here are a few tips 
 
First, duplicate the sheet to create additional sheets for each entity that you have. You should have one sheet for Personal assets as well.
Make the Description as detailed as possible. For vehicles, include the year, make, model, and VIN. For Real Estate

Copyright 2024 Abundance Group Trust. All Rights Reserved.

See the Video Recording here:
https://us02web.zoom.us/rec/play/cKmOMouPHI4De8NpzeGEgAy2n9j-jynFuaJfvvZwVOLsw2eOTm5WVOLzfxmBgBiB_mFY5VdVvf0CrDMT.-F_4jvj6x6HoYcaz?autoplay=true&startTime=1726589642000

Access the Live Transcript here:
https://otter.ai/u/Y7-Uhh983HC859wke9bpQfRGEys?view=summary

Outline:
- Technical Difficulties and Initial Setup (0:00)
- Introduction to Week Five Training (3:24)
- Conveying Real Property (8:34)
- Certification of Trust and Bill of Sale (14:07)
- Handling Multiple Owners and Business Trusts (30:33)
- Recording Deeds and Tax Implications (39:10)
- Final Instructions and Next Steps (46:14)

      Training #5:Conveying of Assets and Liabilities to Your Personal Trust -Part 1

First, follow the step-by-step instructions found at:
https://AbundanceGroup.com/instructions


The forms you'll need for conveying assets and liabilities to the Trust are PDF form fills. You'll use these forms to create each of the conveyances to sell or assign each asset to the Trust when you are ready for that step. You'll find the PDF form fills at:
https://AbundanceGroup.com/conveyances


Please download any document you need to your hard drive before making changes to it or all future clients are likely to see the changes you make!

Outline:
-Introduction to the training.
0:00
-California property tax issues.
32:44
-Transitioning from a business trust to a personal trust.
40:07
-Conveyance of the property.
45:07
-Assignment of note form for vehicles.
51:49
-The sale of cash to a trust.
1:06:04
-Conveyances of crypto to trust.
1:15:24

Copyright 2024 Abundance Group Trust. All Rights Reserved.

See the Video Recording here:
https://us02web.zoom.us/rec/play/sZnHpFT2JILdONQLwIoLRhh_1qA6kX7ab_Erah8AJnBCBmnrnD458ASQKuVBC_7mEzgpLDaKLpjHezc.85JbsiTBZU3gjkpv?autoplay=true&startTime=1730217792000

Access the Live Transcript here:
https://otter.ai/u/iRtDdbluPoIRAjSJc6-HUi0u5KE?view=summary

Outline:
- Confusion Over Training Calls (3:31)
- Starting the Training Call (6:22)
- Vehicle Transfer Form Details (7:19)
- Handling Loans and Leases (12:37)
- Conveying Other Property Assets (17:44)
- Life Insurance and Collectibles (22:24)
- Home Content Inventory Worksheet (25:25)
- Questions and Clarifications (28:03)
- Next Training Sessions (30:52)
- Final Remarks and Wrap-Up (37:51)

      Training #5:Conveying of Assets and Liabilities to Your Personal Trust Part 2

First, follow the step-by-step instructions found at:
https://AbundanceGroup.com/instructions


The forms you'll need for conveying assets and liabilities to the Trust are PDF form fills. You'll use these forms to create each of the conveyances to sell or assign each asset to the Trust when you are ready for that step. You'll find the PDF form fills at:
https://AbundanceGroup.com/conveyances


Please download any document you need to your hard drive before making changes to it or all future clients are likely to see the changes you make!

Copyright 2024 Abundance Group Trust. All Rights Reserved.

See the Video Recording here:
https://us02web.zoom.us/rec/play/Z7Pge-V3LUNonlfQGWqyNvwkjYh7IOtxxTMqGRmJ9SA5sJdS-YeqF5MAdThx6GW27NYZs3e_8s82T7Mn.v22ln1MPmcI2ZbWV?autoplay=true&startTime=1730826271000

Access the Live Transcript here:
https://otter.ai/u/369MHj77062M-w2_Uegt2NwVqEs?view=summary

Outline:
- Training Call Setup and Initial Discussions (5:54)
- Fictitious Name Registration and FinCEN Issues (7:08)
- Training Number Six Introduction (12:08)
- Setting Up an LLC for Active Income (18:14)
- Implementing the LLC Structure (28:34)
- Tax Deferral and Lease Payments (30:53)
- Handling Intellectual Property and Business Trusts (36:15)
- Practical Implementation and Tax Filing (38:05)
- Clarifications and Final Questions (42:32)
- Conclusion and Next Steps (50:10)

  Training #6: How to Structure Your Personal Trust if You Have Active Income

First, follow the step-by-step instructions found at:
https://AbundanceGroup.com/instructions


Documents used for this training:
Personal Trust Instructions: https://www.abundancegroup.com/instructions
LLC operating agreement:  https://docs.google.com/document/d/1cqD3ly4NJV3J2-yByChpKvPZYetoCRCS/edit
Personal + LLC Implementation: https://docs.google.com/drawings/d/1GQGCY2gwkR1Y28mO-0f5Oby32nzoZ2KBWtTUK6gMSww/edit
Personal + LLC Tax Consequences: https://docs.google.com/drawings/d/19443NWUDLWmAloXYUI_G3G6_gVuI59R6a28r5SJc6fg/edit
Personal + LLC + Foundation: https://docs.google.com/drawings/d/13-1pX4L_m_H8Ad8KNbRJcUnxExFj3h7wdIFCE_DRz2A/edit




Please download any document you need to your hard drive before making changes to it or all future clients are likely to see the changes you make!

Copyright 2024 Abundance Group Trust. All Rights Reserved.

See the Video Recording here:
https://us04web.zoom.us/rec/play/2HZ8IVJOkJvrosK7duH84AAKDGU6XjShwHTTOnqUTy1ErGyorjWU6dXK-O7vJmlG7n2A3cJiXzmeico.Vy4OmbcmO3Owvwlt?autoplay=true&startTime=1732035920000

Access the Live Transcript here:
https://otter.ai/u/YY7cikLFBsOG_RJKgPvQ3M3EHK8?view=summary

Outline:
- Trust Protector Training Introduction (5:14)
- Powers and Duties of Trust Protectors (10:28)
- Committees and Amendment Authority (11:49)
- Business Trust Trust Protector Role (14:54)
- Trust Protector's Power to Amend Trust Documents (25:19)
- Operating Trust and Documentation (27:10)
- Conflict of Interest and Secretary Role (29:27)
- Conclusion and Upcoming Topics (34:29)
 

Copyright 2024 Abundance Group Trust. All Rights Reserved.

See the Video Recording here:
https://us02web.zoom.us/rec/play/I5UjsoIeZI6DSkTQXTM57SlOtRwfmZFiKsDlPKiRwdMzxCFeUOJ7cdWJisREA6mpbppVCRKf-6jprmg.l5A1JvHrfQvCMw7R?autoplay=true&startTime=1733245693000

Access the Live Transcript here:
https://otter.ai/u/PxizvwIfGvIQGoQCuotLqMz_iOY?view=summary

Outline:
- Introduction and Technical Setup (2:59)
- Overview of PTC and Its Structure (5:21)
- Operating Agreement and Definitions (7:59)
- Tax Filing and Management of PTC (10:31)
- Committees and Their Roles (16:36)
- Manager's Duties and Record Keeping (31:15)
- Questions and Clarifications (37:57)
- Conclusion and Next Steps (50:04)

Copyright 2024 Abundance Group Trust. All Rights Reserved.

See the Video Recording here:
https://zoom.us/rec/play/z65KRg53dguqzVAvJ-hqlDhGcPUQ9-YWSqY_L9yk2feg7RztpHe2FwKegpDmmkWukbkgSnKlBR4jjoTc.iY-6wqtaVk-aKMU8?autoplay=true&startTime=1733850443000

Access the Live Transcript here:
https://otter.ai/u/uztD50EmQeLlVEETYbvCQ35aAc0?view=summary

Outline:
- IRS Website Downtime and Initial Meeting Setup (3:08)
- Introduction to Trust and Corporate Credit Training (7:59)
- Understanding Trust Bookkeeping (9:56)
- Trust Expenses and Chart of Accounts (31:01)
- Corporate Credit for Trusts (31:24)
- Practical Examples and Questions (44:44)
- Handling Beneficiary Errors and LLC Corporate Credit (51:19)
- AI Transcript Access and Future Training Plans (54:52)
- Final Remarks and Participant Feedback (59:29)

Chart of Accounts: https://www.abundancegroup.com/coa

Training #10: Operating Your Trust & Corporate Credit for Your Trust

Outline #2:

-Running a business out of your Trust.

0:01

-How to obtain a quote for life insurance.

4:50

-How to diversify your investments.

9:34

-Risk tolerance and fiduciary responsibilities.

15:02

-How do you get around the bargain sale rule?

21:28

-What is the bucket where you can take risks?

25:54

-How are you getting the money to flow?

33:27

-On-going onboarding process.

39:30

-The importance of assets and liabilities spreadsheet.

45:53

-Wyoming LLC attorneys.

54:06

Copyright 2024 Abundance Group Trust. All Rights Reserved.