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Training #4: Opening Your Trust Bank Account; Purchase of Assets and Liabilities Spreadsheet; Conveying Assets and Liabilities to Your Trust
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 po
Copyright 2024 Abundance Group Trust. All Rights Reserved.
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By Abundance Group TrustSee 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 po
Copyright 2024 Abundance Group Trust. All Rights Reserved.