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See the Video Recording here: https://drive.google.com/file/d/1ON1VDOkqULbJbWaDpmQRJ6-YB6Od5-AU/view?usp=sharing

Access the Transcript here:
https://otter.ai/u/ocjmwjgplrp3yYbLIkoXBShrOG0

Register for our first Annual Mastermind and Networking Event here: https://www.abundancegroup.com/2023event

• There are a limited number of rooms blocked for the event with discounted rates available. Please book your room sooner than later to guarantee these rates!

Looking to invest in life insurance and leverage your Trust? 

• Email Ben at [email protected], or use the link below to receive your free quote!
• Get your free quote here: https://www.abundancegroup.com/insurance

In this training, you will learn:
•Setting Up Your Trust Bank Account
•Creating your Assets & Liabilities List

In our experience, Wells Fargo is the easiest bank to work with to establish your trust account. We also highly recommend https://www.PrimeAlliance.bank as well, as they routinely setup Trust Accounts as Business Accounts.

Please advise your Banker that you are in need of a Non-Interest-Bearing 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 things...

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 for completing the spreadsheet...

•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, including the address, city, state, and county.
•If there are outstanding loans or mortgages on an asset (these are "Liabilities"), list them in the line below the asset. Again, be specific and include the name of the Lender, the Account Number, and the asset it relates to.
•In the last column, list the name of the current owner of the asset.

If you need assistance in opening your bank account or with conveying any assets or liabilities to your Trust, please contact your Trust Advisor.