To those who make or have a lot of $$$

[Mike Gayner]

Ok so say I created a trust named..."For myself" where a family member is a trustee, can I go to the bank to withdraw the money on an as needed basis or the trustee must go to the bank to do it? Also since the money belong to a trust, does that mean I have to name the authorized user/users to withdraw when i open a trust account with the bank?

And when you "gift" the loan to creditor, what kind of paperwork am i looking to fill out?

1. If your trust has only a family member as a trustee, they're most likely not going to be seen as independent.

2. The trustees can do pretty much whatever they want with trust funds if its in the interests of the beneficiaries. The trustees need to initiate this, not the beneficiaries.

3. Yes, all trustees need to be signatories to bank accounts etc.

4. I have no idea what the paper work looks like in the USA.

 

[JEDI]

How do you hide your assets?

I'm sure you all know why someone would want to do that. I mean the ultimate goal is to own nothing and control everything right?

- Pay off your house? Since you'll no longer have any money left in the bank, you wouldn't appear as "rich"

- Take your money out of the bank and convert them into cash & placed it in a deposit box? You now officially have no money "on record."?

- Offshore banking? But how do you withdraw it? is it secured/insured/guaranteed?

LLC's, trusts + offshore accounts