Hi there, BoomXers. We have a great show for you today. We will be talking about ways to create the family bank, why it’s important, the benefits and the job descriptions attached to the family bank, which is an irrevocable non-grantor trust, which will protect your assets.

Welcome, BoomXers. Let’s throw out the old playbook. It’s time to tear down the traditional way of looking at your life and money. And leverage the laws of money to our advantage. That’s right. There are laws of money and those who learn and leverage the laws of money win. And sometimes win big. Stay tuned as asset protection attorney, Darol Tuttle, educator, and leader of the Boom X Nation shows us how. Beginners, investors, entrepreneurs, fellow attorneys.

Are you ready? Are you ready? Let’s arm this bomb. Now, here’s the Boom X Show, The laws of money.

Greeting members of the Boom X Nation. My name is Darol Tuttle, host of the Boom X Show. If you did not know, boom x refers to two different generations. The baby boom generation and the X generation also known as X gen. I myself have one foot in each of these generations having been born in 1964, which many consider the border of both generations.

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The whole point of the Boom X Show is to bring education, knowledge, plans to two people who without necessarily hiring an expensive lawyer. And I mean that quite sincerely. And so we are trying to bring the law to everyday people. Now it is true that most people who are interested in a show of this nature are probably near or in retirement or are business people. And that only probably speaks to most people in the United States, but, there has to be some effort made for it for sure. Now the Boom X Nation is just what I call the new membership site that we have started at boomxacademy.com.

That site boomxacademy.com is a membership site and it includes a community. And so if you become a free member, you will be able to interact to some degree with for example, there’s a messaging app on the platform. So you can send me a message through it to ask a question. Even if you are a free member, if you are a free member of Boom X Academy then you are automatically enrolled in the Boom X Show companion course where I have additional content on lessons.

We are building that out right now, so please be patient with me. Episode one two years ago, the podcast has had a slow start I acknowledge that, but we are ramping up now. Two years ago, I began the Boom X Show not far from this very location. I am back on the Caribbean in a place called Ensenada, Puerto Rico. And I am currently a stone’s throw from the Caribbean. In my opinion, one of the most beautiful bodies of water on the planet Earth, which has drawn me here. I am interested in becoming a sailor. I do not know how to sail.

I currently have two boats, Mako and a Boston Whaler and I enjoy scuba diving. And so I am drawn to this area for the endless summer that this region offers. I’m also drawn to this area for I’ll just say it, I’ll admit it some pretty substantial and impressive tax savings. If you are so bold as to reside, full-time in Puerto Rico, which I plan to do.

And at prior episodes of the Boom X Show, I had indicated that, in America, the United States is in a tax obsessive environment to pay for its sins. And, after a while, as a business owner, you just get fatigued of that. And it’s time to think about, where are you going to retire?

And what’s that, what is that going to look like? This episode is not about tax. It’s not about Puerto Rico, but I thought I would mention that we are back to the origins. The original concept of the show. The Boom X Show has a logo of Jack Tar is what I call him, but it’s a pirate looking face and there’s even a pirate ship that is on the cover art for the Boom X Show.

And that’s because when you are in Puerto Rico, you can’t help but have this kind of pirate field pirates were very active. Prior to the Caribbean, it’s not just a Disney movie. There are very active pirate activity in this area. And so that’s just like a tip or not attribute, the look and feel of this area.

You can’t help but think of that kind of fun, a time in history. Now, the speaking of history to show that we will broadcast today is a little bit about history on the academy. We offer a free membership level when you’re in that you can direct message me. That’s one benefit. If you have questions that avoids reaching out through email, which in my view is not the most secure way to communicate anymore.

But you can ask a question directly to me and I’ll respond to you. But secondly, you’re enrolled in that companion course, if you are so bold as to become a family leader is what I call them and interested in how to plan your estate, protect your assets during your lifetime, and even create generational wealth.

Then that membership level we call family leader and family leaders right now you can enroll may not always be the case, but as of October, 2021, if you win. We are offering a launch special, a $1 membership for the first month and then only $40 a month thereafter.

One of the benefits of being a family leader is you can attend weekly office hours with me to ask any questions via a zoom link. And we have great fun on it. We have regulars who appear and you get to know everybody and the fellow retirees, they ask their questions and they can’t help but make friends. There’s also a Facebook like a discussion board on the site.

So you will be enrolled in the family leaders group and you can ask questions there and learn from each other. And then of course you are enrolled in the nest egg course. And I say, of course is extremely important. Like it is the, like the one thing that all people should when they’re, when they really truly understand the difference between asset protection, as opposed to estate planning, this one strategy is the place to start.

The nest egg course offers a free, it comes with the drafting app which will allow you to make create instantly a limited power of attorney, which preserves the right to make a transfer of your nest egg. That amount of money that is non-discretionary at some point in your life and so that the Medicaid lookback periods transfer penalties do not apply. And we even provide an irrevocable trust.

Now, when you’re listening to the podcast at this point, it’s probably doesn’t make much sense to you because it is although the first step and then an important step, it is advanced planning. And despite the fact that it is advanced planning, it’s my position that, you can take that course learn what you need to learn, correctly draft a legal document that you need in my law firm and a competitor to this day, still charges an astounding $1,800 for that document.

I have charged to clients that much when they hire me directly, but with, with technology today I coded my own drafting app, which I’ve rolled out and let users use. And it’s working really well. People come to the office hours, they have their questions answered, and they’re creating these documents at a fraction of the price that they would if they hired an attorney who would really just has a meeting with them and then throws the documents out of, and the client doesn’t really know what to do. That’s the whole point of the Boom X Academy and Boom X Nation is to help people, not only have the legal documents that are required, but also to have the knowledge so they can correctly implement them.

And so I’d like to play for you, just a question that came up during last week’s office hours and you will background she’s one of the fellow attendees, her cat, every single I’m not kidding. Every single obvious hours the cat jumps up in front of her iPad. And it’s funny because we haven’t had an office in that office hours until Karen’s cat jumps up and it happens almost immediately in office hours that I’m about to play for you.

But Susan, another thing about office hours and the academy is that we get to know each other by first names and to participate in the academy your understanding that it’s an educational environment. It’s not an attorney client relationship. Now it is true. You will receive the same documents that you would receive had you hired me or any other attorney.

The real point is this not just the legal documents. So for $1 for the first month of 30 days, you can take the nest egg course cancelled your membership and walk away with an $1,800 document plus all the knowledge to implement that very first kind of cornerstone of a true asset protection plan.

I‘m very proud of that and people are responding very well to it. However what I hope is that folks and so far they have stayed on as members because they can come to office hours every week and ask questions and in a fun environment, but we get pretty intense about the questions that we’re asking last week.

Susan asked a question and two, actually one of which sparked along answer which I’m going to recreate here for you here in a minute, but also she asked about pet trusts. And so we had a long conversation about pet trust and I planned probably to do an entire episode coming up soon on your relationships with, what if you outlive your pets, what’s the best way to handle that and do pet trust makes sense.

So here’s the question that Susan asked last week that I’d like to focus on, but my question is about, I keep asking this question and you know why? Because I got these four daughters.
No, you get down. Oh, wonder if, it’s about the lifetime beneficiary part. So if I pointed Amy, she would be the lifetime beneficiary. Is that how that works? But if I have Amy appoint a financial trustee people, then they’re the lifetime beneficiary, I’m confused about the lifetime beneficiary part.

Concept is, and that was the beginning of my answer. The concept is if you think about it, what Susan is asking is, hey, listen, you’ve talked about this trust is irrevocable trust and in the nest egg course, and later in life, the concept is, at some point you’ll reach a point where you have a nest egg. You have a lump of a sum of money that you’re not using for your daily expenses even when you calculate irregular expenses throughout the year.

And so it’s like discretionary spending really, it’s not necessary non-discretionary spending, it’s just sitting out there. And as people go into the different phases of retirement, their spending habits change the first phase of retirement by the way, as you’re age 65, you get the gold watch from Boeing and have a big party. And you’ve been planning for this for a long time now. And what you want to do is you want to have fun. That’s what you think of about retirement and all the financial services industry is targeting and messaging and bombarding you with mental imagery exactly that.

Like retirement is this, there’s just great thing that you’ve saved up for. And hopefully you’ve saved enough money. That’s why you need millions of dollars in your retirement account that you invest with their financial broker or broker dealer rather and their eight advisors. So they can make money to finance this basically 30 year party until you die.

Fine, except that’s not the way it works. The way it works is that first phase lasts about 10 years. Of course is different for everybody because they have different health and different longevity and whatnot. But the second phase of retirement is just sedentary. You slow down and it’s not cruises anymore to Alaska.

It’s not trips with the grandkids to Disneyland. In fact, if you have to go down splash mountain one more time was a screaming grandkid. You’re going to lose it. And really the second phase is what I call the jeopardy phase. Sitting, watching a lot of jeopardy. That’s just me being a little, trying to make poke fun at or find with that phase of life.

When you’re just not as active it’s in that second phase of retirement that most people fire their financial advisors, they scale back. They’re not taking as much risk and market anymore. The guys that are taking risks in the market are doing it for fun. It’s like investment is a form of recreation and retirement for them. They don’t need it.

And what happens is they’ve now lived living well below their expenses. And so they’re actually saving money and that nest egg is either static, really no risk and it’s growing. And at that point, the mistake people make really is that they hang on to it under the old traditional model, which is, hey, I’m going to die someday.

And then just leave it to my kids. And I’m not going to tell anybody about how much money I have, and I’m not going to tell them that they’re going to inherit it. I’m not going to tell them what the plan is until that day, when they read the will for the very first time surprise, I had millions of dollars and here you go had, I’ve had countless.

I know that’s what you all do because I’ve had countless meetings with people who do that. And I’m here to suggest that there might be a better way because really, if you think about it, you’re taking a risk. And the risk is simply this, I mean like a nest egg, that what you’ve saved for retirement, you hope it’s enough to finance the fun part.

When you get to the second part, there’s really nothing left to spend it on, unless you have a rainy day, saving it for a rainy day. And in retirement, when you save for a rainy day, it’s always medical. I’m going to repeat that. In retirement. The rainy day is always without exception, medical period and medical, we’ll clean your clocks.

If you’re aged 65, of course you are eligible for Medicare, but Medicare does not pay for long-term care. It’s just chronic care. So we’re not talking when I say medical, we’re not talking about trips to the doctor and hip replacements even up to a hundred days in a nursing home, if you have a stroke we’re talking about long-term care.

And if you think that your chances of long-term care expenses are non-existent or low, I challenge you. Do this, go to Mr. Google right now after this episode, when you get back and type in assisted living facilities near me. And assisted living facilities near me. What’ll happen is Mr. Google will in less than one second, we’ll spread out pages and pages, web pages of listings of assisted living facilities near you.

Oh, come on. Just think about it. If there’s that many assisted living facilities and that many home care agencies in your neighborhood and that many adult family homes near where you live in that many nursing homes, that means that they’re filled with people. So you don’t even have to go and challenge me on the statistics of it.

By the way, one of the statistics is that of long-term care is that if you are female and over age 65, you have a 55% chance of spending some time in a residential care community. And the reason is men, we are physiologically inferior and our wives take care of us and then we die young and then women are left.

And so statistically over 70% of nursing home residents are female and two thirds of Alzheimer’s patients are female. And so they bear the burden higher burden, higher risk rather than men do. And it’s not a, it’s probable is over 55%. I don’t know about you, but if I had a 55% chance of every time I drove my car to Portland, Oregon from Seattle, I take the train.

Not that the risk of injury, risk of accident driving to Portland from Seattle is way too high. I’m going to mitigate that risk and simply not drive at some point. Now, granted there’s a 45% chance that I get in no accident whatsoever. And a 55% chance that I get into some kind of accident. It might be a fender bender.

It might be a fatality or worse to me, the being horribly injured and surviving for years. Would be worse than death. And so that’s the mindset that you have to start thinking about. And, if you’ve saved all this money and worked so hard to accumulate it and you overdid it, which everybody really does.

And you have this nest egg leftover the question is, should it just sit there in your name, dangling out there. And just at that point, one of two things will happen. The first thing that will happen is could happen is you fall, break your hip, get Alzheimer’s and you might as well just, it’s all that a lot of that money will go to assisted living facility, adult family homes, the nursing home. I mean like the nursing home will be an owner of part of your nest egg. Another possibility is you just simply pass away and the kids own it.

Now, if you go back into time, holding wealth like this and the form of mutual funds and stocks and bonds and retirement accounts. It’s new in history. The first mutual fund wasn’t invented until the 1920s, and it was only invented because the average American could not afford the average blue chip stock GM, when that stock GM, when the Microsoft or the mutual fund was first invented, that stock price was more than the average workers annual salary.

So they couldn’t buy GM. They couldn’t buy it simply because it was too expensive. Now, when the mutual fund came along, it was affordable. And then what that, what happened a lot of people do start participating at a price they could afford in the market. And great wealth has accumulated since then.

And really retire, on top of it too, in the 19 hundreds, like the life expectancy. It breaks down like this and the early 1900s life expectancy for an American male was 49.7 years. Which is astounding. In the middle ages, life expectancy for a European male during the middle ages was 25 years and it took a thousand years to double life expectancy to 50 by the 1900.

But by 1929, average life expectancy had increased in America to 61.9 years. That’s a huge jump in life expectancy from 50 years to 61.9. It doesn’t seem like it, but it is it at the same time the mutual fund was invented. If you fast forward to 2021 average life expectancy for American male is 84.

And so we’ve, we’re reaching the point where we’ve almost doubled life expectancy, not in a thousand years, but in a hundred years. At the same time, a lot of folks, average Americans, middle class Americans, quote, unquote, have accumulated some wealth and they die with it. And so the new model is different than how Americans lived, how humans lived in the kind of wealth they accumulated in the past, up until the 1900s there wasn’t.

A lot of us need for estate planning. Other than just transferring the asset at death, you really don’t have that much and you’re going to die at age 50. And so here, son or daughter, here’s what you have left, but in today’s world, folks are living on average into their eighties, but I got bad news for you.

If you’re over age 65, you have a one in five chance of reaching age 90. And a one in 10 chance of reaching 95. And so the like you retire when you’re 65 and for the first time in human history, you might live 20 or 30 more years. And really, if you think about it at most of that retirement, at least half of that retirement age, you’re not really going to be spending money unless it’s for high, unbelievably high in skewed long-term care costs.

And so when you think about, okay, how do I position myself so I have enough money to survive all of my retirement and I do it in a way that is intelligent and with the highest likelihood that there’s something left over for my kids? And the great families of history, how to model a mental model that is different than most Americans have today, it was a very successful mind map.

And if we can just borrow from it, then really what’s going to happen is we can benefit from that lesson so that we can finance our own education, legal education, support, our health and our maintenance and copay with Medicaid, which I’ll explain after the break. But to do that, we just need to invest a little bit of time into maybe going to an academy and learning more about these concepts.

Hey, BoomXers, have you heard about the new Boom X Academy? This online academy offers courses that are taught by Darol Tuttle host of the Boom X Show and other educators. Many courses included digital lesson book, video presentations, and illustrations to help you plan and build a successful retirement.

I can, you can tell I’m excited about the academy because the academy, the podcasts are fun. I only have a limited amount of time when trying to get a lot of information out. Whereas with the academy I think the lectures don’t call me on this, but I think there’s seven video tutorials in the nest egg course.

So that’s five or six hours about w what is a trust? What is an irrevocable trust? How do they work together? How can we make a transfer? Asset protection is all about repositioning wealth so it cannot be reached by creditors, right? That, that’s the entire point.

So if we get back to Susan’s question. Let’s listen to it again. And I’m going to break it down for you a little better. It’s about the lifetime beneficiary part. So if I pointed Amy, she would be the lifetime beneficiary. Is that how that works? But if I have Amy appoint a financial trustee people, then they’re the lifetime beneficiary, I’m confused about the lifetime beneficiary part.

What Susan’s asking is like in the academy, through the nest egg course, she has created a limited power of attorney that lays out exactly what will happen in the event a trigger event occurs. And a trigger event, it’s up to her to draft that. But we have the software walks them through different scenarios and they choose one trigger event could be either an age, like when you reach age 75, make a transfer of the nest egg to protect it into a bulletproof silo and irrevocable non grantor trust, it could be a health event.

If I have a stroke, transfer the money because it’s at risk. And what we’re trying to do is transfer the wealth so that the title of the asset is no longer in Susan’s name outright, because once as long as she owns it outright, then it is. It can’t be reached by tax agencies by judgment creditors, basic creditors.

It can be reached by IRS whatever. So what we’re doing is we’re borrowing a page from the playbook of asset protection that goes back to centuries. The first asset protection trust was created during the black plague when the middle ages. When you take the nest egg course, there’s a whole section about the history of Trust and Estates that gives you the framework.

We don’t have time on the podcast to talk about it. That’s the frustrating part, but which what Susan is asking is she’s setting up her trust now, and she’s a little bit confused about the different players or roles inside of a trust. So a trust is a legal construct. It’s similar to an LLC or an S corporation in that, it doesn’t exist in the material world.

Like when you create an LLC, you sign or a corporation, you sign the articles of incorporation, and then once you record it with the secretary of state and the secretary of state of your state approves it, then voila, this legal entity comes into existence. It has a taxpayer ID number.

It can own assets, it can fire employees and it can have shareholders that can change. They can file for bankruptcy. It can seek all these legal protections. It’s as if it’s a person really. A trust is the same way. Once the trust agreement is signed and assets are transferred into the trust.

It’s just like a corporation, but for personal assets, LLCs are for business assets. Trusts are for personal assets. As on trust for purposes of judgment attachment or determining wealth or who owns what, even though it’s in a trust, like a living trust has no asset protection value. It hardly has probate avoidance.

You can tell that I’m trying to educate people about the limited value of a living trust. And even if you have one, but a non-grantor irrevocable trust is different because we can change in who wants the ownership of the asset. And dating back to the middle ages, common law, British property interests were able to be separated.

So one person one job description in a trust is the trust store sometimes called the grantor a grant, or is a tax term. Trustor is trust in the state medieval common law. Sometimes you’ll call it the trust maker. So that is the person that has the asset and creates the trust. Usually by signing a trust instrument.

Now, in this case, Susan is the trust maker. She is creating this trust. Now she can transfer wealth into the trust and designate anyone she wants to be over, to be the trustee. I misspoke anyone who qualifies as a trustee under state law. And usually it’s somebody over the age of 18, a trust company that’s managed and regulated by the banking industry or law firms.

Some statutes allow accountants, but anyone over the age of 18, hopefully not convicted of a felony. I think some statutes make that clarification. Or if you’re going to choose a professional trustee has to be one of these types of business entities. Now the trustee is the persons responsible for managing the assets, protecting the assets, and they have a fiduciary duty to guard it and protect the trust wealth.

And so that’s pretty heavy and I’ve been working with Amy. And like everyone wants to appoint their children. And if you join Boom X Academy, you’ll learn a lot on the difference in advantages and disadvantages. In Susan’s case she has four daughters and she wants to point, perhaps she’s thinking about appointing one to be the trustee.

That’s fine, except that doesn’t mean that child has any skill set when it comes to managing trust assets. Because remember, you’ll learn in the nest egg course that an irrevocable trust is a separate entity. Files a 1041, not at 1040. And so there’s accounting requirements that the average person just simply lacks.

Susan’s asking, Darol if I take your advice and appointed professional trusts, Then are they also going to be the lifetime beneficiary? What Susan’s doing is she’s confusing the different job roles. The trustee has legal title of the assets. The beneficiary is the person that has what they call beneficial interest, or they’re the ones that have an economic interest that they can’t control it.

And they don’t have legal title, which is the point, but the trustee has a duty to make distributions to the beneficiary for their benefit. And the way we can obtain asset protection is we can transfer wealth into a trust. And as long as we ourselves are not the trustee and controlling it, and we have a different person as the beneficiary, we no longer own it.

And if you think about it, really, what we’ve done is recreated a family bank rather than wait until age 75 and run the risk that these assets will be attached. We can just simply create the family bank, because if you think about it at a certain age, the children are going to have own these assets soon anyway.

If we hang on them for too long, it’s just going to be subject to spend down. It’s going to be subject to judgments. If we have any creditor, all these things that could go wrong. Why take that risk? So transferring it into this trust and having a trustee, manage it with different beneficiaries.

Now that it can’t be reached. Now, if this particular trust that. It would be subject to the five-year lookback period for Medicaid. And so we’re waiting at the five-year look back period. Five years and one day after the transfer, Medicaid’s not even allowed to ask about that trust. Congress used to have a three. On the law it used to be a three-year look back period.

Now it’s a five-year look back period. If Congress wanted to they could have a forever look back period, but they don’t. They have a five-year lookback period, and that is not different than the estate tax rule for high net worth individuals. If you transfer wealth out of your estate, the rule in my state and under federal law, as it exists is a transfer that is more than three years from the time of death is not included in the estate.

You can make gifts to out of your estate to reduce your state tax liability. Now, Congress has, that tried to has successfully attached the gift tax with the estate tax. But for in most cases, specially if there’s estate tax. Washington has a $2 million death tax credit.

So anything over 2 million is subject to a 20% tax in Washington State. One way to, to avoid that is just gift wealth out of your estate. So you’re below the $2 million credit and you’ve just made a financially responsible transfer. Now, when you make a transfer in the nest egg course for an asset protection trust that is viewed as a family bank.

Really what you’re thinking about is who’s a lifetime beneficiary? There’s different kinds of beneficiaries. One would be, who’s entitled to distributions from the trust while the Trustmaker is still alive. Like Susan seventy-five she’s right now she’s in her fifties or sixties, I think.

So she’s a young woman we’re talking about a plan at some later on in her life when she’s more vulnerable. And if she establishes a trust and transfers wealth into it, and she chooses a professional trustee, who’s entitled to distributions from the trust while Susan’s alive. Mom’s alive on this case, it could be all four daughters or it could be Amy, just one.

And that’s called a lifetime beneficiary. The follow-up question. Susan had was what are, what is this about residuary and remote contingent beneficiaries. Those are the beneficiaries that are entitled to whatever’s left over in the trust. So whatever is the residue, whatever is the remaining assets inside of the trust.

They’re called remainder beneficiaries. Now, if all the remainder beneficiaries have died, like there’s four daughters, suppose they’re all killed in a car accident. The I5 scenario, lawyers have it, like a rough, you have to think about the worst possible things that could happen to our clients.

And the I5 scenario is we’ve named four daughters as the remainder beneficiary. When mom dies, whatever’s leftover in the trust. We want the trust to terminate and paid to the four daughters equally. Yay. But what if they’re all debt? Then that’s the remote contingent beneficiaries and that’s when you get into per stirpes, per capita, which we go over in the academy, but to the children of a deceased heir, for example, or a charity or any named party.

So her question is, she was confused as to trustee and lifetime beneficiary. Now it is true. Well like one of the benefits of using a professional trustee is it doesn’t cause resentment by the beneficiaries. In other words, if you name Amy, the one daughter as the trustee. The other daughters you’ve just changed the relationship.

If they’re all four daughters are a lifetime beneficiaries, but one daughter is a trustee. The other daughters have to go to their sister to ask for money. And that, that just is awkward for everybody. That’s one reason why I don’t like naming family members as trustees.

And weird thing. I see weird things happen and it is you’re you might be shaking your head. Yes. Because. It’s common enough that you may have experienced it yourself or know somebody who has. And so using a professional trustee, the bad thing is yes, they charge money. The good thing is everybody behaves differently.

If you go to a professional trustee, you’re not bringing resentment and anger towards the professional trustee, when you’re making a request for a distribution. And a professional trustee is not, it does not have any emotion about the annual distribution that they are required to make. And the reporting that they’re required to make that they do efficiently for all four daughters.

That was the point, which is to set up a stress-free transition of wealth and a pot of money that is protected during the lifetime of mom for the benefit of the entire family. If you do it that way, your chances of financing your long-term care costs and having greater amount of money leftover at the end of life is much higher.

There’s no guarantees for sure of course, but I would say in all cases, you’ll have more money leftover. That’s not to say that you will have money leftover put it that way. I think we’re going to wrap it up because I have a lot more to say, but we have been going now for awhile and it’s probably like sipping and water from a fire hydrant.

If you want to learn more. Just join Boom X Academy and jump into the companion course where we have enhanced content.

And that concludes this episode of the Boom X Show laws of money podcast. I’m your host, Darol Tuttle. As a reminder, you can go to BoomXacademy.com. Membership is absolutely free. And best of all, you can enroll in the Boom X Show companion course.

That’s all for now until next time, remember? Yes, you can learn and leverage the laws of money to your advantage.