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.