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How does a promissory note function in the context of a trust?
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It allows access to funds from the trust without incurring taxable distributions.
What is the main purpose of the Intelligent Banker Podcast?
To educate individuals on financial strategies, including how to be lawsuit proof and avoid capital gains legally.
What is the advantage of structuring a trust under contractual law?
Contractual law provides protections not subject to changes in legislative law.
What are the key roles in a trust and their functions?
Settler (sets up the trust), Trust Guardian (holds ultimate control), Trustee (manages the trust), Beneficiaries (benefit from the trust).
How can creating a 'family economy' and 'family bank' benefit individuals?
It helps in safeguarding and growing family wealth across generations.
Why is the trust name important when filling out a trust application?
It should be unique and not tied to personal or business identities to maintain security and privacy.
Explain the importance of selecting the trust roles carefully.
Securing capable individuals for roles such as Settler, Trustee, and Trust Guardian is crucial for effective trust management.
What steps are suggested for transferring assets into a trust?
Prompt selling of assets into the trust for asset protection and tax advantages is recommended.
How does Josh Nelson describe the financial system?
He describes it as rigged against average individuals, emphasizing the importance of financial education.
What are the payment options discussed for setting up a trust?
Wire transfer is preferred for its ease and speed.
What significance does financial literacy have in the context of the podcast?
Educating oneself about financial strategies ensures security, growth of wealth, and protection against systemic biases.
What personal experiences does Josh Nelson share in the introduction of the podcast?
He shares his journey of financial success and failure, including being broke at a high level despite success in network marketing.
Describe the process of trust activation as per the podcast.
It involves setting up a bank account, having documents notarized, and educating oneself through provided resources.
What are some financial benefits of establishing a trust?
Asset protection from lawsuits and creditors, tax benefits like deferrals, avoidance of inheritance taxes, and managing generational wealth.
Who is the CEO behind the launch of the Intelligent Banker Podcast?
Josh Nelson, CEO of Infinite Wealth Strategist.
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