Politically High-Tech
A podcast with facts and opinions on different topics like politics, policy, technology especially AI, spirituality and development! For this podcast, development simply means tip, product and/or etc. can benefit humanity. This show aims to show political viewpoints and sometimes praises/criticizes them. He is a wildcard sometimes. For Technology episodes, this show focuses on products (mostly AI) with pros, cons and sometimes give a hint of future update. For Development episodes, the podcast focuses on tips to improve as a human spiritually, socially, emotionally and more. All political, AI lovers and haters, and all religions are welcome! This is an adult show. Minors should not be listening to this podcast! This podcast proudly discriminates bad characters and nothing else.
Politically High-Tech
246- Unlocking Tax Reduction Secrets: The Power of the Spendthrift Trust
Unlock the secrets of the ultra-rich and discover how you too can pay fewer taxes! In this illuminating episode of Politically High Tech, we bring in tax wizard Sally Gimon, who reveals the Rockefeller Spendthrift Trust—a powerful tool for legally slashing your tax bill. Learn how this specialized trust, crafted by a Harvard law professor, has stood the test of time without a single audit and how it can help those earning at least $80,000 annually cut their federal and state income taxes dramatically.
We traverse the fascinating history of the Spendthrift Trust, from its origins in the time of King Henry VIII to its modern applications under IRS tax code 643B. Sally shares her compelling personal experience as a real estate investor, illustrating how she and others have benefited enormously from this unique trust structure. Understand the differences between this and your typical family trusts, and why the irrevocable, complex, discretionary, and non-grantor nature of the Spendthrift Trust makes it a game-changer for wealth building.
But it's not all about taxes. We delve into the critical importance of safeguarding your financial information in an era rife with hacking and data breaches. Sally recounts her own challenges with fraudulent transactions and IRS audits, offering invaluable advice on how to protect yourself. By the end of this episode, you'll grasp not only the legal avenues for reducing your tax burden but also the broader implications of financial security and freedom. Don't miss our heartfelt closing story on turning small efforts into significant rewards—proving that resourcefulness is a cornerstone of financial success.
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well, welcome everyone to politically high tech with your host, elias. We are going to if I'm going to, if I'm going to say so myself, pun intended enrich our knowledge somewhere. Okay, and the reason why I say that is because you're going to learn something that some of you are going to question. I know it. Look, I'm kind of a skeptic by nature, but I keep it at a healthy level. I just don't think every single person is a liar. Or oh, everything is a lie. Or oh, everything is a lie. Or this person is a liar just because you can't fathom it, just because you can't perceive it doesn't make it true, okay. And as some of you know and I do say some of you the American tax code is supremely complex. I mean, I don't know a person who could just confidently say I could memorize a lot of these penal codes and laws and all that. Nope, I haven't met a single person yet. Maybe one day I'll meet that person.
Speaker 1:I think this is going to be a little controversial. I think that person has to be obsessive to the point that it is at the high end of the autistic spectrum. Just to master it, that's how much time you need. I mean, that's how much time you need. I mean, that's some of the education you're gonna need. And no, you don't have to identify as autism. You just need to develop that sick level of obsession. That's my point. But enough of me yammering, because we all learn about something very, very interesting, especially for you business owners, you 1099, you know your independent contractors, all of that. Right, you're gonna learn something from this. And you know, and you normie people who want to jump and hop on this bandwagon, this will benefit this. Okay, you know you w2, w4, w, whatever workers all right, you know, I'll call you the normies, because that's most people's tax codes and I am not a tax expert.
Speaker 1:I'm just giving this claim, ok. Ok, I'm going to be quiet and introduce this guest because I can make this model go long and I want her to speak. Yes, she's a valuable one here. I am just the host guiding this conversation and, trust me, I don't know a lot about this. So I'm going to be just as blind as you listeners. The only difference is I'm just guiding, that's it. You just critique on how I guide this conversation. That's it. Not my knowledge, because I'm going to ignore that, because I already I'm going to tell you? I don't know. Okay, I already give you a disclaimer. I'm not a tax expert, so let's welcome sally gimmmon. Is that correct? That's perfect, all right, I just want to make sure, and normally I would do that before the recording. But hey, that's good. That's good. Normally I don't get that right the first time. So, sally, what do you want the listeners and the viewers to know about you? And the viewers to know?
Speaker 2:about you? I personally found out April 4th 2020, my personal tax rate went from 22% to 24%. I don't know if you know that was the beginning of COVID. I had three properties. I'm a real estate investor. I had three properties that didn't pay me April 1st and all of a sudden, I had money sitting aside to pay my capital gains. My capital gains went from $50,000 up to $97,000. My CPA put me on a payment plan. Thank God for that. I had to pay the government a little bit more, but I'll be honest, I was furious and I wanted to find out how to save taxes. Have you ever heard of the Rockefeller's Spence Rift Trust, called the Office?
Speaker 1:No, but I did hear they used something. Maybe you're going to reveal what that special something is, just to save on taxes over there. And I'm just going to say something real quick, especially for some of you progressive lefties, about the rich always finding loopholes and all that.
Speaker 2:It doesn't to anybody.
Speaker 1:You see, that's where you get wrong. Yes, the rich use loopholes, but you can too. They were trying to include you in here, ok, so don't bash people for using it, take advantage. Take advantage, I'm sorry, continue.
Speaker 2:Well, our current tax code, as you said it's I mean, I was an English major in college useless degree, but I love Shakespeare. If you take all of Shakespeare's work and put them lined up next to each other, the US tax code today is ten times the size of Shakespeare's work. Shakespeare is much more interesting to read. When the tax code went into effect in February of 1913, the super rich families of that time the DuPonts, the Rockefellers, the Kennedys made sure they could save taxes. It's the secret of the rich. And because you're letting me be on your podcast today, I want to say thank you. But everyone should know about this. I mean the situation. There are over a million attorneys in the United States. Only 4% of the attorneys are trust attorneys, and I work for the law firm that has a copyright on the Benson Financial Trust. That was written by a Harvard law professor 76 years ago and it's never been audited. And I want to teach your audience how they can save taxes too.
Speaker 1:Yeah, come on audience. If you're not going to pay attention to most of these episodes, pay attention now. This is about your money, your mood, you want to keep more of it.
Speaker 2:Right, go ahead the more you work, the higher your taxes are. Most people don't realize there's seven different layers. It starts from 10 to 37 and the more you make, the more you pay. So mostly most of my uh clients are medium-sized businesses. A husband and wife in new jersey who have a mechanic shop. Uh, he's in his late 40s. They have three grown children who want nothing to do with the mechanic shop. He's turning away business. We're going to save them in a full year, 36 469 a year with the business spend thrift Trust, or per month, an extra $3,039. He's not working harder, he's not working smarter. So what he did? He went to a local high school and made a presentation saying if anyone wants to learn how to do auto mechanics, I'll pay you $15 an hour to work on my cars. I mean, he's bringing in more business, saving more in taxes. It's a beautiful thing, it just works for everybody. He's bringing in more business, saving more in taxes. It's a beautiful thing, it just works for everybody.
Speaker 1:Yeah, you could do more with that money, right? You know? For example and I'm going to just touch multiple aspects, I know you know some just want to save money. You know, maybe for I don't know emergency funds Feel free to correct me here because I'm going out of a limb or maybe increase wages or improve the location. You know whatever repair works they need, you know you have more options when you have more money right. In general, I mean, that's just you know that's important.
Speaker 1:I'm trying to make this simple because I'm trying to include every single person. Okay, you know, you W, w2, w3, w4, whatever you are the regular workers. If you feel excluded, don't. If you want to be an independent contractor, freelancer, this works for you as well. It just takes a shift. You have to do some changes, that's for sure. I think the taxing on the working people is pretty darn high, if I say so myself.
Speaker 2:It's average like 22% to 25%.
Speaker 2:It's between 10% to 37 percent depending on your tax bracket. There's four ways to file your taxes Single, head of household, married jointly and married separately. Single is the most expensive way to go, and I'm single, so I know that for a fact. But when I started real estate investing, I was a W-2 employee and I was in trouble I don't know, driving to work at 7 o'clock in the morning in Phoenix. I was the second car through in the green light and some bozo ran the red light T-bone me. Thank God I wasn't injured.
Speaker 2:My car was three weeks old and the paperwork was sitting on my kitchen table for gap insurance I did not have gap insurance was sitting on my kitchen table for gap insurance I did not have gap insurance. All of a sudden I went back to eating ramen noodles twice a week, like you're in college, because my life completely turned upside down because of a car accident. I mean, that's when I made the decision I needed to change my life. So I hope your listeners don't have to change their lives. But there's so many different ways to make money out there.
Speaker 1:Yeah, look, this episode is going to show you a little something about what the rich have done for let's just be honest hundreds of years. I was just putting it round up, you know.
Speaker 2:It comes from England Way back when King Henry VIII started the Church of England that famous king who chopped off his wife's heads. He went to go tax the lords and ladies of England. They went further back to the Magna Carta, to the 13th century, and said he couldn't do that. Its contract law came to the colonies where we're still part of England and the law for my work on behalf of inherited trust that turned 350 years old in 2023. For three and a half centuries they've been keeping their assets altogether and not paying taxes since 1913. It's an amazing thing.
Speaker 1:Wow, this even precedes the founding of the nation itself. Exactly, exactly.
Speaker 2:Come on. Take advantage of a well-established system.
Speaker 1:Here a secret. Well-established system.
Speaker 2:It is in the IRS tax code. If someone goes and Googles tax code 643B, you will find an opinion letter dated September 11, 2018 from the IRS saying they don't approve of this. That's okay. The IRS can't change the tax code. Only Congress can change the tax code and, quite frankly, quite a few congressmen have Congress and senators have this trust.
Speaker 1:Yep. So people, I really hope you're listening here. This is about your money. Unless you want to burn all your money, don't listen to this. So you are just burning, just like. I'm going to use a movie example here. You know, just like the joker from the dark knight, where you burn his money, he didn't care about it. You want to be just like him. Go right ahead. I don't recommend it. You're mentally ill. Okay, this is not for you. If you want to be at least semi-intelligent, I'm trying to be as nice as I could be here. Listen to this episode and then you could reach a level. Be at least semi-intelligent. I'm trying to be as nice as I can be here. Listen to this episode, then you can reach a level of at least financially intelligent and save your money.
Speaker 2:Work smarter. You just gained another quill into your quiver for arrows because you know I'm going to be honest this only works with somebody who's making $80,000 gross to start saving money. Somebody who's making $80,000 gross to start saving money. If you're making $80,000 gross with the Spendthrift Trust, you're going to file a 1041 tax return, not a 1040. So the deductibles aren't all going to be there. When you're a W-2 income earner, you get certain deductibles automatically. This is how you could be saving up to at least 90% on your federal income taxes and in 43 states, including New York and North Carolina where I live, you will no longer pay state income taxes. It's an amazing thing. I'm so glad I stumbled on it.
Speaker 1:Yeah, no, that is an amazing thing. And for those of you who cannot make 80 grand a year, go marry someone. Join something. There you go. Just try to include as much people in there they go marry. I don't care if you hate each other, get benefits with your taxes exactly.
Speaker 2:Well, just just give you an idea. You know I'm a real estate investor. Since I've had this trust, I've wholesale 28 houses. I have 12 notes where I'm the paper on the house. People pay me their mortgage. I have three rentals and I have three seller financing houses. So with the beneficial trust, if you are at 22% and you wholesale or fix and flip a house and make $50,000, you will save $11,000 on each property. If you're at 24%, you will save $12,000. 28 wholesale deals. I've paid for this trust over and over again. I'm not trying to crow, but I've saved six figures in taxes so far in three and a half years.
Speaker 1:She's reading a little bit about this spendthrift trust. But just to put it more clearly for those don't know who got, who was on adhd move, I'm gonna be nice, this will go all over the place is ah, she's saying this and that and that.
Speaker 1:I'm a little confused, so you're gonna put it for someone who is, I'm gonna be quite frank, a dummy or just have a very poor attention span. What is that? Because we're gonna talk about why we should use it. I think we already talked about why we should use it. I think we already talked a great touch on that a lot. But what is a spendthrift trust?
Speaker 2:The full name is Irrelocal, complex, discretionary, non-grantor Spendthrift Trust. Here in the United States, 97% of the trusts sold over the years. What my mom and dad had and what Suzy Orman talks about on television the family trust. There's nothing wrong with the family trust, but the only thing the family trust does is avoid probate and then dissolves. All the assets have to be given out to the beneficiaries. This trust I'm going to go over the five elements Irrevocable goes from generation to generation. The Rockefeller's trust is seven generations old, has almost 400 people under the same EIN or employee identification number that tax ID number you get Complex. This trust can hold money from day to day, week to week, year to year, month to month, decade to decade, century to century, discretionary. This is a true story. A client of mine has been a wife. They have four apartment buildings in Los Angeles. Their adult daughter is living in one of the apartment buildings, rent free, but they're requiring her to do pass for random drug tests per month or else she gets kicked out. Court saying this isn't constitutional. The judge says you've got two choices Move out and pay rent or pass a drug test. It's your choice. I don't want to be a fly on the wall during Thanksgiving dinner. I wouldn't want to be there.
Speaker 2:Fourth element non-grantor. This makes the trust completely private. With my mom and dad's trust, my mom and dad were both the grantors or the settlers of the trust, and when they both pass away, that's when the trust is all. So when you start the trust, it's going to be someone who's not a beneficiary or the trustee, and you will need their social security number. They will set up the trust, they'll be the trustee for a short five minutes and then sign themselves away. Either I can do this for you free of charge or somebody at the law firm We've done it for many of our clients. I can do this for you free of charge or somebody at the law firm. We've done it for many of our clients. And then the last element.
Speaker 2:The spendthrift has been in front of the United States Supreme Court on two separate occasions and both times the Supreme Court has favored it. This is as legal as legal can be. I mean, if you are close to a law library, black's Law Dictionary has a spendthrift trust in it. A textbook that trust attorneys study in law school is called Scott and Asher on Trust, fifth Edition. A whole chapter is dedicated to this. Just because you haven't heard of it does not mean it's not real. If you get a chance, google the IRS tax code 643B or look up the tax code 643B. It's been there since February of 1913. I don't have a crystal ball for the future, but what it is is contract law. So my trust is between me and the law firm. So the sheriff, the mayor, the governor can't break my trust. Only the law firm or myself can break the trust.
Speaker 1:Yeah, I really hope you're catching this, and there's going to be a transcript of this as well, if you decide to read it, and there's going to be auditory versions. I'm trying to please every single listener, because everybody receives information differently. People process information differently and I know it's gonna be a lot. And feel free to rewind. You know there's a rewind. You know, just go back. As I said again, go back, go back.
Speaker 1:The only thing I'm not gonna do is make the guests Repeat well, in this case Herself. I might repeat the question if it's unclear, but that's different because there's no clarity. But I said oh no, can you say that again? No, there's a rewind. You could go back and do that. I'm not going to do that. I'm trying to make this as valuable as possible and as smart and as efficient as possible, because we got the technology to do it. We don't need to do no rewind and all that crazy stuff. This is why it's recorded in the first place. But anyways, on that, I just hope you're really listening because this could be beneficial for you, especially you middle income married people. You're going to deal with one tax, the emotional tax. She can't help you with that, but you can at least benefit financially. Okay, I don't know if she's a therapist, but she's an expert in taxes. That's all I can tell you.
Speaker 2:You don't, let me try to tell you. I'm single still, but one of my favorite pizza places here in the Charlotte area True story I took my friend Ingrid door knocking last March, cold, blustery day. We show up at the pizzeria to order we're from New York White pizza. I've never had that before. It's fantastic. So we order a white pizza. We're standing there chit-chatting. We stayed there for about two hours.
Speaker 2:As we're getting up to leave, the owner, roberto, goes Sally, we're doing our taxes right now. Can I have your business card? He and his wife, two locations making about $15,000 a year, $180,000 a year gross. They're going to save, between federal income taxes and North Carolina state income taxes, $34,935. They can use this to pay off their mortgage, buy a new car, take the family on vacation, give to charity to save for retirement. Oh, no, no, no. Roberto and Marianne opened a third location and in 2025, they're going to open a fourth location. So they're making more money and when they retire in 3036, they will leave two pizzerias to one adult child and two pizzerias to another adult child. No inheritance tax, and the adult children will still save federal and state income taxes. I mean, it's a gift that keeps on giving.
Speaker 1:So for you people that just wants to rely on short term gratification, instant gratification, that's a big problem with our culture here. You could think social media, and even traditional media to some extent, but especially social media, social media has really exacerbated this problem. Oh, click, click, click, got it. Good, it takes too long, we get frustrated. We need to go back to having delayed gratification, have this long-term thinking, because that's what this vehicle, product, whatever you want to call it, does. Okay, and it's perfectly legal. So don't ask me it's illegal, it's perfectly legal. I'm not an expert, but you know, unless this takes down the podcast, well, you know what? Even if it ends up being illegal, I will happily end it at this note. I try to help you. But it's legal. Okay, be serious, it's legal, it's legal. Okay, be serious, it's legal, it's legal. Let me stop my dark joking. People could misinterpret that. But it's perfectly legal.
Speaker 2:It just sounds so too good to be true, but give it a shot the reason I'm saying this is because I'm Paul Benson was a Harvard Law professor who wrote five separate trusts 76 years ago. Now it's his grandson, great-grandson and the great-great-grandson just passed the bar. They've inherited the law firm. They're so sure about this that it's legal. They will give you a certification saying if you get questioned by the IRS, they will defend you free of charge In 76 years. It's happened once. They will defend you free of charge In 76 years. It's happened once. And the one time a senior IRS agent went down to the law offices in Texas, spent five hours going over everything and he signed off on it. That's how legal this is, and you know this is a true story.
Speaker 2:Amazon was going to get free land in New York to build their factory. My brother, who has a brewery here in North Carolina, doesn't get anything free. He's got to pay everything. You know he's a small business person. He was able to save over $29,000 in 2023 with this trust. That's life-changing. I mean, that's somebody working a second job or even a full-time job that he got to save.
Speaker 1:So you sure he gave you all the reasons. So I'm not going to ask for why. Sure, he answered the why already with various different real examples. Ok, so I'm not going to ask that because that's already been covered throughout this entire conversation.
Speaker 2:Well, if I can tell you my why, when I started my trust September of 2020, I did it because I wanted to save capital gains. The gentleman who sent me up on my trust, I said I want to teach this in my real estate group. And he's like why would you want to do that? I'm like because I want to share the wealth. I mean, I spent five months researching this and in my real estate group, I'm helping people save thousands of dollars. And do you know who Bob Proctor was?
Speaker 1:Bob Proctor. Bob Proctor, I've heard of him. I've never got a clear identity, but I've heard him a couple of times.
Speaker 2:Unfortunately, he passed away in 2021, but I'm a student of Thinking into Results. When I had a falling out with the gentleman who ran my real estate group, my Thinking into Results coach, susan Ma, she tasked me with three things I had to move, I had to find a new real estate group and I had to start my own company. I thought she was crazy. I'm like, hey, susan, tell me to lose 10 pounds, I can do that, but thank God I did. I mean, some of the people I work with they break into tears when I show them how much they could be saving. They're like that's life-changing. People don't realize how much they pay in taxes.
Speaker 1:You're not tax-free, you're just going to be saving very specific taxes and, if you do it right, substantial amount of taxes. Oh yeah, so it's life-changing. I mean you know, of course you're going to pay taxes. I mean this is not like oh, you get a special car, say I'm immune to every single tax.
Speaker 2:Oh no. That's why I want to make it clear that you're certain taxes. My first property in my trust was a bank-owned uh auction house. I paid twenty thousand dollars for it. I had to wait for, um, uh, covid really it was covid to open everything up, so it didn't go to auction until august 28 of 2021, started at 50 000 I knew that but went all the way up to $64,990. At 24%, I got to save $10,395 on that one property and I took that money and put it into more real estate.
Speaker 1:So I'm building my empire as I'm saving money, if that makes sense. Oh, you know that makes sense because if you get more money just like that one example you said with the pizza chains they just open another one and they plan to open another one and another one. Look, if you get more money, you have more options. Ok, it's, it's as simple as that. I'm going to repeat that because it's just so simple and profound. I'll make sure I get that.
Speaker 2:They're just wait. Mario and Marianne, husband and wife of the pizza people.
Speaker 1:They're just regular people. I mean, $34,000 is life changing. Yeah, even $20K, $15K.
Speaker 2:For some people you're $5K, you know. I'll give you an example. I don't want to say one of my lowest, but a Shopify owner. She sells earrings. She's 23 years old. She lives in California. High taxes in California. Her shop, every single month, is growing and growing and growing. She saw a TikTok video where I talked about my tax bracket went from 22% to 24%. This is what happened to her In a full year, with the numbers we used. She's going to save $17,338. Per month that's $1,444. She's like that's rent on my apartment. It's amazing. You know, saving taxes Talking about death and taxes is taboo in the United States, but this is going to help so many small business owners.
Speaker 2:Four ways this trust will help you. Number one save taxes year after year, generation after generation. Number two you just told me you opened up an LLC. Congratulations. I was told when I started my real estate career open LLCs to keep your information private. Oh, no, no, no, no. I can go to the Secretary of State or the Corporation Commission of every state in the country and research LLCs.
Speaker 2:40% of LLCs get sued every single year. That's a lot of money. Third thing, talking about lawsuits, all lawsuits become frivolous because your assets are in a titanium vault and they go away. So with some of my clients who have rental income or Airbnbs, the renter's dog gets out and bites the mailman. The mailman can't come after them, they can only go after the renter's dog gets out and bites the mailman. The mailman can't come after them, they can only go after the renter.
Speaker 2:And then the fourth thing are you aware of the 2024 Corporate Transparency Act from the Treasury Department? Okay, this is a little bit scary. They announced it December 26th of 2023. If you are an LLC doing business as or corporation, you have to fill out the paperwork for FinTech, which is part of the Treasury Department, with all the information, or you have until December 31st 2024 to do this, or you will be fined $10,000 and or two years in jail for not doing paperwork. The Spendthrift Trust exempts you from doing that paperwork. One of my clients had 44 real estate properties and he's like you, just saved me a massive headache from doing this paperwork. It one of the one of my clients had 44 real estate properties and he's like you, just saved me a massive headache from doing this paperwork 44 times wow, that's what I feel.
Speaker 1:That paperwork you just go to jail just for that.
Speaker 2:Hey, I'd rather hear the harsh reality than just, you know, deal with beautiful falsehoods. Yep, so you know, like with your llc because it's for Yep. Large corporations already know this, but the small mom and pop shops, a florist, a mechanic, a plumber who might have an LLC are not aware of this law. That could affect them partially.
Speaker 1:Yeah, no, but regardless. I thank you for that, and you know any small businesses. This is a warning to you. You got to find ways to file that paperwork. Unfortunately, I know it sucks. Because it's legal Doesn't mean it's good. This is a warning to you. You have to find ways to file that paperwork. Unfortunately, I know it sucks. Just because it's legal doesn't mean it's good. But if you don't want to pay that $10,000 fine, just avoid it. It's not going to be for the time being, unless they undo this law.
Speaker 2:Correct and the database has been hacked three times since January 1st already. I'm like you can't keep it private and you want to see. They want your name, your address, your telephone number, your driver's license number, your llc ein number, your passport, if you have one. I'm like, no, I don't want to give you all this in one location. You know the whole. Uh, homeland security knows my passport number, but the dmv doesn't need to know my passport number yeah, the to your point which you brought up, a very good one.
Speaker 1:Yet massive data breaches are happening more and more often. Yeah, can we trust these people? The simple answer is no. No, don't think about it. No, they're failing. If you haven't been paying attention, well, god help you. But no, that's why I'm getting less and less. You know, I've been breached like twice and I was able to overcome it, but it's stressful. It's very stressful, you know, especially when I'm trying to steal $3,000 out of my bank account. This would put it on a crypto and once that transaction would have went through, I would have lost that $3,000 forever.
Speaker 2:Because it's not refundable.
Speaker 1:How did you?
Speaker 2:stop it. Did someone tell you it was happening or did your bank not allow it to go through?
Speaker 1:This is what I did, though the representative told me this person was trying to get into your thing Okay, great. And he said I had 30 minutes to stop it. It was a transaction that went through. I went to the bank, emptied my account, wait for that timeline to pass so that the bank could reject that transaction, and then I put it right back. It had to change passwords throughout. It had to do multiple password changes because I know everything is so interconnected. One password change is not going to be enough.
Speaker 2:It's stressful.
Speaker 2:Well, it's true for me. I was driving from Massachusetts down to Hoboth Beach in Delaware. I stopped for gas on a New Jersey turnpike. I used my debit card to pay for gas. I get a text message from my bank saying did you just spend $1,900 at Old Navy? How do you spend $1,900 at Old Navy? Like, how do you spend $1,900 at Old Navy? I just don't know how you do that. I said no, and you know this is going to be Labor Day weekend several years ago and they FedExed. I got on Saturday my new debit card with all the money on it so I could take my friends out to dinner. But it was stressful. I'm like I got gas, that's all I did, and I didn't know there was a reader on the, on the gas pump.
Speaker 1:Yeah, those sneaky little readers just takes all your information right there. And I remember I started being more alert every time I put something into this. I don't want to see a little red table or something sticking out, because once you put it in there, you know, you think it's safe. No, they got all your information right there, and I know family members, even on food stamps yeah, food stamps get hacked too, you know, and this routes of I'm, you know this routes of I'm going to keep this person anonymous.
Speaker 1:There was two charges at target, one in New York and one at Virginia. How does that possibly happen? How can that happen? The person hacked it. Yeah, so that you know. No one person could be in two different locations. Okay, we're not that advanced. Maybe create an ai clone, whatever. That's probably two years down the line, but we're not going to go there and the time stamps are so similar. They were only 10 minutes apart. How can you be in new york and the state of virginia in 10 minutes? That's impossible. That's impossible. Okay, it's just impossible. You got hacked, that's it. That's the simple answer to it I.
Speaker 2:I got hacked and you know. I know what I was doing. I was rushing because I let the traffic expand. I'm trying to get a four-day weekend at the beach. I wanted to get to the beach, so, yeah, I got hacked.
Speaker 1:Yeah, so the reason why we're talking about this is because information privacy is becoming more valuable and needed more than ever, is becoming more valuable and needed more than ever, and it's sad because a lot of us trusted them to protect our information but they're failing. They're failing really, really bad. You already kind of answered about how the trust got audited one time at least.
Speaker 2:They got audited it's never been audited?
Speaker 1:Okay, oh, you know what, thank you for that. You see, I it's never been a question, okay, but our our that, oh, you know, thank you for that. You see, I don't even I'll take the colors of all that, so has. Has this trust has ever been audited, then?
Speaker 2:It's never been audited. The uh. The reason the IRS was questioning what was going on was that this is going to be a true story. He had several different LLCs in different states. This is going to be a true story. He had several different LLCs in different states. We highly highly suggest all my clients not to have LLCs because that keeps you open to being sued. Once the senior IRS agent went to the law firm, spent five hours looking things over. He approved it. He said that the tax we introduce you to the CPA and pay for your first year's 1041 tax return. It's your decision if you're going to continue with the new CPA or stay with your CPA in New York or wherever you are. But you know, saving five figures in taxes is an amazing thing. When you haven't learned this, you know another person. I'm working with a home inspection company in Ohio. The wife says I know how to inspect homes. I don't. I didn't go to school to learn taxes. We're saving them the home inspection company Seventy three thousand dollars a year.
Speaker 1:I mean that's, that's a high salary for people well, sadly not high enough in new york city, but that's a whole different story. But almost everywhere else in america you could live very comfortable with that kind of money. Let's just. Let's just be clear. But parts of new york, california and even hawaii and several other states that slip in my mind, yeah, you can't live with that. You can't live with that.
Speaker 2:Correct, correct, but you know, an extra $6,000 a month. That changes things. I mean my most recent client that I dealt with, asheville, north Carolina. He saw a TikTok video. He's a used car salesman. Carolina, he saw a TikTok video. He's a used car salesman. His wife's in the background when we're on Zoom and it's going to be an extra over $3,000 a month. They're going to save and she's still like honey. That's more than her budget. They've got three young kids. She's like we have to do this. I mean, I'm helping small businesses, families, everybody else, save money. I'm not making fun of CPAs. They don't go to law school, they go to CPA school. They don't know the tax codes, they only know how to file the taxes.
Speaker 1:Yeah, they're just kind of like administrators, but they're ignorant with the law. They just know how to do their thing. That's not an insult, you're just stating facts. You already said it Not many law firms know trust and tax law. You said only four percent across the country, which you know, you know all those major law commercials. You see, I'm sure most of them don't even know this stuff, you know one of the people I work with are accident attorneys.
Speaker 2:They're attorneys but they want to keep their money. One accident attorney who contacted me told a whole bunch of other accident attorneys I have a JV program. He got paid extra for sending me more clients, but accident attorneys make a heck of a lot of money. That's all I'm going to say.
Speaker 1:Yeah, especially with this trust. Oh, forget it, this is going to multiply. I'm sure, getting in is going to be difficult, but once you do it get the momentum. You just keep growing and growing and growing and growing.
Speaker 2:We have a whole team to work with you to make sure your questions are answered and get things worked out. And when you start saving every month you get an extra $3,000 in your bank account. You're like what can I do with this? A lot of my clients are starting charities or giving more to charities. One of the things. My mom was from Ireland. My granddad died December 1939. And I can palm a basketball. My mom's fingers were longer than my fingers and she was only 5'2". I gave a donation in my mom's name to St Mary's Food Bank in Phoenix the oldest food bank for every trust that I sold, because she's the one that promoted me to say start doing this. You need to start telling other people about this.
Speaker 1:Yeah, well, thank goodness for your mother, thank God for that. No, really, I mean, I'm being very serious.
Speaker 2:My mom was a very special person. I mean, can I just tell you one thing she made us do when she was probably training us? When you get up in the morning, you do your business and you wash your hands in the sink, just look in the mirror and say I love you, sally, and your day is so much better. I mean that she, she, didn't take classes and you know how to become a better human being, but it's such a simple thing to do yep, and even though this was not intended, this is why I allow free for, because you just never know.
Speaker 1:You know my little script. I call it it, I just call it out. It's really just an outline. I change it around the spot sometimes Cause sometimes somebody just pops a better and have to take advantage. It was like I'm like you know, I'm just like this kid that see something better. All right, cool toy, I see something I'm going for it right away.
Speaker 1:I said, oh, forget this toy car in 1999. I want this 2002 car, I want this new thing, you know. So to me that's how I treat these ideas. And look, this is a development for a reason, because this is about helping with taxes and all of that. There's any way to improve humanity. This is a financial, legal way to do it. And she just said something else that it's very good for your mental health and self-worth. Look in the mirror. We ought to talk better about ourselves, because we are so programmed to talk bad about ourselves. I said, oh, you're so crazy, you're so stupid, elias, you're crazy. I mean, what the heck is wrong with you? I mean, we naturally come up with so much reasons if we, if a lot of us, don't keep by ourselves and check. You know. But look in that mirror. You know you had to put. I know it sounds cliche and mystical and fairy tale, but no, it actually works.
Speaker 2:There's more scientific proof on this and more of it's coming out before, before we were talking about I'm a student of thinking into results by bob proctor and sandy gallagher, and they talk about your vibrations. The higher your vibrations, the more you work. It just puts you in a whole different vibration level to say, hey, I love you, sally, and then your hands are clean and go on. But when I started teaching this now because of what I do, I'm now getting paid to be on stages I just made $8,000 earlier this week to talk to a group I'm like, wow, I didn't even sell a chest, I just got paid $8,000. It's an amazing thing.
Speaker 1:It is wonderful, you know, and yeah, I mean I could just see myself doing that, maybe a few months, maybe even next year. Yeah, like $5,000 here, 5 000 here, 7 000 here just to talk to a couple of people, 10 000 over there I said, wow, and the travel part and all that, yeah, that'll be oh, it was on zoom, it was no travel oh, that's oh, even though even better good hey, so that was okay let's you.
Speaker 1:you know, car fare, plane fare, all of that, so you get to keep a lot of that money yeah.
Speaker 2:Correct.
Speaker 1:And you know.
Speaker 2:I got paid. It was a real estate broker in Illinois. He contacted me. We talked about him getting a business trust and he goes. Can you do? His meetings are Wednesday mornings. So two weeks ago I did a presentation. He gave me the figures for his top five real estate agents, how much they made in 2023. And I just showed them the numbers. Because of that, 11 real estate agents all got the trust. He's getting a commission on all those 11 people. So he made some money. The real estate agents are going to save money. It's just a win-win-win situation for everybody.
Speaker 1:And you don't hear that a lot these days. You hear about people get screwed over and all of that. So we need to hear more of these kind of news. You know that is wonderful. So I only have like one question, one thing that always pops up every time I talk to, I mean anyone that brings something wonderful that up. You just don't know why this was kept a secret. I really want to hear your thoughts.
Speaker 2:I think it's kept a secret because there's so few trust attorneys in the country. They work with very well-heeled people. The family trust that's about $1,000 is something I don't want to say easy, but it's something anybody can talk about and walk through Super rich families. I'm involved in a JV partnership. It's called JV Community. One of the gentlemen who runs the community, his girlfriend, works for a law firm in New York City that won't talk to anybody unless they have $8 million in their bank account because they think someone has to be very, very rich. I honestly say, if the business owner is making $80,000 gross, they need to start thinking about this, even if they're making only $70,000, because they could grow. You don't have to get a trust, but at least you've got some information, and maybe not today, but maybe six months from now or two years from now you'll be able to say, oh, I heard about that, I need to look into it more.
Speaker 1:Oh, yeah, exactly. So look, even if you 50k, whatever, think about this try to definitely increase your income. I mean, let's just be clear about that. And then, once you're close to 80k, you know, just think about this in the long term. We don't wait until you just have 80k. If you're smart, you'll look into this and then you might even revise your plans to reach this 80k so you can start taking advantage of this gift that just keeps on giving. Okay.
Speaker 2:Exactly If you're filing single in New York because you're in New York. Let me get to my thing. In New York, filing single, making $80,000, a them out to NerdWallet. Show them the formula for taxes and let them make the decision for themselves.
Speaker 1:Yeah, what about someone in California? I wonder how much they're going to save.
Speaker 2:Let me give it to my. When you go out to my free class online, it's my name, wwwsallygimmoncom. You're going to get this chart that I'm looking at. So please, in a free class, do that. In California they're going to save $15,084 a year with the Business Spend Thrift Trust. But I was telling you Hawaii is expensive, we knew that. But Oregon I was shocked by this. Oregon will save $16,365 every single year with the business center of trust.
Speaker 1:Yeah, so you heard that Oregon is actually secretly the highest taxer in Hawaii. Hawaii is nice, not usual culprits, not usual culprits. I like to blame New York and California, and sadly that's a popular opinion. Just because it's a popular opinion doesn't mean it's the correct one.
Speaker 2:There are more people in New York and California, so that's why you think that. But yeah, my niece lives in Oregon and she's just like moved from Hawaii to Oregon and she's like, yeah, I know taxes are high so they're looking to move out of Oregon soon. That's a good point. Yeah, they're much more popular.
Speaker 1:That's why they feel a lot more. That's a good point. Yeah, they're much more populous. That's why they feel a lot more. That's very true. Their population's not so high. Oregon and Hawaii. Hey, no, someone makes sense. I'm not going to argue when someone makes sense. If you're speaking craziness or gobbledygook, then I'll argue, but this, it's perfectly logical. Okay, you know, you don't have to just question everything.
Speaker 2:Oh, the question it, I mean when you go out to my free class, you're going to get a 23-minute presentation. You're going to get three articles from Forbes that I did not write. Forbes magazine wrote these articles about the strength of trust. You're going to get two pages of case law so you can research it, and then the chart that I keep referring to. I did $80,000 in all 50 states. So, like if you're in Texas, tennessee, las Vegas or Hawaii not Texas, florida where you don't have state income taxes you still will save over $11,000 every single year. So this helps everybody.
Speaker 1:Yeah, but even you, not income tax states, look at that. Even you are included. I don't think you should because you don't pay that much, but hey they still pay federal they still pay federal. So yes, yeah, that's true, they still pay federal. You can't avoid that unless you try to do some kind of I don't know legal gymnastics probably in puerto rico or something, or go off to another country puerto rico.
Speaker 2:This is sad for puerto rico. They still pay federal taxes. They don't have any state income taxes and they don't get represented. They don't have a representative in Congress. Do you know the President of the United States? Because Washington DC also doesn't have a representative. It says taxation without representation on the license plate holders. I think that's hilarious.
Speaker 1:Because it's true, it's true, I mean it's true. This, because it's true, it's true, I mean it's true. I mean this is not about, look, democrats or Republicans, this is just a fact here, ok, you know. So, yeah, I mean, puerto Rico, fight for statehood. More than one statehood, I mean. That's what the polls keep saying. If you were to poll in 1950, which they did they were more skeptical, they were against statehood, but now, more than one statehood. So, and DC, they've been pushing that as well. Statehood so, and at dc, they've been pushing that as well. So, dems, if you want to win here, I'm advising you, democrats and you, you want to do this, go for it, go for it. Um, especially, you know, but I don't think it's going to happen because republicans are going to take the, the senate. Now that was getting a little political.
Speaker 2:The republicans are guaranteed to take the senate, so that's going to be blocked well, one of the things I do want to bring up for your listeners, it is past legislation. It hasn't gone into law yet, but it got passed back in November of 2021. Two major bills went through Congress. One was the Transportation Bill and one was the other bill no-transcript.
Speaker 1:Oh yeah, look at that. Come on, you know Republicans, you want to gain credibility, promote her, promote her. There you go. Now I'm coaching you Republicans. I'm a purple at the end of the day, I'm not a little tie in the party.
Speaker 2:My personal belief, everyone should vote. True statement In Phoenix, arizona. I didn't even live in Phoenix at the time. It was a light rail they have a light rail and it was on a midterm election. It got passed by 17 votes to raise property taxes by a half percentage point. That's how close elections are. It's our right to vote and I think everyone should vote in November. I don't care what party you are, who you believe in, who you don't believe in, just vote. It's your.
Speaker 1:It's your god-given right oh yeah, absolutely yeah, go and vote, yeah, vote. Um, you know, you know I've been cynical about a few times, but just you know, just vote because, like I know, news gives you a bunch of negative stuff. But this is why you got to stop consuming the news, because the news gives you a sensationalized negative headlines that's going to deter you from voting.
Speaker 2:Sensational headlines are true. And you know, when I called the law firm, when I was researching this, and I called the law firm directly and they told me, oh no, no, no, we don't do this Like, yeah, you do, I have social proof for this. The next day on my cell phone it was an unlisted number coming from California I don't know about you, but I usually don't answer that. It was a representative from the law firm to talk to me about the trust, because the law firm doesn't want all this negative backlash to them. That's why I do this, you know, to talk to people. But you know ignorance is not bliss. If you don't know the right information, don't say that someone else is wrong.
Speaker 1:Yeah. So there's two links I want to share because I want to do the shameless plug-in. She's giving a bunch of valuable stuff. Come on, people, give her a chance. It's going to be good, especially if you are already at 80K. Do this yesterday, okay. And for those of you you know, this is an inspiration for you that's under 80K, come with a plan to reach there and then you talk to Sally Gibman and her team, okay.
Speaker 2:I appreciate that. Thank you for having me on your show. I really do appreciate that.
Speaker 1:Yeah, no problem. So one of them is a trust is youcom, and then I'm going to give her other websites, sally Gibmancom, as well. I'm going to put in the link in the description. All you have to do is click it and it will take you straight over there. And follow her on her social medias as well. Yeah, you know.
Speaker 2:That's a nice thing about having an odd name.
Speaker 1:You can find me easily, but it's not allowed to give me, not that I know. Not allowed to give me. So that's easy. You know, just check, check her out, give her the chance and just follow. Okay, I'm telling you right now, just do that and you know you want to change your life for the better. Don't rely on inflation and you know the government that much I don't people who really want to help you out. You know I'm not a right winger necessarily. You know I do agree sometimes with the right some of the fiscal policies, but this is it. This is taking action right here. You know you want to save your family and then for those of you there that you just can't Make any cake, go marry someone, deal with the emotional tax or whatever you can say. Just just just reach 80k, all right.
Speaker 2:And we are not relationship experts.
Speaker 1:So shut up and put up the Go to her to get some tax benefits and you both could get a little reparations For driving each other crazy. Split up that money, all right. Enough joking.
Speaker 2:But yeah, my parents built a house in Goodyear, Arizona, about 25 miles west of Phoenix. My mom to get exercise, she would go out walking and she was collecting the aluminum cans. She made $44 for the aluminum cans that she collected and she's like, oh, let's go to lunch. I'm like, let's go to lunch, You're paying.
Speaker 1:Yeah, so hey, you have more money, there's more freedom, okay, let's just be clear about that. So this is such a gutsy question because you already provide a lot. Do you have anything else you want to add before I wrap this up?
Speaker 2:Again, I appreciate you having me on your show. You should give out your link so you get paid. It's your audience and if you have any questions, please go out to my free class online.
Speaker 1:You can watch it at 2 o'clock in the morning or 2 o'clock in the afternoon, yep. So all righty then. This is a wrap. We shared a lot. I have a feeling this is going to be great. I'm sure some lives are going to be changed. So, from wherever or whenever you listen to this podcast, you have a blessed day, afternoon or night. Outro Music.
