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Dr. Gina Gaudio-Grace's Personal Meeting Room
Unknown Speaker
00:04Hello, hello, and you are now co HOST. You
Unknown Speaker
03:25I give everybody another minute or two.
Unknown Speaker
03:36Chris and look, Brad, are you guys safe? I
Speaker 1
03:46Oh, Chris and Brad, you're muted. Are you guys safe from the fire?
Speaker 2
03:51Oh, yes, we are. Yep, it didn't hit. It didn't come down the ridge. It got to the top of the ridge there on that picture. And then they got it contained. So we were out of danger, but we were on alert until 3am in the morning, wow, trying to make sure we had all our water trucks. And my uncles had their two water trucks out there. And then we had two other had our own truck with water. And then we had two of our other cousins who had water truck water tanks on the back of their pickups that were out there. So we were prepared in case it came over the hill. Down the ridge.
Unknown Speaker
04:31Was that on your property?
Speaker 2
04:34I know it was actually on my my cousin lives across this the highway from us the road. It's not it's just a road, but it was. It got to the edge of his property, so we were worried about more than us. But no, it could have it just once it comes down that ridge. Then the women,
Unknown Speaker
05:04Chris's husband.
Speaker 1
05:08Okay, hold on, is it your connection that's bad, or is it mine? Are they garbled for everybody else too?
Unknown Speaker
05:18Yeah, it's garbled for everybody else.
Unknown Speaker
05:22I try groundbread, still a little girly,
Speaker 1
05:39still garbly, oh and now, just drop them off, just so everybody else knows. If you look up Brad dragon Allen on Facebook, you'll see the picture you posted two two days ago. I think the fire looked so bad, it reminded me of the wildfires in California. Here they come
Speaker 2
06:12in rural Idaho. So it's we're in a canyon, so it'll cut in and out anyway. Go ahead, Brad, I was just gonna say we were just standing by with
Speaker 1
06:29now we just lost you completely. We heard standing by with,
Speaker 1
06:40anyway. I saw it shortly after you posted it, so I was praying, okay, let me go hit record. And I know all of you are thinking about your celebrations, right. Hold on. I'll get the recording started taking Tell me all about them. Welcome everyone to an abundance group, trust, personal trust, Q, and a call for Wednesday, June 11, 2025, I cannot believe that we're almost done with the first half of this year. Where the heck did it go? So who has celebrations for us?
Speaker 1
07:28Not even a little celebration, nothing.
Speaker 3
07:34I'll say, woman, go ahead, it is Carson's birthday today, so we're celebrating that today. Happy
Speaker 1
07:42Birthday Carson. He said, thank you. I didn't realize he was a Gemini too.
Unknown Speaker
07:52Oh yeah, he's in our squad.
Speaker 1
07:55Nice. Okay, so we have a question for Jeremiah. A couple of calls ago, Jeremiah,
Speaker 4
08:03we offered a position on his same soccer team, and the bulk of the team will remain together next year, and they went undefeated this year, so they'll be in the top, top league next year. So hopefully they can maintain it, but the bulk of the kids will be the same, and it was a great group. So celebration, yeah, I think so ready for Stan soccer already. So, oh boy.
Speaker 1
08:33Okay, so I've got a question for Jeremiah. You ready? Jeremiah,
Unknown Speaker
08:39yes, ma'am. Okay,
Speaker 1
08:40so a couple of calls ago, we were talking about donations to a private family foundation and what that could look like. And I just wanted your opinion on this. So if they're donating personally, they can donate up to 30% of the AGI on their 1040 return, and it's $1 for dollar reduction of AGI. If they're donating from their personal trust, they can donate up to 100% of its AGI. So it's out of income. It's not out of corpus. If they're donating from their business trust, because the business trust is a pass through trust, they could potentially donate up to 100% of its AGI, which is going to be substantially more than what they could donate from the personal trust, because all of that income passes through. Do you agree with that?
Speaker 5
09:50I do. The code that deals with that is 642 IRC, 642 and it does say that you can give up 200% of the income, but it can't be corpus. Of course, it cannot, of course, but no, it cannot be a corpus. That's correct. And you're saying it's more because you don't have the personal trust,
Speaker 1
10:11well, because you don't have as many deductions, extraordinary dividends in the business trust. So there's more there, usually anyway, yeah,
Speaker 5
10:25yes, I would agree with that I did. From the question that I received, I I didn't do a business trust, specifically from the question that Joel, thank you for sending over to
Unknown Speaker
10:40me personal either way,
Speaker 5
10:42because they're both a trust and they're not, and they're both revocable and they're not, they're non grantor and
Speaker 1
10:48revocable complex. That's the key irrevocable complex, yeah,
Speaker 5
10:58and so I didn't see anything specific saying, you know, business versus personal at all, because the RC doesn't do that. So I would agree with what you're saying. Yes, ma'am,
Speaker 1
11:08uh, what else is it gonna say about that? And of course, the last tax year for the trust, when the trust terminates, that's the only time you can donate from Corpus, because the trust is terminated,
Unknown Speaker
11:24correct? Okay,
Speaker 5
11:29that is the, well, I'll say this to Dr Gina. The other thing that it has to be in the TR, I think it's in the trust documents that give the ability to but it has to be in the governing instrument, absolutely that you have the ability to it. So that is the other thing,
Speaker 1
11:44yes, and it is definitely in the gut running instrument.
Speaker 1
11:53And that applies whether you're donating to your foundation or another private family foundation. If you're donating to a public charity, out of your personal on your 1041 you can do up to 60% of AGI, but you're still limited to 100% of income the AGI on personal trust and business trust. You there's no other differences there. Okay, that's the only question asked in advance. So who has questions?
Speaker 6
12:37Gina, I missed the training last week. Do you know where I can find the recording of the past
Speaker 1
12:44week? It's in the Q and A podcast. And if you hang on one second, I'll get you the link to it. Think we just posted those last week. It is abundance group.com forward slash, 25 weekly podcast. Abundance group.com forward slash, 25 weekly podcast,
Speaker 6
13:18okay, thank you. By the way, last time you mentioned that it will be some event, you'll send the email to us, yes,
Speaker 1
13:27and we changed the date because we're we need to do, I want to do, I should say, uh, live sessions at night that we're calling a happy hour. They're really Q amp a sessions, and most of the speakers I wanted to attend for Q amp a couldn't be there. So we have changed the dates. So it's no longer the 17th, 18th and 19th of June. It is now the 29th, 30th and 31st, of July, I think, is the dates. So you get an extra month before that. And in part, because of the retire wealthy summit, I have decided to do a master class in August. It'll be on Friday, August 22 and probably part of August 23 as well, which would be a Saturday, and we're calling it the Rockefeller family trust master class, somebody talking mainly to prospects, but all about the history of trusts and why trusts, and stuff like that. I'm working on the curriculum right now. I think a lot of you will enjoy that particular masterclass. If you had tickets to the event in May, you're not only getting VIP tickets to the retired wealthy Summit, you're also getting tickets to the Rockefeller family trust masterclass. So we are going to start mailing for that. What the heck's the date? It's the Monday after the fourth of July. So four or five, I think it's the seventh of July, if I'm not mistaken. I am also doing a webinar on July 3 that I am calling the financial freedom webinar. And if any of you know the name Ari page, his company is fund and grow. They help small business owners with funding. And the way that they do it is fairly unique. I would say they use credit cards, but you can get up to like $250,000 in credit cards, and they even help you turn the credit cards into cash if you need cash for real estate or anything else. It's going to be mainly an educational webinar, because I plan on using it in our trainings. So they'll go into the training podcast. That's the whole reason for it. So plan on joining us for that as well. It'll be at 7pm on July 3.
Unknown Speaker
16:28Gina, thank you. Yeah.
Speaker 1
16:32I'm hoping that between now and the end of the year I can get a few other people that I've met in the last six months to join me for other educational type webinars, like the one I'm doing with Ari. I've known Ari now, I don't know 1516, years, something like that. Really good guy. Really, really good guy. I
Unknown Speaker
17:04Okay, who else has questions? And thank you for that question.
Unknown Speaker
17:20Nobody has questions.
Speaker 1
17:32Wow, crickets. Jeremiah got anything we can talk about?
Speaker 5
17:41Um, no, I have asked a question in the past. I'm sorry for the voice in the past. If there were something that people are inquisitive about that's more like lesson based, if they want to put that in there, and I can start developing lessons. So if there's not a question we could do, like a little training lesson does admit it to be 15 to 25 minutes. So it's if there are questions, you still have enough time. Like today, we still have another what, 3040, 45 minutes or so. Yeah, but I didn't, I didn't, didn't have anyone suggest anything at that point, but if anyone has ideas, I'm definitely willing to put anything together.
Speaker 1
18:29I love it. Feel free to even put those into the questions on Google Drive, abundance group.com, forward slash questions. If anybody has any topics that you would like to see us talk about,
Speaker 7
18:50I've got a question. Go ahead. Jeremiah, I were actually talking about this. Sorry about that. We were wondering. Gina once mentioned something about affidavits or recording deeds when it was reversal to a trustee, but then the PTC became trusting, and we want it recorded in the name of the trustee, the new PTC trustee.
Speaker 1
19:26So we were talking about affidavits, I think, with regard to California specifically, but it can apply to any piece of real estate really. In California, there's a statute that says, if real estate is owned by a trust and a new trustee is named, that you have to file a specific affidavit of trust because of the change in trustee.
Speaker 7
19:57Okay, so we also want to file the affidavit of trust for all of the other states as well, Utah, Wyoming, yeah, but we want to, because we wanted, I know in the name of the PTC, I understand. So I guess maybe the question is, can you walk Jeremiah and I through how to do that.
Unknown Speaker
20:23How you do it may be different in each state, if you go to the conveyances folder, then from there, go to the business trust folder, and then go into decanting land trusts. There is a template in there for a divisional affidavit of trust.
Speaker 1
20:50You can probably use that as a starting point. Kevin, there's a specific affidavit of trust to use in California when there's a change of trustee, isn't there?
Unknown Speaker
21:15Kevin,
Speaker 8
21:18sorry I was speaking and I realized I was muted. So, yeah, no, there is a form, but it's, it's specifically for notification of trustee, but you can still file, you know, affidavits for that, but typically it's more for what you were just speaking about, that I would file in California is like, if you're updating your your property itself, yes,
Speaker 1
21:46but if there's a change of trustee in California and that trust owns real estate, there is a specific affidavit that you should be filing Correct,
Speaker 8
21:59yeah, yeah. I found we found it. When we talked about it at that point, I'd have to dig back up for where that what that was. But, yeah, there is one something. There's a specific form, and I'm just trying to see if I could bring it up again. That's
Unknown Speaker
22:13what I'm looking for, too. I
Speaker 1
22:24I'm not putting my fingers on it very quickly. It's affidavit of change of trustee. And how I found it on Google, is to Google California, affidavit of trust form. There's a different form in each county, so the one that I just found is for San Bernardino County, and it's called affidavit of change of trustee. I'm gonna send this over to Stina so that she can post it in chat for me.
Speaker 9
23:08Well, that would be different. I'd have to have a different one for Los Angeles County, wouldn't I?
Speaker 1
23:14I would think so. Yeah, let me just see if I can put my fingers on one for
Speaker 7
23:22LA County is where our property is as well. Say that again, I just said LA County is where our property is as well.
Unknown Speaker
23:32Oh, okay.
Speaker 7
23:35I mean, one of them, our California property is in LA County. Our others are in different states. I
Unknown Speaker
23:48Let's see if I can find one for LA County,
Speaker 2
23:57Gina. This is Chris. Can I add something the I've had to change different things as well. I just call the county that the house is in and just play dominant. Ask them, and somebody will help you and tell you exactly where to go and what form to use with whatever you have to change, or what type of address letter, how it has to be addressed in order for it to work, and if you have to right
Speaker 7
24:21now, none of the properties have actually been recorded. We have all the paperwork drafted, but we haven't recorded them. So whatever I submit will be for the first time recording. I mean, since having been sold to the trust, you're saying, I mean, it's, it's not just changing a trustee, because there was no trustee on file. So these properties before
Speaker 2
24:47ownership. Chelsea, so like, when we, when we change ownership, if, like, we had ours early on in our own name, and we had to change it to, we, we had it, we changed it into a land trust, and now I haven't put it into because my division is the same name as my land trust. But when we went from our own name into the land trust, all I did was call the county and say, Hey, I'm putting my for estate planning purposes. I'm putting my properties in land trusts, and I need to know what documentation you need in order for me to file this, so I don't get it. It doesn't sit on somebody's desk forever and not get done. So that's what I did when I was okay.
Speaker 7
25:34I could try and combine that right now. Hold on
Speaker 1
25:39in California, specifically. What I'm about to say is California specific. You should really be filing your deed with a certification of trust as an exhibit, and in that certification of trust, you need to show the beneficiaries in a way that has no change in beneficial interest, from the prior owner on public record to the trust as owner on public record, right?
Speaker 7
26:16This is the whole process. We're stuck in the middle of a Joe McCue, I have not. I mean, he was supposed to file all that, everything that we did, and I still have not gotten record that has been complete. It's we're still getting mail, yes, multiple times. The most recent, though, was back in December, November. It's been a while. I just getting burned out with all the follow up. Kathy and she said they paced the wrong
Speaker 1
26:50doing way better than Joe right now, I would reach out to Kathy again.
Speaker 7
26:56Okay, sounds good. I can do that. In the meantime, we needed these affidavits to show a different trustee before we record it, because we don't ever want it going on record that we were the trustees for these other profits when we sold them.
Speaker 1
27:11But that doesn't necessarily mean you need an affidavit. You can use your certification of trust. I typically recommend using the certification of trust,
Speaker 7
27:23so we just show a new certification of trust with the original bills of sale. Even though the original bills, you
Unknown Speaker
27:31don't file the bills of sale, you only file the deed,
Speaker 7
27:39and then we just hang on to the paperwork showing the bills, is the bills of sales. So, okay,
Speaker 8
27:45yeah, remember, Chelsea, the bills of sale are the money part of the transaction. So you can think of property as having, remember, there's a bundle of rights, so you have the legal aspect, which is the deed and the money part is then the bills of sale,
Unknown Speaker
28:01the money part's the beneficial interest.
Speaker 7
28:04And then when they ask what monies were exchanges? We say no monies were exchanged.
Speaker 1
28:14Tell them. You tell them that there is no change in beneficial interest, is what you tell them, and don't tell them anything about the money, one way or the other.
Speaker 7
28:25I'm just thinking about So when we've done this with the deeds for vehicles, they ask that specific question, did any money exchange hands?
Speaker 1
28:37$10 another good and valuable consideration.
Speaker 7
28:42We just told them no, the no money exchange was exchanged for the vehicle.
Speaker 1
28:46You have to have some sort of money or the contract for sale is not valid. So tell them $10 another good and valuable consideration. If they ask in California, the way that you tell them whether there was money or not, is to file a PCOR, which is a preliminary change of ownership record. However, in LA County, you are allowed to file without a PCOR and pay a $20 fee. So just pay the damn $20 because you don't want to file that PCOR,
Unknown Speaker
29:30okay, it's more
Speaker 8
29:31of a hassle because it ends up going into the you have to deal with tax issues. I'll
Speaker 7
29:37figure out what I'll call Kathy to find out where they're at on that, and then the other states will work on
Speaker 1
29:46just having a certification of trust as an exhibit. Okay, thanks, and it's totally fine that the certification of trust uses the current trustee and not the trustee that was originally there, because it needs to be an exhibit as of the date the deed is filed, not at the time the original conveyance was created.
Speaker 7
30:16Okay, all right, I think I got it. Jeremiah. Is that making sense to you. All right, thank you much,
Speaker 1
30:26yeah, but if you do want an affidavit of trust, there is a divisional affidavit of trust in the business trust sub folder under decanting land of land trusts,
Speaker 7
30:40okay? Well, if what Kathy and Joe were to do has been done or will be done soon, they left me as divisional trustee, because it was my uncle. He has the life estates right in the property that we assumed the mortgage for. So, that's not a huge problem, because we will just make, well, I think we've already done this, made the PTC the CO trustee of that division, and so I don't have to sign the certification of trust. Can just show the PTC as trustee, right,
Speaker 1
31:20as divisional trustee, although
Speaker 7
31:24it's already, I mean, the way you recommended it before was to leave my name on it, even when it was recorded. So that's if they've done it or they do do it soon. That's how it is. It's got my name on it, which is totally
Speaker 1
31:39fine. Okay, if you want to get your name off of it, then do the affidavit of change of trustee in LA County. It's called a substitution of trustee form. So just do a search on Google for substitution of trustee Los Angeles County, and you'll find it
Unknown Speaker
31:59Okay. Sounds good. Thank you.
Unknown Speaker
32:06Okay, who else has questions?
Unknown Speaker
32:17No questions.
Speaker 1
32:21Okay, 
well, I'm not going to keep you guys if you don't have questions. I did pull this up. This is retire wealthy summit.com as you'll see when you get there, it is a free registration initially, and then you can upgrade to paid levels if you had a ticket to the to the May event, you'll get the VIP ticket for free. So don't go paying for it. And it does go through a lot of the topics that are being talked about in the summit bulletproof money mindset and wealth psychology, ageless operating system, look, feel and perform your best at any age. Opt out of the biggest scam in history. Zero out of pocket, tax, Roth conversion, profit formula, turnkey investing strategies. Find Freedom from financial slavery and how money really works. We got some really good speakers, great rental escape, getting three times returns without tenants toilets or train or time drain. I want to hear that one secrets of infinite banking and creating generational wealth. You don't need the Create your own Rockefeller trust, but that's there if you want it impenetrable trusts and family foundations that lawyers hate, cash flowing underground, real estate, land investment 
using digital marketing to further your cause by tapping into 25k of free advertising and much more so I that is retire, wealthy summit.com and I got the dates wrong. It's two days. It's July 30 and 31st and we have happy hours both nights.
+1
well, I'm not going to keep you guys if you don't have questions. I did pull this up. This is retire wealthy summit.com as you'll see when you get there, it is a free registration initially, and then you can upgrade to paid levels if you had a ticket to the to the May event, you'll get the VIP ticket for free. So don't go paying for it. And it does go through a lot of the topics that are being talked about in the summit bulletproof money mindset and wealth psychology, ageless operating system, look, feel and perform your best at any age. Opt out of the biggest scam in history. Zero out of pocket, tax, Roth conversion, profit formula, turnkey investing strategies. Find Freedom from financial slavery and how money really works. We got some really good speakers, great rental escape, getting three times returns without tenants toilets or train or time drain. I want to hear that one secrets of infinite banking and creating generational wealth. You don't need the Create your own Rockefeller trust, but that's there if you want it impenetrable trusts and family foundations that lawyers hate, cash flowing underground, real estate, land investment +2
using digital marketing to further your cause by tapping into 25k of free advertising and much more so I that is retire, wealthy summit.com and I got the dates wrong. It's two days. It's July 30 and 31st and we have happy hours both nights. Speaker 1
34:19Any other questions before I let you go, Gemma, you'll be here on Friday, correct? Yes, ma'am, I'll get the call started, but I will be in the car on my way to a doctor's appointment. I don't think I'll be able to stay for the whole call, but I will be on and at least get it started forever.
Unknown Speaker
34:40Okay? Thank you, ma'am.
Speaker 9
34:43Question to Jeremiah, are you and I meeting right after this? This is Donna,
Speaker 5
34:52sorry. Yes, we can. I didn't hear anything back, so I actually thought things were delayed, to be honest. But yes, I have time. I can do that. Okay,
Unknown Speaker
35:02am I calling you, or are you sending me a zoom thing? Send you a zoom invite. Thank you very much. Thank you.
Unknown Speaker
35:15Have a great, best year. Dan, sorry.
Speaker 7
35:17Dr, Gina, really fast you said you've had the date wrong for the wealthy Summit? Well, Summit, it was just
Unknown Speaker
35:23the 30th and the 31st not the 29th
Speaker 7
35:27Okay, at one point, did you tell us it was June 17? I was like, I got that really wrong. Okay, all right, June, July, 30, 31st what
Speaker 1
35:38I said, when the question was asked earlier, what I said was, we, I want to do a happy hour the first two days, the 17th and the 18th were when we were going to do this happy hour, which means Q and A. Anyway, it turned out that I could only get two of our speakers to come on the 17th and 18th to do Q and A. Well, that's not helpful to anybody, not even to me. So we postponed it so that I could get the majority of the speakers to join me for panel Q and A both nights.
Unknown Speaker
36:13Okay, sounds good. Thank you. And
Speaker 1
36:15I think there's only one speaker that couldn't come so I'm, I'm very happy to hear that anyway, Todd, make sure you put it on your calendar, because one of the people is Andre canduce, and I definitely want to get you and Andre connected. So,
Unknown Speaker
36:35okay, awesome. Thank you.
Speaker 1
36:36Anybody else has a spouse that has w2 income, or you have w2 income, Andre's got great strategies for mitigating taxes on high w2 income. If Diana's listening to this, Diana, you should definitely have your son join this call, or at least listen to the replay. Have a great rest of your day. guys. Take care. Bye. Bye. Thank you.