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Dr. Gina Gaudio-Grace's Personal Meeting Room
Unknown Speaker
00:24Good morning. Morning Good
Unknown Speaker
01:04sorry, guys sound very good,
Dr.Gina Gaudio-Grace
01:10chewing on Some nuts and went On the wrong pipe. I
Unknown Speaker
02:27I Think
Dr.Gina Gaudio-Grace
03:47just getting home from a doctor's appointment, and apparently we had a bad storm while I was gone, and I hole And Lanai like blew everywhere. Oh, what a mess.
Dr.Gina Gaudio-Grace
04:10Not gonna have Gina here at the beginning of the call. Also don't know if I have to do something for otter. Hmm, go see if I can figure out what I need to do for Auto real quick, guys, before I start the recording, I
Unknown Speaker
05:33Okay.
Unknown Speaker
05:42We are good.
Dr.Gina Gaudio-Grace
05:46Move the record button to
Dr.Gina Gaudio-Grace
05:53welcome everyone to another abundance, group, trust, personal trust Q, a call for Wednesday, June 4, 2025 you. Anybody have celebrations today?
Dr.Gina Gaudio-Grace
06:18No celebrations. Sorry,
Dr.Gina Gaudio-Grace
06:34I don't know what Gina does after at the end of the call to make the out of transcript available, but that is the link to it. If anybody needs it, I'll have to wait until she gets in. She'll be here. She'll just be late. Shelby's in surgery as we speak. Today. Is the biopsy on her lung, she still has a biopsy on her pancreas and a biopsy on her thyroid coming up. So say some prayers for Shelby today. Okay, who has questions? If there are no celebrations, I
Speaker 1
07:24I put one in the question thing, I believe Gina
Dr.Gina Gaudio-Grace
07:29gotten there yet?
Unknown Speaker
07:31Okay, that's fine. I
Dr.Gina Gaudio-Grace
07:32think you did. I remember seeing
Speaker 2
07:41it, also, there was a question asked on Monday that you said, let's save it till Wednesday. Did
Dr.Gina Gaudio-Grace
07:57I say save it till Wednesday? Or save until Jeremiah was on the call. I
Speaker 2
08:01thought you said, save it till Wednesday. Does anybody else remember?
Dr.Gina Gaudio-Grace
08:05I'm pretty sure I said, let's wait till Jeremiah gets on the call.
Dr.Gina Gaudio-Grace
08:22Please. Okay. Diana wanted to know, how do you fill out the CO manager document? It's not, pretty straightforward.
Speaker 1
08:48Well, I don't, well, okay, the third it says a special meeting of the amendment committee of our, you know, private family trust company that and the trust protector of would it be our personal trust? Yes, okay, and the amendment committee isn't that trustee. I mean, the trust protector,
Dr.Gina Gaudio-Grace
09:20I'm not gonna be able to show it on screen. Guys, I'm so sorry. I'm gonna not let me get the Google Drive on my iPad. Hang on. Let me go look at the documents. I'm not sure what where you're asking it about. So for everybody else, go into the conveyances folder, then go to operating a trust, then go to Wyoming PTC, and then appointment of CO manager. Does anybody else have that up that can show a screen?
Speaker 1
10:00I have it up, Gina, but I don't know how to share your screen. Computer, yes,
Dr.Gina Gaudio-Grace
10:07let me give you co host. Now down at the bottom, you should see something that says share,
Dr.Gina Gaudio-Grace
10:21or wherever your controls are, there should be something that says, share. I
Unknown Speaker
10:26think I just did it.
Dr.Gina Gaudio-Grace
10:29You 
certainly did. Okay, okay, so appointment of CO manager of blank, private Family Trust Company The blank is the name of the PTC right at a special meeting of the amendment committee of blank that's the name of the BTC, right, the trust, protector of blank trust, so the name of the personal trust, okay, and his or her capacity as the advisor of the amendment committee, held pursuant to waiver of notice or by waiver thereof. The following resolution was adopted, whereas blank is the trust protector of the blank trust, so the name of the trust protector the name of the personal trust, okay, pursuant to Article 8.01 of the operating agreement of the blank PTC, so that's the name of the PTC. That is the trustee of the trust has the sole power to appoint a co manager for the PTC, okay? Whereas blank the manager of the PTC, so that's the name of the actual manager, okay, as requested in his or her service as manager of the PTC, that a co manager be appointed, or whereas it has become necessary that a co manager be appointed, and whereas it is both necessary and desirable that a co manager be appointed, and whereas blank is hereby named as a co manager, So who do you want to name as the CO manager goes in there? Okay, put the same thing, the name of the CO manager, blank is hereby appointed as the CO manager. Said appointment to be effective immediately, trust protector as amendment advisor of blank, the name of the PTC,
+2
certainly did. Okay, okay, so appointment of CO manager of blank, private Family Trust Company The blank is the name of the PTC right at a special meeting of the amendment committee of blank that's the name of the BTC, right, the trust, protector of blank trust, so the name of the personal trust, okay, and his or her capacity as the advisor of the amendment committee, held pursuant to waiver of notice or by waiver thereof. The following resolution was adopted, whereas blank is the trust protector of the blank trust, so the name of the trust protector the name of the personal trust, okay, pursuant to Article 8.01 of the operating agreement of the blank PTC, so that's the name of the PTC. That is the trustee of the trust has the sole power to appoint a co manager for the PTC, okay? Whereas blank the manager of the PTC, so that's the name of the actual manager, okay, as requested in his or her service as manager of the PTC, that a co manager be appointed, or whereas it has become necessary that a co manager be appointed, and whereas it is both necessary and desirable that a co manager be appointed, and whereas blank is hereby named as a co manager, So who do you want to name as the CO manager goes in there? Okay, put the same thing, the name of the CO manager, blank is hereby appointed as the CO manager. Said appointment to be effective immediately, trust protector as amendment advisor of blank, the name of the PTC, Speaker 1
12:24got it so, yes, it was extremely straightforward, but I didn't know if I was supposed to repeat and repeat and repeat the same things. And I was just because it says it differently. Okay. I just wanted to make sure I was doing it right, that's all. And
Dr.Gina Gaudio-Grace
12:39then, thank you.
Speaker 2
12:42Can I ask a question about the whole co manager position? In the event of audit or lawsuits, a co manager can step down almost invisibly, right?
Dr.Gina Gaudio-Grace
13:01Well, technically, this appointment document should become an amendment to the operating agreement.
Speaker 2
13:13Okay? So in a lawsuit, they would be looking at the operating agreement. Usually, okay. My next question is, then you don't have to have the CO manager sign for anything. The manager could sign for everything, so the public face will show the manager, not the Call Manager almost always,
Dr.Gina Gaudio-Grace
13:41right? Yeah, it's an and slash or, sorry, say that again, it's an and slash or not, and just an and. So
Speaker 2
13:52as long as the manager is the only one who signs that it is that's the only face that will be seen to the public.
Dr.Gina Gaudio-Grace
14:01Theoretically,
Unknown Speaker
14:05what are the powers of the CO manager?
Speaker 2
14:09Yeah. And can you differentiate or isolate what those might be
Dr.Gina Gaudio-Grace
14:15a different place, wage, your operating agreement is The correct answer. Let me find it.
Dr.Gina Gaudio-Grace
14:42The initial manager shall be blank. The original Trust's trust protector may remove any one or more of the managers at any time
Dr.Gina Gaudio-Grace
15:02after removal, the original chest, top chest, protecting me, the replacement. It's not the right one. Hang on.
Dr.Gina Gaudio-Grace
15:22Hold on. Then I'm looking for it.
Dr.Gina Gaudio-Grace
15:40So you can use CO managers in a variety of ways. A co manager is essentially going to be another manager, just like any other manager, so they would have the same rights, duties and responsibilities as a manager you Yeah. Now in some cases, Diana is one example. Her son has a sub trust. You can have one PTC acting as the trustee for both the parent trust as well as the sub trust, we have a number of clients whose adult children have sub trusts they want to use just one PTC. So the way they're using co managers is to have the CO manager be overseeing the sub trust, essentially the manager overseeing the parent trust. That way, the adult children don't have to have mom or dad as a manager of the PTC, overseeing their finances in their trust. Instances where we have husband and wife who both want the ability to act as manager, in which case they become co managers. That way, one closing, one spouse might handle and next closing, another spouse might handle it.
Unknown Speaker
17:32How many co managers can
Unknown Speaker
17:33you have in the not
Dr.Gina Gaudio-Grace
17:35more than one?
Speaker 2
17:38And what prevents the CO manager over the sub trust from using his power to also change what's happening with the other trust if if he has the same powers as if both have equal powers.
Dr.Gina Gaudio-Grace
17:54So in addition to the appointment of CO manager, you would have your trust protector in the role of amendment as advisor. Have a meeting with the CO manager and the manager, in which they discuss the limited role that CO manager will play, and get all of them to sign off on those meeting minutes.
Speaker 2
18:30And signing the meeting minutes is sufficient amendment the operating agreement to find and limit the CO manager's abilities.
Dr.Gina Gaudio-Grace
18:43Well, just depends on how you draft the meeting minutes, but yes, if you draft the meeting minutes appropriately, then yes, that could be true
Dr.Gina Gaudio-Grace
18:59in the case of a husband and wife acting as CO manager, you don't necessarily need limitations on it. Those are both acting as CO manager in a singular trust.
Speaker 2
19:14No, for sure, but I'm just thinking about in our case, I our main goal is to show very clear, very clear separation of powers. If I were to be made co host, I was or CO manager, rather, I would particularly wanted to be clear that there were limitations put on what I could do in the event of lawsuit, to say, look, we did not have the same control in any place. Just try and make an extra clear I know that your opinion is that being your manager is but having the amendment committee and the distribution committee is sufficient. Separation of control and
Dr.Gina Gaudio-Grace
19:54the Investment Committee, that's crucial, all three. Yes,
Speaker 2
19:58those three things is sufficient to show the separation of control. I'm we're just still a little under shell shock, so we're trying to take an added measure by showing clear separation, either by not being manager at all, or if I were to play co manager, to still show a limitation of the powers that I have just in the event of that particular type of lawsuit, maybe we're being overly cautious. It might be, but that's why I'm asking. So I would want those limitations clear as to what I'm
Dr.Gina Gaudio-Grace
20:33not quite sure, what you mean when you say of that type of lawsuit.
Speaker 2
20:42So particularly malpractice lawsuits, which we've already had, which was supported by research in the first place. If we were just gonna have a medical malpractice lawsuit again, we just want to add separation from us, the kinds of trusts that are carrying for all our Medicaid.
Dr.Gina Gaudio-Grace
21:10Not sure how that helps the malpractice suit.
Speaker 2
21:17Well, if, if they see our names as managers, they're going to try and say, you still have control, if they never see that we're managers, or if I'm only a co manager with very limited
Dr.Gina Gaudio-Grace
21:31but the personal trust has nothing to do with the practice. So what is it that you're trying to do by having a separation? I don't understand
Speaker 2
21:43the asset protection just adding one more layer of asset protection.
Dr.Gina Gaudio-Grace
21:49So that would only be true if they took a malpractice case to a judgment and now they're trying to collect. If all that I'm talking about, if all that happens is they file a suit that, by itself, doesn't do anything with the personal trust,
Speaker 2
22:11okay? Well, thank you for specifying. That is what I'm referring to. In the event of a lost lawsuit where a Judgment is brought to pass an added layer of asset protection.
Dr.Gina Gaudio-Grace
22:25Yeah, it's not. It's not, it's not that the lawsuit got filed. It's that a judgment was had. Just so you're clear on
Unknown Speaker
22:37it. That was clear in my mind, okay, just
Dr.Gina Gaudio-Grace
22:39making sure we're both
Speaker 2
22:42on the same page. So in the event of a judgment, that's why we would do this, the added layer of asset protection.
Dr.Gina Gaudio-Grace
22:57Okay, I don't think it gives you an added layer of asset protection. Personally,
Speaker 2
23:09I'm just not, even in the event of a very naive, Ill educated jurors or judges
Dr.Gina Gaudio-Grace
23:18or I don't think it does. I
Dr.Gina Gaudio-Grace
23:27details. Looking for a webinar that I attended last week. I don't know if there's a replay available on it. It was called the private Trust Company solution, and it was put on by Steve Lemberg. Let me see if I can find a link for you.
Dr.Gina Gaudio-Grace
24:02I wish I would have thought it, but ahead of time to invite Richard to join me on it. It's not a free webinar, it's a paid webinar. There's a really good webinar. There is a replay of it, probably not supposed to show this because it was a paid webinar, not a free webinar, but I will send it to you for Richard to listen to or watch. And please, guys, don't everybody ask me if I can share it, because I really shouldn't be sharing it.
Unknown Speaker
24:42Thanks. Dr Gina,
Dr.Gina Gaudio-Grace
24:46yeah, encourage him to watch it. It was really good. The website, it's meant to be a webinar series for attorneys and CPAs. The website that does this is lemberger, Lemberg services. It's l, e, i, m, B, E, R, G. Services.com, Lemberg services.com, I joined their membership. I was like, I don't know it's relatively inexpensive, less than a couple 100 bucks. And they put out a daily newsletter, a weekly newsletter. They do webinars all the time, and it specifically deals with accounting, tax estate planning, wealth management, asset protection and retirement and I've been really impressed with it so far.
Dr.Gina Gaudio-Grace
25:58But they consider themselves experts in PDCs being used for non grantor irrevocable trusts. So I like it for that. That's what made me join it.
Dr.Gina Gaudio-Grace
26:19Tell Richard it would be a good idea for him to at least join for a month to see if it might benefit him. And like I said, it's not super expensive.
Unknown Speaker
26:37Do you have to be attorney or content?
Dr.Gina Gaudio-Grace
26:40It's meant for attorneys and CPAs. I don't think you have to be but that is what it's meant.
Dr.Gina Gaudio-Grace
26:54Okay, who else has questions? Diana Did that answer yours?
Speaker 1
26:58Yes, it did, but the second one, it did not answer. So we're supposed to get a document that lets Matt be a manager of his PTC for his sub trust.
Dr.Gina Gaudio-Grace
27:21So if you do what I talked about a few minutes ago, the appointment of CO manager, and then have the trust protector, the manager and the CO manager hold a meeting outlining the details of the role the CO manager will play, that's a starting point, until such time as I can create something else, okay,
Speaker 1
27:49and then we just wanted it something else. So I because Roy wants me to be the CO manager of our personal trust. So that's
Dr.Gina Gaudio-Grace
27:59all you need for that is just this appointment of CO manager,
Speaker 1
28:04right? But you said there could only be one co manager
Dr.Gina Gaudio-Grace
28:09per trust. I can't be more than two
Speaker 1
28:13co manager. Got it all right. Thank you. Dr
Speaker 2
28:18Gina, just for clarity, that website was l, e, i, m, b, u, r g, services.com,
Dr.Gina Gaudio-Grace
28:25B, E R G, services.com,
Speaker 2
28:30okay, B, E R G, services.com, thank you. Yeah,
Speaker 3
28:37hello, Dr Gina, this is Gilberto. Hello, Gilberto,
Dr.Gina Gaudio-Grace
28:42yeah. How are you doing? How are you feeling?
Speaker 3
28:46I'm doing good. Thank you for asking. You know, I believe I asked this question before, but I can't remember your answer. If you have a protector, a trust protector, but you don't want to use it because it is convenient to have your manager. Name a co manager. Is that okay?
Dr.Gina Gaudio-Grace
29:15The manager does not have the power to do so. Only the trust protector does.
Unknown Speaker
29:24I'm sorry to say that again, the
Dr.Gina Gaudio-Grace
29:26manager does not have the power to name a co manager, only the trust protector has the power.
Unknown Speaker
29:34Okay, clear enough. Thank you. I
Dr.Gina Gaudio-Grace
29:43Who else has questions? Hi,
Speaker 4
29:45Gina, I have a question. Is it Why is only one co manager we can have?
Dr.Gina Gaudio-Grace
29:55The people that I've talked to about this are all attorneys and apparently, the Wyoming statutes frown upon co managers, so they've carved out an exception that allows it to happen if the amendment advisor allows it to happen. But based on case law, they've suggested that we should limit it to not more than a manager and a co manager in any given trust.
Speaker 4
30:32Okay, so can they have a board like, like of three people to go to, manager, co manager and just a board director instead,
Dr.Gina Gaudio-Grace
30:48read the operating agreement. Galina, okay, there's a bunch of flexibility in it, and it's designed to make it work for whatever the situation needs. Okay,
Speaker 4
31:03thank you. I will, because I would like to keep one more person on the board, gotcha just as a training position. Okay, we will figure out something. Thank you. And
Dr.Gina Gaudio-Grace
31:16if you do it as a board, it might be that the manager and the CO manager carry two different titles. So there's a board and then there's the manager and CO manager. They could be separate roles, even though they're played by the same person.
Speaker 4
31:38Can we have manager, co manager and inspector.
Dr.Gina Gaudio-Grace
31:46I think you would call the board, like board of directors, I'm thinking, or something like it let me go look and see what else it allows. I
Dr.Gina Gaudio-Grace
32:08Yeah, it's too long for me to go through and during the call. Have to look at it after the
Speaker 4
32:14fact, I can do it. I don't want to take much of your time. My idea is I would for I would like to add one more person for transparency
Dr.Gina Gaudio-Grace
32:25to I don't think that's a problem, but I don't think you can come up with a different name. I think if you're doing the board, and I just want to verify that the operating agreement allows for it, it would be like a board of directors, and each person on it would be called a director, but two of those people are also manager and CO manager. They just have two titles, excellent. I think that's what it would allow. But you have to read the operating agreement to
Speaker 4
33:01verify the motion, but that's exactly what they need, just put in this way. Thank you. Yeah.
Unknown Speaker
33:11Good morning, Gina, I arrived a little late, well,
Dr.Gina Gaudio-Grace
33:14then just a half second i you.
Dr.Gina Gaudio-Grace
33:32So it's it would be called a committee Gina. Look at section 8.05 of the operating agreement the managers may unanimously create committees to act on behalf of the company. Each committee shall consist of one or more persons and shall have such powers as are specifically set forth in those resolutions creating the committee. No committee shall be delegated a power to perform any function assigned to another committee, the managers may increase or decrease the number of persons comprising a committee or terminate a committee's existence, provided, however, the managers may not terminate the existence of nor modify in any way the provisions of this agreement pertaining to the discretionary distribution committee, the investment committee or the amendment committee. Each person on a committee other than those three committees shall serve at the pleasure of the manager.
Dr.Gina Gaudio-Grace
34:37The original Trust. Trust protector may at any time, fill any vacancy created by the death, disability, incapacity, dissolution, termination or resignation of a committee member.
Dr.Gina Gaudio-Grace
34:55So that's basically what you're doing, is creating a committee. So
Speaker 4
34:59in my case, I do create one more committee, correct? Like transparency committee. Okay,
Speaker 2
35:08perfect. Thank you, Doctor Gina, sorry, I kind of glitched out there for a minute. I didn't hear what you said. Did you say that the trust protector has to create the committees? And of course, the committee members, it was a manager,
Dr.Gina Gaudio-Grace
35:23correct? But if there's a vacancy in one of the committees, then the trust protector appoints someone
Speaker 2
35:32that was that committee like, why is that? That seems interesting that the manager can appoint them but not replace them. I
Dr.Gina Gaudio-Grace
35:43not my operating agreement, so I can't tell you why I'd have to go.
Speaker 2
35:47The next question is, I didn't catch whether or not, in what you read, actually, you said, Can the manager disband a committee at the given point when it's no longer necessary? Yes, okay. Next question is, in the committee, like, essentially, it sounds like, create drone committees if necessary. And this kind of brings up something that I've been wondering as beneficiaries. I mean, I would consider my husband and I, for lack of a better word, lead beneficiaries, because we're the ones communicating the needs of all the other beneficiaries to the manager. So could we create, like a beneficiary committee? Not really, okay. So, so the way it's being handled is the way it's supposed to handle. Beneficiaries are supposed to approach the manager directly. That's how it's supposed to happen. How is the manager supposed to know the needs of the beneficiary.
Dr.Gina Gaudio-Grace
36:45That's the job of the trustee. So if the trustee is a PTC, it's the job of the manager to know the needs of the beneficiaries. You're supposed to have at least an annual meeting to communicate those needs to the manager,
Speaker 2
37:07each individual beneficiary. Or you can have somebody like my other writer, the kind of the lead beneficiary, speaking on behalf of all the other
Dr.Gina Gaudio-Grace
37:18Yes, but you can't classify yourself as a lead beneficiary, because there is no such thing, and the trust doesn't allow for any such thing, but
Speaker 2
37:28it is okay for us to unofficially play that role, sure,
Dr.Gina Gaudio-Grace
37:35especially when there are minor beneficiaries involved.
Speaker 2
37:42I I'm not necessarily speaking. It makes more sense for the minors. I'm thinking more about all the other adult beneficiaries. I mean, it is discretionary, obviously, and the benefits that all the adults are getting because I've been joined i are pretty limited, but we are speaking on behalf of them, and they don't even know they're beneficiaries. Most of them, they're just living in trust owned properties. They have to be beneficiaries.
Dr.Gina Gaudio-Grace
38:12I see you can't have a roll call the lead beneficiary if you want to do it that way, so that you're the one communicating it to the manager, I think that's okay, but be careful here, because the more you formalize that, the more it looks like you control the trust in which case It makes no sense for Richard to be the manager you should be the manager
Speaker 2
38:54that you sorry. My understanding was that you didn't have to inform beneficiaries that they were beneficiary i Well, you
Dr.Gina Gaudio-Grace
39:03don't have to. I'm not saying that you do, but in your case, you're trying to have this artificial wall between you and the trust, and yet you're indirectly controlling what happens in the trust by virtue of the fact that you're acting as lead beneficiaries. In your terms, not mine.
Speaker 2
39:29Oh no, by lead beneficiary, I just meant, how else, other than calling all the beneficiaries yourself, that you're supposed to obtain the needed information, and I'm trying to spare him from having to call these beneficiaries one who is particularly incompetent getting the information that he needs, like he needs information about. Okay, does this landscaping? Do we need to now pay for landscaping because he's incompetent to pay for the landscaping this like I'm trying to avoid having to contact each individual beneficiary itself, and particularly where it's not possible.
Unknown Speaker
40:13Okay,
Speaker 2
40:17so I'm not, I'm actually trying to prevent it from being an artificial wall, we actually wanted to be a real wall. So that's why I'm out of life, like the communication has to happen and I have the information. I guess maybe I'm overthinking it, and it's fine that the communication goes through us and you just leave it that way. Communication goes through us, if you don't ever think it just get him what he needs,
Dr.Gina Gaudio-Grace
40:42but the more you do that, the more the wall becomes an artificial wall, is my point.
Speaker 2
40:51So what other options are there where direct communication to those beneficiaries is not possible?
Dr.Gina Gaudio-Grace
40:59An annual meeting.
Unknown Speaker
41:05That beneficiary can't attend an annual meeting, he's mentally incompetent.
Dr.Gina Gaudio-Grace
41:12Sorry, I forgot your uncle.
Speaker 2
41:19I mean, I guess I could have my uncle's POA, I turned the meeting it just then it gets even more complicated, because then they're like, wait what? I mean? They understand that he's living in a trust owned house, but they're not it's way more complex for them to understand. As POA, why? Why do we have to have this meeting with your manager? Well, it's because the house that he's living in is owned by this trust and the trustee of the PDD. I mean, I could try it out loud if you think that's what's necessary. I
Dr.Gina Gaudio-Grace
42:05Yeah, who else has the knowledge besides the POA,
Speaker 2
42:12nobody. I'll leave it POA. I mean, I guess my mom, my mom's the sister, so a lot of information is coming through him and the neighbor. He doesn't have the kids, he doesn't he's not married, he's all by himself.
Dr.Gina Gaudio-Grace
42:25So the family is your mom a beneficiary? Yes, she is
Speaker 2
42:34the POA. The POA is not a beneficiary, but he's a family member, so maybe that's the way to handle it. I'm surprised. I guess I am surprised that us doing all the communication makes it an artificial wall. I guess that's it. Is part of the reason why I asked the question for clarity and just surprised by the answer. So I guess there was a reason why I had an underlying concern. It sounds like my other sounds like my underlying concern is valid, that it can make it look like an artificial wall. So we're going to have to figure out how to make it. I mean, the only other beneficiaries, other than including them in the meeting, the annual meeting, I guess that's what we need to do, is include all beneficiaries who are capable in the meeting, is what you're saying. We need to do the
Dr.Gina Gaudio-Grace
43:27beneficiary, or a representative of the beneficiary,
Speaker 2
43:30like the POA, and if you include them in the meeting, the annual meeting, that is sufficient.
Dr.Gina Gaudio-Grace
43:38I think so. Okay. I think that would be way better than you having to communicate it, or have your parents communicate it, rather than you or Jordan communicating because you don't. What you want to avoid is the appearance of control. It's not just avoiding control. It's avoiding the appearance of control.
Speaker 2
44:06It's true, that is what we're trying to avoid. For sure, we're trying to avoid those things. It's difficult, because even though Jordan and I were not made the we had his request, we're the ones who have purchased his house and created the life estate. So really, in my opinion, I feel like the life estate is what's governing this all the management. I mean, okay, so hold on. Why don't we look at this from another thing? I'm not communicating this benefit lead beneficiary that doesn't exist. I'm communicating this as manager of the property management company. That's better at the property management company. Okay, that's way better. So at the in the meeting minutes, we need to clarify that I'm not acting as beneficiary any longer. I'm communicating this about the needs of this property for this beneficiary, because I am the manager of property management company.
Dr.Gina Gaudio-Grace
45:06Way better. Chelsea, way better.
Speaker 2
45:10Okay. Thank you everybody for patience while I watch through that. Appreciate it. Sorry,
Dr.Gina Gaudio-Grace
45:14guys, and what I just went through doesn't apply to every PTC. It applies to Chelsea because of this really, real problem of protecting the assets because of malpractice with her husband being an anesthesiologist. Okay, Joel, go ahead.
Speaker 5
45:36Um, so I'm going to run out of time to attend. I did have a question posted, and I'll just leave it for for Friday. Does that work? Yep, that's fine, but I did put in chat the link to the webinars from limburgers or Limburger from Limburg services. Could you click that and see which? Which of those was the one that you were referring to earlier.
Dr.Gina Gaudio-Grace
46:06It's, I'll just give you the date on it. The dates are on there. It is, Tuesday, May 27 at 2pm
Speaker 5
46:19private Trust Company, solution, okay, okay, great, thank you. I think this looks like good one to join. Nice. All right, thanks, and I gotta leave for now, but I do have questions posted for the next time you got it.
Dr.Gina Gaudio-Grace
46:38Bye. Anna, you can stop sharing your screen, if you would like.
Dr.Gina Gaudio-Grace
46:49Gotta figure out where Joel's question was, because I didn't see it anywhere.
Speaker 5
46:55I have put it on the general questions.
Dr.Gina Gaudio-Grace
46:58Yeah, open those up earlier and didn't see that question being asked, but I'll go look again.
Speaker 2
47:04Dr, Gina, you said it was Tuesday May 27 2025 that we should watch Correct. You
Speaker 5
47:12want me to post them again? Gina, I can do that.
Dr.Gina Gaudio-Grace
47:16No, that's okay. It's there. Oh, your question. I have just haven't gotten there. Okay,
Speaker 5
47:22good, I have to leave. So maybe not this time. Bye all.
Dr.Gina Gaudio-Grace
47:56I forgot I didn't answer that question as well. I looked at the date. Sorry.
Speaker 5
48:01No, no problem. But again, I have to leave right now.
Dr.Gina Gaudio-Grace
48:05Yeah, I got it. Got it? Anybody else with questions?
Speaker 6
48:12Hey, Dr Gina, got a couple questions. Hopefully they're straightforward. So if I've I've got a vehicle we've transferred or conveyed into the trust. What if we want to replace that vehicle? What is that process?
Dr.Gina Gaudio-Grace
48:29So I'll tell you how I do it. When I first set up my trust, I conveyed the car to the trust, but I didn't record it. When I went to trade that car in, I brought my bill of sale showing that I had conveyed it to the trust. It was, it essentially worked like a simultaneous close would be, I buy the new car. The new car is purchased in the name of the trust. They accept my trade in and they record the sale from meat to the trust and from the trust to the dealership all at the same time.
Speaker 6
49:06Okay, if you don't trade it in, you just buy a new one in the name of the trust, and then the other one you would just, I guess, sell and and also do a show the documents to put in the name of the trust.
Dr.Gina Gaudio-Grace
49:22Yes, until you have to have the recording of both you to the trust and from the trust of the third party and just show that, okay, can just file them both at the same time. Okay?
Speaker 6
49:37So then, and then the other question is similar. So I have a camp trailer that I've moved into the trust. I'm looking at buying a side by side that I'd like to put in the trust. Do I just purchase it and put it directly into the personal trust? Yes, so I can use funds from the personal trust to make this purchase anything special I need to do with bookkeeping on that, or I just, I can take the funds and purchase it and show it as an asset.
Dr.Gina Gaudio-Grace
50:07That's it.
Unknown Speaker
50:10Okay. Thank you. Simple.
Dr.Gina Gaudio-Grace
50:16Who else has questions? I
Dr.Gina Gaudio-Grace
50:29Okay, guys, well, I will let you all go. We will be back on Friday for the accounting call. Great. Thank you. Thanks. Have a great rest of your week. Everybody. I don't know I will be on the call on Friday. Jeremiah will be, for sure. Tomorrow's my birthday, so I'm going to celebrate on Friday
Speaker 1
50:54Happy birthday. Happy birthday. Thank you. Oh, happy birthday.
Dr.Gina Gaudio-Grace
50:58Thank you so much. Have a great rest of your week, guys. Bye
Unknown Speaker
51:04you doing, bye bye.