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Growing up my family had very little money, so just having a little bit of savings in a bank account, even if briefly, felt like we were "rich" for the moment. Then there were concepts that were completely foreign to me.... a trust being one of them. I really didn't understand the use, the value and benefit of them until recently, and Sally Gimon explains irrevocable trusts in depth in this interview. A trust is no longer just for the uber-wealthy.... lots of people are taking advantage of the tax and legal benefits of a trust, and Sally tells us how it has enabled her real estate business to become even more successful.
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Sally Marie Gimon Bio
Sally was motivated to become a real estate investor when her mom became sick in October 2018. Sally was 53 and needed to make a change in her life quickly. She has been an insurance agent for 20 years and has used her experience to make positive changes. Now she shares her information weekly in her real estate group and Win, Win Women TV.
In July 2020 she bought a Bank Owned Property for $20,000 that would go to auction for $50,000 when Covid restrictions were lifted. She knew her Capital Gains would be $7,140 and researched how the rich paid so little in taxes. This led her to find the Business and Beneficial Spendthrift Trusts.
Currently, Capital Gains are 23.8% on any profit. There is passed legislation to raise this to 40% for some tax levels. The IRS is hiring 87,000 new agents. The Spendthrift Trust defers Capital Gains into infinity and beyond, and keeps people judgment proof, and their information private.
