Ep 31 - In this episode, we speak again with Travis Gibson to learn more about creating and preserving generational wealth. He introduces the dynasty trust, a type of trust designed to last longer than one generation and minimize transfer taxes. He goes in-depth on its benefits and breaks down step-by-step how they were able to establish his family’s trust. He also offers actionable advice so you can start setting up your own trust, too. ________________________________ FREE Discovery call for The Microfamily Investing Accelerator https://calendly.com/noirvest/microfamilymavericks ________________________________ [00:01 - 20:14] How to Build a Legacy That Grows Over Time
- Check out part 1 of the interview with Travis!
- Travis talks about discovering the dynasty trust
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- Structuring their trust so that their descendants will receive a quarterly distribution
- The distribution protects the wealth from being squandered
- Things to consider: state laws in which it will be created, the amount of money available to invest, and the provisions that will be included
- The trust can have a time limit or be established in perpetuity
- Spouses and descendants of descendants are not entitled to distributions unless they still have children under 18
- The trust should be flexible enough to accommodate changes in the future
- How to leverage life insurance and having an LLC
[20:41 - 25:15] A Trust is A Gift
- Travis stresses the importance of estate planning for the future generation
- Why he is thinking about setting up a new trust in the next few years
- Creating wealth does not happen overnight, but all you need to do now is to get started
[25:16 - 33:29] Closing Segment
- The final questions
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- Consolidation within an asset class and diversification across asset classes
- Travis shares his strategy in choosing between Baltic Avenue and Boardwalk
- What does Travis need right now to get to the next level?
- Connect with Travis!
Key Quotes “You have a lot of people that they end up with sizable estates and they give their heirs the entire estate at their passing. And what happens is you create these trust fund babies that have no real appreciation as to what it takes to actually build an estate that size.” - Travis Gibson “One of the things you have to consider with the dynasty trust is it has to be written in a way where you try to at least consider what can happen in the future.” - Travis Gibson “Having some type of structure in place to ensure that your assets are handled properly, I think, is a responsibility of anybody that has a family.” - Travis Gibson
Resources Mentioned
Connect with Travis Gibson through his
LinkedIn! Check out Freeman Equity Group on
Instagram,
