http://dinaresgurus.blogspot.ca/
TNT CHAT UPDATE, 29 DEC
Iko Ward: Well guys, Forex seems comfortable these days below 1070. WTI/Brent Crude remain near parity. The tankers are moving (down to 56 from 72). Markets are up. Gold is trading and staying around 1070. Commodities are still down but they don’t turn on a dime. All this means is the stage is still set and we’re waiting for the curtain. The house manager says any minute now.
Iko Ward : Abadi says he needs three days..like this weekend? That will solve all our tax issues
LH : gm and if this thing doesn’t start to happen for US after this upcoming three day weekend, I don’t know what I’ll think…..it is TIME
Iko Ward : LH – I think the rest of the planet is right behind you.
Iko Ward : London took a couple of swipes at Gold this AM. Now we’ll see what New York does. It well only take one of these indicators to go off the rails to pull the rest of the train off the track. So it’s anybody’s guess. Follow the money, see the RV.
ALLonghorn: IKO Listen to you last night and I have a question: Did you say you thought the money in Zim would not revalue?
Iko Ward: Al, no, just the opposite, ZIM was the sleeper in this crowd.
Famous13: Iko are you feeling like we’ll have to wait till this weekend before we see anything?
ALLonghorn: IKO Why a three day weekend to pull this off?
Iko Ward: famous..I just don’t know, but it’s all set to go. AL, the banks want time to process people before the news hits the general media.
****
Elmerf123456: UN, US, UK, France & Iran officially congratulate Iraqi government on victory in Ramadi against Daesh terrorists
Skyward100: I was in chat early morning and I will repeat what I said…. Soon the world will be blessed in many ways and the ones (s) or greed of this world will stand in shame. Until we wait patiently a d be glad because we are part of this historical event
Gita: A Dinarin friend of mine who’s cousin just returned from Kuwait for the holidays stated when in Iraq what use to cost him a dollar now cost $3.00 + change. I found that interesting something has happened in the country…. Just not international yet
ALLonghorn: IKO on OM is currently watching several elements on the markets which will indicate to him that the RV is at the door. He feels like once one falls they will all move and the RV will happen very suddenly. Great anticipation right now
POPPY3 UPDATE : Q & A, 29 DEC
THEN CHECK YOUR MEMORIES THAT THE GOOD DOCTOR SHABIBI STATED HE WOULD NEED THREE DAYS CBI DOWN TO INTRODUCE THE NEW RATE.
Q: [what date did the CBI state they would not show the rate for 3 days?]
Poppy3 : JANUARY 1, 2, 3.
Q: [are you a fan of the 1:1 Ri and later an RV or get er done at 1 time?]
Poppy3 : MY STANCE HASNT CHANGED SINCE OCTOBER OF 2010 WHEN THE IMF POSTED ON THEIR WEBSITE THE AGREEMENT WAS MADE TO ALLOW IRAQ $3.22 CENTS AND UP TO 20% MORE FOR THE COST OF INFLATION DURING THE WAR.
NOW SINCE THAT TIME NOT ONE, I REPEAT NOT ONE OFFICIAL PERSON THAT HAS SQUAT TO DO WITH THE RATE HAS EVER ANNOUNCED ANYTHING DIFFERENT AS A POSSIBLE RATE.
TNT :Summary of Earlier Remarks – Trusts, LLCs, Etc by Mother, 29 DEC
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Mother said03:38 PM Dec 28, 2015
MONDAY, DECEMBER 28, 2015
TNT :Bank Story, 28 DEC
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celebraterv said06:37 PM Dec 28, 2015
Asked about exchanging various currencies.
The only currency acknowledged was the dong.
Told that I would get $386.00 for exchanging 1million dong!
What do you think is going on?
TNT : ELMERF123456 UPDATE, 28 DEC
All the signs point to a real big change Pinpointing when is all that’s strange Left to do is wait in line Rest assured you’ll be just fine
Indicators state the end is near And not the same from year to year An economic bubble is soon to pop Which includes the notorious market drop
I say this not to bring about fear But rather educate you on the coming year
Study the web and follow the Pros Google the news and see how it goes
The signs are all there if you know where to look You just can’t gain knowledge from reading a closed book
Opens your mind not just what you are told But explore on your own like panning for gold
New wealth will be yours soon for the taking But for others it will be very pain staking
Changes in the world soon will be told For all the truths are about to unfold
You’ve been taught on what to do Now prepare yourself for the final follow through
Trust your instincts and don’t feel strange For you know…All the signs point to a real big change
Elmer
saintandrewstwinflame 
•Loose Lips Sink Ships
•Never go into a Trust with the attitude or stated purpose of avoiding income taxes. The reason why is that today’s IRS considers avoidance the same as evasion. No attorney/financial planner/CPA ever sets up a plan for tax avoidance. They set up plans for. (Planned Giving, Asset Protection, Estate Planning, Business Planning) the ramifications of each of those can sometimes and more likely than not brings about some tax savings. (Remember: How many times have I said, “Be as Wise as a Serpent & as Harmless as a Dove)? You want to bring scrutiny on yourself – go out and advertise you set up a trust to avoid taxes.
•Trusts pay the highest rate starting at $12,150 income. The ideal is to shift that income to a beneficiary that is in a lower bracket. However, the beneficiary will pay taxes on what is received and the trust will pay taxes on any accumulated income over 12,150 at the highest rate. You have to work the math to make this come out right or you are getting hit with personal and then taxes on the trust plus all the fees and interests associated with generating the income. Don’t just assume a Trust is a panacea for tax avoidance.
•Most trusts are set up by wealthy people to reduce or eliminate “gift” or “estate taxes”
•The use of Family Limited Partnerships are a tool used by many to maintain control of assets during lifetime while gifting various property rights to heirs while the General Partner retains the power of disposition of the assets. This allows a concept called “Discounting” of property because any property (real estate, corporeal, incorporeal, cash, brokerage account) each one has a bundle of rights that when broken up allow the gifting of a component of those rights at a discounted rate. (This is very complex – as the commercials say on TV – Do not try this at home by yourself) This involves CPAs, Attorneys and Appraisers to perfect. It is however how the really smart savvy wealthy move assets from one generation to the next without incurring estate or gift taxes while maintaining control and disposition during lifetime.
•Limited Liability Companies. Any income generated within an LLC through a transaction – definition of a transaction is important here and you do not want to get in a spitting contest with the IRS because their definition will rule the day. So if you exchange within an LLC then 100% of the proceeds will be subject to your personal income tax rate because all the income will come to you at the end of the calendar year of the LLC. Whereas doing the exchange personally, the jury is still out on whether the exchange will be taxable. I know there are many who insist there will be taxes but I have not seen anything to say there will be – the last time I was overseas and came back and exchanged currency no government agency charge me any taxes on the exchange. In the abundance caution do what Tony & Ray have suggested (set aside estimated taxes) If we are all fortunate there will be no taxes.
•Understand what a trust is: Understand who can be the Trustee who cannot be the trustee. An irrevocable Trust is not effective unless the Trustee is independent of you meaning arm’s length and not related by affinity. Know what a Grantor / Settlor is, Trustee or Trustor, Beneficiary. Know what separates them, their duties and responsibilities. Know the governing law in your state.
•There are many trusts but they all do different things.
•Seek counsel from your Wealth Manager, Private Banker, Financial Planner before you go out and create a bunch of entities. Unless you are “expert” how do you know what you need? Right now you have no idea how much money you will have or the type of assets so what are you thinking.
•Ray and Tony said plan. What they mean is know what your going to say. Be humble and not condescending to the bankers and or professionals. But by the grace of God you would not know about this. So be respectful. I think the key to having understanding is realizing no one knows everything and if you are willing to humble yourself, ask questions and take your time you in partnership with your advisors will come up with a plan that is unique to your situation. That when truly perfected after much thought and implementation will run like a well oiled machine because everything will be cohesive and work together to maximize the stated objectives and goals.
I applaud Ray and Tony for working to educate everyone. You know more than you think you know now. However, when you start to implement now without any assets and without someone playing devils advocate and running hypothetical situations, meaning tax scenarios, or liability scenarios then all you are doing is creating things you may or may not need and if you use them you will more than likely have to go back and amend. And amendments cost as much as original filings.
I once had a client come into my office and say Mr. _______________, I am 67, my wife is 62, I am worth XYZ I need this and this and this.. I looked at him and said then why do you need me, go out purchase the forms call Legal Zoom and do it yourself. Don’t waste the professionals time being a know it all. The client’s wife was much more savvy or judicial than he was and apologized for his pretenses. In the end he did not need everything he thought he needed to accomplish the objectives. And there were some things he had not even considered. Again trust the advisors where you live in the jurisdictions you each live in. What works in North Carolina may not work in Florida or North Dakota or Idaho. Each state has its own Trust and corporate law. So trust your local people there are good people and your Wealth Manager or Private Banker will have people they trust and remember these Wealth Managers and Private Bankers have a self-interest in helping you preserve and protect your wealth and grow it.
Dynasty Trusts – I know there are some states that have these. These are designed again by states where the law has been codified. For instance South Dakota allows Dynasty Trusts but the trust must be domiciled in the state and you must use a South Dakota Trustee, you must use a South Dakota Registered Agent. You must use a Bank in South Dakota to manage the assets. And last time I looked there is a limitation on what can be initially used to fund the Trust. So you cannot simply go form a Dynasty trust and say you have one. You must follow the codified law in the state that allows them. The Trusts have to be domiciled in those respective states, they can have beneficiaries outside of those states.
Lastly I am not open for business I do not want any clients. I am here on the field of play and will be here until the score board reads “We Win” or until I sink the last putt on the 18th green. I will do my best to guide and direct intellectual “thought” on certain matters. I cannot answer every PM. And if I think the answer has already been given I will merely suggest by my silence that the answer is in the forum. And many times it is by others – I suggest you go back and read some of what Ray has shared and OKRocks/Daz and others.
There is no one size fits all. That is my biggest beef with a lot of things. I do not believe in generic instruments for customized situations. And I grew up with a Father who said if you do anything do it right the first time not “half- _ _ _). You can fill in the blank. And as an attorney my first rule of thumb is “Cause no harm”.
Best to you all.
Mother, Esq.