FINANCIAL INTEL FROM LAURA LEGERE

 

This information is from Laura Legere, we want to share her up to date intel. Thank you Laura!

I ALSO PICKED UP SOME ADDITIONAL INFORMATION FROM SOMEONE WHO HAS BEEN TO FINANCIAL SCHOOL. WHEN YOU GO IN FOR YOUR “EXCHANGE”, YOU WILL GET SOME PAPERS RIGHT AWAY TO WRITE DOWN YOUR NAME AND OTHER INFORMATION. LOOK IN THE UPPER RIGHT-HAND CORNER AND SEE IF THEY HAVE IT ALREADY MARKED “CASH”. IF IT IS, ASK FOR A CLEAN FORM AND MARK “EXCHANGE.” A “CASH” TRANSACTION CARRIES A TAX WITH IT WHERE AN “EXCHANGE” DOES NOT. ALSO WRITE YOUR NAME IN COMMON LAW FORM WITH NO CAPITAL LETTERS, ONLY LOWER CASE LETTERS WITH A DASH BETWEEN YOUR NAMES, FOR EXAMPLE (dale – terry – hedberg). THEY ALSO SAID MAKE SURE YOU USE YOUR COMMON LAW NAME WRITTEN AS IN THE EXAMPLE AS THE “TRUSTEE” OF YOUR TRUST INCLUDING THE “SKELETON” TRUST.  THAT WAY ONLY YOU CAN ACCESS IT. THEY ARE SAYING YOU ONLY HAVE 60 DAYS IN WHICH TO TRANSFER IT TO A COMMON LAW TRUST.  THEY ARE SAYING YOU WILL HAVE TO PAY A TREASURY FEE OF 2 POINTS ON YOUR TOTAL TRANSACTION WHICH INCLUDES THE FUNDS YOU ARE LEAVING WITH THE BANK FOR HUMANITARIAN PURPOSES. REMEMBER YOU ARE GOING TO RECEIVE INTEREST QUARTERLY BASED UPON THE TOTAL AMOUNT OF YOUR TRANSACTION AND NOT JUST THE AMOUNT YOU DON’T LEAVE WITH THE BANK. I HOPE THIS INFORMATION PROVES USEFUL TO YOU.