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WSOMN's Snake on Banking

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WSOMN's Snake on Banking Empty WSOMN's Snake on Banking

Post by Ssmith on Sat Feb 20, 2016 1:53 pm

QUALIFICATIONS
Snake wrote …spent close to 40 years in the investment banking and securities industry
 
SNAKE WILL PERSONALLY START A THREAD
Snake wrote Stardot sent me instructions on how to start a thread I will need to begin this later this afternoon as I have meetings scheduled shortly, have sent stuff to Iko but am uncertain if he recieved. Question being how basic do you wish to start and how rapidly can we get to the information that will really benefit the rich.
 
POSTS IN CHAT SATURDAY MORNING

Snake wrote
36m ago          Then with the excess funds available you and your professional advisors develop how best to structure the use of these excess funds; foundation LLC PC, etc Be sure to include certain fringe benefits in these foundations such as medical and dental reimbursement plans for you as the grantor you are the most important individual for the fruition of this charity
 
Snake wrote
40m ago          a typical method of planning is for you to determine the absolute minimum funds necessary for you and your family to survive. Then triple or quadruple that amount. These funds are then set aside to insure you and your family can never outlive your resources. Owned in personal living trusts and depending on if you are in a community property state or common law state determines how many trusts are created.
 
Snake wrote
44m ago          non-interest bearing accounts should be temporary in nature to secure your funds while in the bank but you should be structuring your portfolio based upon your goals and objectives and beginning to move funds into accounts that generate earning so you grow the account.
 
Snake wrote
57m ago          Banks will open accounts they are just not fond of them as it provides no source of revenue to the bank nor can they obtain FED credits from their corresponding reserve bank
 
Music Lady wrote
59m ago          does anyone know if you could have POD plural on the holding account???  Snake wrote 59m ago    It can have two names; joint with right of survivor and primary and secondary beneficiaries. Its just the bank cannot comingle funds to their balance sheet
 
Snake wrote
39m ago          This will be my last post of today and I am not looking to pick a fight over terms. This conversation began when one of the members posted Holding Account. I came back with Safe Keeping Account. Strictly brokerage and bank nomenclature. If you have a NYSE trading account and purchase a stock it immediately goes into
 
Snake wrote
39m ago          Street Name i.e the brokerage account. Should you deposit securities into that same account and advise the dealer to hold in Street Name the stock remains registered in the manner it was received. A holding account is typically seen as an attorneys trust account that he has to settle funds for his clients after the suit is concluded. IMO as one so nicely indicated
 
Snake wrote
37m ago          One slight error should you deposit securites into an account you want them held for Safe Keeping, not in Street Name, made a slight error trying to type fast
 
Snake wrote
48m ago          Automobile allowance is also another benefit, lease an automobile for your use through your foundation, tax deductible business expense and tax free to you as Key Man, unless of course you qualify the foundation under Section 508 wherein there should never be any tax liability. Seek a Unified
 
Snake wrote
49m ago          Estate and Gift Tax attorney who is board certified to walk you through this method

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As is generally the norm on all calls the moderators bring forth a legal disclaimer at the beginning to hopefully eliminate any chance of providing advice.  As one having been licensed in many facets of securities, insurance, syndicating tax shelters, I will insert my disclaimer at the beginning only as I am not interested in acquiring any new clients, will not solicit any particular security or asset other than in a non descript method so the reader can perform their own research and due diligence. I am not an attorney or CPA and as such do not give individual legal or accounting advice. I state all these conditions and proclamations ab initio without personal responsibility or liability.  In other words take what is written and perform and act based upon your own professional advice simply being in a position after having read what follows to ask specific questions of such advisors relative to your own particular situation.

I will necessarily need to post a number of items because what follows cannot be structured in one or two postings.  To hopefully keep what I write in a chronological order I will begin each new posting using a Julian dating system as follows:

2016-02-20 In the beginning:  To begin with the very basics and I promise I will not remain in the area for long, but there are only 4 types of assets and basically six problems one will face in dealing with how to over come the problems by knowing which asset is best suited to satisfy the particular problem.

Problem 1, Not enough Cash; Problem 2, Too much Cash; Problem 3, Living too Long; Problem 4, Dying too Soon; Problem 5, Inflation; Problem 6, Deflation.  Problem 1 directly or indirectly is one most of us face until the exchange. Problem 2 is generally a woman's problem due to the death of a spouse and suddenly a large sum of death benefit. Problem 3 is not taking proper steps to assure you do not outlive your assets and become a burden on family, friends, or gov't. Problem 4 is the unknown of dying before you can put your plans into action. Problem 5 not placing sufficient assets in a growth portfolio to assure no matter what the future cost of living becomes your assets will keep pace with purchasing power. Problem 6 the value of your currency becomes so devalued that a wheelbarrow is insufficient to purchase a loaf of bread.

The 4 types of assets are CASH, PROTECTION DOLLARS, (Insurance & Disability Coverage); Fixed Assets, (bonds, Pfd Stocks, Annuities); Equity Assets, (Common Stocks, Variable Annuities, Precious Metals, Commodities, Oil & Gas, Equipment Leasing, etc.)

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The banking industry is structured to offer competitive interest rates with other financial institutions and not for the benefit of their depositors. For those having never read the Chicago Federal Reserve Bank publication "Modern Money Mechanics" it is about 12 to 15 pages and can be located on the web as a download. It explains exactly how fiat currency benefits the banking community. Unless you have substantial sums to invest and attract a much higher interest rate, it is almost a guaranteed loss to own CD's or savings accounts on your real purchasing power once you factor in your personal income tax bracket and the CPI (consumer price index) as an example 1,000 at interest of 5% = 50.00 increase at year end. Tax bracket of 20% means you give your partner in DC 10.00 meaning after tax you net 4% or 40.00. Lets say the CPI is 3% meaning your 1000 earnings suffered a 3% loss in purchasing power.  It takes 3% more money to acquire the same amount of bread milk and eggs next year, so now your 1000 actually earned 10 dollars after taxes and inflation, it can get worse, the banks pay less than 5% interest, your tax bracket is greater than 20% and the CPI is higher than in this example. As such, you make a determination of how much PUT & TAKE dollars you need and an amount of readily available cash to meet small needs and emergencies and that is the only amount you leave with the banks at interest unless they are willing to pay a competitive rate and you structure you affairs to eliminate the tax man's participation. Have heard rates after the exchange in the 10% range but there again that is an interest bearing account.

***************

This will most likely be my last post until after today's call and it may well be a moot point should we be allowed to go to the banks in the coming week.


However, having been in this for as long as I have I will believe it when I am inside the exchange center speaking with the WM.  My suggestion, if you are dealing with one of the top tier banks then they have a Trust Department.  Present your self in business attire with a similar topic as "it appears me and my family will be coming into what to me is a very large sum of money and I have heard several people discuss the importance of establishing a trust account. My knowledge is limited however I have been given the name of an attorney who is quite gifted in setting these vehicles up and I wanted to visit with your department to hopefully establish the beginnings of a working relationship so when the attorney asks me if I have a particular bank trust department in mind I can use this bank. May I give you my personal contact information as well as get a couple of your business cards. The lawyer is asking me to complete a family census as well as a current net worth statement as well as try to determine exactly how much money may be coming our way.  My real purpose today is in meeting you and asking if after we sit down with the attorney can I come back and review what we are told as well as possibly get some suggestions as to how best to invest these funds"


Just so you know as well in your last will and testament you should name a corporate administrator to act in the event that all other named family members are unable or unwilling to serve. The bank trust department does not charge anything to be named, only after they actually do something. So you name your husband/wife as immediate trustee, then your children in some order, and finally XYZ Trust Department as Corporate Trustee/Administrator.

********************************
Ssmith
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WSOMN's Snake on Banking Empty Re: WSOMN's Snake on Banking

Post by Ssmith on Sat Feb 20, 2016 3:04 pm

Snake wrote
2m ago
Juju ordinary bank employees do not charge commissions or receive compensation other than the salary they agree to. However, bank executives in personal, business or trust banking realize some bonusing incentives based upon how much revenue they bring to the bank, the more money they place under management by the bank the more attractive will be the bonsu

Snake wrote
2m ago
Juju the overall amount of currency being brought in will determine what level of executive you will be dealing with. Recognize almost everyone is a VP in the banks but very few are in the bonus circle

Snake wrote
1m ago
Juju that is true but more valuable to you if you are considering a certain amount remaining with the bank manaement and if the banker you are across from sees the incentive dollars that your account will mean to him/her
Ssmith
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WSOMN's Snake on Banking Empty Re: WSOMN's Snake on Banking

Post by Ssmith on Sat Feb 20, 2016 3:21 pm

Many on these sites have recounted all the wonderful things they plan on doing with their new found wealth. Let me share a couple of items if I might about tax exempt charities and some of the pitfalls that exist should one choose the wrong revenue code section to apply for tax exempt status. The code has been modified a number of times but an extreme situation occurred in the 1954 Code Revision.  As most know practically every tax exempt charity and the majority of all churches in our country are registered under Section 501 (c) (3).  This section was marshaled through by Lyndon B. Johnson to primarily limit the amount of political discourse that could take place from the pulpits of our nations churches. Since that section was instituted the majority of all tax exempts feel that it the only method a charity or foundation wishing tax exempt status can function.  A 501 is a Corporation that is granted status by the state of incorporation and provided an EIN (employee identification number) as well as a FIN (financial identification number) by the service.  What this does is make that particular corporation subject to all the regulations and requirements as stated in the UCC (Uniform Commerce Code) and subject to such things as Open Records Act and Open Meetings Act and possibly the subject of a gov't entity requesting a list of contributors. Recall a few years ago all the noise made by the so called tea party applications.  I bring all this forward by simply suggesting everyone interested in creating a tax exempt organization consider looking into section 508 (c) (1) (a) which is only bound by Article 1 of the Constitution and not any CFR's or USC's.
Ssmith
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WSOMN's Snake on Banking Empty Re: WSOMN's Snake on Banking

Post by Kevind53 on Sun Feb 21, 2016 12:25 am

I know one thing ... if Snake believes the stuff he posted I am very glad he is not my FA.

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Trust but Verify --- R Reagan Suspect

"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

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