I want to begin by thanking both Yosef and Tank for the information that was brought out in this August 31, 2016 call.
There have been times when I questioned some of the information provided by them. What I like the most about Yosef and Tank is that they were and are willing to, as Shirley McClain said "Go out on a limb". Yosef and Tank have consistently provided as much practical detail, and usable information, that they have received from their sources.
I also want to thank Lewis a dear friend and Nancy my soul mate for their help in editing this presentation.
Here is a very brief summary of some of what was said. Note this is not a word-for-word transcription.
1. Even if some of us have one or more trusts created and bank accounts open at Wells Fargo (WF), we still may not be sure how we want to distribute our exchange funds. For instance, we may want to have one or more trusts, maybe a foundation, an LCC and a personal bank account. If we don't have that all clearly worked out yet a Wealth Manager can help us.
At the WF exchange center (maybe run by Abbot Downing) they will have available a 60 to 90 day holding account (temporary trust). You can later work out all the legal details, using expert help that you now have the funds to hire. These 60 to 90 days will allow you to decide how you are going to distribute your funds among several trusts.
Bring a list of a few names you might want to use to create these trusts. Have several names in case one or more is already in use.
2. At the exchange, you may want to bring a list of cashiers checks, wire transfers and amount of cash you want. They recommend taking no more than $10,000 in physical cash at the time of the exchange. All of these items can also be handled later during your appointment at the bank with a wealth manager. This will get you out of the redemption center faster.
3. They also indicated that, especially for ZIM holders, a payout period of 5 to 100 years might apply depending on how much ZIM you hold and your age. Seniors who are 70 or older will be given a 5 year payout option and some other help.
4. When you call 800 number to make your exchange appointment they will ask for your zip code, the currency you have and the amount. They will give you an appointment code for you to present when you get to the exchange center.
There will be very high security surrounding the exchange centers and you will have a safe experience.
5. Dress code is at least business casual. Even if you don't dress in a suit and tie, dress nicely in clean clothes, the same as you would if you were going to meet a professional banker.
6. If you are a ZIM holder you will have to sign a non disclosure agreement (NDA). Read it, ask questions and sign it. DO NOT VIOLATE THE TERMS OF THE NDA IF YOU WANT TO KEEP YOUR FUNDS. That means do not discuss your exchange with anyone not specifically allowed by the NDA. That also means do not talk about it on a cell phone, Skype, email or any other venue.
7. People may ask you where you received your funds to buy that new house and car, etc. The best answer is: "I don't own these things. A trust that I work for owns them. I am a care taker of certain trust holdings. Anything else is NOBODY'S business. This will prevent everyone from asking you to give funds to this or that.
8. FUNDING: It is recommended that you use a legal advisor such as a lawyer, a CPA, a WM or a trust company to arrange who you want to fund, projects etc. In other words, give anonymously. Do not bring attention to yourself as having access to large amounts of funds.
9. Post RV you will have follow up meetings with wealth manager teams.
10. They gave out some ideas of humanitarian projects you might want to think about. They emphasized that these ideas are just to get your creative juices working to help you come up with you own ways you want to be of service.
a) One might fund businesses that are failing, but provide needed services, whether for profit or non profit. It was suggested that some businesses, that were profit oriented, could be restructured into non profit enterprises to create jobs.
b) Recruit technical companies to come to your area.
c) Give teenagers summer jobs with good pay.
d) Give seniors joyful, part time jobs, with good pay.
e) Expand residential housing areas.
f) Provide food distribution services to senior centers, needy families etc.
g) Provide housing and construction jobs.
h) Reform local schools with programs, facilities, equipment, healthy foods, etc.
i) Create an alternative media company (maybe buy an existing one and restructure it).
Here are a few ideas that I came up with, that could be applied in your local area and beyond:
a) Fund badly needed road repairs, water facilities, sewer treatment, and other community infrastructure.
b) Develop expanded and efficient organic food production on a local, county, and/or state level.
c) With so many empty retail store spaces available, in every community, one might fund some new retail startups in these places, rather than construct new buildings.
d) Buy foreclosed houses owned by the banks and give them to veterans, seniors, homeless families, etc.
e) Provide community centers, beautiful parks, etc. for your area.
One of the last discussions that was given by Yosef and Tank, and one that I am in total agreement with is, DO NOT HOARD THIS DIVINE GIFT. DO NOT BECOME ANOTHER ELITE BECAUSE YOU NOW HAVE LOTS OF FUNDS AND IGNORE THE WORK WE CAME HERE TO DO IN JOY TO HELP MAKE OUR PLANET THE PARADISE WE ALL WANT TO LIVE IN.
Last but not least if you have time to listen to the last 45 to 55 minutes of this call you will not regret that you took the time to do so.