Entry Submitted by Veritas at 4:18 PM EST on November 16, 2016
COMMENTS BELOW ARE NOT INTENDED AS LEGAL, FINANCIAL, BANKING OR TAX ADVICE BUT ARE FOR EDUCATIONAL PURPOSES ONLY, I.E. DISCLAIMER. MY COMMENTS ARE IN CAPS.
Entry Submitted Anonymously at 5:17 PM EST on November 15, 2016
I am confused on depositing money in a skeleton trust. Is that only for the 20 percent I receive if exchanging for the higher :sovereign"rate? If I exchange for the public rate can all of my proceeds go into a skeleton trust? Also, can that money be transferred into other trusts, llc's and foundations other banks or do I have to designate the bank performing the currency exchange as the home bank of me trusts, etc? Oh, is the 20 yeats structured mandatory for people over the age of 60 and I assume that percentage will stay with the bank doing the exchange..?? Thank you in advance for helping me understand.
Confused in California
EXCELLENT QUESTION. THIS IS ONE OF THE QUESTIONS YOU WANT TO BE LOADED WITH AT THE BANK. IF YOU HAVE YOUR TRUST OR OTHER ENTITY DOCUMENTS TAKE THEM RIGHT WITH YOU. ASK IF YOU CAN DEPOSIT THE 80% DIRECTLY INTO YOUR NON-PROFIT OR COMMERCIAL ENTERPRISE. THERE IS NO WAY TO KNOW AHEAD, WE CAN ONLY BE PREPARED.
I HAVE HEARD THAT OVER 62 WOULD BE ABLE TO STRUCTURE IN A FIVE YEAR PERIOD. AGAIN, ASK.
HOPE THAT HELPS.
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