Personal Information Sharing in Trust Setup Discussion
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Questions and Answers

What obligation does the government create for a trustee in the text?

  • To obtain a birth certificate
  • To accept the position of trustee instantly (correct)
  • To change to Securities Intermediary
  • To obtain a state nationals regulation Z plate
  • What role did the trustee have initially according to the text?

  • DMV representative
  • Securities Intermediary
  • Secretary of the Treasury
  • Custodian (correct)
  • What concerns the individual regarding driving with a state nationals regulation Z plate?

  • Fear of getting in trouble without an MCO (correct)
  • Concern about the MCO replacement
  • Worry about not having a passport
  • Not having accepted a license plate
  • Why did individuals who obtained a Z plate from a state nationals website face issues?

    <p>For not accepting the license plates authority</p> Signup and view all the answers

    What authority did individuals give when registering their automobiles according to the text?

    <p>Authority related to license plates for their automobiles</p> Signup and view all the answers

    What action was required for individuals to become Securities Intermediary, as mentioned in the text?

    <p>Coming forward and changing status</p> Signup and view all the answers

    Why does the speaker believe that the trustee is always guilty?

    <p>The trustee controls the funds and commits fraud.</p> Signup and view all the answers

    What does the SF 273 mentioned in the text refer to?

    <p>Performance bond</p> Signup and view all the answers

    Why does the speaker mention SF 274 in the conversation?

    <p>To show the paperwork involved in beneficiary trusts.</p> Signup and view all the answers

    What is the purpose of SF 275 as discussed in the text?

    <p>Accounting document for trust funds</p> Signup and view all the answers

    In the text, what is the speaker's main concern regarding trustees?

    <p>Controlling and writing checks from trust funds</p> Signup and view all the answers

    What does the speaker emphasize as crucial when dealing with trustee roles?

    <p>Knowing your role as a beneficiary</p> Signup and view all the answers

    Which form is discussed in relation to committing securities fraud by trustees?

    <p>SF 273</p> Signup and view all the answers

    What is the speaker's advice regarding accessing funds from a trustee?

    <p>&quot;Settle this bill&quot; mindset</p> Signup and view all the answers

    Why does the speaker mention that trustees need their signature for transactions?

    <p>&quot;To cover their butt&quot; for written checks</p> Signup and view all the answers

    What is one of the key aspects mentioned that will be covered in the course discussed?

    <p>&quot;Banking and purchasing&quot;</p> Signup and view all the answers

    What caution does the speaker give about putting 'non-resident alien' in box four of the W-4 form?

    <p>It may lead to a higher flat tax rate being applied.</p> Signup and view all the answers

    What alternative suggestion does the speaker provide for box three or step three of the W-4 form?

    <p>Claim 6 to 8 other dependents.</p> Signup and view all the answers

    What is the speaker's advice regarding marking 'exempt' on the W-4 form?

    <p>It is not recommended as it provides taxpayer benefits.</p> Signup and view all the answers

    In what way does the speaker suggest lowering withholding amounts without marking 'exempt' on the W-4 form?

    <p>By increasing the number of dependents claimed.</p> Signup and view all the answers

    Why does the speaker recommend caution when considering 'non-resident alien' for box four of the W-4 form?

    <p>To avoid triggering incorrect tax rates.</p> Signup and view all the answers

    According to the speaker, what risk is associated with employers interpreting 'non-resident alien' incorrectly?

    <p>Incorrect withholding calculations.</p> Signup and view all the answers

    What is the purpose of having a private trust number?

    <p>To identify the trust privately.</p> Signup and view all the answers

    How should a private trust number be chosen?

    <p>By creating a unique number of significance.</p> Signup and view all the answers

    Why is it recommended to have a private trust number different from the EIN number?

    <p>To avoid confusion with the IRS.</p> Signup and view all the answers

    What does naming a boat have in common with assigning a private trust number?

    <p>Both involve creating a unique identifier.</p> Signup and view all the answers

    Why is it suggested to have a domestic phone number for the trustee of a foreign trust?

    <p>To simplify contact with the trustee.</p> Signup and view all the answers

    Who typically needs to call and obtain the EIN number for a trust?

    <p>The grantor.</p> Signup and view all the answers

    In what situation would it be acceptable to use a phone number in another country for a domestic trust?

    <p>When created and expressed in that foreign country.</p> Signup and view all the answers

    Why did the person in the text argue with the officials regarding obtaining the EIN number?

    <p>Because they were not the creator of the trust.</p> Signup and view all the answers

    What was one hassle mentioned by someone trying to obtain an EIN number?

    <p>Being required to fax documents.</p> Signup and view all the answers

    How did having multiple EIN numbers affect someone's interaction with officials?

    <p>Raised suspicion and led to multiple information requests.</p> Signup and view all the answers

    What is one way to eliminate a mortgage payment?

    <p>Learning how to discharge correctly through honor and equity</p> Signup and view all the answers

    What is stated as the main job of Janet Yellen in the text?

    <p>Taking care of student loans</p> Signup and view all the answers

    What role does an individual take on when they claim their minor estate?

    <p>Beneficiary</p> Signup and view all the answers

    How does the text describe the process of reclaiming securities and initiating the role of beneficiary?

    <p>It has always been known by individuals</p> Signup and view all the answers

    What does the text imply about courts and their relation to individuals reclaiming securities?

    <p>Courts are banks and issue securities</p> Signup and view all the answers

    What was the speaker's name?

    <p>Crystal Larene</p> Signup and view all the answers

    What did the speaker do if asked about their name as a trustee?

    <p>Provided the name Crystal Lorraine</p> Signup and view all the answers

    Why did the speaker use a foreign phone number?

    <p>To appear more legitimate to the trustee</p> Signup and view all the answers

    What is the purpose of a W9?

    <p>To authorize payment to an independent contractor</p> Signup and view all the answers

    What does the speaker's employer use for payroll?

    <p>Paychecks.com</p> Signup and view all the answers

    Why did the speaker's employer refuse to pay using a W9 form?

    <p>It would require additional paperwork tracking</p> Signup and view all the answers

    Which service does NOT handle WABNs according to the text?

    <p>Tax services</p> Signup and view all the answers

    Why did the speaker choose numbers from different states for each trust?

    <p>To make each trust more legitimate</p> Signup and view all the answers

    What was the reason given for not using Alaska and Hawaii numbers?

    <p>No available numbers</p> Signup and view all the answers

    Why did the speaker caution people about using a W9?

    <p>To avoid legal trouble with the IRS</p> Signup and view all the answers

    What is the primary reason for statutes, codes, rules, and executive orders being applicable to individuals?

    <p>To generate revenue through fines</p> Signup and view all the answers

    In the context of driving violations, who is typically held accountable according to the text?

    <p>The vessel</p> Signup and view all the answers

    What is the significance of claiming 'the vessel' in the given context?

    <p>It shifts accountability from the living man to a legal entity</p> Signup and view all the answers

    What does the text suggest about the concept of 'drivers' in relation to operating in commerce?

    <p>There are no drivers except for those operating in a business capacity</p> Signup and view all the answers

    Why does the text mention that traffic tickets are essentially 'bills'?

    <p>To emphasize the financial consequences of traffic violations</p> Signup and view all the answers

    What is the implied consequence of not paying a traffic fine according to the text?

    <p>Increased fines or court appearance</p> Signup and view all the answers

    'Correcting your status' as mentioned in the text refers to determining whether an individual is:

    <p>Trustee or beneficiary</p> Signup and view all the answers

    What does claiming 'the vessel' entail based on the text's explanation?

    <p>'The vessel' exists in name only without substance</p> Signup and view all the answers

    'Being wise as a serpent and gentle as a dove' is mentioned in the text to emphasize:

    <p>'Obeying laws' while looking out for others and oneself</p> Signup and view all the answers

    'Common law' is contrasted with 'statutes, codes, rules, and executive orders' primarily to highlight:

    <p>'Statutes, codes, rules, and executive orders' as inherent constraints</p> Signup and view all the answers

    What is the main concern regarding the registration of the vehicle mentioned in the conversation?

    <p>Concerns about the vehicle registration expiring.</p> Signup and view all the answers

    What is mentioned as a potential method for discharging debt with silver in the conversation?

    <p>Paying off a mortgage with a silver quarter.</p> Signup and view all the answers

    What is the speaker's opinion regarding using silver to discharge debt based on the conversation?

    <p>It has not been effective in reality.</p> Signup and view all the answers

    What is the speaker's impression of Bonnie's actions and advice?

    <p>Bonnie's actions lacked integrity and honor.</p> Signup and view all the answers

    What does the speaker imply about Bonnie's legal troubles?

    <p>They stemmed from impersonating someone with a bar card.</p> Signup and view all the answers

    What does the speaker believe was missing from Bonnie's actions?

    <p>Correcting her vessel through legal means.</p> Signup and view all the answers

    What was NOT mentioned as one of Bonnie's actions?

    <p>Filing for bankruptcy.</p> Signup and view all the answers

    What does the conversation imply about trusting information from Bonnie?

    <p>&quot;There is no credibility with me anymore with Bonnie.&quot;</p> Signup and view all the answers

    What is NOT cited as a reason for Bonnie getting in trouble according to the conversation?

    <p>&quot;Challenges related to marriage with David.&quot;</p> Signup and view all the answers

    What did the speaker mention about Bonnie's honesty compared to their own?

    <p>Bonnie's dishonesty stood out compared to their commitment to honesty.</p> Signup and view all the answers

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    Description

    This quiz involves a conversation snippet where personal information exchange is discussed in the context of setting up a trust. The dialogue includes mentions of sharing last name, background checks, and the cancellation of a trust setup.

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