You're listening to The Vault Unlocked, where the real secrets of success are revealed. Every episode, one founder, one confession, one strategy that created income scale and unstoppable growth. Forget the hype. This is unlocking the code they swore they would never release. The playbook is revealed. The Vault is unlocked. And this is another episode of The Vault Unlocked. And today is all about not how much money you make, but how much money you keep. Today, we have Sally Gimmon here who promises that if you make over $100,000 gross income, she can save you up to five figures year after year. Sally, welcome to the show. Thank you for having me. Thanks so much for being here. Now, for people who are listening, they have no idea who you are. Tell us a little bit about who you are and how'd you get here today? I appreciate that. I became a real estate investor in 2018 when my mom got sick. In 2019, with my mentor, I wholesale seven properties nationwide, paid off all my debt, had $50,000 in my bank account. I was a great real estate investor. COVID struck. We used March 17th because my mom's from Ireland. We canceled the St. Patrick's Day party. On April 1st, my three properties didn't pay me. No income coming in. on April 4th my CPA calls me to say congratulations he actually congratulated me that I made so much money my tax bracket went from 22 percent to 24 percent and I owed the federal government $94,000 I don't know what's going off the lace I'm sorry $94,000 in short-term capital gains he put me on the payment plan interest in everything else my great-aunt Kitty in Ireland always says sleep on it. Next morning, I wake up at 5 a.m. and I knew I read an article about the Rockefeller Spendthrift Trust maybe five months ago, earlier. And I start researching the Rockefeller Spendthrift Trust that they can save taxes, I can save taxes, and everybody else should know how to save taxes. Yeah. And so when you started implementing this, what happened? What changed? um it took me five months my first property i'm a real estate investor my first property in the trust um i knew when i bought the contract it was a twenty thousand dollar bank-owned property that was going to go to auction for fifty thousand dollars that thirty thousand dollars spread in between at 24 tax rate would have been seven thousand one hundred and forty dollars when it finally went to auction in august of 2021 because of covet it went all the way up to over sixty $44,000. I made $44,000 without lifting a hammer. But more importantly, I got to save $10,365 in short-term capital gains. I just put back into more real estate. It's an amazing thing. That's the key. So let's take a step back here. Why do you think people not know this? I would say this is like a trick, but this is not even really a trick. This is just a law. And if you understand it, you understand how to keep your money. Why do you think people don't even understand the concept of like i can actually not pay taxes like that's interesting correct um the reason behind it there are a million active attorneys in the united states only four percent are trust attorneys and 97 of the trust sold every year is what my mom and dad had the family trust that avoids probate and i'm gonna be honest it's expensive to get started but the rockefellers trust is seven generations old, has 400 people under the same EIN number, and they're all saving taxes. My little trust with my two brothers, two sister-in-laws, and nine nieces and nephews, we're going to start a family dynasty. Yeah. Now, do you have to have all those people in a trust, or you can just have a family trust, if I'm not mistaken? Like, you could just be one person in a family trust. Is that correct or incorrect? With this, so I had both my business Spencer of trust that saves fed 90 on federal income taxes 43 states the long-term state income taxes nobody in my family is a uh independent worker except for me everybody else is a w-2 income earner yeah so for every birthday and christmas i purposely buy um because my name is sally my older brothers i hate to say this it's kind of like charlie brown so i buy them uh silver coins with the peanuts on it. My 17-year-old nephew, as soon as he gets his coin, he goes to sell it. And my brother who knows put it under the same EIN number so he doesn't have to pay taxes on selling a coin he got for free. Yeah, or capital gains on if there's investments attached to it. Exactly. So how do people, like, again, I think there's an education piece here before we just jump into it because, like, I understand the trust because I was fortunate enough to have good accounts to teach me the trust. But like for those business owners that are spending, that are making over gross and are paying 30 40 taxes like what a couple of things or steps that they can do to ensure that they can start switching that around Perfect question. If they're interested, I have a free masterclass on the great discovery. One of the tools I use, it's a free tool called NerdWallet that shows you the formula for taxes. I just talked to a gentleman, a new client. He's a franchisee owner in Ohio, made $175,000 in 2024. We're going to save him over $34,000 in 2026. They just came out with 2026 tax brackets. And he's just like, are you serious? I don't have to ever pay this back? Worst case scenario, as I told him, his great-great-grandson in 2095 thinks he was crazy and cancels the EIN or employee identification number and closes the trust. His great-great-grandson is going to owe the taxes our due in 2095. Anything saved in 2025, 2095, anything that was saved in 2025, 2026, 2030, 2040, they never have to be paid back again. Why is that? The trust, the law firm I work on behalf of, was written by a Harvard law professor 77 years ago. you will file a 1041 tax return not a 1040 tax return so 93 percent of all americans file 1040 tax returns they do all their deductibles hey i'm going to take off my phone i'm going to take off my car everything like this how the trust is written that um you will save at least that amount money i started my trust in arizona in september 2020 2021 2022 and 2023 i see 92% in federal income taxes. I don't know what changed last year, 2024. I'm in North Carolina, but I've been here since 2003. Mike, I made more money. This is weird with lice. I'm sorry. I made more money and I got to save 94% federal taxes and did not pay North Carolina state income taxes. So I did pay 6% of federal income taxes. Sorry, I don't think lice. Yeah. so you mentioned earlier that it's hard it's not easy to set up a tax uh a trust where you said it's expensive i'll be honest um when i started both my business and beneficial trust it was uh forty two thousand dollars for me with my clients i i priced a little bit less most of my clients had either one the business trust or they have the beneficial trust um i of All my clients, I think only about eight of us have both. Sorry, it costs $40,000 to set up a trust? One trust would be $20,000. The second trust would be $17,000. So if you just wanted the business trust, it would be $20,000 up front. Just out of curiosity, when I hear that, I don't understand. Why is it so expensive to set up some documentation? You've got the law firm behind you. You have an entire team that's behind you. So the team's going to get your EIN number, the letter for your bank. They're going to be there holding your hand to make sure things go well. There's other companies that are selling the Spend Swift Trust. Anybody could sell this. But what I like about the law firm is in 77 years, not a single trust has been audited. And only one trust has been questioned. And now Paul Benson's grandson and great-grandson run the law firm. You get questioned by the IRS, they're going to defend you free of charge. So you're saving taxes and you have a safety net, if that makes sense. Yeah. So what I'm hearing, I think is very important is you can set up a trust that will fail or you can set up a trust that won't even just succeed, but will stand the test of time if the IRS comes after you. So it's not a place where you actually want to cut short or cut corners. It's a place where you want to make sure and ensure that it's set up ironclad bulletproof so that your money is safe. Completely. I'll be honest. I spoke to a real estate group down in Atlanta and one guy's like, hey, I got my Spencer of trust for $8,000. Who's your attorney? He was like, I don't know. I'm like, what happens if you get sued? He goes, I don't know. I'm like, oh, congratulations. congratulations, you saved a lot of money, but I don't want to be put in that sticky situation. Yeah, yeah. So why isn't this more aware? Like, why isn't this public? Why wouldn't people promoting this or even marketing to this or even speaking to this? Why is it such a hidden Rockefeller family thing? When Donald Trump screams about it at the top of his lungs that he doesn't pay taxes, everyone thinks he's some animal, but he's just following the law that he put in place or his dad put in place many years ago so you know i i still don't i don't get the i have a hard time with the disconnect i understand if you're an employee tough luck that's your job you know like you an employee but as a business owner how do you not or let me ask this maybe a different question here when should someone look at getting that trust at what point does that make sense When you earning X dollars or profit when does that make sense Correct. That's why I say at $100,000 gross per year. One of my clients, she sells earrings on eBay. She knew her tax bracket was going to go from 22% to 24%. She knew my story and she's like, let me get this started. She was only making $75,000. But the money she was going to save, well, she started this back in 2023. I just talked to her back in January. She's making even a heck of a lot more money than she was in 2023. Yeah. And because she got the trust, she's also saving money, tons of money. And she lives in California. So California's, people like to say California has the highest taxes. They're the third highest tax in the United States. so a hundred thousand dollars gross is your kind of the number of when people should because i i you know me i tell people just because i have a lot of people that work with my company as well as 1099 that you call them we call them contractors in canada but i say like roughly around 80 to 100 000 is like when you want to start a year is when you actually want to start going from like a small business to corporation that's when you kind of get the uh the benefits of a corporation and all that. But to set up a corporation is like a couple thousand dollars, even with a lawyer, right? So a corporation must be very different than setting up a trust. Correct. And I'm going to be honest, I'm in a national real estate group and I was taught when I became a real estate investor, get an LLC for each one of my companies. That's what, get an LLC, get an S-corp, get a C-corp, things like this. I started doing a mastermind in my real estate group and the gentleman who is uh the the uh cpa mastermind we made a presentation to him and he sat there and he listened to us he goes thanks he has no interest in helping his clients because he gets paid to get set up their llc gets paid to set up their s corp things like that and really sad thing about it anyone can go online 24 7 to the secretary of state or the corporation commission of each state and research llc's s corp's and c corp's 40 of them get sued every single year and people aren't aware that that information is completely public. The trust keeps your information 100% private. So trust is also private. They can't even find you. They want it to. Wow. What are some of the challenges you see with business owners when it comes to trust? One of my clients, I was in a pitch-off contest down in Florida. I came in fourth place out of 100 people, so I did okay. one of the judges um he has four different i'm sorry he has 94 different llc's s corps and c corps a really complicated thing yeah so he's just hiding and moving money moving money and protecting from place to place and you know he started the trust and he's slowly moving things into it so it's not difficult you don't have to change your um your your business cards or anything else. The only thing you're going to change is where people pay you, where the receivables are coming in and where you're paying out to pay your bills and everything else. And for him, we're going to save him over $9 million so far this year. He's not completely transitioned into the trust 100% yet. $9 million. Wow. So you're saving someone again, you just dropped that so easily and lightly. So as a result of setting up someone who has an extensive portfolio of corporations, LLC set up, you showed them the world of the trust. And as a result, he's going to save this year alone, which isn't everything even done yet is 9 million. So my question is, is how can a guy who has all these LLCs not understand or have anyone in his net? It's just weird to me that a guy like that can keep building all these LLCs, but not have the accounts or the lawyers around him telling him you need to trust like why like that's where i'm trying to get to the one thing is like how can people not understand that or see that or know that i know no offense to cpas they study tax they they study what they need to i do a free mastermind every monday night an adult child his parents have five walk-up apartment buildings in brooklyn you can do depreciation for 27 and a half years they've owned the apartments for 20 years they're trying to figure out do they sell them or what they do with it so the son gets on my on my monday night video he called um we set up an appointment he then sends me an email says my my cpa says you're like i said a textbook trust attorneys only four percent of attorneys in the united states are trust attorneys they study is called scott and asheron trusts three weeks later someone sets an appointment on my calendar it's his CPA all his clients in Brooklyn are at this 20 27 year mark some of them are going to sell their apartment buildings they need the beneficial trust uh well both of them all of them need beneficial trust and he and I have a JV agreement and we talking to all the people Another situation I ran into I live here in North Carolina I went to a multifamily They had a meeting here, multifamily association. A gentleman who set up an appointment with me, I get on the Zoom. He goes, I don't want to talk to you. You're lying. And I'm like, okay, that's too bad. You've got all these investors who could be saving so much in taxes. They just think it's too good to be true interesting but i mean donald trump brags about it and national television like and that's how he does it it's very interesting sometimes logic's not so logic anymore correct his father a true story about this donald trump and frank trump got sued by the city of new york for discrimination and his father short distrust in 1972 because he never wanted to be sued again You know, I wish my father paid for my trust, but he didn't. Yeah, yeah, exactly. So let me ask you this, because I know some people have families. They have generational wealth that they're not there yet, but they're thinking about it. How does a trust work when it comes to sending it, you know, handing it down to generations and whatnot and protection there? Whoever is a trustee or trustees can make the rules for all the beneficiaries. if you decide one beneficiary it might be too loose with the money hey they get let's say a thousand dollars a month and nothing more the other beneficiaries might get a large portion there's no contesting the will there's no infighting there's nothing they can do with this one one of my clients um kind of a sad story her her adult daughter lived in portland oregon and uh she was a hiker and they thought she had ms and they treated her for ms for four years nobody did um line disease tests and she actually has line disease so she's got two adult sons she's got her daughter who's bedridden she's purposely setting up uh inside the trust a conservatorship for her daughter if something happens veronica her daughter chrysal will be taken care of but her two adult sons who are okay and everything else they will get uh their money given to them when she passed away, if that makes sense. Tax-free. Yeah. And can you change the trustees on a trust, or is the person who sets up the trust the trustee for life? Here's a funny story. I'm single. When I went to go open up my bank account at Wells Fargo, it was Wells Fargo who stopped me because they're like, what if you get hit by a school bus? You die. So I had to talk to my oldest nephew, and he's just like, I'm in charge of how much? because I have real estate and two businesses. So he's my associate trustee. I can decide as I'm a trustee, I can decide who is a beneficiary and who's no longer a beneficiary. When I pass away and I'm dead in the ground, he becomes a trustee, then he gets the decision beneficiary. Who is that? Yeah. Okay. But you can also do a will. Does a will trump a trust or does a trust trump a will? A trust trumps the will, correct. The trust trumps the will. So it's very important to have a trust associate then. Correct. In play. Because whoever, I mean, I'm not saying I'm fantastically wealthy, but I have built my wealth. My 17-year-old nephew who sells a silver coin, he can't handle getting a lot of money right now. I mean, gosh, he'd go crazy. But my oldest nephew, who's 29 with two kids, he's a little bit more responsible. So I can figure out how if I do die this year, I do have everything lined up and I will change what I plan to do as things change, if that makes sense. Yeah. It sounds like there's protection, there's money saving. There's it is a little complex, but it could be easy with the right support and right service. Exactly. If somebody is listening to this and they're saying, I need to get my ass a trust right away. I need to protect my future and my generational wealth. And just plain and simple, I'm just sick and tired of paying taxes. Where can they come and find Sally? My last name is unusual. So I'm on LinkedIn. My website is www.thetrustisu.com. Again, my goal is to teach this. You'll have it in your quiver. Maybe you don't need it today. but in the future you have it. So please reach out to me. I'm here to help. What was the website again, just so we can hear it one more time. www.thetrustisyou.com. Thetrustisyou.com. There you have it. Sally, thanks so much for being with us. I appreciate you having me. Have a wonderful, well, I shouldn't say that. I was going to say have a great Halloween, but that would, the time dates hit. Please help us. And that was another episode with The Vault Unlocked, where proven builders, real strategies, and unstoppable growth happens. Subscribe now because the next unlock could be the one that rewires your business forever. This is where the playbook is revealed and The Vault is unlocked.
