Meeting summary for New Earth Living; Trust Law studies, Sundays 5:30 EST (05/04/2025)

Temple's meeting covered essential aspects of personal and business development, emphasizing the importance of understanding taxes, banking, real estate, trusts, and fiduciary responsibilities. He stressed the need for proper documentation, including tax forms and business structures, while highlighting the significance of building credibility and managing finances effectively. The discussion also touched on the importance of digital presence and visibility in the business world, encouraging participants to prioritize their goals and focus on creating value through their enterprises. Next steps• All attendees to study the IRS website for information on trusts and taxes. • All attendees to update their banking arrangements to operate as sole proprietors. • All attendees to work on improving their credibility with courts and financial institutions. • All attendees to review their real estate arrangements and update lease agreements with their trusts. • All attendees to digitize their estate into tangible digital products and services through their own domain. • All attendees to review their Schedule C and 1041 forms to obtain business lines of credit. • All attendees to search for their business on Duns and Bradstreet to ensure they are listed and have a DUNS number. • All attendees to prioritize giving time and resources to their sole proprietorship before other entities. Summary Mastering Taxes, Banking, and Credibility Temple discussed the importance of mastering taxes, banking, and credibility to progress through five levels of personal and business development. He emphasized the need to deal with banks as a sole proprietor and to build both personal and business credit scores. Temple also highlighted the significance of maintaining good credibility with the courts and the importance of using lines of credit to manage expenses and build wealth. He encouraged the team to focus on these areas to achieve their goals. Understanding and Managing Real Estate Temple discussed the importance of understanding and managing real estate, emphasizing that everyone is involved in it, whether they acknowledge it or not. Temple explained that real estate includes managing locations, creating new agreements with property owners, and understanding the roles of brokers, realtors, and construction workers. Temple also highlighted the need to recognize that one is not homeless, but rather living on land. The discussion also touched on the concept of being "unincorporated" and the importance of working for one's own entity (EIN) before working for others. Understanding Trust Layers and Tax ObligationsTemple discussed the importance of understanding the layers of trust and how they work. He emphasized the need to follow the rules to avoid issues. Temple then presented a diagram from the IRS website, explaining the differences between a revocable and an irrevocable trust. He clarified that the grantor has control and power over the trust, and that taxes must be paid. Temple also mentioned the importance of filing the 1040 and 1041 forms, depending on the type of trust. He warned against the misconception that taxes are not paid in a trust, and emphasized the need to understand the complexities of an irrevocable trust. Trustee and Grantor Roles Explained Temple discussed the importance of understanding the role of a trustee and grantor in a trust, emphasizing that the same individual can hold both positions. Temple also clarified that an EIN is not required for a sole proprietorship but may be assigned. The focus was on the power to revoke a trust and the need to furnish a social security number to payers of income. Temple encouraged the group to conduct their own research and use the provided legal codes to support their understanding.

Correctly Filling Schedule C Form Temple discussed the importance of correctly filling out the Schedule C form for tax purposes. She emphasized that the form should not include an EIN (Employer Identification Number) but rather the individual's Social Security Number. She also explained that the form should accurately reflect the individual's profession or business, and that the name of the proprietor should be the individual's name. Temple encouraged attendees to follow the instructions provided by the IRS and to update their tax information accordingly. She also reminded attendees that their business's success depends on their ongoing efforts and attention. Defining Trust and Power of Attorney Temple discussed the importance of defining the trust used, specifically the revocable trust, and its role in the power of attorney and security agreement. He emphasized the need to keep the trust unincorporated and not to deal with closed bank accounts. Temple also advised against using the same name for the trust and personal accounts, as it could cause confusion. He recommended dissolving sole proprietor EINs and moving the associated money to the sole proprietor's social security number. Lastly, Temple introduced the concept of a fiduciary, which will be further explained in future discussions. Fiduciary Role in Trust Management Temple discussed the role of a fiduciary in managing a trust, emphasizing the importance of integrity, honesty, and understanding of the trust's management. Temple explained that a fiduciary is responsible for acting in the best interests of the trust and its beneficiaries, and must disclose any potential conflicts of interest. Temple also highlighted the difference between a fiduciary duty and a suitability standard, and the importance of prioritizing the needs of the trust over personal interests. Temple concluded by encouraging the team to understand the role of a fiduciary and its potential financial rewards. Understanding Fiduciary Role and Business Fees Temple discussed the importance of understanding the role of a fiduciary and the associated fees. He emphasized the need to work as a fiduciary and prove one's worth by hourly, weekly, bi-weekly, semi-monthly, or yearly calculations. Temple also highlighted the significance of living in the corporation structures while remaining unincorporated, and the importance of selling everything to the trust. He introduced the concept of updating and digitizing all estate into tangible digital products and services through one's own domain. Temple also discussed the 1099 B and the need to claim all funds back from each year of business, using the schedule C and 1041. He concluded by explaining the Duns and Bradstreet search and its importance in understanding one's business payment performance.Visibility and Trust in BusinessTemple discussed the importance of being searchable and visible in the business world, using examples of major companies like Google, Amazon, and Walmart. He emphasized the need for businesses to have a domain, a store, and a website to be found and to sell their products or services. Temple also discussed the biblical principle of selling all one has and giving it to the poor, which he interpreted as giving one's resources to oneself first, then to one's estate, and finally to a trust. He encouraged the group to prioritize their trust and information, and to stay focused on their goals. Connect with us as a new member at UniversityTechnicians.com/members