This is my bank story. I also met with a ***** Bank employee. He is a vice president with the bank. He is a wealth manager. He has a masters law degree, he was a practicing tax lawyer, he has a masters degree in finance, he is studying for his CPA, he is already a Certified Financial Planner. He will be the one I will use when the RV happens or should I say in his words, “if it happens”.
I have been around the block. I have been invested for three years or so. I have been reading all of the chats and all of the forums for three years. So, before you start saying, “yes, but that is what they have been told to say and if they tell all of their employees, they will buy and they won’t have any employees and on and on…”.
I asked this person if his bank had issued any letters, memos, emails, etc. regarding cash in? He said “no”. I asked him why he didn’t believe that the dinar would be RVed. He said that he sees no evidence that this will happen. He said that he can find no precedent for this to happen. Before, you start…I know that there has been no precedent, that this is a once in a lifetime deal, etc. I am telling you what he said. He certainly has me convinced that he is convinced that he is a non-believer. He says that he hopes that he is wrong because he has several potential clients ready to go if it RVs.
I sent him a copy of TxRed’s post from Cap1 the day after I met with him. I said this is what makes me go “Hummmm”. In case you missed TxRed’s post, he was telling of a meeting he had with a 5/3 Bank and they said they would match any packets and several other things that I will not state because I may state incorrectly what TxRed said in his post. Let it suffice to say it was all encouraging.
The banker’s comments back to me was that there was nothing inconsistent in TxRed’s posts and what he told me. His bank will certainly be involved if an RV should occur. In the meantime, until such an RV should occur, his bank is not involved and will not be involved in setting up trusts, etc.
I know this is getting lengthy but I would be remiss if I did not tell you this. I thought I had this all planned out as to what I was going to do and when I was going to do it relative to the date of the RV. I told him my plan. He told me it was flawed. Now, let me say here and now that I am not a financial planner nor any sort of adviser. I am telling you what he told me.
I am speaking specifically about trusts. I told him that I had several trusts ready, except for the EINs. The reason I was waiting so that if the RV did not happen last year, I would not have to go to the expense of filing tax returns for all of the trusts. My plan was to also fund these trusts after the RV. This quickly becomes a “which comes first, the chicken or the egg”? HE SAID, if I wait until after the RV to fund the trust, that I will be taxed twice. He said that I need to fund the trust before the RV and if I did so, there would be no taxes due until the revalued money is withdrawn and then it would be taxed at !5%.
Just to be sure that I understood what he was saying, I gave him an example. I said, “OK I fund the trust with $ 100.00 today and next week it RVs and suddenly the $ 100.00 becomes $ 100,000.00, there is no tax due”? He said “correct”. But then I want to withdraw $ 30,000.00 to purchase a new car, then I pay the taxes, at 15% on the $ 30,000.00 that I withdrew? His answer was “yes”. It all comes down to wording and understanding. I must add that I did not ask him whether the funds had to be in the trust for one year and one day so that it became long term or whether the 15% rule is for any trust, regardless of the length of time in the trust.