They are already planning what to do with their $billions. These people are seriously deluded.
By: easternbreezes1 04 May 2006, 09:29 AM EDT Msg. 229957 of 230269 Jump to msg. # OK Everyone, regarding Steve Oshins coming in tonight...
If you'd like to ask him a question STRICTLY about trusts and estates, please IM an admin in the CMKX international Shareholders Discussion room, of which there will be an overflow room set up for listeners. Please be advised that NO questions will be entertained, regarding his association with Mr. Casavant or any related entity, so keep questions respectful and pertinent to the subject. The room will be red-dotted and I will moderate the discussion, assisted by my fellow admins. I thank everyone in advance, for their cooperation. Here is a Pre-Q&A statement from Mr. Oshins, as of this morning: Please pass the following summary on to everyone. This should give them the basic plan. I will also try to answer many of the questions that I anticipate being asked.
From Mr. Oshins:
"Let me start by stating the facts. We have a number of shareholders who believe that their stock is going to rise significantly. Each person needs to understand that I personally have absolutely zero knowledge of how good or bad the company is doing. All I know is that a few of the shareholders have told me that they have heard that something may happen soon. So nobody should act or not act based on whether they believe that I think it will go up or down.
Each of the shareholders has a unique opportunity to move an asset out of their estate that may increase significantly in value. This opportunity will not be there once the stock increases significantly as you'll see below. That doesn't mean that absolutely nothing can be done for those who choose to take a wait and see approach. But the things that can be done require much more significant legal fees and accomplish much less for you.
The basic plan uses a dynasty trust. A dynasty trust is an irrevocable trust that continues for as long as state law allows depending upon which state you set the trust up in. For as long as applicable state law allows the trust to continue, if drafted correctly the trust will not be subject to any estate taxes, and it will be protected from divorce and creditors. There are 17 states (plus Washington, D.C.) that allow a dynasty trust to continue forever plus five states that allow a longer than normal period. I was the author of Nevada's law that passed in the 2005 legislative session allowing a 365-yr. dynasty trust. You should all read my article on this law and what it allows a person to do. See http://www.oshins.com/pages/36/index.htm. You might also read the writeup/interview of me, which included alot about this law, in the Las Vegas Review Journal from late March at http://www.reviewjournal.com/lvrj_home/2006/Mar-27-Mon-2006/business/6228513.html. It also has a picture of me which sometimes makes people more comfortable. For those of you who do not reside in one of the better dynasty trust states, we can either set it up in your state or you might consider setting it up in Nevada (which would require you to add an extra trustee which would be a Nevada trust company). You would be the investment trustee of the dynasty trust. You would select a close friend of yours to be the distribution trustee. You would have the first power to fire and hire trustees.
For those of you who have a parent or grandparent living, that person would set the dynasty trust up for your benefit. That person would gift at least 10% of the value of your stock to the trust. Then you would sell your stock to the trust in exchange for a promissory note with a face value equal to the value of the stock (i.e., at today's low value, not at the value after it goes up (if it does). So if you have $10,000 of stock, your parent or grandparent can gift $1,000 to the trust. If the stock goes up to a million dollars, then you will have protected a million dollars from estate taxes, creditors and divorce, while subjecting only $10,000 plus interest to those taxes, creditors and divorce.
For those of you do not have a parent or grandparent living, there may be some other options. One option is for each spouse to set up a trust for the other spouse. Another possible option would be to have your sibling, aunt, uncle or close friend set one up for you, but we'd have to be more careful with that.
If you choose to go forward with the dynasty trust, my firm normally charges $10,000 for one dynasty trust. However, I have agreed to charge $5,000 per trust because of the anticipated quantity of people who will want to go forward with this. If no attorney at my firm is licensed where you live, you will also need to pay a local attorney for one to two billable hours for state law document review. Another alternative would be to set it up under Nevada law for 365 years, which would require a Nevada co-trustee.
I cannot make the stock increase in value. That is beyond my control. All I can do is put you in a position where you will be extremely fortunate if the stock does increase in value..."
More to come later.
OK, After the meeting has concluded, I will post the pertinent contact information on the scroll, and you should feel free to contact Mr. Oshins with any further inquiries. In the meantime, please go to www.oshins.com and read up on some of the extremely valuable material posted on his website, so that you may ask and understand your concerns and his replies, more fully. Meeting begins at 8pm, EDT. (New York Time) See You Then!
News 
Market Data 
Discover 
