Creating Financial Freedom with Complex Trusts with Daniel Bishop

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Today on the show we have Daniel Bishop. Daniel is an expert in many fields such as marketing, finance, and sales. In this interview today we are going to explore all of them but one of the core topics that Daniel is particularly excited about is making the most out of all the money that we bring in and not losing a lot of it to taxes or other inefficiencies.

The complex trusts that Daniel works with are an excellent tool to use to escape a lot of the common pitfalls that end up sucking away a lot of profit from a business and a lot of freedom from your life. So we are going to talk about Daniel’s process for using complex trusts to minimize things like taxes and maximize freedom in your business.

We discuss:

[02:41] Daniel shares his defining moment.
[06:45] Communication is everything. If we can’t clearly communicate what we do to the people that may be ideal clients for us then we will never have a sale. Clear communication is good in every single relationship we have.
[07:39] It comes down to genuinely connecting with people and building trust.
[10:14] You definitely have to speak into different issues, problems, and challenges that people may be experiencing.
[13:57] If you want to make more money you have to work on your mindset around money and beliefs. You create your reality.
[18:14] Increasing your value and doing higher ticket sales is a good strategy for a long time to solve most of your business problems but there comes a point where that is not the only move.
[19:56] Trusts were established more than 100 years ago. It is based on the Constitution. There are three components within a trust.
[20:59] The IRS recognizes two types of trusts - simple and complex trusts.
[22:33] In a complex trust when I don’t create and I am appointed as a trustee, it becomes a separate entity of its own. It is totally unaffiliated with myself, my business, and my assets.
[24:19] The whole idea is to trigger the least amount of taxable events as possible. It is not about avoiding the law or working in gray areas.
[26:50] Stocks, bonds, life insurance policies, cars, houses, and almost everything can be in the trust.
[29:41] It is not about avoiding taxes. It is about retaining the wealth that you create for yourself.
[35:40] Anything is possible. Whether you choose to believe that or not. So much of what we do is based on our beliefs of what is even possible.
[36:20] It is all based on belief and that belief is what determines the potential that you tap into.