0:03

Welcome to Wealth for Generations , the podcast

0:06

where you learn to grow , protect and preserve your

0:08

wealth for generations . Our

0:10

hosts on today's show are Todd Wattley

0:13

, a certified elder law attorney , and

0:15

Ian Weiner , a certified financial

0:17

planner . Join us and our expert

0:19

guests as we uncover the mindsets , tools

0:21

and strategies to help you maximize your

0:24

wealth and impact . Let's embark

0:26

on this journey to secure your legacy . Please

0:33

note this podcast is for informational purposes

0:35

only and is not intended as financial or

0:37

legal advice . Always consult with a

0:39

professional regarding your specific situation

0:41

.

0:43

Welcome to Wealth for Generations . I am your

0:45

co-host , ian Weiner , and I am

0:47

here with the other co-host , todd Wattley

0:49

, now this one . I had to really

0:52

talk Todd into doing this , doing

0:54

this show , because , as

0:56

you'll come to find out , if you

0:58

haven't already , todd kills more

1:00

trust than he creates . This is the way

1:02

that we talk about it in the office , but

1:05

I said , todd , we do need

1:07

to talk about this because there are

1:09

people that a trust is 110%

1:11

the right thing . They've got to have it , and

1:14

so I want to talk about whether

1:16

you have an existing trust or

1:19

whether you're thinking about getting a trust . What

1:21

are the things that you would want to know and

1:24

answered by someone who's created and

1:26

killed thousands of them over his career

1:28

?

1:29

I am not antitrust . Hey , ian

1:31

, good to see you , good to be here today . I

1:34

am not antitrust . A lot

1:36

of people hear me talk bad about trust

1:38

. I don't talk bad about trust . I talk

1:40

bad about the attorneys who have

1:43

people do trust that don't need a trust

1:45

. Okay . That's more than

1:47

fair . Yeah , that is my anti . I

1:49

love trust . Trust are fantastic tools

1:51

and I do a bunch

1:53

of trust because they're

1:56

needed , but everyone

1:58

who comes into my office saying that they need

2:00

a trust , a lot of those people leave my office

2:02

without doing a trust and that's probably

2:04

a different show . We

2:06

can talk about probate avoidance and why

2:09

someone should or should not do a trust

2:11

, but let's just talk about particularly

2:13

if you have one . That's where I

2:16

want to spend a lot of time today . But

2:18

if you're thinking about getting a trust , we can definitely

2:20

talk about it . Speak with someone who

2:22

doesn't make their living doing trust

2:24

, because if you walk into most

2:27

lawyers' offices saying I

2:29

think I need a trust , you're probably going

2:31

to walk out with a trust . Okay , again

2:34

, different conversation , but I would love to

2:36

have that conversation with you . Okay , so

2:39

let's talk about trust and yeah .

2:40

So it's like okay , so you've got a trust . Now

2:43

what ? Now what ? That's what I want

2:45

to talk about .

2:46

You fully understand what it does today

2:49

and do you fully understand what

2:51

it will do at the time of your death ? And

2:54

one of the big points I want to cover is what

2:57

, if you become incapacitated , then

3:00

what happens within this trust

3:02

and I think your attorney

3:04

probably never talked to you about that

3:06

transition and what

3:09

may be required to happen

3:11

may surprise you greatly .

3:14

From my perspective , one

3:16

of the reasons that I'm here sitting in this room

3:18

is because I have seen what you

3:20

talk about , where everyone you get a trust

3:23

, you get a trust . You get a trust whether

3:25

you need it or not , and that

3:28

is not the standard of care that I expect from

3:30

my clients . The standard of care that I

3:32

expect is you get exactly what you need . If

3:34

that happens to be a trust , it's going to

3:36

be exceedingly well drafted and it's

3:38

going to think through some of the stuff that we're going to talk about

3:40

today .

3:42

So let's talk about those three things

3:44

. Number one does it do exactly

3:46

what you want it to

3:48

do today ? Okay

3:50

, and so typically , when you create

3:53

a trust , a revocable living trust , either

3:55

done by an individual or a couple

3:57

and it could be a non-married

3:59

couple we do those and

4:03

that's pretty easy because typically , when you

4:05

create the trust , you are the trustee , you're

4:08

the one in control of it and you're the beneficiary

4:10

, you're the one who benefits . So if you

4:12

have control and benefit , you can

4:14

do what you want to with it . That's not a big

4:17

deal . And then you think

4:19

about at your death does it go

4:21

to your kids ? Probably

4:23

so . So let's address that

4:25

point first . That is one

4:28

thing that I have seen and I encourage you

4:30

. If you have a trust , you need to sit down

4:32

and go through it . It's not that complicated

4:34

. There's a lot of language in

4:36

there that you probably don't understand . That

4:38

probably is just there because it

4:40

needs to be there . But go

4:43

to the part that says after

4:45

the second of us die , or

4:47

if you're single once

4:49

I pass away , how

4:51

does the money go to

4:53

your kids ? If it does go to your kids

4:56

and one of the benefits of a trust

4:58

is we're able to create

5:00

these things called Testamentary Trust

5:03

with a trust . So it's your trust

5:05

creating trust . So

5:08

at the time of your death , your

5:10

trust very likely says

5:12

this will go to my children

5:14

outright . Or if

5:16

it doesn't say outright , it

5:18

just goes to my children . What

5:21

happens there is it

5:23

goes to them free and clear of

5:25

the trust and it's a check to

5:28

the child is their money

5:30

.

5:31

This is where I start to get a little irritated

5:33

and I know you do too . There's

5:35

probably no need for this trust in the first place

5:37

if that's going to happen .

5:38

If it's going to go outright , you might as well do payable

5:41

and death , and so so

5:43

, todd , yeah , that's what I want . I want the money

5:45

to go to my child yes , you do , but

5:48

you don't want it to go outright , if

5:50

you can help it . When

5:53

I say outright , it's a check

5:55

to your child becomes

5:57

their property who , if

5:59

junior , is going through a bankruptcy

6:01

, a divorce or a lawsuit

6:04

? the money you just left them is now

6:06

gone , because it's their

6:08

money and they're the ones in the bankruptcy

6:10

, they're the ones in the lawsuit , they're

6:13

the ones going through divorce . That

6:16

money will come into play in

6:18

those legal actions .

6:19

Could they in that case ? Could they leave it in

6:21

the trust or it's can't

6:23

stay in ?

6:23

the trust . It can't stay in your

6:26

trust , but your trust can create

6:28

what is known as a testimony trust . All

6:31

of my trust every time I do this . Even

6:33

if the kid is absolutely the perfect model

6:35

system would never go through divorce , never

6:37

filed bankruptcy hopefully , would

6:39

never be in a lawsuit , we still

6:42

leave it to that child in

6:44

trust because if

6:46

you , it's your money and if you leave

6:48

it in a trust for the benefit of your

6:50

child , it's protected from bankruptcy

6:53

, divorce and lawsuits that's

6:55

huge I see trust all the time

6:58

that the distribution is

7:00

to the child outright and

7:02

I'm like , why ? why would

7:05

you do that when you could , when the attorney

7:07

could have created a testimony

7:09

trust and the ? The reason being is they're

7:11

using a form that they've probably used

7:13

from 1984

7:16

and they've not updated it with

7:18

updated language , new legal

7:20

principles , and I honestly

7:23

think it's almost malpractice to

7:25

leave it not in

7:27

a trust , but they avoided probate unless

7:30

they didn't fund the trust and then they didn't avoid , like

7:32

this stuff

7:35

happens .

7:36

Okay , you know the reason I say that

7:38

it's like okay , but why

7:41

do we have this thing ? If that's

7:43

the , if that's really the distribution plan

7:45

, they probably shouldn't have a trust . Exactly

7:48

, and that's really when you kill trust .

7:50

That's when I kill trust is people come

7:53

to me and they want to make changes

7:55

, like 20 years ago . Their trust

7:57

had all this fancy language because their

7:59

kid was 18 , not good with money , could

8:01

have been a drug addict , was dating

8:03

someone they couldn't stand , or whatever

8:06

. And so they're like , oh , we need a trust to

8:08

protect this money , okay , great . Well , now

8:10

, 20 years later , the kid thankfully

8:12

married someone different , is a model

8:14

citizen , working fine , and

8:16

they want to make all these changes to

8:18

the trust , which could cost you know a

8:21

thousand two thousand bucks to

8:23

make all these changes . And I'm like , if

8:25

you're okay , just leaving it to them outright

8:28

. That's what you did in this trust anyway

8:30

, maybe , or the distribution is different

8:32

. Just , if you're okay , leaving it to them

8:34

outside of a trust , let's just kill the trust

8:36

and do payable on death , and now

8:39

you avoid probate . The money goes to

8:41

the kids and we're done , and you , and

8:43

that's free . You just go change the

8:45

name of your bank account from the trust

8:47

back to you , but make it payable on death

8:49

to your kids . It just goes to them

8:51

outright and you don't need to pay

8:53

me to update your trust . Okay

8:56

, simple . So that's one

8:58

thing that I see a lot . So look at your

9:00

trust , go get through all the stuff

9:02

, get to the part of the trust where

9:04

both of you have died and then there'll

9:06

be paying bills and there'll be personal

9:08

property and then it'll say the residue

9:11

of the trust , that's what's leftover

9:13

from this trust . How does it

9:15

go ? And if it goes outright and

9:17

you still want to keep your trust , you

9:19

need to come see me . We can make one quick

9:22

amendment to say we're going to leave

9:24

it in trust for the child so that

9:26

it's protected from bankruptcy , divorce and

9:28

lawsuits that's , like my big concern

9:31

and I'm looking at , okay , assets

9:33

transferring from one generation to the next

9:35

.

9:36

Okay , how do we make sure that this stuff is protected

9:38

? This is risk management 101

9:40

and something we didn't talk about this type

9:42

of trust . Your property

9:44

is not protected from those things inside

9:46

the trust , right , and I don't know that people understand

9:48

that .

9:49

Okay , yeah , when you do a trust

9:52

, yes , you do change ownership

9:54

from your name to the trust . But

9:56

the problem is you're the beneficiary , you're

9:58

the trustee , you're in control of

10:00

it , you benefit from it . So

10:02

really nothing has changed . And

10:04

in fact the IRS does

10:06

not recognize revocable living

10:08

trust because to them nothing's different

10:11

. You were in control of it and

10:13

you benefited from your house

10:15

and bank accounts before the trust . We

10:18

created this thing and

10:20

now you are

10:22

in control of it and you benefit from it

10:24

. So the IRS is like , hey , nothing's

10:26

changed .

10:27

So that may not necessarily be a bad thing

10:29

. There's other trust structures that can be

10:31

helpful to do that , which we'll talk

10:33

about in later episodes . But for most people , if

10:36

you have a trust and you're able

10:38

to make changes and you benefit

10:40

from it , those are the two tests who's

10:43

in charge and who gets the stuff ? It's

10:47

essentially the same as you owning it . So

10:49

there's not those protections . So just want

10:51

people to understand that Good .

10:53

So here's one thing that sneaks up on people

10:55

, and even good

10:57

attorneys that I've worked with who are

10:59

not elder law attorneys put

11:01

this language in there , because this is typically what

11:03

most of the software does . But

11:07

I tell my software no , no , no , we don't

11:09

want this option . We want this option . This

11:12

is . And what I'm talking about is how

11:14

does power transfer ? Okay , we

11:16

just said you're the trustee , you're

11:18

the beneficiary , you

11:20

will be the beneficiary up until your death . But

11:23

there's this thing prior to death that people

11:25

tend to not think about and it's called incapacity

11:28

. I'm

11:30

watching this is us . It's

11:32

a long series , but the mama

11:35

of the show develops Alzheimer's and

11:37

they do a really good job of going

11:39

through this process of her early stages

11:42

and then going through and

11:44

things happen okay . Something

11:46

slow like that can happen . Something

11:48

quick can happen If

11:51

you lose incapacity quickly car

11:54

wreck , stroke , heart attack and you

11:56

have brain damage , whatever . Yeah

11:58

, we can get a doctor to say this person

12:00

can no longer manage their affairs . So

12:03

the successor trustee , the person

12:05

that you named as backup trustee , comes

12:08

into play . That's an easy transfer

12:10

of power . What is not

12:13

easy , and where

12:15

I spend a whole lot of my time

12:17

as an elder law attorney is working

12:19

with people with dementia . Dementia's

12:22

not on or off , it's

12:24

a little . It's a little bit

12:26

more . It's a little little bit

12:28

more and it just gets progressive

12:31

and progressive over a matter of years

12:33

. As you get about

12:35

halfway to two thirds of the way

12:37

through this progression , the

12:40

person becomes very paranoid

12:42

and very accusatory of

12:44

the people closest to them , and

12:47

so typically the people closest

12:49

to them are who they have named as their

12:51

successor trustee . When

12:53

I can't manage this trust anymore , I want

12:55

you to step in and do this trust

12:58

, and a lot of times

13:00

, accompanying this loss of capacity

13:02

is you're being financially abused

13:04

by someone either close

13:06

a caregiver , a family member

13:08

or someone on the internet

13:11

or some phone call . You're sending

13:13

away thousands of dollars at

13:16

a time to scammers

13:18

, and so we need

13:20

to jump in and take you out of this Rollers

13:22

trustee , of this trust . And

13:25

so go to your trust right

13:27

now and see . You know

13:29

, somewhere in there it'll talk about trustees

13:31

and then successor trustees

13:34

, and how do they come into play ? Typically

13:37

in most trusts that I see that

13:39

transfer of power is

13:41

by a written document

13:43

or written documentation by at

13:45

least one physician and God

13:47

forbid , sometimes two physicians . And

13:50

as you're reading this and most attorneys

13:52

think well , this just makes sense , once you're

13:54

incapacitated , we'll just take you to the doctor

13:56

, the doctor will run some tests and

13:58

you'll be deemed incapacitated and

14:01

that's a very easy transfer of power

14:03

. It sounds easy on

14:05

paper and in perception

14:08

. If you've never dealt with this situation , you're like

14:10

that just makes sense , until

14:12

you realize this person is paranoid

14:16

and accusatory

14:18

of the person closest to them , typically

14:20

the trustees . So this person

14:23

starts thinking you know , they can't find their earrings

14:25

, you stole my earrings

14:27

. You took my earrings to the pawn

14:29

shop where she just misplaced them , but

14:32

they're gone and so the person who comes

14:34

to visit them most stole them . Or

14:37

I can't find my checking account or

14:39

my checkbook , and

14:41

when they do find it , there's money

14:44

that's been spent and they're like you stole money

14:46

on my checkbook or

14:48

you're in . You know it's like mom

14:50

, you need to be careful . Once you come , stay with us

14:52

, you're just trying to throw me into the nursing home , okay

14:54

? So they become very accusatory

14:57

and very paranoid . And so now

14:59

you're sending a thousand bucks

15:01

a month extra to the caregiver or

15:04

the person from you know

15:06

Africa has called you saying that

15:08

you've won $20 million in the lottery

15:10

and you're writing checks just with

15:12

no disregard , and we need to

15:14

stop you from doing that . And now

15:16

the person that you think is trying to steal

15:18

your money and throw you into the nursing home

15:20

is the one trying to take you to the doctor

15:22

to get you deemed to be incapacitated , so

15:25

they can really take over and steal

15:27

your money and throw you into the nursing home . What

15:29

a nightmare scenario . You're not going to the doctor

15:31

. No , you're not going . And so

15:33

if we can't trigger

15:35

this transfer of power from

15:38

you as trustee to someone else who needs

15:40

to be trustee , we have to go to court

15:42

. And the whole purpose of

15:45

the trust and power

15:47

of attorney is to keep you out of court . And

15:49

this one sentence that requires

15:52

a doctor's written

15:54

letter or evaluation

15:56

to deem you to be incapacitated

15:58

so that you can no longer be trustee

16:00

, that sentence can force

16:02

us into court . Mine

16:04

, what happens is , once

16:08

the successor trustee thinks you're

16:10

incapacitated , they

16:12

can then send you a letter , which you won't

16:14

do anything with it . And typically , what happens

16:17

? As the attorney on the trust , the

16:19

family calls me and says Todd , this

16:22

is what's going on . Mom's

16:24

spending all this money , mom's , you

16:26

know , they tell me what's going on . I'm like she

16:29

sounds like she's incapacitated . Send

16:31

me a letter stating that , okay

16:33

. And so the kid's like okay , what An

16:35

email . Send me an email saying , todd

16:37

, I think mom's incapacitated . Boom

16:40

In my trust

16:42

. When the successor trustee makes

16:44

that accusation , the current

16:47

trustee , the parent , has 30

16:49

days to prove otherwise . Okay

16:53

, so now , if they refuse

16:55

to go to the doctor , okay , you

16:57

lose power as trustee . It's

16:59

a bloodless transfer

17:01

of power or courtless transfer

17:04

of power . So mom's

17:06

like I'm not in . Or , and mom calls me

17:08

, my kid thinks I'm incapacitated . Yeah

17:10

, he sent me an email . But remember

17:13

, the trust says you can go to your doctor

17:15

and prove otherwise . Well , I don't need

17:17

to do that . Yeah , you do , you

17:19

do . You agreed in this trust that

17:21

you would go to . So , ms Jones

17:23

, I'm pretty sure you're , you're not

17:25

incapacitated , okay , I know it's your

17:28

money , you can do it , I'm sure

17:30

you're fine . But let's just go , let

17:32

Dr Smith figure out , let

17:34

him run the test and just make everybody

17:36

happy that you're not incapacitated . Well

17:39

, sure enough , she goes and she is incapacitated

17:41

, okay , or she

17:43

refuses to go Now .

17:44

The doctor is the bad guy , not the court

17:46

. Exactly , I love it .

17:47

Not the kid , not anybody or she refuses

17:50

to go and I'm like , if you don't go

17:52

in 30 days , he's

17:54

going to be trustee , and so

17:56

it's a way to transfer power that people

17:58

never think about until you've been through it

18:00

a few times .

18:03

I love it . So it's so simple but

18:05

so effective , and it just goes to

18:07

the point of the way that we

18:10

approach planning , whether that's the financial

18:12

stuff or the legal stuff , or where those mix

18:14

is how would we want it

18:16

to be done for us ? And

18:19

this just makes sense . It's simple , but

18:21

you've got to see it enough to know what

18:23

you would want to happen and what you'd

18:25

want to not happen , right .

18:27

So another thing Transfer of power . That's a

18:29

big one . Yeah , transfer of power Again . Okay

18:31

, let's talk about success or trustees . Did

18:34

your attorney do what you asked him to do

18:37

and name your three

18:39

sweet angels as co-trustees ? Oh my gosh , okay

18:41

.

18:43

Because everyone who's listening to this their kids are perfect

18:45

, they get along perfect , and two

18:47

million bucks wouldn't make them fight .

18:51

But that was 20 years ago . Today

18:54

, do your three children still get along

18:56

perfectly ? Did you trust them all

18:59

coming together and all three

19:01

agreeing on every

19:03

decision that needs to be made ?

19:05

And if that's the case , there may not even be a need for a trust anyway

19:07

. Sure , yeah , yeah .

19:11

Just name them all as they just under a power of attorney . But

19:13

if that has changed a little , if there's

19:15

been . You know , as we grow older in

19:19

loss , no-transcript

19:23

make us different people , and

19:28

sometimes that different person may not

19:30

be good to work

19:32

with the other people . Some people

19:34

may not can stand your son's wife

19:36

. She's evil

19:38

and she's trying to steal all the money and so now

19:41

if he's a co-trustee , she's going

19:43

to be in his ear all the time , and so

19:45

you need to look at that . Go to

19:47

your trust and look at who are the successor

19:49

trustees . Hopefully it's one person

19:52

, and then another

19:54

person , and then another person . I

19:56

am very , you know , I try

19:59

my best to talk people out of co-trustees

20:01

. I don't always win , but it's . I'll

20:03

do it , but it's only after a very long conversation

20:06

and me begging them not to name co trustees

20:08

.

20:09

You know a weird one that I saw recently . Maybe you see

20:11

this more is one

20:13

spouse passed away and at the time

20:15

that that happened , the daughter

20:17

became co-trustee .

20:20

That's fun . Yeah , that

20:22

, yeah , and there are reasons to do

20:24

that , but yes , it's like wait a second

20:27

. I've got to run this by my kid . You

20:29

know , just because my spouse died doesn't mean

20:31

I should have to ask my kid for everything . Well

20:33

, yeah , the trust says you , you do now

20:35

, and so yes and so the

20:38

the cool thing about a revocable revocable

20:41

living trust is it can almost

20:43

always be changed , and when I say

20:45

almost revocable does mean yes , it

20:47

can be changed . But if you created

20:49

it as two people and

20:52

one of those people passes away

20:54

, then it

20:56

could become irrevocable . And

20:59

that's a discussion we have when you're creating

21:01

a trust is between spouses

21:04

. If one of you dies , do you

21:06

want this to remain revocable so

21:08

that the surviving spouse can do what they want

21:10

to , or do you want it to

21:12

lock down , so that you know

21:14

, at your death , your money's going to go to your kids and

21:16

that's just I'm

21:18

trying not to crack up here , because I know

21:20

exactly the situations it's funny

21:22

because typically the men are like

21:25

, yeah , keep it revocable

21:27

, you know that'd be fine . And the wives are like

21:29

, okay , if it remains revocable and

21:31

he remarries , can he change

21:34

it ? And I'm like , yeah , she's like , nope , no

21:36

, not doing that . The guys are

21:38

quiet . Yeah , almost always

21:41

the guys are like , yeah , let's keep it revocable

21:43

. The wives are like , nope , I want it to lock down

21:45

. And so I'm like y'all need to

21:47

have this discussion , because for me to

21:49

represent both of you , we've got to agree

21:51

on this , and so that's one of the pieces

21:53

of homework a lot of our clients

21:55

talk about . And did your

21:57

attorney talk to you about that

22:00

? Do you remember having that conversation

22:02

? If not , go

22:04

look at your trust , go to the section

22:06

that says at the death of the first spouse

22:09

and see does this stay

22:11

revocable or does it become irrevocable

22:13

? If you don't know that , bring it to me

22:15

and I'll tell you it could be a big deal . Could

22:18

be a huge deal because and

22:22

I've seen it go both ways I mean , I've

22:24

seen older women be approached

22:26

by younger men and they're

22:28

go .

22:29

Diggers is what we called

22:35

it in when I was doing my , my CFP . Okay , if

22:37

your name is spinning .

22:38

You're listening to this . I'm sorry , it's not

22:40

about you personally .

22:41

Yeah , don't send me an email but

22:44

yeah , and probably for the wives

22:46

it's Bambi or yeah

22:48

, your

22:51

local stripper

22:53

comes up and yeah , but and

22:55

it does happen . I will say it does

22:57

happen . It does cause some inconvenience

22:59

if you make it irrevocable .

23:01

I'm a fan of of preenups in almost

23:03

any situation , absolutely especially

23:05

as a , as a second , second

23:08

, third or fourth time another podcast

23:10

.

23:10

But yes , we could go for hours

23:13

on that yes so , um

23:15

, I think that's the biggest things

23:17

that I'm seeing

23:19

with trust , and I would

23:21

, in I do a whole lot of trust reviews

23:24

, let's . Let's talk about moving

23:26

real quick . Yeah , someone's moved here from

23:28

another state . Is

23:30

your trust valid ? Yes , it is valid

23:33

, but trust are based on state

23:35

laws not or very

23:37

specific to state laws . There

23:39

was an attempt back in 2005 2006

23:42

to uniform all

23:44

of the trust laws across the country

23:47

. It kind of works , but

23:49

there's still some substantial differences

23:52

, and so it is my recommendation that , if

23:54

you have moved to Arkansas from

23:56

another state , you really should have

23:58

your trust looked at by a local attorney

24:01

. And while we're at it , let's look

24:03

at all these things we just talked about today make

24:05

sure the trust that you have works the way that you

24:08

want it to work .

24:09

It sounds so simple and it's like , of course , you

24:11

know you did it , but most of the time this is what

24:13

I find that happens by

24:16

the time you get around to doing your estate

24:18

planning stuff , you're just happy to get it over

24:20

with . You know , understand all the details

24:22

in it , and we've got all these whereas

24:24

and hitherto fours , and you

24:27

know they get put in there by the really

24:29

nice attorneys that you know have done

24:31

these exact the exact same one five thousand

24:34

times , and sometimes they forget to take your

24:36

name or the last person's name out

24:38

of it , and so I've seen that before

24:40

. That's fine well , this isn't your trust , but

24:42

that's it . Yeah , I mean

24:44

, it's

24:46

real life , but you know , these are . These are things that

24:49

we want to be thoughtful about , but it goes back to this

24:51

idea of the things that you have

24:53

, whether it's your assets , your portfolio

24:55

, your , your

24:58

investments , your trust , the

25:00

important documents and assets

25:03

in your world . Do you know what you

25:05

have ? Do you know what you have ? Do

25:07

you know how they work and

25:09

is that doing what you want it to

25:11

do ? In a lot of cases , what

25:13

we find , even folks that have had numerous

25:16

planners , numerous attorneys they have numerous

25:18

people not every single one of those

25:20

boxes can be checked Don't always know what they have

25:22

, don't always know how it works and , most

25:25

of the time , doesn't do what they really want it to do Absolutely

25:28

.

25:28

Yeah , and just to answer that question real

25:30

quick about how I'm at Curry Trust , I

25:33

do it with software . I think any attorney

25:36

worth their salt buys good

25:38

software and there's two

25:41

main software

25:43

companies out there . But their

25:45

brain trust behind the software

25:48

. The one I use are some

25:50

of the best tax attorneys

25:52

, estate planning attorneys I mean these are

25:54

guys who teach other attorneys how

25:56

to do it . They're typically law

25:59

professors , just people

26:02

that I really trust . They do all

26:04

the hard work of making sure my

26:06

software is up today and it updates

26:08

almost weekly with new laws

26:11

, new court cases , new language

26:13

. I mean it is absolutely .

26:14

Because this whole is changing . It is always changing

26:16

. There's a new type of

26:18

trust that we're gonna talk about soon . This

26:20

is a whole different thing . Changes all these rules

26:22

, which is really great for a lot of folks

26:24

, right ? So stick around .

26:26

You don't have to worry about someone else's names being

26:29

in your documents with us , because

26:31

we start and it's

26:33

not just I just plug in your name and

26:36

I hit create . We have to go in

26:38

and tell it certain things . Everything

26:41

we just talked about today is an

26:43

option in the software and the

26:45

software adapts to my

26:47

answers and it

26:49

is very specifically

26:51

to you . The software

26:54

does all the background stuff but

26:56

yes , even though I do use software , it's

26:58

very much your trust . It

27:00

is exactly what you want and we spend

27:03

a good amount of time in the software

27:05

, making it , then print out this document

27:07

that is beautiful and perfect

27:10

for you .

27:11

But that's what's so important is there

27:13

is a ton of backing there

27:15

, and when you're

27:17

paying to have a trust done , there's always

27:19

somebody that'll do it cheaper . Right , it's

27:24

like having a dental procedure or

27:28

getting your tires replant there's always somebody that'll

27:30

do it cheaper .

27:32

Cheaper isn't always better , but do

27:34

you get what you want

27:36

?

27:37

And the most expensive whether it's financial

27:39

advisor or attorney to hire

27:41

is when you have to hire two of them because

27:43

you hired the wrong one the first time .

27:46

Yeah , exactly .

27:46

We're all about doing it right the first time , and if

27:49

you didn't have the ability to , we'll help you fix it and

27:51

we'll be kind to you along the way . But let's get

27:53

it right . It's . The thing that I love about

27:55

the way that we work is , if we

27:57

make a recommendation , it's absolutely

27:59

in your best interest and it's the cheapest way to do it .

28:02

It just makes our job so easy Always

28:05

. So I would love to work with you

28:07

. I would love to look at what you've

28:09

done . If you have not done it and you

28:11

want to create it , I would definitely

28:13

help you do that , and you

28:15

may be surprised . You may come in here thinking

28:18

that you want to trust and you leave without a

28:20

trust . Okay , whole different

28:22

podcasts . But , just

28:25

like Ian said , I promise that you're

28:27

going to walk out of here with what you need and

28:29

you're going to avoid probate . That's huge

28:32

. You will avoid probate

28:34

, but how you do that is very specific

28:36

up to you , and we will do exactly

28:39

what you need done .

28:42

Beautiful . Call the office 479-6014119

28:46

. And we'll see you next time .

28:51

Thank you for joining us on Wealth for Generations

28:54

. We hope today's insights inspire

28:56

and guide you in your financial journey . Remember

28:58

, the path to wealth and legacy is unique

29:01

for each of us and we're here to help illuminate

29:03

your way . Before

29:06

we part , a quick reminder this podcast

29:08

does not provide financial or legal advice

29:10

. The content discussed is for informational

29:13

purposes only . Please consult a financial

29:15

planner or legal advisor for advice specific

29:17

to your situation . Visit

29:20

us at wwwwealth

29:22

the number four , generationscom

29:25

for more resources and don't forget to subscribe

29:27

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29:29

next time , keep building your legacy , one

29:31

decision at a time .