Aug. 11, 2025

National Make a Will Month

National Make a Will Month

wills, trusts, C-corps, legacy building Setting It Straight w/ Ms. Gray is broadcast live Mondays at 7PM ET and Music on W4CY Radio...

iHeartRadio podcast player iconSpotify podcast player iconAmazon Music podcast player iconAudible podcast player iconPandora podcast player iconPodchaser podcast player iconSpreaker podcast player iconApple Podcasts podcast player iconAudacy podcast player iconYoutube Music podcast player iconTuneIn podcast player iconRSS Feed podcast player iconCastro podcast player iconOvercast podcast player iconPocketCasts podcast player iconCastamatic podcast player iconCastbox podcast player iconGoodpods podcast player iconPodcast Addict podcast player iconPodurama podcast player iconPodverse podcast player iconPodyssey podcast player icon
iHeartRadio podcast player iconSpotify podcast player iconAmazon Music podcast player iconAudible podcast player iconPandora podcast player iconPodchaser podcast player iconSpreaker podcast player iconApple Podcasts podcast player iconAudacy podcast player iconYoutube Music podcast player iconTuneIn podcast player iconRSS Feed podcast player iconCastro podcast player iconOvercast podcast player iconPocketCasts podcast player iconCastamatic podcast player iconCastbox podcast player iconGoodpods podcast player iconPodcast Addict podcast player iconPodurama podcast player iconPodverse podcast player iconPodyssey podcast player icon

wills, trusts, C-corps, legacy building

Setting It Straight w/ Ms. Gray is broadcast live Mondays at 7PM ET and Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Setting It Straight w/ Ms. Gray is viewed on Talk 4 TV (www.talk4tv.com).

Setting It Straight w/ Ms. Gray Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.

Become a supporter of this podcast: https://www.spreaker.com/podcast/setting-it-straight-w-ms-gray--5437261/support.

WEBVTT

1
00:00:00.080 --> 00:00:02.319
The topics and opinions expressed in the following show are

2
00:00:02.359 --> 00:00:04.000
solely those of the hosts and their guests, and not

3
00:00:04.000 --> 00:00:06.919
those of W FOURCY Radio. It's employees are affiliates. We

4
00:00:07.000 --> 00:00:10.160
make no recommendations or endorsements radio show, programs, services, or

5
00:00:10.199 --> 00:00:13.080
products mentioned on air or on our web. No liability

6
00:00:13.080 --> 00:00:15.400
explicitor implied shall be extended to W four c Y

7
00:00:15.519 --> 00:00:18.239
Radio or its employees are affiliates. Any questions or comments

8
00:00:18.239 --> 00:00:20.480
should be directed to those show hosts. Thank you for

9
00:00:20.559 --> 00:00:57.920
choosing W four c Y Radio.

10
00:01:18.159 --> 00:01:21.879
I'm telling you that musical score just it just takes

11
00:01:21.920 --> 00:01:25.439
you there. Man, I'm telling you, this boy is so creative.

12
00:01:25.560 --> 00:01:28.159
He just doesn't know, just doesn't know.

13
00:01:28.239 --> 00:01:30.599
Good evening, and welcome to another segment of Setting it

14
00:01:30.719 --> 00:01:34.920
Straight with Miss Gray and her fabulous co hosts. We

15
00:01:35.120 --> 00:01:38.719
just thank you for tuning in tonight. Trey Tray, how

16
00:01:38.840 --> 00:01:40.920
is it up there? What's the weather like? I see

17
00:01:40.920 --> 00:01:43.439
the fans the wind blowing in your locks there, so

18
00:01:43.760 --> 00:01:44.840
it must be really cool.

19
00:01:46.879 --> 00:01:48.040
No, the fan is blowing.

20
00:01:48.120 --> 00:01:52.400
Actually got something going on with the AC unit, so okay, okay,

21
00:01:52.439 --> 00:01:53.760
But that's okay, that's.

22
00:01:53.640 --> 00:01:54.439
Okay, that's okay.

23
00:01:54.480 --> 00:01:56.840
That's why we go get some fans and do a

24
00:01:56.920 --> 00:01:58.519
surround sound on the fans.

25
00:01:58.640 --> 00:02:01.799
You know fast, how are you doing?

26
00:02:02.280 --> 00:02:02.879
You great?

27
00:02:03.319 --> 00:02:09.520
Golly, he's smiling for the reason. I've never seen this before. Okay,

28
00:02:09.560 --> 00:02:11.599
we'll keep you right there. I keep it right there,

29
00:02:11.680 --> 00:02:12.680
right there. Let's pray.

30
00:02:12.960 --> 00:02:15.039
Oh my God, we just thank you and we praise you.

31
00:02:15.120 --> 00:02:17.319
We give you glory, for you alone are worthy to

32
00:02:17.360 --> 00:02:17.800
be praised.

33
00:02:17.840 --> 00:02:18.080
Lord.

34
00:02:18.120 --> 00:02:21.360
We just thank you for this opportunity, Papa God, to

35
00:02:21.439 --> 00:02:24.919
discuss this particular topic tonight for your people. Lord, we

36
00:02:25.360 --> 00:02:27.960
will say, have a moment of silence for the fatal

37
00:02:28.439 --> 00:02:31.400
shooting that occurred in Texas at the target.

38
00:02:31.840 --> 00:02:32.719
We will do that now.

39
00:02:38.000 --> 00:02:41.039
And this goes for any and any other situation that's

40
00:02:41.120 --> 00:02:43.879
going on, whether it's due to the weather or it's

41
00:02:43.960 --> 00:02:48.439
due to just people actions and everything else. Lord, please

42
00:02:48.560 --> 00:02:51.639
just forgive us, help us along this way, help us

43
00:02:51.639 --> 00:02:54.159
along the way. We just love you so much. Now,

44
00:02:54.280 --> 00:02:57.159
as always, we get behind the cross. This is your show,

45
00:02:57.199 --> 00:02:59.960
this is your opportunity. You do what you do best,

46
00:03:00.080 --> 00:03:01.560
and that set your captives free.

47
00:03:01.879 --> 00:03:03.800
In Jesus' name, we pray. Amen.

48
00:03:04.280 --> 00:03:07.319
Well, as you all know, it is national make a

49
00:03:07.360 --> 00:03:12.879
will month, and guess what we have a guest who

50
00:03:13.000 --> 00:03:17.240
specializes in wills and all that good stuff and estate planning,

51
00:03:17.360 --> 00:03:19.240
and so I hope that you go get grab a

52
00:03:19.280 --> 00:03:22.360
paid piece of paper or grab a tablet and a pen,

53
00:03:23.280 --> 00:03:26.879
because she's got some interesting things to say. I trust her,

54
00:03:27.159 --> 00:03:28.960
she's my trust and will attorney.

55
00:03:29.520 --> 00:03:31.639
She's bad to the bone. Please help me.

56
00:03:31.719 --> 00:03:44.560
Welcome Attorney Damaris Claude right here from the.

57
00:03:40.120 --> 00:03:41.840
Sound thing going, so we can get the cock and

58
00:03:41.919 --> 00:03:45.199
go and get it. Thank you so much for joining

59
00:03:45.319 --> 00:03:48.039
us this evening. And you know, I'm gonna let you

60
00:03:48.080 --> 00:03:48.719
do what you do.

61
00:03:48.879 --> 00:03:51.680
You've got that knowledge, and these folks need to really

62
00:03:52.120 --> 00:03:56.319
have a better understanding of the importance of having a will,

63
00:03:56.800 --> 00:04:00.400
the importance of you know, having a state planning and

64
00:04:00.479 --> 00:04:03.439
no matter you know who you're planning it for, uh,

65
00:04:03.479 --> 00:04:05.479
and what the state would do with your stuff if

66
00:04:05.479 --> 00:04:08.039
you don't have something written down, and things like that.

67
00:04:08.159 --> 00:04:11.199
So I'm gonna mute myself and let you have at it.

68
00:04:11.479 --> 00:04:15.280
Thank you so much, and welcome again. Appreciate this, Thank you,

69
00:04:15.439 --> 00:04:18.959
thank you for having me. I appreciate it. My name

70
00:04:19.040 --> 00:04:20.000
is Demarus Claude.

71
00:04:20.040 --> 00:04:24.959
I'm the senior principal at Fusion Law Pier and Ada Avida, Florida.

72
00:04:26.279 --> 00:04:30.800
I have been practicing for about twenty four years now

73
00:04:31.319 --> 00:04:34.879
in this area, so I'm pretty well versed in most

74
00:04:34.879 --> 00:04:37.920
areas of estate planning, probate, an elder law.

75
00:04:39.160 --> 00:04:40.759
But I'm just gonna keep.

76
00:04:40.680 --> 00:04:43.920
It interesting and try and hit some of the more

77
00:04:45.319 --> 00:04:49.879
common mistakes that I see made by people who haven't

78
00:04:49.920 --> 00:04:53.600
seen an attorney or you know, can't for whatever reason,

79
00:04:54.680 --> 00:04:57.839
to maybe try and avoid those help help you all

80
00:04:57.879 --> 00:05:03.600
avoid those mistakes. So I'll kind of start with what

81
00:05:03.720 --> 00:05:05.720
I first do when when people come in, which is

82
00:05:06.519 --> 00:05:09.720
talk to me about their current family status. Right, So

83
00:05:10.600 --> 00:05:14.680
one of the first things I'm looking for in deciding,

84
00:05:14.759 --> 00:05:17.000
you know, kind of what to advise you and what

85
00:05:17.040 --> 00:05:20.920
you need is what your family looks like.

86
00:05:21.879 --> 00:05:24.079
Whether you're you're married, whether.

87
00:05:23.839 --> 00:05:26.600
You're single, whether you're divorced, whether you have kids from

88
00:05:26.639 --> 00:05:30.360
a previous marriage and this is a second marriage, you know,

89
00:05:30.600 --> 00:05:34.199
if you have a child with disabilities. All of those

90
00:05:34.240 --> 00:05:37.519
things are minor children, All of those things are things

91
00:05:37.560 --> 00:05:41.759
that really will impact my advice to you. So this

92
00:05:41.839 --> 00:05:46.199
is gonna be very general kind of explanations.

93
00:05:46.240 --> 00:05:47.120
And then the.

94
00:05:47.079 --> 00:05:50.360
Next thing we kind of talk about is, uh, you know,

95
00:05:50.360 --> 00:05:53.519
whether you have real estate, whether you have a homestead,

96
00:05:54.199 --> 00:05:57.240
whether it's homestead in the state of Florida, because that,

97
00:05:57.879 --> 00:06:01.279
you know, my advice then also change depending on what

98
00:06:01.319 --> 00:06:04.439
types of what the character of your assets are, whether

99
00:06:04.480 --> 00:06:07.399
they're you know, real estate, whether it's cash accounts.

100
00:06:08.240 --> 00:06:09.720
That also makes an impact.

101
00:06:09.720 --> 00:06:13.399
And of course the amount what you what you have

102
00:06:14.040 --> 00:06:15.560
is important for.

103
00:06:15.480 --> 00:06:17.279
A state estate tax purposes.

104
00:06:17.279 --> 00:06:22.480
Florida doesn't have estate taxes, but federal estate taxes are

105
00:06:22.519 --> 00:06:25.000
still you know, uh in effect.

106
00:06:25.240 --> 00:06:27.480
So I think the.

107
00:06:27.360 --> 00:06:31.600
Federal estate tax cap is upwards of twelve thirteen million

108
00:06:31.879 --> 00:06:35.680
right now. So if you're under that, you're probably okay.

109
00:06:36.079 --> 00:06:40.120
But if you win the lottery, we need to we

110
00:06:40.160 --> 00:06:43.959
need to see right away. So the next thing we

111
00:06:44.079 --> 00:06:46.480
kind of talk about aside from the character of the assets,

112
00:06:46.600 --> 00:06:49.439
and you know, I'm going to ask you about your iras,

113
00:06:49.519 --> 00:06:52.959
your bank accounts, so you should have a general knowledge.

114
00:06:53.040 --> 00:06:56.120
And if you're married, this is one of the one

115
00:06:56.120 --> 00:06:59.199
of the things that I see people doing a lot

116
00:06:59.319 --> 00:07:03.519
is that one spouse is completely in charge of all

117
00:07:03.560 --> 00:07:05.839
of the financial stuff. So there's one spouse that pays

118
00:07:05.839 --> 00:07:09.360
the bills and you know, knows what the debts are,

119
00:07:09.519 --> 00:07:12.319
knows what the assets are, and the other spouse is

120
00:07:12.399 --> 00:07:14.240
kind of in the dark because you know, you have

121
00:07:14.279 --> 00:07:17.279
one that kind of does that, that's their job, and

122
00:07:17.319 --> 00:07:20.360
then something happens to that spouse that's paying the bills,

123
00:07:20.399 --> 00:07:22.480
that's doing all the financial stuff, and then you suddenly

124
00:07:22.480 --> 00:07:25.079
have the other the surviving spouse that's like, what do

125
00:07:25.120 --> 00:07:26.920
I do? I even know where to start. I don't

126
00:07:26.920 --> 00:07:30.279
know what we have, you know, so you know, that's

127
00:07:30.399 --> 00:07:32.399
one thing I would recommend is if you are the

128
00:07:32.439 --> 00:07:35.959
spouse that is kind of taking care of everything financially,

129
00:07:36.600 --> 00:07:41.160
make sure that your you know, your spouse has a

130
00:07:41.240 --> 00:07:44.480
general knowledge of what you have, where it is, who

131
00:07:44.519 --> 00:07:46.920
to talk to if they need to, you know, call

132
00:07:47.160 --> 00:07:50.399
uh like a financial institution. Those are all things that

133
00:07:51.360 --> 00:07:55.519
definitely I see people not doing. So that's the first

134
00:07:55.639 --> 00:07:59.360
piece of advice there. So after we look at kind

135
00:07:59.399 --> 00:08:03.240
of the assets. Reason I'm looking at the assets not

136
00:08:03.360 --> 00:08:05.560
so much for the monetary value, because I'm gonna ask

137
00:08:05.600 --> 00:08:08.160
you very generally you have over twelve million, and then

138
00:08:08.199 --> 00:08:11.560
we'll talk about taxes, but I'm not looking for the

139
00:08:11.600 --> 00:08:14.519
amount really at that point. I'm looking to see what

140
00:08:14.600 --> 00:08:18.839
assets we can put beneficiaries on is primary usually, and

141
00:08:19.879 --> 00:08:23.319
the reason for that is if you own something jointly

142
00:08:23.360 --> 00:08:25.120
in the state of Florida, if you own something jointly

143
00:08:25.160 --> 00:08:29.000
with another person, or you have a beneficiary designation like

144
00:08:29.040 --> 00:08:31.079
a POD, like a pay on death at the bank

145
00:08:31.199 --> 00:08:35.759
or a transfer on death, if you have either of

146
00:08:35.799 --> 00:08:39.000
those things upon the death, upon your death, it's going

147
00:08:39.080 --> 00:08:41.639
to go to the beneficiary that you named or the

148
00:08:41.720 --> 00:08:45.039
joint account holder, as the case may be. So if

149
00:08:45.080 --> 00:08:47.480
what happens if you don't have those though, and this

150
00:08:47.600 --> 00:08:50.600
is what this is where we get into the complex

151
00:08:50.639 --> 00:08:52.679
things that you can really be avoiding on your own

152
00:08:52.720 --> 00:08:54.879
before you even come to see us, and that is

153
00:08:55.440 --> 00:09:00.480
you avoid probate by having a joint account holder. And

154
00:09:00.840 --> 00:09:03.200
I would also recommend also having a pay on death

155
00:09:03.240 --> 00:09:07.639
or a POD beneficiary designation every asset you have, even

156
00:09:07.759 --> 00:09:11.480
real estate. You can put beneficiaries on real estate. There's

157
00:09:11.480 --> 00:09:14.799
a number of ways to do that. You definitely see

158
00:09:14.799 --> 00:09:16.919
in a state planning attorney for more information. But in

159
00:09:16.919 --> 00:09:20.519
the state of Florida, there's no absolutely no reason that

160
00:09:20.559 --> 00:09:23.360
you should have assets going through probate if you plan properly.

161
00:09:24.759 --> 00:09:28.080
So that's number one. So if you can't trust her,

162
00:09:28.159 --> 00:09:32.960
you don't need to trust. Number one, put beneficiary designations

163
00:09:33.000 --> 00:09:37.440
on everything. Life insurance is one of the biggest things

164
00:09:37.440 --> 00:09:41.879
that people miss designating and if your spouse dies, remember

165
00:09:42.320 --> 00:09:45.159
you had to redo those right because you're going to

166
00:09:45.200 --> 00:09:48.080
have your spouse as the primary and they're gone. So

167
00:09:48.200 --> 00:09:50.639
you want to make sure that your beneficiary designations are

168
00:09:50.679 --> 00:09:54.159
always up to date. And another reason for that is

169
00:09:54.799 --> 00:09:56.559
and what a lot of people don't know is they

170
00:09:56.639 --> 00:09:59.919
make a will and they think, okay, well my asset,

171
00:10:00.000 --> 00:10:01.519
they are going to go according to what I've what

172
00:10:01.559 --> 00:10:03.559
I've said in this will. Well, what they don't know

173
00:10:04.080 --> 00:10:08.200
is in Florida, the beneficiary designations and joint account.

174
00:10:09.440 --> 00:10:11.519
Ownership trumps the will.

175
00:10:11.879 --> 00:10:14.879
So if you have you know this twenty five twenty five,

176
00:10:14.919 --> 00:10:17.440
twenty five to everybody, but you only put you know,

177
00:10:17.519 --> 00:10:20.840
one daughter as a joint account holder with you, guess

178
00:10:20.840 --> 00:10:24.039
who's getting all the money in that account and then

179
00:10:24.039 --> 00:10:28.080
people get very upset. So, you know, just be very

180
00:10:28.120 --> 00:10:31.440
careful if if you have a specific estate plan you

181
00:10:31.480 --> 00:10:35.480
have certain beneficiaries, make sure those are the same beneficiaries

182
00:10:35.480 --> 00:10:39.200
you have named as pay on death or joint account holders,

183
00:10:40.240 --> 00:10:42.879
which I don't recommend for other reasons, but we'll get

184
00:10:42.879 --> 00:10:46.480
into that. So you know, the three things I'm kind

185
00:10:46.480 --> 00:10:49.200
of looking for when I'm asking questions at our initial

186
00:10:49.279 --> 00:10:53.279
meeting is whether you have probate assets, and then we're

187
00:10:53.279 --> 00:10:54.759
going to talk about how to fix those.

188
00:10:55.360 --> 00:10:56.720
Most of it you can do on your own.

189
00:10:57.919 --> 00:11:00.840
And the second thing I look for is whether there

190
00:11:00.879 --> 00:11:03.759
are any special needs. So if you have minor children,

191
00:11:03.759 --> 00:11:06.519
we're going to start talking about, you know, children's trusts.

192
00:11:07.440 --> 00:11:09.480
If you have a child that's.

193
00:11:09.320 --> 00:11:12.799
Disabled or a relative that's disabled that's a beneficiary, We're

194
00:11:12.799 --> 00:11:16.200
going to start talking about special needs trusts. So you know,

195
00:11:16.279 --> 00:11:20.480
it's very dependent on that, you know, what the character

196
00:11:20.519 --> 00:11:23.159
of your family is there. And then the third thing

197
00:11:23.200 --> 00:11:26.240
I'm gonna you know, be thinking about is taxes. But

198
00:11:26.799 --> 00:11:29.159
again these days, it's very rare that I have a

199
00:11:29.200 --> 00:11:32.960
client that needs it's you know, federal estate tax planning.

200
00:11:32.960 --> 00:11:35.480
It just doesn't happen. And again, Florida doesn't have a

201
00:11:35.519 --> 00:11:41.000
state taxes. So next, the next biggest mistake I see

202
00:11:41.039 --> 00:11:45.240
people make is with their real estate, with their homestead

203
00:11:45.279 --> 00:11:50.960
property in Florida. So homestead property is absolutely protected in

204
00:11:51.000 --> 00:11:55.279
Florida from creditors. Right, So if you have homestead in

205
00:11:55.279 --> 00:11:59.480
the state of Florida and you get sued nine times

206
00:11:59.519 --> 00:12:02.600
out of time, there's no way they can get to

207
00:12:02.639 --> 00:12:04.759
your house. And my first answer when a client calls

208
00:12:04.759 --> 00:12:08.360
me and says, hey, can this creditor get No, they can't.

209
00:12:08.360 --> 00:12:10.559
They can't. They cannot touch your house. They can't touch

210
00:12:10.559 --> 00:12:11.159
your homestead.

211
00:12:11.399 --> 00:12:14.159
If it's a rental property, if it's a second home, yeah,

212
00:12:14.720 --> 00:12:16.399
my advice is going to change. But if it is

213
00:12:16.480 --> 00:12:18.840
homestead property in the state of Florida, and that is

214
00:12:18.879 --> 00:12:21.159
why it is so important to be very very careful

215
00:12:21.159 --> 00:12:24.159
of what you do with it, and you should always

216
00:12:24.159 --> 00:12:25.679
talk to an attorney before you.

217
00:12:25.600 --> 00:12:26.799
Do anything with homestead.

218
00:12:26.840 --> 00:12:34.080
I've seen so many huge litigated issues from people just

219
00:12:34.399 --> 00:12:37.879
like doing a deed wrong. You know, something as simple

220
00:12:37.919 --> 00:12:40.960
as just not signing it properly and everything's messed up,

221
00:12:41.120 --> 00:12:44.960
Just go see a lawyer. It's not the cost you're

222
00:12:45.000 --> 00:12:47.840
going to pay them to do it right. If you

223
00:12:48.559 --> 00:12:50.399
mess it up, it's going to be ten times that.

224
00:12:50.720 --> 00:12:54.279
So make sure that anything dealing with real estate you

225
00:12:54.279 --> 00:12:56.879
go to see an attorney before you try and DIY

226
00:12:58.159 --> 00:13:00.960
with that said, one of the guess mistakes I see

227
00:13:00.960 --> 00:13:05.279
people make from the d i Y is they think

228
00:13:05.639 --> 00:13:09.200
that by putting their children on the deed, they are

229
00:13:09.519 --> 00:13:12.720
doing something good to avoid probate to you know, I

230
00:13:12.799 --> 00:13:14.679
don't know what what what they're thinking.

231
00:13:15.480 --> 00:13:18.159
What this does is a few things.

232
00:13:18.279 --> 00:13:23.399
One, it's not your children's homestead generally, right, So what

233
00:13:23.559 --> 00:13:26.320
happens if they get sued and their name is now

234
00:13:26.360 --> 00:13:29.200
on your house, Well, now you've just opened your house

235
00:13:29.279 --> 00:13:32.679
up to their creditors. So if they get sued, you're

236
00:13:32.679 --> 00:13:35.480
getting sued and they're gonna they're gonna go after your house.

237
00:13:36.399 --> 00:13:38.159
So never do that.

238
00:13:38.200 --> 00:13:43.600
There's other ways to achieve that, just as simple that

239
00:13:43.639 --> 00:13:46.360
don't include putting the kids directly on the house. Uh.

240
00:13:46.480 --> 00:13:48.799
It also limits your ability to sell. Obviously, you have

241
00:13:48.840 --> 00:13:50.480
to get their permission if you ever want to sell

242
00:13:50.519 --> 00:13:55.200
it or refinance or whatever. So the other thing that

243
00:13:55.240 --> 00:13:59.240
it does is they will get your tax basis and

244
00:13:59.320 --> 00:14:02.679
the property when you put their house, when you put

245
00:14:02.679 --> 00:14:05.600
their name on it before you pass, they're going to

246
00:14:05.600 --> 00:14:07.840
get your tax basis. So let's say if you purchase

247
00:14:07.919 --> 00:14:11.200
the thousand for one hundred thousand, at your death, it's

248
00:14:11.240 --> 00:14:14.919
worth two hundred thousand, right normally if it just passed

249
00:14:14.919 --> 00:14:18.960
by operation of law or other methods, they're going to

250
00:14:19.039 --> 00:14:21.639
get the two hundred thousand dollars basis, which means when

251
00:14:21.639 --> 00:14:23.159
they go to sell it, they're not going to have

252
00:14:23.320 --> 00:14:26.240
capital gains to realize. Right when you put them on

253
00:14:26.279 --> 00:14:28.720
the deed before you die, they're going to get your

254
00:14:28.759 --> 00:14:32.120
basis of one hundred thousand. So then when you die

255
00:14:32.440 --> 00:14:34.639
and the house is worth two hundred thousand, they're going

256
00:14:34.720 --> 00:14:38.399
to have to realize some capital gains. So it has

257
00:14:38.440 --> 00:14:41.679
tax implications. Just don't mess with real estate. If you

258
00:14:41.720 --> 00:14:45.120
remember one thing from this, don't touch real estate without

259
00:14:45.120 --> 00:14:50.120
a lawyer. We do have in Florida, and people you

260
00:14:50.159 --> 00:14:52.240
know ask about this all the time because real estate

261
00:14:52.320 --> 00:14:55.240
is very hard. They think is very hard to put

262
00:14:55.279 --> 00:14:59.600
a beneficiary on, And we have in Florida, and I

263
00:14:59.639 --> 00:15:02.200
think there are several other states that do now as well.

264
00:15:03.200 --> 00:15:08.240
Enhance what we call enhanced life estate deeds, or most

265
00:15:08.279 --> 00:15:11.320
people know them as ladybird deeds. That's a more common

266
00:15:12.399 --> 00:15:17.600
common terminology. But these enhanced life estate deeds are meant

267
00:15:18.679 --> 00:15:23.879
to one avoid probate and two make sure that the

268
00:15:24.000 --> 00:15:26.720
children don't have to do anything other than record a

269
00:15:26.720 --> 00:15:29.879
death certificate at the time of your death, well, whoever

270
00:15:29.879 --> 00:15:32.840
your benefit is. All they would have to do is

271
00:15:32.879 --> 00:15:36.360
record a death certificate in the clerk's office. And around

272
00:15:36.360 --> 00:15:39.080
here it's about ten bucks and title is in their name,

273
00:15:39.759 --> 00:15:43.559
so one simple deed, no probate. And the other benefit is,

274
00:15:43.639 --> 00:15:46.360
of course they get the stepped up tax basis. So

275
00:15:47.080 --> 00:15:49.799
they're going to get that two hundred thousand dollars basis

276
00:15:49.799 --> 00:15:52.039
in the property upon your death.

277
00:15:52.440 --> 00:15:54.960
Did you have a Yes, we have a few questions

278
00:15:54.960 --> 00:15:56.399
and we're going to get to you. Guys, don't worry

279
00:15:56.440 --> 00:15:59.360
about it. But I'm in a situation right now where

280
00:15:59.360 --> 00:16:03.840
somebody has wrap their uh inherited property around in this

281
00:16:03.960 --> 00:16:07.679
ladybird life estate thing. But she's got a lean on it.

282
00:16:07.679 --> 00:16:10.919
It don't affect the lean, you know, and people need

283
00:16:10.919 --> 00:16:13.559
to understand that. They think she thinks she's doing something

284
00:16:13.559 --> 00:16:16.240
to protect but you're really not because you're really putting

285
00:16:16.240 --> 00:16:18.320
your kids and then you put your children's names in

286
00:16:18.360 --> 00:16:21.200
there and everything. There's still a lean on the property

287
00:16:21.519 --> 00:16:26.080
and that lean will be settled satisfied first before anything.

288
00:16:26.240 --> 00:16:27.840
So I just wanted to put that in there.

289
00:16:27.840 --> 00:16:29.519
But we do have a couple of questions, so we'll

290
00:16:29.559 --> 00:16:31.000
just face some time towards the end.

291
00:16:31.080 --> 00:16:34.639
Okay, thank you so much so.

292
00:16:34.639 --> 00:16:37.120
So the Lady birdies are a very very efficient way

293
00:16:37.720 --> 00:16:41.000
to avoid probate without all of the negative consequences of

294
00:16:41.240 --> 00:16:44.720
just putting somebody on the deed with you. And the

295
00:16:44.799 --> 00:16:47.600
other good thing is you can still it's revocable, right,

296
00:16:47.720 --> 00:16:50.240
so you put them on as beneficiaries, you get mad

297
00:16:50.279 --> 00:16:52.480
at one of them, we're gonna take them right back off.

298
00:16:52.519 --> 00:16:56.440
So if you the only the only caveat I would

299
00:16:56.440 --> 00:17:01.279
say is that they if you have to refinance your house,

300
00:17:01.320 --> 00:17:03.399
title companies don't really like them, so we kind of

301
00:17:03.480 --> 00:17:06.440
undo it and then redo it after you refinance. But

302
00:17:07.000 --> 00:17:09.640
that is really one of the only negatives we've found,

303
00:17:09.680 --> 00:17:11.559
and we've been using them for many, many years, I

304
00:17:11.559 --> 00:17:14.839
think since two thousand and six, two and seven, so

305
00:17:15.799 --> 00:17:18.039
they've been pretty well tested in court.

306
00:17:18.960 --> 00:17:20.519
So definitely something I recommend.

307
00:17:21.119 --> 00:17:26.960
The other mistake I see made frequently is people lawyers

308
00:17:26.960 --> 00:17:30.000
love to sell trusts. So there are a lot of

309
00:17:31.279 --> 00:17:34.000
you know, I will say, you know, there are a

310
00:17:34.039 --> 00:17:36.319
lot of valid reasons for a trust, and maybe some

311
00:17:36.359 --> 00:17:39.119
attorneys just think, you know, everybody should have one, but

312
00:17:39.880 --> 00:17:42.599
not one of them. So nine times out of ten

313
00:17:42.640 --> 00:17:44.240
you'll come in and you'll be like, I want to trust,

314
00:17:44.240 --> 00:17:46.480
and you'll leave and you don't have a trust, not

315
00:17:46.640 --> 00:17:48.599
because I don't want to do a trust for you

316
00:17:48.680 --> 00:17:51.039
or sell you a trust, but because you really don't

317
00:17:51.079 --> 00:17:55.839
need one. So what I look for when I'm looking

318
00:17:55.880 --> 00:17:58.640
at really whether to create whether we think we need

319
00:17:58.680 --> 00:18:02.720
a trust, is again family situation, right, that's the most

320
00:18:02.759 --> 00:18:06.640
important thing. If you have kids that have special needs

321
00:18:07.079 --> 00:18:10.480
or beneficiary that has special needs. If you have some

322
00:18:10.559 --> 00:18:14.039
tax issues, if we need to avoid income tax or

323
00:18:14.200 --> 00:18:18.799
federal estate tax, we're going to talk about trust. If

324
00:18:18.839 --> 00:18:21.240
you have property that is very hard to designate a

325
00:18:21.279 --> 00:18:25.319
beneficiary on, again trust, you have kids from a previous marriage, trust,

326
00:18:25.759 --> 00:18:27.920
So all of those things are things that I kind

327
00:18:27.920 --> 00:18:29.759
of look at to determine whether or not you need

328
00:18:29.759 --> 00:18:32.200
to trust. If it's just a very simple case where

329
00:18:32.559 --> 00:18:37.279
husband and wife, you know, no significant income tax issues,

330
00:18:37.319 --> 00:18:40.400
no significant estate tax issues, We're just going to do

331
00:18:40.519 --> 00:18:42.920
very basic state planning. We're going to do a simple will,

332
00:18:43.400 --> 00:18:45.759
a durable power of attorney, a living will, and a

333
00:18:45.799 --> 00:18:48.440
health care surrogate. Those are the very basic four basic

334
00:18:48.599 --> 00:18:52.039
estate planning documents everybody should have, at the very least,

335
00:18:52.640 --> 00:18:54.519
the power of attorney being number. If you have to

336
00:18:54.640 --> 00:18:56.720
do any one of those, the power attorney should be

337
00:18:56.759 --> 00:19:02.640
the one you do. But in any case, I'm not

338
00:19:02.680 --> 00:19:04.200
going to try and sell you a trust if you

339
00:19:04.240 --> 00:19:07.240
don't need one. So those are those are kind of

340
00:19:07.279 --> 00:19:10.519
the things I look for. All of the assets generally,

341
00:19:10.839 --> 00:19:13.920
of like a husband and wife with let's say two kids,

342
00:19:15.000 --> 00:19:17.920
all of the assets are usually jointly titled. The ones

343
00:19:17.960 --> 00:19:21.839
that aren't usually the spouse is the primary beneficiary, and

344
00:19:22.240 --> 00:19:24.599
you know, usually the pay on death are the kids.

345
00:19:25.000 --> 00:19:26.759
So if we're kind of sticking with that, we want

346
00:19:26.799 --> 00:19:28.839
everything fifty. You know, we want everything fifty to fifty

347
00:19:28.880 --> 00:19:31.680
between the two kids. You know, the death of the

348
00:19:31.680 --> 00:19:35.160
second to die. Well, it's going to be very very easy, right,

349
00:19:36.240 --> 00:19:39.119
We're just going to create very very simple documents the will,

350
00:19:39.200 --> 00:19:43.079
even though the beneficiaries, like I said, the beneficiaries trump

351
00:19:43.200 --> 00:19:48.240
the will. The personal property and there are several other

352
00:19:48.279 --> 00:19:52.480
things personal representative things that are covered in the will

353
00:19:52.559 --> 00:19:55.599
that you will need. So if you want to have

354
00:19:55.640 --> 00:19:59.720
the power to dictate what happens to your assets in

355
00:19:59.759 --> 00:20:01.960
the event you don't have a beneficiary on them, a

356
00:20:02.039 --> 00:20:05.480
lot of times we'll have litigation after you pass and

357
00:20:05.480 --> 00:20:07.599
then we got a bunch of money where you wanted

358
00:20:07.680 --> 00:20:10.240
to go. Do you want Florida to decide in the

359
00:20:10.279 --> 00:20:12.759
statutes or do you want to decide, And that's why

360
00:20:12.799 --> 00:20:15.079
we do our last will and testament.

361
00:20:15.079 --> 00:20:16.200
That's why it's so important.

362
00:20:17.720 --> 00:20:22.200
So going back to the documents, we were talking about

363
00:20:23.039 --> 00:20:27.480
another issue. I see, the big issue, big mistake is

364
00:20:27.559 --> 00:20:31.519
going to Office MAX or Office Depot and printing out

365
00:20:31.680 --> 00:20:35.599
a power of attorney or a will or whatever, a

366
00:20:35.640 --> 00:20:38.480
state planning document. I used to have a calculus teacher

367
00:20:38.480 --> 00:20:40.160
in high school. He used to say garbage and we

368
00:20:40.240 --> 00:20:42.720
used to have those graphic calculators used to say garbage in,

369
00:20:42.799 --> 00:20:45.680
garbage out. And if you don't know what you're doing,

370
00:20:45.920 --> 00:20:48.559
you're putting garbage in, You're gonna get garbage out. And

371
00:20:48.599 --> 00:20:50.000
then the other thing is you don't know how to

372
00:20:50.039 --> 00:20:52.960
sign right. We had a we had a whole class

373
00:20:52.960 --> 00:20:55.480
in law school where the estate planning guy had a

374
00:20:55.519 --> 00:20:58.480
skeleton and showed us how the witnesses had to look

375
00:20:58.519 --> 00:21:00.079
at the test stator in order for the will to

376
00:21:00.079 --> 00:21:00.559
be valid.

377
00:21:00.599 --> 00:21:02.720
It is very, very specific.

378
00:21:02.759 --> 00:21:05.200
In Florida, they just had a case where they said

379
00:21:05.720 --> 00:21:08.839
the banker was witnessing and she walked away for a second.

380
00:21:09.039 --> 00:21:11.920
Guess what invalidated the whole will. Just don't do a

381
00:21:11.960 --> 00:21:16.440
will on your own. The powers of attorney also in Florida,

382
00:21:16.519 --> 00:21:19.440
are very very specific, I think minor about forty pages long.

383
00:21:19.720 --> 00:21:21.559
So if you're spitting out a two.

384
00:21:21.359 --> 00:21:23.799
Page, three page power of attorney, it is not going

385
00:21:23.880 --> 00:21:26.359
to work when you need it. And like I said,

386
00:21:26.359 --> 00:21:28.920
that is the most important thing, because what happens if

387
00:21:28.920 --> 00:21:29.400
you don't have.

388
00:21:29.359 --> 00:21:31.880
A power of attorney. We have to go through a

389
00:21:31.960 --> 00:21:35.920
court appointed guardianship if you become incapacitated, which runs upwards

390
00:21:35.920 --> 00:21:40.519
of fifteen thousand dollars. No one can do anything.

391
00:21:39.920 --> 00:21:42.480
For you if you're incapacitated and you don't have a

392
00:21:42.480 --> 00:21:44.160
power of attorney, No one.

393
00:21:44.039 --> 00:21:44.920
Not even your spouse.

394
00:21:45.559 --> 00:21:47.640
So I've had to tell and I've had to tell

395
00:21:47.680 --> 00:21:51.799
a number of very you know, very sad cases where

396
00:21:51.839 --> 00:21:54.599
I've had to tell spouses I'm sorry, but we need

397
00:21:54.640 --> 00:21:56.759
to do a guardianship for your husband, for your wife

398
00:21:56.799 --> 00:21:58.720
because we don't have a power of attorney. She didn't

399
00:21:59.039 --> 00:22:01.799
do an advanced ere saying this is the person I

400
00:22:01.839 --> 00:22:04.920
want in charge of my stuff. So that's why these

401
00:22:04.960 --> 00:22:09.000
documents are so very important, because you know, it might

402
00:22:09.039 --> 00:22:11.440
be a little bit expensive uptunt, but in the end

403
00:22:11.640 --> 00:22:12.759
it is going to save you.

404
00:22:12.759 --> 00:22:15.519
Thousands and thousands and thousands of dollars, So.

405
00:22:17.039 --> 00:22:20.039
I think that's I think I've touched on most of it.

406
00:22:21.240 --> 00:22:24.039
Did I miss anything, Lisia, Well.

407
00:22:23.839 --> 00:22:26.039
I think you know you hite it spot on.

408
00:22:26.640 --> 00:22:30.039
I believe that you know everything. But Rebel, can you

409
00:22:30.039 --> 00:22:32.200
pull up the questions real quick?

410
00:22:32.279 --> 00:22:32.680
We could do.

411
00:22:32.720 --> 00:22:34.400
This would be a good time for Q and A

412
00:22:34.799 --> 00:22:39.000
because we had some folks. We've got viewership live all

413
00:22:39.000 --> 00:22:43.279
over the place. Okay, is a will state specific? Is

414
00:22:43.319 --> 00:22:45.000
a will state specific?

415
00:22:45.359 --> 00:22:46.680
That is a really good question.

416
00:22:47.519 --> 00:22:52.359
So if you do a will in a jurisdiction in

417
00:22:52.400 --> 00:22:54.960
which you're domiciled in, So let's say you're in California,

418
00:22:55.519 --> 00:22:59.119
you do a California will, and then you move to Florida,

419
00:22:59.599 --> 00:23:02.599
Florida will recognize that will. I'd still recommend that you

420
00:23:02.599 --> 00:23:05.920
have it reviewed by Florida attorney because we do have

421
00:23:06.039 --> 00:23:08.039
like special requirements and we don't want have to jump

422
00:23:08.079 --> 00:23:11.039
through hoops and get witnesses if you know, we don't

423
00:23:11.079 --> 00:23:11.759
need to, so.

424
00:23:13.599 --> 00:23:14.200
I would definitely.

425
00:23:14.559 --> 00:23:19.079
But yes, wills that are created properly in another jurisdiction

426
00:23:19.119 --> 00:23:21.920
are valid in Florida, and usually it's it's the other

427
00:23:21.960 --> 00:23:24.519
way around as well. Florida has some of the most

428
00:23:24.559 --> 00:23:29.000
strict requirements for witnessing and notorization, so usually they are

429
00:23:29.039 --> 00:23:30.519
going to be accepted in other states.

430
00:23:31.079 --> 00:23:31.400
Nice.

431
00:23:32.000 --> 00:23:34.240
Next, well, how can you keep things out of probate?

432
00:23:35.079 --> 00:23:38.400
So again there there are kind of a number of ways,

433
00:23:38.400 --> 00:23:46.559
but really in Florida, joint joint ownership, beneficiary designations, and trusts,

434
00:23:47.160 --> 00:23:50.400
those are kind of the three most common ways that

435
00:23:50.440 --> 00:23:51.759
we keep things out of probate.

436
00:23:52.160 --> 00:23:53.240
Gotcha, rebel.

437
00:23:53.279 --> 00:23:55.680
There was another question, if you're a signature on the

438
00:23:55.720 --> 00:23:57.119
bank account, is that enough?

439
00:23:57.640 --> 00:23:59.559
No, that was a really good question.

440
00:23:59.759 --> 00:24:04.599
No, it is not enough being a signatory that ends

441
00:24:04.640 --> 00:24:09.559
the minute the person passes. So what I typically recommend

442
00:24:09.599 --> 00:24:12.880
my clients do if they want somebody on the account

443
00:24:12.920 --> 00:24:17.319
for convenience purposes is we will submit the durable power

444
00:24:17.319 --> 00:24:20.920
of attorney to the bank and they will put that

445
00:24:21.000 --> 00:24:23.640
person on as the agent under the power of attorney.

446
00:24:23.640 --> 00:24:27.519
That agency ends at death, which means they don't actually

447
00:24:27.519 --> 00:24:30.480
get the account at death. The beneficiaries, whoever you have

448
00:24:30.559 --> 00:24:33.000
us to pay on death beneficiaries will That way, you

449
00:24:33.000 --> 00:24:35.480
can avoid that whole headache of having a kid on

450
00:24:35.480 --> 00:24:37.359
the account just for convenience and then they end up

451
00:24:37.359 --> 00:24:39.119
getting it all, you know if you die.

452
00:24:39.599 --> 00:24:43.440
Well, that's what happened with side chick number four of

453
00:24:43.519 --> 00:24:47.559
my now deceased husband. She convinced him to along with

454
00:24:47.640 --> 00:24:52.200
his son and some other people, to have her being

455
00:24:52.319 --> 00:24:56.319
this power of attorney, not knowing dumb, dumb and the

456
00:24:56.359 --> 00:24:59.400
bank she walked in there. He passed away two thirty

457
00:24:59.400 --> 00:25:01.799
in the morning. She walks into the bank at nine

458
00:25:01.839 --> 00:25:04.799
o'clock with the power for Turney in her hand. She

459
00:25:04.920 --> 00:25:08.319
clears out his account bank and I knew, and I

460
00:25:08.400 --> 00:25:10.880
know the bank was on alert because when I was

461
00:25:10.880 --> 00:25:14.480
made aware and walked in there, she closes the account,

462
00:25:14.519 --> 00:25:17.119
which was great for us because guess what, he still

463
00:25:17.160 --> 00:25:19.039
had six paychecks coming.

464
00:25:21.359 --> 00:25:24.000
And then what they came to us, hallelujah.

465
00:25:24.000 --> 00:25:25.799
And I had to be on I'm on the phone

466
00:25:25.839 --> 00:25:29.400
with the personnel department in New Jersey with the bank

467
00:25:29.480 --> 00:25:30.359
manager and they're.

468
00:25:30.200 --> 00:25:32.839
Like, oh my god, we're so sorry. Yeah. Yeah, I

469
00:25:32.839 --> 00:25:33.799
could have owned the bank.

470
00:25:34.119 --> 00:25:36.200
I could have owned the phone, but God said no,

471
00:25:36.319 --> 00:25:39.799
stand down, stand down. And that little thing took out

472
00:25:39.839 --> 00:25:42.000
one thousand and ninety eight dollars and thirty four per cents.

473
00:25:42.000 --> 00:25:44.200
So I told her his family go get that from her.

474
00:25:44.599 --> 00:25:44.920
Thank you.

475
00:25:44.960 --> 00:25:51.799
I'm sorry. Yeah, okay, if you have a trust and

476
00:25:51.839 --> 00:25:52.599
the executor.

477
00:25:52.799 --> 00:25:53.839
Is that a good start?

478
00:25:55.440 --> 00:25:59.440
Well, if you have a trust, I don't know if

479
00:25:59.440 --> 00:26:00.000
you have a trust.

480
00:26:00.039 --> 00:26:04.200
So a trust is that document that kind of sets

481
00:26:04.200 --> 00:26:07.680
forth what's going to happen to the assets in it

482
00:26:07.759 --> 00:26:11.880
once you pass right. And then an executor and we

483
00:26:11.960 --> 00:26:14.960
call it a personal representative here in Florida executors up north,

484
00:26:15.359 --> 00:26:19.519
but the executors the person that is the fiduciary under

485
00:26:19.519 --> 00:26:22.079
the will. So if the if you had probate assets,

486
00:26:22.519 --> 00:26:25.000
the executor would be or the personal representative would be

487
00:26:25.000 --> 00:26:27.359
the person that went to court that you know, put

488
00:26:27.400 --> 00:26:29.839
the petition to the judge that does all that kind

489
00:26:29.880 --> 00:26:34.000
of work, meets with the attorney. So yeah, if you

490
00:26:34.079 --> 00:26:36.839
have a will and and a trust, that's a that's

491
00:26:36.880 --> 00:26:39.440
a good start. If they were you know, validly executed

492
00:26:39.519 --> 00:26:45.519
and and another big estate planning mistake funded right funding

493
00:26:45.640 --> 00:26:47.960
you can't. Attorneys will send you out the door with

494
00:26:48.000 --> 00:26:51.640
a beautiful trust, a beautiful trust that covers everything. And

495
00:26:51.720 --> 00:26:54.880
guess what, I'll be back with the kids two years later,

496
00:26:54.960 --> 00:26:57.799
three years later, and I'll be like, what's in the trust?

497
00:26:58.240 --> 00:26:58.640
What do you mean?

498
00:26:58.680 --> 00:27:00.200
What's in the trust? Nothing? Nothing?

499
00:27:00.559 --> 00:27:02.279
Well, well, you have to fund it. You've got to

500
00:27:02.279 --> 00:27:04.799
put the stuff in the trust. You have to fill

501
00:27:04.839 --> 00:27:08.200
out those beneficiary designations. Put the trust is beneficiary. There's

502
00:27:08.200 --> 00:27:10.839
stuff to do. You can't just sign the trust and go, oh,

503
00:27:10.960 --> 00:27:14.119
got a trust. So if it was validly executed and

504
00:27:14.160 --> 00:27:15.680
it was funded properly.

505
00:27:15.359 --> 00:27:18.359
And you have your will, yeah you should. That should

506
00:27:18.359 --> 00:27:19.079
be a good start.

507
00:27:19.480 --> 00:27:19.799
Amen.

508
00:27:20.279 --> 00:27:23.079
Do we have any other questions rebel out there yet? Okay,

509
00:27:23.119 --> 00:27:26.200
thank you, Charles. What about businesses? Does this information apply

510
00:27:26.400 --> 00:27:29.279
as well? Again, if you have a business, I presume

511
00:27:29.319 --> 00:27:32.000
these means he means that because like I have a building,

512
00:27:32.319 --> 00:27:35.839
but my building is designated as a nonprofit, so I

513
00:27:35.880 --> 00:27:37.680
cannot that's a whole set of rules.

514
00:27:37.720 --> 00:27:40.839
I cannot, you know, will that to anybody?

515
00:27:40.880 --> 00:27:42.680
I have to close that business a whole lot of

516
00:27:42.759 --> 00:27:44.640
it's a whole different step. But go ahead, well, for

517
00:27:44.759 --> 00:27:47.559
profit business or yeah, I would think that's what he's

518
00:27:47.599 --> 00:27:48.039
talking about.

519
00:27:48.559 --> 00:27:52.400
So, yeah, it totally depends on the character of the business,

520
00:27:52.799 --> 00:27:56.319
what type of business it is. So there are different

521
00:27:56.359 --> 00:27:59.440
methods for making sure that a business does.

522
00:27:59.319 --> 00:28:01.319
Not go through pro bit That can go through probate.

523
00:28:02.519 --> 00:28:05.359
But you know, if you have an operating agreement, a

524
00:28:05.400 --> 00:28:09.480
shareholders agreement, those are real good places to start with that,

525
00:28:10.200 --> 00:28:12.720
because that's where it would say, what would happen to

526
00:28:12.759 --> 00:28:14.839
the business, you know, if something were to happen to you?

527
00:28:15.400 --> 00:28:17.079
So yeah, same principle.

528
00:28:17.480 --> 00:28:20.119
And what's the difference between probate and succession?

529
00:28:20.720 --> 00:28:25.680
So we don't we don't really use succession here in Florida.

530
00:28:26.440 --> 00:28:30.519
So probate is the court process by which assets of

531
00:28:30.559 --> 00:28:34.599
a decedent that don't have anyone else owning them, that

532
00:28:34.640 --> 00:28:40.119
don't have a beneficiary, where they're transferred to, uh, depending

533
00:28:40.160 --> 00:28:42.119
on whether you have a will or not, either the

534
00:28:42.160 --> 00:28:44.640
airs if you don't have a will, or the beneficiaries

535
00:28:44.680 --> 00:28:45.960
of the will if you do have a will.

536
00:28:46.839 --> 00:28:48.039
So you know, I.

537
00:28:48.039 --> 00:28:50.920
Would assume succession is the same maybe in a in

538
00:28:50.960 --> 00:28:54.039
a different jurisdiction, but here here it's just probate.

539
00:28:54.480 --> 00:28:54.759
Got you?

540
00:28:55.079 --> 00:28:59.680
And I want to say this, Okay, hang on, Charles, please,

541
00:29:00.279 --> 00:29:03.759
you have bank accounts, you have your kids bank accounts.

542
00:29:04.160 --> 00:29:07.319
Put a beneficiary on the back end of that thing. Okay,

543
00:29:07.720 --> 00:29:10.480
name somebody that this can go to. I've missed out

544
00:29:10.480 --> 00:29:12.920
on two aunts because they didn't have a will. They

545
00:29:12.960 --> 00:29:14.759
didn't put me on the thing. My aunt said, Lisa,

546
00:29:14.799 --> 00:29:18.039
you're going to get everything I got nothing because my

547
00:29:18.160 --> 00:29:21.599
name was nowhere on any especially the bank. It was

548
00:29:21.640 --> 00:29:23.559
not there, and I took it to the bank all

549
00:29:23.559 --> 00:29:26.000
the time, but it didn't matter. You know, it's all

550
00:29:26.039 --> 00:29:29.440
about what HRS used to say, now DC, yup. If

551
00:29:29.440 --> 00:29:32.519
it's not in writing, it don't exist. You can have

552
00:29:32.559 --> 00:29:34.839
all these great plans in your head. That's where they

553
00:29:34.839 --> 00:29:35.759
stay in your head.

554
00:29:35.799 --> 00:29:38.680
And yeah, thinking of it, and you just brought a

555
00:29:38.680 --> 00:29:43.200
great point out and that again, that goes hand in

556
00:29:43.240 --> 00:29:45.599
hand with the knowing the spouse knowing kind of what

557
00:29:45.680 --> 00:29:49.200
you have. Make sure you keep some statements from you know,

558
00:29:49.279 --> 00:29:51.720
all the accounts so your kids don't have to dig

559
00:29:51.759 --> 00:29:54.279
through your mail, which is like ninety nine percent of time.

560
00:29:54.319 --> 00:29:56.359
That's what they've got to do is dig through the

561
00:29:56.359 --> 00:29:59.519
mail and find you know, what you had, and that's

562
00:29:59.559 --> 00:30:03.039
not fair. They're already grieving, So have things prepared. That's

563
00:30:03.119 --> 00:30:03.839
that's a big thing.

564
00:30:04.400 --> 00:30:05.920
Thank you, Charles. What was your question?

565
00:30:05.960 --> 00:30:07.880
Would it not be better to put the assets in

566
00:30:08.000 --> 00:30:10.240
Would it not be better to put the assets in

567
00:30:10.319 --> 00:30:10.839
a trust?

568
00:30:11.640 --> 00:30:16.480
Again, it depends on you know what your specific circumstances are,

569
00:30:17.240 --> 00:30:19.480
so you know, trust to avoid probate. So if you

570
00:30:19.519 --> 00:30:22.680
put your assets into a trust, that's going to avoid probate.

571
00:30:23.000 --> 00:30:28.000
So are beneficiary designations they avoid probate as well. Trusts

572
00:30:28.039 --> 00:30:31.319
also have you know, high administrative is you know issues,

573
00:30:31.559 --> 00:30:33.680
You have to have a trustee, you have to file

574
00:30:33.720 --> 00:30:35.960
a notice of trust with the court when you die,

575
00:30:35.960 --> 00:30:38.559
you have to get as a tax ID number for

576
00:30:38.599 --> 00:30:42.599
the trust. It is administratively, you know, kind of a nightmare.

577
00:30:42.680 --> 00:30:44.759
So those are the kind of things you have to

578
00:30:44.759 --> 00:30:47.720
think about there. You know, it might be easy for you,

579
00:30:48.559 --> 00:30:50.160
but is it going to be easy for the kids

580
00:30:50.200 --> 00:30:52.720
to navigate, especially if you don't have like a significant

581
00:30:52.759 --> 00:30:56.359
amount of assets that make it worth while. You know,

582
00:30:57.599 --> 00:30:59.880
you know, a trust is probably not gonna not gonna

583
00:30:59.880 --> 00:31:02.720
work work again unless you have those family situations that

584
00:31:02.759 --> 00:31:03.480
we talked about.

585
00:31:03.839 --> 00:31:06.319
How often should you update your will? Thank you Mickey.

586
00:31:07.480 --> 00:31:11.240
So I tell my clients, you know, when there's a

587
00:31:11.279 --> 00:31:14.839
family change. So when there's a change, come in and

588
00:31:14.880 --> 00:31:19.640
see me. If somebody passes. But normally built into the

589
00:31:19.680 --> 00:31:23.279
will as a series of like succession, you know, contingencies.

590
00:31:23.720 --> 00:31:26.400
So normally you know, we're going to say all to

591
00:31:26.440 --> 00:31:28.720
the spouse if living. If not living, then it's going

592
00:31:28.759 --> 00:31:30.319
to go the two kids in equal shares. If one

593
00:31:30.359 --> 00:31:33.200
of them is we You know, lawyers are always about contingencies,

594
00:31:33.240 --> 00:31:35.079
so we have like a million of them in there.

595
00:31:35.119 --> 00:31:39.119
So normally, unless we run out of people or you

596
00:31:39.200 --> 00:31:42.519
want to change a personal representative or executor, we're going

597
00:31:42.599 --> 00:31:44.799
to tell you if the law changes. But they don't

598
00:31:44.880 --> 00:31:47.920
change it very frequently. As it relates to wills, powers

599
00:31:47.960 --> 00:31:49.839
attorney every five years.

600
00:31:50.160 --> 00:31:53.680
Okay, do wills have to be registered somewhere.

601
00:31:54.240 --> 00:31:55.559
So while you're living.

602
00:31:56.240 --> 00:32:00.240
No, while you're living, the original is very import orton

603
00:32:00.920 --> 00:32:03.960
because if you lose it, it's presumed you intended to

604
00:32:03.960 --> 00:32:07.880
destroy it. So I always usually advise my clients to

605
00:32:07.960 --> 00:32:12.200
leave it with me. But yeah, no, there's I'm sorry,

606
00:32:12.200 --> 00:32:13.160
what was the question again.

607
00:32:13.000 --> 00:32:18.319
I just just forgot it right after death, I'm sorry.

608
00:32:18.400 --> 00:32:19.359
After death they do.

609
00:32:19.839 --> 00:32:22.920
They're depositive with the court in which the decedent was

610
00:32:22.960 --> 00:32:27.519
domiciled at the time of their death. It's six or

611
00:32:27.559 --> 00:32:31.000
seven dollars, depending on the county. And then they just

612
00:32:31.079 --> 00:32:34.839
even if there's no probate, they are deposited and it's

613
00:32:34.960 --> 00:32:37.519
supposed to be within ten days of the date that

614
00:32:37.599 --> 00:32:39.799
the person holding the will was notified.

615
00:32:41.079 --> 00:32:44.119
What if the will is just handwritten, not notarized, A witness.

616
00:32:44.160 --> 00:32:47.200
Okay, now we talking about to read the Franklin. Franklin.

617
00:32:47.240 --> 00:32:49.680
They found five different wills. There was one that was

618
00:32:50.079 --> 00:32:50.680
in the couch.

619
00:32:50.759 --> 00:32:52.039
There's one in the couch.

620
00:32:52.000 --> 00:32:53.519
Under the couch the legal pad.

621
00:32:54.000 --> 00:32:57.039
I mean Jesus, and please help us all yeah, all right,

622
00:32:57.119 --> 00:32:58.319
James Brown, all those.

623
00:32:58.160 --> 00:33:02.160
Folks, okay, please please to answer that law. I have mercy.

624
00:33:02.559 --> 00:33:07.920
Please, So Florida, No, that is going to be an

625
00:33:07.960 --> 00:33:13.839
invalid a completely invalid will. Handwritten wills or you know,

626
00:33:15.039 --> 00:33:18.319
we call them holographic wills, and they are not admissible

627
00:33:18.359 --> 00:33:21.160
in the state of Florida, so especially the witnesses and

628
00:33:21.200 --> 00:33:21.559
the notary.

629
00:33:21.599 --> 00:33:24.119
And that's like the most important.

630
00:33:24.200 --> 00:33:27.000
Amen, thank you, thank you for making that because they

631
00:33:27.039 --> 00:33:30.480
still I don't think they've set a little Rita's real yet. Yeah,

632
00:33:31.160 --> 00:33:33.839
and they're not going to because it's all over the place.

633
00:33:34.319 --> 00:33:37.759
And please don't do that to your family, okay, and

634
00:33:37.799 --> 00:33:42.039
be careful who you designate, you know, even giving fifty

635
00:33:42.039 --> 00:33:44.559
percent to I want to go back to something real quickly.

636
00:33:45.119 --> 00:33:47.920
When I used to as I did therapy, and I

637
00:33:47.920 --> 00:33:54.039
would have mainly my disabled neurologically disabled as a client,

638
00:33:54.440 --> 00:33:57.160
and the parent, the aging parent would come in and

639
00:33:57.160 --> 00:33:59.640
They're like, well, if anything happens to me and my husband,

640
00:33:59.680 --> 00:34:01.759
you know, he's got a brother, he's got a sister.

641
00:34:01.759 --> 00:34:03.559
They're gonna take care of him. I said, no, no,

642
00:34:03.720 --> 00:34:05.799
I think you need to have a conversation with them.

643
00:34:06.119 --> 00:34:08.360
And I would have them if they were just adamant.

644
00:34:08.400 --> 00:34:10.800
Oh no, he's gonna you know, Billy's gonna take care

645
00:34:10.840 --> 00:34:13.400
of his brother. I'm like, okay, let's bring Billy into

646
00:34:13.440 --> 00:34:15.559
the next session. I want to talk to him and stuff.

647
00:34:15.760 --> 00:34:18.960
And it never fails. I said, so, Billy, what do

648
00:34:19.039 --> 00:34:21.679
you He's a senior in high school and I'm like, so,

649
00:34:21.840 --> 00:34:23.519
what are your plans for your future?

650
00:34:23.519 --> 00:34:23.639
Oh?

651
00:34:23.679 --> 00:34:26.519
I'm going away to college, far away. I'm like, oh,

652
00:34:26.559 --> 00:34:28.480
here we go. I put the pen down there and

653
00:34:28.559 --> 00:34:30.800
sit back. I said, Okay, here we go. And I

654
00:34:30.840 --> 00:34:33.679
said so, I mean, but your mom, your dad is

655
00:34:33.800 --> 00:34:37.519
expecting you to if something should happen to them, he said,

656
00:34:37.559 --> 00:34:39.760
and if this kid said no, he needs they need

657
00:34:39.800 --> 00:34:42.679
to get somebody else, because Jimmy gets all the attention.

658
00:34:42.880 --> 00:34:46.440
I said, oh, here we go, Here we go, and

659
00:34:46.800 --> 00:34:49.400
he needs all the attention, so why should I No,

660
00:34:49.760 --> 00:34:52.800
I'm going far away. I'm not even coming back for Thanksgiving.

661
00:34:52.880 --> 00:34:55.000
I'll come back for Christmas, but I'm not even coming

662
00:34:55.039 --> 00:34:56.840
back to the parents sitting there. I've had a few

663
00:34:56.840 --> 00:34:59.159
parents that were disillusioned and they're like they couldn't believe

664
00:34:59.199 --> 00:34:59.880
what they were hearing.

665
00:35:00.119 --> 00:35:01.760
So I said, can you repeat that again?

666
00:35:02.199 --> 00:35:03.920
But then I had some this, and then I would

667
00:35:03.920 --> 00:35:05.599
say to them, what you're going to do about that?

668
00:35:05.760 --> 00:35:08.280
You're going to need somebody else. And that's where mid

669
00:35:08.320 --> 00:35:11.000
waiver came into play, you know, trying to help someone

670
00:35:11.079 --> 00:35:13.599
you know, get the adult child out of the home,

671
00:35:13.920 --> 00:35:16.000
get them in an apartment with a couple of other people,

672
00:35:16.119 --> 00:35:18.480
and then a support coordinator, all that kind of stuff.

673
00:35:18.559 --> 00:35:21.920
That's where all that came from. Yeah, I mean, it's

674
00:35:22.599 --> 00:35:24.480
it's not instone.

675
00:35:23.760 --> 00:35:25.320
That you who you think is going to take care

676
00:35:25.320 --> 00:35:26.639
of people will take care of it.

677
00:35:26.800 --> 00:35:27.320
It isn't.

678
00:35:27.639 --> 00:35:30.239
And that you definitely have to talk to, you know,

679
00:35:30.320 --> 00:35:33.519
your agents before you name them as agents and ensure

680
00:35:33.559 --> 00:35:36.880
that this is what they want to do. They see

681
00:35:36.880 --> 00:35:43.039
that a lot sometimes, and especially with out of state children,

682
00:35:44.119 --> 00:35:46.199
and so you really do have to think about that.

683
00:35:46.320 --> 00:35:49.199
For for financial for the power of attorney, not such

684
00:35:49.199 --> 00:35:49.599
a big deal.

685
00:35:49.639 --> 00:35:52.880
You can do it from anywhere. But with the healthcare surrogate.

686
00:35:53.159 --> 00:35:55.920
You know, it really does help to have somebody in

687
00:35:55.960 --> 00:35:58.679
the state or nearby that can get to you quickly.

688
00:35:59.159 --> 00:36:01.599
What was it last question? Who should be able to

689
00:36:01.599 --> 00:36:04.000
see the will? That's a good one. In a space,

690
00:36:04.719 --> 00:36:05.599
that's a good one.

691
00:36:06.920 --> 00:36:11.239
So so typically typically it's everyone that's named in the will,

692
00:36:11.960 --> 00:36:16.000
and the heirs at law can ask for a copy.

693
00:36:16.039 --> 00:36:19.320
But will's are public record, so you can go to

694
00:36:19.360 --> 00:36:21.960
the clerk and ask for a copy of the will,

695
00:36:22.639 --> 00:36:25.719
certified copy of the will. Yeah, they're public record. They're

696
00:36:25.719 --> 00:36:28.159
not like trust. Trust are not public record. But that's

697
00:36:28.199 --> 00:36:30.559
another reason you might want to trust. If you want

698
00:36:30.559 --> 00:36:32.519
to keep all your estate planning secret, that's a that's

699
00:36:32.559 --> 00:36:33.639
another good way to do it.

700
00:36:34.440 --> 00:36:36.480
But yeah, you mean it.

701
00:36:36.639 --> 00:36:39.159
I could go to Palm Bay and go look up

702
00:36:39.199 --> 00:36:39.920
pastor's will.

703
00:36:40.880 --> 00:36:44.840
No, you can't. They have to be to be dead.

704
00:36:45.639 --> 00:36:46.519
That have to be dead.

705
00:36:46.639 --> 00:36:51.159
That's the okayeah, okay, every tract that thank you forget

706
00:36:51.159 --> 00:36:51.840
I said it.

707
00:36:55.840 --> 00:36:57.800
The one here. How would you know if it was

708
00:36:58.039 --> 00:37:00.960
even had a ballot will question, mickey.

709
00:37:01.639 --> 00:37:04.960
So they they are required to be depositive with the

710
00:37:04.960 --> 00:37:08.559
court within ten days of you know, it's within ten

711
00:37:08.599 --> 00:37:12.039
days of finding out that they've passed. So yeah, the

712
00:37:12.079 --> 00:37:14.719
person holding the will should have deposited it, so you

713
00:37:14.719 --> 00:37:17.400
can check the clerk in the county in which they're

714
00:37:17.440 --> 00:37:21.800
domiciled for a will if you are expecting them to

715
00:37:21.880 --> 00:37:25.559
pass you know soon, and you know you're afraid your

716
00:37:25.639 --> 00:37:28.159
your brother, your sister or your aunt might beat you

717
00:37:28.199 --> 00:37:30.760
to the courthouse to you know, file their will. And

718
00:37:30.800 --> 00:37:33.400
there's another if you think there's going to be any

719
00:37:33.440 --> 00:37:35.920
problems that you might need to object to a probate

720
00:37:36.039 --> 00:37:40.119
or a will, definitely file. Uh, well, go see an attorney.

721
00:37:40.159 --> 00:37:42.840
But we can file what's called a caveat in advance

722
00:37:42.920 --> 00:37:46.239
of death. And that way, when a probate does get filed,

723
00:37:46.360 --> 00:37:50.079
they are they have to notify you and then you

724
00:37:50.119 --> 00:37:51.719
have a chance to object.

725
00:37:51.760 --> 00:37:53.039
But you have to have standing.

726
00:37:53.039 --> 00:37:55.679
You have to be you know, an heir at law

727
00:37:56.000 --> 00:37:58.639
or creditor have some kind of connection.

728
00:37:59.199 --> 00:38:01.960
Got you to what time does a family member have

729
00:38:02.039 --> 00:38:09.079
to question things after someone passes away? Misty, that's that's

730
00:38:09.199 --> 00:38:11.519
that's a brabo real reality show.

731
00:38:11.679 --> 00:38:12.639
Okay, there we go.

732
00:38:13.159 --> 00:38:16.880
So it and I'm going to use the default lawyer answer,

733
00:38:16.880 --> 00:38:19.920
which is it depends, right, it depends on what what

734
00:38:19.960 --> 00:38:23.079
you are to the decedent, So I mean, are you

735
00:38:23.119 --> 00:38:26.000
a beneficiary in the will and you got served, then

736
00:38:26.199 --> 00:38:28.280
the paperwork will tell you how long you have you know,

737
00:38:28.280 --> 00:38:31.559
if you're served formally, sometimes it's twenty days. If you're

738
00:38:31.559 --> 00:38:34.639
inform served informally it's four months. So you know, it

739
00:38:34.719 --> 00:38:37.159
depends on that. If you're just an air at law,

740
00:38:37.960 --> 00:38:41.400
you know you you you can pretty much object, you know,

741
00:38:41.519 --> 00:38:42.840
during the probate proceeding.

742
00:38:43.079 --> 00:38:44.679
I don't know if you're going to object after something.

743
00:38:44.719 --> 00:38:46.960
I'd have to look up, but I've never had it

744
00:38:47.000 --> 00:38:51.840
happen so, but normally during the probate proceeding is when

745
00:38:51.880 --> 00:38:53.159
we would object.

746
00:38:53.559 --> 00:38:55.400
Gotcha. I want to take a break. Here.

747
00:38:55.840 --> 00:39:01.400
You've seen on the ticker h https for slash twice.

748
00:39:01.519 --> 00:39:05.159
Here we go lol dot dash Consultants dot com. That's

749
00:39:05.159 --> 00:39:07.519
my web page and I would like to for everybody

750
00:39:07.639 --> 00:39:10.480
just go on there and subscribe to it. It's free,

751
00:39:10.679 --> 00:39:12.559
but that's where I can be keeping more up to

752
00:39:12.639 --> 00:39:15.039
dated things. I know most of you all are waiting

753
00:39:15.079 --> 00:39:18.000
for on us week the week some of you follow

754
00:39:18.079 --> 00:39:21.079
us on Facebook, but definitely if you go in and

755
00:39:21.119 --> 00:39:23.800
sign off on that sign up on that, you definitely

756
00:39:23.880 --> 00:39:26.559
will be made aware of things. That's going on in

757
00:39:26.639 --> 00:39:29.039
real time a little sooner than than the show.

758
00:39:29.280 --> 00:39:31.760
All right, co hosts your turn.

759
00:39:31.880 --> 00:39:36.559
You all have any questions for this fabulous lady and she's, oh,

760
00:39:36.840 --> 00:39:39.159
you know, you know, well, I'll share.

761
00:39:38.920 --> 00:39:41.039
It with people, but you gotta pay. Got to pay

762
00:39:43.280 --> 00:39:45.880
any questions pastor Well.

763
00:39:47.199 --> 00:39:53.400
You had touched on the the office depot, staples, POA

764
00:39:55.320 --> 00:39:59.280
and living trusts and all that, but what about the

765
00:39:59.480 --> 00:40:07.239
online services like legals or living or wills or living

766
00:40:07.320 --> 00:40:10.760
wills dot com kind of issues like that where you

767
00:40:10.760 --> 00:40:14.840
know they they'll charge you for it, So what would

768
00:40:14.880 --> 00:40:19.760
be the differentiator there versus doing it yourself?

769
00:40:20.360 --> 00:40:23.719
That's it's actually the same, the same kind of method, right,

770
00:40:23.760 --> 00:40:26.880
it's with legal zoom. It's kind of a fill in

771
00:40:27.320 --> 00:40:29.960
the questions, Right, you pick your thing and then you

772
00:40:29.960 --> 00:40:32.639
start filling it in. Well, you pick the rise. I

773
00:40:32.719 --> 00:40:35.880
saw one from legal Zoom. They left out the residuary clause,

774
00:40:35.960 --> 00:40:39.400
the entire residuary. That's like the point of making a will,

775
00:40:39.760 --> 00:40:42.119
so you know, if you don't know what it means

776
00:40:42.920 --> 00:40:44.559
and you're trying to fill.

777
00:40:44.119 --> 00:40:45.719
It out, it's it's going to be wrong.

778
00:40:46.639 --> 00:40:50.760
And again the execution part, executing the document, that's where

779
00:40:50.800 --> 00:40:55.559
a lot of them are completely invalidated, not even a part.

780
00:40:55.840 --> 00:40:58.239
If you sign it wrong it can be can be valid.

781
00:40:58.239 --> 00:41:01.360
The whole thing's tossed. So so it's just to me,

782
00:41:01.519 --> 00:41:06.239
it's just such a big thing to play with on

783
00:41:06.280 --> 00:41:10.480
your own. You know, it's just worth it for the

784
00:41:10.559 --> 00:41:11.519
for the peace of mind.

785
00:41:12.079 --> 00:41:15.000
I also I also do life I'm also in a

786
00:41:15.079 --> 00:41:18.800
license insurance agent as well. And one of the things

787
00:41:18.840 --> 00:41:22.280
that we've always had to ask is if they want

788
00:41:22.320 --> 00:41:29.480
contingent beneficiaries or another term that's used as per sturpees,

789
00:41:30.119 --> 00:41:35.320
And many people don't understand what per sturpies means, and

790
00:41:36.000 --> 00:41:40.119
it means that if the beneficiary passes, then the children

791
00:41:41.039 --> 00:41:45.920
get the their portion of the inheritance. So that should

792
00:41:45.920 --> 00:41:50.239
also be something into consideration when when you're doing a

793
00:41:50.280 --> 00:41:55.519
life insurance, how do you want to balance out the beneficiaries,

794
00:41:55.559 --> 00:41:59.719
Because if you do a contingency and the beneficiary passes,

795
00:41:59.800 --> 00:42:03.199
nothing thing happened, nothing is given to their children. So

796
00:42:03.280 --> 00:42:08.880
that's why it's some that's why these types of plannings

797
00:42:08.960 --> 00:42:14.480
are so essential that you speak with someone who understand

798
00:42:15.119 --> 00:42:21.559
the repercussions afterwards, because when as you touched on Demarus,

799
00:42:21.599 --> 00:42:25.519
that that that those those clauses are so key that

800
00:42:25.800 --> 00:42:30.000
you're not thinking straight because the loved one passed away.

801
00:42:30.880 --> 00:42:35.000
I can speak from experience, because my mother sat my

802
00:42:35.079 --> 00:42:39.239
brother and I down and uh made our favorite meal

803
00:42:39.840 --> 00:42:43.039
and told us that they played they paid for all

804
00:42:43.079 --> 00:42:47.559
the funeral arrangements, and uh we laughed and we got

805
00:42:47.599 --> 00:42:49.480
beaten up for it because we told them that we're

806
00:42:49.480 --> 00:42:53.360
going to be living forever. But the day came, they

807
00:42:53.480 --> 00:42:56.280
came where I was in the middle of a divorce.

808
00:42:56.400 --> 00:42:59.960
My my brother had filed bankruptcy and we wouldn't have

809
00:43:00.159 --> 00:43:04.679
had the funds. So estate planning is always good. And

810
00:43:05.079 --> 00:43:07.519
I'm going to do a cheap plug here for you

811
00:43:07.559 --> 00:43:11.440
tomorrows that it's always good to speak to someone who

812
00:43:11.840 --> 00:43:17.360
really understands what's happening and is able to see beyond.

813
00:43:17.840 --> 00:43:21.800
And that is always essential because if that individual can

814
00:43:21.840 --> 00:43:28.239
see beyond, they're helping you avoid those potholes that you

815
00:43:28.400 --> 00:43:29.400
may not be aware of.

816
00:43:29.760 --> 00:43:30.159
Amen.

817
00:43:30.320 --> 00:43:34.239
Amen, And she does just that. She does this, just that.

818
00:43:34.400 --> 00:43:37.320
I am a stickler for if you know more than me,

819
00:43:37.920 --> 00:43:40.239
you take the floor. I will sit here. You tell

820
00:43:40.280 --> 00:43:42.239
me what I need to do, and I give you

821
00:43:42.280 --> 00:43:44.960
that authority. I give you that permission. She she's a

822
00:43:44.960 --> 00:43:48.280
social worker deep down too. She won't say that, but

823
00:43:48.639 --> 00:43:54.639
she really, but you know it's it's we'll get with it.

824
00:43:54.800 --> 00:43:59.280
Here go missy. She yeah, she's one of a kind.

825
00:44:00.280 --> 00:44:02.679
Some lawyers are in a rush and you know they

826
00:44:02.719 --> 00:44:05.559
got no she's she's when she told you in the beginning,

827
00:44:05.639 --> 00:44:08.320
I'm gonna be asking you these questions. I need to

828
00:44:08.320 --> 00:44:11.320
know what your family character looks like. I need to

829
00:44:11.320 --> 00:44:13.519
know what is it that you really want to do.

830
00:44:13.880 --> 00:44:16.760
And she has to get into your business. She has

831
00:44:16.800 --> 00:44:18.679
to get in there so she can give you the

832
00:44:18.760 --> 00:44:22.920
right product done done. So yeah, thank you, pastor. You

833
00:44:22.960 --> 00:44:25.559
know I double a second that. You know, you got

834
00:44:25.599 --> 00:44:27.599
to get somebody that you can trust. And I mean

835
00:44:27.679 --> 00:44:31.360
this is huge. She she she got she's she's got

836
00:44:31.440 --> 00:44:34.519
the a knowledge, she's got your information, and she knows

837
00:44:34.519 --> 00:44:35.239
what's best for you.

838
00:44:35.320 --> 00:44:36.920
That's why I could call on her, and you know,

839
00:44:36.960 --> 00:44:38.239
I gotta get to her.

840
00:44:38.239 --> 00:44:40.440
But I get to her and say, hey, you know

841
00:44:40.719 --> 00:44:43.239
everybody's talking about, you know, the Sea Corp thing. I know,

842
00:44:43.280 --> 00:44:45.320
if we got a couple of minutes here, the Sea

843
00:44:45.360 --> 00:44:47.039
corpor If you gotta trust, you got to put it

844
00:44:47.079 --> 00:44:48.599
in the Sea Corp. And then you got to do this,

845
00:44:48.920 --> 00:44:51.679
and you're adding these layers. And I'm like, okay, I

846
00:44:51.760 --> 00:44:54.679
know where my culture is getting that from, because they're

847
00:44:54.719 --> 00:44:58.400
saying the elite, the wealthy folks do that, and so

848
00:44:58.480 --> 00:45:01.039
somebody leaked it and they got started getting so all

849
00:45:01.079 --> 00:45:04.119
of a sudden, now on the reels on Facebook, Oh

850
00:45:04.159 --> 00:45:05.440
you got to have a sea court, you got to

851
00:45:05.480 --> 00:45:06.000
have a seat court.

852
00:45:06.039 --> 00:45:08.280
And I'm like, eh, and so what did I do?

853
00:45:08.679 --> 00:45:12.880
Make an appointment, got a consultant, I have a own retainer.

854
00:45:13.119 --> 00:45:13.760
I really don't.

855
00:45:13.800 --> 00:45:16.480
But anyway, and I didn't and I didn't make you

856
00:45:16.519 --> 00:45:17.280
spend money.

857
00:45:17.800 --> 00:45:20.920
You didn't. I drove all the way over there. She said,

858
00:45:21.000 --> 00:45:22.639
what are you doing? So can you?

859
00:45:22.760 --> 00:45:25.400
I mean, I know that's not your area of specialty,

860
00:45:25.440 --> 00:45:27.880
but you knew enough to calm me down.

861
00:45:28.199 --> 00:45:30.280
So so what would your cake on that be?

862
00:45:30.679 --> 00:45:34.000
Well, so a lot of people, and you're not the

863
00:45:34.119 --> 00:45:36.480
you're not the only one. You're not alone. I get

864
00:45:36.480 --> 00:45:39.199
this a lot where you know, they heard that if

865
00:45:39.239 --> 00:45:41.639
they use this kind of trust or they do this,

866
00:45:41.880 --> 00:45:45.800
you know this special kind of you know, this one

867
00:45:45.840 --> 00:45:48.320
owns this and we're going to get some tax breaks.

868
00:45:48.360 --> 00:45:51.320
And nine times out of ten, one the advice is wrong.

869
00:45:51.440 --> 00:45:56.480
Because it's from the internet, and then or two it's

870
00:45:56.719 --> 00:46:01.440
it's meant for a different you know, a different people

871
00:46:01.440 --> 00:46:04.800
with different levels of wealth for instance, or different like

872
00:46:04.840 --> 00:46:07.840
the character of the assets is different. So everything is

873
00:46:07.880 --> 00:46:11.719
a case by case basis. But a lot of those

874
00:46:12.400 --> 00:46:17.119
very complex things can can really be simplified if you

875
00:46:17.119 --> 00:46:21.039
go to a good attorney so and and simplify all

876
00:46:21.079 --> 00:46:24.719
the headaches you're gonna have in the future too. But yeah,

877
00:46:24.920 --> 00:46:27.800
you know, a lot of times in LLC is is

878
00:46:27.960 --> 00:46:31.559
uh the easiest and and uh cheapest way to go,

879
00:46:31.599 --> 00:46:33.880
and it's going to accomplish what your goals most of

880
00:46:33.920 --> 00:46:38.239
the time, you know, if we're talking you know, uh

881
00:46:38.400 --> 00:46:41.320
tax strategies or you have other income, maybe you know

882
00:46:41.400 --> 00:46:45.239
we we do something different. But for most people, most

883
00:46:45.239 --> 00:46:48.519
of my clients, LLC is what what they end up

884
00:46:48.559 --> 00:46:48.960
going with.

885
00:46:50.159 --> 00:46:53.760
What was that last question? Hang on, I have a past. Okay,

886
00:46:53.880 --> 00:46:56.039
oh okay, hang on, just a quick second. What was

887
00:46:56.039 --> 00:46:57.840
that last question? Rebel?

888
00:46:58.280 --> 00:46:58.440
Uh?

889
00:46:58.480 --> 00:46:59.400
So the assets?

890
00:46:59.440 --> 00:47:02.199
I think what about oh no, what's the difference between no, no,

891
00:47:02.679 --> 00:47:04.719
go all the way to the end. So I think

892
00:47:04.760 --> 00:47:07.519
it was misty they said something. Okay, Well, if we

893
00:47:07.519 --> 00:47:09.280
can't find that, that's Okay, we did we did that.

894
00:47:09.519 --> 00:47:11.079
What is it written with? You know?

895
00:47:11.559 --> 00:47:11.920
Baalid?

896
00:47:12.079 --> 00:47:15.079
Okay, no, you know it's talking about how would you

897
00:47:15.119 --> 00:47:18.280
know if no one's talking about at the assets? How

898
00:47:18.320 --> 00:47:20.840
would you know if no one is talking about the asset?

899
00:47:20.880 --> 00:47:24.360
Oh, they talking about them? What are you talking about?

900
00:47:25.760 --> 00:47:29.800
How would you know the anybody's talking about assets? Well,

901
00:47:30.000 --> 00:47:32.800
the probabary people should be talking about assets. If I

902
00:47:32.800 --> 00:47:35.719
don't get if it's figurines in the house or you know,

903
00:47:35.880 --> 00:47:37.000
what counts as assets?

904
00:47:37.440 --> 00:47:38.320
What counts?

905
00:47:38.559 --> 00:47:39.440
Okay, yeah, there we go.

906
00:47:40.119 --> 00:47:44.000
Every you know, pretty much everything that you pass away

907
00:47:44.000 --> 00:47:45.159
with is gonna count as an asset.

908
00:47:45.199 --> 00:47:45.760
What counts as a.

909
00:47:45.760 --> 00:47:49.119
Probate asset are assets that do not have a beneficiary

910
00:47:49.159 --> 00:47:50.840
and do not have a joint account holder.

911
00:47:51.760 --> 00:47:53.199
Those assets go through probate.

912
00:47:53.320 --> 00:47:55.639
The other the other thing is, and what people don't

913
00:47:55.679 --> 00:47:59.039
understand is that when you put beneficiaries on things, or

914
00:47:59.039 --> 00:48:03.199
when you're own things with another person, when you pass,

915
00:48:03.760 --> 00:48:07.440
if you have creditors, they go away very very unhappy.

916
00:48:08.440 --> 00:48:09.760
So, uh, they.

917
00:48:09.639 --> 00:48:12.159
Don't have anything to claim to put a claim against.

918
00:48:12.159 --> 00:48:14.679
There's no probate, So they can't file a claim against

919
00:48:14.760 --> 00:48:17.000
probate assets because there's no probate assets. They all went

920
00:48:17.039 --> 00:48:19.960
to beneficiary. So that's another good reason. You have a

921
00:48:20.039 --> 00:48:24.079
huge credit card bill and you pass. No one's inheriting

922
00:48:24.159 --> 00:48:26.800
that bill. It's going away if you don't have a probate.

923
00:48:27.159 --> 00:48:28.039
Okay, real quick.

924
00:48:28.199 --> 00:48:30.880
Louisiana has different law than the rest of the country.

925
00:48:32.159 --> 00:48:34.639
Advice for anyone in that state who may have lost.

926
00:48:34.360 --> 00:48:38.199
A loved one, we have that one.

927
00:48:38.400 --> 00:48:39.280
Thank you.

928
00:48:39.599 --> 00:48:43.480
Definitely say, you know, go see an attorney. Even if

929
00:48:43.519 --> 00:48:46.920
all you do is get a consult Generally the consoles

930
00:48:47.000 --> 00:48:51.000
under five hundred bucks, and you're gonna get so much information,

931
00:48:51.199 --> 00:48:54.159
at least a basic understanding of how probate works and

932
00:48:54.280 --> 00:48:56.760
what your rights are as a beneficiary or you know,

933
00:48:57.159 --> 00:49:01.320
whatever relationship you have. But that that's what I would say,

934
00:49:01.440 --> 00:49:04.679
is just go go see a lawyer. It's not scary.

935
00:49:05.000 --> 00:49:08.239
Most of us are very nice. So you know, just

936
00:49:08.320 --> 00:49:10.239
make make an apavement. You can't even do it online,

937
00:49:10.920 --> 00:49:13.519
but get a good one, you know, don't don't just

938
00:49:14.320 --> 00:49:16.159
you know, scroll through Google, not get a referral.

939
00:49:16.199 --> 00:49:16.519
Amen.

940
00:49:16.840 --> 00:49:18.599
Yeah, I tried to get some attorney in real estate

941
00:49:18.639 --> 00:49:21.880
attorneys and I went through this whole thing and I

942
00:49:22.039 --> 00:49:23.119
asked for a consultation.

943
00:49:23.239 --> 00:49:26.679
No one's responded back. So it's an empty hole. Pastor.

944
00:49:26.760 --> 00:49:28.360
I know you have something real quick you want to

945
00:49:28.480 --> 00:49:29.960
add real quickly. What do you want to do?

946
00:49:30.480 --> 00:49:34.280
Oh yeah, okay, very good. All right, Attorney Claud, thank

947
00:49:34.320 --> 00:49:39.880
you so much. And now you're gonna get some calls.

948
00:49:39.920 --> 00:49:42.000
You're gonna get some calls. Hey, I heard that you've

949
00:49:42.039 --> 00:49:42.920
said on the show.

950
00:49:43.239 --> 00:49:45.280
You know, but praise God with that, and thank you

951
00:49:45.360 --> 00:49:48.760
so much for being that extended family for me when

952
00:49:48.840 --> 00:49:51.239
you know, with my situation and everything else.

953
00:49:51.039 --> 00:49:53.920
And really you just don't know what it means to me.

954
00:49:54.159 --> 00:49:54.719
Being a child.

955
00:49:54.719 --> 00:49:58.079
Pressport doesn't make your beneficiary, no, unless you've listed as that.

956
00:49:58.480 --> 00:50:00.760
Unlest somebody put your name down as a beneficiary.

957
00:50:00.960 --> 00:50:01.960
Don't have to be in the will.

958
00:50:02.039 --> 00:50:03.960
Man got to be in the will. All right.

959
00:50:04.000 --> 00:50:05.800
That's it. That's it for us. We're gonna see you

960
00:50:05.840 --> 00:50:10.320
next week, same time, same stations. Stay safe, night night,

961
00:50:10.519 --> 00:51:00.840
Thank you, Attorney Cloud. This is