1 00:00:07,920 --> 00:00:13,079 Suze: March 26, 2026. Did you like that, KT? 2 00:00:14,199 --> 00:00:15,239 KT: Is it Spring? 3 00:00:16,030 --> 00:00:17,250 Suze: I don't know, maybe. 4 00:00:17,860 --> 00:00:19,090 KT: Did Dpring happen? 5 00:00:20,040 --> 00:00:22,799 Suze: That's very sad that we don't know, but, but we'll 6 00:00:22,799 --> 00:00:23,579 Suze: continue this. 7 00:00:23,639 --> 00:00:26,479 KT: I feel like it's, I feel like Spring is in 8 00:00:26,479 --> 00:00:27,920 KT: the air. Let's put it that way. 9 00:00:27,989 --> 00:00:30,559 Suze: All right. Welcome everybody to the Women in Money podcast, 10 00:00:30,639 --> 00:00:32,959 Suze: as well as everybody smart enough to listen. 11 00:00:33,700 --> 00:00:36,860 Suze: Today is Ask KT and Suze Anything, and if you 12 00:00:36,860 --> 00:00:40,020 Suze: have a question, you can write it into Ask Suze, 13 00:00:40,110 --> 00:00:44,739 Suze: S U Z E podcast at gmail.com. If KT chooses it, oh, 14 00:00:44,848 --> 00:00:47,889 Suze: we will answer it on the podcast. Now, just know, 15 00:00:48,459 --> 00:00:52,299 Suze: sometimes we edit your emails, OK? Cause they're long. They 16 00:00:52,299 --> 00:00:54,819 Suze: have all this information that nobody else really cares about 17 00:00:54,819 --> 00:00:58,319 Suze: except for us. So, just know that if you hear 18 00:00:58,619 --> 00:01:00,220 Suze: your email on this podcast. 19 00:01:00,680 --> 00:01:01,209 Suze: What do you want to say, KT? 20 00:01:01,330 --> 00:01:04,050 KT: Well, I don't want to chit chat today because I 21 00:01:04,050 --> 00:01:05,849 KT: have lots and lots of questions... 22 00:01:06,319 --> 00:01:07,988 Suze: You always, love to chit chat. 23 00:01:08,010 --> 00:01:10,849 KT: No, you chit chat. She does it, everyone, not me, 24 00:01:10,919 --> 00:01:13,930 KT: but these questions, I have many, so I wanna try 25 00:01:13,930 --> 00:01:14,900 KT: to get through them. 26 00:01:15,040 --> 00:01:17,610 Suze: But wait, first, I wanna say something to all of 27 00:01:17,610 --> 00:01:20,849 Suze: you about the HELOC that I talked about from my 28 00:01:20,849 --> 00:01:26,910 Suze: Alliant.com last Sunday. Tremendous response to it. However... 29 00:01:27,970 --> 00:01:33,120 Suze: It's not in all 50 states. They're able to offer 30 00:01:33,120 --> 00:01:36,809 Suze: it to about 80% of the population. If you go 31 00:01:36,809 --> 00:01:41,010 Suze: to myalliant.com, right on the front page there, it will 32 00:01:41,010 --> 00:01:46,330 Suze: tell you all the states that the HELOC is available for. Listen, 33 00:01:46,370 --> 00:01:47,529 Suze: if it were up to them, they would 34 00:01:47,730 --> 00:01:52,050 Suze: have it in all states, but some states are very particular, 35 00:01:52,330 --> 00:01:55,669 Suze: and they want more rules and regulations. And so therefore 36 00:01:55,889 --> 00:01:58,930 Suze: they are not in those states. So sorry about that. 37 00:01:59,010 --> 00:01:59,809 Suze: All right, KT. 38 00:01:59,930 --> 00:02:03,970 KT: OK. And my first question happens to be regarding the 39 00:02:03,970 --> 00:02:08,889 KT: Alliant Credit Union HELOC from Mike. He said, thanks so 40 00:02:08,889 --> 00:02:12,770 KT: much for the information. This looks like an incredible opportunity. 41 00:02:13,139 --> 00:02:16,508 KT: And here's his question. I own two homes and I 42 00:02:16,508 --> 00:02:22,070 KT: have significantly more equity in my secondary residence than my 43 00:02:22,070 --> 00:02:29,389 KT: primary residence. Is the Alliant HELOC only available on primary residences, 44 00:02:29,399 --> 00:02:32,934 KT: or would my secondary residence qualify? 45 00:02:33,335 --> 00:02:38,054 Suze: Yes, my love, it is available for second residencies as 46 00:02:38,054 --> 00:02:42,054 Suze: long as you are the primary resident of that second 47 00:02:42,054 --> 00:02:43,793 Suze: home of yours. All right, KT. 48 00:02:43,895 --> 00:02:46,853 KT: OK. Next question is from Alicia. 49 00:02:47,339 --> 00:02:51,649 KT: And Alicia asks: Suze, will you give a quick recap 50 00:02:51,649 --> 00:02:55,630 KT: on what should go into revocable trust and what can 51 00:02:55,630 --> 00:03:01,309 KT: be left directly to the beneficiaries, example, life insurance policies 52 00:03:01,309 --> 00:03:04,509 KT: and bank accounts funded to the trust or left to 53 00:03:04,508 --> 00:03:08,830 KT: the beneficiary. I wanna make sure that my beneficiaries get 54 00:03:08,830 --> 00:03:15,389 KT: whatever cash ASAP without having to deal with probate courts. 55 00:03:15,869 --> 00:03:18,750 KT: Wow, Alicia, good for you. And, and the reason I 56 00:03:18,750 --> 00:03:21,668 KT: picked this, I love her subject, quick and dirty recap 57 00:03:21,669 --> 00:03:23,059 KT: on revocable trust. 58 00:03:23,389 --> 00:03:25,389 Suze: I'm not sure anything is quick and dirty when it 59 00:03:25,389 --> 00:03:29,750 Suze: comes to a trust. However, here's the scoop. Anytime you 60 00:03:29,750 --> 00:03:34,270 Suze: can put the name of a beneficiary on anything like 61 00:03:34,270 --> 00:03:35,110 Suze: a life insurance. 62 00:03:35,255 --> 00:03:39,684 Suze: Policy a retirement account, bank accounts that are pay on death, 63 00:03:39,764 --> 00:03:43,604 Suze: whatever it may be, they will pass immediately to your 64 00:03:43,604 --> 00:03:49,244 Suze: beneficiaries without probate just that simple. Everything else really a 65 00:03:49,244 --> 00:03:52,725 Suze: house and things like that should probably be in a trust. However, 66 00:03:52,804 --> 00:03:54,585 Suze: I just wanna say something. 67 00:03:55,210 --> 00:03:58,169 Suze: All of you, all of you have this in your mind. 68 00:03:58,449 --> 00:04:01,410 Suze: How do I get my assets to my beneficiaries without 69 00:04:01,410 --> 00:04:06,690 Suze: probate the fastest? You're not thinking about yourselves. Stop thinking 70 00:04:06,690 --> 00:04:11,149 Suze: just about your beneficiaries. Start thinking about what happens if 71 00:04:11,149 --> 00:04:14,949 Suze: you become incapacitated. What happens if all of a sudden 72 00:04:15,240 --> 00:04:17,570 Suze: you have a stroke, you're in an accident, you're ill, 73 00:04:17,678 --> 00:04:20,170 Suze: whatever it may be. Who's going to pay your bills 74 00:04:20,170 --> 00:04:23,130 Suze: for you? Who's gonna write the check, whatever it may be. 75 00:04:23,529 --> 00:04:27,769 Suze: So a living revocable trust with an incapacity clause in 76 00:04:27,769 --> 00:04:31,940 Suze: it assigns who you are going to have take care 77 00:04:31,940 --> 00:04:34,690 Suze: of you when you can't take care of yourself, just 78 00:04:34,690 --> 00:04:39,890 Suze: that simple, which is why you want a living revocable trust. 79 00:04:39,970 --> 00:04:44,339 Suze: For those of you interested, you know, the must-have documents, $99... 80 00:04:44,410 --> 00:04:47,238 Suze: $2,500 worth of state of the art documents, good in 81 00:04:47,238 --> 00:04:48,429 Suze: all 50 states. 82 00:04:49,010 --> 00:04:53,349 Suze: Just go to must-havedocs.com and check it out. Next, KT. 83 00:04:53,480 --> 00:04:57,929 KT: OK, this is from Greg. In your description of roadmap 84 00:04:57,928 --> 00:05:03,089 KT: for 2026, you mentioned to be careful getting a Medicare 85 00:05:03,089 --> 00:05:07,729 KT: Advantage account. Then you stated sooner or later they will 86 00:05:07,730 --> 00:05:10,489 KT: no longer exist. OK, now. 87 00:05:10,820 --> 00:05:15,100 KT: So Greg's questions are, Suze, how can we be careful 88 00:05:15,100 --> 00:05:19,299 KT: getting a Medicare Advantage account? What makes you believe that 89 00:05:19,299 --> 00:05:24,029 KT: all Medicare Advantage plans will no longer exist sooner or later? 90 00:05:24,260 --> 00:05:27,500 Suze: Yeah, now this is a person that I personally wrote back, KT, 91 00:05:27,660 --> 00:05:31,059 Suze: just so you know. Here's why I think it: because 92 00:05:31,059 --> 00:05:32,119 Suze: it's happened. 93 00:05:32,920 --> 00:05:36,720 Suze: Do I think that Medicare Advantages, all of them are 94 00:05:36,720 --> 00:05:40,959 Suze: gonna go away? No, I don't. But there are certain 95 00:05:40,959 --> 00:05:46,100 Suze: Medicare Advantage plans that have gone away. They've been shut down. 96 00:05:46,119 --> 00:05:48,440 Suze: The people now don't know what to do, and on 97 00:05:48,440 --> 00:05:52,719 Suze: and on and on. So, Medicare Advantage plans do not 98 00:05:52,720 --> 00:05:55,160 Suze: guarantee you that you are always going to be able 99 00:05:55,160 --> 00:05:58,720 Suze: to have that particular plan. 100 00:05:59,470 --> 00:06:02,950 Suze: Overall, are they going to go away? No, but as 101 00:06:02,950 --> 00:06:06,390 Suze: things get rougher, as things get less profitable, whatever it 102 00:06:06,390 --> 00:06:10,510 Suze: may be, yours may close down. You never know, so 103 00:06:10,510 --> 00:06:11,730 Suze: check it out. 104 00:06:12,269 --> 00:06:15,109 Suze: Are they here to stay? How good are they? How 105 00:06:15,109 --> 00:06:17,829 Suze: good is your company? And so on and so forth. 106 00:06:17,950 --> 00:06:18,969 Suze: Next question, KT. 107 00:06:19,070 --> 00:06:22,410 KT: This is, this is one of my favorite questions of all, 108 00:06:22,750 --> 00:06:25,429 KT: only because of the way she wrote it. This is 109 00:06:25,428 --> 00:06:29,149 KT: from Michelle. She said, Hi, Suze and KT. My name 110 00:06:29,149 --> 00:06:33,350 KT: is Michelle. I am a single 36 year old with 111 00:06:33,350 --> 00:06:35,630 KT: a cattle dog named Ladybug. 112 00:06:35,850 --> 00:06:39,700 Suze: Oh, you chose it simply because she has a doggy 113 00:06:39,700 --> 00:06:41,760 Suze: ladybug because I used to call everybody... 114 00:06:41,850 --> 00:06:43,380 KT: A love bug. 115 00:06:43,428 --> 00:06:45,339 Suze: Oh, a love bug. That's right, love bug. 116 00:06:45,450 --> 00:06:48,700 KT: But we all love ladybugs. But Michelle has been in 117 00:06:48,700 --> 00:06:52,540 KT: active duty in the military for 11 years, Suze. Good 118 00:06:52,540 --> 00:06:55,859 KT: on you, Michelle. And she said, my question is, does 119 00:06:55,859 --> 00:06:59,160 KT: it make sense to pay my mortgage off early? 120 00:06:59,559 --> 00:07:05,959 KT: I bought a home in August of 2020 for $285,000 121 00:07:05,959 --> 00:07:07,480 KT: using a VA loan. 122 00:07:07,920 --> 00:07:16,200 KT: $291,500 including the VA funding fee at 2.25% for 30 years. 123 00:07:16,529 --> 00:07:22,040 KT: The principal amount left on the home is $250,000. 124 00:07:22,220 --> 00:07:26,989 Suze: So let me just get this right. 2020, six years ago, 125 00:07:27,489 --> 00:07:31,690 Suze: she bought a home for really $285,000. Here we are... 126 00:07:31,933 --> 00:07:35,553 Suze: Six years later and all she owes on it is what? 127 00:07:35,692 --> 00:07:37,622 KT: $250,000. 128 00:07:37,733 --> 00:07:39,002 Suze: All right, got it. OK. 129 00:07:39,092 --> 00:07:43,523 KT: And she, she got this at 2.25% for 30 years. OK. 130 00:07:44,213 --> 00:07:46,893 KT: Now here's what she's saying: Suze, It feels like it's 131 00:07:46,893 --> 00:07:50,662 KT: taking forever to pay off my home. The principal has 132 00:07:50,662 --> 00:07:55,363 KT: barely gone down. I've been making an extra $100 payment 133 00:07:55,363 --> 00:07:55,592 KT: each month. 134 00:07:56,286 --> 00:07:59,895 KT: Against the principal, I know my interest rate is low 135 00:07:59,895 --> 00:08:03,415 KT: and that the cash plus is a higher interest rate 136 00:08:03,415 --> 00:08:06,575 KT: than my mortgage rate, but I feel like you cannot 137 00:08:06,575 --> 00:08:09,335 KT: put a price on being free from debt and owning 138 00:08:09,335 --> 00:08:13,376 KT: your home outright. Because I'm living comfortably. I'd like to 139 00:08:13,376 --> 00:08:17,415 KT: use my extra money from the cash plus account to 140 00:08:17,415 --> 00:08:20,075 KT: put extra payments toward the principal. 141 00:08:21,000 --> 00:08:24,209 KT: And then she said, ready, Suze, this is the big question. 142 00:08:24,290 --> 00:08:29,190 KT: I'm thinking of putting an extra $20,000 a year towards 143 00:08:29,190 --> 00:08:31,529 KT: the mortgage. Is this a good idea? 144 00:08:31,769 --> 00:08:35,069 Suze: Michelle My Belle, first of all, girlfriend. 145 00:08:36,460 --> 00:08:39,960 Suze: Or as I used to call everybody love bug. All right, 146 00:08:40,099 --> 00:08:42,598 Suze: will you ever forget when I was on Larry King 147 00:08:43,059 --> 00:08:45,739 Suze: and somebody called in and I looked in. I went, Well, 148 00:08:45,820 --> 00:08:50,119 Suze: listen to me, love bug, and he just went, What? What? What? Anyway, 149 00:08:50,169 --> 00:08:55,020 Suze: all right, you are so young. Will you keep this 150 00:08:55,020 --> 00:08:58,169 Suze: home for the rest of your life? Maybe yes, maybe no. 151 00:08:58,429 --> 00:09:00,919 Suze: Things can happen over time. 152 00:09:01,320 --> 00:09:05,140 Suze: So if you think about it, you have to compare 153 00:09:05,440 --> 00:09:10,080 Suze: what would you have if you took $20,000 a year 154 00:09:10,080 --> 00:09:13,280 Suze: and invested it for the same amount of time than 155 00:09:13,280 --> 00:09:15,960 Suze: if you put it towards this mortgage that the house 156 00:09:15,960 --> 00:09:20,799 Suze: would be paid off. Now, if you put $20,000 more 157 00:09:20,799 --> 00:09:24,349 Suze: per year towards your home right now. 158 00:09:25,049 --> 00:09:29,159 Suze: You're gonna have it paid off in approximately eight years, 159 00:09:29,369 --> 00:09:35,330 Suze: just that simple, OK? If you took that $20,000 a 160 00:09:35,330 --> 00:09:37,950 Suze: year and you invested it for, let's say the next 161 00:09:37,950 --> 00:09:43,570 Suze: eight years, right, maybe depending on your investment return, 6, 8%, 162 00:09:43,650 --> 00:09:49,169 Suze: whatever it may be, you would have $200,000 or $250,000. 163 00:09:49,260 --> 00:09:52,650 Suze: So it kind of comes out even over that period 164 00:09:52,650 --> 00:09:53,409 Suze: of time. 165 00:09:53,919 --> 00:09:58,119 Suze: If you just stay paying that 20,000 extra a year, 166 00:09:58,159 --> 00:10:01,599 Suze: you're gonna be mortgage free in 2034. 167 00:10:02,580 --> 00:10:07,210 Suze: That's pretty good if you ask me. However, if you 168 00:10:07,219 --> 00:10:12,460 Suze: just invest $20,000 a year for the next eight years, 169 00:10:12,539 --> 00:10:17,210 Suze: you've now invested it. You continue to put the $100 170 00:10:17,210 --> 00:10:20,539 Suze: a month more towards your mortgage because it's at such 171 00:10:20,539 --> 00:10:24,669 Suze: a low interest rate. In eight years you would probably 172 00:10:24,669 --> 00:10:29,500 Suze: only owe $180,000 on that mortgage. 173 00:10:30,090 --> 00:10:33,449 Suze: Then if you wanted to, you can decide, do you 174 00:10:33,450 --> 00:10:36,089 Suze: want to take the money that you made investing, pay 175 00:10:36,090 --> 00:10:39,450 Suze: off your mortgage or whatever. I don't think I would 176 00:10:39,450 --> 00:10:42,530 Suze: pay it off right here and right now. I would 177 00:10:42,530 --> 00:10:47,849 Suze: give myself more time, especially at this interest rate. You know, KT, 178 00:10:47,969 --> 00:10:51,090 Suze: I don't think people understand that when they buy a 179 00:10:51,090 --> 00:10:53,209 Suze: home and they take out a mortgage. 180 00:10:53,989 --> 00:10:58,429 Suze: That the bank knows that most likely you're going to 181 00:10:58,429 --> 00:11:05,869 Suze: sell that house within seven years. That's on average. So therefore, 100% 182 00:11:05,869 --> 00:11:10,130 Suze: almost of every payment you make does what? It goes 183 00:11:10,130 --> 00:11:14,989 Suze: towards the interest, not towards the mortgage. That's why at 184 00:11:14,989 --> 00:11:19,159 Suze: the ending years of a mortgage, it's all principal payments 185 00:11:19,159 --> 00:11:20,770 Suze: because the bank wants to know. 186 00:11:21,409 --> 00:11:25,049 Suze: If you sell your home in seven years, you still 187 00:11:25,049 --> 00:11:27,929 Suze: owe them almost everything you borrow plus they made interest 188 00:11:27,929 --> 00:11:32,130 Suze: on it for the whole time. So mortgages aren't quite 189 00:11:32,130 --> 00:11:35,270 Suze: as lucrative as one might think. But in this particular case, 190 00:11:35,729 --> 00:11:38,650 Suze: I would invest that money given just what I think 191 00:11:38,650 --> 00:11:39,130 Suze: she can do. 192 00:11:39,330 --> 00:11:40,700 KT: And also she's so young. 193 00:11:40,849 --> 00:11:44,049 Suze: She's young, so we'll see what she thinks eight years 194 00:11:44,049 --> 00:11:46,260 Suze: from now. And if eight years from now she decides, 195 00:11:46,369 --> 00:11:47,090 Suze: you know what... 196 00:11:47,669 --> 00:11:49,989 Suze: I'm gonna keep the house forever. I like it here. 197 00:11:50,229 --> 00:11:52,839 Suze: Just take whatever you invested and pay off the mortgage, 198 00:11:52,900 --> 00:11:54,109 Suze: and you're done, right? 199 00:11:54,590 --> 00:11:59,150 KT: OK. Next is from Karen. Again, this is another HELOC question, Suze. 200 00:11:59,429 --> 00:12:02,070 KT: I'm sure the answer to my question is simple, but 201 00:12:02,070 --> 00:12:03,488 KT: I'm confused anyway. 202 00:12:04,049 --> 00:12:07,590 Suze: Here's your answer. Simple, simple. 203 00:12:07,750 --> 00:12:10,049 KT: Wait, you're not the only one, Karen. 204 00:12:11,010 --> 00:12:14,010 KT: I'm in the process of filing a quick claim to 205 00:12:14,010 --> 00:12:17,450 KT: move my property into a trust, but I want to 206 00:12:17,450 --> 00:12:21,468 KT: take advantage of the Alliant HELOC opportunity. Should I wait 207 00:12:21,469 --> 00:12:24,859 KT: to apply for the HELOC until all of the property 208 00:12:24,859 --> 00:12:27,390 KT: and trust paperwork is complete? 209 00:12:27,770 --> 00:12:30,760 Suze: Good question, girlfriend. And the answer to that is, first, 210 00:12:30,809 --> 00:12:33,809 Suze: do your trust in all the paperwork so that when 211 00:12:33,809 --> 00:12:34,530 Suze: you go to take 212 00:12:34,679 --> 00:12:37,760 Suze: out the HELOC, it will be in the name of 213 00:12:37,760 --> 00:12:40,079 Suze: the trust, which is how it should be. So do 214 00:12:40,080 --> 00:12:43,839 Suze: the transference first for the trust and everything, and then 215 00:12:43,840 --> 00:12:47,419 Suze: do the HELOC. HELOC opportunity, everybody is not gonna go 216 00:12:47,419 --> 00:12:49,079 Suze: away for some time. All right. 217 00:12:49,320 --> 00:12:53,000 KT: Great. OK, next question is for Stacy, and this is 218 00:12:53,000 --> 00:12:56,960 KT: again a great subject line. Suze, thanks for changing my 219 00:12:56,960 --> 00:12:58,340 KT: life for the better. 220 00:12:58,940 --> 00:13:00,580 KT: I love that. I like when... 221 00:13:00,580 --> 00:13:01,319 Suze: Can you say that? 222 00:13:01,739 --> 00:13:04,890 KT: Suze, thanks for changing my, oh, me say it to you? 223 00:13:05,500 --> 00:13:05,625 Suze: Yea. 224 00:13:05,625 --> 00:13:07,000 KT: Oh, Suze. Oh. 225 00:13:09,119 --> 00:13:14,440 KT: You are my jackpot. Oh my goodness, our life has 226 00:13:14,440 --> 00:13:20,039 KT: been changed not only for the better but for the unbelievable. OK, 227 00:13:20,159 --> 00:13:23,159 KT: this is, she said, Hi, Suze and KT. Thank you 228 00:13:23,159 --> 00:13:27,359 KT: for changing my life and helping me to become financially secure. 229 00:13:27,630 --> 00:13:28,830 KT: My question is: 230 00:13:29,572 --> 00:13:32,052 KT: My wife and I have been together for 20 years 231 00:13:32,052 --> 00:13:36,213 KT: and married seven. We are both 58 years old. We 232 00:13:36,213 --> 00:13:39,552 KT: are currently living in a house that's owned by my wife. 233 00:13:39,893 --> 00:13:42,413 KT: She bought it before we got together and has paid 234 00:13:42,413 --> 00:13:46,143 KT: it off over the years on her own. After listening 235 00:13:46,143 --> 00:13:49,492 KT: to your podcast, I've been encouraging her to set up 236 00:13:49,492 --> 00:13:50,153 KT: a trust. 237 00:13:50,306 --> 00:13:53,545 KT: Put the house in a trust rather than just leaving 238 00:13:53,546 --> 00:13:55,085 KT: it to me in her will. 239 00:13:55,226 --> 00:13:55,944 Suze: That's smart. 240 00:13:56,065 --> 00:13:58,745 KT: Well, wait, she's fine with the idea and has done 241 00:13:58,745 --> 00:14:03,165 KT: her must-have document trust. However, when this is the part 242 00:14:03,166 --> 00:14:06,426 KT: that it makes, you're gonna get watch Suze's face, everyone, 243 00:14:06,466 --> 00:14:11,005 KT: if you can imagine what this is gonna do. However, 244 00:14:12,176 --> 00:14:15,385 KT: when she called the title company to inquire about changing 245 00:14:15,385 --> 00:14:18,666 KT: the title, they advised her that she did not need 246 00:14:18,666 --> 00:14:19,505 KT: a trust, 247 00:14:19,789 --> 00:14:23,669 KT: because we are not wealthy people, and she should just 248 00:14:23,669 --> 00:14:26,669 KT: add my name to the title of the house, she 249 00:14:26,669 --> 00:14:30,270 KT: is very willing to do this. However, I am not 250 00:14:30,270 --> 00:14:33,830 KT: sure which is best for her. I have not contributed 251 00:14:33,830 --> 00:14:36,710 KT: directly to her paying off the house. What do you 252 00:14:36,710 --> 00:14:39,409 KT: think is best for her and why? 253 00:14:40,609 --> 00:14:41,150 KT: I know... 254 00:14:42,780 --> 00:14:46,340 KT: Suze has an expression on her face that looks like 255 00:14:46,340 --> 00:14:50,020 KT: if she was sitting across from the title company person 256 00:14:50,020 --> 00:14:53,260 KT: giving this advice, she would strangle them. 257 00:14:53,570 --> 00:14:54,489 KT: Am I right? 258 00:14:54,650 --> 00:14:59,989 Suze: Well, here's the thing. What expertise does possibly a clerk 259 00:15:00,369 --> 00:15:04,010 Suze: who works for the title company, who simply fills out, 260 00:15:04,140 --> 00:15:07,250 Suze: you know, paperwork and does... what the hell do they 261 00:15:07,250 --> 00:15:11,330 Suze: know about the wealth that these people have, the needs 262 00:15:11,330 --> 00:15:14,809 Suze: that these people have, if these people are healthy or not? 263 00:15:15,604 --> 00:15:17,724 Suze: What the hell does that person know? 264 00:15:17,804 --> 00:15:18,945 KT: And it's insulting. 265 00:15:19,085 --> 00:15:22,325 Suze: Well, besides that, no, I have a saying, the less 266 00:15:22,325 --> 00:15:26,234 Suze: money you have, the more you need a trust, because 267 00:15:26,244 --> 00:15:28,945 Suze: when all you have is a will, you are going 268 00:15:29,044 --> 00:15:31,844 Suze: to pay. And if you don't have a lot of money, 269 00:15:32,164 --> 00:15:35,244 Suze: you're gonna have to pay for probate this and that. Next, 270 00:15:35,645 --> 00:15:37,534 Suze: why transfer the name 271 00:15:38,280 --> 00:15:41,440 Suze: into joint tenancy? Why would you do that? And the 272 00:15:41,440 --> 00:15:44,960 Suze: reason that I say that is this. All right, now 273 00:15:44,960 --> 00:15:48,119 Suze: your name is on the house. Now she's gifted you 274 00:15:48,130 --> 00:15:51,500 Suze: half the value of the house, the value of when 275 00:15:51,500 --> 00:15:55,239 Suze: she bought it. Why would you not want to just 276 00:15:55,239 --> 00:15:58,320 Suze: inherit it so you actually get a step up in 277 00:15:58,320 --> 00:16:02,640 Suze: basis if she bought that house for $50,000? Let's just 278 00:16:02,640 --> 00:16:03,479 Suze: say she did. 279 00:16:03,799 --> 00:16:08,880 Suze: And it's now worth $500,000 just in her name. You 280 00:16:08,880 --> 00:16:12,119 Suze: have a living revocable trust where it's held for her 281 00:16:12,119 --> 00:16:15,630 Suze: benefit while she's alive, your benefit after she has died. 282 00:16:15,880 --> 00:16:19,840 Suze: She dies. Now it goes directly to you. No probate. 283 00:16:19,960 --> 00:16:21,859 Suze: Two weeks later it's yours. 284 00:16:22,369 --> 00:16:24,880 Suze: But you also now get a step up in basis. 285 00:16:25,150 --> 00:16:29,460 Suze: So now your cost basis on that house is $500,000. 286 00:16:29,700 --> 00:16:32,979 Suze: If you can't live there anymore, too many memories, whatever, 287 00:16:33,299 --> 00:16:36,380 Suze: you turn around and sell it, guess what? You don't 288 00:16:36,380 --> 00:16:37,700 Suze: pay any capital 289 00:16:37,875 --> 00:16:42,205 Suze: gains tax whatsoever, are you kidding me? And I can 290 00:16:42,205 --> 00:16:47,645 Suze: go on and on and on about it. It absolutely 291 00:16:47,645 --> 00:16:51,044 Suze: should be in a living revocable trust with the must-have 292 00:16:51,044 --> 00:16:55,244 Suze: documents given that she already has them, just held in 293 00:16:55,244 --> 00:17:01,005 Suze: her name. You should be the successor trustee of the trust. 294 00:17:01,599 --> 00:17:05,699 Suze: So if she becomes incapacitated, if something happens to her, 295 00:17:06,079 --> 00:17:09,390 Suze: then you simply take over as the trustee, and then 296 00:17:09,390 --> 00:17:12,430 Suze: you can manage everything for her. But that is the 297 00:17:12,430 --> 00:17:16,599 Suze: most stupid advice I have ever heard coming out of 298 00:17:16,599 --> 00:17:20,310 Suze: a more stupid title person. All right. Ugh. 299 00:17:24,708 --> 00:17:26,068 Suze: It pisses me off. 300 00:17:26,068 --> 00:17:28,409 KT: Suze just needs to cool down for a moment. We're gonna 301 00:17:28,409 --> 00:17:29,058 KT: take a pause. 302 00:17:29,138 --> 00:17:34,308 Suze: Does anybody realize that the damage that's done from people 303 00:17:34,308 --> 00:17:39,348 Suze: who don't know, yet they think they know you're not 304 00:17:39,348 --> 00:17:43,468 Suze: wealthy enough for a trust? Like what the hell is 305 00:17:43,468 --> 00:17:46,548 Suze: that about? Like, is there a dollar amount that you 306 00:17:46,548 --> 00:17:50,269 Suze: can put on incapacity and taking care of one another 307 00:17:50,269 --> 00:17:56,949 Suze: and on and on and on? Really, everybody. Oh, anyway, go on, KT. Just go on. 308 00:17:57,050 --> 00:18:01,270 KT: Well, here's another trust question. This is from Rebecca, and 309 00:18:01,270 --> 00:18:04,949 KT: she said, You've helped me before, and I'm hoping you 310 00:18:04,949 --> 00:18:08,469 KT: can help me as a person is preparing for Medicaid. 311 00:18:08,709 --> 00:18:12,729 KT: Can you explain if they should create an irrevocable trust? 312 00:18:13,189 --> 00:18:16,790 KT: My parents are aging and trust me to guide them 313 00:18:16,790 --> 00:18:20,229 KT: because I listen to you and have listened to you 314 00:18:20,229 --> 00:18:21,229 KT: for years. 315 00:18:21,790 --> 00:18:24,869 KT: So there's a smart person writing in. She said, my 316 00:18:24,869 --> 00:18:28,228 KT: mom and I used your must-have documents for mom's funded 317 00:18:28,229 --> 00:18:33,708 KT: revocable trust. However, I'm concerned that her trust may impact 318 00:18:33,709 --> 00:18:37,630 KT: the Medicaid eligibility. What should we do? 319 00:18:37,869 --> 00:18:40,349 Suze: Yeah, it's not the trust that impacts it. It's the 320 00:18:40,349 --> 00:18:42,099 Suze: amount of money that you have. 321 00:18:42,469 --> 00:18:44,959 Suze: And so a lot of you think that if you 322 00:18:44,959 --> 00:18:48,719 Suze: just did an irrevocable trust, then it's out of your 323 00:18:48,719 --> 00:18:53,599 Suze: mom's name, then she'll qualify for Medicaid. 'Cause that's just 324 00:18:53,599 --> 00:18:55,479 Suze: what you're all thinking for some reason. 325 00:18:55,880 --> 00:18:58,229 Suze: So I want you to go back, I think it's 326 00:18:58,229 --> 00:19:01,280 Suze: either last week or the week before. I did a 327 00:19:01,280 --> 00:19:06,319 Suze: big answer to this particular question. Even if you change 328 00:19:06,319 --> 00:19:09,719 Suze: everything now, just so you know, to an irrevocable trust, 329 00:19:09,880 --> 00:19:13,119 Suze: it still will have a five year look back. But 330 00:19:13,119 --> 00:19:15,079 Suze: here is the bottom line again. 331 00:19:15,719 --> 00:19:19,140 Suze: Do you really want to deplete all your mother's money 332 00:19:19,400 --> 00:19:21,520 Suze: just so she could be on Medicaid, which means she 333 00:19:21,520 --> 00:19:24,879 Suze: doesn't have any money. So now the state, everybody pays 334 00:19:24,880 --> 00:19:27,119 Suze: for her. Do you have any idea of the care 335 00:19:27,119 --> 00:19:31,500 Suze: in a Medicaid nursing home when you're on Medicaid versus 336 00:19:31,500 --> 00:19:35,180 Suze: a private care patient? Do me a favor, go back 337 00:19:35,180 --> 00:19:39,400 Suze: one or two Ask KT and Suze Anythings, right, and 338 00:19:39,400 --> 00:19:42,680 Suze: you'll hear the answer to that question. Ugh, again. 339 00:19:46,069 --> 00:19:50,310 Suze: KT, here's the thing, seriously, I get that people wanna 340 00:19:50,310 --> 00:19:53,900 Suze: protect their money because they don't wanna waste it going 341 00:19:53,900 --> 00:19:56,829 Suze: into a nursing home and doing all these things. I 342 00:19:56,829 --> 00:20:00,229 Suze: get that sometimes the kids want their parents to protect 343 00:20:00,229 --> 00:20:02,709 Suze: the money so that they have money. 344 00:20:03,589 --> 00:20:06,619 Suze: That's what the money of the parents are there for. 345 00:20:07,079 --> 00:20:10,270 Suze: It's not just there so that the kids get to 346 00:20:10,270 --> 00:20:13,770 Suze: inherit money. All of us have money. 347 00:20:14,589 --> 00:20:19,150 Suze: Really, our main priority is that money takes care of us, 348 00:20:19,589 --> 00:20:22,550 Suze: us when we're older, so our kids don't have to 349 00:20:22,550 --> 00:20:25,550 Suze: take care of us, so that we can have help, 350 00:20:25,670 --> 00:20:28,228 Suze: we can have aids, we can, if we have to 351 00:20:28,229 --> 00:20:31,030 Suze: go into a nursing home, go into a nursing home 352 00:20:31,030 --> 00:20:34,239 Suze: with nice care, or we are able to buy long-term 353 00:20:34,239 --> 00:20:37,510 Suze: care insurance or whatever it may be, but the goal 354 00:20:37,510 --> 00:20:39,619 Suze: is not to protect the money, so we end up 355 00:20:39,619 --> 00:20:42,449 Suze: in a nursing home on Medicaid. Wrong. 356 00:20:43,390 --> 00:20:47,930 Suze: Now, if you don't have any money, and that's true, OK, 357 00:20:48,550 --> 00:20:53,510 Suze: but when it's not true, don't hide money, just to 358 00:20:53,510 --> 00:20:54,810 Suze: have money. 359 00:20:56,109 --> 00:20:57,349 Suze: Uh, don't, anyway, go on. 360 00:20:58,930 --> 00:21:00,750 Suze: This has not been a good podcast. 361 00:21:02,420 --> 00:21:04,969 KT: I didn't mean to aggravate you, but, OK, here's... 362 00:21:04,989 --> 00:21:07,900 Suze: You know what, it doesn't aggravate me, KT. It hurts me. 363 00:21:09,969 --> 00:21:13,599 KT: What hurts her the most is when you're all getting 364 00:21:13,819 --> 00:21:17,020 KT: the wrong advice or you're getting advice from people that 365 00:21:17,020 --> 00:21:17,420 KT: are 366 00:21:17,614 --> 00:21:18,844 KT: Basically stupid... 367 00:21:18,844 --> 00:21:21,344 Suze: Or people who wanna make money off of you. 368 00:21:21,344 --> 00:21:24,494 KT: Or they they're whatever for their gain, not yours. 369 00:21:24,885 --> 00:21:28,125 Suze: Listen, I never wanna make money off of you. All 370 00:21:28,125 --> 00:21:30,765 Suze: I want for you is to make money off of 371 00:21:30,765 --> 00:21:32,885 Suze: the advice that I give you. 372 00:21:33,800 --> 00:21:36,209 Suze: It's just that simple, you know what, we're gonna go 373 00:21:36,209 --> 00:21:38,849 Suze: off track here for a second, KT. So the other 374 00:21:38,849 --> 00:21:41,609 Suze: day we're talking about how mad I used to make 375 00:21:41,609 --> 00:21:45,270 Suze: the publishers when I would give a talk, OK. So 376 00:21:45,689 --> 00:21:48,530 Suze: normally what would happen is I would go and give 377 00:21:48,530 --> 00:21:50,930 Suze: a talk, and when I gave a talk, a few 378 00:21:50,930 --> 00:21:53,290 Suze: thousand people would come, if, especially if I was doing 379 00:21:53,290 --> 00:21:57,629 Suze: a book signing, and I would sign books after my talk. 380 00:21:58,010 --> 00:21:58,410 Suze: All right. 381 00:21:58,839 --> 00:22:03,569 Suze: And normally a major bookseller would come there and sell 382 00:22:03,569 --> 00:22:07,530 Suze: the books to everybody, but when a major bookseller goes 383 00:22:07,530 --> 00:22:11,449 Suze: to somebody and author's talk, they sell the book at 384 00:22:11,449 --> 00:22:15,310 Suze: full price, $28 at the time, I think it was. 385 00:22:15,810 --> 00:22:17,030 Suze: What would I do, KT? 386 00:22:17,410 --> 00:22:18,109 KT: Suze would... 387 00:22:19,300 --> 00:22:22,219 KT: Suze would be thrilled to sign the book for people, 388 00:22:22,300 --> 00:22:26,260 KT: but she'd say, Listen, they're selling the books outside, but 389 00:22:26,260 --> 00:22:29,979 KT: they're full cover price. If you wanna save money, go 390 00:22:29,979 --> 00:22:34,199 KT: to Amazon, or she would tell, she would steer them 391 00:22:34,300 --> 00:22:37,209 KT: to a place where her book was being sold for 392 00:22:37,209 --> 00:22:38,670 KT: a significantly less. 393 00:22:38,800 --> 00:22:42,859 Suze: Usually like $10 to $12 cheaper, and I would say, Really, 394 00:22:43,219 --> 00:22:46,139 Suze: my signature in the book isn't that important. Just stand 395 00:22:46,140 --> 00:22:46,300 Suze: in line 396 00:22:46,584 --> 00:22:50,224 Suze: and I'll sign a little bookmark for you, something that 397 00:22:50,224 --> 00:22:53,104 Suze: you could put in your book and save the money. 398 00:22:53,224 --> 00:22:55,864 KT: Can I tell them a great, greater example than that? 399 00:22:55,984 --> 00:22:56,864 Suze: What? Tell me. 400 00:22:56,984 --> 00:23:03,425 KT: Oh my goodness. On QVC, Suze would be educating everyone 401 00:23:03,425 --> 00:23:07,104 KT: about the must-have documents, and there was the must-have document 402 00:23:07,104 --> 00:23:09,265 KT: kit that she would be selling. 403 00:23:09,709 --> 00:23:12,239 KT: And she'd get a phone call. She'd get live, they 404 00:23:12,239 --> 00:23:15,079 KT: called it "T calls", telephone calls would come in live 405 00:23:15,079 --> 00:23:18,040 KT: to the show, and Suze would get a call and 406 00:23:18,040 --> 00:23:21,050 KT: the viewer would say, Suze, I'm so proud. I just 407 00:23:21,050 --> 00:23:24,900 KT: bought the kit and five more for my kids. And 408 00:23:24,900 --> 00:23:27,739 KT: Suze would say, Wait, wait, wait, what did you just say? 409 00:23:28,040 --> 00:23:31,520 KT: I bought your kit and I bought five more for my kids. 410 00:23:32,030 --> 00:23:33,750 KT: Suze would say, OK, stop. 411 00:23:34,319 --> 00:23:37,000 KT: And she'd say to the producer, get this woman's name. 412 00:23:37,140 --> 00:23:40,800 KT: I want you to keep yours and return all the others. 413 00:23:41,060 --> 00:23:45,589 KT: And so they would say, Why? Because mine is shareware. 414 00:23:45,640 --> 00:23:49,920 KT: You do not need to buy one for every person 415 00:23:49,920 --> 00:23:53,180 KT: in your family. You can share it with everyone and 416 00:23:53,180 --> 00:23:55,780 KT: then she'd say, and if you go to church Sunday, 417 00:23:55,979 --> 00:23:57,839 KT: share it with the whole church. 418 00:23:59,160 --> 00:24:02,319 KT: So it was, um, it was fun for her to 419 00:24:02,319 --> 00:24:04,159 KT: do that and then I'd get the phone call in 420 00:24:04,160 --> 00:24:06,760 KT: the green room. What is Suze doing? 421 00:24:07,719 --> 00:24:09,439 Suze: But one thing I just want you to be aware 422 00:24:09,439 --> 00:24:14,560 Suze: of everybody, I would go on QVC and HSN because 423 00:24:14,569 --> 00:24:17,469 Suze: I went on there because there was something that I 424 00:24:17,469 --> 00:24:20,359 Suze: wanted you all to buy at a price that you 425 00:24:20,359 --> 00:24:21,680 Suze: couldn't get anywhere else, number one. 426 00:24:22,844 --> 00:24:27,214 Suze: Number two, why else would you be watching QVC or 427 00:24:27,214 --> 00:24:30,854 Suze: HSN if it wasn't to buy something? So I was 428 00:24:30,854 --> 00:24:34,454 Suze: there knowing that I was selling something when I was 429 00:24:34,454 --> 00:24:38,114 Suze: on the Today Show, when I was on my own show, 430 00:24:38,334 --> 00:24:40,454 Suze: when I was at a book signing, when I was 431 00:24:40,454 --> 00:24:44,655 Suze: at a talk, I never allowed any product to be mentioned. 432 00:24:45,130 --> 00:24:49,500 Suze: And or sold to you at that point in time. Sure, 433 00:24:49,540 --> 00:24:51,939 Suze: I could do an interview about the book and everything, 434 00:24:52,099 --> 00:24:55,938 Suze: but it wasn't a direct sell on it. So just 435 00:24:55,939 --> 00:25:00,300 Suze: know that again, I don't wanna make money off of you. 436 00:25:00,540 --> 00:25:02,979 Suze: I want you to make money off of my advice. 437 00:25:03,060 --> 00:25:03,979 Suze: All right, KT. 438 00:25:04,170 --> 00:25:09,739 KT: OK, next question again, please help Roth confusion. Whenever I 439 00:25:09,739 --> 00:25:12,500 KT: see these questions, I relate, so. 440 00:25:12,989 --> 00:25:16,270 KT: Hi Suze and KT. My Roth IRA was set up 441 00:25:16,270 --> 00:25:19,310 KT: more than five years ago, and if I roll my 442 00:25:19,310 --> 00:25:24,609 KT: Roth 401k into my Roth IRA, will it be treated 443 00:25:24,790 --> 00:25:27,189 KT: as the five plus year old account? 444 00:25:27,630 --> 00:25:29,040 Suze: Yes it will, it will. 445 00:25:29,189 --> 00:25:29,510 KT: All right. 446 00:25:29,790 --> 00:25:34,109 Suze: Remember your Roth 401k when you transfer it to a 447 00:25:34,109 --> 00:25:35,310 Suze: Roth IRA. 448 00:25:35,959 --> 00:25:39,140 Suze: No taxes or anything. It takes on the time limit 449 00:25:39,359 --> 00:25:43,520 Suze: of the Roth IRA. So even if you had a 450 00:25:43,520 --> 00:25:47,719 Suze: Roth 401k or 403B or TSB that had been open 451 00:25:47,719 --> 00:25:51,959 Suze: 10 years, and you had a Roth IRA that had 452 00:25:51,959 --> 00:25:55,390 Suze: only been open one year, it would take on the 453 00:25:55,390 --> 00:25:59,420 Suze: one year time limit of the Roth IRA. 454 00:26:00,219 --> 00:26:04,199 KT: This is from Charles. My last question. Hi, Suze. As 455 00:26:04,199 --> 00:26:07,979 KT: I listened to you and KT recently, I've been wondering 456 00:26:07,979 --> 00:26:11,979 KT: about my parents' plans. I am the executor of their 457 00:26:11,979 --> 00:26:15,839 KT: wills and also have access to their power of attorney 458 00:26:16,030 --> 00:26:16,520 KT: and their living wills. 459 00:26:17,619 --> 00:26:19,489 Suze: I already know where this has going, go on. 460 00:26:19,660 --> 00:26:23,180 KT: I asked them about a living revocable trust, and they 461 00:26:23,180 --> 00:26:26,339 KT: told me they had no need for one. They say 462 00:26:26,339 --> 00:26:29,939 KT: the bulk of their money is in retirement accounts, and 463 00:26:29,939 --> 00:26:33,159 KT: the only property they own is the house they live in. 464 00:26:33,619 --> 00:26:36,659 KT: The only reason I could think of was in case 465 00:26:36,660 --> 00:26:40,660 KT: one of them was not competent to make decisions. They 466 00:26:40,660 --> 00:26:43,380 KT: seemed to think the power of attorney would help in 467 00:26:43,380 --> 00:26:44,510 KT: that situation. 468 00:26:45,000 --> 00:26:48,979 KT: Can you explain to me the reason that they need 469 00:26:48,979 --> 00:26:52,060 KT: a trust, so I can explain to them. 470 00:26:52,400 --> 00:26:55,560 Suze: Mamma and Papa, while it is true that most of 471 00:26:55,560 --> 00:26:59,540 Suze: your assets are in a retirement account and for there 472 00:26:59,719 --> 00:27:04,438 Suze: it should be, each spouse should be the primary beneficiary 473 00:27:04,439 --> 00:27:08,869 Suze: of the other one's retirement account, and the contingent beneficiary 474 00:27:08,869 --> 00:27:11,160 Suze: should be the kids or whoever you want them to be, 475 00:27:11,359 --> 00:27:13,900 Suze: no problem there. But the house... 476 00:27:14,579 --> 00:27:19,829 Suze: The house... number one, why would you want the house 477 00:27:19,829 --> 00:27:25,389 Suze: to have to go through probate for your beneficiary? Probate 478 00:27:25,390 --> 00:27:29,030 Suze: is a court procedure depending where you live. It could 479 00:27:29,030 --> 00:27:32,849 Suze: be six months, one year, two years. It is expensive 480 00:27:32,849 --> 00:27:36,949 Suze: statutory fees in many cases to the lawyer and the executor, 481 00:27:37,150 --> 00:27:39,630 Suze: and on and on and on. Number 1, why would 482 00:27:39,630 --> 00:27:40,469 Suze: you want that? 483 00:27:40,869 --> 00:27:43,359 Suze: Oh, you think it's not gonna be a big deal. 484 00:27:43,430 --> 00:27:49,170 Suze: It is a big deal. Trust me on that. So, 485 00:27:49,469 --> 00:27:52,750 Suze: number one, if nothing else, you had nothing else other 486 00:27:52,750 --> 00:27:55,589 Suze: than this house, your retirement accounts are fine, OK. 487 00:27:56,569 --> 00:28:00,349 Suze: So here you have your home. Both of you own it, 488 00:28:01,010 --> 00:28:03,198 Suze: however you own it, fine, and you're leaving it to 489 00:28:03,199 --> 00:28:04,448 Suze: whoever via a will. 490 00:28:05,189 --> 00:28:10,919 Suze: But while you're living in it, one of you becomes incapacitated. 491 00:28:11,949 --> 00:28:15,880 Suze: And the other one needs to sell the house, 'cause 492 00:28:15,880 --> 00:28:17,800 Suze: maybe it's two stories, and you have to go to 493 00:28:17,800 --> 00:28:22,339 Suze: a one-story house. The question is, can they sell it? 494 00:28:22,599 --> 00:28:25,800 Suze: And the answer to that question is, no, they cannot. 495 00:28:26,439 --> 00:28:28,560 Suze: Because if you own it in both your names, it 496 00:28:28,560 --> 00:28:32,160 Suze: takes both signatures to be able to sell it. So 497 00:28:32,160 --> 00:28:36,199 Suze: what's gonna have to happen? One of you, whoever is incapacitated, 498 00:28:36,280 --> 00:28:40,390 Suze: gets declared incompetent. They get a conservatorship for that person, 499 00:28:40,640 --> 00:28:43,400 Suze: and from that point on, they have to continuously report 500 00:28:43,400 --> 00:28:46,119 Suze: back about what's happening with that half of the money. Oh, 501 00:28:46,439 --> 00:28:48,079 Suze: you say that's not a problem. 502 00:28:48,560 --> 00:28:51,560 Suze: Because you have a power of attorney, do you know 503 00:28:51,560 --> 00:28:54,719 Suze: that most power of attorneys become null and void the 504 00:28:54,719 --> 00:28:59,520 Suze: day that there's an incapacity? You become incapacitated and you 505 00:28:59,520 --> 00:29:01,910 Suze: have an account just in your name and somebody says, 506 00:29:01,959 --> 00:29:04,040 Suze: I'm power of attorney. I want to take money out 507 00:29:04,040 --> 00:29:06,630 Suze: of this person's account. The bank isn't going to let 508 00:29:06,630 --> 00:29:09,640 Suze: that happen cause you can revoke a power of attorney 509 00:29:09,640 --> 00:29:11,079 Suze: any time you want. 510 00:29:11,790 --> 00:29:14,079 Suze: And the bank is going to be afraid that maybe 511 00:29:14,079 --> 00:29:16,979 Suze: you revoked it, so it's gonna be a whole mess there. 512 00:29:17,199 --> 00:29:20,239 Suze: When you have a living revocable trust with an incapacity 513 00:29:20,239 --> 00:29:24,439 Suze: clause in it which requires a doctor to say, yes, 514 00:29:24,560 --> 00:29:30,390 Suze: this person's incapacitated, and then a successor trustee immediately steps in. 515 00:29:30,670 --> 00:29:33,719 Suze: The bank usually has a copy of your trust, so 516 00:29:33,719 --> 00:29:35,219 Suze: they know that's true. 517 00:29:35,869 --> 00:29:39,589 Suze: So it becomes very easy for you. There is absolutely 518 00:29:39,589 --> 00:29:46,369 Suze: no downside whatsoever for you to have a living revocable trust. So, 519 00:29:46,910 --> 00:29:50,790 Suze: I gotta tell you, your parents should listen to this 520 00:29:50,790 --> 00:29:55,989 Suze: particular podcast, and if you want, go to must have docs.com. 521 00:29:56,310 --> 00:30:01,420 Suze: They're $99 for $2,500 worth of state of the art documents. 522 00:30:01,709 --> 00:30:04,000 Suze: I said it before, but I'm gonna say it again. 523 00:30:04,180 --> 00:30:10,170 Suze: Good in all 50 states. Are you kidding me? All right, KT, 524 00:30:10,219 --> 00:30:10,979 Suze: is that really it? 525 00:30:11,050 --> 00:30:13,112 KT: That is it. That is a wrap. 526 00:30:13,112 --> 00:30:14,339 Suze: That went fast, huh? 527 00:30:15,469 --> 00:30:15,578 Suze: Yes. 528 00:30:15,578 --> 00:30:19,329 Suze: And on Sunday, everybody, after we do the podcast, and 529 00:30:19,329 --> 00:30:22,420 Suze: by the way, Fitzy is gonna be on again on 530 00:30:22,420 --> 00:30:25,699 Suze: Sunday since all of you love him so and since 531 00:30:25,699 --> 00:30:29,180 Suze: he has guided us correctly, has he not? The two 532 00:30:29,180 --> 00:30:31,640 Suze: of us make such a dynamic duo. 533 00:30:32,109 --> 00:30:35,930 Suze: Um, however, right after that, guess what? 534 00:30:36,300 --> 00:30:37,589 KT: We're going to New York City. 535 00:30:37,619 --> 00:30:39,510 Suze: We're going to New York City, and we'll be there 536 00:30:39,510 --> 00:30:42,630 Suze: 4 days, but we will be back in time to 537 00:30:42,630 --> 00:30:46,469 Suze: do another Ask KT and Suze anything for you. We 538 00:30:46,469 --> 00:30:49,910 Suze: wouldn't leave you in the lurch. But until then, there's 539 00:30:49,910 --> 00:30:52,630 Suze: only one thing that we want you to remember when 540 00:30:52,630 --> 00:30:54,390 Suze: it comes to your money. What is it, KT? 541 00:30:54,510 --> 00:30:57,930 KT: It is people first, then money, then things. 542 00:30:58,189 --> 00:31:01,170 Suze: Now you stay safe. Bye-bye now.