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Suze: December 8, what year KT?

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KT: 2022. We have a real countdown. 2023 is around the

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KT: corner everybody.

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Suze: But you know what we have a real countdown to

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Suze: December 15 everybody.

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Suze: Have you gotten involved with the Alliant Suze Holiday Sweepstakes?

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Suze: Because December 15 it is over where two of you

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Suze: could win $10,000 each. You gotta do

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Suze: do it. If you're not a member right now of

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Suze: the Alliant Credit Union.

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KT: Become a member today this is a really big chance

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KT: to win. It's not like there's thousands of millions and

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KT: millions and millions of entries. You have a really big

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KT: chance to win.

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Suze: So very briefly

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Suze: right? If you're not a member right now of the

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Suze: Alliant Credit Union you wanna get a good return on

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Suze: your money right now it's at 2.60%. You open an

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Suze: account you put in at least $100 a month. You do.

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Suze: So every month for 12 consecutive months gets what you'll

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Suze: get $100 you're entered into the sweepstakes right away.

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Suze: And for those of you who are already a member

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Suze: don't you want more entries? Just give the link that

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Suze: you can get at my alliant dot com slash suze.

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Suze: That's S. U. Z. E.

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Suze: Get a link. If you already don't have one, give

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Suze: it to a friend a family member. If they just

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Suze: open up an account you get an extra entry and

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Suze: they're entered as well. What do you want to say?

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KT: The best Christmas gift or holiday gift that you could

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KT: ever give anyone is the Ultimate Opportunity Savings Account we

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KT: all need to save especially for next year.

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Suze: Right, so once again for those of

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Suze: you who don't have an account yet, You go to

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Suze: My Alliant dot com. If you are already a member,

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Suze: you have an account but you haven't gotten a link

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Suze: to send to friends that go back to you. So

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Suze: you both get extra entries. It's My Alliant dot com

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Suze: slash Suze. Okay Ms Travis...

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KT: Wait a minute! welcome to the Women and Money Podcast...

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Suze: I totally forgot,

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KT: Hey everybody, this is KT,

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Suze: This is Suze

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KT: Welcome to the Women and Money podcast

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Suze: and everyone smart enough to

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KT: listen

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Suze: This is the Ask KT and Suze edition. KT, what

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Suze: has your life been like with me lately watching gooooaaaalllll!

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KT: My God, Suze has become an absolute football queen and

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KT: I say football

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KT: as in soccer.

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KT: So

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KT: she's watching World Cup and she watches it absolutely faithfully

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KT: with Colo. The two of them sit in these really

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KT: big chairs we brought in from outside in front of

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KT: the television with a little table between them for snacks

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KT: and drinks and the two of them watch...

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Suze: Drinks, what kind of drinks?

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KT: Well non-alcolholic drinks.

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Suze: Right, we don't drink alcolhol.

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KT: They sit there and they watch the game like all

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KT: day long

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KT: and I run around doing Colo's job, doing Suze's job,

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KT: I'm cleaning, I'm washing and they just love it. And

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KT: every now and then if I'm outside I hear

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KT: well I hear them both screaming, especially Colo, he loves soccer,

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KT: he was a great player himself in Colombia.

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KT: Okay let's get

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KT: started. So this is

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Suze: Wait, I have one more thing to say.

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Suze: Right,

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Suze: so last Thursday we did three questions and we went

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Suze: in depth with them. So many of you wrote in

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Suze: and you said you loved that format

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Suze: This day, we're gonna do three questions as well. But

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Suze: they're a little bit different in nature, the type of

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Suze: questions they are because as you know,

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Suze: I believe deeply that money is just not money. Money

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Suze: has a lot to do with your emotions, your relationship,

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Suze: your psychology, your fears, your shame, your anger, all of

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Suze: those things.

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KT: Yeah, these are personal questions. But I think many of

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KT: you will relate to it or certainly know someone that

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KT: has been in this situation.

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KT: So let me start with the first one. This is

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KT: from Genevieve and she said, Hi Suze, I'm in a

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KT: tough situation. My partner Sam and I purchased our first

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KT: home together in December 2020. We put down 25,000 as

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KT: our down payment and my grandmother contributed 10,000 of that.

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Suze: Hold on one second KT, I want all of you to

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Suze: be doing as KT is reading.

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Suze: I want you to get out your little notebooks again

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Suze: and I want you to write down these figures and

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Suze: I want you to listen to this as if this

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Suze: was a problem in your family as this is something

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Suze: that maybe somebody is coming to you and asking you

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Suze: to solve. So play along with what would you tell

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Suze: these people to do?

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Suze: All right, KT, Go on.

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KT: So then it continues. Genevieve said I financed the mortgage

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KT: to the house on my own since I was able

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KT: to get us a better interest rate. However, I still

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KT: put Sam's name on the deed as joint ownership with

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KT: rights of survivorship. We were engaged at the time

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KT: and she did contribute towards our down payment too, though

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KT: not as much as me since I make more than

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KT: she does. Nonetheless. It all made sense at the time.

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KT: We also had combined our money into one joint checking

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KT: account back in 2019 and everything from that point on

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KT: was split 50-50. I know not...

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Suze: Wait one second. I want everybody to take note

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Suze: really on what Genevieve just said:

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Suze: she makes more than Sam

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Suze: but they put everything into a joint checking account where

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Suze: they split everything 50-50. First mistake. Go on KT.

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KT: And and Genevieve said I know not very smart on

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KT: my end. Just as it wasn't smart of me to

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KT: put her on the deed to the house. You ready everyone?

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KT: Then she said in 2021, my grandmother moved in with us.

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KT: in July of this year, me and Sam broke up.

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KT: This is where it all starts to go downhill everyone.

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KT: We got our own separate bank accounts and now just

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KT: use the joint account to pay shared household bills. So

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KT: we're still living together. I want to buy her out

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KT: of the house so I can keep it. Sam wants

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KT: to sell the house.

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KT: My grandmother said she wants to give me however much

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KT: money I need from the proceeds that she made for

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KT: when she sold her own home, which is currently under

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KT: contract to settle at the end of this month so

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KT: that I can buy Sam out of the house. Sam

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KT: told me

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KT: that since the house is an investment and that she

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KT: partly owns that she will get charged capital gains taxes

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KT: unless she waits until the two year mark from the

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KT: date we closed our house on December 2020. Now, Genevieve

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KT: is asking Suze, I thought capital gains taxes were only

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KT: paid if you try to sell the house before the

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KT: two year mark.

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Suze: Wrong, go on.

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KT: Okay,

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KT: I had offered to gift the money to her and

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KT: she alluded to that not being the right way to

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KT: do this. Here are my questions. Number one:

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KT: am I going to have to pay any taxes on

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KT: the money? My grandmother gifts to me. Number two: is

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KT: Sam going to have to pay capital gains taxes if

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KT: I buy her out in December? Number three: what about

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KT: the 10,000 my grandmother contributed towards our down payment. Should

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KT: she get that back from Sam's portion of the equity?

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KT: Number four: once we get the house appraised in order

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KT: to find out exactly how much I'm going to owe

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KT: her for this buyout. Sam, ready for this Suze? Sam

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KT: wants me to sweeten the pot

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KT: and give her more than what it appraises for like

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KT: five or 10 grand more because she says that if

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KT: we sold it, we could get more than what it

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KT: appraises for. Hence the reason she wants to sell and

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KT: not let me buy her out. Wow. She said Suze,

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KT: any advice would be greatly appreciated. I'm a faithful listener

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KT: and absolutely love listening to you and KT.

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KT: So how can we help her one? I'm going to

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KT: give this to you so you can go through one

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KT: question at a time.

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Suze: Now everybody, before I even answer Genevieve's questions,

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Suze: This would not have been a problem. If the house

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Suze: had just been in Genevieve's name.

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Suze: If somebody can't contribute equally, if you haven't been in

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Suze: a relationship for a long time, if you needed money

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Suze: from somebody else for the down payment,

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Suze: like granny

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Suze: and you are the one that is responsible for the mortgage,

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Suze: than the other person's name does not belong on the deed.

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Suze: So it may feel like that's harsh. You're in love

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Suze: with somebody. Whatever. Money is money.

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Suze: And unless you have an agreement

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Suze: that if you know the mortgage is just in your name,

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Suze: then therefore the title to the house should just be

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Suze: in your name as what, what do you want to say?

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KT: I h I have to share this with all of you.

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KT: Suze and I have been together now for 21 years.

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KT: About 21 years.

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Suze: Almost 22.

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KT: So I just want you all to know that when

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KT: we met each other

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KT: I had a beautiful fabulous home in San Francisco. Suze

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KT: had a home in Oakland California. When we met each other.

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KT: We wanted to renovate the home. Suze put in the

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KT: lion's share a huge amount...

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Suze: Two million dollars in fact.

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KT: ...in renovation. But I said to Suze this home is

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KT: in my name. I wanted in both names and she

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KT: said absolutely not. And I said why?

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KT: She said, because KT I want you to feel secure.

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KT: This is your home. We haven't been together long enough.

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KT: We don't know what the future holds. So I want

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KT: you to always have a home

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KT: Suze, meanwhile had two homes at the time. Oakland and

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KT: New York City. So I just want to share that

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KT: with all of you. She kept that home in my

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KT: name I think forever right?

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Suze: Yeah. Until we sold it. But the point is the person that you're with,

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Suze: you have to trust enough that she or he wants

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Suze: as much for you as you want for them

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Suze: and they should want to protect you. And if you

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Suze: are taking all the risk of your name being on

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Suze: the mortgage then their risk has to be their name

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Suze: is not on the title in case there is a breakup.

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Suze: Especially if you gave the majority of the down payment.

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Suze: And a lot of it also came from a gift

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Suze: from granny.

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Suze: That's number one, all of you, that's a rule that

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00:13:10,550 --> 00:13:15,640
Suze: you should do. So, my dear Genevieve. If granny, let's

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Suze: just assume gives you $200,000. I don't know the amount,

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Suze: but let's just say it's $200,000 to buy out Sam

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00:13:25,570 --> 00:13:28,740
Suze: or 100,000 to buy out Sam.

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Suze: She's not gonna owe taxes on that money. You're not

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Suze: going to owe taxes on that money because every one

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00:13:35,750 --> 00:13:42,000
Suze: of us has what's called the lifetime gift tax exclusion.

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Suze: Just really in plain talk. It's how much money you

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Suze: can leave to somebody over your lifetime above the $16,000

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Suze: a year. Currently this year 17,000 next year. And currently

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Suze: that amount is about $12 million. Next year, it's going to almost $13 million. So if

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00:14:05,750 --> 00:14:08,920
Suze: you're not planning on giving one person more than that

225
00:14:08,920 --> 00:14:09,880
Suze: amount of money,

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Suze: I don't think I'd worry about it. Even though in

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Suze: 2025 it does go back down to somewhere in the

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Suze: $5 million dollar area.

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Suze: But I think you're pretty safe. So I won't worry

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Suze: about that if I were you

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Suze: Is Sam going to have to pay capital gains tax

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Suze: if I buy her out prior to December? The key

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00:14:34,310 --> 00:14:38,510
Suze: is how long have the two of you lived in

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Suze: that house as your primary residency.

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Suze: And essentially you have lived in it since December of 2020.

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00:14:49,950 --> 00:14:53,440
Suze: If you were to sell that house, whether it's to

237
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Suze: somebody else or Sam is selling you her half.

238
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Suze: She gets a $250,000 exemption. This was not an investment,

239
00:15:05,800 --> 00:15:10,840
Suze: this was a primary residency that both of you bought

240
00:15:10,850 --> 00:15:16,740
Suze: together and live in it. And if you have lived

241
00:15:16,740 --> 00:15:20,790
Suze: in it for two out of the past five years

242
00:15:20,810 --> 00:15:25,390
Suze: as your primary residency, because she's still living in it

243
00:15:25,640 --> 00:15:29,820
Suze: and that will make December when that happens.

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Suze: Alright, it'll be two years that you've lived in it.

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00:15:33,910 --> 00:15:38,390
Suze: Make sure the date of December, What is when you

246
00:15:38,390 --> 00:15:40,990
Suze: buy her out to be safe? You might want to

247
00:15:40,990 --> 00:15:44,810
Suze: just wait til January of next year, which is just

248
00:15:44,820 --> 00:15:48,520
Suze: a few days away. Truthfully, she is not going to

249
00:15:48,520 --> 00:15:54,360
Suze: owe anything in capital gains tax at all. If, let's

250
00:15:54,360 --> 00:15:55,240
Suze: just say

251
00:15:55,760 --> 00:15:57,510
Suze: it was an investment,

252
00:15:58,170 --> 00:16:04,300
Suze: she's owned it over one year. Therefore she would only

253
00:16:04,300 --> 00:16:08,570
Suze: have to pay capital gains tax. However, if she's not

254
00:16:08,570 --> 00:16:12,000
Suze: making at least like 40 some odd thousand dollas a year

255
00:16:12,000 --> 00:16:16,770
Suze: or so, she would still only 0% in capital gains tax.

256
00:16:16,790 --> 00:16:21,950
Suze: Next year, if she is making under $44,000 a year,

257
00:16:21,950 --> 00:16:24,850
Suze: just let's say she is and this applies to all

258
00:16:24,850 --> 00:16:25,410
Suze: of you,

259
00:16:25,710 --> 00:16:28,960
Suze: no matter how much money you made in capital gains

260
00:16:28,970 --> 00:16:34,050
Suze: you owe 0% in capital gains.

261
00:16:34,970 --> 00:16:39,470
Suze: So capital gains tax is attached to how much money

262
00:16:39,470 --> 00:16:43,030
Suze: you are making. So no, this doesn't apply to her

263
00:16:43,040 --> 00:16:48,870
Suze: and you, Genevieve should not be listening to anything

264
00:16:49,250 --> 00:16:52,460
Suze: that Sam is telling you at this point in time

265
00:16:52,470 --> 00:16:56,330
Suze: because it is obvious that everything she is telling you

266
00:16:56,340 --> 00:17:00,970
Suze: is for her benefit, nothing is for your benefit. And

267
00:17:00,970 --> 00:17:05,889
Suze: the only reason that she is benefiting is your generosity

268
00:17:06,000 --> 00:17:09,399
Suze: that you gave her as well as the generosity of

269
00:17:09,410 --> 00:17:13,270
Suze: your grandmother. Number three:

270
00:17:13,710 --> 00:17:18,770
Suze: What about the 10,000 my grandmother contributed towards our down payment.

271
00:17:18,780 --> 00:17:22,410
Suze: Should she get that back from Sam's portion of the

272
00:17:22,410 --> 00:17:23,160
Suze: equity

273
00:17:23,700 --> 00:17:29,040
Suze: She should because she contributed to you being able to

274
00:17:29,040 --> 00:17:32,280
Suze: buy the house. However, don't go there,

275
00:17:32,730 --> 00:17:38,250
Suze: don't do anything else that put Sam on alert and

276
00:17:38,250 --> 00:17:41,230
Suze: wants to make her more angry. What's that?

277
00:17:41,240 --> 00:17:44,240
KT: I think goal is to get Sam out of the house.

278
00:17:44,240 --> 00:17:45,619
Suze: Just get her out

279
00:17:45,630 --> 00:17:46,320
KT: of your

280
00:17:46,330 --> 00:17:51,860
Suze: life. So forget about that because really it's in the house.

281
00:17:51,869 --> 00:17:54,300
Suze: Although if she was ethical,

282
00:17:54,310 --> 00:17:58,790
Suze: she would be splitting that with you or taking the

283
00:17:58,790 --> 00:18:06,290
Suze: 10,000 off of whatever money she may. Next, she says

284
00:18:06,510 --> 00:18:11,110
Suze: that she can sell the house for more than the appraisal.

285
00:18:11,119 --> 00:18:16,510
Suze: Well girlfriend, the price of houses are coming down. The

286
00:18:16,510 --> 00:18:19,399
Suze: best way to do it is not by an appraisal,

287
00:18:19,609 --> 00:18:23,500
Suze: is to have three real estate agents come in,

288
00:18:23,950 --> 00:18:30,909
Suze: give you what they think the house would actually sell for.

289
00:18:32,020 --> 00:18:35,860
Suze: And why and then maybe what you would do is

290
00:18:35,859 --> 00:18:39,080
Suze: you would average the price of all three of those

291
00:18:39,090 --> 00:18:45,970
Suze: and then subtract 6% for the real estate Commission. Since

292
00:18:45,980 --> 00:18:49,180
Suze: you would have to pay that if you sold it

293
00:18:49,190 --> 00:18:50,730
Suze: like she wants to

294
00:18:51,320 --> 00:18:56,379
Suze: And give her half of whatever that amount happens to

295
00:18:56,380 --> 00:19:02,859
Suze: be that simple. But here's what you need to start doing.

296
00:19:03,490 --> 00:19:06,820
Suze: You need to be a little bit tougher.

297
00:19:07,460 --> 00:19:11,180
Suze: So that Sam doesn't feel like she can just say

298
00:19:11,190 --> 00:19:13,720
Suze: anything and you, Genevieve are going to do it.

299
00:19:14,410 --> 00:19:18,040
Suze: You need to start showing her that you know what?

300
00:19:18,260 --> 00:19:21,689
Suze: My grandmother made it possible for us to buy this house.

301
00:19:21,960 --> 00:19:25,250
Suze: My credit score made it possible for us to pay

302
00:19:25,250 --> 00:19:30,470
Suze: less on this house. I contributed more to this house

303
00:19:30,480 --> 00:19:31,890
Suze: to even get it.

304
00:19:32,100 --> 00:19:36,160
Suze: So don't be telling me that you want 50% now.

305
00:19:36,160 --> 00:19:37,850
Suze: You can be nice. Yeah,

306
00:19:37,850 --> 00:19:39,890
KT: I would I would be very very

307
00:19:39,890 --> 00:19:40,700
Suze: firm

308
00:19:40,710 --> 00:19:43,770
KT: firm but kind when I said this and here's the

309
00:19:43,770 --> 00:19:47,689
KT: other thing that Suze's not putting in there have granny's

310
00:19:47,690 --> 00:19:51,760
KT: voice say something like you know, Sam I don't want

311
00:19:51,760 --> 00:19:54,300
KT: to move from this house. I don't want to sell it.

312
00:19:54,580 --> 00:19:58,580
KT: I want to live here with my granddaughter and wish

313
00:19:58,580 --> 00:20:01,179
KT: we wish you well Sam goodbye.

314
00:20:01,190 --> 00:20:03,300
Suze: We'll try not to go so long. Everybody on the

315
00:20:03,300 --> 00:20:06,010
Suze: next one. But the reason that I did

316
00:20:06,270 --> 00:20:10,210
Suze: is this is a problem that happens with so many

317
00:20:10,210 --> 00:20:13,460
Suze: of you. It's not even funny, just so you know.

318
00:20:14,290 --> 00:20:18,040
KT: And this next one isn't a problem. But it's a real life situation.

319
00:20:18,040 --> 00:20:20,910
KT: This may be all we need to talk about on

320
00:20:20,910 --> 00:20:25,260
KT: this podcast because this next one, every single one of

321
00:20:25,260 --> 00:20:26,570
KT: us one way or another

322
00:20:26,830 --> 00:20:30,909
KT: have to cope and deal with this next email. Ready?

323
00:20:30,920 --> 00:20:36,100
KT: Taking care of mom. So true. Everyone. This is from Lisa.

324
00:20:36,109 --> 00:20:40,360
KT: Hi KT and Suze. I've been a longtime reader and listener.

325
00:20:40,380 --> 00:20:43,379
KT: I heard you speak of your mother. So I thought

326
00:20:43,380 --> 00:20:46,900
KT: maybe you could offer some advice about my mother

327
00:20:47,280 --> 00:20:51,570
KT: First, she is an amazing woman, raised six children and

328
00:20:51,570 --> 00:20:54,750
KT: has been an inspiration to all of us.

329
00:20:54,750 --> 00:20:56,550
Suze: You know, who's going to really be able to talk to this,

330
00:20:56,850 --> 00:20:58,000
Suze: is KT.

331
00:20:58,750 --> 00:21:00,000
KT: Don't make me cry. I don't want to cry.

332
00:21:00,520 --> 00:21:01,000
Suze: 'Cause that's her.

333
00:21:01,000 --> 00:21:02,000
KT: My mother,

334
00:21:04,690 --> 00:21:05,020
Suze: Her mother was an amazing woman.

335
00:21:05,359 --> 00:21:09,129
KT: Let me get through this. Our father passed away at 67. Pretty much

336
00:21:09,130 --> 00:21:11,160
KT: true by the way, from my family.

337
00:21:11,320 --> 00:21:15,300
KT: My mom was a widow at 60. She worked until

338
00:21:15,300 --> 00:21:18,800
KT: she was 80. Ready for this? 80 years old as

339
00:21:18,800 --> 00:21:23,030
KT: a waitress and could have run circles around all of

340
00:21:23,030 --> 00:21:27,150
KT: us until the last year and a half. Ready? Mom

341
00:21:27,150 --> 00:21:31,250
KT: is now 90. She's had a series of medical issues

342
00:21:31,260 --> 00:21:36,590
KT: which have left her frail with mobility, cardiac, and breathing issues.

343
00:21:36,650 --> 00:21:39,790
KT: We tried for about eight months to keep her in

344
00:21:39,790 --> 00:21:40,890
KT: her own home

345
00:21:41,180 --> 00:21:44,680
KT: with health care workers coming in during the day and

346
00:21:44,680 --> 00:21:47,560
KT: one of us spending the night with her. It was

347
00:21:47,560 --> 00:21:52,960
KT: unsustainable for us to continue doing this. Financially and emotionally

348
00:21:52,960 --> 00:21:57,740
KT: it has been hard. As a family, And with mom's consent,

349
00:21:57,750 --> 00:22:00,540
KT: we decided assisting living would be...

350
00:22:02,869 --> 00:22:03,600
Suze: Go on KT.

351
00:22:04,910 --> 00:22:05,390
Suze: Mhm.

352
00:22:06,119 --> 00:22:09,200
Suze: You see it is emotional. Everybody. Yeah,

353
00:22:09,950 --> 00:22:10,910
Suze: It's okay.

354
00:22:11,680 --> 00:22:12,620
Suze: It's okay.

355
00:22:13,020 --> 00:22:16,500
KT: I'm a little bit weepy because I'm the one out

356
00:22:16,500 --> 00:22:19,370
KT: of the six of my siblings that have to... that

357
00:22:19,369 --> 00:22:20,680
KT: moved my mom

358
00:22:21,420 --> 00:22:24,300
KT: and I'll never forget what that was like putting her

359
00:22:24,300 --> 00:22:26,520
KT: in assisted living. It was so sad.

360
00:22:26,530 --> 00:22:27,619
Suze: I was right there with you.

361
00:22:28,190 --> 00:22:28,980
KT: Okay,

362
00:22:29,650 --> 00:22:33,129
KT: as a family, and with mom's consent, we decided assisted

363
00:22:33,130 --> 00:22:35,629
KT: living would be the best option for us.

364
00:22:37,250 --> 00:22:40,790
KT: We had mom try a less expensive facility. But the

365
00:22:40,790 --> 00:22:44,550
KT: food was not good. The clientele were not always alert

366
00:22:44,560 --> 00:22:48,730
KT: or everything. There were always issues. So the present facility

367
00:22:48,730 --> 00:22:52,000
KT: overall is a better fit for mom. But the cost

368
00:22:52,000 --> 00:22:55,850
KT: will go up as her level of care increases.

369
00:22:56,270 --> 00:22:56,520
KT: We

370
00:22:56,520 --> 00:22:59,510
KT: worry that mom will run out of money. Frankly, I

371
00:22:59,510 --> 00:23:03,290
KT: don't think any of us envisioned this scenario of mom

372
00:23:03,410 --> 00:23:05,209
KT: declining in this way.

373
00:23:06,010 --> 00:23:09,840
KT: The whole experience has been eye opening for our family.

374
00:23:11,630 --> 00:23:16,450
KT: None of us realized the expense involved in how devastating

375
00:23:16,450 --> 00:23:20,670
KT: the cost of elder care is. The whole experience has

376
00:23:20,670 --> 00:23:24,740
KT: made me worry about how all of us should be

377
00:23:24,740 --> 00:23:28,440
KT: approaching the fact that we may all need help as

378
00:23:28,440 --> 00:23:29,770
KT: we get older.

379
00:23:30,350 --> 00:23:35,890
KT: Suze, any insights you could offer. And again, this isn't

380
00:23:35,900 --> 00:23:39,409
KT: a solution email. It's a it's a fact of life.

381
00:23:39,410 --> 00:23:40,670
KT: It's a reality.

382
00:23:41,880 --> 00:23:43,050
Suze: Oh,

383
00:23:44,280 --> 00:23:47,790
KT: We took good care of my mom and Suze took great,

384
00:23:47,800 --> 00:23:52,629
KT: great care of her mother in a private facility.

385
00:23:53,550 --> 00:23:58,869
Suze: KT, your mother had a private room and private help that

386
00:23:58,869 --> 00:24:00,810
Suze: I got her, right.

387
00:24:01,260 --> 00:24:04,020
KT: But the person that took my took care of my mother

388
00:24:04,020 --> 00:24:05,620
KT: the most was my twin sister.

389
00:24:05,630 --> 00:24:07,970
Suze: What I wanted to say there is that

390
00:24:08,140 --> 00:24:13,190
Suze: yes, I was able to take care of everything because

391
00:24:13,190 --> 00:24:16,190
Suze: I had so much money. But all the money in

392
00:24:16,190 --> 00:24:21,070
Suze: the world never could have replaced KT's sister Lynn.

393
00:24:21,460 --> 00:24:24,669
KT: Let me tell them what she did. She would go

394
00:24:24,680 --> 00:24:29,480
KT: every afternoon after work, four o'clock, to my mom's room

395
00:24:29,480 --> 00:24:32,270
KT: and they'd watch Oprah together and then Lynn would stay

396
00:24:32,270 --> 00:24:34,450
KT: there and wait till her meal tray came

397
00:24:34,640 --> 00:24:37,900
KT: and would help her cut all the food and feed

398
00:24:37,900 --> 00:24:41,130
KT: her because she couldn't use her hands at the end.

399
00:24:41,430 --> 00:24:43,040
Suze: For years actually.

400
00:24:43,050 --> 00:24:47,870
KT: Yeah. And and my mother - Lynn was so loyal of

401
00:24:47,869 --> 00:24:51,609
KT: all of us, Lynn was the one. But we had

402
00:24:51,609 --> 00:24:55,290
KT: six siblings, what if you're just one person listening and

403
00:24:55,290 --> 00:24:58,260
KT: you know that your mom or dad is getting older,

404
00:24:58,270 --> 00:25:00,870
KT: what are you going to do? And then I mean

405
00:25:00,869 --> 00:25:02,780
KT: this is a great, great

406
00:25:02,990 --> 00:25:05,530
KT: email because it's so true.

407
00:25:05,540 --> 00:25:09,590
Suze: You know, it's coincidental everybody that today.

408
00:25:10,730 --> 00:25:15,359
Suze: And this is again December 8th, at one p.m. East

409
00:25:15,359 --> 00:25:18,909
Suze: coast time. If you go to the women and money

410
00:25:18,920 --> 00:25:19,600
Suze: app

411
00:25:20,119 --> 00:25:23,429
Suze: there is, if you look on the wall there, there

412
00:25:23,440 --> 00:25:27,700
Suze: is one of the postings that gives you the link

413
00:25:27,730 --> 00:25:32,409
Suze: to go to a free webinar today where it's about

414
00:25:32,420 --> 00:25:37,890
Suze: care givers. And Phyllis Shelton will also be there. And

415
00:25:37,890 --> 00:25:42,920
Suze: Phyllis Shelton in my opinion is really one of the

416
00:25:42,930 --> 00:25:47,560
Suze: experts if not the expert on long term care.

417
00:25:48,020 --> 00:25:52,470
Suze: And these are things that you need to learn about

418
00:25:52,480 --> 00:25:56,620
Suze: because when you are a caregiver it's a big deal.

419
00:25:56,630 --> 00:26:02,410
Suze: So today's webinar is about caregiving and alternatives for you.

420
00:26:02,420 --> 00:26:05,350
Suze: Especially if you don't have a lot of money. But

421
00:26:05,359 --> 00:26:09,100
Suze: also hopefully it will give you the information of how

422
00:26:09,100 --> 00:26:13,129
Suze: to contact Phyllis Shelton. If you either have long term

423
00:26:13,130 --> 00:26:15,500
Suze: care and you just want to check out your policy

424
00:26:15,510 --> 00:26:17,060
Suze: and or

425
00:26:17,250 --> 00:26:21,359
Suze: you're thinking about buying a long term care insurance policy.

426
00:26:21,390 --> 00:26:26,449
Suze: Do not do it without contacting Phyllis. She's honest. She's

427
00:26:26,450 --> 00:26:28,810
Suze: not going to be there just to sell you something.

428
00:26:28,820 --> 00:26:31,890
Suze: She has been there and she has helped hundreds of

429
00:26:31,890 --> 00:26:34,800
Suze: you for free, over the years.

430
00:26:34,810 --> 00:26:38,930
KT: I have my own long term care policy and Phyllis

431
00:26:38,940 --> 00:26:41,580
KT: um set me up with that. It's a great one.

432
00:26:41,590 --> 00:26:43,760
Suze: Yeah. If I could,

433
00:26:43,980 --> 00:26:48,010
Suze: I would have a long term care insurance policy but

434
00:26:48,020 --> 00:26:52,030
Suze: I don't qualify for one. So do not wait because

435
00:26:52,030 --> 00:26:57,369
Suze: you never know when your health can change. Okay. So

436
00:26:57,369 --> 00:27:00,320
Suze: Lisa that's kind of the answer

437
00:27:00,750 --> 00:27:03,940
Suze: you asked me, you know what can you do?

438
00:27:03,950 --> 00:27:07,120
KT: Yeah, Lisa and her siblings I think range from something

439
00:27:07,119 --> 00:27:12,070
KT: like 50-60, 50 something to their early 60s.

440
00:27:12,070 --> 00:27:16,530
Suze: Yeah. So this is the time that you now start looking, really.

441
00:27:16,540 --> 00:27:22,880
Suze: If you can afford it into long term care insurance.

442
00:27:23,180 --> 00:27:25,970
Suze: The other thing, I just want to say one other thing,

443
00:27:25,970 --> 00:27:27,290
Suze: KT,

444
00:27:27,690 --> 00:27:31,399
Suze: it's really important that families have a conversation

445
00:27:32,240 --> 00:27:37,300
Suze: and they have a conversation with their parents as well.

446
00:27:38,000 --> 00:27:44,399
Suze: I tried and I tried and I tried to buy

447
00:27:44,410 --> 00:27:50,720
Suze: a long-term care insurance policy for my mother and I

448
00:27:50,720 --> 00:27:55,580
Suze: started this when she was 66 years of age. My

449
00:27:55,580 --> 00:27:58,629
Suze: mother said to me, there is no way I'm going

450
00:27:58,630 --> 00:28:01,500
Suze: to allow you to buy me a long-term care insurance policy.

451
00:28:01,540 --> 00:28:04,260
Suze: I am never going to need it. I am always

452
00:28:04,260 --> 00:28:05,770
Suze: going to be independent.

453
00:28:06,550 --> 00:28:10,420
Suze: And even when I would buy one for her and

454
00:28:10,420 --> 00:28:13,150
Suze: then they would have to give her an examination. She

455
00:28:13,150 --> 00:28:14,740
Suze: wouldn't do it.

456
00:28:15,160 --> 00:28:16,619
KT: And that's one of the qualifications,

457
00:28:16,810 --> 00:28:17,640
Suze: Yeah, a medical,

458
00:28:18,710 --> 00:28:19,200
KT: You ave to have a medical exam

459
00:28:19,830 --> 00:28:22,210
Suze: She refused and she...

460
00:28:22,210 --> 00:28:26,169
KT: She was adamant about not having long term care. And and

461
00:28:26,170 --> 00:28:27,780
KT: in the end look what happened.

462
00:28:27,790 --> 00:28:33,510
Suze: I was totally responsible. She lived remember till 97

463
00:28:34,040 --> 00:28:38,150
Suze: all for years. I begged her, my aunt and uncle

464
00:28:38,150 --> 00:28:40,660
Suze: listened to me. They did it.

465
00:28:41,310 --> 00:28:46,760
Suze: But in the end when she needed assistance and needed

466
00:28:46,770 --> 00:28:51,360
Suze: care I had to pay for it out of my

467
00:28:51,370 --> 00:28:56,010
Suze: own pocket to the tune of millions of dollars. If

468
00:28:56,010 --> 00:29:00,330
Suze: we had had a conversation with the family. Who's going

469
00:29:00,330 --> 00:29:05,720
Suze: to be responsible. If mommy needs care? Who physically is

470
00:29:05,720 --> 00:29:08,520
Suze: going to be responsible and financially,

471
00:29:09,030 --> 00:29:11,270
Suze: maybe it wouldn't have all fallen on me.

472
00:29:11,960 --> 00:29:17,600
Suze: So it is important that the parents have a seriously

473
00:29:17,610 --> 00:29:23,410
Suze: honest viewpoint of what could happen. The Children all have

474
00:29:23,410 --> 00:29:27,520
Suze: it and this really is a family affair. Do not

475
00:29:27,520 --> 00:29:31,230
Suze: wait until you are later on in life. And that

476
00:29:31,240 --> 00:29:35,530
Suze: is needed to have the conversation. You all need to

477
00:29:35,530 --> 00:29:38,890
Suze: agree while you're younger and...

478
00:29:39,390 --> 00:29:43,020
Suze: If long term care insurance is not in place, it

479
00:29:43,020 --> 00:29:46,070
Suze: would not hurt for all six of you in this

480
00:29:46,070 --> 00:29:50,490
Suze: situation to have been putting money every month into a

481
00:29:50,490 --> 00:29:55,410
Suze: fund to have to take care of Mommy later on.

482
00:29:56,080 --> 00:29:59,300
Suze: So obviously we're out of time. So we only got

483
00:29:59,300 --> 00:30:02,740
Suze: 22 of them. I actually liked the third one, best

484
00:30:02,740 --> 00:30:06,780
Suze: of all, but we'll save that till next Thursday. So

485
00:30:06,820 --> 00:30:13,450
Suze: these are two questions that aren't just Ask KT and

486
00:30:13,450 --> 00:30:19,810
Suze: Suze Anything. These are two questions that I am begging

487
00:30:19,810 --> 00:30:22,230
Suze: you to ask yourself.

488
00:30:22,650 --> 00:30:26,470
Suze: And the two questions are: if you're buying a home

489
00:30:26,470 --> 00:30:30,860
Suze: with somebody else and the relationship doesn't work out,

490
00:30:31,880 --> 00:30:35,450
Suze: how are you going to split it? How is it

491
00:30:35,450 --> 00:30:39,520
Suze: going to work? And that is to be committed by

492
00:30:39,530 --> 00:30:42,990
Suze: a contract between the two of you. So you know

493
00:30:42,990 --> 00:30:46,180
Suze: what to do. You're going to decide if you're going

494
00:30:46,180 --> 00:30:48,600
Suze: to put the other person's name on title. If you're

495
00:30:48,600 --> 00:30:52,640
Suze: the one financing everything I suggest you do not. You

496
00:30:52,640 --> 00:30:55,460
Suze: want to have this conversation when you are in a

497
00:30:55,460 --> 00:30:58,560
Suze: state of love, not when you are in a state

498
00:30:58,650 --> 00:31:00,800
Suze: of hate. That's number one.

499
00:31:01,130 --> 00:31:05,500
Suze: Number two, you really need to have a conversation with

500
00:31:05,500 --> 00:31:06,660
Suze: your family.

501
00:31:07,470 --> 00:31:12,780
Suze: As to who does what? How much can you each contribute?

502
00:31:12,790 --> 00:31:16,700
Suze: Can you afford long term care insurance? And you need

503
00:31:16,700 --> 00:31:21,510
Suze: to make sure that your parent or parents are involved.

504
00:31:21,630 --> 00:31:27,130
Suze: I am asking you all to do that now. Alright,

505
00:31:27,130 --> 00:31:28,340
Suze: Ms Travis.

506
00:31:29,180 --> 00:31:33,160
KT: That was a very emotional podcast. But really valuable.

507
00:31:33,170 --> 00:31:35,460
Suze: It was really emotional for you.

508
00:31:35,470 --> 00:31:38,750
KT: It always is. I miss my mom every day and

509
00:31:38,750 --> 00:31:43,219
KT: my daddy. But boy, we miss her so much.

510
00:31:44,000 --> 00:31:47,480
Suze: Your mommy was so great. And you all know about me

511
00:31:47,480 --> 00:31:51,450
Suze: and my mom and mom... I so wish that I

512
00:31:51,450 --> 00:31:52,340
Suze: could have...

513
00:31:52,770 --> 00:31:55,640
Suze: No, don't make me cry now. All right. That's it.

514
00:31:55,650 --> 00:31:56,350
Suze: It's over.

515
00:31:56,350 --> 00:31:57,340
KT: She's crying.

516
00:31:57,350 --> 00:32:00,530
Suze: Now until next week. Take it out, KT.

517
00:32:00,540 --> 00:32:03,660
KT: Okay. We want you all look at her, She's crying.

518
00:32:03,660 --> 00:32:08,080
KT: Suze's crying. Yeah, it's okay. We want you to all

519
00:32:08,080 --> 00:32:11,600
KT: be safe, secure, smart and happy.

520
00:32:11,610 --> 00:32:17,590
Suze: Alright until Sunday. Just remember, stay safe. See you then.

521
00:32:17,600 --> 00:32:18,230
Suze: Bye bye.