1 00:00:02,210 --> 00:00:03,160 Music: Music (in). 2 00:00:28,879 --> 00:00:34,918 Suze: July 16th, 2023. Welcome everybody to the Women and Money 3 00:00:34,930 --> 00:00:42,150 Suze: podcast as well as everybody smart enough to listen. All right. 4 00:00:42,159 --> 00:00:48,810 Suze: How happy am I, that Robert, my lovable producer is 5 00:00:49,029 --> 00:00:55,950 Suze: almost all the way through with his Dead & Company tour. 6 00:00:56,310 --> 00:01:00,950 Suze: I believe this weekend he is in San Francisco to 7 00:01:00,959 --> 00:01:06,470 Suze: hear all three of their concerts. So my life, KT's 8 00:01:06,480 --> 00:01:11,970 Suze: life and everybody's life will become a lot easier. Robert when, 9 00:01:11,980 --> 00:01:16,559 Suze: in fact, you're done having fun, but if anybody deserves it, 10 00:01:16,830 --> 00:01:19,639 Suze: you most certainly do. 11 00:01:20,580 --> 00:01:24,149 Suze: Today's Suze school, I will get to in just a 12 00:01:24,160 --> 00:01:26,589 Suze: little bit. However, 13 00:01:27,199 --> 00:01:30,110 Suze: I just want to say a few things as you 14 00:01:30,120 --> 00:01:34,098 Suze: may have noticed last week, the inflation report came in 15 00:01:34,379 --> 00:01:38,129 Suze: and it was only at 3% 16 00:01:38,839 --> 00:01:43,800 Suze: down almost 6% from a year ago when it was 17 00:01:43,809 --> 00:01:50,610 Suze: at 9% when everybody went on a series I Bond frenzy, 18 00:01:50,620 --> 00:01:52,330 Suze: especially me 19 00:01:53,000 --> 00:01:57,279 Suze: and everybody who had access to YouTube or to any 20 00:01:57,290 --> 00:02:02,489 Suze: type of social media. They were all in on I Bonds. OK. 21 00:02:03,620 --> 00:02:07,400 Suze: But do you remember the last time that I Bonds 22 00:02:07,410 --> 00:02:12,710 Suze: were supposed to be auctioned? Which was in May. It was, 23 00:02:12,720 --> 00:02:15,529 Suze: should we buy them? Should we not buy them? What 24 00:02:15,538 --> 00:02:16,830 Suze: should we do? 25 00:02:17,550 --> 00:02:20,850 Suze: So, do you remember me saying I don't want you 26 00:02:20,860 --> 00:02:21,479 Suze: to do it 27 00:02:22,470 --> 00:02:25,380 Suze: enough. I think inflation is gonna go down and I 28 00:02:25,389 --> 00:02:27,710 Suze: think there will be better things for you to do 29 00:02:27,720 --> 00:02:30,119 Suze: with your money if we are just patient. 30 00:02:30,820 --> 00:02:35,388 Suze: Well, now that we're down to 3% inflation and I 31 00:02:35,399 --> 00:02:41,799 Suze: think it's going further down, we made the absolute correct call. 32 00:02:41,809 --> 00:02:44,789 Suze: That does not mean that you come out of the 33 00:02:44,800 --> 00:02:47,470 Suze: I bonds that you're currently in. Remember, you have to 34 00:02:47,479 --> 00:02:50,359 Suze: stay in there at least five years to come out 35 00:02:50,369 --> 00:02:53,228 Suze: without any penalty. However, 36 00:02:54,399 --> 00:02:57,220 Suze: I'm glad we made that decision. It was like, should 37 00:02:57,229 --> 00:03:01,119 Suze: we shouldn't, we should, we shouldn't, we? No, we shouldn't have. 38 00:03:01,130 --> 00:03:03,570 Suze: And why is that again? 39 00:03:04,429 --> 00:03:07,559 Suze: It's because I firmly believe that you will get a 40 00:03:07,570 --> 00:03:10,839 Suze: higher interest rate with more liquidity 41 00:03:11,729 --> 00:03:17,350 Suze: in either treasury bills or notes, certificates of deposits or whatever. 42 00:03:17,360 --> 00:03:23,949 Suze: They may be possibly even in investing in the stock market, 43 00:03:24,869 --> 00:03:29,660 Suze: especially if in August or September or October, 44 00:03:30,630 --> 00:03:34,070 Suze: maybe the market declines. Like, do you remember I gave 45 00:03:34,080 --> 00:03:34,820 Suze: a webinar 46 00:03:35,419 --> 00:03:39,350 Suze: a little bit ago and about 100,000 of you joined 47 00:03:39,360 --> 00:03:39,820 Suze: in 48 00:03:40,550 --> 00:03:44,649 Suze: and you heard me say that I still like oil stocks, 49 00:03:44,660 --> 00:03:51,039 Suze: energy stocks and I do everybody. So stop getting nervous 50 00:03:51,050 --> 00:03:55,389 Suze: about the prices of PXD or Devon or XLE or 51 00:03:55,399 --> 00:04:00,699 Suze: Chevron or any of them. Can you just be patient? 52 00:04:01,419 --> 00:04:05,289 Suze: All right. I don't want to read emails anymore that 53 00:04:05,300 --> 00:04:09,020 Suze: say Suze, I know it's a great dividend but I'm 54 00:04:09,029 --> 00:04:13,089 Suze: still down in value. That is why you buy a 55 00:04:13,100 --> 00:04:16,768 Suze: stock that has a great dividend. So that when it 56 00:04:16,779 --> 00:04:21,230 Suze: goes down in value, at least you're still making money. 57 00:04:21,390 --> 00:04:25,279 Suze: Got that everybody and given what I still think is 58 00:04:25,290 --> 00:04:28,350 Suze: gonna happen with oil and everything 59 00:04:29,149 --> 00:04:32,890 Suze: fine. I still like those stocks. I would not be 60 00:04:32,899 --> 00:04:37,159 Suze: selling them here on any level. However, if you didn't 61 00:04:37,170 --> 00:04:39,678 Suze: buy them for the dividend, you bought them for growth 62 00:04:39,690 --> 00:04:42,790 Suze: and you need growth right away. All right, do what 63 00:04:42,799 --> 00:04:45,459 Suze: you want to do, but that was not the reason 64 00:04:45,470 --> 00:04:48,880 Suze: you were supposed to buy them. Do you hear me? 65 00:04:49,510 --> 00:04:51,820 Suze: But do you remember that? I said, I thought that 66 00:04:51,829 --> 00:04:55,519 Suze: the markets were going to go down about 20% when 67 00:04:55,529 --> 00:04:58,618 Suze: I say such a thing. I don't know when I 68 00:04:58,630 --> 00:05:00,320 Suze: think that's going to happen, 69 00:05:01,070 --> 00:05:06,950 Suze: but eventually I think it could happen. Now, I'm thinking 70 00:05:06,959 --> 00:05:09,649 Suze: that it could happen seriously around 71 00:05:10,559 --> 00:05:15,890 Suze: end of August, maybe September somewhere in there, maybe. Yes, 72 00:05:15,899 --> 00:05:17,010 Suze: maybe no, 73 00:05:17,459 --> 00:05:22,309 Suze: if that happens, however, that might be a great chance to, again, 74 00:05:22,320 --> 00:05:27,209 Suze: continue to dollar cost average in stocks. That absolutely makes 75 00:05:27,220 --> 00:05:31,380 Suze: sense that are for the long run. All right. And 76 00:05:31,390 --> 00:05:35,890 Suze: that's not just Devon or PXD. Those are so many 77 00:05:35,899 --> 00:05:39,839 Suze: other stocks that are out there or ETFs and we'll 78 00:05:39,850 --> 00:05:42,969 Suze: talk about that as time goes on that you might 79 00:05:42,980 --> 00:05:44,589 Suze: want to take advantage of. 80 00:05:45,100 --> 00:05:48,649 Suze: So when you are in the stock market 81 00:05:49,480 --> 00:05:54,769 Suze: and you have purchased individual stocks, I need you to 82 00:05:54,779 --> 00:05:58,040 Suze: think about it as if you are in a relationship 83 00:05:58,950 --> 00:06:02,140 Suze: now. Isn't it true that when you get in a 84 00:06:02,149 --> 00:06:04,799 Suze: relationship with somebody 85 00:06:06,070 --> 00:06:09,359 Suze: at first, it's fabulous. You usually like it. But as 86 00:06:09,369 --> 00:06:13,269 Suze: time goes on, it can become rough. 87 00:06:13,970 --> 00:06:17,820 Suze: And if you're committed to that relationship and for whatever reason, 88 00:06:17,829 --> 00:06:21,980 Suze: it gets rough, you have your low periods and somehow 89 00:06:21,988 --> 00:06:24,589 Suze: you just are patient and you work through them and 90 00:06:24,600 --> 00:06:27,010 Suze: then all of a sudden you have your high periods 91 00:06:27,019 --> 00:06:30,140 Suze: and it's great, but sometimes it can take years to 92 00:06:30,149 --> 00:06:33,799 Suze: get through really what you need to get through in 93 00:06:33,809 --> 00:06:37,660 Suze: a relationship. You know that and I know that. But 94 00:06:37,670 --> 00:06:41,839 Suze: if you can do that, the rewards are incredible. 95 00:06:42,750 --> 00:06:46,209 Suze: There are also times when you are in a relationship, 96 00:06:46,850 --> 00:06:50,208 Suze: when things just are going down, you know, you need 97 00:06:50,220 --> 00:06:52,549 Suze: to get out of it. There is no way to 98 00:06:52,559 --> 00:06:55,849 Suze: repair it, but yet you stay in it because you're 99 00:06:55,859 --> 00:07:00,119 Suze: afraid to get out of it for many, many reasons. 100 00:07:01,029 --> 00:07:01,678 Suze: Ok. 101 00:07:02,738 --> 00:07:08,250 Suze: That analogy relates exactly to owning a stock. 102 00:07:09,290 --> 00:07:14,059 Suze: Sometimes you just have to stick with a stock when 103 00:07:14,070 --> 00:07:16,859 Suze: you know it has good earnings. When you know, it 104 00:07:16,869 --> 00:07:20,380 Suze: has good potential when you are getting a dividend from 105 00:07:20,390 --> 00:07:22,940 Suze: it and you just have to be patient with it 106 00:07:22,950 --> 00:07:26,809 Suze: and hold it and hold it and hold it when 107 00:07:26,820 --> 00:07:29,660 Suze: you've done research and you have a good feeling about 108 00:07:29,670 --> 00:07:32,799 Suze: it and you really are in a relationship with this stock, 109 00:07:32,920 --> 00:07:37,040 Suze: then just hold on and in the long run, 110 00:07:37,519 --> 00:07:40,459 Suze: if it's a good stock, just like if it really 111 00:07:40,470 --> 00:07:43,829 Suze: is a good relationship and you're just going through hard times, 112 00:07:44,480 --> 00:07:47,720 Suze: stocks go through hard times and you've got to stick 113 00:07:47,730 --> 00:07:49,570 Suze: with them when they do. 114 00:07:50,519 --> 00:07:53,899 Suze: And you saw that a few years ago, you saw, 115 00:07:54,029 --> 00:07:56,420 Suze: you know, Netflix go all the way down and now 116 00:07:56,429 --> 00:07:59,220 Suze: it's coming back up. Same thing with NVIDIA, same thing 117 00:07:59,230 --> 00:08:02,170 Suze: with Apple. It happens, everybody. 118 00:08:02,839 --> 00:08:05,690 Suze: But then sometimes there are stocks 119 00:08:06,589 --> 00:08:11,959 Suze: that aren't good, they're not gonna recover. Everything has gone 120 00:08:11,970 --> 00:08:15,940 Suze: wrong with them. And that's when just like in a relationship, when, 121 00:08:15,950 --> 00:08:19,339 Suze: you know, you should get out, but you're afraid to 122 00:08:19,350 --> 00:08:22,019 Suze: get out and you're afraid to get out of the 123 00:08:22,029 --> 00:08:27,040 Suze: stock because maybe it'll come back. You, you have hope 124 00:08:27,049 --> 00:08:30,250 Suze: both in the relationship and the stock. And so you 125 00:08:30,260 --> 00:08:31,779 Suze: just hold on 126 00:08:32,000 --> 00:08:35,689 Suze: as you watch the stock or the relationship go down 127 00:08:35,700 --> 00:08:39,250 Suze: and down and down in those relationships 128 00:08:40,150 --> 00:08:43,479 Suze: and in those stock purchases now you have to sell 129 00:08:43,489 --> 00:08:47,130 Suze: and cut your losses no matter what they are. 130 00:08:48,169 --> 00:08:52,539 Suze: But that's usually with a stock that doesn't have potential. 131 00:08:52,549 --> 00:08:57,739 Suze: That's lost its way. That's just totally not worth holding 132 00:08:58,960 --> 00:09:00,909 Suze: the stacks that I've talked to you about. None of 133 00:09:00,919 --> 00:09:01,929 Suze: them are like that. 134 00:09:02,880 --> 00:09:05,859 Suze: Right. They're all have potential no matter how long we 135 00:09:05,869 --> 00:09:07,049 Suze: may have to wait for them. 136 00:09:07,760 --> 00:09:11,770 Suze: But I just want you to remember that. 137 00:09:12,909 --> 00:09:13,679 Suze: So, 138 00:09:14,440 --> 00:09:19,349 Suze: in relationship, as well as in investing, there really is 139 00:09:19,359 --> 00:09:23,690 Suze: no difference between the two if you think about it, 140 00:09:24,869 --> 00:09:27,820 Suze: you know, and again, only Suze Orman would probably compare 141 00:09:27,830 --> 00:09:31,369 Suze: investing to a relationship. But that's not so crazy. Given 142 00:09:31,380 --> 00:09:35,199 Suze: that I think you are your money and your money 143 00:09:35,210 --> 00:09:38,239 Suze: is you because, you know, I've always said your money 144 00:09:38,250 --> 00:09:40,079 Suze: can't do anything without you. 145 00:09:40,890 --> 00:09:44,280 Suze: You're the one who works for it, invest it saves 146 00:09:44,289 --> 00:09:45,760 Suze: it whatever it may be. 147 00:09:46,869 --> 00:09:50,840 Suze: So when something's not going kind of right there, 148 00:09:51,619 --> 00:09:59,719 Suze: it's all connected. So just make intelligent, unemotional decisions. Got 149 00:09:59,729 --> 00:10:01,590 Suze: that everybody, 150 00:10:02,409 --> 00:10:06,840 Suze: I just also have to say something about relationships 151 00:10:07,619 --> 00:10:11,030 Suze: the other day. And it made me so sad. 152 00:10:11,820 --> 00:10:16,130 Suze: I was talking to somebody who is so intelligent. I 153 00:10:16,140 --> 00:10:20,849 Suze: can't even tell you. And I was saying something about 154 00:10:20,859 --> 00:10:25,570 Suze: money to her. And she said to me, I know 155 00:10:25,580 --> 00:10:28,468 Suze: I really need to listen to this Suze. I said, 156 00:10:28,479 --> 00:10:31,469 Suze: I know you do. You're a mess with your money. 157 00:10:32,130 --> 00:10:34,210 Suze: And she said, I know. And I said, do you 158 00:10:34,219 --> 00:10:36,859 Suze: know why you're a mess with your money? You're a 159 00:10:36,869 --> 00:10:39,900 Suze: mess with your money because of the relationship that you're 160 00:10:39,909 --> 00:10:40,299 Suze: in 161 00:10:41,359 --> 00:10:44,030 Suze: and she said, I know, but I don't know what 162 00:10:44,039 --> 00:10:48,909 Suze: to do about it, Suzie, he's cheated on me. He's 163 00:10:48,919 --> 00:10:53,450 Suze: stolen money from me. He hasn't made any money. I 164 00:10:53,460 --> 00:10:55,289 Suze: have a child with him, 165 00:10:55,940 --> 00:10:59,669 Suze: but I'm afraid to leave because the house is in 166 00:10:59,679 --> 00:11:05,349 Suze: my name. Everything is in my name. But I'm afraid 167 00:11:05,359 --> 00:11:10,348 Suze: if I leave, I'm gonna lose half the money I have. 168 00:11:11,679 --> 00:11:13,909 Suze: And I said to her, are you kidding me? 169 00:11:15,049 --> 00:11:17,218 Suze: Are you just kidding me? 170 00:11:18,229 --> 00:11:21,869 Suze: I said, has he been physical with you? Yes. Meaning 171 00:11:21,880 --> 00:11:27,439 Suze: physically abusive. Has he been emotionally and verbally abusive to you? 172 00:11:27,450 --> 00:11:29,119 Suze: And she said yes. 173 00:11:29,760 --> 00:11:33,909 Suze: And I said, and you think money keeping your money, 174 00:11:33,919 --> 00:11:36,859 Suze: she's like in her forties, you know, keeping your money 175 00:11:36,869 --> 00:11:39,090 Suze: is worth living like that. 176 00:11:40,080 --> 00:11:42,010 Suze: Are you serious? 177 00:11:42,919 --> 00:11:46,489 Suze: And after a long, long talk with her, 178 00:11:47,200 --> 00:11:49,609 Suze: she came to the conclusion because she has a very 179 00:11:49,619 --> 00:11:54,059 Suze: young child and doesn't feel safe leaving the child with 180 00:11:54,070 --> 00:11:54,570 Suze: him 181 00:11:55,460 --> 00:11:55,989 Suze: that 182 00:11:56,630 --> 00:11:59,819 Suze: she was going to contact a lawyer and she was 183 00:11:59,830 --> 00:12:03,299 Suze: gonna do something about it. I asked her how long 184 00:12:03,309 --> 00:12:07,880 Suze: she's been feeling like this? And she said for years now. 185 00:12:09,190 --> 00:12:12,119 Suze: So why do I tell you this story? 186 00:12:12,830 --> 00:12:16,820 Suze: I tell you this story because there are so many 187 00:12:17,369 --> 00:12:20,200 Suze: abused men and women out there 188 00:12:20,929 --> 00:12:25,940 Suze: that are in relationships that they need to leave. 189 00:12:27,090 --> 00:12:34,280 Suze: So you are not under any circumstance to value money 190 00:12:34,580 --> 00:12:40,079 Suze: and what you have more than your own happiness. Do 191 00:12:40,090 --> 00:12:41,640 Suze: you hear me? 192 00:12:42,929 --> 00:12:44,250 Suze: Who you are, 193 00:12:45,289 --> 00:12:48,619 Suze: how you feel, how you wake up in the morning, 194 00:12:48,630 --> 00:12:52,099 Suze: even if you're in a little shack and you feel 195 00:12:52,109 --> 00:12:55,190 Suze: safe and you know that you now have your whole 196 00:12:55,200 --> 00:12:58,059 Suze: life ahead of you no matter what your age is. 197 00:12:59,130 --> 00:13:02,869 Suze: Just because you are afraid to lose money. If you 198 00:13:02,880 --> 00:13:07,130 Suze: get a divorce is not a valid reason for you 199 00:13:07,140 --> 00:13:10,679 Suze: to lose your life, for you to lose the joy 200 00:13:10,690 --> 00:13:14,140 Suze: of your life. For you to lose the Peacefulness of 201 00:13:14,150 --> 00:13:17,530 Suze: your life. Are you out of your minds? 202 00:13:18,289 --> 00:13:21,090 Suze: I've worked enough now with abused women 203 00:13:22,270 --> 00:13:26,099 Suze: and I have seen them make these hard decisions of 204 00:13:26,109 --> 00:13:28,359 Suze: leaving and doing this and doing that. 205 00:13:30,200 --> 00:13:33,489 Suze: Usually they always stay because of the fear of losing 206 00:13:33,500 --> 00:13:37,500 Suze: money or because they have Children. And I know that 207 00:13:37,510 --> 00:13:41,130 Suze: many people have said, but Suze, you don't understand 208 00:13:42,080 --> 00:13:44,849 Suze: if I leave, he's gonna make my life miserable. He's 209 00:13:44,859 --> 00:13:49,770 Suze: gonna make my kids' life miserable. He's already or your spouse, 210 00:13:49,780 --> 00:13:54,570 Suze: she or whoever it is, they're already making your life miserable. 211 00:13:56,000 --> 00:14:00,209 Suze: So, in the majority of cases, seriously, 212 00:14:01,049 --> 00:14:08,919 Suze: when you are physically, financially, emotionally and psychologically abused, 213 00:14:10,750 --> 00:14:16,070 Suze: money is not a big enough excuse to stay. 214 00:14:17,090 --> 00:14:18,460 Suze: Got that everybody. 215 00:14:20,239 --> 00:14:20,849 Suze: Ok, 216 00:14:21,619 --> 00:14:23,510 Suze: Suze school. 217 00:14:24,190 --> 00:14:24,830 Suze: Now 218 00:14:25,460 --> 00:14:28,419 Suze: I said to you last week that I was going 219 00:14:28,429 --> 00:14:31,580 Suze: to do a Suze school on trust and the difference 220 00:14:31,590 --> 00:14:34,780 Suze: between a revocable trust and an irrevocable trust and a 221 00:14:34,789 --> 00:14:40,039 Suze: special needs trust. So take out your little Suze notebooks 222 00:14:41,130 --> 00:14:45,690 Suze: and I'm just going to briefly tell you the difference 223 00:14:45,700 --> 00:14:51,469 Suze: between a revocable trust, an irrevocable trust and a special 224 00:14:51,479 --> 00:14:52,950 Suze: needs trust. 225 00:14:54,429 --> 00:14:59,049 Suze: So let's start with the kind of trust that almost 226 00:14:59,059 --> 00:15:02,739 Suze: every single one of you out there, in my opinion, 227 00:15:02,750 --> 00:15:07,859 Suze: should have known as a revocable trust, also known as 228 00:15:07,869 --> 00:15:09,619 Suze: a living trust, 229 00:15:10,239 --> 00:15:16,979 Suze: a revocable trust or a living trust is used primarily 230 00:15:17,479 --> 00:15:24,809 Suze: for efficient estate planning and asset management during one's lifetime. 231 00:15:24,820 --> 00:15:29,150 Suze: And after death, what do I mean by that 232 00:15:30,260 --> 00:15:35,460 Suze: when you have assets that you own in your individual 233 00:15:35,469 --> 00:15:38,159 Suze: name or joint tenancy with somebody 234 00:15:39,070 --> 00:15:43,340 Suze: and you are going to be passing those assets down 235 00:15:43,349 --> 00:15:47,789 Suze: to somebody who is a beneficiary and their names are 236 00:15:47,799 --> 00:15:51,159 Suze: not on the title of your assets. 237 00:15:52,359 --> 00:15:58,090 Suze: The most efficient way to pass those assets down to 238 00:15:58,099 --> 00:16:05,289 Suze: your beneficiaries is through a living revocable trust. Got that. 239 00:16:05,619 --> 00:16:12,669 Suze: Just that simple. Why? Because if you don't have a trust, 240 00:16:13,219 --> 00:16:15,489 Suze: hopefully you have a will 241 00:16:16,510 --> 00:16:20,409 Suze: and if you have a will, when you have a will, 242 00:16:20,419 --> 00:16:24,309 Suze: the assets that are passed down through a will in 243 00:16:24,320 --> 00:16:29,369 Suze: most cases have to go through probate, which is a 244 00:16:29,380 --> 00:16:34,909 Suze: very lengthy and costly court procedure in certain states. It 245 00:16:34,919 --> 00:16:37,450 Suze: could take six months, one year or two years to 246 00:16:37,460 --> 00:16:39,570 Suze: be able to complete the procedure 247 00:16:40,429 --> 00:16:46,239 Suze: and it's just a total waste of time and money. 248 00:16:47,340 --> 00:16:50,190 Suze: Now, a lot of you have been told you don't 249 00:16:50,200 --> 00:16:54,280 Suze: need a living revocable trust and I'm combining a revocable 250 00:16:54,289 --> 00:16:56,950 Suze: trust and a living trust so that all of you 251 00:16:56,960 --> 00:16:58,210 Suze: can relate to this. 252 00:16:59,059 --> 00:17:02,549 Suze: You don't need that if you own a house that 253 00:17:02,559 --> 00:17:06,469 Suze: you own in joint tenancy because if you die, it 254 00:17:06,479 --> 00:17:10,060 Suze: will pass immediately to the person that you own an 255 00:17:10,069 --> 00:17:13,409 Suze: in joint tenancy with. Yeah. Well, what happens if you're 256 00:17:13,420 --> 00:17:14,869 Suze: both killed in a car crash? 257 00:17:15,910 --> 00:17:19,198 Suze: Now, what happens to that house? Now, that house is 258 00:17:19,209 --> 00:17:24,000 Suze: governed by a will. If you don't have a will, 259 00:17:24,698 --> 00:17:29,148 Suze: then that house is governed by what's called intestate succession 260 00:17:29,159 --> 00:17:33,749 Suze: where the state that you live has already decided who 261 00:17:33,759 --> 00:17:38,848 Suze: is going to get your assets upon your death? It 262 00:17:38,859 --> 00:17:43,948 Suze: usually passes either to your parents, your Children, your spouse, 263 00:17:43,958 --> 00:17:47,448 Suze: whatever it may be, there is a succession 264 00:17:47,969 --> 00:17:52,910 Suze: passage every single state has. If you don't have at 265 00:17:52,920 --> 00:17:57,969 Suze: least a will where you've dictated how your assets or 266 00:17:57,979 --> 00:18:00,420 Suze: who your assets should pass to. 267 00:18:01,219 --> 00:18:06,189 Suze: Oh, you own a house in joint tenancy with right of survivorship. 268 00:18:06,199 --> 00:18:10,890 Suze: So you think you don't need a trust and now 269 00:18:10,900 --> 00:18:13,939 Suze: one of you is in an accident or has a 270 00:18:13,949 --> 00:18:18,109 Suze: stroke and now they're incapacitated. 271 00:18:18,359 --> 00:18:23,199 Suze: They don't know you. They don't recognize anybody. They're totally incapacitated. 272 00:18:23,550 --> 00:18:27,750 Suze: You need to sell the house maybe because that person 273 00:18:27,760 --> 00:18:30,959 Suze: was contributing to the mortgage or it's a two story 274 00:18:30,969 --> 00:18:33,170 Suze: house and you need a one story house. But now 275 00:18:33,180 --> 00:18:37,679 Suze: you need to sell the house. Can you, you cannot 276 00:18:37,689 --> 00:18:44,409 Suze: not because the person that's incapacitated cannot sign the deed 277 00:18:44,420 --> 00:18:47,909 Suze: to sell it and since you own it and joint tenancy, 278 00:18:48,270 --> 00:18:53,229 Suze: it takes both signatures to sell that house. So what 279 00:18:53,239 --> 00:18:55,920 Suze: are you gonna do? Now? Now you have to go 280 00:18:55,930 --> 00:18:57,438 Suze: down to probate court 281 00:18:58,079 --> 00:19:00,989 Suze: that will cost you a lot of money. Have your 282 00:19:01,000 --> 00:19:04,589 Suze: spouse or whoever you own that house with in joint 283 00:19:04,599 --> 00:19:05,290 Suze: tenancy 284 00:19:06,140 --> 00:19:11,669 Suze: declared incompetent. So you can sign for him or her 285 00:19:11,680 --> 00:19:14,270 Suze: and vice versa. Got that 286 00:19:15,130 --> 00:19:20,399 Suze: you could avoid all of that if you simply put 287 00:19:20,410 --> 00:19:25,349 Suze: your assets like your home, like your stock portfolio, like 288 00:19:25,359 --> 00:19:32,550 Suze: your bank accounts, all of those things in a trust. Now, obviously, 289 00:19:32,560 --> 00:19:36,530 Suze: you can make your bank accounts pay on death accounts, 290 00:19:36,939 --> 00:19:41,260 Suze: transfer on death accounts. You can set up everything like that, 291 00:19:42,280 --> 00:19:47,680 Suze: but that doesn't take care of the problem of incapacity. 292 00:19:47,839 --> 00:19:50,369 Suze: Do you understand that everybody, 293 00:19:51,099 --> 00:19:56,869 Suze: the thing with a revocable trust is that it has flexibility. 294 00:19:58,199 --> 00:20:02,699 Suze: You, if you create the revocable trust, you are known 295 00:20:02,709 --> 00:20:07,069 Suze: as the trustor and you have the ability to modify 296 00:20:07,079 --> 00:20:11,930 Suze: that trust, amend that trust, revoke the trust, do anything 297 00:20:11,939 --> 00:20:18,239 Suze: you want during your lifetime. It does not change your 298 00:20:18,250 --> 00:20:22,829 Suze: tax status. You don't have to create another tax form 299 00:20:22,839 --> 00:20:24,199 Suze: for it. Nothing, 300 00:20:24,900 --> 00:20:29,630 Suze: everything stays the same. All that changes is that everything 301 00:20:29,640 --> 00:20:32,989 Suze: now is in this suitcase, you put it in this 302 00:20:33,000 --> 00:20:37,430 Suze: suitcase and in this suitcase that's known as a trust 303 00:20:37,439 --> 00:20:42,369 Suze: holds all of your assets that have a title to it. 304 00:20:43,130 --> 00:20:48,020 Suze: Just that simple. Everybody, you do not put an Ira 305 00:20:48,030 --> 00:20:51,439 Suze: or retirement account or any of those things in a trust. 306 00:20:52,229 --> 00:20:56,669 Suze: It's mainly your bank accounts, your stock accounts, your buildings, 307 00:20:56,680 --> 00:21:00,719 Suze: you own your home, whatever it may be that goes 308 00:21:00,729 --> 00:21:02,119 Suze: in trust. 309 00:21:02,900 --> 00:21:07,089 Suze: Also, if you have a minor child, 310 00:21:08,209 --> 00:21:15,119 Suze: a minor cannot directly inherit money. They're a minor. Therefore, 311 00:21:15,130 --> 00:21:18,399 Suze: within a revocable trust, 312 00:21:19,239 --> 00:21:23,500 Suze: you can name a trustee to take care of the 313 00:21:23,510 --> 00:21:26,260 Suze: money for your minor child 314 00:21:27,619 --> 00:21:31,329 Suze: and leave instructions as to how you want that person 315 00:21:31,339 --> 00:21:34,650 Suze: to invest the money or when that minor child is 316 00:21:34,660 --> 00:21:38,069 Suze: to get that money at what age you can control 317 00:21:38,079 --> 00:21:40,270 Suze: all of that. 318 00:21:41,180 --> 00:21:45,310 Suze: So again, the components of a revocable trust 319 00:21:46,140 --> 00:21:50,369 Suze: is a trustor. The person who has created the trust, 320 00:21:50,790 --> 00:21:55,640 Suze: the trustee, the person who makes all the decisions, what's 321 00:21:55,650 --> 00:21:59,659 Suze: in the trust and usually the trustor and the trustee 322 00:21:59,790 --> 00:22:01,149 Suze: are the same people, 323 00:22:01,959 --> 00:22:07,400 Suze: the successor trustee who takes over if your trustee becomes 324 00:22:07,410 --> 00:22:10,599 Suze: incapacitated or something happens to them 325 00:22:11,969 --> 00:22:16,500 Suze: and then your beneficiaries and it's just that easy. 326 00:22:17,319 --> 00:22:24,179 Suze: So that's what a revocable living trust is mainly all about. 327 00:22:24,939 --> 00:22:28,880 Suze: In my opinion, the less money you have, the more 328 00:22:28,890 --> 00:22:32,359 Suze: you need a living revocable trust. 329 00:22:33,060 --> 00:22:36,890 Suze: Next, an irrevocable trust, 330 00:22:38,109 --> 00:22:43,760 Suze: an irrevocable trust is exactly what that name says. It 331 00:22:43,770 --> 00:22:46,159 Suze: is irrevocable. 332 00:22:46,959 --> 00:22:52,719 Suze: You cannot change it once you create it, period. And 333 00:22:52,729 --> 00:22:59,410 Suze: an irrevocable trust is created to accomplish specific estate planning 334 00:22:59,420 --> 00:23:07,489 Suze: goals such as asset protection, estate tax reduction or Medicaid 335 00:23:07,500 --> 00:23:10,310 Suze: planning how does it do that? 336 00:23:11,199 --> 00:23:17,198 Suze: Once the assets are transferred into an irrevocable trust. 337 00:23:17,959 --> 00:23:22,169 Suze: You as the trustor also known as the grantor , 338 00:23:22,819 --> 00:23:27,938 Suze: you, the one who put them into this trust, you 339 00:23:27,949 --> 00:23:34,239 Suze: are going to relinquish total control and ownership totally over 340 00:23:34,250 --> 00:23:39,819 Suze: those assets. So once you put money into that trust, 341 00:23:40,329 --> 00:23:43,609 Suze: it's now out of your estate, you may think you 342 00:23:43,619 --> 00:23:47,619 Suze: own it, but it is no longer yours. It's in 343 00:23:47,630 --> 00:23:51,589 Suze: that trust, you cannot change it. And it's held usually 344 00:23:51,599 --> 00:23:56,640 Suze: until you die for the benefit of whoever you named 345 00:23:56,650 --> 00:23:57,399 Suze: on that. 346 00:23:58,239 --> 00:24:03,250 Suze: Now, if you wanna make changes to that trust to 347 00:24:03,260 --> 00:24:08,890 Suze: an irrevocable trust, it will generally require the consent of 348 00:24:08,900 --> 00:24:13,030 Suze: the beneficiaries of that trust and you have to have 349 00:24:13,040 --> 00:24:17,129 Suze: court approval, one or the other or both 350 00:24:17,800 --> 00:24:23,540 Suze: another reason that people love an irrevocable trust or they 351 00:24:23,550 --> 00:24:28,129 Suze: think they do anyway, is that an irrevocable trust can 352 00:24:28,140 --> 00:24:36,569 Suze: shield your assets from creditors, lawsuits or other claims. So, 353 00:24:36,579 --> 00:24:41,709 Suze: unlike a revocable trust that does not provide any asset 354 00:24:41,719 --> 00:24:43,689 Suze: protection whatsoever, 355 00:24:44,810 --> 00:24:51,900 Suze: an irrevocable trust does provide a level of asset protection. 356 00:24:52,680 --> 00:24:55,369 Suze: How does it help you with taxes? 357 00:24:56,170 --> 00:25:03,199 Suze: Irrevocable trusts are used to reduce estate taxes, not income 358 00:25:03,209 --> 00:25:09,459 Suze: taxes necessarily, but estate taxes because once you remove those 359 00:25:09,469 --> 00:25:15,040 Suze: assets from your taxable estate and you've given up control 360 00:25:15,050 --> 00:25:16,959 Suze: of those assets 361 00:25:17,829 --> 00:25:23,238 Suze: and anything about them as they grow, they're not in 362 00:25:23,250 --> 00:25:27,560 Suze: your estate. So if they grow to be very large 363 00:25:27,569 --> 00:25:32,709 Suze: and then passed to the beneficiaries, they're not in your estate, 364 00:25:32,719 --> 00:25:37,520 Suze: so they're not counted for estate tax when you die 365 00:25:38,349 --> 00:25:40,439 Suze: for Medicaid planning. 366 00:25:41,400 --> 00:25:46,188 Suze: Now, listen, if you anticipate the need for a long 367 00:25:46,199 --> 00:25:51,729 Suze: term care or nursing home expenses, it is true that 368 00:25:51,739 --> 00:25:56,689 Suze: an irrevocable trust can help protect your assets and qualify 369 00:25:56,699 --> 00:26:00,089 Suze: you for Medicaid benefits. Now, how does it do that 370 00:26:00,560 --> 00:26:06,540 Suze: when you transfer your assets into an irrevocable trust, you 371 00:26:06,550 --> 00:26:10,089 Suze: create a separation, so to speak between you 372 00:26:10,650 --> 00:26:16,478 Suze: and your personal assets and therefore your eligibility for Medicaid 373 00:26:16,489 --> 00:26:17,938 Suze: allowing you 374 00:26:18,540 --> 00:26:24,380 Suze: to preserve assets for your beneficiaries while still qualifying for Medicaid, 375 00:26:24,390 --> 00:26:29,500 Suze: which is governmental assistance. Now, obviously, there's five year look 376 00:26:29,510 --> 00:26:33,589 Suze: back periods and things like that. But you know how 377 00:26:33,599 --> 00:26:35,349 Suze: I feel about this, 378 00:26:35,790 --> 00:26:41,839 Suze: I've said to you before, I personally believe that when 379 00:26:41,849 --> 00:26:45,640 Suze: you have money and you get older, that money is 380 00:26:45,650 --> 00:26:48,469 Suze: to take care of you. And I understand that some 381 00:26:48,479 --> 00:26:51,369 Suze: of you say, but Suze, what happens if I have 382 00:26:51,380 --> 00:26:54,839 Suze: a special need child or something like that? Maybe you 383 00:26:54,849 --> 00:26:58,520 Suze: get insurance, maybe that is when whole life or universal 384 00:26:58,530 --> 00:27:03,839 Suze: life insurance comes to play. But while you are alive, 385 00:27:05,180 --> 00:27:08,569 Suze: I think it's really important that you look into the 386 00:27:08,579 --> 00:27:13,630 Suze: difference between care in a nursing home. When you are 387 00:27:13,640 --> 00:27:17,949 Suze: a private paid patient versus care in a nursing home. 388 00:27:17,959 --> 00:27:23,869 Suze: When you are on Medicaid also to be on Medicaid, 389 00:27:23,880 --> 00:27:28,310 Suze: you have to be in a Medicare approved nursing home. 390 00:27:29,099 --> 00:27:33,419 Suze: And as time goes on with Medicare possibly going bankrupt 391 00:27:33,430 --> 00:27:36,219 Suze: just like social security. Although I don't think that will 392 00:27:36,229 --> 00:27:36,790 Suze: happen 393 00:27:37,469 --> 00:27:41,609 Suze: and the majority of the people in many ways are 394 00:27:41,619 --> 00:27:46,439 Suze: in nursing homes on Medicaid paying the most amount of money. 395 00:27:46,449 --> 00:27:47,359 Suze: All right, 396 00:27:48,719 --> 00:27:52,390 Suze: you never know when they'll cut that back. So, just 397 00:27:52,400 --> 00:27:54,709 Suze: be careful here. 398 00:27:55,339 --> 00:28:01,030 Suze: Now, in an irrevocable trust, you can also set specific 399 00:28:01,040 --> 00:28:05,650 Suze: terms and conditions for how your assets should be distributed 400 00:28:05,660 --> 00:28:10,829 Suze: to your beneficiaries. And again, this can be really useful 401 00:28:10,839 --> 00:28:16,010 Suze: for you if you have concerns about the financial responsibility 402 00:28:16,020 --> 00:28:20,099 Suze: of maybe your kids or your beneficiaries and you want 403 00:28:20,109 --> 00:28:24,510 Suze: to provide for them over an extended period of time. 404 00:28:24,920 --> 00:28:25,650 Suze: All right, 405 00:28:26,680 --> 00:28:33,159 Suze: an irrevocable trust just like a revocable trust avoids probate 406 00:28:33,170 --> 00:28:39,819 Suze: just so, you know, and so that is a good thing. However, 407 00:28:39,829 --> 00:28:44,280 Suze: what's really important to remember the main differences and think 408 00:28:44,290 --> 00:28:50,530 Suze: of the names of those two is revocable versus irrevocable? 409 00:28:50,599 --> 00:28:55,319 Suze: And are you sure you really want to do that 410 00:28:56,270 --> 00:29:01,229 Suze: Before you do this, it is crucial because once you 411 00:29:01,239 --> 00:29:03,739 Suze: do this, you cannot change your mind with an air 412 00:29:03,750 --> 00:29:08,579 Suze: of vocable trust that you really consult with an experienced 413 00:29:08,589 --> 00:29:12,599 Suze: estate planning attorney or financial advisor 414 00:29:13,300 --> 00:29:18,650 Suze: to really determine if an irrevocable trust aligns or is 415 00:29:18,660 --> 00:29:23,709 Suze: really in sync with your specific needs and goals. 416 00:29:24,569 --> 00:29:28,140 Suze: All right, last but not least 417 00:29:28,859 --> 00:29:31,599 Suze: a special needs trust. 418 00:29:32,369 --> 00:29:36,219 Suze: Now, a special needs trust is also known just so, 419 00:29:36,229 --> 00:29:41,640 Suze: you know, as a supplemental needs trust and this is 420 00:29:41,650 --> 00:29:46,099 Suze: just simply like a legal arrangement and it's designed to 421 00:29:46,109 --> 00:29:50,449 Suze: provide for the financial well-being of an individual with special 422 00:29:50,459 --> 00:29:52,199 Suze: needs or disabilities 423 00:29:52,459 --> 00:29:59,510 Suze: without jeopardizing their eligibility for government benefits. Remember when somebody 424 00:29:59,520 --> 00:30:03,979 Suze: has special needs, that means they have special needs, meaning 425 00:30:03,989 --> 00:30:07,260 Suze: they can't necessarily take care of themselves. They need aid 426 00:30:07,270 --> 00:30:11,959 Suze: of some kind. And many of your Children may be 427 00:30:11,969 --> 00:30:18,250 Suze: in that situation and therefore maybe they happen to be 428 00:30:18,260 --> 00:30:18,969 Suze: on 429 00:30:19,430 --> 00:30:23,880 Suze: S SI which is governmental aid that pays them 600 430 00:30:23,890 --> 00:30:28,099 Suze: or some odd dollars a month and that they need 431 00:30:28,109 --> 00:30:28,880 Suze: that money. 432 00:30:29,500 --> 00:30:34,430 Suze: But if they have any money in their individual name 433 00:30:34,439 --> 00:30:38,390 Suze: or if you leave them money outright, 434 00:30:39,010 --> 00:30:43,410 Suze: chances are they will be disqualified from SSI 435 00:30:44,170 --> 00:30:49,459 Suze: and good luck getting back on to SSI. 436 00:30:50,140 --> 00:30:54,270 Suze: Right. So that is what you really need to know. 437 00:30:54,770 --> 00:31:01,689 Suze: So again, right, it's a legal arrangement to provide for 438 00:31:01,699 --> 00:31:09,329 Suze: their protection, their financial well being without jeopardizing their eligibility 439 00:31:09,339 --> 00:31:14,500 Suze: for government benefits. So the primary purpose, everyone of a 440 00:31:14,510 --> 00:31:19,780 Suze: special needs trust is to enhance the quality of life 441 00:31:20,150 --> 00:31:26,400 Suze: of the beneficiary by supplementing their government assistance rather than 442 00:31:26,410 --> 00:31:30,579 Suze: replacing it. Did that make sense? So wouldn't you want 443 00:31:30,589 --> 00:31:33,030 Suze: to have your cake and eat it too for that 444 00:31:33,040 --> 00:31:38,140 Suze: child or that person where they get governmental assistance and 445 00:31:38,300 --> 00:31:42,060 Suze: they still have access to money that maybe you are 446 00:31:42,069 --> 00:31:44,400 Suze: going to leave them. 447 00:31:44,839 --> 00:31:49,199 Suze: So truly, the key characteristics and I guess I'd call 448 00:31:49,209 --> 00:31:53,880 Suze: features of a special needs trust is that you are 449 00:31:53,890 --> 00:32:00,989 Suze: again preserving government benefits for individuals that have special needs 450 00:32:01,390 --> 00:32:06,680 Suze: that rely on benefits provided by the government such as 451 00:32:06,689 --> 00:32:10,939 Suze: Medicaid or S SI. And by the way, S SI 452 00:32:10,949 --> 00:32:15,520 Suze: stands for supplemental security income. 453 00:32:16,800 --> 00:32:23,290 Suze: And so that's what's really important. Again, these programs, Medicaid 454 00:32:23,949 --> 00:32:29,079 Suze: as well as S SI, they are based on the 455 00:32:29,089 --> 00:32:34,420 Suze: financial need of the person. So if you have a child, 456 00:32:34,430 --> 00:32:39,520 Suze: a special needs child and they are dependent 457 00:32:40,229 --> 00:32:46,339 Suze: on this money that's coming in from SSI, they would 458 00:32:46,349 --> 00:32:51,069 Suze: be disqualified if they were to receive from you a 459 00:32:51,089 --> 00:32:55,140 Suze: significant inheritance or even a gift directly. So it would, 460 00:32:55,150 --> 00:32:59,609 Suze: it would disqualify them from that assistance. So a special 461 00:32:59,619 --> 00:33:01,640 Suze: needs trust is structured 462 00:33:02,050 --> 00:33:07,390 Suze: to hold assets for the benefit of that beneficiary without 463 00:33:07,400 --> 00:33:12,410 Suze: affecting their eligibility for Medicaid or SSI. 464 00:33:13,160 --> 00:33:17,790 Suze: So you supplement their needs. That's why it's also called 465 00:33:17,800 --> 00:33:23,630 Suze: a Supplemental Needs Trust. And this trust is designed to 466 00:33:23,640 --> 00:33:30,949 Suze: supplement but not replace government benefits. It can however, provide 467 00:33:30,959 --> 00:33:37,130 Suze: funds for additional expenses that can enhance the beneficiary's quality 468 00:33:37,140 --> 00:33:38,770 Suze: of life and well-being. 469 00:33:39,439 --> 00:33:42,280 Suze: You know, so maybe they need medical treatment or a 470 00:33:42,420 --> 00:33:44,819 Suze: they have to go see a dentist or things that 471 00:33:44,829 --> 00:33:49,849 Suze: aren't covered by insurance. It can also be where they 472 00:33:49,859 --> 00:33:55,250 Suze: use that money in the special needs trust, right? For what? 473 00:33:55,260 --> 00:34:02,380 Suze: For therapy? Maybe for education, maybe for transportation, recreational activities. 474 00:34:02,760 --> 00:34:06,670 Suze: Let's see, maybe personal care attendant, things like that. 475 00:34:07,439 --> 00:34:13,500 Suze: Now, here's what's really important. The trustee of the special 476 00:34:13,510 --> 00:34:14,929 Suze: needs trust 477 00:34:16,010 --> 00:34:22,260 Suze: is typically managed by a trustee by a person who 478 00:34:22,270 --> 00:34:24,620 Suze: has a fiduciary duty 479 00:34:25,398 --> 00:34:30,249 Suze: to act in the best interest of the beneficiary 480 00:34:30,928 --> 00:34:34,509 Suze: because the trustee and that probably will be you if 481 00:34:34,518 --> 00:34:40,009 Suze: it's your child is responsible for managing the assets that 482 00:34:40,018 --> 00:34:44,579 Suze: are in that trust for making distributions for the beneficiary's 483 00:34:44,589 --> 00:34:45,319 Suze: benefit 484 00:34:45,959 --> 00:34:50,469 Suze: and to ensure that you are in compliance with all 485 00:34:50,479 --> 00:34:57,379 Suze: laws and regulations, everybody that are applicable to a special 486 00:34:57,389 --> 00:34:58,969 Suze: needs trust. 487 00:34:59,669 --> 00:35:00,399 Suze: Now, 488 00:35:01,100 --> 00:35:08,509 Suze: there are two primary types of special needs trust. One 489 00:35:08,520 --> 00:35:14,189 Suze: is a third party special needs trust and second, a 490 00:35:14,199 --> 00:35:18,029 Suze: self settled special needs trust, 491 00:35:18,860 --> 00:35:24,219 Suze: a third party special needs trust. This is the type 492 00:35:24,229 --> 00:35:28,989 Suze: of trust that is funded by assets that's owned by 493 00:35:29,000 --> 00:35:34,360 Suze: someone other than the beneficiary. So chances are, that's the 494 00:35:34,370 --> 00:35:38,459 Suze: one that most of you will want if you have kids. 495 00:35:38,469 --> 00:35:41,020 Suze: So if you are a parent or a grandparent or 496 00:35:41,030 --> 00:35:44,909 Suze: another family member, it allows all of you 497 00:35:45,439 --> 00:35:51,259 Suze: to provide for the beneficiaries needs while maintaining their eligibility 498 00:35:51,270 --> 00:35:58,469 Suze: for governmental benefits. However, what's fascinating and very seldom talked 499 00:35:58,479 --> 00:36:05,050 Suze: about are self settled, special needs trust. Now, this is 500 00:36:05,060 --> 00:36:09,610 Suze: a trust that's funded with assets that are owned by 501 00:36:09,620 --> 00:36:13,270 Suze: the individual that has special needs. 502 00:36:13,600 --> 00:36:18,448 Suze: It is typically used when somehow the beneficiary comes into 503 00:36:18,459 --> 00:36:21,929 Suze: assets through maybe a legal settlement or an inheritance or 504 00:36:21,939 --> 00:36:23,790 Suze: a personal injury settlement. 505 00:36:24,560 --> 00:36:30,189 Suze: And that Medicaid will require that any remaining trust funds 506 00:36:30,370 --> 00:36:36,520 Suze: are used to reimburse the state upon the beneficiary's death. 507 00:36:37,530 --> 00:36:42,189 Suze: So if somebody who is a special needs person has 508 00:36:42,199 --> 00:36:46,629 Suze: the capability they can or a lawyer can let's say 509 00:36:46,639 --> 00:36:50,260 Suze: they got a car accident settlement, put the money into 510 00:36:50,270 --> 00:36:53,989 Suze: a self funded special needs trust, they can use it 511 00:36:54,000 --> 00:36:58,669 Suze: while still then being on governmental aid. But upon the 512 00:36:58,679 --> 00:37:04,250 Suze: death of that person, that money then will go back 513 00:37:04,260 --> 00:37:05,610 Suze: to Medicaid 514 00:37:06,060 --> 00:37:08,010 Suze: to reimburse the state 515 00:37:08,719 --> 00:37:13,129 Suze: for any money they spent on this person. Upon that 516 00:37:13,139 --> 00:37:14,729 Suze: person's death, 517 00:37:15,469 --> 00:37:19,709 Suze: again, I will reiterate it is important to work with 518 00:37:19,719 --> 00:37:27,089 Suze: a seriously experienced attorney who specializes in special needs planning 519 00:37:27,120 --> 00:37:33,209 Suze: when you want to establish a special needs trust. All right. Now, 520 00:37:33,219 --> 00:37:36,159 Suze: I know I went a little long but 521 00:37:36,699 --> 00:37:41,899 Suze: that is the Suze School for today. Keep this podcast. 522 00:37:41,909 --> 00:37:46,830 Suze: Keep your notes because trust me, that's funny. Trust that 523 00:37:46,840 --> 00:37:50,649 Suze: is what this topic is all about. But trust me, 524 00:37:50,739 --> 00:37:54,540 Suze: there will come a time when somebody's going to tell 525 00:37:54,550 --> 00:37:56,600 Suze: you you should do an irrevocable trust. 526 00:37:56,850 --> 00:38:00,439 Suze: You don't need a revocable trust or what's the difference 527 00:38:00,449 --> 00:38:03,719 Suze: for a special needs trust, whatever it may be, come 528 00:38:03,729 --> 00:38:09,800 Suze: back and listen to this podcast. But until next Thursday, 529 00:38:09,810 --> 00:38:15,479 Suze: when Miss Travis will rejoin me here for Ask KT and Suze, anything. 530 00:38:15,699 --> 00:38:18,060 Suze: There's really only one thing that I want you to 531 00:38:18,070 --> 00:38:20,699 Suze: say every single day 532 00:38:21,139 --> 00:38:27,610 Suze: and that is today. Wherever I go, I will create 533 00:38:27,750 --> 00:38:33,669 Suze: a more peaceful, joyful and loving world And if you 534 00:38:33,679 --> 00:38:38,429 Suze: do that, if you believe that as always, I promise 535 00:38:38,439 --> 00:38:42,810 Suze: you you will be unstoppable. 536 00:38:48,520 --> 00:38:48,800 Music: Music (out).