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Speaker 1: Welcome to Love, Death and Money.

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Speaker 2: I'm your host, attorney Nas Beruti on talk radio seven

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Speaker 2: ninety KABC. If you have questions about trusts, wills, probate,

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Speaker 2: call the station right now at one eight hundred two

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Speaker 2: two two five two two two. That's one eight hundred

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Speaker 2: two two two KABC. If this is the first time

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Speaker 2: you're joining the program, welcome. My name is Naz Berruti.

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Speaker 2: I've been practicing law in southern California for the last

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Speaker 2: fifteen years, making sure that my clients have the proper

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Speaker 2: legal documents to protect themselves for the day that they

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Speaker 2: pass away or become incapacitated. Now, if you don't have

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Speaker 2: an end of life plan, the state of California has

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Speaker 2: one for you, and trust me, you are not going

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Speaker 2: to like it. So for the next hour, I'm going

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Speaker 2: to share with you some information that's general in nature.

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Speaker 2: You should always consult an attorney about your particular situation.

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Speaker 2: To get more information about my practice, you can visit

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Speaker 2: my website burrudilaw dot com. That's bru two tilaw dot com. Now,

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Speaker 2: all eyes are on the war in the Middle East,

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Speaker 2: and it's important to have a conversation about how war

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Speaker 2: is going to impact the economy. If you haven't noticed,

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Speaker 2: the government spending is going to shift to military.

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Speaker 3: Uh.

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Speaker 2: Military spending will rise sharply and instead of you know,

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Speaker 2: using funds for healthcare, education, and infrastructure, it's going to

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Speaker 2: be completely used to defend against our quote unquote enemies.

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Speaker 1: So what does this cause.

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Speaker 2: It's going to increase government debt, It's going to possibly

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Speaker 2: increase your taxes. We're going to see major inflation. And

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Speaker 2: during wartime we see a lot of problems if we

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Speaker 2: look in his during history, our history classes and history books,

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Speaker 2: the supply chain disruptions that are going to affect Americans.

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Speaker 2: Goods are going to be less available, and our currency

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Speaker 2: is going to be de valued. So the economic impact.

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Speaker 2: Just over the last thirty days, two trillion dollars has

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Speaker 2: been wiped out of the stock market if you haven't

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Speaker 2: been following the news. So this is going to increase prices,

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Speaker 2: Our purchasing power is going to fall, and living standards

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Speaker 2: are going to decline. And as we've seen, there's been

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Speaker 2: many trade disruptions. When it comes to oil, ports are

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Speaker 2: going to be blocked, shipping routes are going to be blocked.

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Speaker 1: The street of horm moves.

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Speaker 2: If you've been following what's happening there, it's going to

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Speaker 2: trigger international sanctions. But Trump has been removing some sanctions,

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Speaker 2: specifically with Russia to be able to purchase oil. It's

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Speaker 2: going to reduce exports and imports. And so it's really

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Speaker 2: important to have a conversation, especially because we're in tax

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Speaker 2: season right now, of how not to become an accidental philanthropist.

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Speaker 1: So if you, let's just say, don't agree with the war.

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Speaker 2: Or how the government is managing your tax dollars, don't

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Speaker 2: become an accidental philanthropists. And what do I mean by that, Well,

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Speaker 2: our dollar is tax four to five times if we

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Speaker 2: really take a look on how taxes are implemented, because

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Speaker 2: we have income tax, we have dividend tax, we have

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Speaker 2: capital gains tax, estate tax, and tax on retirement accounts.

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Speaker 2: And I always say that there is a war on

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Speaker 2: wealth because if you do not know how to use

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Speaker 2: tax codes, you are letting the government decide where your

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Speaker 2: money goes.

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Speaker 1: And that's where I've coined the.

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Speaker 2: Term accidental philanthropists, because you are not aware of how

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Speaker 2: to legally use the tax codes to pay the least

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Speaker 2: amount of money to the government. Instead of putting that

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Speaker 2: money in your pocket or deciding what or charity organizations

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Speaker 2: you want to donate to, you are giving it to

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Speaker 2: the government. And the government right now is using it

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Speaker 2: for military use.

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Speaker 1: Now.

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Speaker 2: The Pentagon announced in the first six days of the war,

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Speaker 2: the US spent about eleven billion dollars. The Pentagon just

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Speaker 2: today or yesterday asked two hundred more billion dollars for

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Speaker 2: a budget to fight in the Iran war. Two hundred

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Speaker 2: billion dollars. That's a lot of money. So instead of

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Speaker 2: having this money go to health programs or anti poverty programs,

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Speaker 2: or to pay the interest on the debt that the

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Speaker 2: government owns, it's being directed toward the needs of our military.

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Speaker 1: Now.

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Speaker 2: According to the National Institute on Retirement Security, the typical

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Speaker 2: American worker has less than one thousand dollars saved for retirement.

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Speaker 2: So with everything going on in the war and inflation

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Speaker 2: and our governments shifting their spending to more military rather

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Speaker 2: than services that are going to benefit Americans, this is

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Speaker 2: just going to pile on for Americans that are getting

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Speaker 2: close to retirement. And that is very concerning and it's alarming,

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Speaker 2: and it's important to have this conversation about how you

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Speaker 2: can secure your financial future. Now, during periods of international conflict,

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Speaker 2: it's really important to manage the rate of return that

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Speaker 2: you are getting on your money, specifically if you are

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Speaker 2: nearing retirement. So what options are available for those that

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Speaker 2: are concerned that are concerned they're four oh one k

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Speaker 2: is being depleted, they don't want to put their money

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Speaker 2: in the stock market. Well, there's a particular account called

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Speaker 2: a fixed indexed annuity account that can mitigate your risks.

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Speaker 2: This is really important for those of you that are

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Speaker 2: getting close to retirement. And the reason these fixed indexed

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Speaker 2: annuities are essential during international conflict is because your principle

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Speaker 2: is protected, the principle of your money that you are

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Speaker 2: putting in these accounts and any credited interest cannot be

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Speaker 2: lost due to market declines.

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Speaker 1: And right now the market.

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Speaker 2: Is in a very unstable position, and I would be

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Speaker 2: very concerned in putting my money in something that could

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Speaker 2: potentially wipe everything out because of the stock market. Second,

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Speaker 2: these accounts, these fixed index annuity accounts, are essential because

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Speaker 2: it has guaranteed income. Many of these accounts include optional

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Speaker 2: income writers that provide a predictable lifetime income stream for

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Speaker 2: you regardless of how poorly the stock market performs during

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Speaker 2: a conflict, So when we're talking about fixed index annuities,

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Speaker 2: it's index because if the stock market crashes, your money

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Speaker 2: stays level.

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Speaker 1: It doesn't go down with the stock market. This is

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Speaker 1: why it's.

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Speaker 2: Ideal when we are having periods of international conflict. And

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Speaker 2: the third reason that these accounts are recommended is because

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Speaker 2: it avoids a forced sale of other assets. Now, using

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Speaker 2: the income from these accounts, you can cover your living

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Speaker 2: expenses and it doesn't force you to sell other equity

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Speaker 2: investments like your four oh one K or withdrawing from

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Speaker 2: your IRA. Now a lot of people aren't aware about

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Speaker 2: these types of accounts, but it is something that is

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Speaker 2: available to you, and if you want to get more information,

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Speaker 2: you can definitely contact our office, so one of our

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Speaker 2: professionals can assist you in getting a fixed index annuity account,

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Speaker 2: which again has principal protection, guaranteed income, and avoids force

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Speaker 2: sale of your other assets. Now, remember, for a one

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Speaker 2: K withdraws, we've seen that more Americans have been forced

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Speaker 2: to withdraw from the four one k's, more than ever

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Speaker 2: in the history of the United States. Those withdrawals are

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Speaker 2: generally taxed as ordinary income, with a mandatory twenty percent

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Speaker 2: federal tax and if you are withdrawing before fifty nine

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Speaker 2: and a half. I posted about this the other day

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Speaker 2: on my Instagram, and I can't tell you how many

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Speaker 2: people that are under fifty nine that I know message

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Speaker 2: to me and said I had to do this. So

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Speaker 2: if you are withdrawing before fifty nine and a half,

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Speaker 2: you have an additional ten percent penalty. Now this is

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Speaker 2: your money, Okay, I want you to really understand what

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Speaker 2: I'm explaining to you. You have a twenty percent federal tax,

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Speaker 2: and then if you're withdrawing before fifty nine and a half,

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Speaker 2: there's another ten percent, which is thirty percent penalty.

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Speaker 1: That is crazy.

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Speaker 2: So this is why it's important to make sure to

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Speaker 2: put a team together that can help you, especially right

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Speaker 2: now because it's tax season for those of you that

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Speaker 2: are unaware. I'm also licensed by the United States Tax Court.

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Speaker 1: I'm also a tax attorney.

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Speaker 2: So if you need help with your taxes, you owe

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Speaker 2: irs back taxes, you have messy books and you need

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Speaker 2: help cleaning it up, or you know, tax season feels

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Speaker 2: like a nightmare more than a refundream for you, or

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Speaker 2: if you are worried about a potential audit. Now is

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Speaker 2: the time to contact our office to make sure that

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Speaker 2: you have a team in place that can help you. Now,

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Speaker 2: I know many people get mad when we see millionaires

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Speaker 2: billionaires pay the least amount of tax possible because in

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Speaker 2: your mind, you're thinking, you have all this money, how

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Speaker 2: come you only paid this amount. Well, because they have

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Speaker 2: professionals that they're paying seven hundred, one thousand dollars an hour,

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Speaker 2: twelve hundred dollars an hour that are studying these tax

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Speaker 2: codes that are legal and they're implementing them. So you

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Speaker 2: can't get mad at these individuals. They are just using

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Speaker 2: the system to their advantage, and you are able to

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Speaker 2: do the same thing.

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Speaker 1: But you have to make.

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Speaker 2: Sure that you're not skipping out on creating a team

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Speaker 2: because you want to save a couple hundred dollars or

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Speaker 2: one thousand dollars to file your tax return, because in

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Speaker 2: the end, you're missing all of these available deductions and

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Speaker 2: you're losing out. So you have to make sure you

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Speaker 2: are getting every deduction you deserve this year. And with

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Speaker 2: millions of Americans overpaying in taxes, don't be one of them.

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Speaker 2: The average American spends thirteen hours doing their taxes, you

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Speaker 2: have to get that time back, and the new twenty

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Speaker 2: twenty tax breaks could boost your refund by one thousand

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Speaker 2: dollars or more.

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Speaker 3: So.

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Speaker 2: If you want to make an appointment with me, Attorney

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Speaker 2: nos Berruti, call my office right now at four two

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Speaker 2: four four six five nine zero zero three. That's four

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Speaker 2: two four four six five nine zero zero three. You're

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Speaker 2: listening to Love, Death and Money on Talk Radio seven

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Speaker 2: ninety KBC. We're gonna take a quick break and we'll

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Speaker 2: be right back.

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Speaker 1: Stay with us.

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Speaker 2: Welcome back to Love Death and Money. I'm your host,

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Speaker 2: Attorney Nasberruti on Talk radio seven ninety KABC. If you

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Speaker 2: have a question about trusts, wills probate, call the station

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Speaker 2: right now at one eight hundred two two two five

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Speaker 2: two two two. That's one eight hundred two two two KABC.

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Speaker 2: To get more information about my practice, you can visit

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Speaker 2: my website Burudi law dot com.

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Speaker 1: That's b A r o u t I Law dot com.

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Speaker 2: And if you'd like to order a copy of my

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Speaker 2: best selling book, Love Death and Nae Money, you can

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Speaker 2: get it on Amazon dot com. It's available in paperback

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Speaker 2: and kindle version. Now, this is a legal guide for

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Speaker 2: you on how you can protect yourself during different stages

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Speaker 2: of life. The first part of the book goes through

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Speaker 2: what's end of life planning, and the second part is

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Speaker 2: traps to avoid. These are real life stories of individuals,

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Speaker 2: some who had plans and some who did not, and

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Speaker 2: the devastating consequences it had. Again, the book is called Love, Death,

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Speaker 2: and Money and you can get it on Amazon dot com.

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Speaker 2: We've been talking about how the war is going to

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Speaker 2: impact the economy, how the government is shifting spending to

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Speaker 2: the military, and how this is going to cause a

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Speaker 2: lot of problems higher government debt, increase taxes, and possible inflation.

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Speaker 2: And one of the key things that we've seen in

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Speaker 2: history is for those of you that are getting close

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Speaker 2: to retirement, it's really important to make sure that you're

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Speaker 2: securing your money. And during periods of international conflict, your

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Speaker 2: money can definitely be at jeopardy. And one of the

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Speaker 2: options that are available for you is creating or having

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Speaker 2: a fixed indexed annuity which protects your principle. It guarantees

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Speaker 2: income and avoids having to sell or forcing you to

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Speaker 2: sell other assets to be able to cover your living expenses. Again,

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Speaker 2: for those of you that want to get more information

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Speaker 2: about a fixed indexed annuity, definitely contact our office. And

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Speaker 2: again for those of you that are just so stressed

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Speaker 2: out because of tax season, I'm also licensed by the

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Speaker 2: United States Tax Court, So if you need help with IRS,

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Speaker 2: issues with back taxes, or you're worried about a potential audit,

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Speaker 2: now is the time to get a team in place

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Speaker 2: that can assist you to make sure that you are

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Speaker 2: getting the most in deductions.

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Speaker 1: Legally, in twenty twenty.

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Speaker 2: Six, there are tax breaks that could boost your refund

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Speaker 2: by one thousand dollars or more. So now is the

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Speaker 2: time to give our office a call. And many of

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Speaker 2: our listeners and clients are worried that they're going to

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Speaker 2: outlive their money. So it's important to have a roadmap

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Speaker 2: of how you are going to retire. And you can't

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Speaker 2: necessarily do that all on your own. Sometimes you need

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Speaker 2: a team of people to kind of guide you and

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Speaker 2: to figure out first of all how much you need,

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Speaker 2: how to get there, and how you can cut costs.

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Speaker 2: And I'm mostly concerned with baby boomers, those of you

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Speaker 2: born between nineteen forty six and nineteen sixty four. As

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Speaker 2: we've been told year after year, social Security is going

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Speaker 2: to run out in the next possible three four years.

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Speaker 2: So if you're banking on that, this is not the

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Speaker 2: time to depend on Social Security.

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Speaker 1: And if something is not.

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Speaker 2: Done now, then your money could be lost to taxation

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Speaker 2: and the high cost of living expenses. And there's a

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Speaker 2: lot of problems that are facing today's consumers, like the

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Speaker 2: rising cost of living, the debt that Americans are in.

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Speaker 2: There's about almost nineteen trillion dollars in credit card debt

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Speaker 2: that the United States has, and lack of security. If

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Speaker 2: you die tomorrow, would your family be able to survive?

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Speaker 1: And most families would be broke within a year.

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Speaker 2: So with poor saving habits, Americans save less than four

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Speaker 2: point seven percent of their income. There's a lot of

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Speaker 2: issues for Americans when they're getting close to retirement.

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Speaker 1: So what if we fail?

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Speaker 2: What if we are not able to secure a bright

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Speaker 2: future for retirement? So Baby boomers could be the first

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Speaker 2: generation since the Depression to face the possibility of retirement

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Speaker 2: without any of the three safety nets that previous generations

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Speaker 2: had had, like Social Security or pension benefit plans. There

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Speaker 2: are many of you that have been phased out or

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Speaker 2: you've changed jobs ten to twelve times in a career

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Speaker 2: and your personal savings haven't been quite great. The typical

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Speaker 2: couple will need to save one quarter of their annual

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Speaker 2: income over almost the next decade to be able to

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Speaker 2: maintain desired consumption levels in retirement. So what are two

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Speaker 2: options available? If you can't meet your needs during retirement.

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Speaker 2: You either have to work beyond the age of sixty five,

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Speaker 2: or you have to build your own financial lifestyle and

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Speaker 2: strategy that is going to be appropriate for you to

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Speaker 2: have enough in retirement.

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Speaker 1: And this is why our team is ready to assist you.

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Speaker 2: If you fall within this category and you're getting close

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Speaker 2: to retirement, you can definitely give our office a call

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Speaker 2: right now, Attorney nos Berruti at four to two, four,

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Speaker 2: four six, five nine zero zero three. Now, one of

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Speaker 2: the key things that we need to discuss is an

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Speaker 2: end of life plan. This is an important strategy when

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Speaker 2: we're talking about retirement because you want to create a

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Speaker 2: plan for your family and you do not want the

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Speaker 2: State of California to come in and decide how things

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Speaker 2: are going to be run. And when I say the

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Speaker 2: State of California has a plan for you, I don't

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Speaker 2: want you to confuse that with oh, there's already something

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Speaker 2: in place where I don't have to spend the time

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Speaker 2: or money to create a plan for my family. This

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Speaker 2: plan is not free, and it is not cheap, and

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Speaker 2: it is not an easy plan to follow.

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Speaker 1: What am I talking about?

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Speaker 2: So, if you die without a written plan, specifically a

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Speaker 2: trust document that holds all of your assets, your estate

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Speaker 2: is going to go through probate court. Probate court is

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Speaker 2: the court that administers your straight estate when you don't

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Speaker 2: have a written plan. Now, why would you not want

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Speaker 2: your family to go through this process? Well, for multiple reasons. One,

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Speaker 2: this process can take anywhere on average from six months

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Speaker 2: to two years. When I say six months, I'm being generous.

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Speaker 2: That's probably you get six months just to go before

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Speaker 2: a judge just to open up the case. Essentially months.

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Speaker 2: There have been cases that have taken five six years.

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Speaker 2: There are cases that are ten years plus in probate court,

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Speaker 2: believe it or not, And that is not a place

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Speaker 2: that you want your family to end up because when

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Speaker 2: they are going through this process, this time frame does

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Speaker 2: not allow them to sell any assets, It does not

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Speaker 2: allow them to access your bank accounts, it does not

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Speaker 2: allow them to tap into your retirement accounts. And if

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Speaker 2: you are the primary breadwinner in the family, and because

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Speaker 2: of your credit, everything has been put in your name

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Speaker 2: and you've been taking care of all the bills. That

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Speaker 2: means all of your accounts are frozen until the court

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Speaker 2: approves who is the rightful beneficiary, and that can have

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Speaker 2: devastating consequences for your family. In addition to this process

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Speaker 2: being time consuming, your family will have to hire a

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Speaker 2: probate attorney.

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Speaker 1: To assist them through this process.

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Speaker 2: This is not something that you can use with chat

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Speaker 2: GPT to fill out the forms and make court appearances.

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Speaker 2: It's very complicated. Even attorneys in different fields have a

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Speaker 2: hard time grasping the concept of probate and how it works.

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Speaker 2: So when you hire a probatea attorney, they are paid

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Speaker 2: statutory fees, meaning depending on the value of this state,

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Speaker 2: they get a percentage of it. And if you really

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Speaker 2: think about it, that's actually really unfair. So here we

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Speaker 2: have a man who's worked his whole life and he

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Speaker 2: dies in a car accident, and he has a wife

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Speaker 2: and kids, and his estate is worth a million dollars.

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Speaker 2: Everything was in his name, and you mean to tell

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Speaker 2: me that an attorney helping me basically access my husband's

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Speaker 2: assets is going to take a portion of it, not

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Speaker 2: just like an hourly fee. Yeah, that's how it works.

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Speaker 2: They take a statutory fee, and on top of that,

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Speaker 2: they're also able to charge an hourly fee. So I

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Speaker 2: have seen certain estates get wiped out sixty seventy percent. Now,

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Speaker 2: probate attorneys make sometimes high six figures in cases. And

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Speaker 2: I want to say this with the most respect for

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Speaker 2: my field my profession. Attorneys make more money when you

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Speaker 2: don't plan. Attorneys make more money when you are vulnerable.

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Speaker 2: And I know that sounds really harsh and it sounds

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Speaker 2: really horrible, but it's the truth.

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Speaker 1: Look at divorce cases.

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Speaker 2: When you don't have a prenup and you're just you're

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Speaker 2: banking on your love for that person. What happens You

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Speaker 2: start fighting, the attorneys go back and forth, and the

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Speaker 2: attorneys make money off of your pain. So I could

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Speaker 2: be coming here on the air and just telling you, oh,

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Speaker 2: just write a will, Just write a will, don't worry

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Speaker 2: about creating a trust, don't worry about creating an end

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Speaker 2: of life plan, because you know what, I make more

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Speaker 2: money when you don't have a plan. But I don't

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Speaker 2: want your family to go through this process because again,

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Speaker 2: it's time consuming, expensive, you're not going to have access

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Speaker 2: to the assets, and the The final cherry on top

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Speaker 2: of this process is everything becomes public record. And as

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Speaker 2: many of you know, they always say when you win

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Speaker 2: the lottery, don't announce it to anyone. Go hire an

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Speaker 2: attorney and a CPA before you go claim your prize.

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Speaker 2: Don't tell family members, you know, don't tell anybody.

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Speaker 1: But guess what, the minute you die, everything you own

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Speaker 1: just becomes public record.

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Speaker 2: So if somebody wants to find out how much you had,

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Speaker 2: what you had, and they want to create a story

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Speaker 2: of you owed them X, Y and z, this happens

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Speaker 2: all the time. You then put a target on your

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Speaker 2: back and your family's back for someone to come and

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Speaker 2: try to claim a piece of what you've left behind.

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Speaker 2: So the solution to all this is to create an

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Speaker 2: end of life plan while you are alive, specifically a

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Speaker 2: trust where all of your assets are held and then

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Speaker 2: distributed after you pass away. Now, the great thing about

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Speaker 2: trust is that you are still able to control from

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Speaker 2: the grave on how those assets are distributed, whether you

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Speaker 2: want to put age restrictions for your beneficiaries, whether you

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Speaker 2: want them to go to college, whether you want them

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Speaker 2: to only get fifty percent at age twenty five. Whether

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Speaker 2: you want to put drug testing as a as a

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Speaker 2: clause in there, that is up to you. But if

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Speaker 2: you don't have this plan, the government just liquidates and

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Speaker 2: gives it away to your rightful errors. Maybe you don't

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Speaker 2: want any of your family members to get your assets.

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Speaker 2: If you do not create this plan, you are leaving

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Speaker 2: it open for the state to make decisions.

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Speaker 1: Again.

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Speaker 2: If you do not have a plan, the state of

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Speaker 2: California has one for you. And if you need to

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Speaker 2: create a plan today, I want you to give my

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Speaker 2: office a call right now, Attorney nasbur Ruti at four

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Speaker 2: to two four four six five nine zero zero three.

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Speaker 2: That's four two four four six five nine zero zero three.

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Speaker 2: Or you can visit my website Burrudilaw dot com b

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Speaker 2: a r o u ti Law dot com and for

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Speaker 2: those of you that are tech savvy, you can visit

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Speaker 2: my Instagram page at Burrudi Law. There is a link

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00:22:12,920 --> 00:22:15,120
Speaker 2: in my bio that can take you to my calendar

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Speaker 2: and you can schedule a complimentary fifteen minute phone call

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Speaker 2: directly with me to ask any questions that you have

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Speaker 2: about end of life planning taxes, retirement planning again. Visit

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Speaker 2: at Burrudi Law on Instagram and click and the link

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Speaker 2: in the bio. But if you're old school, you want

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Speaker 2: to call my office the numbers four two four, four

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Speaker 2: six five nine zero zero three. You're listening to Love,

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Speaker 2: Death and Money on Talk radio seven ninety KABC. When

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Speaker 2: we come back from the break, we're going to talk

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Speaker 2: about something called privacy trusts. Stay with us, Welcome back

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Speaker 2: to Love, Death and Money. I'm your host, Attorney Nas

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Speaker 2: Beruti on Talk Radios seven ninety KABC. If you have

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Speaker 2: questions about trust, wills, probate, call the station right now

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Speaker 2: at one eight hundred two two two two. That's one

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Speaker 2: eight hundred two two two KABC. To get more information

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Speaker 2: about my practice, you can visit my website Berudilaw dot com.

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Speaker 2: That's ba r o u TI Law dot com. And

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00:23:14,000 --> 00:23:15,840
Speaker 2: if you'd like to order a copy of my best

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00:23:15,840 --> 00:23:18,359
Speaker 2: selling book, Love Death and Money, you can get it

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00:23:18,400 --> 00:23:21,960
Speaker 2: on Amazon dot com. It's available in paperback and kindle version.

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Speaker 2: This is a legal guide for you on how you

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00:23:24,400 --> 00:23:28,240
Speaker 2: can protect yourself during different stages of life, and the

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Speaker 2: first part of the book goes through what's end of

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Speaker 2: life planning and the second part is trapped to avoid again.

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Speaker 2: The book is called Love, Death, and Money and it's

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Speaker 2: available on Amazon. So we were talking about end of

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Speaker 2: life planning, making sure that you have an end of

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Speaker 2: life plan, because if you don't have a plan, the

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Speaker 2: state of California has one for you, and it's called

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Speaker 2: probate court. And you don't want your family to end

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Speaker 2: up in probate court because it is expensive, time consuming.

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Speaker 2: All your assets are frozen until the process is completed

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Speaker 2: and everything becomes public record. So the alternative is to

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Speaker 2: make sure that you have a trust and you put

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Speaker 2: all your assets into trust so that your beneficiaries can

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Speaker 2: access it after your passing. Now, when we create a trust,

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Speaker 2: I'd like to think about it like a piggybank. So

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Speaker 2: you come to my office, I create this piggy bank

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Speaker 2: for you, and I give you the key to the piggybank,

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Speaker 2: and then it's up to you to open up that

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Speaker 2: piggy bank and put all your money in it. That's

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Speaker 2: the same thing when we are talking about trusts. So

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Speaker 2: you create a trust and you have to transfer all

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Speaker 2: your bank accounts into the trust. Real estate, life insurance policies,

439
00:24:39,040 --> 00:24:42,480
Speaker 2: retirement accounts, and then you hold on to the key,

440
00:24:42,560 --> 00:24:45,280
Speaker 2: so if you need to take anything out, you're in control.

441
00:24:45,880 --> 00:24:48,159
Speaker 2: But if something were to happen to you, you have

442
00:24:48,240 --> 00:24:52,240
Speaker 2: a backup manager or a successor trustee that's going to

443
00:24:52,320 --> 00:24:55,800
Speaker 2: know where that key is, and you've left instructions for

444
00:24:55,880 --> 00:25:00,320
Speaker 2: that manager on how to make the distributions within the piggybank.

445
00:25:00,600 --> 00:25:02,359
Speaker 1: This is really important.

446
00:25:02,800 --> 00:25:07,000
Speaker 2: Without this, again, everything goes through probate court and maybe

447
00:25:07,040 --> 00:25:09,680
Speaker 2: the people that you would want to inherit your assets

448
00:25:09,920 --> 00:25:13,480
Speaker 2: by law are not able to So that's why it's

449
00:25:13,520 --> 00:25:16,359
Speaker 2: really important to make sure that you create an end

450
00:25:16,400 --> 00:25:20,160
Speaker 2: of life plan before something bad happens. Now, I want

451
00:25:20,160 --> 00:25:23,320
Speaker 2: to make sure you understand that end of life planning

452
00:25:23,600 --> 00:25:27,480
Speaker 2: is all about timing if something bad happens to you,

453
00:25:28,119 --> 00:25:31,360
Speaker 2: it's very difficult to be able to create a document

454
00:25:31,440 --> 00:25:34,479
Speaker 2: like a trust So it's like driving your car without

455
00:25:34,480 --> 00:25:36,760
Speaker 2: your seat belt on. If you get into a car

456
00:25:36,800 --> 00:25:39,560
Speaker 2: accident and the paramedics come and they have to rush

457
00:25:39,600 --> 00:25:42,840
Speaker 2: you to the hospital, you can't tell them, hey, I

458
00:25:42,960 --> 00:25:45,000
Speaker 2: made a mistake. I want to go back and put

459
00:25:45,000 --> 00:25:49,359
Speaker 2: my seat belt on. It's the same thing if you

460
00:25:49,480 --> 00:25:52,520
Speaker 2: don't have an end of life plan. All right, let's

461
00:25:52,520 --> 00:25:56,040
Speaker 2: go to some callers. Can we connect Jennifer. Jennifer, you're

462
00:25:56,040 --> 00:25:58,520
Speaker 2: on the air on talk radio seven ninety KBC. What's

463
00:25:58,560 --> 00:25:59,040
Speaker 2: your question?

464
00:26:00,640 --> 00:26:02,639
Speaker 3: Hey, I have a question. If you know you're a

465
00:26:02,680 --> 00:26:08,639
Speaker 3: beneficiary to a trust and you know the person is

466
00:26:08,680 --> 00:26:11,440
Speaker 3: still alive, You're not, you know, doing anything more than

467
00:26:11,520 --> 00:26:13,880
Speaker 3: just preparing. Is there anything you should do to prepare

468
00:26:15,240 --> 00:26:17,760
Speaker 3: to take care of things? Do you need to get

469
00:26:17,800 --> 00:26:21,440
Speaker 3: like a lawyer? Is there anything like a heads up?

470
00:26:22,520 --> 00:26:22,800
Speaker 1: Yeah?

471
00:26:22,880 --> 00:26:23,280
Speaker 3: One thing?

472
00:26:23,320 --> 00:26:26,040
Speaker 2: That one thing that I would I would advise you

473
00:26:26,119 --> 00:26:29,639
Speaker 2: if you know that you're an intended beneficiary of somebody's estate,

474
00:26:30,040 --> 00:26:33,280
Speaker 2: I would ask them who they've selected to be the

475
00:26:33,320 --> 00:26:37,520
Speaker 2: successor trustee or manager of the state, because that person

476
00:26:37,640 --> 00:26:40,560
Speaker 2: is going to have full control over the assets. That

477
00:26:40,640 --> 00:26:44,920
Speaker 2: person is going to have the discretion to liquidate assets,

478
00:26:45,040 --> 00:26:50,600
Speaker 2: invest assets, sell real estate without your authority, So that

479
00:26:50,640 --> 00:26:53,439
Speaker 2: person is essentially in charge. Now, that could be the

480
00:26:53,520 --> 00:26:57,040
Speaker 2: actual beneficiary that is in charge. But I find that

481
00:26:57,160 --> 00:27:00,919
Speaker 2: most the disputes that arise with somebody a trust is

482
00:27:00,960 --> 00:27:05,840
Speaker 2: them selecting a successor trustee that is unethical, that is shady,

483
00:27:06,280 --> 00:27:09,320
Speaker 2: that's not going to be transparent. And so that's the

484
00:27:09,359 --> 00:27:12,760
Speaker 2: first thing that I would start with, I.

485
00:27:12,680 --> 00:27:15,959
Speaker 3: Guess it's should there be a lawyer that gets hired

486
00:27:16,080 --> 00:27:20,000
Speaker 3: to make sure that everything stays according to what the

487
00:27:20,040 --> 00:27:21,000
Speaker 3: trust says?

488
00:27:21,320 --> 00:27:21,560
Speaker 1: Yeah?

489
00:27:21,840 --> 00:27:23,600
Speaker 3: And if so, what kind of lawyer is that?

490
00:27:23,960 --> 00:27:27,159
Speaker 2: So? Typically what happens is if the creator of the

491
00:27:27,160 --> 00:27:31,600
Speaker 2: trust passes away, the successor trustee has a fiduciary duty

492
00:27:31,640 --> 00:27:34,639
Speaker 2: to the beneficiaries and they are certain things that they

493
00:27:34,680 --> 00:27:36,800
Speaker 2: have to abide by, one of those being that they

494
00:27:36,840 --> 00:27:39,399
Speaker 2: have to give a copy of the trust document to

495
00:27:39,520 --> 00:27:43,239
Speaker 2: all the beneficiaries. Most often the successor trustee is going

496
00:27:43,280 --> 00:27:46,080
Speaker 2: to hire an attorney to kind of help them manage

497
00:27:46,119 --> 00:27:47,960
Speaker 2: the state with the trust administration.

498
00:27:48,440 --> 00:27:51,320
Speaker 1: But that doesn't mean that you, as a beneficiary.

499
00:27:50,760 --> 00:27:54,879
Speaker 2: Are also not allowed to hire an estate planning attorney

500
00:27:54,960 --> 00:27:57,760
Speaker 2: or a probate attorney or a trust attorney as we

501
00:27:57,800 --> 00:28:00,159
Speaker 2: call it, to kind of help you and guide you

502
00:28:00,400 --> 00:28:04,000
Speaker 2: in figuring out what is right and what is wrong.

503
00:28:04,359 --> 00:28:06,919
Speaker 2: If they're not providing you proper accounting, if they're not

504
00:28:07,320 --> 00:28:10,719
Speaker 2: find giving you proper notice, that's when you can step

505
00:28:10,720 --> 00:28:13,840
Speaker 2: in and have an attorney represent you, write them a letter,

506
00:28:13,960 --> 00:28:16,399
Speaker 2: and if push comes to shove, you may have to

507
00:28:16,400 --> 00:28:18,719
Speaker 2: take them to court. Now not saying that the success

508
00:28:18,760 --> 00:28:21,080
Speaker 2: or trustee would do this. And this is why I

509
00:28:21,160 --> 00:28:24,240
Speaker 2: advise everybody listening to not just pick one person to

510
00:28:24,320 --> 00:28:27,040
Speaker 2: manage your state. You should have two people so that

511
00:28:27,040 --> 00:28:30,840
Speaker 2: there's a checks and balances so that Jennifer, being a beneficiary,

512
00:28:30,880 --> 00:28:34,280
Speaker 2: let's say, doesn't get screwed over because one money hungry

513
00:28:34,320 --> 00:28:35,360
Speaker 2: person is in charge.

514
00:28:36,480 --> 00:28:40,520
Speaker 3: Okay, is you do you have a recommendation for a

515
00:28:40,560 --> 00:28:43,000
Speaker 3: trust attorney or an estate planning attorney?

516
00:28:43,200 --> 00:28:43,960
Speaker 1: Jennifer? That's me.

517
00:28:46,200 --> 00:28:47,040
Speaker 2: How do I tell your.

518
00:28:46,960 --> 00:28:47,960
Speaker 3: Name and what you're feeling?

519
00:28:48,200 --> 00:28:48,480
Speaker 1: Sure?

520
00:28:48,560 --> 00:28:52,440
Speaker 2: My first name is Nas, That's Naz, and my last

521
00:28:52,520 --> 00:28:55,760
Speaker 2: name is Buruti. That's b as in boy A r

522
00:28:56,880 --> 00:29:01,080
Speaker 2: oh you t I And you can call me directly

523
00:29:01,160 --> 00:29:07,120
Speaker 2: at four two four four six five nine zero zero three.

524
00:29:07,520 --> 00:29:09,320
Speaker 3: Fantastic. Thank you for a website.

525
00:29:09,400 --> 00:29:11,440
Speaker 1: Yeah, it's Burudi law dot com.

526
00:29:11,480 --> 00:29:16,520
Speaker 2: That's b as in boy aarou Ti law dot com.

527
00:29:16,760 --> 00:29:17,880
Speaker 3: And where are you located.

528
00:29:18,000 --> 00:29:21,760
Speaker 2: I'm in Brentwood. I'm in West La Okay. All right,

529
00:29:21,800 --> 00:29:26,400
Speaker 2: thank you so much for calling. So one of the

530
00:29:26,520 --> 00:29:28,560
Speaker 2: key things that I want to talk about, we talk

531
00:29:28,600 --> 00:29:32,160
Speaker 2: about revocable trusts a lot and revocable trusts. They are

532
00:29:32,240 --> 00:29:35,600
Speaker 2: documents that allow you to make changes through the course

533
00:29:35,640 --> 00:29:38,520
Speaker 2: of your life if things change. So for example, you

534
00:29:38,560 --> 00:29:41,200
Speaker 2: want to add beneficiaries, you want to take beneficiaries out,

535
00:29:41,240 --> 00:29:43,120
Speaker 2: you want to change the person in charge.

536
00:29:43,400 --> 00:29:45,480
Speaker 1: You're able to do that while you are alive.

537
00:29:45,960 --> 00:29:49,000
Speaker 2: When you pass away, that trust becomes irrevocable and you

538
00:29:49,040 --> 00:29:53,040
Speaker 2: can't make any changes. Now, when you own real estate,

539
00:29:53,600 --> 00:29:56,080
Speaker 2: you have to transfer the title of your real estate

540
00:29:56,120 --> 00:29:56,760
Speaker 2: to your trust.

541
00:29:56,800 --> 00:29:58,280
Speaker 1: So I'm going to give you an example. So this

542
00:29:58,400 --> 00:29:58,880
Speaker 1: makes sense.

543
00:29:59,200 --> 00:30:02,840
Speaker 2: So let's say I'm holding a property called It's in

544
00:30:02,840 --> 00:30:05,880
Speaker 2: my individual name, and it's nos Beruti, a single woman,

545
00:30:06,360 --> 00:30:08,560
Speaker 2: and I create the KABC Trust.

546
00:30:08,600 --> 00:30:10,200
Speaker 1: That's what I name my trust.

547
00:30:10,600 --> 00:30:12,840
Speaker 2: So in order to make sure my property doesn't go

548
00:30:12,920 --> 00:30:16,640
Speaker 2: through probate, I have to transfer title from Nasberuti, a

549
00:30:16,680 --> 00:30:23,040
Speaker 2: single woman, to Nasberuti, trustee of the KABC trusts. Now,

550
00:30:23,600 --> 00:30:26,320
Speaker 2: many people call me and they say, well, I want

551
00:30:26,320 --> 00:30:29,280
Speaker 2: to put a unique name for my trust so nobody

552
00:30:29,280 --> 00:30:32,120
Speaker 2: can find it. Great, you can do that, but you,

553
00:30:32,160 --> 00:30:35,200
Speaker 2: as the trustee, have to be on title so they

554
00:30:35,200 --> 00:30:39,000
Speaker 2: can still search for you if you do not want

555
00:30:39,000 --> 00:30:42,880
Speaker 2: your name on title for privacy reasons. What my office

556
00:30:42,960 --> 00:30:46,040
Speaker 2: does for many of our clients that are celebrities or

557
00:30:46,160 --> 00:30:50,440
Speaker 2: athletes where they do not want their address to be

558
00:30:50,560 --> 00:30:53,280
Speaker 2: public because people do a title search. You know, there's

559
00:30:53,320 --> 00:30:56,680
Speaker 2: those TMZ bloggers or just entertainment bloggers that are just

560
00:30:56,720 --> 00:30:59,280
Speaker 2: like waiting for escrows to close. These are all public

561
00:30:59,360 --> 00:31:03,200
Speaker 2: documents and they will find where you live. Now, if

562
00:31:03,200 --> 00:31:06,480
Speaker 2: for whatever reason you have privacy concerns, you want things

563
00:31:06,520 --> 00:31:10,160
Speaker 2: to be kept private, there's something called a privacy trust

564
00:31:10,360 --> 00:31:13,800
Speaker 2: that you can create. Essentially, what a privacy trust is

565
00:31:14,600 --> 00:31:17,680
Speaker 2: you have a trustee that's not you.

566
00:31:17,680 --> 00:31:18,760
Speaker 1: You maybe name.

567
00:31:18,680 --> 00:31:22,680
Speaker 2: Your attorney, your accountant, your CPA, and we put a

568
00:31:22,800 --> 00:31:25,920
Speaker 2: very unique name for the trust, like let's say again

569
00:31:25,960 --> 00:31:28,440
Speaker 2: it's KBC Trust. But I don't want anyone to tie

570
00:31:28,440 --> 00:31:33,000
Speaker 2: it back to me, So I put Debbie Pain as

571
00:31:33,040 --> 00:31:35,840
Speaker 2: my trustee, you as a producer here, and I put

572
00:31:35,920 --> 00:31:40,040
Speaker 2: Debbie Pain trustee of the KABC Trust. That way, if

573
00:31:40,080 --> 00:31:43,920
Speaker 2: I want to keep everything private, then nobody can search

574
00:31:44,000 --> 00:31:48,680
Speaker 2: my name. And so within that privacy trust, I reference

575
00:31:49,160 --> 00:31:53,240
Speaker 2: the nas Beruti trusts. So the nas Burruti Trust becomes

576
00:31:53,280 --> 00:31:56,280
Speaker 2: the beneficiary of that privacy trust. So when I want

577
00:31:56,320 --> 00:31:59,640
Speaker 2: to close escrow on a property, I'm not closing in

578
00:31:59,640 --> 00:32:03,200
Speaker 2: my name, I'm closing in that privacy trust. Now this

579
00:32:03,320 --> 00:32:06,160
Speaker 2: happens with celebrities like the Kardashians. Do you think the

580
00:32:06,240 --> 00:32:09,760
Speaker 2: Kardashians are closing title as Kim Kardashian trustee of the

581
00:32:09,880 --> 00:32:13,959
Speaker 2: like K Trust. No, she probably has her financial planner,

582
00:32:14,040 --> 00:32:19,840
Speaker 2: her business manager, an attorney whoever that's holding title for them. So,

583
00:32:20,160 --> 00:32:24,000
Speaker 2: if you want to keep your assets private and you

584
00:32:24,080 --> 00:32:27,960
Speaker 2: don't want to necessarily create a limited liability company like

585
00:32:28,000 --> 00:32:31,840
Speaker 2: an LLC, and you want to close just in a trust,

586
00:32:32,200 --> 00:32:34,680
Speaker 2: one of the options that's available to you is a

587
00:32:34,720 --> 00:32:37,600
Speaker 2: privacy trust. But in addition to a privacy trust, you

588
00:32:37,680 --> 00:32:41,160
Speaker 2: still need your revocable trust to be the primary beneficiary

589
00:32:41,520 --> 00:32:44,400
Speaker 2: of that privacy trust. If this is something that you're

590
00:32:44,400 --> 00:32:47,320
Speaker 2: looking for, maybe you don't want family members to find

591
00:32:47,320 --> 00:32:50,760
Speaker 2: out where you live, or you just have a crazy

592
00:32:51,120 --> 00:32:54,120
Speaker 2: X that's just trying to get more alimony from you,

593
00:32:54,440 --> 00:32:57,520
Speaker 2: or you know, there's got to be legal reasons why

594
00:32:57,800 --> 00:32:59,880
Speaker 2: why you want to do this, But many people want

595
00:32:59,880 --> 00:33:02,320
Speaker 2: the privacy and the only way to do that is

596
00:33:02,360 --> 00:33:05,120
Speaker 2: to create a privacy trust. If this is something that

597
00:33:05,160 --> 00:33:09,280
Speaker 2: you're interested in, you can also call our office again

598
00:33:09,360 --> 00:33:12,280
Speaker 2: the number to reach me Attorney nas Berruti for end

599
00:33:12,280 --> 00:33:16,040
Speaker 2: of life planning tax planning, retirement planning. You can call

600
00:33:16,160 --> 00:33:20,400
Speaker 2: four two four four six five nine zero zero three.

601
00:33:20,760 --> 00:33:25,320
Speaker 2: That's four two four four six five nine zero zero three.

602
00:33:25,680 --> 00:33:28,840
Speaker 2: Or you can visit my website Burudi Law dot com.

603
00:33:28,840 --> 00:33:32,880
Speaker 2: That's b a r o u ti Law dot com.

604
00:33:32,920 --> 00:33:35,360
Speaker 2: Again the number to make an appointment with me, Attorney

605
00:33:35,440 --> 00:33:40,680
Speaker 2: Nasberruti four two four four six five nine zero zero three.

606
00:33:41,080 --> 00:33:42,920
Speaker 2: When we come back from the break, we're gonna talk

607
00:33:42,960 --> 00:33:44,240
Speaker 2: about acid protection.

608
00:33:44,560 --> 00:33:46,840
Speaker 1: You're listening to Love Death and Money on Talk radio

609
00:33:47,000 --> 00:33:48,360
Speaker 1: seven ninety KABC.

610
00:33:49,800 --> 00:33:52,400
Speaker 2: Welcome back to Love Death and Money. I'm your host,

611
00:33:52,440 --> 00:33:57,040
Speaker 2: Attorney Nasberruti on Talk radio seven ninety KABC. If you

612
00:33:57,120 --> 00:34:00,360
Speaker 2: have questions about trust Will's probate, call the station right

613
00:34:00,400 --> 00:34:03,240
Speaker 2: now at one eight hundred two two two five two

614
00:34:03,280 --> 00:34:06,360
Speaker 2: two two. That's one eight hundred two two two KABC.

615
00:34:07,040 --> 00:34:09,439
Speaker 2: To get more information about my practice, you can visit

616
00:34:09,480 --> 00:34:12,759
Speaker 2: my website Berudilaw dot com. That's b a r o

617
00:34:13,040 --> 00:34:16,200
Speaker 2: u ti Law dot com. And to get a copy

618
00:34:16,239 --> 00:34:18,719
Speaker 2: of my best selling book, Love Death and Money, you

619
00:34:18,760 --> 00:34:21,279
Speaker 2: can get it on Amazon dot com. This is a

620
00:34:21,360 --> 00:34:23,920
Speaker 2: legal guide for you on how you can protect yourself

621
00:34:24,000 --> 00:34:27,319
Speaker 2: during different stages of life. It's available in paperback and

622
00:34:27,440 --> 00:34:28,160
Speaker 2: kindle version.

623
00:34:28,280 --> 00:34:28,520
Speaker 1: Again.

624
00:34:28,600 --> 00:34:31,799
Speaker 2: The book is called Love, Death, and Money. Now, if

625
00:34:31,800 --> 00:34:35,680
Speaker 2: you'd like to schedule a fifteen min fifteen minute complementary

626
00:34:35,960 --> 00:34:39,640
Speaker 2: conversation with me, you can visit my Instagram page at

627
00:34:39,719 --> 00:34:43,799
Speaker 2: Burrudi Law b A r o U TI Law. Click

628
00:34:43,840 --> 00:34:45,319
Speaker 2: the link in the bio and it will take you

629
00:34:45,360 --> 00:34:47,640
Speaker 2: to my calendar where you could schedule a time to

630
00:34:47,680 --> 00:34:51,319
Speaker 2: speak directly to me about any questions that you have. Now,

631
00:34:51,320 --> 00:34:53,720
Speaker 2: we've been talking about the importance of end of life

632
00:34:53,760 --> 00:34:55,959
Speaker 2: planning because if you don't have a plan, the state

633
00:34:56,000 --> 00:34:59,400
Speaker 2: of California has one for you, and it's called probate,

634
00:35:00,160 --> 00:35:03,279
Speaker 2: place that you do not want your family to end up.

635
00:35:03,480 --> 00:35:05,680
Speaker 2: So it's important to create an end of life plan

636
00:35:05,840 --> 00:35:07,640
Speaker 2: before something bad happens.

637
00:35:08,120 --> 00:35:09,880
Speaker 1: And to do that you got to work with an

638
00:35:09,960 --> 00:35:12,840
Speaker 1: estate planning attorney. I'm not an advocate.

639
00:35:12,400 --> 00:35:17,440
Speaker 2: On online resources and using templates, and there are just

640
00:35:17,520 --> 00:35:20,120
Speaker 2: so many things that can go wrong. And this is

641
00:35:20,160 --> 00:35:23,440
Speaker 2: not be me being scared of AI and chat GPT.

642
00:35:24,040 --> 00:35:28,440
Speaker 2: I'm telling you that I've tested these certain free tools

643
00:35:28,440 --> 00:35:29,399
Speaker 2: that are available to.

644
00:35:29,360 --> 00:35:31,480
Speaker 1: People, and sometimes they're wrong.

645
00:35:32,239 --> 00:35:35,960
Speaker 2: They are wrong, and I've tested it, so you have

646
00:35:36,040 --> 00:35:39,200
Speaker 2: to really think about do I want to leave it

647
00:35:39,280 --> 00:35:42,439
Speaker 2: up to chance that possibly I can create something that's

648
00:35:42,480 --> 00:35:44,120
Speaker 2: wrong and then my family has.

649
00:35:44,000 --> 00:35:45,520
Speaker 1: To go through this court process.

650
00:35:45,640 --> 00:35:48,799
Speaker 2: Or should I just pay a professional to help me

651
00:35:50,080 --> 00:35:53,279
Speaker 2: manage how to create an end of life plan? And

652
00:35:53,360 --> 00:35:55,480
Speaker 2: the best way I could explain it to you is

653
00:35:55,760 --> 00:35:59,640
Speaker 2: if you have a toothache and your tooth is in

654
00:36:00,120 --> 00:36:02,000
Speaker 2: of your pain, I would hope that you would not

655
00:36:02,080 --> 00:36:05,080
Speaker 2: google chat GPT on how to extract a tooth or

656
00:36:05,400 --> 00:36:07,720
Speaker 2: fill in a cavity. You would go to a dentist.

657
00:36:08,360 --> 00:36:10,080
Speaker 2: Or if you have a heart problem, you would go

658
00:36:10,120 --> 00:36:12,719
Speaker 2: to a cardiologist. You wouldn't try to self diagnose. So

659
00:36:12,760 --> 00:36:16,920
Speaker 2: do not do that when it comes to legal issues. Okay, Now,

660
00:36:17,120 --> 00:36:20,120
Speaker 2: one conversation that I want to have that's very important

661
00:36:20,280 --> 00:36:24,200
Speaker 2: is when we're talking about trust. I've been referencing revocable

662
00:36:24,239 --> 00:36:27,160
Speaker 2: trusts because these are documents that you can change while

663
00:36:27,200 --> 00:36:30,560
Speaker 2: you are alive, and the minute that you pass away,

664
00:36:30,600 --> 00:36:33,719
Speaker 2: it becomes irrevocable. That means that nobody can change what

665
00:36:33,840 --> 00:36:37,200
Speaker 2: you have instructed or the distributions that you've made. But

666
00:36:37,280 --> 00:36:40,080
Speaker 2: what I want to make clear is that revocable trusts

667
00:36:40,360 --> 00:36:44,200
Speaker 2: do not help you when it comes to lawsuits. I

668
00:36:44,280 --> 00:36:49,880
Speaker 2: have seen countless videos on TikTok, Instagram, Twitter profiles giving

669
00:36:50,080 --> 00:36:54,080
Speaker 2: legal advice that's incorrect where they say, oh, you know,

670
00:36:54,680 --> 00:36:56,680
Speaker 2: I just put my house in a trust. If I

671
00:36:56,760 --> 00:36:59,319
Speaker 2: get sued, nobody's going to access it. And they're talking

672
00:36:59,360 --> 00:37:03,000
Speaker 2: about a revocable trust. That that's not the case. If

673
00:37:03,040 --> 00:37:06,480
Speaker 2: your assets are in a revocable trust, you are in control,

674
00:37:06,840 --> 00:37:10,640
Speaker 2: You are the primary beneficiary while you are alive, and

675
00:37:10,680 --> 00:37:13,200
Speaker 2: if somebody personally sues you, guess what they're going to

676
00:37:13,239 --> 00:37:16,080
Speaker 2: come after the assets in the trust. Now, if you

677
00:37:16,160 --> 00:37:20,160
Speaker 2: are concerned about acid protection, meaning that you want to

678
00:37:20,200 --> 00:37:24,160
Speaker 2: protect your assets, that is a completely different conversation. That

679
00:37:24,320 --> 00:37:28,279
Speaker 2: is acid protection planning. That it's not a revocable trust. Now,

680
00:37:28,280 --> 00:37:31,640
Speaker 2: it's important to have this conversation about acid protection because

681
00:37:32,000 --> 00:37:35,320
Speaker 2: every thirty seconds, a lawsuit is filed in this country

682
00:37:36,280 --> 00:37:39,760
Speaker 2: every thirty seconds, and in twenty twenty three the numbers

683
00:37:39,800 --> 00:37:44,560
Speaker 2: were somewhere near sixty nine million lawsuits filed. So we

684
00:37:44,680 --> 00:37:47,840
Speaker 2: got to make sure that our clients are protected before

685
00:37:47,920 --> 00:37:52,280
Speaker 2: a lawsuit is filed. Just like revocable trust acid protection planning,

686
00:37:52,360 --> 00:37:53,520
Speaker 2: it's all about timing.

687
00:37:53,960 --> 00:37:55,200
Speaker 1: There are certain groups of.

688
00:37:55,160 --> 00:37:59,160
Speaker 2: Individuals though, that need to have this conversation about acid

689
00:37:59,239 --> 00:38:03,000
Speaker 2: protection sooner rather than later. So if you fall within

690
00:38:03,040 --> 00:38:07,040
Speaker 2: this category, I want you to call me immediately. If

691
00:38:07,080 --> 00:38:11,080
Speaker 2: you have paid off properties, you need acid protection. If

692
00:38:11,120 --> 00:38:13,759
Speaker 2: you are a landlord and you have tenants living in

693
00:38:13,760 --> 00:38:17,680
Speaker 2: your properties, whether it's a rental property or you have

694
00:38:17,719 --> 00:38:20,160
Speaker 2: a commercial space and you have tenants renting it out,

695
00:38:20,200 --> 00:38:23,759
Speaker 2: you need acid protection. If you have children under the

696
00:38:23,800 --> 00:38:28,280
Speaker 2: age of eighteen who are now driving, you need acid protection.

697
00:38:28,960 --> 00:38:32,040
Speaker 2: If you are a business owner, or if you are

698
00:38:32,080 --> 00:38:34,719
Speaker 2: in a profession where you are at high risk for

699
00:38:34,760 --> 00:38:35,640
Speaker 2: getting sued.

700
00:38:36,120 --> 00:38:36,759
Speaker 1: What do I mean.

701
00:38:37,239 --> 00:38:40,200
Speaker 2: If you are a physician, if you are a plastic surgeon,

702
00:38:40,440 --> 00:38:42,799
Speaker 2: if you are in the construction business, You guys are

703
00:38:42,840 --> 00:38:48,200
Speaker 2: targets immediately for lawsuits. And when I meet with potential clients,

704
00:38:48,320 --> 00:38:52,520
Speaker 2: I ask certain questions, and within seven to twelve minutes,

705
00:38:53,400 --> 00:38:56,319
Speaker 2: I've narrowed it down to seven minutes. Within seven to

706
00:38:56,360 --> 00:38:59,880
Speaker 2: twelve minutes of asking very specific questions, I can deter

707
00:39:00,360 --> 00:39:03,600
Speaker 2: if you are a target for an ambulance chaser, if

708
00:39:03,640 --> 00:39:08,040
Speaker 2: you just become easy access money for someone to file

709
00:39:08,080 --> 00:39:12,480
Speaker 2: a frivolous lawsuit and just drive you to the depths

710
00:39:12,480 --> 00:39:12,799
Speaker 2: of hell.

711
00:39:13,480 --> 00:39:13,880
Speaker 1: Okay.

712
00:39:14,280 --> 00:39:17,960
Speaker 2: So it's important to make sure that you have lines

713
00:39:18,000 --> 00:39:22,200
Speaker 2: of defense. Okay, we're going into combat. The first line

714
00:39:22,200 --> 00:39:24,960
Speaker 2: of defense is to make short that you have insurance,

715
00:39:25,320 --> 00:39:30,719
Speaker 2: whether that's malpractice insurance, umbrella insurance, homeowners insurance. You got

716
00:39:30,719 --> 00:39:35,439
Speaker 2: to have insurance. But there's usually policy limits with these

717
00:39:35,440 --> 00:39:39,840
Speaker 2: insurance policies. They're not always going to cover your whole claim,

718
00:39:40,280 --> 00:39:43,600
Speaker 2: and there is this slight possibility, actually not slight, very

719
00:39:43,680 --> 00:39:47,000
Speaker 2: high possibility that they will deny your claim.

720
00:39:47,360 --> 00:39:48,600
Speaker 1: I say this every week.

721
00:39:48,760 --> 00:39:52,520
Speaker 2: Insurance companies are not in the business of paying out claims.

722
00:39:52,680 --> 00:39:55,239
Speaker 2: They are in the business of denying claims, and they

723
00:39:55,239 --> 00:39:58,160
Speaker 2: are strategic in the way they write the policy where

724
00:39:58,160 --> 00:40:00,560
Speaker 2: there's always a great area where they can pull out

725
00:40:00,600 --> 00:40:02,800
Speaker 2: and say, sorry, Suka.

726
00:40:02,200 --> 00:40:03,600
Speaker 1: You've been paying for twenty.

727
00:40:03,400 --> 00:40:05,399
Speaker 2: Years, but here's this gray area where we.

728
00:40:05,360 --> 00:40:07,440
Speaker 1: Can deny your claim. And what are you going to

729
00:40:07,480 --> 00:40:09,080
Speaker 1: do next? Okay.

730
00:40:09,360 --> 00:40:11,840
Speaker 2: So that's the first line of defense. So if that

731
00:40:12,000 --> 00:40:14,319
Speaker 2: line of defense fails, we got to go to the

732
00:40:14,360 --> 00:40:17,960
Speaker 2: second line of defense. Many of you are not maximizing

733
00:40:18,200 --> 00:40:22,120
Speaker 2: exempt assets from lawsuits. There are certain assets that are

734
00:40:22,160 --> 00:40:27,560
Speaker 2: protected by statute that cannot be touched. For example, retirement accounts,

735
00:40:27,600 --> 00:40:31,799
Speaker 2: like four oh one ks define benefit plans. Now, iras

736
00:40:31,880 --> 00:40:35,840
Speaker 2: have some limits, but many of you are overfunding taxable

737
00:40:35,840 --> 00:40:41,279
Speaker 2: accounts and underfunding protected vehicles. So many people, believe it

738
00:40:41,400 --> 00:40:43,799
Speaker 2: or not, will come to my office and they have

739
00:40:43,840 --> 00:40:47,200
Speaker 2: a checking account with a million dollars cash. I'm not

740
00:40:47,280 --> 00:40:51,720
Speaker 2: even joking, and this is a huge target for somebody

741
00:40:51,800 --> 00:40:54,680
Speaker 2: that wants to come after you in a lawsuit. Third

742
00:40:54,760 --> 00:40:58,360
Speaker 2: line of defense. Setting up proper business entities. If you

743
00:40:58,400 --> 00:41:02,080
Speaker 2: are doing business, this means you need to have corporations,

744
00:41:02,120 --> 00:41:05,680
Speaker 2: you need to have limited liability companies. You want one

745
00:41:05,719 --> 00:41:09,120
Speaker 2: of your entities to earn income, and you want one

746
00:41:09,160 --> 00:41:13,000
Speaker 2: of your entities to hold equipment and real estate. Now,

747
00:41:13,040 --> 00:41:17,000
Speaker 2: many of our clients have gas stations, and there are

748
00:41:17,040 --> 00:41:20,320
Speaker 2: gas station owners, but in addition to having gas stations,

749
00:41:20,360 --> 00:41:22,680
Speaker 2: they own the land that the gas station is on.

750
00:41:23,360 --> 00:41:25,800
Speaker 2: So many people make the mistake of oh, I'm just

751
00:41:25,800 --> 00:41:27,799
Speaker 2: gonna open a corporation. I'll put the land in there,

752
00:41:27,840 --> 00:41:29,759
Speaker 2: I'll put the business in there. And then they get

753
00:41:29,800 --> 00:41:32,440
Speaker 2: sued and they're like, damn it. Not only is my

754
00:41:32,560 --> 00:41:35,439
Speaker 2: land in jeopardy, but the business is in jeopardy. No,

755
00:41:35,480 --> 00:41:37,799
Speaker 2: you got to separate things. So what we do is

756
00:41:37,840 --> 00:41:41,759
Speaker 2: we put the land in an LLC. The gas station

757
00:41:41,960 --> 00:41:45,960
Speaker 2: business is a corporation. The corporation pays the LLC a

758
00:41:46,040 --> 00:41:48,080
Speaker 2: monthly fee to use the land.

759
00:41:47,840 --> 00:41:48,800
Speaker 1: For its business.

760
00:41:49,040 --> 00:41:51,840
Speaker 2: Do you see how we separated it and also we

761
00:41:51,920 --> 00:41:55,480
Speaker 2: provided a tax deduction for the corporation. You got to

762
00:41:55,600 --> 00:42:00,440
Speaker 2: separate and you also have to have acid protection trust.

763
00:42:00,440 --> 00:42:02,120
Speaker 2: Now I don't have enough time on the air to

764
00:42:02,160 --> 00:42:05,360
Speaker 2: try to go through what an acid protection trust is,

765
00:42:05,440 --> 00:42:08,279
Speaker 2: but just know when you create these trusts. These are

766
00:42:08,400 --> 00:42:12,040
Speaker 2: usually irrevocable trust trusts where you are shifting the asset

767
00:42:12,120 --> 00:42:15,160
Speaker 2: out of your estate and you have to give up control.

768
00:42:15,440 --> 00:42:18,680
Speaker 2: You cannot be control in control of an acid protection trust.

769
00:42:19,280 --> 00:42:23,520
Speaker 2: That defeats the purpose of protecting you from creditors because

770
00:42:23,640 --> 00:42:25,680
Speaker 2: if they sue you and they see that, oh, you're

771
00:42:25,719 --> 00:42:28,320
Speaker 2: in control, you can withdraw money, you can sell assets,

772
00:42:28,360 --> 00:42:30,520
Speaker 2: they're gonna say, well, no, you're on it. This person

773
00:42:30,719 --> 00:42:33,920
Speaker 2: is in full control over this asset. So you got

774
00:42:33,960 --> 00:42:37,040
Speaker 2: to have acid protection trusts. And finally, you got to

775
00:42:37,120 --> 00:42:41,120
Speaker 2: avoid common mistakes that people are making, putting too much

776
00:42:41,160 --> 00:42:45,879
Speaker 2: wealth in personal accounts, guaranteeing everything personally in your name,

777
00:42:46,800 --> 00:42:49,200
Speaker 2: and waiting until a complaint is filed.

778
00:42:48,840 --> 00:42:52,360
Speaker 1: Before doing anything. Do not make these mistakes.

779
00:42:53,120 --> 00:42:56,200
Speaker 2: I always share the story of my client who owned

780
00:42:56,360 --> 00:43:00,919
Speaker 2: a parking lot structures and for years I had warned him,

781
00:43:01,080 --> 00:43:03,399
Speaker 2: you need to create acid protection, you need to create

782
00:43:03,440 --> 00:43:06,040
Speaker 2: acid protection, and he would always say, I got insurance,

783
00:43:06,040 --> 00:43:08,719
Speaker 2: I got insurance, I bought this insurance. I can't put

784
00:43:08,719 --> 00:43:10,360
Speaker 2: a gun to somebody's head and be like, come do

785
00:43:10,600 --> 00:43:11,440
Speaker 2: acid protection.

786
00:43:11,719 --> 00:43:13,440
Speaker 1: Like, I can't do that.

787
00:43:13,520 --> 00:43:16,040
Speaker 2: I can only disclose what I know, and you have

788
00:43:16,160 --> 00:43:20,640
Speaker 2: to implement it. So he gets into some trouble that

789
00:43:20,840 --> 00:43:23,960
Speaker 2: one of these parking lots was in a very bad area.

790
00:43:24,840 --> 00:43:28,960
Speaker 2: Somebody parks in the parking lot, they get brutally beaten

791
00:43:29,080 --> 00:43:32,160
Speaker 2: and they fall within a coma, and weeks prior months

792
00:43:32,160 --> 00:43:34,880
Speaker 2: prior whenever it was, the city had come to him

793
00:43:34,920 --> 00:43:36,120
Speaker 2: and said, look, there's.

794
00:43:35,920 --> 00:43:37,000
Speaker 1: A rising.

795
00:43:38,120 --> 00:43:41,200
Speaker 2: Number of cases where people were getting rob beaten whatever

796
00:43:41,320 --> 00:43:44,160
Speaker 2: in this area. You may want to amp up your security,

797
00:43:44,200 --> 00:43:48,520
Speaker 2: maybe put better lighting. And he contacts his insurance company

798
00:43:48,560 --> 00:43:51,880
Speaker 2: because the woman's family comes and sues him. They're not

799
00:43:51,880 --> 00:43:54,319
Speaker 2: going to sue the guy that got arrested for beating her.

800
00:43:54,880 --> 00:43:57,760
Speaker 2: They sue the person who has the money, and they say,

801
00:43:58,120 --> 00:44:00,480
Speaker 2: you were at fault. You didn't have proper secureurity, you

802
00:44:00,480 --> 00:44:05,520
Speaker 2: didn't have proper lighting. And he contacts what his insurance

803
00:44:05,520 --> 00:44:07,399
Speaker 2: company and says, hey, you got to defend me. Here

804
00:44:07,920 --> 00:44:11,640
Speaker 2: the insurance company does their investigation whatever they're supposed to do.

805
00:44:11,719 --> 00:44:15,319
Speaker 2: They pull up emails, whatever they see that no, you

806
00:44:15,719 --> 00:44:18,520
Speaker 2: were put on notice that you need to put more lighting,

807
00:44:18,960 --> 00:44:21,480
Speaker 2: have security, and you are at fault and we are

808
00:44:21,520 --> 00:44:25,000
Speaker 2: denying your claim. So he didn't have time to go

809
00:44:25,080 --> 00:44:27,320
Speaker 2: after the insurance company. He had to pay out of

810
00:44:27,360 --> 00:44:30,520
Speaker 2: pocket for legal defense. He lost the case. There was

811
00:44:30,560 --> 00:44:32,960
Speaker 2: a huge judgment that he had to pay the family.

812
00:44:33,520 --> 00:44:37,040
Speaker 2: And guess what no acid protection means. You got to

813
00:44:37,040 --> 00:44:41,360
Speaker 2: liquidate assets to pay. So he had to liquidate everything.

814
00:44:41,800 --> 00:44:45,040
Speaker 2: They lovied his bank accounts with every income that he

815
00:44:45,120 --> 00:44:47,200
Speaker 2: was receiving. He had to sell cars, he had to

816
00:44:47,200 --> 00:44:48,719
Speaker 2: liquidate retirement accounts.

817
00:44:49,160 --> 00:44:50,440
Speaker 1: I mean, it was a mess.

818
00:44:51,280 --> 00:44:53,239
Speaker 2: And I never want to be the person to say

819
00:44:53,360 --> 00:44:56,759
Speaker 2: I told you so, but really I told you so

820
00:44:56,760 --> 00:44:59,759
Speaker 2: so again. If you fall within one of these categories,

821
00:45:00,080 --> 00:45:02,719
Speaker 2: you need to create an acid protection plan. You have

822
00:45:02,800 --> 00:45:06,280
Speaker 2: paid off property, you are a landlord and you have tenants,

823
00:45:06,600 --> 00:45:08,719
Speaker 2: You have children under the age of eighteen that are

824
00:45:08,800 --> 00:45:11,520
Speaker 2: driving you are a business owner, or you are in

825
00:45:11,560 --> 00:45:14,520
Speaker 2: a profession that's high risk for getting sued, like a physician,

826
00:45:14,719 --> 00:45:17,239
Speaker 2: or you're in construction. I want you to give my

827
00:45:17,280 --> 00:45:20,439
Speaker 2: office a call right now, Attorney nas Berruti at four

828
00:45:20,520 --> 00:45:24,400
Speaker 2: two four four six five nine zero zero three.

829
00:45:24,600 --> 00:45:26,600
Speaker 1: That's four two four four.

830
00:45:26,440 --> 00:45:30,160
Speaker 2: Six five nine zero zero three again the number to

831
00:45:30,200 --> 00:45:32,839
Speaker 2: make an appointment with me. Four two four four six

832
00:45:33,000 --> 00:45:36,799
Speaker 2: five nine zero zero three. You're listening to Love, Death

833
00:45:36,840 --> 00:45:40,280
Speaker 2: and Money on talk radios seven ninety KABC