WEBVTT - Control From Beyond The Grave When You Have A Plan

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<v Speaker 1>Welcome to Love, Death and Money.

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<v Speaker 2>I'm your host, attorney nas Berruti on talk radio seven

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<v Speaker 2>ninety KABC. If you have a question about trust, wills, probate,

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<v Speaker 2>call the station right now at one eight hundred two

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<v Speaker 2>two two five two two two. That's one eight hundred

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<v Speaker 2>two two two KABC. If this is the first time

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

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<v Speaker 2>I've been practicing law in southern California for the last

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<v Speaker 2>fifteen years, focusing my practice on making sure that my

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<v Speaker 2>clients have the proper legal documents for the day that

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<v Speaker 2>they pass away or become incapacitated. Now, if you don't

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<v Speaker 2>have a plan, the state of California has one for you,

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<v Speaker 2>and you are not going to like it. For the

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<v Speaker 2>next hour, I'm going to share with you some general

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<v Speaker 2>information that will help you better prepare on how you

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<v Speaker 2>can protect your family. As always, this information is general

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<v Speaker 2>in nature. You should always consult an attorney about your

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<v Speaker 2>particular case. And when I say attorney, I don't mean

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<v Speaker 2>chat GPT, I mean an actual attorney about your case.

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<v Speaker 2>To get more information about my practice, you can visit

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<v Speaker 2>my website Buruti law dot com. That's Bruti Law dot Com.

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<v Speaker 2>Now what do I mean when I say, if you

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<v Speaker 2>don't have a plan, the state of California has one

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<v Speaker 2>for you. Well, seventy percent of Americans do not have

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<v Speaker 2>an end of life plan, meaning they don't have a trust,

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<v Speaker 2>they don't have a will, they have no financial power

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<v Speaker 2>of attorney, medical power of attorney, and as a result,

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<v Speaker 2>if something happens to them, if they pass away, their

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<v Speaker 2>families are going to have to look to the state

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<v Speaker 2>for help and guidance, and they will not be able

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<v Speaker 2>to access the assets that that person left behind until

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<v Speaker 2>they go through the probate process. That's what I mean

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<v Speaker 2>when I say if you don't have a plan, the

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<v Speaker 2>state of California has one for you. Probate court is

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<v Speaker 2>the plan that they have for you. I'm going to

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<v Speaker 2>get into the details of how probate court works, but

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<v Speaker 2>I just want to clarify that when we talk about

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<v Speaker 2>end of life planning and having a trust, there is

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<v Speaker 2>a misconception that you have to be a multi millionaire

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<v Speaker 2>to create a trust. I can't tell you how many

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<v Speaker 2>times listeners will call or people will call the office

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<v Speaker 2>and say, you know, I talk to my neighbor and

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<v Speaker 2>or I've heard or I've seen that if my estate

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<v Speaker 2>is under a million dollars, I don't need to create

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<v Speaker 2>a trust, I don't need a plan. Well, I just

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<v Speaker 2>wanted to give you the threshold of how much will

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<v Speaker 2>go through probate. So if you have this amount or more,

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<v Speaker 2>your estate is going to go through probate. And I

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<v Speaker 2>think you would be surprised to know that it's nowhere

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<v Speaker 2>near the million dollar mark.

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<v Speaker 1>It's way below that.

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<v Speaker 2>So if somebody dies after April first, twenty twenty five,

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<v Speaker 2>and they do not have an end of life plan

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<v Speaker 2>and their assets total two hundred eight, eight hundred and

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<v Speaker 2>fifty dollars, the estate will.

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<v Speaker 1>Have to go through probate court.

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<v Speaker 2>That's not a huge amount, and it doesn't mean that

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<v Speaker 2>if you have a mortgage, that amount gets deducted from

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<v Speaker 2>your estate value. I get asked this question too. People

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<v Speaker 2>will say, well, I have a million dollar home, but

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<v Speaker 2>I only have I have one hundred thousand dollar equity,

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<v Speaker 2>So is my estate worth one hundred thousand dollars. No,

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<v Speaker 2>they look at the value of the estate. So when

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<v Speaker 2>we talk about estate, we're talking about everything you own

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<v Speaker 2>real estate, property, bank accounts, retirement accounts, life insurance policy,

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<v Speaker 2>personal possessions in your home like jewelry, you know, antiques.

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<v Speaker 2>These all get counted towards the value of the estate.

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<v Speaker 2>So if you don't have an end of life plan,

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<v Speaker 2>your family is going to have to go.

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<v Speaker 1>Through probate court.

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<v Speaker 2>Probate court is the court that administers your estate when

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<v Speaker 2>you don't have have a proper a state plan and

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<v Speaker 2>you don't want your family to have to go through

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<v Speaker 2>this process. This plan that the State of California has

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<v Speaker 2>for you is not an easy plan. It's not a

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<v Speaker 2>free plan. It's not something that you should depend on.

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<v Speaker 2>But I want you to understand what it entails so

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<v Speaker 2>that you can decide for yourself. Does this make sense

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<v Speaker 2>or for me to create a plan while I'm alive today?

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<v Speaker 2>So why do we not want our family members to

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<v Speaker 2>go through probate? Well, number one, this is a very

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<v Speaker 2>very expensive process. Most likely your family members, your loved ones,

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<v Speaker 2>will have to hire a probate attorney. Let me just

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<v Speaker 2>tell you how probate attorneys work. They are not like

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<v Speaker 2>personal injury attorneys that say, hey, whatever we collect will

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<v Speaker 2>take you know, thirty three percent or thirty percent of it,

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<v Speaker 2>and we won't collect anything if we don't win. They

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<v Speaker 2>are not contingency attorneys. They are able to charge statutory

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<v Speaker 2>and extraordinary fees. Statutory fees mean that they can take

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<v Speaker 2>a percentage of the value of the estate of the

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<v Speaker 2>person who passed away. So I'll just give you a

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<v Speaker 2>quick rundown of what that looks like. The first hundred

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<v Speaker 2>thousand they can take four percent of it. Just that amount,

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<v Speaker 2>four thousand dollars is significantly more than creating an end

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<v Speaker 2>of life plan as a single person with a property.

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<v Speaker 2>I just want to be very clear about that. So

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<v Speaker 2>the first hundred thousand they take four percent, which is

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<v Speaker 2>four thousand dollars. The next one hundred thousand they take

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<v Speaker 2>three percent, which is three thousand dollars. The next eight

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<v Speaker 2>hundred thousand they take two percent, which is sixteen thousand dollars.

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<v Speaker 2>The next nine million they take one percent, which is

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<v Speaker 2>ninety thousand dollars. Now, in addition to these statutory fees,

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<v Speaker 2>the attorney can charge extraordinary fees, meaning that if they

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<v Speaker 2>do additional work like litigation, tax work, selling property, they

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<v Speaker 2>are able to charge an hourly fee on top of

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<v Speaker 2>the statutory fees. This, in turn will double or triple

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<v Speaker 2>the expected cost of your family to go through this process,

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<v Speaker 2>So you have to ask yourself what makes more sense

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<v Speaker 2>paying a couple thousand dollars now, are potentially my family

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<v Speaker 2>having to pay almost six figures depending on the value

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<v Speaker 2>of the state and the time the attorney has to

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<v Speaker 2>put in the case. Do I want to pay six

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<v Speaker 2>figures or do I want to pay a couple thousand

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<v Speaker 2>dollars now? Not only is this an issue about how

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<v Speaker 2>much this process costs, but this process is extremely time consuming.

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<v Speaker 2>On average, you're looking about two years to go through

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<v Speaker 2>this process.

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<v Speaker 1>Two years.

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<v Speaker 2>That means within this timeframe, your family cannot do anything

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<v Speaker 2>until they get that court approval. That means they can't

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<v Speaker 2>sell real estate, they can't access bank accounts, they can't

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<v Speaker 2>contact your retirement account provider and ask how much is

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<v Speaker 2>in there, They can't contact the lender. They have to

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<v Speaker 2>wait till this process is over. There's no access to it.

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<v Speaker 2>That means they may have to pay out of pocket

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<v Speaker 2>to pay your mortgage, to pay your car note, to

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<v Speaker 2>all your other.

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<v Speaker 1>Expenses that are due.

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<v Speaker 2>This can cause a lot of stress for your family members.

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<v Speaker 2>And on top of that, everything becomes public record through

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<v Speaker 2>this process, so it's expensive, it's time consuming, your family's

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<v Speaker 2>not going to have access to the assets, and everything

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<v Speaker 2>becomes public record. Now despite me explaining all of the

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<v Speaker 2>reasons why you want to take control and create a

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<v Speaker 2>plan today, listeners and potential clients still avoid having this conversation,

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<v Speaker 2>and they say, I'll just let my loved ones deal

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<v Speaker 2>with it.

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<v Speaker 1>When I'm gone. I'm gone. I don't get hair.

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<v Speaker 2>But what I would like to remind you is some

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<v Speaker 2>of you listening, your biggest asset is your property. That

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<v Speaker 2>is going to be, maybe for some of you, the

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<v Speaker 2>only asset you pass on to your loved ones. And

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<v Speaker 2>my question to you for those that think this process

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<v Speaker 2>will just you know, family members will just have to

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<v Speaker 2>deal with it, is what if that's the only asset,

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<v Speaker 2>and what if they need to live in that house and.

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<v Speaker 1>They're not planning on selling it.

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<v Speaker 2>How are they going to find an attorney that's going

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<v Speaker 2>to take the case, Because an attorney wants to know, Okay,

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<v Speaker 2>where am I collecting my fees? Are there liquid assets

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<v Speaker 2>where I can just take the cash? Are they going

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<v Speaker 2>to sell the property so I can take my fees

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<v Speaker 2>after you know, escrow is finalized. But if there's no

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<v Speaker 2>liquid assets and they're not selling a property that means

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<v Speaker 2>your loved ones are going to have to pay out

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<v Speaker 2>of pocket for an attorney. If they do not have

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<v Speaker 2>the means to do that, they are put in a

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<v Speaker 2>position where they are stuck, and you should not put

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<v Speaker 2>them in that position. If you're just tuning in, you're

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<v Speaker 2>listening to Love, Death and Money on Talk Radio seven

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<v Speaker 2>ninety KBC. If you need to create an end of

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<v Speaker 2>life plan and you've been putting it off for way

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<v Speaker 2>too long, I want you to give my office a

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<v Speaker 2>call right now, Attorney nas Berruti at four two four

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<v Speaker 2>four six five nine zero zero three. That's four two

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<v Speaker 2>four four six five nine zero zero three, or you

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<v Speaker 2>can visit my website Burrudi Law dot com, b A

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<v Speaker 2>r o U t I Law dot com. We're gonna

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<v Speaker 2>take a quick break and when we come back, we

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<v Speaker 2>have guests Tina Burrudi from New Capital Insurance Solutions joining

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<v Speaker 2>us tonight. You're listening to Talk radio seven ninety KABC.

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

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<v Speaker 2>Attorney nas Berruti on Talk Radio seven ninety KABC. If

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<v Speaker 2>you have a question about trust, wills probate, call the

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<v Speaker 2>station right now at one eight hundred two two two

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<v Speaker 2>five two two two. That's one eight hundred two two

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<v Speaker 2>two kab C. To get more information about my practice,

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<v Speaker 2>you can visit my website Burrudi Law dot com Baruti

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<v Speaker 2>Law dot com. And if you'd like to order a

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<v Speaker 2>copy of my best selling book, Love, Death and Money,

0:10:11.760 --> 0:10:14.080
<v Speaker 2>you can get it on Amazon dot com. This is

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<v Speaker 2>a legal guide for you on how you can protect

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<v Speaker 2>yourself during different stages of life. It's available in paperback

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<v Speaker 2>and kindle version. Again, the book is called Love, Death

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<v Speaker 2>and Money and you can get it on Amazon dot

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<v Speaker 2>com now. In addition to getting your legal documents in order,

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<v Speaker 2>another important part of an end of life plan or

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<v Speaker 2>an estate plan is preparing yourself financially. That includes not

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<v Speaker 2>only planning for retirement expenses, but also being prepared for

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<v Speaker 2>long term care costs. Our guest tonight, Tina Burrudi is

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<v Speaker 2>the founder of New Capital Insurance Solutions. She will share

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<v Speaker 2>with us some insights into long term care insurance. Her

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<v Speaker 2>offices are based in southern California. You can find more

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<v Speaker 2>information about New Capital Insurance at new Capitalinsurance dot com.

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<v Speaker 2>That'scapitalinsurance dot com, or you can reach her directly at

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<v Speaker 2>four two four four sixty five nine zero zero one.

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<v Speaker 2>That's four two four four sixty five nine zero zero one.

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<v Speaker 1>Welcome back, Tina, thanks for having.

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<v Speaker 3>Me on the program NODS. My name is Tina Brudi

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<v Speaker 3>and I am licensed with the California Department of Insurance

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<v Speaker 3>license number four two eight seven two one eight. I

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<v Speaker 3>am the founder of New Capital Insurance Solutions, license numbers

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<v Speaker 3>six zero one one nine zero one. Now, before we begin,

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<v Speaker 3>please note that these opinions are for general information only

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<v Speaker 3>and are not intended to provide specific advice for any individual.

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<v Speaker 3>Please remember to consult with your financial professional to determine

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<v Speaker 3>what may be appropriate for you. Now, I want to

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<v Speaker 3>talk to your listeners tonight about the importance of planning

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<v Speaker 3>for long term care. If you don't have a plan

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<v Speaker 3>for long term care, you're faced with a triple burden. First,

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<v Speaker 3>you have the emotional burden, Second you have the administrative burden,

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<v Speaker 3>and third you have an economic burden. Now, when it

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<v Speaker 3>comes to the emotional burden, you unfortunately have to cross

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<v Speaker 3>that bridge yourself. Planning definitely helps lessen the stress, but

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<v Speaker 3>you can't really ensure against all of the complicated emotions

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<v Speaker 3>that arise when your loved ones health starts declining, they

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<v Speaker 3>suddenly need around the clock care, or when you can

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<v Speaker 3>no longer take care of yourself, or you see your

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<v Speaker 3>grandparents starts misplacing items and is experiencing cognitive decline. The

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<v Speaker 3>economic burden of long term care is often the catalyst

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<v Speaker 3>for these conversations with your financial planner, and we know

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<v Speaker 3>that it can be extremely expensive. The third and five burden,

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<v Speaker 3>that administrative burden, is often a missed point. Many people

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<v Speaker 3>don't even think about that administrative burden. And when I

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<v Speaker 3>say administrative burden, I'm not just talking about the physical

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<v Speaker 3>tasks of you know, bathing your loved one, getting them

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<v Speaker 3>in and out of bed, helping to feed them. I'm

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<v Speaker 3>talking about arranging those care services, constantly having to wonder

0:13:27.160 --> 0:13:29.679
<v Speaker 3>is the nurse going to show up today? Can I

0:13:29.720 --> 0:13:31.960
<v Speaker 3>even trust the people that are coming in and out

0:13:31.960 --> 0:13:35.520
<v Speaker 3>of my home or who are at the healthcare facility

0:13:35.559 --> 0:13:38.079
<v Speaker 3>that my loved one is in. Every day you turn

0:13:38.160 --> 0:13:41.040
<v Speaker 3>on the news and there's another case of senior abuse. Right,

0:13:41.080 --> 0:13:44.960
<v Speaker 3>They're really some of the most vulnerable demographic. You also

0:13:45.040 --> 0:13:48.400
<v Speaker 3>have to remember to be on top of medical expenses

0:13:48.480 --> 0:13:49.080
<v Speaker 3>and bills.

0:13:49.200 --> 0:13:50.880
<v Speaker 1>Right, But in.

0:13:50.800 --> 0:13:55.560
<v Speaker 3>California, there are some incredible new products on the long

0:13:55.640 --> 0:14:00.560
<v Speaker 3>term care market that will help you lessen that financial burden.

0:14:01.400 --> 0:14:06.360
<v Speaker 3>And they also offer concierge services that are handling all

0:14:06.400 --> 0:14:10.840
<v Speaker 3>of that administrative headache, so that when the time comes

0:14:10.960 --> 0:14:15.360
<v Speaker 3>that you or your loved one needs long term care,

0:14:15.960 --> 0:14:19.640
<v Speaker 3>you and your family are better prepared to tackle this

0:14:19.800 --> 0:14:20.800
<v Speaker 3>difficult period.

0:14:22.040 --> 0:14:24.560
<v Speaker 2>That's a great point and not much different from what

0:14:24.640 --> 0:14:27.720
<v Speaker 2>I share with my clients. Having a long term care

0:14:27.800 --> 0:14:31.040
<v Speaker 2>policy in place is not just for you, but also

0:14:31.080 --> 0:14:34.200
<v Speaker 2>for your family. I always say it's the greatest final

0:14:34.200 --> 0:14:35.560
<v Speaker 2>gift you can give your.

0:14:35.440 --> 0:14:37.040
<v Speaker 1>Loved ones as an end of life plan.

0:14:37.640 --> 0:14:39.840
<v Speaker 2>What do you say to clients who think they are

0:14:39.880 --> 0:14:42.440
<v Speaker 2>too young to think about long term care or say

0:14:42.480 --> 0:14:45.160
<v Speaker 2>that they are wealthy enough and therefore don't need to

0:14:45.200 --> 0:14:46.720
<v Speaker 2>purchase additional insurance.

0:14:47.160 --> 0:14:50.680
<v Speaker 3>Well, those are excellent questions, and I get that pushback

0:14:50.840 --> 0:14:54.200
<v Speaker 3>all of the time. On one hand, I have clients

0:14:54.200 --> 0:14:57.560
<v Speaker 3>who say they're too young, they're very healthy, they don't

0:14:57.600 --> 0:15:00.400
<v Speaker 3>need to think about something so negative so far in

0:15:00.440 --> 0:15:03.240
<v Speaker 3>the future. But I always tell them that it is

0:15:03.280 --> 0:15:07.720
<v Speaker 3>the wrong mentality to have because you never know what

0:15:07.760 --> 0:15:12.040
<v Speaker 3>can happen tomorrow, so it's best practice to lock in

0:15:12.280 --> 0:15:16.600
<v Speaker 3>coverage when you are young and healthy. When you're applying

0:15:16.600 --> 0:15:20.040
<v Speaker 3>for life insurance, you get a better rating and often

0:15:20.160 --> 0:15:25.000
<v Speaker 3>lower premiums that way, rather than waiting. A lot of

0:15:25.040 --> 0:15:28.440
<v Speaker 3>the high net worth clients are under the false impression

0:15:28.520 --> 0:15:31.160
<v Speaker 3>that they can just self ensure their long term care

0:15:31.240 --> 0:15:35.320
<v Speaker 3>needs in the future. But I always have to ask them, well,

0:15:35.960 --> 0:15:39.680
<v Speaker 3>is your wealth liquid or is it tied up in

0:15:39.720 --> 0:15:44.920
<v Speaker 3>real estate? For example, if you are critically ill, will

0:15:45.000 --> 0:15:49.000
<v Speaker 3>your children have a hard time liquidating those assets that

0:15:49.040 --> 0:15:52.760
<v Speaker 3>you've worked so hard to build. Do they have the

0:15:52.880 --> 0:15:57.600
<v Speaker 3>capacity to sell off your investment properties, for example, to

0:15:57.720 --> 0:16:01.160
<v Speaker 3>pay for your long term care expenses? And on top

0:16:01.200 --> 0:16:04.040
<v Speaker 3>of that, if you do have a large pool of cash,

0:16:04.560 --> 0:16:07.880
<v Speaker 3>why would you take such a huge bite out of

0:16:07.920 --> 0:16:10.880
<v Speaker 3>your net worth to cover those long term care costs

0:16:11.160 --> 0:16:15.600
<v Speaker 3>When you can purchase an insurance policy and leverage your dollars.

0:16:17.080 --> 0:16:18.480
<v Speaker 1>Self funding is just.

0:16:18.600 --> 0:16:22.560
<v Speaker 3>Not the smartest nor is it the most efficient use

0:16:22.720 --> 0:16:26.880
<v Speaker 3>of your assets. So with an insurance policy in place,

0:16:27.440 --> 0:16:30.880
<v Speaker 3>you can not only maximize your dollar, but get more

0:16:31.000 --> 0:16:35.960
<v Speaker 3>in return. For example, I had a client whose mother

0:16:36.120 --> 0:16:40.200
<v Speaker 3>became cognitively impaired and she was in a memory care

0:16:40.280 --> 0:16:44.720
<v Speaker 3>facility for twenty years because with a lot of those

0:16:44.760 --> 0:16:48.840
<v Speaker 3>neurological disorders, your quality of life goes down, but the

0:16:48.920 --> 0:16:54.160
<v Speaker 3>life expectancy often doesn't. So their total monthly expenses to

0:16:54.320 --> 0:16:58.400
<v Speaker 3>keep their mother in this facility was around seven thousand dollars.

0:16:59.120 --> 0:17:03.800
<v Speaker 3>The policy that she had purchased provided them with around

0:17:03.840 --> 0:17:08.239
<v Speaker 3>five thousand, five hundred dollars in coverage each month, so

0:17:08.600 --> 0:17:13.359
<v Speaker 3>their only responsibility was fifteen hundred a month. Now, I

0:17:13.400 --> 0:17:16.560
<v Speaker 3>don't know about you, but I would take fifteen hundred

0:17:16.800 --> 0:17:20.639
<v Speaker 3>over seven thousand dollars any day and imagine paying that

0:17:20.680 --> 0:17:21.600
<v Speaker 3>for twenty years.

0:17:21.840 --> 0:17:22.080
<v Speaker 1>Right.

0:17:22.440 --> 0:17:26.920
<v Speaker 3>The goal is to not go broke trying to cover

0:17:27.160 --> 0:17:30.280
<v Speaker 3>long term care expenses if you don't need to. If

0:17:30.320 --> 0:17:32.439
<v Speaker 3>you're just tuning in, you're listening to Love, Death and

0:17:32.480 --> 0:17:35.800
<v Speaker 3>Money on Talk Radio seven ninety KABC. We have guest

0:17:35.880 --> 0:17:39.800
<v Speaker 3>Tina Brudi, founder of New Capital Insurance Solutions, joining us tonight.

0:17:40.040 --> 0:17:42.080
<v Speaker 1>We're talking about long term care.

0:17:42.600 --> 0:17:44.960
<v Speaker 2>If you want to reach out to Tina or New

0:17:45.000 --> 0:17:48.880
<v Speaker 2>Capital Insurance, you can reach her at Newcapitalinsurance dot com

0:17:49.119 --> 0:17:52.400
<v Speaker 2>or call her directly at four two four four six

0:17:52.560 --> 0:17:56.520
<v Speaker 2>five nine zero zero one. That's four two four four

0:17:56.600 --> 0:18:00.479
<v Speaker 2>six five nine zero zero one. Tina, I agree with

0:18:00.520 --> 0:18:04.560
<v Speaker 2>you there. On top of that, you have to ask yourself,

0:18:05.080 --> 0:18:08.280
<v Speaker 2>can your family members drop everything to take care of you?

0:18:08.359 --> 0:18:10.879
<v Speaker 2>So it's not even just a financial component, it's do

0:18:10.920 --> 0:18:13.640
<v Speaker 2>they have the time? They most likely will not have

0:18:13.680 --> 0:18:17.520
<v Speaker 2>the energy, time, or financial resources to take on that task.

0:18:17.960 --> 0:18:22.359
<v Speaker 2>What are some insurance solutions available to listeners tonight?

0:18:23.040 --> 0:18:27.800
<v Speaker 3>Well, I want to emphasize first and foremost that Medicare

0:18:28.200 --> 0:18:32.800
<v Speaker 3>generally does not pay for ongoing custodial care. That's a

0:18:32.880 --> 0:18:37.760
<v Speaker 3>huge misconception that people have. Many assume that they can

0:18:37.920 --> 0:18:43.320
<v Speaker 3>just rely on these government sponsored programs, but the coverage

0:18:43.359 --> 0:18:48.880
<v Speaker 3>is simply not enough for most individuals. With private coverage,

0:18:49.000 --> 0:18:53.199
<v Speaker 3>you have more control over what your care looks like,

0:18:53.760 --> 0:18:58.119
<v Speaker 3>which is hands down a more dignified experience. Now, I

0:18:58.160 --> 0:19:01.480
<v Speaker 3>had a client who approached me for long term care

0:19:01.960 --> 0:19:04.520
<v Speaker 3>because she didn't want to end up like her mother,

0:19:05.000 --> 0:19:10.359
<v Speaker 3>who unfortunately was in a subpar facility. Because they simply

0:19:10.400 --> 0:19:14.320
<v Speaker 3>could not afford a better alternative. They hadn't purchased any

0:19:14.320 --> 0:19:18.800
<v Speaker 3>additional insurance for her. Now, there are lots of great

0:19:18.840 --> 0:19:22.840
<v Speaker 3>approaches that I introduce to my clients. One option, and

0:19:22.880 --> 0:19:25.800
<v Speaker 3>this is what most of my younger clients opt for,

0:19:26.640 --> 0:19:30.119
<v Speaker 3>is to add a critical illness writer to your life

0:19:30.119 --> 0:19:35.160
<v Speaker 3>insurance policy. For example, say you have a one hundred

0:19:35.200 --> 0:19:39.000
<v Speaker 3>thousand dollars policy that means you have a death benefit

0:19:39.119 --> 0:19:43.159
<v Speaker 3>of one hundred thousand dollars. If you can no longer

0:19:43.200 --> 0:19:48.000
<v Speaker 3>complete two or more of the six activities of daily living,

0:19:48.600 --> 0:19:52.320
<v Speaker 3>your long term care coverage is then triggered and you

0:19:52.400 --> 0:19:56.679
<v Speaker 3>go on what's called claim. Now, say, with this policy,

0:19:57.240 --> 0:20:01.160
<v Speaker 3>you can use four percent of your death benefit towards

0:20:01.240 --> 0:20:05.840
<v Speaker 3>that long term care expense that gives you, in this scenario,

0:20:06.359 --> 0:20:10.800
<v Speaker 3>four thousand dollars a month to spend. Now that's just

0:20:11.000 --> 0:20:15.679
<v Speaker 3>one example in one solution. Another option, which is really

0:20:15.720 --> 0:20:21.280
<v Speaker 3>popular now is asset based long term care. For example,

0:20:21.440 --> 0:20:24.919
<v Speaker 3>say you have a qualified account, meaning you have pre

0:20:25.080 --> 0:20:28.159
<v Speaker 3>tax money like a four to oh one k sitting around.

0:20:28.840 --> 0:20:32.000
<v Speaker 3>You can use that four oh one k to fund

0:20:32.119 --> 0:20:35.720
<v Speaker 3>a long term care policy not only for yourself, but

0:20:35.800 --> 0:20:39.199
<v Speaker 3>also for a spouse. Now, let me give you a

0:20:39.320 --> 0:20:44.760
<v Speaker 3>hypothetical scenario. Say we have a male age sixty married

0:20:44.800 --> 0:20:48.960
<v Speaker 3>to a female age sixty. We are using his one

0:20:49.080 --> 0:20:54.280
<v Speaker 3>hundred sixty thousand dollars IRA and repositioning it to purchase

0:20:54.359 --> 0:20:58.840
<v Speaker 3>long term care with some carriers you can get a

0:20:58.960 --> 0:21:03.880
<v Speaker 3>twenty five five percent bonus on day one, meaning that

0:21:03.960 --> 0:21:08.119
<v Speaker 3>one hundred and sixty thousand dollars grows to two hundred

0:21:08.160 --> 0:21:12.359
<v Speaker 3>thousand dollars the day the policy goes into effect. With

0:21:12.440 --> 0:21:17.200
<v Speaker 3>the purchase of a continuation of benefits writer, they can

0:21:17.359 --> 0:21:23.000
<v Speaker 3>each receive seven thousand, four hundred dollars per month for

0:21:23.240 --> 0:21:27.639
<v Speaker 3>life tax free for their long term care expenses once

0:21:27.680 --> 0:21:28.199
<v Speaker 3>they need it.

0:21:29.040 --> 0:21:29.359
<v Speaker 1>Now.

0:21:29.520 --> 0:21:33.399
<v Speaker 3>This is just an example of how it can look.

0:21:34.560 --> 0:21:38.240
<v Speaker 3>If you go to our website, Newcapitalinsurance dot com, you

0:21:38.320 --> 0:21:41.840
<v Speaker 3>can fill out our client intake form to get the

0:21:41.880 --> 0:21:46.920
<v Speaker 3>process started. Each person's situation is different, and at New

0:21:46.920 --> 0:21:50.720
<v Speaker 3>Capital Insurance we can tailor a policy to fit your

0:21:50.760 --> 0:21:53.440
<v Speaker 3>particular needs and your financial situation.

0:21:54.680 --> 0:21:57.080
<v Speaker 2>If you want to get started on long term care planning,

0:21:57.119 --> 0:22:00.600
<v Speaker 2>give Tina Bruti of New Capital Insurance Solutions a call.

0:22:00.960 --> 0:22:04.400
<v Speaker 2>That number is four two four four six five nine

0:22:04.720 --> 0:22:08.439
<v Speaker 2>zero zero one. That's four two four four six five

0:22:08.680 --> 0:22:12.359
<v Speaker 2>nine zero zero one. You can also email her at

0:22:12.400 --> 0:22:17.040
<v Speaker 2>Tina at New Capitalinsurance dot com. That's Tina at New

0:22:17.119 --> 0:22:21.560
<v Speaker 2>Capitalinsurance dot com, or find her online and take their

0:22:21.640 --> 0:22:25.560
<v Speaker 2>client intake form at New Capitalinsurance dot com.

0:22:25.640 --> 0:22:28.040
<v Speaker 1>Newcapital Insurance dot com again.

0:22:28.160 --> 0:22:31.240
<v Speaker 2>To reach Tina directly, her office number is four two

0:22:31.280 --> 0:22:35.520
<v Speaker 2>four four six five nine zero zero one four two

0:22:35.560 --> 0:22:38.400
<v Speaker 2>four four six five nine zero zero one.

0:22:38.440 --> 0:22:40.080
<v Speaker 1>Thank you so much, Tina. Thank you.

0:22:40.080 --> 0:22:42.560
<v Speaker 2>You're listening to Love, Death and Money on Talk radio

0:22:42.840 --> 0:22:47.320
<v Speaker 2>seven ninety KABC. Welcome back to Love Death and Money.

0:22:47.359 --> 0:22:52.159
<v Speaker 2>I'm your host, Attorney Nasburuti on Talk radio seven ninety KABC.

0:22:52.920 --> 0:22:55.480
<v Speaker 2>If you have a question about trust, wills probate, call

0:22:55.560 --> 0:22:58.280
<v Speaker 2>the station right now at one eight hundred two two

0:22:58.320 --> 0:23:01.280
<v Speaker 2>two five two two two. It's one eight hundred two

0:23:01.320 --> 0:23:05.320
<v Speaker 2>two two KABC. To get more information about my practice,

0:23:05.359 --> 0:23:08.480
<v Speaker 2>you can visit my website Berudylaw dot com. That's b

0:23:08.640 --> 0:23:12.320
<v Speaker 2>A r o U t I Law dot com. If

0:23:12.359 --> 0:23:16.240
<v Speaker 2>you'd like to order a copy of my book, Love

0:23:16.359 --> 0:23:18.400
<v Speaker 2>Death and Money, which is a legal guide for you

0:23:18.520 --> 0:23:21.800
<v Speaker 2>on how you can protect yourself during different stages of life,

0:23:22.160 --> 0:23:24.600
<v Speaker 2>you can get it on Amazon dot com. It's available

0:23:24.640 --> 0:23:27.359
<v Speaker 2>in paperback and kindle version. The first part of the

0:23:27.359 --> 0:23:30.119
<v Speaker 2>book goes through what's end of life planning, and the

0:23:30.240 --> 0:23:32.879
<v Speaker 2>second part, which I find to be the most interesting part,

0:23:33.359 --> 0:23:36.600
<v Speaker 2>is real life stories of individuals, some who had plans

0:23:36.600 --> 0:23:39.800
<v Speaker 2>and some who did not, and the devastating consequences it had.

0:23:40.320 --> 0:23:40.520
<v Speaker 1>Again.

0:23:40.560 --> 0:23:43.000
<v Speaker 2>The book is called Love, Death, and Money and you

0:23:43.040 --> 0:23:45.119
<v Speaker 2>can find it on Amazon dot com.

0:23:45.600 --> 0:23:45.840
<v Speaker 1>Now.

0:23:45.880 --> 0:23:51.520
<v Speaker 2>In the book, there is a chapter about you know

0:23:51.600 --> 0:23:55.320
<v Speaker 2>who you name as your healthcare proxy to make decisions

0:23:55.359 --> 0:23:58.720
<v Speaker 2>for you if you become incapacitated. There's also a chapter

0:23:58.880 --> 0:24:01.720
<v Speaker 2>about you know, if you have minor children, what legal

0:24:01.760 --> 0:24:05.440
<v Speaker 2>documents you need to protect them. And I've just been

0:24:06.400 --> 0:24:11.040
<v Speaker 2>in the trenches watching the Lindsay Clancy trial. It's day

0:24:11.119 --> 0:24:14.760
<v Speaker 2>twelve today and I've been watching every day of trial,

0:24:14.960 --> 0:24:20.159
<v Speaker 2>all the questioning, all the cross exams. I've been just

0:24:20.280 --> 0:24:22.760
<v Speaker 2>consumed with this case. And I think it's a really

0:24:22.760 --> 0:24:26.760
<v Speaker 2>important case to follow because it points out all the

0:24:26.800 --> 0:24:31.400
<v Speaker 2>flaws in medical care that we receive in this country,

0:24:31.880 --> 0:24:34.399
<v Speaker 2>especially mental health, postpartum depression.

0:24:35.119 --> 0:24:37.800
<v Speaker 1>And this is just my opinion.

0:24:37.920 --> 0:24:41.000
<v Speaker 2>You can disagree with it, you can agree with it,

0:24:41.000 --> 0:24:45.320
<v Speaker 2>it doesn't really matter. But watching the testimony and having

0:24:46.240 --> 0:24:51.120
<v Speaker 2>Kevin Reddington, who's the defense attorney for Lindsay Clancy, question

0:24:51.400 --> 0:24:55.600
<v Speaker 2>all these quote unquote medical professionals that we're trying to

0:24:55.960 --> 0:24:58.200
<v Speaker 2>help her or attempted to help her.

0:24:58.720 --> 0:25:00.960
<v Speaker 1>And when you have a woman.

0:25:00.760 --> 0:25:06.720
<v Speaker 2>Being placed on thirteen different medications, and nobody speaking to

0:25:06.800 --> 0:25:09.800
<v Speaker 2>each other about what is being prescribed, no one properly

0:25:09.840 --> 0:25:14.400
<v Speaker 2>getting medical records, not having proper notes in the medical records.

0:25:15.960 --> 0:25:20.159
<v Speaker 2>One thing that was really alarming for me, and a

0:25:20.200 --> 0:25:23.320
<v Speaker 2>lot of people can disagree, but as an estate planning attorney,

0:25:24.240 --> 0:25:26.959
<v Speaker 2>when she's in that moment, when she's in the hospital

0:25:27.240 --> 0:25:30.760
<v Speaker 2>and she's trying to figure out what just happened. You know,

0:25:30.880 --> 0:25:37.000
<v Speaker 2>she's been accused of allegedly strangling her three children, killing them,

0:25:37.040 --> 0:25:41.560
<v Speaker 2>and then attempting to unlive herself. And her husband comes

0:25:41.560 --> 0:25:44.680
<v Speaker 2>home and sees all of this. Now, whether she did it,

0:25:44.760 --> 0:25:46.760
<v Speaker 2>whether she didn't, I don't want to talk about that.

0:25:47.119 --> 0:25:50.040
<v Speaker 2>But what I do want to talk about is that

0:25:50.119 --> 0:25:52.520
<v Speaker 2>when she was in the hospital, which, by the way,

0:25:52.640 --> 0:25:56.760
<v Speaker 2>she's paralyzed from the waist down. Okay, she comes every

0:25:56.840 --> 0:26:00.000
<v Speaker 2>day to trial in a wheelchair. She cannot walk anymore.

0:26:00.920 --> 0:26:04.840
<v Speaker 2>When she's in the hospital and she's regaining consciousness, she

0:26:05.040 --> 0:26:09.760
<v Speaker 2>makes an active choice at that point to change her

0:26:09.880 --> 0:26:13.800
<v Speaker 2>health care proxy, to remove her husband, and to put

0:26:13.880 --> 0:26:20.399
<v Speaker 2>her parents. And one of the psychiatrists testifies that, you know,

0:26:20.440 --> 0:26:22.359
<v Speaker 2>we had to do an evaluation to see if she

0:26:22.440 --> 0:26:25.560
<v Speaker 2>was able to make that change on her medical proxy.

0:26:26.119 --> 0:26:27.760
<v Speaker 2>And just for those of you that don't know what

0:26:27.800 --> 0:26:32.320
<v Speaker 2>a medical proxy is, if you become incapacitated and you

0:26:32.400 --> 0:26:37.560
<v Speaker 2>cannot communicate your wishes for medical care, you can name

0:26:37.680 --> 0:26:40.520
<v Speaker 2>someone to step into your shoes and make those medical

0:26:40.560 --> 0:26:45.119
<v Speaker 2>decisions on your behalf. She had her husband as her

0:26:45.160 --> 0:26:50.640
<v Speaker 2>medical proxy. Now, in that moment when everything's so heightened

0:26:50.680 --> 0:26:53.760
<v Speaker 2>and you're emotional, and you've just been told that you

0:26:54.320 --> 0:26:59.560
<v Speaker 2>murdered your three children, you tried to kill yourself, my

0:26:59.800 --> 0:27:03.880
<v Speaker 2>life thought, I don't know if it would be let

0:27:03.880 --> 0:27:07.639
<v Speaker 2>me remove my husband. Something must have clicked for her

0:27:07.680 --> 0:27:10.640
<v Speaker 2>in that moment that he is not going to make

0:27:10.720 --> 0:27:13.800
<v Speaker 2>the best medical decisions for me. And I don't care

0:27:13.840 --> 0:27:17.119
<v Speaker 2>what you say that, Oh, it's because he just found

0:27:17.119 --> 0:27:20.679
<v Speaker 2>out she murdered their three children, so he wouldn't make

0:27:20.720 --> 0:27:22.359
<v Speaker 2>the best choice.

0:27:22.520 --> 0:27:23.720
<v Speaker 1>When you marry.

0:27:23.440 --> 0:27:27.719
<v Speaker 2>Someone through sickness and health, you have to step up

0:27:27.720 --> 0:27:31.480
<v Speaker 2>to the plate to make those decisions. And I really

0:27:31.520 --> 0:27:34.040
<v Speaker 2>do believe in that moment it clicked for her because

0:27:34.480 --> 0:27:37.720
<v Speaker 2>with all the testimony, even the husband that ex husband,

0:27:37.760 --> 0:27:40.720
<v Speaker 2>Patrick Clancy, was on the stand, it seemed as if

0:27:40.760 --> 0:27:47.000
<v Speaker 2>he wasn't proactive in her health care decisions. He wasn't

0:27:47.000 --> 0:27:49.760
<v Speaker 2>really going to appointments with her. When she was locked

0:27:49.840 --> 0:27:52.280
<v Speaker 2>up in a facility for five days, he didn't call

0:27:52.440 --> 0:27:55.000
<v Speaker 2>to get an update, he didn't visit her.

0:27:55.720 --> 0:27:59.240
<v Speaker 1>It just seemed that he was checked out. And if

0:27:59.280 --> 0:28:00.720
<v Speaker 1>he was checked out because.

0:28:00.920 --> 0:28:04.639
<v Speaker 2>He was overwhelmed with work, or not being happy in

0:28:04.680 --> 0:28:07.560
<v Speaker 2>his marriage, or just being overwhelmed with three young children

0:28:07.680 --> 0:28:10.000
<v Speaker 2>under the age of five, I don't know what the

0:28:10.080 --> 0:28:14.280
<v Speaker 2>reasoning is, but I would think that if someone comes

0:28:14.280 --> 0:28:18.200
<v Speaker 2>to you and tells you I'm having thoughts of hurting

0:28:18.240 --> 0:28:21.959
<v Speaker 2>myself and hurting the children, I probably.

0:28:21.440 --> 0:28:23.880
<v Speaker 1>Wouldn't leave them alone with the children.

0:28:24.960 --> 0:28:29.679
<v Speaker 2>I probably wouldn't fire the nanny once she decided not

0:28:29.800 --> 0:28:34.280
<v Speaker 2>to go back to work. I probably wouldn't tell my parents,

0:28:34.680 --> 0:28:36.320
<v Speaker 2>you don't need to come over and help us.

0:28:36.760 --> 0:28:40.480
<v Speaker 1>Lindsey has it. This woman was overwhelmed.

0:28:40.680 --> 0:28:44.160
<v Speaker 2>This woman needed help, and I don't think she got

0:28:44.240 --> 0:28:48.000
<v Speaker 2>the help that she needed. But this issue brings up

0:28:48.120 --> 0:28:51.440
<v Speaker 2>a lot of end of life or incapacity issues for

0:28:51.520 --> 0:28:54.080
<v Speaker 2>me as an estate planning attorney, and I want to

0:28:54.120 --> 0:28:57.120
<v Speaker 2>talk about it tonight because it's important for you to

0:28:57.320 --> 0:29:00.800
<v Speaker 2>have these documents prepared to make sure that if you

0:29:00.880 --> 0:29:04.640
<v Speaker 2>cannot make these decisions for yourself. The person that you

0:29:04.720 --> 0:29:09.120
<v Speaker 2>are putting in charge, you wholeheartedly believe they are going

0:29:09.200 --> 0:29:12.600
<v Speaker 2>to do whatever is in your best interests. That's why

0:29:12.640 --> 0:29:15.960
<v Speaker 2>these documents are so important. And I also believe it's

0:29:15.960 --> 0:29:20.200
<v Speaker 2>important to not just put one person in charge. I

0:29:20.320 --> 0:29:24.080
<v Speaker 2>believe you should have coagents. Whether it's for medical decisions

0:29:24.240 --> 0:29:28.080
<v Speaker 2>or financial decisions. You want to have a checks and balances.

0:29:28.200 --> 0:29:31.920
<v Speaker 2>You don't want one person being in full control over

0:29:32.440 --> 0:29:38.760
<v Speaker 2>really vital, important, life changing decisions. I feel the same

0:29:38.800 --> 0:29:42.200
<v Speaker 2>way about who becomes your executor or success or trustee

0:29:42.240 --> 0:29:44.320
<v Speaker 2>of your trust. You don't want to give just one

0:29:44.360 --> 0:29:50.280
<v Speaker 2>person full control. And when we talk about medical decisions,

0:29:50.600 --> 0:29:53.280
<v Speaker 2>some of the things that are important to clients that

0:29:53.320 --> 0:29:56.440
<v Speaker 2>I've worked with in the past fifteen years is do

0:29:56.520 --> 0:29:58.600
<v Speaker 2>I want to be an organ donor do I want

0:29:58.600 --> 0:30:01.120
<v Speaker 2>to be on life support? If I'm a vegetative state?

0:30:02.200 --> 0:30:06.480
<v Speaker 2>Do I want to be administered psychiatric drugs? Sometimes there's

0:30:07.280 --> 0:30:10.719
<v Speaker 2>religious convictions that go into play when we are talking

0:30:10.760 --> 0:30:13.600
<v Speaker 2>about medical directives healthcare proxies.

0:30:14.600 --> 0:30:16.720
<v Speaker 1>I have a lot of clients that are Jehovah's witness.

0:30:16.800 --> 0:30:21.720
<v Speaker 1>They do not do what is it called blood transfusions

0:30:21.840 --> 0:30:22.640
<v Speaker 1>they don't do it.

0:30:22.760 --> 0:30:25.800
<v Speaker 2>Some do not want to give their organs, they don't

0:30:25.800 --> 0:30:28.400
<v Speaker 2>want to be or you know, receive other people's organs.

0:30:28.640 --> 0:30:33.360
<v Speaker 2>There are so many factors that go into creating this document,

0:30:34.080 --> 0:30:37.440
<v Speaker 2>and you have to remind yourself that if you don't

0:30:37.480 --> 0:30:42.800
<v Speaker 2>have these documents, then your next of kin or next

0:30:42.840 --> 0:30:46.040
<v Speaker 2>person in line is usually deciding. And even then some

0:30:46.480 --> 0:30:49.120
<v Speaker 2>physicians will say, oh, you don't have a healthcare proxy.

0:30:49.160 --> 0:30:51.800
<v Speaker 2>You got to go get a conservatorship. Oh you're just

0:30:51.880 --> 0:30:52.920
<v Speaker 2>this person's friend.

0:30:53.000 --> 0:30:55.080
<v Speaker 1>You can't. You can't even be in here. I'm not

0:30:55.120 --> 0:30:56.120
<v Speaker 1>even going to speak to you.

0:30:57.280 --> 0:31:01.520
<v Speaker 2>These are really serious situations that can arise. And I

0:31:01.520 --> 0:31:04.720
<v Speaker 2>don't think the morning that this happened three years ago,

0:31:04.760 --> 0:31:07.400
<v Speaker 2>Lindsay Clancy woke up and was like, better check my

0:31:07.880 --> 0:31:10.400
<v Speaker 2>health care proxy to make sure that the person that's

0:31:10.440 --> 0:31:14.760
<v Speaker 2>in charge can make real clear decisions for me. Nobody

0:31:14.800 --> 0:31:17.640
<v Speaker 2>anticipates this stuff, but we know that there's a possibility

0:31:17.680 --> 0:31:20.719
<v Speaker 2>in this world that these things can happen. That's why

0:31:20.800 --> 0:31:23.360
<v Speaker 2>we need to be prepared. And when we're talking about

0:31:23.400 --> 0:31:27.200
<v Speaker 2>minor children, let's say the children had survived. Let's say

0:31:27.360 --> 0:31:31.400
<v Speaker 2>both parents had passed. Maybe she had killed herself and

0:31:31.440 --> 0:31:33.640
<v Speaker 2>was successful and also killed her husband in the process.

0:31:33.680 --> 0:31:36.800
<v Speaker 2>Instead of the children, what is so important for those

0:31:36.840 --> 0:31:41.880
<v Speaker 2>of you listening tonight that have minor children is who

0:31:41.920 --> 0:31:44.200
<v Speaker 2>is going to be the guardian of those minor children.

0:31:45.040 --> 0:31:48.600
<v Speaker 2>There is a misconception that, oh, well, I did a

0:31:48.640 --> 0:31:52.400
<v Speaker 2>religious Catholic ceremony and I named a godfather at the baptism,

0:31:52.520 --> 0:31:55.920
<v Speaker 2>so I'm sure you know that godfather or godmother is

0:31:55.960 --> 0:31:59.400
<v Speaker 2>just gonna take charge. But religious ceremonies don't have any

0:31:59.480 --> 0:32:03.200
<v Speaker 2>legal buds the courts. If you do not have a

0:32:03.240 --> 0:32:06.240
<v Speaker 2>will to name a guardian for your minor children, the

0:32:06.320 --> 0:32:10.280
<v Speaker 2>court decides. And one of the chapters in my book, Love, Death,

0:32:10.320 --> 0:32:16.080
<v Speaker 2>and Money is about this situation about how parents passed

0:32:16.120 --> 0:32:20.280
<v Speaker 2>away in a tragic car accident. Two minor children survived,

0:32:20.880 --> 0:32:24.240
<v Speaker 2>and the family member that was the closest to them

0:32:24.480 --> 0:32:29.160
<v Speaker 2>from birth was unable to get guardianship over these two

0:32:29.320 --> 0:32:35.280
<v Speaker 2>young children. Why because she didn't have enough financial resources.

0:32:35.800 --> 0:32:39.080
<v Speaker 2>She tried to liquidate her retirement. She tried to show

0:32:39.120 --> 0:32:41.600
<v Speaker 2>the court like, look, I've been in these girls' lives

0:32:41.880 --> 0:32:44.640
<v Speaker 2>from day one. I will liquidate whatever I need to.

0:32:45.160 --> 0:32:48.760
<v Speaker 2>They decided, no, they are going to live with their

0:32:48.840 --> 0:32:51.720
<v Speaker 2>other aunt. Who lives in another state, who's probably seen

0:32:51.760 --> 0:32:55.640
<v Speaker 2>them three times in their whole life, and that's the

0:32:55.640 --> 0:33:02.440
<v Speaker 2>best call. So without a written document giving instructions of

0:33:02.480 --> 0:33:05.280
<v Speaker 2>what you would want when you are not here, you

0:33:05.320 --> 0:33:07.800
<v Speaker 2>are leaving it up to the courts to decide all

0:33:07.840 --> 0:33:11.120
<v Speaker 2>of this for you. The courts who have no understanding

0:33:11.200 --> 0:33:14.200
<v Speaker 2>of your family dynamics, a court who doesn't understand your

0:33:14.200 --> 0:33:17.160
<v Speaker 2>political beliefs, your religious beliefs, how you want to raise

0:33:17.200 --> 0:33:22.000
<v Speaker 2>your children. What kind of you know, moral compass do

0:33:22.040 --> 0:33:25.000
<v Speaker 2>you want to show your children. This is why an

0:33:25.160 --> 0:33:28.360
<v Speaker 2>end of life plan is so important, because you control

0:33:28.400 --> 0:33:32.719
<v Speaker 2>from the grave who's taking over. How your children are

0:33:32.760 --> 0:33:35.440
<v Speaker 2>going to inherit assets. Are you going to put age

0:33:35.440 --> 0:33:38.040
<v Speaker 2>restrictions for them? Are you going to require them to

0:33:38.080 --> 0:33:40.640
<v Speaker 2>go to college? I mean, look at the Nick Reiner

0:33:40.720 --> 0:33:46.160
<v Speaker 2>case right now. He's being accused of killing both his parents.

0:33:47.360 --> 0:33:53.720
<v Speaker 2>He tried to get approval to access his trust account

0:33:54.480 --> 0:33:57.400
<v Speaker 2>with money that his parents put aside for him so

0:33:57.480 --> 0:34:02.560
<v Speaker 2>that he could hire legal defense. And I'm guarantee you

0:34:02.720 --> 0:34:06.840
<v Speaker 2>that those trustees are saying, better luck next time. You

0:34:06.920 --> 0:34:08.840
<v Speaker 2>are not going to take the money that your parents

0:34:08.840 --> 0:34:13.000
<v Speaker 2>put aside for you under the condition of helping you

0:34:13.840 --> 0:34:18.399
<v Speaker 2>after you allegedly murdered them in a very gruesome way.

0:34:19.520 --> 0:34:20.520
<v Speaker 1>That's not going to happen.

0:34:21.680 --> 0:34:25.960
<v Speaker 2>So being in control over these documents right now, when

0:34:26.000 --> 0:34:28.640
<v Speaker 2>you are alive, when you have capacity, is so important

0:34:28.680 --> 0:34:32.319
<v Speaker 2>because end of life planning is all about timing. It's

0:34:32.360 --> 0:34:34.520
<v Speaker 2>like if you don't have a plan, it's like driving

0:34:34.560 --> 0:34:36.520
<v Speaker 2>your car without your seat belt on. If you get

0:34:36.560 --> 0:34:38.879
<v Speaker 2>into an accident, it's too late to go put your

0:34:38.880 --> 0:34:42.000
<v Speaker 2>seat belt back on. If you're just tuning in, you're

0:34:42.000 --> 0:34:44.439
<v Speaker 2>listening to Love, Death and Money on Talk radio seven

0:34:44.560 --> 0:34:47.239
<v Speaker 2>ninety KABC. If you need to create an end of

0:34:47.280 --> 0:34:49.279
<v Speaker 2>life plan, you can give my office a call right

0:34:49.280 --> 0:34:53.000
<v Speaker 2>now at four two four four sixty five nine zero

0:34:53.160 --> 0:34:56.800
<v Speaker 2>zero three. That's four two four four six five nine

0:34:57.040 --> 0:34:59.879
<v Speaker 2>zero zero three. Or you can visit my website bu

0:35:00.280 --> 0:35:02.759
<v Speaker 2>law dot com. B A r o U t I

0:35:03.040 --> 0:35:03.920
<v Speaker 2>Law dot com.

0:35:04.040 --> 0:35:04.279
<v Speaker 1>Again.

0:35:04.320 --> 0:35:06.759
<v Speaker 2>The number to reach me four two four four six

0:35:06.960 --> 0:35:10.399
<v Speaker 2>five nine zero zero three. You're listening to Love, Death

0:35:10.400 --> 0:35:14.359
<v Speaker 2>and Money on Talk radio seven ninety KABC. Welcome back

0:35:14.400 --> 0:35:17.480
<v Speaker 2>to Love Death and Money. I'm your host, Attorney Nasberruti

0:35:17.560 --> 0:35:21.200
<v Speaker 2>on Talk radio seven ninety KABC. If you have a

0:35:21.280 --> 0:35:24.479
<v Speaker 2>question about trust, wills probate. Call the station right now

0:35:24.560 --> 0:35:27.640
<v Speaker 2>at one eight hundred two two two five two two two.

0:35:28.120 --> 0:35:31.040
<v Speaker 2>That's one eight hundred two two two KA b C.

0:35:32.120 --> 0:35:34.800
<v Speaker 2>We've been talking about the importance of end of life

0:35:34.800 --> 0:35:37.080
<v Speaker 2>planning because if you don't have a plan, the state

0:35:37.120 --> 0:35:38.800
<v Speaker 2>of California has one for.

0:35:38.719 --> 0:35:40.400
<v Speaker 1>You, and it's called probate court.

0:35:40.920 --> 0:35:43.480
<v Speaker 2>Seventy percent of Americans are going to end up in

0:35:43.560 --> 0:35:46.560
<v Speaker 2>probate court because their loved ones did not have an

0:35:46.640 --> 0:35:49.520
<v Speaker 2>end of life plan, which means this process is going

0:35:49.600 --> 0:35:52.840
<v Speaker 2>to be expensive, time consuming. They're not going to have

0:35:52.920 --> 0:35:55.480
<v Speaker 2>access to the assets that are left behind till after

0:35:56.200 --> 0:36:00.480
<v Speaker 2>the process is completed and everything becomes public record. To

0:36:00.600 --> 0:36:03.359
<v Speaker 2>avoid a situation like this, you need to create an

0:36:03.480 --> 0:36:06.600
<v Speaker 2>end of life plan today. While you are alive, you

0:36:06.640 --> 0:36:09.239
<v Speaker 2>will be in control over your assets, and even after

0:36:09.280 --> 0:36:12.040
<v Speaker 2>you're passing, you're going to control from the grave, who's

0:36:12.040 --> 0:36:15.040
<v Speaker 2>going to control the estate, how it's going to be distributed,

0:36:15.440 --> 0:36:17.239
<v Speaker 2>and there would be no need to.

0:36:17.239 --> 0:36:20.440
<v Speaker 1>Go through the probate proceeding. Now.

0:36:20.480 --> 0:36:23.840
<v Speaker 2>To get more information about end of life planning and

0:36:23.880 --> 0:36:26.839
<v Speaker 2>the other services that my office provides, you can visit

0:36:26.880 --> 0:36:30.200
<v Speaker 2>my website Burruti Law dot com BA r o U

0:36:30.400 --> 0:36:33.279
<v Speaker 2>TI Law dot com. I just want to quickly go

0:36:33.320 --> 0:36:36.360
<v Speaker 2>over some of the other services for many who call

0:36:36.400 --> 0:36:39.839
<v Speaker 2>and ask. I mostly do end of life planning, which

0:36:40.040 --> 0:36:45.760
<v Speaker 2>entails estate planning, so drafting revocable trusts, wills, financial power

0:36:45.800 --> 0:36:49.480
<v Speaker 2>of attorney, medical power of attorney. We also do business

0:36:49.480 --> 0:36:53.120
<v Speaker 2>planning for those of you that need to incorporate. They

0:36:53.160 --> 0:36:55.960
<v Speaker 2>need you need to get limited liability companies, You need

0:36:56.000 --> 0:37:01.320
<v Speaker 2>operating agreements. I also draft prenuptial and post nuptial agreements

0:37:01.320 --> 0:37:03.399
<v Speaker 2>for those of you that are getting married or are

0:37:03.520 --> 0:37:05.680
<v Speaker 2>married and want to make sure that you have a

0:37:05.719 --> 0:37:10.680
<v Speaker 2>plan if one day you do separate. And for those

0:37:10.760 --> 0:37:13.000
<v Speaker 2>that have lost loved ones that didn't have an end

0:37:13.000 --> 0:37:14.640
<v Speaker 2>of life plan and you need to go through the

0:37:14.640 --> 0:37:15.640
<v Speaker 2>probate proceeding.

0:37:16.160 --> 0:37:17.839
<v Speaker 1>We help with probate proceedings.

0:37:17.880 --> 0:37:23.200
<v Speaker 2>We help with conservatorships, with trust litigation, with trustee services,

0:37:23.400 --> 0:37:27.799
<v Speaker 2>trust administration. If you've been named a trustee of an

0:37:27.960 --> 0:37:29.839
<v Speaker 2>estate and you don't know where to start, we can

0:37:29.880 --> 0:37:33.799
<v Speaker 2>help you and guide you on how to administer that

0:37:34.000 --> 0:37:36.959
<v Speaker 2>estate in a legal matter because you owe a fiduciary

0:37:37.080 --> 0:37:40.560
<v Speaker 2>duty to the beneficiaries. Again, you can visit my website.

0:37:40.600 --> 0:37:43.480
<v Speaker 2>Burruty law dot com to get all the services that

0:37:43.520 --> 0:37:48.360
<v Speaker 2>our office provides BA r O UTI Law dot com. Now,

0:37:48.400 --> 0:37:52.680
<v Speaker 2>I always end the show with talking about asset protection,

0:37:52.840 --> 0:37:55.520
<v Speaker 2>which is an important conversation to have, and this one's

0:37:55.560 --> 0:37:57.960
<v Speaker 2>the one that gets a lot of people calling the

0:37:58.040 --> 0:38:00.600
<v Speaker 2>office the next day or while we are on air.

0:38:01.239 --> 0:38:05.319
<v Speaker 2>And it's important to have this conversation because we live

0:38:05.360 --> 0:38:09.720
<v Speaker 2>in a society where lawsuits happen frequently and the likelihood

0:38:09.719 --> 0:38:12.360
<v Speaker 2>that in your lifetime you may get sued is very high.

0:38:12.640 --> 0:38:16.480
<v Speaker 2>Every thirty seconds a lawsuit is filed in this country. Now,

0:38:17.480 --> 0:38:21.960
<v Speaker 2>despite what many believe, having a revocable trust does not

0:38:22.120 --> 0:38:27.840
<v Speaker 2>protect you from lawsuits. There is this theory that flies

0:38:27.880 --> 0:38:31.080
<v Speaker 2>around social media or you may have heard it from

0:38:31.120 --> 0:38:34.800
<v Speaker 2>a friend or a neighbor who seems like they're really smart,

0:38:34.840 --> 0:38:37.040
<v Speaker 2>and they may be, but they are not. If they

0:38:37.040 --> 0:38:39.839
<v Speaker 2>are not a legal professional, you should not be taking

0:38:39.920 --> 0:38:43.120
<v Speaker 2>legal advice from them. There's this misconception that if you

0:38:43.239 --> 0:38:46.280
<v Speaker 2>have a trust that a creditor won't be able to

0:38:46.280 --> 0:38:48.399
<v Speaker 2>touch it, but if it's a revocable trust, I'm here

0:38:48.400 --> 0:38:50.040
<v Speaker 2>to tell you that that's not the case.

0:38:50.800 --> 0:38:52.120
<v Speaker 1>If your assets.

0:38:51.760 --> 0:38:54.520
<v Speaker 2>Are in a revocable trust and tomorrow you get sued

0:38:54.560 --> 0:38:57.120
<v Speaker 2>and there's a judgment against you, they can access the

0:38:57.200 --> 0:39:01.480
<v Speaker 2>assets that are within that trust very easily. So in

0:39:01.600 --> 0:39:05.960
<v Speaker 2>order to avoid that, we have to talk about acid protection. Now,

0:39:06.840 --> 0:39:10.279
<v Speaker 2>there are certain groups of individuals that need to make

0:39:10.320 --> 0:39:14.120
<v Speaker 2>sure that they have acid protection immediately. So if you

0:39:14.200 --> 0:39:17.600
<v Speaker 2>fall within one of these categories, you should definitely give

0:39:17.640 --> 0:39:20.360
<v Speaker 2>my office a call. So, if you have paid off property,

0:39:20.920 --> 0:39:24.319
<v Speaker 2>no mortgage, you need an acid protection trust. If you

0:39:24.360 --> 0:39:28.000
<v Speaker 2>are a landlord and you have tenants, you need acid protection.

0:39:28.400 --> 0:39:30.920
<v Speaker 2>If you have children under the age of eighteen who

0:39:30.960 --> 0:39:34.280
<v Speaker 2>are now driving, you should have an acid protection plan.

0:39:34.800 --> 0:39:38.400
<v Speaker 2>If you are any type of business owner, especially in California,

0:39:38.920 --> 0:39:42.640
<v Speaker 2>you need acid protection. Or you are in a profession

0:39:42.719 --> 0:39:46.160
<v Speaker 2>where you are at high risk for getting sued and

0:39:46.920 --> 0:39:50.120
<v Speaker 2>you know at any point could be sued in the

0:39:50.160 --> 0:39:53.800
<v Speaker 2>line of your work, like you're a physician, plastic surgeon,

0:39:53.880 --> 0:39:56.319
<v Speaker 2>you're in the construction business, you need to make sure

0:39:56.360 --> 0:39:59.680
<v Speaker 2>that you have an acid protection plan. Now, with everything,

0:40:00.000 --> 0:40:03.480
<v Speaker 2>there's different lines of defense. When we are talking about

0:40:03.520 --> 0:40:07.000
<v Speaker 2>acid protection, and the first line of defense the most

0:40:07.040 --> 0:40:10.880
<v Speaker 2>basic that I believe everyone should have. Whether you're in

0:40:10.920 --> 0:40:13.839
<v Speaker 2>this those groups of individuals that I just listen off

0:40:13.920 --> 0:40:19.680
<v Speaker 2>or not is insurance. So having malpractice insurance, umbrella insurance,

0:40:19.760 --> 0:40:23.480
<v Speaker 2>home insurance, get all the insurance that you can. I'm

0:40:23.520 --> 0:40:28.040
<v Speaker 2>a big advocate of having insurance. But the problem with

0:40:28.160 --> 0:40:32.759
<v Speaker 2>insurance is one we have issues with policy limits. You know,

0:40:32.800 --> 0:40:35.280
<v Speaker 2>you could get sued for more than the policy amount.

0:40:35.760 --> 0:40:37.960
<v Speaker 2>If your policy limit is half a million and you

0:40:38.000 --> 0:40:42.600
<v Speaker 2>get sued for two, that's a big issue. Or another

0:40:42.680 --> 0:40:46.280
<v Speaker 2>issue we see with insurance carriers is that they deny

0:40:46.320 --> 0:40:51.120
<v Speaker 2>your claim and they're very strategic about this, and trying

0:40:51.160 --> 0:40:53.200
<v Speaker 2>to argue with them and go back and forth with

0:40:53.239 --> 0:40:56.799
<v Speaker 2>them could be very costly. But they are strategic in

0:40:56.840 --> 0:40:59.000
<v Speaker 2>the sense that they write these policies in a way

0:40:59.040 --> 0:41:01.440
<v Speaker 2>where there's a gray or yeah, and because of that

0:41:01.440 --> 0:41:04.200
<v Speaker 2>gray area, at any point they can deny your claim.

0:41:04.800 --> 0:41:07.520
<v Speaker 2>And insurance companies are not always in the business of

0:41:08.000 --> 0:41:12.879
<v Speaker 2>paying out claims. They deny multiple claims per year. So

0:41:13.120 --> 0:41:16.239
<v Speaker 2>that's your first line of defense. How do we protect

0:41:16.360 --> 0:41:20.600
<v Speaker 2>if that line of defense fails? The second is to

0:41:20.680 --> 0:41:25.120
<v Speaker 2>maximize exempt assets, meaning that instead of putting your money

0:41:25.200 --> 0:41:29.319
<v Speaker 2>in taxable accounts, you should be using protected vehicles to

0:41:29.440 --> 0:41:34.239
<v Speaker 2>secure your assets. For example, there are certain assets that

0:41:34.280 --> 0:41:40.080
<v Speaker 2>are protected by statute against creditor claims, specially retirement accounts.

0:41:40.520 --> 0:41:44.320
<v Speaker 2>I'm talking about four to one k's and defined benefit plans.

0:41:44.840 --> 0:41:48.799
<v Speaker 2>If you don't have these two, you are risking the

0:41:48.880 --> 0:41:51.560
<v Speaker 2>money that you just put in a regular savings account

0:41:52.200 --> 0:41:56.520
<v Speaker 2>from a creditor. Third, if you are a business owner,

0:41:56.840 --> 0:41:59.520
<v Speaker 2>you need to make sure that you have proper business

0:41:59.640 --> 0:42:04.560
<v Speaker 2>entity set up. So I'm talking about limited liability companies corporations.

0:42:05.120 --> 0:42:07.760
<v Speaker 2>You want to have one entity that's going to earn

0:42:07.800 --> 0:42:10.920
<v Speaker 2>income and one entity that's going to own real estate

0:42:11.040 --> 0:42:14.640
<v Speaker 2>or equipment. There are many of you walking around as

0:42:14.640 --> 0:42:19.600
<v Speaker 2>soul proprietors just LA law, just doing business under my

0:42:19.719 --> 0:42:24.560
<v Speaker 2>individual name. Or some of you have maybe twenty different

0:42:24.719 --> 0:42:29.000
<v Speaker 2>properties in one LLC and you are a single member LLC.

0:42:29.800 --> 0:42:34.320
<v Speaker 2>That gives you no asset protection. So you got to

0:42:34.360 --> 0:42:39.440
<v Speaker 2>get yourself incorporated. But not just go to these online

0:42:39.480 --> 0:42:42.719
<v Speaker 2>sources and register or name. You need to have the

0:42:42.760 --> 0:42:45.920
<v Speaker 2>statement of information filed out. You need articles, You need

0:42:45.920 --> 0:42:48.840
<v Speaker 2>an operating agreement. If you're an LLC, you need bylaws.

0:42:48.880 --> 0:42:52.000
<v Speaker 2>If you're a corporation, you need to keep annual minutes.

0:42:52.080 --> 0:42:55.880
<v Speaker 2>You need to actually operate as a business. Some of

0:42:55.920 --> 0:42:57.960
<v Speaker 2>you are not doing that. You just registered a name

0:42:58.000 --> 0:43:00.520
<v Speaker 2>for like fifty bucks, and you think you're in coated.

0:43:01.040 --> 0:43:04.200
<v Speaker 2>And if you get sued tomorrow and they want to

0:43:04.200 --> 0:43:06.680
<v Speaker 2>see your corporate records, you don't have any of it.

0:43:07.360 --> 0:43:10.560
<v Speaker 2>So you got to get that in order. Fourth line

0:43:10.560 --> 0:43:13.640
<v Speaker 2>of defense acid protection trust. Now, I don't have a

0:43:13.680 --> 0:43:16.440
<v Speaker 2>lot of time to go over acid protection trusts. They're

0:43:16.520 --> 0:43:19.880
<v Speaker 2>very complicated. But the difference between an acid protection trust

0:43:19.880 --> 0:43:24.800
<v Speaker 2>and a revocable trust is an acid protection trust is erevocable.

0:43:25.360 --> 0:43:29.560
<v Speaker 2>Erevocable meaning you do not have control over the asset.

0:43:30.000 --> 0:43:33.520
<v Speaker 2>You cannot change the trust, and you must give up

0:43:33.640 --> 0:43:37.239
<v Speaker 2>real control and you're shifting the asset out of your name,

0:43:37.520 --> 0:43:40.480
<v Speaker 2>out of your estate. That's what gives you that protection.

0:43:42.440 --> 0:43:47.440
<v Speaker 2>And finally, the most common sense approach, but sometimes common

0:43:47.480 --> 0:43:50.319
<v Speaker 2>sense is not common sense. Do not put too much

0:43:50.360 --> 0:43:55.799
<v Speaker 2>wealth in personal accounts. Do not guarantee everything personally. Do

0:43:55.880 --> 0:43:59.960
<v Speaker 2>not wait until a complaint is filed before you do anything. Now,

0:44:00.920 --> 0:44:04.000
<v Speaker 2>when we talk about the state planning, end of life planning,

0:44:04.040 --> 0:44:07.839
<v Speaker 2>I talked about timing. Acid protection is the same. If

0:44:07.880 --> 0:44:11.719
<v Speaker 2>you're involved in the middle of a lawsuit and you're

0:44:11.880 --> 0:44:14.840
<v Speaker 2>deep in it, you can't call my office and expect

0:44:14.840 --> 0:44:17.239
<v Speaker 2>me to help you at that time, it's too late

0:44:17.360 --> 0:44:20.600
<v Speaker 2>because anything I do at that point, a judge can

0:44:20.640 --> 0:44:24.160
<v Speaker 2>consider that a fraudulent transfer. A judge can say, oh,

0:44:24.320 --> 0:44:26.040
<v Speaker 2>you were in the middle of a lawsuit, you were

0:44:26.120 --> 0:44:28.719
<v Speaker 2>hiding assets. No, we're going to reverse everything that this

0:44:28.800 --> 0:44:31.400
<v Speaker 2>lawyer did, so I won't even take your case if

0:44:31.440 --> 0:44:32.719
<v Speaker 2>you're in the middle of a lawsuit.

0:44:32.920 --> 0:44:34.040
<v Speaker 1>We want to plan ahead.

0:44:34.120 --> 0:44:37.600
<v Speaker 2>We want to make sure that if something bad does happen,

0:44:37.760 --> 0:44:40.319
<v Speaker 2>we have all these lines of defense set up for you.

0:44:41.200 --> 0:44:44.480
<v Speaker 2>We don't want to just wait because there's an emergency

0:44:44.600 --> 0:44:48.280
<v Speaker 2>to do any of this. So that's why timing is everything.

0:44:48.719 --> 0:44:51.480
<v Speaker 2>So if you've listened tonight, you learn something new. You

0:44:51.560 --> 0:44:53.200
<v Speaker 2>know that you need to create a plan. You know

0:44:53.280 --> 0:44:55.839
<v Speaker 2>you need acid protection, you know you need long term care.

0:44:56.280 --> 0:44:58.200
<v Speaker 2>You have to give our office a call so that

0:44:58.239 --> 0:45:00.600
<v Speaker 2>we can help you. I can't help you unless you

0:45:00.640 --> 0:45:03.879
<v Speaker 2>call me again. The number to reach me Attorney nos

0:45:03.960 --> 0:45:08.439
<v Speaker 2>Berruti is four two four four six five nine zero

0:45:08.640 --> 0:45:12.560
<v Speaker 2>zero three. That's four two four four six five nine

0:45:12.840 --> 0:45:16.520
<v Speaker 2>zero zero three. Or you can visit my website Burudilaw

0:45:16.560 --> 0:45:19.680
<v Speaker 2>dot com. That's b A. R oh u ti Law

0:45:19.719 --> 0:45:23.200
<v Speaker 2>dot com and for all KABC listeners. If you want

0:45:23.200 --> 0:45:26.880
<v Speaker 2>to set up a fifteen minute complementary call with me,

0:45:27.200 --> 0:45:31.239
<v Speaker 2>you can visit my Instagram page at Baruti Law b A.

0:45:31.520 --> 0:45:34.640
<v Speaker 2>R oh U Ti Law. Click on the link in

0:45:34.680 --> 0:45:37.719
<v Speaker 2>the bio and you can get access to my calendar

0:45:37.800 --> 0:45:41.000
<v Speaker 2>to schedule a fifteen minute call. But you got to

0:45:41.040 --> 0:45:44.080
<v Speaker 2>go on that link to click my calendar and set

0:45:44.120 --> 0:45:46.400
<v Speaker 2>up a time that will work for you. This fifteen

0:45:46.440 --> 0:45:49.839
<v Speaker 2>minute call is complementary to KBC listeners. I'll answer any

0:45:49.880 --> 0:45:52.880
<v Speaker 2>questions that you have the best of my best of

0:45:52.880 --> 0:45:55.960
<v Speaker 2>my abilities, and then maybe we could possibly come up

0:45:56.000 --> 0:45:58.160
<v Speaker 2>with a game plan if it's a good fit for

0:45:58.320 --> 0:46:01.319
<v Speaker 2>the both of us. But again, ladies and gentlemen do

0:46:01.480 --> 0:46:06.239
<v Speaker 2>not depend on the state to create end of life plans.

0:46:06.719 --> 0:46:08.799
<v Speaker 2>You have to make sure to create a plan because

0:46:08.840 --> 0:46:11.560
<v Speaker 2>if you don't have one, the state has one for

0:46:11.680 --> 0:46:14.480
<v Speaker 2>you and it's not in your best interests. Again, the

0:46:14.560 --> 0:46:17.399
<v Speaker 2>number to reach me nas Beruty four two four four

0:46:17.520 --> 0:46:21.320
<v Speaker 2>six five nine zero zero three four two four four.

0:46:21.160 --> 0:46:23.439
<v Speaker 1>Six five nine zero zero three.

0:46:23.840 --> 0:46:26.120
<v Speaker 2>You're listening with Love, Death and Money on Talk Radio

0:46:26.400 --> 0:46:28.320
<v Speaker 2>seven ninety KABC