1 00:00:01,920 --> 00:00:04,480 S1: Parts of the following program were pre-recorded. 2 00:00:08,080 --> 00:00:11,760 S2: Larry Burkett once said, the one principle that surrounds everything 3 00:00:11,760 --> 00:00:15,000 S2: else is that of stewardship. That we are the managers 4 00:00:15,000 --> 00:00:18,720 S2: of everything that God has given us. I am Rob West. 5 00:00:18,920 --> 00:00:23,200 S2: We're stewards because God created everything and therefore owns everything. 6 00:00:23,239 --> 00:00:26,760 S2: As stewards, we're to manage wisely the resources God entrust 7 00:00:26,800 --> 00:00:29,760 S2: to us. But how do we know we're doing that? Well, 8 00:00:29,760 --> 00:00:32,600 S2: today I'll give you the seven marks of a good steward, 9 00:00:32,600 --> 00:00:36,720 S2: and then it's on to your calls at 800 525 7000. 10 00:00:36,760 --> 00:00:41,559 S2: That's 805, two five, 7000. This is faith and finance. Live. 11 00:00:41,760 --> 00:00:48,960 S2: Biblical wisdom for your financial journey. Now, when Christians hear 12 00:00:48,960 --> 00:00:51,680 S2: the word stewardship, we tend to think of money or 13 00:00:51,720 --> 00:00:55,959 S2: even tithing. And obviously those are important. But stewardship involves 14 00:00:55,960 --> 00:00:59,440 S2: much more than that. Jesus entrusted us with the gospel 15 00:00:59,440 --> 00:01:03,380 S2: and gave us his immeasurable love by dying on the cross. 16 00:01:03,500 --> 00:01:06,539 S2: As stewards of those priceless gifts, were to share them 17 00:01:06,540 --> 00:01:10,060 S2: with the world. So keep in mind that stewardship isn't 18 00:01:10,060 --> 00:01:14,580 S2: just about money. So what are the marks or characteristics 19 00:01:14,580 --> 00:01:17,900 S2: of good stewards? Well, I've already mentioned the first. They 20 00:01:17,900 --> 00:01:22,340 S2: acknowledge that everything belongs to God. They possess resources only 21 00:01:22,340 --> 00:01:26,900 S2: temporarily to serve his purposes. They don't hoard or covet more. 22 00:01:27,100 --> 00:01:30,300 S2: They understand that even the skills they possess to earn 23 00:01:30,300 --> 00:01:34,140 S2: a living are a gift. Deuteronomy 818 reads, you shall 24 00:01:34,140 --> 00:01:36,740 S2: remember the Lord your God, for it is he who 25 00:01:36,740 --> 00:01:40,420 S2: gives you the power to get wealth. In first Peter 410, 26 00:01:40,459 --> 00:01:43,380 S2: as each has received a gift, use it to serve 27 00:01:43,380 --> 00:01:48,260 S2: one another as good stewards of God's varied grace. Next, 28 00:01:48,300 --> 00:01:51,580 S2: good stewards fully understand the mission they've been given and 29 00:01:51,580 --> 00:01:54,540 S2: how important it is. God has graciously given them a 30 00:01:54,540 --> 00:01:57,820 S2: role to play in his plan, and they take it seriously. 31 00:01:57,820 --> 00:02:01,890 S2: But with humility they take comfort in Proverbs 16 three. 32 00:02:01,930 --> 00:02:04,250 S2: Commit your work to the Lord and your plans will 33 00:02:04,250 --> 00:02:07,330 S2: be established. A third trait of good stewards is that 34 00:02:07,330 --> 00:02:10,210 S2: they are faithful. Now, of course, this means they are 35 00:02:10,210 --> 00:02:14,810 S2: faithful in following God's financial principles earning, saving, investing, and 36 00:02:14,810 --> 00:02:20,090 S2: most importantly, giving. They are persistent and persevering. Jesus gives 37 00:02:20,090 --> 00:02:23,490 S2: us some powerful words to consider in Luke 1610 and 38 00:02:23,490 --> 00:02:26,330 S2: 11 when he says, whoever can be trusted with very 39 00:02:26,330 --> 00:02:29,410 S2: little can also be trusted with much, and whoever is 40 00:02:29,410 --> 00:02:33,250 S2: dishonest with very little will also be dishonest with much. 41 00:02:33,530 --> 00:02:37,330 S2: So if you have not been trustworthy in handling worldly wealth, 42 00:02:37,530 --> 00:02:40,770 S2: who will trust you with true riches? This leads to 43 00:02:40,810 --> 00:02:44,570 S2: our next characteristic of good stewards, which is that they 44 00:02:44,570 --> 00:02:48,690 S2: are trustworthy. They're truthful and honest in all they say 45 00:02:48,690 --> 00:02:53,370 S2: and do. Proverbs 1222 warns, lying lips are an abomination 46 00:02:53,370 --> 00:02:57,049 S2: to the Lord, but those who act faithfully are his delight. 47 00:02:57,250 --> 00:03:00,750 S2: First Corinthians four two also reminds us. Moreover, it is 48 00:03:00,750 --> 00:03:04,710 S2: required of stewards that they be found faithful. Next, good 49 00:03:04,710 --> 00:03:08,310 S2: stewards are diligent. Jesus parable of the talents in Matthew 50 00:03:08,350 --> 00:03:14,030 S2: 2514 through 30 illustrates that diligent stewardship involves actively using 51 00:03:14,030 --> 00:03:17,430 S2: what God entrusts to us for his purposes, rather than 52 00:03:17,430 --> 00:03:21,830 S2: neglecting or mismanaging it. This diligence reflects a heart committed 53 00:03:21,830 --> 00:03:25,190 S2: to honoring God and fulfilling his call in every area 54 00:03:25,190 --> 00:03:29,750 S2: of life. As Colossians 323 and 24 reminds us, whatever 55 00:03:29,750 --> 00:03:32,269 S2: you do, work heartily as for the Lord and not 56 00:03:32,270 --> 00:03:35,110 S2: for men, knowing that from the Lord you will receive 57 00:03:35,110 --> 00:03:38,790 S2: the inheritance as your reward. You are serving the Lord Christ. 58 00:03:38,950 --> 00:03:41,910 S2: The sixth trade of good stewards is that they spend 59 00:03:41,910 --> 00:03:45,390 S2: time in prayer, seeking God's will and his wisdom. James 60 00:03:45,390 --> 00:03:48,390 S2: one five reads, if any of you lacks wisdom, let 61 00:03:48,390 --> 00:03:51,870 S2: him ask God, who gives generously to all without reproach, 62 00:03:51,990 --> 00:03:55,350 S2: and it will be given him. Good stewards rest in 63 00:03:55,350 --> 00:03:58,330 S2: the peace of knowing that God will provide, freeing them 64 00:03:58,330 --> 00:04:02,170 S2: from the burden of constant worry. Philippians four six teaches, 65 00:04:02,170 --> 00:04:05,370 S2: do not be anxious about anything, but in everything by 66 00:04:05,370 --> 00:04:09,290 S2: prayer and supplication, with thanksgiving, let your requests be made 67 00:04:09,290 --> 00:04:12,930 S2: known to God. And the final characteristic of good stewards 68 00:04:12,930 --> 00:04:16,210 S2: is that they act when they feel the spirit leading them. 69 00:04:16,250 --> 00:04:20,810 S2: First Peter 113 says, therefore, preparing your minds for action 70 00:04:20,810 --> 00:04:23,770 S2: and being sober minded, set your hope fully on the 71 00:04:23,770 --> 00:04:26,170 S2: grace that will be brought to you at the revelation 72 00:04:26,170 --> 00:04:30,370 S2: of Jesus Christ. So those are the seven characteristics of 73 00:04:30,370 --> 00:04:32,849 S2: a good steward. They set a high bar, and it's 74 00:04:32,850 --> 00:04:36,529 S2: clear that we can't meet them perfectly in our own strength. 75 00:04:36,529 --> 00:04:41,370 S2: But the goal isn't striving. It's faithfulness through dependence on God. 76 00:04:41,690 --> 00:04:44,969 S2: As we surrender to the Holy Spirit and allow him 77 00:04:44,970 --> 00:04:48,330 S2: to work in and through us, he empowers us to 78 00:04:48,370 --> 00:04:52,610 S2: walk in obedience. God's word reminds us that those who 79 00:04:52,610 --> 00:04:56,800 S2: have been given a trust must prove faithful, and it's 80 00:04:56,800 --> 00:05:00,200 S2: his grace that enables us to do so. Remember, as 81 00:05:00,200 --> 00:05:05,160 S2: a steward, you have responsibilities, not ownership rights. And so 82 00:05:05,400 --> 00:05:09,479 S2: enter that responsibility with joy, knowing that you've been given 83 00:05:09,480 --> 00:05:11,600 S2: a high calling to be a money manager for the 84 00:05:11,600 --> 00:05:13,760 S2: King of Kings. All right. We're going to take your 85 00:05:13,760 --> 00:05:20,839 S2: calls next. That number 800 525 7000. That's 800 525 7000. 86 00:05:20,880 --> 00:05:33,160 S2: We'll be right back after this. Don't go anywhere. Hey, 87 00:05:33,160 --> 00:05:34,840 S2: great to have you with us today on Faith and 88 00:05:34,839 --> 00:05:37,400 S2: Finance live. I'm Rob West. Well, in just a moment, 89 00:05:37,400 --> 00:05:40,000 S2: we're going to begin taking your calls and questions at 90 00:05:40,000 --> 00:05:46,640 S2: number 800 525 7000. That's 800 525 7000. You can 91 00:05:46,640 --> 00:05:49,080 S2: call right now and our team will get you in 92 00:05:49,080 --> 00:05:52,560 S2: the queue. We'll get your financial question on the air 93 00:05:52,600 --> 00:05:55,619 S2: as quickly as we can. Whatever you're thinking about, maybe 94 00:05:55,620 --> 00:05:57,900 S2: it's getting on budget. And by the way, if you 95 00:05:57,900 --> 00:06:00,780 S2: haven't checked out the Faith VI app, a really major 96 00:06:00,779 --> 00:06:02,780 S2: update coming in the next couple of weeks. So now 97 00:06:02,779 --> 00:06:04,620 S2: would be a great time to go ahead and get 98 00:06:04,620 --> 00:06:06,900 S2: yourself into the Faith VI app. You can find it 99 00:06:06,900 --> 00:06:10,500 S2: in your app store. Just search for Faith VI or 100 00:06:10,540 --> 00:06:14,100 S2: head to our website. Faith I just click app at 101 00:06:14,100 --> 00:06:17,060 S2: the top of the page. Let's begin. Today we're going 102 00:06:17,100 --> 00:06:19,339 S2: to head to Virginia melody. Go ahead. 103 00:06:19,540 --> 00:06:21,980 S3: Hi Rob, thank you so much for having me. 104 00:06:22,260 --> 00:06:23,700 S2: Absolutely. Thanks for your call. 105 00:06:24,140 --> 00:06:26,779 S3: It's a new year, and, um, my husband and I 106 00:06:26,779 --> 00:06:29,580 S3: have not always been on the same page on finances, 107 00:06:29,580 --> 00:06:33,420 S3: and I'm determined for to do a better job this year. 108 00:06:33,420 --> 00:06:36,620 S3: In doing that, somehow, I don't know how. 109 00:06:37,860 --> 00:06:40,180 S2: I believe you can do it. Maybe this is the 110 00:06:40,180 --> 00:06:41,100 S2: start to that. 111 00:06:42,620 --> 00:06:45,180 S3: So, uh, so one of the things is, uh, we 112 00:06:45,339 --> 00:06:48,900 S3: moved we bought another house about a year ago that 113 00:06:48,900 --> 00:06:52,460 S3: we've moved into. And the house that we moved from, um, 114 00:06:52,460 --> 00:06:55,529 S3: we're going to make a rental because there are there's 115 00:06:55,570 --> 00:06:58,089 S3: like nothing for rent in that area. And there would 116 00:06:58,089 --> 00:07:02,250 S3: be enough money off of that mortgage rent to pay 117 00:07:02,250 --> 00:07:07,570 S3: both of the mortgages monthly. Wow. That's great. And and cover, 118 00:07:07,610 --> 00:07:12,170 S3: you know, taxes, whatever. Um, I'm trying to figure out. 119 00:07:12,170 --> 00:07:15,410 S3: So my, my husband would rather, like, pay off that 120 00:07:15,410 --> 00:07:18,610 S3: house or pay everything into that house than to do 121 00:07:18,650 --> 00:07:21,930 S3: than to pay the mortgages, which would free up, you know, 122 00:07:21,970 --> 00:07:25,210 S3: other income to either invest or save or do whatever. 123 00:07:25,250 --> 00:07:28,490 S3: But yeah, so the interest rate, I will tell you, 124 00:07:29,250 --> 00:07:32,250 S3: on that house is going to become a rental is 125 00:07:32,250 --> 00:07:35,050 S3: like less than 4%. So it's a really low interest 126 00:07:35,050 --> 00:07:38,130 S3: rate mortgage on the new house is almost 7%. 127 00:07:38,250 --> 00:07:41,090 S2: Yeah. And he's wanting to prioritize the rental. 128 00:07:41,130 --> 00:07:41,730 S3: Yes. 129 00:07:41,770 --> 00:07:44,810 S2: Okay. Well I don't like to pick sides, so I 130 00:07:44,810 --> 00:07:47,050 S2: won't let me talk about kind of both sides of 131 00:07:47,050 --> 00:07:50,050 S2: this because there is a math equation here. But it's 132 00:07:50,050 --> 00:07:52,710 S2: bigger than that. It's not just math, right? There's a 133 00:07:52,750 --> 00:07:55,390 S2: peace of mind decision here as well. And I don't 134 00:07:55,390 --> 00:07:57,670 S2: think there's a right or wrong decision. But let's start 135 00:07:57,670 --> 00:08:00,230 S2: with just kind of the financial implications of this. First 136 00:08:00,230 --> 00:08:03,710 S2: of all, you're in a really good position. So that's great. Uh, 137 00:08:03,710 --> 00:08:06,870 S2: you have uh, a rental mortgage that's less than 4%. 138 00:08:07,590 --> 00:08:10,910 S2: That property is cash flow positive. That's good. You've got 139 00:08:10,910 --> 00:08:14,830 S2: a primary home that you know is 7% plus. That's 140 00:08:14,830 --> 00:08:17,470 S2: pretty typical these days. Not ideal, but it is what 141 00:08:17,470 --> 00:08:21,350 S2: it is. You're both still working, headed toward retirement. I mean, 142 00:08:21,390 --> 00:08:24,710 S2: I think from a purely financial standpoint and that's all 143 00:08:24,710 --> 00:08:29,230 S2: it is. I wouldn't rush to eliminate a 4% loan 144 00:08:29,390 --> 00:08:32,990 S2: on a rental that covers its own costs. That's historically 145 00:08:33,150 --> 00:08:36,870 S2: cheap money, if you will. It's, to your point, likely 146 00:08:36,910 --> 00:08:39,910 S2: earning more than it costs over time, just in terms 147 00:08:39,910 --> 00:08:42,790 S2: of the appreciation of that property, not to mention the 148 00:08:42,790 --> 00:08:46,470 S2: cash flow. And it offers you some diversification outside of 149 00:08:46,470 --> 00:08:48,990 S2: retirement accounts. We haven't talked about what else you have 150 00:08:49,030 --> 00:08:51,930 S2: and by way of investments, but this is obviously a 151 00:08:51,929 --> 00:08:55,370 S2: way for you to diversify. So paying that off early 152 00:08:55,370 --> 00:08:59,210 S2: is usually not the best financial move. Now there's more 153 00:08:59,210 --> 00:09:02,609 S2: to it than that. I would say, you know, secondly, 154 00:09:02,610 --> 00:09:06,809 S2: that 7% debt deserves attention first. So if you have 155 00:09:06,809 --> 00:09:11,729 S2: surplus cashflow, I'd direct it toward the 7% primary residence. 156 00:09:11,730 --> 00:09:16,850 S2: That's a guaranteed risk free 7% return with every dollar 157 00:09:16,850 --> 00:09:20,090 S2: of principal you pay off. It's going to improve. Improve 158 00:09:20,090 --> 00:09:24,090 S2: monthly cash flow going into retirement if you can eliminate it. Um, 159 00:09:24,170 --> 00:09:27,770 S2: and you know, it honors the desire to just reduce 160 00:09:27,970 --> 00:09:32,530 S2: overall debt if that's your husband's ultimate objective. But just 161 00:09:32,530 --> 00:09:36,130 S2: in a smarter order from a financial standpoint. Now the 162 00:09:36,130 --> 00:09:39,690 S2: rental income is really a retirement stabilizer. I mean, if 163 00:09:39,730 --> 00:09:42,210 S2: you're able to keep the rental property, as long as 164 00:09:42,210 --> 00:09:45,290 S2: it's not onerous on you from just a time and a, 165 00:09:45,730 --> 00:09:50,840 S2: you know, an attention standpoint, it provides It's inflation resistant 166 00:09:50,840 --> 00:09:54,200 S2: income because it's going to increase over time and the 167 00:09:54,200 --> 00:09:58,440 S2: property will continue to appreciate as well. Um, and it 168 00:09:58,480 --> 00:10:02,920 S2: reduces pressure on Social Security and investments. Um, but I think, 169 00:10:02,960 --> 00:10:05,840 S2: you know, the emotional side of this matters. And so if, 170 00:10:05,840 --> 00:10:08,400 S2: if the instinct of your husband is debt feels risky 171 00:10:08,400 --> 00:10:11,040 S2: as we age, I want simplicity. I think a good 172 00:10:11,040 --> 00:10:13,280 S2: compromise is to keep the rental as long as it 173 00:10:13,280 --> 00:10:18,480 S2: cash flows, reevaluate at full retirement, set clear benchmarks, but 174 00:10:18,480 --> 00:10:22,560 S2: prioritize that 7% mortgage first. But Melody, give me your thoughts. 175 00:10:22,559 --> 00:10:24,079 S2: And I think you were going to explain further about 176 00:10:24,080 --> 00:10:25,559 S2: your husband's thinking, right? 177 00:10:25,600 --> 00:10:29,560 S3: So he actually is already retired and okay. Um, I mean, 178 00:10:29,600 --> 00:10:33,840 S3: we even considered pulling money out of our retirement accounts 179 00:10:33,840 --> 00:10:36,439 S3: to pay off that mortgage completely, so it would be 180 00:10:36,440 --> 00:10:39,959 S3: free and clear and then trying to do the the 181 00:10:40,200 --> 00:10:44,400 S3: figures of that over time because there's like 25 years 182 00:10:44,400 --> 00:10:47,160 S3: left on the rental mortgage, and we just bought the 183 00:10:47,160 --> 00:10:49,540 S3: other house on a 30 year mortgage. So I mean 184 00:10:49,580 --> 00:10:51,740 S3: that that mortgage might outlive us. 185 00:10:52,059 --> 00:10:52,500 S4: Yeah. 186 00:10:53,059 --> 00:10:56,059 S2: Yeah. I mean, the thing is, those assets you would 187 00:10:56,059 --> 00:10:58,500 S2: be pulling from, are they in retirement accounts? 188 00:10:59,340 --> 00:10:59,860 S3: Yes. 189 00:11:00,100 --> 00:11:03,740 S2: Okay. And they're currently invested and doing well. 190 00:11:04,059 --> 00:11:04,579 S3: Yes. 191 00:11:04,780 --> 00:11:05,179 S2: Okay. 192 00:11:05,540 --> 00:11:06,780 S4: Yeah. Yeah. Okay. 193 00:11:07,220 --> 00:11:09,460 S2: So I mean, I think, you know, if you have 194 00:11:09,460 --> 00:11:12,820 S2: a real conviction, he does or you together do, and 195 00:11:12,820 --> 00:11:14,620 S2: I would encourage you all to continue to talk and 196 00:11:14,620 --> 00:11:17,340 S2: pray about this together as a couple. But if there's 197 00:11:17,340 --> 00:11:19,179 S2: a real conviction there to be debt free, I would 198 00:11:19,179 --> 00:11:20,900 S2: say let's do it and not look back. I mean, 199 00:11:20,900 --> 00:11:23,500 S2: if you feel like that's where or he does and 200 00:11:23,500 --> 00:11:25,900 S2: you all together decide that's where the Lord is leading us, 201 00:11:25,900 --> 00:11:27,420 S2: we just need to be out of debt as soon 202 00:11:27,420 --> 00:11:29,980 S2: as possible. Then I say go for it. But apart 203 00:11:29,980 --> 00:11:32,980 S2: from that, I would say this is a wise use 204 00:11:32,980 --> 00:11:36,500 S2: of debt. This is an appreciating asset. It's not like 205 00:11:36,500 --> 00:11:40,059 S2: we're using this for consumer spending. Um, we've got a 206 00:11:40,100 --> 00:11:43,619 S2: low cost of funds, so we've got a low interest rate. 207 00:11:43,940 --> 00:11:45,980 S2: And you know, the extent to which you all have 208 00:11:45,980 --> 00:11:49,640 S2: some surplus cash because, you know, he's drawing Social Security. 209 00:11:49,640 --> 00:11:52,720 S2: Let's say you've got some retirement assets. Uh, you know, 210 00:11:52,760 --> 00:11:55,440 S2: your cash flowing positive on the rental. I kind of 211 00:11:55,480 --> 00:11:59,240 S2: like the idea of just accelerating the mortgage payoff again, 212 00:11:59,240 --> 00:12:03,280 S2: focused on that 7% loan and just recognize that, hey, 213 00:12:03,320 --> 00:12:06,640 S2: because the the rental income is servicing the debt, and 214 00:12:06,640 --> 00:12:09,640 S2: it's it's a low cost of funds and the funds 215 00:12:09,640 --> 00:12:12,400 S2: we would use to pay it off or are undoubtedly 216 00:12:12,400 --> 00:12:16,720 S2: growing faster, at a better rate of return than the, 217 00:12:16,760 --> 00:12:19,640 S2: you know, the equal to the savings of the 4% 218 00:12:19,640 --> 00:12:22,720 S2: interest rate, which is fairly low. Um, you know, we're 219 00:12:22,720 --> 00:12:26,200 S2: comfortable just letting that debt ride, you know, that would 220 00:12:26,200 --> 00:12:29,720 S2: be my preference. Again, apart from you all together coming 221 00:12:29,720 --> 00:12:32,000 S2: to the conclusion that the Lord's just telling us to 222 00:12:32,000 --> 00:12:33,880 S2: get out of debt and then that changes things. 223 00:12:34,200 --> 00:12:36,320 S3: So what I think I hear you saying is, hey, 224 00:12:36,360 --> 00:12:39,480 S3: the 7% mortgage, like it's a 15 year mortgage. 225 00:12:39,880 --> 00:12:42,400 S2: Well, that'd be great. Yeah. Because I mean, that's that's 226 00:12:42,400 --> 00:12:46,390 S2: an ideal scenario because if something changed in your financial life, 227 00:12:46,710 --> 00:12:50,670 S2: which at this point is largely going to be unanticipated 228 00:12:50,670 --> 00:12:54,270 S2: expenses that go up like. Medically related or something else. 229 00:12:54,309 --> 00:12:56,670 S2: You'd have the ability to drop back down to the 230 00:12:56,670 --> 00:12:59,910 S2: 30 year payment. But yeah, if you could essentially say, 231 00:12:59,910 --> 00:13:03,430 S2: let's amortize this like it's a 15 and just send 232 00:13:03,429 --> 00:13:06,750 S2: an additional amount to principal, that would be ideal. It's 233 00:13:06,750 --> 00:13:10,310 S2: helping you accelerate your debt payoff, but you're prioritizing a 234 00:13:10,309 --> 00:13:13,709 S2: loan that is going to give you a guaranteed 7% 235 00:13:13,750 --> 00:13:16,230 S2: risk free return with every dollar you pay off, and 236 00:13:16,230 --> 00:13:17,550 S2: that's better than the four. 237 00:13:17,910 --> 00:13:19,190 S4: True. Okay. 238 00:13:19,230 --> 00:13:21,470 S2: I think that's where I'd go with it and just 239 00:13:21,510 --> 00:13:24,510 S2: kind of talk through it together and tell tell him, listen, 240 00:13:24,510 --> 00:13:27,030 S2: I appreciate your desire to get out of debt. I 241 00:13:27,070 --> 00:13:28,949 S2: share it. Let's just do it in a way that 242 00:13:28,950 --> 00:13:31,790 S2: makes sense. And rather than pulling all this money and 243 00:13:31,790 --> 00:13:35,270 S2: creating a large taxable event from our retirement accounts, especially 244 00:13:35,270 --> 00:13:37,750 S2: since they're growing and doing well, you know, let's let 245 00:13:37,750 --> 00:13:40,150 S2: those ride. And what if we just really try to 246 00:13:40,190 --> 00:13:44,270 S2: prioritize excess cash flow, going to principal reduction. And your 247 00:13:44,270 --> 00:13:46,450 S2: idea of paying it like a 15 is a good one. 248 00:13:46,890 --> 00:13:49,970 S3: Thank you. That really helped. That was actually not something 249 00:13:49,970 --> 00:13:51,370 S3: I'd considered before. 250 00:13:51,770 --> 00:13:53,929 S2: Awesome. Well, listen, I appreciate your call today. If we 251 00:13:53,929 --> 00:13:56,250 S2: can help further, let us know and make sure you 252 00:13:56,250 --> 00:13:59,130 S2: let him know. I'm not picking sides here. I like 253 00:13:59,130 --> 00:14:02,610 S2: his idea of paying off the debt. I'm just throwing 254 00:14:02,610 --> 00:14:05,250 S2: out some other scenarios on how we might think about it. 255 00:14:05,250 --> 00:14:07,610 S2: Lord bless you. Melody, call anytime. Well, we're coming up 256 00:14:07,610 --> 00:14:09,690 S2: on a break, but much more to come. Just around 257 00:14:09,690 --> 00:14:14,330 S2: the corner. Call right now. 800 525 7000. Or if 258 00:14:14,370 --> 00:14:16,770 S2: you'd prefer to email your question, send it to us 259 00:14:16,770 --> 00:14:27,730 S2: at Acrobat. Com stick around. Thanks for joining us today 260 00:14:27,730 --> 00:14:30,130 S2: on Faith and Finance Live, helping you see God as 261 00:14:30,130 --> 00:14:33,010 S2: your ultimate treasure. I'm Rob West. We're thrilled you're along 262 00:14:33,010 --> 00:14:35,610 S2: with us today. Nearly all the lines full. So we'll 263 00:14:35,610 --> 00:14:37,450 S2: be headed right back to the phones here in just 264 00:14:37,450 --> 00:14:39,690 S2: a second. But first, let me mention, you know, we 265 00:14:39,690 --> 00:14:42,330 S2: hear from so many of you as you send emails 266 00:14:42,330 --> 00:14:44,760 S2: and when you call the show each day you write 267 00:14:44,800 --> 00:14:47,640 S2: us letters. We love those handwritten notes, and you tell 268 00:14:47,680 --> 00:14:50,040 S2: us how much God has used the program and the 269 00:14:50,040 --> 00:14:53,320 S2: ministry to encourage you to be a wise and faithful steward. 270 00:14:53,320 --> 00:14:57,080 S2: Your stories are incredible how you've put these principles from 271 00:14:57,080 --> 00:15:01,200 S2: God's Word into practice. You're giving generously. You're preparing the 272 00:15:01,200 --> 00:15:05,120 S2: next generation. I love it, and often folks will ask, 273 00:15:05,120 --> 00:15:07,760 S2: what can I do to support the ministry? And listen, 274 00:15:07,760 --> 00:15:11,200 S2: if you love the program and you've perhaps enjoyed some 275 00:15:11,200 --> 00:15:14,640 S2: benefit by listening or some encouragement, we would invite you 276 00:15:14,640 --> 00:15:18,000 S2: to become a faith partner. These are men and women 277 00:15:18,000 --> 00:15:22,200 S2: who support our listener supported work here at Faith, and 278 00:15:22,200 --> 00:15:25,040 S2: they do that at $35 a month or more, or 279 00:15:25,080 --> 00:15:27,880 S2: at least 400 a year. And by becoming a partner, 280 00:15:27,880 --> 00:15:31,120 S2: it helps us reach more people with the stewardship message, 281 00:15:31,240 --> 00:15:33,320 S2: but also it allows us to send you some great 282 00:15:33,320 --> 00:15:36,680 S2: resources to encourage you along the way. If you'd like 283 00:15:36,680 --> 00:15:38,680 S2: to become a faithful partner, would you head to our 284 00:15:38,680 --> 00:15:45,780 S2: site at Faith com to learn more? That's faith fi.com/partner. 285 00:15:45,940 --> 00:15:47,740 S2: All right, let's head back to the phones. Let's go 286 00:15:47,740 --> 00:15:49,340 S2: to Mississippi. Chris, how can I help? 287 00:15:49,380 --> 00:15:55,380 S5: Yes, sir. I am a prison minister volunteer, and I drive, 288 00:15:55,420 --> 00:15:58,420 S5: but I'm on disability. And of course, my right officer 289 00:15:58,540 --> 00:16:01,020 S5: shows me making very little. But I had a lot 290 00:16:01,020 --> 00:16:04,140 S5: of money stolen from me by family and so-called friends. 291 00:16:04,980 --> 00:16:09,100 S5: And I've got to get my taxes paid and my 292 00:16:09,100 --> 00:16:12,220 S5: credit cards paid is the right thing to do, no 293 00:16:12,220 --> 00:16:14,860 S5: matter what I've been through. Yeah, and I heard you 294 00:16:14,860 --> 00:16:18,340 S5: mention a man that was maybe a retired IRS agent 295 00:16:18,340 --> 00:16:20,860 S5: that helped with stuff like that, and and just any 296 00:16:20,860 --> 00:16:23,780 S5: advice you could have me because, uh, I've just got 297 00:16:23,780 --> 00:16:27,580 S5: put on disability October, and for the first time in years, 298 00:16:27,580 --> 00:16:31,060 S5: I've got maybe 60 days. If I had to, I 299 00:16:31,060 --> 00:16:31,740 S5: could live. 300 00:16:32,060 --> 00:16:33,620 S4: Yeah. Wow, I love that. 301 00:16:33,780 --> 00:16:36,620 S2: Yeah, I do have someone, and I'd be happy to 302 00:16:36,660 --> 00:16:39,260 S2: to give you the information off the air. He's not 303 00:16:39,260 --> 00:16:42,520 S2: taking new clients, but does as a favor to us 304 00:16:42,520 --> 00:16:46,080 S2: connect with a few folks throughout the year. And he 305 00:16:46,080 --> 00:16:49,280 S2: really specializes in this. And, you know, for anyone who 306 00:16:49,280 --> 00:16:53,800 S2: is looking to resolve taxes owed to the IRS, you 307 00:16:53,800 --> 00:16:57,560 S2: really need someone with tax resolution experience. Uh, you know, 308 00:16:57,600 --> 00:17:01,160 S2: this could be an enrolled agent who's a tax resolution 309 00:17:01,160 --> 00:17:06,840 S2: specialist where they specialize in IRS negotiations. Um, they have 310 00:17:06,840 --> 00:17:11,920 S2: experience representing taxpayers before the IRS. They have familiarity with 311 00:17:11,920 --> 00:17:17,320 S2: negotiating payment plans and what are called offers and compromise, uh, 312 00:17:17,760 --> 00:17:21,800 S2: penalty abatement, where the penalties can actually be waived. Um, 313 00:17:21,840 --> 00:17:26,280 S2: in other cases where there's legal exposure issues or large 314 00:17:26,280 --> 00:17:30,280 S2: penalties or potential liens, a tax attorney could be really 315 00:17:30,280 --> 00:17:35,160 S2: helpful and provide legal protections and strategy and sensitive cases. 316 00:17:35,359 --> 00:17:39,760 S2: And then CPAs with IRS resolution, uh, experience could be 317 00:17:39,760 --> 00:17:42,910 S2: helpful as well. People who specialize in back taxes and 318 00:17:42,910 --> 00:17:46,790 S2: so forth. So it's really about getting current with the IRS. 319 00:17:46,830 --> 00:17:50,110 S2: And what we've talked about before on this issue is, 320 00:17:50,430 --> 00:17:53,350 S2: you know, starting with the most current year, getting in 321 00:17:53,350 --> 00:17:55,950 S2: compliance with what you owe right now, even if you 322 00:17:55,950 --> 00:18:00,510 S2: have the other years, previous years that are still outstanding. 323 00:18:00,630 --> 00:18:05,350 S2: I think demonstrating your willingness and ability to get current 324 00:18:05,350 --> 00:18:09,310 S2: right now is important. And then working with the IRS 325 00:18:09,350 --> 00:18:13,270 S2: and despite their reputation, they are very willing to work 326 00:18:13,270 --> 00:18:16,030 S2: with you to get you back in compliance. And again, 327 00:18:16,070 --> 00:18:18,590 S2: that could look like, you know, an offer in compromise 328 00:18:18,590 --> 00:18:21,070 S2: where you pay less than what's owed in the form 329 00:18:21,070 --> 00:18:23,709 S2: of a settlement. It could look like a payment plan 330 00:18:23,710 --> 00:18:25,750 S2: where you you work with something that fits in your 331 00:18:25,750 --> 00:18:28,670 S2: budget and you just start making progress toward getting it 332 00:18:28,670 --> 00:18:31,590 S2: paying paid back. But I think that would be the key. 333 00:18:31,630 --> 00:18:35,270 S2: And and, Chris, if you hold the line, um, we'd 334 00:18:35,310 --> 00:18:38,429 S2: be happy to get your information or share the information 335 00:18:38,430 --> 00:18:41,770 S2: with you, to connect with the the gentleman you heard 336 00:18:41,770 --> 00:18:44,370 S2: on the air. That really does have an expertise in 337 00:18:44,369 --> 00:18:45,050 S2: this area. 338 00:18:45,090 --> 00:18:45,890 S6: That'd be great. 339 00:18:46,090 --> 00:18:49,570 S2: All righty. Listen, you stay on the line. Our team will, uh, 340 00:18:49,570 --> 00:18:52,609 S2: will get connected with you, and we will get you 341 00:18:52,609 --> 00:18:54,770 S2: everything you need to know. Thanks for your call today, Chris. 342 00:18:54,770 --> 00:18:57,450 S2: Lord bless you. South Carolina. Alan, how can I help? 343 00:18:57,530 --> 00:18:59,610 S7: I've been listening to you for a long time, and 344 00:18:59,650 --> 00:19:02,490 S7: I've heard a lot of answers to a lot of questions, 345 00:19:02,490 --> 00:19:05,890 S7: but I've got another one. What is an HPI? 346 00:19:06,050 --> 00:19:11,370 S2: Yeah. Are you talking about, uh, essentially when you say hi, uh, 347 00:19:11,369 --> 00:19:14,090 S2: are you talking about a home equity investment? 348 00:19:14,130 --> 00:19:14,730 S7: Yes, sir. 349 00:19:14,890 --> 00:19:18,889 S2: Okay. Yeah. So essentially, uh, it is a way to 350 00:19:18,930 --> 00:19:25,010 S2: access cash from your home, uh, without taking out a loan, uh, 351 00:19:25,090 --> 00:19:29,490 S2: or making monthly payments, um, where an investor gives you 352 00:19:29,490 --> 00:19:32,850 S2: a lump sum of cash, and in return, they receive 353 00:19:32,890 --> 00:19:35,530 S2: a percentage of your home's future value. You don't make 354 00:19:35,570 --> 00:19:39,350 S2: monthly payments. There's no interest rate, and you settle up later. 355 00:19:39,350 --> 00:19:42,149 S2: Usually when you sell the home or refinance or at 356 00:19:42,150 --> 00:19:45,550 S2: the end of the term. Uh, but it's not something 357 00:19:45,550 --> 00:19:48,870 S2: that I recommend. Uh, it's very expensive. If the home 358 00:19:48,910 --> 00:19:53,670 S2: appreciates you give up future equity. The fees and terms 359 00:19:53,670 --> 00:19:58,510 S2: are very complex. And then you have to repay when 360 00:19:58,510 --> 00:20:02,109 S2: you sell, refinance or hit the term. And it's really 361 00:20:02,109 --> 00:20:05,150 S2: not ideal if you expect to stay long term, especially 362 00:20:05,150 --> 00:20:09,070 S2: in a rising market. Um, what I would prefer if 363 00:20:09,070 --> 00:20:12,790 S2: you're 62 or older is that you retain full ownership, 364 00:20:13,070 --> 00:20:15,990 S2: including all the upside potential, and if you need to 365 00:20:16,230 --> 00:20:19,470 S2: either pay off an existing forward mortgage and get rid 366 00:20:19,510 --> 00:20:22,710 S2: of a payment because you're struggling to meet, make ends meet, 367 00:20:22,869 --> 00:20:24,990 S2: or you need to access some of the equity in 368 00:20:24,990 --> 00:20:27,389 S2: the home. I would use what's called a home equity 369 00:20:27,390 --> 00:20:32,350 S2: conversion mortgage, a reverse mortgage before I would do an hai, 370 00:20:32,390 --> 00:20:34,710 S2: a home equity investment, if that makes sense. 371 00:20:34,710 --> 00:20:37,580 S7: It does. And that's why I called you, because I. 372 00:20:38,020 --> 00:20:40,740 S7: The investment thing didn't sound quite kosher to me. 373 00:20:41,020 --> 00:20:41,979 S2: Yeah. Um, no. 374 00:20:42,540 --> 00:20:47,940 S7: I've talked to another company about doing a equity line 375 00:20:47,980 --> 00:20:52,420 S7: of credit. Um, the interest rates are terrible. Um, yeah, 376 00:20:52,460 --> 00:20:54,340 S7: but it's like a second mortgage. 377 00:20:54,859 --> 00:20:57,620 S2: Oh, yeah. Yeah. Are you talking about a so a HELOC, 378 00:20:57,660 --> 00:21:00,619 S2: a home equity line of credit or home equity conversion mortgage? 379 00:21:00,700 --> 00:21:03,980 S7: Um, I really don't know which one it is. Rob. It's, uh, 380 00:21:03,980 --> 00:21:05,820 S7: the interest rate is like 10%. 381 00:21:06,020 --> 00:21:08,980 S2: Oh, yeah. Yeah. You shouldn't you shouldn't have that. I mean, 382 00:21:09,020 --> 00:21:11,460 S2: a home equity line of credit right now, you should have, 383 00:21:11,619 --> 00:21:14,580 S2: you know, maybe prime plus a half somewhere around seven 384 00:21:14,580 --> 00:21:16,340 S2: and a half probably. If you have a good credit score, 385 00:21:16,340 --> 00:21:19,820 S2: you could even buy that rate down similarly with a 386 00:21:19,820 --> 00:21:23,659 S2: home equity conversion mortgage. So unless you don't have documented 387 00:21:23,660 --> 00:21:25,899 S2: income or you have a low credit score, you shouldn't 388 00:21:25,900 --> 00:21:29,340 S2: be anywhere near 10%. Let's talk a little bit more 389 00:21:29,340 --> 00:21:31,700 S2: off the air. This is faith and finance. Call right 390 00:21:31,700 --> 00:21:35,220 S2: now 800 525 7000. We'll be right back. 391 00:21:41,280 --> 00:21:44,520 S8: The opinions offered during this program represent the personal or 392 00:21:44,520 --> 00:21:48,920 S8: professional opinions of the participants, given for informational purposes only. 393 00:21:49,240 --> 00:21:52,680 S8: Any information provided is not intended to replace advice from 394 00:21:52,680 --> 00:21:56,920 S8: a financial, medical, legal, or other professional who understands your 395 00:21:56,920 --> 00:21:58,440 S8: specific situation. 396 00:22:03,640 --> 00:22:06,280 S2: Hey, thanks for joining us today on Faith and Finance Live. 397 00:22:06,280 --> 00:22:08,640 S2: I'm Rob West. Let's get right back to the phones 398 00:22:08,640 --> 00:22:11,280 S2: Tennessee Lisa, go right ahead. How can I help? 399 00:22:12,400 --> 00:22:15,679 S9: Yes. Thank you so much for taking my call and 400 00:22:15,680 --> 00:22:18,720 S9: just being so grateful to have this program. 401 00:22:19,000 --> 00:22:19,480 S10: Well thank you. 402 00:22:19,520 --> 00:22:22,760 S9: I really pray that God allows you to continue with 403 00:22:22,760 --> 00:22:26,160 S9: your boldness and financing and just letting the truth go 404 00:22:26,160 --> 00:22:27,320 S9: over the airwaves. 405 00:22:27,359 --> 00:22:27,800 S10: But, well. 406 00:22:27,800 --> 00:22:29,840 S2: That means a lot. Lisa, thank you for saying that. 407 00:22:29,880 --> 00:22:33,400 S9: You are so welcome. My question is that I want 408 00:22:33,440 --> 00:22:36,630 S9: to know what an irrevocable trust is. 409 00:22:36,830 --> 00:22:41,710 S2: Yeah. Yes. An irrevocable trust is a legal arrangement where 410 00:22:41,710 --> 00:22:47,270 S2: you transfer assets into a trust and give up ownership 411 00:22:47,270 --> 00:22:51,590 S2: and control of those assets. So once it's set up, 412 00:22:51,590 --> 00:22:57,629 S2: it generally cannot be changed or undone without beneficiary consent. 413 00:22:57,830 --> 00:23:01,910 S2: That loss of control though is what creates its benefits. 414 00:23:01,910 --> 00:23:05,669 S2: So what are its benefits? Well, a lot of times 415 00:23:05,670 --> 00:23:09,750 S2: they're used to protect assets from long term care costs. 416 00:23:09,750 --> 00:23:13,390 S2: So assets placed in an irrevocable trust are no longer 417 00:23:13,390 --> 00:23:17,709 S2: considered yours. Now, if Medicaid is involved, there is a 418 00:23:17,750 --> 00:23:23,070 S2: lookback period, usually five years, where those assets may be 419 00:23:23,070 --> 00:23:28,149 S2: shielded from the nursing home spend down, um, you know, 420 00:23:28,190 --> 00:23:31,670 S2: so anything in the five year window would not be, uh, 421 00:23:31,670 --> 00:23:34,490 S2: would still be included as your assets, even though it 422 00:23:34,490 --> 00:23:36,929 S2: was in the revocable trust. But that's one of the 423 00:23:36,930 --> 00:23:41,250 S2: most common reasons people use them. It also removes assets 424 00:23:41,250 --> 00:23:45,410 S2: from a taxable estate, which can reduce estate taxes. But 425 00:23:45,530 --> 00:23:50,530 S2: just given, you know, the limits on estate taxes, most 426 00:23:50,530 --> 00:23:53,130 S2: people don't have any concern over that anyway, at least 427 00:23:53,130 --> 00:23:56,730 S2: under the current tax law, because they just come in, 428 00:23:56,890 --> 00:24:00,129 S2: you know, at an estate, you know, 15 million plus. 429 00:24:00,130 --> 00:24:02,850 S2: And most people just don't have to worry about that. Uh, 430 00:24:02,850 --> 00:24:05,330 S2: the other reason you would use them is to protect 431 00:24:05,330 --> 00:24:09,170 S2: heirs so the assets can be protected from creditors or 432 00:24:09,170 --> 00:24:13,729 S2: lawsuits or perhaps a divorce, uh, you know, those types 433 00:24:13,730 --> 00:24:17,450 S2: of things. So those are the general reasons. Uh, Lisa, 434 00:24:17,490 --> 00:24:18,330 S2: is that helpful? 435 00:24:18,930 --> 00:24:22,970 S9: Very much so. I was approached and given that information 436 00:24:23,250 --> 00:24:27,450 S9: when my mom was assuming at that moment, needing longer 437 00:24:27,450 --> 00:24:31,850 S9: care in a facility. And, um, the young lady told me, well, 438 00:24:31,890 --> 00:24:35,630 S9: in order for Medicaid to help you, you need to 439 00:24:36,270 --> 00:24:38,590 S9: fill out this paper, and then you all need to 440 00:24:38,630 --> 00:24:42,270 S9: put her assets in an irrevocable trust. And then you 441 00:24:42,270 --> 00:24:46,030 S9: can get the help from Medicaid and they'll pay. And 442 00:24:46,030 --> 00:24:50,510 S9: I'm like, no, I'm not going to do that. Yeah, yeah, 443 00:24:50,550 --> 00:24:52,670 S9: I want to know what it is first. I don't know, 444 00:24:52,670 --> 00:24:57,150 S9: it may be beneficial, you know, but um, at this 445 00:24:57,150 --> 00:24:59,750 S9: point I don't think we have to go to that extreme, 446 00:25:00,070 --> 00:25:00,630 S9: you know? 447 00:25:00,670 --> 00:25:02,990 S2: So. Yeah. Well, I would agree with that. And it's 448 00:25:02,990 --> 00:25:06,510 S2: an important question, I think, and it really is important 449 00:25:06,510 --> 00:25:09,350 S2: to be thoughtful in terms of how you approach it. Um, 450 00:25:09,630 --> 00:25:13,110 S2: you know, used properly and well in advance, I would 451 00:25:13,109 --> 00:25:15,830 S2: say it certainly can be ethical if it's used at 452 00:25:15,830 --> 00:25:19,870 S2: the last minute to, quote, hide assets. It's not so 453 00:25:19,910 --> 00:25:23,190 S2: long term. Care is extremely expensive, and many families are 454 00:25:23,190 --> 00:25:27,270 S2: shocked to learn that their savings could quickly disappear. And 455 00:25:27,270 --> 00:25:31,820 S2: Medicaid planning exists because the system itself is complex, but 456 00:25:31,820 --> 00:25:35,660 S2: there are rules and guardrails. So I would say it's 457 00:25:35,660 --> 00:25:38,500 S2: ethical when it's done years before the care is needed. 458 00:25:38,500 --> 00:25:41,660 S2: Way outside the five year look back. It follows the 459 00:25:41,660 --> 00:25:44,860 S2: letter and the spirit of the law. And it's really 460 00:25:44,859 --> 00:25:49,859 S2: it's intent is stewardship and protection. Certainly not deception. Um, 461 00:25:50,060 --> 00:25:54,100 S2: and the person still contributes appropriately to their own care 462 00:25:54,220 --> 00:25:57,420 S2: rather than just relying on the state. Um, so I 463 00:25:57,420 --> 00:25:59,859 S2: would say if somebody is encouraging you to do it 464 00:25:59,859 --> 00:26:03,380 S2: after air is, you know, when care is imminent or 465 00:26:03,580 --> 00:26:07,500 S2: if the goal is to appear, you know, uh, poor 466 00:26:07,500 --> 00:26:11,380 S2: on paper while preserving wealth or to hide something or 467 00:26:11,380 --> 00:26:15,460 S2: to shift responsibility entirely to taxpayers. I would say that's 468 00:26:15,460 --> 00:26:16,860 S2: where I would stay. Far from it. 469 00:26:16,900 --> 00:26:19,740 S9: Sure, sure. And that makes all the sense in the world. 470 00:26:20,180 --> 00:26:23,500 S9: You know, I really appreciate you because, you know, the 471 00:26:23,500 --> 00:26:27,139 S9: Bible tells us to be wise as serpents. You know 472 00:26:27,180 --> 00:26:31,360 S9: that serpent has the wisdom to deceive Eat. Yes, but 473 00:26:31,400 --> 00:26:34,280 S9: he said to be harmless as doves. We just come 474 00:26:34,280 --> 00:26:37,000 S9: to say, make you think of the Holy Spirit, that's all. 475 00:26:37,000 --> 00:26:38,159 S9: That's our end game. 476 00:26:38,640 --> 00:26:39,399 S11: That's exactly right. 477 00:26:39,400 --> 00:26:42,600 S9: We don't need to know how to operate in this 478 00:26:42,600 --> 00:26:44,840 S9: world even though we're in the kingdom. 479 00:26:45,119 --> 00:26:45,800 S11: Yes. 480 00:26:45,840 --> 00:26:48,080 S9: So I appreciate you very much. 481 00:26:48,119 --> 00:26:48,399 S11: Thank you. 482 00:26:48,440 --> 00:26:51,200 S2: Well, I'll tell you. Thank you for saying that. You know, 483 00:26:51,240 --> 00:26:54,520 S2: our desire is to be a source, not the source, 484 00:26:54,520 --> 00:26:57,159 S2: but a source of wise counsel, and only to the 485 00:26:57,160 --> 00:27:01,920 S2: extent that we're listening to the Lord and rightly dividing Scripture. Uh, 486 00:27:01,920 --> 00:27:04,639 S2: do we have anything to bring to the table here? Uh, 487 00:27:04,640 --> 00:27:06,880 S2: me or anyone on the team here at Faith five? 488 00:27:06,920 --> 00:27:09,240 S2: But thank you for saying that, Lisa. May the Lord 489 00:27:09,240 --> 00:27:11,440 S2: bless you. If we can help you further at any point, 490 00:27:11,440 --> 00:27:14,440 S2: don't hesitate to reach out. Uh, let's go to Texas. Hi, May. 491 00:27:14,480 --> 00:27:14,960 S2: Go ahead. 492 00:27:15,000 --> 00:27:18,359 S12: Yes. Thank you for getting my call. Um, I have 493 00:27:18,400 --> 00:27:22,359 S12: a $30,000 that I want to invest into something new. 494 00:27:22,400 --> 00:27:26,040 S12: I've been doing real estate, and it's done well, but 495 00:27:26,040 --> 00:27:29,980 S12: I'd like to invest about 30,000 wherever you advise me to, 496 00:27:30,020 --> 00:27:32,700 S12: and leave it there for about ten years or so 497 00:27:32,740 --> 00:27:35,540 S12: without having to to need it. 498 00:27:35,940 --> 00:27:38,940 S2: Yes. Well, I love this. And as long as it's 499 00:27:38,940 --> 00:27:41,420 S2: outside of what I would call your emergency fund and 500 00:27:41,420 --> 00:27:43,900 S2: you have that true ten year time horizon, I think 501 00:27:43,900 --> 00:27:46,780 S2: that's a great idea. I think the first question is 502 00:27:46,820 --> 00:27:48,780 S2: what type of account do you want it in? You 503 00:27:48,780 --> 00:27:51,340 S2: could either put it in what's called a taxable account, 504 00:27:51,660 --> 00:27:55,500 S2: or you could try to maybe over time, as the 505 00:27:55,540 --> 00:27:59,900 S2: contribution limits allow, try to get it into a retirement account, 506 00:27:59,900 --> 00:28:02,860 S2: which might extend and likely, depending on your age, would 507 00:28:02,900 --> 00:28:06,419 S2: extend the time horizon. But it could be it creates 508 00:28:06,420 --> 00:28:09,899 S2: some tax efficiencies. Do you want to earmark it specifically 509 00:28:09,900 --> 00:28:12,139 S2: for retirement, or do you think you might need it 510 00:28:12,140 --> 00:28:14,340 S2: after ten years but before retirement? 511 00:28:14,380 --> 00:28:16,380 S12: I think I'm just going to leave it for family. 512 00:28:16,420 --> 00:28:19,700 S12: Not not for myself. We, uh, we've been blessed and 513 00:28:19,940 --> 00:28:22,780 S12: we have what we need. And extra. 514 00:28:22,820 --> 00:28:24,180 S11: Yeah. Yeah. Very good. 515 00:28:24,220 --> 00:28:28,810 S12: To put this into somewhere that will do well. and 516 00:28:28,810 --> 00:28:32,890 S12: then someone get it. I'm 70 right now. Yeah. 517 00:28:33,290 --> 00:28:35,449 S2: Very good. Yeah. So what you would want to do 518 00:28:35,450 --> 00:28:39,690 S2: is just get it into some good, high quality funds, 519 00:28:40,010 --> 00:28:43,050 S2: maybe exchange traded funds, which are a great way to 520 00:28:43,090 --> 00:28:46,930 S2: invest when you've you've got less than $50,000. Some people 521 00:28:46,930 --> 00:28:49,130 S2: use them with a lot more than 50,000, but certainly 522 00:28:49,130 --> 00:28:53,450 S2: with less than 50,000 you can get good diversification. And 523 00:28:53,490 --> 00:28:56,570 S2: if you want those screened for your faith values, you 524 00:28:56,570 --> 00:29:00,130 S2: could use, uh, you know, a mix of, of, uh, 525 00:29:00,170 --> 00:29:04,090 S2: investment solutions from one of the faith based investing providers 526 00:29:04,090 --> 00:29:07,050 S2: you would find on our website at com. Just click 527 00:29:07,050 --> 00:29:10,730 S2: on the show and you'd see fun families like Timothy 528 00:29:10,730 --> 00:29:17,290 S2: and Eventide and Crossmark and, um, you know, many others, uh, Praxis. Uh, 529 00:29:17,290 --> 00:29:20,850 S2: one ascent. Any of those could help you put together 530 00:29:20,850 --> 00:29:25,210 S2: a good diversified, uh, mix of investments using exchange traded 531 00:29:25,210 --> 00:29:28,150 S2: funds and maybe be an account that you open at 532 00:29:28,150 --> 00:29:31,590 S2: Schwab or Fidelity, one of the low cost discount providers, 533 00:29:31,590 --> 00:29:34,030 S2: and you would have confidence that all the investments are 534 00:29:34,030 --> 00:29:37,630 S2: screened for Christian values. If that's less important to you 535 00:29:37,630 --> 00:29:39,350 S2: and you just want to invest it in the broad 536 00:29:39,350 --> 00:29:42,790 S2: stock market, then you could use a robo advisor like 537 00:29:42,790 --> 00:29:46,670 S2: the Schwab Intelligent Portfolios. That would be another option. I'd 538 00:29:46,670 --> 00:29:48,950 S2: say either of those two would work well. So essentially 539 00:29:48,950 --> 00:29:51,910 S2: you'd open that brokerage account in your name, or if 540 00:29:51,910 --> 00:29:53,950 S2: you're married, maybe a joint account and you're in your 541 00:29:53,950 --> 00:29:58,390 S2: wife's name, deposit the 30,000 and then you would have 542 00:29:58,390 --> 00:30:00,110 S2: to decide at that point, do I want to use 543 00:30:00,110 --> 00:30:03,310 S2: a robo advisor that just captures the broad moves of 544 00:30:03,310 --> 00:30:05,150 S2: the market, or do I want to try to do 545 00:30:05,150 --> 00:30:09,750 S2: some research and understand among the faith based investing solutions, 546 00:30:09,990 --> 00:30:13,150 S2: you know which solutions I might use. But in either case, 547 00:30:13,150 --> 00:30:16,230 S2: I think just getting that invested, kind of forgetting about it, 548 00:30:16,230 --> 00:30:19,150 S2: let it grow would be a great way to go. Jaime, 549 00:30:19,150 --> 00:30:20,270 S2: stay on the line. I want to see if you 550 00:30:20,270 --> 00:30:22,230 S2: have any follow up questions during this break. We'll be 551 00:30:22,230 --> 00:30:30,780 S2: right back. Thanks for joining us today on Faith and 552 00:30:30,780 --> 00:30:32,620 S2: Finance Live. We're going to get to as many calls 553 00:30:32,620 --> 00:30:34,460 S2: as we can in this segment. Let's head right back 554 00:30:34,460 --> 00:30:36,980 S2: to the phones Georgia Sharon go ahead. 555 00:30:38,500 --> 00:30:41,620 S13: Yes. Um, my question has to do with my will. 556 00:30:41,620 --> 00:30:46,420 S13: And I basically am giving everything that I own after 557 00:30:46,420 --> 00:30:50,340 S13: I pass on to three siblings. The problem is one 558 00:30:50,340 --> 00:30:54,220 S13: of my siblings is estranged from us on his part, 559 00:30:54,260 --> 00:30:57,660 S13: has asked us not to contact him, and it's been 560 00:30:57,660 --> 00:31:02,020 S13: about five years now and, um, I don't know if 561 00:31:02,020 --> 00:31:04,620 S13: this would hinder or what. What do we do with 562 00:31:04,620 --> 00:31:07,180 S13: his part of the will or if I should redo 563 00:31:07,220 --> 00:31:10,300 S13: my will? I'll just add on that he was raised 564 00:31:10,300 --> 00:31:13,860 S13: in a Christian home, as all of us five kids were, and. 565 00:31:13,860 --> 00:31:17,220 S13: But he has. I feel like he's fallen through the cracks. 566 00:31:17,260 --> 00:31:21,459 S13: There's no spiritual interest. So yeah, I feel like he 567 00:31:21,460 --> 00:31:24,260 S13: just says he has to work some issues out and 568 00:31:24,300 --> 00:31:26,920 S13: and for us not to contact him in the meantime. 569 00:31:27,360 --> 00:31:31,120 S2: Yeah, yeah. Well, uh, I appreciate this question, and I'm 570 00:31:31,120 --> 00:31:32,880 S2: sorry to hear about that. And let's pray that the, 571 00:31:32,880 --> 00:31:36,479 S2: the Lord, uh, you know, draws him near and, uh, 572 00:31:36,480 --> 00:31:39,160 S2: that he comes to a saving knowledge of Jesus as he, 573 00:31:39,160 --> 00:31:42,320 S2: if he hasn't already, and that that relationship is restored 574 00:31:42,320 --> 00:31:46,000 S2: in time. Uh, you know, estrange doesn't mean excluded. So 575 00:31:46,000 --> 00:31:48,640 S2: if the will says assets are divided three ways, then 576 00:31:48,640 --> 00:31:51,880 S2: he's still a legal heir. The lack of contact doesn't 577 00:31:51,880 --> 00:31:55,080 S2: remove his rights, but it can delay probate. So if 578 00:31:55,080 --> 00:31:58,960 S2: he can't be located and the executor is typically required 579 00:31:58,960 --> 00:32:02,480 S2: to make reasonable effort to find him, you know, certified 580 00:32:02,480 --> 00:32:06,280 S2: mail or, you know, things like that, then the probate 581 00:32:06,280 --> 00:32:09,960 S2: can be slowed while this happens. And courts don't like 582 00:32:09,960 --> 00:32:14,080 S2: distributing assets until all beneficiaries are accounted for. So, uh, 583 00:32:14,080 --> 00:32:16,239 S2: you have a couple of options. One is and all 584 00:32:16,240 --> 00:32:18,320 S2: these would need to be done with an attorney. Of course, 585 00:32:18,320 --> 00:32:21,600 S2: I'm not one. Um, but your first option would be 586 00:32:21,600 --> 00:32:24,860 S2: update the will to be crystal clear, you know, reaffirm 587 00:32:24,860 --> 00:32:28,260 S2: the three way split or change the distribution if your 588 00:32:28,260 --> 00:32:33,500 S2: wishes have changed. Um, and you could name a contingent plan. So, 589 00:32:33,500 --> 00:32:35,700 S2: for example, you could say, if my brother can't be 590 00:32:35,700 --> 00:32:40,219 S2: located within six months, his share goes to, uh, you know, 591 00:32:40,260 --> 00:32:43,980 S2: this gives the executive direction and it limits delays. Or 592 00:32:43,980 --> 00:32:46,380 S2: you could put it in a trust, which is going 593 00:32:46,380 --> 00:32:48,740 S2: to be a little more expensive, but it's private. It 594 00:32:48,740 --> 00:32:52,340 S2: can be faster, it's more flexible. It's still ultimately going 595 00:32:52,380 --> 00:32:57,060 S2: to require clarity, but it reduces or eliminates the court's involvement. Um, 596 00:32:57,580 --> 00:32:59,420 S2: so I think at the end of the day, you've 597 00:32:59,420 --> 00:33:01,060 S2: got to decide, do you want to just go ahead 598 00:33:01,060 --> 00:33:04,900 S2: and update the will without your brother, given his request 599 00:33:04,940 --> 00:33:08,380 S2: not to contact you, or do you want to update it? 600 00:33:08,420 --> 00:33:11,860 S2: Keep him there. Let's hope and pray the relationship is restored. 601 00:33:11,860 --> 00:33:17,900 S2: Communication is reestablished, but perhaps provide a contingent plan, uh, 602 00:33:17,900 --> 00:33:20,420 S2: for the executor, if that makes sense. 603 00:33:22,170 --> 00:33:27,810 S13: Okay. Um, so that would to do that, a contingent 604 00:33:27,810 --> 00:33:31,130 S13: plan would still have to go through an attorney then. 605 00:33:31,930 --> 00:33:34,170 S2: Well, any update to the will? I mean, you can 606 00:33:34,170 --> 00:33:36,490 S2: do it yourself and get it notarized and so forth, 607 00:33:36,490 --> 00:33:39,890 S2: but I recommend with something as important as your estate planning, 608 00:33:39,890 --> 00:33:42,570 S2: which includes your last will and testament, I would recommend 609 00:33:42,570 --> 00:33:44,770 S2: you use an attorney. And if it's been a number 610 00:33:44,770 --> 00:33:47,530 S2: of years since you've updated, it's probably due for an 611 00:33:47,530 --> 00:33:51,530 S2: update anyway. And while you're updating it, you could either 612 00:33:51,530 --> 00:33:54,610 S2: remove him because he's asked that you not contact him 613 00:33:54,850 --> 00:33:57,850 S2: and just split it between the other siblings, or you 614 00:33:57,850 --> 00:34:01,410 S2: could reaffirm that he is entitled to one third and 615 00:34:01,410 --> 00:34:04,450 S2: then provide that contingent plan in the event that the 616 00:34:04,450 --> 00:34:09,009 S2: executor can't, uh, reach find him. And so that the 617 00:34:09,010 --> 00:34:12,930 S2: court has direction on how to distribute without him. Um, 618 00:34:13,250 --> 00:34:15,890 S2: but yes, in either of those cases, it would require 619 00:34:15,930 --> 00:34:19,690 S2: a new, updated and valid will, which I would recommend. 620 00:34:19,730 --> 00:34:20,650 S2: Go through an attorney. 621 00:34:21,350 --> 00:34:24,029 S13: Yeah, okay. I did that when I moved here five 622 00:34:24,030 --> 00:34:29,590 S13: years ago, so. Oh, okay. Well, yeah. Thank you so much. Um, 623 00:34:29,750 --> 00:34:31,790 S13: I just wanted some godly advice to know. 624 00:34:32,910 --> 00:34:33,550 S11: Yes, ma'am. 625 00:34:33,590 --> 00:34:34,390 S13: Possibly do. 626 00:34:34,830 --> 00:34:35,790 S11: Well, I appreciate it. 627 00:34:35,790 --> 00:34:38,630 S2: Thanks for calling. Lord bless you. Call anytime. Uh, let's 628 00:34:38,630 --> 00:34:40,390 S2: head to Illinois. Ken. Go ahead. 629 00:34:40,790 --> 00:34:46,030 S14: I have two estranged adult children who are residing with 630 00:34:46,030 --> 00:34:50,470 S14: their mother under an extreme ideology. And I know under 631 00:34:50,469 --> 00:34:53,550 S14: Proverbs two, it's the fool that doesn't leave an inheritance 632 00:34:53,550 --> 00:34:56,510 S14: to their children's children. And I want to make sure 633 00:34:56,750 --> 00:34:59,630 S14: I am able to take care of my children. But 634 00:34:59,670 --> 00:35:02,989 S14: it's a go to the right purpose and means and function, 635 00:35:02,989 --> 00:35:05,390 S14: and with them not being able to reach out and 636 00:35:05,390 --> 00:35:07,710 S14: communicate to me, I don't know the best way to 637 00:35:07,710 --> 00:35:09,950 S14: do it, whether it's a trust or a will, or 638 00:35:09,989 --> 00:35:12,870 S14: designate one of my brothers to follow my wishes to 639 00:35:12,910 --> 00:35:16,550 S14: make sure their food, shelter, clothing and whatever else might 640 00:35:16,590 --> 00:35:17,950 S14: they need to be taken care of. 641 00:35:18,630 --> 00:35:20,330 S11: Yeah, yeah, well, I. 642 00:35:20,330 --> 00:35:23,770 S2: Appreciate that because stewardship is generational. And we want to 643 00:35:23,810 --> 00:35:27,609 S2: think about how we prepare the next steward. That's one 644 00:35:27,610 --> 00:35:30,489 S2: of the big ideas. And we also recognize that it's 645 00:35:30,489 --> 00:35:34,330 S2: far more valuable to pass wisdom before wealth. In fact, 646 00:35:34,330 --> 00:35:38,250 S2: wealth can be dangerous apart from wisdom. And we want 647 00:35:38,290 --> 00:35:42,370 S2: to pass that spiritual inheritance. Not that we can transfer 648 00:35:42,370 --> 00:35:44,570 S2: our faith to our kids. It must be their own decision. 649 00:35:44,570 --> 00:35:46,930 S2: But we can tell stories and talk about our own 650 00:35:47,130 --> 00:35:50,850 S2: faith journey and our own understanding of our need for 651 00:35:50,850 --> 00:35:54,770 S2: a Savior and and the brokenness in our relationship with 652 00:35:54,770 --> 00:35:57,330 S2: the Lord because of sin and and what Jesus has 653 00:35:57,330 --> 00:35:59,890 S2: done on our behalf. And then, uh, you know, begin 654 00:35:59,890 --> 00:36:03,370 S2: to involve them in that legacy of faith and even 655 00:36:03,370 --> 00:36:07,210 S2: generosity and giving. Um, and so, you know, I think 656 00:36:07,210 --> 00:36:11,370 S2: what you need to do, apart from praying for, you know, that, uh, 657 00:36:11,370 --> 00:36:16,489 S2: estranged relationship to be reopened, um, and, and to be 658 00:36:16,489 --> 00:36:20,160 S2: healed over time would be to decide how you want 659 00:36:20,160 --> 00:36:24,560 S2: these funds to be handled. You know, given that you 660 00:36:24,560 --> 00:36:28,720 S2: know you're in this situation, do you have clarity on 661 00:36:28,719 --> 00:36:32,560 S2: how you would want the money passed today? And is 662 00:36:32,560 --> 00:36:36,680 S2: it really just creating the efficient transfer? Or are you 663 00:36:36,719 --> 00:36:40,479 S2: considering something entirely different just because you don't know where 664 00:36:40,480 --> 00:36:44,160 S2: they're at spiritually and from a financial maturity standpoint? 665 00:36:45,719 --> 00:36:49,960 S14: Well, um, my ex-wife is controlling and preventing them from 666 00:36:49,960 --> 00:36:52,080 S14: reaching out to me even though they're adult children. But 667 00:36:52,080 --> 00:36:54,120 S14: I still want to have an open heart to them 668 00:36:54,239 --> 00:36:56,960 S14: and to connect with them. But for two years they 669 00:36:57,000 --> 00:37:00,240 S14: have not been able to. So I want to make 670 00:37:00,280 --> 00:37:03,279 S14: sure that they are taken care of. But there's like 671 00:37:03,280 --> 00:37:06,520 S14: a communication there. And I don't want to blindly have 672 00:37:06,560 --> 00:37:10,120 S14: the money go towards, um, you know, possibly the wrong 673 00:37:10,120 --> 00:37:14,600 S14: purpose of the ideology that's being implemented by their mother. Um, 674 00:37:14,640 --> 00:37:17,040 S14: I would want to make sure that it goes, you know, 675 00:37:17,080 --> 00:37:18,339 S14: for the right function. 676 00:37:18,860 --> 00:37:21,259 S11: Yeah, yeah. Uh, right. 677 00:37:21,300 --> 00:37:22,460 S2: And what are their ages? 678 00:37:24,540 --> 00:37:26,780 S14: 20 and 22 years old. 679 00:37:27,180 --> 00:37:28,260 S11: Okay. Yeah. 680 00:37:28,660 --> 00:37:31,259 S2: And so how is it that at this age, I mean, 681 00:37:31,300 --> 00:37:34,380 S2: they're obviously just still under her influence at this point, 682 00:37:34,380 --> 00:37:39,340 S2: and and she's causing them to continue to, to stay, uh, 683 00:37:39,420 --> 00:37:42,060 S2: you know, away from you at this. Is that right? 684 00:37:42,660 --> 00:37:46,259 S14: Correct. She coerced, uh, like my son to co-sign a 685 00:37:46,260 --> 00:37:49,700 S14: lease with her. And she's preventing my daughter from getting 686 00:37:49,700 --> 00:37:52,580 S14: her driver's license. Having a job, uh, being part of 687 00:37:52,580 --> 00:37:56,180 S14: a thriving Christian community. Um, she's really restricting. It's very 688 00:37:56,180 --> 00:38:00,500 S14: cult like that's happening, and I have had no access 689 00:38:00,500 --> 00:38:03,980 S14: to them, even though I've done everything I could to 690 00:38:04,020 --> 00:38:06,300 S14: reach out to them and follow up with communications. 691 00:38:06,420 --> 00:38:07,220 S11: Yeah, yeah. 692 00:38:07,500 --> 00:38:09,740 S2: Well, you know, I would say let's again make this, 693 00:38:09,739 --> 00:38:12,020 S2: I'm sure, a matter of prayer on your part to 694 00:38:12,060 --> 00:38:15,060 S2: continue that, that God would open those doors obviously, as 695 00:38:15,060 --> 00:38:19,330 S2: they age. Perhaps, you know, their eyes are opened. Um, 696 00:38:19,330 --> 00:38:22,170 S2: you know, first to the gospel and and then a 697 00:38:22,170 --> 00:38:27,410 S2: restored relationship with you. Um, you know, I think ultimately, um, 698 00:38:27,410 --> 00:38:30,930 S2: you know, if you decide the thing to do is to, 699 00:38:31,210 --> 00:38:34,450 S2: you know, lovingly pass this to them at your passing, 700 00:38:34,650 --> 00:38:38,250 S2: you know, and perhaps, you know, you provide with that 701 00:38:38,290 --> 00:38:44,130 S2: a letter of blessing expressing, you know, your intent and desire, 702 00:38:44,450 --> 00:38:46,730 S2: and you know what you would hope to see they 703 00:38:46,730 --> 00:38:50,330 S2: do with these funds. You could certainly do that. You know, 704 00:38:50,370 --> 00:38:52,930 S2: in terms of a legal instrument, you, you you could 705 00:38:52,930 --> 00:38:56,290 S2: use a trust, um, and it would protect the gift 706 00:38:56,290 --> 00:39:00,129 S2: from outside influence. Um, and, you know, it could keep 707 00:39:00,130 --> 00:39:03,649 S2: the assets separate from your ex-wife, prevent the funds from 708 00:39:03,650 --> 00:39:07,330 S2: being diverted to causes or uses you believe are unwise, 709 00:39:07,330 --> 00:39:13,169 S2: providing clear boundaries without confrontation as a protection mechanism. And 710 00:39:13,170 --> 00:39:15,950 S2: you would allow you'd be able in that trust to 711 00:39:15,989 --> 00:39:20,350 S2: set distribution rules, whether it's age or milestone related or 712 00:39:20,390 --> 00:39:23,870 S2: need based. You could use say that it has to 713 00:39:23,910 --> 00:39:28,469 S2: prioritize certain uses, like education or housing or health, or 714 00:39:28,469 --> 00:39:31,750 S2: starting a business where a trustee would then be empowered 715 00:39:31,750 --> 00:39:35,110 S2: to release the funds for only certain purposes. And then 716 00:39:35,150 --> 00:39:38,190 S2: that would mean that you'd have to choose that right trustee, 717 00:39:38,230 --> 00:39:43,029 S2: very appropriately, a trusted family member or professional. Um, and 718 00:39:43,030 --> 00:39:45,750 S2: so that would be the legal mechanism to do that. 719 00:39:46,070 --> 00:39:48,509 S2: I think the key would be let's just, you know, 720 00:39:48,550 --> 00:39:52,550 S2: pray that God reopens that relationship, because, again, the passing 721 00:39:52,550 --> 00:39:56,790 S2: of wisdom before wealth, uh, is critical. And, you know, 722 00:39:56,830 --> 00:39:59,790 S2: you may decide just based on the trajectory of their lives, 723 00:39:59,790 --> 00:40:03,030 S2: recognizing this money would be the fuel that would propel 724 00:40:03,030 --> 00:40:06,350 S2: them whatever direction they're going. And if that were away 725 00:40:06,350 --> 00:40:09,270 S2: from the Lord, it could accelerate that. You may decide 726 00:40:09,870 --> 00:40:12,029 S2: after prayer. The wisest thing to do is to not 727 00:40:12,030 --> 00:40:14,690 S2: leave this money to them and to give it away. Um, 728 00:40:14,690 --> 00:40:16,489 S2: and that's between you and the Lord. But if you 729 00:40:16,489 --> 00:40:19,690 S2: decided you did want to do it, either after the 730 00:40:19,690 --> 00:40:22,450 S2: relationship had been reestablished and you feel better about the 731 00:40:22,450 --> 00:40:25,169 S2: direction they're headed, or just because you want to bless 732 00:40:25,170 --> 00:40:27,730 S2: them with this gift, then I think that's where the 733 00:40:27,730 --> 00:40:31,090 S2: trust could come in to do the very best you 734 00:40:31,090 --> 00:40:33,689 S2: can do to set this up so that it only 735 00:40:33,690 --> 00:40:36,930 S2: goes to them, and perhaps even only to them for 736 00:40:36,930 --> 00:40:38,930 S2: certain purposes, if that makes sense. 737 00:40:40,610 --> 00:40:43,290 S14: Yes it does. And prayer is number one. But as 738 00:40:43,290 --> 00:40:46,210 S14: far as having a will and designate like my brother, 739 00:40:46,210 --> 00:40:50,490 S14: with specific instructions, that's not going to be legally valid 740 00:40:50,489 --> 00:40:53,810 S14: in the format. The trust would be the way to go. 741 00:40:53,850 --> 00:40:56,169 S14: Opposed to the will. Right. Is that what you're suggesting? 742 00:40:56,210 --> 00:40:56,730 S11: It would be. 743 00:40:56,730 --> 00:40:59,489 S2: Because the trust happens at death, and it has to 744 00:40:59,489 --> 00:41:03,850 S2: be distributed by the by the executor and overseen by 745 00:41:03,850 --> 00:41:07,529 S2: the court, the trust. Uh, and that's a one time 746 00:41:07,530 --> 00:41:10,049 S2: process and everything's distributed. So it would have to go 747 00:41:10,050 --> 00:41:14,080 S2: all in this case to the kids. Um, whereas the 748 00:41:14,080 --> 00:41:17,120 S2: trust could continue on after your death. And if your 749 00:41:17,120 --> 00:41:19,840 S2: brother were the trustee, he would then have in the 750 00:41:19,840 --> 00:41:24,320 S2: trust documents the conditions under which over time he releases 751 00:41:24,320 --> 00:41:27,040 S2: the money to the beneficiaries. But that could be done 752 00:41:27,040 --> 00:41:29,040 S2: over many years if you wanted it to be. 753 00:41:30,840 --> 00:41:32,200 S14: Yeah. Okay. Thank you. 754 00:41:32,719 --> 00:41:33,840 S11: Okay. Yeah. 755 00:41:33,960 --> 00:41:36,279 S2: I would visit with an estate attorney, talk through all 756 00:41:36,280 --> 00:41:39,200 S2: these things, and let's pray that you can change that 757 00:41:39,200 --> 00:41:42,200 S2: over time. And the good news is you can absolutely 758 00:41:42,200 --> 00:41:45,560 S2: update that revocable trust at any time. Uh, if you 759 00:41:45,560 --> 00:41:48,279 S2: want to make changes. Ken, thanks for your call. We 760 00:41:48,280 --> 00:41:50,080 S2: appreciate it. Ron, let's see if we can get you 761 00:41:50,120 --> 00:41:52,960 S2: scheduled tomorrow. I know you've got some back taxes. I'd 762 00:41:52,960 --> 00:41:55,120 S2: love to help you navigate that. Perhaps you can be 763 00:41:55,120 --> 00:41:58,239 S2: first up on tomorrow's broadcast. Hey, folks, we're doing a 764 00:41:58,239 --> 00:42:00,520 S2: listener survey. It'd be great if you could give us 765 00:42:00,520 --> 00:42:03,920 S2: two minutes. We could really use your impact and input 766 00:42:03,920 --> 00:42:08,200 S2: on the show. Faith, faith and finance is a partnership 767 00:42:08,200 --> 00:42:11,440 S2: between Moody Radio and Faith FA. Thanks to Omar, Tira, 768 00:42:11,600 --> 00:42:13,040 S2: Josh and Taylor. See you tomorrow.