1 00:00:00,240 --> 00:00:04,120 Speaker 1: Welcome, Welcome to my show. This is Rashaan McDonald. I 2 00:00:04,200 --> 00:00:08,520 Speaker 1: host the weekly Money Making Conversation Masterclass show. The interviews 3 00:00:08,560 --> 00:00:12,360 Speaker 1: and information that this show provides is for everyone. It's 4 00:00:12,360 --> 00:00:15,120 Speaker 1: time to stop reading other people's success stories and start 5 00:00:15,200 --> 00:00:17,680 Speaker 1: living your own. That's my model. I say it every 6 00:00:17,680 --> 00:00:19,960 Speaker 1: week because you got to say everything. It's like you 7 00:00:20,239 --> 00:00:24,080 Speaker 1: have to keep reminding people the purpose. My purpose is 8 00:00:24,120 --> 00:00:27,000 Speaker 1: to enable you to be successful. I do that with 9 00:00:27,120 --> 00:00:31,720 Speaker 1: information through my interviews. I am a storyteller. I bring 10 00:00:31,760 --> 00:00:34,839 Speaker 1: on subject matter experts to do the job for me 11 00:00:35,280 --> 00:00:40,080 Speaker 1: by sharing their experiences, giving advice, whether it's financial literacy, 12 00:00:40,760 --> 00:00:45,479 Speaker 1: small business owners, motivational leaders, influencers in the community. Now, 13 00:00:45,520 --> 00:00:47,080 Speaker 1: if you want to be a guest on my show, 14 00:00:47,800 --> 00:00:52,960 Speaker 1: please visit our website, Moneymakingconversations dot com and click to 15 00:00:52,960 --> 00:00:55,400 Speaker 1: be a guest button. If you have a product, you're 16 00:00:55,400 --> 00:00:57,680 Speaker 1: a small business owner, want to get the worried out 17 00:00:57,720 --> 00:01:00,760 Speaker 1: about the event that you're doing, Just go to Moneymaking 18 00:01:00,800 --> 00:01:04,479 Speaker 1: Conversations dot com and click the bo guest button. Screen 19 00:01:04,480 --> 00:01:08,520 Speaker 1: will pop up. Submit your information. It'll come directly to me. Now, 20 00:01:08,600 --> 00:01:11,520 Speaker 1: let's get this show started. My guest is not just 21 00:01:11,560 --> 00:01:14,839 Speaker 1: an attorney, she's a visionary on a mission to transform 22 00:01:14,920 --> 00:01:20,119 Speaker 1: how families secure their financial futures. Give me on that futures. 23 00:01:20,760 --> 00:01:23,319 Speaker 1: Her personal journey, shape by our loss of a loved 24 00:01:23,360 --> 00:01:26,360 Speaker 1: one propelled her to dedicate her career to ensuring that 25 00:01:26,520 --> 00:01:31,640 Speaker 1: families leave behind not just wealth, but also a meaningful legacy. 26 00:01:32,240 --> 00:01:37,640 Speaker 1: Please welcome the Money Making Conversations Masterclass. Attorney Amber C. Sonders. 27 00:01:37,800 --> 00:01:40,080 Speaker 1: How you doing, Attorney Saunders. 28 00:01:40,160 --> 00:01:41,640 Speaker 2: I'm doing well. Thank you. How are you? 29 00:01:42,040 --> 00:01:43,720 Speaker 1: First of all, thank you for coming on the show. 30 00:01:44,120 --> 00:01:47,640 Speaker 1: In your introduction, I said shape by the loss of 31 00:01:47,680 --> 00:01:49,480 Speaker 1: a loved one? What did you mean by that? 32 00:01:50,920 --> 00:01:53,960 Speaker 2: Well, So I became an estate planner because of my 33 00:01:54,160 --> 00:01:58,320 Speaker 2: great grandmother, my grandmother, my mother. My grandmother came to 34 00:01:58,320 --> 00:02:01,760 Speaker 2: the US in the nineteen hundreds. My grandmother was born 35 00:02:01,800 --> 00:02:05,880 Speaker 2: here in nineteen twenty. They bought my grandmother was a 36 00:02:05,920 --> 00:02:09,040 Speaker 2: great grandmother, was a maid in Boston, Massachusetts, and bought 37 00:02:09,040 --> 00:02:12,240 Speaker 2: a couple homes. The last home that she purchased she 38 00:02:12,280 --> 00:02:15,000 Speaker 2: gave to my grandmother and my grandmother needed it over 39 00:02:15,080 --> 00:02:20,040 Speaker 2: to my mother and uncle. And when my grandmother got dementia, 40 00:02:20,760 --> 00:02:22,560 Speaker 2: she was the only one who did any planning. She 41 00:02:22,600 --> 00:02:25,880 Speaker 2: had a healthcare directive power attorney, she invested her stop. 42 00:02:26,040 --> 00:02:28,399 Speaker 2: She did all these things on her own, had long 43 00:02:28,480 --> 00:02:31,080 Speaker 2: term care insurance. So when she got sick, because she 44 00:02:31,120 --> 00:02:33,400 Speaker 2: had planned all of these things, it was really easy 45 00:02:33,440 --> 00:02:35,440 Speaker 2: for my mother my uncle to take care of her. 46 00:02:36,080 --> 00:02:40,040 Speaker 2: And within i'd say a three year period, everyone on 47 00:02:40,080 --> 00:02:42,000 Speaker 2: that side of the family passed away. We were going 48 00:02:42,040 --> 00:02:45,160 Speaker 2: to a funeral like every five months, and the last 49 00:02:45,200 --> 00:02:47,640 Speaker 2: person who passed was my uncle and my mother had 50 00:02:47,680 --> 00:02:51,160 Speaker 2: to go to court for three years some change. And 51 00:02:50,200 --> 00:02:53,280 Speaker 2: he didn't think he really owned a lot. The only 52 00:02:53,480 --> 00:02:55,440 Speaker 2: asset that they had was the house that he owned 53 00:02:55,440 --> 00:02:57,600 Speaker 2: with my mother. But my mother had to fight with 54 00:02:57,800 --> 00:03:00,480 Speaker 2: creditors and the irs and all of these things because 55 00:03:00,520 --> 00:03:03,920 Speaker 2: he didn't think it was important or he procrastinated on 56 00:03:03,960 --> 00:03:07,200 Speaker 2: his planning. But I saw the difference between not doing 57 00:03:07,240 --> 00:03:10,359 Speaker 2: anything and how easy it was when my grandmother transitioned, 58 00:03:10,720 --> 00:03:14,120 Speaker 2: and so eventually my mother was able to sell the home, 59 00:03:14,680 --> 00:03:16,720 Speaker 2: and the money from that house was able to help 60 00:03:16,760 --> 00:03:20,000 Speaker 2: her not work while she was battling cancer. And so 61 00:03:20,040 --> 00:03:22,800 Speaker 2: I'm sure that my great grandmother didn't think that the 62 00:03:22,840 --> 00:03:25,160 Speaker 2: house that she left to her daughter, that her daughter 63 00:03:25,240 --> 00:03:27,440 Speaker 2: left to her granddaughter would be able to help my 64 00:03:27,520 --> 00:03:30,919 Speaker 2: mother in twenty twenty four, and so you know, a 65 00:03:31,000 --> 00:03:33,760 Speaker 2: state planning doesn't have to be for wealthy people, it's 66 00:03:33,760 --> 00:03:35,480 Speaker 2: for all of us. And it was just the house 67 00:03:35,520 --> 00:03:39,600 Speaker 2: that was able to transform my mother's retirement and help 68 00:03:39,640 --> 00:03:42,280 Speaker 2: her while she was sick. And so because of that, 69 00:03:42,320 --> 00:03:46,720 Speaker 2: I think it's just extremely important for individuals to consider 70 00:03:46,800 --> 00:03:49,600 Speaker 2: what they have worked hard for valuable and to leave 71 00:03:49,640 --> 00:03:51,400 Speaker 2: it the right way to the people they care about. 72 00:03:51,680 --> 00:03:55,120 Speaker 1: Now, what is name of your firm, the Saunders Firm, 73 00:03:55,800 --> 00:03:58,920 Speaker 1: And give us a little education about your background and 74 00:03:59,440 --> 00:04:01,600 Speaker 1: why did you do you become an attorney. I know 75 00:04:01,640 --> 00:04:04,560 Speaker 1: you're inspired by a moment and that it happened. I 76 00:04:04,560 --> 00:04:06,840 Speaker 1: shouldn't s a moment of situation. You know that you 77 00:04:07,320 --> 00:04:09,440 Speaker 1: were able to see out and it's really amazing when 78 00:04:09,440 --> 00:04:13,400 Speaker 1: you're young, how those impressions can leave a big impression 79 00:04:13,440 --> 00:04:15,600 Speaker 1: on you, even though you you know I will tell 80 00:04:15,640 --> 00:04:18,919 Speaker 1: you just saw it and just stayed a part of you. 81 00:04:19,000 --> 00:04:20,919 Speaker 1: But what your educational background? 82 00:04:22,160 --> 00:04:25,360 Speaker 2: So my mother said, I told her I was going 83 00:04:25,400 --> 00:04:27,440 Speaker 2: to be a lawyer when I was in kindergarten. And 84 00:04:27,520 --> 00:04:29,920 Speaker 2: I don't know why. I think my favorite her favorite 85 00:04:29,920 --> 00:04:32,000 Speaker 2: show was Perry Mason, and maybe that's what did it. 86 00:04:32,720 --> 00:04:36,920 Speaker 2: But I was singularly focused my entire life. I always 87 00:04:36,960 --> 00:04:39,040 Speaker 2: knew I was going to be a lawyer, not a ballerina, 88 00:04:39,160 --> 00:04:41,479 Speaker 2: not any of those other things. And so in school 89 00:04:41,560 --> 00:04:43,800 Speaker 2: I took debate, did all of those classes. I went 90 00:04:43,839 --> 00:04:49,040 Speaker 2: to undergrad at Oakwood College and Huntsville, Alabama, John Marshall 91 00:04:49,120 --> 00:04:52,760 Speaker 2: Law School for my jd. And my Masters of Law 92 00:04:52,800 --> 00:04:55,120 Speaker 2: at Emirates. But I always knew I was going to 93 00:04:55,160 --> 00:04:59,320 Speaker 2: do this, and it is one of the most fulfilling 94 00:04:59,320 --> 00:05:01,640 Speaker 2: things in my life. I enjoy helping people figure out 95 00:05:01,680 --> 00:05:02,680 Speaker 2: what they need to be doing. 96 00:05:03,000 --> 00:05:07,919 Speaker 1: You know, it's state planning. That sounds like a wealthy term. 97 00:05:08,160 --> 00:05:11,839 Speaker 1: A state. You know, please explain to everybody when you 98 00:05:11,880 --> 00:05:14,440 Speaker 1: say the word a state, exactly what does that mean? 99 00:05:14,480 --> 00:05:15,240 Speaker 1: What does that mean? 100 00:05:16,520 --> 00:05:19,839 Speaker 2: Okay, So technically anything in your state is anything that 101 00:05:19,920 --> 00:05:22,120 Speaker 2: you own, So your shoes are a part of your estate. 102 00:05:22,920 --> 00:05:27,400 Speaker 2: The official estate does not get formed unless you open 103 00:05:27,480 --> 00:05:31,480 Speaker 2: up open up a case with the like when your 104 00:05:31,480 --> 00:05:33,599 Speaker 2: family has to go take your will to the court 105 00:05:34,120 --> 00:05:38,080 Speaker 2: and try and get it administered, then they open up 106 00:05:38,120 --> 00:05:40,880 Speaker 2: the estate of Amber Saunders, for example. But if they 107 00:05:40,920 --> 00:05:43,400 Speaker 2: don't open that up, then there's no official estate that 108 00:05:43,480 --> 00:05:47,039 Speaker 2: the court or the state has any jurisdiction over. But 109 00:05:47,160 --> 00:05:51,160 Speaker 2: it is everything that you own that is due to you, 110 00:05:51,240 --> 00:05:54,200 Speaker 2: even moneies that are owed to you, things like that. 111 00:05:54,279 --> 00:05:56,640 Speaker 2: Your debts can be a part of your state. And 112 00:05:56,680 --> 00:05:59,320 Speaker 2: when a probate a state is opened up, that's when 113 00:05:59,360 --> 00:06:03,200 Speaker 2: that transition happens. Those debts are paid off, those assets 114 00:06:03,240 --> 00:06:07,120 Speaker 2: are transferred to family, and then it's closed out and 115 00:06:07,160 --> 00:06:09,919 Speaker 2: everything that's associated with you and what you own is 116 00:06:09,960 --> 00:06:11,880 Speaker 2: closed at that point after it's done. 117 00:06:12,240 --> 00:06:14,000 Speaker 1: You know, when you hear the word is state, you 118 00:06:14,040 --> 00:06:16,840 Speaker 1: hear the word will. You know, we all think we're 119 00:06:16,839 --> 00:06:20,560 Speaker 1: going to live forever. We know we live forever. When 120 00:06:20,600 --> 00:06:24,800 Speaker 1: should one realistically start thinking about the process of first 121 00:06:24,800 --> 00:06:28,400 Speaker 1: of will and then their state. Are they hand in hand, 122 00:06:28,839 --> 00:06:30,039 Speaker 1: a one before the other. 123 00:06:31,360 --> 00:06:33,920 Speaker 2: Well, it all really goes together. I think that a 124 00:06:34,000 --> 00:06:37,400 Speaker 2: state planning includes a lot of things. So for example, 125 00:06:37,440 --> 00:06:40,120 Speaker 2: if you have a child who graduates from high school, 126 00:06:40,240 --> 00:06:42,800 Speaker 2: right and they turn eighteen when they go to school. 127 00:06:42,839 --> 00:06:44,479 Speaker 2: When I went to school, they would tell my mother 128 00:06:44,520 --> 00:06:47,640 Speaker 2: about my financial aid and things like that as far 129 00:06:47,680 --> 00:06:50,600 Speaker 2: as I remember. Now, you can't get information because your 130 00:06:50,680 --> 00:06:53,919 Speaker 2: child is an adult quote unquote, because they're eighteen. So 131 00:06:54,080 --> 00:06:56,960 Speaker 2: needing a healthcare directive and power of attorney, which is 132 00:06:57,000 --> 00:07:00,760 Speaker 2: a part of estate planning, is essential for them because 133 00:07:01,040 --> 00:07:05,719 Speaker 2: you're still probably making some decisions for that now technically 134 00:07:05,760 --> 00:07:10,440 Speaker 2: adult child. If when you start acquiring things, if you 135 00:07:10,520 --> 00:07:12,720 Speaker 2: have a home, when people get married, when there are 136 00:07:12,720 --> 00:07:17,120 Speaker 2: life transitions, just so that people know what you want 137 00:07:17,400 --> 00:07:19,160 Speaker 2: to be done with things. Now, you might not need 138 00:07:19,160 --> 00:07:21,480 Speaker 2: a will, or you might not need a trust if 139 00:07:21,480 --> 00:07:25,200 Speaker 2: you have things that have beneficiary. For example, your life 140 00:07:25,240 --> 00:07:28,000 Speaker 2: insurance policy doesn't have to go through probate court. You 141 00:07:28,040 --> 00:07:31,400 Speaker 2: can just say this goes to mamma or to whomever, 142 00:07:31,480 --> 00:07:35,120 Speaker 2: and then that's it. For bank accounts, same thing. But 143 00:07:35,160 --> 00:07:37,160 Speaker 2: if you want to do a little more and kind 144 00:07:37,160 --> 00:07:39,960 Speaker 2: of say what people can do with it if you 145 00:07:40,000 --> 00:07:42,440 Speaker 2: want to if you have children and now grandchildren, and 146 00:07:42,480 --> 00:07:44,240 Speaker 2: you want to leave a little something and make sure 147 00:07:44,280 --> 00:07:46,840 Speaker 2: that it's used a particular way, then you need to 148 00:07:46,920 --> 00:07:49,360 Speaker 2: do a little more in depth planning to make sure 149 00:07:49,400 --> 00:07:52,200 Speaker 2: that the plan is executed the way that you want, 150 00:07:52,520 --> 00:07:55,040 Speaker 2: because a will just gives things away, whereas a trust 151 00:07:55,160 --> 00:07:58,560 Speaker 2: can kind of allow you to put some guardrails around 152 00:07:58,560 --> 00:08:00,600 Speaker 2: how people use it and say, hey, you got to 153 00:08:00,600 --> 00:08:02,560 Speaker 2: go to school if you want to get access to 154 00:08:02,600 --> 00:08:04,840 Speaker 2: these funds things like that. So it just depends on 155 00:08:04,880 --> 00:08:07,920 Speaker 2: what your long term goals are. But I would say 156 00:08:07,920 --> 00:08:11,480 Speaker 2: everyone needs the essential things that healthcare, directive and power 157 00:08:11,480 --> 00:08:14,680 Speaker 2: of attorney because while we're living, those things can assist 158 00:08:14,800 --> 00:08:16,760 Speaker 2: us if we're unable to pay our own bills or 159 00:08:16,760 --> 00:08:19,520 Speaker 2: if we're in the hospital or things like that, so 160 00:08:19,560 --> 00:08:21,640 Speaker 2: that people know how to help us when we need it. 161 00:08:21,720 --> 00:08:25,040 Speaker 1: Okay, I'm talking to Attorney Amber Saunders. Let me ask 162 00:08:25,040 --> 00:08:28,480 Speaker 1: you this question about you said something about bank accounts 163 00:08:28,960 --> 00:08:32,640 Speaker 1: life insurance policies. You saying, Rashan, you can just assign 164 00:08:33,120 --> 00:08:37,280 Speaker 1: the beneficiary to that policy or to that bank account, 165 00:08:37,360 --> 00:08:41,559 Speaker 1: and everything's cool if you pass away correct. 166 00:08:41,120 --> 00:08:44,040 Speaker 2: Correct, as long as there's a beneficiary name that does 167 00:08:44,080 --> 00:08:46,000 Speaker 2: not have to go to court. I mean, you've got 168 00:08:46,040 --> 00:08:48,480 Speaker 2: to notify the person because sometimes people don't do that, 169 00:08:48,760 --> 00:08:51,480 Speaker 2: but let them know that they may be beneficiary, or 170 00:08:51,760 --> 00:08:53,760 Speaker 2: if you put their address and things like that on 171 00:08:53,920 --> 00:08:56,280 Speaker 2: the policy, the insurance company might send them a letter 172 00:08:56,600 --> 00:08:58,840 Speaker 2: to notify them that they're the beneficiary. But then that 173 00:08:58,880 --> 00:09:00,840 Speaker 2: won't have to go to court. All they have to 174 00:09:00,880 --> 00:09:04,160 Speaker 2: do is provide whatever the insurance company asks for to 175 00:09:04,320 --> 00:09:07,199 Speaker 2: verify their identity and then they'll get a check for 176 00:09:07,320 --> 00:09:09,199 Speaker 2: whatever the balance is or whatever you left to them 177 00:09:09,200 --> 00:09:10,000 Speaker 2: on that policy. 178 00:09:10,200 --> 00:09:13,959 Speaker 1: Okay, Got that sounds very simple. Got that? And this 179 00:09:14,160 --> 00:09:20,000 Speaker 1: when you get into the physical things like cars, jewelry, houses, 180 00:09:20,280 --> 00:09:24,720 Speaker 1: land is where you really need to have a will 181 00:09:24,800 --> 00:09:29,160 Speaker 1: and an estate, plannings, plans set up. Am I correct? 182 00:09:29,679 --> 00:09:35,240 Speaker 2: Correct, because it's you can tell people this is the 183 00:09:35,720 --> 00:09:38,240 Speaker 2: thing that I think we are hopeful that people will 184 00:09:38,280 --> 00:09:41,960 Speaker 2: act right. But often when people get a divorce and 185 00:09:42,000 --> 00:09:46,480 Speaker 2: when someone passes away, you see characteristics come out in 186 00:09:46,480 --> 00:09:48,720 Speaker 2: people that you don't expect. And so when you don't 187 00:09:48,720 --> 00:09:50,600 Speaker 2: have it in stone, and when you don't have it 188 00:09:50,640 --> 00:09:53,079 Speaker 2: written down that this is who gets what, it can 189 00:09:53,160 --> 00:09:56,160 Speaker 2: really make people argue and tear families apart. I've seen 190 00:09:56,200 --> 00:10:00,400 Speaker 2: siblings not speak to one another because of something that 191 00:10:00,480 --> 00:10:03,240 Speaker 2: the mother did not have a will or anything like that, 192 00:10:03,280 --> 00:10:04,960 Speaker 2: and so when they went to court there were just 193 00:10:05,280 --> 00:10:07,920 Speaker 2: huge fights. And I'm sure she wouldn't have wanted the 194 00:10:07,920 --> 00:10:10,439 Speaker 2: family to be torn apart, but nothing was written down. 195 00:10:10,480 --> 00:10:12,880 Speaker 2: It's kind of hard to argue when something's on paper. 196 00:10:13,559 --> 00:10:16,319 Speaker 1: Well, you know, my mom, she kind of had a will, 197 00:10:16,360 --> 00:10:18,559 Speaker 1: which is the worst thing. Kind of had a will, 198 00:10:18,800 --> 00:10:21,480 Speaker 1: you know, kind of had the information in there, so 199 00:10:21,520 --> 00:10:24,120 Speaker 1: that left us kind of debating what she really wanted 200 00:10:24,160 --> 00:10:27,680 Speaker 1: to do. And that's what we're talking about here. That's 201 00:10:27,720 --> 00:10:31,120 Speaker 1: why this is a popular subject on my show, Wills 202 00:10:31,120 --> 00:10:33,840 Speaker 1: and the State Planning because of the fact that, you know, 203 00:10:33,880 --> 00:10:37,240 Speaker 1: people of color, we never think about legacy. We never 204 00:10:37,280 --> 00:10:40,439 Speaker 1: think about tomorrow. We just think about today. We think 205 00:10:40,480 --> 00:10:42,920 Speaker 1: about the first in the fifteenth When when you hear 206 00:10:42,960 --> 00:10:45,520 Speaker 1: me talk like that, what frustrates you most? And why 207 00:10:45,559 --> 00:10:49,840 Speaker 1: are you on this show today to discuss what you're discussing, attorneys. 208 00:10:49,360 --> 00:10:54,600 Speaker 2: Artists, Because even if we're thinking about today and we 209 00:10:54,800 --> 00:10:58,240 Speaker 2: I mean generational wealth of the conversation that people, you know, 210 00:10:58,320 --> 00:11:01,680 Speaker 2: they love that word. By definition, it means that you 211 00:11:01,800 --> 00:11:04,960 Speaker 2: have to leave something for the next generation in order 212 00:11:04,960 --> 00:11:08,160 Speaker 2: for you to have generational wealth. It's not just building 213 00:11:08,240 --> 00:11:11,680 Speaker 2: up amassing a lot of money if you are not 214 00:11:11,880 --> 00:11:15,040 Speaker 2: thoughtful in how you transition it, thoughtful and how you 215 00:11:15,200 --> 00:11:17,400 Speaker 2: educate the next generation to make sure they know what 216 00:11:17,520 --> 00:11:21,400 Speaker 2: to do with it and how it is transitioned. So 217 00:11:21,440 --> 00:11:24,839 Speaker 2: we can't just think of the first and the fifteenth 218 00:11:24,880 --> 00:11:28,080 Speaker 2: because we're going to leave people with a mountain of 219 00:11:28,160 --> 00:11:30,760 Speaker 2: debt or something that they don't necessarily know what to 220 00:11:30,800 --> 00:11:35,200 Speaker 2: do with. And it is, in my opinion, one of 221 00:11:35,240 --> 00:11:39,199 Speaker 2: the While it's a protracted struggle changing the wealth or 222 00:11:39,320 --> 00:11:42,000 Speaker 2: minimizing the wealth gap, it is a significant way that 223 00:11:42,080 --> 00:11:46,040 Speaker 2: black people can change the trajectory of our people. If 224 00:11:46,080 --> 00:11:49,040 Speaker 2: everyone leaves a little bit to the next generation, and 225 00:11:49,080 --> 00:11:51,640 Speaker 2: then that next generation builds upon it and leaves more, 226 00:11:52,000 --> 00:11:54,880 Speaker 2: then we can make strides. But if we don't do it, 227 00:11:54,880 --> 00:12:00,680 Speaker 2: and each time we're losing assets and education, knowledge and 228 00:12:00,720 --> 00:12:02,640 Speaker 2: all of these things because we didn't think about how 229 00:12:02,679 --> 00:12:04,080 Speaker 2: we were going to pass it, then we're doing a 230 00:12:04,080 --> 00:12:07,120 Speaker 2: disservice to all of us. There's no point to making 231 00:12:07,160 --> 00:12:09,040 Speaker 2: all that money if we can't sit there and lay 232 00:12:09,080 --> 00:12:11,240 Speaker 2: a blueprint for the next generation on how to use 233 00:12:11,240 --> 00:12:12,880 Speaker 2: it and grow from there. 234 00:12:12,880 --> 00:12:16,600 Speaker 1: That leads to misconceptions. Common misconceptions that people have are 235 00:12:16,600 --> 00:12:20,080 Speaker 1: the big myths about mistakes when it comes to state planning, 236 00:12:20,120 --> 00:12:23,120 Speaker 1: because of the fact that, like I said, you know 237 00:12:23,280 --> 00:12:27,040 Speaker 1: you can there's a simple way, and there's a difficult 238 00:12:27,120 --> 00:12:29,360 Speaker 1: way to live your life. Difficult way is you and 239 00:12:29,400 --> 00:12:32,560 Speaker 1: you don't plan it out, you don't leave a paper 240 00:12:32,600 --> 00:12:36,360 Speaker 1: trail that people can follow and accurately, you know, divide 241 00:12:36,400 --> 00:12:39,600 Speaker 1: your assets once you left this earth. But a lot 242 00:12:39,600 --> 00:12:42,280 Speaker 1: of people want to be cheap now attorney something. They 243 00:12:42,280 --> 00:12:44,959 Speaker 1: want the cheap route. I can go online, I can 244 00:12:44,960 --> 00:12:47,640 Speaker 1: go on line. I can print a document, tell us 245 00:12:47,640 --> 00:12:51,000 Speaker 1: about some of that those scams or those uh those uh, 246 00:12:51,440 --> 00:12:54,840 Speaker 1: I guess I call them an internet lawyers, right. 247 00:12:55,800 --> 00:12:57,440 Speaker 2: I mean I just had to talkigh some money about 248 00:12:57,440 --> 00:13:00,280 Speaker 2: that today. They're you're gonna pay or somebody is going 249 00:13:00,320 --> 00:13:03,360 Speaker 2: to pay either way, right, either gonna pay upfront or 250 00:13:03,400 --> 00:13:06,040 Speaker 2: somebody's going to pay on the back end. And maybe 251 00:13:06,080 --> 00:13:08,000 Speaker 2: and if you don't care, then you can just say 252 00:13:08,040 --> 00:13:09,840 Speaker 2: up front, hey, I don't care what happens to them. 253 00:13:09,920 --> 00:13:11,959 Speaker 2: I've heard someone say, you know, I'm going to be 254 00:13:12,000 --> 00:13:14,760 Speaker 2: gone anyway. And if that's what you you know, if 255 00:13:14,760 --> 00:13:17,480 Speaker 2: that's the mindset you have, then I'm not the lawyer 256 00:13:17,480 --> 00:13:20,040 Speaker 2: for you. You know, people can't and this is not 257 00:13:20,120 --> 00:13:22,320 Speaker 2: the show for them because you don't really care. But 258 00:13:22,400 --> 00:13:25,160 Speaker 2: I don't think most people feel like that. I think 259 00:13:25,200 --> 00:13:28,320 Speaker 2: sometimes people are scared to just face their mortality. But 260 00:13:28,360 --> 00:13:30,840 Speaker 2: then you listen to people online who are trying to 261 00:13:30,880 --> 00:13:36,439 Speaker 2: sell products, which fine, you know, there are strategy people 262 00:13:36,640 --> 00:13:40,160 Speaker 2: want to put do this infinite banking and things like that, 263 00:13:40,240 --> 00:13:44,400 Speaker 2: and without realizing, yes, you can build up cash value 264 00:13:44,400 --> 00:13:46,520 Speaker 2: and insurance policy, but you're paying into it. You have 265 00:13:46,559 --> 00:13:48,839 Speaker 2: to pay the premium, or you have to overfund it 266 00:13:48,880 --> 00:13:51,680 Speaker 2: and put money in there. But they think, because they're 267 00:13:51,679 --> 00:13:54,720 Speaker 2: only listening to a snippet, that I buy this policy 268 00:13:55,080 --> 00:13:57,840 Speaker 2: and then I can go borrow money. The insurance company 269 00:13:57,880 --> 00:14:00,000 Speaker 2: will go out of business. Like that's not how any. 270 00:13:59,840 --> 00:14:00,720 Speaker 1: Of it works. 271 00:14:00,760 --> 00:14:05,840 Speaker 2: And so without actually digging a little deeper, you know, 272 00:14:05,920 --> 00:14:08,240 Speaker 2: people want to build these big trusts that they don't 273 00:14:08,320 --> 00:14:10,760 Speaker 2: have the assets for or things like that without getting 274 00:14:10,800 --> 00:14:14,160 Speaker 2: a real or just let me go to this website 275 00:14:14,200 --> 00:14:17,280 Speaker 2: and get a template. Well, the template or the AI 276 00:14:17,440 --> 00:14:20,520 Speaker 2: or whatever this is doesn't know your family. Dynamics doesn't 277 00:14:20,520 --> 00:14:25,000 Speaker 2: know the situation, and it is it does a disservice 278 00:14:25,000 --> 00:14:27,640 Speaker 2: to our families without really thinking about it to try 279 00:14:27,680 --> 00:14:32,000 Speaker 2: and be cheap, because if we valued it, we'd spend 280 00:14:32,040 --> 00:14:34,080 Speaker 2: the time to do it. And sometimes we value that 281 00:14:34,200 --> 00:14:37,520 Speaker 2: bag or that vacation or that car, but we don't 282 00:14:37,600 --> 00:14:41,000 Speaker 2: value what happens to our family after we're gone. And 283 00:14:41,040 --> 00:14:45,360 Speaker 2: so that's a you know, maybe an existential question. You know, 284 00:14:45,400 --> 00:14:47,600 Speaker 2: it might be too much, but it's essentially what's more 285 00:14:47,600 --> 00:14:48,240 Speaker 2: important to you. 286 00:14:48,760 --> 00:14:51,920 Speaker 3: Please don't go anywhere. We'll be right back with more 287 00:14:52,000 --> 00:15:00,960 Speaker 3: money Making Conversations Masterclass. Welcome back to the Money Making 288 00:15:01,000 --> 00:15:06,760 Speaker 3: Conversations Masterclass hosted by Rashaan McDonald. Money Making Conversations Masterclass 289 00:15:06,760 --> 00:15:11,400 Speaker 3: continues online at Moneymakingconversations dot com and follow money Making 290 00:15:11,440 --> 00:15:15,040 Speaker 3: Conversations Masterclass on Facebook, Twitter, and Instagram. 291 00:15:15,120 --> 00:15:17,240 Speaker 1: But one thing that really bothers me a lot is 292 00:15:17,920 --> 00:15:21,720 Speaker 1: three words that you said before the work, building generational wealth. 293 00:15:21,760 --> 00:15:25,240 Speaker 1: I hear that so much in the financial literacy and 294 00:15:25,280 --> 00:15:30,040 Speaker 1: the motivational game. It just annoys me. Building generation It's 295 00:15:30,040 --> 00:15:33,080 Speaker 1: almost like it's a scam. Words that people use to someone, 296 00:15:33,120 --> 00:15:37,840 Speaker 1: like a trick move people that branding, marketing, and building 297 00:15:37,920 --> 00:15:40,960 Speaker 1: generational wealth. Those are three words that are so popular 298 00:15:41,840 --> 00:15:47,080 Speaker 1: on the web of Internet, social media, motivational speakers. That's 299 00:15:47,120 --> 00:15:49,680 Speaker 1: all they use. Now when you talk about from an 300 00:15:49,800 --> 00:15:54,160 Speaker 1: entrepreneur's perspective, you know, from a person, what role does 301 00:15:54,400 --> 00:15:59,880 Speaker 1: estate planning play and creating generational wealth? Especially attorney Saunders 302 00:16:00,240 --> 00:16:03,360 Speaker 1: in the black community, I. 303 00:16:03,280 --> 00:16:05,360 Speaker 2: Mean, it's the key. It's the only way that you 304 00:16:05,400 --> 00:16:10,880 Speaker 2: can really do it. It guides the transition from one 305 00:16:10,920 --> 00:16:14,320 Speaker 2: generation to the next of the assets. But if you 306 00:16:14,440 --> 00:16:19,320 Speaker 2: do it right, you can also put tools and guidance 307 00:16:19,400 --> 00:16:23,920 Speaker 2: in there to ensure that it's not wasted. Their statistically 308 00:16:23,960 --> 00:16:27,320 Speaker 2: out there that show between one generation to the next, 309 00:16:27,360 --> 00:16:31,320 Speaker 2: I think the second generation the money. By the third generation, 310 00:16:31,400 --> 00:16:35,360 Speaker 2: the money is gone generally, and so there are reasons 311 00:16:35,360 --> 00:16:37,800 Speaker 2: for that because the knowledge that we have that the 312 00:16:37,840 --> 00:16:41,520 Speaker 2: first generation who made that money has it hadn't been 313 00:16:41,520 --> 00:16:45,280 Speaker 2: passed on in a structured, systematic way. And you can 314 00:16:45,360 --> 00:16:47,640 Speaker 2: use a state planning to do that to ensure that 315 00:16:47,680 --> 00:16:51,240 Speaker 2: the money lasts for generations and the knowledge lasts for generations, 316 00:16:51,440 --> 00:16:54,360 Speaker 2: so that your grandchildren can benefit and your great grandchildren. 317 00:16:54,800 --> 00:16:58,280 Speaker 1: Now, so let me move over to entrepreneurs and small 318 00:16:58,320 --> 00:17:02,080 Speaker 1: because entrepreneurs and small business owner that's the rage, you know, 319 00:17:02,440 --> 00:17:05,640 Speaker 1: especially African American women or Black women. They're the leading 320 00:17:06,520 --> 00:17:10,320 Speaker 1: small business owner developers. If you can look up any 321 00:17:10,320 --> 00:17:13,879 Speaker 1: stat nobody's starting more small business than black women. So 322 00:17:14,000 --> 00:17:16,400 Speaker 1: what legal steps should they be listening to. I'm talking 323 00:17:16,400 --> 00:17:19,560 Speaker 1: about people in general about how to protect their business 324 00:17:19,640 --> 00:17:21,840 Speaker 1: long term, not short term, because a lot of people 325 00:17:21,840 --> 00:17:23,280 Speaker 1: want to just look at like they said that first 326 00:17:23,320 --> 00:17:26,120 Speaker 1: in the fifteenth my door's opening thirty days one won't 327 00:17:26,119 --> 00:17:28,679 Speaker 1: be But you have to feel if you're starting something, 328 00:17:29,080 --> 00:17:31,359 Speaker 1: you want to hold on to it. What are some 329 00:17:31,480 --> 00:17:35,359 Speaker 1: ways they can protect their business long term? 330 00:17:35,400 --> 00:17:37,480 Speaker 2: Well, I think they need to first think about whether 331 00:17:37,520 --> 00:17:40,480 Speaker 2: or not they really mean created a business or created 332 00:17:40,520 --> 00:17:43,919 Speaker 2: a job for themselves. So when I say that, you know, 333 00:17:44,000 --> 00:17:45,919 Speaker 2: if the business can if you can't go on vacation 334 00:17:46,040 --> 00:17:49,960 Speaker 2: without the house burning down or the contracts and everything 335 00:17:50,119 --> 00:17:53,200 Speaker 2: is dependent upon you as the owner or as the 336 00:17:53,280 --> 00:17:56,560 Speaker 2: leader in the business, then it can't operate no one. 337 00:17:56,640 --> 00:18:00,080 Speaker 2: You can't transition it to someone else it because it 338 00:18:00,200 --> 00:18:03,600 Speaker 2: is dependent upon you as an individual. Now that might 339 00:18:03,680 --> 00:18:06,560 Speaker 2: be what you want. If you don't and you want 340 00:18:06,560 --> 00:18:08,880 Speaker 2: it to grow and become a business that is self 341 00:18:08,920 --> 00:18:12,320 Speaker 2: sustaining without you, that can operate, you have to look 342 00:18:12,359 --> 00:18:15,400 Speaker 2: at systems. You have to look at secession. If I'm 343 00:18:15,480 --> 00:18:19,199 Speaker 2: not here, who takes it over? And so succession planning 344 00:18:19,280 --> 00:18:21,919 Speaker 2: is a process figuring out the transition of power if 345 00:18:21,960 --> 00:18:24,520 Speaker 2: you're not there. If in the long term you want 346 00:18:24,560 --> 00:18:29,880 Speaker 2: to retire or sell the business or transition it to children, 347 00:18:30,840 --> 00:18:33,720 Speaker 2: then you have to think about that. I mean ten 348 00:18:33,800 --> 00:18:37,880 Speaker 2: years ahead and start making the plans and start putting 349 00:18:37,920 --> 00:18:42,480 Speaker 2: the structures in place. Think about insurance. If your partners 350 00:18:42,480 --> 00:18:46,480 Speaker 2: with someone and one of you passes away, do you 351 00:18:46,560 --> 00:18:49,760 Speaker 2: really want to be in business with their spouse? You 352 00:18:49,840 --> 00:18:51,920 Speaker 2: might not, So then that means you need to buy 353 00:18:52,000 --> 00:18:55,920 Speaker 2: sell agreement and maybe some key man insurance that would 354 00:18:55,960 --> 00:18:59,560 Speaker 2: pay out the interest that you had in the business 355 00:18:59,600 --> 00:19:01,439 Speaker 2: to your or loved one so that they are no 356 00:19:01,520 --> 00:19:05,160 Speaker 2: longer a part of it. And so how what you 357 00:19:05,280 --> 00:19:07,840 Speaker 2: ultimately want to do. You might be planning for an exit, 358 00:19:08,160 --> 00:19:10,440 Speaker 2: but an exit can also be retirement, and an exit 359 00:19:10,520 --> 00:19:14,000 Speaker 2: can also be a sale or transitioning the company to employees. 360 00:19:14,680 --> 00:19:18,439 Speaker 2: But you have to begin or operate the business with 361 00:19:18,480 --> 00:19:22,639 Speaker 2: the end in mind so that you are always going 362 00:19:22,720 --> 00:19:25,320 Speaker 2: down that path to make sure that you can harvest 363 00:19:25,400 --> 00:19:28,000 Speaker 2: the most wealth that you can out of the business. 364 00:19:28,040 --> 00:19:30,440 Speaker 2: You can just be out there like it's the wild 365 00:19:30,480 --> 00:19:33,399 Speaker 2: wild West. Sometimes that works in the beginning, but it 366 00:19:33,400 --> 00:19:34,439 Speaker 2: doesn't work long term. 367 00:19:34,680 --> 00:19:36,720 Speaker 1: I got it. I want to drop a question, but 368 00:19:36,760 --> 00:19:38,840 Speaker 1: you brought up something I need to transition to the 369 00:19:38,880 --> 00:19:42,560 Speaker 1: family conversation. We were talking for secession. We're talking about 370 00:19:42,880 --> 00:19:45,639 Speaker 1: especially when you're talking about running a business. I know 371 00:19:45,720 --> 00:19:48,840 Speaker 1: for a fact, three people, unfortunately in my life, have 372 00:19:48,920 --> 00:19:51,800 Speaker 1: been handed to the business and guess what, the business 373 00:19:52,200 --> 00:19:56,639 Speaker 1: is closed today. And because one they didn't respect the 374 00:19:56,720 --> 00:20:01,439 Speaker 1: business one part of it a way, one didn't spend 375 00:20:01,480 --> 00:20:03,840 Speaker 1: time there. I thought it was, you know, showed up 376 00:20:04,000 --> 00:20:09,080 Speaker 1: after the customers showed up. And the third one just 377 00:20:12,200 --> 00:20:14,760 Speaker 1: you know, when you when your parents or your loved 378 00:20:14,800 --> 00:20:19,120 Speaker 1: ones build something, that's the word legacy comes in. If 379 00:20:19,160 --> 00:20:21,159 Speaker 1: you don't want to do it, don't do it. So 380 00:20:21,720 --> 00:20:24,960 Speaker 1: that's where their family conversation that you're talking about coming 381 00:20:24,960 --> 00:20:26,920 Speaker 1: in and something and that's to start with the parents, 382 00:20:26,960 --> 00:20:29,879 Speaker 1: especially when they're looking at their kids. Are these the 383 00:20:30,040 --> 00:20:32,840 Speaker 1: kids that are going to move my business? 384 00:20:32,920 --> 00:20:33,120 Speaker 2: Loan? 385 00:20:33,280 --> 00:20:36,120 Speaker 1: Or you may need to develop somebody within the company 386 00:20:37,160 --> 00:20:39,600 Speaker 1: that can run your business and guess what keep sending 387 00:20:39,680 --> 00:20:43,679 Speaker 1: checks to the kids and give that person part of 388 00:20:43,680 --> 00:20:45,720 Speaker 1: the partnership. But I don't want to get too deep 389 00:20:45,720 --> 00:20:47,960 Speaker 1: in this conversation when I bringing an expert in, I'm 390 00:20:48,000 --> 00:20:51,760 Speaker 1: just a storyteller. Talk about that family conversation, Attorney Saunders. 391 00:20:53,760 --> 00:20:56,680 Speaker 2: The conversation has to be had when you're deciding how 392 00:20:56,720 --> 00:21:00,600 Speaker 2: you want to what your exit strategy is. But also 393 00:21:01,080 --> 00:21:05,000 Speaker 2: the reality is you know your children, right, so you 394 00:21:05,119 --> 00:21:08,040 Speaker 2: know if they're really going to be able to do it. 395 00:21:08,080 --> 00:21:10,359 Speaker 2: And we like to be hopeful and we like to 396 00:21:10,400 --> 00:21:12,560 Speaker 2: have faith, and all of that is wonderful. But if 397 00:21:12,600 --> 00:21:15,520 Speaker 2: this person has not shown an interest or has not 398 00:21:15,680 --> 00:21:18,280 Speaker 2: been at that business as an intern, as a child, 399 00:21:18,600 --> 00:21:21,520 Speaker 2: when you were as a child, or in college showing 400 00:21:21,560 --> 00:21:24,440 Speaker 2: an interest, they might not be interested in taking it over. 401 00:21:24,720 --> 00:21:27,880 Speaker 2: So their behavior will tell and you have to look 402 00:21:27,880 --> 00:21:29,880 Speaker 2: at it like a business and not think about it 403 00:21:30,000 --> 00:21:32,879 Speaker 2: like this is my child and oh I want to 404 00:21:32,880 --> 00:21:35,240 Speaker 2: give them a chance to do it, because what you 405 00:21:35,359 --> 00:21:38,120 Speaker 2: worked hard for will be gone if you don't look 406 00:21:38,200 --> 00:21:42,840 Speaker 2: at it from an unsentimental eye. What is going to 407 00:21:42,840 --> 00:21:46,520 Speaker 2: make this business valuable and operable? Who are their employees 408 00:21:46,560 --> 00:21:48,560 Speaker 2: that you can transition it to. Just like you said, 409 00:21:48,800 --> 00:21:50,879 Speaker 2: there are ways that you can still make sure that 410 00:21:50,960 --> 00:21:53,919 Speaker 2: your family reached the benefits of what you're built without 411 00:21:53,960 --> 00:21:55,040 Speaker 2: letting them burn it down. 412 00:21:55,320 --> 00:21:59,000 Speaker 1: Oh my goodness. And that's that hard conversation because sometimes 413 00:21:59,000 --> 00:22:02,880 Speaker 1: your kids ego because step in and then you can 414 00:22:03,000 --> 00:22:07,360 Speaker 1: like not value their skill set or overvalue their skill set. 415 00:22:07,560 --> 00:22:10,120 Speaker 1: And next thing, you know, but I always tell people too, 416 00:22:10,720 --> 00:22:13,320 Speaker 1: if you want your child to be a part of 417 00:22:13,320 --> 00:22:16,520 Speaker 1: the business after you're gone. Bring them into the business. 418 00:22:17,040 --> 00:22:21,159 Speaker 1: Watch them. Is their sincere effort? Are they showing up 419 00:22:21,160 --> 00:22:23,760 Speaker 1: to work on time? Are they trying to be leaders? 420 00:22:24,160 --> 00:22:27,439 Speaker 1: Are those traits are not going to change? If they 421 00:22:27,440 --> 00:22:29,720 Speaker 1: are bad, they're not going to change when you leave. 422 00:22:29,800 --> 00:22:32,399 Speaker 1: They're only going to get worse. So, if you have 423 00:22:32,480 --> 00:22:34,800 Speaker 1: a dream that you start as a restaurant, your child 424 00:22:34,840 --> 00:22:36,280 Speaker 1: don't want to work in a restaurant. They don't want 425 00:22:36,280 --> 00:22:39,720 Speaker 1: to cook chicken or cook whatever you're doing. Don't want 426 00:22:39,720 --> 00:22:41,600 Speaker 1: to be a matre d don't want to wash dishes. 427 00:22:42,119 --> 00:22:45,560 Speaker 1: If they don't want to do the small things, the 428 00:22:45,640 --> 00:22:48,840 Speaker 1: dirty things. I always tell that child right there is 429 00:22:48,960 --> 00:22:51,360 Speaker 1: not going to be a good owner of your company 430 00:22:51,560 --> 00:22:54,320 Speaker 1: once they leave. I'm just going to tell you right now, now, 431 00:22:54,480 --> 00:22:57,720 Speaker 1: early in that conversation, you've always mentioned the word legacy, 432 00:22:57,760 --> 00:23:06,480 Speaker 1: Attorney Sonders being more valuable than money. Explain that to us, Well. 433 00:23:07,240 --> 00:23:10,240 Speaker 2: Money can be spent and it's gone, and even after 434 00:23:10,320 --> 00:23:13,520 Speaker 2: it's gone, who you are, how you made people feel, 435 00:23:13,880 --> 00:23:16,760 Speaker 2: what you built, what you did, the memories of those 436 00:23:16,800 --> 00:23:19,320 Speaker 2: things that are still there, and that is what I 437 00:23:19,400 --> 00:23:25,920 Speaker 2: considered legacy. What people remember about you, what you did, 438 00:23:26,240 --> 00:23:28,480 Speaker 2: how you made people feel, all of those things, and 439 00:23:28,520 --> 00:23:31,679 Speaker 2: those are things that we have control over. We have 440 00:23:31,800 --> 00:23:34,240 Speaker 2: control over, you know, we can make as much money 441 00:23:34,240 --> 00:23:36,359 Speaker 2: in the world, but you can. Your legacy can be 442 00:23:36,440 --> 00:23:39,000 Speaker 2: you were a jerk and you didn't treat people well, 443 00:23:39,240 --> 00:23:42,639 Speaker 2: and you didn't leave anything to anyone, and that is 444 00:23:42,680 --> 00:23:45,840 Speaker 2: what people remember. The thing that is lasting in people's 445 00:23:45,920 --> 00:23:49,880 Speaker 2: memory about you and what the impact that you had 446 00:23:49,920 --> 00:23:53,280 Speaker 2: on them. To me is what your legacy is all about. 447 00:23:53,359 --> 00:23:55,600 Speaker 2: And that includes what you lead to your family because 448 00:23:55,640 --> 00:23:58,679 Speaker 2: essentially your estate plan is the last love letter you 449 00:23:58,720 --> 00:24:01,560 Speaker 2: get to write them. That is what even though they're 450 00:24:01,600 --> 00:24:04,360 Speaker 2: going to remember all sorts of other things, if the 451 00:24:04,680 --> 00:24:07,159 Speaker 2: last thing you did was not plan and they have 452 00:24:07,280 --> 00:24:09,560 Speaker 2: to try and sort through all the mess that was 453 00:24:09,600 --> 00:24:11,760 Speaker 2: there because you didn't think enough of them to plan 454 00:24:11,880 --> 00:24:13,800 Speaker 2: for it, they're going to remember. That's going to be 455 00:24:13,880 --> 00:24:18,720 Speaker 2: a part of your legacy too. And so you want 456 00:24:18,720 --> 00:24:23,640 Speaker 2: to think about holistically, what's a part of your legacy 457 00:24:23,640 --> 00:24:25,800 Speaker 2: and it could be I mean, I wear my uncle's 458 00:24:25,800 --> 00:24:28,679 Speaker 2: wedding ring every day. I wear my grandmother's necklace every 459 00:24:28,720 --> 00:24:31,960 Speaker 2: single day. It helps me remember them. It is sentimental 460 00:24:32,000 --> 00:24:34,600 Speaker 2: to me, and it is just a piece of jewelry, 461 00:24:35,000 --> 00:24:37,239 Speaker 2: but it is a part of their memory and it 462 00:24:37,280 --> 00:24:39,960 Speaker 2: makes me feel like I carry them with me all 463 00:24:39,960 --> 00:24:42,399 Speaker 2: the time. When you're gone, people are going to miss you, 464 00:24:43,000 --> 00:24:45,800 Speaker 2: not just oh the five dollars you might have left them. 465 00:24:45,880 --> 00:24:48,159 Speaker 2: They're going to be thinking about you, and so what 466 00:24:48,880 --> 00:24:50,679 Speaker 2: impact are you having on them is a part of 467 00:24:50,680 --> 00:24:52,280 Speaker 2: the conversation as well too. 468 00:24:52,880 --> 00:24:55,960 Speaker 1: Attorney AMBVERSI Saunders. How can we in touch with you? 469 00:24:57,800 --> 00:25:00,919 Speaker 2: My website is the Saundersfirm dot com. I am often 470 00:25:01,000 --> 00:25:06,000 Speaker 2: on Instagram at at ask Amber Saunders and then our 471 00:25:06,000 --> 00:25:10,040 Speaker 2: offices in Atlanta, but we help people everywhere, but we're 472 00:25:10,600 --> 00:25:13,640 Speaker 2: We're located in Buckhead and our number six seven eight 473 00:25:13,760 --> 00:25:15,720 Speaker 2: six eight zero four three three suits. 474 00:25:15,960 --> 00:25:19,240 Speaker 1: I appreciate you. I got one minute left. Can just 475 00:25:19,240 --> 00:25:23,600 Speaker 1: just a quick cliff note of someone listening, What action 476 00:25:23,640 --> 00:25:26,560 Speaker 1: should they take right now? We gave you a contact information, 477 00:25:26,640 --> 00:25:28,840 Speaker 1: what action should they take right now? When we talk 478 00:25:28,880 --> 00:25:31,440 Speaker 1: about taking their first step, I. 479 00:25:31,359 --> 00:25:34,040 Speaker 2: Think they should sit down and make an asset inventory 480 00:25:34,400 --> 00:25:39,680 Speaker 2: of everything, every account, every piece of crypto, everything they 481 00:25:39,720 --> 00:25:42,280 Speaker 2: have because what's very difficult if something happens is for 482 00:25:42,320 --> 00:25:45,000 Speaker 2: people to figure out where all your things are and 483 00:25:45,040 --> 00:25:47,159 Speaker 2: they have to search through your things, so make it easy. 484 00:25:47,240 --> 00:25:50,120 Speaker 2: Just get on an Excel spreadsheet, put everything in there 485 00:25:50,160 --> 00:25:52,000 Speaker 2: and what the account numbers are and that is a 486 00:25:52,040 --> 00:25:54,000 Speaker 2: great start and then you can go talk to somebody 487 00:25:54,040 --> 00:25:54,359 Speaker 2: after that. 488 00:25:54,880 --> 00:25:57,640 Speaker 1: Wow. Thank you for taking the time and the passion. 489 00:25:57,720 --> 00:26:00,000 Speaker 1: I love that passion. That's what the Money Making common 490 00:26:00,320 --> 00:26:04,160 Speaker 1: master Classes all again. I want to invite you back. 491 00:26:04,520 --> 00:26:07,119 Speaker 1: And you know for my style now, it's all about winning. 492 00:26:07,280 --> 00:26:10,120 Speaker 1: It's all about the uplift, it's all about giving people 493 00:26:10,240 --> 00:26:14,080 Speaker 1: information to win. Thank you, Attorney Amber C. Saunders. This 494 00:26:14,119 --> 00:26:17,560 Speaker 1: has been another edition of Money Making Conversation Masterclass posted 495 00:26:17,640 --> 00:26:20,479 Speaker 1: by me Rashaun McDonald. Thank you to our guests on 496 00:26:20,520 --> 00:26:22,960 Speaker 1: the show today and thank you our listening to the 497 00:26:23,040 --> 00:26:25,400 Speaker 1: audience now. If you want to listen to any episode 498 00:26:25,480 --> 00:26:27,520 Speaker 1: I want to be a guest on the show, visit 499 00:26:27,800 --> 00:26:32,560 Speaker 1: Moneymakingconversations dot com. Our social media handle is money Making Conversation. 500 00:26:33,000 --> 00:26:35,399 Speaker 1: Join us next week and remember to always leave with 501 00:26:35,440 --> 00:26:36,959 Speaker 1: your gifts. Keep winning.