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Speaker 1: Hey, hey, hey, I'm back in a black and were brown.

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Speaker 2: This is Tiffany Elice, Brian Ambish.

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Speaker 3: And Mandy Woodruff co Ho.

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Speaker 2: There, So, Maddy, are you ready to die? Segue? How

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Speaker 2: that wort segment? I bet you're not. I bet you're not.

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Speaker 3: Uh No, I'm scared though.

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Speaker 2: It's really a question that we should all kind of

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Speaker 2: ask ourselves, or do we have the two most important

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Speaker 2: documents that you ought to have before you pass on

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Speaker 2: from this life and onto whatever the next stage that

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Speaker 2: you believe in. And so we have brought on the amazing,

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Speaker 2: the incomparable these splendiferous art, beautiful, smart art Steel art

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Speaker 2: Is Steel is a state planning attorney who helps entrepreneurs

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Speaker 2: and families protect what matters most. She actually started her

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Speaker 2: career I'm gonna say this wrong because I don't know,

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Speaker 2: it just looks crazy. Yes, yeah, who, thank you Jesus.

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Speaker 2: And she went to work for work at the General

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Speaker 2: Tax Council for Discovery Communications, Yes, like Discovery Channel. She's

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Speaker 2: kind of a big deal. She started her own law

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Speaker 2: firm because you know, Flyinis in twenty fourteen, and she

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Speaker 2: started legal Ease, get it like legal Ease like down

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Speaker 2: Road for Entrepreneurs.

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Speaker 4: I'm gonna take this and play this every single time.

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Speaker 2: Somebody introduces Legal Ease for Entrepreneurs podcast in twenty sixteen,

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Speaker 2: which is amazing which a parents minority business owners to

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Speaker 2: tackle the legal needs for their business.

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Speaker 4: Welcome, Thank you so much for having me. I'm so excited.

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Speaker 3: What in the intro I said, if you handle the intro,

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Speaker 3: and that's what we got.

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Speaker 2: Today has been like the worst day of my life.

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Speaker 2: Oh so I say no, But you know what, the

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Speaker 2: best way to get out a bad day is to

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Speaker 2: just make the next moments like amazing, you got get amazed? Yeah, exactly.

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Speaker 4: Yeah, that's that's what I bring when I come to podcasts.

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Speaker 3: Well, this is a topic that I'm really really excited

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Speaker 3: about because you know, on a recent episode, we got

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Speaker 3: some questions around life insurance and it just reminded me

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Speaker 3: that it's, Yeah, it's one of those questions that people

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Speaker 3: don't like to I mean, just the fact that Tiffany asked,

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Speaker 3: are you ready to die? I got really hot and

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Speaker 3: sweaty just thinking about that. But when you break it

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Speaker 3: down into just like the simple things, the checklist of

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Speaker 3: every the few things, the simple things everyone should have

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Speaker 3: in place, it's not you know, it's not that intimidating,

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Speaker 3: it's not that scary, and it's something that you can

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Speaker 3: do and forget about until your day.

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Speaker 4: Comes and then you still never have to do and then.

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Speaker 3: An angel problem after that point. Yeah, But my guilty

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Speaker 3: truth is that I'm not ready to die. I don't

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Speaker 3: have anything art. I don't have a power. I don't

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Speaker 3: have a state plan. I don't even know what that is. Really,

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Speaker 3: I don't have a will. I don't know what I'm doing.

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Speaker 3: I don't know about Tiffany. But I feel like I

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Speaker 3: want to get it right. I've just been sort of

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Speaker 3: intimidated for so long, and you know, I suffer from

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Speaker 3: that young, invincible thing where I was in my twenties

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Speaker 3: and now I'm hitting the threes and I I'm feeling

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Speaker 3: a little bit more mortal every day, and I want

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Speaker 3: to get my stuff together.

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Speaker 4: Wait until you have kids, think I do have I

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Speaker 4: do have life insurance.

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Speaker 2: I got that when I was young and popping in

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Speaker 2: my twenties and I bought a condo. So I was like, ooh,

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Speaker 2: if I die, Like, how do I got to pay

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Speaker 2: for this thing? Other than that, I don't have anything

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Speaker 2: like I don't have a will, although I do have

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Speaker 2: a really great business lawyer who is drawing up some

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Speaker 2: contracts for me. Now about what happens I have a

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Speaker 2: business partner. What happens if either one of us passes

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Speaker 2: and leaves a business, you know, like prematurely. But other

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Speaker 2: than that, yeah, I don't. I don't have any other

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Speaker 2: My plan is quite honestly, to live forever. So I

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Speaker 2: hope that. But what should we do? Please? Get us started?

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Speaker 2: What's the if we don't have anything? If you are Mandy, right,

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Speaker 2: not Tiffany, because I have a little something, if you

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Speaker 2: were Mandy. What's the first thing?

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Speaker 4: Where do we start?

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Speaker 2: What should we do?

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Speaker 4: Okay? Okay? So first I think I like for people

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Speaker 4: to start to think about a state planning differently. It's

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Speaker 4: it's not so much if we didn't think about it

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Speaker 4: or associated so much with death as much as with

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Speaker 4: a legacy and what we want to leave behind. I

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Speaker 4: think we would have a very different approach to it.

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Speaker 4: And when I talk when you talk about like what

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Speaker 4: you want to leave behind? I think a lot of

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Speaker 4: of us think about how we want people to remember us,

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Speaker 4: but we don't think about death, right, we don't want

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Speaker 4: to think about that day that will die, but we

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Speaker 4: think about how we would want to be remembered, like

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Speaker 4: what footprint would we want to leave on this earth

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Speaker 4: and what would we want people to say about us?

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Speaker 4: And I think that if we think about estate planning

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Speaker 4: that way, then it's not so taboo. But that's definitely

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Speaker 4: a problem and it's and it's one in the black

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Speaker 4: community that is just so prevalent and it's debilitating, is

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Speaker 4: actually hurting us, and it's it's interesting because I'm a

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Speaker 4: Christian and I believe in Jesus Christ. I believe that

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Speaker 4: he is my Lord and savior. I believe that when

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Speaker 4: I die, by his grace, I will go to Heaven.

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Speaker 4: And so it's it's not something that I mean, yeah,

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Speaker 4: I don't know what's going to happen. I don't want

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Speaker 4: to die in a horrible accident. But I'm okay with that,

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Speaker 4: and most Christians say they are. But then still we

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Speaker 4: just avoid this topic because it's like it's so negative.

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Speaker 4: God forbid, don't talk about dying. But it's like it's

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Speaker 4: the one thing that he promises us.

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Speaker 3: Right, it's a well, just to interrupt for a second,

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Speaker 3: it's an individual. It's like you're thinking about it in

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Speaker 3: your own in the sense of yourself. Oh, you know,

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Speaker 3: when I pass on, I'm not afraid to die. I

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Speaker 3: know I'll be taken care of, you know, with whatever

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Speaker 3: religion you might believe in. But it's about thinking beyond yourself,

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Speaker 3: Like what about the people you leave behind? Is that

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Speaker 3: what you're kind of.

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Speaker 4: Yeah, exactly, because you will leave, you will leave. I mean,

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Speaker 4: for most of us, we will leave at least one

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Speaker 4: person who loves us dearly who is going to be

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Speaker 4: significantly impacted by our our loss or their loss of us. Right,

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Speaker 4: So not only do you know, we hope that that

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Speaker 4: person recovers from their grief, but we also don't want

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Speaker 4: to leave them in a financial mess when we die

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Speaker 4: if there's something that we can do about it. So

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Speaker 4: when you think about a state planning, there's like a spectrum.

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Speaker 4: I like to say, I think it goes. It starts

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Speaker 4: at planning for incapacity, and a lot of people, if

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Speaker 4: they do get to the topic of a state planning,

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Speaker 4: they never talk about incapacity. All they think about is

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Speaker 4: like Tiffany who goes and gets the life insurance policy, right,

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Speaker 4: but that life insurance policy is only paid out if

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Speaker 4: you die? What happens if you're in a car accident? Okay,

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Speaker 4: So first of all, in order for me to make

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Speaker 4: my point, some bad things will have to happen.

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Speaker 2: Okay, I've already knocked on wood and too hot oil,

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Speaker 2: so we don't have.

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Speaker 4: To do it every time, right, exactly covered by the blood.

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Speaker 4: So what happens if you're in an accident and you're incapacitated? You,

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Speaker 4: let's say you didn't have a partner, a business partner,

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Speaker 4: and you're in a coma, who does anything? Who has

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Speaker 4: access like permission to go to your bank account and

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Speaker 4: take money out for payroll? Who has the ability to

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Speaker 4: take money out of your personal account to pay your

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Speaker 4: mortgage on your home, or your car payment, or your

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Speaker 4: power bill or your rent right. So a lot of

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Speaker 4: people skip over that step of what happens if something

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Speaker 4: happens to me? But I don't die, because a lot

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Speaker 4: of stuff will happen automatically when you die, but a

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Speaker 4: lot nothing happens if you're incapacitated. So the number one

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Speaker 4: document that I say every single person should have single

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Speaker 4: not single, married kids, not with the father or mother whatever,

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Speaker 4: even children, even people who are over eighteen going to college.

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Speaker 4: Is what's called a power of attorney, when that document

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Speaker 4: gives whoever you name, the authority to act on your

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Speaker 4: behalf in your stead as if it were you. Now,

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Speaker 4: you can have two types of power of attorney. You

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Speaker 4: can have what's called a general durable power of attorney,

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Speaker 4: or you could just have a general power of attorney.

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Speaker 4: The durable power of attorney is a power of attorney

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Speaker 4: that takes effect the minute you sign it. So the

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Speaker 4: minute you sign it, while you're still walking around and

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Speaker 4: find this person has the authority to act on your behalf.

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Speaker 4: Now you may wonder, well, if I'm okay, why would

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Speaker 4: I do this? For example, Tiffany, you have a business partner,

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Speaker 4: so you may give him a business power of attorney general.

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Speaker 4: It would be a it would be a business not general,

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Speaker 4: but it would be durable, so it would take effect

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Speaker 4: the minute you sign it. He would be able to

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Speaker 4: make whatever decisions you specify in that document. So you

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Speaker 4: could say he can't enter into contracts up to a

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Speaker 4: million dollars up to five million. He can go and

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Speaker 4: close bank accounts, but he can't sell the business. Right,

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Speaker 4: so you would limit what he could do. But that

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Speaker 4: power of attorney would take effect the minute you sign it,

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Speaker 4: and then it would endure your incapacity. So if you

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Speaker 4: became incapacitated, he would still have the power, and then

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Speaker 4: it ends when you die or if you die. Okay,

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Speaker 4: So that's what a durable power of attorney is. A

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Speaker 4: general power of attorney only takes effect when you're incapacitated.

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Speaker 4: It's also called like a springing power of attorney. Now

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Speaker 4: for people who are just you know, for non business people.

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Speaker 4: You can have different types of power of attorney. You

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Speaker 4: can have a real estate one, so you could give

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Speaker 4: someone a very limited power of attorney so that they

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Speaker 4: could sign real estate documents on your behalf. So if

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Speaker 4: you're buying a home and you're going to be traveling

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Speaker 4: for work and you want someone else to sign all

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Speaker 4: of your closing documents, you can give that person a

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Speaker 4: real estate power of attorney. Now, the reason why you

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Speaker 4: would want it to just be a real estate power

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Speaker 4: of attorney is because that's the document that's giving somebody

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Speaker 4: the permission or the authority to sign on your behalf.

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Speaker 4: So it would be included with all of the closing documents,

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Speaker 4: and it would be public, So you wouldn't want like

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Speaker 4: your general power of attorney to be a public document.

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Speaker 4: So you could create a real estate one. You could

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Speaker 4: create one for your business. You could create one for

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Speaker 4: if you have five businesses, you could create one for

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Speaker 4: each business. You could create a tax power of attorney

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Speaker 4: so that somebody has the ability to talk to the

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Speaker 4: Irs or your state tax department on your behalf. You

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Speaker 4: can carve it out as much as you want, or

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Speaker 4: you can make it as broad as you want, but

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Speaker 4: everybody needs to have that document.

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Speaker 3: Oh where do we get one of those?

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Speaker 2: Yes?

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Speaker 3: Can I go to I've definitely like started maybe one

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Speaker 3: or two power as an attorney because at least once every

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Speaker 3: few years, I'm gonna get my life together and I'm

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Speaker 3: gonna I'm going to get one. But I never do,

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Speaker 3: but I'll like I started one on Rocket Lawyer. I

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Speaker 3: tried on Legal Zoom, but I've never really gone to

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Speaker 3: a real life attorney for that. And I don't know,

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Speaker 3: I don't know why. But what do you what do

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Speaker 3: you recommend?

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Speaker 4: There are two things. Some states have what's called a

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Speaker 4: statutory power of attorney, So the legislature of that state,

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Speaker 4: for some committee, probably fresh out of law school, law

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Speaker 4: students have drafted a power of attorney that would be

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Speaker 4: accepted in that state. They've done that free of charge,

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Speaker 4: and it's on some website. I have a list of

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Speaker 4: all of those states. I don't have it with me,

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Speaker 4: but I have a list of those states that have them.

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Speaker 4: If you live in one of those states, you could

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Speaker 4: go and download one of those, Like if you just

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Speaker 4: wanted to cover your basis right now, you could go

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Speaker 4: and download one of those. And most of the time

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Speaker 4: what those states will have are different types of powers

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Speaker 4: like the ones I just described, and then you can

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Speaker 4: just check whichever one you're giving to that person. So

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Speaker 4: I would do that before I would ever go to

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Speaker 4: Legal Zoom and Rocket Lawyer. The reason I say not

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Speaker 4: to go to those places, it's because what they're basically

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Speaker 4: doing is just giving you a really generic document. A

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Speaker 4: lot of the laws are updated in these states, a

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Speaker 4: lot of the laws are updated with the different institutions

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Speaker 4: that you could use power of attorneys with, and a

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Speaker 4: lot of those companies don't really give you instructions on

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Speaker 4: what is in the document and how to use it

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Speaker 4: and how to effectuate the document, meaning like how to

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Speaker 4: sign it to make sure is an actual document. So

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Speaker 4: I would definitely not recommend using any of those programs

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Speaker 4: for any estate planning documents, and a lot of core

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Speaker 4: have actually started to not accept those documents because they're

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Speaker 4: not being prepared by lawyers. It literally is just a

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Speaker 4: document system that you go in, you put your state,

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Speaker 4: and it generates a certain amount of text. So you

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Speaker 4: would be way better off using the one that your

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Speaker 4: state prepared because they had lawyers who were barred in

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Speaker 4: that state prepare it. The other option is to go

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Speaker 4: to a lawyer. Power of attorneys generally will cost you

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Speaker 4: about two fifty three four hundred dollars. I mean four

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Speaker 4: hundred would be the high end for a power of attorney. Generally,

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Speaker 4: they're about I think two fifty.

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Speaker 3: Here's another question, how do you pick your power of attorney?

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Speaker 3: You know what in my case, you know, I have

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Speaker 3: a husband and that kind of thing. But what are

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Speaker 3: some options, like what would be a good person to

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Speaker 3: you know it? Could it be a business partner or relative? Like,

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Speaker 3: how do you choose the right person? It's a big

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Speaker 3: it's a big deal.

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Speaker 4: Right, So it would depend on the type of power.

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Speaker 4: So if it's if it's a power for your business,

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Speaker 4: then yeah, you may choose your business, your business partner,

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Speaker 4: and then that power would be limited only to your business.

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Speaker 4: It would have to be someone who you trust, someone

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Speaker 4: who you believe would act on your behalf or act

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Speaker 4: in a way that you would act if you're incapacitated.

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Speaker 4: And what I always tell people is, don't pick someone

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Speaker 4: as your power and then don't tell them. Discuss with

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Speaker 4: them because surprise, right, Yeah, Like, so discuss with them

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Speaker 4: what you would want in certain situations, what your goals

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Speaker 4: are for certain things. So, for example, if you're making

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Speaker 4: someone a power of attorney for a home I mean

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Speaker 4: for a home purchase, you would obviously talk to them

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Speaker 4: about You're like, hey, I'm going off to wherever for

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Speaker 4: them or deal with my house issue. You would obviously

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Speaker 4: give them some boundaries, but ultimately you would just have

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Speaker 4: to trust that person and trust that they would do

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Speaker 4: what you would want, especially for the durable one, because

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Speaker 4: you would be incapacitated. And this document gives them the

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Speaker 4: ability to act on your behalf, and anything that they

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Speaker 4: sign would be binding unless they acted beyond the scope

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Speaker 4: of the document, or they defraud you know, somehow they

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Speaker 4: did something fraudulent, But other than that, you would be

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Speaker 4: you would be held responsible for anything that that person

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Speaker 4: signed on your behalf, So it would have to be

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Speaker 4: someone who you trust. It may not necessarily be a

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Speaker 4: family member. It could be a friend. And that's the

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Speaker 4: other thing that I tell people to really consider all

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Speaker 4: the time, or a lot of times, especially for single people,

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Speaker 4: because most of us are with our friends and people

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Speaker 4: who are in our age group right more than we

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Speaker 4: are with our family. But if something happens to you,

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Speaker 4: your friend would probably know I don't know, I mean,

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Speaker 4: depending on how close you are to your family. But

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Speaker 4: your friend would probably know which bank you bank with,

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Speaker 4: They would know who your who your landlord is, or

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Speaker 4: you know places you frequent and and things you order

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Speaker 4: you know, like places you order from, like your Netflix account,

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Speaker 4: or you know all of those things. Your friends would

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Speaker 4: probably know that better than your parents would. But if

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Speaker 4: you don't have a power of attorney and something happens

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Speaker 4: to you, your parents can't just you know, Let's say

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Speaker 4: your wallet is in your apartment and your bank card

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Speaker 4: is in there, and for some reason, your PIN number

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Speaker 4: is there with it. Your parents can't just go to

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Speaker 4: your bank account and take out money to pay your landlord.

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Speaker 4: That would be fraudulent. They would not have permission to

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Speaker 4: do that. So in order for your parents to get

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Speaker 4: any access or any of your next of ken, your brother,

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Speaker 4: or whoever to get access to any of your assets,

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Speaker 4: they would have to file a petition in court. That's

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Speaker 4: called a conservative a conservatorship petition. In order to do that,

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Speaker 4: they're going to have to hire a lawyer. Whenever a

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Speaker 4: lawyer has to file a document in court. We've gone

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Speaker 4: now from the two point fifty or even the five

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Speaker 4: hundred for the POA to at least three or four

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Speaker 4: thousand dollars. And then we're dealing with the court. So

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Speaker 4: it's not like they're going to be like, oh, this

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Speaker 4: person needs to pay Mand's you know, Mandid's mom needs

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Speaker 4: to pay her rent. Let's get her in here right away.

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Speaker 4: It doesn't happen that way. The court has a docket, right,

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Speaker 4: so you just fit in wherever you can. The probably

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Speaker 4: the quickest emergency hearing you could get would be like

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Speaker 4: a Friday or something. Right, and then in order for

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Speaker 4: you to become a conservator of anybody's money or assets,

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Speaker 4: you have to get what's called a bond. It's like insurance,

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Speaker 4: because they don't want somebody for the person who is

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Speaker 4: incapacitated to come back and sue either you or the court,

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Speaker 4: it would be a mess. So you're basically getting insurance

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Speaker 4: to be able to manage this person's funny, Well, the

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Speaker 4: court doesn't offer that, so you have to go to

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Speaker 4: a special company made just for this to buy this

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Speaker 4: conservative conservatorship insurance, and they have their own requirements. Sometimes

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Speaker 4: they require that you get a lawyer. So even if

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Speaker 4: you're trying to do this by yourself, which sometimes you

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Speaker 4: know a lot of courts will have these forms online

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Speaker 4: and you're like, Okay, I'm going to try to do

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Speaker 4: this myself. Once you get to that stage, they may

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Speaker 4: require that you hire a lawyer because they figure your

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Speaker 4: chances of not screwing this up or way less if

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Speaker 4: you have a lawyer who's guiding you through the process.

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Speaker 4: Sometimes they do a credit check. Sometimes they require that

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Speaker 4: the person seeking the bond be a US citizen, not

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Speaker 4: even a resident, a US citizen. Sometimes they bar people

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Speaker 4: who have criminal records. So I've I've had estates where

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Speaker 4: no one in the estate, no relative, could qualify to

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Speaker 4: be a personal representative, so they literally could not probate

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Speaker 4: the estate either because they couldn't hire a lawyer, or

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Speaker 4: they somebody was a felon, or somebody was a non citizen,

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Speaker 4: and it's crazy, right, What you need to do is

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Speaker 4: to just get a POA. POA waives all of that stuff.

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Speaker 3: And does it apply to your your spouse as well,

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Speaker 3: that they won't be able to access those accounts on

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Speaker 3: your behalf.

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Speaker 4: Unless yeah, unless they are listed on your account as

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Speaker 4: a joint owner. Now again, we're talking about incapacity mm hmm.

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Speaker 4: With death. If you're so with death, if you're bank

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Speaker 4: account is under a certain amount, depending on the state,

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Speaker 4: depending on the bank, your spouse may be able to

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Speaker 4: access some of that money because they're your next of ken,

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Speaker 4: or your parents may be able to, or your your

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Speaker 4: child may be able to. But that's only if you die.

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Speaker 2: Mm. So the limbo is what we're talking about. I

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Speaker 2: say that, yeah, and people plan for death, if they're

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Speaker 2: going to plan at all, they typically plan for death, don't.

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Speaker 2: They don't plan for.

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Speaker 4: The in between exactly exactly. So that's why I always

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Speaker 4: shay the power and the power of attorney is not

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Speaker 4: a document you need when you're sick, Like you could

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Speaker 4: be traveling and you could need somebody to sign something

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Speaker 4: for you. Or you could need someone to speak to

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Speaker 4: someone on your behalf. So it's a document that you

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Speaker 4: should have regardless of your age, your marital status, your

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Speaker 4: your family status, whether or not you have children, young children,

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Speaker 4: you know, whatever, like you should. Everybody should just have

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Speaker 4: this document, especially if you're in a state that I

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Speaker 4: did one for you. There's no reason to have to

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Speaker 4: not have it.

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Speaker 3: Okay, So that's power of attorney.

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Speaker 4: You would pay is well worth it?

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Speaker 2: Okay?

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Speaker 3: Sorry, can you say that again. I talked over you.

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Speaker 4: I said the two fifty you would pay or three

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Speaker 4: hundred or five hundred even let's just say five hundred,

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Speaker 4: it would be well worth it.

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Speaker 2: Okay, Okay, so power of attorney check, we need that.

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Speaker 3: What's next? We then number two and so.

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Speaker 4: Okay, So the next thing is a little bit. I

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Speaker 4: think it's controversial because and I'm talking about life insurance. Now,

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Speaker 4: I will say that I don't sell life insurance. I

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Speaker 4: don't know too many of the requirements and what's good

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Speaker 4: and what's not. But I want people to think of

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Speaker 4: life insurance in a different way than just well, I

395
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Speaker 4: don't have I don't have any children, I don't have

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Speaker 4: anybody to leave anything to. I don't own anything. What's

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Speaker 4: the point of me paying X amount per month and

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Speaker 4: leaving all this money? Who am I going to leave

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Speaker 4: it to? And so I think that the number one

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Speaker 4: thing that people say to me when I say everybody

401
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Speaker 4: should have an estate plan is but I don't own anything.

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Speaker 4: What am I going to leave behind? And I always say,

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Speaker 4: you have a life, don't you go get life insurance?

404
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Speaker 4: Ensure your life? Because what people don't, when people don't

405
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Speaker 4: really think about is think about the enrichment. And I

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Speaker 4: know this is going to say, doun a little bit crass,

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Speaker 4: but think about the enrichment that you bring to people's lives,

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Speaker 4: most of us, right, and then like think about that

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Speaker 4: just disappearing and how you can make up for that.

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Speaker 4: And when I talk about the enrichment, yes, we all

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Speaker 4: you know, we have people who love us. We love people,

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Speaker 4: but like for a lot of us who probably make

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Speaker 4: more the most money in our family, or who went

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Speaker 4: to college and got that job, like, imagine how much

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Speaker 4: money we would contribute to our community over our entire

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Speaker 4: lives and then for that to just be gone and

417
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Speaker 4: then there's no replacement for it. That's how I look

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Speaker 4: at it. And I think that people should use life

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Speaker 4: insurance as a way to create a legacy for our community.

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Speaker 4: And when I say our community, I mean the Black community,

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Speaker 4: because say it well, because one we are way behind

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Speaker 4: when it comes to generational wealth. I mean I've talked

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Speaker 4: about this on my podcast. There was a study that

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Speaker 4: came out last year in February that basically said that

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Speaker 4: the college adult, the white college adult, has seven point

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Speaker 4: two times more income access to income than the college

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Speaker 4: adult who was black. Seven point they both went to college,

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Speaker 4: but the white person has seven point two times more income.

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Speaker 4: And then another statistic was that a single parent white home,

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Speaker 4: a white single parent home, has two point two times

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Speaker 4: more income than a two parent black home. Because white

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Speaker 4: people have had a head start on building generational wealth.

433
00:25:48,520 --> 00:25:51,640
Speaker 4: And when you look back to like the nineteen seventies,

434
00:25:51,680 --> 00:25:53,159
Speaker 4: and the reason for this is when you look back

435
00:25:53,160 --> 00:25:55,879
Speaker 4: to the nineteen seventies and white people had a chance

436
00:25:55,960 --> 00:25:59,280
Speaker 4: to buy homes for really low mortgages, they were able

437
00:25:59,320 --> 00:26:02,840
Speaker 4: to get really low interest rates, whereas black people weren't

438
00:26:02,840 --> 00:26:05,960
Speaker 4: even able to like buy homes period. And you take

439
00:26:06,000 --> 00:26:09,040
Speaker 4: that one home, just at one home, they didn't leave

440
00:26:09,080 --> 00:26:11,600
Speaker 4: millions of dollars. You just take that one home and

441
00:26:11,640 --> 00:26:15,200
Speaker 4: you leave it free and clear to the next generation.

442
00:26:15,840 --> 00:26:18,200
Speaker 4: And I always tell people like, imagine if you could

443
00:26:18,200 --> 00:26:22,359
Speaker 4: go two years without paying rent, Like how much money

444
00:26:22,400 --> 00:26:25,200
Speaker 4: you would save just by not having to pay rent.

445
00:26:25,920 --> 00:26:29,359
Speaker 4: And so this wealth has compounded year after year. And

446
00:26:29,440 --> 00:26:32,720
Speaker 4: what this study was saying is that the only way

447
00:26:32,760 --> 00:26:35,840
Speaker 4: we can make up this gap. Going to college not

448
00:26:35,920 --> 00:26:39,200
Speaker 4: going to help. Being in a two parent home not

449
00:26:39,240 --> 00:26:43,160
Speaker 4: going to help all these things. Being more educated, it's

450
00:26:43,200 --> 00:26:46,000
Speaker 4: not going to close the wealth gap because black people

451
00:26:46,080 --> 00:26:49,520
Speaker 4: aren't passing wealth down, Like, the only way the next

452
00:26:49,560 --> 00:26:53,040
Speaker 4: generation gets better is if they have something to start with.

453
00:26:53,400 --> 00:26:57,520
Speaker 4: So it's like starting from zero every single year. It's

454
00:26:57,520 --> 00:26:59,920
Speaker 4: like every year you build up your business and then

455
00:27:00,080 --> 00:27:02,679
Speaker 4: January first comes around and there's like two of you.

456
00:27:03,080 --> 00:27:05,720
Speaker 4: It's like business person number one, business person number two.

457
00:27:06,000 --> 00:27:09,159
Speaker 4: You build up your business all year, January one comes around,

458
00:27:09,440 --> 00:27:11,560
Speaker 4: they take everything away from you and they leave this

459
00:27:11,640 --> 00:27:14,480
Speaker 4: other person with their business and they say and they

460
00:27:14,560 --> 00:27:17,600
Speaker 4: say start over, And you're like wondering, how come I

461
00:27:17,640 --> 00:27:19,719
Speaker 4: can't ever catch up to this person. You could make

462
00:27:19,800 --> 00:27:22,280
Speaker 4: millions of dollars, you still would be behind.

463
00:27:21,920 --> 00:27:23,879
Speaker 2: You know what I mean, because you've never passed it.

464
00:27:23,960 --> 00:27:26,639
Speaker 4: On because you're not passing it down right. So what

465
00:27:26,680 --> 00:27:29,240
Speaker 4: I tell people is when you think about life insurance, like,

466
00:27:29,320 --> 00:27:34,360
Speaker 4: think about the income that our community would be losing

467
00:27:35,280 --> 00:27:38,040
Speaker 4: if you were to die, if your life were to

468
00:27:38,080 --> 00:27:42,840
Speaker 4: be cut short. Think about your children and how much

469
00:27:42,920 --> 00:27:45,480
Speaker 4: it would help them even if you left them fifty

470
00:27:45,560 --> 00:27:49,280
Speaker 4: thousand dollars. You know, people think like, oh, you know,

471
00:27:49,320 --> 00:27:51,840
Speaker 4: who needs twenty five or fifty thousand or one hundred

472
00:27:51,880 --> 00:27:54,159
Speaker 4: thousand dollars. You know. I was talking to somebody the

473
00:27:54,240 --> 00:27:57,720
Speaker 4: other day and they're like, for every aunt or uncle

474
00:27:57,840 --> 00:28:00,639
Speaker 4: or relative I've ever lost, if I got five thousan dollars,

475
00:28:01,000 --> 00:28:02,280
Speaker 4: I would be pretty well loft.

476
00:28:02,480 --> 00:28:06,240
Speaker 2: Yeah, you know, like they're like when I was in

477
00:28:06,720 --> 00:28:08,800
Speaker 2: when I visited Nigeria for the first time, I was

478
00:28:09,000 --> 00:28:12,600
Speaker 2: twenty one, right after college, and I remember there's one

479
00:28:12,720 --> 00:28:16,520
Speaker 2: uncle in the village who was like wealthy. Like my parents' villages,

480
00:28:16,560 --> 00:28:19,240
Speaker 2: they't they didn't really have much money, like no running water,

481
00:28:19,320 --> 00:28:22,440
Speaker 2: everybody was still going to the stream and no electricity.

482
00:28:22,640 --> 00:28:25,240
Speaker 2: But there was one uncle that was like lit, I

483
00:28:25,280 --> 00:28:28,919
Speaker 2: mean like car on the dirt road everything. And I

484
00:28:29,040 --> 00:28:32,000
Speaker 2: was asking my dad, how why is this one uncle?

485
00:28:32,080 --> 00:28:35,280
Speaker 2: And I used the word uncle loosely, because I have

486
00:28:35,359 --> 00:28:36,720
Speaker 2: no idea if he was related to us or not.

487
00:28:36,840 --> 00:28:38,800
Speaker 2: Just everyone's in the uncle. That's just how you say

488
00:28:38,840 --> 00:28:41,520
Speaker 2: mister or missus. So I was like how, and my

489
00:28:41,640 --> 00:28:46,120
Speaker 2: dad said his grandfather thought of him, And I said how.

490
00:28:46,160 --> 00:28:48,040
Speaker 2: He's like, do you see on his land that he

491
00:28:48,040 --> 00:28:50,840
Speaker 2: has all of these palm trees? And palm oil is

492
00:28:50,880 --> 00:28:55,040
Speaker 2: a very expensive oil and very desired oil in Africa,

493
00:28:55,360 --> 00:28:57,640
Speaker 2: And it takes one hundred years from my understanding for

494
00:28:57,680 --> 00:29:01,240
Speaker 2: a palm tree after planting too much sure to reap

495
00:29:02,640 --> 00:29:05,840
Speaker 2: palm seeds that make palm oil. One hundred years. He said,

496
00:29:05,920 --> 00:29:08,840
Speaker 2: someone thought of him before he was born and planted

497
00:29:09,120 --> 00:29:12,800
Speaker 2: palm oil trees, knowing that they would never in their

498
00:29:12,840 --> 00:29:15,200
Speaker 2: lifetime benefit from planting these treet That's why most people

499
00:29:15,200 --> 00:29:17,240
Speaker 2: don't do it. So they planted these and this man

500
00:29:17,280 --> 00:29:21,000
Speaker 2: now has you know, acres of palm oil trees and

501
00:29:21,080 --> 00:29:23,239
Speaker 2: he this is what he lives off. Was because it's

502
00:29:23,280 --> 00:29:25,760
Speaker 2: such an expense. And I remember that hitting me like

503
00:29:26,160 --> 00:29:29,800
Speaker 2: that's that was life insurance. His grandfather bought life insurance

504
00:29:29,840 --> 00:29:32,800
Speaker 2: for his future grandson, and as a result, he's wealthy,

505
00:29:32,800 --> 00:29:34,520
Speaker 2: and so will his kids and his kids' kids and

506
00:29:34,560 --> 00:29:35,440
Speaker 2: his kids kids.

507
00:29:35,240 --> 00:29:38,200
Speaker 4: Be right right. And that's the thing, like we don't

508
00:29:38,200 --> 00:29:40,280
Speaker 4: think about it because it's like, well, I'm not gonna

509
00:29:40,320 --> 00:29:43,880
Speaker 4: benefit and it's like, yeah, but what if somebody had

510
00:29:43,920 --> 00:29:46,640
Speaker 4: thought about you? You know what I mean? Like, what

511
00:29:46,720 --> 00:29:49,880
Speaker 4: if somebody had thought about you and had created a

512
00:29:49,960 --> 00:29:53,560
Speaker 4: trust for you? And we're paying your rent right now?

513
00:29:53,680 --> 00:29:57,840
Speaker 4: And you know, I was watching Sister Act too last night.

514
00:29:58,160 --> 00:30:01,480
Speaker 4: Don't ask why, Pross, but you know the one with

515
00:30:01,680 --> 00:30:04,320
Speaker 4: Lauren Hill and her mom didn't want her to sing

516
00:30:04,360 --> 00:30:07,480
Speaker 4: and her mom kept telling her how it's a dead

517
00:30:07,560 --> 00:30:10,600
Speaker 4: and job. And you know, obviously this girl, Lauren Hill

518
00:30:10,640 --> 00:30:14,520
Speaker 4: has this amazing, beautiful voice, and you know, I kept

519
00:30:14,560 --> 00:30:16,640
Speaker 4: thinking about it. I don't know if it's because this

520
00:30:16,680 --> 00:30:19,160
Speaker 4: podcast was coming up, but I was like, here, we

521
00:30:19,280 --> 00:30:22,920
Speaker 4: have a girl who has this amazing voice, and her

522
00:30:22,920 --> 00:30:26,200
Speaker 4: mom is stifling her because she wants her to go

523
00:30:26,280 --> 00:30:28,800
Speaker 4: and get a job, because she wants her to be

524
00:30:28,880 --> 00:30:32,200
Speaker 4: able to support her own self, because she knows as

525
00:30:32,240 --> 00:30:36,280
Speaker 4: her mom, she can't do it. And it's like how

526
00:30:36,320 --> 00:30:40,760
Speaker 4: many dreams? How many? Like my greatest accomplishment would be

527
00:30:41,080 --> 00:30:46,120
Speaker 4: if my son, who's three years old, could be a teacher,

528
00:30:46,360 --> 00:30:49,480
Speaker 4: making a fifty thousand dollars salary and still be able

529
00:30:49,480 --> 00:30:52,680
Speaker 4: to afford a deep a house you know where we live,

530
00:30:52,720 --> 00:30:55,640
Speaker 4: which is Western Virginia, which is you know, average five

531
00:30:55,720 --> 00:30:58,719
Speaker 4: hundred thousand dollars. So for him to be making a

532
00:30:58,720 --> 00:31:02,600
Speaker 4: fifty thousand dollars sala and still be able to easily

533
00:31:02,960 --> 00:31:05,960
Speaker 4: afford a five hundred thousand dollars house, that will never

534
00:31:06,000 --> 00:31:09,840
Speaker 4: be me. I have to be the one going out

535
00:31:09,840 --> 00:31:11,800
Speaker 4: there and making that much money because no one left

536
00:31:11,800 --> 00:31:14,000
Speaker 4: it for me. But I don't want him to be

537
00:31:14,040 --> 00:31:16,600
Speaker 4: in that position. I don't want his kids like this

538
00:31:16,640 --> 00:31:19,480
Speaker 4: house that I own. He one day it's going to

539
00:31:19,520 --> 00:31:22,440
Speaker 4: have it free and clear, and his kids or him

540
00:31:22,720 --> 00:31:25,920
Speaker 4: or whoever will have a place to say and not

541
00:31:26,000 --> 00:31:28,280
Speaker 4: have to pay rent. Like that's how I see it,

542
00:31:28,320 --> 00:31:31,760
Speaker 4: because I've been around people who are in those positions

543
00:31:32,040 --> 00:31:34,440
Speaker 4: and I see how easy their life is, and it's like,

544
00:31:34,600 --> 00:31:38,080
Speaker 4: I want my kid's life to be easy. So when

545
00:31:38,120 --> 00:31:40,560
Speaker 4: you think about life insurance, if you don't if you

546
00:31:40,560 --> 00:31:44,800
Speaker 4: don't have actual savings that you can leave on, get

547
00:31:44,840 --> 00:31:49,360
Speaker 4: a life insurance policy and think about who in your community,

548
00:31:49,440 --> 00:31:53,400
Speaker 4: whether that's your immediate family, your extended family, or your

549
00:31:53,480 --> 00:31:57,120
Speaker 4: actual community, and one of the things I always talk about,

550
00:31:57,120 --> 00:31:59,640
Speaker 4: and I think this is something you mentioned before, tiffany

551
00:31:59,640 --> 00:32:02,000
Speaker 4: where you're like, even if you don't want to be

552
00:32:02,040 --> 00:32:06,160
Speaker 4: a millionaire, make the million, keep your one hundred thousand

553
00:32:06,200 --> 00:32:09,360
Speaker 4: dollars and give the nine hundred thousand dollars away, and

554
00:32:09,400 --> 00:32:14,160
Speaker 4: you're going to give it to some organization that all

555
00:32:14,200 --> 00:32:18,040
Speaker 4: the other benefactors or patriarchs or whoever they're called, the

556
00:32:18,040 --> 00:32:21,320
Speaker 4: people who give money benefactors are not going to think

557
00:32:21,320 --> 00:32:26,600
Speaker 4: about maybe there's a homeless shelter in your neighborhood that

558
00:32:26,880 --> 00:32:29,640
Speaker 4: is not going to be left in the will of

559
00:32:30,640 --> 00:32:35,360
Speaker 4: you know, some super rich person. Right, maybe you could

560
00:32:35,440 --> 00:32:37,959
Speaker 4: leave fifty thousand dollars to them to keep them running.

561
00:32:38,160 --> 00:32:40,560
Speaker 4: And the reason you know about them is because it's

562
00:32:40,600 --> 00:32:43,520
Speaker 4: in your community. Maybe someone you know who you went

563
00:32:43,560 --> 00:32:46,200
Speaker 4: to school with, or someone in your family had to

564
00:32:46,360 --> 00:32:49,400
Speaker 4: use that shelter at some point. I mean, like look

565
00:32:49,400 --> 00:32:53,600
Speaker 4: at Prince right, the Purple One. Yes, he died with

566
00:32:53,720 --> 00:32:56,240
Speaker 4: a three million dollar estate, and a lot of people

567
00:32:56,280 --> 00:32:58,080
Speaker 4: are like, oh, you know, you're trying to say that

568
00:32:58,120 --> 00:33:01,600
Speaker 4: black people don't have money, and no, I'm just saying

569
00:33:01,640 --> 00:33:03,760
Speaker 4: we don't think about estate planning, and like when you

570
00:33:03,760 --> 00:33:07,520
Speaker 4: think about someone like him, who fought so hard during

571
00:33:07,600 --> 00:33:13,400
Speaker 4: his life to protect his music, his image, and to

572
00:33:13,880 --> 00:33:19,720
Speaker 4: own it. He provided for nothing nothing. So his sister,

573
00:33:19,960 --> 00:33:22,160
Speaker 4: who it looks like is going to inherit his estate,

574
00:33:22,280 --> 00:33:25,520
Speaker 4: could literally sell it. She could sell it to justin Timberlake,

575
00:33:27,480 --> 00:33:30,760
Speaker 4: which would be like the greatest tragedy ever. Right, but

576
00:33:31,280 --> 00:33:37,239
Speaker 4: he could no, I mean like and Prince would be

577
00:33:37,280 --> 00:33:40,080
Speaker 4: turning over in his grave. And then look at all

578
00:33:40,160 --> 00:33:46,120
Speaker 4: of the other programs or our organizations that he donated

579
00:33:46,160 --> 00:33:49,240
Speaker 4: money to. They're not gonna get any of that money

580
00:33:49,600 --> 00:33:51,360
Speaker 4: he could have if he made a will. He could

581
00:33:51,360 --> 00:33:53,440
Speaker 4: have put in his will. I want my entire estate

582
00:33:53,480 --> 00:33:56,400
Speaker 4: to go to the Boys and Girls Club in Paisley,

583
00:33:56,440 --> 00:33:57,240
Speaker 4: wherever he lived.

584
00:33:57,680 --> 00:34:01,240
Speaker 3: Can't believe he didn't. What not such a tragic, right,

585
00:34:01,880 --> 00:34:02,640
Speaker 3: because think.

586
00:34:02,480 --> 00:34:05,960
Speaker 4: About all the money, all the money our community could

587
00:34:06,000 --> 00:34:09,480
Speaker 4: have been getting, because we just look at what he

588
00:34:09,960 --> 00:34:14,799
Speaker 4: donated money to when he was alive. He held a

589
00:34:15,239 --> 00:34:21,120
Speaker 4: concert in Baltimore during the Freddie Gray riots. Right, So

590
00:34:21,280 --> 00:34:24,040
Speaker 4: like that kind of money would have been so helpful,

591
00:34:24,120 --> 00:34:26,680
Speaker 4: you know what I mean. So I think people like

592
00:34:26,719 --> 00:34:29,040
Speaker 4: you said, Mandy, like we need to stop thinking one

593
00:34:29,280 --> 00:34:33,200
Speaker 4: is not benefiting us, but we should start really thinking about, like,

594
00:34:33,400 --> 00:34:37,560
Speaker 4: how can we pass this down and make life easier

595
00:34:37,600 --> 00:34:42,040
Speaker 4: because black people now are making more money than we've

596
00:34:42,120 --> 00:34:46,880
Speaker 4: ever made in history. We are more educated than we've

597
00:34:46,960 --> 00:34:50,640
Speaker 4: ever been educated in history. But none of that is

598
00:34:50,680 --> 00:34:54,560
Speaker 4: going to close the wealth gap if we don't pass

599
00:34:54,680 --> 00:34:57,239
Speaker 4: this money down and you cannot take it with you

600
00:34:57,680 --> 00:35:00,400
Speaker 4: when you go. Rather, they say you never a U

601
00:35:00,440 --> 00:35:02,600
Speaker 4: haul following a hearse right.

602
00:35:03,719 --> 00:35:09,840
Speaker 3: Unless you're an Egyptian. But well, like practically speaking, tell me, okay,

603
00:35:09,880 --> 00:35:13,000
Speaker 3: so you know, when we spoke before, you'd mentioned, you know,

604
00:35:13,160 --> 00:35:16,719
Speaker 3: leaving something to a nonprofit if you wanted to, practically

605
00:35:16,800 --> 00:35:18,839
Speaker 3: how do you make sure that a you know, a

606
00:35:19,000 --> 00:35:21,480
Speaker 3: nonprofit or a charity or you know, like a non

607
00:35:21,600 --> 00:35:25,399
Speaker 3: human person or organization can get the can get the

608
00:35:25,600 --> 00:35:27,040
Speaker 3: whatever funds you leave behind.

609
00:35:28,040 --> 00:35:30,600
Speaker 4: So you would you could do that two ways. You

610
00:35:30,640 --> 00:35:32,839
Speaker 4: could put it in your will. So your will is

611
00:35:32,880 --> 00:35:36,799
Speaker 4: how you dispose of your assets. Now, the only thing

612
00:35:36,800 --> 00:35:39,399
Speaker 4: with the will is that the will is public. So

613
00:35:39,520 --> 00:35:44,680
Speaker 4: anything sorry, So anything you put in your will, once

614
00:35:44,719 --> 00:35:46,960
Speaker 4: it's filed with the court after you die, it has

615
00:35:47,000 --> 00:35:49,200
Speaker 4: to be produced to the court, and once it's filed,

616
00:35:49,320 --> 00:35:53,080
Speaker 4: it will become public. And the court is going to

617
00:35:53,120 --> 00:35:55,279
Speaker 4: have to manage it. And because you're going to have

618
00:35:55,320 --> 00:35:57,239
Speaker 4: to keep going back to court, there going to be

619
00:35:57,320 --> 00:36:01,600
Speaker 4: a lot of fees, there's a lot of delay because

620
00:36:01,600 --> 00:36:05,480
Speaker 4: you're on the court's time. So the best way to

621
00:36:05,520 --> 00:36:09,640
Speaker 4: do that is to create a will and then pour

622
00:36:09,800 --> 00:36:16,160
Speaker 4: over all of your assets from your estate into a trust.

623
00:36:17,600 --> 00:36:21,080
Speaker 4: And the trust so when you hear trust fund, that's

624
00:36:21,080 --> 00:36:25,439
Speaker 4: where it comes from. The trust is an agreement between you,

625
00:36:25,560 --> 00:36:29,800
Speaker 4: who creates it, and the trustee. So you would appoint

626
00:36:29,880 --> 00:36:33,640
Speaker 4: a trustee to manage the trust, and the trust is

627
00:36:33,680 --> 00:36:36,640
Speaker 4: a private document, so the will would still go to

628
00:36:36,680 --> 00:36:39,239
Speaker 4: the court. But all I would say is, you know,

629
00:36:39,280 --> 00:36:41,000
Speaker 4: you have to say your name, have to say where

630
00:36:41,040 --> 00:36:43,359
Speaker 4: you live, you have to you know, put some other

631
00:36:43,400 --> 00:36:46,319
Speaker 4: boilerplate language in there about your debts, and you have

632
00:36:46,400 --> 00:36:50,160
Speaker 4: to name a personal representative or executor or administrator depending

633
00:36:50,200 --> 00:36:53,680
Speaker 4: on what state you're in. And then you would say,

634
00:36:53,760 --> 00:36:58,239
Speaker 4: I leave all of my assets to the trustee of

635
00:36:58,280 --> 00:37:00,400
Speaker 4: the art Steel Trust, and that would be the end

636
00:37:00,400 --> 00:37:02,680
Speaker 4: of your will. You would sign it and then that

637
00:37:02,719 --> 00:37:06,040
Speaker 4: would be it okay, and then all of your disposition,

638
00:37:06,680 --> 00:37:08,880
Speaker 4: I leave one hundred thousand dollars to the Boys and

639
00:37:08,880 --> 00:37:11,719
Speaker 4: Girls Club, I leave you know, a million dollars to

640
00:37:11,800 --> 00:37:16,080
Speaker 4: plan parenthood. I leave x amount to the Literature Academy.

641
00:37:16,120 --> 00:37:22,280
Speaker 4: I leave Baby Brown Ambition podcast. All of that would

642
00:37:22,280 --> 00:37:25,319
Speaker 4: be in your trust. Now, in the trust, you can

643
00:37:25,400 --> 00:37:29,759
Speaker 4: leave outright gifts, meaning once the trustee goes through all

644
00:37:29,840 --> 00:37:32,960
Speaker 4: of your debts and gathers and inventory of all of

645
00:37:32,960 --> 00:37:36,000
Speaker 4: your assets, they would give that one hundred thousand dollars

646
00:37:36,080 --> 00:37:39,359
Speaker 4: to whoever you named, or so that would be an

647
00:37:39,360 --> 00:37:41,520
Speaker 4: outright gift. You give them their money and they go,

648
00:37:42,200 --> 00:37:46,359
Speaker 4: or the trustee could put some conditions on the distribution.

649
00:37:47,120 --> 00:37:49,640
Speaker 4: Now that's the one that you're normally going to do

650
00:37:49,800 --> 00:37:53,960
Speaker 4: for your family or for younger children, because you don't

651
00:37:53,960 --> 00:37:58,160
Speaker 4: want to leave them that money outright. Now. If you

652
00:37:58,200 --> 00:38:02,239
Speaker 4: have minor children, you definitely want to consider how you

653
00:38:02,280 --> 00:38:04,480
Speaker 4: want to leave the money to them if you draft

654
00:38:04,480 --> 00:38:08,120
Speaker 4: your will when they're still minors. Now, if you don't

655
00:38:08,239 --> 00:38:09,920
Speaker 4: leave a will, if you don't have a will and

656
00:38:09,960 --> 00:38:12,400
Speaker 4: you have minor children and you die without a will,

657
00:38:13,600 --> 00:38:17,680
Speaker 4: what's going to happen is the court is going to

658
00:38:17,719 --> 00:38:21,239
Speaker 4: appoint someone to take care of that child's money, but

659
00:38:21,400 --> 00:38:24,760
Speaker 4: only until the child reaches the age of majority. Which

660
00:38:24,840 --> 00:38:27,799
Speaker 4: in most states is eighteen and I think probably only

661
00:38:27,840 --> 00:38:32,640
Speaker 4: one maybe Connecticut it's twenty one. So if you don't

662
00:38:32,680 --> 00:38:36,200
Speaker 4: plan properly, so if you don't leave a will at all,

663
00:38:36,320 --> 00:38:39,080
Speaker 4: and you have all this money in life insurance, right,

664
00:38:39,760 --> 00:38:42,320
Speaker 4: that life insurance policy won't pay the money to the

665
00:38:42,440 --> 00:38:47,000
Speaker 4: child because children can't hold legal title to property meaning money,

666
00:38:48,560 --> 00:38:53,280
Speaker 4: So they won't pay any of that out until someone

667
00:38:53,400 --> 00:38:57,359
Speaker 4: goes to court and gets a court order and takes

668
00:38:57,400 --> 00:39:00,600
Speaker 4: it to the life insurance company, and then they will

669
00:39:00,600 --> 00:39:04,000
Speaker 4: pay that money. So now we have the same problem again.

670
00:39:04,440 --> 00:39:07,279
Speaker 4: In order for that person to get the conservatorship over

671
00:39:07,320 --> 00:39:10,040
Speaker 4: the child's money, they have to file a petition. They

672
00:39:10,040 --> 00:39:11,880
Speaker 4: have to get a bond. In order for them to

673
00:39:11,920 --> 00:39:14,880
Speaker 4: get the bond, the bond company has its own requirements,

674
00:39:14,880 --> 00:39:17,760
Speaker 4: which are all the requirements that I repeated to you earlier.

675
00:39:18,040 --> 00:39:23,000
Speaker 4: I've also seen situations where parent leaves money to child

676
00:39:23,360 --> 00:39:26,920
Speaker 4: in a life insurance policy. Either they name the child

677
00:39:26,960 --> 00:39:30,080
Speaker 4: directly and the child is a minor or. They don't

678
00:39:30,160 --> 00:39:32,960
Speaker 4: leave any beneficiary on the life insurance but the child

679
00:39:33,040 --> 00:39:34,840
Speaker 4: is their only kin, so all of it goes to

680
00:39:34,920 --> 00:39:37,839
Speaker 4: the child and it is not paid out. The child

681
00:39:37,960 --> 00:39:40,439
Speaker 4: might be eight to nine years old. It's not paid

682
00:39:40,440 --> 00:39:43,759
Speaker 4: out until the child turns eighteen because no one could

683
00:39:43,840 --> 00:39:49,800
Speaker 4: qualify to be the conservator of that money. It's crazy,

684
00:39:50,160 --> 00:39:53,600
Speaker 4: and you just think about how different that child's life

685
00:39:53,960 --> 00:39:57,239
Speaker 4: could be if they had that money. So now you're

686
00:39:57,239 --> 00:40:00,200
Speaker 4: going to hold the life insurance policy. The life surance

687
00:40:00,239 --> 00:40:01,600
Speaker 4: company is going to hold on to this money for

688
00:40:01,640 --> 00:40:04,319
Speaker 4: eight nine years. Who knows what they're putting it in.

689
00:40:04,640 --> 00:40:08,120
Speaker 4: They have some fiduciary duty, but it could be a

690
00:40:08,200 --> 00:40:10,960
Speaker 4: million dollars or whatever. And you have your eighteen year

691
00:40:11,000 --> 00:40:13,759
Speaker 4: old child inheriting this money when they're all this money

692
00:40:13,760 --> 00:40:20,680
Speaker 4: when they're eighteen. So there's more than just one step, right.

693
00:40:20,800 --> 00:40:24,040
Speaker 4: So it's great to get life insurance, but make sure

694
00:40:24,080 --> 00:40:26,560
Speaker 4: you plan for that life insurance so that it does

695
00:40:26,600 --> 00:40:29,760
Speaker 4: go from generation to generation. You can set your trust

696
00:40:29,840 --> 00:40:34,320
Speaker 4: up where your child can have access to those funds

697
00:40:34,719 --> 00:40:39,359
Speaker 4: for their life, and then when they die, you know

698
00:40:39,680 --> 00:40:43,040
Speaker 4: their children can have access to it. You don't have

699
00:40:43,160 --> 00:40:46,520
Speaker 4: to always give all of your gifts outright. You could

700
00:40:46,520 --> 00:40:51,520
Speaker 4: put in there that a nonprofit can get five thousand

701
00:40:51,600 --> 00:40:54,759
Speaker 4: dollars a year every year for as long as this

702
00:40:54,880 --> 00:40:58,200
Speaker 4: trust is keeps going. There's money in the trust so

703
00:40:58,239 --> 00:41:01,480
Speaker 4: you don't have to give it outright to organization and.

704
00:41:01,480 --> 00:41:04,680
Speaker 3: All of this, all everything we're talking about power of

705
00:41:04,719 --> 00:41:09,880
Speaker 3: attorney making sure you have your life insurance, your your will,

706
00:41:10,320 --> 00:41:13,160
Speaker 3: your trust, anything like that. Is that all those things

707
00:41:13,160 --> 00:41:15,720
Speaker 3: are covered or would be able to be covered by

708
00:41:15,840 --> 00:41:17,200
Speaker 3: an estate planning attorney.

709
00:41:17,239 --> 00:41:18,200
Speaker 4: Is that right? Yes?

710
00:41:18,360 --> 00:41:20,000
Speaker 3: Yeah, they could manage it all for you and make

711
00:41:20,000 --> 00:41:21,520
Speaker 3: sure it because that My fear is like I get

712
00:41:21,520 --> 00:41:23,359
Speaker 3: all this stuff done and it's like in Google docs

713
00:41:23,360 --> 00:41:24,880
Speaker 3: and I have some of it saved to my email

714
00:41:25,480 --> 00:41:27,960
Speaker 3: and it's like all over the place, so wanting and

715
00:41:28,000 --> 00:41:30,480
Speaker 3: then wanting a safe place to keep everything and someone

716
00:41:30,480 --> 00:41:32,920
Speaker 3: I can trust to, like, you know, have my documents

717
00:41:32,960 --> 00:41:35,440
Speaker 3: together so I don't have to think about them and

718
00:41:35,800 --> 00:41:38,600
Speaker 3: you know, when the time comes, my loved ones will

719
00:41:38,640 --> 00:41:40,320
Speaker 3: know where to get all that information.

720
00:41:41,400 --> 00:41:41,600
Speaker 1: Right.

721
00:41:41,760 --> 00:41:44,400
Speaker 4: So, so the way that I do it, whenever someone

722
00:41:44,480 --> 00:41:47,080
Speaker 4: comes to me for estate planning, I have them fill

723
00:41:47,120 --> 00:41:50,200
Speaker 4: out a questionnaire. In that questionnaire, I have them list

724
00:41:50,360 --> 00:41:54,520
Speaker 4: all of their assets and after so after that then

725
00:41:54,560 --> 00:41:56,359
Speaker 4: I have the talk. You know, what do you want?

726
00:41:56,400 --> 00:41:58,600
Speaker 4: You have a million dollars, you want it all to

727
00:41:58,680 --> 00:42:00,839
Speaker 4: go to the kid. You want to it with you

728
00:42:00,840 --> 00:42:03,360
Speaker 4: know whatever, we talk about the actual plan. How do

729
00:42:03,440 --> 00:42:05,640
Speaker 4: you want this? I tell them the pros and cons. Well,

730
00:42:06,040 --> 00:42:09,120
Speaker 4: here's what happens. If you don't give the child anything.

731
00:42:09,600 --> 00:42:12,640
Speaker 4: When they turn eighteen, they'll just be waiting like a

732
00:42:12,840 --> 00:42:15,799
Speaker 4: dog with whatever foaming at the mouth. And when they're

733
00:42:15,840 --> 00:42:18,880
Speaker 4: thirty five and then they're gonna blow it anyway, So

734
00:42:20,320 --> 00:42:23,360
Speaker 4: we talk about the plan. Then I draft the documents.

735
00:42:23,360 --> 00:42:26,640
Speaker 4: I draft the power of Attorney, I draft the will,

736
00:42:27,600 --> 00:42:31,040
Speaker 4: I draft the trust. There are two separate documents, and

737
00:42:31,080 --> 00:42:34,560
Speaker 4: then there's some other little documents that go along with it.

738
00:42:34,600 --> 00:42:37,640
Speaker 4: And I put on the bottom of my wills prepared

739
00:42:37,680 --> 00:42:40,440
Speaker 4: by the law offices of Arnett Steel, so that if

740
00:42:40,440 --> 00:42:42,680
Speaker 4: anybody finds that will hold a hold on.

741
00:42:42,719 --> 00:42:43,800
Speaker 2: Holdup, did you say Arnett?

742
00:42:43,920 --> 00:42:44,240
Speaker 3: Okay?

743
00:42:44,280 --> 00:42:49,520
Speaker 4: I who know, it's on the interwebs. I'm not hiding it.

744
00:42:49,680 --> 00:42:53,319
Speaker 3: And also your name also sounds like a superhero Art

745
00:42:53,360 --> 00:42:54,840
Speaker 3: are not? Either way? Awesome?

746
00:42:54,880 --> 00:42:58,160
Speaker 2: Nay it is? Yeah, Okay, that was like.

747
00:42:58,120 --> 00:43:01,600
Speaker 4: You know, you know, it's so funny because like I

748
00:43:01,640 --> 00:43:04,279
Speaker 4: have to put like my legal name on documents, like

749
00:43:04,360 --> 00:43:08,279
Speaker 4: for legal ethical reasons, so people are always thrown off.

750
00:43:08,280 --> 00:43:10,640
Speaker 4: They always think like Art is my boss. Of course,

751
00:43:10,640 --> 00:43:13,400
Speaker 4: because you know, Art's a guy's name anyway. So I

752
00:43:13,440 --> 00:43:15,880
Speaker 4: always put on there that I prepared the will so

753
00:43:15,920 --> 00:43:19,719
Speaker 4: that when whoever finds it, they can contact me and

754
00:43:19,800 --> 00:43:23,880
Speaker 4: I can give them that questionnaire that includes all of

755
00:43:23,920 --> 00:43:27,000
Speaker 4: the assets, right, because people need to know. This is

756
00:43:27,000 --> 00:43:30,160
Speaker 4: the first thing I tell people. Gather all your assets, right,

757
00:43:30,400 --> 00:43:32,920
Speaker 4: because you know these days with all you financial people

758
00:43:32,920 --> 00:43:38,360
Speaker 4: out there telling these people to open six different bank accounts,

759
00:43:38,800 --> 00:43:41,520
Speaker 4: it can get I mean, I have a list, yes.

760
00:43:41,680 --> 00:43:44,200
Speaker 2: But you're right, and not everyone has like all of

761
00:43:44,280 --> 00:43:47,200
Speaker 2: their stuff in one concise place exactly.

762
00:43:47,360 --> 00:43:50,080
Speaker 4: So have and they don't give me account numbers. I

763
00:43:50,160 --> 00:43:52,000
Speaker 4: just tell them to tell me the name of the bank,

764
00:43:52,120 --> 00:43:55,239
Speaker 4: maybe the last four or two or whatever, so I

765
00:43:55,280 --> 00:43:57,239
Speaker 4: can give that to someone and say, well, when they

766
00:43:57,320 --> 00:44:00,640
Speaker 4: came in, these are these this is where they had

767
00:44:00,719 --> 00:44:03,480
Speaker 4: all of their stuff. Now, the two things that you

768
00:44:03,520 --> 00:44:06,560
Speaker 4: want to three things. Three people you want to contact

769
00:44:06,600 --> 00:44:09,399
Speaker 4: when it comes to the will and the trust. You're

770
00:44:09,400 --> 00:44:12,799
Speaker 4: a personal representative, that is the person who is going

771
00:44:12,840 --> 00:44:16,160
Speaker 4: to carry out your wishes as it pertains to the will.

772
00:44:16,840 --> 00:44:19,520
Speaker 4: So the will is going to be presented to the court.

773
00:44:19,600 --> 00:44:23,120
Speaker 4: If you hear the term probate, that's the probate court,

774
00:44:23,200 --> 00:44:26,839
Speaker 4: the will court, they will do whatever they need to do.

775
00:44:26,920 --> 00:44:29,560
Speaker 4: But if you have what's called a poor overwill where

776
00:44:29,600 --> 00:44:32,360
Speaker 4: you're also using a trust, there's not really anything for

777
00:44:32,440 --> 00:44:35,800
Speaker 4: them to do in probate court. But that person technically

778
00:44:36,000 --> 00:44:41,360
Speaker 4: is called the personal representative. Okay, And then you want

779
00:44:41,400 --> 00:44:46,080
Speaker 4: to select a trustee. The trustee is the person who's

780
00:44:46,120 --> 00:44:50,319
Speaker 4: going to manage the trust. Now, you generally have two

781
00:44:50,440 --> 00:44:53,440
Speaker 4: options when it comes to selecting a trustee. You can

782
00:44:53,480 --> 00:44:57,160
Speaker 4: select an individual and that can be someone you know

783
00:44:57,400 --> 00:45:00,719
Speaker 4: or a family member or a friend, or you could

784
00:45:00,760 --> 00:45:04,399
Speaker 4: select a company. Now they're pros and cons of each right,

785
00:45:04,560 --> 00:45:08,080
Speaker 4: because if you select an individual, you can tell that

786
00:45:08,120 --> 00:45:10,279
Speaker 4: person all about what you want. You can kind of

787
00:45:10,320 --> 00:45:12,399
Speaker 4: make side agreements and be like, Okay, I'm gonna put

788
00:45:12,400 --> 00:45:14,480
Speaker 4: this in the trust, but really, you know, depending on

789
00:45:14,520 --> 00:45:17,920
Speaker 4: how you know the person or whatever. But the drawback

790
00:45:17,960 --> 00:45:20,880
Speaker 4: to that is that person is maybe a family member,

791
00:45:21,040 --> 00:45:25,440
Speaker 4: so they they may feel a little you know, soft

792
00:45:25,719 --> 00:45:28,719
Speaker 4: toward whoever is asking for the money, you know. And

793
00:45:28,760 --> 00:45:31,560
Speaker 4: then the other option is you can use a company

794
00:45:32,320 --> 00:45:36,680
Speaker 4: like Fidelity or Chase or Prudential, all of these retirement

795
00:45:36,719 --> 00:45:39,879
Speaker 4: company you know, retirement bank accounts companies out there. They

796
00:45:40,040 --> 00:45:44,400
Speaker 4: usually will have a trust management a department, or you

797
00:45:44,440 --> 00:45:48,520
Speaker 4: may have local ones like the New Jersey Trust Company.

798
00:45:48,280 --> 00:45:51,240
Speaker 4: They're much smaller, but all they do is trust management.

799
00:45:51,560 --> 00:45:53,840
Speaker 4: So if you choose them, you know they're going to

800
00:45:53,960 --> 00:45:57,279
Speaker 4: follow your trust document to a t because they don't

801
00:45:57,320 --> 00:46:01,360
Speaker 4: want to be sued, right So, so either way, you

802
00:46:01,440 --> 00:46:06,000
Speaker 4: need to speak to that person beforehand in order to

803
00:46:06,120 --> 00:46:10,080
Speaker 4: name them as a trustee. And then if you have children,

804
00:46:10,480 --> 00:46:13,359
Speaker 4: you want to name the guardian of your children, and

805
00:46:13,440 --> 00:46:15,920
Speaker 4: you want to name the guardian of your children property,

806
00:46:15,920 --> 00:46:18,640
Speaker 4: your children's property. Now, the guardian of the child is

807
00:46:18,680 --> 00:46:20,320
Speaker 4: the person who's going to take care of the kids,

808
00:46:20,440 --> 00:46:23,799
Speaker 4: you know they're well being, and the guardian of the

809
00:46:23,840 --> 00:46:25,680
Speaker 4: miner's property is the person who's going to be in

810
00:46:25,760 --> 00:46:27,720
Speaker 4: charge of the money. It can be the same person,

811
00:46:27,840 --> 00:46:31,799
Speaker 4: it could be a different person. The court is no

812
00:46:31,840 --> 00:46:34,640
Speaker 4: matter who you name, the court is always going to

813
00:46:35,800 --> 00:46:38,439
Speaker 4: have a hearing to make sure that whoever you name

814
00:46:38,560 --> 00:46:40,920
Speaker 4: is fit because, as you know, when it comes to children,

815
00:46:40,960 --> 00:46:44,960
Speaker 4: the court is always charged with acting in the best

816
00:46:45,040 --> 00:46:47,919
Speaker 4: interests of the child, So they want to make sure

817
00:46:47,960 --> 00:46:51,080
Speaker 4: that the person who you've named is fit to actually

818
00:46:51,120 --> 00:46:53,360
Speaker 4: take care of this child. And maybe you did it

819
00:46:53,400 --> 00:46:56,480
Speaker 4: when your child was first born and that person was

820
00:46:56,520 --> 00:46:58,960
Speaker 4: like your best friend and they live next door. But

821
00:46:59,080 --> 00:47:02,359
Speaker 4: ten years later, your child's now ten years old, that

822
00:47:02,400 --> 00:47:04,680
Speaker 4: person could be living in a different state. You know,

823
00:47:04,840 --> 00:47:08,160
Speaker 4: so the court is always going to have to to see.

824
00:47:08,280 --> 00:47:11,960
Speaker 4: But the most important thing about your will is remember

825
00:47:12,000 --> 00:47:14,319
Speaker 4: the bond I was talking about. You can waive that

826
00:47:14,400 --> 00:47:16,839
Speaker 4: in your will. So you can put in your will

827
00:47:16,840 --> 00:47:21,000
Speaker 4: that you don't want anybody, any of your representatives. You

828
00:47:21,000 --> 00:47:22,960
Speaker 4: don't want them to be required to get a bond,

829
00:47:23,400 --> 00:47:25,840
Speaker 4: and then they won't have to get it, so you

830
00:47:25,880 --> 00:47:27,440
Speaker 4: skip that whole step, so then they can be a

831
00:47:27,480 --> 00:47:36,520
Speaker 4: personal representative. Wow, I know so much exactly.

832
00:47:36,800 --> 00:47:39,160
Speaker 2: I'm like Superman. That's on.

833
00:47:41,120 --> 00:47:45,200
Speaker 3: Here you go, bye, going.

834
00:47:45,120 --> 00:47:47,319
Speaker 4: Mandy to answer your question. So when I'm done with

835
00:47:47,360 --> 00:47:50,640
Speaker 4: all of that, I actually give my clients. So you're

836
00:47:50,680 --> 00:47:54,040
Speaker 4: going to sign a copy of your will. You're going

837
00:47:54,040 --> 00:47:55,880
Speaker 4: to not a copy. You're going to sign your will.

838
00:47:56,040 --> 00:47:59,200
Speaker 4: You're going to sign your power of attorney. You have

839
00:47:59,320 --> 00:48:04,080
Speaker 4: to keep those original documents now for your will. Some

840
00:48:04,320 --> 00:48:09,000
Speaker 4: states do allow you to file the original copy or

841
00:48:09,040 --> 00:48:11,719
Speaker 4: the original of your will with the state. Now you

842
00:48:11,760 --> 00:48:13,920
Speaker 4: can always go back and revoke it and take it

843
00:48:14,000 --> 00:48:17,719
Speaker 4: and tear it up. But that's one way to safe

844
00:48:17,840 --> 00:48:20,760
Speaker 4: keep it. I tell people, don't put in your safety

845
00:48:20,800 --> 00:48:24,560
Speaker 4: posit box, because if you're the only one who has

846
00:48:24,600 --> 00:48:27,560
Speaker 4: access to the safety posit box and you die, then

847
00:48:27,600 --> 00:48:30,239
Speaker 4: nobody can go and get it because even if you're

848
00:48:30,320 --> 00:48:32,440
Speaker 4: giving that person permission to it, and the will, the

849
00:48:32,440 --> 00:48:37,600
Speaker 4: will's is the safety posit box. Yeah, so tell your

850
00:48:37,680 --> 00:48:40,919
Speaker 4: family that you have a will. I don't. I don't.

851
00:48:41,000 --> 00:48:44,520
Speaker 4: I don't think I'm of the opinion that people shouldn't

852
00:48:44,560 --> 00:48:46,960
Speaker 4: hide that. They should say I went to a lawyer,

853
00:48:47,000 --> 00:48:49,919
Speaker 4: I prepared the will a will. Here's the lawyer's name.

854
00:48:50,920 --> 00:48:54,440
Speaker 4: If that person is your executor or your trustee, let

855
00:48:54,440 --> 00:48:56,799
Speaker 4: them know, I mean, talk to them beforehand, but then

856
00:48:56,880 --> 00:48:59,759
Speaker 4: let them know I named you as trustee, you know,

857
00:49:00,120 --> 00:49:02,879
Speaker 4: so that way people aren't like, does she have a will?

858
00:49:02,920 --> 00:49:05,160
Speaker 4: Does she not have a will? Know she had to

859
00:49:05,200 --> 00:49:07,760
Speaker 4: have a will, you know, or at least you're letting

860
00:49:07,760 --> 00:49:10,880
Speaker 4: people know at some point you went and got a will,

861
00:49:11,080 --> 00:49:15,120
Speaker 4: because then that could inform other decisions and you know,

862
00:49:15,719 --> 00:49:17,360
Speaker 4: help solve a lot of problems.

863
00:49:17,800 --> 00:49:20,000
Speaker 3: Do you have any sort of like checklists that you

864
00:49:21,440 --> 00:49:24,560
Speaker 3: that you can provide because honestly, I just selfishly, I

865
00:49:24,560 --> 00:49:26,240
Speaker 3: would like, I'm just gonna put it on my fridge

866
00:49:26,280 --> 00:49:27,080
Speaker 3: and just look at it.

867
00:49:29,280 --> 00:49:33,279
Speaker 4: So I do have one. So anybody listening, let me

868
00:49:33,320 --> 00:49:36,400
Speaker 4: make sure I get this right. Anyone listening can text

869
00:49:36,520 --> 00:49:41,080
Speaker 4: Willpower two four four two two two.

870
00:49:41,600 --> 00:49:44,880
Speaker 3: Oh damn. I thought you're gonna be like, download this way.

871
00:49:45,000 --> 00:49:50,280
Speaker 3: You are so official you.

872
00:49:48,320 --> 00:49:49,680
Speaker 2: You don't even know. Man, I got my phone.

873
00:49:49,680 --> 00:49:55,680
Speaker 4: Now I'm like, say it again, say it again, triple

874
00:49:55,880 --> 00:49:57,840
Speaker 4: check to make sure I'm not telling you guys to

875
00:49:59,000 --> 00:50:00,840
Speaker 4: download my on track checklist.

876
00:50:01,520 --> 00:50:04,719
Speaker 2: And is this all one word will power? Yeah?

877
00:50:04,719 --> 00:50:07,120
Speaker 4: Will power? Yeah, it's all one word w I L

878
00:50:07,280 --> 00:50:11,440
Speaker 4: L P O W E R okay or yeah it

879
00:50:11,440 --> 00:50:15,319
Speaker 4: doesn't matter, okay. Yeah, And it's four four two two two.

880
00:50:15,680 --> 00:50:19,000
Speaker 4: So once they text that number will Power to that number,

881
00:50:19,400 --> 00:50:22,320
Speaker 4: they'll get a text saying please provide your email address.

882
00:50:22,440 --> 00:50:25,520
Speaker 2: Well, I'll say it hello, Please reply with the text

883
00:50:25,520 --> 00:50:28,239
Speaker 2: compeating your only email address so we can send you

884
00:50:28,280 --> 00:50:33,160
Speaker 2: everything we promise. Thanks. You think I won't done?

885
00:50:33,760 --> 00:50:39,160
Speaker 4: Yeah. So in there, it's actually a workbook that defines

886
00:50:39,200 --> 00:50:41,799
Speaker 4: a lot of the terms that we talked about in

887
00:50:41,840 --> 00:50:44,799
Speaker 4: case people need to review them. I give you like

888
00:50:45,520 --> 00:50:49,080
Speaker 4: some pointers on you know, how to choose your everything.

889
00:50:49,120 --> 00:50:51,000
Speaker 4: I just went over basically, but at least you have

890
00:50:51,080 --> 00:50:54,640
Speaker 4: it in writing and you can start feeling it's actually

891
00:50:54,640 --> 00:50:57,359
Speaker 4: a fillable workbook. So it'll ask you like, who do

892
00:50:57,400 --> 00:51:00,720
Speaker 4: you want to be your trustee? Just to get people thinking,

893
00:51:00,840 --> 00:51:04,719
Speaker 4: because again, you know, just I don't want to say

894
00:51:04,719 --> 00:51:06,960
Speaker 4: just pick somebody, but this is not It doesn't mean

895
00:51:07,000 --> 00:51:09,480
Speaker 4: you're gonna die. I always tell my clients, actually, now

896
00:51:09,520 --> 00:51:11,320
Speaker 4: that you've done this, you're gonna live forever.

897
00:51:12,719 --> 00:51:15,560
Speaker 2: So here's a question. Aren't that so? How often? Because

898
00:51:15,560 --> 00:51:18,239
Speaker 2: I got I joked with you earlier that my my

899
00:51:18,320 --> 00:51:20,239
Speaker 2: dad was like, I've got a will, No need to worry.

900
00:51:20,239 --> 00:51:22,320
Speaker 2: I'm like daddy. I read the will. It says Tiffany,

901
00:51:22,520 --> 00:51:25,080
Speaker 2: aged six, belongs to her uncle should I pass away.

902
00:51:25,120 --> 00:51:29,840
Speaker 2: That's not like I'm thirty eight now right. How Meanwhile,

903
00:51:29,840 --> 00:51:31,880
Speaker 2: I was I was joke. I was with my mom.

904
00:51:32,400 --> 00:51:35,560
Speaker 2: She's doing some estate planning and preparing for retirement, and

905
00:51:35,600 --> 00:51:38,240
Speaker 2: we're sitting down with financial advisor that I was helping

906
00:51:38,280 --> 00:51:40,839
Speaker 2: her interview and she he was telling her, you need

907
00:51:40,840 --> 00:51:42,279
Speaker 2: a will, you know do you have? She said, I

908
00:51:42,280 --> 00:51:43,720
Speaker 2: have one? And I told her I was like, Mommy,

909
00:51:43,880 --> 00:51:44,879
Speaker 2: you know about that will?

910
00:51:45,280 --> 00:51:45,840
Speaker 1: How do you know?

911
00:51:46,440 --> 00:51:48,239
Speaker 2: And I'm like, so, first of all, now it's a

912
00:51:48,280 --> 00:51:51,400
Speaker 2: secret that you have, you know. And she looked like

913
00:51:52,520 --> 00:51:54,640
Speaker 2: and I'm like, well, first one, why wouldn't you tell me?

914
00:51:54,719 --> 00:51:56,120
Speaker 2: I'm just nosy, So I should just go through all

915
00:51:56,120 --> 00:51:58,280
Speaker 2: their paperwork when they were like, await, like at parties

916
00:51:58,360 --> 00:51:59,759
Speaker 2: or whatever. So I was like, I know.

917
00:52:00,280 --> 00:52:01,600
Speaker 4: All Africa gives do that?

918
00:52:03,360 --> 00:52:06,280
Speaker 2: What's in this folder? Ooh, I'm belong to uncle uncle

919
00:52:06,320 --> 00:52:08,880
Speaker 2: Mike her Okay, well how come Tracy gets go? Well

920
00:52:08,960 --> 00:52:12,400
Speaker 2: uncle telling me I like him better? Right? So that

921
00:52:12,520 --> 00:52:15,080
Speaker 2: was one and then two. So but how often should

922
00:52:15,120 --> 00:52:18,279
Speaker 2: you update like this, like every year? Like what does

923
00:52:18,320 --> 00:52:18,759
Speaker 2: that look like?

924
00:52:18,920 --> 00:52:23,839
Speaker 4: No? I think that when you have major life changes, right,

925
00:52:23,920 --> 00:52:26,480
Speaker 4: So if you have a child. Most people come to

926
00:52:26,520 --> 00:52:29,880
Speaker 4: me when they have a child, So you want to

927
00:52:29,920 --> 00:52:34,200
Speaker 4: include your child in the will if your children are

928
00:52:34,320 --> 00:52:38,080
Speaker 4: minor are minors, but then obviously you know when they

929
00:52:38,080 --> 00:52:41,680
Speaker 4: become adults, that's a completely different estate plan than when

930
00:52:41,760 --> 00:52:44,680
Speaker 4: they're like five or six years old. So most people

931
00:52:44,719 --> 00:52:49,920
Speaker 4: will say every like revisited every five or six years.

932
00:52:50,600 --> 00:52:53,480
Speaker 4: So I would say maybe I would say six to seven.

933
00:52:54,280 --> 00:52:57,439
Speaker 4: And if you have any major life events. So if

934
00:52:57,520 --> 00:53:00,839
Speaker 4: you get married, the law takes care of a lot

935
00:53:00,880 --> 00:53:03,400
Speaker 4: of that for married people. But if you get a divorce,

936
00:53:03,600 --> 00:53:07,640
Speaker 4: you definitely want to change your estate plan if your

937
00:53:07,680 --> 00:53:11,080
Speaker 4: spouse was included in there. If you have a child,

938
00:53:11,480 --> 00:53:14,800
Speaker 4: you would want to update it so that you would

939
00:53:14,800 --> 00:53:19,000
Speaker 4: include that child. If you I don't know, if you

940
00:53:19,040 --> 00:53:23,200
Speaker 4: have like a major, major, major increase in your income, yeah,

941
00:53:23,280 --> 00:53:25,600
Speaker 4: then you would want to do it. But buying, let's

942
00:53:25,600 --> 00:53:28,520
Speaker 4: say you put your home that you currently own in

943
00:53:28,560 --> 00:53:30,560
Speaker 4: a trust and then you sell the trust, I mean

944
00:53:30,640 --> 00:53:33,239
Speaker 4: sell the home. You don't need to update it for that.

945
00:53:33,760 --> 00:53:37,839
Speaker 4: The trust will only include property that actually exists at

946
00:53:37,840 --> 00:53:40,960
Speaker 4: the time that you die, So selling property that you

947
00:53:41,000 --> 00:53:45,719
Speaker 4: put in the trust moving to another state, unless that

948
00:53:45,920 --> 00:53:50,960
Speaker 4: state's law is really really wacky, then I would. And

949
00:53:51,840 --> 00:53:53,920
Speaker 4: there are only a few that I can think of, Like,

950
00:53:53,960 --> 00:53:58,080
Speaker 4: for example, in Louisiana, you can't disinherit your children, meaning

951
00:53:58,120 --> 00:54:02,279
Speaker 4: you have to leave your children something if you live

952
00:54:02,320 --> 00:54:05,000
Speaker 4: and if you are domiciled in the state of Louisiana

953
00:54:05,040 --> 00:54:07,759
Speaker 4: when you die. That is not the case for any

954
00:54:07,760 --> 00:54:09,640
Speaker 4: other state. In any other state, you can leave your

955
00:54:09,719 --> 00:54:12,280
Speaker 4: children completely out of your will, So that's the only

956
00:54:12,360 --> 00:54:16,279
Speaker 4: time you would have to update your will. But if

957
00:54:16,280 --> 00:54:21,399
Speaker 4: you move to another state, that state would would still

958
00:54:21,440 --> 00:54:24,719
Speaker 4: be would still use that will because they states give

959
00:54:24,719 --> 00:54:27,799
Speaker 4: each other what's called the full faith and credit. They

960
00:54:27,840 --> 00:54:30,799
Speaker 4: have to accept legal documents from other states. So like

961
00:54:30,840 --> 00:54:32,560
Speaker 4: the same reason, if you get married in New Jersey

962
00:54:32,600 --> 00:54:36,040
Speaker 4: and you move to wherever, you're still married, okay, okayeah,

963
00:54:36,080 --> 00:54:43,000
Speaker 4: so moving selling property, no major life changes, yeah or

964
00:54:43,040 --> 00:54:45,160
Speaker 4: every I would say six to seven.

965
00:54:44,960 --> 00:54:47,040
Speaker 3: Years, set calendar alert.

966
00:54:47,840 --> 00:54:51,640
Speaker 4: Right, you're zero for you, Mandy.

967
00:54:52,600 --> 00:54:54,440
Speaker 3: I mean I got life insurance though I didn't mean

968
00:54:54,440 --> 00:54:56,759
Speaker 3: to be like I don't have anything. I'm good, but

969
00:54:56,800 --> 00:54:58,440
Speaker 3: I take get it through my employer though, and I

970
00:54:58,520 --> 00:55:01,120
Speaker 3: understand that if you, you know, work for yourself, you

971
00:55:01,160 --> 00:55:02,880
Speaker 3: don't always get well.

972
00:55:02,760 --> 00:55:05,000
Speaker 4: That's one of the best ways to get life insurance.

973
00:55:05,000 --> 00:55:07,960
Speaker 4: It's like, just get it when your employer is offering it,

974
00:55:08,000 --> 00:55:10,200
Speaker 4: because a lot of times when you leave, especially all

975
00:55:10,200 --> 00:55:13,960
Speaker 4: these full time people who are working on their side

976
00:55:14,040 --> 00:55:17,160
Speaker 4: hustles and hoping to turn it into their full time job,

977
00:55:17,840 --> 00:55:20,279
Speaker 4: is get it when you are at your employer, and

978
00:55:20,320 --> 00:55:23,239
Speaker 4: a lot of times when you leave sometimes you may

979
00:55:23,239 --> 00:55:25,680
Speaker 4: be able to take just take it with you. I

980
00:55:25,719 --> 00:55:27,799
Speaker 4: know I was able to do that when I left Discovery.

981
00:55:28,320 --> 00:55:32,319
Speaker 4: So I have the same life insurance policy paying about

982
00:55:32,320 --> 00:55:35,560
Speaker 4: the same rate for the same amount that they were offering.

983
00:55:35,880 --> 00:55:38,839
Speaker 3: Oh interesting. Yeah, I've heard some employers it can be

984
00:55:38,880 --> 00:55:41,480
Speaker 3: portable and then sometimes it's not. So I should check

985
00:55:41,520 --> 00:55:43,959
Speaker 3: and see if mine is portable, because you know, if

986
00:55:44,000 --> 00:55:46,480
Speaker 3: it's not, then it's only going to be more expensive.

987
00:55:46,480 --> 00:55:49,480
Speaker 3: Along where I wait to get my own exactly my

988
00:55:49,520 --> 00:55:50,120
Speaker 3: own policy.

989
00:55:50,600 --> 00:55:55,759
Speaker 4: I know that Malcolm MJ. Harris, his company does help

990
00:55:55,960 --> 00:56:00,520
Speaker 4: entrepreneurs get life insurance. Tell you, man, he is with people.

991
00:56:01,320 --> 00:56:02,680
Speaker 2: I'm gonna behitting you up about MJ.

992
00:56:03,239 --> 00:56:03,479
Speaker 4: MJ.

993
00:56:04,480 --> 00:56:08,000
Speaker 3: Smarty smarty Artie. That's what I'm gonna start calling you.

994
00:56:08,520 --> 00:56:09,520
Speaker 2: Did they call you that at school?

995
00:56:09,640 --> 00:56:14,879
Speaker 4: Art? No? Unfortunately I didn't get my glory. Then it's

996
00:56:14,880 --> 00:56:17,319
Speaker 4: okay somebody who went to girl.

997
00:56:17,360 --> 00:56:18,359
Speaker 3: You don't want to pick too soon?

998
00:56:19,000 --> 00:56:23,239
Speaker 4: Yeah, you don't, you do, that's true.

999
00:56:23,440 --> 00:56:24,680
Speaker 2: But yes, this.

1000
00:56:26,239 --> 00:56:27,400
Speaker 4: Was. This was awesome.

1001
00:56:27,920 --> 00:56:30,719
Speaker 2: Honestly, I'm learning so much. I'm like this is. I

1002
00:56:30,760 --> 00:56:33,160
Speaker 2: think so many of our listeners can really relate whether

1003
00:56:33,280 --> 00:56:35,879
Speaker 2: they have aging parents or you're just thinking about your

1004
00:56:35,880 --> 00:56:38,600
Speaker 2: own kind of like history, or whether you have kids

1005
00:56:38,680 --> 00:56:41,920
Speaker 2: or not. There's so much to unpack, and I think

1006
00:56:41,960 --> 00:56:43,960
Speaker 2: you really helped us to at least start to unpack it.

1007
00:56:44,320 --> 00:56:49,160
Speaker 4: Yeah, and you know, shameless plug for myself, Tiffany. I'm

1008
00:56:49,239 --> 00:56:51,279
Speaker 4: going to be talking about this in a lot more

1009
00:56:51,320 --> 00:56:56,560
Speaker 4: detail if you can imagine that in your Liverage Academy, which.

1010
00:56:56,560 --> 00:56:59,640
Speaker 2: Wow, yes if you are not a member play.

1011
00:57:00,239 --> 00:57:01,120
Speaker 4: Series you guys.

1012
00:57:01,520 --> 00:57:04,600
Speaker 2: Yes, So the Liberature Academy what I try to do. Man,

1013
00:57:04,680 --> 00:57:06,520
Speaker 2: we have to have you on girl, what's waiting on?

1014
00:57:07,440 --> 00:57:08,200
Speaker 3: Wait about your.

1015
00:57:10,560 --> 00:57:13,759
Speaker 2: You come talk about how to start a podcast? No,

1016
00:57:13,840 --> 00:57:16,080
Speaker 2: but the Literature Academy, for those of you had to

1017
00:57:16,080 --> 00:57:20,160
Speaker 2: don't know, is my online school, and I really try

1018
00:57:20,800 --> 00:57:24,919
Speaker 2: my best to have really dope, mostly brown instructors who

1019
00:57:24,960 --> 00:57:29,000
Speaker 2: are experts in their field. And Art is one of

1020
00:57:29,000 --> 00:57:32,200
Speaker 2: our experts and she she's taught kind of like a

1021
00:57:32,240 --> 00:57:35,280
Speaker 2: mini lesson on estate planning and now she's going to

1022
00:57:35,320 --> 00:57:39,320
Speaker 2: do a full fledged course and then we're excited. It's

1023
00:57:39,360 --> 00:57:42,400
Speaker 2: her course starts this month in April. It's three weeks,

1024
00:57:42,480 --> 00:57:46,160
Speaker 2: so every Thursday she's going to be diving deep and

1025
00:57:46,160 --> 00:57:50,400
Speaker 2: you're gonna get some corresponding documents alongside of it. So

1026
00:57:50,440 --> 00:57:52,320
Speaker 2: if you are an Academy member, and if you're not,

1027
00:57:52,520 --> 00:57:55,400
Speaker 2: you can join us if you go to join lr

1028
00:57:55,600 --> 00:57:57,000
Speaker 2: dot com. I know, I don't talk about it much

1029
00:57:57,000 --> 00:58:00,120
Speaker 2: here because we're all about BA here, but certainly you

1030
00:58:00,120 --> 00:58:02,760
Speaker 2: can come on over. Academy's less than ten bucks a month,

1031
00:58:02,920 --> 00:58:05,760
Speaker 2: and I do that on purpose because I really want

1032
00:58:05,840 --> 00:58:09,480
Speaker 2: us to have access to the tools that we typically

1033
00:58:09,520 --> 00:58:12,439
Speaker 2: are left out of. So I keep it really low cost.

1034
00:58:12,560 --> 00:58:14,800
Speaker 2: But I get like the best people out there, and

1035
00:58:15,000 --> 00:58:18,720
Speaker 2: art is amazing, Like, no, you are for really, they're

1036
00:58:18,720 --> 00:58:21,400
Speaker 2: already super excited. I went live in the because the

1037
00:58:21,480 --> 00:58:24,760
Speaker 2: Academy has their own private Facebook group. I want live today. Yo.

1038
00:58:24,880 --> 00:58:27,240
Speaker 2: It's so I just love, like, I just love helping

1039
00:58:27,240 --> 00:58:30,760
Speaker 2: brown women because it's like I always feel like I'm

1040
00:58:31,080 --> 00:58:34,520
Speaker 2: like a kid on Sunday morning in church doing my solo.

1041
00:58:35,000 --> 00:58:40,840
Speaker 4: They're just like, oh yeah, yeah, they're so encouraging. Right Yeah,

1042
00:58:41,920 --> 00:58:42,200
Speaker 4: I was.

1043
00:58:42,240 --> 00:58:43,640
Speaker 1: Like a lot today and I was like and then

1044
00:58:43,680 --> 00:58:46,520
Speaker 1: I'm going to give you guys. They're like, yes, tivity, yes, Brohm.

1045
00:58:46,720 --> 00:58:48,280
Speaker 1: I'm like you know what, I just love my people,

1046
00:58:49,520 --> 00:58:52,000
Speaker 1: brown women, black women. You guys are just amazing, and

1047
00:58:52,080 --> 00:58:53,720
Speaker 1: so yeah, they were super excited.

1048
00:58:53,720 --> 00:58:57,360
Speaker 2: They were like, we love art, so Yeah, this is

1049
00:58:57,400 --> 00:58:59,920
Speaker 2: something because what we've me and Mandy, what we do

1050
00:59:00,160 --> 00:59:02,760
Speaker 2: here is like what you know we try to do overall,

1051
00:59:02,960 --> 00:59:06,320
Speaker 2: is to provide a platform to share information in a

1052
00:59:06,360 --> 00:59:09,960
Speaker 2: way that's going to affect people of the diaspora, like

1053
00:59:10,000 --> 00:59:13,200
Speaker 2: you know, that might not otherwise get this information at

1054
00:59:13,280 --> 00:59:16,920
Speaker 2: least not dispersed in this kind of fun, lighthearted, easy

1055
00:59:16,960 --> 00:59:19,760
Speaker 2: to consume and understand kind of way. So be a

1056
00:59:19,840 --> 00:59:22,840
Speaker 2: podcast all day, every day. Tell a friend. It's tell

1057
00:59:22,880 --> 00:59:28,560
Speaker 2: a friend, Mandy, what are you doing? You're offully quiet today.

1058
00:59:28,880 --> 00:59:34,360
Speaker 3: I'm waiting for an opening. It's hard when there's three

1059
00:59:34,440 --> 00:59:36,240
Speaker 3: of us and I don't want to talk over anybody,

1060
00:59:36,280 --> 00:59:38,200
Speaker 3: so I feel like it's it's like a double dutch,

1061
00:59:38,400 --> 00:59:38,720
Speaker 3: that's all.

1062
00:59:38,800 --> 00:59:45,000
Speaker 4: I'm like, No, I just want to say thank you

1063
00:59:45,040 --> 00:59:48,240
Speaker 4: so much, Art, and I agree with everything Tiffany said, And.

1064
00:59:49,560 --> 00:59:51,919
Speaker 3: Yeah, Brown, ambition is where it's at. You are broad

1065
00:59:51,960 --> 00:59:56,080
Speaker 3: ambition personified. And I love just the conversation that we're

1066
00:59:56,080 --> 00:59:59,560
Speaker 3: having around being. You know, I feel like financial success

1067
00:59:59,680 --> 01:00:03,080
Speaker 3: is it is just exponentially greater when you when you

1068
01:00:03,120 --> 01:00:05,520
Speaker 3: when you're planning for not just yourself, but for the

1069
01:00:05,520 --> 01:00:08,960
Speaker 3: people behind you. That story about Tiffany's grandfather and planting

1070
01:00:08,960 --> 01:00:10,800
Speaker 3: that what kind of tree was it I'm gonna to get?

1071
01:00:12,080 --> 01:00:15,480
Speaker 4: And I actually think it's more rewarding when you're when

1072
01:00:15,480 --> 01:00:20,000
Speaker 4: you're just when you're imagining like two or three generations,

1073
01:00:20,000 --> 01:00:20,840
Speaker 4: like how need.

1074
01:00:20,880 --> 01:00:23,760
Speaker 3: To just fix the world, just thinking about someone besides

1075
01:00:23,760 --> 01:00:24,920
Speaker 3: your damn self, you know

1076
01:00:25,560 --> 01:00:28,120
Speaker 4: Yeah, yeah, and you just think of all the problems

1077
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Speaker 4: as black people, like how many of us wouldn't have

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01:00:31,360 --> 01:00:34,080
Speaker 4: to go through the criminal justice system if we have money,

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Speaker 4: you know, right, I know money doesn't solve everything, but

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01:00:37,880 --> 01:00:48,360
Speaker 4: it could help well either, right,