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Speaker 1: This episode is brought to you by P and C Bank.

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Speaker 1: A lot of people think podcasts about work are boring,

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Speaker 1: decisions with your bank, but keeping your money boring is

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Speaker 1: National Association Member FDIC.

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Speaker 2: Yeah, in twenty nineteen, my life changed buying real estate,

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Speaker 2: doing all these great things. I understood the value of

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Speaker 2: having real estate and wanting to hand it over to

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Speaker 2: my legacy, to create a legacy with that. But once

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Speaker 2: I actually went to create a living trust and I

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Speaker 2: saw what it can do, That's when I knew I

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Speaker 2: had a bigger narrative I needed to share with the people.

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Speaker 2: So my thing was I looked at who created a

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Speaker 2: living trust to hand it down through their legacy, and

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Speaker 2: I said, it's Rockefeller. So I went on to read

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Speaker 2: the Rockefeller Trust from nineteen thirty four, and also there's.

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Speaker 3: A book called What would Rockefeller Do?

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Speaker 2: So I stayed up reading all these things about how

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Speaker 2: he would take this, put it in an account and

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Speaker 2: only give a portion to the legacy, and then have

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Speaker 2: his children create a trust. And now that money compound interest.

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Speaker 2: He wouldn't give it to him until they turn a

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Speaker 2: certain age. And I'm like, I could do that.

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Speaker 3: We can do that.

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Speaker 2: The information was right there. So I sat down with

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Speaker 2: my trust attorney. I said, I want to do that, Like, well,

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Speaker 2: you want to do it, but I want to do that.

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Speaker 3: It can be done.

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Speaker 2: So we structured it, worked it out where if not

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Speaker 2: if but unfortunately we all pass away. When I pass away,

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Speaker 2: a percentage of my properties would be sold, not the

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Speaker 2: ones that I hold long term, like I have properties

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Speaker 2: I do keep my short term properties those would be sold.

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Speaker 2: That money would now go into a brokerage account. That

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Speaker 2: brokerage account would be in the name of the trust.

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Speaker 2: That money for that specific account would be for my

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Speaker 2: grandchildren starting off, not my immediate family. My immediate family

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Speaker 2: would get my life insurance policies, which are millions of

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Speaker 2: dollars policies and the main properties that I hold, So

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Speaker 2: they are taken care of. But we need to start

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Speaker 2: thinking about the grandkids, the great grandkids, those generations.

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Speaker 3: How do you start their growth? You start their.

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Speaker 2: Growth by putting that money in a brokerage account, and

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Speaker 2: they don't get that money until they turn twenty one

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Speaker 2: years old. So let's use the example of a million dollars.

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Speaker 2: I put a million dollars in a brokerage account for

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Speaker 2: my grandkids. They don't get that till they turn twenty one,

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Speaker 2: gaining six percent interest six percent interest.

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Speaker 3: They say, that's twenty one.

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Speaker 2: So that money turns up to about three point eight

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Speaker 2: million dollars for my grandkids.

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Speaker 3: My grandkids, they wouldn't get it all that we could have.

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Speaker 2: By one point six till I leave one point six

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Speaker 2: in there for my great grandchildren for twenty one years,

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Speaker 2: turns into about three four five six. That turns into

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Speaker 2: about six point seven million dollars for my great grandchildren.

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Speaker 2: They don't get it all they could have, So now

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Speaker 2: that's about one point one know about two point two

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Speaker 2: point three two point three stays in for my great

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Speaker 2: great grandchildren so they get about eight point one million dollars.

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Speaker 2: You see how that happens. That's compound interest over twenty

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Speaker 2: one years. So we have to look at that number.

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Speaker 2: But what makes the trigger and the explosion even bigger

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Speaker 2: is the fact that what Rockefeller did is that was

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Speaker 2: just his trust. What he did was, now each children

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Speaker 2: opened up, each child opened up a trust. So now

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Speaker 2: his children had a trust, so he would pay his grandchildren,

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Speaker 2: and his children would pay them.

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Speaker 3: That's twice.

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Speaker 2: So now his grand his children, then his grandchildren have

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Speaker 2: a trust, so his great grandchildren would get paid three times.

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Speaker 2: So now if we look at rockefeller trust paid out

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Speaker 2: now eleven generations and counting continuously. And what he also

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Speaker 2: did was have a life insurance policy on every person

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Speaker 2: in the trust, creating his own bank.

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Speaker 3: And now what does that do. This is my structure.

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Speaker 2: Also, any one of my children or grandchildren who want

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Speaker 2: to start a business, what do they do? Talk to

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Speaker 2: the trustees and now you borrow money. We become our

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Speaker 2: own bank. So when someone dies, that money goes into

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Speaker 2: the trust. You pay when you get the policy, you

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Speaker 2: pay it outright, So now that money is available in

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Speaker 2: the trust. So now also what I did was I

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Speaker 2: retweaked my trust last year, and it was twenty one

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Speaker 2: that I wouldn't give them money.

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Speaker 3: I changed it.

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Speaker 2: I changed the way they get money at eighteen and

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Speaker 2: they can have a business started at eleven. You know

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Speaker 2: why because now with technology, kids are now figuring out

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Speaker 2: new ways to start a business.

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Speaker 3: So I want them to be able to.

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Speaker 2: Present a business loan, a business proposal to the trustees

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Speaker 2: so they could borrow money. These are the things where

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Speaker 2: we don't look at them. When people say I don't

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Speaker 2: have the money to do this. You know what, I

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Speaker 2: tell them, Yes, you do. The here you breathe is money,

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Speaker 2: a life insurance policy. Soon as you die, you worth money.

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Speaker 2: They are general and there are groups of people when

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Speaker 2: people die, their objectives to make sure they have a

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Speaker 2: policy on their grandmother, policy on their father, to do

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Speaker 2: exactly what we're talking about. But we look at this

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Speaker 2: taboo when it can't be taboo. It shouldn't be taboo.

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Speaker 2: The main thing about it is you're thinking about the legacy.

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Speaker 2: And when I tell people, when I speak to you,

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Speaker 2: I'm not speaking you don't speaking to.

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Speaker 3: Your leg legacy. You're just a vessel for me to

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Speaker 3: get the message to you.

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Speaker 2: So you can hear the message and see it and

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Speaker 2: it reverberates in your brain. And as it's doing this,

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Speaker 2: you literally are talking to your legacy. While I'm speaking,

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Speaker 2: going I got you, don't worry. Storm told me how

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Speaker 2: to do it. Now I'm gonna give me a life

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Speaker 2: insurance policy. When people have a life insurance policy, let's

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Speaker 2: say roughly four million dollars, you have half a million

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Speaker 2: dollars left on your home mortgage, and you say to yourself,

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Speaker 2: I'm leaving my family a million dollar. Actually you're not,

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Speaker 2: because when you die, that policy has to pay half

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Speaker 2: a million to the mortgage so they can stay in

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Speaker 2: the house. You're only leaving them half a million dollars.

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Speaker 2: We don't think about that mortgage behind us. So this

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Speaker 2: is where I say, get yourself a whole life. Excuse me,

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Speaker 2: get yourself a term that's for a half a million

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Speaker 2: or a million dollars just to cover the house so

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Speaker 2: your real policy doesn't get broken up. And now you

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Speaker 2: have that term, pay off the mortgage, any money left,

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Speaker 2: put it in a broken's account, and now you start

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Speaker 2: the system.

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Speaker 4: So let's stay on this conversation about the trust for

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Speaker 4: a minute. So irrevocable life insurance trust or.

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Speaker 2: A revocable Let's just start off as a revocable voc

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Speaker 2: because you want to be able to.

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Speaker 4: Say something because you and you can change it. Yes,

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Speaker 4: all right, So all right, so who shut this up

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Speaker 4: for you? Your attorney?

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Speaker 3: Yeah, my statement?

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Speaker 4: You told them or they you educated them, or they

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Speaker 4: educated you. Obviously they're already educated because their attorney. But

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Speaker 4: it sounds like you kind of already had some idea

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Speaker 4: of what you wanted to do because you did some

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Speaker 4: reading before that.

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Speaker 3: So what was the process?

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Speaker 4: You kind of said this is what I want to do,

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Speaker 4: and then they kind of added to it or they

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Speaker 4: said this is what you should do.

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Speaker 2: I came to them with my plan and my structure first,

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Speaker 2: and I really wasn't taking a note for an answer

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Speaker 2: because I know it could be done. And there are

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Speaker 2: some people that, like there are mechanics who are broke,

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Speaker 2: like they just don't know fully how to do certain things.

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Speaker 2: So you really have to find the right person that

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Speaker 2: does these things. And I would always say, speak to

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Speaker 2: someone who has a trust, speak to someone who you

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Speaker 2: know they can refer you to someone.

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Speaker 3: But that takes time.

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Speaker 2: But they would give me little tidbits of where we

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Speaker 2: can do this, or they have a network of people

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Speaker 2: and a law firm and they reach out to them.

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Speaker 2: Like my first trust costs me about twelve thousand dollars.

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Speaker 2: My newest one costs me roughly almost twenty thousand because

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Speaker 2: I have a lot.

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Speaker 3: Of things to fund it with.

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Speaker 2: But of starting out, trust probably run you anywhere from

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Speaker 2: three to six thousand dollars.

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Speaker 3: But you have to look at the big picture.

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Speaker 2: But I started out having a plan and I really

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Speaker 2: really was adamant about getting this structure done.

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Speaker 3: That was it for me. You will too, Yeah, with

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Speaker 3: the trust, there's a thing called a poor over will.

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Speaker 2: That's attached to the trust for all the items that

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Speaker 2: you don't put into the trust automatically palls over and

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Speaker 2: fall into the will, like jewelry, like they that are

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Speaker 2: air looms, it'll automatically go in that will.

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Speaker 1: Yeah, I'm saying that thinking, obviously you're educated. How often

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Speaker 1: are you meeting with your trust attorney? Because I was

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Speaker 1: having a conversation with a young lady the other day

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Speaker 1: and she's finding it hard to have her parents, you know,

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Speaker 1: even buy into the idea of a trust. So how

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Speaker 1: often did you meet with family if you did at all?

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Speaker 1: And how often did you meet with the trust attorney?

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Speaker 1: Is that like a once a year thing or was

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Speaker 1: it every six months? Because I'm sure you acquiring properties

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Speaker 1: and other assets throughout the year, Like, how often is

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Speaker 1: that happening?

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Speaker 2: In the beginning, when I started, we had to have

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Speaker 2: a conversation literally it was about almost every other week,

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Speaker 2: sometimes every week to plan us out with insurance and

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Speaker 2: all that stuff.

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Speaker 3: Very complicated.

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Speaker 2: But once it was set, the updating of the trust

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Speaker 2: is every three years, right, but if there's something of

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Speaker 2: urgency that I need to update, because here's the thing,

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Speaker 2: and I want to throw this part also, I'm gonna

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Speaker 2: drop it, y'all pick us up. When you're buying things

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Speaker 2: in you're holding company, you're holding LLC should be in

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Speaker 2: the name of your trust. So if something happens to you,

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Speaker 2: the properties automatically fall into the trust, automatically fall in there,

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Speaker 2: so you don't have to fund the trust because the

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Speaker 2: trust own the LLC. So if let me give a

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Speaker 2: quick example. You know how you put your name on

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Speaker 2: every single LLC. You open up a LLC, you put

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Speaker 2: your name on it, open up the LLC, you put

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Speaker 2: your name on it.

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Speaker 3: But if you was to have.

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Speaker 2: The property one two three Smith Street in its own LLC.

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Speaker 2: The name on that LLC would not be you, it

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Speaker 2: would be your trust. So if something ever happens, it

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Speaker 2: automatically goes to the trust because you sign the trust

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Speaker 2: over as the owner. Does that make sense? Automatically so

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Speaker 2: would trinkle effect. So with that being said, excuse me.

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Speaker 2: So with that being said, you wouldn't have to fund

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Speaker 2: one at a time. You could just have that trust

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Speaker 2: own it. All these LLCs bile straight in from your holding.

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Speaker 2: But also to let me not glaze over something you said,

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Speaker 2: it's so pot want to have the conversation with your

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Speaker 2: family and sit them down and explain. Because my thing was,

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Speaker 2: after everything's said and done, my lawyer, we would have

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Speaker 2: the conversation with each one of them. Here's who's getting this,

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Speaker 2: who's the trust, there's the trustee, this is what's gonna happen,

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Speaker 2: this is what it's supposed to be. I want you

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Speaker 2: to do this, and it's a thing I'll call a

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Speaker 2: letter of trust, handwritten. I want this copy of this

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Speaker 2: letter in my hand written form and my signature be

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Speaker 2: copied for every generation, every trustee, so they could look

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Speaker 2: and go.

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Speaker 3: He thought about me. I want them to see what

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Speaker 3: I meant and.

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Speaker 2: Why I did this, because that's powerful and they will

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Speaker 2: get it and go.

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Speaker 3: Man, my great great grandfather thought about me. So that letter.

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Speaker 3: You don't have to, but the thing is always impacted.

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Speaker 2: So you need to have that discussion with your kids,

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Speaker 2: your grandkids. There's only so far trust can go. It

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Speaker 2: only could go to the last person alive in your

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Speaker 2: generation up to a certain age. So like if I

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Speaker 2: have my grandchildren, my last one or he would have

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Speaker 2: to now take the trust format and restart it again

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Speaker 2: and follow the same thing. Trusts can't live on an infamy.

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Speaker 1: So you've created the generational wealth and the other part

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Speaker 1: was just the sustainable wealth yep, Like that's the key, right,

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Speaker 1: because it could get mixed up from generation generation. Yeah,

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Speaker 1: but what you're doing is pretty much putting up the

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Speaker 1: barriers like, no, we're going to sustain this forever forever.

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Speaker 2: The biggest, biggest mistake that a lot of people make,

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Speaker 2: unfortunately when we have real estate is thinking that our

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Speaker 2: children want to be landlords.

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Speaker 3: We can't.

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Speaker 2: We can't assume that they want to be landlords. I

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Speaker 2: had a friend of mine who I knew through someone else.

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Speaker 2: He died didn't have a trust, left the properties to

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Speaker 2: his kids in a will.

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Speaker 3: They sold them because they didn't want nothing to do

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Speaker 3: with real estate.

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Speaker 2: That's that destroyed me because I knew what his objective was.

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Speaker 2: So we need to put things in place to go, Okay,

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Speaker 2: if you don't want to be a landlord, this is

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Speaker 2: what we're gonna do. I'm gonna have a company do this,

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Speaker 2: gonna sell it, put the properties in the brokerage account

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Speaker 2: where it's gaining compound interest to do something.

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Speaker 3: So that's the key.

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Speaker 2: We need to stop, you know, really projecting our wants

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Speaker 2: and needs on children and grandkids when.

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Speaker 3: They're like, yeah, I got my own plan. That's cree y,

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Speaker 3: that's Tree earners. What's up.

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Speaker 1: You ever walk into a small business and everything just works,

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Speaker 1: like the checkout is fast, or seats are digital, tipping

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Speaker 1: is a breeze and you're out the door before the

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Speaker 1: line even builds. Odds are they're using Square. We love

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Speaker 1: supporting businesses that run on Square because it just feels seamless.

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Speaker 1: Whether it's a local coffee shop, a vendor at a

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Speaker 1: pop up market, or even one of our merch partners.

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Speaker 1: Square makes it easy for them to take payments manage inventory,

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Speaker 1: and run their business with confidence, all from one simple system.

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Speaker 1: One of the things we love most is seeing neighborhood

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Speaker 1: businesses level up. It's this West Indian spire writing our

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Speaker 1: community that started with a small takeout counter. Now with

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Speaker 1: Square they've been able to expand into a full sit

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Speaker 1: down restaurant and even started catering events across the city.

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Speaker 1: That's the kind of growth that inspires us, and it's

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Speaker 1: powered by Square. Square is built for all types of businesses,

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Speaker 1: from the corner bagel shop that turned into a local chain,

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Speaker 1: to the specialty market with thousands of unique items, to

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Speaker 1: the stylist who's been holding you down for years. If

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Speaker 1: you're a business owner or even just thinking about launching

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Speaker 1: something soon, Square is hands down one of the best

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Speaker 1: tools out there to help you start, run and grow.

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Speaker 1: It's not just about payments, it's about giving you time

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Speaker 1: back so you can focus on what matters most Ready.

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Speaker 1: To see how Square can transform your business, visit Square

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Speaker 1: dot com backslash, go backslash eyl to learn more that

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Speaker 1: Square dot com backslash, go backslash eyl. Don't wait, don't hesitate.

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Speaker 1: Let Square handle the back end so you can keep

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Speaker 1: put messing your vision forward