WEBVTT - SECRETS to Rockefeller's trust. How to create GENERATIONAL WEALTH!

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<v Speaker 3>Yeah teen, my life change, buying real estate, doing all

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<v Speaker 3>these great things. I understood the value of having real

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<v Speaker 3>estate and wanting to hand it over to my legacy

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<v Speaker 3>to create a legacy with that. But once I actually

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<v Speaker 3>went to create a living trust and I saw what

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<v Speaker 3>it can do, that's when I knew I had a

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<v Speaker 3>bigger narrative I needed to share with the people. So

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<v Speaker 3>my thing was I looked at who created a living

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<v Speaker 3>trust to hand it down through their legacy, and I said,

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<v Speaker 3>it's Rockefeller. So I went on to read the Rockefeller

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<v Speaker 3>Trust from nineteen thirty four, and also there's a.

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<v Speaker 2>Book called what would Rockefeller Do?

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<v Speaker 3>So I stayed up reading all these things about how

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<v Speaker 3>he would take this, put it in an account and

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<v Speaker 3>only give a portion to the legacy, and then have

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<v Speaker 3>his children create a trust and now that money compound interest.

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<v Speaker 3>He wouldn't give it to him until they turn a

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<v Speaker 3>certain age. And I'm like, I could do that, We

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<v Speaker 3>can do that. The information was right there. So I

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<v Speaker 3>sat down with my trust attorney. I said, I want

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<v Speaker 3>to do that, Like, well, you want to do it,

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<v Speaker 3>but I want to do that. It can be done structured.

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<v Speaker 3>It worked it out where if not if but unfortunately

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<v Speaker 3>we all pass away. When I pass away, a percentage

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<v Speaker 3>of my properties would be sold, not the ones that

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<v Speaker 3>I hold long term, like I have properties I do

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<v Speaker 3>keep my short term properties those would be sold. That

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<v Speaker 3>money would now go into a brokerage account. That brokerage

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<v Speaker 3>account would be in the name of the trust. That

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<v Speaker 3>money for that specific account would be for my grandchildren

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<v Speaker 3>starting off, not my immediate family. My immediate family would

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<v Speaker 3>get my life insurance policies, which are millions of dollars policies,

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<v Speaker 3>and the main properties that I hold, so they are

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<v Speaker 3>taken care of. But we need to start thinking about

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<v Speaker 3>the grandkids, the great grand kids, those generations.

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<v Speaker 2>How do you start their growth. You start their.

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<v Speaker 3>Growth by putting that money in a brokerage account, and

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<v Speaker 3>they don't get that money until they turn twenty one

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<v Speaker 3>years old. So let's use the example of a million dollars.

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<v Speaker 3>I put a million dollars in a brokerage account for

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<v Speaker 3>my grandkids. They don't get that till they turn twenty

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<v Speaker 3>one gaining six percent interest sense of interest, they say,

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<v Speaker 3>that's twenty one. So that money turns into about three

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<v Speaker 3>point eight million dollars for my grandkids.

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<v Speaker 2>My grandkids they wouldn't get it all. They we could

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<v Speaker 2>have about.

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<v Speaker 3>One point six So I leave one point six in

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<v Speaker 3>there for my great grandchildren for twenty one years.

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<v Speaker 2>That now turns into about three four five six.

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<v Speaker 3>That turns into about six point seven million dollars for

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<v Speaker 3>my great grandchildren. They don't get it all they could have.

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<v Speaker 3>So now that's about one point one know about two

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<v Speaker 3>point two point three two point three stays in for

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<v Speaker 3>my great great grandchildren, so they get about eight point

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<v Speaker 3>one million dollars. You see how that happens. That's compound

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<v Speaker 3>interest over twenty one years. So we have to look

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<v Speaker 3>at that number. But what makes the trigger and the

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<v Speaker 3>explosion even bigger is the fact that what Rockefeller did

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<v Speaker 3>is that was just his trust. What he did was,

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<v Speaker 3>now each children opened up, each child opened up a trust.

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<v Speaker 3>So now his children had a trust, so he would

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<v Speaker 3>pay his grandchildren, and his children would pay them.

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<v Speaker 2>That's twice.

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<v Speaker 3>So now his grand his children, then his grandchildren have

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<v Speaker 3>a trust, so his great grandchildren would get paid three times.

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<v Speaker 3>So now if we look at rocket fuller trust paid

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<v Speaker 3>out now eleven generations and counting continuously. And what he

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<v Speaker 3>also did was have a life insurance policy on every

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<v Speaker 3>person in the trust, creating his own bank.

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<v Speaker 2>And now what does that do? This is my structure.

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<v Speaker 3>Also, any one of my children or grandchildre who want

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<v Speaker 3>to start a business, what do they do? Talk to

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<v Speaker 3>the trustees and now you borrow money. We become our

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<v Speaker 3>own bank. So when someone dies, that money goes into

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<v Speaker 3>the trust. You pay when you get the policy, you

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<v Speaker 3>pay it out right. So now that money is available

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<v Speaker 3>in the trust. So now also what I did was

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<v Speaker 3>I re retweaked my trust last year and it was

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<v Speaker 3>twenty one that I wouldn't give him money.

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<v Speaker 2>I changed it.

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<v Speaker 3>I changed the way they get money at eighteen and

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<v Speaker 3>they can have a business started at eleven. You know

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<v Speaker 3>why because now with technology, kids are now figuring out

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<v Speaker 3>new ways.

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<v Speaker 2>To start a business.

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<v Speaker 3>So I want them to be able to present a

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<v Speaker 3>business loan, a business proposal to the trustees so they

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<v Speaker 3>could borrow money. These are the things where we don't

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<v Speaker 3>look at them. When people say I don't have the

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<v Speaker 3>money to do this, you know what, I tell them,

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<v Speaker 3>Yes you do. The are you breathe is money, a

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<v Speaker 3>life insurance policy. Soon as you die, you worth money.

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<v Speaker 3>They are generations, and there are groups of people. When

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<v Speaker 3>people die. Their objectives to make sure they have a

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<v Speaker 3>policy on their grandmother, policy on their father, to do

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<v Speaker 3>exactly what we're talking about. But we look at this

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<v Speaker 3>taboo when it can't be taboo. It shouldn't be taboo.

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<v Speaker 3>The main thing about it is you're thinking about the legacy.

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<v Speaker 3>And when I tell people, when I speak to you,

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<v Speaker 3>I'm not speaking. You don't speaking to your ley legacy.

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<v Speaker 3>You're just a vessel for me to get the message

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<v Speaker 3>to you so you can hear the message and see

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<v Speaker 3>it and it reverberates in your brain.

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<v Speaker 2>And as it's doing this, you literally.

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<v Speaker 3>Are talking to your legacy while I'm speaking, going I

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<v Speaker 3>got you, don't worry.

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<v Speaker 2>Storm told me how to do it. Now I'm gonna

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<v Speaker 2>give me a life insurance policy.

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<v Speaker 3>When people have a life insurance policy, let's say roughly

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<v Speaker 3>four million dollars, you have half a million dollars left

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<v Speaker 3>on your home mortgage, and you say to yourself, I'm

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<v Speaker 3>leave my family a million dollar. Actually you're not, because

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<v Speaker 3>when you die, that policy has to pay half a

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<v Speaker 3>million to the mortgage so they can.

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<v Speaker 2>Stay in the house.

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<v Speaker 3>You're only leaving them half a million dollars. We don't

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<v Speaker 3>think about that mortgage behind us.

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<v Speaker 2>So this is where I say, get yourself a whole life.

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<v Speaker 3>Excuse me, get yourself a term that's for a half

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<v Speaker 3>a million or a million dollars just to cover the

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<v Speaker 3>house so your real policy doesn't get broken up. And

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<v Speaker 3>now you have that term pay off the mortgage, any

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<v Speaker 3>money left, put it in a broken's account, and now

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<v Speaker 3>you start the system.

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<v Speaker 4>So let's stay on this conversation about the trust for

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<v Speaker 4>a minute. So irrevocable life insurance trust or revocable.

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<v Speaker 2>Left's just start off as a revocable because you want

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<v Speaker 2>to be able to say and you can change it. Yes,

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<v Speaker 2>all right? So all right? So who shut this up

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<v Speaker 2>for you? Your attorney? Yeah? My statement? You told them

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<v Speaker 2>or they earners? What's up.

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<v Speaker 4>You educated them when they educated you, obviously to already

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<v Speaker 4>educate because their attorney. But it sounds like you kind

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<v Speaker 4>of already had some idea of what you wanted to do,

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<v Speaker 4>because you did some reading before that.

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<v Speaker 2>So what was the process?

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<v Speaker 4>You kind of said, this is what I want to do,

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<v Speaker 4>and then they kind of added to it, or they

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<v Speaker 4>said this is what you should do.

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<v Speaker 3>I came to them with my plan and my structure first,

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<v Speaker 3>and I really wasn't taking note for an answer because

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<v Speaker 3>I know it could be done. And there are some

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<v Speaker 3>people that, like there are mechanics who cars are broke,

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<v Speaker 3>like they just don't know fully how to do certain things.

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<v Speaker 3>So you really have to find the right person that

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<v Speaker 3>does these things. And I would always say, speak to

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<v Speaker 3>someone who has a trust, speak to someone who you know.

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<v Speaker 3>They can refer you to someone, but that takes time,

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<v Speaker 3>but they would give me little tidbits of where we

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<v Speaker 3>can do this, or they have a network of people

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<v Speaker 3>and a law firm and they reach out to them.

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<v Speaker 3>Like my first trust cost me about twelve thousand dollars.

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<v Speaker 3>My newest one costs me roughly almost twenty thousand because

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<v Speaker 3>I have a lot of.

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<v Speaker 2>Things to fund it with.

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<v Speaker 3>But if starting out, trust probably run you anywhere from

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<v Speaker 3>three to six thousand dollars.

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<v Speaker 2>But you have to look at the big picture.

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<v Speaker 3>But I started out having a plan and I really

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<v Speaker 3>really was adamant about getting this structure done.

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<v Speaker 2>That was it for me. You will too with the trust.

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<v Speaker 2>There's a thing called a poor overwill.

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<v Speaker 3>That's attached to the trust. For all the items that

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<v Speaker 3>you don't put into the trust automatically palls over and

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<v Speaker 3>fall into the will, like jewelry, like things that are

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<v Speaker 3>air looms, it'll automatically go in that will.

0:11:10.679 --> 0:11:14.199
<v Speaker 5>Yeah, I'm saying that thinking obviously you're educate. How often

0:11:14.240 --> 0:11:16.160
<v Speaker 5>are you meeting with your trust attorney? Because I was

0:11:16.200 --> 0:11:18.000
<v Speaker 5>having a conversation with a young lady the other day

0:11:18.280 --> 0:11:20.880
<v Speaker 5>and she's finding it hard to have her parents, you know,

0:11:20.960 --> 0:11:23.280
<v Speaker 5>even buy into the idea of a trust. So how

0:11:23.320 --> 0:11:26.080
<v Speaker 5>often did you meet with the family if you did

0:11:26.080 --> 0:11:27.640
<v Speaker 5>at all? And how often did you meet with the

0:11:27.640 --> 0:11:29.640
<v Speaker 5>trust attorney? Is that like a once a year thing

0:11:29.760 --> 0:11:31.640
<v Speaker 5>or was it every six months? Because I'm sure you

0:11:31.720 --> 0:11:35.360
<v Speaker 5>acquiring properties and other assets throughout the year, Like, how

0:11:35.400 --> 0:11:36.679
<v Speaker 5>often is that happening?

0:11:37.120 --> 0:11:38.679
<v Speaker 3>In the beginning, when I started, we had to have

0:11:38.760 --> 0:11:41.400
<v Speaker 3>a conversation literally it was about almost every other week,

0:11:41.760 --> 0:11:44.959
<v Speaker 3>sometimes every week to plan us out with insurance and

0:11:45.000 --> 0:11:45.720
<v Speaker 3>all that stuff.

0:11:46.040 --> 0:11:46.880
<v Speaker 2>Very complicated.

0:11:46.880 --> 0:11:50.560
<v Speaker 3>But once it was set, the updating of the trust

0:11:50.559 --> 0:11:53.720
<v Speaker 3>is every three years, right, But if there's something of

0:11:53.880 --> 0:11:56.439
<v Speaker 3>urgency that I need to update because here's the thing

0:11:56.840 --> 0:11:57.760
<v Speaker 3>and I want to throw this apart.

0:11:57.760 --> 0:11:59.360
<v Speaker 2>Also, I'm gonna drop it, y'all pick this up.

0:12:00.040 --> 0:12:02.920
<v Speaker 3>When you're buying things in you're holding company, you're holding

0:12:03.240 --> 0:12:06.560
<v Speaker 3>LLC should be in the name of your trust. So

0:12:06.640 --> 0:12:11.840
<v Speaker 3>if something happens to you, the properties automatically fall into

0:12:11.880 --> 0:12:16.480
<v Speaker 3>the trust. Automatically fall in there, so you don't have

0:12:16.559 --> 0:12:19.960
<v Speaker 3>to fund the trust because the trust own the LLC.

0:12:20.880 --> 0:12:23.880
<v Speaker 3>So if let me give you a quick example. You

0:12:23.920 --> 0:12:25.719
<v Speaker 3>know how you put your name on every single LLC.

0:12:26.320 --> 0:12:27.959
<v Speaker 3>You open up a LLC, you put your name on it,

0:12:28.040 --> 0:12:29.560
<v Speaker 3>open up the LLC, you put your name on it.

0:12:29.760 --> 0:12:32.240
<v Speaker 3>But if you was to have the property one two

0:12:32.320 --> 0:12:36.080
<v Speaker 3>three Smith Street in its own LLC, the name on

0:12:36.280 --> 0:12:40.400
<v Speaker 3>that LLC would not be you, it would be your trust.

0:12:41.320 --> 0:12:45.120
<v Speaker 3>So if something ever happens, it automatically goes to the

0:12:45.160 --> 0:12:47.880
<v Speaker 3>trust because you sign the trust over as the owner.

0:12:48.440 --> 0:12:52.120
<v Speaker 3>Does that make sense? Automatically so would trinkle effect. So

0:12:52.200 --> 0:12:55.000
<v Speaker 3>with that being said, excuse me. So with that being said,

0:12:55.080 --> 0:12:57.560
<v Speaker 3>you wouldn't have to fund one at a time. You

0:12:57.600 --> 0:12:59.920
<v Speaker 3>could just have that trust own it. All these LLCs

0:13:00.559 --> 0:13:04.240
<v Speaker 3>bile straighten from your holding. But also to let me

0:13:04.280 --> 0:13:07.839
<v Speaker 3>not glaze over something you said, it's so important to

0:13:07.880 --> 0:13:10.000
<v Speaker 3>have the conversation with your family and sit them down

0:13:10.200 --> 0:13:13.640
<v Speaker 3>and explain. Because my thing was, after everything's said and done,

0:13:14.360 --> 0:13:16.559
<v Speaker 3>my lawyer, we would have the conversation with each one

0:13:16.600 --> 0:13:20.440
<v Speaker 3>of them. Here's who's getting this. Who's the trust there's

0:13:20.480 --> 0:13:23.520
<v Speaker 3>the trustee. This is what's going to happen. This is

0:13:23.559 --> 0:13:25.800
<v Speaker 3>what it's supposed to be. I want you to do this,

0:13:26.120 --> 0:13:28.920
<v Speaker 3>and it's a thing I'll call a letter of trust, handwritten.

0:13:29.520 --> 0:13:31.760
<v Speaker 3>I want this copy of this letter in my hand

0:13:31.800 --> 0:13:35.720
<v Speaker 3>written form and my signats be copied for every generation,

0:13:35.800 --> 0:13:38.280
<v Speaker 3>every trustee, so they could look and go he thought

0:13:38.320 --> 0:13:42.640
<v Speaker 3>about me. I want them to see what I meant

0:13:42.720 --> 0:13:46.880
<v Speaker 3>and why I did this, because that's powerful and they

0:13:46.960 --> 0:13:49.720
<v Speaker 3>will get it and go. Man, my great great grandfather

0:13:49.800 --> 0:13:53.400
<v Speaker 3>thought about me. So that letter you don't have to.

0:13:54.040 --> 0:13:56.720
<v Speaker 3>But the thing is always impacted. So you need to

0:13:56.920 --> 0:14:00.760
<v Speaker 3>have that discussion with your kids, your grandkids. There's only

0:14:00.800 --> 0:14:03.120
<v Speaker 3>so far trust can go. It only could go to

0:14:03.200 --> 0:14:07.080
<v Speaker 3>the last person alive in your generation up to a

0:14:07.120 --> 0:14:11.120
<v Speaker 3>certain age. So like if I have my grandchildren, my

0:14:11.320 --> 0:14:14.000
<v Speaker 3>last one or he would have to now take the

0:14:14.040 --> 0:14:18.040
<v Speaker 3>trust format and restart it again and follow the same thing.

0:14:18.320 --> 0:14:20.040
<v Speaker 3>Trust can't live on an infamy.

0:14:20.080 --> 0:14:22.680
<v Speaker 5>So you've created the generational wealth and the other part

0:14:22.800 --> 0:14:25.800
<v Speaker 5>was just the sustainable wealth yep. Like that's the key, right,

0:14:25.880 --> 0:14:28.280
<v Speaker 5>because it could get mixed up from generation generation. Yeah,

0:14:28.320 --> 0:14:30.600
<v Speaker 5>but what you're doing is pretty much putting up the

0:14:30.600 --> 0:14:33.880
<v Speaker 5>barriers like, no, we're going to sustain this forever, forever.

0:14:34.280 --> 0:14:36.480
<v Speaker 3>The biggest, biggest mistake that a lot of people make,

0:14:36.560 --> 0:14:39.640
<v Speaker 3>unfortunately when we have real estate is thinking that our

0:14:39.720 --> 0:14:40.920
<v Speaker 3>children want to be landlords.

0:14:42.200 --> 0:14:42.600
<v Speaker 2>We can't.

0:14:42.760 --> 0:14:44.720
<v Speaker 3>We can't assume that they want to be landlords. I

0:14:44.720 --> 0:14:48.000
<v Speaker 3>had a friend of mine who I knew through someone else.

0:14:48.040 --> 0:14:51.440
<v Speaker 3>He died, didn't have a trust, left the properties to

0:14:51.600 --> 0:14:55.480
<v Speaker 3>his kids in a will. They sold them because they

0:14:55.480 --> 0:14:58.520
<v Speaker 3>didn't want nothing to do with real estate. That's that

0:14:58.680 --> 0:15:01.960
<v Speaker 3>destroyed me because I what his objective was. So we

0:15:02.080 --> 0:15:04.120
<v Speaker 3>need to put things in place to go, Okay, if

0:15:04.160 --> 0:15:05.400
<v Speaker 3>you don't want to be a landlord, this is what

0:15:05.440 --> 0:15:07.320
<v Speaker 3>we're gonna do. I'm gonna have a company do this,

0:15:07.520 --> 0:15:09.920
<v Speaker 3>or we're gonna sell it. Put the properties in the

0:15:10.040 --> 0:15:14.080
<v Speaker 3>brokerage account where it's gaining compound interest to do something.

0:15:14.520 --> 0:15:16.640
<v Speaker 2>So that's the key. We need to stop, you.

0:15:16.600 --> 0:15:20.680
<v Speaker 3>Know, really projecting our our wants and needs on children

0:15:20.720 --> 0:15:21.520
<v Speaker 3>and grandkids when.

0:15:21.400 --> 0:15:23.600
<v Speaker 2>They're like, yeah, I got my own plan that's free.

0:15:23.720 --> 0:15:33.840
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