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Speaker 3: Yeah teen, my life change, buying real estate, doing all
Speaker 3: these great things. I understood the value of having real
Speaker 3: estate and wanting to hand it over to my legacy
Speaker 3: to create a legacy with that. But once I actually
Speaker 3: went to create a living trust and I saw what
Speaker 3: it can do, that's when I knew I had a
Speaker 3: bigger narrative I needed to share with the people. So
Speaker 3: my thing was I looked at who created a living
Speaker 3: trust to hand it down through their legacy, and I said,
Speaker 3: it's Rockefeller. So I went on to read the Rockefeller
Speaker 3: Trust from nineteen thirty four, and also there's a.
Speaker 2: Book called what would Rockefeller Do?
Speaker 3: So I stayed up reading all these things about how
Speaker 3: he would take this, put it in an account and
Speaker 3: only give a portion to the legacy, and then have
Speaker 3: his children create a trust and now that money compound interest.
Speaker 3: He wouldn't give it to him until they turn a
Speaker 3: certain age. And I'm like, I could do that, We
Speaker 3: can do that. The information was right there. So I
Speaker 3: sat down with my trust attorney. I said, I want
Speaker 3: to do that, Like, well, you want to do it,
Speaker 3: but I want to do that. It can be done structured.
Speaker 3: It worked it out where if not if but unfortunately
Speaker 3: we all pass away. When I pass away, a percentage
Speaker 3: of my properties would be sold, not the ones that
Speaker 3: I hold long term, like I have properties I do
Speaker 3: keep my short term properties those would be sold. That
Speaker 3: money would now go into a brokerage account. That brokerage
Speaker 3: account would be in the name of the trust. That
Speaker 3: money for that specific account would be for my grandchildren
Speaker 3: starting off, not my immediate family. My immediate family would
Speaker 3: get my life insurance policies, which are millions of dollars policies,
Speaker 3: and the main properties that I hold, so they are
Speaker 3: taken care of. But we need to start thinking about
Speaker 3: the grandkids, the great grand kids, those generations.
Speaker 2: How do you start their growth. You start their.
Speaker 3: Growth by putting that money in a brokerage account, and
Speaker 3: they don't get that money until they turn twenty one
Speaker 3: years old. So let's use the example of a million dollars.
Speaker 3: I put a million dollars in a brokerage account for
Speaker 3: my grandkids. They don't get that till they turn twenty
Speaker 3: one gaining six percent interest sense of interest, they say,
Speaker 3: that's twenty one. So that money turns into about three
Speaker 3: point eight million dollars for my grandkids.
Speaker 2: My grandkids they wouldn't get it all. They we could
Speaker 2: have about.
Speaker 3: One point six So I leave one point six in
Speaker 3: there for my great grandchildren for twenty one years.
Speaker 2: That now turns into about three four five six.
Speaker 3: That turns into about six point seven million dollars for
Speaker 3: my great grandchildren. They don't get it all they could have.
Speaker 3: So now that's about one point one know about two
Speaker 3: point two point three two point three stays in for
Speaker 3: my great great grandchildren, so they get about eight point
Speaker 3: one million dollars. You see how that happens. That's compound
Speaker 3: interest over twenty one years. So we have to look
Speaker 3: at that number. But what makes the trigger and the
Speaker 3: explosion even bigger is the fact that what Rockefeller did
Speaker 3: is that was just his trust. What he did was,
Speaker 3: now each children opened up, each child opened up a trust.
Speaker 3: So now his children had a trust, so he would
Speaker 3: pay his grandchildren, and his children would pay them.
Speaker 2: That's twice.
Speaker 3: So now his grand his children, then his grandchildren have
Speaker 3: a trust, so his great grandchildren would get paid three times.
Speaker 3: So now if we look at rocket fuller trust paid
Speaker 3: out now eleven generations and counting continuously. And what he
Speaker 3: also did was have a life insurance policy on every
Speaker 3: person in the trust, creating his own bank.
Speaker 2: And now what does that do? This is my structure.
Speaker 3: Also, any one of my children or grandchildre who want
Speaker 3: to start a business, what do they do? Talk to
Speaker 3: the trustees and now you borrow money. We become our
Speaker 3: own bank. So when someone dies, that money goes into
Speaker 3: the trust. You pay when you get the policy, you
Speaker 3: pay it out right. So now that money is available
Speaker 3: in the trust. So now also what I did was
Speaker 3: I re retweaked my trust last year and it was
Speaker 3: twenty one that I wouldn't give him money.
Speaker 2: I changed it.
Speaker 3: I changed the way they get money at eighteen and
Speaker 3: they can have a business started at eleven. You know
Speaker 3: why because now with technology, kids are now figuring out
Speaker 3: new ways.
Speaker 2: To start a business.
Speaker 3: So I want them to be able to present a
Speaker 3: business loan, a business proposal to the trustees so they
Speaker 3: could borrow money. These are the things where we don't
Speaker 3: look at them. When people say I don't have the
Speaker 3: money to do this, you know what, I tell them,
Speaker 3: Yes you do. The are you breathe is money, a
Speaker 3: life insurance policy. Soon as you die, you worth money.
Speaker 3: They are generations, and there are groups of people. When
Speaker 3: people die. Their objectives to make sure they have a
Speaker 3: policy on their grandmother, policy on their father, to do
Speaker 3: exactly what we're talking about. But we look at this
Speaker 3: taboo when it can't be taboo. It shouldn't be taboo.
Speaker 3: The main thing about it is you're thinking about the legacy.
Speaker 3: And when I tell people, when I speak to you,
Speaker 3: I'm not speaking. You don't speaking to your ley legacy.
Speaker 3: You're just a vessel for me to get the message
Speaker 3: to you so you can hear the message and see
Speaker 3: it and it reverberates in your brain.
Speaker 2: And as it's doing this, you literally.
Speaker 3: Are talking to your legacy while I'm speaking, going I
Speaker 3: got you, don't worry.
Speaker 2: Storm told me how to do it. Now I'm gonna
Speaker 2: give me a life insurance policy.
Speaker 3: When people have a life insurance policy, let's say roughly
Speaker 3: four million dollars, you have half a million dollars left
Speaker 3: on your home mortgage, and you say to yourself, I'm
Speaker 3: leave my family a million dollar. Actually you're not, because
Speaker 3: when you die, that policy has to pay half a
Speaker 3: million to the mortgage so they can.
Speaker 2: Stay in the house.
Speaker 3: You're only leaving them half a million dollars. We don't
Speaker 3: think about that mortgage behind us.
Speaker 2: So this is where I say, get yourself a whole life.
Speaker 3: Excuse me, get yourself a term that's for a half
Speaker 3: a million or a million dollars just to cover the
Speaker 3: house so your real policy doesn't get broken up. And
Speaker 3: now you have that term pay off the mortgage, any
Speaker 3: money left, put it in a broken's account, and now
Speaker 3: you start the system.
Speaker 4: So let's stay on this conversation about the trust for
Speaker 4: a minute. So irrevocable life insurance trust or revocable.
Speaker 2: Left's just start off as a revocable because you want
Speaker 2: to be able to say and you can change it. Yes,
Speaker 2: all right? So all right? So who shut this up
Speaker 2: for you? Your attorney? Yeah? My statement? You told them
Speaker 2: or they earners? What's up.
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Speaker 4: You educated them when they educated you, obviously to already
Speaker 4: educate because their attorney. But it sounds like you kind
Speaker 4: of already had some idea of what you wanted to do,
Speaker 4: because you did some reading before that.
Speaker 2: So what was the process?
Speaker 4: You kind of said, this is what I want to do,
Speaker 4: and then they kind of added to it, or they
Speaker 4: said this is what you should do.
Speaker 3: I came to them with my plan and my structure first,
Speaker 3: and I really wasn't taking note for an answer because
Speaker 3: I know it could be done. And there are some
Speaker 3: people that, like there are mechanics who cars are broke,
Speaker 3: like they just don't know fully how to do certain things.
Speaker 3: So you really have to find the right person that
Speaker 3: does these things. And I would always say, speak to
Speaker 3: someone who has a trust, speak to someone who you know.
Speaker 3: They can refer you to someone, but that takes time,
Speaker 3: but they would give me little tidbits of where we
Speaker 3: can do this, or they have a network of people
Speaker 3: and a law firm and they reach out to them.
Speaker 3: Like my first trust cost me about twelve thousand dollars.
Speaker 3: My newest one costs me roughly almost twenty thousand because
Speaker 3: I have a lot of.
Speaker 2: Things to fund it with.
Speaker 3: But if starting out, trust probably run you anywhere from
Speaker 3: three to six thousand dollars.
Speaker 2: But you have to look at the big picture.
Speaker 3: But I started out having a plan and I really
Speaker 3: really was adamant about getting this structure done.
Speaker 2: That was it for me. You will too with the trust.
Speaker 2: There's a thing called a poor overwill.
Speaker 3: That's attached to the trust. For all the items that
Speaker 3: you don't put into the trust automatically palls over and
Speaker 3: fall into the will, like jewelry, like things that are
Speaker 3: air looms, it'll automatically go in that will.
Speaker 5: Yeah, I'm saying that thinking obviously you're educate. How often
Speaker 5: are you meeting with your trust attorney? Because I was
Speaker 5: having a conversation with a young lady the other day
Speaker 5: and she's finding it hard to have her parents, you know,
Speaker 5: even buy into the idea of a trust. So how
Speaker 5: often did you meet with the family if you did
Speaker 5: at all? And how often did you meet with the
Speaker 5: trust attorney? Is that like a once a year thing
Speaker 5: or was it every six months? Because I'm sure you
Speaker 5: acquiring properties and other assets throughout the year, Like, how
Speaker 5: often is that happening?
Speaker 3: In the beginning, when I started, we had to have
Speaker 3: a conversation literally it was about almost every other week,
Speaker 3: sometimes every week to plan us out with insurance and
Speaker 3: all that stuff.
Speaker 2: Very complicated.
Speaker 3: But once it was set, the updating of the trust
Speaker 3: is every three years, right, But if there's something of
Speaker 3: urgency that I need to update because here's the thing
Speaker 3: and I want to throw this apart.
Speaker 2: Also, I'm gonna drop it, y'all pick this up.
Speaker 3: When you're buying things in you're holding company, you're holding
Speaker 3: LLC should be in the name of your trust. So
Speaker 3: if something happens to you, the properties automatically fall into
Speaker 3: the trust. Automatically fall in there, so you don't have
Speaker 3: to fund the trust because the trust own the LLC.
Speaker 3: So if let me give you a quick example. You
Speaker 3: know how you put your name on every single LLC.
Speaker 3: You open up a LLC, you put your name on it,
Speaker 3: open up the LLC, you put your name on it.
Speaker 3: But if you was to have the property one two
Speaker 3: three Smith Street in its own LLC, the name on
Speaker 3: that LLC would not be you, it would be your trust.
Speaker 3: So if something ever happens, it automatically goes to the
Speaker 3: trust because you sign the trust over as the owner.
Speaker 3: Does that make sense? Automatically so would trinkle effect. So
Speaker 3: with that being said, excuse me. So with that being said,
Speaker 3: you wouldn't have to fund one at a time. You
Speaker 3: could just have that trust own it. All these LLCs
Speaker 3: bile straighten from your holding. But also to let me
Speaker 3: not glaze over something you said, it's so important to
Speaker 3: have the conversation with your family and sit them down
Speaker 3: and explain. Because my thing was, after everything's said and done,
Speaker 3: my lawyer, we would have the conversation with each one
Speaker 3: of them. Here's who's getting this. Who's the trust there's
Speaker 3: the trustee. This is what's going to happen. This is
Speaker 3: what it's supposed to be. I want you to do this,
Speaker 3: and it's a thing I'll call a letter of trust, handwritten.
Speaker 3: I want this copy of this letter in my hand
Speaker 3: written form and my signats be copied for every generation,
Speaker 3: every trustee, so they could look and go he thought
Speaker 3: about me. I want them to see what I meant
Speaker 3: and why I did this, because that's powerful and they
Speaker 3: will get it and go. Man, my great great grandfather
Speaker 3: thought about me. So that letter you don't have to.
Speaker 3: But the thing is always impacted. So you need to
Speaker 3: have that discussion with your kids, your grandkids. There's only
Speaker 3: so far trust can go. It only could go to
Speaker 3: the last person alive in your generation up to a
Speaker 3: certain age. So like if I have my grandchildren, my
Speaker 3: last one or he would have to now take the
Speaker 3: trust format and restart it again and follow the same thing.
Speaker 3: Trust can't live on an infamy.
Speaker 5: So you've created the generational wealth and the other part
Speaker 5: was just the sustainable wealth yep. Like that's the key, right,
Speaker 5: because it could get mixed up from generation generation. Yeah,
Speaker 5: but what you're doing is pretty much putting up the
Speaker 5: barriers like, no, we're going to sustain this forever, forever.
Speaker 3: The biggest, biggest mistake that a lot of people make,
Speaker 3: unfortunately when we have real estate is thinking that our
Speaker 3: children want to be landlords.
Speaker 2: We can't.
Speaker 3: We can't assume that they want to be landlords. I
Speaker 3: had a friend of mine who I knew through someone else.
Speaker 3: He died, didn't have a trust, left the properties to
Speaker 3: his kids in a will. They sold them because they
Speaker 3: didn't want nothing to do with real estate. That's that
Speaker 3: destroyed me because I what his objective was. So we
Speaker 3: need to put things in place to go, Okay, if
Speaker 3: you don't want to be a landlord, this is what
Speaker 3: we're gonna do. I'm gonna have a company do this,
Speaker 3: or we're gonna sell it. Put the properties in the
Speaker 3: brokerage account where it's gaining compound interest to do something.
Speaker 2: So that's the key. We need to stop, you.
Speaker 3: Know, really projecting our our wants and needs on children
Speaker 3: and grandkids when.
Speaker 2: They're like, yeah, I got my own plan that's free.
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