1
00:00:01,360 --> 00:00:03,640
Speaker 1: This episode is brought to you by P and C Bank.

2
00:00:04,000 --> 00:00:06,760
Speaker 1: A lot of people think podcasts about work are boring,

3
00:00:07,000 --> 00:00:10,840
Speaker 1: and sure they definitely can be, but understanding a professionals

4
00:00:10,920 --> 00:00:14,160
Speaker 1: routine shows us how they achieve their success little by little,

5
00:00:14,560 --> 00:00:18,200
Speaker 1: day after day. It's like banking with P and C Bank.

6
00:00:18,680 --> 00:00:21,480
Speaker 1: It might seem boring to safe plan and make calculated

7
00:00:21,480 --> 00:00:24,599
Speaker 1: decisions with your bank, but keeping your money boring is

8
00:00:24,640 --> 00:00:27,960
Speaker 1: what helps you live or more happily fulfilled life. P

9
00:00:28,080 --> 00:00:32,879
Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly

10
00:00:32,960 --> 00:00:35,600
Speaker 1: Boring since eighteen sixty five is a service mark of

11
00:00:35,600 --> 00:00:38,840
Speaker 1: the PNC Financial Service Group, Inc. P and C Bank

12
00:00:39,280 --> 00:00:45,920
Speaker 1: National Association Member FDIC erness What's Up? You ever walk

13
00:00:45,920 --> 00:00:49,000
Speaker 1: into a small business and everything just works like the

14
00:00:49,080 --> 00:00:53,200
Speaker 1: checkout is fast, the receipts are digital, tipping is a breeze,

15
00:00:53,479 --> 00:00:55,640
Speaker 1: and you're out the door before the line even builds.

16
00:00:55,960 --> 00:01:00,240
Speaker 1: Odds are they're using Square? We love supporting business that

17
00:01:00,320 --> 00:01:02,959
Speaker 1: run on Square because it just feels seamless. Whether it's

18
00:01:03,000 --> 00:01:06,000
Speaker 1: a local coffee shop, a vendor at a pop up market,

19
00:01:06,200 --> 00:01:09,040
Speaker 1: or even one of our merch partners. Square makes it

20
00:01:09,200 --> 00:01:12,559
Speaker 1: easy for them to take payments, manage inventory, and run

21
00:01:12,600 --> 00:01:16,600
Speaker 1: their business with confidence, all from one simple system. If

22
00:01:16,640 --> 00:01:19,480
Speaker 1: you're a business owner or even just thinking about launching

23
00:01:19,520 --> 00:01:22,520
Speaker 1: something soon, Square is hands down one of the best

24
00:01:22,520 --> 00:01:25,680
Speaker 1: tools out there to help you start, run and grow.

25
00:01:25,959 --> 00:01:28,959
Speaker 1: It's not just about payments, it's about giving you time

26
00:01:29,040 --> 00:01:32,000
Speaker 1: back so you can focus on what matters most ready.

27
00:01:32,040 --> 00:01:35,399
Speaker 1: To see how Square can transform your business, visit Square

28
00:01:35,480 --> 00:01:40,000
Speaker 1: dot com backslash go backslash eyl to learn more that

29
00:01:40,200 --> 00:01:45,640
Speaker 1: Square dot com backslash, go backslash eyl. Don't wait, don't hesitate.

30
00:01:45,760 --> 00:01:48,160
Speaker 1: Let's Square handle the back end so you can keep

31
00:01:48,160 --> 00:01:49,400
Speaker 1: pushing your vision forward.

32
00:01:51,680 --> 00:01:54,280
Speaker 2: So you talked about a state plan with trust and will,

33
00:01:54,440 --> 00:01:57,800
Speaker 2: So can you explain that a lot a little bit

34
00:01:57,880 --> 00:02:00,920
Speaker 2: because sometimes people get confused what's the difference between the

35
00:02:00,960 --> 00:02:03,640
Speaker 2: trust and the will? And do you even need a

36
00:02:03,680 --> 00:02:06,680
Speaker 2: will or what's it trust? That's another thing that has

37
00:02:06,760 --> 00:02:12,760
Speaker 2: been very popularized on social media, talk about like can

38
00:02:12,800 --> 00:02:14,800
Speaker 2: you just kind of break down the will and trust situation?

39
00:02:15,160 --> 00:02:16,680
Speaker 3: Yeah, you do that, and now I'll talk about difference

40
00:02:16,680 --> 00:02:19,200
Speaker 3: between you revocable and irrevocable. Trust is a testandpoint Yeah

41
00:02:19,520 --> 00:02:20,080
Speaker 3: yeah cool.

42
00:02:20,120 --> 00:02:22,000
Speaker 4: So from a will standpoint at the end of the day,

43
00:02:22,160 --> 00:02:25,480
Speaker 4: you simply want to dictate who is going to get what,

44
00:02:25,560 --> 00:02:27,120
Speaker 4: who's entitled to whatever you.

45
00:02:27,080 --> 00:02:29,079
Speaker 5: Want to leave behind when you're not all here. Right.

46
00:02:29,320 --> 00:02:31,240
Speaker 4: The reason why people like the idea of a trust

47
00:02:31,400 --> 00:02:33,840
Speaker 4: is because you can have a little more control to

48
00:02:33,960 --> 00:02:37,440
Speaker 4: determine when and how those assets get disseminated once you're

49
00:02:37,440 --> 00:02:39,399
Speaker 4: gone right, Because obviously, if you have a will right

50
00:02:39,480 --> 00:02:42,120
Speaker 4: once you once you're gone right, it pretty much dies

51
00:02:42,160 --> 00:02:44,600
Speaker 4: with you. Right, But that could be good in certain situations.

52
00:02:44,600 --> 00:02:46,960
Speaker 4: I don't think everybody necessarily needs a trust, but if

53
00:02:47,000 --> 00:02:49,800
Speaker 4: you want to ensure that your heirs, maybe at eighteen,

54
00:02:49,919 --> 00:02:52,120
Speaker 4: my son has to do this thing before he gets,

55
00:02:52,360 --> 00:02:54,280
Speaker 4: you know, fifteen thousand dollars for a down payment on

56
00:02:54,320 --> 00:02:56,640
Speaker 4: the house, or whatever the case may be, the trust

57
00:02:56,639 --> 00:02:59,679
Speaker 4: can be established in a way to control how that

58
00:02:59,800 --> 00:03:03,280
Speaker 4: much needs disseminated, right, Especially if you have my children

59
00:03:03,280 --> 00:03:04,840
Speaker 4: that are miners and things of that nature, you want

60
00:03:04,840 --> 00:03:06,880
Speaker 4: to really make sure that they get what they're supposed

61
00:03:06,919 --> 00:03:09,399
Speaker 4: to get when they are supposed to get it right.

62
00:03:09,760 --> 00:03:12,959
Speaker 4: So that's the kind of the fundamental difference between trust

63
00:03:12,960 --> 00:03:15,200
Speaker 4: and wills. I think what happens is people like the

64
00:03:15,240 --> 00:03:18,320
Speaker 4: idea of a trust because of the control piece, but

65
00:03:18,360 --> 00:03:20,960
Speaker 4: at the same token, like you don't want to over

66
00:03:21,000 --> 00:03:23,560
Speaker 4: complicate your finances, right, because sometimes with a trust like

67
00:03:23,560 --> 00:03:26,200
Speaker 4: the upkeep right, you know, if you do too much

68
00:03:26,240 --> 00:03:27,840
Speaker 4: like it can be a little bit overwharman. Like I

69
00:03:27,840 --> 00:03:29,720
Speaker 4: know my mother in law before she met me, she

70
00:03:29,840 --> 00:03:32,160
Speaker 4: had a very complicated trust and just decided not to

71
00:03:32,200 --> 00:03:34,200
Speaker 4: do it anymore because it was just too much. Right,

72
00:03:34,480 --> 00:03:37,480
Speaker 4: So making sure that it makes sense relative to your situation,

73
00:03:38,000 --> 00:03:39,960
Speaker 4: what is it that you actually want to achieve, And

74
00:03:39,960 --> 00:03:41,680
Speaker 4: then I will determine if I just need a basic

75
00:03:41,720 --> 00:03:43,720
Speaker 4: will or do I need a trust to make sure

76
00:03:43,760 --> 00:03:45,400
Speaker 4: that I can pass all my assets in a way

77
00:03:45,440 --> 00:03:47,880
Speaker 4: that's a little bit more strategic relative to who I'm

78
00:03:47,920 --> 00:03:48,600
Speaker 4: passing them on to.

79
00:03:49,200 --> 00:03:52,120
Speaker 6: Yeah, And I think the difference between a revocable trust

80
00:03:52,120 --> 00:03:54,480
Speaker 6: and the irrevocable trust is huge, and I don't think

81
00:03:54,520 --> 00:03:57,160
Speaker 6: enough people know the difference. So a revocable living trust,

82
00:03:57,200 --> 00:03:59,200
Speaker 6: which I think everybody should have at some point in

83
00:03:59,240 --> 00:04:02,000
Speaker 6: their life, is like a safe that you have the

84
00:04:02,040 --> 00:04:04,520
Speaker 6: combination too. You can put assets in there, you can

85
00:04:04,520 --> 00:04:07,360
Speaker 6: take assets out. It's you can change. You can change

86
00:04:07,400 --> 00:04:09,320
Speaker 6: the assets in there, you can change the beneficiaries it

87
00:04:09,360 --> 00:04:11,600
Speaker 6: has a lot of flexibility, and the purpose of a

88
00:04:11,720 --> 00:04:14,160
Speaker 6: vocable living trust is so that when you pass away,

89
00:04:14,720 --> 00:04:17,240
Speaker 6: none of your assets go to probate court. Because we

90
00:04:17,279 --> 00:04:19,320
Speaker 6: saw with Chad with Boseman, he didn't have a true

91
00:04:19,360 --> 00:04:21,560
Speaker 6: he didn't have a revocable living trust, so he lost

92
00:04:21,600 --> 00:04:24,320
Speaker 6: almost a million dollars of his estate to probate court.

93
00:04:24,560 --> 00:04:26,800
Speaker 6: Because just because you say that your family should get

94
00:04:26,800 --> 00:04:29,039
Speaker 6: something in their wheel doesn't mean they're going to agree

95
00:04:29,080 --> 00:04:30,960
Speaker 6: on it. And the more time they spend arguing in

96
00:04:31,000 --> 00:04:33,039
Speaker 6: probate court, the more money that the lawyers make and

97
00:04:33,040 --> 00:04:34,440
Speaker 6: the more money of the court system makes.

98
00:04:34,680 --> 00:04:35,840
Speaker 3: With the revocable living.

99
00:04:35,640 --> 00:04:38,919
Speaker 6: Trust, it says like it's stamp saying that all my

100
00:04:38,960 --> 00:04:40,120
Speaker 6: assets go to these people.

101
00:04:40,200 --> 00:04:41,440
Speaker 3: This is how they get it, this is when they

102
00:04:41,440 --> 00:04:41,760
Speaker 3: get it.

103
00:04:42,120 --> 00:04:45,640
Speaker 6: So a vocable living trust is huge for voting avoiding

104
00:04:45,640 --> 00:04:48,359
Speaker 6: probate court. Another reason that you want to have a

105
00:04:48,400 --> 00:04:50,640
Speaker 6: revocable living trust is because it helps us with taxes.

106
00:04:51,040 --> 00:04:52,160
Speaker 3: So here's an example.

107
00:04:52,200 --> 00:04:55,279
Speaker 6: If I bought a property at two hundred thousand dollars

108
00:04:55,360 --> 00:04:58,640
Speaker 6: and that was worth a million dollars, and I put

109
00:04:58,640 --> 00:05:02,520
Speaker 6: it in my vocable living trust. When my kids get it,

110
00:05:02,760 --> 00:05:05,320
Speaker 6: they get something called a step up in basis. So

111
00:05:06,040 --> 00:05:08,680
Speaker 6: in my example, I have eight hundred thousand dollars in gains.

112
00:05:08,680 --> 00:05:10,720
Speaker 6: I pay two hundred thousand dollars for it. Now it's

113
00:05:10,720 --> 00:05:13,240
Speaker 6: worth a million, so it's eight hundred thousand dollars built

114
00:05:13,240 --> 00:05:14,919
Speaker 6: in gain that if I was to give it to

115
00:05:14,960 --> 00:05:16,560
Speaker 6: them when I was alive, they would have to pay

116
00:05:16,640 --> 00:05:17,640
Speaker 6: that eight hundred thousand.

117
00:05:17,440 --> 00:05:18,880
Speaker 3: Dollars in capital gains taxes.

118
00:05:19,080 --> 00:05:21,120
Speaker 6: When we put it in our vocable living trust and

119
00:05:21,160 --> 00:05:22,960
Speaker 6: I passed away and passed to my kids, they get

120
00:05:22,960 --> 00:05:24,600
Speaker 6: it what's called a step up in basis, So they

121
00:05:24,640 --> 00:05:27,799
Speaker 6: receive the property with a million dollar fare market value

122
00:05:27,839 --> 00:05:29,720
Speaker 6: and they can sell it the next day and pay

123
00:05:29,839 --> 00:05:33,120
Speaker 6: no capital gains taxes. So by putting the property in

124
00:05:33,120 --> 00:05:36,240
Speaker 6: a revocable living trust, you help your kids avoid unnecessary

125
00:05:36,279 --> 00:05:39,039
Speaker 6: taxes on assets that you're trying to pass down, and

126
00:05:39,080 --> 00:05:41,440
Speaker 6: that's how we build true generational wealth.

127
00:05:41,600 --> 00:05:43,400
Speaker 3: We don't want to just pass down assets. We want

128
00:05:43,400 --> 00:05:44,400
Speaker 3: to pass down.

129
00:05:44,440 --> 00:05:49,039
Speaker 6: Tax free assets, which is very important and irrevocable trust

130
00:05:49,200 --> 00:05:52,919
Speaker 6: is in my opinion, it's only used for estate planning purposes,

131
00:05:53,160 --> 00:05:56,640
Speaker 6: and unless your estate is over thirteen million dollars, you

132
00:05:56,680 --> 00:05:59,160
Speaker 6: probably don't need irrevocable living trust because you don't pay.

133
00:05:59,080 --> 00:06:01,159
Speaker 3: It state taxes until your state reach is that high.

134
00:06:01,400 --> 00:06:04,400
Speaker 6: So you don't want to put things in an irrevocable

135
00:06:04,440 --> 00:06:08,440
Speaker 6: trust before that is because you can't benefit from it

136
00:06:09,000 --> 00:06:11,279
Speaker 6: in your lifetime. If you put a property in an

137
00:06:11,279 --> 00:06:13,760
Speaker 6: irrevocable trust's worth a million dollars and it generates one

138
00:06:13,800 --> 00:06:16,119
Speaker 6: hundred thousand dollars a year in cash flow, you can't

139
00:06:16,120 --> 00:06:19,039
Speaker 6: take that because it's irrevocable. You can't benefit from it.

140
00:06:19,120 --> 00:06:21,640
Speaker 6: So it's just understanding what people need personally. I think

141
00:06:21,640 --> 00:06:24,159
Speaker 6: most people need a revocable living trust until they resett

142
00:06:24,160 --> 00:06:25,040
Speaker 6: thirteen million dollar mark.

143
00:06:25,120 --> 00:06:25,320
Speaker 1: Yeah.

144
00:06:25,320 --> 00:06:28,480
Speaker 7: I was reading an article maybe last week about Rupert Murdoch. Yeah,

145
00:06:28,520 --> 00:06:30,320
Speaker 7: and he's in there in Courtnell because he has an

146
00:06:30,320 --> 00:06:33,320
Speaker 7: irrevocable trust and he I think he is based on

147
00:06:33,360 --> 00:06:35,560
Speaker 7: succession that he doesn't want to pass it down to

148
00:06:35,640 --> 00:06:36,039
Speaker 7: this air.

149
00:06:36,279 --> 00:06:38,440
Speaker 3: Yeah. So like cannot change.

150
00:06:38,279 --> 00:06:41,360
Speaker 6: Cannot change, can change lock, it's a safe throw away

151
00:06:41,360 --> 00:06:42,599
Speaker 6: the key put in a bottom.

152
00:06:42,279 --> 00:06:45,200
Speaker 2: Of the What about an eyelid right where it's a

153
00:06:45,600 --> 00:06:47,520
Speaker 2: life insurance policy inside the trust?

154
00:06:47,600 --> 00:06:48,440
Speaker 5: Is that a good idea?

155
00:06:49,480 --> 00:06:50,120
Speaker 3: It can be?

156
00:06:50,240 --> 00:06:52,160
Speaker 6: I don't I haven't studied eyelists that much, but I

157
00:06:52,240 --> 00:06:55,479
Speaker 6: have heard about him. None of our clients have have

158
00:06:55,640 --> 00:06:57,560
Speaker 6: needed it thus far. But I think it can be

159
00:06:57,760 --> 00:07:01,600
Speaker 6: a powerful policy. See, but it has to be structured

160
00:07:01,640 --> 00:07:04,080
Speaker 6: the right way, and it's going to cost a little

161
00:07:04,080 --> 00:07:05,280
Speaker 6: bit of money to get that set up.

162
00:07:05,480 --> 00:07:07,640
Speaker 5: Yeah, yeah, yeah.

163
00:07:07,800 --> 00:07:11,440
Speaker 7: We were talking about this the other day on Market

164
00:07:11,480 --> 00:07:16,120
Speaker 7: Monday's actually about buying life insurance policies on family members.

165
00:07:16,600 --> 00:07:19,640
Speaker 7: Want thoughts around that and in terms of planning, I

166
00:07:19,640 --> 00:07:22,440
Speaker 7: guess for the future and also wealth creation because we've

167
00:07:22,440 --> 00:07:24,840
Speaker 7: seen this happen in other communities, not so much in ours.

168
00:07:24,880 --> 00:07:26,280
Speaker 5: What's your thoughts, Yeah, I mean.

169
00:07:26,200 --> 00:07:27,560
Speaker 4: I think at the end of the day, if we

170
00:07:27,600 --> 00:07:29,120
Speaker 4: remove a motion from it, right, at the end of

171
00:07:29,160 --> 00:07:32,000
Speaker 4: the day, we know that our loved ones are going

172
00:07:32,080 --> 00:07:33,400
Speaker 4: to pass away, right.

173
00:07:33,800 --> 00:07:37,320
Speaker 5: And if you have if your desires to.

174
00:07:37,320 --> 00:07:39,880
Speaker 4: Create generational wealth right for your family, it's like, hey,

175
00:07:39,920 --> 00:07:41,640
Speaker 4: let's just have a conversation about like what does that

176
00:07:41,680 --> 00:07:42,000
Speaker 4: look like?

177
00:07:42,080 --> 00:07:42,240
Speaker 5: Right?

178
00:07:42,280 --> 00:07:45,480
Speaker 4: So for example, if you have a parent that's aging, right,

179
00:07:46,080 --> 00:07:48,560
Speaker 4: you have life insurance on them. Maybe they didn't have opportunity,

180
00:07:48,600 --> 00:07:50,680
Speaker 4: they didn't have a market mondays they didn't have or

181
00:07:50,720 --> 00:07:52,360
Speaker 4: your leaders didn't have melon and money they didn't have

182
00:07:52,400 --> 00:07:55,040
Speaker 4: opportunity to accumulate a lot of wealth, right. One of

183
00:07:55,040 --> 00:07:57,160
Speaker 4: the great things about life insurance is that it can

184
00:07:57,200 --> 00:07:59,520
Speaker 4: close that gap for putting these on a dollar obviously

185
00:07:59,520 --> 00:08:01,840
Speaker 4: assuming you know you have our in decent health.

186
00:08:01,880 --> 00:08:03,840
Speaker 5: So I think it can be a great strategy.

187
00:08:04,360 --> 00:08:06,600
Speaker 4: Some people even go as far as you know, having

188
00:08:06,600 --> 00:08:09,280
Speaker 4: the family trust right and then the trust being the

189
00:08:09,280 --> 00:08:11,880
Speaker 4: beneficiary of the life insurance and then when you pass away,

190
00:08:11,920 --> 00:08:14,240
Speaker 4: the money goes into the trust and then now that

191
00:08:14,280 --> 00:08:16,240
Speaker 4: can kind of keep the trend going. But I think

192
00:08:16,240 --> 00:08:17,880
Speaker 4: it's I think person is a great stretch. I think

193
00:08:17,880 --> 00:08:20,000
Speaker 4: we're just so emotional about it and we feel like, oh,

194
00:08:20,000 --> 00:08:22,120
Speaker 4: that's blood money waiting for me to die, right, your life,

195
00:08:23,760 --> 00:08:26,360
Speaker 4: But we removed the emotion from it, and we're like, yo,

196
00:08:26,440 --> 00:08:29,080
Speaker 4: like this is what we want our family to look

197
00:08:29,160 --> 00:08:32,000
Speaker 4: like for generations to come. What is the most efficient

198
00:08:32,080 --> 00:08:34,480
Speaker 4: way for us to do that. I think life insurance

199
00:08:34,480 --> 00:08:35,920
Speaker 4: can be a great vehicle to facilitate that.

200
00:08:35,960 --> 00:08:37,920
Speaker 2: You spoke about something earlier that we haven't spoken about

201
00:08:37,920 --> 00:08:39,760
Speaker 2: a lot on disability insurance.

202
00:08:39,440 --> 00:08:42,160
Speaker 3: Yeah, why just talk about that?

203
00:08:42,200 --> 00:08:43,160
Speaker 5: Like why is that important?

204
00:08:43,160 --> 00:08:45,400
Speaker 2: And like what's some details that people should know about

205
00:08:45,440 --> 00:08:46,280
Speaker 2: disability insurance.

206
00:08:46,320 --> 00:08:47,720
Speaker 5: Yeah, so I can speak of personal experience.

207
00:08:47,760 --> 00:08:52,400
Speaker 4: So when I was twenty eight, I got married and

208
00:08:52,480 --> 00:08:54,720
Speaker 4: I was having this crazy random backpain.

209
00:08:54,800 --> 00:08:56,559
Speaker 5: I thought I was like maybe deadlifted too much weight

210
00:08:56,640 --> 00:08:57,040
Speaker 5: or something.

211
00:08:57,760 --> 00:08:59,120
Speaker 4: And then come to find out I had a benign

212
00:08:59,200 --> 00:09:02,559
Speaker 4: tumor and ninth vertebrae right that fractured my spine.

213
00:09:02,840 --> 00:09:04,319
Speaker 5: I had to relearn how to walk. It was a

214
00:09:04,360 --> 00:09:05,120
Speaker 5: whole whole.

215
00:09:04,920 --> 00:09:07,400
Speaker 4: Situation, right, wife had to like lock into the valves

216
00:09:07,480 --> 00:09:10,480
Speaker 4: very early sixty days. You know what I'm saying, and

217
00:09:11,520 --> 00:09:14,560
Speaker 4: people don't realize is that you are three times more

218
00:09:14,679 --> 00:09:18,360
Speaker 4: likely to become temporarily disabled than you are adoptrey maturely.

219
00:09:18,480 --> 00:09:18,680
Speaker 5: Right.

220
00:09:18,679 --> 00:09:22,240
Speaker 4: And so what disability insurance does. It's an insurance coverage

221
00:09:22,280 --> 00:09:24,079
Speaker 4: on your income. Like we have insurance on everything. We

222
00:09:24,120 --> 00:09:26,120
Speaker 4: have insurance on our cell phones, we do have hope

223
00:09:26,160 --> 00:09:28,400
Speaker 4: some of us have insurance on our lives. But what's

224
00:09:28,440 --> 00:09:31,040
Speaker 4: the insurance if you get hurt or sick and can't work,

225
00:09:31,400 --> 00:09:32,400
Speaker 4: what's the insurance on that?

226
00:09:32,480 --> 00:09:34,720
Speaker 5: Right? And so disability insurance bridges that gap.

227
00:09:34,760 --> 00:09:37,439
Speaker 4: Sometimes, if you're employed, you might have insurance and it

228
00:09:37,520 --> 00:09:40,040
Speaker 4: might cover fifty to sixty percent, right, but that's also

229
00:09:40,040 --> 00:09:41,040
Speaker 4: going to be a taxable benefit.

230
00:09:41,080 --> 00:09:41,680
Speaker 5: So always ask.

231
00:09:41,600 --> 00:09:43,920
Speaker 4: People, are you if I cut your check and half

232
00:09:43,960 --> 00:09:45,640
Speaker 4: right now? Because you live off fifty or sixty percent

233
00:09:45,640 --> 00:09:47,760
Speaker 4: of the income, They probably like, no, I can't, right.

234
00:09:47,880 --> 00:09:51,120
Speaker 4: And so having disability insurance and or supplemental disability insurance

235
00:09:51,400 --> 00:09:53,280
Speaker 4: can kind of close that gap so that if you

236
00:09:53,320 --> 00:09:55,920
Speaker 4: get hurt or you get sick, you have the ability

237
00:09:56,000 --> 00:09:58,199
Speaker 4: to still meet your knees. Because you can't call American Express,

238
00:09:58,280 --> 00:10:00,320
Speaker 4: you can't call a mortgage company saying hey, I can't

239
00:10:00,360 --> 00:10:00,839
Speaker 4: work right now?

240
00:10:00,880 --> 00:10:02,800
Speaker 5: Can I defer these bills? They're going to say, and

241
00:10:02,920 --> 00:10:03,840
Speaker 5: know what we can do for you?

242
00:10:03,920 --> 00:10:07,200
Speaker 4: Right, So disability insurance bridges that gap to ensure that

243
00:10:07,200 --> 00:10:09,200
Speaker 4: if anything happens to you, you're okay.

244
00:10:10,160 --> 00:10:10,480
Speaker 5: Now.

245
00:10:11,000 --> 00:10:13,120
Speaker 4: Some of the features and benefits of disability insurance that

246
00:10:13,160 --> 00:10:15,360
Speaker 4: you want to think about are like, there are certain

247
00:10:15,920 --> 00:10:19,600
Speaker 4: policy benefits that they call writers, right, And basically the

248
00:10:19,600 --> 00:10:21,480
Speaker 4: way they work is like, for example, let's say that

249
00:10:21,559 --> 00:10:25,160
Speaker 4: you are a surgeon, right, and you make your money

250
00:10:25,160 --> 00:10:27,880
Speaker 4: with your hands, right, So what you probably want to

251
00:10:27,920 --> 00:10:29,800
Speaker 4: do is you want to get special provisions in the

252
00:10:29,840 --> 00:10:32,000
Speaker 4: disability policy to ensure that hey, look.

253
00:10:31,920 --> 00:10:34,280
Speaker 5: I can still go be a professor, right, And teach

254
00:10:34,320 --> 00:10:34,719
Speaker 5: what I do.

255
00:10:34,760 --> 00:10:37,240
Speaker 4: But because I can't use my hands, right, I need

256
00:10:37,280 --> 00:10:39,120
Speaker 4: to be able to still receive income because that was

257
00:10:39,120 --> 00:10:41,760
Speaker 4: my primary source of income. Because with disability insurance it

258
00:10:41,760 --> 00:10:44,240
Speaker 4: does create a little bit of a moral hazard. The

259
00:10:44,240 --> 00:10:46,079
Speaker 4: reason why they don't like, let you get ninety percent,

260
00:10:46,160 --> 00:10:47,720
Speaker 4: like we'll shoot you know, people don't game the system,

261
00:10:47,760 --> 00:10:50,120
Speaker 4: and like I'm not going to work an injury, right,

262
00:10:50,200 --> 00:10:53,240
Speaker 4: So you just got to be mindful of the writers

263
00:10:53,240 --> 00:10:55,800
Speaker 4: and the clauses that allow you to take advantage of it,

264
00:10:56,040 --> 00:10:58,200
Speaker 4: like if you have like a special skill set to

265
00:10:58,200 --> 00:11:00,720
Speaker 4: be able to still benefit from benefit from but potentially

266
00:11:00,760 --> 00:11:02,480
Speaker 4: still are an income in other ways, like you know,

267
00:11:02,520 --> 00:11:08,320
Speaker 4: being a teacher or a professor, even own occupation, Yes, yes, you.

268
00:11:08,400 --> 00:11:08,960
Speaker 3: Still got it.

269
00:11:09,000 --> 00:11:15,760
Speaker 6: Brother, got it underwrite y'all, I need that.

270
00:11:16,400 --> 00:11:17,199
Speaker 3: I don't know about that.

271
00:11:17,840 --> 00:11:21,360
Speaker 7: But as business partners, right, what about having insurance on

272
00:11:21,360 --> 00:11:21,719
Speaker 7: each other?

273
00:11:22,000 --> 00:11:24,440
Speaker 3: Right or buy sell agreements? People don't talk about that.

274
00:11:24,800 --> 00:11:28,480
Speaker 7: Yeah, but if something happens to Carter yep, you know,

275
00:11:28,679 --> 00:11:31,480
Speaker 7: what what happens to the business, what happens to the income.

276
00:11:31,800 --> 00:11:33,680
Speaker 5: These things need to be discussed one hundred percent.

277
00:11:34,000 --> 00:11:34,640
Speaker 3: Let's talk about it.

278
00:11:34,640 --> 00:11:38,560
Speaker 6: We're talking with our h our lawyers about that in

279
00:11:38,559 --> 00:11:40,280
Speaker 6: the making right now, because and like one thing I

280
00:11:40,280 --> 00:11:41,520
Speaker 6: love about our relationship, we have.

281
00:11:41,440 --> 00:11:42,800
Speaker 3: The tough conversations on the front end.

282
00:11:42,920 --> 00:11:45,520
Speaker 6: Yeah, like bro, like if you do something crazy or

283
00:11:45,600 --> 00:11:48,000
Speaker 6: you're not you're not around like every like you know,

284
00:11:48,040 --> 00:11:49,680
Speaker 6: love is cool, but everything needs to be in writing.

285
00:11:50,080 --> 00:11:53,400
Speaker 6: So we are working with our lawyers on our by

286
00:11:53,400 --> 00:11:55,559
Speaker 6: selling agreements and things like that because it's so important

287
00:11:56,240 --> 00:11:59,080
Speaker 6: because we want this business to be generational and we

288
00:11:59,080 --> 00:12:01,040
Speaker 6: don't want to lose it just one generation with us.

289
00:12:01,080 --> 00:12:04,559
Speaker 6: So we are putting those things in place literally as

290
00:12:04,559 --> 00:12:06,320
Speaker 6: we speak, to make sure we protect our business and

291
00:12:06,320 --> 00:12:07,160
Speaker 6: protect ourselves.

292
00:12:07,240 --> 00:12:09,079
Speaker 4: Yeah, and from about just for those for the benefit

293
00:12:09,080 --> 00:12:11,120
Speaker 4: of the listeners. Like when it comes to about sell agreement,

294
00:12:11,160 --> 00:12:12,560
Speaker 4: the reason why you want to have that is because,

295
00:12:12,840 --> 00:12:14,600
Speaker 4: let's say something does happen to me, right, like if

296
00:12:14,600 --> 00:12:17,400
Speaker 4: I own fifty percent of the business, right and technically

297
00:12:17,440 --> 00:12:19,160
Speaker 4: that you know my wife in here is that my

298
00:12:19,200 --> 00:12:20,160
Speaker 4: wife is great, I don't.

299
00:12:20,160 --> 00:12:20,760
Speaker 5: I don't think.

300
00:12:22,320 --> 00:12:24,479
Speaker 4: Like yo, all right, so I'm gonna start managing these portfolio.

301
00:12:24,600 --> 00:12:28,440
Speaker 3: Yeah, yeah, the same thing. She might not be the

302
00:12:28,440 --> 00:12:28,840
Speaker 3: best person.

303
00:12:29,800 --> 00:12:31,319
Speaker 5: It might not be the best person to do that, right.

304
00:12:31,400 --> 00:12:33,000
Speaker 4: So and one thing you can also do is you

305
00:12:33,000 --> 00:12:35,280
Speaker 4: can get by sell agreements funded with life insurance. Right,

306
00:12:35,320 --> 00:12:37,360
Speaker 4: so that way it's like, all right, well, something happens

307
00:12:37,400 --> 00:12:39,240
Speaker 4: to you, right my wife, I mean I would trust

308
00:12:39,280 --> 00:12:40,679
Speaker 4: and believe that's happened to my wife will be good

309
00:12:40,679 --> 00:12:41,199
Speaker 4: at Yeah.

310
00:12:41,040 --> 00:12:43,000
Speaker 3: Yeah, you'd be good. But I got you man, I gotcha.

311
00:12:43,120 --> 00:12:43,280
Speaker 1: Man.

312
00:12:44,080 --> 00:12:47,360
Speaker 3: He's been documented right on it's own record.

313
00:12:48,000 --> 00:12:49,679
Speaker 4: But being able to say, okay, cool, the buy sell

314
00:12:49,720 --> 00:12:51,640
Speaker 4: agreement is funded by life insurance. Something happens to you

315
00:12:52,160 --> 00:12:54,600
Speaker 4: that I buy you out and then your wife gets

316
00:12:54,640 --> 00:12:55,320
Speaker 4: those proceeds.

317
00:12:55,360 --> 00:12:55,520
Speaker 3: Right.

318
00:12:55,559 --> 00:12:58,240
Speaker 4: So but it's important, right, like from day one when

319
00:12:58,240 --> 00:13:00,920
Speaker 4: we formally locked in, like we made sure that everything

320
00:13:01,000 --> 00:13:03,760
Speaker 4: was solidified, all the documentation was squared away because I

321
00:13:03,760 --> 00:13:06,720
Speaker 4: had started the brand first. He was and I was like,

322
00:13:06,840 --> 00:13:08,520
Speaker 4: I said, I think it's time for us to you know,

323
00:13:08,559 --> 00:13:09,760
Speaker 4: go further with this. He's like, Bell, let's do it.

324
00:13:09,800 --> 00:13:11,720
Speaker 5: I was like, okay, cool, and then yeah, it's sit

325
00:13:11,800 --> 00:13:12,360
Speaker 5: up some paperwork.

326
00:13:12,880 --> 00:13:13,360
Speaker 3: But we did it.

327
00:13:13,360 --> 00:13:14,400
Speaker 4: But we did it on the front end so we

328
00:13:14,440 --> 00:13:17,240
Speaker 4: could just documentation beats conversation. Those things have to be

329
00:13:17,280 --> 00:13:19,440
Speaker 4: in place if you want to make sure that your

330
00:13:19,480 --> 00:13:21,480
Speaker 4: business is little ye, And I think business structure is

331
00:13:21,520 --> 00:13:24,000
Speaker 4: really important as well. I don't think enough people talk

332
00:13:24,040 --> 00:13:25,040
Speaker 4: about because.

333
00:13:26,640 --> 00:13:28,600
Speaker 6: The way our business is structured, we could have just

334
00:13:28,600 --> 00:13:31,320
Speaker 6: been a traditional partnership, which is which is fine, but

335
00:13:31,360 --> 00:13:34,520
Speaker 6: there are some tax limitations by having a traditional partnership,

336
00:13:34,520 --> 00:13:38,480
Speaker 6: because if he wants to go to a conference and

337
00:13:38,600 --> 00:13:40,880
Speaker 6: deduct and the and deduct the expense in our taxes,

338
00:13:41,080 --> 00:13:42,840
Speaker 6: I'm like, well, I don't want to go to that conference.

339
00:13:43,120 --> 00:13:44,839
Speaker 6: I don't want to I don't want the business to have.

340
00:13:44,760 --> 00:13:45,839
Speaker 3: To pay for that right.

341
00:13:45,920 --> 00:13:47,520
Speaker 6: And so if you and your if you have a

342
00:13:47,559 --> 00:13:50,440
Speaker 6: traditional partnership and you and your partner are not agreeing

343
00:13:50,559 --> 00:13:53,760
Speaker 6: on a specific deduction, then you can't take it right.

344
00:13:54,120 --> 00:13:55,840
Speaker 6: So the way we set it up is that we

345
00:13:55,920 --> 00:13:58,480
Speaker 6: have our LLC, which is our melon of money, and

346
00:13:58,559 --> 00:14:01,240
Speaker 6: then we have our s corpse fifty percent owner of

347
00:14:01,240 --> 00:14:04,000
Speaker 6: that company. So now I can take all the deductions

348
00:14:04,000 --> 00:14:06,240
Speaker 6: I want to take in my escort. He can take

349
00:14:06,280 --> 00:14:08,480
Speaker 6: all the deductions that he wants his escort, and we

350
00:14:08,520 --> 00:14:12,280
Speaker 6: can only we only take group biss deductions in our

351
00:14:12,559 --> 00:14:15,679
Speaker 6: LLC for melon and money. And I see a lot

352
00:14:15,720 --> 00:14:19,800
Speaker 6: of new partnership business owners lose out on tens of

353
00:14:19,840 --> 00:14:23,560
Speaker 6: thousands of dollars in deductions because their financial structure is

354
00:14:23,600 --> 00:14:26,360
Speaker 6: not the way it should be to maximize their tax savings.

355
00:14:26,400 --> 00:14:30,040
Speaker 8: An illegal alien from Guatemala charged with raping a child

356
00:14:30,080 --> 00:14:33,880
Speaker 8: in Massachusetts. An MS thirteen gang member from Al Salvador

357
00:14:34,120 --> 00:14:38,240
Speaker 8: accused of murdering a Texas. Man of Venezuelan charged with

358
00:14:38,320 --> 00:14:42,200
Speaker 8: filming and selling child pornography in Michigan. These are just

359
00:14:42,320 --> 00:14:46,080
Speaker 8: some of the heinous migrant criminals caught because of President

360
00:14:46,080 --> 00:14:49,640
Speaker 8: Donald J. Trump's leadership. I'm Christine Noman, the United States

361
00:14:49,680 --> 00:14:54,440
Speaker 8: Secretary of Homeland Security. Under President Trump, attempted illegal border

362
00:14:54,520 --> 00:14:58,080
Speaker 8: crossings are at the lowest levels ever recorded, and over

363
00:14:58,120 --> 00:15:01,600
Speaker 8: one hundred thousand illegal aliens been arrested. If you are

364
00:15:01,640 --> 00:15:05,560
Speaker 8: here illegally, your next you will be fine nearly one

365
00:15:05,600 --> 00:15:10,160
Speaker 8: thousand dollars a day, imprisoned and deported, you will never return.

366
00:15:10,480 --> 00:15:13,520
Speaker 8: But if you register using our CBP home app and

367
00:15:13,600 --> 00:15:16,920
Speaker 8: leave now, you could be allowed to return legally. Do

368
00:15:17,080 --> 00:15:22,160
Speaker 8: what's right. Leave now. Under President Trump, America's laws, border

369
00:15:22,360 --> 00:15:24,160
Speaker 8: and families will be protected.

370
00:15:24,280 --> 00:15:26,440
Speaker 3: Sponsored by the United States Department of Homeland Security,