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

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Speaker 2: This is Tiffany Elice, Brian Ambish and Mandy Woodruff Co.

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Speaker 1: So Mandy, are you ready to die?

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Speaker 3: Segue? How that wort segment? I bet you're not. I

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Speaker 3: bet you're not.

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Speaker 4: Uh No, I'm scared though.

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Speaker 1: It's really a question that we should all kind of

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Speaker 1: ask ourselves or do we have the two most important

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Speaker 1: documents that you ought to have before you pass on

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Speaker 1: from this life and onto whatever the next stage that

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Speaker 1: you believe in. And so we have brought on the amazing,

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Speaker 1: the incomparable these splendiferous art, beautiful, smart art Steel art

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Speaker 1: Is Steel is a state planning attorney who helps entrepreneurs

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Speaker 1: and families protect what matters most. She actually started her

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Speaker 1: career I'm gonna say this wrong because I don't know.

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Speaker 3: It just looks crazy. Yes, yeah, who, thank you Jesus.

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Speaker 1: And she went to work for work at the General

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Speaker 1: Tax Council for Discovery Communications, Yes, like Discovery Channel.

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Speaker 3: She's kind of a big deal.

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Speaker 1: She started her own law firm because you know, Flyinis

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Speaker 1: in twenty fourteen, and she started legal Ease get it

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Speaker 1: like Legal Ease like downs Road for entrepreneurs.

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Speaker 2: I'm gonna take this and play this every single time.

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Speaker 1: Somebody introduces Legal Ease for Entrepreneurs podcast in twenty sixteen,

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Speaker 1: which is amazing which a parents minority business owners to

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Speaker 1: tackle the legal needs for their business.

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Speaker 3: Welcome.

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Speaker 2: Thank you so much for having me. I'm so excited what.

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Speaker 4: I said, if you handle the intro, and that's what

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Speaker 4: we got.

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Speaker 1: Today has been like the worst day of my life.

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Speaker 1: Oh so I say no, But you know what, the

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Speaker 1: best way to get out a bad day is to

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Speaker 1: just make the next moments like amazing, you got get amazed?

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Speaker 3: Yeah, exactly.

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Speaker 2: Yeah, that's that's what I bring when I come to podcasts.

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Speaker 4: Well, this is a topic that I'm really really excited

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Speaker 4: about because, you know, on a recent episode, we got

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Speaker 4: some questions around life insurance and it just reminded me

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Speaker 4: that it's, yeah, it's one of those questions that people

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Speaker 4: don't like to I mean, just the fact that Tiffany asked,

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Speaker 4: are you ready to die? I got really hot and

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Speaker 4: sweaty just thinking about that. But when you break it

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Speaker 4: down into just like the simple things, the checklist of

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Speaker 4: every the few things, the simple things everyone should have

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Speaker 4: in place, it's not you know, it's not that intimidating,

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Speaker 4: it's not that scary, and it's something that you can

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Speaker 4: do and forget about until your day.

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Speaker 2: Comes and then you still never have to do and then.

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Speaker 4: An angel problem after that point. Yeah, but my guilty

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Speaker 4: truth is that I'm not ready to die. I don't

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Speaker 4: have anything art. I don't have a power. I don't

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Speaker 4: have a state plan. I don't even know what that is. Really,

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Speaker 4: I don't have a will. I don't know what I'm doing.

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Speaker 4: I don't know about Tiffany, but I feel like I

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Speaker 4: want to get it right. I've just been sort of

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Speaker 4: intimidated for so long, and you know, I suffer from

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Speaker 4: that young, invincible thing where I was in my twenties

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Speaker 4: and now I'm hitting the threes and I I'm feeling

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Speaker 4: a little bit more mortal every day, and I want

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Speaker 4: to get my stuff together.

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Speaker 2: Wait until you have kids, think I do have I

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Speaker 2: do have life insurance.

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Speaker 1: I got that when I was young and popping in

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Speaker 1: my twenties and I bought a condo, so I was like, ooh,

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Speaker 1: if I die, Like, how do I got to.

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Speaker 2: Pay for this thing?

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Speaker 3: Other than that, I don't have anything, like, I don't

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Speaker 3: have a will.

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Speaker 1: Although I do have a really great business lawyer who

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Speaker 1: is drawing up some contracts for me. Now about what

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Speaker 1: happens to have a business partner? What happens if either

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Speaker 1: one of us passes and leaves a business.

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Speaker 3: You know, like prematurely. But other than that, yeah, I don't.

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Speaker 1: I don't have any other My plan is quite honestly,

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Speaker 1: to live forever.

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Speaker 3: So I hope that. But what should we do? Please?

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Speaker 1: Get us started? What's the if we don't have anything?

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Speaker 1: If you are Mandy, right, not Tiffany, because I have

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Speaker 1: a little something. If you were Mandy, what's the first thing?

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Speaker 2: Where do we start?

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Speaker 3: What should we do?

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Speaker 2: Okay? Okay? So first I think I like for people

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Speaker 2: to start to think about a state planning differently. It's

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Speaker 2: it's not so much if we didn't think about it

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Speaker 2: or associated so much with death as much as with

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Speaker 2: a legacy and what we want to leave behind. I

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Speaker 2: think we would have a very different approach to it.

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Speaker 2: And when I talk when you talk about like what

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Speaker 2: you want to leave behind? I think a lot of

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Speaker 2: of us think about how we want people to remember us,

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Speaker 2: but we don't think about death, right, we don't want

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Speaker 2: to think about that day that will die. But we

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Speaker 2: think about how we would want to be remembered, like

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Speaker 2: what footprint would we want to leave on this earth

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Speaker 2: and what would we want people to say about us?

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Speaker 2: And I think that if we think about estate planning

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Speaker 2: that way, then it's not so taboo. But that's definitely

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Speaker 2: a problem, and it's and it's one in the black

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Speaker 2: community that is just so prevalent and it's debilitating, is

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Speaker 2: actually hurting us, and it's it's interesting because I'm a

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Speaker 2: Christian and I believe in Jesus Christ. I believe that

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Speaker 2: he is my Lord and savior. I believe that when

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Speaker 2: I die, by his grace, I will go to Heaven.

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Speaker 2: And so it's it's not something that I mean, yeah,

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Speaker 2: I don't know what's going to happen. I don't want

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Speaker 2: to die in a horrible accident. But I'm okay with that,

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Speaker 2: and most Christians say they are. But then still we

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Speaker 2: just avoid this topic because it's like it's so negative.

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Speaker 2: God forbid, don't talk about dying. But it's like it's

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Speaker 2: the one thing that he promises us.

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Speaker 4: Right, it's a well, just to interrupt for a second,

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Speaker 4: it's an individual. It's like you're thinking about it in

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Speaker 4: your own in the sense of yourself. Oh, you know,

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Speaker 4: when I pass on, I'm not afraid to die. I

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Speaker 4: know I'll be taken care of, you know, with whatever

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Speaker 4: religion you might believe in. But it's about thinking beyond yourself,

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Speaker 4: Like what about the people you leave behind? Is that

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Speaker 4: what you're kind of.

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Speaker 2: Yeah, exactly, because you will leave, you will leave. I mean,

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Speaker 2: for most of us, we will leave at least one

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Speaker 2: person who loves us dearly who is going to be

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Speaker 2: significantly impacted by our our loss or their loss of us. Right.

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Speaker 2: So not only do you know, we hope that that

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Speaker 2: person recovers from their grief, but we also don't want

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Speaker 2: to leave them in a financial mess when we die

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Speaker 2: if there's something that we can do about it. So

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Speaker 2: when you think about a state planning, there's like a spectrum.

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Speaker 2: I like to say, I think it goes. It starts

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Speaker 2: at planning for incapacity, and a lot of people, if

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Speaker 2: they do get to the topic of a state planning,

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Speaker 2: they never talk about incapacity. All they think about is

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Speaker 2: like Tiffany who goes and gets the life insurance policy, right,

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Speaker 2: But that life insurance policy is only paid out if

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Speaker 2: you die. What happens if you're in a car accident. Okay,

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Speaker 2: So first of all, in order for me to make

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Speaker 2: my point, some bad things will have to happen.

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Speaker 1: Okay, I've already knocked on wood and too hot oil,

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Speaker 1: so we don't have.

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Speaker 2: To do it every time, right, exactly covered by the blood.

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Speaker 2: So what happens if you're in an accident and you're incapacitated? You,

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Speaker 2: let's say you didn't have a partner, a business partner,

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Speaker 2: and you're in a coma, who does anything? Who has

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Speaker 2: access like permission to go to your bank account and

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Speaker 2: take money out for payroll? Who has the ability to

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Speaker 2: take money out of your personal account to pay your

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Speaker 2: mortgage on your home, or your car payment, or your

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Speaker 2: power bill or your rent right. So a lot of

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Speaker 2: people skip over that step of what happens if something

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Speaker 2: happens to me? But I don't die, because a lot

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Speaker 2: of stuff will happen automatically when you die, but a

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Speaker 2: lot nothing happens if you're incapacitated. So the number one

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Speaker 2: document that I say every single person should have single

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Speaker 2: not single, married kids, not with the father or mother whatever,

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Speaker 2: even children, even people who are over eighteen going to college,

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Speaker 2: is what's called a power of attorney when that document

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Speaker 2: gives whoever you name, the authority to act on your

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Speaker 2: behalf in your stead as if it were you. Now,

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Speaker 2: you can have two types of power of attorney. You

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Speaker 2: can have what's called a general durable power of attorney,

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Speaker 2: or you could just have a general power of attorney.

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Speaker 2: The durable power of attorney is a power of attorney

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Speaker 2: that takes effect the minute you sign it. So the

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Speaker 2: minute you sign it, while you're still walking around and

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Speaker 2: find this person has the authority to act on your behalf.

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Speaker 2: Now you may wonder, well, if I'm okay, why would

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Speaker 2: I do this. For example, Tiffany, you have a business partner,

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Speaker 2: so you may give him a business power of attorney general.

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Speaker 2: It would be a it would be a business not general,

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Speaker 2: but it would be durable, so it would take effect

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Speaker 2: the minute you sign it. He would be able to

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Speaker 2: make whatever decisions you specify in that document. So you

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Speaker 2: could say he can't enter into contracts up to a

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Speaker 2: million dollars up to five million. He can go and

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Speaker 2: close bank accounts, but he can't sell the business. Right,

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Speaker 2: so you would limit what he could do. But that

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Speaker 2: power of attorney would take effect the minute you sign it.

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Speaker 2: And then it would endure your incapacity, So if you

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Speaker 2: became incapacitated, he would still have the power, and then

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Speaker 2: it ends when you die or if you die. Okay,

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Speaker 2: So that's what a durable power of attorney is. A

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Speaker 2: general power of attorney only takes effect when you're incapacitated.

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Speaker 2: It's also called like a springing power of attorney. Now

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Speaker 2: for people who are just you know, for non business people.

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Speaker 2: You can have different types of power of attorney. You

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Speaker 2: can have a real estate one, so you could give

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Speaker 2: someone a very limited power of attorney so that they

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Speaker 2: could sign real estate documents on your behalf. So if

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Speaker 2: you're buying a home and you're going to be traveling

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Speaker 2: for work and you want someone else to sign all

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Speaker 2: of your closing documents, you can give that person a

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Speaker 2: real estate power of attorney. Now, the reason why you

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Speaker 2: would want it to just be a real estate power

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Speaker 2: of attorney is because that's the document that's giving somebody

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Speaker 2: the permission or the authority to sign on your behalf.

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Speaker 2: So it would be included with all of the closing documents,

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Speaker 2: and it would be public. So you wouldn't want like

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Speaker 2: your general power of attorney to be a public document,

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Speaker 2: so you could create a real estate one. You could

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Speaker 2: create one for your business. You could create one for

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Speaker 2: if you have five businesses, you could create one for

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Speaker 2: each business. You could create a tax power of attorney

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Speaker 2: so that somebody has the ability to talk to the

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Speaker 2: IRS or your state tax department on your behalf. You

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Speaker 2: can carve it out as much as you want, or

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Speaker 2: you can make it as broad as you want, but

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Speaker 2: everybody needs to have that document.

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Speaker 4: Oh where do we get one of those?

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Speaker 2: Yes?

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Speaker 4: Can I go to I've definitely like started maybe one

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Speaker 4: or two power as an attorney because at least once every

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Speaker 4: few years, I'm going to get my life together and

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Speaker 4: I'm gonna I'm gonna get one.

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Speaker 2: But I never do, but.

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Speaker 4: I'll like I started one on Rocket Lawyer. I tried

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Speaker 4: on Legal Zoom, but I've never really gone to a

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Speaker 4: real life attorney for that. And I don't know, I

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Speaker 4: don't know why. But what do you what do you recommend?

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Speaker 2: There are two things. Some states have what's called a

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Speaker 2: statutory power of attorney, So the legislature of that state

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Speaker 2: or some committee, probably fresh out of law school, law

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Speaker 2: students have drafted a power of attorney that would be

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Speaker 2: accepted in that state. They've done that free of charge,

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Speaker 2: and it's on some website. I have a list of

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Speaker 2: all of those states. I don't have it with me,

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Speaker 2: but I have a list of those states that have them.

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Speaker 2: If you live in one of those states, you could

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Speaker 2: go and download one of those, Like if you just

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Speaker 2: wanted to cover your basis right now, you could go

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Speaker 2: and download one of those. And most of the time

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Speaker 2: what those states will have are different types of powers

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Speaker 2: like the ones I just described, and then you can

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Speaker 2: just check whichever one you're giving to that person. So

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Speaker 2: I would do that before I would ever go to

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Speaker 2: Legal Zoom and Rocket Lawyer. The reason I say not

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Speaker 2: to go to those places, it's because what they're basically

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Speaker 2: doing is just giving you a really generic document. A

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Speaker 2: lot of the laws are updated in these states, a

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Speaker 2: lot of the laws are updated with the different institutions

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Speaker 2: that you could use power of attorneys with, and a

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Speaker 2: lot of those companies don't really give you instructions on

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Speaker 2: what is in the document and how to use it

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Speaker 2: and how to effectuate the document, meaning like how to

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Speaker 2: sign it to make sure is an actual document. So

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Speaker 2: I would definitely not recommend using any of those programs

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Speaker 2: for any estate planning documents, and a lot of core

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Speaker 2: have actually started to not accept those documents because they're

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Speaker 2: not being prepared by lawyers. It literally is just a

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Speaker 2: document system that you go in, you put your state,

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Speaker 2: and it generates a certain amount of text. So you

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Speaker 2: would be way better off using the one that your

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Speaker 2: state prepared because they had lawyers who were barred in

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Speaker 2: that state prepare it. The other option is to go

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Speaker 2: to a lawyer. Power of attorneys generally will cost you

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Speaker 2: about two fifty three four hundred dollars. I mean four

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Speaker 2: hundred would be the high end for a power of attorney. Generally,

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Speaker 2: they're about I think two fifty.

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Speaker 4: Here's another question, how do you pick your power of attorney?

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Speaker 4: You know what in my case, you know, I have

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Speaker 4: a husband and that kind of thing. But what are

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Speaker 4: some options, like what would be a good person to

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Speaker 4: you know it could it be a business partner or relative? Like,

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Speaker 4: how do you choose the right person? It's a big

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Speaker 4: it's a big deal.

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Speaker 2: Right, So it would depend on the type of power.

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Speaker 2: So if it's if it's a power for your business,

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Speaker 2: then yeah, you may choose your business, your business partner,

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Speaker 2: and then that power would be limited only to your business.

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Speaker 2: It would have to be someone who you trust, someone

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Speaker 2: who you believe would act on your behalf or act

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Speaker 2: in a way that you would act if you're incapacitated.

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Speaker 2: And what I always tell people is don't pick someone

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Speaker 2: as your power and then don't tell them. Discuss with

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Speaker 2: them because surprise, right, Yeah, Like, so discuss with them

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Speaker 2: what you would want in certain situations, what your goals

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Speaker 2: are for certain things. So, for example, if you're making

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Speaker 2: someone a power of attorney for a home I mean

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Speaker 2: for a home purchase, you would obviously talk to them

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Speaker 2: about You're like, hey, I'm going off to wherever for

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Speaker 2: them or deal with my house issue. You would obviously

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Speaker 2: give them some boundaries, but ultimately you would just have

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Speaker 2: to trust that person and trust that they would do

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Speaker 2: what you would want, especially for the durable one, because

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Speaker 2: you would be incapacitated. And this document gives them the

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Speaker 2: ability to act on your behalf, and anything that they

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Speaker 2: sign would be binding unless they acted beyond the scope

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Speaker 2: of the document, or they defraud you know, somehow they

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Speaker 2: did something fraudulent. But other than that, you would be

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Speaker 2: you would be held responsible for anything that that person

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Speaker 2: signed on your behalf, So it would have to be

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Speaker 2: someone who you trust. It may not necessarily be a

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Speaker 2: family member, It could be a friend. And that's the

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Speaker 2: other thing that I tell people to really consider all

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Speaker 2: the time, or a lot of times, especially for single people,

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Speaker 2: because most of us are with our friends and people

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Speaker 2: who are in our age group right more than we

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Speaker 2: are with our family. But if something happens to you,

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Speaker 2: your friend would probably know I don't know, I mean,

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Speaker 2: depending on how close you are to your family. But

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Speaker 2: your friend would probably know which bank you bank with,

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Speaker 2: They would know who your who your landlord is, or

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Speaker 2: you know places you frequent and and things you order

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Speaker 2: you know, like places you order from, like your Netflix account,

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Speaker 2: or you know all of those things. Your friends would

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Speaker 2: probably know that better than your parents would. But if

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Speaker 2: you don't have a power of attorney and something happens

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Speaker 2: to you, your parents can't just you know, let's say

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Speaker 2: your wallet is in your apartment and your bank card

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Speaker 2: is in there, and for some reason, your PIN number

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Speaker 2: is there with it. Your parents can't just go to

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Speaker 2: your bank account and take out money to pay your landlord.

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Speaker 2: That would be fraudulent. They would not have permission to

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Speaker 2: do that. So in order for your parents to get

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Speaker 2: any access or any of your next of ken, your brother,

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Speaker 2: or whoever, to get access to any of your assets,

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Speaker 2: they would have to file a petition in court. That's

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Speaker 2: called a conservative a conservatorship petition. In order to do that,

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Speaker 2: they're going to have to hire a lawyer. Whenever a

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Speaker 2: lawyer has to file a document in court. We've gone

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Speaker 2: now from the two point fifty or even the five

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Speaker 2: hundred for the POA to at least three or four

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Speaker 2: thousand dollars. And then we're dealing with the court. So

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Speaker 2: it's not like they're going to be like, oh, this

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Speaker 2: person needs to pay Mand's you know, Mandid's mom needs

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Speaker 2: to pay her rent, Let's get her in here right away.

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Speaker 2: It doesn't happen that way. The court has a docket, right,

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Speaker 2: so you just fit in wherever you can. The probably

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Speaker 2: the quickest emergency hearing you could get would be like

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Speaker 2: a Friday or something. Right. And then in order for

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Speaker 2: you to become a conservator of anybody's money or assets,

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Speaker 2: you have to get what's called a bond. It's like insurance,

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Speaker 2: because they don't want somebody for the person who is

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Speaker 2: incapacitated to come back and sue either you or the court,

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Speaker 2: it would be a mess. So you're basically getting insurance

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Speaker 2: to be able to manage this person's funny, Well, the

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Speaker 2: court doesn't offer that, So you have to go to

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Speaker 2: a special company made just for this to buy this

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Speaker 2: conservative conservatorship insurance, and they have their own requirements. Sometimes

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Speaker 2: they require that you get a lawyer. So even if

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Speaker 2: you're trying to do this by yourself, which sometimes you

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Speaker 2: know a lot of courts will have these forms online

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Speaker 2: and you're like, Okay, I'm going to try to do

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Speaker 2: this myself. Once you get to that stage, they may

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Speaker 2: require that you hire a lawyer because they figure your

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Speaker 2: chances of not screwing this up or way less if

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Speaker 2: you have a lawyer who's guiding you through the process.

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Speaker 2: Sometimes they do a credit check. Sometimes they require that

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Speaker 2: the person seeking the bond be a US citizen, not

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Speaker 2: even a resident, a US citizen. Sometimes they bar people

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Speaker 2: who have criminal records. So I've I've had estates where

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Speaker 2: no one in the estate, no relative, could qualify to

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Speaker 2: be a personal representative, so they literally could not probate

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Speaker 2: the estate either because they couldn't hire a lawyer, or

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Speaker 2: they somebody was a felon or somebody was a non

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Speaker 2: citizen and it's crazy, right. What you need to do

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Speaker 2: is to just get a POA. POA waives all of

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Speaker 2: that stuff.

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Speaker 4: And does it apply to your your spouse as well,

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Speaker 4: that they won't be able to access those accounts on

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Speaker 4: your behalf.

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Speaker 2: Unless yeah, unless they are listed on your account as

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Speaker 2: a joint owner. Now again, we're talking about incapacity mm hmm.

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Speaker 2: With death. If you're so with death, if you're bank

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Speaker 2: account is under a certain amount, depending on the state,

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Speaker 2: depending on the bank, your spouse may be able to

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Speaker 2: access some of that money because they're your next of ken,

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Speaker 2: or your parents may be able to, or your your

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Speaker 2: child may be able to. But that's only if you die. Mm.

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Speaker 3: So the limbo is what we're talking about.

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Speaker 1: I say that, yeah, and people plan for death, if

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Speaker 1: they're going to plan at all, They typically plan for death, don't.

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Speaker 3: They don't plan for the.

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Speaker 2: In between exactly exactly. So that's why I always shay

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Speaker 2: the power and the power of attorney is not a

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Speaker 2: document you need when you're sick, Like you could be

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Speaker 2: traveling and you could need somebody to sign something for you,

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Speaker 2: or you could need someone to speak to someone on

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Speaker 2: your behalf. So it's a document that you should have

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Speaker 2: regardless of your age, your marital status, your your family status,

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Speaker 2: whether or not you have children, young children, you know whatever,

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Speaker 2: like you should. Everybody should just have this document, especially

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Speaker 2: if you're in a state that I have did one

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Speaker 2: for you. There's no reason to have to not have it.

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Speaker 3: Okay.

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Speaker 4: So that's power of attorney would pay?

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Speaker 2: Is well worth it?

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Speaker 3: Okay?

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Speaker 4: Sorry, can you say that again. I talked over you.

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Speaker 2: I said the two point fifty you would pay or

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Speaker 2: three hundred or five hundred even let's just say five hundred,

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Speaker 2: it would be well worth it.

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Speaker 3: Okay. Okay, so power of attorney check, we need that.

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Speaker 4: What's next? What's number two?

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Speaker 2: And so? Okay, So the next thing is a little bit.

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Speaker 2: I think it's controversial because and I'm talking about life

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Speaker 2: insurance now, I will say that I don't sell life insurance.

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Speaker 2: I don't know too many of the requirements and what's

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Speaker 2: good and what's not. But I want people to think

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Speaker 2: of life life insurance in a different way than just well,

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Speaker 2: I don't have I don't have any children, I don't

401
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Speaker 2: have anybody to leave anything to. I don't own anything.

402
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Speaker 2: What's the point of me paying X amount per month

403
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Speaker 2: and leaving all this money, who am I going to

404
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Speaker 2: leave it to? And so I think that the number

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Speaker 2: one thing that people say to me when I say

406
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Speaker 2: everybody should have an estate plan is but I don't

407
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Speaker 2: own anything. What am I going to leave behind? And

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Speaker 2: I always say, you have a life, don't you go

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Speaker 2: get life insurance? Ensure your life? Because what people don't,

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Speaker 2: when people don't really think about, is think about the enrichment.

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Speaker 2: And I know this is going to sound a little

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Speaker 2: bit crass, but think about the enrichment that you bring

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Speaker 2: to people's lives most of us, right, and then like

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Speaker 2: think about that just disappearing and how you can make

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Speaker 2: up for that. And when I talk about the enrichment, yes,

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Speaker 2: we all you know, we have people who love us.

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Speaker 2: We love people, but like for a lot of us

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Speaker 2: who probably make more, the most money in our family,

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Speaker 2: or who went to college and got that job, like,

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Speaker 2: imagine how much money we would contribute to our community

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Speaker 2: over our entire lives and then for that to just

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Speaker 2: be gone and then there's no replacement for it. That's

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Speaker 2: how I look at it, and I think that people

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Speaker 2: should use life insurance as a way to create a

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Speaker 2: legacy for our community. And when I say our community,

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Speaker 2: I mean the Black community because say it well, because

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Speaker 2: one we are way behind when it comes to generational wealth.

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Speaker 2: I mean I've talked about this on my podcast. There

429
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Speaker 2: was a study that came out last year in February

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Speaker 2: that basically said that the college adult, the white college adult,

431
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Speaker 2: has seven point two times more income access to income

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Speaker 2: than the college adult who was black. Seven point they

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Speaker 2: both went to college, but the white person has seven

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Speaker 2: point two times more income. And then another statistic was

435
00:25:00,280 --> 00:25:03,800
Speaker 2: that a single parent white home, a white single parent home,

436
00:25:04,080 --> 00:25:07,320
Speaker 2: has two point two times more income than a two

437
00:25:07,440 --> 00:25:13,920
Speaker 2: parent black home. Because white people have had a head

438
00:25:13,920 --> 00:25:19,160
Speaker 2: start on building generational wealth. And when you look back

439
00:25:19,200 --> 00:25:21,239
Speaker 2: to like the nineteen seventies, and the reason for this

440
00:25:21,320 --> 00:25:23,000
Speaker 2: is when you look back to the nineteen seventies and

441
00:25:23,040 --> 00:25:26,280
Speaker 2: white people had a chance to buy homes for really

442
00:25:26,320 --> 00:25:29,960
Speaker 2: low mortgages, they were able to get really low interest rates,

443
00:25:30,080 --> 00:25:33,679
Speaker 2: whereas black people weren't even able to buy homes period.

444
00:25:34,200 --> 00:25:37,160
Speaker 2: And you take that one home, just at one home,

445
00:25:37,200 --> 00:25:39,600
Speaker 2: they didn't leave millions of dollars. You just take that

446
00:25:39,680 --> 00:25:42,720
Speaker 2: one home and you leave it free and clear, to

447
00:25:42,960 --> 00:25:46,360
Speaker 2: the next generation. And I always tell people like, imagine

448
00:25:46,400 --> 00:25:50,399
Speaker 2: if you could go two years without paying rent, Like

449
00:25:50,480 --> 00:25:53,160
Speaker 2: how much money you would save just by not having

450
00:25:53,200 --> 00:25:56,960
Speaker 2: to pay rent. And so this wealth has compounded year

451
00:25:57,040 --> 00:25:59,880
Speaker 2: after year. And what this study was saying is that

452
00:26:00,720 --> 00:26:03,720
Speaker 2: the only way we can make up this gap. Going

453
00:26:03,760 --> 00:26:07,320
Speaker 2: to college not gonna help. Being in a two parent

454
00:26:07,359 --> 00:26:11,600
Speaker 2: home not gonna help. All these things. Being more educated,

455
00:26:11,760 --> 00:26:14,399
Speaker 2: it's not going to close the wealth gap because Black

456
00:26:14,440 --> 00:26:18,000
Speaker 2: people aren't passing wealth down. Like, the only way the

457
00:26:18,040 --> 00:26:21,240
Speaker 2: next generation gets better is if they have something to

458
00:26:21,280 --> 00:26:26,120
Speaker 2: start with. So it's like starting from zero every single year.

459
00:26:26,119 --> 00:26:28,520
Speaker 2: It's like every year you build up your business, and

460
00:26:28,560 --> 00:26:31,480
Speaker 2: then January first comes around and there's like two of you.

461
00:26:31,880 --> 00:26:34,439
Speaker 2: It's like business person number one, business person number two.

462
00:26:34,800 --> 00:26:37,959
Speaker 2: You build up your business all year, January one comes around,

463
00:26:38,240 --> 00:26:40,359
Speaker 2: they take everything away from you and they leave this

464
00:26:40,400 --> 00:26:43,320
Speaker 2: other person with their business and they say and they

465
00:26:43,320 --> 00:26:46,399
Speaker 2: say start over, And you're like wondering, how come I

466
00:26:46,440 --> 00:26:48,520
Speaker 2: can't ever catch up to this person. You could make

467
00:26:48,600 --> 00:26:50,879
Speaker 2: millions of dollars, you still would be behind, you know

468
00:26:50,880 --> 00:26:53,320
Speaker 2: what I mean, because you've never passed it on, because

469
00:26:53,359 --> 00:26:55,800
Speaker 2: you're not passing it down right. So what I tell

470
00:26:55,840 --> 00:26:58,320
Speaker 2: people is when you think about life insurance, like, think

471
00:26:58,359 --> 00:27:04,240
Speaker 2: about the income that our community would be losing if

472
00:27:04,280 --> 00:27:06,960
Speaker 2: you were to die, if your life were to be

473
00:27:07,040 --> 00:27:11,800
Speaker 2: cut short. Think about your children and how much it

474
00:27:11,800 --> 00:27:16,200
Speaker 2: would help them even if you left them fifty thousand dollars.

475
00:27:16,240 --> 00:27:18,600
Speaker 2: You know, people think like, oh, you know, who needs

476
00:27:18,640 --> 00:27:21,359
Speaker 2: twenty five or fifty thousand or one hundred thousand dollars.

477
00:27:21,440 --> 00:27:23,480
Speaker 2: You know. I was talking to somebody the other day

478
00:27:23,800 --> 00:27:26,720
Speaker 2: and they were like, for every aunt or uncle or

479
00:27:26,720 --> 00:27:29,480
Speaker 2: relative I've ever lost, if I got five thousand dollars,

480
00:27:29,760 --> 00:27:31,000
Speaker 2: I would be pretty well off.

481
00:27:31,280 --> 00:27:35,040
Speaker 1: Yeah, you know, like they're like when I was in

482
00:27:35,520 --> 00:27:37,560
Speaker 1: when I visited Nigeria for the first time, I was

483
00:27:37,800 --> 00:27:41,400
Speaker 1: twenty one, right after college, and I remember there's one

484
00:27:41,480 --> 00:27:42,080
Speaker 1: uncle in the.

485
00:27:42,160 --> 00:27:43,920
Speaker 3: Village who was like wealthy.

486
00:27:44,040 --> 00:27:47,080
Speaker 1: Like my parents' villages, they didn't really have much money,

487
00:27:47,119 --> 00:27:49,240
Speaker 1: like no running water, everybody was still going to the

488
00:27:49,240 --> 00:27:52,879
Speaker 1: stream and no electricity, but there was one uncle that

489
00:27:53,119 --> 00:27:56,000
Speaker 1: was like lit, I mean, like car on the dirt

490
00:27:56,080 --> 00:27:59,720
Speaker 1: road everything. And I was asking my dad, how why

491
00:27:59,800 --> 00:28:02,280
Speaker 1: is this one uncle? And I used the word uncle

492
00:28:02,359 --> 00:28:05,080
Speaker 1: loosely because I have no idea if he was related

493
00:28:05,119 --> 00:28:06,720
Speaker 1: to us or not just everyone's in the uncle.

494
00:28:06,840 --> 00:28:08,360
Speaker 3: That's just how you say, mister and missus.

495
00:28:08,960 --> 00:28:11,760
Speaker 1: So I was like how, and my dad said his

496
00:28:12,920 --> 00:28:15,280
Speaker 1: grandfather thought of him? And I said how he's like

497
00:28:15,600 --> 00:28:17,200
Speaker 1: do you see on his land that he has all

498
00:28:17,200 --> 00:28:20,080
Speaker 1: of these palm trees? And palm oil is a very

499
00:28:20,119 --> 00:28:24,399
Speaker 1: expensive oil and very desired oil in Africa, And it

500
00:28:24,440 --> 00:28:27,119
Speaker 1: takes one hundred years from my understanding, for a palm

501
00:28:27,280 --> 00:28:32,280
Speaker 1: tree after planting to mature to reap palm seeds that

502
00:28:32,359 --> 00:28:35,400
Speaker 1: make palm oil. One hundred years. He said, someone thought

503
00:28:35,400 --> 00:28:39,000
Speaker 1: of him before he was born and planted palm oil

504
00:28:39,080 --> 00:28:42,440
Speaker 1: trees knowing that they would never in their lifetime benefit

505
00:28:42,480 --> 00:28:43,280
Speaker 1: from planting these trees.

506
00:28:43,280 --> 00:28:44,440
Speaker 3: That's why most people don't do it.

507
00:28:44,600 --> 00:28:47,280
Speaker 1: So they planted these and this man now has you know,

508
00:28:47,400 --> 00:28:50,560
Speaker 1: acres of palm oil trees and he this is what

509
00:28:50,640 --> 00:28:52,880
Speaker 1: he lives off. Was because it's such an expensive and

510
00:28:52,920 --> 00:28:56,400
Speaker 1: I remember that hitting me like that was life insurance.

511
00:28:56,480 --> 00:29:00,160
Speaker 1: His grandfather bought life insurance for his future grandson and

512
00:29:00,200 --> 00:29:02,520
Speaker 1: as a result, he's wealthy, and so will his kids

513
00:29:02,520 --> 00:29:04,240
Speaker 1: and his kids kids and his kids kids.

514
00:29:04,040 --> 00:29:07,000
Speaker 2: Be right right, And that's the thing, like we don't

515
00:29:07,000 --> 00:29:09,080
Speaker 2: think about it because it's like, well, I'm not gonna

516
00:29:09,120 --> 00:29:12,680
Speaker 2: benefit and it's like, yeah, but what if somebody had

517
00:29:12,680 --> 00:29:15,440
Speaker 2: thought about you? You know what I mean? Like, what

518
00:29:15,520 --> 00:29:18,640
Speaker 2: if somebody had thought about you and had created a

519
00:29:18,760 --> 00:29:22,360
Speaker 2: trust for you and we're paying your rent right now?

520
00:29:22,480 --> 00:29:26,640
Speaker 2: And you know, I was watching Sister Act too last night.

521
00:29:26,960 --> 00:29:30,160
Speaker 2: Don't ask why pass it, but you know the one

522
00:29:30,200 --> 00:29:32,760
Speaker 2: with Lauren Hill and her mom didn't want her to

523
00:29:32,800 --> 00:29:35,920
Speaker 2: sing and her mom kept telling her how it's a

524
00:29:36,000 --> 00:29:39,120
Speaker 2: dead and job. And you know, obviously this girl, Lauren

525
00:29:39,200 --> 00:29:42,960
Speaker 2: Hill has this amazing, beautiful voice, and you know, I

526
00:29:43,120 --> 00:29:45,240
Speaker 2: kept thinking about it. I don't know if it's because

527
00:29:45,280 --> 00:29:47,800
Speaker 2: this podcast was coming up, but I was like, here,

528
00:29:47,840 --> 00:29:51,480
Speaker 2: we have a girl who has this amazing voice, and

529
00:29:51,520 --> 00:29:54,760
Speaker 2: her mom is stifling her because she wants her to

530
00:29:54,840 --> 00:29:57,480
Speaker 2: go and get a job, because she wants her to

531
00:29:57,480 --> 00:30:00,760
Speaker 2: be able to support her own self, because she knows

532
00:30:00,840 --> 00:30:04,680
Speaker 2: as her mom she can't do it. And it's like

533
00:30:04,800 --> 00:30:09,440
Speaker 2: how many dreams? How many? Like my greatest accomplishment would

534
00:30:09,480 --> 00:30:13,960
Speaker 2: be if my son, who's three years old, could be

535
00:30:14,280 --> 00:30:17,840
Speaker 2: a teacher making a fifty thousand dollars salary and still

536
00:30:17,840 --> 00:30:20,880
Speaker 2: be able to afford a deep a house you know

537
00:30:20,920 --> 00:30:23,600
Speaker 2: where we live, which is Western Virginia, which is you know,

538
00:30:23,760 --> 00:30:27,000
Speaker 2: average five hundred thousand dollars. So for him to be

539
00:30:27,120 --> 00:30:30,440
Speaker 2: making a fifty thousand dollars salary and still be able

540
00:30:30,480 --> 00:30:34,280
Speaker 2: to easily afford a five hundred thousand dollars house, that

541
00:30:34,320 --> 00:30:38,160
Speaker 2: will never be me. I have to be the one

542
00:30:38,240 --> 00:30:40,160
Speaker 2: going out there and making that much money because no

543
00:30:40,160 --> 00:30:42,560
Speaker 2: one left it for me. But I don't want him

544
00:30:42,560 --> 00:30:44,680
Speaker 2: to be in that position. I don't want his kids

545
00:30:44,720 --> 00:30:48,000
Speaker 2: like this house that I own. He one day it's

546
00:30:48,080 --> 00:30:50,760
Speaker 2: going to have it free and clear, and his kids

547
00:30:50,840 --> 00:30:54,280
Speaker 2: or him or whoever will have a place to stay

548
00:30:54,400 --> 00:30:56,680
Speaker 2: and not have to pay rent. Like That's how I

549
00:30:56,720 --> 00:30:59,560
Speaker 2: see it because I've been around people who are in

550
00:30:59,600 --> 00:31:02,720
Speaker 2: those positions and I see how easy their life is,

551
00:31:02,760 --> 00:31:05,320
Speaker 2: and it's like, I want my kid's life to be easy.

552
00:31:05,800 --> 00:31:09,000
Speaker 2: So when you think about life insurance, if you don't

553
00:31:09,160 --> 00:31:12,440
Speaker 2: if you don't have actual savings that you can leave on,

554
00:31:13,320 --> 00:31:17,240
Speaker 2: get a life insurance policy, and think about who in

555
00:31:17,280 --> 00:31:21,240
Speaker 2: your community, whether that's your immediate family, your extended family,

556
00:31:21,840 --> 00:31:24,959
Speaker 2: or your actual community. And one of the things I

557
00:31:25,040 --> 00:31:27,120
Speaker 2: always talk about, and I think this is something you

558
00:31:27,200 --> 00:31:30,360
Speaker 2: mentioned before tiffany where. You're like, even if you don't

559
00:31:30,400 --> 00:31:33,960
Speaker 2: want to be a millionaire, make the million, keep your

560
00:31:34,120 --> 00:31:36,640
Speaker 2: one hundred thousand dollars and give the nine hundred thousand

561
00:31:36,680 --> 00:31:39,760
Speaker 2: dollars away, and you're going to give it to some

562
00:31:40,160 --> 00:31:46,400
Speaker 2: organization that all the other benefactors or patriarchs or whoever

563
00:31:46,400 --> 00:31:49,479
Speaker 2: they're called, the people who give money benefactors are not

564
00:31:49,560 --> 00:31:53,680
Speaker 2: going to think about maybe there's a homeless shelter in

565
00:31:53,720 --> 00:31:57,440
Speaker 2: your neighborhood that is not going to be left in

566
00:31:57,520 --> 00:32:02,280
Speaker 2: the will of you know, some super rich person. Right,

567
00:32:02,840 --> 00:32:05,920
Speaker 2: maybe you could leave fifty thousand dollars to them to

568
00:32:06,000 --> 00:32:08,360
Speaker 2: keep them running. And the reason you know about them

569
00:32:08,520 --> 00:32:11,520
Speaker 2: is because it's in your community. Maybe someone you know

570
00:32:11,880 --> 00:32:13,640
Speaker 2: who you went to school with, or someone in your

571
00:32:13,680 --> 00:32:17,840
Speaker 2: family had to use that shelter at some point. I mean, like,

572
00:32:17,960 --> 00:32:21,800
Speaker 2: look at Prince right, the Purple One. Yes, he died

573
00:32:22,280 --> 00:32:24,760
Speaker 2: with a three million dollar estate, and a lot of

574
00:32:24,760 --> 00:32:26,760
Speaker 2: people are like, oh, you know, you're trying to say

575
00:32:26,800 --> 00:32:30,120
Speaker 2: that black people don't have money, and no, I'm just

576
00:32:30,160 --> 00:32:32,440
Speaker 2: saying we don't think about estate planning. And like, when

577
00:32:32,480 --> 00:32:36,000
Speaker 2: you think about someone like him, who fought so hard

578
00:32:36,080 --> 00:32:42,120
Speaker 2: during his life to protect his music, his image, and

579
00:32:42,160 --> 00:32:48,480
Speaker 2: to own it. He provided for nothing. So his sister,

580
00:32:48,760 --> 00:32:50,920
Speaker 2: who it looks like is going to inherit his estate,

581
00:32:51,080 --> 00:32:54,320
Speaker 2: could literally sell it. She could sell it to justin Timberlake,

582
00:32:56,280 --> 00:32:59,560
Speaker 2: which would be like the greatest tragedy ever. Right, but

583
00:33:00,120 --> 00:33:01,760
Speaker 2: he could.

584
00:33:03,920 --> 00:33:04,080
Speaker 5: No.

585
00:33:04,160 --> 00:33:06,680
Speaker 2: I mean like and Prince would be turning over in

586
00:33:06,720 --> 00:33:09,560
Speaker 2: his grave. And then look at all of the other

587
00:33:10,480 --> 00:33:16,280
Speaker 2: programs or our organizations that he donated money to. They're

588
00:33:16,360 --> 00:33:18,840
Speaker 2: not gonna get any of that money he could have

589
00:33:18,960 --> 00:33:20,560
Speaker 2: if he made a will. He could have put in

590
00:33:20,600 --> 00:33:22,680
Speaker 2: his will, I want my entire estate to go to

591
00:33:22,720 --> 00:33:26,040
Speaker 2: the Boys and Girls Club in Paisley, wherever he lived.

592
00:33:26,280 --> 00:33:27,360
Speaker 4: I can't believe he did it.

593
00:33:27,440 --> 00:33:31,880
Speaker 6: What not such a tragedy, right because think about all

594
00:33:31,920 --> 00:33:35,600
Speaker 6: the money, all the money our community could have been getting,

595
00:33:36,520 --> 00:33:40,440
Speaker 6: because we just look at what he donated money to when.

596
00:33:40,240 --> 00:33:45,920
Speaker 2: He was alive. He held a concert in Baltimore during

597
00:33:45,960 --> 00:33:51,040
Speaker 2: the Freddie Gray riots. Right, So like that kind of

598
00:33:51,080 --> 00:33:53,520
Speaker 2: money would have been so helpful, you know what I mean?

599
00:33:53,600 --> 00:33:56,440
Speaker 2: So I think people like you said, Mandy, like we

600
00:33:56,520 --> 00:33:59,600
Speaker 2: need to stop thinking one is not benefiting us, but

601
00:33:59,640 --> 00:34:03,120
Speaker 2: we should start really thinking about, like how can we

602
00:34:03,920 --> 00:34:07,840
Speaker 2: pass this down and make life easier because black people

603
00:34:08,000 --> 00:34:12,760
Speaker 2: now are making more money than we've ever made in history.

604
00:34:13,120 --> 00:34:17,600
Speaker 2: We are more educated than we've ever been educated in history.

605
00:34:17,960 --> 00:34:20,680
Speaker 2: But none of that is going to close the wealth

606
00:34:20,680 --> 00:34:24,880
Speaker 2: gap if we don't pass this money down and you

607
00:34:24,960 --> 00:34:28,239
Speaker 2: cannot take it with you when you go. Whether they

608
00:34:28,280 --> 00:34:33,640
Speaker 2: say you never see a U haul following a hearse right.

609
00:34:32,520 --> 00:34:38,640
Speaker 4: Unless you're an Egyptian. But well, like practically speaking, tell me, okay,

610
00:34:38,640 --> 00:34:41,799
Speaker 4: so you know, when we spoke before, you'd mentioned, you know,

611
00:34:41,920 --> 00:34:45,520
Speaker 4: leaving something to a nonprofit if you wanted to practically,

612
00:34:45,600 --> 00:34:47,600
Speaker 4: how do you make sure that a you know, a

613
00:34:47,760 --> 00:34:50,279
Speaker 4: nonprofit or a charity or you know, like a non

614
00:34:50,360 --> 00:34:54,160
Speaker 4: human person or organization can get the can get the

615
00:34:54,400 --> 00:34:55,800
Speaker 4: whatever funds you leave behind.

616
00:34:56,800 --> 00:34:59,360
Speaker 2: So you would you could do that two ways. You

617
00:34:59,400 --> 00:35:01,839
Speaker 2: could put it your will. So your will is how

618
00:35:01,880 --> 00:35:05,680
Speaker 2: you dispose of your assets. Now, the only thing with

619
00:35:05,719 --> 00:35:10,680
Speaker 2: the will is that the will is public. So anything sorry,

620
00:35:11,120 --> 00:35:14,040
Speaker 2: So anything you put in your will, once it's filed

621
00:35:14,040 --> 00:35:16,000
Speaker 2: with the court after you die, it has to be

622
00:35:16,040 --> 00:35:18,439
Speaker 2: produced to the court and once it's filed, it will

623
00:35:18,480 --> 00:35:22,200
Speaker 2: become public and the court is going to have to

624
00:35:22,280 --> 00:35:24,399
Speaker 2: manage it. And because you're going to have to keep

625
00:35:24,440 --> 00:35:26,359
Speaker 2: going back to court. There's going to be a lot

626
00:35:26,360 --> 00:35:30,719
Speaker 2: of fees, there's a lot of delay because you're on

627
00:35:30,760 --> 00:35:34,680
Speaker 2: the court's time. So the best way to do that

628
00:35:34,920 --> 00:35:39,480
Speaker 2: is to create a will and then pour over all

629
00:35:39,480 --> 00:35:46,520
Speaker 2: of your assets from your estate into a trust and

630
00:35:46,560 --> 00:35:50,120
Speaker 2: the trust so when you hear trust fund, that's where

631
00:35:50,120 --> 00:35:54,200
Speaker 2: it comes from. The trust is an agreement between you,

632
00:35:54,320 --> 00:35:58,640
Speaker 2: who creates it, and the trustee, So you would appoint

633
00:35:58,680 --> 00:36:02,440
Speaker 2: a trustee to man the trust, and the trust is

634
00:36:02,440 --> 00:36:05,400
Speaker 2: a private document, so the will would still go to

635
00:36:05,480 --> 00:36:08,040
Speaker 2: the court. But all I would say is, you know,

636
00:36:08,080 --> 00:36:09,799
Speaker 2: you have to say your name, have to say where

637
00:36:09,840 --> 00:36:12,160
Speaker 2: you live, you have to you know, put some other

638
00:36:12,200 --> 00:36:15,120
Speaker 2: boilerplate language in there about your debts, and you have

639
00:36:15,160 --> 00:36:18,960
Speaker 2: to name a personal representative or executor or administrator, depending

640
00:36:19,000 --> 00:36:23,120
Speaker 2: on what state you're in. And then you would say,

641
00:36:22,520 --> 00:36:27,000
Speaker 2: I leave all of my assets to the trustee of

642
00:36:27,040 --> 00:36:29,160
Speaker 2: the Art Steel Trust, and that would be the end

643
00:36:29,200 --> 00:36:31,480
Speaker 2: of your will. You would sign it and then that

644
00:36:31,520 --> 00:36:34,839
Speaker 2: would be it, okay, and then all of your disposition.

645
00:36:35,480 --> 00:36:37,640
Speaker 2: I leave one hundred thousand dollars to the Boys and

646
00:36:37,680 --> 00:36:40,480
Speaker 2: Girls Club, I leave you know, a million dollars to

647
00:36:40,560 --> 00:36:44,840
Speaker 2: plan parenthood, I leave X amount to the Literature Academy,

648
00:36:44,880 --> 00:36:51,040
Speaker 2: I leave Yes Brown Ambition podcast. All of that would

649
00:36:51,080 --> 00:36:54,120
Speaker 2: be in your trust. Now, in the trust, you can

650
00:36:54,200 --> 00:36:58,600
Speaker 2: leave outright gifts, meaning once the trustee goes through all

651
00:36:58,640 --> 00:37:01,640
Speaker 2: of your debts and gather as an inventory of all

652
00:37:01,640 --> 00:37:04,360
Speaker 2: of your assets, they would give that one hundred thousand

653
00:37:04,400 --> 00:37:08,000
Speaker 2: dollars to whoever you named, or so that would be

654
00:37:08,040 --> 00:37:10,319
Speaker 2: an outright gift. You give them their money and they go,

655
00:37:11,000 --> 00:37:15,160
Speaker 2: or the trustee could put some conditions on the distribution.

656
00:37:15,920 --> 00:37:18,399
Speaker 2: Now that's the one that you're normally going to do

657
00:37:18,600 --> 00:37:22,680
Speaker 2: for your family or for younger children, because you don't

658
00:37:22,760 --> 00:37:26,920
Speaker 2: want to leave them that money outright. Now, if you

659
00:37:27,000 --> 00:37:31,040
Speaker 2: have minor children, you definitely want to consider how you

660
00:37:31,080 --> 00:37:33,240
Speaker 2: want to leave the money to them if you draft

661
00:37:33,280 --> 00:37:36,920
Speaker 2: your will when they're still minors. Now, if you don't

662
00:37:37,000 --> 00:37:38,680
Speaker 2: leave a will, if you don't have a will and

663
00:37:38,719 --> 00:37:42,200
Speaker 2: you have minor children and you die without a will,

664
00:37:42,400 --> 00:37:46,480
Speaker 2: what's going to happen is the court is going to

665
00:37:46,520 --> 00:37:50,000
Speaker 2: appoint someone to take care of that child's money, but

666
00:37:50,200 --> 00:37:53,520
Speaker 2: only until the child reaches the age of majority, which

667
00:37:53,640 --> 00:37:56,560
Speaker 2: in most states is eighteen, and I think probably only

668
00:37:56,600 --> 00:38:01,439
Speaker 2: one maybe Connecticut, it's twenty one. So if you don't

669
00:38:01,480 --> 00:38:04,959
Speaker 2: plan properly, so if you don't leave a will at all,

670
00:38:05,120 --> 00:38:07,879
Speaker 2: and you have all this money in life insurance, right,

671
00:38:08,560 --> 00:38:11,120
Speaker 2: that life insurance policy won't pay the money to the

672
00:38:11,200 --> 00:38:15,800
Speaker 2: child because children can't hold legal title to property meaning money,

673
00:38:17,360 --> 00:38:22,080
Speaker 2: So they won't pay any of that out until someone

674
00:38:22,200 --> 00:38:26,160
Speaker 2: goes to court and gets a court order and takes

675
00:38:26,200 --> 00:38:29,399
Speaker 2: it to the life insurance company, and then they will

676
00:38:29,400 --> 00:38:32,800
Speaker 2: pay that money. So now we have the same problem again.

677
00:38:33,239 --> 00:38:36,080
Speaker 2: In order for that person to get the conservatorship over

678
00:38:36,120 --> 00:38:38,799
Speaker 2: the child's money, they have to file a petition. They

679
00:38:38,840 --> 00:38:40,680
Speaker 2: have to get a bond. In order for them to

680
00:38:40,719 --> 00:38:43,640
Speaker 2: get the bond, the bond company has its own requirements,

681
00:38:43,680 --> 00:38:46,560
Speaker 2: which are all the requirements that I repeated to you earlier.

682
00:38:46,840 --> 00:38:51,800
Speaker 2: I've also seen situations where parent leaves money to child

683
00:38:52,120 --> 00:38:55,720
Speaker 2: in a life insurance policy. Either they name the child

684
00:38:55,760 --> 00:38:58,839
Speaker 2: directly and the child as a minor, or they don't

685
00:38:58,960 --> 00:39:01,360
Speaker 2: leave any benefit sharing on the life insurance but the

686
00:39:01,480 --> 00:39:03,560
Speaker 2: child is their only kin, so all of it goes

687
00:39:03,560 --> 00:39:06,319
Speaker 2: to the child and it is not paid out. The

688
00:39:06,400 --> 00:39:09,240
Speaker 2: child might be eight nine years old. It's not paid

689
00:39:09,239 --> 00:39:12,560
Speaker 2: out until the child turns eighteen because no one could

690
00:39:12,640 --> 00:39:18,600
Speaker 2: qualify to be the conservator of that money. It's crazy,

691
00:39:18,920 --> 00:39:22,319
Speaker 2: and you just think about how different that child's life

692
00:39:22,719 --> 00:39:26,000
Speaker 2: could be if they had that money. So now you're

693
00:39:26,040 --> 00:39:29,000
Speaker 2: going to hold the life insurance, Polly, the life insurance

694
00:39:29,000 --> 00:39:30,600
Speaker 2: company is going to hold onto this money for eight

695
00:39:30,680 --> 00:39:33,600
Speaker 2: nine years. Who knows what they're putting it in. They

696
00:39:33,640 --> 00:39:37,360
Speaker 2: have some fiduciary duty, but it could be a million

697
00:39:37,440 --> 00:39:39,960
Speaker 2: dollars or whatever. And you have your eighteen year old

698
00:39:40,040 --> 00:39:42,680
Speaker 2: child inheriting this money when they're all this money when

699
00:39:42,680 --> 00:39:49,479
Speaker 2: they're eighteen, So there's there's more than just one step, right.

700
00:39:49,600 --> 00:39:52,799
Speaker 2: So it's great to get life insurance, but make sure

701
00:39:52,880 --> 00:39:55,319
Speaker 2: you plan for that life insurance so that it does

702
00:39:55,400 --> 00:39:58,560
Speaker 2: go from generation to generation. You can set your trust

703
00:39:58,640 --> 00:40:03,120
Speaker 2: up where your child can have access to those funds

704
00:40:03,520 --> 00:40:08,160
Speaker 2: for their life, and then when they die, you know

705
00:40:08,440 --> 00:40:11,839
Speaker 2: their children can have access to it. You don't have

706
00:40:11,920 --> 00:40:15,319
Speaker 2: to always give all of your gifts outright. You could

707
00:40:15,320 --> 00:40:20,760
Speaker 2: put in there that nonprofit can get five thousand dollars

708
00:40:20,800 --> 00:40:24,040
Speaker 2: a year every year for as long as this trust

709
00:40:24,560 --> 00:40:27,120
Speaker 2: is keeps going. There's money in the trust, so you

710
00:40:27,120 --> 00:40:30,319
Speaker 2: don't have to give it outright to an organization and.

711
00:40:30,280 --> 00:40:34,000
Speaker 4: All of this everything we're talking about power of attorney,

712
00:40:34,200 --> 00:40:39,600
Speaker 4: making sure you have your life insurance, your will, your trust,

713
00:40:39,719 --> 00:40:42,480
Speaker 4: anything like that. Is that all those things are covered

714
00:40:42,880 --> 00:40:45,160
Speaker 4: or would be able to be covered by an estate

715
00:40:45,200 --> 00:40:46,000
Speaker 4: planning attorney.

716
00:40:46,040 --> 00:40:47,000
Speaker 2: Is that right? Yes?

717
00:40:47,160 --> 00:40:48,960
Speaker 4: Yeah, they could manage it all for you and make sure.

718
00:40:49,000 --> 00:40:50,520
Speaker 4: Because that my fear is like I get all this

719
00:40:50,560 --> 00:40:52,319
Speaker 4: stuff done and it's like in Google docs and I

720
00:40:52,360 --> 00:40:54,640
Speaker 4: have some of it saved to my email and it's

721
00:40:54,719 --> 00:40:57,440
Speaker 4: like all over the place. So and then wanting a

722
00:40:57,520 --> 00:41:00,239
Speaker 4: safe place to keep everything and someone I can trust to, like,

723
00:41:00,440 --> 00:41:03,400
Speaker 4: you know, have my documents together so I don't have

724
00:41:03,400 --> 00:41:06,120
Speaker 4: to think about them and you know, when the time comes,

725
00:41:06,600 --> 00:41:09,120
Speaker 4: my loved ones will know where to get all that information.

726
00:41:10,160 --> 00:41:12,840
Speaker 2: Right. So, So the way that I do it, whenever

727
00:41:12,880 --> 00:41:15,640
Speaker 2: someone comes to me for estate planning, I have them

728
00:41:15,680 --> 00:41:18,719
Speaker 2: fill out a questionnaire. In that questionnaire, I have them

729
00:41:18,760 --> 00:41:23,080
Speaker 2: list all of their assets and after so after that

730
00:41:23,160 --> 00:41:24,920
Speaker 2: then I have the talk you know, what do you

731
00:41:24,960 --> 00:41:27,200
Speaker 2: want You have a million dollars? You want it all

732
00:41:27,320 --> 00:41:28,920
Speaker 2: to go to the kid? Do you want to split

733
00:41:28,960 --> 00:41:31,560
Speaker 2: it with you know whatever? We talk about the actual plan,

734
00:41:31,880 --> 00:41:33,600
Speaker 2: how do you want this? I tell them the pros

735
00:41:33,600 --> 00:41:36,600
Speaker 2: and cons. Well, here's what happens. If you don't give

736
00:41:36,640 --> 00:41:40,319
Speaker 2: the child anything. When they turn eighteen, they'll they'll just

737
00:41:40,400 --> 00:41:43,959
Speaker 2: be waiting like a dog with whatever foaming at the mouth.

738
00:41:44,040 --> 00:41:46,920
Speaker 2: And when they're thirty five and then they're gonna blow it. Anyway,

739
00:41:47,560 --> 00:41:52,120
Speaker 2: So we talk about the plan. Then I draft the documents.

740
00:41:52,160 --> 00:41:55,440
Speaker 2: I draft the power of Attorney, I draft the will,

741
00:41:56,400 --> 00:41:59,759
Speaker 2: I draft the trust. They are two separate documents, and

742
00:41:59,800 --> 00:42:02,520
Speaker 2: then and there's some other little documents that go along

743
00:42:02,560 --> 00:42:05,520
Speaker 2: with it. And I put on the bottom of my

744
00:42:05,600 --> 00:42:08,880
Speaker 2: wills prepared by the law offices of Arnett Steel, so

745
00:42:08,920 --> 00:42:11,640
Speaker 2: that if anybody finds that will hold hold.

746
00:42:11,440 --> 00:42:12,600
Speaker 3: On, holdup, did you say Arnett?

747
00:42:12,680 --> 00:42:13,000
Speaker 6: Okay?

748
00:42:13,080 --> 00:42:18,319
Speaker 2: I who know, it's on the interwebs. I'm not hiding it.

749
00:42:18,440 --> 00:42:22,120
Speaker 4: And also your name also sounds like a superhero art

750
00:42:22,160 --> 00:42:24,840
Speaker 4: are Net either way, awesome name it is.

751
00:42:24,920 --> 00:42:28,880
Speaker 2: Yeah, Okay, that was like you know, you know, it's

752
00:42:28,920 --> 00:42:31,319
Speaker 2: so funny because like I have to put like my

753
00:42:31,520 --> 00:42:35,640
Speaker 2: legal name on documents, like for legal ethical reasons. So

754
00:42:35,840 --> 00:42:38,439
Speaker 2: people are always thrown off. They always think like Art

755
00:42:38,480 --> 00:42:40,320
Speaker 2: is my boss, of course, because you know, Art's a

756
00:42:40,360 --> 00:42:43,319
Speaker 2: guy's name anyway, So I always put on there that

757
00:42:43,440 --> 00:42:46,799
Speaker 2: I prepared the will so that when whoever finds it,

758
00:42:46,880 --> 00:42:50,960
Speaker 2: they can contact me and I can give them that

759
00:42:51,080 --> 00:42:54,800
Speaker 2: questionnaire that includes all of the assets, right, because people

760
00:42:54,840 --> 00:42:56,960
Speaker 2: need to know. This is the first thing I tell people.

761
00:42:57,280 --> 00:43:00,320
Speaker 2: Gather all your assets, right, because you know these With

762
00:43:00,360 --> 00:43:02,920
Speaker 2: all you financial people out there telling the people to

763
00:43:02,960 --> 00:43:10,239
Speaker 2: open six different bank accounts.

764
00:43:07,560 --> 00:43:09,920
Speaker 1: It can get I mean I have a list, yes,

765
00:43:10,480 --> 00:43:13,040
Speaker 1: but you're right, and not everyone has like all of

766
00:43:13,080 --> 00:43:15,160
Speaker 1: their stuff in one concise.

767
00:43:14,760 --> 00:43:18,760
Speaker 2: Place exactly so have and they don't give me account numbers.

768
00:43:18,800 --> 00:43:20,400
Speaker 2: I just tell them to tell me the name of

769
00:43:20,440 --> 00:43:22,920
Speaker 2: the bank, maybe the last four or two or whatever,

770
00:43:23,800 --> 00:43:25,640
Speaker 2: so I can give that to someone and say, well,

771
00:43:25,680 --> 00:43:29,160
Speaker 2: when they came in, these are this is where they

772
00:43:29,200 --> 00:43:32,120
Speaker 2: had all of their stuff. Now, the two things that

773
00:43:32,200 --> 00:43:34,960
Speaker 2: you want to three things, three people you want to

774
00:43:35,000 --> 00:43:36,960
Speaker 2: contact when it comes to the will and the trust.

775
00:43:38,000 --> 00:43:41,319
Speaker 2: You're a personal representative. That is the person who is

776
00:43:41,360 --> 00:43:44,480
Speaker 2: going to carry out your wishes as it pertains to

777
00:43:44,520 --> 00:43:47,760
Speaker 2: the will. So the will is going to be presented

778
00:43:47,800 --> 00:43:50,880
Speaker 2: to the court. If you hear the term probate, that's

779
00:43:50,960 --> 00:43:54,960
Speaker 2: the probate court, the will court. They will do whatever

780
00:43:55,000 --> 00:43:56,919
Speaker 2: they need to do. But if you have what's called

781
00:43:56,960 --> 00:43:59,720
Speaker 2: a poor over will where you're also using a trust.

782
00:44:00,000 --> 00:44:02,640
Speaker 2: There's not really anything for them to do in probate court.

783
00:44:03,080 --> 00:44:07,280
Speaker 2: But that person technically it's called the personal representative. Okay.

784
00:44:07,880 --> 00:44:13,920
Speaker 2: And then you want to select a trustee. The trustee

785
00:44:14,040 --> 00:44:17,880
Speaker 2: is the person who's going to manage the trust. Now,

786
00:44:18,000 --> 00:44:21,000
Speaker 2: you generally have two options when it comes to selecting

787
00:44:21,040 --> 00:44:25,000
Speaker 2: a trustee. You can select an individual and that can

788
00:44:25,040 --> 00:44:27,720
Speaker 2: be someone you know or a family member or a friend,

789
00:44:28,400 --> 00:44:31,960
Speaker 2: or you could select the company. Now they're pros and

790
00:44:32,000 --> 00:44:35,000
Speaker 2: cons of each right, because if you select an individual,

791
00:44:35,600 --> 00:44:38,439
Speaker 2: you can tell that person all about what you want.

792
00:44:38,520 --> 00:44:40,600
Speaker 2: You can kind of make side agreements and be like, Okay,

793
00:44:40,640 --> 00:44:42,279
Speaker 2: I'm gonna put this in the trust, but really, you know,

794
00:44:42,680 --> 00:44:45,840
Speaker 2: depending on how you know the person or whatever. But

795
00:44:46,080 --> 00:44:48,839
Speaker 2: the drawback to that is that person is maybe a

796
00:44:48,880 --> 00:44:53,520
Speaker 2: family member, so they may feel a little you know,

797
00:44:53,800 --> 00:44:57,520
Speaker 2: soft toward whoever's asking for the money, you know. And

798
00:44:57,560 --> 00:44:59,800
Speaker 2: then the other option is you can use a co

799
00:45:00,000 --> 00:45:04,239
Speaker 2: company like Fidelity or Chase or Prudential, all of these

800
00:45:04,920 --> 00:45:08,440
Speaker 2: retirement company, you know, retirement bank accounts companies out there.

801
00:45:08,520 --> 00:45:13,040
Speaker 2: They usually will have a trust management a department or

802
00:45:13,080 --> 00:45:17,280
Speaker 2: you may have local ones like the New Jersey Trust Company.

803
00:45:17,080 --> 00:45:20,040
Speaker 2: They're much smaller, but all they do is trust management.

804
00:45:20,360 --> 00:45:22,640
Speaker 2: So if you choose them, you know they're going to

805
00:45:22,760 --> 00:45:26,080
Speaker 2: follow your trust document to a t because they don't

806
00:45:26,120 --> 00:45:30,399
Speaker 2: want to be sued, right, So either way, you need

807
00:45:30,440 --> 00:45:35,120
Speaker 2: to speak to that person beforehand in order to name

808
00:45:35,200 --> 00:45:38,719
Speaker 2: them as a trustee. And then if you have children,

809
00:45:39,239 --> 00:45:42,160
Speaker 2: you want to name the guardian of your children, and

810
00:45:42,200 --> 00:45:44,680
Speaker 2: you want to name the guardian of your children property,

811
00:45:44,719 --> 00:45:47,440
Speaker 2: your children's property. Now, the guardian of the child is

812
00:45:47,440 --> 00:45:49,120
Speaker 2: the person who's going to take care of the kids,

813
00:45:49,239 --> 00:45:53,000
Speaker 2: you know they're wellbeing, and the guardian of the miner's

814
00:45:53,040 --> 00:45:54,719
Speaker 2: property is a person who's going to be in charge

815
00:45:54,760 --> 00:45:56,719
Speaker 2: of the money. It can be the same person, it

816
00:45:56,719 --> 00:46:01,120
Speaker 2: could be a different person. There is no matter who

817
00:46:01,160 --> 00:46:04,840
Speaker 2: you name, the court is always going to have a

818
00:46:04,920 --> 00:46:08,200
Speaker 2: hearing to make sure that whoever you name is fit because,

819
00:46:08,239 --> 00:46:10,160
Speaker 2: as you know, when it comes to children, the court

820
00:46:10,280 --> 00:46:14,279
Speaker 2: is always charged with acting in the best interests of

821
00:46:14,320 --> 00:46:16,960
Speaker 2: the child. So they want to make sure that the

822
00:46:17,000 --> 00:46:20,279
Speaker 2: person who you've named is fit to actually take care

823
00:46:20,280 --> 00:46:22,560
Speaker 2: of this child. And maybe you did it when your

824
00:46:22,640 --> 00:46:25,560
Speaker 2: child was first born and that person was like your

825
00:46:25,600 --> 00:46:28,720
Speaker 2: best friend and they live next door. But ten years later,

826
00:46:29,200 --> 00:46:31,799
Speaker 2: your child's now ten years old, that person could be

827
00:46:31,840 --> 00:46:35,200
Speaker 2: living in a different state, you know, so the court

828
00:46:35,239 --> 00:46:38,600
Speaker 2: is always going to have to see. But the most

829
00:46:38,600 --> 00:46:41,440
Speaker 2: important thing about your will is remember the bond I

830
00:46:41,480 --> 00:46:43,800
Speaker 2: was talking about. You can waive that in your will.

831
00:46:44,200 --> 00:46:46,080
Speaker 2: So you can put in your will that you don't

832
00:46:46,120 --> 00:46:50,359
Speaker 2: want anybody, any of your representatives. You don't want them

833
00:46:50,400 --> 00:46:52,600
Speaker 2: to be required to get a bond, and then they

834
00:46:52,640 --> 00:46:55,479
Speaker 2: won't have to get it, so you skip that whole step,

835
00:46:55,560 --> 00:47:00,360
Speaker 2: so then they can be a personal representative. Wow, I

836
00:47:00,440 --> 00:47:01,360
Speaker 2: know so much.

837
00:47:04,760 --> 00:47:08,000
Speaker 3: Exactly. I'm like, that's.

838
00:47:09,920 --> 00:47:15,120
Speaker 2: Here, you go, bye, going, Mandy to answer your question.

839
00:47:15,200 --> 00:47:17,800
Speaker 2: So when I'm done with all of that, I actually

840
00:47:17,880 --> 00:47:21,240
Speaker 2: give my clients. So you're going to sign a copy

841
00:47:21,360 --> 00:47:23,680
Speaker 2: of your will. You're going to not a copy. You're

842
00:47:23,719 --> 00:47:25,960
Speaker 2: going to sign your will. You're going to sign your

843
00:47:26,040 --> 00:47:30,239
Speaker 2: power of attorney. You have to keep those original documents

844
00:47:31,000 --> 00:47:35,239
Speaker 2: now for your will. Some states do allow you to

845
00:47:35,440 --> 00:47:39,120
Speaker 2: file the original copy or the original of your will

846
00:47:39,200 --> 00:47:41,640
Speaker 2: with the state. Now, you can always go back and

847
00:47:41,680 --> 00:47:44,080
Speaker 2: revoke it and take it and tear it up, but

848
00:47:44,600 --> 00:47:48,480
Speaker 2: that's one way to safe keep it. I tell people

849
00:47:48,520 --> 00:47:52,520
Speaker 2: don't put in your safety posit box, because if you're

850
00:47:52,520 --> 00:47:54,600
Speaker 2: the only one who has access to the safety posit

851
00:47:54,640 --> 00:47:57,239
Speaker 2: box and you die, then nobody can go and get

852
00:47:57,280 --> 00:48:01,600
Speaker 2: it because it and the will, the will's in the

853
00:48:01,600 --> 00:48:07,279
Speaker 2: safety positive box. Yeah, so tell your family that you

854
00:48:07,400 --> 00:48:10,520
Speaker 2: have a will. I don't. I don't. I don't think

855
00:48:11,400 --> 00:48:14,200
Speaker 2: I'm of the opinion that people shouldn't hide that. They

856
00:48:14,239 --> 00:48:16,440
Speaker 2: should say I went to a lawyer, I prepared the

857
00:48:16,480 --> 00:48:20,520
Speaker 2: will a will. Here's the lawyer's name. If that person

858
00:48:20,800 --> 00:48:23,799
Speaker 2: is your executor or your trustee, let them know, I mean,

859
00:48:23,920 --> 00:48:26,400
Speaker 2: talk to them beforehand, but then let them know I

860
00:48:26,480 --> 00:48:30,400
Speaker 2: named you as trustee, you know, so that way people

861
00:48:30,440 --> 00:48:32,120
Speaker 2: aren't like, does she have a will? Does she not

862
00:48:32,200 --> 00:48:34,439
Speaker 2: have a will? Know she had to have a will,

863
00:48:34,600 --> 00:48:37,520
Speaker 2: you know, or at least you're letting people know at

864
00:48:37,640 --> 00:48:40,319
Speaker 2: some point you went and got a will, because then

865
00:48:40,360 --> 00:48:45,080
Speaker 2: that could inform other decisions, and you know, help solve

866
00:48:45,120 --> 00:48:46,120
Speaker 2: a lot of problems.

867
00:48:46,600 --> 00:48:48,799
Speaker 4: Do you have any sort of like checklists that you

868
00:48:50,239 --> 00:48:53,320
Speaker 4: that you can provide, because honestly, I just selfishly, I

869
00:48:53,360 --> 00:48:55,040
Speaker 4: would like, I'm just gonna put it on my fridge

870
00:48:55,080 --> 00:48:55,879
Speaker 4: and just look at it.

871
00:48:58,080 --> 00:49:02,040
Speaker 2: So I do have one. So anybody listening, let me

872
00:49:02,080 --> 00:49:05,240
Speaker 2: make sure I get this right. Anyone listening can text

873
00:49:05,320 --> 00:49:09,799
Speaker 2: will power two four four two two two.

874
00:49:10,400 --> 00:49:13,319
Speaker 4: Oh damn. I thought you're gonna be like, download this way.

875
00:49:13,760 --> 00:49:15,200
Speaker 4: You are so official you.

876
00:49:17,200 --> 00:49:18,600
Speaker 3: Don't even know. Man, I got my phone out.

877
00:49:18,600 --> 00:49:22,760
Speaker 5: I'm like again, wait, say it again, say it again,

878
00:49:24,000 --> 00:49:26,600
Speaker 5: triple check to make sure I'm not telling you guys

879
00:49:26,600 --> 00:49:29,640
Speaker 5: to download my contract checklist?

880
00:49:30,280 --> 00:49:33,120
Speaker 3: And is this all one word will power?

881
00:49:33,280 --> 00:49:35,680
Speaker 2: Yeah? Will power? Yeah, it's all one word w I

882
00:49:35,840 --> 00:49:39,920
Speaker 2: L L P O W E R okay or yeah

883
00:49:40,120 --> 00:49:43,719
Speaker 2: it doesn't matter, okay. Yeah, And it's four four two

884
00:49:43,719 --> 00:49:46,919
Speaker 2: two two. So once they text that number will Power

885
00:49:47,000 --> 00:49:50,240
Speaker 2: to that number, they'll get a text saying please provide

886
00:49:50,239 --> 00:49:51,120
Speaker 2: your email address.

887
00:49:51,480 --> 00:49:54,680
Speaker 1: I say it hello, please reply with the text coat

888
00:49:54,680 --> 00:49:57,040
Speaker 1: in your only email address so we can send you

889
00:49:57,080 --> 00:49:59,200
Speaker 1: everything we promise sex.

890
00:50:00,520 --> 00:50:01,960
Speaker 3: You think I won't done.

891
00:50:02,560 --> 00:50:07,960
Speaker 2: Yeah. So in there, it's actually a workbook that defines

892
00:50:07,960 --> 00:50:10,600
Speaker 2: a lot of the terms that we talked about in

893
00:50:10,640 --> 00:50:13,600
Speaker 2: case people need to review them. I give you like

894
00:50:14,280 --> 00:50:17,880
Speaker 2: some pointers on you know, how to choose your everything

895
00:50:17,880 --> 00:50:19,799
Speaker 2: I just went over basically. But at least you have

896
00:50:19,840 --> 00:50:23,360
Speaker 2: it in writing and you can start feeling it's actually

897
00:50:23,440 --> 00:50:26,160
Speaker 2: a fillable workbook. So it'll ask you like, who do

898
00:50:26,200 --> 00:50:29,520
Speaker 2: you want to be your trustee? Just to get people thinking,

899
00:50:29,600 --> 00:50:33,480
Speaker 2: because again, you know, just I don't want to say

900
00:50:33,520 --> 00:50:35,759
Speaker 2: just pick somebody. But this is not It doesn't mean

901
00:50:35,760 --> 00:50:38,279
Speaker 2: you're gonna die. I always tell my clients, actually, now

902
00:50:38,280 --> 00:50:40,080
Speaker 2: that you've done this, you're gonna live forever.

903
00:50:41,520 --> 00:50:43,800
Speaker 3: So here's a question, aren't that? So? How often?

904
00:50:44,120 --> 00:50:46,960
Speaker 1: Because I got I joked with you earlier that my

905
00:50:46,960 --> 00:50:48,040
Speaker 1: my dad was like, I've.

906
00:50:47,840 --> 00:50:49,560
Speaker 3: Got a will, No need to worry. I'm like, Daddy,

907
00:50:49,600 --> 00:50:50,120
Speaker 3: I read the will.

908
00:50:50,200 --> 00:50:53,320
Speaker 1: It says Tiffany, aged six, belongs to her uncle should

909
00:50:53,320 --> 00:50:53,879
Speaker 1: I pass away.

910
00:50:53,880 --> 00:50:56,240
Speaker 3: That's not like I'm thirty eight now, right.

911
00:50:57,160 --> 00:50:59,520
Speaker 1: How Meanwhile I was I was joke.

912
00:50:59,600 --> 00:51:00,680
Speaker 3: I was with my mom.

913
00:51:01,200 --> 00:51:04,319
Speaker 1: She's doing some estate planning and preparing for retirement, and

914
00:51:04,360 --> 00:51:07,040
Speaker 1: we're sitting down with financial advisor that I was helping

915
00:51:07,040 --> 00:51:09,600
Speaker 1: her interview and she he was telling her, you need

916
00:51:09,640 --> 00:51:09,919
Speaker 1: a will.

917
00:51:10,080 --> 00:51:11,359
Speaker 3: You know do you have? She said I have one?

918
00:51:11,360 --> 00:51:12,840
Speaker 3: And I told her. I was like, mommy, you know

919
00:51:12,960 --> 00:51:14,640
Speaker 3: about that will? How do you know?

920
00:51:15,239 --> 00:51:17,000
Speaker 1: And I'm like, so, first of all, now it's a

921
00:51:17,040 --> 00:51:19,080
Speaker 1: secret that you have, you know?

922
00:51:19,200 --> 00:51:22,560
Speaker 3: And she looks like, and I'm like, well, first one,

923
00:51:22,600 --> 00:51:23,440
Speaker 3: why wouldn't you tell me?

924
00:51:23,480 --> 00:51:24,920
Speaker 1: I'm just nosy, So I should just go through all

925
00:51:24,920 --> 00:51:27,080
Speaker 1: their paperwork when they were like, await, like at parties

926
00:51:27,160 --> 00:51:27,520
Speaker 1: or whatever.

927
00:51:27,800 --> 00:51:33,000
Speaker 3: So I was like, I know what's in this folder?

928
00:51:33,080 --> 00:51:36,319
Speaker 3: Oh I belong to uncle, uncle Mike her Okay, well

929
00:51:36,360 --> 00:51:38,600
Speaker 3: how come Tracy gets go well uncle telling me I

930
00:51:38,680 --> 00:51:39,320
Speaker 3: like him better?

931
00:51:40,200 --> 00:51:40,359
Speaker 4: Right?

932
00:51:40,440 --> 00:51:43,359
Speaker 3: So that was one and then two. So but how

933
00:51:43,360 --> 00:51:46,359
Speaker 3: often should you update like this? Like this is every year?

934
00:51:46,600 --> 00:51:48,040
Speaker 3: Like what does that look like? No?

935
00:51:49,000 --> 00:51:52,640
Speaker 2: I think that when you have major life changes, right,

936
00:51:52,719 --> 00:51:55,279
Speaker 2: So if you have a child. Most people come to

937
00:51:55,280 --> 00:51:58,680
Speaker 2: me when they have a child, so you want to

938
00:51:58,680 --> 00:52:03,000
Speaker 2: include your child in the will. If your children are

939
00:52:03,080 --> 00:52:06,879
Speaker 2: minor are minors, but then obviously you know when they

940
00:52:06,880 --> 00:52:10,479
Speaker 2: become adults, that's a completely different estate plan than when

941
00:52:10,560 --> 00:52:13,480
Speaker 2: they're like five or six years old. So most people

942
00:52:13,520 --> 00:52:18,720
Speaker 2: will say every like, revisit it every five or six years.

943
00:52:19,360 --> 00:52:22,280
Speaker 2: So I would say maybe I would say six to seven.

944
00:52:23,080 --> 00:52:26,240
Speaker 2: And if you have any major life events, So if

945
00:52:26,320 --> 00:52:29,640
Speaker 2: you get married, the law takes care of a lot

946
00:52:29,640 --> 00:52:32,160
Speaker 2: of that for married people, but if you get a divorce,

947
00:52:32,400 --> 00:52:36,440
Speaker 2: you definitely want to change your estate plan if your

948
00:52:36,480 --> 00:52:39,880
Speaker 2: spouse was included in there. If you have a child,

949
00:52:40,280 --> 00:52:43,560
Speaker 2: you would want to update it so that you would

950
00:52:43,600 --> 00:52:47,759
Speaker 2: include that child. If you I don't know, if you

951
00:52:47,840 --> 00:52:52,040
Speaker 2: have like a major, major, major increase in your income, yeah,

952
00:52:52,080 --> 00:52:54,399
Speaker 2: then you would want to do it. But buying, let's

953
00:52:54,400 --> 00:52:57,319
Speaker 2: say you put your home that you currently own in

954
00:52:57,360 --> 00:52:59,319
Speaker 2: a trust and then you sell the trust, I mean

955
00:52:59,400 --> 00:53:02,080
Speaker 2: sell the home. You don't need to update it for that.

956
00:53:02,560 --> 00:53:06,640
Speaker 2: The trust will only include property that actually exists at

957
00:53:06,640 --> 00:53:09,759
Speaker 2: the time that you die, So selling property that you

958
00:53:09,800 --> 00:53:14,520
Speaker 2: put in the trust. Moving to another state, unless that

959
00:53:14,719 --> 00:53:19,759
Speaker 2: state's law is really really wacky, then I would. And

960
00:53:20,640 --> 00:53:22,680
Speaker 2: there are only a few that I can think of, Like,

961
00:53:22,719 --> 00:53:26,879
Speaker 2: for example, in Louisiana, you can't disinherit your children, meaning

962
00:53:26,920 --> 00:53:31,040
Speaker 2: you have to leave your children something if you live

963
00:53:31,080 --> 00:53:33,799
Speaker 2: and if you are domiciled in the state of Louisiana

964
00:53:33,840 --> 00:53:36,480
Speaker 2: when you die. That is not the case for any

965
00:53:36,560 --> 00:53:38,440
Speaker 2: other state. In any other state, you can leave your

966
00:53:38,480 --> 00:53:41,040
Speaker 2: children completely out of your will. So that's the only

967
00:53:41,160 --> 00:53:45,080
Speaker 2: time you would have to update your will. But if

968
00:53:45,080 --> 00:53:50,200
Speaker 2: you move to another state, that state would would still

969
00:53:50,200 --> 00:53:53,480
Speaker 2: be would still use that will because they states give

970
00:53:53,520 --> 00:53:56,560
Speaker 2: each other what's called the full faith and credit. They

971
00:53:56,640 --> 00:53:59,560
Speaker 2: have to accept legal documents from other states, so like

972
00:53:59,600 --> 00:54:01,360
Speaker 2: the same. And if you get married in New Jersey

973
00:54:01,400 --> 00:54:04,839
Speaker 2: and you move to wherever, you're still married okay, okayeah,

974
00:54:04,880 --> 00:54:11,680
Speaker 2: so moving selling property, no major life changes, yeah or

975
00:54:11,840 --> 00:54:13,440
Speaker 2: every I would say six to.

976
00:54:13,480 --> 00:54:15,840
Speaker 4: Seven years setting calendar alert.

977
00:54:16,640 --> 00:54:20,440
Speaker 2: Right, you're zero for you, Mandy.

978
00:54:21,360 --> 00:54:22,759
Speaker 3: I mean I got life insurance though.

979
00:54:22,800 --> 00:54:24,360
Speaker 4: I didn't mean to be like I don't have anything.

980
00:54:24,480 --> 00:54:27,040
Speaker 4: I'm good, but I say I get through my employer though,

981
00:54:27,040 --> 00:54:29,920
Speaker 4: and I understand that if you work for yourself, you

982
00:54:29,920 --> 00:54:31,520
Speaker 4: don't always get well.

983
00:54:31,560 --> 00:54:33,800
Speaker 2: That's one of the best ways to get life insurance.

984
00:54:33,800 --> 00:54:36,759
Speaker 2: It's like, just get it when your employer is offering it,

985
00:54:36,800 --> 00:54:38,960
Speaker 2: because a lot of times when you leave, especially all

986
00:54:39,000 --> 00:54:42,759
Speaker 2: these full time people who are working on their side

987
00:54:42,800 --> 00:54:45,919
Speaker 2: hustles and hoping to turn it into their full time job.

988
00:54:46,640 --> 00:54:49,040
Speaker 2: Is get it when you are at your employer, and

989
00:54:49,080 --> 00:54:52,000
Speaker 2: a lot of times when you leave sometimes you may

990
00:54:52,040 --> 00:54:54,480
Speaker 2: be able to take just take it with you. I

991
00:54:54,480 --> 00:54:56,560
Speaker 2: know I was able to do that when I left Discovery.

992
00:54:57,080 --> 00:55:01,120
Speaker 2: So I have the same life insurance policy paying about

993
00:55:01,120 --> 00:55:04,360
Speaker 2: the same rate for the same amount that they were offering.

994
00:55:04,640 --> 00:55:07,600
Speaker 4: Oh interesting, Yeah, I've heard some employers it can be

995
00:55:07,640 --> 00:55:10,279
Speaker 4: portable and then sometimes it's not. So I should check

996
00:55:10,320 --> 00:55:12,680
Speaker 4: and see if mine is portable, because you know, if

997
00:55:12,760 --> 00:55:15,280
Speaker 4: it's not, then it's only going to be more expensive.

998
00:55:15,280 --> 00:55:18,279
Speaker 4: Along where I wait to get my own exactly my

999
00:55:18,320 --> 00:55:19,440
Speaker 4: own policy.

1000
00:55:19,760 --> 00:55:25,359
Speaker 2: That Malcolm m J. Harris, his company does help entrepreneurs

1001
00:55:25,400 --> 00:55:29,280
Speaker 2: get life insurance. Tell you man, he is for the people.

1002
00:55:30,120 --> 00:55:31,480
Speaker 3: I'm gonna be hitting you up about MJ.

1003
00:55:32,040 --> 00:55:32,279
Speaker 2: MJ.

1004
00:55:33,280 --> 00:55:36,799
Speaker 4: Smarty Smarty Artie, That's what I'm gonna start calling you.

1005
00:55:37,320 --> 00:55:38,640
Speaker 3: Did you that at school? Art?

1006
00:55:39,239 --> 00:55:45,000
Speaker 2: No, Unfortunately I didn't get my glory. Then it's okay.

1007
00:55:45,080 --> 00:55:46,480
Speaker 2: Somebody who went to hil.

1008
00:55:46,160 --> 00:55:47,120
Speaker 4: You don't want to peak too soon?

1009
00:55:47,760 --> 00:55:52,000
Speaker 2: Yeah you don't, you do, that's true.

1010
00:55:52,239 --> 00:55:53,440
Speaker 3: But yes, this.

1011
00:55:55,040 --> 00:55:55,120
Speaker 4: Was.

1012
00:55:55,440 --> 00:55:56,240
Speaker 3: This was awful.

1013
00:55:56,719 --> 00:55:59,480
Speaker 1: Honestly, I'm learning so much. I'm like, this is I

1014
00:55:59,520 --> 00:56:01,960
Speaker 1: think so any of our listeners can really relate, whether

1015
00:56:02,040 --> 00:56:04,640
Speaker 1: they have aging parents or you're just thinking about your

1016
00:56:04,680 --> 00:56:07,160
Speaker 1: own kind of like history, or whether.

1017
00:56:06,920 --> 00:56:07,640
Speaker 3: You have kids or not.

1018
00:56:08,320 --> 00:56:11,120
Speaker 1: There's so much to unpack, and I think you really

1019
00:56:11,120 --> 00:56:12,719
Speaker 1: helped us to at least start to unpack it.

1020
00:56:13,120 --> 00:56:17,919
Speaker 2: Yeah, and you know, shameless plug for myself, Tiffany, I'm

1021
00:56:18,000 --> 00:56:20,560
Speaker 2: going to be talking about this in a lot more detail,

1022
00:56:20,719 --> 00:56:25,080
Speaker 2: if you can imagine that. In your Liverage Academy which

1023
00:56:25,320 --> 00:56:26,600
Speaker 2: willow Yes.

1024
00:56:26,480 --> 00:56:27,799
Speaker 3: If you are not a member.

1025
00:56:27,920 --> 00:56:29,960
Speaker 2: You play three week series you guys.

1026
00:56:30,320 --> 00:56:30,600
Speaker 3: Yes.

1027
00:56:30,960 --> 00:56:33,359
Speaker 1: So the Literature Academy what I try to do. Man,

1028
00:56:33,400 --> 00:56:34,799
Speaker 1: if we have to have you on, girl, what are

1029
00:56:34,880 --> 00:56:36,680
Speaker 1: waiting on about?

1030
00:56:36,719 --> 00:56:36,759
Speaker 4: You?

1031
00:56:39,719 --> 00:56:41,560
Speaker 3: Come talk about how to start a podcast?

1032
00:56:42,400 --> 00:56:42,560
Speaker 2: No?

1033
00:56:42,640 --> 00:56:45,279
Speaker 1: But the Literature Academy, for those of you had don't know,

1034
00:56:45,680 --> 00:56:50,000
Speaker 1: is my online school, and I really try my best

1035
00:56:50,040 --> 00:56:55,360
Speaker 1: to have really dope, mostly brown instructors who are experts

1036
00:56:55,440 --> 00:56:58,520
Speaker 1: in their fields. And Art is one of our experts

1037
00:56:58,600 --> 00:57:02,239
Speaker 1: and she she's kind of like a mini lesson on

1038
00:57:02,560 --> 00:57:04,480
Speaker 1: estate planning and now she's going to do a full

1039
00:57:04,520 --> 00:57:09,040
Speaker 1: fledged course and then we're excited. It's her course starts

1040
00:57:09,120 --> 00:57:12,560
Speaker 1: this month in April. It's three weeks, so every Thursday

1041
00:57:13,600 --> 00:57:15,320
Speaker 1: she's going to be diving deep and you're going to

1042
00:57:15,360 --> 00:57:19,440
Speaker 1: get some corresponding documents alongside of it. So if you

1043
00:57:19,480 --> 00:57:21,600
Speaker 1: are an Academy member, and if you're not, you can

1044
00:57:21,680 --> 00:57:24,760
Speaker 1: join us if you go to join LRA dot com.

1045
00:57:24,760 --> 00:57:26,320
Speaker 1: I know I don't talk about it much here because

1046
00:57:26,560 --> 00:57:29,280
Speaker 1: we're all about BA here, but certainly you can come

1047
00:57:29,320 --> 00:57:31,800
Speaker 1: on over. Academy's less than ten bucks a month, and

1048
00:57:31,840 --> 00:57:34,760
Speaker 1: I do that on purpose because I really want us

1049
00:57:34,760 --> 00:57:38,400
Speaker 1: to have access to the tools that we typically are

1050
00:57:38,480 --> 00:57:41,240
Speaker 1: left out of, so I keep it really low cost.

1051
00:57:41,360 --> 00:57:43,560
Speaker 1: But I get like the best people out there, and

1052
00:57:43,760 --> 00:57:44,560
Speaker 1: art is amazing.

1053
00:57:46,480 --> 00:57:48,440
Speaker 3: No, you are really there. They're already super excited.

1054
00:57:48,720 --> 00:57:50,920
Speaker 1: I went live in the because the Academy has their

1055
00:57:50,960 --> 00:57:51,960
Speaker 1: own private Facebook group.

1056
00:57:51,960 --> 00:57:52,720
Speaker 3: I want live today.

1057
00:57:53,400 --> 00:57:53,520
Speaker 2: Yo.

1058
00:57:53,640 --> 00:57:56,040
Speaker 1: It's so I just love, like, I just love helping

1059
00:57:56,040 --> 00:57:59,520
Speaker 1: brown women because it's like I always feel like I'm

1060
00:57:59,600 --> 00:58:02,800
Speaker 1: a like a kid on Sunday morning in church doing

1061
00:58:02,800 --> 00:58:03,320
Speaker 1: my solo.

1062
00:58:03,800 --> 00:58:05,600
Speaker 3: They're just like, oh yeah, yeah.

1063
00:58:07,440 --> 00:58:11,200
Speaker 2: They're so encouraging. Right. Yeah, I was like a.

1064
00:58:11,200 --> 00:58:12,880
Speaker 1: Lot today and I was like and then I'm gonna

1065
00:58:12,880 --> 00:58:15,440
Speaker 1: give you guys, and they're like yes, Sibony, yes, Brahma.

1066
00:58:15,520 --> 00:58:17,080
Speaker 1: I'm like, you know what, I just love my people,

1067
00:58:18,280 --> 00:58:20,800
Speaker 1: Brown women, black women. You guys are just amazing. And

1068
00:58:20,840 --> 00:58:22,480
Speaker 1: so yeah, they were super excited.

1069
00:58:22,520 --> 00:58:23,760
Speaker 3: They were like, we love art.

1070
00:58:24,520 --> 00:58:28,400
Speaker 1: So yeah, this is something because what me and Mandy,

1071
00:58:28,480 --> 00:58:30,520
Speaker 1: what we do here is like what you know we

1072
00:58:30,640 --> 00:58:34,080
Speaker 1: try to do overall is to provide a platform to

1073
00:58:34,160 --> 00:58:37,600
Speaker 1: share information in a way that's going to affect people

1074
00:58:37,640 --> 00:58:40,800
Speaker 1: of the diaspora, like you know, that might not otherwise

1075
00:58:40,840 --> 00:58:43,840
Speaker 1: get this information at least not dispersed in this kind

1076
00:58:43,840 --> 00:58:46,480
Speaker 1: of fun, like hearted, easy to consume and.

1077
00:58:46,480 --> 00:58:49,680
Speaker 3: Understand kind of ways. So be a podcast all.

1078
00:58:49,600 --> 00:58:52,480
Speaker 1: Day, every day. Tell a friend, Tell a friend.

1079
00:58:55,240 --> 00:58:56,000
Speaker 2: Mandy, what are you doing?

1080
00:58:56,000 --> 00:58:57,080
Speaker 3: You're acfully quiet today.

1081
00:58:57,680 --> 00:59:03,160
Speaker 4: I'm waiting for an opening. It's hard when there's three

1082
00:59:03,200 --> 00:59:05,040
Speaker 4: of us and I don't want to talk over anybody,

1083
00:59:05,040 --> 00:59:07,000
Speaker 4: so I feel like it's it's like a double dutch.

1084
00:59:07,160 --> 00:59:08,280
Speaker 2: That's yeah.

1085
00:59:08,760 --> 00:59:13,680
Speaker 4: I'm like, oh no, I just want to say thank

1086
00:59:13,720 --> 00:59:16,400
Speaker 4: you so much, Art, And I agree with everything Tiffany said,

1087
00:59:16,560 --> 00:59:20,440
Speaker 4: and yeah, Brown, ambition is where it's at. You are

1088
00:59:20,520 --> 00:59:24,680
Speaker 4: broad ambition personified. And I love just the conversation that

1089
00:59:24,680 --> 00:59:27,880
Speaker 4: we're having around being. You know, I feel like financial

1090
00:59:27,880 --> 00:59:32,040
Speaker 4: success is just exponentially greater when you when you when

1091
00:59:32,080 --> 00:59:34,600
Speaker 4: you're planning for not just yourself, but for the people

1092
00:59:34,640 --> 00:59:37,840
Speaker 4: behind you. That story about Tiffany's grandfather and planting that

1093
00:59:37,840 --> 00:59:39,600
Speaker 4: what kind of tree was it? I'm gonna to get?

1094
00:59:40,840 --> 00:59:44,240
Speaker 2: And I actually think it's more rewarding when you're when

1095
00:59:44,280 --> 00:59:48,680
Speaker 2: you're just when you're imagining like two or three generations,

1096
00:59:48,800 --> 00:59:49,600
Speaker 2: like how need.

1097
00:59:49,640 --> 00:59:52,560
Speaker 4: To just fix the world just thinking about someone besides

1098
00:59:52,560 --> 00:59:53,800
Speaker 4: your damn self, you know.

1099
00:59:54,360 --> 00:59:56,920
Speaker 2: Yeah, yeah, and you just think of all the problems

1100
00:59:56,920 --> 01:00:00,080
Speaker 2: as black people, Like how many of us wouldn't have

1101
01:00:00,080 --> 01:00:02,240
Speaker 2: have to go through the criminal justice system if we

1102
01:00:02,320 --> 01:00:06,200
Speaker 2: have money, you know, right. I know money doesn't solve everything,

1103
01:00:06,320 --> 01:00:07,280
Speaker 2: but it could help.

1104
01:00:07,920 --> 01:00:17,160
Speaker 1: Brot wrote those solves it either, right,