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Speaker 1: Welcome to j dot Il, a production of I Heart Radio. Well,

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Speaker 1: Hello everybody. M m mmmm, what a week? What a week?

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Speaker 1: When I tell you I have been working in every

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Speaker 1: possible direction, I'm half alive. But it feels good because

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Speaker 1: I'm doing something that I want to do. Welcome to

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Speaker 1: j dot Ill the Podcast. I'm here with my sister

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Speaker 1: friends Aga Grading dance La. That would be me learning

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Speaker 1: Evening Afternoon's so loving you, just loving learning, good learning,

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Speaker 1: good evening afternoon afternoon morning. I love you, Agent Grading Danceler.

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Speaker 1: I love you too, JL. I feel like people are

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Speaker 1: going to just start calling you agent grading Danceler because

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Speaker 1: it's fine. It's actually fine. It's actually fine because when

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Speaker 1: I go into the streets, people already say things that

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Speaker 1: we say on here all the time, and they definitely

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Speaker 1: give me the three namers from Supremacy for me, it's

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Speaker 1: right to the Tennessee. I get a lot of listens.

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Speaker 1: I get a lot of I'm sorry, I'm mixed up

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Speaker 1: your phrases. It's black women for me. Yes, yes, always

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Speaker 1: your black women. Also, here's my sister Layah sank clown. Yes.

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Speaker 1: I just like to thank you for all your hard

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Speaker 1: labor for our satisfaction. Thank you, Miss Jill Scott. I

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Speaker 1: cannot wait to see the proofs of your labor. Yes,

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Speaker 1: we're quite excited, baby, quite excited. We're turn off all

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Speaker 1: the work, you dude, all the work that we do, really,

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Speaker 1: all the work that we do. Everybody listening right now,

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Speaker 1: all the work that we do. It's like, you know,

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Speaker 1: there's a moment where you're like, yeah, yeah, because you

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Speaker 1: paid off your car note, or because you know, you

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Speaker 1: paid your mortgage, or you paid your rent, or are

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Speaker 1: able to to buy yourself something real cute and feel

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Speaker 1: good about it. You know. We, you know here in

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Speaker 1: the United States, were like super consumers. We buy shit,

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Speaker 1: that's when we do. We buy stuff. But maybe, just

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Speaker 1: maybe we might want to consider buying some other things

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Speaker 1: that will benefit our existence, not just our existence, dolling

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Speaker 1: for for for our family and for the next generation

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Speaker 1: of us because, as you know, this country is built

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Speaker 1: off of the backs of brown people and indigenous people.

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Speaker 1: We know these things and that money be long. There's

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Speaker 1: a lot of millionaires in the United States now billion

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Speaker 1: but wait, it's the billionaires that that that are blowing

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Speaker 1: my mind. Like when you can spend twenty eight billion

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Speaker 1: dollars on a business or seventy three billion dollars maybe

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Speaker 1: means that primarily like millionaires are coma broke. Wow. All

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Speaker 1: this time, you know, we've been like, yeah, one day

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Speaker 1: I'm gonna be a millionaire. So that's like middle class,

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Speaker 1: like exactly, damn, and I just got sad. And I

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Speaker 1: also got sad as well. It's fine as well. I'm

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Speaker 1: doing say all all of the all of the real

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Speaker 1: ratchet things I want to say in my mind. I'm

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Speaker 1: just gonna keep them in my mind for today because

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Speaker 1: and find me a rich person to cuss out for

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Speaker 1: no reason. That's what I'm I'm a person. There's definitely

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Speaker 1: a big chasm in in finances. Huge. Wow. Well, we

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Speaker 1: want to talk about some money, money, money, money today. Okay,

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Speaker 1: So so put your seatbelt on and get ready. I

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Speaker 1: would like for Agent grading Danzel to introduce our guests,

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Speaker 1: because we got one. Are you ready you ship? We

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Speaker 1: all know ship. This is a beautiful thing. Y'all are

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Speaker 1: going to hear us be as quiet, quieter than you

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Speaker 1: are used to us being in general, because we don't

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Speaker 1: know what the hell to do with this. As we're

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Speaker 1: talking about wealth. It's a real specific kind of wealth. Okay,

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Speaker 1: and this has been the big word across the internet

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Speaker 1: for quite some time, this little generational wealth. When I

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Speaker 1: tell you, there are times in which it makes my

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Speaker 1: scalp itch that people use it in ways that literally

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Speaker 1: make no sense. So we're here to make this make

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Speaker 1: sense for you. A quick thing before I tell you

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Speaker 1: who our guest is. Seventy percent of Black families do

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Speaker 1: not have a will or have any set up for

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Speaker 1: if they were to leave this earth suddenly or even

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Speaker 1: as old people. The fact of the manners that we

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Speaker 1: are not prepared for said generational wealth and multiple ways,

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Speaker 1: but today we're talking about a very specific way as

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Speaker 1: it pertains to estate planning. And our guest today is

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Speaker 1: Miss Jennifer Norton. Now, before starting her own practic, this

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Speaker 1: was a member of the National Network of Estate Planning Attorneys,

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Speaker 1: in which she worked for the CEO for almost five

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Speaker 1: years before she started her own firm. Her practice is

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Speaker 1: now concentrated on providing fully funded trust based because we

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Speaker 1: know that the Blacks don't deal in trust too often

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Speaker 1: at all. Okay, there we go, trust based estate plans

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Speaker 1: currently serving over three hundred and fifty client families, so

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Speaker 1: that means that she has the receipts and how we

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Speaker 1: are a full service estate planning firm providing wills, trusts,

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Speaker 1: powers of attorney, health and financial living wills, guardianship, conservativeship assistance,

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Speaker 1: probate administration something that many of us know a little

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Speaker 1: bit too much about, and strategic Medicaid qualification. Amen, ladies

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Speaker 1: and gentlemen, Ladies and gentleman, once again, a black woman,

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Speaker 1: because this is what we're here at the Jay dot

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Speaker 1: il y'all give it up, y'all get it up our city,

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Speaker 1: or y'all give it up for Jennifer Norton's right. You

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Speaker 1: got you plenty of time to get your pins and paper,

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Speaker 1: to get your pad out. Listen, thank you, thank you

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Speaker 1: for having me. That was great. I need to take

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Speaker 1: you on the road with me. This is what I do.

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Speaker 1: Just turn up. Let's get these families. Let's get these

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Speaker 1: families straight, starting with mine. Though I got excited to

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Speaker 1: hear myself speak. You know, we'll tell us how did

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Speaker 1: we get here? Because I know that's a that sounds

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Speaker 1: like a simple question, but black folks need to know

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Speaker 1: where we're at, like how do you get here? And

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Speaker 1: what is our current state? Like what are we looking

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Speaker 1: at here? We got here because we are the We

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Speaker 1: have the highest discretionary incomes in this country. And Ms

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Speaker 1: Jill Scott alluded to it. But we're consumers. We consume

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Speaker 1: a lot of things, and so when the death occurs,

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Speaker 1: we just are not prepared. Even though we may see things,

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Speaker 1: you know, and social media, we'll see publicity and the news.

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Speaker 1: We got here by sticking to the consumer mentality and

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Speaker 1: believing that the American dream is unattainable. And even I

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Speaker 1: don't even know what that means when you say that,

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Speaker 1: what is that dream is? You know what I mean?

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Speaker 1: That's a dream is different for different folks, for different reasons.

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Speaker 1: And so I think that when it comes to us

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Speaker 1: in general, we just spend. And so you look up

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Speaker 1: and we're just cyclical. We're on the hamster wheel and

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Speaker 1: no one is getting us off. And that's I mean,

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Speaker 1: there's no other explanation. Because we all know how to

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Speaker 1: do better, we just choose not to do better. We

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Speaker 1: know better, we just don't do better. I don't I

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Speaker 1: don't know. I mean, y'a saw Chad with Boseman. We've

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Speaker 1: seen the Franklin, We've seen I think Whitney Houston was

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Speaker 1: kind of are we too busy? Do we think we're

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Speaker 1: too busy? Because when you bring that up, I'm like, yeah,

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Speaker 1: there are resources, we know, Google, we know. Do we

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Speaker 1: just think we're too busy and it's not gonna happen.

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Speaker 1: I think it's also very uncomfortable talking about your demise,

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Speaker 1: like and having multiple conversations about when you which is

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Speaker 1: inevitable for all of us. And the fact that the

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Speaker 1: fact that the Blacks, the black folk, the diasporaic folk

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Speaker 1: tend to have to face ideas about death and their

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Speaker 1: own mortality quite a bit. Perhaps it's just all a

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Speaker 1: real massive trauma response. Who knows, but rather than you know,

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Speaker 1: at the end of the day, we could come up

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Speaker 1: with a different a lot of different reasons, that's why.

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Speaker 1: But um, I think a big way to do it

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Speaker 1: is communication because what happens is that it is when

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Speaker 1: that one person that you trust and you know says

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Speaker 1: to you, hey, have you done this? And then they say, well,

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Speaker 1: I did it. And because we are a definitely a

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Speaker 1: community driven people, we are a grio driven people, we

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Speaker 1: want to know from others how they did it? One

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Speaker 1: are their stories? How does that? Those are the things

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Speaker 1: that validate things for us if we see a commercial

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Speaker 1: or we see somebody tell us something. And like I said,

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Speaker 1: we trust base people. Now we don't tend to trust lawyers.

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Speaker 1: And you know, we might buy a little product from them,

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Speaker 1: but we don't trust them. We're a very secretive race.

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Speaker 1: If you if you're talking about black folks, yeah, we're

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Speaker 1: always talking about black folks. Okay, Well, then when when

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Speaker 1: I get with families in particular, especially the black man,

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Speaker 1: he's very close knit to the chest with about the finances.

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Speaker 1: I've even had families where they didn't even want to

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Speaker 1: leave the money to the women, their spouses. They left

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Speaker 1: it to their children by passing a spouse. So when

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Speaker 1: it comes to you know, you do make it both

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Speaker 1: all of you make a good point that when it

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Speaker 1: comes to our community, we don't share. My granny when

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Speaker 1: she died, she had a tin can under her bed,

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Speaker 1: you know what I mean, Like nobody knew you know

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Speaker 1: what was in it. You're back and not touch it,

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Speaker 1: you know what I mean, And only a few people

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Speaker 1: knew where it was. So when it comes to our community,

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Speaker 1: we are very secretive about finances. And I think that

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Speaker 1: sometimes may even have a little to do with shame,

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Speaker 1: you know what I mean, Because I feel like we

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Speaker 1: always feel like we should be better, and sometimes we

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Speaker 1: even portray ourselves as being more advanced and more financially

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Speaker 1: well off than we are. And then you then the

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Speaker 1: death occurs, and then everybody sees, well, she she looked

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Speaker 1: like she had it all together and exactly got barely

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Speaker 1: two pennies to rub together. And so I think that

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Speaker 1: that's what tends to happen, is the shame around money

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Speaker 1: and the where we thought we were supposed to be

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Speaker 1: and then we're just and sometimes unfortunately in our community,

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Speaker 1: we're just very comparison driven. Right. I think what you

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Speaker 1: said is like you're you're seeing these people aspired or

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Speaker 1: different things, and so we put on these masks. So

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Speaker 1: when you come to see me, you gotta take that

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Speaker 1: thing off, right, because I can't plan for you if

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Speaker 1: you don't tell me everything you have or don't have, right,

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Speaker 1: And I care either way, you know what I mean,

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Speaker 1: Because the cards are gonna come out the way they're

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Speaker 1: gonna come out, whether you tell me or not tell me.

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Speaker 1: It's just gonna be worse if you don't tell me. Yeah,

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Speaker 1: I mean, maybe maybe what you said about the American dream.

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Speaker 1: Aim is the American like illusion. People really want to

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Speaker 1: have this illusion as if they have what they believe

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Speaker 1: well to look like and they don't want anyone to

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Speaker 1: know they don't quite have it. But can we just

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Speaker 1: say this all so many sources of shame around this

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Speaker 1: that would feed that, right music? You got music, be like, yeah,

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Speaker 1: I got so, and so that means that I'm a

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Speaker 1: better hustler than you. That means I work harder than you.

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Speaker 1: You got folks talking about I came from nothing and

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Speaker 1: you can do it too, because I came from nothing.

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Speaker 1: So it's like, well, if I came from nothing and

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Speaker 1: I didn't do it, then what does that say about me?

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Speaker 1: So I think a lot of times there's a lot

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Speaker 1: of sources to the shame man. And also what is nothing?

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Speaker 1: Because we came on this zoom today we were like

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Speaker 1: we got friends. We mentioned this conversation and like, I

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Speaker 1: gotta know a state, what a trust? Like? That's the

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Speaker 1: rich people. So maybe we need to really talk to

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Speaker 1: about the kind of people and hop about this one too.

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Speaker 1: I ain't got no family, I've got no kids, I

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Speaker 1: ain't got nothing to leave nobody, So let's talk about

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Speaker 1: the things student, start thinking this way, you're supposed to

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Speaker 1: do that. Yeah, who is this for? That is a

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Speaker 1: perfect question, because that's actually how when I do presentations,

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Speaker 1: when I'm educating the public. That's the main reason I

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Speaker 1: started my own practices. I didn't see many of my

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Speaker 1: people over there. I was servicing a firmness had almost

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Speaker 1: three people, but I probably could count on two hands

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Speaker 1: how many were the same color as me, and half

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Speaker 1: of them with my people, you know what I mean.

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Speaker 1: So the thing of that is so starting this practice

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Speaker 1: helped me to get the word out because the issue

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Speaker 1: is people didn't think they had a states. Everybody has

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Speaker 1: in the state. If you have a bank account, a house,

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Speaker 1: a car. If you have at a minimum a bank

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Speaker 1: account and a car, you got in the state that

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Speaker 1: needs to be passed. And then if you have the

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Speaker 1: other assets, if you have life insurance, retirement plans, you

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Speaker 1: have businesses, then of course now your state is growing.

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Speaker 1: But everybody in this world has in the state. If

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Speaker 1: you have a bank account. Now, if you don't use

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Speaker 1: banks in Okay, then maybe you got a car and

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Speaker 1: we can get by, you know, some other avenue to

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Speaker 1: get that car transferred. But yes, we have in the state,

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Speaker 1: and then two you you lead into another. One issue

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Speaker 1: is a lot of single people think they I feel

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Speaker 1: like they know they need planning, they just don't because

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Speaker 1: they're just so independent. And if they don't have children,

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Speaker 1: they're thinking, well, what is my legacy? And so that

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Speaker 1: word generational wealth really gets on my nerves because most people,

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Speaker 1: and I say this all the time, everybody always talks

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Speaker 1: about it, but rarely will anyone ever achieve it right one,

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Speaker 1: because we keep having the conversation about wills and wills.

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Speaker 1: They pass well from one generation to the next, but

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Speaker 1: they don't preserve it for a generation that's more than

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Speaker 1: two steps away from you, because people blow through the

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Speaker 1: money in the first five or teen years. And so

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Speaker 1: when you talk about generational wealth, it's not only a

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Speaker 1: conversation that should be about finances. We should be truly

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Speaker 1: talking about legacy, like how do you want to be

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Speaker 1: remembered when you leave this earth? Even if you don't

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Speaker 1: have children, you could be scholarship fuzz. You paid the

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Speaker 1: way to do X y Z. You know, um act

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Speaker 1: in this world, and so you're gonna show other people

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Speaker 1: this is how you do it. And I'm gonna provide

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Speaker 1: the finances to get there because I know most people

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Speaker 1: can't get there without money. And so legacy in general

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Speaker 1: is it's more than about wealth. I mean, I don't

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Speaker 1: care if you put a tree, you know, in somebody's yard.

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Speaker 1: You know what I mean, you better the earth could

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Speaker 1: be better oxygen on this planet or something like that.

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Speaker 1: But when you get when you're single, your legacy is

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Speaker 1: more than just your finances. The same thing with married people.

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Speaker 1: Married people incorrectly believe that my spouse can handle all

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Speaker 1: my assets and take care of everything. They cannot. Try

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Speaker 1: calling Social Security, trying, you know, try calling some any

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Speaker 1: government agency or any institution in your names out on

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Speaker 1: the account. These institutions don't know if you're separated, you're

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Speaker 1: got a divorce pending, um, you're really you know, got

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Speaker 1: a protective just a if you I didn't want to

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Speaker 1: say that, they don't know. Yeah, there you go. But

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Speaker 1: so when it comes to your point that I'll bring

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Speaker 1: it home, is that everyone has an estate because you

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Speaker 1: have something something that you cove it. Whether someone else

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Speaker 1: covers it or not, it's a gift, it's a blessing.

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Speaker 1: Someone's gonna take it, use it and and make it,

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Speaker 1: you know, improve their life whatever it is, however large

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Speaker 1: or small it is. And then too, as a single person,

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Speaker 1: if you have no children, you still have assets, you

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Speaker 1: still have an estate. Now what your legacy gonna be?

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Speaker 1: Now that's internal, that's the thing you and that's my

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Speaker 1: job as an estate planning attorney to help you uncover.

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Speaker 1: How do you want to be remembered? Because I don't

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Speaker 1: I mean, I don't want to be that person. I

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Speaker 1: said this on one of my reels the other day.

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Speaker 1: You can either be blessed or cursed, and I ain't

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Speaker 1: trying to be cursed. I don't want nobody. Why did

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Speaker 1: she have no life insurance? And we gotta do this?

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Speaker 1: Go fund me. I don't want none of them parts

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Speaker 1: associated with my name. I'm just saying, you dropped the

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Speaker 1: Mica couples times. I appreciate girl, you did more real

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Speaker 1: talk after the break. If you don't have your your

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Speaker 1: pencil and paper, please y'all politics and go get it,

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Speaker 1: because I'm about to ask this question and I need

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Speaker 1: to know because this is like this a state for dummies.

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Speaker 1: Hear me, Okay, listen, that's what I'm here for. So

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Speaker 1: what is the difference between a will and a trust? Okay?

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Speaker 1: Great question. Okay, so they are both sets of instruction,

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Speaker 1: pieces of paper that tell your property or to go. Okay,

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Speaker 1: so let me back up, if you do nothing. We

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Speaker 1: all know that our states have statutory rules on how

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Speaker 1: we're to distribute our assets. Right, So a lot of people,

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Speaker 1: especially if you're married, you may think it all goes

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Speaker 1: to my spouse In Indiana, that's not the law. In Indiana,

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Speaker 1: if you die in an asset is less solely in

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Speaker 1: your name, with no joint ownership and no beneficiary designation,

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Speaker 1: our state gets fifty to the spouse to the children

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Speaker 1: when you die, right, So most people are not expecting that.

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Speaker 1: But every state is different. So wills are state specific.

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Speaker 1: So you have to check your state law about how

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Speaker 1: things are transferred when people die. And they say, well,

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Speaker 1: my state didn't go through probade, my it passed immediately,

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Speaker 1: We just gave a death certificate. Well, that happened because

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Speaker 1: the person's name was either jointly on the account or

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Speaker 1: listed as the beneficiary on a policy like life insurance,

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Speaker 1: retirement plans and annuities. Those are contractual agreements. Right, So

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Speaker 1: by law, the minute of death occurred, ownership transferred by

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Speaker 1: contract to that person they were just waiting on a

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Speaker 1: death certificate. When you get a will, a will is saying,

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Speaker 1: hold up, Indiana, I don't like you given fifty to

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Speaker 1: my kids. This our money. I wanted to go to

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Speaker 1: my bows, and then when my spouse dies, I wanted

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Speaker 1: to go to my kids. So a will is a

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Speaker 1: document that will help you alter the default. But this

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Speaker 1: is important that most people one will's only control things

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Speaker 1: in your individual name. So again, if it has something

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Speaker 1: jointly owned or beneficiary, the will cannot control it because

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Speaker 1: it's already contractually spoken for. But if you say you

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Speaker 1: had a straight bank account, so a lot of black

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Speaker 1: women do this, this is my spending money. Or here,

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Speaker 1: they ain't got worried about this, this account over here,

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Speaker 1: this this is my play money, right, the play money.

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Speaker 1: If you don't could have beneficiary and you leave it

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Speaker 1: solely in your name, then the will can control that

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Speaker 1: asset because will's only control things that are less solely

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Speaker 1: in your name, and then they only instruct the probate

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Speaker 1: court how to distribute your assets. So people say, oh,

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Speaker 1: he should have got a will, she should have got

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Speaker 1: a will when they died, But they started to sit

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Speaker 1: and saying why they had a court all in their business.

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Speaker 1: They shouldn't have been going through probate. You just said,

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Speaker 1: go get a will, will tell the probate court how

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Speaker 1: to disturb your assets. So the public is either miss

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Speaker 1: been misinformed or again we're just repeating things we keep hearing.

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Speaker 1: But wills, all wills go through probate court something. It's

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Speaker 1: no Somebody try to argue about that with me the

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Speaker 1: other day, and I said, ma'am, I paid a hunt

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Speaker 1: at thun for this degree. So I don't know who

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Speaker 1: you learn from, but I'll tell you right now. I

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Speaker 1: paid good money to tell you you are incorrect, blatantly incorrect.

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Speaker 1: So you're a girl. So funny because I told them

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Speaker 1: the time, I'd be like, listen my library card exactly,

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Speaker 1: it's function exactly exactly. Okay. Sometimes you gotta check people.

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Speaker 1: You gotta let them know that's right anyway. So, Jennifer,

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Speaker 1: do you think that everybody shouldn't we should kind of

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Speaker 1: know our little state laws when it comes to this word. Absolutely,

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Speaker 1: because in Indiana, so I I put you read it

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Speaker 1: in my bio. I do do will based planning. But

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Speaker 1: in our state, in the state of Indiana, in my practice,

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Speaker 1: I help my clients avoid probate. So the will is

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Speaker 1: just a backup because our state allows us to put

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Speaker 1: beneficiaries on not just your life insurance or tire plans

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Speaker 1: and nuties. Every state will allow you to do that

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Speaker 1: because that's an institutional thing, right. Most institutions will allow

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Speaker 1: you to put beneficiaries on your bank accounts, investment account.

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Speaker 1: Now there are certain cryptocurrencies and certain assets and certain

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Speaker 1: companies that may say no, we don't do beneficiaries, but

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Speaker 1: they will move to that because they don't want their

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Speaker 1: money at some other institutions, so eventually their their rules

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Speaker 1: are changing. But the state of Indiana will also allows

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Speaker 1: to put beneficiaries directly on real estate. It's called a

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Speaker 1: transfer on death deeds. So everybody knows the concept of

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Speaker 1: t o D and p o D. That just means

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Speaker 1: transfer on death payable on death, So you can put

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Speaker 1: those payable on death or transfer on death designations on

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Speaker 1: your bank accoun ount, on investment accounts, you can put

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Speaker 1: them on real estate in Indiana. Like I said, it's

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Speaker 1: called a transfer on death deed. Not every state allows

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Speaker 1: you to do a transfer on death deed, like Georgia doesn't.

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Speaker 1: I think North Carolina doesn't. Yeah, so there's a number

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Speaker 1: of states that don't allow that. And then in Indiana,

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Speaker 1: we can also put beneficiaries on our car at the

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Speaker 1: Bureau of Motor Vehicles, and we can put beneficiaries on

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Speaker 1: businesses on LLC's. Again, those things are state specific on

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Speaker 1: whether you can literally touch every asset and put beneficiaries.

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Speaker 1: That's one thing this good old state. It ain't good

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Speaker 1: for a lot of things, but it is one thing

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Speaker 1: they did here, right, is we can put beneficiaries on

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Speaker 1: all of our assets so that we never need to

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Speaker 1: use the will. Right because the minute the death occurs,

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Speaker 1: everything trains transfer immediately. Immediately the will becomes like a backup.

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Speaker 1: What if my long lost relative dies and I'm the beneficiary?

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Speaker 1: Or these class action lawsuits, So y'all saw the class

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Speaker 1: action lawsuit for perms is coming around. So if you

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Speaker 1: had a perm there's a class action lawsuit, find you

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Speaker 1: a black person to go get it, get in line

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Speaker 1: with there's a big class action lawsuit for a bunch

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Speaker 1: of the one just for me, all of them. And

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Speaker 1: so if you were to die before that class action

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Speaker 1: lawsuit is settled, then the then your will is on

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Speaker 1: file with the court. When the death occurs, we will

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Speaker 1: it's called spread the will of record will spread it

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Speaker 1: with the court. So when that check comes in, we

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00:22:19,560 --> 00:22:21,359
Speaker 1: didn't know if we're gonna get something or not. The

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Speaker 1: will says give it to whomever you had listed in

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Speaker 1: your will as the beneficiary. But the goal is to

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Speaker 1: never use it intentionally at your death, and that keeps

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Speaker 1: us out of probate. And that explains will. I'm a

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Speaker 1: pose for the cause. And now go ahead, I know

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Speaker 1: you got something for me. We all look like we

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Speaker 1: got a question, y'all. Yeah, I blew your mind. I know.

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Speaker 1: That's my point. That's what I'm here for for for

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Speaker 1: everybody else too, doesn't know what probe it is? Can

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Speaker 1: you explain what exactly that is? Great question? Okay, So

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Speaker 1: probe is I always say when a person dies, this

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Speaker 1: it's like a morbid scavenger hunt because most people do

415
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Speaker 1: not know what you own, where is it, and what

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Speaker 1: to do with it? Right, even in married couples, most

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Speaker 1: especially in the black family, usually it's the wife that's

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Speaker 1: the strongest one with the finances, making sure the bills

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Speaker 1: are paid and all that. At least in my practice,

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Speaker 1: that's what it's it's been now again, there's outliers. So

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Speaker 1: whoever it is in your relationship that knows where the

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Speaker 1: finances is that the odds are, the other person does not.

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Speaker 1: So the probate course says, we just want to make

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Speaker 1: sure a person's final debts, taxes and expenses are all

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Speaker 1: wrapped up and paid prior to beneficiaries inheritance. So we

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Speaker 1: need someone to step up and be the executor or

427
00:23:28,760 --> 00:23:33,440
Speaker 1: administrator of the estate because we can't be in everybody's homes.

428
00:23:33,480 --> 00:23:36,040
Speaker 1: There's too many people in this country, let alone in

429
00:23:36,119 --> 00:23:39,600
Speaker 1: our state for us to run point on everybody's um

430
00:23:39,840 --> 00:23:42,560
Speaker 1: de sea slow ones of state. So someone gets appointed

431
00:23:42,600 --> 00:23:44,920
Speaker 1: in Indiana, you check your state requirements. They have to

432
00:23:45,000 --> 00:23:47,440
Speaker 1: be over the age of eighteen and not commit a felony.

433
00:23:48,000 --> 00:23:51,440
Speaker 1: And so once they're appointed, then we have to publish

434
00:23:51,600 --> 00:23:54,359
Speaker 1: notice in the local paper because the court assumes if

435
00:23:54,840 --> 00:23:57,200
Speaker 1: if you don't know what they owned, you don't know

436
00:23:57,280 --> 00:24:01,040
Speaker 1: who they owe either. So let's put you place. Let's

437
00:24:01,119 --> 00:24:03,879
Speaker 1: run notice in the paper that says this person has dived,

438
00:24:04,400 --> 00:24:07,880
Speaker 1: and it runs for a period called publication. So in Indiana,

439
00:24:08,040 --> 00:24:11,680
Speaker 1: publication in the newspaper has to last for ninety days

440
00:24:11,840 --> 00:24:15,440
Speaker 1: three months. Every state is different on their publication requirements.

441
00:24:15,480 --> 00:24:17,520
Speaker 1: Some states or six months, some states are a year.

442
00:24:17,640 --> 00:24:20,240
Speaker 1: So this is why probate can drag out in certain

443
00:24:20,240 --> 00:24:24,040
Speaker 1: states because they're longer. Indiana has a very short publication

444
00:24:24,119 --> 00:24:26,840
Speaker 1: so three months now when you run it in the paper.

445
00:24:26,920 --> 00:24:29,399
Speaker 1: Then the creditor has to file into the estate and

446
00:24:29,520 --> 00:24:33,640
Speaker 1: say I'm old of debt, show evidence of the debt,

447
00:24:34,080 --> 00:24:37,160
Speaker 1: and typically swear under panels of perjury on some type

448
00:24:37,160 --> 00:24:40,640
Speaker 1: of affidavit. I swear on this affidavit this is the debt.

449
00:24:40,960 --> 00:24:43,080
Speaker 1: Here's a copy. And then in Indiana, we have to

450
00:24:43,119 --> 00:24:45,080
Speaker 1: pay a filing fee to the court because of course,

451
00:24:45,160 --> 00:24:48,480
Speaker 1: like we're not working for free, so they send the

452
00:24:48,720 --> 00:24:51,720
Speaker 1: you know them, a bill. Now, the great thing about

453
00:24:51,800 --> 00:24:54,680
Speaker 1: in our state is most creditors don't pay that filing fee.

454
00:24:54,960 --> 00:24:57,560
Speaker 1: So guess what. The court will then issue a dismissal

455
00:24:57,640 --> 00:25:00,840
Speaker 1: here and to dismiss the case, and they're aim After

456
00:25:00,920 --> 00:25:03,600
Speaker 1: the ninety days runs, it's about thirty more days. If

457
00:25:03,640 --> 00:25:07,760
Speaker 1: they do everything right, file evidence of that, swear on affidavit,

458
00:25:07,800 --> 00:25:10,640
Speaker 1: and pay the filing fee, then they have perfected their

459
00:25:10,720 --> 00:25:14,080
Speaker 1: can their claim and thus can pursue it civilly to

460
00:25:14,280 --> 00:25:18,040
Speaker 1: collect full reimbursement. Now, we typically will try to negotiate

461
00:25:18,160 --> 00:25:20,720
Speaker 1: that down. We ain't got no money, it's it's very little.

462
00:25:20,800 --> 00:25:23,119
Speaker 1: We got fifty cents on we got twenty cents on

463
00:25:23,160 --> 00:25:25,080
Speaker 1: the dollar, fifty cents on the dollar, and see if

464
00:25:25,119 --> 00:25:28,359
Speaker 1: we can get that amount reduced. And a lot of

465
00:25:28,440 --> 00:25:31,320
Speaker 1: times they'll work with us, right and then we'll pay them.

466
00:25:31,560 --> 00:25:34,639
Speaker 1: They'll file satisfaction of the claim, and then at the

467
00:25:34,720 --> 00:25:36,880
Speaker 1: end of the ninety days we look to the statute

468
00:25:36,920 --> 00:25:39,399
Speaker 1: to see who to distribute it to. If you did

469
00:25:39,440 --> 00:25:41,680
Speaker 1: a will, then we would look to the will to

470
00:25:41,760 --> 00:25:45,679
Speaker 1: see who the beneficiaries are, and the will and the person.

471
00:25:46,000 --> 00:25:48,040
Speaker 1: When you have no plan, we typically call the person

472
00:25:48,119 --> 00:25:51,000
Speaker 1: that's doing the work the executor or administrator. When you

473
00:25:51,080 --> 00:25:53,800
Speaker 1: have a will, they're called your personal representative because you

474
00:25:54,000 --> 00:25:56,639
Speaker 1: personally selected them. But a lot of people will call

475
00:25:56,720 --> 00:25:59,080
Speaker 1: them the same thing even if there was or wasn't

476
00:25:59,080 --> 00:26:01,600
Speaker 1: a will. So if you hear personal representative, just know

477
00:26:01,800 --> 00:26:04,360
Speaker 1: it's the person doing the work. It ain't that glamorous

478
00:26:04,359 --> 00:26:06,359
Speaker 1: of a job, but it's a person doing the work. Now,

479
00:26:06,440 --> 00:26:09,639
Speaker 1: in in Indiana, the representative can get up to half

480
00:26:09,720 --> 00:26:11,720
Speaker 1: of the attorney's fees, so they get a little bit

481
00:26:11,800 --> 00:26:14,080
Speaker 1: of money, but it ain't a lot. And so every

482
00:26:14,160 --> 00:26:17,240
Speaker 1: state there is also different on whether the personal representative

483
00:26:17,280 --> 00:26:20,600
Speaker 1: can be compensated. They can always be reimbursed, but whether

484
00:26:20,720 --> 00:26:23,480
Speaker 1: or not they can be compensated the great question. So

485
00:26:23,600 --> 00:26:27,080
Speaker 1: the estate. So what happens is whenever a death occurs,

486
00:26:27,640 --> 00:26:33,040
Speaker 1: the beneficiaries and the representative are never responsible for any

487
00:26:33,119 --> 00:26:36,400
Speaker 1: of the fees that are incurred. The estate is, which

488
00:26:36,480 --> 00:26:37,879
Speaker 1: you think is kind of a conundrum because if I

489
00:26:37,920 --> 00:26:39,800
Speaker 1: don't know how much money it is, why am I

490
00:26:39,880 --> 00:26:42,760
Speaker 1: signing up, you know, to to for someone's services and

491
00:26:42,800 --> 00:26:44,600
Speaker 1: I don't know if there's enough money to pay for everything. Well,

492
00:26:44,640 --> 00:26:47,520
Speaker 1: a lot of attorneys will kind of you know, they'll play.

493
00:26:47,640 --> 00:26:50,639
Speaker 1: They'll work with you to figure out what's going on

494
00:26:50,800 --> 00:26:52,720
Speaker 1: and try to work with you on the fees. And

495
00:26:52,800 --> 00:26:56,000
Speaker 1: a lot of attorneys are either a billable our or

496
00:26:56,080 --> 00:26:59,880
Speaker 1: their flat feet. Usually they'll be flat feet. If it's uncontested,

497
00:27:00,000 --> 00:27:03,040
Speaker 1: meaning all of the people get along and we can

498
00:27:03,119 --> 00:27:05,960
Speaker 1: run it what's called unsupervised meaning the court doesn't have

499
00:27:06,040 --> 00:27:08,880
Speaker 1: to lord over us in Indiana versus if you run

500
00:27:08,920 --> 00:27:11,240
Speaker 1: it supervised, I mean, get the petition everything, petition to

501
00:27:11,240 --> 00:27:13,560
Speaker 1: sell the house, petition to distribute petition. I mean, it's

502
00:27:13,560 --> 00:27:16,600
Speaker 1: just petition, petition, petition, and that's why the fees go up.

503
00:27:17,080 --> 00:27:19,120
Speaker 1: And then most attorneys want to be billable hour when

504
00:27:19,160 --> 00:27:22,600
Speaker 1: it comes to that that approach um. But a beneficiary

505
00:27:22,720 --> 00:27:25,840
Speaker 1: is never ever responsible for the funeral costs in our

506
00:27:26,040 --> 00:27:28,840
Speaker 1: in our state, they're not responsible for the funeral. The

507
00:27:29,000 --> 00:27:31,720
Speaker 1: estate is so people can be reimbursed for those expenses.

508
00:27:32,160 --> 00:27:35,119
Speaker 1: And then any time someone has cut life insurance, so

509
00:27:35,160 --> 00:27:38,440
Speaker 1: this is this thing always happens to a lot of

510
00:27:38,720 --> 00:27:41,040
Speaker 1: people in our community, will purchase life insurance for the

511
00:27:41,080 --> 00:27:44,680
Speaker 1: funeral home. You gotta be careful about that because that's

512
00:27:44,720 --> 00:27:48,360
Speaker 1: a contract and it says that it's the beneficiaries, meaning

513
00:27:48,440 --> 00:27:50,719
Speaker 1: the beneficiary ain't got paid for your dag on funeral.

514
00:27:50,800 --> 00:27:54,960
Speaker 1: And I've literally had people not come up off the money. No,

515
00:27:55,200 --> 00:27:57,920
Speaker 1: and Mama said, use the money for the funeral, because

516
00:27:57,960 --> 00:28:01,520
Speaker 1: it's there's the check is written to them. If you're

517
00:28:02,000 --> 00:28:05,280
Speaker 1: if you're buying life insurance for a funeral, you can

518
00:28:05,480 --> 00:28:09,320
Speaker 1: irrevocably assign the policy to the funeral home so that

519
00:28:09,400 --> 00:28:12,520
Speaker 1: the funeral gets paid. And then you make whoever is

520
00:28:12,720 --> 00:28:16,520
Speaker 1: that contingent beneficiary, so then they get the excess, and

521
00:28:16,680 --> 00:28:20,000
Speaker 1: that makes sure your funeral gets paid. Because we as

522
00:28:20,040 --> 00:28:23,000
Speaker 1: black folks, we always do that. We give it to

523
00:28:23,119 --> 00:28:26,080
Speaker 1: the oldest. But guess what if they got siblings, they

524
00:28:26,200 --> 00:28:29,960
Speaker 1: always piss her ass off. The next thing, you know,

525
00:28:30,480 --> 00:28:33,000
Speaker 1: she keeping all the points. And the same thing goes

526
00:28:33,040 --> 00:28:35,359
Speaker 1: when we put people's names on bank accounts, like oh,

527
00:28:35,359 --> 00:28:37,200
Speaker 1: I'm gonna put my daughters and when the account because

528
00:28:37,200 --> 00:28:39,360
Speaker 1: she's helping me. Well, if you put her on as

529
00:28:39,400 --> 00:28:42,320
Speaker 1: an owner, it's her money when the death occurs and

530
00:28:42,400 --> 00:28:45,040
Speaker 1: she gives that death certificate. If you just put her

531
00:28:45,120 --> 00:28:47,960
Speaker 1: on as a signer, then she can just sign. But

532
00:28:48,080 --> 00:28:50,320
Speaker 1: you just gotta be careful when you ask been of

533
00:28:50,440 --> 00:28:53,880
Speaker 1: fishiary two accounts. You need to put who you want

534
00:28:53,920 --> 00:28:56,600
Speaker 1: to receive it all the people. If you just put

535
00:28:56,640 --> 00:28:58,560
Speaker 1: one name, you gotta be comfortable with the fact that

536
00:28:58,640 --> 00:29:01,840
Speaker 1: they may keep all the mon money. So that's you know,

537
00:29:02,040 --> 00:29:04,400
Speaker 1: that's a lot about a lot, y'all ask me one question.

538
00:29:04,480 --> 00:29:07,360
Speaker 1: But I just went I gotta tell you. I gotta

539
00:29:07,400 --> 00:29:10,240
Speaker 1: tell you what I what's on my spirit? Get out.

540
00:29:11,200 --> 00:29:14,360
Speaker 1: You guys can't can't see this, but I'm the excitement

541
00:29:14,720 --> 00:29:20,880
Speaker 1: in this, Okay. The excitement is it's such a scary subject. Right,

542
00:29:24,840 --> 00:29:26,760
Speaker 1: We're gonna take a quick break and then we'll be

543
00:29:26,920 --> 00:29:41,040
Speaker 1: right back. Okay, so we covered wills, can you cover

544
00:29:41,200 --> 00:29:44,200
Speaker 1: the trust? Okay, great questions. Okay, so y'all might have

545
00:29:44,240 --> 00:29:48,040
Speaker 1: to bring you back for apart two. Okay, but you can.

546
00:29:49,640 --> 00:29:51,320
Speaker 1: You know, I wouldn't be I wouldn't be an owner

547
00:29:51,400 --> 00:29:53,160
Speaker 1: in a business owner fight. Throw that out there, you

548
00:29:53,200 --> 00:29:57,920
Speaker 1: know a little. You ain't wrong. A trust is just

549
00:29:58,160 --> 00:30:01,680
Speaker 1: a set of instructions, just like a will. It can

550
00:30:02,000 --> 00:30:07,280
Speaker 1: avoid probate. I'm still an attorney, can not will avoid probate.

551
00:30:07,640 --> 00:30:09,960
Speaker 1: This is where you miss what a lot of people say,

552
00:30:09,960 --> 00:30:12,200
Speaker 1: Oh I gotta trust. I'm not going through. Yes you

553
00:30:12,280 --> 00:30:15,560
Speaker 1: will if you don't re title all of your assets

554
00:30:15,680 --> 00:30:19,040
Speaker 1: today into the name of that trust. That process is

555
00:30:19,080 --> 00:30:22,840
Speaker 1: called funding to fund your trust. So, for instance, I

556
00:30:23,000 --> 00:30:26,120
Speaker 1: have a trust. My bank account doesn't say Jennifer Norton.

557
00:30:26,200 --> 00:30:29,440
Speaker 1: It says my my trust, Jennifer Norton Living Trust. You

558
00:30:29,520 --> 00:30:32,040
Speaker 1: can name your trust whatever you want. That's irrelevant. People

559
00:30:32,080 --> 00:30:34,360
Speaker 1: can name trust whatever they want. But the point is

560
00:30:34,440 --> 00:30:36,320
Speaker 1: you need to put it on everything that you own.

561
00:30:36,800 --> 00:30:39,600
Speaker 1: So my investment accounts say that Jennifer Norton Living trust,

562
00:30:39,720 --> 00:30:43,080
Speaker 1: my life insurance, the beneficiary is a living trust. My

563
00:30:43,520 --> 00:30:47,480
Speaker 1: retiring assets, the beneficiary is coordinated with the trust. Even

564
00:30:47,800 --> 00:30:52,200
Speaker 1: my house, any real estate I own is needed in

565
00:30:52,280 --> 00:30:54,520
Speaker 1: the name of the trust, even if it has a mortgage.

566
00:30:54,640 --> 00:30:57,320
Speaker 1: A mortgage just a lean on the property. So if

567
00:30:57,400 --> 00:30:59,640
Speaker 1: I sold it, they get paid back first. But I

568
00:31:00,000 --> 00:31:02,880
Speaker 1: own my house. So your deed needs to reflect the

569
00:31:02,960 --> 00:31:05,600
Speaker 1: name of your trust. If you have a business, oh

570
00:31:05,680 --> 00:31:08,480
Speaker 1: I went him on show some media about this. Your

571
00:31:09,040 --> 00:31:13,720
Speaker 1: your business does not own your trust. Your interest in

572
00:31:13,920 --> 00:31:16,960
Speaker 1: your business should reflect the name of your trust. Meaning,

573
00:31:17,200 --> 00:31:20,000
Speaker 1: say all of us have a business together. How would

574
00:31:20,000 --> 00:31:22,400
Speaker 1: you feel if I told you, y'all, unfortunately this business

575
00:31:22,520 --> 00:31:26,440
Speaker 1: is in my trust. Y'all, just sit back. I'm gonna

576
00:31:26,480 --> 00:31:28,920
Speaker 1: put it in my trust and I'll take care of

577
00:31:29,000 --> 00:31:31,040
Speaker 1: you in No, you don't want to hear that, because

578
00:31:31,080 --> 00:31:33,280
Speaker 1: if you all have trust, then you would say no.

579
00:31:33,400 --> 00:31:36,960
Speaker 1: If we're all one fourth interest owners of this business,

580
00:31:37,360 --> 00:31:40,520
Speaker 1: then I'm gonna put my trust. Just gonna put her

581
00:31:40,560 --> 00:31:43,200
Speaker 1: twenty you see what I'm saying. Everybody's gonna put there

582
00:31:44,560 --> 00:31:46,760
Speaker 1: in the name of their respective trust, so that if

583
00:31:46,840 --> 00:31:49,320
Speaker 1: we sell the business in the future, when the check

584
00:31:49,440 --> 00:31:52,560
Speaker 1: comes in, they're gonna cut it not to me personally,

585
00:31:52,720 --> 00:31:55,800
Speaker 1: because when you do a trust, you still get a will,

586
00:31:56,760 --> 00:31:59,360
Speaker 1: but it's only known for its formalities. It's called a

587
00:31:59,400 --> 00:32:01,800
Speaker 1: poorrible will. If I leave something outside of my trust,

588
00:32:02,360 --> 00:32:06,320
Speaker 1: remember with no beneficiaries, no joint ownership. Remember wheels only

589
00:32:06,400 --> 00:32:08,480
Speaker 1: get things in your individual names. So if I forgot

590
00:32:09,000 --> 00:32:12,040
Speaker 1: my business interest, I left it in my own name,

591
00:32:12,560 --> 00:32:15,320
Speaker 1: go get it, but poured over to my trust where

592
00:32:15,360 --> 00:32:20,000
Speaker 1: all my terms are. But remember all wills go through probate.

593
00:32:20,640 --> 00:32:22,640
Speaker 1: So that's why I say, when you do a trust,

594
00:32:23,040 --> 00:32:25,240
Speaker 1: the only way to avoid probate is you have to

595
00:32:25,360 --> 00:32:28,480
Speaker 1: re title everything that you own. So the instructions in

596
00:32:28,560 --> 00:32:32,000
Speaker 1: this document the contract right, courts don't get involved in

597
00:32:32,040 --> 00:32:35,520
Speaker 1: contracts like life insurance and entire plans. The trust is

598
00:32:35,560 --> 00:32:40,280
Speaker 1: a contract. The contract controls those assets. Thus the course like, oh,

599
00:32:40,400 --> 00:32:42,280
Speaker 1: we don't need to get involved, just collor out of us.

600
00:32:42,280 --> 00:32:43,720
Speaker 1: If you leave something now and you got to use

601
00:32:43,800 --> 00:32:46,040
Speaker 1: that their will to get it over there, then we're

602
00:32:46,040 --> 00:32:49,480
Speaker 1: gonna pay attention. And even just as a side note,

603
00:32:50,120 --> 00:32:53,960
Speaker 1: every state has a threshold for probate because they don't

604
00:32:54,000 --> 00:32:56,600
Speaker 1: want say this never happens, but say you do do

605
00:32:56,680 --> 00:32:58,360
Speaker 1: a good job. And spend up all your money so

606
00:32:58,440 --> 00:33:01,479
Speaker 1: there's nothing left. You got ten dollars to split. Never happens.

607
00:33:01,880 --> 00:33:04,160
Speaker 1: But every state does have a threshold. They don't want

608
00:33:04,200 --> 00:33:07,240
Speaker 1: that ten dollar case coming in. So in Indiana prior

609
00:33:07,280 --> 00:33:11,080
Speaker 1: to July one, so last year three, if the estate

610
00:33:11,200 --> 00:33:13,480
Speaker 1: was under fifty thou dollars, they didn't want to see it.

611
00:33:13,640 --> 00:33:15,920
Speaker 1: They said, just do an alfa David, the estate is

612
00:33:15,960 --> 00:33:19,760
Speaker 1: too small, so it's called a probate administration as of

613
00:33:19,880 --> 00:33:23,840
Speaker 1: July one, moving forward to the president, if they've upped

614
00:33:23,880 --> 00:33:26,120
Speaker 1: it to a hundred thousand dollars, because they were tired

615
00:33:26,160 --> 00:33:30,200
Speaker 1: of seeing us with our houses being our major asset,

616
00:33:30,600 --> 00:33:32,960
Speaker 1: and we're coming through a probate for one thing because

617
00:33:33,000 --> 00:33:35,040
Speaker 1: we got a mortgage and it's and it's very you know,

618
00:33:35,120 --> 00:33:37,920
Speaker 1: the equity is barely over fifty thou dollars, So they

619
00:33:38,040 --> 00:33:41,040
Speaker 1: raised the bar. Every state has that bar. I believe

620
00:33:41,040 --> 00:33:44,080
Speaker 1: Illinois is like dollars. So you look at your state

621
00:33:44,480 --> 00:33:46,880
Speaker 1: to see if the estate is too small, it won't

622
00:33:46,960 --> 00:33:50,520
Speaker 1: go through probate. But you don't want to leave anything out.

623
00:33:50,800 --> 00:33:53,360
Speaker 1: You never want to leave it to chance, because who

624
00:33:53,480 --> 00:33:56,360
Speaker 1: knows what could be uncovered or what you forgot so

625
00:33:56,680 --> 00:34:01,560
Speaker 1: trust are just documents that explain where property goes, just

626
00:34:01,840 --> 00:34:05,560
Speaker 1: like a will. The beauty of a trust are the terms.

627
00:34:06,280 --> 00:34:09,360
Speaker 1: There are two ways to draft a trust. The first

628
00:34:09,520 --> 00:34:12,000
Speaker 1: is you can draft it so that the outcome is

629
00:34:12,280 --> 00:34:14,920
Speaker 1: very similar to a will, give the money to my

630
00:34:15,040 --> 00:34:19,080
Speaker 1: beneficiary outright free of trust. What happens when you do

631
00:34:19,200 --> 00:34:21,439
Speaker 1: a trust and you set it up a revocable living trust,

632
00:34:21,520 --> 00:34:24,480
Speaker 1: everything stays under your social Security number. So to the

633
00:34:24,560 --> 00:34:26,200
Speaker 1: I R S it's like you take money from one

634
00:34:26,200 --> 00:34:28,759
Speaker 1: pocket and put it in the next. Nothing changes. You

635
00:34:28,800 --> 00:34:30,759
Speaker 1: still file your same TIM forty. When you do a

636
00:34:30,800 --> 00:34:33,719
Speaker 1: revocable living trust, you're just pre positioning all of your

637
00:34:33,760 --> 00:34:37,320
Speaker 1: assets so the instructions can control it. When your death occurs,

638
00:34:37,400 --> 00:34:41,080
Speaker 1: your social Security number dies with you. And so what

639
00:34:41,200 --> 00:34:42,839
Speaker 1: the I R S says is what are you gonna

640
00:34:42,840 --> 00:34:46,000
Speaker 1: do with the assets? If you give them to a beneficiary,

641
00:34:46,120 --> 00:34:48,880
Speaker 1: then they're gonna put them outright free a trust. Then

642
00:34:48,880 --> 00:34:51,480
Speaker 1: they're gonna put it in their bank accounts, their investment accounts,

643
00:34:51,480 --> 00:34:54,440
Speaker 1: but all under their social Security numbers. So if they

644
00:34:54,520 --> 00:34:59,120
Speaker 1: have lawsuits, creditors, divorces, there a state is available at

645
00:34:59,160 --> 00:35:02,479
Speaker 1: creditor there are state is tied to their Social Security number.

646
00:35:02,800 --> 00:35:05,719
Speaker 1: So when you less to them. If ever you set

647
00:35:05,800 --> 00:35:08,520
Speaker 1: up a trust in the terms give the money outright,

648
00:35:08,719 --> 00:35:11,680
Speaker 1: free of trust to a beneficiary, whether it's left and

649
00:35:11,719 --> 00:35:13,120
Speaker 1: trust for a spouse, and then you gave it out

650
00:35:13,200 --> 00:35:14,560
Speaker 1: right to the kids, or you gave it out right

651
00:35:14,600 --> 00:35:18,240
Speaker 1: to a spouse, there's no protection they called asset protection.

652
00:35:18,920 --> 00:35:20,600
Speaker 1: The beauty of doing a trust is the way that

653
00:35:20,840 --> 00:35:24,080
Speaker 1: I do it right, which is in most um families.

654
00:35:24,160 --> 00:35:28,080
Speaker 1: Think the Rocket Fellers, they left assets in trust for people.

655
00:35:28,440 --> 00:35:30,719
Speaker 1: And what I mean by that is when the death occurred,

656
00:35:31,280 --> 00:35:33,680
Speaker 1: they said, I'm not gonna give it to the beneficiary outright.

657
00:35:33,920 --> 00:35:37,319
Speaker 1: I'm gonna set up little trust lets for my beneficiary.

658
00:35:37,440 --> 00:35:39,399
Speaker 1: So if I if I'm married, I have one trust

659
00:35:39,520 --> 00:35:41,719
Speaker 1: left for my spouse first, and then my spouse dies,

660
00:35:41,760 --> 00:35:44,640
Speaker 1: say I have three children, it breaks into three trust

661
00:35:44,760 --> 00:35:48,200
Speaker 1: lets for my children. But those trust lets have their

662
00:35:48,360 --> 00:35:51,440
Speaker 1: own e i N Federal Employee Identification number, just like

663
00:35:51,480 --> 00:35:54,800
Speaker 1: when you're setting U LLLC. So these trust lets have

664
00:35:54,920 --> 00:35:57,720
Speaker 1: their own ei N. So if the beneficiary has a lawsuit,

665
00:35:57,880 --> 00:36:02,440
Speaker 1: a creditor, a divorce, then guess what. These aren't their assets,

666
00:36:02,920 --> 00:36:05,600
Speaker 1: they're your assets. You just gave them the right to

667
00:36:05,960 --> 00:36:08,320
Speaker 1: use them for the terms that the i r S

668
00:36:08,400 --> 00:36:13,160
Speaker 1: sets up, which our health, education, maintenance, and support. Not

669
00:36:13,320 --> 00:36:15,759
Speaker 1: that money doesn't get penalized. That's what you're saying, right,

670
00:36:15,800 --> 00:36:17,800
Speaker 1: that money doesn't get penalized. No matter how much in

671
00:36:17,920 --> 00:36:20,719
Speaker 1: debt or anything that I'm in, it doesn't get penalized

672
00:36:20,760 --> 00:36:23,960
Speaker 1: because right it's not there, so it's able to support.

673
00:36:24,080 --> 00:36:27,800
Speaker 1: Even if your beneficiary has some massive lawsuit or massive

674
00:36:27,840 --> 00:36:31,360
Speaker 1: divorce they wiped them of their assets, then your assets

675
00:36:31,960 --> 00:36:33,919
Speaker 1: they're not there's under the law a matter of fact,

676
00:36:33,920 --> 00:36:38,320
Speaker 1: when it's divorced. Divorce splits marital assets, not inherited assets.

677
00:36:38,640 --> 00:36:41,920
Speaker 1: But when people receive money outright free of trust, they

678
00:36:42,120 --> 00:36:46,000
Speaker 1: mix their money with the inherited and marital money. It's

679
00:36:46,000 --> 00:36:48,680
Speaker 1: called co mingles. And the i r S and the

680
00:36:48,960 --> 00:36:51,440
Speaker 1: judges say, listen, this ain't we ain't accounting firms. We're

681
00:36:51,480 --> 00:36:54,279
Speaker 1: not doing first then last out you know why I

682
00:36:54,400 --> 00:36:56,640
Speaker 1: would like to tell y'all something that I knew this

683
00:36:57,080 --> 00:37:00,359
Speaker 1: because and this is this is just because and um,

684
00:37:00,560 --> 00:37:04,120
Speaker 1: I have a good cousin that she for fun since

685
00:37:04,200 --> 00:37:08,920
Speaker 1: in these um good cousin I got a good cousin

686
00:37:09,880 --> 00:37:13,359
Speaker 1: who since in these um forums, and one of them

687
00:37:13,480 --> 00:37:16,400
Speaker 1: is these rich divorced white ladies. And that's why I

688
00:37:16,520 --> 00:37:18,640
Speaker 1: know about that, because there was a woman in the

689
00:37:18,760 --> 00:37:22,440
Speaker 1: forum that talked about how she had gotten divorced and

690
00:37:22,640 --> 00:37:26,360
Speaker 1: found out that her husband's money was not actually his money,

691
00:37:27,040 --> 00:37:29,239
Speaker 1: and that she would not be able to draw her

692
00:37:29,320 --> 00:37:33,439
Speaker 1: alimony or anything from his income because the money he had,

693
00:37:33,520 --> 00:37:35,880
Speaker 1: the rich that he had, was coming from a family

694
00:37:35,960 --> 00:37:43,160
Speaker 1: trust to which she could not at any party. I'm

695
00:37:43,200 --> 00:37:46,759
Speaker 1: bringing it full circle for you. I'm needed, I needed

696
00:37:46,920 --> 00:37:52,680
Speaker 1: a really got it. So it's imperative that not only

697
00:37:52,800 --> 00:37:56,280
Speaker 1: do we get a will, but we get a trust

698
00:37:56,440 --> 00:38:00,279
Speaker 1: as well, so we could be exceptionally specific about who

699
00:38:00,560 --> 00:38:04,080
Speaker 1: gets what. I'm sorry. You all know how our families go.

700
00:38:05,239 --> 00:38:07,120
Speaker 1: You want to leave it to somebody. You love your kids,

701
00:38:07,200 --> 00:38:09,120
Speaker 1: you know you got that one kid. You love them.

702
00:38:09,160 --> 00:38:15,240
Speaker 1: But you know what I'm saying, and that's what happens

703
00:38:15,320 --> 00:38:17,319
Speaker 1: with us. We'll have some wealth, but it won't make

704
00:38:17,360 --> 00:38:19,840
Speaker 1: it to the grandkids or the great grands because before

705
00:38:19,920 --> 00:38:23,520
Speaker 1: you know it, someone so done gotten too a car accidental.

706
00:38:23,560 --> 00:38:27,120
Speaker 1: They doesn't marry. You know, Pookie's nephew from down the street,

707
00:38:27,200 --> 00:38:30,680
Speaker 1: and he doesn't took all the money like you wanna

708
00:38:30,680 --> 00:38:32,319
Speaker 1: do that, and I'm gonna take that further. I gonna

709
00:38:32,320 --> 00:38:35,040
Speaker 1: push you out a little bit more, which is then

710
00:38:35,200 --> 00:38:37,960
Speaker 1: when the kids inherit to make the money move for

711
00:38:38,160 --> 00:38:42,160
Speaker 1: generation to generation, you you put stipulations on their access.

712
00:38:43,000 --> 00:38:46,719
Speaker 1: So now they get interest only, no principle because money

713
00:38:46,760 --> 00:38:48,320
Speaker 1: typically So I don't know if I told you, but

714
00:38:48,360 --> 00:38:50,759
Speaker 1: I got to find my my background. I have a

715
00:38:50,880 --> 00:38:54,200
Speaker 1: finance degree from Indiana University's Color School Business. So this

716
00:38:54,360 --> 00:38:57,000
Speaker 1: is a perfect marriage my profession the money, and then

717
00:38:57,080 --> 00:39:01,040
Speaker 1: the rules, the laws and what happens is when you

718
00:39:01,200 --> 00:39:04,880
Speaker 1: leave assets and trust. Most people blow through the inheritances

719
00:39:04,880 --> 00:39:07,000
Speaker 1: in the first five or teen years. So what you

720
00:39:07,040 --> 00:39:10,120
Speaker 1: could do if money typically doubles every nine years. I

721
00:39:10,160 --> 00:39:12,759
Speaker 1: always take my son. He's ten, so whatever I lead

722
00:39:12,840 --> 00:39:16,320
Speaker 1: to him by the time he is twenty will have doubled.

723
00:39:16,680 --> 00:39:18,800
Speaker 1: By the time he's thirty, it will double again. So

724
00:39:19,160 --> 00:39:20,920
Speaker 1: and you can't do that, Matthe You really gotta say

725
00:39:20,960 --> 00:39:23,320
Speaker 1: it out loud. So say my state is two million dollars.

726
00:39:23,400 --> 00:39:25,640
Speaker 1: We have we have a bunch of commercial real estate.

727
00:39:25,840 --> 00:39:28,200
Speaker 1: Say my state is two million dollars. Two becomes four,

728
00:39:28,400 --> 00:39:33,560
Speaker 1: four becomes eight, eight becomes sixteen. The world's wealthiest individuals

729
00:39:33,600 --> 00:39:35,600
Speaker 1: didn't believe that their children are ready to run their

730
00:39:35,600 --> 00:39:38,640
Speaker 1: own finances until age forty. So guess what age my

731
00:39:38,760 --> 00:39:42,320
Speaker 1: son runs his money forty. So what you'll find is

732
00:39:42,360 --> 00:39:45,839
Speaker 1: a lot of people when they set up these trusts. So, Jill,

733
00:39:45,880 --> 00:39:48,239
Speaker 1: you made a good point. When you go ask someone

734
00:39:48,320 --> 00:39:50,759
Speaker 1: for an estate plan, you're either asking for a will

735
00:39:50,880 --> 00:39:53,840
Speaker 1: based plan, which means you only get a will, or

736
00:39:53,840 --> 00:39:56,920
Speaker 1: you're gonna ask him for a trust based plan that

737
00:39:57,120 --> 00:40:00,680
Speaker 1: includes a will right the poor overwill. So you're doing

738
00:40:00,760 --> 00:40:03,440
Speaker 1: either a will based plan or trust based plan. And

739
00:40:04,000 --> 00:40:06,520
Speaker 1: if you have minor children, you're always gonna name who

740
00:40:06,560 --> 00:40:08,839
Speaker 1: the guardian is and and in the will. So that's

741
00:40:08,840 --> 00:40:10,759
Speaker 1: why trust also have wills, because you gotta name the

742
00:40:10,800 --> 00:40:14,279
Speaker 1: guardian in there. But what happens is when you get

743
00:40:14,360 --> 00:40:16,520
Speaker 1: wills and people say, well, I can just set up

744
00:40:16,520 --> 00:40:19,759
Speaker 1: trust for your children, right one. Just know that because

745
00:40:19,800 --> 00:40:21,960
Speaker 1: the will goes through probate. That's how we fill up

746
00:40:22,000 --> 00:40:24,560
Speaker 1: the trust. If you get a will based plan, what

747
00:40:24,680 --> 00:40:28,279
Speaker 1: they call testamentary because last will and testament testimony after death.

748
00:40:28,719 --> 00:40:31,359
Speaker 1: So if you set up that testamentary trust under the will,

749
00:40:31,840 --> 00:40:33,520
Speaker 1: then you've gotta go through probate to fill it up

750
00:40:33,560 --> 00:40:36,160
Speaker 1: and then typically if you look at the will, you'll

751
00:40:36,200 --> 00:40:39,560
Speaker 1: see they phase the checks out at certain ages. Eight.

752
00:40:42,600 --> 00:40:45,760
Speaker 1: When they do that, they're passing the money outright free

753
00:40:45,840 --> 00:40:49,760
Speaker 1: of trust, meaning no more asset protection, no more control

754
00:40:49,880 --> 00:40:53,960
Speaker 1: over the inheritance. What you can do as just a

755
00:40:54,040 --> 00:40:57,120
Speaker 1: tip a pro tip is my son's ten, so he's

756
00:40:57,160 --> 00:40:58,880
Speaker 1: a minor. He cannot own things his own name. So

757
00:40:58,920 --> 00:41:01,440
Speaker 1: I set up a trust. I have trust, let's underneath

758
00:41:01,480 --> 00:41:05,319
Speaker 1: it for him. While he's under the age I pick.

759
00:41:05,840 --> 00:41:07,839
Speaker 1: You can pick whatever age you want. I picked twenty two.

760
00:41:07,880 --> 00:41:10,200
Speaker 1: While he's under the age of twenty two, I pick

761
00:41:10,280 --> 00:41:13,399
Speaker 1: who runs his money? And then at twenty to think

762
00:41:13,440 --> 00:41:14,960
Speaker 1: of he's in the back of the plane, he comes

763
00:41:14,960 --> 00:41:16,360
Speaker 1: to the front of the plane. He can become a

764
00:41:16,440 --> 00:41:19,640
Speaker 1: co pilot. He don't run it. He can work with them.

765
00:41:19,719 --> 00:41:22,960
Speaker 1: Because another big issue in our community is teaching financial literacy.

766
00:41:23,000 --> 00:41:25,640
Speaker 1: We're not teaching our children and so we but we're

767
00:41:25,680 --> 00:41:27,120
Speaker 1: just giving them the money and hoping that they're going

768
00:41:27,160 --> 00:41:29,200
Speaker 1: to be successful. So what you can do it would

769
00:41:29,280 --> 00:41:31,560
Speaker 1: trust to say, why when you become twenty two tied,

770
00:41:31,960 --> 00:41:35,600
Speaker 1: you can come only accounts with my trusted co trustee

771
00:41:35,640 --> 00:41:37,600
Speaker 1: that I think you should work with and for how

772
00:41:37,719 --> 00:41:40,480
Speaker 1: long I said, from twenty two to forty? Are told

773
00:41:40,520 --> 00:41:43,560
Speaker 1: you to forty and so, and then at forty he

774
00:41:43,640 --> 00:41:46,120
Speaker 1: can press eject on his co pilot. But he's still

775
00:41:46,160 --> 00:41:48,239
Speaker 1: in the air, right, so he's still flying towards my

776
00:41:48,400 --> 00:41:51,560
Speaker 1: map on my map, And so my map says no

777
00:41:51,840 --> 00:41:55,839
Speaker 1: principle because that money when it doubles, right, So it's

778
00:41:56,000 --> 00:41:57,960
Speaker 1: I doubled it to sixteen million by the time he

779
00:41:58,560 --> 00:42:00,680
Speaker 1: get access. If I died in the next two years.

780
00:42:01,200 --> 00:42:04,080
Speaker 1: You multiply that number by four percent. The stock market

781
00:42:04,160 --> 00:42:06,080
Speaker 1: typically does four percent. And why do I say the

782
00:42:06,120 --> 00:42:09,040
Speaker 1: stock market is because people when what you have, people

783
00:42:09,040 --> 00:42:11,319
Speaker 1: are gonna cash all that in. They're not gonna come

784
00:42:11,400 --> 00:42:13,080
Speaker 1: move into your house. They're not going to take over

785
00:42:13,120 --> 00:42:15,120
Speaker 1: the same investments. They're gonna cash it all in and

786
00:42:15,200 --> 00:42:17,319
Speaker 1: invest how they want to invest. So you've multiplied by

787
00:42:17,360 --> 00:42:20,160
Speaker 1: four percent, and that shows you how much income would

788
00:42:20,200 --> 00:42:23,040
Speaker 1: be produced each year. That's a lot of it. Yes,

789
00:42:23,200 --> 00:42:27,920
Speaker 1: that's our next episode with you. So that there you go.

790
00:42:28,280 --> 00:42:31,120
Speaker 1: So so you can do things to set your children

791
00:42:31,200 --> 00:42:33,600
Speaker 1: up for success, but you have to leave the assets

792
00:42:33,840 --> 00:42:37,880
Speaker 1: in trust. Yes, this ain't nothing that I knew coming

793
00:42:37,920 --> 00:42:41,279
Speaker 1: into this conversation when they tell you you don't want

794
00:42:41,280 --> 00:42:43,959
Speaker 1: to grow up kids, I know, right, this is the ship.

795
00:42:44,480 --> 00:42:48,160
Speaker 1: This the ship we'll be talking about. And I just

796
00:42:48,280 --> 00:42:52,880
Speaker 1: want everybody to know whoever reposted that meme about a

797
00:42:53,000 --> 00:42:56,040
Speaker 1: goddamn passport and not buying Jordan's as your key to

798
00:42:56,120 --> 00:43:04,479
Speaker 1: generational wealth it I'm going, yes, but I have nothing

799
00:43:04,520 --> 00:43:07,120
Speaker 1: to do with nothing really at the end of the day.

800
00:43:07,400 --> 00:43:11,680
Speaker 1: You know, I'm really hells no. Well, I don't mean

801
00:43:11,840 --> 00:43:19,760
Speaker 1: like I'm saying literally no, no, no, no. I agree

802
00:43:19,800 --> 00:43:21,480
Speaker 1: with you. You know when you said you get a

803
00:43:21,800 --> 00:43:25,320
Speaker 1: passport for somebody, you know that that is like world

804
00:43:25,440 --> 00:43:30,080
Speaker 1: travel and experience. You know, so it is, but it is,

805
00:43:30,200 --> 00:43:33,040
Speaker 1: it is valuable. But I think that people have a

806
00:43:33,120 --> 00:43:36,640
Speaker 1: tendency to give the want like give a co equivalent

807
00:43:36,840 --> 00:43:39,680
Speaker 1: or code whatever the word is. That makes stuff to

808
00:43:39,719 --> 00:43:43,560
Speaker 1: slam fair false equivalents to certain things. And it's like,

809
00:43:43,640 --> 00:43:45,520
Speaker 1: it doesn't mean it doesn't have value, you know what

810
00:43:45,600 --> 00:43:51,280
Speaker 1: I mean, It doesn't. Earlier, earlier in its oversimplified earlier

811
00:43:51,320 --> 00:43:55,000
Speaker 1: in the conversation, we we we admitted to and acknowledge

812
00:43:55,040 --> 00:43:57,759
Speaker 1: the fact that we are very much consumers and so

813
00:43:57,880 --> 00:44:01,880
Speaker 1: the consumer mentality is problem at it, but it doesn't

814
00:44:02,000 --> 00:44:04,719
Speaker 1: mean that by simply not consuming or and some people

815
00:44:04,760 --> 00:44:06,800
Speaker 1: will tell you, hey, because we want we're fine with

816
00:44:06,880 --> 00:44:08,480
Speaker 1: you consuming. We just want you to consume with a

817
00:44:08,520 --> 00:44:11,960
Speaker 1: black owned business, or this business wants to be a

818
00:44:12,080 --> 00:44:14,920
Speaker 1: part of that one percent. So just because you're spending

819
00:44:14,960 --> 00:44:16,840
Speaker 1: with a black business, is it a black business that

820
00:44:16,880 --> 00:44:19,520
Speaker 1: doesn't care about exploiting other people? So so it's very

821
00:44:19,680 --> 00:44:22,520
Speaker 1: very it's complicated. Now, what I will say is that

822
00:44:22,680 --> 00:44:25,800
Speaker 1: these are some very clear instructions about how to value

823
00:44:25,840 --> 00:44:28,759
Speaker 1: what you have, how to first of all, know that

824
00:44:28,840 --> 00:44:32,200
Speaker 1: everyone has something of value. That's number and number two,

825
00:44:32,560 --> 00:44:35,160
Speaker 1: how to value what you have, how to utilize what

826
00:44:35,280 --> 00:44:38,759
Speaker 1: you have in order to plan for your family generations

827
00:44:38,840 --> 00:44:42,040
Speaker 1: down the line. This is very clear. There's a lot

828
00:44:42,160 --> 00:44:45,120
Speaker 1: of detail, but it's worth it. It's worth it to

829
00:44:45,320 --> 00:44:51,520
Speaker 1: understand it so that you can actually achieve this hashtag

830
00:44:51,719 --> 00:44:54,959
Speaker 1: that's been running around here that nobody has actually giving

831
00:44:54,960 --> 00:45:02,120
Speaker 1: you any real clear pathway to it. More conversation after

832
00:45:02,280 --> 00:45:15,440
Speaker 1: the break, I want to flip it on your real

833
00:45:15,520 --> 00:45:17,920
Speaker 1: quick Jennifer. I want you to tell some of these,

834
00:45:18,000 --> 00:45:20,200
Speaker 1: some of us grown ups, what we should be having

835
00:45:20,280 --> 00:45:22,560
Speaker 1: in place for some of our parents in that way

836
00:45:22,640 --> 00:45:25,799
Speaker 1: who have the same education, Like if it's a top

837
00:45:25,880 --> 00:45:29,920
Speaker 1: three list or something, just okay, So that's great because

838
00:45:29,920 --> 00:45:32,960
Speaker 1: I like to leave people this is achievable for everybody.

839
00:45:33,360 --> 00:45:35,920
Speaker 1: This is a project. So you just need to clear

840
00:45:36,000 --> 00:45:38,600
Speaker 1: your mind that this is a one and done thing, right,

841
00:45:38,960 --> 00:45:41,320
Speaker 1: and then it's doable, and then you're gonna check on it.

842
00:45:41,440 --> 00:45:43,040
Speaker 1: So even just like you check on your finance, you're

843
00:45:43,040 --> 00:45:44,920
Speaker 1: gonna check on the plan. So the thing that you

844
00:45:45,040 --> 00:45:47,959
Speaker 1: need to do if you have older parents, the first

845
00:45:48,000 --> 00:45:50,120
Speaker 1: thing you want to do is you want to find

846
00:45:50,520 --> 00:45:54,760
Speaker 1: where do they own their assets? Let's avoid morbid scavenger hunts.

847
00:45:55,200 --> 00:45:58,000
Speaker 1: So I always and you're welcome to email me help

848
00:45:58,040 --> 00:46:01,240
Speaker 1: out of state dash planners dot org. Send me an email.

849
00:46:01,280 --> 00:46:03,840
Speaker 1: I'm happy to share with you this personal information form.

850
00:46:04,080 --> 00:46:06,880
Speaker 1: But you want to know where they bank, where their investments,

851
00:46:06,920 --> 00:46:08,960
Speaker 1: Do they have a safe deposit box, who's their primary

852
00:46:09,040 --> 00:46:12,680
Speaker 1: care physician, who has their mortgage on their property, who's

853
00:46:12,680 --> 00:46:16,440
Speaker 1: their property and casualty insurance agent? Do they have valuables

854
00:46:16,520 --> 00:46:18,760
Speaker 1: in the house that are you know, family sacred items

855
00:46:18,760 --> 00:46:21,759
Speaker 1: that they want to pass. So knowing where the assets are,

856
00:46:21,840 --> 00:46:24,400
Speaker 1: the financial and the non financial. We didn't talk about that.

857
00:46:24,600 --> 00:46:28,319
Speaker 1: You have one form with all these questions. Yes, man,

858
00:46:28,880 --> 00:46:30,640
Speaker 1: I love this. I would love like post this on

859
00:46:30,719 --> 00:46:38,439
Speaker 1: our social like that. Yes you, Jen said, yes, yes, yes,

860
00:46:39,200 --> 00:46:41,600
Speaker 1: of course I wouldn't send you. I wouldn't send you

861
00:46:41,680 --> 00:46:43,759
Speaker 1: down a dark alley with no light at the end

862
00:46:43,800 --> 00:46:48,480
Speaker 1: of the time. So I have a form. I will

863
00:46:48,560 --> 00:46:50,239
Speaker 1: send it to you all, and yes, you can post

864
00:46:50,239 --> 00:46:52,239
Speaker 1: it on whatever you want to. So this form helps

865
00:46:52,280 --> 00:46:55,000
Speaker 1: you to organize your assets. Okay, and then it also

866
00:46:55,080 --> 00:46:57,600
Speaker 1: even like I said, it gets into even who your

867
00:46:57,880 --> 00:47:00,839
Speaker 1: people are working with. Okay, to maybe go another way,

868
00:47:00,840 --> 00:47:02,319
Speaker 1: but I'm not gonna do it to y'all. Number two,

869
00:47:03,000 --> 00:47:06,440
Speaker 1: um is the second thing you want to have, probably

870
00:47:06,480 --> 00:47:08,640
Speaker 1: the most important, and we didn't talk a lot about this,

871
00:47:09,160 --> 00:47:11,240
Speaker 1: but we need to make sure we have powers of attorney.

872
00:47:11,800 --> 00:47:15,600
Speaker 1: More people are likely to become disabled prior to a

873
00:47:15,680 --> 00:47:19,160
Speaker 1: death than anything, so having a financial power of attorney

874
00:47:19,440 --> 00:47:22,520
Speaker 1: sometimes they call it a general durable power attorney. Durable

875
00:47:22,600 --> 00:47:25,160
Speaker 1: just means it last, meaning when the death occurs, y'all,

876
00:47:25,200 --> 00:47:27,239
Speaker 1: stop trying to use this power attorney. It don't work.

877
00:47:28,640 --> 00:47:34,360
Speaker 1: Durable medical life so like medicals, thing, medical emergencies and whatnot, correct,

878
00:47:34,680 --> 00:47:37,960
Speaker 1: so you can have there's sometimes the general durable will

879
00:47:38,040 --> 00:47:41,640
Speaker 1: will include the health care side of things, and sometimes

880
00:47:41,680 --> 00:47:44,000
Speaker 1: you can get a separate health care power of attorney.

881
00:47:44,320 --> 00:47:49,640
Speaker 1: So I'm a fan of separate separation because sometimes one

882
00:47:49,719 --> 00:47:52,040
Speaker 1: person is your money person and these people are your

883
00:47:52,080 --> 00:47:54,839
Speaker 1: compassionate persons. So you want to be able to bi

884
00:47:54,920 --> 00:47:58,040
Speaker 1: for kate the two. Don't be forced to say, oh,

885
00:47:58,200 --> 00:48:00,080
Speaker 1: I gotta pick one person and they gotta be it

886
00:48:00,120 --> 00:48:02,520
Speaker 1: at all things. No, you can separate them. So you

887
00:48:02,560 --> 00:48:05,480
Speaker 1: need to get healthcare power of attorney, financial power of attorney.

888
00:48:05,520 --> 00:48:08,759
Speaker 1: Some states call it that advanced healthcare directives. Same thing,

889
00:48:09,400 --> 00:48:12,480
Speaker 1: and they always always have a backup. So can I

890
00:48:12,600 --> 00:48:15,080
Speaker 1: just say this real quick. I knew of a very

891
00:48:15,239 --> 00:48:19,759
Speaker 1: nice older lady that was um the power of attorney

892
00:48:19,880 --> 00:48:24,120
Speaker 1: for a friend of hers. So her this man's children

893
00:48:24,560 --> 00:48:27,960
Speaker 1: took care of the medical power of attorney, but she

894
00:48:28,239 --> 00:48:31,400
Speaker 1: was the financial power of attorney. She was not a spouse,

895
00:48:31,760 --> 00:48:35,400
Speaker 1: nor was she a child. She was a friend of

896
00:48:35,560 --> 00:48:38,919
Speaker 1: the deceased because he felt that she as a person

897
00:48:39,000 --> 00:48:41,279
Speaker 1: who he knew would be capable of doing this. I

898
00:48:41,320 --> 00:48:42,839
Speaker 1: don't want to put that out there. Person ain't got

899
00:48:42,880 --> 00:48:46,759
Speaker 1: to be amen, And you know what. I just again,

900
00:48:46,800 --> 00:48:48,839
Speaker 1: did a girl here in my brain come? I can say,

901
00:48:49,239 --> 00:48:52,640
Speaker 1: going to row with me. But essentially the person don't

902
00:48:52,680 --> 00:48:55,680
Speaker 1: be aspirational about these people. If they don't pay their

903
00:48:55,719 --> 00:48:58,680
Speaker 1: bills on time, they okay, we're paying late fees. They

904
00:48:58,760 --> 00:49:01,480
Speaker 1: forget their bills. They not. They don't manage their own money, well,

905
00:49:01,640 --> 00:49:03,160
Speaker 1: do not put them in charge of your money. So,

906
00:49:03,280 --> 00:49:06,840
Speaker 1: like she said, this is not a message for only children.

907
00:49:07,120 --> 00:49:15,399
Speaker 1: I hear y'all, but I'm like only children like well,

908
00:49:15,600 --> 00:49:17,239
Speaker 1: but you know what, even if it is even if

909
00:49:17,239 --> 00:49:18,839
Speaker 1: your only child, that's a good point to Even if

910
00:49:18,840 --> 00:49:22,080
Speaker 1: your only child, you can name other people to work

911
00:49:22,120 --> 00:49:24,080
Speaker 1: with you, because it is a lot of work. Someone

912
00:49:24,120 --> 00:49:28,640
Speaker 1: becomes disabled, h you you can well, as the agent,

913
00:49:28,800 --> 00:49:32,239
Speaker 1: you can always enlist. Sometimes um powers of attorney have

914
00:49:32,280 --> 00:49:35,560
Speaker 1: what's called a delegation, so you as the agent can

915
00:49:35,719 --> 00:49:39,520
Speaker 1: delegate other people to work with you or be your

916
00:49:39,560 --> 00:49:41,839
Speaker 1: succession if something should happen to you. But if your

917
00:49:41,840 --> 00:49:43,680
Speaker 1: parents are still alive in the right mind, just have

918
00:49:43,840 --> 00:49:47,440
Speaker 1: them appoint to or tell you who they could, who

919
00:49:47,560 --> 00:49:50,560
Speaker 1: you could look to for help, a guide into assistance

920
00:49:50,800 --> 00:49:52,640
Speaker 1: right for the health care power of attorney. So I

921
00:49:52,719 --> 00:49:56,920
Speaker 1: guess assets power of attorney um. And then three we

922
00:49:57,000 --> 00:49:59,840
Speaker 1: said that at the top of the meeting communication of

923
00:50:00,400 --> 00:50:03,040
Speaker 1: those who you believe will cause trouble, I'm here to

924
00:50:03,120 --> 00:50:07,640
Speaker 1: tell you you are absolutely correct. Okay, So those people

925
00:50:07,840 --> 00:50:10,960
Speaker 1: will be drama. So it's better to have the family

926
00:50:11,040 --> 00:50:15,399
Speaker 1: meeting today. Get that drama all out on the out

927
00:50:15,440 --> 00:50:17,680
Speaker 1: on the table now, let him know who the boss is.

928
00:50:18,160 --> 00:50:20,439
Speaker 1: You're not in charge. Have the meeting if you feel

929
00:50:20,440 --> 00:50:22,359
Speaker 1: like you need to record it or videotaping, because it's

930
00:50:22,360 --> 00:50:24,200
Speaker 1: gonna be that much drama. You just need to have

931
00:50:24,400 --> 00:50:28,279
Speaker 1: it right now and and split it right. Even when

932
00:50:28,320 --> 00:50:29,960
Speaker 1: it comes to the assets, like if you have like

933
00:50:30,160 --> 00:50:32,719
Speaker 1: who gets Grandma's Bible, who gets the cookbooks? Who gets

934
00:50:32,760 --> 00:50:36,480
Speaker 1: the jewelry? Make make the list because people always tell

935
00:50:36,520 --> 00:50:40,680
Speaker 1: you they don't want anything. That's a lot. Everybody won't something.

936
00:50:41,000 --> 00:50:43,600
Speaker 1: So just make the list and share the list, and

937
00:50:43,680 --> 00:50:45,960
Speaker 1: then you'll find out real quick where the drama is

938
00:50:46,040 --> 00:50:47,120
Speaker 1: and you then you can nip that in the But

939
00:50:47,400 --> 00:50:52,480
Speaker 1: those will be my three takeaways. Are you a family okay?

940
00:50:52,560 --> 00:50:58,200
Speaker 1: Almost cut? Almost cursed? What do we already paper work through?

941
00:50:58,280 --> 00:51:02,080
Speaker 1: Oh lord? Listen, okay, listen, listen, listen to this. Okay,

942
00:51:03,040 --> 00:51:05,279
Speaker 1: I'm not gonna say I'm not a fan of it

943
00:51:06,239 --> 00:51:08,359
Speaker 1: because it's better to have. Somebody asked me to say

944
00:51:08,360 --> 00:51:12,920
Speaker 1: that it's better to have something, So it ain't the

945
00:51:13,000 --> 00:51:15,839
Speaker 1: worst thing to have, but it definitely ain't the best.

946
00:51:16,480 --> 00:51:20,440
Speaker 1: So if you're walking around, ma'am with Gucci Louis, you

947
00:51:20,560 --> 00:51:22,920
Speaker 1: gotta passport, and you're going to do to buy and

948
00:51:23,080 --> 00:51:26,680
Speaker 1: you're going to you buying new cars, and and you're

949
00:51:26,680 --> 00:51:30,520
Speaker 1: telling me you can't afford to protect those assets with

950
00:51:30,719 --> 00:51:32,160
Speaker 1: a little bit of money. You gotta pay an the

951
00:51:32,200 --> 00:51:35,400
Speaker 1: state plan and attorney. Something is wrong. You're priorities are

952
00:51:35,520 --> 00:51:42,160
Speaker 1: messed up. I like a good edge snatcher, Like we'll

953
00:51:42,200 --> 00:51:43,960
Speaker 1: say stuff like, well, I ain't gonna be here, so

954
00:51:44,120 --> 00:51:51,640
Speaker 1: I ain't here. You should. You spent a lifetime acquiring

955
00:51:51,800 --> 00:51:55,680
Speaker 1: the things that you have a life time. Some of

956
00:51:55,760 --> 00:51:59,840
Speaker 1: those things have our great value in resale, and some

957
00:52:00,000 --> 00:52:02,960
Speaker 1: of those things are great value for your for your legacy,

958
00:52:03,160 --> 00:52:07,160
Speaker 1: for the history of who you are. You know that

959
00:52:07,440 --> 00:52:10,680
Speaker 1: counts as well. We have to think about the things,

960
00:52:10,800 --> 00:52:15,640
Speaker 1: and that's the hard part to really consider what happens

961
00:52:16,120 --> 00:52:24,600
Speaker 1: after I asked just one funny, last weird old question

962
00:52:24,680 --> 00:52:27,399
Speaker 1: for me, Is there any state that a client comes

963
00:52:27,440 --> 00:52:29,040
Speaker 1: to you from and you like, oh, fun, No, this

964
00:52:29,200 --> 00:52:38,800
Speaker 1: is gonna be hard. Yeah, California one of the reasons

965
00:52:38,880 --> 00:52:44,319
Speaker 1: I left. One of the reasons I left taxes alone. Wow,

966
00:52:44,880 --> 00:52:47,399
Speaker 1: I live in the worst state in the my mother,

967
00:52:47,560 --> 00:52:50,399
Speaker 1: my mother just said, yes, and you're gonna say Pennsylvania next.

968
00:52:51,080 --> 00:52:55,640
Speaker 1: No's not bad. Yeah, he's not bad. I got my

969
00:52:55,680 --> 00:52:59,359
Speaker 1: first p A client the other day. Um, New York

970
00:52:59,520 --> 00:53:02,200
Speaker 1: is kind of but I think we can work around

971
00:53:02,280 --> 00:53:05,800
Speaker 1: it because they're New York and Florida are friendly states

972
00:53:07,000 --> 00:53:11,479
Speaker 1: because of the wealth, right, But California is the word. Yeah.

973
00:53:12,239 --> 00:53:13,719
Speaker 1: My mother just asked me to ask you about the

974
00:53:13,800 --> 00:53:18,839
Speaker 1: irrevocable trust definitely part two. But you know what I did, though,

975
00:53:19,040 --> 00:53:21,759
Speaker 1: Go on my social media, go to go to it's

976
00:53:21,800 --> 00:53:24,440
Speaker 1: on my law firm page, Norton Estate Planners. I do

977
00:53:24,560 --> 00:53:27,120
Speaker 1: have a page called the Legacy Strategists as well, but

978
00:53:27,280 --> 00:53:32,480
Speaker 1: the real is on Norton Estate Planners. I did Alive yesterday,

979
00:53:32,600 --> 00:53:34,520
Speaker 1: which would have been what's Today's day? That had been

980
00:53:34,560 --> 00:53:37,960
Speaker 1: a twenty one January twenty one, and it talks towards

981
00:53:38,000 --> 00:53:40,640
Speaker 1: the end. Someone asked me about irrevocable trust and we

982
00:53:40,800 --> 00:53:42,960
Speaker 1: went we went deep that's an hour live, so you

983
00:53:43,000 --> 00:53:44,319
Speaker 1: can fast forward if you want. But it does talk

984
00:53:44,320 --> 00:53:46,239
Speaker 1: about business owns. There's a lot of good content in there.

985
00:53:46,440 --> 00:53:50,919
Speaker 1: But we talked about irrevocable trust on my live yesterday. Mama,

986
00:53:51,000 --> 00:53:54,960
Speaker 1: thank you so many notes. I have so many you

987
00:53:55,000 --> 00:53:57,000
Speaker 1: don't have. This don't have to be one and done. Listen,

988
00:53:57,520 --> 00:53:59,920
Speaker 1: I'm your b at F. I'm gonna tell you exactly

989
00:54:00,040 --> 00:54:01,720
Speaker 1: what you need to know. You all need to beff

990
00:54:01,880 --> 00:54:06,280
Speaker 1: like you because you just got your second Pennsylvania. Okay,

991
00:54:06,480 --> 00:54:08,799
Speaker 1: come on, guys, six kids, I'm telling you right now.

992
00:54:08,920 --> 00:54:11,160
Speaker 1: And I know who's gonna wipe my ass, and I

993
00:54:11,280 --> 00:54:14,839
Speaker 1: know who's gonna pay the bills. Hey, that's very important.

994
00:54:15,080 --> 00:54:17,080
Speaker 1: And I know who's gonna be crying so bad they're

995
00:54:17,080 --> 00:54:21,719
Speaker 1: gonna be good for ship. This is this is one thing.

996
00:54:21,800 --> 00:54:23,719
Speaker 1: I guess my parting words would be when you go

997
00:54:23,960 --> 00:54:26,960
Speaker 1: into an office of an attorney, remember you have all

998
00:54:27,000 --> 00:54:29,920
Speaker 1: the power. This is your family. We're talking about everything

999
00:54:30,120 --> 00:54:34,759
Speaker 1: you own, everybody you love. Don't be rushed. If you

1000
00:54:34,840 --> 00:54:38,040
Speaker 1: don't like them, leave You're never tied to this person,

1001
00:54:38,280 --> 00:54:40,040
Speaker 1: right you need to feel good about this person and

1002
00:54:40,120 --> 00:54:43,839
Speaker 1: they need to be asking you question and knowledgeable yes,

1003
00:54:44,040 --> 00:54:46,720
Speaker 1: because what tends to happen is a lot of people

1004
00:54:47,360 --> 00:54:49,759
Speaker 1: go in and just give up all their power. They're

1005
00:54:49,760 --> 00:54:52,560
Speaker 1: just like, well, I guess, I guess I gotta do that.

1006
00:54:52,920 --> 00:54:54,640
Speaker 1: Is that the only ages you got, you know what

1007
00:54:54,680 --> 00:54:57,080
Speaker 1: I mean? It's like, no, no, no, this is your stuff.

1008
00:54:57,440 --> 00:54:59,359
Speaker 1: And so don't lose your power when you walk into

1009
00:54:59,400 --> 00:55:02,120
Speaker 1: that office. Where here to help you make good decisions?

1010
00:55:02,200 --> 00:55:04,839
Speaker 1: And so you don't come in so stubborn. I want

1011
00:55:04,880 --> 00:55:06,560
Speaker 1: this and then you you can't open your mind and

1012
00:55:06,640 --> 00:55:08,319
Speaker 1: someone trying to tell you what you know, what your

1013
00:55:08,360 --> 00:55:11,560
Speaker 1: options are. But but you have the power when it

1014
00:55:11,600 --> 00:55:13,680
Speaker 1: comes to your family. I want to say this too

1015
00:55:13,760 --> 00:55:17,800
Speaker 1: before we do wrap that. Just really again the importance

1016
00:55:17,840 --> 00:55:21,439
Speaker 1: of communication people, communication when you were talking to someone

1017
00:55:21,520 --> 00:55:24,240
Speaker 1: who gives you this service, communication with your family members,

1018
00:55:24,719 --> 00:55:26,920
Speaker 1: and the conversation that you have to have with yourself.

1019
00:55:27,480 --> 00:55:29,120
Speaker 1: I will never have now both of my parents have

1020
00:55:29,239 --> 00:55:31,080
Speaker 1: passed on. This is not an issue that I'm dealing

1021
00:55:31,160 --> 00:55:33,719
Speaker 1: with from that aspect of things. But one of the

1022
00:55:33,800 --> 00:55:35,799
Speaker 1: one of the beautiful things and gifts that my mother

1023
00:55:35,880 --> 00:55:38,759
Speaker 1: gave me was that she handled her business. We were

1024
00:55:38,800 --> 00:55:41,160
Speaker 1: able to go in there and very easily find what

1025
00:55:41,320 --> 00:55:43,440
Speaker 1: her stuff was use it for the purpose that it

1026
00:55:43,560 --> 00:55:47,040
Speaker 1: was supposed to be there for. And also too, we

1027
00:55:47,200 --> 00:55:50,920
Speaker 1: had guidance from my aunts and uncles who know legally

1028
00:55:51,040 --> 00:55:53,880
Speaker 1: that's not what was in place. But when I tell you,

1029
00:55:54,520 --> 00:55:56,640
Speaker 1: do it legally so that you don't have to worry

1030
00:55:56,680 --> 00:55:59,640
Speaker 1: about that, not have that, because having assistance is everything.

1031
00:56:00,160 --> 00:56:03,200
Speaker 1: They helped us with things that gave us feedback about

1032
00:56:03,280 --> 00:56:07,040
Speaker 1: their process with their own mother, my grandmother. So that

1033
00:56:07,280 --> 00:56:11,280
Speaker 1: kind of thing makes every a hard situation much easier.

1034
00:56:11,400 --> 00:56:13,880
Speaker 1: And those of you who followed this podcast know that

1035
00:56:14,040 --> 00:56:16,360
Speaker 1: my mother's death was a transformative time for me, a

1036
00:56:16,480 --> 00:56:19,440
Speaker 1: very emotional time for me, and I can only imagine

1037
00:56:19,480 --> 00:56:22,120
Speaker 1: how much more difficult it would have been had her

1038
00:56:22,200 --> 00:56:24,520
Speaker 1: business not been in order. And this is a woman

1039
00:56:24,719 --> 00:56:27,160
Speaker 1: who didn't own a home. This is a woman who

1040
00:56:27,200 --> 00:56:29,279
Speaker 1: did not have a degree. This is a woman who

1041
00:56:29,360 --> 00:56:31,880
Speaker 1: did not have a lot of wealth in money, but

1042
00:56:32,280 --> 00:56:35,960
Speaker 1: yet in still there was business to attend to. And

1043
00:56:36,320 --> 00:56:39,320
Speaker 1: the gratitude I have for her for making it easy

1044
00:56:39,440 --> 00:56:42,000
Speaker 1: for me and my sister to simply just grieve her

1045
00:56:42,440 --> 00:56:45,440
Speaker 1: and not have to go through that drama. I'm saying

1046
00:56:45,520 --> 00:56:48,400
Speaker 1: that to y'all now just as a personal story. So

1047
00:56:48,600 --> 00:56:50,399
Speaker 1: this that as we listen to all of these things,

1048
00:56:50,480 --> 00:56:55,880
Speaker 1: you understand these things have personal and very real life implications.

1049
00:56:56,800 --> 00:57:02,320
Speaker 1: I don't, she said, I have gotten all emotional. And

1050
00:57:02,400 --> 00:57:06,400
Speaker 1: I'll tell you why that is. That is the kindest

1051
00:57:06,520 --> 00:57:09,759
Speaker 1: thing that you could do for somebody that you love.

1052
00:57:11,200 --> 00:57:14,440
Speaker 1: Like we're talking, we're talking about death, which is inevitable.

1053
00:57:16,000 --> 00:57:17,440
Speaker 1: I don't mean I want to let I want to

1054
00:57:17,480 --> 00:57:19,640
Speaker 1: be around for a long time. I want my mom

1055
00:57:19,720 --> 00:57:22,080
Speaker 1: to be around, my family and people I love to

1056
00:57:22,080 --> 00:57:24,760
Speaker 1: be around a long time. But that's not up to us,

1057
00:57:24,920 --> 00:57:29,200
Speaker 1: is it right? And and because it's inevitable and not

1058
00:57:29,440 --> 00:57:32,040
Speaker 1: up to us, the kindest thing that you can do

1059
00:57:32,160 --> 00:57:36,240
Speaker 1: for somebody you love is to handle your fucking business.

1060
00:57:36,560 --> 00:57:39,080
Speaker 1: I said it. Like I said it, I thank you

1061
00:57:39,320 --> 00:57:42,720
Speaker 1: so much for being with us here today, Miss Jennifer Norton,

1062
00:57:43,360 --> 00:57:47,240
Speaker 1: you are very well. Thank you for having so much.

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00:57:48,600 --> 00:57:54,000
Speaker 1: We got to have you again, please because it's super important.

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Speaker 1: Gee whiz, and it feels it feels like a lot,

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00:57:57,880 --> 00:58:01,560
Speaker 1: but it's not. Know what you said, Jill, that reminds

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00:58:01,640 --> 00:58:04,640
Speaker 1: me of I saw your podcast off listen here podcasts

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00:58:04,640 --> 00:58:08,000
Speaker 1: about love letters. The estate planet is the last love

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00:58:08,080 --> 00:58:11,920
Speaker 1: letter you get to write. I mean literally, it's the

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Speaker 1: last one on that. Thank you so much for listening

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00:58:16,960 --> 00:58:21,680
Speaker 1: to Jay dot Ilga podcast. We love to have conversation

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00:58:22,280 --> 00:58:28,120
Speaker 1: that sparks conversation and guess what else, conversation and action.

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Speaker 1: Bless y'all, peace. How do you eat an elephant? One? By?

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Speaker 1: It time? Hey listeners, it's Amber the producer here this episode. Wow,

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00:58:46,800 --> 00:58:50,560
Speaker 1: there's so much information to unpack here. I am leaving

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Speaker 1: all of Jennifer's information in the show notes as well

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00:58:53,280 --> 00:58:56,040
Speaker 1: as her socials. We will also link the document that

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Speaker 1: she mentioned in the episode. Like I said before, there

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00:58:59,360 --> 00:59:02,600
Speaker 1: is so much information to unpack here, So I'm also

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Speaker 1: going to drop a link to an article outlining ten

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Speaker 1: steps to start estate planning. But please please look up

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00:59:09,720 --> 00:59:14,680
Speaker 1: jennifer socials. She is dropping gems on the regular. Generational

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Speaker 1: wealth means having a plan in place for the next generation.

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Speaker 1: Jennifer also pointed out that Black Americans are the highest

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Speaker 1: discretionary spenders. I really want to recommend making a date

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00:59:27,720 --> 00:59:30,600
Speaker 1: with your bank accounts and really seeing where your money

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00:59:30,720 --> 00:59:33,200
Speaker 1: is going and if there are any places you can

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00:59:33,280 --> 00:59:37,360
Speaker 1: cut back and redistribute your income. I personally use mint

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00:59:37,440 --> 00:59:39,960
Speaker 1: dot com to track my spending and plan my budgets.

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Speaker 1: It's great and it's free. Let's continue to change the

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00:59:43,640 --> 00:59:47,720
Speaker 1: trajectory of black wealth in this country, one transaction at

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Speaker 1: a time. Hi, if you have comments on something that

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Speaker 1: he said in this episode called eight six six, Hey, Jill,

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01:00:07,960 --> 01:00:10,600
Speaker 1: if you want to add to this conversation that's eight

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01:00:10,720 --> 01:00:14,720
Speaker 1: six six nine five four five five. Don't forget to

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01:00:14,760 --> 01:00:17,200
Speaker 1: tell us your name and the episode you're referring to.

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01:00:17,760 --> 01:00:21,000
Speaker 1: You might just hear your message on a future episode.

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Speaker 1: Thank you for listening to Jill Scott Presents Jay dot Ill.

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01:00:25,920 --> 01:00:31,800
Speaker 1: The podcast JA dot Ill is a production of I

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01:00:32,120 --> 01:00:36,200
Speaker 1: Heart Radio. For more podcast from I Heart Radio, visit

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01:00:36,280 --> 01:00:40,520
Speaker 1: the I heart Radio app, Apple podcast, or wherever you

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01:00:40,640 --> 01:00:42,200
Speaker 1: listen to your favorite shows.