WEBVTT - Ep 312: A Will vs A Trust ! 0:00:06.559 --> 0:00:13.160 Hey, hey, hey, we're back. We're black, especially with June 0:00:13.200 --> 0:00:20.520 teeth coming up, we're brown, Ambuson, he. 0:00:23.560 --> 0:00:28.680 Pardoned me just the Rona. No, I'm the last I'm 0:00:28.720 --> 0:00:31.600 the last woman standing in my household who has not 0:00:31.720 --> 0:00:35.560 succumbed to COVID. It came for us, Tiffany. It came 0:00:35.680 --> 0:00:38.960 like a dark cloud. Last week started with my cousin, 0:00:39.840 --> 0:00:41.960 and I'm torn between making her feel guilty or not. 0:00:42.120 --> 0:00:44.400 I know that there's no blame in it. Anyone can 0:00:44.440 --> 0:00:46.760 get it now. It's highly contagious, but it feels good 0:00:46.800 --> 0:00:50.760 to point a fingers sometimes. But yeah, So started with 0:00:50.800 --> 0:00:56.240 my cousin and then my baby Rio tested positive yesterday, 0:00:57.000 --> 0:00:58.320 so he's out of daycare. 0:00:58.000 --> 0:00:59.640 For ten days. 0:01:00.880 --> 0:01:03.920 And better believe they're not going to pro rate the fee. Nope, 0:01:04.080 --> 0:01:06.480 I'm still gonna pay all my two one and seventy 0:01:06.520 --> 0:01:07.080 five dollars. 0:01:08.160 --> 0:01:09.120 So he's out of daycare. 0:01:10.200 --> 0:01:11.920 And it was funny, is like when we were trying 0:01:11.920 --> 0:01:14.360 to figure out last night, I'm like, what'sapping, Tiffany, like 0:01:14.440 --> 0:01:16.959 telling you what's going on? And I'm thinking, you know, 0:01:17.040 --> 0:01:20.440 my husband's busier than ever at work, and I do 0:01:20.560 --> 0:01:23.440 understand that intellectually, but also I do not care. I'm like, 0:01:23.880 --> 0:01:26.560 you must stay home and help me, but he's like, no, 0:01:26.640 --> 0:01:29.160 I have to go in. But I never imagined I 0:01:29.160 --> 0:01:32.919 would root for him to get COVID, But I said, 0:01:33.440 --> 0:01:35.920 I might have whispered a tiny prayer because like, if 0:01:35.920 --> 0:01:39.440 he's positive, then he can't go. And sure enough, he 0:01:39.480 --> 0:01:41.880 woke up this morning. I'm such a jerk. Yeah, he 0:01:41.920 --> 0:01:44.880 woke up this morning positive and achy and waw. So 0:01:45.319 --> 0:01:48.080 both my boys are in bed with peanut butter and 0:01:48.120 --> 0:01:50.840 jelly sandwiches right now. I tuck them in with two 0:01:50.840 --> 0:01:54.280 iPads and they're sandwiches. I said, Mommy's going to work. 0:01:55.120 --> 0:01:57.920 Meanwhile, man's over here looking fabulous if he's just listening. 0:01:59.160 --> 0:02:01.960 I mean Mandy's hair. First of all, these curls are popping. 0:02:02.000 --> 0:02:03.640 I don't know what you've done new, if it's a 0:02:03.680 --> 0:02:04.680 new product or whatever. 0:02:04.720 --> 0:02:08.040 These girls keep the spray bottle. We rehydrate. I keep 0:02:08.840 --> 0:02:11.200 rehydrating like a pop. 0:02:11.840 --> 0:02:13.679 And then on top of that, tell me I was 0:02:13.680 --> 0:02:16.200 gonna say, Mandy got a red lip on and it 0:02:16.280 --> 0:02:20.000 is playing beautifully against her yellow shirt. I'm like, ron aware, 0:02:20.080 --> 0:02:24.679 Mandy's looking like looking like you can't look this good, 0:02:24.720 --> 0:02:25.880 and they your boys are. 0:02:25.800 --> 0:02:29.160 Like everything is better with a red lip, the same 0:02:29.160 --> 0:02:31.280 way I got Rio a brand new truck today and 0:02:31.360 --> 0:02:33.600 it just brought He was like, Rona, who you know 0:02:33.600 --> 0:02:35.320 what I mean, you gotta we have to fake it 0:02:35.360 --> 0:02:39.080 to make it at a certain point. Yeah. So hopefully 0:02:39.120 --> 0:02:41.239 by the time you guys hear this, we'll start they'll 0:02:41.280 --> 0:02:44.480 start start feeling better, and I will not feel any 0:02:44.480 --> 0:02:46.960 different than I do at this moment in time. Fingers 0:02:47.080 --> 0:02:47.840 fingers crossed. 0:02:48.639 --> 0:02:52.320 What's new? What you actually right before this? You know, 0:02:53.160 --> 0:02:54.440 I was telling you. I was like, oh, I gotta 0:02:54.480 --> 0:02:58.959 be with my attorney because my CFP on Jilly, which 0:02:59.000 --> 0:03:01.440 is a Certified Finance Planner, which is like the gold 0:03:01.480 --> 0:03:06.320 star standard for financial advisors. She was like, Tiffany, you 0:03:06.360 --> 0:03:08.720 need to get your trust in order. And I was like, 0:03:08.840 --> 0:03:12.880 for why Because I got a really good, thorough will. 0:03:13.480 --> 0:03:14.880 And I was going back and forth. So I met 0:03:14.880 --> 0:03:18.120 with Tony, who's my attorney, and I was like, oh, 0:03:18.680 --> 0:03:22.240 because even me with all my learnings, didn't fully get 0:03:22.240 --> 0:03:24.239 the difference between a will and a trust. I kind 0:03:24.240 --> 0:03:26.280 of got it, but not really. But now I feel 0:03:26.320 --> 0:03:28.800 like I'm like a good eighty percent, like okay, not 0:03:28.960 --> 0:03:31.440 like I can't be an attorney, but I'm like, oh, 0:03:31.480 --> 0:03:33.040 I got it. Would you like to know what I 0:03:33.120 --> 0:03:33.799 learned about that? 0:03:35.000 --> 0:03:37.160 I would love too, because I was told to create 0:03:37.200 --> 0:03:39.640 a trust too, and I forget why, but I. 0:03:39.640 --> 0:03:43.360 Was planning to do it so typically, so the main 0:03:43.400 --> 0:03:46.400 difference is a will is supposed to say this is 0:03:46.440 --> 0:03:49.240 what happens to my stuff immediately after I pass away, 0:03:49.360 --> 0:03:51.240 typically like up to a year. That's like how much 0:03:51.320 --> 0:03:53.480 control you have, Like I pass away, this is what 0:03:53.520 --> 0:03:55.800 I want to happen to my stuff up to a year. Right. 0:03:55.920 --> 0:03:59.720 A trust really is supposed to be like what happens 0:03:59.760 --> 0:04:03.440 in perpetuity, So if you have additional instructions, so let's 0:04:03.440 --> 0:04:06.120 just say for real, you're like, you know what something 0:04:06.120 --> 0:04:10.560 happens to you? God forbid? And you're like, but right now, 0:04:10.680 --> 0:04:12.960 I yes, when I pass away, if something happened to me, 0:04:13.040 --> 0:04:17.440 then RIO would get my assets along with husby. But 0:04:17.720 --> 0:04:20.760 I really kind of want because I don't want because 0:04:20.760 --> 0:04:24.000 with children, they typically don't get access to whatever funds 0:04:24.040 --> 0:04:27.160 until they turn eighteen. But let's be real, eighteen year 0:04:27.200 --> 0:04:28.640 olds ain't ready for no money. 0:04:28.640 --> 0:04:31.320 Right give him You might say, are fifteen, but don't 0:04:31.360 --> 0:04:33.760 give him money. 0:04:33.000 --> 0:04:37.080 Exactly, but you might say, because I don't want my 0:04:37.240 --> 0:04:40.920 money or my assets to be given to my child 0:04:41.040 --> 0:04:43.520 even when he's eighteen, at least not right away. I 0:04:43.640 --> 0:04:47.360 want to have more control beyond that. A trust is 0:04:47.400 --> 0:04:50.200 where you say he can get the like, you know, 0:04:50.279 --> 0:04:52.880 I'm just enough for college at eighteen, he can get 0:04:52.920 --> 0:04:55.280 maybe I'm half at twenty five and the other half 0:04:55.279 --> 0:04:57.960 at thirty. So a trust allows you to say, beyond 0:04:58.040 --> 0:05:00.919 the initial i'm not here in distantly what happens with 0:05:01.000 --> 0:05:04.600 my assets. A trust will allow you to make decisions 0:05:04.760 --> 0:05:07.200 years and years and years from now. So typically people 0:05:07.279 --> 0:05:08.880 get trust when they want to do that, especially with 0:05:08.920 --> 0:05:12.039 your children, or if they want to leave something for 0:05:12.320 --> 0:05:13.920 generations that are not even here yet. 0:05:14.760 --> 0:05:20.080 Yeah, so you can the passing of wealth, yes, because 0:05:20.080 --> 0:05:21.880 it's not just your bank accounts, right is it also 0:05:21.920 --> 0:05:26.080 your assets and your business? You know what happened that? 0:05:26.600 --> 0:05:28.919 So with my trust, I was like, okay, so I 0:05:28.960 --> 0:05:31.120 have a really clear cut will if something happens to me, 0:05:31.240 --> 0:05:34.440 my parents get some money, and then my sisters really 0:05:34.440 --> 0:05:37.359 just split my account for ways, because that's it, you know. 0:05:37.640 --> 0:05:40.760 So but I was like, but my two of my 0:05:40.760 --> 0:05:43.719 sisters have children, so I wanted to dictate how I 0:05:43.720 --> 0:05:45.320 wanted that to look just because of what all that 0:05:45.360 --> 0:05:48.800 I'm going through with my late husband's assets, I'm like, oh, 0:05:48.800 --> 0:05:50.280 if I would have known this, we would have done this. 0:05:50.360 --> 0:05:53.480 I'm like, we're not doing that. So just to be clear, like, 0:05:54.040 --> 0:05:57.960 if you leave money to a child, the state that 0:05:58.000 --> 0:06:00.200 you live and will typically hold those funds and till 0:06:00.200 --> 0:06:02.960 they turned eighteen and then they really can't do anything. 0:06:03.000 --> 0:06:04.920 You know, the eighteen year old can blow it, which 0:06:04.920 --> 0:06:07.760 they likely will, and I'm just like, knowing what I 0:06:07.800 --> 0:06:10.520 know now, I'm certain that my husband would probably be like, ugh, 0:06:10.640 --> 0:06:12.320 I probably would have want to divvy it out a 0:06:12.360 --> 0:06:15.760 little bit further. And so with my trust, that's what 0:06:15.800 --> 0:06:19.159 I'm doing. So I have accounts for all the children 0:06:19.200 --> 0:06:22.000 in my life currently. So I've got like custodia accounts 0:06:22.000 --> 0:06:25.120 for Alyssa, my stepdaughter, whereas most of her college fund is. 0:06:25.400 --> 0:06:28.599 I've got for my nephew Roman who is six, my 0:06:28.680 --> 0:06:32.720 niece Amelia who's five, and my niece Lily who is 0:06:33.320 --> 0:06:37.640 I believe three, three or four and so but instead 0:06:37.839 --> 0:06:42.320 of having them be the beneficiaries, I'm now going to 0:06:42.440 --> 0:06:46.960 make the trust the beneficiary. So if something happens to Auntie, 0:06:47.720 --> 0:06:50.120 your money goes to a trust, and the trust says, 0:06:50.360 --> 0:06:52.039 you thought you was getting this at eighteen, You're not 0:06:52.880 --> 0:06:56.520 the trust that because normally a will says something happens 0:06:56.560 --> 0:06:58.840 to Auntie, it goes to you, the court will hold 0:06:58.880 --> 0:07:01.480 it when you turn eighteen, it goes turns over. I'm like, no, no, no, no, 0:07:02.080 --> 0:07:05.080 I want to still be here guiding you. So it 0:07:05.120 --> 0:07:07.839 goes to a trust now, not to you and the trust. 0:07:07.960 --> 0:07:09.400 Then I could have a trust give it to you 0:07:09.400 --> 0:07:11.840 when you're eighty five if I wanted to. So you 0:07:11.840 --> 0:07:14.800 can put things like that, so it's not that First 0:07:14.840 --> 0:07:18.360 I was like, well, Tony, should I put, for example, 0:07:18.400 --> 0:07:21.000 of my home in a trust. And the problem with 0:07:21.160 --> 0:07:24.000 doing so is that when you put an asset like 0:07:24.080 --> 0:07:27.720 that and a trust, it is a taxable event, meaning 0:07:27.720 --> 0:07:30.240 that the trust has to purchase the home or if 0:07:30.280 --> 0:07:32.280 you transfer it to the trust, now the trust has 0:07:32.320 --> 0:07:35.720 to pay taxes on that home that or you have 0:07:35.760 --> 0:07:37.840 to pay tax on the home because of the sale. 0:07:38.080 --> 0:07:40.400 So I was thinking, like I thought that I had 0:07:40.400 --> 0:07:43.200 to transfer. For example, like say I have like an 0:07:43.240 --> 0:07:45.600 investment account. Let's just say there's a million dollars in 0:07:45.600 --> 0:07:47.560 my investment account, and I'm like Okay, I want to 0:07:47.560 --> 0:07:49.200 put it in my trust. She's like, if you do that, 0:07:49.560 --> 0:07:52.920 you actually have to sell the investments and to put 0:07:52.960 --> 0:07:55.080 them into a trust. And I'm like, well, I don't 0:07:55.080 --> 0:07:56.800 want to do that, and she's like, what you're thinking 0:07:56.840 --> 0:07:58.600 about is siphany is that you really want to make 0:07:59.200 --> 0:08:02.520 instead of your assist there's the beneficiaries of that investment account. 0:08:02.600 --> 0:08:06.360 You make the trust the beneficiary, and so if something 0:08:06.400 --> 0:08:09.440 happens to you, then it gets switched over DC And 0:08:09.480 --> 0:08:12.120 I was like, oh, so one of the benefits of 0:08:12.160 --> 0:08:14.000 a trust is one being able to tell what you 0:08:14.040 --> 0:08:15.760 want your money to do years and years and years 0:08:15.760 --> 0:08:19.040 from now. But also a trust is going to allow 0:08:19.080 --> 0:08:25.560 you to sidesteps some taxes because, like say, for example, 0:08:25.560 --> 0:08:29.200 in the state of California, a state inheritance tax is 0:08:29.200 --> 0:08:32.680 pretty high. So something happens to me and my heirs 0:08:32.720 --> 0:08:36.040 inherent the government is like, ooh, child, half that is mine, 0:08:36.720 --> 0:08:40.080 give or take right. But with a trust that's not 0:08:40.240 --> 0:08:44.199 so because no one is inheriting anything because it already 0:08:44.200 --> 0:08:47.360 belonged to the trust. But if someone wanted to go 0:08:47.400 --> 0:08:49.800 in and withdraw some of their money, then they'll pay 0:08:49.840 --> 0:08:52.559 income tax. But that's normal. So you're not paying this 0:08:52.960 --> 0:08:55.560 estate tax, but if you do withdraw money from the trust, 0:08:55.720 --> 0:08:57.640 then you pay income tax. So it helps to one 0:08:57.880 --> 0:09:00.840 avoid probate, which basically is like the ring side circus 0:09:00.840 --> 0:09:03.760 to all your stuffing givvied out. And two it helps 0:09:03.760 --> 0:09:05.440 you to that like I don't want to say a void, 0:09:05.480 --> 0:09:08.679 but it helps you to sidestep inheritance text because they're 0:09:08.679 --> 0:09:11.360 not really inheriting it. The trust is holding it. The 0:09:11.360 --> 0:09:14.360 trust basically is like you continuing to live and divving 0:09:14.440 --> 0:09:17.679 it out. So it's just really interesting. Because one of 0:09:17.720 --> 0:09:19.080 the one last thing for those of you who are 0:09:19.080 --> 0:09:20.760 business owners, because I know so many Brown and Vission 0:09:21.320 --> 0:09:23.880 listeners are business owners. I said, so, Tony, how do 0:09:23.920 --> 0:09:27.120 I protect my business interest with the trust? Same so 0:09:27.480 --> 0:09:30.440 my mind, and we should do this too, honestly, many. 0:09:30.480 --> 0:09:32.360 We need to get on our operating agreement from Brown 0:09:32.400 --> 0:09:37.040 and Vission sidebar. My operating agreement for the Literature Academy says, 0:09:37.320 --> 0:09:39.880 so my literature Academy, I have a business partner in 0:09:39.880 --> 0:09:42.640 that business, and it says if something were to happen 0:09:42.720 --> 0:09:47.640 to me, my my shares in the academy will go 0:09:47.760 --> 0:09:50.640 to a trust. Not at first it said it was 0:09:50.679 --> 0:09:52.920 going to go to my husband. But now I'm like, no, no, no, 0:09:52.960 --> 0:09:54.719 She's like, this is why. So it goes to that 0:09:54.800 --> 0:09:58.559 trust and then from that trust it you know, gets 0:09:58.679 --> 0:10:02.600 divvied out to like my sister. However, and so I'm like, okay, 0:10:03.040 --> 0:10:05.080 the rule of thumb with a trust is if you 0:10:05.080 --> 0:10:07.600 don't have at least five hundred thousand dollars in assets, 0:10:07.640 --> 0:10:10.320 this kind of doesn't make sense. If you have over 0:10:10.559 --> 0:10:12.400 I think it was like a million or two, or 0:10:12.520 --> 0:10:14.440 I think it's maybe five million in assets something to 0:10:14.480 --> 0:10:17.320 that effect, you definitely ought to do it because the 0:10:17.880 --> 0:10:21.199 state taxes would just be tremendous. So yeah, so I'm 0:10:21.200 --> 0:10:22.800 hoping that's making Does that make sense that, like a 0:10:22.840 --> 0:10:24.400 trust is like I want to tell you what to 0:10:24.400 --> 0:10:25.959 do you're from now. A will is like I can 0:10:26.000 --> 0:10:27.440 only tell you what to do at the moment that 0:10:27.480 --> 0:10:28.120 I pass away. 0:10:29.080 --> 0:10:31.040 Yeah, and it's not just about I mean, I guess 0:10:31.240 --> 0:10:33.240 and to your point again, I'm trying to repeat it 0:10:33.280 --> 0:10:35.920 so that it sticks to my brain. And a will, 0:10:36.040 --> 0:10:38.360 you could say, you could plot it all out. I 0:10:38.400 --> 0:10:40.400 want so and so to get this much at eighteen, 0:10:40.440 --> 0:10:42.520 that much at twenty five. But the key here is 0:10:42.559 --> 0:10:47.760 the tax the tax savings because when it's inherited by 0:10:47.880 --> 0:10:50.760 an a state like you said, you don't have or sorry, 0:10:50.800 --> 0:10:52.360 a trust like you said, you don't have to pay 0:10:52.440 --> 0:10:56.520 that estate tax right, and they'll pay taxes on it 0:10:56.200 --> 0:10:57.520 it withdrawal from it. 0:10:58.360 --> 0:11:00.960 And a will, there's more leeway for people not to listen, 0:11:02.280 --> 0:11:05.120 you know, like meaning like you can say like, oh, 0:11:05.400 --> 0:11:07.320 you know, like I can say, like you know, Roman's 0:11:07.320 --> 0:11:09.960 gonna inherit, you know, and I really wanted to be 0:11:10.360 --> 0:11:12.880 parceled out, but it doesn't happen. It's typically not gonna 0:11:12.880 --> 0:11:16.080 happen that way because if you leave money, you can 0:11:16.200 --> 0:11:19.480 have some direction for it. But ultimately the state is like, 0:11:19.520 --> 0:11:22.600 once this child turns eighteen, that's their business. But with 0:11:22.720 --> 0:11:25.800 a trust, the trust is actually there's a trustee in 0:11:25.840 --> 0:11:29.000 place that actually, by law must divvy it out per 0:11:29.120 --> 0:11:31.080 your instruction. The state is not gonna The state is 0:11:31.120 --> 0:11:33.400 like the state that you live in, like New Jersey 0:11:33.440 --> 0:11:36.120 and New York. They don't work for you. They're like, sis, 0:11:36.160 --> 0:11:38.600 all this when he turns eighteen thirteen, No no, no, no, no, 0:11:39.320 --> 0:11:42.760 like you know, like when he turns eighteen, here's the 0:11:42.840 --> 0:11:45.640 life insurance. So that's another thing too, that's in my trust. 0:11:45.679 --> 0:11:49.200 That my life insurance, especially with life insurance, because that's 0:11:49.240 --> 0:11:52.439 usually where you have the most. My life insurance, that 0:11:52.520 --> 0:11:55.160 beneficiary is going to be the trust because especially with 0:11:55.160 --> 0:11:56.840 the life insurance, they're like, girl, we don't care none 0:11:56.880 --> 0:11:59.080 about your divvying. The person is going to get it 0:11:59.200 --> 0:12:01.520 upon your death and less they're minor, and then we 0:12:01.520 --> 0:12:04.559 will hold it until they're eighteen. That's on you how 0:12:04.559 --> 0:12:06.280 you want to divvy it up. But with the trust, 0:12:06.520 --> 0:12:09.360 the trust will divvy it up because they do work 0:12:09.360 --> 0:12:11.880 for you. And so just considering that if you have, 0:12:12.000 --> 0:12:14.960 if you have started to grow wealth beyond half a 0:12:14.960 --> 0:12:17.719 million dollars or so, like, I'm not going to put 0:12:17.720 --> 0:12:20.240 my home in a trust because the taxes I would 0:12:20.280 --> 0:12:22.200 have to pay as a result would just be too much. 0:12:22.640 --> 0:12:25.680 But making the trust the beneficiaries of parts of like 0:12:25.800 --> 0:12:29.600 my financial life is really going to help me to 0:12:30.240 --> 0:12:35.320 make sure that the wealth that I have grown, you know, 0:12:35.480 --> 0:12:38.920 it sees more than one generation. That's really the key 0:12:39.440 --> 0:12:43.280 because if my heirs inherent via a will, it could 0:12:43.320 --> 0:12:45.920 be gone in one generation. But a trust allows me 0:12:45.960 --> 0:12:49.200 to say, even if that generation messes it up, I 0:12:49.280 --> 0:12:51.120 have set aside for the one after that and the 0:12:51.120 --> 0:12:51.600 one after that. 0:12:51.720 --> 0:12:53.160 I was going to ask you, so do you have 0:12:53.200 --> 0:12:59.760 that in there, like romans years as well, even. 0:12:59.679 --> 0:13:01.880 Children, and that I'm not even born yet. Like, for example, 0:13:01.880 --> 0:13:03.960 my sister is really young. She's like, you know, she 0:13:04.000 --> 0:13:06.000 hasn't had children yet. But if something happens to me, 0:13:06.080 --> 0:13:07.960 I want to put that in there, if another child 0:13:08.120 --> 0:13:10.360 is you know, sired, this is what's going to happen. 0:13:10.640 --> 0:13:12.760 And so it's like it's just like. 0:13:12.880 --> 0:13:17.720 Oh, I get it now, Yeah, this is the real. 0:13:17.559 --> 0:13:23.200 St yes, like the grown like financial stuff. And I'm like, wow, 0:13:24.000 --> 0:13:24.840 it's so good. 0:13:24.880 --> 0:13:27.080 It's such good timing too, not just because someone had 0:13:27.120 --> 0:13:29.160 advised me to do it, but I was on a 0:13:29.200 --> 0:13:32.160 panel on Friday, like a juneteenth early June teenth panel, 0:13:33.000 --> 0:13:35.120 and there was this incredible woman who I would love 0:13:35.120 --> 0:13:37.200 to have on the show. Consider this your formal invitation, 0:13:37.360 --> 0:13:40.079 doctor Jolly. First of all, she has the most incredible name, 0:13:40.400 --> 0:13:44.920 Doctor Pamela Jolly. She is a generational wealth building expert 0:13:44.920 --> 0:13:48.480 in Black communities, and she has dedicated her career to 0:13:48.679 --> 0:13:51.320 working in the black community and educating them on exactly 0:13:51.360 --> 0:13:54.480 what you're talking about. But her obsession, her her passion, 0:13:54.640 --> 0:13:58.079 is how to pass on generational wealth. And she literally 0:13:58.160 --> 0:14:00.720 was just making this point about how in our community 0:14:00.800 --> 0:14:03.720 is so much is focused on accruing the wealth and 0:14:03.800 --> 0:14:05.760 it's in the passing on of it. Is that even 0:14:05.800 --> 0:14:09.480 the right grammar anyway, that we are sorely under educated. 0:14:09.600 --> 0:14:13.320 So I'm just it's all synergy and all magic to 0:14:13.360 --> 0:14:17.400 have her on someday. But yeah, absolutely, And you know, 0:14:17.640 --> 0:14:21.120 I think like the overall message is like the work 0:14:21.160 --> 0:14:24.440 is not done when you just earn the money. It's 0:14:24.480 --> 0:14:28.280 like the responsible thing to do, truly for future generations 0:14:28.440 --> 0:14:32.080 is to take that money on a journey, and like 0:14:32.120 --> 0:14:33.960 where is that journey going to take? How far is 0:14:33.960 --> 0:14:36.400 it going to go? And it's like you're ensuring that 0:14:36.440 --> 0:14:37.080 it's going to have. 0:14:37.040 --> 0:14:41.960 A long, long, long, long, long life, because it's not 0:14:42.280 --> 0:14:44.760 just because I've seen people, you know, like there's this 0:14:44.760 --> 0:14:49.120 beautiful house here in Newark and there's a woman here 0:14:49.160 --> 0:14:50.680 who used to live in that house, and she was like, 0:14:50.680 --> 0:14:53.880 her grandmother was a one of the first black women millionaires. 0:14:53.880 --> 0:14:56.520 I forget what she did, and she built this beautiful 0:14:56.640 --> 0:14:59.880 historic home. Well now it's historic, and now that his 0:15:00.200 --> 0:15:02.800 that home isn't disrepair. So I'm like, so your grandmother 0:15:02.920 --> 0:15:06.880 built millions. It was passed on to your mom or dad, 0:15:07.520 --> 0:15:10.240 and now there's nothing for you. What a short lived 0:15:10.280 --> 0:15:13.800 life of that wealth. And it's like why and so 0:15:13.920 --> 0:15:16.760 one we have to pass on knowledge, not just the wealth. 0:15:16.920 --> 0:15:19.640 So I'm always in Alyssa's behind, Like like the other 0:15:19.720 --> 0:15:21.080 day she asked me, She's like, can you buy me 0:15:21.120 --> 0:15:23.720 own some summer clothes? I said, of course this. We 0:15:23.760 --> 0:15:26.200 can go right on to the outlet store and hit 0:15:26.280 --> 0:15:27.840 up Old Navy in the gap because I know, like 0:15:27.840 --> 0:15:29.800 they're gonna have a solid clothes. She was thinking. I 0:15:29.840 --> 0:15:33.440 was thinking more like Sheen. I was like, no, what 0:15:33.840 --> 0:15:34.360 is Sheen? 0:15:34.720 --> 0:15:37.240 I'm not convinced that it's we I could go on. 0:15:37.880 --> 0:15:39.360 I'm convinced it's like a scam. 0:15:39.480 --> 0:15:40.200 How is it her thing? 0:15:40.320 --> 0:15:41.200 For ninety nine? 0:15:41.520 --> 0:15:43.400 I mean, and it was like six, First of all, 0:15:43.960 --> 0:15:46.320 you don't you don't hang up clothes. You're gonna drive 0:15:46.320 --> 0:15:50.120 these clothes and they're gonna be plastics, like all, it's 0:15:50.120 --> 0:15:53.080 not happening, right. But I'm always talking to Lissa about 0:15:53.080 --> 0:15:55.080 finances because I know I won't be here forever and 0:15:55.120 --> 0:15:57.520 I want to pass on the knowledge. That's one. But 0:15:57.800 --> 0:16:00.800 just in case the knowledge don't stick, I am also 0:16:00.920 --> 0:16:05.320 passing along like you kids kids. Yes, And so that 0:16:05.520 --> 0:16:07.760 I think is what's missing that it's not to say 0:16:07.760 --> 0:16:11.080 because people make mistakes. There was this there's this really 0:16:11.080 --> 0:16:14.520 interesting YouTube documentary I was watching about the people of 0:16:14.560 --> 0:16:17.120 Appalachia and there was a woman there. She had to 0:16:17.120 --> 0:16:18.760 be like in her seventies or eighties, and she did 0:16:18.880 --> 0:16:22.360 not have a college education or high school education. But 0:16:22.440 --> 0:16:25.080 she was just sharing how like, generation after generation after 0:16:25.240 --> 0:16:28.080 generation of her family had lived in the Appalachia Mountains 0:16:28.080 --> 0:16:31.320 and they had like two hundred acres something. It was 0:16:31.320 --> 0:16:35.440 just beautiful property. Here. This old woman is who was like, 0:16:35.520 --> 0:16:39.080 I don't have much learnings, and I've set my kids 0:16:39.080 --> 0:16:42.440 to school, and my grand babies are all college educated, 0:16:42.440 --> 0:16:44.040 and this son is an attorney, and da da da 0:16:44.080 --> 0:16:47.400 all this stuff. But guess what all this probets that 0:16:47.440 --> 0:16:49.160 I have. One thing I did know was I put 0:16:49.200 --> 0:16:51.960 it in the trust, she said. And when she said 0:16:51.960 --> 0:16:53.640 at the time, I didn't get it, and I get 0:16:53.680 --> 0:16:55.840 it now, she said, because there won't be any weak 0:16:55.960 --> 0:17:00.320 links in this family destroying our legacy. And what she 0:17:00.440 --> 0:17:04.200 meant was with a will, my with a will, you say, 0:17:04.280 --> 0:17:07.439 my son inherits this property. Great, but your son can 0:17:07.480 --> 0:17:10.280 then sell it to Walmart. Then what because you could 0:17:10.320 --> 0:17:12.320 only tell him what to do at the moment of 0:17:12.359 --> 0:17:16.359 your passing, you inherited it. With a trust, is my 0:17:16.720 --> 0:17:20.320 son inherits his property and can never sell it. That's 0:17:20.320 --> 0:17:23.000 what the trust say is and has to pass it 0:17:23.040 --> 0:17:25.800 on to his son and his son and his son. 0:17:26.000 --> 0:17:28.040 So with a trust you can say years from now 0:17:28.080 --> 0:17:29.960 what to do. And she basically was like, I don't 0:17:29.960 --> 0:17:34.760 want any weak links selling off this generational ancestral land, 0:17:34.840 --> 0:17:36.639 you know, to make a quick buck, because she said, 0:17:37.000 --> 0:17:41.000 this land doesn't just belong to my son and you know, 0:17:41.080 --> 0:17:43.560 my daughter whatever, it belongs to all those that come 0:17:43.600 --> 0:17:46.639 after him. And I was like, wow, you know, and 0:17:46.680 --> 0:17:49.800 so that's what's like. So you know, it's just critically 0:17:49.840 --> 0:17:52.679 important estate planning. It's so important. And you might think 0:17:52.680 --> 0:17:53.920 to your something that let me just give you a little 0:17:53.960 --> 0:17:55.239 encouragement if you're like, well, I don't have a ton 0:17:55.240 --> 0:17:58.080 of money, and YadA, YadA, YadA. My husband, candily So 0:17:58.920 --> 0:18:01.960 never made over sixty one thousand dollars a year, and 0:18:02.480 --> 0:18:05.680 before I got to him, this man had a personal 0:18:05.720 --> 0:18:08.440 policy of two hundred and fifty thousand dollars that he 0:18:08.480 --> 0:18:12.800 set aside for his daughter. He had policies at work. 0:18:13.119 --> 0:18:17.399 I think the job policies almost total about four hundred thousand, 0:18:17.560 --> 0:18:20.480 because he had life insurance at the job for about 0:18:20.520 --> 0:18:24.120 two hundred thousand. And then he also had a pension 0:18:24.640 --> 0:18:26.960 which was like another one to fifty two hundred thousand 0:18:27.000 --> 0:18:29.399 something to that effect. And so this is all before 0:18:29.440 --> 0:18:32.360 I got to him, Like he got additional life insurance 0:18:32.359 --> 0:18:34.920 at work. I just found out additional life insurance at work. 0:18:35.040 --> 0:18:38.160 So this is someone who my husband, who had never 0:18:38.200 --> 0:18:43.320 made over sixty thousand, he prepared for his in Meanwhile, 0:18:43.320 --> 0:18:45.719 he got the the two hundred fifty thousand dollar policy 0:18:45.720 --> 0:18:50.800 when my stepdaughter Alyssa was five, So he prepared in advance. 0:18:51.359 --> 0:18:54.760 For God forbid, something happened. Now it's not enough that 0:18:54.800 --> 0:18:57.119 Alyssa will never have to work, but it's enough that 0:18:57.119 --> 0:18:59.240 she doesn't have to worry about school. She shouldn't have 0:18:59.240 --> 0:19:01.280 to worry about her first she doesn't have to worry 0:19:01.280 --> 0:19:03.440 about prom, she doesn't have to worry about her sweet 0:19:03.480 --> 0:19:06.040 sixteen that's coming up. She doesn't have to worry about 0:19:06.200 --> 0:19:08.600 even like the down payment in her first house, all 0:19:08.640 --> 0:19:12.200 those kind of like Dad ask financial things. This man 0:19:12.280 --> 0:19:14.840 who did not go to college, who did not make 0:19:14.880 --> 0:19:18.800 more than sixty provided for his family in this way, 0:19:19.600 --> 0:19:21.639 and so I just I'm encouraging you. Man. You know 0:19:21.720 --> 0:19:23.440 that you can. You don't have to make I'm saying 0:19:23.480 --> 0:19:25.399 that because you don't have to make a ton. I 0:19:25.400 --> 0:19:26.760 know it's like, oh, it tiding. That's easy for you 0:19:26.840 --> 0:19:28.840 to say, girl, with your budget, he said, no, take 0:19:28.920 --> 0:19:31.600 me out of it. This is what he did, and 0:19:31.640 --> 0:19:33.320 so I just I just want you to know that 0:19:33.359 --> 0:19:37.280 it is possible for you to do the same. It 0:19:37.400 --> 0:19:39.399 just means that you have to look at your paperwork 0:19:39.680 --> 0:19:43.000