Latest / The Jon Sanchez Show / The 7 Biggest Estate Planning Myths That Could Hurt Your Family
Transcript
- Jon G. Sanchez: Good Wednesday afternoon to you. Welcome to the John Sanchez show on News Talk 780 KOH. It's a pleasure to be with you and a pleasure to spend this Wednesday with you, a hump day with you and how fast the time has gone. I was joking this morning on my stock update that, wait a minute here, how can it be Wednesday already? It just makes no sense. Not whatsoever. But it is, it is, and we're gonna get down to business in just a few moments. Jack Sabin: Good Wednesday afternoon to you. Welcome to the John Santosh show on news talk 780 KOH. It's a pleasure to be with you and a pleasure to spend this Wednesday with you, a hump day with you and how fast the time has gone. was joking this morning on my stock update that wait a minute here. How can it be Wednesday already? It just, it just makes no sense. Not whatsoever, but it is, it is, and we're going to get down to business in just a few moments. Jon G. Sanchez: Now, let me tell you what I have lined up for you this afternoon. You know, each and every Wednesday, I try to talk to you about something that is very, very important and something I'm very passionate about. That is estate planning. This afternoon on the program, I'm gonna be discussing the seven biggest estate planning myths families believe. Myths that could create confusion. They can create delays, unnecessary expenses, and hardship for Jack Sabin: Now, let me tell you what I have lined up for you this afternoon. You know, each and every Wednesday, I try to talk to you about something that is very, very important and something I'm very passionate about. Jon G. Sanchez: people that you love the most. know, it me when it comes to estate planning about these That's why I created this topic. It's a situation people hear so much estate planning from friends. Maybe they've had some experience with relatives, you know, that have passed away or families or friends or things like that. And I'm amazed ⁓ again, many incorrect Ideas and thoughts there are out there and it's not your fault, right? It's a very confusing. It's legal It's a very confusing out there when it comes to anything legal oriented and planning is absolutely no different But you as I as I promised you a couple weeks ago when I told you that that I've created a new estate planning business called specialized trust in estate plans When I when I told you that I told you each and every Wednesday, I'm gonna be covering an estate planning topic because I really feel in the bottom of my heart that the more you can understand the importance of estate planning, the better off you're gonna be. We spend each and every day on this program talking about building your wealth, building assets and creating ⁓ retirement plan and creating retirement income and so on and so forth. But we must, ⁓ must, and you must spend time learning about preserving what you have built. Because if you don't, why are you doing what you're doing? It doesn't matter. If you'd spent all these years sacrificing and savings and so on and so forth, and then you die and everything goes to probate or it doesn't get dispersed the way that you want it to because you didn't have an estate plan. What the purpose of the whole thing? There really was no purpose whatsoever. So, you know, again, I'm really, really proud of our industry, the planning industry, ⁓ you in and of itself, because this now gonna be the big push. And if your advisor is not talking to you about the importance of preserving what you have and preserving the estate and taking care of your family from an estate planning standpoint, ⁓ They're doing you disservice and I invite you to call us at SanchezGantt.com or go to SanchezGantt.com and call the office because we believe in our heart and hearts. We always have. And that was my, again, one of my main criteria for creating this business because we had to take hold of it. I frankly got very, very tired sending clients to attorneys, local attorneys when we identified an estate planning need and never heard anything more. Attorney didn't keep us in the loop. And this isn't just us. This is very common in the financial planning world. You refer a client to an attorney. They never contact you and say, hey, this is what's going on. Or we met with your client. Only thing I ever from the client was, yeah, it took me ⁓ four five weeks, six weeks to get through the entire estate planning process. I got tired of going to the estate planning attorney's office ⁓ just sign this document or to prepare this or ⁓ talk them about that. No, I mean, again, you're to find out. We can do it in two hours from the comfort of your home, entire estate plan. So I want to go through these myths with you this evening or this afternoon. And really, you know, lay them out and address them because again, I'm on a massive education ⁓ journey and want you to be as knowledgeable as you possibly can. The estate world, it can be complicated, but it doesn't have to be right. There's a lot of very basic things that each and every one of you should know. And, you know, one of the major myths is, ⁓ I've got to have a lot of money to worry about estate planning. That is absolutely not the truth whatsoever. So it's gonna be a great topic to go over with you this afternoon. I can't wait. ⁓ in the meantime, I wanna remind you, of course, speaking of estate planning and my push to get you educated, we had a few people that had to reschedule attending the webinar that I am hosting this afternoon. So I wanna real quickly, right out of the gate, ⁓ tell you about It's gonna be actually this evening. I my evenings and afternoons mixed up. Anyways, six o'clock tonight, I invite you to join me. The title of my webinar, is what happens to my family if something happens to me? I'm gonna be going through what happens when someone dies without an estate plan. yeah. How probate can impact a surviving spouse and the family? Common beneficiary and asset titling mistakes. What happens when estate planning documents become outdated? The essential planning documents every family should understand ⁓ and families can take to help protect the people and the assets they care about the most. So those are going to be the items. I've got quite a few more. Of course, I'm going to squeeze in that I'm going to surprise you with. But if you want to join me this afternoon, this evening for the webinar, simple, send an email right now, JohnJON at specializedtrust.com. And I send the invite, try to get some going during the break. And then of course, after the show, we got time ⁓ o'clock from the of your home. I promise you, you are going to learn a tremendous amount ⁓ and bottom line, help make a decision whether you think an estate plan is necessary for you and your family. It's really that simple. That is my entire goal of this. You know, I'm an educator. I'm not a salesperson. just want you to be knowledgeable so you can make informed decisions. It's gonna be a Zoom meeting, again, six o'clock tonight. Send the email, John Joe, and it's SpecializedTrust.com, and I'll send you that invite right away, again, we had a few people that had to back out, so it opened up a few spots. So I can't wait to have many of you join us. I really am. I'm ⁓ counting down hours. I think that's why I'm so. Screwing up my afternoons and my evenings with you right now because I'm so excited. just I wish it was six o'clock right now That's how excited I am to to put on this webinar I told you the other day this business has been a long time in the making almost a year I was just telling my wife today. It was almost a year When I created this idea because of what happened to my father and I he's be looking down and from heaven tonight watching Smiling, hopefully feeling proud you know saying alright You did it. You created it. It's up and running You've got trust under your belt. Your team is built. Your processes are built. Everything's in place. Let's just tell the world about it. And that's exactly what I'm going to do. That is my mission with you. right. So ⁓ the seven myths. That's what we're going to be talking about this afternoon. But first, let's get to the stock market side. You how I have warned you probably hundreds, if not thousands of times over the years that I don't like markets that are rising and setting records day after day. Sounds crazy, right? feels good, looks good, but makes me nervous. Just makes me nervous. And I've also said many times, look here's what happens. You wake up one day ⁓ and I was gonna say the traders, which the traders are a small portion, but it's really the algorithms, say, you know what, enough is enough. Things that the market didn't really care about yesterday, the day before when we're setting records, all of sudden they care about it. And then the profit taking starts. And that folks is exactly why I warn you about this when we get into these rising, raring bull markets. I'm not saying by any means that bull market is over, not at all. But it's due for a pause. And want you to be knowledgeable about this pause. And then again, you can make proper decisions if anything need to do. Again, way too One day is not a trend by any means. But it was a bit painful today. And again, I want to what happened. Let's kind of go back to this morning. We started things off in triple digit declines of the market, right? In the futures, we were down right before the open, we were down about 255 points or so on the Dow Jones Industrial Average. ⁓ in the S &P futures, they were hanging in there okay. But the Dow was under a lot of pressure right from the get go this morning. So it looked like it was gonna be kind of a sideways of action, maybe slightly down day, because we've seen this a couple times this week. This was actually the third day in a row that we were down north of 100 points in the pre-market session, only to recover throughout the day. But today was one of those days where the market said, rising oil not good. Rising yields, not good, right? Things they've been brushing aside. and that transcended over to the market. I want to cover a real basic fundamental with all of you. I this on my stock update, I think it was yesterday. I was with Ross and I said, you know what, let me kind of go back because we had a little uptick in oil when I was the report yesterday morning. Here's what happens, okay? Remember when they calculate CPI, PPI, the PCE, the personal consumption expenditure. ⁓ There's, a formula, right? They take account a lot of different ingredients. One of those ingredients is energy prices. So it's really simple to say if energy is up, i.e. oil specifically, you will see inflation go up, if it holds, right? If ⁓ a trend. So what we see happening right now is this. Oil prices have been edging up. I mean, we're still historically very low, right? We're ⁓ a hundred bucks a barrel still, even after today's run-up. But the thought process of the algorithms and the thought process of the institutional traders is this. real simple John Sanchez formula. Oil up, inflation goes up. Last thing you wanna own in a rising inflationary environment is what? Stocks and bonds. So then what happens is the traders, the bond traders, look at that, they use this logic, they sell the bonds, which of course, the inverse action of the bond is the yield goes up. because they're like, I don't want to own a bond in an inflationary environment, right? I lose my purchasing power. So energy goes up, inflation goes up, bond prices go down, bond yields go up. Rising bond yields, not good for the stock market. oil prices, not good for the stock market. That was, as simple as that sounds, that was the action that we experienced today. It really was. And we've had a number of days where this exact has happened, right? Bond yields rose, we had energy prices up, and we set records in the market. So like I said, you just never know when you get in these types of environments, you never really know and understand what day and what time traders and the algorithms are going to pay attention to it. But today was one of those days. Wasn't a massive, massive day. I mean, it hurt. There's no doubt about it. ⁓ you know. We'll see what happens tomorrow. Like I said, no trend has begun on the downside as of yet. The other thing we saw happen today, we saw a lot of the names that have been just on a tear recently, the Navidias, the Microsofts, the Palo Alto Networks, Amazons, et cetera, pull back today. So again, you can call it profit taking, you can call it whatever it will because they've had some incredible runs. So it was a combination of the tech side, AI, software, et cetera, coming down that pressure of the NASDAQ. And then like I said, the oil prices and bond rising bond yields pressure the Dow and the S &P. Those are the main culprits. I'll tell you what this market did when we come back. Let's turn it over to Jack Saban. He's filling in for the wonderful Kristen Snow. He has traffic right now. How you doing, Jack? Welcome back to the John Sanchez show on Newstalk 780 KOH. Alright, here's how we finished up for the day. Like I said, it was a it was a bit of a tough day today. There's there's no doubt about it. Um, been a while since I've had to say this start the the the Dow performance with the six. How about that? I wish it was up six, but it wasn't. We had a 621 point decline on the Dow today. 1.21 % are closing levels 50,000 687. The Nasdaq gave up 240 points point 89%. Closing at 26,853 and the S &P lower by 56.74%. Finished the day at 7,553. I'm gonna throw the Russell 2000 in, 1.31 % loss there. Turning things over to the commodity side, as I said, it was a day where oil prices rose. We finished with a gain of $2.25 on oil, closing the levels $96.08. Gold prices came down, $56.50 loss, 4,469.40 an ounce. And to the bond market, we had a four basis point increase on the 10 year treasury to yield close of 4.49%. Some of the big movers, unfortunately, most of them were on the downside. We had Nvidia down $7.92, 3.5 % loss, closed at 214.90. No news behind it. Microsoft gave up 3.11%, down $13.72 for 27.59. No news behind it. Palo Alto Networks, which had a really good after hours session yesterday after a great earnings report, but. started moving down this morning, finished the day that way, lost $16.75, 5.64%, lost to 280.43. Amazon was down $6.50. Ulta Beauty had a great earnings report, finished down $23.66, 4.78%. So you get my picture. It didn't matter if you had good earnings reports or not, they kind of just threw the baby out with the bathwater. Again, one of those days, no panic, just want to make you aware of it. Could start to see some profit taking going on. Obviously, it was fairly quiet today. on a geopolitical basis. There wasn't a lot of action, not a lot of talk between the US and I say anything on the show yesterday because I didn't believe it, but it appears to true. president came out on True Social late yesterday and said that Iran has agreed not to have any nuclear weapons. Well, nothing has been about this. Iran has not said yes or no. So as I've said all along, will... be absolutely shocked when if this memorandum is by both parties, us and Iran, and that is one of the components that Iran agrees to. Like I've said before, they've got things going for them. They've got the Strait of Hormuz and they've you know, supposedly the capability to make a nuclear weapon, God help us. But for them just to give it all up, I just don't see happening. So. That's the seesaw action that we're seeing at this point. again, no one, Iran, no one confirmed what the president said yesterday that they've agreed to give up their nuclear weapons. But he did say, little caveat, they could change their mind. So, absolutely they can. So think he's gonna get to a point where he's getting pretty frustrated. We did missiles fly between us and them overnight and them Kuwait again. They fired on a... terminal at a Kuwaiti major Kuwaiti airport a few people hurt. So you know every night at least nighttime ⁓ missiles are and and my fear is we're going to wake up one day and he's going to wait the meaning the president's going to wake up one day and go you know what enough is enough they're they're taunting him and I think he's going to unleash the beast if that happens anymore. really do that's just kind of my my sense on this whole Okay with that said let's get to our topic this afternoon. But before I want to give you a reminder once again, I love for you to join me on my webinar this evening again 6 p.m. What happens to my family if something happens to me? We're going to cover a lot of the basics of estate planning and even some some advanced strategies. All you need to do is send me an email as many of you did during the break. Send me an email right now. JohnJowin at SpecializedTrust.com and I'll send you the the meeting invite either during the break or definitely when I get done with the show this afternoon. So what happens to my family if something happens to me is the webinar 6 p.m. Jowin at specialized trust comm is my email for the trust business What when someone dies ⁓ without estate plan how probate can impact your surviving spouse on and many many great things we're gonna be talking about but Love to see there this evening 6 p.m. John is specialized trust comm. All right ⁓ now with that I'm gonna get that sneak in ⁓ one my myths here So I created a list you because again, every Wednesday we're gonna be covering estate planning topics. I created a list for you what I like to call the seven myths of estate planning. And first one I wanna start with is this. I don't need an estate plan because ⁓ everything gonna go to my spouse. Well, many people think that marriage solves everything, that no estate plan is needed. First of all, and I'm not gonna confuse on this, it does vary state by state. All we care about, of course, Nevada and those of you in California. absolutely right from that standpoint if you have a spouse and home is titled joint tenants rights or survivorship your bank accounts your taxable brokerage account so on so forth Really not an issue right you really don't need an estate plan a living trust at that point You should have one, but you don't have to have them unlike if you were single Which again whole nother story that you're gonna learn about this evening But don't think just you're married it solves it. I had an account review of the client today longtime client And I've mentioned it many, many times to him and her, couple obviously, that a couple of their accounts that we manage, titled individually. And I had an account review with them today and I said, look it, we've launched Step, you need to get this done. He said, absolutely, I agree. But here's a married couple and two brokerage accounts were in just his name. we a lot of those. I won't tell you our stats, but we have well over 100 clients ⁓ that no how many times we have mentioned, you need a trust, they haven't done it. Well, now with Step, they're gonna get them. I promise you that. So yes, you're right. If you die and your spouse is still living, no problem, no problem at all. You don't need an estate plan. But of course, we don't know, God forbid, when that second spouse is gonna die or God forbid, if both of you pass away at the same time. So we want an estate plan. But I got another little issue with this as far as everything automatically goes to my spouse. And that is blended families, right? We all know divorce rates, what? North of 50 % here in America. Many people are in blended families, meaning got children from other marriages, you got ⁓ kinds of confusing going on. Let me tell you, it is a challenge. If you have an estate plan and you've got a blended family, my goodness, it is an absolute challenge. And so ⁓ you want to make again that you have the estate plan with the blended family. And again, I'm going to get into some beneficiary information here in a moment. That's where it can really get messy. ⁓ But the bottom line is, get the estate plan done. As I'm gonna cover on the webinar tonight, ⁓ in Nevada, the typical probate cost ⁓ and this is an average, about three to 5 % of the value of your estate. So think about that for a second. Three to 5 % of the gross value of your estate. Where always get a little sideways, they forget that life insurance proceeds are part of your estate. ⁓ So it's pretty easy. mean, a lot of you have life insurance, half a million, maybe a million dollar term policy or something. Do me a favor at the break. up all of those, add up all your assets. You don't subtract liabilities. You just add up all your assets and then take that and let's be conservative. Let's say multiply it times 4%. That would be the average cost if your estate goes to probate here in Nevada. And again, if you have complicated estate where you've got businesses and many other things, obviously that cost can go up dramatically because You got court costs, you have attorney's costs, filing fees, I mean, on and on and on. So just take that average number, about 4%. Got a million dollar estate. Do the math. You see how much a probate is going to cost. Not to mention again, the stories that I can share with you at a later time of the headaches and the frustration and so on and so forth. one of the best investments you could ever make. I've said that long even before I created STEP. And the state plan is one of the best investments a family can make in themselves. All right, we come back. We're going to get rolling here on our seven myths of estate planning. Again, we covered the first one everything automatically goes to my spouse, partly true, but it depends upon the titling. And we're gonna start with number two myth when we come back. Let's turn to Jack Saban. He's got news traffic with our ill jack. Back to the John Sanchez show a news talk 780k which bit of a tough day today, but you know what? It's behind us. We're going to focus on tomorrow. But first, let's give you a quick wrap up of again how things did finish up for the session today. A 621 point decline on the Dow 1.21 % closed at 50,687. That's that class 239.89 % in the S &P down 56 points. Oil prices moved up pretty strongly $2.25 gain 9608 a barrel and bond yields also rising four basis points on the 10 year at EELDA 449. Alright, let's get back to our topic. We're gonna be again having a good time going over this. The seven biggest estate planning myths that could hurt your family. But first, let me give you a quick reminder of my webinar this evening. 6 p.m. titled, What Happens to My Family If Something Happens to Me? Send me an email, johnjon.sanchez, or excuse me, at specializedtrust.com. That's jjon at specializedtrust.com. And right after the show, I'll send you the invite. Again, 6 p.m. this evening, we're gonna talk about what happens when someone dies without an estate plan. what probate's all about, beneficiary issues, what happens when estate planning documents become outdated for those of you that have an existing trust, on, so on. So ⁓ 6 p.m. this evening, can't wait to see all of you there. All back to our topic, the myths, right, of estate planning. Why people I don't need a living trust, ⁓ my goodness. ⁓ So the one that I touched on again, ⁓ everything automatically to my spouse. And as I said, well, once again, you're married, in most cases, yes, if the accounts are titled that way. But keep in mind, like, I said I had an account review today client good amount of assets two of their brokerage accounts in his name been married forever, but those accounts are in his name and Again, he's gonna be joining the list of many getting the estate plan done. All right, with the myth number two ⁓ I love this one. ⁓ this is probably the most common that I hear John. I don't need a living trust. I don't need an estate plan. I have a Well as you've heard me say many times First of all, congratulations. That's better than the majority of America, right? Majority of America has nothing. if you have a will, here's the big myth about a will. I was taught many years ago from a very dear friend of mine who's a great estate planning attorney. He had a saying, and I've used this with you before. A will is nothing more than instructions for the probate judge. That's all it is. if you think for a second that by having a will, you're going to avoid probate, or more importantly, not you, but your family is going to avoid probate, you're absolutely incorrect. Matter of fact, a will is a component of an estate plan, right? You got the living trust, the estate plan, the various ⁓ of attorney, et cetera, HEPA, and so on and so forth. But if you just have the will, what happens? So all the will is, is again, instructions for the probate judge. So if you die with just a will, no going to be able to touch your account. So if you, again, if you're a single person and you die and you just have a will, let's say your son and you go, I want John to take, get my house, my brokerage accounts, everything. Cool. Thanks, mom. Thanks, dad. But the problem is I can't touch anything. I cannot go down to my bank and say, hey, here's the will of mom and dad. They want me to have this, you know, this checking account. Or I can't go to Sanchez Gont and capital management and say, hey, John and Jason, guess what? This account, you know, mom and dad said I get to get this. No. We can't do anything. Any financial institution can't do anything until we have instructions from a judge. You really want to put your beneficiaries through that? I'm sure the answer is no. So a will is good and nothing wrong with that. But The myth is a will avoids probate. It does not. makes it a little bit easier for the judge because the probate judge can look at it go, okay, know, Sally wanted the money to go to her son, John, or the assets or whatever the case is. Cool. Unless somebody comes in and challenges it, pardon me, you know, most likely the judge is gonna follow it. Now there are some situations where, I've seen it, where wrote a will and the judge went against because it didn't make any sense. an example of that? Let's Let's use Sally as an example. Okay. Let's say Sally liked to go to the right? So after her husband Fred died, Sally goes to the bars and she met this really good looking guy and man, he was smooth talker and ⁓ he talked her signing over 25 % of her estate to him. And they became boyfriend, girlfriend, maybe dated for a while. So in her will, she said, know, Jack, my lost love gets 25 % of my estate. My son John gets the other 75%. Well, what? What do think I'm gonna do? When I go in front of the probate judge, do you think I'm gonna tell the judge, mom had drinking problem. She went to bars a lot. She picked up on guys or guys picked up on her and this 25 she was gonna give to Jack. Judge, it shouldn't be so. Judge is going to look at that and maybe agree with me, maybe not. you even want to take that chance? So again, just because you have a will, you've written it out. It was notarized, state of Nevada, you got to have two for a will or a notary signs it or two or notary. So there's no guarantee that the judge is going to follow. ⁓ Now I can get deep with you when it comes to children and things like that, which we're going to be discussing on the webinar this evening, then it really gets messy. The bottom line is this, don't think a will is going to do much for you. Again, all it is is instructions for the judge. Okay. and I should mention one other thing is I had to remind my client about a lot of people don't know this. A will, and IE probate. So go into it to a probate judge court. It's a open public forum. Meaning you've heard people say, my will was challenged. That's because everybody and their uncle knows that the court date. and where it is and what time it is and everything else. So everybody shows up. Maybe Sally had another lost love named Ted. Ted sits down in front of the judge and says, Judge, you know, she and I dated a long time and she promised me 5 % of the estate. Judge has to make that determination. It's open public forum. You have a living trust? It's not. ⁓ private. There is no court. There is no hearing. There's no nothing if everything goes right, if it's written properly. So again, you want your whole financial life known to the world? Probably not. Myth number three, oh, it's another common one. Estate planning is only for the wealthy. Oh, that is so far from truth. You know what, you, you know, a rule of thumb that I was taught years ago by that same estate planning attorney was if you have more than $20,000 of assets, you need a living trust, not a will. I don't even look at it from a dollar amount standpoint. I look at it from a complexity standpoint. If you have a house, in my opinion, most likely you may need a living trust. If you have, you know, Those of you that look out for your elderly parents, there's another reason. owners, in many cases, absolutely. You got succession planning issues, you have all kinds of things that needs to go into a living trust. Retirement asset account, retirement accounts, not so much, right? As we're gonna go over tonight, you get to name a beneficiary. You don't name the trust in many cases. Some attorneys like it, I don't, as a beneficiary. You don't wanna do that. But keep in mind that the asset doesn't matter. It's the complexity. Again, blended family, again, children, all these things. There's no dollar value on that, but it's the complexity of it. So a living trust in an estate plan is not just about dollar amounts, it's about the complexity of estate. I shared this story with you years ago that I had a family member who inherited a modest amount of money, a couple thousand dollars from her grandfather, but she fought with her sister over a family painting. Ugliest thing in the world, fought with her sister for literally about eight, nine years, they never spoke because each of them wanted this family painting. Again, ugliest thing I've ever seen. Even though the grandfather listed, or excuse me, the grandfather did not list in his living trust who gets the painting. So they fought about it and it ruined their entire relationship until the sister passed away a couple years ago. So again, if you're out of the living trust, list everything out, you're taken care of. All right, when come back, I'll wrap up and I'm not gonna be able to get through my whole eight of my myths, but I'll get to number four, I promise you that. Sir, overdue at Jack Saban filling in for Kristen Snow, the Right Now Traffic Center. Welcome back to the John Sanchez Show on Newstalk 780KOH. Now, just check the futures. Got a little bit of a rough going over here as they opened up at 3 o'clock. We have the NASDAQ futures down 200 points right now. So let's hope things improve quite a bit as the night and the morning progress before the opening bell tomorrow. All right, one more time. Can I tell you about this great webinar I'm doing tonight? Hosting it myself. Cannot wait. My son just said, you sound so excited on the radio. like, am. I cannot wait. I wish it was 6 o'clock right now. Once again, what happens to my family if something happens to me is the title of the webinar. It's be one hour 6 p.m. Tonight Again, I just tallyed up the numbers room for five more. That's what we got five more So send me an email John Joe in at specialized trust calm You're gonna learn about what happens when someone dies without an estate plan how probate can impact surviving spouse What happens when estate planning documents become outdated and so many other things John Joe in a specialized trust calm and I'll send you the invite right after the show five spots remaining All right, I've been talking about myths. I want to try to get to eight of them. usual, I run out of time. So going to give you what I feel is probably the most important one to wrap up on. And that my myth number eight. Myth number eight ⁓ says the My estate plan is done forever. Right? I spent the time, I spent the money getting my estate plan done. I don't need to ever do anything again. What I tell people is this. An estate plan is a living, breathing document. It is not something that you create once and put the file on your computer and never look at it or put the notebook in your cabinet and never look at it, let it collect dust, which is what most people do. It is a living, breathing document. Now, why is that? Because of the C word, changes. changes all the time, does it not? Your family dynamics change. You may dislike some of your kids or others that you're gonna inherit some of your money. Your assets change. You're buying, selling, right? What happens a lot of times, and I see this with clients, they buy a rental property or a second home, and oops, I forgot to put it in the living trust. And they title it joint tennis rights or survivorship. And then we have estate planning problems. So change, families change. How about laws? You know, coming into the Trump election, we were all panicking in the estate planning world about the sunset provision. Remember, right now you can have an estate worth $15 million. spouse can have an estate worth 15. So a total of $30 million before taxes come due. That was being threatened by the Democrats to be significantly less, maybe down a couple million dollars like the old days. So laws change, your trust needs to change. Beneficiaries change, right? Need to address that. And bottom line, life changes. So keep in mind when you have a living trust created a good idea is, you know, everybody has a different rule of thumb. I like to a review with our clients every year. I really do. Some attorneys will say every three to five years. I think that's way too long. Quick phone call once a year. Any changes in your life? Great. Thank you. See you next year. Right. It's really that simple just to make sure everything is taken care of. All right. There's some of my myths. But again, I can't wait to see all of you at webinar this evening. It's gonna be so much fun. What happens to my family? Something happens to you? John at SpecializedTrust.com. I'll get you the invite. God bless. Have a great afternoon.