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Why Wealthy Families Demand Prenups · Earn Your Leisure

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  Speaker 2: Can we play this clip about our prenups are just
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  Speaker 2: from Maria as their crucial for state planner.
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  Speaker 3: Let's do it.
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  Speaker 4: I thought this was fascinating.
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  Speaker 5: You don't have a prenup, you don't take under the will. First,
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  Speaker 5: all my children are married, All my children have pre
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  Speaker 5: nups in my state. It works like this. If you
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  Speaker 5: don't have a prenup, you don't take under the will.
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  Speaker 4: Gone.
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  Speaker 5: So I become the bad guy, and every time I
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  Speaker 5: tell people this, I don't know how your kids are.
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  Speaker 5: You'll you will remember this, believe me. So you don't
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  Speaker 5: want your kid to have to be the bad guy.
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  Speaker 5: You're the bad guy. So my kids can say, hey,
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  Speaker 5: my dad, my dad's my dad. Now, if you don't
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  Speaker 5: want to sign it, we're not getting shit right and
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  Speaker 5: so so, so that's the first thing. The pre nups
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  Speaker 5: are fairly tough, like you know, one of them, one
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  Speaker 5: of the one of one lawyer said, this is the
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  Speaker 5: most egregious document I've ever read. Gregious took it as
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  Speaker 5: a compliment, I said, by design. And so but listen,
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  Speaker 5: all of my the daughter in laws, the son in law.
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  Speaker 5: I love these folks, but I'm not going to have
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  Speaker 5: a situation where somebody can come in and you know,
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  Speaker 5: my one son, Matt, he said, because he was the
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  Speaker 5: first one he's said, well, Daddy, maybe I put a
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  Speaker 5: clause in there that if I cheat on my wife
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  Speaker 5: that then is a nullin voyego. No, no, no, no,
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  Speaker 5: because we don't need to have any litigation. He goes,
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  Speaker 5: I'm not going to cheat. I said, I know you're not.
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  Speaker 5: You know, he asked that question. Let's just get the
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  Speaker 5: documents signed. So I did that years ago in two
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  Speaker 5: thousand and eight, had everything a praise, and I gave
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  Speaker 5: the big gift to him where you could give up
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  Speaker 5: to like twenty four to twenty five million. So I
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  Speaker 5: did that. I built a company called Litify, which was
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  Speaker 5: a software company. And what I did with that, I
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  Speaker 5: took Litified. I just put it all. I put twenty
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  Speaker 5: percent each one of my children, twenty percent for me.
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  Speaker 5: We sold it to Besmer at a six hundred million
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  Speaker 5: dollars valuation at we took sixty percent. But when we
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  Speaker 5: sold it all my kids got the money. And then
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  Speaker 5: I used my twenty percent to toggle off and pay
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  Speaker 5: the taxes, so they took a tax free. But I
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  Speaker 5: have been very that question has been in my mind,
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  Speaker 5: you know, even when I didn't have it in our will.
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  Speaker 5: When we die, if our kids have one hundred million dollars,
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  Speaker 5: they get nothing they're gonna get If they have a
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  Speaker 5: hundred they're gonna get a hundred million, they get nothing.
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  Speaker 5: We have in a state, I mean a foundation that
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  Speaker 5: we hope to have, you know, you know, a billion
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  Speaker 5: dollar foundation, and all of my money is going into
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  Speaker 5: the foundation, and so but some of my kids are
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  Speaker 5: already passed one hundred million. Mean some of them are
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  Speaker 5: already that they're done and and and they're gonna make
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  Speaker 5: a lot of money.
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  Speaker 3: Interesting perspective. We only have a lot of time for
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  Speaker 3: people talk about prenump. They usually talking about it for themselves. Yeah,
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  Speaker 3: you only hit from a parent kind of demanding that
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  Speaker 3: their kid get a pronumper or else they're left out
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  Speaker 3: the will. And you could already know when he once
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  Speaker 3: he said that thing about the son said, well, dad,
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  Speaker 3: what if I cheat? You know where that came from?
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  Speaker 2: Oh yeah, her friends, her camp and her friends.
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  Speaker 3: Because the ain't no man in the right mind go
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  Speaker 3: and sit up there and tell his father, Hey, dad,
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  Speaker 3: what if I cheat? Can you null and void? I
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  Speaker 3: would have slapped the shout him so bad, man like.
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  Speaker 3: Look that's his wife telling him. Look, tell your father
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  Speaker 3: that I want a provision that if you cheat, this
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  Speaker 3: needs to be null and void.
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  Speaker 4: Is that? Like? No, I'm not doing that, y'all think
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  Speaker 4: Andrew had some arms. I'll tell my dad that.
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  Speaker 2: Boy he goes shoot a missile at me, shout out
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  Speaker 2: the top of sending me this clip.
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  Speaker 4: This is amazing.
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  Speaker 2: But when you're doing generational planning and a state planner,
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  Speaker 2: these are some of the things you have to worry about.
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  Speaker 2: And if they know that your family is well to do,
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  Speaker 2: if that provision is in there, she would get together
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  Speaker 2: with her friends at brunch and they'll find the girl
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  Speaker 2: who did know that you would be weak four and
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  Speaker 2: pay her to get it so they can get the
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  Speaker 2: cash out.
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  Speaker 3: Well, this is the House of Gucci. Once again, I
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  Speaker 3: hope everybody want that movie. That's exactly what The House
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  Speaker 3: of Gucci is about. Where their son was gonna marry
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  Speaker 3: marry his wife and the father didn't like the wife
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  Speaker 3: and wanted to write he wrote him out of the
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  Speaker 3: will because of that. They later reconciled it. But he
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  Speaker 3: turned out to be right. Actually, he actually turned out
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  Speaker 3: to be right.
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  Speaker 4: You gotta listen when they get them more influence of
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  Speaker 4: something not being right. Oh's love. Okay, you don't know.
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  Speaker 3: So this goes to a deeper question as far as
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  Speaker 3: the financial planning aspect. Would you is that something that
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  Speaker 3: you would do?
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  Speaker 2: Of course I didn't work, you think I gotta think
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  Speaker 2: of it like this. Uh, my father worked his entire
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  Speaker 2: life and gave me everything that he knew about business.
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  Speaker 2: Then my mother and grandmother did the same, passed it
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  Speaker 2: to me. I build this empire and then I should
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  Speaker 2: let that net Worth go because Xander made a mistake
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  Speaker 2: for a girl he thought was cute.
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  Speaker 4: It sounds harsh, but what do you what do you do?
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  Speaker 4: Do you have to approve of the wife? No?
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  Speaker 2: No, he can pick, but just that provision about the
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  Speaker 2: prenup mandatory.
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  Speaker 3: So you're not you're not gonna have to like say, okay,
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  Speaker 3: I have to approve of who you're married.
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  Speaker 2: No, no, no, because that's a mistake on parents do
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  Speaker 2: that because you actually push them more to the person
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  Speaker 2: that you're rebelling against.
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  Speaker 4: Nothing.
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  Speaker 2: I would be like, hey, I don't think so, but
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  Speaker 2: if that's what you want to do, cool, cool, but
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  Speaker 2: paperwork wise, legacy wise, when distributions happen, may it may
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  Speaker 2: have an impact, and it may sound harsh, but these
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  Speaker 2: just like we worked hard.
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  Speaker 4: To build this. You have builders and takers.
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  Speaker 2: There's a corehoord of people who just plan to take
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  Speaker 2: away Zion.
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  Speaker 4: I love you, you.
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  Speaker 2: Have to learn they're trying to take from you, my brother.
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  Speaker 2: It's a whole faction of them. The girls, someone out
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  Speaker 2: here in Houston. You're on that radar list for who
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  Speaker 2: they can get money out of. That sucker lists that
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  Speaker 2: girls have in group chat when they'd be like, oh,
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  Speaker 2: like if all of a sudden your DMS get Hella
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  Speaker 2: popping and it's like forty.
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  Speaker 4: Girls a week, they know you wanted the ones.
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  Speaker 2: So as a builder you have to be careful to
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  Speaker 2: stay away from the takers and be able to tell
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  Speaker 2: who wants to take away.
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  Speaker 3: From Yeah, I agree, I agree, Ernest.
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