Latest / The Jon Sanchez Show / Protecting The Protectors: Estate Planning For First Responder Families

Transcript

Protecting The Protectors: Estate Planning For First Responder Families · The Jon Sanchez Show

• Jon G. Sanchez: seven eighty K which it's a pleasure to be with you this Wednesday. Not a pleasure to have to ⁓ share with you unfortunately the situation in the market today. ⁓ very tough day today and ⁓ headlines coming across right now. We have begun ⁓ military action against Iran right now. Evidently the they're getting bombed upon at this point. So I'll keep you up to date on that as ⁓ as the ⁓ the the show progresses. All right, I'm of course going to recap what happened today. It was nearly a thousand-point loss on the Dow, over 500 point decline on the NASDAQ. Gonna give you, of course, all the reasons behind this. But you know, as I promised all of you weeks ago when I announced my new estate planning business, specialized trust in estate plans, I told you and made you the promise that every Wednesday, after I do my stock market recap, that I'm going to cover an estate planning topic for you. And today I'm doing exactly that. We're going to cover an estate planning topic. But I'm going to forewarn you that this one is personal. You see, my very special guest that I'll introduce here in just a moment is my son and my best friend, Brett Sanchez. Brett's a former firefighter and paramedic with 15 years of service, and he's now director of the first responder division of STEP, specialized trust in estate plans. And with Brett, we're going to be discussing why estate planning is so critical for our first responders, our firefighters, our police officers. Paramedics, dispatchers, correctional officers, and of course, their families. We're going to talk about what happens if a first responder does not come home, who's going to raise their kids, what happens to life insurance, pensions, deferred comp, beneficiary forms, and why having some documents somewhere, quote, somewhere, may not be enough. And then at the end of ⁓ today's show, we're gonna announce a special webinar that Brett and I are gonna be doing specifically. purely for first responders. It's gonna be a recorded webinar because, you know, frankly, their schedule's kind of crazy. And to have them sit down for half hour to an hour for a live webinar, we know that's not going to happen. So Brett and I are going be recording a very special webinar. ⁓ I'll make the announcement once we have it all the completed and edited and everything. And ⁓ we'll be able to ⁓ we'll make some, like I said, some announcements on the show and ⁓ we'll send you the link to that if you have any first responders in your life. If you are a first responder, we have a lot of firefighters that listen to the show of all ages. ⁓ And so we are absolutely thrilled to have Brett. We're absolutely thrilled to have the first responder package is one of our eight estate planning packages at specialized trust and estate plans. And again, you can find more information at specialized trust dot com. But before I get to the stock market side, I gotta bring in my buddy. How you doing, son? Great to have you on the show. Bret Sanchez: I'm doing great, Dad. Thank you very much for having me. I appreciate it. It's an honor. Jon G. Sanchez: Absolutely. Absolutely. You know, Brett, I want to ⁓ just real quickly before I get to the stock market, then we're gonna turn the show over to you. ⁓ I I want to just tell everybody, you know, the audience is they know, you know, I am an open book. There is nothing that they don't know about me that goes on in my personal or professional life. So I want to share this that ⁓ I I'm gonna f I'm gonna kind of forewarn everybody that if you hear my voice crackle at some point during my my interview with Brett, This is very emotional for both of us, right? ⁓ Brett was a, like I said, a firefighter paramedic ⁓ with East Fork for his last ⁓ stint. He's ⁓ been a ⁓ story was spent many years at Story County and of course ⁓ out of the state, et cetera. And I'll let him give you all of his his bio on that. But but it is because Brett, it is because Brett that we created a first responder package, ⁓ estate planning package. And I'll tell you why. Brett was smart enough to say, Dad. I love what you're doing with step. This is something that, you know, our community needs, the country needs the way that you're doing it. A trust in two hours, simple, very affordable, so on and so forth. But he said, You're missing out on one thing. I said, What's that, son? He goes, the first responders. And I kind of did that V8 hit to my head. And I went, ⁓ my God, you're absolutely right. And he goes, Dad, let me share with you. And he went on to tell me some stories about how the first responder Their estate, their plan, their family, their entire planning process is similar, but so different in so many different ways than those of us that are not first responders. And so Brett and I have been working diligently for months, literally months, creating the first responder package. And again, ⁓ it's a package that look like no one else has ever seen before, right? If you go to a traditional attorney or anybody else that has a state plan, You're going to get the same doggone estate plan as the non-res ⁓ first responder. It's not the case. And thanks to Brett and his, again, 15 years of experience being in the in the ⁓ fire service, he brought to my attention, which all of you and all you f ⁓ first responders are gonna benefit from, ⁓ how this program is so unique. And it really is. And today we're probably not gonna have a chance to get into you know a lot of stories of Brett's over his illustrious 15-year career. But I Brett, I just want to kind of start that by by saying I want to personally thank you and tell you, of course, as your father how proud of you I am. you know, for for creating this program. And this is something that that you're gonna, you know, head up and take nationwide ⁓ for first responders because you guys are all the same, right? Doesn't matter if you're here in northern Nevada or you're in New York City, a first responder is a first responder with and all of you have very unique needs. Bret Sanchez: Yeah, absolutely. Thank you very much for that intro. As a first responder, a lot of things have the ability to hit close to home. And, you know, even though I'm no longer functioning in the in the realm as a firefighter paramedic, over my 15-year career, I was I was blessed enough to learn those a lot of life lessons along the way that I'm excited to share with your audience. Jon G. Sanchez: Yes. Yes, yes, exactly. Yeah. Light that's a great term you use, life lessons. Because you're absolutely right. There there were there were a lot of life lessons there. Some good, some bad. But ⁓ yeah, but but but a lot of yeah, a lot a lot of stories, yeah. Folks, if you and and I know many of Brett's friends listen to the show, ⁓ you know, ⁓ if you ever want a good time, you know, come on out to the ranch and we'll sit down around a campfire with ⁓ with a cold beer with Brett and listen to some of his stories because even as his father and you know Bret Sanchez: Yes, sir. Yes, sir. Some Yes, sir. Jon G. Sanchez: with this guy, you know, almost every single day. ⁓ he does live out ⁓ out at the ranch now with his beautiful family. and and ⁓ you sit around the campfire and and he tells me stories, you know, again, some very tragic, some very heartwarming of lives that he's saved and things like that. And I just sit there and I and I scratch my head and say, gee, son, how did how did you do it? How d how does any first responder do it? Right. You You had a a a a plethora of brothers at at East Fork Fire and other fire departments you've worked for that you're still very, very close with, lifelong bonds. ⁓ but yeah, that your stories are incredible. And you're only thirty five years old and you have more stories than I do at sixty two years old. So So again, some some some of them good and some of them bad, you know? But Bret Sanchez: Yeah, yeah the Yeah, you know, the fire service definitely afforded me multiple opportunities from everything from, you know, helping during emergencies to the deep camaraderie that you experience within the crew around the dinner table. Jon G. Sanchez: Yeah, really. Yes, yes, yes, exactly. And as many of you know, and then I'm gonna get to the stock market side, just bear with me here. ⁓ proud moment for Papa here. as many of you know, I was a a volunteer firefighter for geez, ⁓ at least ten years, if not more. But I tell you one of one of my very absolute proudest moments ⁓ of being a father of Brett Sanchez was when Brett and I got to be on a fire together. And remember that son I saw the massive picture of you and I stand in front of the fire engine in Woodford's and ⁓ It was it was a heartfelt ⁓ moment that I will never forget and you know, being on the front line with you and things like that. So it was an honor to serve with you just as a volunteer and you obviously as a paid professional. But ⁓ you've you've saved a lot of lives. You've changed a lot of lives and I'll say this publicly, son, and again, I'm gonna try not to choke up as I go through this with you today. ⁓ you're God's angel, right? You were you you ⁓ you and other first responders, you're God's angels. You really are people People just don't give first responders the credit they need and they deserve. And ⁓ for that, I want to publicly say I'm grateful to you, your brothers, your sisters that protect our community. And ⁓ you know, you guys are studs and studettes. That's all I can say. Just ⁓ so proud as your father. So proud and so proud to go on this next journey with you and and and take care of your brothers and your sisters' families in the ⁓ and you know, unlikely event of a tragic event. Or not even that, but just planning and the peace of mind that you're gonna be able to show them ⁓ you know as time goes on. So yeah, it's gonna be a lot of fun, buddy. It's gonna be a lot of fun. Let me, let me, let me, let me wipe away the tear that already formed in my eye and ⁓ yeah, let me let me get down to the stock market side of things real quick here. So ⁓ I'm gonna take you back to this morning. ⁓ you're welcome. Let me take you back to this morning. And it was a it was a day that we started with with weakness across the board. You know, I'm looking at my notes right now and I did my first update at 523 Bret Sanchez: Yeah, absolutely. Yes, sir. Thank you. Jon G. Sanchez: Dow futures were down almost 380. NASDAQs were down over 400. It was a it was a tough day. And it was a one of these days, again, just like it was on Monday, where we wake up, they didn't want the chip stocks anymore. They sold those off. That drags the Nasdaq down. Dow was actually hanging in there okay. The SP was kind of hanging in there all day, but we had pressure on the Nasdaq throughout the entire session. But then the president made some comments that sparked some concerns in the market. And as I said as I started the ⁓ the show, ⁓ he said, you know, basically Iran ⁓ I guess we did some some military damage overnight. And he said they're gonna pay the price today. And remember ⁓ also he made the comments late last night that he's looking to target ⁓ desalinization facilities, power plants, bridges, things that we haven't talked about in quite some time, because remember that we're supposed to be in a cease war ceasefire with them. So that just created a lot of nervousness. Then the icing on the cake was at 5 30 this morning, we had the release of CPI. And I was joking with Ross Mitchell this morning when that report came out. So I was doing my 553 report. If you're missing any of these stock updates, please folks tune into to KOH and pick these up at 23 and 53 after the hour because there's so much going on. But it you know, my 553 report when I was sharing ⁓ the CPI data that again came out at 530. I you know, the market was actually moving up a little bit on the news. And and I'm and I made the comment publicly to Russ, and I said it it doesn't make sense. It doesn't make sense. Well, sure enough, about less than 30 minutes later, here comes the sellers, and that's how we ended up. But the CPI data was hot. There's no way to sugarcoat it. Up a half a percent on retail inflation month over month. This was May's data. So April to May, up a half a percent. If we look at the the year over year numbers, this is the one. That ⁓ also caused some concern up 4.2% year over year on inflation. 4.2%. That is significant, folks. And by the way, to show you how significant, that is the highest CPI report that we've received going back ⁓ for literally about the last three years. Okay. So that just shows you what's going on. Now you may think, well, yeah, no kidding, John. Look at oil prices. Well, of course they've backed down. That's why we look at the second part of the CPI, which is called the core. It's where we strip out food and energy. Still a very hot number. Core was up two tenths of a percent month over month, but year over year up 2.9%. And remember, the Fed's mandate, they want inflation down to that 2% mark. So immediately we started to see gold prices sell off on the news, the stock market sell off on the news, on top of the Iranian situation. Everything kind of culminated together to give us a very, very tough day today. So when I come back, share what the ⁓ indices are, and then we're going to get to our estate planning topic with my son Brett Sanchez and talk about. the unique needs, estate planning needs that is of first responders. Welcome back to the John Sanchez Show on News Talk 780 KOH. I'll be joined again by my son Brett Sanchez to talk about estate planning for first responders. If you have any first responders in your life, tell them to ⁓ jump on. We'll ⁓ be getting to Brett here probably when we come back from the bottom of the break. I don't know if I'll have chance this ⁓ this report to do it. But all right, now let's get down to the market side of things. So I kind of give you the the buildup as to what happened today. It was the day where, again, kind of a perfect storm. We had a much, much hotter than expected inflationary report. We had the president talking about escalating the military actions, ⁓ gold prices down. But I gotta go back to one of the big issues that I I keep discussing with everybody, meaning you guys. ⁓ I already have the discussion with clients, and that is these chip stocks. So remember, I said this on the show yesterday. Remember, if we go back to last week when Google said we're gonna raise $80 billion to help our AI data center expansion, right? ⁓ That was the turn of the tables at that point, because Wall Street's perception of that comment, that that press release was, ⁓ if Google doesn't have eighty billion dollars, and they have to go borrow it essentially, right? They're gonna go to the secondary market, plus they're borrowing 10 billion from Berkshire Hathaway. Is there a cash flow problem? And I wanna reiterate, it was months ago that I I did a story, I believe it was on a Friday, I did a story where I went through and I said, look, it here's the cash, the capital expenditure, ⁓ what we call CapEx. For pretty much it was the Mag 7, and it was significant. Then I compared it to the cash flow of these companies, and there was a gap. That's where I started getting worried about this. But you know, again, look at what these stocks have done in the meantime. So now we find ourselves into a situation where that's not the case anymore. Now, this is a situation where you're seeing many of these companies actually coming out and saying, Yep, we got to raise some money. I want to give you an example super microcomputer, SMCI. Today they came out, they announced they've got to raise $7 billion. and they're gonna do it through equity and equity link financing transactions, ⁓ basically to build out their AI infrastructure, buy a bunch of parts, et cetera. Wallster didn't like that. They pounded the stock, finished down 20, ⁓ 28%, $11.37 loss to $29.27. That's what's going on in this chip sector. So not only are they worried about inflation and rising interest rate costs and so on and so forth, but now again, we're in the situation where everyone's raising an eyebrow. And again, this has been one of the problems with AI. Are they overspending? Are they overpromising what's going on there? And ⁓ and you know, that's the situation. Not saying it's gonna last, but that's the situation we find ourselves in as of right now. So here is the damage for the day. We finished down 954 points on the Dow with 1.87% loss to 49,918. Didn't like also that we broke the 50,000 mark. That's a support level. NASDAQ finished down 509 points. 1.98%, closing at twenty-five thousand one sixty-nine. And the SP lost 120 points, 1.62% to close at 7,000 two sixty-six. Now, here's the bright side, right? I always like to try to find a bright side of a day down day like this. The bright side was this. Oil rose, but only modestly. Matter of fact, you know, you again you consider all the political headlines, geopolitical headlines today. Modest gain, buck seventy-seven, eighty-nine ninety-three. So we still closed above, or excuse me, still closed above, closed below. Trying to say close below $90 a barrel. ⁓ gold prices down $156.80, $4,000. Again, no one wants to own gold in a rising inflationary environment in an environment where they are anticipating the Fed to raise rates, not cut them. But here's the other bright spot: bond yields. Bond yields, the 10-year treasury only rose one basis point today to a yield close of 4.84%. So that, or 4.54%, excuse me. So that wasn't bad at all. So, you know, this may go down as one of those days, like we experienced ⁓ a Last Friday where we had the massive sell off, very similar to today, where it was the chip stocks leading everybody down. They use that as the excuse and they just kinda throw the baby out with the bathwater. That seemed to be the situation today. Now what we have to watch very closely is how much this war escalates ⁓ over the next I'll call it twenty four to forty eight hours. Futures are very nervous right now. ⁓ a reminder reminder they just started trading at three o'clock, so we're fresh into it. ⁓ but you know, Nasdaq futures right now are down a hundred and sixty five, Dow futures down a hundred and six. But again it No telling what can happen between now and the opening belt tomorrow. So there's the there's the situation. It was, like I said, a pretty much rough day across the board. A lot of things thrown at us. Overall, market ⁓ you know, got a little bit nervous. excuse me, I want to go back to the back to the chip stocks. Broadcom today, another example, down twenty dollars and six cents, 5.12% loss, closed at 372 ⁓ 10. Apollo ⁓ management, global management, that is, lost about a buck fifty-six. They ⁓ said they're gonna back an AI platform for Broadcom ⁓ to the tune of about $35 billion. So there's another one of those stories there. Taiwan semiconductor down $19 and a penny. ⁓ Amazon was down six dollars and ten cents, FedEx down $13.27. Pretty much all of the transportation stocks tended to move lower today. ⁓ Tesla was down $15.17. So like I said, I'm not gonna bore you. You get the picture. Tough day, a lot of cross currents today. Now, what do we do at this point? Nothing at this point. We really need to just kind of stand pat and see what does tomorrow bring. This could be it's starting it's starting to what's the word I'm or analogy I'm looking for? The pot's starting to boil. How about that? The pot's starting to boil a little bit, right? We were on simmer these last couple of days. Now the part's starting the pot's starting to boil, meaning investors are starting to get nervous. You got a market where people have made a significant sum of money this year on top of last year's gains. They're not gonna sit around and wait and watch their portfolio decline. So ⁓ it you gotta evaluate your personal situation. If it's warranted, there's nothing wrong with taking some money and, you know, getting it off the table, as we say. Park it, wait for another day. We're pretty quickly starting to see our gains erode on a year to date basis. You know, we're up fifteen, fifteen and a half percent just a few days ago on the Nasdaq. We're only up eight point three percent year to date. So this is the other thing you have to be very wary about when you get into these market declines where, you know. Focusing on the the quote overspending in the AI, focusing on the war. These markets can get away from you very quickly, right? You just get to need a couple of days like today, like we had last Friday, and you can really start to see your portfolio gains deteriorate. And obviously based upon as I just shared with you, the Nasdaq, you're starting to see it deteriorate. What's interesting is, you know, on the year to date numbers, Russell two thousand though, the young guys, up fourteen point three percent year to date. So still hanging in there. SP is up 6.2, Dow's only up 3.9. So, like I said, we're starting to eat away at some of those year-to-date gains. But Lord knows in this market anything can change. A simple true social post, something positive from the president, that can do it. But ⁓ right now, a lot of cautious. Just got to be very, very cautious, somewhat work on a defensive factor. All right, when we come back, I'm gonna be again joined by my son Brett Sanchez, ⁓ former Fighter Fighter Paramedic here locally in the northern Nevada area for 15 years. And we're gonna start things off with Brett and really talk about. ⁓ I I want to get his background ⁓ going, but also talk about why first responders are different when it comes to their ⁓ personal and their family's ⁓ estate planning needs, because you're gonna be shocked at some of the things you're gonna learn how different they really are. And I'm not saying that in a negative way, but they have many, many different concerns than those of us that are non-first responders. So Brett Sanchez will be our very special guest when we come back. a moment by my son Brett Sanchez. ⁓ All right. Well, once again, tough day in the market. Let's get that bad news of the way. If you just joined us, once again, a 953 decline on the Dow today, 1.87%. NASDAQ gave up 509 and the SP down 120. ⁓ before I get to Brett and we start talking about first responders and their estate planning unique situation, ⁓ I want to play you an audio clip very quickly. It's just a 40-second clip. ⁓ This is ⁓ from the president, obviously. Right after our CPI report came out this morning. Once again, CPI up a half a percent month over month, up four point two percent year over year, highest level we've been at in three years. Bret Sanchez: So, we'll Jon G. Sanchez: All right, that was the president talking about today's inflationary report. Again, ⁓ kind of the big news. Evidently we've been, you know, getting oil out of Iraq and ⁓ no one knew about it through the Strait of Hormuz. ⁓ the press is killing him today. The reason I wanted to play that press is killing him today saying he likes inflation because obviously for all of you, you don't like inflation. So some criticism of the president on that. But ⁓ anyways, wanted to share that with you very quickly. Okay, now let's get to our topic. Again, my son Brett Sanchez is joining me. Brett spent 15 years as a firefighter and paramedic, served, you know, as I as I said earlier, I served as a volunteer for at least 10 years. I think it was a bit longer than that. So I know firsthand the commitment, the sacrifice, the courage that it takes for our first responders. I'm talking law enforcement and of course fire service. first responders run towards emergencies. Everybody else runs away from them. They miss birthdays, they miss holidays, they see tragedy, they carry stress, and every shift their family knows there is always a chance that they may not come home. Yet many first responders' families do not have a complete estate plan. Many of them we're finding. So today it's not about the legal document side of estate planning. It's about protecting the people who protect us. So, Brett, I want to start things off. I want you to ⁓ just give a little bit of background, right? You are a firefighter paramedic for 15 years. Give a little bit of background on yourself. Bret Sanchez: Yeah, thank you for the question, dad. So I initially started in... in Eastern Alpine County, Markleyville at 16. After the fire academy at 18, I moved to Phoenix, Arizona and worked private ambulance between there and Fallon, Nevada for a couple of years while simultaneously functioning as a flight paramedic for a flight company out of Reno. After that, I decided to make the jump to the career fire service. So I was blessed enough to get hired and work as a career firefighter paramedic for 15 years before I unfortunately got injured and had to medically retire. Jon G. Sanchez: What a career. You did a little bit of everything. Yeah, exactly. What made you want to serve, Brett? Bret Sanchez: Yes, ⁓ The biggest thing for me was as a young man, 16 to 18 years old, first and foremost, it was the action and the excitement that the fire service as a whole afforded for me. I then fell in love with the community service aspect of it, being able to help outside of the typical 911 emergency. And that was real near and dear to my heart. The brotherhood was always strong. They always say in the fire service, the dinner table is the most sacred place. You you have a bad day, you're going through anything personal, professional, anything like that, your brothers are there for you. Now, as well as on top of that, as my career developed, I finally started to understand the strong benefits that the career, that the fire service career afforded, you know, as far as the retirement, as far as the deferred comp type of benefits, the medical insurance. So those were a couple of things that really turned me on to the fire service, as well as helping people during their worst times. Jon G. Sanchez: Yeah, and that's really what it is. You're you're seeing people at their absolute worst times, right? They whether it's a car accident, a heart attack, whatever it may be. Let me ask you this. What what did the fire service career teach you about the question, how quickly can life change? What did it teach you about that? Bret Sanchez: In a short answer, the fire service afforded me that knowledge. Seeing those kinds of emergencies, not so much on a daily basis, but on a semi-frequent basis to where you can see someone who's having a normal day have a massive heart attack out of the blue. And if they don't have a state of preparation, you know, in place, that can absolutely just, it can be devastating for the family. It can be devastating for the patient. It can be devastating for all the loved ones. things can go awry very, very quickly. So that's where the preparedness comes from. Jon G. Sanchez: Absolutely. Did you ever see families completely unprepared for a tragedy? And that's a stupid question, but there's a reason I'm asking that. Bret Sanchez: Did you enjoy the video? No, I don't find it a stupid question only because there's there's many ways that we saw different types of tragedy throughout my career. For example, a structure fire where a family is unprepared, obviously, you know, out of the blue, you two in the morning, a family wakes up to snow and smoke before they know it. They're outside on their front lawn in the bare feet and their house is fully involved inside that home, possesses all their important documents, everything from their toiletries to their clothes, to everything that matters most to them. So you have the structure side and on top of that, the wildland fire side, fast moving fire fronts have the ability to just absolute desecrate large areas where people are living, as well as the medical emergency side where people, as again, in my previous example, where people can just have heart attacks, strokes, seizures, all the above, out of the blue. Jon G. Sanchez: Well as the medical emergency side where people can Bret Sanchez: people could think that they're in good health and then all of a sudden, you know, out of the blue, they're experiencing a medical emergency or some type of tragedy. So it was, it was definitely something that we saw on a, not a frequent basis, but a semi-frequent basis, I would say. Jon G. Sanchez: What what attracted you when I came to you with the idea that I was creating STEP and you brought the idea to me that dad, we need a first responder division. ⁓ you wanted to head it up. Why did you do that? I've never asked you this, so I'm I'm curious to your answer. Why did you want to do that? What what brought you together as a former firefighter paramedic to want to help out? This industry, this this profession, this stellar profession. Tell me, go deep into your heart with me on that. Bret Sanchez: You know, I'll actually answer that in one word and that one word is preparedness. You know, over this, over the term of my career, again, you see so many folks that are just hindered by my emergencies and they're not prepared for it. And, know, unfortunately with me being out of the fire service now due to, you know, do a back injury, I still miss it like crazy. And this was the best way I felt like I could give back to, to a career that afforded me so many incredible opportunities to see different. or different places in the country afford to different opportunities, either in training or in real life scenarios, the people that you get to meet, that was the most important for me and not just the brotherhood side, but the patients. Not everyone you interact with is experiencing a 911 emergency. There could be someone who locks their vehicle and there's a child locked inside. It's not just about getting the child out of the vehicle, it's about managing the situation. And what I can do is, provide a little bit more preparedness for the first responders while they're off shift so they can assure that their lives are in sync just in case something tragic does happen to them in the line of duty. Jon G. Sanchez: You you brought up the kitchen table and you and I talk a lot about that. It again, it's ⁓ it is a sacred place inside of a fire station. That's that's where there's no holes. Everybody's talking, you're you're bleeding your heart, good things, bad things, joking, the whole thing. What did did did did you ever was it was estate planning ever brought up at the kitchen table? Bret Sanchez: What did you ever was it was estate planning ever brought up? No, no estate planning was never a topic had they some on the cruise and the shifts that I was you know blessed to be on a lot of the younger generation aren't even they're not even savvy to this concept of estate planning or anything that entails, you know, so that's That's the big challenge that we have right now is reaching the younger generation to educate them on the importance of establishing an estate plan for the future, you know, and explaining to them what actually goes into an estate plan. It's not just something that they're paying money for, that they're never going to see. An estate plan affords so much more opportunity and it's a sense of stability or it's a state of preparedness. And that is my biggest drive behind this first responder division is to help my brothers and sisters out that I Jon G. Sanchez: Biggest drive responder division is to help my brothers and sisters out that I interact with like for so many years in the best way that I possibly can. When we come back from break, I want you to just briefly, we'll have just a few minutes left. I want you to briefly share, I want you to kind of go back into your memory bank a little bit, and tell us what goes on inside of a firehouse when there's a severe injury or God forbid a death of a fellow firefighter. Bret Sanchez: interacted with for so many years in the best way that I possibly can. Jon G. Sanchez: And more importantly, what that family goes through and how you are gonna help those families, God forbid, again, if that happens, if from an estate planning standpoint. Let let's talk about the that family side because you know, you you have departments here locally as well as in California that want you to come and talk to, you know, the some of the unions, hundreds, if not thousands of firefighters. This is a topic. I love what you just said a moment ago. This is an area that ⁓ Bret Sanchez: You know, you and that department are locally in Sonics of California. Jon G. Sanchez: fire service is finally waking up to and I'm sure law enforcement's the same thing saying, wait a minute, you know, almost like the the analogy you and I talk about, when you become a professional athlete, football, basketball, whatever it is, one of the things you do before you set foot on the field or on the course, they sit down and talk about financial planning and who to trust and who not to trust. It's the same thing in your profession, isn't it? Absolutely. Absolutely. State of preparedness. All right, my special guest is my son Brett Sanchez, former firefighter paramedic. We're talking about estate planning, how unique it is again Bret Sanchez: And who to trust and who to trust. It's the same thing in your profession. Absolutely. Absolutely. It's a state of preparedness. Jon G. Sanchez: Welcome back to the John Sanchez show on Newstock 780KOH. I'm with my son Brett Sanchez, former firefighter paramedic, ⁓ for over 15 years. And again, ⁓ Brett heads up our first responder division of specialized trust and estate plans. So, Brett, ⁓ over your 15-year career, there had to have been circumstances where a fellow firefighter was either severely injured, God forbid, killed in action, something along those lines. Do you have any real stories? And what I'm trying to get to is. Bret Sanchez: Sample show. Jon G. Sanchez: I want real life, not textbook, what happens with that family. Bret Sanchez: Yeah, thank you for the question. So I've never personally been through the experience of a line of duty death. You know, thank God for that. But, know, over the course of my career, I definitely saw, you know, multiple firefighters that I worked alongside go out on injury. I mean, ranging on a wide scale from minor to significantly severe. And what happens at that point is it's a lot of reliance on your brothers. It's a lot of reliance on your union. It's a lot of reliance on, you know, the help from everyone that you serve alongside, whether that be You know, the brothers from the shift with the firehouse coming to your house, your personal house and bringing meals, offering support to the wife and to the children. Or sometimes, you know, these crews are so close where, you know, I know that my personal crew, you dad, you knew each and every one of the men that I served alongside, you know, it's a, it's a big family. So it's that camaraderie. It extends so much further than just responding to 911 calls. You know, you're, you're there for each other. Jon G. Sanchez: We're we're there for each other on and off shift. You know, responds to Bret Sanchez: on and off shift. Those bonds are built through the suffering that you go through. They say the ones that suffer together are always the strongest bonded. And that's what firefighters go through alongside their brothers every single day. ⁓ Jon G. Sanchez: When when you helped me create ⁓ this the first responders estate plan, what made you think that it's unique? Explain how this program is unique compared to, again, non-first responders, right? We're we're still gonna do the revokeable living trust, the poor overwhelm, the ⁓ the the durable power of attorney, advanced healthcare, the hippah, and then of course for those with with ⁓ children, guardian nom nom ⁓ nominations and life insurance reviews. But you know, it goes way beyond that, Brett. goes way beyond that, right? We I mean, let's talk about the the Guardian nominations. We've seen it before. There's a lot of firefighters. We, I mean, let's not kid ourselves, it's a profession that has a very high divorce rate, right? And we've seen it many times before, where God forbid, you know, firefighter B or or first responder becomes disabled or like you said, ⁓ you know, line of duty death. And those kids, ⁓ many times if mom's not around or dad's not around, they're gonna be, you know, go up, as I've said before, they're they're they're gonna become a ward of the court. And proper estate plan is one thing that of course helps prevent that. The life insurance side. but you know the pensions and and the the ⁓ the beneficiary reviews, this is another very unique area. Bret Sanchez: Yeah, it absolutely is. Those are great points. Thank you. What makes this unique is the state of preparedness. What you know, everything that you just listed off, we have ready to go to provide the client that way it's set in their vault in their wealth.com and it is accessible at any given time, day or night. If know, God forbid the firefighter does find himself in the hospital for an emergency that he experienced on shift if need be. We bring that personally down to the hospital. So the client is taken care of on that side as well. But as far as the preparedness with the paperwork side, you you hit a great point as far as the children becoming wards of the state. You know, unfortunately, the Chucky Meadows Fire Protection District just experienced a loss from one of their chief officers not too long ago. know, tragic, tragic, terrible thing. Those are the kind of things that we are gearing our first responder package to be prepared for. Jon G. Sanchez: Yes. Tragic. Which could be better for yeah. Bret Sanchez: you know, in the unfortunate event that a fireman does, you know, does pass away in the line of duty. This helps the spouse move forward in the immediate and, you know, for, you know, for the long-term future. what, what I mean by that is having the emergency contact list, everything from there to the, to the directions on how to contact her to receive benefits, know, everything in between. Jon G. Sanchez: This helps the spouse move forward in the immediate and you know for you know for the long term future. What I mean by that is having the emergency contact list, everything from there to the to ⁓ recent benefits. You know, everything in between, everything that the fire service supports, we are preparing in simple documents, in simple words, that someone that is going through a tragedy has the ability to follow. So they don't so nothing falls through the crowd. Bret Sanchez: everything that the fire service affords, we are preparing in simple documents, in simple words, that someone that is going through a tragedy has the ability to follow. So they don't have, so nothing falls through the cracks. So they are properly compensated through, you know, through his retirement that he worked so very hard for through the deferred comp. Jon G. Sanchez: You you lived and died by what are called SOP standard operating procedures, right? Every day when your shift started, you would go through a a rig check, ambulance check, engine check, whatever the case is. This is very similar. Now that you're describing it that way, this is very similar. It's a standard operating procedure. If something happens, death disability to the first responder, here's what's gonna happen. Spouse or girlfriend, whatever, family members, boom, boom, boom, boom, no questions asked. Cause you and I both know at time of tragedy, we're not thinking clearly on that side of it. Brett, we've got to wrap this up. ⁓ here's what we're gonna do, folks. Again, we're Brett and I are gonna record a a special webinar just for first responders. What happens to my family if I don't come home? Send Brett an email. Brett B R E T at specialized trust dot com. Brett at specialized trust dot com. And ⁓ we'll be more than happy to send that to you. Brett, it was great having you on, buddy. I love you so much. Bret Sanchez: Thank you so much for having me and thank you to your listeners. love you. Jon G. Sanchez: Yeah, love you too.