Latest / The Jon Sanchez Show / What If? The Estate Planning Questions Every Family Should Ask
Transcript
- Jon G. Sanchez: ⁓ A little bit of a rocky midday ⁓ performance of the market, you know what? Gotta take the good with the bad, as the saying goes. ⁓ I got a great show lined up for you this afternoon. We're gonna talk about, of course, ⁓ what's broke yesterday, which was the ⁓ in regards to ⁓ us launching ⁓ attacks on after again they attacking three ships ⁓ the previous day. But it was the news that we all awoke to this morning that really rocked. Jack Sabin: What's br Jon G. Sanchez: market today. I'll tell you what that news is momentarily. After I get through my stock market recap, it's Wednesday. I've promised you every Wednesday I'm going to be talking about an estate planning topic, right? Part of me helps you build your wealth. The other part of me helps you preserve your wealth. And that's what today is all about. If you to learn more about the new business we started, specializetrust.com. That's the place you go and you can learn all about our packages, our processes, how we can create an entire estate plan for you. Trust, pour over will, all your powers of attorney in less than two hours from the comfort of your home for a fraction of the cost of what local attorneys charge. But I got a question for you. I've titled today's show What if? And here's the question. What if you did not make it home today or tonight? What if you didn't make it home tonight? What if your family could not access your bank accounts, your brokerage accounts, all your financial data? What if your trust wasn't updated? Or worse, what if you didn't have one at all? Well, today I'm asking you, what if? What if questions that every family should consider before life throws them the unexpected, which we all know that can happen. A distracted driver, a sudden illness, a phone call that no family ever wants to receive. None of us like to think about those possibilities, do we? But avoiding the conversation, procrastinating, does not, does not, does not eliminate the risk. So today I want to talk to you not about legal documents, not about scare tactics, not about anything such as that. Today I want to ask you again. A series of very simple questions. Two words. What if? Because sometimes the most important financial and legal planning begins with asking the right questions. It's gonna be fascinating topic and it's gonna really get you to be thinking about a lot of different things. So I'll get to that momentarily. Let's get down to the stock market side of things today. And I apologize, I am fighting a cold of all things to get a cold in the middle of summer, but I have a very hoarse voice and so on and so forth. So it's not that I'm not energetic or anything like that, but yeah, I'm losing my voice all of a sudden. It's been going on for the last couple of days. So pardon me there. Okay. Now let's get down to today's stock market activity. So yesterday, of course, like I said, right in the middle of the show. The US initiated another round of attack against Iran. Well, they must have a clock that they follow, a schedule, because right before the show started today, same thing coming across the headlines. US initiates another round of attacks against Iran. The attacks yesterday, if you had not heard, were much more severe than previous attacks, according to many many news sources. So the president was serious about this. But here comes the news that we awoke to today. President said the ceasefire is over. It's over. It's done. Pretty short lived sixty day ⁓ memorandum of understanding, right? Didn't last. How many days did we get into it? Maybe ten, fifteen, something like that. Didn't last. The United States is absolutely holding Iran accountable for the recent unjustified aggression against commercial shipping and civilian crews freely navigating a vital international waterway. Those were the comments from sitcom. They said it on an ex post. But on top of the president starting our day, and again this was very early, this was gosh, I wanna say four o'clock, four thirty, somewhere around there if I remember correctly. So it was very early this morning. As the day progressed, remember the president's ⁓ in a ⁓ NATO meeting in Turkey right now, or at least he was earlier today, who knows where he is now. But the president came out today and he said he may no longer be interested in even trying to reach a deal with Iran. Remember yesterday also we yanked their license, which I made comment on the show yesterday with Corey. I don't understand the licensing, how we can license Iran to sell oil to the rest of the world, but evidently we do. Back to the deal situation. President said the following quote today, I'm not sure I want to make a deal with them. He says, we can play games, but I'm not sure I want to make a deal. Let's just finish the job. President's been asked why he has so rapidly soured on Iran's rulers, recently blasting them as scum. He said that today also. And quote, sick people. When just a month earlier he had praised them as smart, very rational, and nice people to deal with. He said, I got to know them. He said he still believes them to be more rational than previous leaders, whom the U.S. had killed, of course, earlier when the war began on February 28th. But he said the following But based on their actions over the last week or two, they're not. They're not doing a service to the people. And I think more than anything else, I got to know them. So where do we sit with this? Well, I'm going to use the adage that I've used many times during this war, and that is I think we escaped very, very fortunately today. We only had a $3.05 rise in oil, closed at $73.53 a barrel. We lost $576 on the Dow, 1.09%, closed at $52.348. But the NASDAQ, which was down almost 300 points in the pre market session. Actually finished the day with a gain of fifty-two points or point two zero percent. So that's what I'm saying. We got lucky on the price of oil and that's surging. We had every reason. I mean, think about this for a second. We had every reason for oil to surge five, seven, ten, if not more, dollars per barrel. But again, just three bucks. SP today down twenty-one. So why? Why didn't oil surge more? Why didn't the stock market really sell off? Well, Once again, it's I'm gonna use the same adage that I've used many times during the ⁓ the the conflict, as I've said, and that is I firmly believe in my heart of hearts this market does not believe that anything sustainable will last, that severe damage will not be done by the US military, and that Iran will not launch any significant form of retaliation strikes against us or other countries. See, the streets being very optimistic as they have been, and correctly so. As I made mention on one of my stock updates this morning, very early, I said, look, it here's what can happen. We all know the way the president is. Says a lot, makes a lot of threats, but he literally could come out at any moment and say, you know what? I've changed my mind. Ceasefire's back on. And what would we see happen? Market would rally, oil prices come down. How many times have we experienced that? I think. Last count was thirty one times that he's changed his mind. So maybe we go for number thirty two. Who knows? But that's the reason the market did not fall apart. Like because again, it had every reason to. Right? We've got two military strikes. Well, one that happened during market hours, meaning last night, but then the one now going on in the after hours. We had that, we had the price of oil going up. Jack Sabin: Insyncorator garbage disposals are the only garbage disposals with induction motors invented, designed, and assembled in the USA. Our badger power and advanced series disposals feature Dura-Drive induction motors. For a lot of Jon G. Sanchez: All right, so you got a good education on garbage disposals. but ⁓ but anyways, back to my point. We had every reason for that to happen, and we didn't. So at this point, I do not recommend you make any dramatic moves to your portfolio. ⁓ you know, yesterday we had some pretty good sell-offs going on in in various semiconductors, memory chips, etc. Today they actually ⁓ quite a few of them did pretty well. Nvidia kind of led the back, and I'll tell you why you're here momentarily. But once again, just like we did during the the you know, when this whole thing was going on before the memorandum of understanding was signed a few weeks ago, you use the weaknesses buying opportunities. Cause at this point, the street is not panicking. The street is not saying, ⁓ you know, everything has gone to heck in a handbasket. None of that's going on. So you need to follow what the street's doing. Maybe right, maybe wrong. But that's what this that's what the tape is telling you at this point. No panic. Use weaknesses by an opportunity. Really that simple. All right. So there's what happened today. Now let's get into very briefly before I go to break some of the movers that happened today. So various areas, financials were weak, sector was down about 1.9%, communication services down 1.4%. But as I indicated, we had some strength in some of the semiconductors, and that's why the Nasdaq was able to eke out a small 51-point gain. Here's why. Nvidia, what a move today, up 3.63%, $7.15 rise to $204.08. They outperformed after reports that China is going to allow limited H200 chips, which of course are produced by Nvidia, to be purchased by China and various companies there for select AI firms. Broadcom, AVGO, $17.91 rise, 4.83% to $388.69. Apple up $2.62 to $313.28. Expanded their multi-year US supply agreement between those two, between Apple and Broadcom. So those stocks were strong throughout the entire day. We only had really one major economic report. We had wholesale inventories, big dumbing gonna bore you with that. But we did have the Fed release of the minutes today of their meeting a few weeks ago. All it did is reinforce the Fed's data dependent approach. They acknowledge persistent inflation pressures and uncertainty tied to geopolitical developments. The participants of the Fed, they continue to emphasize that the future policy decisions, guess what? What a surprise. Are gonna be dependent upon incoming economic data, while noting that markets have shifted towards expecting fewer rate cuts over the coming year. That was really the gist of the Fed minutes today. So nothing to excite you about. Where do we sit on a year to day basis? Let's bring you up to date on this one. Haven't mentioned in a few days. Year to date through today, Dow's up eight point nine percent. SP's risen nine point three. NASDAQ an eleven point three percent gain. And my little Russell two thousand, nineteen point one percent increase on a year to day basis. All right, you're up to date on comeback and hit the commodities, and we're gonna dive deep into our topic. What if? Welcome back to the John Sanchez show on Newstock 780 KOH. Pleasure to be with you this hump day. Hope you had a great Wednesday and ⁓ rest of the week is going to be phenomenal for you. Well, a little bit of rough patch today in the market, like I said. ⁓ finished down 577 on the Dow, 1.09% loss. NASDAQ luckily eked out a gain of 52, and the SP negative 21. All this attributed again to the ⁓ missiles flying once again in Iran by us, them against the ships, so on and so forth. The president declaring that the ceasefire is over. Jack Sabin: Welcome back to the channel. Jon G. Sanchez: Pulled their ⁓ oil selling license to global markets, and ⁓ also indicating he may not be interested in doing any further deals with them. That's all it was. That's what sparked everything. Let's hit the commodity side. Once again, as I mentioned earlier, oil prices did run up, but not nearly as bad as everyone would have anticipated. $3.00 and five cent gain closed at $73.53 a barrel. Gold lost $74.10. $1,000 ⁓ excuse me, $4,083.40. I keep getting a lot of questions. Why is gold going down when there's global turmoil? ⁓ I addressed this actually on one of my stock updates this morning with Ross Mitchell. And here's here's the reason why, just to kind of go over the basics again. We were all taught growing up into this business that you buy gold for your clients when there's tensions, whether it's here at home, globally, especially. Those days are gone. And here's why it has to do with inflation. Okay. So when oil prices spike, remember energy. Is part of the big component of the CPI calculation, the inflationary calculation, inflation on the retail side. Oil prices spike, that increases CPI. CPI increases, makes the Fed less likely to cut rates, more likely to increase rates. Because gold is a stagnant investment, meaning it doesn't pay a dividend. It just flows with what's going on or perception in the global economies. The perception is rising oil prices, higher inflation, higher inflation. Bad for gold, sell the gold. That's that's the world that we find ourselves in. And this really has been going on ever since the ⁓ the conflict began. It's really been our very simple trade, right? Another simple trade. When things aren't going well, you sell the or go short on the ⁓ the travel stocks, you know, the the airlines, the ⁓ the cruise lines, etc. And you buy the energy stocks. I mean, that was the exact trade today. That was the strength that we saw today. Really simple. The question is, you just don't know how long the the ⁓ the news goes. Like I said, we could Before the show's over, the president could come out and say, hey, you know what? ⁓ ceasefire's back on. That's how quickly this thing changes, as we all know. All right. So that's the reason gold lost 74 bucks and tenure treasury today. ⁓ same rationale. You don't want to own treasuries in the fear of a rising inflationary environment. So tenure treasury went up four basis points. They sold it off today. 4.57% was the closing level of the 10-year treasury. Okay, with that said, you are now up to date on the market. Let's get down to our estate planning topics. Get ahead start on this. Once again, I've titled today's show, What if? What if you didn't make it home tonight? What if your family could not access your bank accounts, your investment accounts, et cetera? What if your trust wasn't updated or worse? What if you didn't have one at all? These are some of the questions I want you to be thinking about during the next roughly 45 minutes. Well, less than a half hour or a little more than a half hour. Again, we all know that life can change, as I said earlier. Can change in an instant. ⁓ get in a bad car accident, distracted driver, sudden illness, heart attack, stroke, whatever it may be. Phone call that no family ever wants to receive. You get the picture. And once again, what if? Because sometimes the most important financial and legal planning begins with asking the right questions. And once again, before I forget, if you want to learn more about our estate planning process at specialized trust.com. ⁓ you'll find everything there, all of our packaging, our pricing, ⁓ a bunch of blogs that have ⁓ that that I've written, ⁓ all kinds of great information there, all educational ⁓ articles, etc. So let's start with our what if number one. What if you didn't come home tonight? Scary thought, isn't it? But here's what I want you to think about as I pose that question to you. What if you didn't come home tonight? Here's what I want you to think about. Who would know where your important documents are? Old tax returns, the bills that need to be paid, life insurance policies, bank account information, you get the picture. Who would know where those important documents are? What if you didn't come home tonight? Would your family know your wishes? I'm finding that many times the answer is absolutely no. They may think they know your wishes. I want to be on life support. I don't want to be on life support. I want to ⁓ receive nutrition, I don't want to receive it. I want to be buried, do I want to be cremated? All of these critical questions. You may think your family knows, but until you show them your wishes on paper via an estate plan. Jack Sabin: Yeah. Jon G. Sanchez: It's all hearsay. Next, what if? Would they know who to call? Would they know who to call in the event that you don't come home tonight? Do they know who to contact at the place of business or their business? Do they know the financial advisor's name and phone number, the banker's name and phone number, insurance, tax, legal, right on down the line? Probably not. Would they know what assets you own? Again, it's always hearsay, right? Around the table, dinner table ⁓ discussion. Yeah, we you know, did pretty good in the market today. Or boy, that that tenant we have in our rental is doing bad. That's literally what most even and I'm talking even and it's even worse with high net worth people. You think because they have so much wealth that they're gonna communicate that information to clients, not the case. Or I mean to ⁓ family members, not the case. But it seems to be the more money they have, the less they communicate. And that's where, again, We step in as the estate planners and we we we offer a service that I have not seen anybody else do. We offer every one of our clients that we create an estate plan for a free family meeting. And I hold these on Saturdays. And what I do at these estate planning or these family meetings is I share with them the estate plan because we have the ability to show a graphical description of the client's estate plan. No fancy ligal mumbo jumbo, but literally a what we call a waterfall. It looks like a flow chart. If Dad dies, here's what happens. If mom dies, here's what happens. If mom and dad both die, here's what happens. And it's all graphical, very easy to understand. And then a written summary in English, not legal mumbo jumbo. Because I think I've shared this story. When I had my trust written by a very prominent ⁓ law firm here in Reno years ago, I asked for that when we got done because I have a very complicated estate. And here I am four years later, still never got it from the attorney. It's like, how am I supposed to regurgitate this and share it with my family? Who gets what, when, all the details. Well, that's why when I created this business, everything that I disliked about dealing with attorneys and estate planning attorneys, et cetera, I did the opposite. And so far the clients love it. So if you have an estate plan written by us, your family will know what you own. We don't get into dollar amounts, we get into generalities. I've shared the stories, I won't bore you with them again. How many times in my career I've gone through this. Where kids call up after mom died, dad died, et cetera. Where is everything? That question should never arise. Even if you don't want your kids to know what you have, they should at least A, know that you have an estate plan, B, that they're part of the estate plan, meaning meaning they're going to be maybe a beneficiary, successor, trustee, ⁓ power of attorney, agent, whatever the case may be. Communicate with them. Because if you don't come home tonight, how are they going to know that? I'll leave you with this before I go to break. Estate planning is one of the greatest acts of love you can leave your family. Notice I didn't say it was money, not stock market accounts, not real estate, not businesses, but estate planning in general for all those reasons I just mentioned and thousands of others. Estate planning is one of the greatest acts of love that you can leave your family. And if you don't have an estate plan, are you really leaving your family in the right position? Probably not. All right. I'll come back with what if number two. What if your state went through probate? Welcome back to the John Sanchez show on News Talk 780 KOH Pleasure to be with you this Wednesday. All right. Once again, it was a ⁓ like I said, a bit of a rough session today on the Dow side of things. Missiles flying, oil prices rising. 577 lost on the Dow. NASDAQ, though, eked out a gain of 52, and the SP lost 21. All right. I've just begun my estate planning section ⁓ or segment with you. And ⁓ again, so very excited to talk to about this. And I've titled today's show again, What If. What if this happens? What if that happens? All right, let's go to my what if number two. What if your state went through probate? Okay. This is a big issue. You all know a probate's a nasty thing. Well, it is and it isn't. It's not as bad as a lot of people think, but it can be terrible, if that makes any sense to you. Once again, just kind of set the table straight with you. If you die in test state without a will, or if you even die with a will. And you have no living trust, your estate, usually if you're over about $25,000 to $40,000, is going to probate. Probate is a court process that's open to the public that costs average in Nevada three to five percent of your estate value. Okay, so think about that for a second. Add in all the value of your estate, your life insurance proceeds, so on and so forth. Three to five percent, that's what you'd be paying the courts and attorneys and so on and so forth to handle it. That's really just the beginning of it. Not only is it the the cost and the embarrassment, because again, everybody out of, you know, that the everybody comes out of the woodwork, let's just say that, because your your court hearings are a public forum. Okay. But here's the biggest issue. Forget about all that for a second. The biggest issue, if your a state went through probate, are the delays. Because it's not like the court system doesn't have a bunch of probate courses, probate cases ahead of you. They do. And sometimes those delays can be months upon months. Complicated estates, I've seen it take years. Well, guess what? How, if there is delays until that judge issues the order or an attorney is ⁓ assigned to your case, how are you gonna get in there? Or how's your family gonna get in to your bank account? How are they gonna pay your bills? How are they gonna do anything? They can't make any financial decisions, nothing along those lines. So there's massive delays. As I said, very significant depending upon the size of your estate, legal costs. Public records. It's out in the open. Anybody can show up for those court hearings, they see it going on. But most importantly, the family stress. I have seen families literally that were very close. But because mom and dad did not have an estate plan, their estate went to probate, and the family it literally ends up breaking up. I told you the story a while back that, you know, it happened to me when I was newly married. And my wife at the time, her grandfather left her and her sister very simple estate. But I mean, it was detailed all the way down to here's the suit that I want to be buried in. And literally two hours after the funeral, we go back to his house, and the two daughters were, you know, willed different things. But one thing he did not put in the in the trust was who gets this gosh ugly painting that was on his wall. Well, to an outsider, me, it was ugly. To the daughters, or granddaughters, excuse me, it was priceless. Absolutely priceless. They grew up with this. There was all kinds of family memories. And as soon as my wife went over to grab it off the ⁓ fireplace, her sister Kathy went, No, Papa wanted me to have that. No, I get that. And literally an argument broke out and they went. Thirty years, literally, without talking to one another, because of that stupid painting. And then Kathy ended up dying. So think about that for a second. As stupid as that sounds, that is life. We all have our own stories, right? The family stress that occurs over an estate is so unnecessary because in your living trust, you can name things like that. We have a form in the estate plan that says, Yes, special gifts. I want to give. Cash or these specific items to this person. It's literally that simple. So you have to say, could probate have been avoided with proper planning? In the majority of cases, the answer is absolutely yes. What if number three? What if you became incapacitated? What if you had a stroke? What if you had dementia, which is how my mom died? What if, God forbid, there was a serious accident? What if you went into coma? What if, what if? question you have to ask then is this. Who's gonna pay your bills? Who's gonna manage your investments? And let me stop with that one before I go on to the other ones. A lot of misconception I'm finding in this area. I'm gonna break this down for those of you that have investment accounts, which I know is the majority of you. I'm gonna break this down to qualified, meaning IRA type of accounts, and non-qualifying, meaning taxable accounts, joint tenants, individual names, that type of thing. So on the IRA side, it's pretty simple. Usually, at least with our clients, most of our clients, if they are married, will name their spouse as the primary beneficiary. Really simple. Let's say the husband dies. The wife brings in the death certificate. Usually it's last one we just did ⁓ about six weeks it took to get the death certificate. But we can't do anything on that until that point. We can't distribute the money. We can't take investment instructions from the spouse, even though she's beneficiary in this example. We can't do anything because there's no power of attorney on file. See there? So that's what happens on IRAs. Again, once we get the death certificate, attorneys look it over, everything looks good. Then the money moves over to an IRA of the spouse. Okay, pretty simple. The taxable accounts, however, excuse me. The taxable accounts, however, are quite different. If it's a joint tenant account, joint tenants' rights or survivorship, the most common we see, then no problem. The spouse just continues operating the account. We have to open a new account, usually just in her name if she doesn't have a trust. ⁓ But there's really no major problems ⁓ you know, with the money getting over to her because it's joint tenants' rights or survivorship, surviving spouse gets the account. It's just the time period to get that money over to the other account. And again, if there's volatile market conditions, sometimes a day seems like an eternity. Where if you had a trust, there's no change in any accounts. Okay. But what if it's an individual account? What if that, what if that client of ours was divorced, widowed, whatever the case is, or they just never married. We have a lot of clients that have never been married. Then guess what happens? At that point, we can't do anything. So typically what happens with us, we get a phone call from a s ⁓ a child ⁓ or a friend that may be you know listed as the as the successor trustee. But usually it's the child. So I'll go down that example. Child will say, ⁓ you know, just want to let you know that dad died last weekend. ⁓ what do I do? Well, guess what? We can't do anything. Why? Because it was a taxable account. Taxable accounts do not have beneficiaries, unlike the qualified IRA accounts. So we are frozen. We can't make buy decisions. We can't make sell decisions. We can't do anything until we hear from the probate court and we have a written document signed by the judge. What happens? Do you think that's not frustrating for us? What happens if the market starts plummeting and we want to get the client, we get all of our clients out of the market, but we can't get this client out? We have no legal authority as the brokers to do that. You have no legal authority either, because all you are is you're gonna be the executor of the will. But you can't do anything as the executor until the court says you can do something. And again, that can take months, sometimes years, but usually months. So you see, who gets to manage the investments if you don't have a living trust? Nobody. If you don't have, like I said, ⁓ somebody that's on the account with you. Who can make the medical decisions? Right? My gosh, I could an entire show on that. Who's gonna know that you want to be on life support? You're not wanna be on life support. One of the big questions we have in our state planning documents, I want hydration, I want nutrition, but only under these circumstances. No one's gonna know that. So as I've always said, remember your medical staff is you know your doctors, Hippocratic oath. Their job is to keep you alive. That may not be what you want. So again, I can go down an entire path on medical just as you get the point. So the big takeaway of this, what if, is the following. Please remember, folks, estate planning is not about death. It's all only about death, I should say. It's also about protecting you and the people you love while you are alive. People fail that. They they always think, ⁓ estate plan, yeah, I'm I'm gonna live forever. I I don't need anything. It's not the case. The components, as you just learned, of the estate plan, the the advanced directive, which is the financial powers, the medical directive, which is the the medical side of it, those are things that are applicable to you while you are alive. And don't think age has anything to do with it. Again, any of us could get into a car accident in the next hour. Anything can happen to us. But if you don't have the estate plan in place, guess what? You're leaving it up to people you don't know or maybe not even trust to make those decisions for you. All right, I'll come back with what if number four. What if your trust is outdated? Back to the John Sanchez show on News Talk 780 KOH Pleasure to be with you. Again, we are talking about what if, what if different scenarios happen in your life that could basically jeopardize your family because you don't have an estate plan. Jack Sabin: Okay. Jon G. Sanchez: I would love the opportunity, and I offer this to all of you, to have a free discovery call with me. 30 minute discovery call. That's all it is. Let's talk friend to friend and determine if you need an estate plan. If you have one, is it correct? We have the software that we can put your existing trust through our AI software for large language models will evaluate that software, or excuse me, evaluate that trust that you have and determine and give us a summary. Here's what's right, here's what's wrong. No obligation, no nothing. Let's just talk, right? Don't be intimidated. Please just go to the website, specializetrust.com. In the upper right hand corner, let's get started. This is what you click on. It's a really simple name, address, email, ⁓ short form that'll come right to me. And I will schedule a meeting with you. Me or one of my assistants will schedule a ⁓ a video meeting with us. It's that simple. Given that opportunity to all of you. Just don't procrastinate, folks. Don't procrastinate. All right. Now. What if number four, what if your trust is outdated? Now what would create an outdated trust? Life, right? Things change. Marriage, divorce, new grandchildren, new home, business ownership, increase in net worth, decrease in net worth, moving to another state. When was the last time your estate plan had a checkup? Again, rule of thumb in the legal community is every five years your trust should be reviewed. I don't go with that. Gee, what a surprise. I go against the norm. We're doing it every year with our clients. I would rather have a five minute call and know that nothing in their life has changed so they can sleep all at night than waiting three to five years to have that done. Let's go to what if number five. What if the beneficiaries are wrong? Well, you're never gonna know until you start checking. And most importantly, you're never gonna know if they're right or wrong compared to your estate plan that you currently have. Many common mistakes are such as you have an ex-pouse still listed, you have deceased beneficiaries, you have missing contingent beneficiaries, you have a living trust as a contingent or primary beneficiary, a disaster in and of itself, unless you have a specific type of trust. Your retirement accounts, your life insurance, all of these, the beneficiaries must match what you have in your estate plan. If not, remember, those accounts or supersede the Beneficiaries you've listed in the estate plan. So great thing that we always want to do. And then finally, number six, what if your family didn't agree? Family conflict, as I'd mentioned, very common in blended families. You get hurt feelings, you get court involvement. Does your estate plan reduce confusion or does it create it? That's really the what if there. So I have a few more points. I don't have time, obviously, as usual, but here's what I want you to be thinking about. None of us know what tomorrow is going to hold. And that's exactly why estate planning matters and why I created specialized trust dot com. It isn't about expecting the worst, it's about preparing for the unexpected. Please reach out to me. Let's have a conversation. Again, my email, John at specialized trust.com. That's J O N or go to the website, specialized trust dot com. God bless. Have a great afternoon. I'll see you tomorrow on the John Sanchez Show. Jack Sabin: This program was sponsored by Sanchez Gond.