Latest / The Jon Sanchez Show / What Happens To My Family, If Something Happens To Me?
Transcript
- Jon G. Sanchez: Good Wednesday afternoon to you. Welcome to the John Sanchez show on News Talk780K. It's a pleasure to be with you this Wednesday, this hump day, but not a pleasure to have to deliver the rough market news that we experienced today. You know, folks, once again, this is a prime example of how fast this market can really turn on us. And that's why you got to listen to the show every day, keep you up to date on things, and ⁓ absolutely listen to the stock updates throughout the morning because things just changed. You know, everything was fine this morning. I was going back to my notes, you know, earlier today and My goodness, everything was just fine. You know, ⁓ the market knew, you know, we had the Fed interest rate decision coming up at eleven o'clock. No one on the street was anticipating, of course, what was that the Fed was gonna do, anything whatsoever. But of course, it was Kevin Warsh's new the new Fed chairman, his first interest rate decision leading the leading as a chairman, and of course the news conference afterwards. And the market didn't like what he had to say or did not say. So we had a bit of a sell-off today. And once again, we find ourselves in a situation where we scratch our heads and go, okay, what's gonna happen next? Right. We the the Fed's somewhat out of the picture, and ⁓ you know, as far as giving us any type of an interest rate cut, but you know, what do we do at this point? Well, I'll help you with that, give you some guidance on that one. So I'm gonna spend the first probably 15, 20 minutes of the show going through this because this was ⁓ again a lot of information that came our way today in this market sell-off. And then it's Wednesday. So I've promised you every Wednesday I'm gonna tackle an estate planning topic to tie into our new business, specialized trust and estate plans. If you want more information, just go to specialized trust.com. And what I decided to do today is Give you the same information that I gave my audience when I did my webinar two weeks ago. And the topic of the webinar, which will be the topic of today's show, is what happens to my family if something happens to me? And I think you're going to be very surprised by the information I'm going to share with you. I know my webinar audience was very surprised. And ⁓ I think you will be too. So don't miss that. If that is something on your mind, what happens to my family if something happens to me? I think that's what every Mom, dad, parent, grandparent, etc. thinks about all the time. And again, through proper estate planning, we can solve that question for you. And again, you're going to learn about this here in a moment. All right, but first let's go back to the stock market side. So let me let me get the bad news out of the way first. And then I'll build up to what the heck happened today. So we finished down 507 on the Dow, point nine eight percent loss, closed at 51,492. ⁓ we're obviously up over ⁓ 52,000 at ⁓ for a good more portion of the morning. NASDAQ 355 point decline down 1.5%, excuse me, 1.35% to close at 26,000 ⁓ 21. That was again 1.35% loss. SP down 91 points, 1.21%, closing at 7,420. On the commodity front today, ⁓ we had oil prices edge up after the president made some comments this morning ⁓ from his G7 conference. ⁓ indicating you know the bombs are going to drop again if he doesn't like the the new Iranian deal. Well, I don't know about you, and and I wish I had more time today because I would love to get on my soapbox and I think you'd enjoy standing next to me to go through the 14 point memorandum of understanding that was released late yesterday. It was well after the show. And I about fell out of my desk chair when I read this. And I I shook my head to myself and I said, and again, talking to myself here, I said, I can't believe after everything this country has gone through, the world has gone through, that we're giving Iran all of this. And the list is long. Like 300 billion dollars, release of a bunch of frozen funds, ⁓ money they can borrow to rebuild their country. I mean, the list just goes on and on. And ⁓ by the way, they can't have a nuclear weapon ever. Well, like we have all learned since February the twenty eighth when this whole conflict began. We never know until the ink is dry what's going to happen. And so this Friday, remember the market is closed for Juneteenth holiday, but the United States and Iran are supposed to sign this memorandum of understanding. It will last for 60 days, and then quote, the final draft will be created, the all the details, in other words. But I thought it was very odd today that the president started our day off, and because it was early this morning, started our day off by coming back and saying, Yeah. You know, if i I if I don't like the deal, and I thought to myself, well, wait a minute here, your people crafted the deal, so how can you not like it? So I don't know if there's still some negotiations. And again, that's the that's the challenging portion of all this, right? We none of us have any idea what is going on behind the scenes, right? We we all we hear are bits and pieces and hearsay from different news sources, etc. From the White House sometimes, from the Iranian news sources, so on and so forth. And we never really know. Truly, what is going on? So I I just question again, why would the president come out this morning and and say that? Why would he say that, you know, if he doesn't like the deal, the the bombs are gonna drop again? I mean, that pretty much are his words. So the market got a little bit jittery on that, brushed it aside because it wanted to wait and see what happened at the Federal Reserve interest rate decision. Okay. Well, as anticipated, it was a unanimous vote to leave interest rates unchanged. twelve to zero to hold the Fed funds target range where it currently is three and a half to three and three quarters percent. However, there were a lot of comments, a lot of concerns in regards to where inflation is and where inflation is going. So what I want to share with you are really five key takeaways from Kevin Warsh's first interest rate decision as chairman, and then of course his news conference followed afterwards. So here's the first takeaway. No rate changes, but the hawks are circling. You see, there was no apparent dissent to keep the Fed funds rate target between three and a half to three and three quarters, like I said, 12 to zero. However, the dot plot, remember that with the dot plot is that's where the FOMC members get to individually basically write down, and I always use the analogy, they pass a hat around, write down on a little piece of paper. I'm just joking when I say that. That's the easiest way to understand it. They all get to put in their own personal opinion where they think interest rates are going, where they think inflation is going, etc. But the stop plop of expectations further showed, further out, I should say, because they can go out about a year, two years, somewhere around there, an inclinate an inclination towards a rate hike later this year. The FOMC committee split nine to nine between those expecting steady rates or one cut. And those seeing at least one hike with a median dot plot pointing to a quarter percentage point increase. Now remember, I've said this, I'm sure is no shock to all of you. I've said this over and over again. The street, the Fed Fund futures contract, everything is indicating not an interest rate cut in 2026, but one interest rate increase towards the end of the year. Now that we got this dot plot, which again is not official, I want to be real clear with you, it's not official. These are just everybody's personal opinions. But I thought it was very interesting that the FOMC committee split nine to nine, half of them thinking rates are gonna be steady or give us one cut. Like I just said, the other half saying, ⁓ you know what? One hike. Here's second takeaway. The dot mystery was solved. You see, there was a rampant speculation again heading into this meeting that Kevin Morse would not be submitting a dot. Meaning he was not one of those to write down on the little piece of paper. And he confirmed that he didn't do it. But in the past, chairmans have expressed a real distaste for all such forward guidance. They look at it as a hamstring towards future policy. And so he encouraged his can his colleagues to continue to do so. However, He said, I have refrained from offering any projections of my own consistent with long-held views, at least at currently structured. So he was not, obviously, part of the 18, because there's 19 altogether. All right. Now, here's the next next one that was interesting. Point number three, the regime change via the task force. Now, Warsh has been promising to shake things up at the Fed and the First step, his first steps in doing so came through the announced formation of five task force. They're charged with study and communications, they're charged with the Fed balance sheet, the data sources on which it relies, productivity and jobs, the impact of AI and other transformative ⁓ technologies, and the current central bank's inflation approach. Boy, that's a mouthful, isn't it? So now we have five task force that will all, you know, feed data to the committee members and to the chairman. Takeaway number four, tough on inflation. On about a dozen occasions during his ⁓ press conference afterwards, he used the term price stability. Now, for a chairman who's really leaned towards you know cutting rates, remember he sat on the FOMC. He was part of the FOMC years ago, and of course has been involved in a number of different government fashions, plus on the private sector. But he has always been against raising interest rates. He's often really pounded the table about cutting rates. Now he's running the ship. Not quite the case. So it was quite surprising that the, you know, really the interpretation where Hawkish talks about his and the committee's unambiguous and unanimous resolve to get inflation under control. Now let me repeat that. The committee's unambiguous and unanimous resolve to get inflation under control. What does that mean? That means they're concerned about inflation. That means they think that inflation is out of control. That means an interest rate cut. So markets responded with a ⁓ very, very brutal day. ⁓ if you take a look at the bond market side of things. And it was ⁓ and again, this is this is was one of the the absolute culprits, ⁓ you know, as far as the ⁓ the the equity market selling off is because we all know, of course, we don't like rising bond yields, not good for the economy. And when it comes, you know, when the bond market says, look at we we're taking away that this is gonna be ⁓ an interest rate increasing environment. That's bad. Two-year note, up 11 basis points today to a yield of 416. Three year up nine basis points. The five year up eight basis points. Ten year was actually calm, up just four basis points to a yield of four forty-six. And you go out to the third year, and it was unchanged on the day to a close of four point nine three percent. So the shorter end of the curve, which is again where the impact of whatever the Fed does, that's where it's felt, that two, three, five year time period. So market again responded with that, ⁓ with that. ⁓ increase in the ⁓ the bond yields mean they sold off the bonds. And then the the final point was the brevid brevidity is the soul of wit and monetary policy. Hmm. Now worse promised to revamp communications and the first visible step was a dramatically abridged postmeeting statement. Prior to the new chamin ⁓ new chairman's arrival, the statement generally ran in excess of three hundred words, consisting of boilerplate language that investors parsed through closely. This time the statement ran just one hundred and thirty words, short and sweet. And I'll tell you what that statement was that the FOMC released at eleven o'clock prior to what the chairman had to say at his press conference. So we'll get that going, tell you some of the ⁓ the moves and the ⁓ movers and the shakers in the pre mar or in the ⁓ normal session, and then we'll get into our topic once again. Very important estate planning topic. What happens to my family if something happens to me? Back to the John Sanchez show on Newstock 780 KOH. Happy post Fed Interest Rate Decision Day. Again, leaving nothing, did not do anything. But as I always say, it's always about the comments of the Federal Reserve Chairman. And we have a brand new one, Kevin Worst, at the press conference afterwards. Now, besides all the things I I mentioned to you earlier, you know, again, they did the dot plot. He did not participate in that. Nine to nine vote indicate nine to nine nine in nine to nine, that's correct. Nine to nine vote. ⁓ about half the group, meaning the FOMC, thinks maybe they would you know, they'll be ready for a half a quarter percent cut this year. ⁓ the other nine indicating they want an increase. And that was the streets takeaway, and hence why Bondield skyrocketed, et cetera. Five task force created to examine all different aspects as I went over. And now the FOMC statement that happened at again at 11 o'clock. They paired this down dramatically. I couldn't believe it when I saw it. Again, it's just a hundred plus words, where it used to be over 300 words. ⁓ they also, the other thing, before I read it to you, the other thing was they removed who voted, right? Normally at the bottom of the release of you have never seen the press release, but normally at the bottom of the press release, they'll say, You know, these are the Fed members that voted ⁓ for, you know, interest rate cut, stay the same, whatever. So you knew what everybody was doing. They've completely eliminated that. So here's what this abbreviated, very abbreviated FOMC statement said today. The Federal Open Market Committee approved the following statement for release by a 12-0 vote. The committee decided to maintain the target range for the Fed funds rate between three and a quarter to three and three quarters percent in support of the Federal Reserves Federal Reserve's dual mandate. The committee reaffirmed its policy of maintaining ample reserves and the banking system. Do you hope so? Economic activity is expanding at a solid pace, despite elevated uncertainties that owes, in part, to the conflict in the Middle East. Productivity growth and capital investments are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little. Inflation remains elevated relative to the committee's two percent goal, in part reflecting supply shocks that have driven ⁓ price increases in certain sectors, including energy. The committee will deliver price stability. That's it. And again, I I I laugh ⁓ because we all follow these statements, read them word for word, look for, you know, try to read in between the lines as the saying goes. I know most of you, like I said, have never seen one of these. So you're probably wondering why I'm laughing. Well, I'm laughing because it's so small. And whenever I've read these ⁓ to you in the past, I've always said, ⁓ there's a cut and paste, cut and paste, cut and paste from the previous statement. They're supposedly no longer gonna do that anymore either. So, you know, ⁓ again, a lot of anticipation about nothing. ⁓ a little interesting statistic also I wanted to share with you. According to bespoke investments, ⁓ going back to 1994, today's sell-off in the market was the worst sell-off for the inaugural meeting of a new Federal Reserve chairman since 1994. Can you believe that? Worst performance since 1994. If you just joined us, we finished down because of the ⁓ comments and the takeaway of the street that the Fed's next move is going to be an interest rate increase. We finished down 507 on the Dow, point nine eight percent loss. Nasdaq gave up 91 points, one point or excuse me, NASDAQ gave up 354 points, 1.35% decline. S P down ninety one points or one point two one percent. On the oil side, like I said, it was quiet with just a ⁓ a thirty cent gain to nine a seventy six ⁓ nine a barrel. We're up over two dollars after the president's comments this morning. Gold prices rose $25.70 to a close of $4,381.70. And as I indicated ⁓ earlier, the bond market shorter into the curve, the two, the three, the fives, they shot up pretty nicely. But the 10-year was ⁓ up just four basis points to a yield of 4.46 percent. All right, a few other ⁓ movers going on. So several major banking components did well today because of the anticipation of rising interest rates. Goldman Sachs went up eight dollars and forty-seven cents, three-quarters of a percent. Closed at $1,099.14 a share. JP Morgan Chase up $2.32. Robin Hood had a big move today, up $8.49, 8.78% to a close of $105.20. ⁓ Other areas that were very strong today, electrical product names. GE Vernova, GEV the symbols, $66.51 gain, 6.77% to $1,048.86. ⁓ Vertive had a big move up 6%, about $17.98. But we saw some of the big Mag 7 names roll over. Give an example. This was the pressure on the Nasdaq. Microsoft, which is a Dow and NASDAQ component, and SP, of course, lost $14.92, 3.79% to a close at $378.91. Meta down $32.63, 5.44% loss to $5.67.58. Amazon, $8.50 pullback down 3.46% to close at $237.50. SpaceX. Here's the interesting one. Stocks has obviously been on a tear since the IPO last Friday. Well, today was the day. Traders woke up and went, enough. We're going to take some profits. And boy, did they ever lost four and three-quarters percent down $9.59 to a close of $192.21. So it's the first time the stock has gone down after three consecutive sessions of very, very sharp gains. ⁓ elsewhere, the consumer discretionary sector was interesting with Car ⁓ Carvana. ⁓ $62.84 closing price down $7.20, 10.25% loss. they ⁓ very fascinating. I encourage, I'm not recommending the stock, but just read what's going on. They acquired a bunch of Stalanis, meaning Dodge Ram ⁓ Jeep dealerships. ⁓ they've recently acquired a bunch of these and they're now starting to sell brand new cars, right? They've always been used cars. It's how they've made their name and their success. Now they're starting to branch into some new cars, but Kind of marrying in the Carvana way of buying a new car. As far as there's no finance department in the dealership, no real salespeople. They're all paid on an hourly basis, not a commission basis. So it's going to be really interesting to see. They had a good earnings report, but like I said, I don't know if it was just the week tape today or what. But ⁓ the stock was doing really well in the pre-market session when I started really watching the the news on it. But like I said, finished down seven dollars and twenty cents. Lastly, where are we on a year-to-day basis? How about the Dows up 7.1%? S P is up eight point four. Russell two thousand our star with a seventeen point six percent gain and the Nasdaq year to date is up twelve percent. All right, you're now up to date on the market, the Fed interest rate decision and everything. When we come back, we're gonna turn the page and move over to the world of estate planning. Where I'm so excited once again to talk about my new business, specialized trust and estate plans. If you want to learn what we do, go to specialized trust dot com. But again, I'm gonna ⁓ gonna recap what I covered in my webinar if you missed it a few weeks ago. ⁓ Hopefully tomorrow or the next day I'm gonna announce next week's webinar. ⁓ but what we're gonna talk about when we come back, what happens to my family if something happens to me? Welcome back to the John Sanchez Show on Newstock 780K. All we're going turn the page and move into the world of estate planning, right? You work all of these years to accumulate wealth, but what are you doing to take care of it? More importantly, what are you doing to take care of your family? Again, I've titled this ⁓ as a ⁓ repeat of my webinar a couple ⁓ Wednesdays ago. Matter of fact, two weeks ago tonight. What happens to my family if something happens to me? First, a recap of today's market activity, give Fed interest rate decision. They did, of course, leave interest rates unchanged, but it was the comments by the Fed chair. ⁓ Kevin Warsh now ⁓ in the ⁓ press conference that really sparked some concerns in the market. And ⁓ you know, Street again did not like it. The street now's takeaway is we've got an interest rate cut, or excuse me, interest rate increase coming ⁓ not too far in the distant future. So ⁓ the the regular session, I got some good news for you. Regular session we finished down 507 on the Dow. Now's that class 355, the SP down 91. The good news that I have for you, I'm watching the futures closely right now. And we are starting to see the ⁓ the Fed futures beginning to or I'm sorry, the ⁓ equity futures beginning to move up right now. So ⁓ looking you know fairly decent at this point. Got Dow futures up 109, NASDAQ's up 234. So may have been a ⁓ algorithm ⁓ reaction today that we saw for the sell-offs. We'll we'll see tomorrow, but ⁓ but that's kind of where we sit. Okay, now again, it's all about preserving what you have built, but more importantly. taking care of your family. That's what I want to help you do. ⁓ again, I invite you to visit my website, specialized trust dot com. If you have an existing trust, you need a review. If you don't have a trust, let's talk about it. I offer a 30 minute free discovery meeting just to find out what it is you need. And again, no cost, of course no obligation, all that, you know stuff. ⁓ But I have a lot of people taking advantage of it. And you can schedule the appointment. Just click get started on the website. And ⁓ it'll schedule ⁓ a one-on-one ⁓ Zoom call with me and we'll talk about your situation, see if we can improve things or maybe think like I've had a couple, things were great, and boy, the people were so relieved after I've reviewed everything. All right. What happens to my family if something happens to me? So here's the best way to look at it. Couple different scenarios if something happens to you. Let's talk about the first one. If you become incapacitated, okay. So this is assuming again you have no living trust, no estate plan in place. So if you become incapacitated, what you have to ask yourself is this the following, I should say. Who's gonna pay my bills? Who's gonna manage my investments, my bank accounts? Who's gonna make my medical decisions? Who's gonna communicate with my doctors? Now you may be thinking, ⁓ you what, I'm married. Well, what happens, God forbid, if something happens to you and your spouse at the same time? Or again, if you're a single person. No one's going to be able to get into your bank account to pay your bills. No one's going to be able to call your financial advisor like myself and say, hey, buy this stock, sell that stock, do this, do that. Nope. Can't do it. More importantly, you're laying there in a hospital bed. Medical decisions. Who's going to make those for you? The doctors have the Hippocratic Oath. They're going to try to keep you alive. They don't know that maybe you didn't want to be kept alive. Maybe, you know, they don't know anything because you have no medical directive. Who's going to communicate with the doctors when you can't? And there'll be solutions I'll share with you in just a moment. Now that's one solution or one problem. Now, what about the next one? What if you pass away? Who's going to carry out your wishes? How are your assets going to be transferred? Right? You die without a will, you die without a trust, and things are going to probate. Even with a will, it's going to go to probate no matter what. No matter what you've read, heard, if you have a will, your estate is going to probate. Again, Saying that we have in the estate planning world is a will is nothing more than instructions for the probate judge. A will is also a component, so another document in the estate plan. It's I don't want to say it's part of the living trust, but it's in the documents, like ⁓ with your living trust. You have to have it because what a will does is it comes into play after your death. Remember, a revocable living trust is. Handles your affairs while you are alive, right? You are in control. That's why they call it a revocable living trust. The will kicks in once you are dead. Okay. But if you have the assets properly titled in the revocable trust, you don't go to probate. I I just had a discussion with a with a client today, this just this morning. Just got done going through a fairly large estate. ⁓ her ⁓ her mother passed away. had a living trust, house wasn't in the living trust, multi-million dollar house. She said she and her siblings spent over $18,000 on the attorney to get it through probate. Nine month process. Very typical. Nine months kind of short. So there's the other issue if you pass away. You parents out there with ⁓ with minors, who's gonna take care of the kids? Who's gonna raise them? Have you legally documented your wishes? Would a judge know what those wishes are? Absolutely not. So the judge is gonna. Make his own decision or her own decision, what's gonna happen with your children. Once again, with a proper estate plan, that doesn't happen. So what if there is no plan? First of all, as I said, the court becomes involved. None of us. We love our attorneys, we love our judges, but none of us want the legal system to make decisions financially, medically, or for our children. So the court becomes involved. Decisions can be delayed, costs can increase, right? There's a lot of misconceptions out there. What ⁓ probate relay costs. So remember, it's based upon the it's a percentage of the value of your estate. Higher the value, the more it costs. But you've got your estate has to hire an attorney to represent the estate. The court has attorneys, the court has fees, so on and so forth. Like my client was saying, she goes, they charge me $75 just to drop off documents. And this wasn't here in Nevada, this was in another state. But yeah, $75 just to drop off documents. That's what happens. And then most importantly, and I've dealt with this for so many years with clients. And I'm sure many of you have dealt with the same thing. The last thing in the world you want to deal with when you lost a loved one, especially someone close like a spouse or a child, is you don't want to deal with financial and medical and all these other things. You need to grieve. And so by not having access to pay the mortgage payment, the utilities, the property taxes, because you're locked out of the bank accounts, you can't make the medical decisions, et cetera. You talk about an additional level of stress? My goodness, if you've never experienced it. I words don't describe the level of stress that that comes into play. Now, let's talk about the kids. Let's go back to this. What you have to ask yourself is the following. What's gonna happen to my kids if something happens to my wife and I? Or many times it happens again, a divorce situation, right? Generally the courts are gonna ⁓ obviously let's say you the man, you pass away, you get in a car accident, whatever it is. Obviously, the children are gonna be taken care of by the wife. But what happens in that unlikely event that maybe you're a single dad already, maybe your wife has passed away. We have a lot of clients that are that way, and vice versa. So it doesn't have to be, you know, a situation where, you know, one dies or something like that. If there's one parent, you got to ask yourself, who's going to raise my kids? Do I have it documented? Who's going raise my kids? And if your answers were yes and yes, did you document in a legal binding document how the kids are going to be financially supported? We all know it cost almost $300,000 now to raise a Child from infant to age 18. It's a lot of money. And if you name a relative, ⁓ you've agreed with maybe your brother, your sister, something to raise your children, cool. That's half the battle. But did you document anything of how they're going to be paid to raise those kids? Right. A lot of people don't have that extra money to raise another child, especially if they have their own kids. Well, that's part of the estate plan, the guardianship arrangement. Very, very, very important. Now, what are the most common and costly mistakes that I see that families make? First of all, they don't have an estate plan at all, right? They they think it's only for the wealthy, which I've broke that misnomer with you many, many times on this show. If you have just a few thousand dollars, literally 20, 30,000, 40,000, you need a trust in most cases. But that's why I do that free discovery meeting to make sure that that's the case. ⁓ and don't forget. What if you have outdated documents, right? What I'm finding is people did the right thing, they got a trust created, but life gets ahead of them. And all of a sudden they look back and go, ⁓ my gosh, it was 10, 15 years ago that I didn't that I wrote this trust. My life has changed, tax laws have changed, HIPAA rules have changed, all kinds of things have changed. So that trust probably is not set up to where you want it to be today, right? Your life was completely different. So that's why we offer a trust restatement ⁓ package on our website at specialized trust.com. So you have outdated documents. The beneficiaries, my goodness, remember a big misconception is ⁓ I've got a trust. I don't need to keep my updated beneficiaries updated on my 401k, my IRA accounts that you can name beneficiaries. Well, remember this: whoever you've named as your beneficiary on your retirement accounts, life insurance, et cetera, that supersedes whoever you've named in the trust. Excuse me. So many times. People will forget because they haven't kept up on their documents, they will forget to make sure that those two match, meaning what you've told, you know, the life insurance company or your IRA custodian, your 401k custodian, those need to match exactly what you have in your trust. If not, what you've listed as beneficiary on the custodians forms, the life insurance forms, those will supersede your trust. Where this can get really messy, where I've seen is let's say you name, let's say you got two kids, right? John and Sally. So you name John 50% beneficiary of your IRA, Sally is 50% beneficiary. But let's say something something happens where you're like, you know what? I don't want Sally to get 50%. Maybe I don't want her to get anything. And you can, you obviously can exclude her. You in your trust, you can say, All right, Sally, you're kind of going down the wrong path. I'm going to give you 30%. So I'm going to change my beneficiary form. But also, I'm not going to let you control the money. I just did a trust a couple hours ago before the show. And that's exactly the case. ⁓ This client. you know, again, does not want his son to manage the money, ⁓ pretty substantial amount. So we're hiring a trust company to administer that. Those are the great things that you can do when you have that. So you failed to update your beneficiaries. You didn't fund the trust, which is ⁓ Welcome back to the John Sanchez show on News Talk 780KOH. All we're talking about what happens to my family if something happens to me. Again, this is ⁓ what this ⁓ briefly, I'm not gonna have a chance to go through the entire webinar I did with you last ⁓ two weeks ago. ⁓ but I want to give those of you that did not attend the webinar, I just want to give you some of the the important points that I covered there. ⁓ once again, you can go to the website, specialized trust.com. If you want to meet with me, again, I offer a free 30 minute consultation. All you do is go to specializetrust.com. In the upper right corner, you'll see start your start your plans. You click on that, and it'll ask you just some real basic questions. Do you have an estate plan, et cetera? Take you 20 seconds to fill it out. Hit that. And then ⁓ we'll immediately set a 30-minute ⁓ Zoom call with you for me to go through and just find out where you at. Do you need a trust? Maybe you don't need one. ⁓ do you have an existing estate plan? Is it current? Maybe, maybe not. But let's find out. I know it's probably costing you sleepless nights. Let's alleviate that, right? Can't beat this offer. All right. So I left off before I went to break, talking about again the most common mistakes families make. I said no estate plan at all. It was one of them was right at the top of my list. Outdated documents. So you wrote a trust years ago. It's no longer current due to tax reasons, your personal circumstances. ⁓ you failed to update your beneficiaries. I mean, when I reviewed today, it was very simple. It was written when the children were young. Now the children are adults. Matter of fact, there's grandchildren now. But the trust still reflected when they were young, when they were minors and there was custodians involved and things like that. So failing to update beneficiaries, not keeping it up to date. I left off with not funding the trust. And I know you hear that term a lot, but I'm going to keep kind of just hitting it over and over again. So the problem is you spend all the money, the time, et cetera, getting a living trust created, right? So you avoid probate, you know, you know where everything's gonna go. You've you set it up, you feel good, you sleep well at night. And then your attorney never made sure that you funded the trust. Remember, this is what happened to my dad and what maybe create this business. Because I never want this to happen to my friends, my clients, or you, my audience. And so that's where you have an asset like a house, a bank account, savings account, things that are not retirement related. And you still have it titled in your name or yours and your spouse's name, but yet you spent the time and the money creating the trust. So let's say you have an ABC bank. Checking account. And let's say you've got, I don't know, it doesn't matter what the amount is. Let's say there's 25 grand in there. But you got to trust. And you think, hey, everything's fine. I've got to trust. I die, or my husband and I die, it's going to go to it's ⁓ it's not going to go to probate. Yes, it is. That is unfunded. It's not in the name of the trust. So that's one thing that we do when we create a new estate plan. We go through every one of your accounts to see number one, with the beneficiaries, how they're set up and are they who you want. And number two, we make sure that the client gets those funded. So that ABC bank account, we are going to give them specific instructions on how to get that account moved from joint tenants in this example to the name of the new trust. It's really simple to do. It's a little time consuming, but that's where so many estates fail. They spend the time and the money, as I said, but then they f fail to do it. I've seen it happen with real estate. I've seen it happen with major multi-million dollar assets. We want to make sure that doesn't happen. And then the other major mistake is no incapacity planning. Once again, Doctors, hospitals, they're regulated by law to keep you alive. But again, there's many circumstances that maybe you don't, or you want prolonged life, but with certain extenuating circumstances. That's what's called the medical directive inside the estate plan. You get to list all of that. Again, legal binding document that your family can share with the hospital, with the doctors, of your wishes, on top of many other things, like you know, do you want to be buried or cremated, et cetera. So that's just a taste of what we covered last ⁓ like I said, two weeks ago, last Wednesday. If you have any questions, please give me a call, 260-3875. 260-3875 is the number to my step office. And then ⁓ or go online at specializetrust.com. Love to meet with you and see what we can do to take care of your family's estate. So there's no question as to what happens to my family if something happens to me. I want you to go, hey, what happens to my family? Got the estate plan all taken care of. Things are gonna be great. God bless everybody. Thank you so much for joining me. I'll see you tomorrow on the John Sanchez show. Take care.