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Why Wealthy Families Demand Prenups · Earn Your Leisure

• 0:00
  Speaker 1: Can we play this clip about prenups are just from marriage,
• 0:02
  Speaker 1: the crucial for a state planner.
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  Speaker 2: Let's do it.
• 0:04
  Speaker 1: I thought this was fascinating.
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  Speaker 3: You don't have a prenup, you don't take under the will. First,
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  Speaker 3: all my children are married. All my children have pre
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  Speaker 3: nups in my in my estate. It works like this.
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  Speaker 3: If you don't have a prenup, you don't take under
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  Speaker 3: the will. Gone. So I become the bad guy. And
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  Speaker 3: every time I tell people this, I don't know how
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  Speaker 3: your kids are, you'll you will remember this, believe me.
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  Speaker 3: So you don't want your kid to have to be
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  Speaker 3: the bad guy. You're the bad guy. So my kids
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  Speaker 3: can say, hey, my dad, my dad's my dad. Now,
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  Speaker 3: if you don't want to sign it, we're not getting shit.
• 0:43
  Speaker 3: That's right, and so so. So that's the first thing.
• 0:47
  Speaker 3: The pre nups are fairly tough, like you know, one
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  Speaker 3: of them, one of the one of one lawyers said,
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  Speaker 3: this is the most egregious document I've ever Readgregious took
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  Speaker 3: it as a compliment. I said, by design. And so
• 1:03
  Speaker 3: but listen, all of my the daughter in laws, the
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  Speaker 3: son in law, I love these folks, but I'm not
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  Speaker 3: going to have a situation where somebody can come in
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  Speaker 3: and you know, my one son, Matt said, because he
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  Speaker 3: was the first one, He's say, well, Daddy, maybe I
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  Speaker 3: put a clause in there that if I cheat on
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  Speaker 3: my wife, that then is a nolin voyego. No, no, no, no,
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  Speaker 3: because we don't need to have any litigation. He goes,
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  Speaker 3: He goes, I'm not gonna cheat. I said, I know
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  Speaker 3: you're not. You know he asked that question. We let's
• 1:35
  Speaker 3: just get the document signed. So I did that years
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  Speaker 3: ago in two thousand and eight, had everything appraise and
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  Speaker 3: I gave the big gift to him where you could
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  Speaker 3: give up to like twenty four to twenty five million.
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  Speaker 3: So I did that. I built a company called Litify,
• 1:48
  Speaker 3: which was a software company. And what I did with that,
• 1:51
  Speaker 3: I took Litified and I just put it all. I
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  Speaker 3: put twenty percent each one of my children, twenty percent
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  Speaker 3: for me. We sold it to bes were at a
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  Speaker 3: six hundred million dollar valuation. At we took sixty percent.
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  Speaker 3: But when we sold it all my kids got the money.
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  Speaker 3: And then I used my twenty percent to toggle off
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  Speaker 3: and pay the taxes, so they took a tax free
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  Speaker 3: and but I have been very that question has been
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  Speaker 3: in my mind, you know, even when I didn't have
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  Speaker 3: it in our will. When we die, if our kids
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  Speaker 3: have one hundred million dollars, they get nothing they're going
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  Speaker 3: to get If they have a hundred they're gonna get
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  Speaker 3: a hundred million, they get nothing. We have an a state,
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  Speaker 3: I mean a foundation that we hope to have, you know,
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  Speaker 3: you know, a billion dollar foundation, and all of my
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  Speaker 3: money is going into the foundation. And so but some
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  Speaker 3: of my kids were already passed one hundred million. I mean,
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  Speaker 3: some of them are already that they're done and and
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  Speaker 3: and they're going to make a lot of money.
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  Speaker 2: Interesting perspective. We only had a lot of time where
• 2:53
  Speaker 2: people talk about prenumnp They usually talking about it for themselves. Yeah,
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  Speaker 2: that your only hit from a parent kind of demanding
• 3:01
  Speaker 2: that their kid get a pre nump or else they're
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  Speaker 2: left out the will. And you could already know when
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  Speaker 2: he once he said that thing about the son said, well, dad,
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  Speaker 2: what if I cheat? You know where that came from?
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  Speaker 1: Oh yeah, her friends, that came from her. That came
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  Speaker 1: from her and her friends.
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  Speaker 2: Because there ain't no man in the right mind go
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  Speaker 2: and sit up there and tell his father, Hey, dad,
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  Speaker 2: what if I cheat? Can you null and void? I
• 3:27
  Speaker 2: would have slapped the shot him so bad, man like.
• 3:30
  Speaker 2: Look that's his his wife telling him, Look, tell your
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  Speaker 2: father that I want a provision that if you cheat,
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  Speaker 2: this needs to be null and void. And it's like, no,
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  Speaker 2: I'm not doing that.
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  Speaker 1: Y'all think Andrew had some arms. I'll tell my dad
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  Speaker 1: that boy he goes shoot a missile at me, shout
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  Speaker 1: the top of sending me this clip. This is amazing.
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  Speaker 1: But when you're doing generational planning and a state planner,
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  Speaker 1: these are some of the things you have to worry about.
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  Speaker 1: And if they know that your family is well to do,
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  Speaker 1: if that provision isn't there, she would get together with
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  Speaker 1: her friends at brunch and they'll find the girl who
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  Speaker 1: didn't know that you would be weak four and pay
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  Speaker 1: her to get it so they can get the cash out.
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  Speaker 2: Well, this is the House of Gucci. Once again, I
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  Speaker 2: hope everybody watching that movie that's exactly what the House
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  Speaker 2: of Gucci is about. Where their son was gonna marry
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  Speaker 2: marry his wife and the father didn't like the wife
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  Speaker 2: and wanted to write he wrote him out of the
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  Speaker 2: will because that they later reconciled it but he turned
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  Speaker 2: out to be right. Actually, he actually turned out to
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  Speaker 2: be right.
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  Speaker 1: You gotta listen when they get them on inklans or
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  Speaker 1: something not being right's love. Okay, you don't know.
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  Speaker 2: So this goes to a deeper question as far as
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  Speaker 2: the financial planning aspect. Would you is that something that
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  Speaker 2: you would do?
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  Speaker 1: Of course I didn't work. You think I got to
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  Speaker 1: think of it like this. Uh, my father worked his
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  Speaker 1: entire life and gave me everything that he knew about business.
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  Speaker 1: Then my mother and grandmother did the same, passed it
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  Speaker 1: to me. I build this empire, and then I should
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  Speaker 1: let that net worth go. Because Xander made a mistake
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  Speaker 1: for a girl he thought was cute. It sounds harsh, but.
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  Speaker 2: What do you what do you do? Do you have
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  Speaker 2: to approve of the wife?
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  Speaker 1: No, no, he can pick, but just that provision about
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  Speaker 1: the prenup mandatory.
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  Speaker 2: So you're not You're not gonna have to like say, okay,
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  Speaker 2: I have to approve of who you're married.
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  Speaker 1: No, no, no, no, because that's a mistake. My parents do
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  Speaker 1: that because you actually push them more to the person
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  Speaker 1: that you're rebelling against. Nothing. I would be like, hey,
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  Speaker 1: I don't think so, but if that's what you want
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  Speaker 1: to do. Cool, cool, but paperwork wise legacy. When distributions happen,
• 6:04
  Speaker 1: may it may have an impact and it may sound harsh,
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  Speaker 1: but these just like we worked hard to build this.
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  Speaker 1: You have builders and takers. There's a corehoord of people
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  Speaker 1: who just plan to take away Zion, I love you. You
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  Speaker 1: have to learn they're trying to take from you, my brother.
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  Speaker 1: It's a whole faction of them, the girls, some of
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  Speaker 1: them out here in Houston. You're on that radar list
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  Speaker 1: for who they can get money out of. That sucker
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  Speaker 1: lists that girls have in group chat when they be like, oh,
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  Speaker 1: like if all of a sudden your DMS get Hella
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  Speaker 1: popping and it's like forty girls a week, they know
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  Speaker 1: you wanted the ones. So as a builder, you have
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  Speaker 1: to be careful to stay away from the takers and
• 6:48
  Speaker 1: be able to tell who wants to take away
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  Speaker 2: From Yeah, I agree, I agree,