Latest / Real Money with Lisa Chastain / DIY Estate Planning Could Cost You Everything | REAL MONEY

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DIY Estate Planning Could Cost You Everything | REAL MONEY · Real Money with Lisa Chastain

0:11
If you want to know Shane's whole story, she's out there.
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You can go to Young Law Group. Also, join us at Women Decision
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Makers. If you're a woman in Vegas, this
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is such a cool, diverse group of women because it's women in
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nonprofits, it's women from corporate, it's women from who
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are entrepreneurs. I love the diversity of the
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group. And so if you're looking for
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that, you know, you can. Shane's open and vulnerable and
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shares a lot. Also, she was on the Real Money
0:36
podcast 2-3 years ago. Like when I just started the
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podcast. You were on the podcast.
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Yeah. I can't work that long.
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It's been that long. And so we're not going to focus
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on all of that stuff. We're just going to get to the
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heart of it and your real passion.
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Of course, you're an attorney. You do business planning, you do
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personal injury. Your law focuses on so many
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things, but your heart is in estate planning.
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Yeah, our primary focus is estate planning.
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That's kind of the core of our firm.
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And ancillary to that we have a lot of business owners that are
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clients and I do have the business and corporate
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background. So we do serve a lot of business
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owners on the business side from contracts to set up and you know
1:15
other other assistance there, general counsel assistance there
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and then personal injury as you mentioned, we do have a division
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as part of our firm. Yeah, we're going to.
1:27
We're just going to go to the heart of it.
1:28
Shane, you know me. Yeah.
1:30
Your best friend just died and she passed away of brain cancer.
1:36
She'd been struggling with that for a long time.
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But what you shared at Women Decision Makers last week was
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that it was more peaceful than most or many because of the care
1:47
that she and her family took in the estate planning process.
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What was that like for them? Yeah, it was, as you know, for
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any family that is experiencing a loss, it's hard enough, you
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know, the emotions and everything else that coincide
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with that. And so thankfully for my best
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friend Krista, we've been best friends since 6th grade.
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She and her family had come to me years ago when she was first
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diagnosed with having brain cancer and undergoing treatment.
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And so we wanted to make sure that everything was in order.
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You know, all of her medical issues or concerns would be
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addressed as part of their plan. And then, of course, she had two
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young boys. She has a husband.
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They've got a house. They have bank accounts.
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You know, they wanted to make sure all of their affairs were
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in order so that they could really focus on her care.
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And so we were able to do that. And I was able to be there.
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You know, as the years went on and as her cancer progressed,
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unfortunately, you know, downward, we were able to make
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sure that her family was able to focus on her.
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And she was able to spend the time with her kids and enjoy her
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family and the time that she had without having to worry about,
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OK, do I have all of these documents in place?
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Are my decisions going to be honored?
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You know, what is it going to look like if I, you know it, if
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and when I do pass away? If we knew, we know for all of
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us, it's really just a matter of time.
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And so it was just an honor for me to be able to be there for my
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friend, you know, as her attorney, but also as her friend
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and to be able to guide her and support her family, which now
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that she has passed away, you know, being there for her, her
3:30
sons, being there for her husband, to be able to help them
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navigate life without her. It's such an important role that
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you play for families, and we live in a DIY economy.
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Yeah, people want to do this stuff online and then enter in
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the world of clod and perplexity, perplexity and
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ChatGPT. I can imagine the number of
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people now that are trying to do their own estate planning using
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AI, which is super disruptive. Why should people not to do
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that? What do they miss in that
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process by not having an actual attorney help them?
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Well, for me, you know, I've put things into AI and to chat GPD
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and the answers are not correct all the time.
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Like there's a good percentage of incorrect information that
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this generates. And as you can imagine, you
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know, there's they're always going to be shortcomings with
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technology, you know, in in various ways.
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So I warned against the shortcuts from the beginning of
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my practice, you know, even many years ago, just because I see
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what happens for people, for families, for business owners
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that don't invest the proper time or effort or resources into
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ensuring that their businesses or their planning, you know, are
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properly, these things are properly set up.
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And, you know, so before it was like, don't use rocket lawyer,
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you know, be careful of, you know, these things that you're
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that you have access to online because you're not getting the
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personal connection and being able to ask questions and the
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questions being able to be interpreted in real time by, you
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know, a real person that is able to guide you in the best way and
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has the expertise and knows all of the nuances that are going to
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be relevant to your situation. So that's one reason why I focus
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on relationship. That's how I've always
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practiced. That's how I will continue to
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practice. This is where we're able to not
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just prepare a set of documents and say, okay, see you later and
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hope that clients don't call us or reach out.
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And unfortunately, that's how most estate planning firms or
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document preparers work, right? They just want to get it done,
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get on to the next. That's not the best practice.
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And so, you know, really focusing on the relationship
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where when we put planning in place, as, you know, as a client
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and a friend, that that's really the beginning of the
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relationship where we're going to want to check in and we're
6:02
going to review. And as the law changes, as your
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assets change, as your family grows, as your family changes,
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we want to make sure that we're able to address those things
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properly within your plan so that it's dynamic and it really
6:15
works the way that it's supposed to.
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Let's add a little drama to this.
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Yeah, What is the worst case scenario?
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You go, you do your estate planning through ChatGPT, you
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get it notarized, you think you're good.
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What happens on the other side of that?
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Yeah. Unfortunately, the reality for
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most people that do that is probate.
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And so probate for, for those of you that do have experience,
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it's a court process or those that don't know, I should say
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it's a court process that requires filings.
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It takes a long time. It's actually a public process.
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So anyone can go and see what assets you have in your estate,
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who the people are to receive your your estate.
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And it's sometimes it's not the people that you actually want,
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because if you don't take the time to plan and have these
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documents and these other parts of your strategy really in
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place, then it's a judge that's ultimately going to make these
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rulings. And it takes a long time in most
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states, even for simple estates, it takes about a year and a half
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to two years, sometimes longer. In many cases it takes a longer
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time because the court dockets are backed up.
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Other complications can arise depending on the different
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circumstances at play in in the particular estate.
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And so it's really expensive too.
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So it's not just time that's wasted or time that's consumed,
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it's money. And typically it's about 5 to 8%
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of the value of your estate. So when we look at estate value,
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we're adding up the value of the assets that you have.
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So assets like your real estate, your bank accounts, your
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investment accounts, your personal property, your business
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or your business interests, those are all assets that go
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into this countable estate. And even if you owe money, so
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say you owe, you know, money on your mortgage, that doesn't have
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anything to do as far as what triggers A probate.
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So it's the value of your, of your home, which in Nevada it's,
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we have a really low threshold that triggers a court process,
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which is $25,000. That's it.
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Yeah, $25,000, a $100,000 in value for that requires a full
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probate. So most of us have that right.
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If we have a house, if we have bank accounts, you know, these
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are things that would add up to that total and would require a
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probate, this court process that most of us want to avoid.
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But unfortunately when we don't take the proper steps, it's by
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default what the reality is. That's right.
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You're not in control. No.
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And we're here, both of us in our own ways to help people take
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control. Yes.
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And you're not in control when you don't have the proper
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documentation. Because if you're trying to save
9:00
money or time, not right now, that might save you money or
9:04
time, but on the back end, it's not going to save anybody money
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or time. And it's going to cost so much
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more. It's going to cost so much more
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money. Usually it's 10s of thousands of
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dollars more or or more than that.
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And it's your family's time. It's hiring an attorney to
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represent you, which is another set of expenses that you have to
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pay out of pocket. Your family has to pay that
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upfront and hope to be reimbursed through the probate
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process when when the estate is finally distributed according to
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the court's terms. And of course, the thing that we
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talked about earlier, Lisa, like this emotional toll, this
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emotional struggle that we're often dealing with grief in the
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midst of all of this. And we're not able to properly
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grieve and deal with the things with our family that need to
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really be addressed in in the proper or best way because we're
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having to focus on these other things that really could have
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been avoided. That's right.
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I noticed with so I don't know if I've shared this with the
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audience, but yes, you said you're my attorney, but you, we
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did the whole estate planning process with you and it was so
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thorough. It was so thorough.
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And Jimmy and I just went to Mexico.
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And for those of you who don't know, my son's mom, my adopted
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son Range's mom passed away in 2021.
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She was in Mexico when she passed away.
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So she didn't end up, she ended up finally getting across the
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border, but she passed away in Mexico.
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And so for my my son Range, she was really triggered by the fact
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that both his parents now are going to Mexico and he was
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really, really scared. And it was because of our trust
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documents and the folders and all of the details and the
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information that I felt really good about going.
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And we knew we were coming home. Surprised we made it home,
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right? No plot twist there.
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But I was able to look at range and say range, everything is
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here and you're going to be OK no matter what happens.
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And it was because of the state planning process and all the
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folders and the information and who we left the information to.
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And the kids had the phone numbers.
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We had it all prepared. I don't know if I would have
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felt good about going to Mexico had I not done all of that
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right. Yeah.
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And it just gives you that, you know, that Peace of Mind knowing
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in a worst case scenario, which of course we never want to
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happen, but we know things happen.
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You know, that's just part of life that if any, anything were
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to happen, we've got all these bases covered.
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And that's one of the differences between AI generated
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documents or online documents or even, you know, like the cheaper
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options that don't cover of these things that it's not
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comprehensive enough to address. If you've got minor children,
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you know, who are under 18 at home, what would that look like
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for them if you didn't make it back?
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You know, who would be able to step in in the short term, the
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long term, like how would they be raised?
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These are all contingencies that we need to be able to plan for.
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Plus our pets, you know, plus our assets, plus our medical
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wishes, our end of life wishes, you know, who would be able to
12:06
step in and handle our financial affairs, who could pay our
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mortgage decisions and authority that we need to be able to vest
12:13
in the right people so that we can allow for a smooth
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transition if any of those things happen moving forward.
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So I'm glad that you had that Peace of Mind and you know that
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you were able to go and enjoy that time with Jimmy.
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It's so important to be able to take those moments as well.
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We were and also is the financial decision maker for the
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family. Jimmy knows that he's not as
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close to you as I am, but having those meetings with you, he
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knows that you're just a phone call away.
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And I think that that really helps him know, OK, like I'm
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not, he's not in the day-to-day of our finances, but he knows
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that that folder is in our safe, yes.
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And he knows who to call and he knows that you'll be there or
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someone in your office will be there.
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So that that gives him Peace of Mind too.
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And that's been, you know, another blessing of the work
12:59
that we do. Unfortunately, you know, we're
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going to die at some point or something may happen, You know,
13:04
we might become incapacitated. And so every day we get calls
13:08
from family members of our clients that say, OK, this is
13:12
the situation with my mom or this is what's happening with my
13:15
grandfather. You know, what do we do now?
13:17
And for us to be able to support families in that way when things
13:21
happen is so important to us to be able to continue that, you
13:26
know, that relationship because it's not just the clients, you
13:28
know, that we have the relationship with, although
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that's where it starts, of course, but it's the extension
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of you. You know, it's your family
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members, it's your loved ones, it's your kids that we want to
13:38
make sure are properly supported and guided with those next
13:41
steps. Because if they're not, then it
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ends up being such a huge mess and more stress and grief.
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That's not necessary. Mess, stress, grief, fighting.
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Yeah, fighting. Money is just, it's a truth
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teller about who people really are at the end of life.
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And on the other side of it, it's wild the things that I've
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seen, and I'm sure for you too, as families are dealing with at
14:09
the same time grieving, right, Someone that they love.
14:13
And it often brings out the worst in people because, you
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know, these emotions come up and we don't always know how to deal
14:19
with them. And that's one of the things
14:21
that I love about the work that you do is you, I mean, we both
14:25
are planners and we're both strategists and we're trying to
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get ahead of, you know, ahead of the issues before they pop up.
14:32
And for those that don't have the benefit of working with
14:34
Someone Like You, for example, to actually get an understanding
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of, you know, their relationship with money, which I love taking
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the quiz again, this, I took it years ago and I think some of my
14:45
numbers shifted a little bit. But it's still a spender.
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Yeah. So, you know, just I, it's just,
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even though I have some level of awareness of it, like it's, it
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just brings it to the forefront again so that I can continue to
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work on maybe, you know, things that would help me to be, you
15:02
know, better in in my place moving forward.
15:05
And so those resources that you provide and the coaching, you
15:08
know, that you and your business and your team provides is so
15:11
valuable because when people don't have those resources and
15:14
when they don't have, they're planning in place.
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I've seen in my own family, you know what happens and it brings
15:21
out the ugliest of emotions and reactions.
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And then we see the division that happens with relationships.
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And I sit with clients all the time and they're like, OK, well,
15:33
you know, we have a really close family and I don't anticipate
15:36
anything happening. I'm like, OK, totally
15:38
understand. Appreciate that.
15:40
But I've seen even the closest of families where little things,
15:45
if they're not properly addressed, they cause big
15:48
problems. So let's take the time to
15:50
address them now so that we iron all of this out and we ensure
15:55
that, you know, your family won't be in a situation that's
15:58
so true, unlikely as it could be.
16:00
It's so true. I, I tell my clients it's
16:03
similar to death and divorce are similar in the way that plays
16:07
out is that I'll have people come in and they're going to be,
16:10
we're going to be amicable, we're going to be friends to
16:12
this divorce. And I say, listen, you don't
16:14
know who this person is going to be on the other side of divorce.
16:18
And it's the same thing as death.
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You don't know who because the family dynamic changes when one
16:25
person's out of the equation and then you throw money into it.
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You don't know who who is who. People will show up and then you
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throw grief on top of it and it's wild.
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Yes, said that twice now in the interview.
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All that to say is when you have proper estate planning, you
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can't control. Of course, if you're dead, you
16:46
can't control any of it, but you can have a say and do your best
16:51
to keep things the way you want them to be.
16:55
Right. It's all about making sure that
16:56
your wishes are honored so that there's no fighting.
17:00
And to the extent that your priorities are, you know, I want
17:04
to avoid probate, I want to avoid taxes.
17:06
I want to maximize the wealth that I've accumulated and make
17:09
sure that I'm passing as much down to my family as possible.
17:14
You know, those are all the things that we're able to
17:16
address in proper estate planning.
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So that's one of the the benefits of doing the life and
17:22
legacy planning session, which you and Jimmy did together with
17:25
me is we talk about all of these things and I say, you know, tell
17:29
me what's important to you? What, what are your priorities?
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Because not everyone's priorities are the same.
17:34
You know, some people might be focused on, you know, their
17:36
minor children. Some are more focused on the
17:40
wealth that they've created and making sure that their spouse is
17:42
taken care of. You know, some are making sure
17:45
that you know, their other family members or that their
17:47
health healthcare decisions are honored.
17:50
It really, you know, it could be a combination of things.
17:53
It could be, you know, some things that are more highly
17:55
prioritized than others. And we just want to make sure
17:58
that whatever is important to you, that is what gets addressed
18:03
within your plan. So it's not a cookie cutter or
18:06
one-size-fits-all type of that's right.
18:08
Situation and our book, our estate planning book is this
18:12
big. It's a pretty big binder.
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Please don't leave that to ChatGPT to get all of the
18:18
details about all of the little things.
18:20
And then they're like, the law is different based on well, and
18:23
you can explain this better, but things are different based on
18:25
the kind of trust that you have and the thing that your attorney
18:29
is going to support you with that Shane would support you
18:32
with. And her team is making those
18:34
important decisions about. First of all, who is the
18:37
executive? Who is the executor of your
18:40
trust? I have.
18:41
I have clients who don't choose their kids to be the executor,
18:45
right. It's not going to default be
18:48
your oldest child. No, no, yeah.
18:52
And that's what, you know, I was actually interviewed.
18:54
It'll be airing next week, but it was my fifth interview that I
18:58
did last week on the Tony Shea case.
19:02
And so many of us are familiar with Tony Shea.
19:04
He was the former Zappos CEO and he was now, it's been five
19:09
years, five years this month since he passed away
19:12
unexpectedly. He was 46 years old.
19:15
He had no estate planning that we were aware of at the time.
19:19
Now there's this will that has surfaced.
19:21
However, it hasn't been authenticated because they can't
19:25
reach the witnesses that signed, you know, haven't been able to
19:28
be verified or reached. And so this is just like 1-1
19:32
other thing that has come up over the course of five years
19:36
where, you know, his family's been having to deal with with
19:39
this unfortunate mess. And in addition to the loss of,
19:43
you know, Tony Shay and, you know, there's all these
19:45
different people that are coming out of the woodwork, you know,
19:48
claiming that they were entitled to, you know, this or that.
19:53
You know, his ex-girlfriend, his former assistant, you know, has
19:56
this contract that says she was supposed to be compensated at
19:59
$30,000 a day. We've got all these properties
20:02
here in Las Vegas, over 100 properties that Tony Shay owned.
20:06
And there was some fraudulent activity after he had passed
20:10
away where they were transferring.
20:12
These properties, you know, yeah, fraudulently and recording
20:16
deeds and now the families having to, to deal with this
20:18
through probate. Plus there are ancillary
20:21
probates in other states because he purchased real estate in
20:25
Utah. And and so now not only in
20:28
Nevada, we're having to, to, to deal with these other things.
20:31
So, so yeah, it's, it can, it can have such a huge impact when
20:37
we just don't take, you know, if we're not taking the time to be
20:40
able to, to make the decisions now and get all of these affairs
20:44
in order. Agreed.
20:45
Yeah. What I, what I think I'm hearing
20:47
you say behind all of this is that estate planning will have
20:50
the potential to be the to create the best possible outcome
20:55
in the worst possible situation. Or it can have the opposite
21:00
impact and it brings out the worst of everybody when proper
21:04
decisions have not been made. What is there?
21:07
Is there someone, is there anyone who doesn't need estate
21:10
planning? Well if you're over 18 then you
21:14
need a plan and your plan is going to look different.
21:18
I share this all the time. Like a typical 18 year olds plan
21:22
is going to look a lot different than someone who's like our age
21:25
or in our demographic that has these different things that are
21:29
present in our lives, businesses and other relationships and so
21:34
forth. But if you're over 18, you need
21:37
to have some type of planning. So anyone over 18, whether it's
21:42
very basic or foundational planning to very complex or more
21:47
advanced planning. And you mentioned there are
21:50
different types of plans or different types of trusts.
21:53
And most people, as we've been discussing kind of the typical
21:57
demographic, the typical family, typical household where we've
22:02
got, you know, bank accounts, you know, maybe a house, those
22:05
types of most people need a revocable living trust.
22:09
That's the centerpiece of your plan and everything really
22:12
should flow through it. So it really should address The
22:15
Who, the what, the one, the where, the why, and the how.
22:18
And then those ancillary parts of your plan are things like
22:21
healthcare directives or living wills, HIPAA releases, medical
22:25
powers of attorney, your financial durable powers of
22:28
attorney. Even when we set up a trust, we
22:31
still prepare, our firm still prepares what are called pour
22:34
over wills just in case there's an asset that's not properly
22:39
incorporated into your trust. You know, maybe there's an
22:42
account that you forgot about and now we discover it after you
22:45
passed away. Instead of having to do a full
22:48
probate, we're able to utilize that that will and say, hey,
22:51
judge, we actually have a trust over here.
22:54
This account or this asset just wasn't put into the trust.
22:57
So can we get an order that pours it in without having to do
23:01
a full probate? So we try to cover or not try.
23:05
We do cover really all of the different bases to making sure
23:08
that your plan is properly set up.
23:11
And you mentioned the dogs. We have our dogs in the trust.
23:14
Yeah, Yeah, we know. We know who's going to take care
23:17
of the dogs. We've communicated that to them.
23:19
They know that they're going to get some financial support to do
23:22
that. And so if you have pets and kids
23:26
and things that you own, you want to get it.
23:28
You want to get it handled. Yeah.
23:30
And with the revocable trust that, you know, we were, we were
23:33
discussing as the foundation, that's most people's main part
23:37
of their plan. Something to keep in mind is
23:41
that the main benefits of the Revocable Living Trust are
23:45
you're able to avoid probate. And as long as all of your
23:48
assets are properly titled and that we, we guide you through
23:50
it, we actually take care of that.
23:52
You know, we can take care of that for you.
23:53
So you don't have to worry about that.
23:55
We're able to avoid probate. That's one of the main
23:57
advantages. And then also we can avoid
24:00
taxes, certain taxes like estate taxes, capital gains taxes.
24:05
And we can incorporate asset protection as the assets move
24:10
from say a married couple, like when one spouse passes away, we
24:13
can build in protection for the surviving spouse.
24:16
And then ultimately who your beneficiaries are that are gonna
24:19
be receiving those assets, whether it's your kids or other
24:22
family members, charities, we can build in the proper
24:26
parameters and provisions according to your wishes.
24:29
But the thing to keep in mind is, and this is a common
24:32
misconception, I see it and hear it all the time.
24:35
People think, oh, well, I've got to trust.
24:37
So if someone sues me or if the IRS tries to come after me, they
24:42
can't get access to these assets.
24:44
That's not true when you have a revocable living trust.
24:48
So you don't have asset protection.
24:51
So for, for you and Jimmy in this example, if you have only a
24:54
revocable trust while you and Jimmy are alive, you know,
24:58
happy, healthy for many, many years, yes, if anything happens
25:03
during that lifetime with the two of you, your creditors,
25:07
these third parties, the IRS, you know, someone that tries to
25:10
sue you, any lawsuit judgment, those are people that can
25:15
actually access the assets that are in your revocable trust.
25:19
So revocable means you can change it at any time.
25:21
It's very flexible. You maintain control.
25:24
Now, if you're wanting to, but you don't have asset protection
25:27
during your lifetime, you want asset protection.
25:30
There are different types of irrevocable trusts, which
25:34
technically these irrevocable trusts mean that you can't
25:37
change them once they're set up. You have these restrictions,
25:41
right? And lots of different types of
25:43
irrevocable trusts you may have heard of, like an islet, an
25:46
irrevocable life insurance trust or a Medicaid asset protection
25:50
trust, or a grantor retained annuity trust, a grant.
25:54
The main trust that we actually work with most of our clients
25:58
on, on the asset protection side is the Nevada Asset Protection
26:01
Trust. And Nevada is actually ranked
26:04
number one for asset protection, domestic asset protection across
26:09
the country. And you don't have to live in
26:10
Nevada to actually set this up, but what you're allowed to do is
26:14
set up this trust. And we work with clients all
26:16
across the nation, whether they live in California or other
26:21
states. And we base it in Nevada because
26:24
Nevada has the best trust laws, the best tax laws, the best
26:27
asset protection and business laws, as many of us know.
26:31
So we're able to set this up or there are certain parameters
26:34
that we stay within, but what we're able to do is essentially
26:38
shelter assets during our lifetime so that if there is a
26:42
claim, if there is a lawsuit, if there is a creditor in the
26:46
future, no one can have access to those assets.
26:49
So it's really being able to shelter our assets maximize what
26:52
we're ultimately that what we have available to us.
26:56
So in a worst case scenario, you know, we're talking about worst
26:58
case scenarios, if we lost everything, you know, in a
27:02
lawsuit or to a credit, then those assets would still be
27:05
secure. So, so yeah, most people don't
27:09
know about that added level of protection that's available here
27:14
in Nevada and available to non Nevada residents as well.
27:18
We're #1 yes. In something, yes.
27:21
Which is good, yes. I love it, I love it you and I
27:25
both work with a lot of women who hold the emotional load for
27:28
the family. The Women Decision Makers
27:30
community has been created for that reason.
27:33
We women, we hold the ball in decision making in so many ways.
27:37
Why do you think it's such a powerful tool for women when it
27:39
comes to emotional and financial safety?
27:42
Yeah. Well, you know, you said it,
27:44
it's we're usually the ones that are carrying that load or you
27:48
know, that that burden, because many times we're out living our
27:52
male counterparts and we're having to take care of the older
27:55
generation, you know, our parents, our grandparents, while
27:58
we're potentially raising our kids and taking care of the
28:01
generation below us. So we have a lot of these
28:04
demands on our time, on our energy, on our focus, and it's
28:10
just one less thing that we have to worry about when we are we're
28:13
able to have all of our ducks in a row.
28:16
And that's one of the reasons why women decision makers, you
28:19
know, why we started the group is because we're seeing women at
28:23
the forefront. You know, it was women that were
28:25
really pushing their families and making it a priority to get
28:29
planning in place. And not to say that men don't do
28:32
it, but what we were seeing was, you know, there's this trend of
28:35
women that are coming into this space, which traditionally, you
28:38
know, was more of a male dominated area of finance.
28:42
You know, the clients that you work with, you know, you've seen
28:44
that where now you know roles, some of these roles have
28:48
shifted. And we want to make sure that
28:50
we're taking care of ourselves and we're taking care of our
28:53
families and making sure that we're not leaving a burden for
28:56
the next generation. That's right.
28:59
That's so important. Women are the decision makers.
29:02
We are holding the ball. And when I ask audiences all
29:07
around the world what's important about money to them,
29:10
the top thing that they share is that they want security and that
29:14
they want peace. Right.
29:15
And that the kicker is that it's not the total amount of money in
29:19
your bank account which people think if I just have $1,000,000,
29:23
I'll have peace and security. No, no, actually it's exactly
29:28
what we're talking about today. It's protection and making sure
29:33
that your loved ones are taken care of.
29:36
And if you knew that, then I believe you would sleep better
29:40
at night. Right, right.
29:42
And that's what it's about. It's really giving ourselves
29:44
that Peace of Mind, that reassurance, knowing that, OK,
29:48
that's one less thing that I have to worry about.
29:50
And it's not something that you necessarily have to keep at the
29:55
forefront. Once we put the planning in
29:57
place, we'll reach out and we'll check in and say, hey, Lisa, how
30:01
are things going with you and Jimmy, it's time for a review.
30:05
Let's let's talk about where things are.
30:06
You know, the boys are getting older.
30:08
What are the things that we need to update or hey, the law has
30:11
changed here, or hey, there's this other opportunity now that
30:14
you're in this different place that we can look at, you know,
30:17
to be able to incorporate or implement as part of the
30:21
strategy. That's part of your plan.
30:23
Yeah, I love that. It sounds like I need to get
30:24
back into a conversation about an asset protection trust.
30:28
I love it. OK, let's switch gears to
30:30
personal. You ready?
30:31
OK, so you have Kyra, Shyra, Kaylin, Cameron and Samara.
30:37
Oh, very good. Yeah, well, I know them.
30:40
I've had conversations with each one of them to get to know them.
30:44
And Kyra and Shira are graduating law school this fall.
30:47
And you are. Congratulations to the Boyd Law
30:50
Alumni of the Year. Thank you.
30:52
And you're the first daughter mother combo graduating from
30:56
Boyd Law. Yeah, which is a huge first full
31:00
circle moment. And your daughters are now
31:02
positioned to come into the they're already be working in
31:05
the practice. But I'm sure you've talked about
31:08
legacy. How do you and Charles talk
31:10
about legacy with the girls? Wow.
31:13
Well, it's interesting because we have, we've really grown up,
31:18
you know, with, with our daughters.
31:20
We were relatively young when we had them.
31:22
And so they've kind of seen the different steps that we've
31:26
taken, the challenges that we've faced, you know, the struggles
31:29
that we've faced as a family, you know, as a couple to be able
31:32
to build the business and the opportunity for this legacy that
31:36
we have. So they have a different level
31:38
of appreciation. I think although, you know, they
31:40
have lived a very, you know, nice and and privileged life,
31:45
you know, themselves, but they've seen the steps and the
31:48
work that goes into building it. And they weren't always on the
31:52
path of, yeah, we're going to be attorneys.
31:55
We're going to go to law school. They, they actually had shifted
31:58
their focus when they were little and they saw me, their
32:01
their mom as an attorney. That's the first thing that they
32:04
said, you know, yeah, I want to be a lawyer like my mommy.
32:06
But when I was working in the big firms and these other
32:09
settings, they were like, I don't know, that doesn't really
32:12
look like what I want to do. And then when we opened the firm
32:15
in 2017 and they were in high school, they were still
32:19
relatively young, but we included them in the business
32:22
and we required them to participate at the level that
32:26
was appropriate for them at that age.
32:28
So it started with, you know, male and I'm scanning documents
32:33
and being a runner and, you know, these other administrative
32:36
and support roles and through the years they've become, you
32:41
know, now they're currently they're law clerks.
32:43
They're going to be graduating from law school as mentioned
32:47
shortly, and they'll be taking the bar hopefully soon becoming
32:51
licensed attorneys here and now I'm.
32:53
Sure, they'll be fine with the bar.
32:55
Yes, yeah. So, so they've had this
32:59
opportunity growing up and being involved in the business where
33:02
Charles and I have conversations with them, you know, all the
33:05
time. And he's really good about that
33:07
too. As you know, he's like, he, he,
33:10
he tends to over, he's like the over communicator.
33:13
And I try to make sure that I'm making sure that I also, you
33:16
know, am communicating in the best way.
33:19
But they've got these different opportunities and advantages,
33:23
you know, with with growing up with us and participating in the
33:27
business to be able to see things, you know, from start to
33:31
finish, you know, being on the back end to, you know, moving
33:34
into these different roles where they know how to do everything
33:37
between the two of them, they really know how to do everything
33:40
or what's involved in every aspect of the business.
33:43
And so thankfully I've been so happy that they've decided to to
33:49
go to law school and become attorneys because now I can pass
33:53
my firm to the other. I have another attorney that's
33:57
full time in the office to Austin and to Kyra and Shyra.
34:00
You know, if anything were to happen to me, I have that built
34:03
in as part of my business succession plan, which is so
34:07
important to think about on the business side too, where for
34:10
business owners often, you know, we have different pieces of our
34:14
business in place, but we don't necessarily have the succession
34:17
or continuity planning that needs to be folded in as part of
34:21
that. Yeah, I agree.
34:23
It's similar to a financial advisor.
34:25
And what what I feel so happy about is knowing that it is,
34:29
Yes, you're my friend and yes, you're my attorney.
34:31
And I know that in a pinch, one of my kids or my husband can
34:35
call you. But I also know that Shira and
34:37
Kyra are right there and that this is an office and a legacy
34:40
that's going to live on. And similar to a financial
34:42
advisor, look for someone who is going to be in the business and
34:47
the industry because they love being in the industry and that
34:51
they're going to be able to grow with you.
34:53
I think that that's a really important point which speaks
34:56
directly to a top value of yours and mine, which is
34:58
relationships. It's been the right
35:02
relationships. Yeah.
35:03
And that really that continuity because I get clients all the
35:06
time that are like, Oh yeah, you know, I worked with this other
35:09
attorney, but you know, he's passed away or he's retiring or
35:13
there's one in particular that's in jail.
35:15
And so it's like, OK, well, yeah, we we get that feedback
35:19
quite often where they're like, we're looking for something long
35:22
term. We're not looking for something
35:24
just for a right now solution. We want to make sure that moving
35:27
forward, no matter what happens, that there's going to be that
35:31
relationship and that support moving forward.
35:34
That's right. And so I want to impress upon
35:37
you as you're listening to this episode and as we're closing out
35:39
this conversation, I can't think of a better gift for you to give
35:42
yourself and your family than the gift of estate planning.
35:46
And estate planning is well beyond the numbers in the count.
35:51
It's Peace of Mind for your kids.
35:53
It's Peace of Mind for your family.
35:55
It's got those directives. It's going to require you to
35:59
think about the impact of your life when you're not here
36:02
anymore. And it is the most important
36:04
thing for you to think about this holiday season because
36:07
tomorrow's not promised. It's not promised for any one of
36:10
us. And our legacy, we didn't, we
36:12
didn't work so hard in our lives to get where we are for it to be
36:16
squandered or not protected or God forbid, you can't make
36:20
decisions for yourself, your estate plan.
36:23
You can make those decisions now for yourself, for your health,
36:27
and for your wealth so that your family can help grieve you.
36:31
No one wants to think about this, Shane.
36:33
No one wants to think about it, but it is so important.
36:37
And so for whatever reason that you found this podcast, I hope
36:40
that you're hearing more than ever give yourself the gift of a
36:43
proper estate plan with an attorney and a with an attorney
36:47
that cares enough to go through every little detail with you.
36:52
Yes, yes, thank you. And the holidays are a great
36:55
reminder of just, you know, having these conversations with
36:58
our family members and getting these, you know, affairs in
37:02
order. So I would love to offer to
37:04
anyone that's listening or watching the podcast, a
37:08
complimentary life and legacy planning session similar to what
37:11
you and Jimmy experienced, where you get to sit down with an
37:14
attorney, you know, in our office, whether it's me or
37:17
another attorney in our office. And we budget 2 hours for this
37:21
session. We waive the fees, which
37:23
normally are $1500 because we actually do the design of your
37:27
plan as part of that, that first session.
37:30
So it's a working, productive meeting.
37:32
You're able to ask whatever questions you have.
37:35
We're there to answer them and really guide you and make
37:38
recommendations. And I do the design as part of
37:41
that meeting so that you're able to see it.
37:44
You know, I'm a visual learner, so I like to be able to see
37:46
things mapped out. And so we incorporate that, we
37:50
include that as part of that complimentary session so that
37:52
you can really make the best decisions, the most empowered
37:55
decisions. And when you decide you want to
37:58
work with me or work with my firm, then we'll make that,
38:01
we'll finalize the design, we'll go over the engagement
38:04
agreement. You actually get to customize
38:07
your plan. So you're picking what's
38:08
important to you as far as the features and what it looks like,
38:12
and you're establishing what that will cost for you.
38:15
So we're able to make modifications and adjustments
38:17
based on what your needs are, what your budget is, but that's
38:21
the benefit of really taking advantage of that complimentary
38:24
session. So the website where you can get
38:27
more information is Young lawlive.com and we also have an
38:32
on demand video that's available there.
38:34
So if you want to get more information on some of the
38:36
things that Lisa and I talked about today, you'll get a lot of
38:39
that. Good estate planning one O 1
38:42
info. There, that's right.
38:44
Don't delay it, just do it. You're here.
38:47
I believe you're at the you're, you're listening to this podcast
38:49
because you want to start making choices for yourself
38:52
financially. And I'm pointing you in the
38:54
right direction. So take action.
38:56
And I want to hear, and Shane and I want to hear all about the
38:58
things that you're discovering and how excited you are to have
39:01
your estate plan in place. It matters more than you know.
39:04
Yeah. And make sure you mentioned the
39:06
podcast so I can also give a $500 discount on any planning
39:11
that you do decide to move forward with.
39:13
Thank you, Shane. That's so generous of you.
39:15
We're going to end this conversation with a fun, rapid
39:18
round of my favorite game called This or That.
39:21
We play this in car rides. It's so fun.
39:23
I play it with kids too, but we're going to play it today.
39:26
Are you ready? Yeah, OK, Coffee or tea?
39:28
Tea. Early bird or night owl?
39:31
Early bird, I like to get up early, although I don't always
39:34
get up early and I stay oblate. I'm like well I stay oblate too
39:39
sometimes so but I'd say it really worked.
39:41
OK, beach vacation or mountain cabin beach, I know that I know
39:46
that book or podcast. Book, but I'll listen to your
39:50
podcast. Here's to the exception.
39:55
Save first or spend on joy. Oh gosh, I get.
39:59
Well, according to my my test, I'm a spender, so yeah.
40:02
We spend, yeah. Yeah, Yeah, You have to know
40:05
Shane is one of the most generous women that I know.
40:09
And it it just, it's a testament to how generosity really is the
40:13
abundance that we're all seeking.
40:15
Yeah. So spending, yes, but you're
40:17
like so generous. You're spending on everybody,
40:19
not just yourself, probably more on everybody else and yourself.
40:23
Cash or card? Card minimalist or organized
40:27
chaos? If you ask Charles, it's
40:30
organized chaos. I knew it I would.
40:32
Like to think that I'm a minimalist, but I have, you
40:36
know, little tendencies to want to keep, you know, keep certain
40:41
things. I know that about you, friend.
40:43
Yeah. OK.
40:44
You ready? This is lighter one.
40:45
Puppies or kittens? Puppies.
40:47
Ice cream or cookies? Who both.
40:50
It depends on my mood, but I would say probably, gosh, I'm
40:54
like almost 5050 on that. I'd probably give the edge to
40:57
ice cream. Playground or video games?
41:00
Playground. Totally, Yeah.
41:02
Summer break or snow day? Summer swimming pool or
41:05
trampoline? Swimming pool.
41:08
Are you a water sign? You are.
41:10
I'm, well, I'm popcorn. So yeah.
41:14
But I do love the water, you know, like I love being close.
41:17
I like, I love seeing the water being close to the water.
41:21
So yeah, finally, when we were able to to do our pool, you know
41:25
it, I was just like, I just like to look at it, but I do swim.
41:29
OK, so if you're listening to this, I hope that you've gotten
41:31
to know Shane better. She's one of my best friends.
41:34
I trust her with my business, I trust her with my family.
41:38
And I think that that's that speaks so importantly to having
41:42
a sisterhood of women. And so when it comes to a simple
41:45
step that you can take toward estate planning today, of
41:49
course, you can call Shane. She's already made that offer.
41:52
But also have a conversation with a friend.
41:55
Have find a sister in your life, theoretical or actual sister,
41:59
and talk to them about what's keeping you up at night.
42:02
Because that could be the first step that you need in order to
42:05
be able to get less overwhelmed in this topic and closer to
42:10
having your plan, having your estate taken care of.
42:13
We know where you can. We can connect to you, Shane.
42:15
And what is it that's on your heart to share with the audience
42:18
today? Well, I just want to say thank
42:20
you. You know, as we're heading into
42:22
the holidays, it's, you know, this mix of being excited and
42:26
being thankful, but also, you know, experiencing loss and
42:30
having like our hearts and our love go to to people that have
42:34
experienced lost recently, knowing that the holidays are
42:37
going to be a tough time for them.
42:39
So I think, you know, as you mentioned, just, you know,
42:41
cherish this time, have the conversations.
42:44
I'm here as a resource and I just appreciate you and the work
42:48
that you do, Lisa. And I'm glad and so blessed to
42:53
have our worlds connected so many years ago to where we've
42:57
grown this relationship and become really just best friends.
43:01
And I love you and thank you. I love you too.
43:03
Thank you. What a great way to end the
43:05
show. This is real money where we make
43:08
the emotional side of money safe to talk about.
43:11
And estate planning is emotional more than it is anything.
43:15
It's about protection, dignity, and peace.
43:18
Shane, thank you for helping us make this real and accessible.
43:22
Thank you. Yeah.