Latest / Curtis Sliwa & Larry Mendte In The Morning / Ann-Margaret Carrozza, Host of ‘The Laws of Your Money’ on WOR Sundays, interview

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Ann-Margaret Carrozza, Host of ‘The Laws of Your Money’ on WOR Sundays, interview · Curtis Sliwa & Larry Mendte In The Morning

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  Speaker 1: We're happy to have one of our favorite people, Ann-Margaret Carrozza,
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  Speaker 1: host of The Laws of Your Money with Ann-Margaret Carrozza,
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  Speaker 1: Sundays on WOR at 1030 in the morning. Ann-Margaret Carrozza,
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  Speaker 1: and I'm sure you already know who she is, but
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  Speaker 1: just in case, she's considered the best asset protection attorney
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  Speaker 1: who served for 14 years as a New York State legislator,
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  Speaker 1: where she chaired the Trust Reform Committee. task force so
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  Speaker 1: if you want somebody on your side that is the
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  Speaker 1: person and let me tell you and margaret first of
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  Speaker 1: all thank you so much thanks for coming in guys
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  Speaker 1: uh curtis really needs you because curtis has got a
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  Speaker 1: problem uh when it comes to pets and i know
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  Speaker 1: that's what we're talking about today they have 14 cats
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  Speaker 1: and really and his wife says if she were to
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  Speaker 1: go first cats get.
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  Speaker 2: Everything everything the uh matriarch who is athena the patriarch
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  Speaker 2: apollo and all the other cats She goes, you don't
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  Speaker 2: get a nickel, dime.
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  Speaker 1: Or penny.
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  Speaker 2: Oh, dear.
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  Speaker 1: Okay.
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  Speaker 3: Well, this is a huge issue, guys. 66% of us
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  Speaker 3: have a furry family member, right? And we love these
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  Speaker 3: creatures in many cases more than we love our human relatives.
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  Speaker 3: So whenever I sit down with someone to make a will,
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  Speaker 3: to make a trust, I ask them, do you have
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  Speaker 3: a pet, and how are we providing for that pet?
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  Speaker 3: You can't just wing it. And especially if we live alone,
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  Speaker 3: we want to think about making provisions. In the event
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  Speaker 3: that I have a medical issue, I want to put
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  Speaker 3: the contact name and number on the refrigerator of who
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  Speaker 3: the paramedic should call. Because you know, Curtis, you have cats.
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  Speaker 1: Yes.
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  Speaker 3: Strangers come in the door with a stretcher, those cats
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  Speaker 3: are going to hide, and they might not even know
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  Speaker 3: that there are cats that live in that house. So
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  Speaker 3: paramedics are trained to look at the refrigerator to find
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  Speaker 3: out who my emergency contact is to make health care decisions,
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  Speaker 3: but we should also have the pet care person there
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  Speaker 3: as well.
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  Speaker 2: Yeah, you are exactly right. The moment they hear a stranger...
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  Speaker 2: All the cats immediately dive into a closet under the bed,
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  Speaker 2: under the couch. You would never know that there were
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  Speaker 2: cats there unless you saw a bowl there of food
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  Speaker 2: or water.
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  Speaker 1: That's it.
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  Speaker 3: So you have to put a plan in place. And
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  Speaker 3: I know many seniors that I work with who would benefit.
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  Speaker 3: from the companionship of a pet, lower blood pressure. It
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  Speaker 3: helps deter criminals when we're talking about a dog. But
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  Speaker 3: they say, I don't want to adopt a pet at
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  Speaker 3: this point because I will outlive the pet and it's
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  Speaker 3: not fair to the pet. But in all 50 states now,
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  Speaker 3: we can put provisions into place to protect the pet
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  Speaker 3: when we are gone. That is a pet care trust.
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  Speaker 3: You don't have to fund it now. And for people
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  Speaker 3: who don't have the money to go to an attorney
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  Speaker 3: to have this set up for like $ 2, 500, I have
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  Speaker 3: it free on my website.
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  Speaker 1: Wow.
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  Speaker 2: What's the website again?
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  Speaker 3: It's mylawyerann.com. There's a section for free forms. Download this
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  Speaker 3: Pet Care Trust. Fill in the names. You can get
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  Speaker 3: a tax ID number online. for this trust and it
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  Speaker 3: can then be named as the beneficiary of a little
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  Speaker 3: bank account or of a little life insurance policy. So
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  Speaker 3: upon my death, the money goes into this trust where
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  Speaker 3: I have laid out instructions for the care, the vet
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  Speaker 3: contact information, and I really have a plan in place.
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  Speaker 1: That's so wonderful you're doing that. I can't imagine, or
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  Speaker 1: I can imagine, that a lot of people that come
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  Speaker 1: into you and they want to do estate planning, they've
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  Speaker 1: never thought of any of this, about putting their pets
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  Speaker 1: into their estate plan. I'm sure some do, you know,
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  Speaker 1: real big pet people, but, you know, if you have
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  Speaker 1: a family and you think to yourself, oh, my God,
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  Speaker 1: if something were to happen, what's going to happen to
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  Speaker 1: the pets? That's one of the last things they think of. Exactly.
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  Speaker 3: And, you know, we all know about the Leona case,
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  Speaker 3: Leona Helmsley, when she left $ 7 million to her Maltese,
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  Speaker 3: and then there was a family feud. But for most
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  Speaker 3: of us, when we're presented with a reasonable option, we
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  Speaker 3: do want to make provisions for them.
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  Speaker 2: You know what I learned about this, Ann-Margaret Karosa? I
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  Speaker 2: went up to the Pet Cemetery in Hartsdale. where they
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  Speaker 2: have like these tremendous monuments to pets. And I went inside,
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  Speaker 2: and there are always people inside the office. And they
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  Speaker 2: explained to me how people had bequeathed money to their pets,
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  Speaker 2: that there were all kinds of monuments to their pets,
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  Speaker 2: that in many instances the pets had outlived the people
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  Speaker 2: who were caring for them, and that there were other caretakers.
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  Speaker 2: And part of that demand was that they be buried
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  Speaker 2: in the Hartsdale Cemetery. I was amazed. And how much
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  Speaker 2: care and how much concern people had for their pets
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  Speaker 2: for their aftercare, even when that person was no longer there. Absolutely.
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  Speaker 3: And I think it's becoming more mainstream. We have a
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  Speaker 3: number of states that have bills pending to give a
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  Speaker 3: tax credit for the care and feeding of animals. Right now,
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  Speaker 3: it's only... service animals, or if you're fostering an animal,
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  Speaker 3: that you can deduct some expenses.
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  Speaker 2: So I shouldn't take it personally, right, that my wife would- Yes,
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  Speaker 2: you should. Any of her money to all the cats
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  Speaker 2: and basically leave me bupkis.
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  Speaker 3: Well, you know what? If she does the trust for
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  Speaker 3: the cats, you can build a little air hole that
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  Speaker 3: Curtis can also get some money out of that trust.
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  Speaker 1: Hey, real quickly, when couples break up, Is there a
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  Speaker 1: fight over the pets?
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  Speaker 3: Unfortunately, there often is, and the pet is used as
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  Speaker 3: a bargaining chip in a messy breakup. Most states say
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  Speaker 3: whoever adopted or purchased the pet gets the pet. So
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  Speaker 3: if you want to do something different, you want to
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  Speaker 3: put it in a prenup, a postnup, or a cohabitation agreement.
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  Speaker 1: Ann-Margaret Carrozza, thank you so much. By the way, you
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  Speaker 1: can hear more of Ann-Margaret coming up on Sunday at 10.30.
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  Speaker 1: She is the host of Laws of Your Money with
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  Speaker 1: Ann-Margaret Carrozza again. She is an asset protection attorney. So
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  Speaker 1: if you have any questions, everybody, everybody should have something
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  Speaker 1: in writing, right?
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  Speaker 3: Absolutely.
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  Speaker 1: Yeah. And she's going to give you the best advice
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  Speaker 1: on that. Ann-Margaret, It's always a pleasure to have you in.
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  Speaker 1: Thank you so much.
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  Speaker 2: Thanks, guys. Thank you. Thank you, Ann-Margaret. I'll end up
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  Speaker 2: getting bupkis. I know.
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  Speaker 1: Well, you've already been told that. It's not going to
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  Speaker 1: be a huge surprise. Maybe you should hire Ann-Margaret Carozza. Oh.
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  Speaker 1: Not the least.