Latest / Earn Your Leisure / EYL #13 I Suggest You Call My Lawyer.

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EYL #13 I Suggest You Call My Lawyer. · Earn Your Leisure

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Speaker 1: An illegal alien from Guatemala charged with raping a child
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Speaker 2: Sponsored by the United States Department of Homeland Security.
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Speaker 3: All right, guys, welcome back episode thirteen thirteen weeks in unbelievable.
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Speaker 3: So first and foremost, we want to thank you guys
1:29
Speaker 3: for your continued support. Our growth is tremendous on our
1:35
Speaker 3: audio platforms and his YouTube as well. Don't forget to
1:37
Speaker 3: subscribe to our YouTube channel. And yes, yes, yes, don't forget.
1:42
Speaker 3: We got the merch up as well. Our merch shop
1:44
Speaker 3: is doing well. We have some new items, crap top
1:48
Speaker 3: hoodies for the ladies. We have dad hats. You got
1:52
Speaker 3: a whole collection.
1:53
Speaker 4: It's like an on demand service. Tell us what you wanted,
1:56
Speaker 4: We'll make it for you.
1:57
Speaker 3: Yes, yes, yeah, so all right, Uh, you know this
2:05
Speaker 3: is kind of like a school college almost in a sense. Yeah,
2:10
Speaker 3: better than so, you know, we we want to give
2:14
Speaker 3: you guys all the tools that you need to be
2:16
Speaker 3: successful in business. And what's been coming up recently we
2:20
Speaker 3: posted on Instagram is, uh, you know, intellectual property cases. Right,
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Speaker 3: So we look at card E B and she trademarked
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Speaker 3: her signature line you want to say.
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Speaker 5: The line I gotta say it, so she trademarke.
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Speaker 3: She trademarked that. Then we had the Jordan logo, the
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Speaker 3: jump Man logo. That was an interesting situation where the
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Speaker 3: original photographer of that photo sued Nike because they pretty
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Speaker 3: much kind of copied his photo some people think they did, yeah,
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Speaker 3: and he lost the lawsuit on that, and then we
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Speaker 3: also have the Fortnite case right where Fortnite, if anybody
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Speaker 3: is not familiar, it's the most popular video game in
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Speaker 3: the world right now, and they do all these different
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Speaker 3: dances and the creators of these dances were never converensated
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Speaker 3: for it, so they sued Fortnite and it's actually still
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Speaker 3: in litigation, but it's pretty complicated. So it's one thing
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Speaker 3: to be a creative and to create, right it's another
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Speaker 3: thing to actually own what you create and to be
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Speaker 3: able to make money off of it. So we're going
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Speaker 3: to talk about today is intellectual property, licensing, copyright, trademark,
3:30
Speaker 3: all that stuff. So we thought what better way to
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Speaker 3: go into this conversation but to bring an expert in
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Speaker 3: the field. So we have an attorney to being Franco.
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Speaker 3: Thank you for coming. Yes, she is a superstar attorney.
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Speaker 3: She has her own law firm. She has her own
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Speaker 3: law firm called the Franco Law Firm. And that's another
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Speaker 3: thing we do with the show too. We want to
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Speaker 3: bring like the best of the best and professional and
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Speaker 3: to highlight them and to give We don't want to
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Speaker 3: just talk, we want to actually, you know, bring people
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Speaker 3: that are experts in the field and let them, you know,
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Speaker 3: add into the conversation. So that's what we're doing. And
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Speaker 3: then she's also fresh off tour with dj MV.
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Speaker 6: All right, I'm gonna take you everywhere I go.
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Speaker 3: Yes. So, if anybody doesn't know, dj MV is heavy
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Speaker 3: in real estate right now, and he has real estate
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Speaker 3: courses that he offers all throughout the country, and he's
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Speaker 3: put together a real estate dream team of mortgage brokers, attorneys,
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Speaker 3: all kinds of different people that are related to the
4:34
Speaker 3: real estate industry. And she is one of the people
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Speaker 3: that are on tour. So you are very lucky to
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Speaker 3: have her give you some free game today. So thank
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Speaker 3: you for coming.
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Speaker 6: We appreciate thank you so much.
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Speaker 3: Yes. Yes, so we're gonna jump right into it. Troy Willing, So.
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Speaker 5: I mean, obviously you're gonna share your expertise, and a
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Speaker 5: lot of.
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Speaker 4: Us are novices in this field, so pretty much.
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Speaker 5: What is the difference between a pat a copyright, and
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Speaker 5: a trademark.
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Speaker 7: Let's start there, Okay, So patent, copyrights, and trademarks are
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Speaker 7: all intellectual property.
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Speaker 6: And what intellectual property is. It's like something that you.
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Speaker 7: Create with your mind, right, It's like a creative expression,
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Speaker 7: and those different areas are areas that you could create
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Speaker 7: you could protect your your creative expression, right. So a
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Speaker 7: patent is a protection that you get for an invention.
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Speaker 7: So if you have something that's new, that's innovative, that's
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Speaker 7: going to change the way that people you know, live
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Speaker 7: and work technology, those things are patentable and they're very technical, right,
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Speaker 7: so you actually need to be a patent attorney to
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Speaker 7: practice patent law. But those things are going to patent
5:43
Speaker 7: are going to protect inventions. Copyrights are going to protect
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Speaker 7: literary works. So certain things that you that you create,
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Speaker 7: but it has to be expressed so it can be
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Speaker 7: an idea. So intellectual property can't be an idea. You
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Speaker 7: can't protect an idea, so you have to like express it.
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Speaker 7: So if it's a writing a story, you got to
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Speaker 7: write it down. If it's a song, you have to
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Speaker 7: write the lyrics or you could record the music. If
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Speaker 7: it's art, you got to draw, you know, it has
6:11
Speaker 7: to be drawn or whatever. It has to be expressed
6:13
Speaker 7: so somebody.
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Speaker 3: Could that's that's for trademarks, that's for copy copyright, trademarks.
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Speaker 7: And trademark is basically it's gonna gonna bring somebody.
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Speaker 6: Back to the source of a good or service, right,
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Speaker 6: So it.
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Speaker 7: Represents your business, your brand, and it's gonna put the
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Speaker 7: public on notice to know like where to go for
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Speaker 7: that particular product or item. So there's two reasons. One,
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Speaker 7: you want to protect your your sort of like your work. Right,
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Speaker 7: So you create something, you have a business, you put
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Speaker 7: all the sweat equity into it, and you have like goodwill.
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Speaker 7: You know, as your brand grows, they expect a certain quality,
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Speaker 7: is a certain standard from your brand. So you want
6:55
Speaker 7: that to be protected so you can make money off
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Speaker 7: of it. And then the government, the Copyright Trademark Office,
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Speaker 7: they want to make sure that somebody gets hurt from
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Speaker 7: your product on your service, that they know who to
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Speaker 7: go to for that, right.
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Speaker 3: So like the Fortnite when they were trying to do
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Speaker 3: the dance moves, that's a copyright issue, right, yes, And
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Speaker 3: it's a copyright issue because I just want everybody to
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Speaker 3: understand because legal jargon can be a little confusing, yeah, right,
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Speaker 3: and even for like I'm in business and I'm kind
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Speaker 3: of confused by like copyrights and trademarks. So all right,
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Speaker 3: So well, the dance moves is a copyright because that's
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Speaker 3: something that it's like a physical thing that they made up, right.
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Speaker 7: So they like they created it and it's yeah, something
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Speaker 7: like physical that they did.
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Speaker 6: It's like a creative expression.
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Speaker 7: Like choreography, you know, dance moves, And there's going to
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Speaker 7: be an issue even with that when they go to
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Speaker 7: copyright those because from what I understand, all fonds of
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Speaker 7: very so he already got denied because they said it's
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Speaker 7: only three moves, like it's not enough to be choreography.
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Speaker 6: And I I think that's gonna that's gonna sort of.
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Speaker 7: Change the way the law is because like now everything
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Speaker 7: is media, everyone has a camera, everyone's like creating dances,
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Speaker 7: doing all this type of stuff that has to be
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Speaker 7: protected somehow.
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Speaker 5: So like when black Boy JB he does that move
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Speaker 5: and the kids just recreated that's not really choreography what
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Speaker 5: they're saying.
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Speaker 7: Yeah, so that that that's going to be an it'
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Speaker 7: I think that's an issue that's up for discussion.
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Speaker 3: And then all right, so then so then so then
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Speaker 3: the trademark, like the Jordan logo, that's a trademark, right.
8:28
Speaker 7: So in that case they sued for copyright because the
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Speaker 7: person who took it was a photographer, So photography, it's
8:37
Speaker 7: it's a picture that's going to be something that's going
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Speaker 7: to be copyrightable, so they're suing for the photo that
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Speaker 7: that what was it that Nike did the comparable comparable photo,
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Speaker 7: but also comes into question because now they use that
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Speaker 7: as a logo. Right, But he lost because they said
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Speaker 7: it's really not substantially.
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Speaker 3: Yeah, And it's interesting. I think they said that the tracksuit,
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Speaker 3: it was the backdrop in the picture. The track suit
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Speaker 3: and the photos are slightly different. And it's interesting too
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Speaker 3: because people were saying, well, you can't take credit for
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Speaker 3: an image, but you actually can though, because I remember
9:15
Speaker 3: when Cameron had the album. I don't know if you're
9:17
Speaker 3: a Cameron fan, but we're Cameron fans. Yeah, an album
9:23
Speaker 3: called SDE a while ago, and the logo was the
9:27
Speaker 3: NBA logo, which is Jerry West, but instead of like
9:32
Speaker 3: the basketball, it actually had like a firearm in his hands.
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Speaker 3: So the NBA wasn't too happy about that, so they
9:38
Speaker 3: shut it down and he couldn't use it. So it's
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Speaker 3: just interesting to see that. You know, somebody can come
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Speaker 3: up with an idea, but if they don't actually do
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Speaker 3: the right legal steps to somebody else can kind of
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Speaker 3: take the idea and now they own it.
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Speaker 6: Right, And that's what's been happening for years.
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Speaker 7: Like people who are ignorant to this type of protection
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Speaker 7: that it exists. They just create stuff and people who
10:02
Speaker 7: know they take it. And you know, just like all
10:05
Speaker 7: of the artists that came like you know in the eighties, nineties, sixties,
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Speaker 7: like they didn't know that they had an actual, you know,
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Speaker 7: asset that someone else is making money off.
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Speaker 3: And that's what we want to really because especially in
10:16
Speaker 3: our community, like we're very creative, we're creative people, but
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Speaker 3: we don't always understand the business side of things and
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Speaker 3: how to monetize it in the legal steps to take.
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Speaker 3: So like you said, I mean, we'll make it and
10:26
Speaker 3: create it and then somebody else will take it and
10:29
Speaker 3: now they actually own it, right. So if somebody wants
10:32
Speaker 3: to actually go about setting it up right, like what's
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Speaker 3: the steps of legally copywriting something or trademarking or if
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Speaker 3: they don't know the difference, should they do it via
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Speaker 3: a lawyer? Can they do it themselves online? What's your advice?
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Speaker 7: Okay, So, well, one, I have to give a disclaimer,
10:49
Speaker 7: so for anybody who's listening, what I say is.
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Speaker 6: For information only. I'm not your lawyer unless.
10:54
Speaker 3: You've hired me.
10:57
Speaker 6: Let's have to say that. But so if they want to.
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Speaker 7: So the thing is, you should always hire a lawyer
11:02
Speaker 7: because just with anything, like if there's somebody who's an
11:05
Speaker 7: expert in the field, you want to kind of rely
11:07
Speaker 7: on that person's expertise for nuances and things like that.
11:10
Speaker 6: But that being said, you can do it yourself.
11:13
Speaker 7: Like for copyrights, you could go on copyright dot Gov
11:17
Speaker 7: and you kind of they make it really easy for you.
11:19
Speaker 7: So they kind of lay out what are you trying
11:21
Speaker 7: to copyright? Is it you know, music, is it a
11:24
Speaker 7: book or something?
11:25
Speaker 4: Is it?
11:26
Speaker 7: So they give you the options and then you select
11:28
Speaker 7: and they kind of walk you through the application process
11:31
Speaker 7: and you could kind of click on stuff that will
11:33
Speaker 7: give you like explanations like if you're confused as to
11:35
Speaker 7: what they're asking.
11:37
Speaker 6: So that's that with copyright.
11:39
Speaker 7: With trademark it's a little bit more technical. So again
11:44
Speaker 7: I do think you should get a lawyer, but their
11:46
Speaker 7: website has tons of videos on how to do it.
11:50
Speaker 6: It gets overwhelming.
11:51
Speaker 7: But if you feel like, you know, I want to
11:52
Speaker 7: protect my stuff and I just don't have the money
11:54
Speaker 7: to invest in an attorney, they have videos that you
11:56
Speaker 7: could look at, and it's also sort of like you
12:00
Speaker 7: could you could be walked through the process, but the
12:03
Speaker 7: search is a little more tricky because it's just so
12:06
Speaker 7: much to go through and their website is not really
12:09
Speaker 7: set up to give you like comprehensive results, like you
12:12
Speaker 7: could type in Starbucks with two s two s's at
12:16
Speaker 7: the end, you know, two s's at the end, and
12:18
Speaker 7: nothing will come up, you know what I mean. So,
12:21
Speaker 7: but if you put it you know exactly how it's spelled.
12:23
Speaker 7: Of course tons of stuff will come up, but you know,
12:26
Speaker 7: so that's how you can see how it's not that,
12:28
Speaker 7: you know, it's not that easy for someone who is
12:32
Speaker 7: just a lay person to do it, but it's possible,
12:35
Speaker 7: you know what I mean.
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Speaker 5: Okay, speaking speaking of a trademarks, we actually behind the scenes,
12:38
Speaker 5: we're talking about a trademark case that people may be
12:40
Speaker 5: not familiar with, but it involves some like a high
12:43
Speaker 5: profile person, Jay Z versus Iconics And for those who
12:46
Speaker 5: don't know what who are Iconics brand is? They're actually
12:49
Speaker 5: the company he sold Rockaway too. You want to touch
12:51
Speaker 5: on that a little bit.
12:52
Speaker 7: Yeah, sure, So Jay Z sold his Rockaway brand, his
12:57
Speaker 7: clothing brand to Iconics, right, and they're like a big
12:59
Speaker 7: clothing company.
12:59
Speaker 6: They own a bunch of different you know, clothing lines.
13:02
Speaker 7: And so they ended up suing jay Z because he
13:06
Speaker 7: has rock Nation and they're like, well, you sold us this,
13:09
Speaker 7: you know, it hadds some value to it, and now
13:12
Speaker 7: you're still using it essentially like you're using rock Nation,
13:14
Speaker 7: so and that that brand is already associated with you,
13:17
Speaker 7: so it's diminishing our value.
13:19
Speaker 6: And so they.
13:20
Speaker 7: Had a lawsuit, you know, and they were going back
13:23
Speaker 7: and forth and they actually.
13:24
Speaker 4: Ended up in the arbitration.
13:26
Speaker 3: Yeah.
13:26
Speaker 5: So the arbitration the arbitration process is like the really
13:30
Speaker 5: crazy part of the story because during that process he
13:33
Speaker 5: finds out that hey, there's no diversity in the arbitrators
13:37
Speaker 5: and he like files a suit.
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Speaker 4: For that and he wins yes, and yeah so.
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Speaker 7: He so so okay, arbitration process is sort of like
13:46
Speaker 7: an outside of court process.
13:47
Speaker 3: I was going to say, because people that might not
13:49
Speaker 3: know what arbitration is.
13:50
Speaker 7: Yeah, so in most contracts, especially like when it comes
13:54
Speaker 7: to business, there's going to be an arbitration clause. So
13:56
Speaker 7: they don't want to have to go to court like
13:58
Speaker 7: the normal avenue go to court and have a judge aside.
14:01
Speaker 7: They just they rather go to like basically like a
14:03
Speaker 7: boardroom and have someone who's an arbitrator sit and listen
14:06
Speaker 7: to everybody who's like specializes in that area or whatever.
14:10
Speaker 6: So the parties get to choose who that.
14:12
Speaker 7: Arbitrator is going to be, right, they get a list,
14:14
Speaker 7: they get to vet and agree on who that person
14:16
Speaker 7: is going to be, or maybe a few people they'll choose.
14:19
Speaker 7: And so what jay Z said is that, wait, there's
14:21
Speaker 7: nobody of color on this list. There was like I
14:24
Speaker 7: think there were like two people of a hundred, yeah,
14:27
Speaker 7: something like that. And so he was like, no, I'm
14:29
Speaker 7: not doing this. So he basically said I'm not going
14:31
Speaker 7: to go forward with the arbitration, went to court, and
14:34
Speaker 7: actually before the judge made of decision, the company was like,
14:37
Speaker 7: you know what, We're going to make sure that we
14:39
Speaker 7: do right and go out and get more you know,
14:41
Speaker 7: African American and other people of color to be able to.
14:44
Speaker 4: Make indirectly providing opportunities for people.
14:47
Speaker 6: Of absolutely like he changed the game, like he does.
14:52
Speaker 3: Every time we j to the rescue. Again, We've kept
14:57
Speaker 3: our streak. I'm talking about everything. We've been consistent, mandatory. Yeah, yeah,
15:04
Speaker 3: all right, Well one other thing before we go to
15:06
Speaker 3: the next segment, can you just briefly talk about licensing
15:09
Speaker 3: with that.
15:10
Speaker 7: So when you own these different types of intellectual property, patent, copyright, trademarks,
15:16
Speaker 7: the way that most people kind of really make money
15:19
Speaker 7: from him is that they license them to other people
15:21
Speaker 7: to use them. So as you build your brand, your
15:24
Speaker 7: brand kind of has cloud, you know, like for instance,
15:27
Speaker 7: who was it, Jeff Bezos just brought the Washington Washington Yeah,
15:31
Speaker 7: so we know newspapers are dying, right, so you can
15:34
Speaker 7: get news everywhere now, so but that name has a
15:37
Speaker 7: certain amount of status. So like if something's in the
15:39
Speaker 7: Washington Post, you believe it, right, So that's what people
15:43
Speaker 7: you know, once their brand creates value or has a
15:46
Speaker 7: value to it, you could license that to other people
15:48
Speaker 7: because like say if they put out a story on
15:51
Speaker 7: now on the Washington Post, say it was a license
15:54
Speaker 7: and they licensed the name to him, he puts out
15:56
Speaker 7: a story, people are gonna believe it. So that's why
15:58
Speaker 7: people want a license established brands, And so you can
16:02
Speaker 7: do it in terms of allowing them just to use
16:05
Speaker 7: it for a certain purpose or in a certain area,
16:08
Speaker 7: or to do you know, in connection with something specific,
16:12
Speaker 7: So you could do it broad or narrow, and you
16:15
Speaker 7: could get royalties from it, or you could just charge
16:17
Speaker 7: your fee for it.
16:17
Speaker 6: And that's going to be through like a contract.
16:19
Speaker 3: Okay, all right, all right, well okay, so now you
16:22
Speaker 3: have one oh one of intellectual property. So the next segment,
16:27
Speaker 3: we are going to go into my favorite part of
16:30
Speaker 3: the show, which is Storytime. All right, boys and girls,
16:34
Speaker 3: So we are back for another edition of story Time.
16:38
Speaker 3: So usually storytime is the last segment of the show
16:40
Speaker 3: if you're a loyal follower. But the good thing about
16:43
Speaker 3: having your own show is that you can do whatever
16:44
Speaker 3: you want. So we decided to push it up. So
16:49
Speaker 3: we're going to follow up with the explanation of trademarking,
16:54
Speaker 3: and we're going to tell you, guys a story. So
16:57
Speaker 3: we're going to go into storytime.
17:00
Speaker 2: Here's a little story that must be told. Listen up,
17:03
Speaker 2: gangsters and honeys, with your head done.
17:05
Speaker 5: The best storytellers now right down must say pray down,
17:07
Speaker 5: its gray down, its free down.
17:08
Speaker 3: All right. So this is a very interesting story, right,
17:12
Speaker 3: So it involves the Beatles in Apple right. Two things
17:18
Speaker 3: you may know a thirty year a thirty year court
17:21
Speaker 3: case between the Beatles in Apple right. Crazy? So the
17:27
Speaker 3: Beatles right and seventies, mid seventies, nineteen seventy eight, Well,
17:34
Speaker 3: I think before that they started a company called Apple Corp. Right.
17:39
Speaker 3: Apple Corp. Was a holding company. It had a couple
17:42
Speaker 3: different uh uses, but the main thing it was like
17:46
Speaker 3: there in house record label. Right. They I don't know
17:49
Speaker 3: why they decided to name Apple, but that was the
17:50
Speaker 3: named Apple Corp.
17:51
Speaker 6: That's interesting.
17:53
Speaker 3: So in nineteen seventy seven, George Harrison you know what
17:57
Speaker 3: George Harrison is the Beatles, of course, well nobody really
18:00
Speaker 3: knows him. He's the Beatle that you never heard of, right,
18:05
Speaker 3: most people never heard of him. So he hits ironic
18:09
Speaker 3: because nobody's heard of him, and he heard of a
18:11
Speaker 3: company that nobody's heard of that's just started out in
18:13
Speaker 3: nineteen seventy seven around that time, called Apple Inc. So
18:18
Speaker 3: he says, okay, this is pretty interesting. Is a company
18:20
Speaker 3: called Apple? Right, So he goes to Apple Corp. The
18:23
Speaker 3: Beatles company, and he tells them about a company called
18:27
Speaker 3: Apple Inc. Right, So the Beatles' Apple Corp. Suits Apple Inc.
18:34
Speaker 3: Because they're using the trademark name Apple. They already trademarked
18:38
Speaker 3: the name Apple can't use it. So in nineteen eighty
18:42
Speaker 3: one they settled a lawsuit for eighty thousand dollars. Right.
18:46
Speaker 3: An interesting thing is that part of the settlement is
18:48
Speaker 3: that Apple Corp. The Beatles Company, agreed to never go
18:54
Speaker 3: into the computer business. Apple Inc. Steve Jobs Company agreed
18:59
Speaker 3: to never go into the music business.
19:00
Speaker 4: We're gonna to stay in your lane. Close in your
19:03
Speaker 4: lane is all.
19:04
Speaker 3: They could both use Apple, but they have to stay
19:06
Speaker 3: in there in your lane. Okay. So it's going pretty
19:10
Speaker 3: good for a couple of years, and then nineteen eighty
19:13
Speaker 3: six Apple comes out with musical instrument Digital Interface. Right, Yes,
19:21
Speaker 3: I was good.
19:22
Speaker 4: I was good.
19:23
Speaker 3: So that you want to talk about that?
19:25
Speaker 5: Now I can briefly touch on it those or not
19:29
Speaker 5: in So that's just a sound chip in the computer.
19:31
Speaker 5: So this is before you gotta think with eighties now,
19:34
Speaker 5: so like this is like computers. They're not even in color.
19:37
Speaker 5: It's just like the green typing. So he's putting a
19:40
Speaker 5: sound chip in the computer. They're looking at it like wait,
19:42
Speaker 5: sound that could be music.
19:44
Speaker 3: It could be music because the music it's about to
19:47
Speaker 3: say something I was going to say.
19:48
Speaker 7: I think it also allowed them to the computers to
19:51
Speaker 7: communicate with music land.
19:52
Speaker 3: Yes, yes, yes, yes it did, so it allowed it.
19:56
Speaker 3: It's kind of like the beginning stages of putting music
19:58
Speaker 3: on a computer. So say, hey, you're not so fast.
20:02
Speaker 3: You you promise, you promised not to do. Oh, you
20:06
Speaker 3: got your problems. So now they suit them again, right,
20:09
Speaker 3: nineteen eighty six, they suit them. So in nineteen ninety
20:11
Speaker 3: one they settled for twenty six million dollars. Right, but
20:18
Speaker 3: they did something that was very petty at the time,
20:20
Speaker 3: So they the nineteen ninety one Macintosh alert. The name
20:27
Speaker 3: is Sumo and it's pronounced so sue me. So it's
20:32
Speaker 3: like a kind of like you know, and it predicts
20:35
Speaker 3: what's going to happen in the future, right, like saying
20:37
Speaker 3: like soon.
20:38
Speaker 5: So that was part of the sampling of sound on
20:42
Speaker 5: an operating system. So like they had a new operating system.
20:44
Speaker 5: Now you can sample sound again that sounds like music.
20:49
Speaker 5: We're gonna have to suit yeah.
20:50
Speaker 3: No, So then this is where the big cakes comes in, right.
20:54
Speaker 3: Two thousand and three, the launch of Itol. So they
20:57
Speaker 3: just said, okay, we're not even gonna play around anymore.
20:59
Speaker 3: We're going in the music business right soon. Too much
21:03
Speaker 3: money out here not to be get We're not going
21:07
Speaker 3: to be stopped by the Beatles, right, so they go
21:09
Speaker 3: into full fledged with iTunes. So of course Apple Corp.
21:14
Speaker 3: The Beetle company, right.
21:15
Speaker 4: But they suit them this time because of the logo.
21:18
Speaker 5: So like, their logo is an actual green apple, and
21:21
Speaker 5: the iTunes logo was an Apple that had like a
21:24
Speaker 5: little piece bitten out of it.
21:25
Speaker 4: So it was like, wait, that looks like our.
21:27
Speaker 3: Logo partially the logo but also the music is well
21:30
Speaker 3: yeah yeah. So but that case lasted to two thousand
21:35
Speaker 3: and seven and Apple actually won that case, right, So
21:39
Speaker 3: now Apple Inc. Owns the trademarks to Apple, right, but
21:43
Speaker 3: they licensed out a certain you know, they licensed out
21:47
Speaker 3: trademarks back to Apple Corp. Nobody really knows the terms
21:52
Speaker 3: of the deal, but it's said that they settled for
21:54
Speaker 3: five hundred million dollars. So Apple Ink paid Apple Corp.
21:58
Speaker 3: Five hundred million dollars and they finally were done with
22:02
Speaker 3: it after thirty years. And it's ironic because now the
22:05
Speaker 3: Beatles when so when Steve Jobs, he used he was
22:09
Speaker 3: a big Beatles fan, right, huge, and he was disappointed
22:12
Speaker 3: that they couldn't get the Beatles on iTunes because of
22:15
Speaker 3: this thirty year case. Right. So now when I think
22:18
Speaker 3: it was his two thousand and seven speech.
22:21
Speaker 5: It's Keno address in two thousand and seven. He intros
22:24
Speaker 5: it by coming into the Beatles music. So the crowd
22:27
Speaker 5: is like, oh wait, we're about to get Beatles music.
22:29
Speaker 3: He has Paul McCartney.
22:30
Speaker 5: February two thousand and seven. They settle and they released
22:34
Speaker 5: Beatles Music, but as a solo artist. So Joege Harrison's
22:37
Speaker 5: solo music. John Lennon Paul McCartney. I don't think Ringo
22:40
Speaker 5: had it out. Did Ringle have al I don't know.
22:42
Speaker 4: He might, I don't know.
22:43
Speaker 5: So their solo catalogs were released, and then three years later,
22:48
Speaker 5: in twenty and ten, I believe November twenty ten, the
22:52
Speaker 5: Beatles catalog comes to iTunes, which is like a big
22:55
Speaker 5: moment because that catalog is ridiculous.
22:58
Speaker 3: You know, Michael Jackson owned the Beatles logev. It's another conversation,
23:04
Speaker 3: So why are we telling your story? Because it's interested
23:07
Speaker 3: in a and also it is highlights the power of trademarks. Right,
23:12
Speaker 3: So the Beatles made almost six hundred million dollars they
23:15
Speaker 3: made between the three cases, they made five hundred and
23:18
Speaker 3: twenty nine million, right, kind of by accident because they
23:22
Speaker 3: just randomly picked the name Apple, I'm pretty sure, right,
23:25
Speaker 3: And they didn't really have any intentions of Apple Corp.
23:28
Speaker 3: To like be a multi billion dollar company. They was
23:31
Speaker 3: like the in house thing, right.
23:32
Speaker 4: I'm not sure what music came out on Apple Records.
23:34
Speaker 3: I don't think any music came out.
23:36
Speaker 7: I think they just ended up owning all the Beatles' music,
23:39
Speaker 7: And like you said, they had other businesses underneath their
23:42
Speaker 7: like tax shelter exactly.
23:45
Speaker 3: Yeah, So just from having the luck of the draw
23:49
Speaker 3: and picking and picking a good name. But more importantly
23:52
Speaker 3: than picking a good name, they trademarked the name, right,
23:54
Speaker 3: because they could have picked the name and then trade, like,
23:57
Speaker 3: so how many businesses and companies and we're going back
23:59
Speaker 3: to the fortite. We have good ideas, but that one
24:03
Speaker 3: step changes the dynamic five hundred million dollars, right, So
24:08
Speaker 3: people say a lot of times it's like, well it's
24:10
Speaker 3: expensive to trademark, or I don't have the money. Well,
24:14
Speaker 3: you either spend five hundred dollars to trademark or five
24:17
Speaker 3: hundred million recorder could do that you could have gotten
24:20
Speaker 3: if you did trademarket, right.
24:21
Speaker 5: I think like that's what we saw fifty did that.
24:24
Speaker 5: When he started to get the Strap campaign, it was like, wait,
24:28
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26:19
Speaker 4: Oh people really like this. I'm trade money. Yeah, this
26:21
Speaker 4: is mine.
26:22
Speaker 6: Yeah, somebody want to use it.
26:25
Speaker 3: Going back to Cameron, he's notorious for that. He trademarks everything.
26:30
Speaker 3: Remember when him and Jim.
26:31
Speaker 4: Jones had to you know what that that that's a
26:34
Speaker 4: sad story.
26:35
Speaker 3: Well they made it, they rectified it.
26:37
Speaker 4: Yeah, it was over Burgag.
26:39
Speaker 3: He trademark Bergen just in case, Yes, just in case.
26:43
Speaker 3: So if anybody's a Diplomat fan, you know.
26:45
Speaker 4: What, anybody's from the early two thousands, so it was
26:48
Speaker 4: like something.
26:48
Speaker 3: That they were just saying. It was like it wasn't
26:50
Speaker 3: like an official thing because they would Dipset diplomat. Then
26:54
Speaker 3: the burg game was like just something that they just
26:56
Speaker 3: came up with. Right. But then Jim Jones actually had
26:59
Speaker 3: a crew, like a offset of Dipset that he was
27:03
Speaker 3: calling burg Gang, right. I think he had like bird
27:06
Speaker 3: Gang records and oh he's going full Fletchers and Cameron
27:09
Speaker 3: without actually notifying him.
27:11
Speaker 4: Catches windows.
27:12
Speaker 3: It trademarks the name. So Jesus, he's no longer allowed
27:17
Speaker 3: to use burg Gang unless he pays Cameron.
27:19
Speaker 5: That's what friends are for, exactly when something of It's
27:24
Speaker 5: also rumored that he trademarked jelly fan.
27:27
Speaker 4: That's yeah, yeah, yeah recently recently.
27:29
Speaker 3: I'm not sure if that's true or not.
27:30
Speaker 4: Shout the jelly fan. He just actually transferred from Minnesota
27:33
Speaker 4: when he's going I don't know yet. He just left.
27:36
Speaker 4: He did two years at Minnesota and now he's.
27:38
Speaker 3: Transferring Isaiah Washington. If anybody is not a basketball fan
27:41
Speaker 3: New York City street ball legend, not even a street
27:44
Speaker 3: ball legend, no, not just a legend. Saint Raymond's basketball
27:48
Speaker 3: basketball legend who he he he had a crew called Jellyfan, huge.
27:55
Speaker 4: Trademark by his the move man that layup that opening
28:00
Speaker 4: finger rolled layup.
28:01
Speaker 3: Yeah, well people might not be basketball fans, but I
28:04
Speaker 3: heard that Kim On because the interesting thing about that,
28:06
Speaker 3: So the kid was in high school, right, and he
28:07
Speaker 3: created a huge buzz for himself in high school, like
28:10
Speaker 3: all throughout the city. Then it went national. Now what
28:12
Speaker 3: social media went all over the world where you got
28:14
Speaker 3: kids saying jelly famine. It's like a finger roll and
28:18
Speaker 3: it's like it just went viral. So then Nike started
28:22
Speaker 3: printing up shirts with the jelly Fan right, and of
28:26
Speaker 3: course he's not getting paid for he's in high school.
28:28
Speaker 5: I think Nike might be a sponsor for Saint Raymonds,
28:32
Speaker 5: so like they felt like we had a connection.
28:33
Speaker 4: He plays with Saint Raymonds.
28:34
Speaker 3: Yeah, but he came up with the idea. So it's
28:37
Speaker 3: all going back to Apple, right, whereas we can relate
28:40
Speaker 3: this on small level, like that's a perfect example jelly fan. Right.
28:44
Speaker 3: I don't know the rules if he could actually trademarket
28:46
Speaker 3: not since he's in high school and his rules against
28:48
Speaker 3: the basketball players. But long story short, Nike did that
28:52
Speaker 3: and they made money off of it, right, so if.
28:55
Speaker 6: He didn't protect it, then he can't really do that
28:57
Speaker 6: until police.
28:58
Speaker 3: Again, now it's too late.
28:59
Speaker 7: Well if he can, if they didn't protect it, he
29:02
Speaker 7: could still protect it and then they would still have
29:05
Speaker 7: to pay him for using it if they're still continuing
29:07
Speaker 7: to make money off of it. Right, But if you
29:10
Speaker 7: don't protect it, then you have no way of really
29:12
Speaker 7: so what what registration does.
29:14
Speaker 6: It allows you to basically sue and be able to recover.
29:18
Speaker 7: So like with the Fortnite case, how they had to
29:20
Speaker 7: pull out of the case because they didn't copyright anything,
29:23
Speaker 7: and so it's like, Okay, the government's like or the
29:26
Speaker 7: federal court is like, well, if you didn't copyright it,
29:28
Speaker 7: then you can't police against it, so you need to
29:31
Speaker 7: go do that, and so they pulled out. But if
29:33
Speaker 7: they do, if they are successful with their copyright, then
29:36
Speaker 7: they will be able.
29:36
Speaker 5: To sue them for you see, like celebrities are doing
29:41
Speaker 5: that like when they have children. Now it's like the
29:42
Speaker 5: person thing they do is I'm copyrighting that name, I think.
29:46
Speaker 5: But they lost that because there was an event planning
29:48
Speaker 5: company called Blue Ivy.
29:50
Speaker 6: They're still fight it.
29:51
Speaker 7: Though they're still fighting doesn't. There's an event planner. She
29:54
Speaker 7: she has a company named Blue Ivy, and so you know,
29:57
Speaker 7: Beyonce's a beast.
29:58
Speaker 5: With her.
30:01
Speaker 7: She has she has her own company that just has
30:04
Speaker 7: her trademarks and that's the best way to do it.
30:07
Speaker 3: Yeah, well, there you have it, the power of trademarks.
30:11
Speaker 3: You have to understand the law of people is one thing.
30:14
Speaker 3: To play the game is another thing. To play the
30:16
Speaker 3: game smart and efficiently. You don't have to be the
30:19
Speaker 3: smartest player to win, but you have to know who
30:23
Speaker 3: to work with, who to contact, and you have to
30:26
Speaker 3: know opportunities when you see it. And I'm sure these
30:29
Speaker 3: guys that made these dances up before they never knew.
30:32
Speaker 3: They just doing their neighbors, especially Culton things. I don't know,
30:34
Speaker 3: that's shame on him, but the Millie Rocket, this is
30:40
Speaker 3: they're just doing it in their community, like they're not
30:42
Speaker 3: thinking this is going to go viral to the world.
30:45
Speaker 3: But you never know you have so yeah, well we'll see.
30:54
Speaker 4: All right.
30:54
Speaker 5: So for our final segment, we're going to talk about
30:57
Speaker 5: something that we don't have to look too fartify it
31:00
Speaker 5: and that is a life insurance. We recently posted that
31:05
Speaker 5: series had canceled ninety thousand life insurance policies for its employees,
31:09
Speaker 5: and it begs the question like, should people be going
31:11
Speaker 5: through their jobs to gain life insurance? Over the past
31:16
Speaker 5: I guess twenty to thirty years, America has kind of switched.
31:21
Speaker 5: One hundred and eight million people have gone through the
31:23
Speaker 5: group route, while one hundred and two million people have
31:26
Speaker 5: gone through the private method of life insurance, which is like.
31:31
Speaker 4: The first time that that's happened in history. So we
31:35
Speaker 4: have our own expert and two thousand give me if
31:39
Speaker 4: I'm wrong with the.
31:40
Speaker 3: Year two thousand and six, I think two thousand and seven.
31:42
Speaker 5: Two thousand and seven, I sat down with a financial
31:46
Speaker 5: planner who was starting in the business. He needed a client,
31:50
Speaker 5: and he looked across and he said, Detroit, you gotta
31:54
Speaker 5: get life insurance now. At twenty five, I'm thinking, come on, man,
31:59
Speaker 5: why do I life insurance? And then we had a
32:01
Speaker 5: deeper conversation. I'm like, oh, with shot, it's pretty serious
32:04
Speaker 5: about this.
32:05
Speaker 4: So we went through the process and I got life insurance.
32:09
Speaker 5: And maybe you could talk to people why it's so
32:11
Speaker 5: valuable and so that's really important and how we've seen
32:14
Speaker 5: some cases where people didn't have life insurance and the
32:18
Speaker 5: outcome of what it left their family with, right, because
32:21
Speaker 5: it's not really for the people who dies, for the
32:23
Speaker 5: people who remain living, right.
32:26
Speaker 4: So yeah, and you want to talk about that, yeah
32:27
Speaker 4: for sure.
32:28
Speaker 3: So yes, So anyway, that's not familiar. I'm a financial advisor.
32:33
Speaker 3: That's what I do for a living, right. So I started,
32:36
Speaker 3: you know, eleven years ago around that timeframe, and yes,
32:41
Speaker 3: my first week in the business, my first client was
32:45
Speaker 3: Troy Truly. Yes, I sold him a life insurance policy.
32:51
Speaker 3: That's my and then eleven years later, still got it.
32:55
Speaker 3: He's still a client of mine. So yeah, So I do.
32:57
Speaker 3: I do a few different things, you know. I help
32:59
Speaker 3: people in less money retirement, and life insurance is one
33:03
Speaker 3: of the things that I do as well. So before
33:05
Speaker 3: I start, I'm not taking a side on any policy.
33:09
Speaker 3: Life insurance is very debatable people have They're very passionate
33:15
Speaker 3: about this. I've noticed online you have very strong opinions.
33:19
Speaker 3: So I'm not here to tell you which is the
33:22
Speaker 3: best policy, which you should do, just provide information. You
33:25
Speaker 3: can make your own decisions for yourself, right. But it
33:29
Speaker 3: is interesting that SEA has canceled ninety thousand policies for
33:33
Speaker 3: retirees because it does highlight something that is important. Is
33:38
Speaker 3: you know, a lot of times people have insurance at
33:41
Speaker 3: their job and they think that that's sufficient. Right. Like
33:44
Speaker 3: most things when it comes to finance, people aren't properly
33:47
Speaker 3: educated a lot of times, right, so they don't really
33:49
Speaker 3: fully understand life insurance or even why it's important how
33:53
Speaker 3: to get it, you know, they don't really know, so
33:56
Speaker 3: they just say, Okay, I have it at my job,
33:58
Speaker 3: and whatever it is what it is.
34:00
Speaker 2: Right.
34:01
Speaker 3: So now is to say, okay, which is better the
34:04
Speaker 3: insurance at your job or the insurance that you can
34:07
Speaker 3: get privately through institution or company. Right, I always recommend both, right,
34:12
Speaker 3: Because the insurance at your job. The good thing about
34:16
Speaker 3: that is that it's usually very low as far as
34:19
Speaker 3: premiums are concerned, or sometimes it's even free, so it's
34:22
Speaker 3: not really costing you anything. So it's always good to have, right.
34:26
Speaker 3: But the problem with having it as your only type
34:29
Speaker 3: of insurance is what we just saw, right, is that
34:33
Speaker 3: a lot of times it's not portable, meaning that you
34:35
Speaker 3: can't take it with you when you retire, or if
34:38
Speaker 3: you can take it with you, then the premium may
34:40
Speaker 3: go up because now you're no longer part of that group.
34:43
Speaker 3: It's like health insurance, right, Like if you leave your
34:45
Speaker 3: job now, you can still keep your health insurance for
34:47
Speaker 3: a certain amount of time, but you're on what's called cobra, right,
34:50
Speaker 3: So now your health insurance premiums go up. So sometimes
34:53
Speaker 3: life insurance is the same, or even if the life
34:54
Speaker 3: insurance premiums stay the same, it's still subject to the company.
34:58
Speaker 3: You know, they can change it. So just like what
35:00
Speaker 3: Saias did, right. So okay, first of all, we need
35:04
Speaker 3: to talk about and understand why life insurance is important. Right.
35:07
Speaker 3: So it's important for a few different reasons, but the
35:11
Speaker 3: main reason obviously, is that you want to provide a
35:15
Speaker 3: certain level of comfort, and you want to leave a legacy,
35:18
Speaker 3: and you want to be able to take care of
35:20
Speaker 3: your financial responsibilities when you're no longer here. I always
35:23
Speaker 3: say all the time, it's nobody's responsibility to take care
35:27
Speaker 3: of your family except for you, right. And that's men
35:31
Speaker 3: and women, right, because we live in a society where
35:34
Speaker 3: men and women work, and a lot of times women
35:38
Speaker 3: make more money than the men. Right. They're the bread
35:41
Speaker 3: winners in the home, or they may be single parents
35:45
Speaker 3: on both sides, or even if you don't have a children,
35:47
Speaker 3: you still have responsibilities, right, so I equate. You know,
35:50
Speaker 3: it's unfortunate a lot of times, especially in our community,
35:51
Speaker 3: when somebody passes away and other people have to raise
35:56
Speaker 3: money for them, right, like go fund me pages and
35:58
Speaker 3: things like that. That would be kind of like, and
36:01
Speaker 3: this is no shame on anybody, because you have to
36:03
Speaker 3: do what you have to do. But I'm just saying
36:04
Speaker 3: as far that that person didn't plant properly, right, that
36:06
Speaker 3: would be the equivalent of somebody coming into your home
36:10
Speaker 3: and having to pay your bills for you. Right, It's
36:13
Speaker 3: your responsibility to take care of that, right. So that's
36:16
Speaker 3: what Life Insurance does, right. It allows your family to
36:20
Speaker 3: go on and to take care of your responsibility when
36:23
Speaker 3: you pass, as far as just the basics of burying yourself,
36:27
Speaker 3: but also you know, putting your kids in school and
36:30
Speaker 3: making sure that they have clothes to wear and that
36:33
Speaker 3: they can go to college and things of that nature.
36:34
Speaker 6: Right.
36:35
Speaker 3: So, and it's important that we start to think long
36:38
Speaker 3: term too, because when we talk about generational wealth, that's
36:40
Speaker 3: like a real popular term, but what does that really mean? Right?
36:43
Speaker 3: That means that you want to create wealth for generations.
36:46
Speaker 3: So One of the easiest ways to create wealth for
36:48
Speaker 3: generations is to have a life insurance policy, right, because
36:51
Speaker 3: what you're doing is actually buying money, right. So that's
36:55
Speaker 3: one of the most efficient, one of the easiest ways
36:57
Speaker 3: to create generational wealth because it's it's a trendy term,
37:01
Speaker 3: but the average person doesn't have a multi million dollar
37:04
Speaker 3: business that they can leave. The average person doesn't have
37:07
Speaker 3: five million dollars in a bank that they can lead, right.
37:09
Speaker 3: The average person might not even have a home. They
37:12
Speaker 3: might not even own a home. But you can own
37:15
Speaker 3: an insurance policy. You can have one hundred thousand dollars,
37:18
Speaker 3: half a million, a million dollars. That's realistic, right, So
37:21
Speaker 3: this is something that can actually be obtained in real life,
37:24
Speaker 3: not just to catchy phrase.
37:26
Speaker 5: So at twenty five, when you told me that, and
37:28
Speaker 5: I was in my mind I'm not even thinking about
37:30
Speaker 5: life insurance, but when I saw how serious you were
37:32
Speaker 5: about it, I'm like, wait, this makes perfect sense. I
37:34
Speaker 5: mean you probably you detailed it it just like how
37:36
Speaker 5: you did now straight from me, and I was like, wow,
37:39
Speaker 5: I have to.
37:39
Speaker 3: Get this as early as possible. And you planned for
37:41
Speaker 3: the future because when you got the insurance, you were
37:43
Speaker 3: single right, No, yep, But now you have a family,
37:47
Speaker 3: you have kids, you have a wife, you have a home,
37:49
Speaker 3: so now you really need it, right, it.
37:51
Speaker 4: Makes more sense. I'm like, wow, I've had that's a
37:54
Speaker 4: good thing. I've had this for eleven years now, right,
37:56
Speaker 4: Like it meant so much. I just want to go
37:58
Speaker 4: back because you said the previous so low.
38:00
Speaker 5: When you do it at your job, one of the
38:02
Speaker 5: things that studies are shown is that the assurance.
38:05
Speaker 4: Amounts are a lot lower than when you do it
38:08
Speaker 4: with a group.
38:09
Speaker 5: So it ranges from twenty five thousand dollars policy to
38:12
Speaker 5: maybe a fifty thousand dollars policy, whereas that might not
38:15
Speaker 5: even cover what you need as far as your financial
38:17
Speaker 5: responsibilities in the event that something happens to you.
38:20
Speaker 4: So, like you want talk about the difference in the amounts.
38:22
Speaker 3: Yeah, so I'll talk about the amount, but first I
38:24
Speaker 3: want to actually just talk about the different types of policy.
38:26
Speaker 3: There's different type of policy. So there's really a few
38:29
Speaker 3: different types of policies, but it comes down to two
38:31
Speaker 3: term policies and a permanent policy. Right, And there's different
38:34
Speaker 3: types of permanent policies. But a term policy is a
38:38
Speaker 3: policy that lasts a term right, So like ten to fifteen,
38:40
Speaker 3: twenty year term, right, so you have life. This is
38:43
Speaker 3: what most people think abou when think about likee insurance.
38:45
Speaker 3: It's the most basic form of insurance where you have
38:46
Speaker 3: an insurance policy, you pay a premium, and if you die,
38:50
Speaker 3: somebody gets money. So it's a term. So let's say
38:52
Speaker 3: it's a twenty year term, right, So you're paying your
38:54
Speaker 3: premium for twenty years. If you die before that twenty
38:57
Speaker 3: year mark is up, then your family gets money. You
39:00
Speaker 3: outlive that term that you can reapply for the insurance anymore,
39:03
Speaker 3: you can let it last you don't have it anymore,
39:04
Speaker 3: but it's just a certain period of time. That's the term.
39:07
Speaker 3: And then most group insurance is if your jobs for
39:10
Speaker 3: as long as you work at that job, or sometimes
39:13
Speaker 3: it could be extended in retirement. But so that's one
39:16
Speaker 3: form of it where it's just a premium a death
39:19
Speaker 3: benefit and that's it. Another the flip side to that
39:22
Speaker 3: coin is what's called permanent insurance. Right, So permanent insurance
39:26
Speaker 3: most of the time most commonly known as what's called
39:29
Speaker 3: whole life insurance. There are different types of permanent but
39:31
Speaker 3: we'll just keep it basic. Whole life insurance right, whole
39:34
Speaker 3: life insurance lasts your whole life, you pay a premium,
39:37
Speaker 3: you have a death benefit, but it also builds what's
39:39
Speaker 3: called cash value. Cash values money that grows inside of
39:43
Speaker 3: the life insurance policy. Right And the money that goes
39:45
Speaker 3: inside of the life insurance policy, now you can use
39:48
Speaker 3: that a line and you can borrow from the policy.
39:51
Speaker 3: Right Now, that's the benefit that you can use while
39:53
Speaker 3: you're alive.
39:54
Speaker 7: So, and that's good for people who say, well, some
39:57
Speaker 7: people don't really care what they leave for their family
39:59
Speaker 7: or you know whoever else, if they're single, they have no.
40:02
Speaker 3: Life, right Because so now you're actually saving money as well.
40:06
Speaker 3: So it's a double edged sword. Right. So now some
40:08
Speaker 3: people say, okay, well only by term insurance, don't buy
40:11
Speaker 3: whole life insurance, or some people say only buy whole
40:14
Speaker 3: life insurance, don't buy term insurance. I'm of the mindset
40:18
Speaker 3: that no shoe is ever going to fit any all foots, right,
40:23
Speaker 3: so you have to, you know, see what's best for
40:27
Speaker 3: you and your family, because they both have advantages, and
40:30
Speaker 3: they both can be beneficial, and they both have things
40:33
Speaker 3: that may not be attractive. Right. So, but one thing
40:37
Speaker 3: that I want to keep in mind for our listeners
40:39
Speaker 3: is that one of the bigges things why people say
40:42
Speaker 3: buy term and don't buy whole life is that it's
40:44
Speaker 3: what's called buy term and invest a difference, Whereas they're
40:47
Speaker 3: saying that, well, whole life isn't a good investment because
40:50
Speaker 3: if you invested your money in stock or an investment,
40:53
Speaker 3: it would earn more than the rate of return that
40:55
Speaker 3: it woul get in a whole life policy. That's true,
40:58
Speaker 3: but it's not an investment. It's life and right. So
41:01
Speaker 3: it's like it's apples to orange. It's apples to orange
41:03
Speaker 3: in comparison. So you can do both. You don't have
41:07
Speaker 3: to do one or the other. Right, You can have
41:08
Speaker 3: an investment where you're actually growing money. You can have
41:11
Speaker 3: a life insurance policy where it's a permanent policy. Because
41:14
Speaker 3: the thing about the life insurance also is that hopefully
41:16
Speaker 3: you don't die in twenty years. I mean you have
41:20
Speaker 3: term insurance. Most of the term policies don't pay out
41:23
Speaker 3: because most of the time people don't die within that term.
41:26
Speaker 3: So if I have a twenty year term policy, I
41:28
Speaker 3: don't want to die in twenty years, you know. I
41:32
Speaker 3: mean it's good to have just in case, But the
41:35
Speaker 3: whole life. Everybody's going to die eventually, so it doesn't
41:38
Speaker 3: matter whether I'm ninety or one hundred years or I
41:40
Speaker 3: can still leave a legacy for my family. So these
41:44
Speaker 3: are things that you know, people have to understand, and
41:48
Speaker 3: a lot of times in our community it's unfortunate. Especially
41:52
Speaker 3: you know, we talk about like Aretha Franklin, right, she
41:56
Speaker 3: passed away last year and her state it was a
42:01
Speaker 3: mess because she never planned for her estate, right. And
42:04
Speaker 3: one of the things I don't know if this is
42:06
Speaker 3: true or not, but I heard that she said that
42:08
Speaker 3: she never really wanted to do a state planning because
42:10
Speaker 3: she didn't want to jinx herself. And it's like, you're
42:13
Speaker 3: gonna die, It's not yeah, nobody, Look newsflash, you're not.
42:19
Speaker 3: It's going to happen, right, So either you plan for
42:21
Speaker 3: it or you don't plan for it, but it's going
42:23
Speaker 3: to happen either way. Right, So I just want to
42:25
Speaker 3: take like a couple of minutes. We talked about the
42:26
Speaker 3: state planning because part of it is on the financial side,
42:29
Speaker 3: like life insurance stuff like that, but it's also it's
42:31
Speaker 3: very important to plan on the legal side as well, right,
42:35
Speaker 3: So like a will. You're a lawyer, so what is
42:39
Speaker 3: a will? And why should people have a will? Because
42:42
Speaker 3: I think that everybody should have a will. A lot
42:43
Speaker 3: of times people have the misconception that if they're not rich,
42:46
Speaker 3: they're not wealthy, they don't need to have a will,
42:49
Speaker 3: they can wait to have a will. I think that
42:50
Speaker 3: everybody should have a will, and a will can be
42:52
Speaker 3: revised as time goes along. Can you just briefly talk
42:55
Speaker 3: about like what a will is.
42:56
Speaker 7: Yeah, So basically a will is just like a plan
42:59
Speaker 7: for what's going to happen when you pass away. So
43:01
Speaker 7: you're basically going to say, for all the stuff that
43:03
Speaker 7: I own, that's a value, I want it to be
43:06
Speaker 7: given out according to this in this manner. And if
43:10
Speaker 7: you have small children, which is really really important, if
43:12
Speaker 7: you have small children, to have a will, you're gonna
43:14
Speaker 7: dictate who's going to take care of your child, because
43:17
Speaker 7: if you pass away and you don't have anyone in
43:21
Speaker 7: place to take care of your child, like a godparent
43:23
Speaker 7: is not a legal guardian. So some of us you
43:26
Speaker 7: appoint a godparent and you say this person, but that's
43:29
Speaker 7: not good.
43:29
Speaker 3: Enough, you know.
43:30
Speaker 7: Basically, so a will is a legal document that as
43:33
Speaker 7: long as it's executed like signed in the proper manner,
43:36
Speaker 7: is gonna basically be able to say, this is what
43:39
Speaker 7: this person wanted, you know, when they passed away with
43:41
Speaker 7: their stuff, Okay.
43:42
Speaker 3: And then also, I think it's important to have a
43:44
Speaker 3: living will, right, So a living will, from my understanding,
43:48
Speaker 3: you have a health care proxy and you have the
43:51
Speaker 3: power returney, yes, right, So can you just brief talk
43:54
Speaker 3: about that.
43:55
Speaker 7: So the healthcare proxy, basically, if you get sick and
44:00
Speaker 7: you're in the hospital, your loved ones will not be
44:03
Speaker 7: able to make medical decisions for you, right, So the
44:06
Speaker 7: hospital is not going to really take their word for it.
44:08
Speaker 7: And it's also difficult even if you're a spouse, you
44:11
Speaker 7: may not be able to dictate what happens to that
44:14
Speaker 7: person or how the hospital takes care of her him
44:16
Speaker 7: or her.
44:17
Speaker 6: And so the healthcare proxy will say, you know, if
44:20
Speaker 6: I'm sick, I.
44:20
Speaker 7: Want this person to make the decision and I want
44:23
Speaker 7: them to be able to do these particular things. And
44:25
Speaker 7: a living will kind of goes even further into that.
44:28
Speaker 7: It gives like details of like treatment, like say, God forbid,
44:31
Speaker 7: you have cancer. It will say like you know, you know,
44:34
Speaker 7: I don't want chemo or you know, whatever the case.
44:37
Speaker 7: It you can detail exactly what type of treatments that
44:40
Speaker 7: you have and give direction to the person who you
44:42
Speaker 7: gave the health care proxy to so they have some
44:44
Speaker 7: understanding on how to act on your behalf. So power
44:49
Speaker 7: of attorney is also extremely important because if you're incapacitated,
44:53
Speaker 7: like you're still alive, but you can't make decisions for
44:56
Speaker 7: yourself the healthcare I'm sorry, the power of attorney is
44:59
Speaker 7: going to allow you to appoint somebody to take all
45:02
Speaker 7: your finances, your insurance, your bank accounts, your homes, your
45:06
Speaker 7: real estate taxes, anything, and if you're taking care of somebody,
45:11
Speaker 7: it allows you to it allow that person who has
45:13
Speaker 7: your power of attorney to continue giving like customary gifts
45:16
Speaker 7: that you normally give to somebody, or that you're taking
45:19
Speaker 7: care of somebody, so they can handle all those things
45:21
Speaker 7: to make sure that your affairs are in order. And
45:24
Speaker 7: so like sometimes people go God forbid into a coma,
45:27
Speaker 7: but they come out. You know, you're not necessarily going
45:28
Speaker 7: to die, but you can't make decisions or you're just sick,
45:31
Speaker 7: So that kind of covers that.
45:33
Speaker 3: Now it's extremely important, and just so quick, I'll take
45:35
Speaker 3: a minute just to tell a personal story. So my grandmother.
45:39
Speaker 3: She had twelve kids, right, so she had Alzheimer's disease.
45:43
Speaker 3: So when she was in the last stages of her
45:46
Speaker 3: life and she was in a coma and she was
45:50
Speaker 3: in a hospital, so long story short, half of her
45:53
Speaker 3: kids wanted to keep her alive. The other half of
45:56
Speaker 3: the kids like, this isn't a quality of life, like
45:58
Speaker 3: you need to pull a plug. There fighting with each other.
46:01
Speaker 3: Who really knows what she wanted, right, But if she
46:04
Speaker 3: would have done that and britten it out like look,
46:06
Speaker 3: I don't keep me alive like you know, or keep me,
46:09
Speaker 3: it wouldn't be an argument. So regardless of how you feel,
46:11
Speaker 3: you can't make a decision because it's already put in place.
46:15
Speaker 5: This is just.
46:16
Speaker 3: And also, she owned a home and once again she
46:20
Speaker 3: didn't have a will, right, So now you have twelve
46:22
Speaker 3: kids that have different ideas of what they want to
46:25
Speaker 3: do with the home. Someone to rent it out, someone
46:27
Speaker 3: to sell it. So now it just causes fights. You
46:31
Speaker 3: break up families, brothers and sisters stop speaking to each other.
46:35
Speaker 3: It happens all the time. It's pretty common, right, So
46:39
Speaker 3: this is an unfortunate situation and this is something that
46:41
Speaker 3: we have to plan for. So thank you for coming
46:45
Speaker 3: and giving your expertise, because, like I said, it's important,
46:51
Speaker 3: especially in our communities where we don't know a lot off.
46:55
Speaker 5: It's not a conversation would happened, we're not right, So
46:57
Speaker 5: it's like hopefully like this conversation and here open eyes, like, hey,
47:02
Speaker 5: this is something we should playful because like what you said,
47:04
Speaker 5: nobody uh is planning I mean doesn't, but we should
47:09
Speaker 5: right because like we said, it's not for the people
47:11
Speaker 5: who live. It's for the people, not for the people
47:14
Speaker 5: who die, for the people who live on with our legacies.
47:17
Speaker 4: So thank you.
47:18
Speaker 3: Can you can you tell the people your information how
47:21
Speaker 3: they can follow you on social media and your website
47:24
Speaker 3: and all that stuff.
47:25
Speaker 7: Yes, So my website is Franco hyphen Law Firm dot
47:29
Speaker 7: com or Franco with the dash and Lawfirm dot com.
47:32
Speaker 6: And my Instagram is Sabine s A.
47:34
Speaker 3: B I N E.
47:36
Speaker 6: Underscore the Purpose Lawyer.
47:38
Speaker 3: All right, and before we go, don't forget our Patreon Patreon.
47:44
Speaker 4: Yes, Patreon, we have some new members on there.
47:47
Speaker 5: Like I said last week, we're going to be starting
47:49
Speaker 5: our home Town Hero series and we have a new
47:52
Speaker 5: series called.
47:52
Speaker 4: The Blueprint Series.
47:54
Speaker 5: Well, we're going to give how to do it and
47:56
Speaker 5: to do with things, whether it be uh in real estate,
47:59
Speaker 5: whether it be in just everyday job training or writing
48:03
Speaker 5: your resume, or what it looks like from a corporate
48:06
Speaker 5: side or a recruiting side.
48:08
Speaker 4: So we're gonna give a how to a blueprint on
48:09
Speaker 4: how to do that.
48:10
Speaker 5: Like a lot of people like that was so eleven
48:12
Speaker 5: with Derek came and gave a blueprint of the restaurant business,
48:15
Speaker 5: and I appreciate.
48:17
Speaker 4: Shout Derek and homemade.
48:19
Speaker 5: So we figured, you know what, let's do a series
48:22
Speaker 5: on blueprints of how to do things, you know, just
48:24
Speaker 5: the uplift and educate our community.
48:26
Speaker 4: So check that out.
48:26
Speaker 5: That will be on Patreon, it will also be on YouTube.
48:29
Speaker 5: Continue to subscribe to that, go to our website, our
48:33
Speaker 5: merchant up. We're gonna have a new line coming soon,
48:36
Speaker 5: so definitely keep supporting man.
48:37
Speaker 4: Thank you.
48:43
Speaker 3: And then before I go, always say a book that
48:46
Speaker 3: I've read or that I'm reading. So my book tip
48:48
Speaker 3: of this week is the Four Agreements. Yes change my Life.
48:53
Speaker 3: The book has changed my life. I read it a
48:55
Speaker 3: few years ago and one agreement, my favorite agreement is
48:57
Speaker 3: not taking anything personal. Yes, and domb is something that
49:01
Speaker 3: has changed my life. So I recommend anybody to check that.
49:06
Speaker 5: Not an easy task, but definitely one that you actually
49:09
Speaker 5: passed that that book on to me as well.
49:11
Speaker 6: So I was challenging to follow.
49:13
Speaker 5: Ye.
49:16
Speaker 3: So all right, guys, well we will see you next week. Peace.
49:46
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