Latest / The Jon Sanchez Show / 9 Ways To Keep Your Family Out Of Probate Court
Transcript
- Jon G. Sanchez: Good Wednesday afternoon to you. Welcome to the John Sanchez Show on News Talk 780K, which or should I say good Fed Interest Rate Decision Day? Hey, you know what? You know the Fed interest rate decision is a big news if it plays on the national news before my show. How about that? as expected, a quarter percent increase. The market still didn't like it. At least some of the major Dow components. As I said on my closing report at 103 today, we're pretty lucky. SP and the Nasdaq actually. Barely budged today, to be honest with you. But I want to spend the first 30 minutes of today's show going through the Fed interest rate decision, what Kevin Warsh and the rest of the FOMC committee members had to say about the economy, where things are going, what the potential is for future interest rate increases, et cetera. So you're fully up to date. Also want to read to you, of course, the Fed statement, the FOMC statement, so you can get an idea again what the Fed members were thinking. Then it's Wednesday. So I also want to bring you an estate planning topic on Wednesdays, right? I gotta further continue to further your education in this area. And boy, do I have a great topic for you today. You know, when you die, your assets are gonna go directly to the people you love. Or will your family end up dealing with something they don't love called probate court? Well, today, again, when I come back from the bottom of the hour break, I'm gonna give you nine steps. That can help keep your estate out of probate and explain Nevada's special rule for smaller estates. Yeah, you don't want to miss this because there is some very interesting nuances here in the state of Nevada. So that'll be your estate planning topic for this Wednesday. But in the meantime, let's get down to today's stock market activity. I looked and jotted down where we stood. I just chose the Dow prior to the FOMC's interest rate decision. And we were down about 186 points on the Dow Jones industrial average. We finished down 631, 1.21% loss to 51,461. NASDAQ, just a three-point decline, and the SP lower by 34.45%. So like I said, very much concentrated into the Dow side of things. Matter of fact, you know, the pressure points on the Dow were the mainly the the financial side of things. We had the the likes of let's go into my list real quickly here. Well, IBM not financial, but it finished is the worst percentage performer of the Dow, down 4.38%, $10.88 loss to $237.49. Goldman Sachs was one of the problems, $38.69 decline. American Express down $12. Boeing down $7.73. So you got a lot of weight going between American Express and Goldman Sachs. Those are two very, you know, high-priced stocks. winner today was Honeywell up $4.22, 2.07%. So yeah, a lot of concern regarding the banks and again, what's going to happen. And I'll touch on that in just a moment. But let's go back to the Fed interest rate decision. So at 11 o'clock, again, we got the decision. As anticipated, the Fed raised rates a quarter percent. but again, everyone kind of sat back and said, All right, well, let's wait and see what the chairman has to say at the news conference at 1130. Well, this is the first rate hike I should mention. If this doesn't feel like normal territory, it's not. It's been a while. Gosh, it's I had to kind of take a double take. July 2023. That was the last time that we had an interest rate increase. So we've been kind of spoiled. Been kind of spoiled. Now I'm going to give you some good news so you're not freaking out about a quarter percent increase. As we said on the show yesterday, and I want to reiterate this again, because many people, of course, that I'm finding that I've spoken with today after the Fed decision are freaking out. Going, my God, quarter percent increase. Number number one freak out to use a slang term is yes, there's some pretty good probabilities that we're gonna see at least one more quarter percent increase by the end of the year. some are saying too, the odds this morning. I haven't not seen the odds after the the Fed decision, but the odds this morning were standing at about a sixty two, sixty-three percent probability of a October additional quarter percent increase, and then an a little over twenty percent probability of a December increase. Okay. The chairman today absolutely hinted, absolutely hinted there's at least one more on the horizon for twenty twenty six. But before you get all upset and freaked out, let me remind you again. What did what really happened today? So the Fed raised the overnight borrowing rate called the Fed funds rate that banks charge one another to borrow money overnight. Okay. Raise it by a quarter percent. Now it sits between three and three quarters percent to four percent. What does this mean to you? You're all I care about. I don't care about the banks. I care about you. And again, as I said on the show yesterday, you're not going to see any major impact. Not going to see any major impact on the mortgages. You're not going to see any major impact in a lot of areas. Now, if you have a home equity line of credit or anything that's a variable rate, you could see a little bit of an impact. Quarter percent, not much. If you think now, you know, you're unhappy with your banks paying you a low interest rate on your savings account. Well, we all know banks are very slow to give you a little bit more interest when a Fed in increase happens. But remember, everything comes down to the 10 year, right? This is this is again where everybody looks at auto company, auto loan companies, credit cards, so on and so forth. Well, the 10 year like I said yesterday, we gotta think about this. The bond market's really done all the dirty work for the for the Fed. You know, I'll give you kind of a a movie analogy. If If the Fed is the mob, they're, you know, l linchpin guys that go out and, you know, shake people up to get money, that's the bond market. And that's exactly what's happened. Bond market's done far more damage to raising interest rates than the Fed's quarter percent increase today. Far more. So once again, you have to look at this and go, okay, what does this really mean? Number one, here's the positive. This was very well telegraphed. The street was 100% accurate leading up to this interest rate decision. So it absolutely came as no shock. Kevin Warsh, I'll be honest with you. I'm getting, you know, it's it's it's hard to figure this guy out. He's it's he has 180 compared to to our previous Fed chairman, Jerome Powell. He he's He's very difficult to read, and I think he does that intentionally at these press conferences. Really hard to understand. Very short answers. You can tell he doesn't he he's got two goals, I think, at these press conferences, and kind of alluded to one of them today. He's just gonna tell you enough, but nothing more. Like a lot of the reporters in the audience will say, you know, Mr. Chairman, da da da here's, you know, basically try to squeeze two or three questions into one. He will only answer one, and he said that today. So he doesn't give him a chance to to kind of really drill him on a lot of things. And frankly, the length of the press conference is significantly less than than what Jerome Powell did. So I think he either he doesn't like to be up in front of the press, or again, he's he's just has a completely different style as far as how he wants to communicate with the Fed's thinking is. He does not want to he doesn't want The market to follow the Fed. If that makes sense. He wants the Fed to follow the market. So he's more inclined to say, obviously, here's the economic data. Here's what the bond market is telling us. And here's the Fed's reaction. Where before it was just the opposite with other chairmen or chairwomen. So again, very difficult to to figure him out. I don't think the street hasn't figured out yet. but it is what it is, right? We have this guy for a long time. Now, back to the good news. Okay, so quarter percent, very well telegraphed, no major reaction in the market today. I'm not concerned that this is going to signify the beginning of a market downturn. We still have a lot of positives in the market, a lot of positives in the economy. What I do, however, want to caution all of you on is this. Historically, if memory serves me correctly, when we enter into an interest rate increasing cycle, which is proposed that we are, we've got one today. Again, the odds are one, if not two more, the rest of this year, that's generally not good for the market. Now, what can happen, of course, is we can have a lot of volatility. But what is different this time, what is different this time, we have AI. We've never had that when we've gone gone into interest rate increasing cycles. So you know, we're kind of in in uncharted waters at this point. Again, we've never had AI. Like I've said over and over again, in my opinion, this economy would be in a world of hurt if it wasn't for AI. It really would be. Even after the comments of the weekend, you know, we had good strength in semiconductors today. NVIDIA was up a dollar seventy three. you had Intel up at three dollars and ninety one cents. AMD, advanced microdevices, eight dollar and thirty cent rise. Sky Henix up a little bit. I mean, not bad at all. So what I'm hoping is AI can kind of get us through what is normally a downturn in the market when you enter into an interest rate increasing cycle. Now, the bright side of this is if we get into, let's say, two or excuse me, two additional interest rate increases, let's say we get to November, right? Let's say we get one in October. We get to November. There not one's not scheduled there, but we get to December. If the street interprets that in December, that that's going to be the last one, maybe inflationary data has has got a little bit tamer. Oil prices have come down. In other words, the market finds a lot of positives between today and that November time period. They will then start to front-run the Fed. If the street then feels that the Fed is going to cut rates or at least hold steady, which would be a victory come December, buckle your seatbelt for a nice market rally. So This is the time, my best advice to you on a portfolio basis is this is the best time to really take a look at your portfolio. Do you have interest rate sensitive holdings in there? Do you have commodities? Do you have a lot of things that can be viewed as good or bad in a rising interest rate environment? And bottom line is diversify. Please do not have all your money into tech. Don't have all your money into financials. In other words, don't have all your money into what's been the hot money of 2026. This is the time where you're like, You know what? I don't need to beat the market over these next few months until we determine how long this interest rate increasing cycle is going to occur. Let me diversify. Let me survive. Let me just not lose. Let me survive. And then we'll come back and fight another day. That's my best advice to you at this point. Now, again, we're, you know, earnings season is over. we we, you know, we don't have anything really coming till the second week of October. So the market doesn't have a lot of things to get real excited about right now, other than, yeah, we've had some volatility, we've had some weakness. There are some good buys out there at this point. And you know, you may get some people jumping into there. oil prices today, not a major problem. down three dollars and forty-one cents to one three forty one a barrel. You're hearing more and more comments in regards to how oil rising oil prices are now finding their tentacles through the economy. Specifically today, what rocked the market on the transportation sector was JB Hunt. They came out, they weren't of higher fuel costs and a lag in passing those costs on. customer is going to create a meaningful third quarter earnings headwind. Stock got hit hard. 13.3% loss down $36.32 to $236.73. You're gonna be hearing this a lot more. We had a United Airlines CEO at a conference today indicating basically the same thing for his company. So it's it the fuel situation is now starting to find its way into the economy. So be careful. Again, if you have a lot of transportation stocks in there, be careful of that. All right, when we come back, a couple more things I to hit with you, and then we'll get into our topic. Nine ways to keep your family out of probate court. Welcome back to the John Sanchez Show on New Stock 780 KOH. Happy Fed interest rate day. Again, quarter percent increase as anticipated by the Fed. All right, a couple more things I want to mention, then we'll get into our estate planning topic. I like to bring you each and every Wednesday. Nine ways to keep your family out of probate court. We have some incredible blogs that I've written and some that we have regurgitated from other great sources on our website at specialized trust.com. You can see all the different packages we offer, our pricing, so on and so forth. Everything is there at specialized trust.com. Don't forget. To you can schedule a 30-minute video conference with me to discuss your family's estate planning needs, all right there at specialized.com. All right, so quarter percent increase. Now, one thing I forgot to mention is this was a meeting where we get what's called the dot plot. This is where the various members of the Federal Reserve open market committee, the FOMC, This is where they get to again. I always use the analogy. They take a little piece of paper and kind of write down their personal opinion of where they think rates are going to be in the future, as well as inflation. And again, I say that facetiously with a little piece of paper passed around and dropped into a hat. but here's what it showed in all seriousness. 16 of the 18 Fed officials expect at least one additional rate hike this year. Now, take it with a grain of salt. This is not a, you know, rocket science. The w you know, sometimes the this group is accurate, sometimes they're not. But so what you had one dissenter, I didn't get a chance to see who it was. But the reason that you only had sixteen out of eighteen and not sixteen out of nineteen is because Kevin Wars does not participate in the dot plot. He chose when he became chairman that he wasn't gonna be one of the one of the the people putting the little piece of paper in the hat. So there's that. Now, here's the other interesting thing. About I guess it was about two o'clock or so our time. I was waiting for this. I was waiting for this, I was waiting for this, and sure enough, it happened. the president came out and on true social and blasted the Fed. No surprise here. He demanded that the Federal Reserve slash interest rates to one percent or less. Now, again, we're at three, three, three and three quarters to four percent on the Fed funds rate. Now, when they when he says slash interest rates, I don't know if he's referring to the Fed funds rate or some other benchmark, but I assume that he is talking about the Fed funds rate. So to go from three and three quarters, three and three quarters to four percent down to one percent, holy moly. That would be amazing. But again, he said one percent or less hours after the central bank announced its first rate hike since twenty twenty three. Quote, we are carrying almost every country in the world. And that cannot go on any longer, Trump wrote in True Social. In capital letters, lower the interest rates for the United States of America and fast exclamation point. Now remember, Trump handpicked Kevin Worse, right? Many thought, of course, Kevin Worse was going to be a puppet man to the president. He's obviously not doing that, at least at the beginning here, by raising interest rates a quarter percent. again, the the voting members of the FOMC, there's 12 of them. The decision today was unanimous. Trump also said our country's booming with new investments. he has reportedly claimed that the U.S. has raked in as much as $20 trillion or more during his second term. Fact checkers say that Trump's figures are false. Trump said if we stop trading with every country that we have a deficit with, which is most of them, we would make at least $1.5 trillion a year on this post. less than two weeks earlier, Trump threatened that if The Fed doesn't cut rates, he will cut off trade with countries that have trade surpluses with the U.S. That group includes most of the U.S.'s top trading partners, along with dozens of other countries. So we will see about this. I told you before we went to break that again, JB Hunt basically saying, you know, these high fuel prices, they're not certain how quickly they can pass those on to the consumer. But again, this you're gonna hear a lot more those I know majority of you drive gasoline powered vehicles or you some cases Teslas or EVs. but let me tell you again, as I keep saying, as a guy that owns, you know, a lot of diesel engines, it is painful. It is absolutely painful. California now in some areas, I was talking to a friend of date now up to $8 a gallon. it's going to be passed on to the again, if you have a big grocery shopping list or something, all I can tell you is get to your favorite store, stock up because these prices are going to be going up even faster than what we've been experiencing. Simply because, you know, these transportation costs go up. They gotta they gotta charge, and I'll just use an example, Walmart or Rayleigh's or whomever it may be. And of course, those companies are not going to absorb the increase. They're gonna pass it on to you as the consumer. So anything that you consume in your life that is fuel related, that has to get there via semi truck or jet airplane or something, stock up on it if you possibly can before these prices really take off. All right. let's see. What else on regards to that? real quickly, I'll tell you one nice thing about Kevin Worst and the new FOMC. you know, we're led by him. the the the release after the the meetings, very, very short. I mean it's just a couple paragraphs. Here it is. The federal open market committee approved the following statement for release by a 12 to zero vote. The committee decided to raise the target range for Fed funds rate by a quarter percent to three, three and three quarters to four percent. In support of the Federal Reserve's dual mandate. Remember, that's you know, full employment and so on and so forth. The committee is continuing its policy of maintaining ample reserves in the banking system. thank you for doing that. Economic activity is expanding at a solid pace, they said. While uncertainty remains elevated owing in part to geopolitical developments, domestic spending has been resilient. Productivity growth is strong and capital investment is robust. Job games have kept pace with the workforce, and the unemployment rate has changed little. Inflation remains elevated. Today's policy action will support a timelier return to the committee's two percent goal. The committee will deliver price stability. And again, that's the second mandate. Full employment, price stability. So the Fed's saying, Hey, we're doing this for you because guess what? We're gonna get this inflation down to two percent. Again, we're three and a half to four percent, depending upon what metrics you look at. But we're a long ways away from two percent. But I hope you feel good because they did this today. For you to get them down to two percent. Say that tongue in cheek. All right. I'll get off my soapbox and we will come back and we'll tackle nine ways to keep your family out of probate court. A lot funner topic to talk about than interest rates that we've been talking about each and every day for weeks now. Welcome back to the John Sanchez show on Newstock 780 KOH. Once again, we lost 631 on the Dow. Then NASDAQ just a three-point decline in the SP lower by 34. Again, pretty pleased with the SP and the NASDAQ reaction, considering we got a quarter percent interest rate increase, and pretty good hints that there's more to come this year. once again, oil prices down $3.41. That helped things out nicely. $102.41 a barrel. Gold gained $54.80 to $4,388.40 per ounce. And a one basis point increase on the 10 year treasury at a yield of 5.01%. I do want to throw in we did get a little bit of a bump up in the 30 year mortgage, according to mortgage news daily. 30 year fixed mortgage rose two basis points to finish at 7.24%. We'll get Dwight's perspective, of course, tomorrow. All right, time that we get to our topic today. Nine ways to keep your family out of probate. Before I get into my nine strategies, I I want to break a little misconception. You know, it's very easy that we throw the word probate around a lot. And a lot of times people, estate planners, will use probate as a scare tactic to get you to purchase a trust. In some cases, probate is okay. It really is. And it's not that expensive. However, in other cases, general rule is here in Nevada, probate or here in Washtoe County, probate runs about three to five percent of your estate value. That covers Court costs, the attorneys, so on and so forth. So that's kind of a general rule of thumb, three to five percent of your estate cost. Okay. But when I say I want to avoid probate, there are really two different conversations. Okay. The first is planning your affairs so that assets transfer outside the probate process in the first place. And that's where I'm going to get into my strategies. But the second is what happens when someone dies with assets that would normally be subject to probate, but the estate is small enough. And that's those are the key words. Small enough to qualify for what's called Nevada's Simplified Procedures. So let me explain this to you before I get into my nine. For certain personal property, Nevada allows a successor, right? The person that's going to end up with your money to use an affidavit instead of opening a traditional probate proceedings. Now, there was recently some changes to these figures. So listen closely. So the current limits for the again, small estate affidavit. Is a surviving spouse can have assets up to $150,000, other claimants up to $25,000. Now, there are very specific statutory requirements and waiting periods that have to be satisfied. So this isn't simply a matter of writing an affidavit the day after somebody dies. But for qualifying estates, this can dramatically, and I mean dramatically, simplify the traditional probate process. So Nevada also has what is called a set aside without administration. Now, under current Nevada law, if the value of the descendant, the person that's died estate, does not exceed 150,000, the court may, that's the keyword, may order the estate set aside without a traditional administration. That's important because Nevada increased this threshold recently from 100,000 to 150,000. Now notice what I just said. There can still be a court proceeding. So when we say, quote, without administration, please do not. Not interpret this as nobody ever goes to court, right? It just means that Nevada provides a very simplified alternative to full straight administration for smaller estates. One final point on that. Nevada law provides additional protection when someone dies, leaving a surviving spouse or minor children. Listen closely. If the estate does not exceed 150,000, the court generally, and again, underline the word generally, must set aside set it aside for the benefit of their surviving spouse or Or the minor children, subject to the rules contained in the statute. But here's an interesting part the court can allocate the entire estate to the surviving spouse, entirely to the minor children, or divide it between them. Now, isn't that scary? Your estate, again under 150, could go purely to your minor children and leave your spouse out in the dark and broke. Nevada law also gives special treatment regarding creditors in these circumstances, although the court retains authority to prevent a manifest injustice. So it is still complicated. But again, I wanted to bring this out because people think, you know, everything's going to go to probate. Not the case in Nevada. Other states have different rules. Obviously, I just care about here in Nevada. So let's get down to nine ways. So let's forget about that. Let's say you have an estate above 150. So every one of you that I talk to, What's your number one concern? John, I want to leave kids. I want to leave money to my kids, my grandkids. I want to leave it to the people that I want. But I number one thing that I hear is I want to avoid probate probate. So very simple. You know the answer to this first one. Create a revocable living trust. Again, we charge a mere $3,649 at specialized trusts. That's the revocable trust, the poor overwill, the advanced directive, which is your financial power of attorney, and the medical directive and all the addition additional services that we do. Funding, et cetera. So there's no excuse for anyone not to do it. But if you want to avoid probate, just get a revocable living trust created. It's the foundation. Number two, fund the trust. I can't tell you how many trusts that I review, that again, the people spent the time and the money and hired these big fancy law firms to do the trust, and no one ever followed up with a client to make sure that their assets were funded. Funded means Taking probatable assets like your home, your taxable brokerage accounts, your bank accounts, and moving them into the trust, retitling them into the name of the trust. Because if you've heard as you've heard me say a million times, you can have a trust. But if you got, let's say, a, you know, $200,000 taxable brokerage account or a $50,000 bank account, even though you have a trust but you didn't fund it, meaning move those assets into the trust, those are going to probate. Opposite of exactly what you want. So again, this is so very important. I can hand you a beautiful estate planning binder, electronic copy of it, all the things that we do. It can be perfectly drafted trust. Then you put it on yourself, and it may accomplish very little for an asset that never gets moved into it. So your trust generally controls assets that it actually is owned, otherwise properly directed to the trust. So remember this: an unfunded trust can be like having a safe with nothing that is in it. Number three, strategy to avoid probate. Make sure your home is properly titled. Now, for many of you, your home is going to be your largest asset. Pull the deed. Don't assume. I can't tell you how many people say, yeah, my house is in my trust that I had done years ago. We do a title search, uh-uh. Sit in joint tenants' rights or survivorship. I had one the other day where the person, it was just in the man's name. They'd been married for years, but it was only in his name. He bought the house before they got married, and he never got around to adding her to the title, or at least that's what he says. Maybe it was intentional. But the bottom line is it wasn't in the trust they had. So If you're planning clause for your home to be owned by your trust, make sure the appropriate deed was actually prepared and recorded. we have partnered with a national deed recording service that actually we can do all of the title work, all the deed transfers, everything in any state in the country. So make sure that your trust and you have your house moved into the name of the trust. Number four, I'm gonna squeeze in. Review every beneficiary designation. Now, this doesn't have anything to do with probate. This is just a little reminder. Review your IRAs, 401ks, and retirement plans, your life insurance, your annuities. Don't simply say, yeah, yeah, I've got a beneficiary. I I know. And this is what I hear all the time. yeah, I know my beneficiaries are correct. We push the client, we say, show us to us. And I'd say probably 40 to 50% of the time, it's not the people they want and it's not the percentages they want. Remember, that beneficiary designation and those accounts I just mentioned, those are those are the the I don't want to say the law because that's not true. But They are the deciding factor. You can say one thing in your trust, but that application, those beneficiaries you put on your application, that is going to supersede what you have in your trust. So very important to pull those documents. And again, we make sure that all of our clients' assets are funded and we verify all beneficiary designations as part of our process at step. All right, I'll come back with points five through nine. Let's wrap it up with the sex, man. Ha ha ha. Back to the John Sanchez show on New Stock 780 KOH. Once again, a tough day on the Dow side, but okay on the NASDAQ and the SP. Dow lost 631, 1.21%, Nasdaq down three, and the SP lower by 34. Once again, the Fed did raise interest rates at quarter percent the Fed funds rate. All right, I'm trying to help you protect what you worked your entire life to build. Nine strategies to avoid probate. So let me go to number five. I kind of touched on this a moment ago. Coordinate your bank and your brokerage accounts. Now, depending upon the account and your overall plan. An account might be owned by your trust or transfer through what's called POD, which is payable on death or TOD transfer on death or other beneficiary arrangements. But I see this used way too often for people. And I ask them all the time, like when they have a brokerage account with us, and then they're Yeah, we want to title it TOD or POD. Why? Is my question. Well, I want to avoid probate. Well, that is correct. You can avoid probate by putting that titling on a taxable account, but remember this. POD or TOD, yes, it will transfer the account to, let's say I have a brokerage account and I put my daughter on there, right? So it would like transfer the account to my daughter and avoid probate, right? But it does nothing in regards to incapacity planning like a living trust slash your financial or medical power of attorneys do. So the other problem that people always forget about is the Number six, which is or excuse me. it's actually gonna be my number seven point, so I'm just gonna jump to that. If you have your child or friend or whoever as your beneficiary under POD or TOD, you gotta be really careful. You need to make sure that you talk to your attorney and your accountant about this, because there could be situations where let's say your daughter is your your POD, right? You're a single person and you want that house to go to your daughter or that bank account or that brokerage account to go to your daughter upon your passing. Okay, cool. The minute if she let's say she's being chased by creditors, maybe she got into a bad car accident. She has no zero asset protection if she inherits that house upon your death, those creditors could very easily come after that and wipe out all of your years of of hardened years of equity. Have a trust, there are some strategies you can use to make sure that doesn't happen. Again, people don't seem to remember that. So please don't Hesitate to spend the money to protect your assets and avoid probate and take care of your family. Now, to my sixth point. Here's another area that I see that's commonly overlooked. Things outside the scope of your bank account, your brokerage account, et cetera. So please don't overlook the following assets because these can go to probate if not properly taken care of. Your LLC interests. So whether you have a business that's titled as an LLC or you listen to our advice and you have your investment real estate held in LLCs, et cetera. Those LLCs must have the proper documentation and the operating agreement must be modified to move the interest of that LLC into the name of the trust. If you just have that LLC sitting out there and you haven't done it properly, that LLC is gonna go to probate. Same thing with privately held businesses, rental properties. some other bigger assets, there, there's there's a again kind of a controversy of whether you tie you put vehicles in the trust or not. We don't do it. and again, that a D V makes it really simple. You don't need to to mess with that. Makes it really simple upon death to move that that that vehicle over to the person you want. notes receivable. gosh, I'm looking what are some of the other ones I I ran across? intellectual rights. That's another one, right? So those assets need to have the proper documentation to move them into the their interest, into the name of the trust to avoid probate. You still like the LLC, which is most common for most of you. You're still gonna get the asset protection of the LLC. But now, if you do it properly, where it's moved into the in into the name of the trust, then you're gonna avoid probate with your interest in that LLC also. So again, those are very, very common overlooked assets that can send it to a to probate. be very careful using joint ownership as an estate plan, also. Once again, you can put any person you want as joint owner of on your house. I told you just a moment ago about the the the legal side of things, but also it can create some very interesting situations when it comes to tax situations and family consequences. I've seen this many times where again a let's say a mom who's single puts her daughter on there, but let's say there's two other siblings, those other two other siblings get really upset when the daughter inherits the house and mom dies. What did they get? Nothing. And estate planning with a trust, again, you can address that issue. Number eight, you can use transfer on debt, the TOD, under certain circumstances. But again, please be careful. And number nine, most importantly, review your plan regularly. Set it and forget it does not work when it comes to a state plan. When you buy another house, you open a new investment account, so on and so forth. That's a lot of times where your trust needs to be changed in what we call amended or restated. Very simple to do, but it needs to be done. God bless, have a great afternoon. We'll see you tomorrow on the John Sanchez Show.