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If You Can't Speak For Yourself: The Documents Your Family Needs Before A Crisis · The Jon Sanchez Show

• Jon G. Sanchez: Good Wednesday afternoon to you. Welcome to the John Sanchez Show on News Talk 780KOH. Pleasure to be with you. A little bit of a rough day as far as the Nasdaq side concerned, but other than that, not a bad day. Not a bad day. A little bit hotter than expected inflation. Lots of things to talk to you about. bond yields were a little bit of a problem this morning, but we recovered a bit. So yeah, it's kind of one of those days where we had a lot of things thrown at us. A lot of things thrown at us. Gonna go through the CPI report. This was the the catalyst to this especially this early morning sell off that we experienced in the Dow. And like I said, Dow didn't finish all that bad, just a small loss of 49. But boy boy, we had some periods where it was selling off quickly. Nasdaq, not quite so fortunate. NASDAQ, of course, succumbed to a lot of selling pressure today. But I'll give you all the details about it. But first, let me remind you it is Wednesday. All right, happy hump day to all of you. that means it's an estate planning Wednesday. Right. I always try to bring you an estate planning topic. And again, if we can be of any service to you in your estate planning needs, please visit my website at specializetrust.com. You know, when I have a discussion with someone in regards to estate planning, the first thing that comes to their mind is this is a discussion about death, right? That's why so many of you hesitate, prolong, put off, procrastinate, whatever the word you want to use, when it comes to creating your estate plan. It's like, I don't want to talk about death. This is not what I'm here for. I want to enjoy today. I want to enjoy my life. And man, the minute I start talking about estate planning, you know, here comes the what do I do when I'm dead? What happens to my assets and so on and so forth. But I always like to remind everybody that estate planning is really not about you. It's about your loved ones, right? And making their life as easy as possible to inherit the assets that you want them to have, not that the court decides who's gonna happen. But today we're going to take a little bit different approach to this. We're going to talk about you while you are alive. Cause I have a question for you. Have you asked yourself this? What happens if you are in the hospital and you can't speak for yourself? Who can pay your bills? Who's gonna handle your finances? Who's gonna call your financial advisor and say, hey, I need you to liquidate, you 100 shares of Nvidia to generate some cash? Who's gonna talk to your doctors? So notice this topic is not about you're you're you're alive. You are just what we call incapacitated. So this estate planning Wednesday, I'm gonna explain to you the difference between a financial power of attorney and a healthcare directive and why your family. And you need to understand both of these extremely important documents. Part of your, you know, the they're of the four components of the estate plan. You need to understand, the whole family needs to understand before a crisis hits. Because the last thing you want to have happen is, God forbid, something strikes you, you get in a car accident, you have a stroke, a heart attack, whatever the case is, you can't talk, you're, you're, you're out of it, you're incapacitated, and your kids are like, How do I pay mom and dad or dad's bills? How do I pay mom's you know mortgage payment? I mean, all of these things that we have responsibilities to do as an adult, right? This is how we get through life. We pay our bills and and manage our investments and so on and so forth. And by the way, medical you know, decisions, yes, we like to make our own, but no one can do that if you don't have these two powers of attorney. And so, you know, as I always tell people, if nothing else you do. If nothing else you do when it comes to estate planning. If for whatever reason you don't believe or you don't want to get a living trust, you don't want to get a will, please, I beg of you, at least get a powers of attorney for the medical and the financial decisions. You know, on our website when you click on our plans, we created a we have eight different estate planning packages. And one of the excuse me, nine now, one of those is what we call the young adult. Because this really today's topic really comes into play also for the young adults in your life, right? Once your child hits 18 years old, they're not your baby anymore from a legality standpoint, right? You can't make COVID financial decisions for them. You can't get into their bank account and withdraw money and pay their bills. You can't make medical decisions, as crazy as that sounds, unless you have the proper documentations. So this isn't something, again, that you have to have a big net worth or any of the misconceptions people have about estate planning. This is real life. I mean, we're talking the day that kid turns 18, they need at least the medical and the financial powers of attorney. and then in our package, we throw in the will and a few other things. We don't do the living trust for someone young like that, unless they have assets, which you know, a lot of young kids do these days, but for the most they don't. So that's what we're gonna be focused on. I've titled today's show, You if you can't speak for yourself, the documents your family needs before the crisis hits. So I will get to that momentarily, but first let's bring you up to date on the stock market side. So I take you back to the pre-market session today. So where I always like to start. Right before the stock market opened, we were down about 100 and close to 150 points on the Dow futures. NASDAQs were down about 250. SP is lower by 29. About an hour before that, that's when we had the release of the CPI, the measure of inflation, of course, on the retail side. And this report, folks, unfortunately, came in much hotter than expected. It was not what the street wanted. The immediate reaction, we saw bond yields surge. I mean, the 10-year yield shot up. gosh, I think it was nine, 10 basis points, if I recall. The the two year, the five year, that everything shot up. And the minute that happened, we began to reverse very substantially in the pre-market session. And then that kind of continued through the day until the 30-year bond. Its yield started to subside as far as going up. It started to come back down. And so did the others a bit. and then the stock market recovered a little bit, except on the Nasdaq side. So let me go into the CPI report to kind of tell you what the economy is facing at this point. So remember, we have two components of the CPI report. We have what we call the headline, which encompasses everything, and then we have the core, which is where we strip out food and energy. So let's talk the headline number for just a moment. On the headline side, CPI, this was of course September's report, increased six tenths of a percent month over month. Now, again, that was that was a bit hotter than what the the street was looking for, which was about a four-tenths of a percent increase. But the year over year number, this is where everybody began to panic. Year over year, CPI has grown from August number of 3.4% to September's year over year gain of 3.7%. Now, I know, you know, unless you follow this stuff closely, it sounds like I'm splitting hairs, but let me, you know, let me tell you, trust me, 3.4 to 3.7, that is a significant, significant jump in one month on a year-over-year basis. Core inflation, again, where you strip out food and energy, it was up three tenths of a percent. Estimates were a two-tenths of a percent increase. But once again, we get to the headline number, I'm sorry, we get to the the the the year over year number. And this number again was much hotter than expected. Showing a gain of 2.6%. So as you see, there is a lot, as I always emphasize. Look at 2.6% not counting food and energy, and again, 3.4% or excuse me, 3.7% counting food and energy. So you see how important and how influential food and energy are to the overall calculation. But the bottom line, what the street looks at is did this increase significantly month over month? Did it increase significantly year over year? The answer is yes. It had a pretty significant impact on the CME FedWatch tool, which is what we watched to look at the probability of the Fed's next move. Coming into this morning, there was about a low 70% probability that the Fed was not going to do anything at their October meeting. Well, that number changed after today's CPI report and came in now a 50% probability. So now we're splitting hairs, right? Coin toss. Is the Fed going to give us an interest rate increase or are they not going to do anything at all? We did have one Fed member today basically hint that you know rates need to go up, but no big hurry to do that. So I think this report's gonna come down to the scenario where we're no one's gonna know with with any significant confidence what the Fed's gonna next move's gonna be until you know probably the day of the meeting. And then they'll they'll probably get fairly close to to guesstimating. we will have PPI numbers tomorrow. That's the in the wholesale side of inflation. So we'll get another check. From that side of it. And then we got to sit back and wait. Wait and see again what what this economy does, what oil prices do, and and so on and so forth. But we saw a pretty good increase in obviously gasoline prices were up about nine percent month over month. food costs were up a little bit, shelter costs were up, and what was interesting, something that has been steadily on the decline for months upon months. new and used truck and vehicle prices. They actually edged up a little bit. Thought that was interesting, probably because the new car is so doggone expensive. People are now going back to looking at the at the used car market. So overall, not a good report. And hence again, that's why we began to sell off and and and kind of you know like I said everybody became very, very nervous. Now we get past that report. Again, everything all the trading's going on. The SP 500 briefly fell below the 7700 mark. And it's 50-day moving average, which was 7,706. What does that mean? Remember, the 50-day moving average is a technical indicator. It's a chart pattern. When a stock or an index breaks that, everybody sets up in their chairs and goes, uh-oh, not a good thing. It could fall further. Luckily, it did recover a bit. it closed at 7,718. So, like I said, recovered just a little bit there. So that helped us out. The other problem that we face today, the AI and data center infrastructure companies. Hm, what have you been hearing this concern about? I'll tell you about those when we return. Back to the John Sanchez show on News Talk 780K, which happy Wednesday to all of you. We'll get to our estate planning topic here momentarily. If you can't speak for yourself, the document your family needs before a crisis occurs. But I want to go back to the market side. again, pretty significant weakness on the Nasdaq. Let me tell you overall how we did. again, we climbed our way back on the Dow side after being down well over 100 for most of the session. Finished it down only 49, so nothing there. 51,621. SP lost 87. That was a big move, 1.11%. As I said, closed at 7,718. And the NASDAQ lower by 512 points, 1.88% loss to close at 26,692. Okay, now no one can fault me for not warning you. This market is being held up by AI. Plain and simple. And if you never believed me, today's action exactly proves it. Okay. So let me tell you what happened today. So it started off early this morning when Barclays came out and downgraded Dell, and they downgraded Hewlett-Packard Enterprises, HPE. Dell's just been a star performer this day. So is HPE. I mean, both of those stocks have just had an incredible, incredible year. They gave up today, though. Pretty substantially, matter of fact. Dell lost sixty-five dollars and two cents, eleven point three six percent loss to five hundred and seven dollars and forty-five cents. again, it's up, you know, I I I think it's two fifty, three hundred percent for the year. I I could be off on that, but it's it's way up there. Hewlett Packard lost five dollars and sixty-four cents, eight point two percent to sixty-three seventeen. Nothing was wrong with those companies. The reason I bring it up, but Barclays downgraded those. So here's Here was the major catalyst for the NASDAQ selling off the 500 plus points. The valuation scenario. Okay, Core Weave, right? Cloud, data, AI, infrastructure, all kinds of things Core Weave does. Been a market leader. Stock got clobbered today, down $15.46, $12.03 loss to $65.78. This is what I've been cautioning all of you about, and that is the following bonds, the borrowing. If some of these companies begin to falter, or if there's perception they're going to falter, it will tank this sector. As much as we love AI, it will tank this sector. Today we got a little bit of a taste of this. Okay, so let me tell you first of all what Core Weave did today. Stock loss $12.03, 15.46% loss to $65.78. I'm watching it in the after hours right now, down $2.45, 3.72% loss at $63.33. Now here is what tanked the stock and tanked the sector and therefore tanked the Nasdaq, in my opinion. The yields, so so again, like every, you know, I shouldn't say every, but a vast majority of anything AI related, there's a significant amount of borrowing that goes on. One of the borrowing channels, of course, bonds, right? These companies go to Wall Street, they say we wanna have you sell whatever number, $200 million of bonds at this yield for this number of years, and everything's fine. They get their money, everybody's good. Until you start getting into a period like this, if this period lasts, it's way too soon to say it's gonna last. But today we got a taste of what potentially can happen. So here's here's the scenario. So Core Weave has a bond. I don't know how much is outstanding. I imagine it's pretty significant. Has a bond that matures in the year 2032. Okay. This bond, when it was issued, gave the investor a yield of 9.625. Okay, so first of all, that tells you a yield of 9.625. And again, I don't know. I didn't have a chance to see when it was issued. Let's just say it was in the last couple of years. That's a pretty significant yield, right? So that says that. The investor of the bond says, all right, Corey Weave, you're great. You got all these contracts ahead of you. AI is growing, data centers are growing. But you know what? You know, it's kind of like somebody with a 550 FICO score. You're okay, but there's a little bit of risk. So I want to be compensated with a higher yield. Okay. So 2032 maturing bond, yield 9.62%. Now, today, that bond maturing in 2032, its yield is now. 14.8%. 14.8%. Okay. So now remember, bonds work an inverse to the to the value. So in order to go from a yield of 9.625 to now a yield, if you went out and bought that bond in the secondary market, your yield's now going to be 14.8%. How does that happen? Because the bond price, let's say it was issued for $1,000, normally is where they're issue. That bond price has now dropped significantly. So therefore the inverse action happens, meaning that yield goes up. Remember, just that's the fundamentals of any bond, government, corporate, etc. So let's go over that one more time. Really important lesson. Bond comes out, you pay a thousand dollars for it. Core weave is going to pay you 9.625. So nine to five eighths. 2032, they said they're gonna give you your thousand dollars back. But again, because of all these concerns I just mentioned, investors now in the secondary market are going, uh-uh. Nope, this bond's come down in value. We're really concerned about core weave, so therefore. If want us to buy this bond trading in the in the secondary market, the yield now is going to be 14.8% because that thousand dollars is now worth you know whatever, $900, $920, something like that. So that is a that is a real flashing red light there for you. But it didn't just happen on the 2032 maturity bonds for Core Weave. It also happened on the 2031 bond. Now that bond had an initial yield of 9.75%. That bond as of today. Now has a yield of 14.9%. So that was the the red flag. Matter of fact, it got a lot of attention today. A lot of attention. You had Elon Musk respond on X by going yikes to the moves. their CEO did come out on CNBC today and said, hey, you know what? Everything is fine. He says, quote, when you're building a new type of technology company, there will be periods of time when the market misunderstands and acts irrationally. We are confident in our backlog, which more than supports all of our debt obligations. now we move to a comment by an analyst over at Wells Fargo. let's see, what was this gentleman's name? Louis Alvarado, co-head of global fixed income strategies at Wells Fargo Investment Institute. He said the following. He said the era of easy money, which we experienced in the first nine months of this year, is starting to disappear and dissipate. Now the extra dollar. Or the marginal dollar is going to be more looked at with a microscope into the concessions that the issuer is giving you back. So back to that risk reward scenario. again, another gentleman by the name of Chamath, I can't even pronounce his last name, founder and CEO of the investment firm Social Capital and CEO of AI company 8090 called out Core Weave soaring yields on X today. again, that prompted Elon Musk to make that comment. Now, this gentleman said that He shared a chart of the 2032 bond that I was just mentioning, noting that the yield touched 15% and then closed at a new high today. He also included part of his deep dive into whether the AI build out is creating a private credit bubble, in which he noted, quote, how little extra lenders appear to charge, appear to be charging for that AI risk. So you know, it goes on and on and on. Now Corwee's overall credit rating, by the way, remember triple B and above is investment grade. They have an overall credit rating of B plus, which is junk bond territory. That's why that initial bond that I mentioned had had that initial yield of 9.625. So you know it's not easy. So here's the other problem, and it kind of fuels the fire. If a company gets in trouble financially, again, whether they miss a bond payment to the investor or whatever the case is, you get these credit rating agencies come in and they'll downgrade your credit. And when you downgrade the credit, you Really start to have problems at that point. It makes all of your borrowing costs even more because the public again goes, Holy moly, they used to have a B plus rating. Now they're whatever, I'll pick a number. Triple C, right? So again, it's like when you bought your your your house, you had a FICO of 750. Now you got a FICO of 650 because you missed some payments. Guess what? You're gonna be you're gonna pay more to go borrow money next time if you can even get a loan. So again, this had a ripple effect. Oracle closed down nearly nine percent today on this news. Now, the yields on bonds were also higher with the yield of maturity for Oracle. they have a bond that's due it in 2032. And when it came out, its yield for the original investor was six and a quarter percent. That bond now trades at a yield of 7.24%. Same scenario. The value came down, the yield is the opposite, and investors want more. So again, way too soon to say this is the beginning of a of a major problem. But my job again is to keep alerting you and reminding you this is a very dangerous area right now. Again, as much as we love AI, it's there's a lot of concerns about valuation, both on the credit side as well as on the balance sheet side. All right, you're up to date now when we come back. I should hit a oil real quick. Dollar five gain, 95 eleven, gold down sixty-eight sixty an ounce to close at four thousand one eight. And we lost after again being up significantly, lost three basis points on the tenure at a yield close of five nineteen. So nice recovery in the bond market today. All right, now when we come back, if you can't speak for yourself, the documents your family needs before a crisis on Estate Planning Wednesday on the John Sanchez show. Welcome back to the John Sanchez show on Newstalk 780 KOH. All right, we'll get to our state planning topic in just a moment. Once again, a quick recap of today's activity. We finished down 49 on the Dow. The NASDAQ lost 512 points, 1.88%. SP down 87 points, 1.11%. by the way, a ship did get attacked in sink today in the Strait of Hormuz, a Singapore flagged oil tanker. so again, one of the reasons we saw oil prices spike a dollar five at ninety-five eleven a barrel. I forgot to mention. All right, let's get to our topic. before that I do, I've got some very good news for you. Those of you that are either on or gonna be in the next few months, meaning the beginning of 2027, gonna be collecting Social Security. You ready for this? So the SSA came out today, Social Security Administration, and gave us our cola increase for next year. I don't know, I say us, I'm not on Social Security. but you are now gonna get a raise of $75 a month. So the Social Security benefits gonna go from $2095 to 2170 starting in January of 2027. A few other changes were made. also I'll try to cover those on a Friday's show. All right. Let's transition over to estate planning. Again, if you have any of your estate planning needs, you need a trust reviewed, you need a new one, meaning the entire estate plan. You just want to talk to me about it, just go to my website, specialized trust.com, schedule an appointment with me, and you get 30 minutes of my time, no charge. Okay, so today we're gonna talk about. One two, excuse me, two of the four basic components of an estate plan. Remember our four components, the revocable living trust, the pour over a will, the medical directive, and the financial power of attorney. I'm gonna keep things simple today. And I know some people are gonna go, you're not using the proper legal term. Well, this isn't an attorney show. I'm just gonna say financial power of attorney and medical power of attorney to make things really simple. So we're gonna talk about this part of estate planning that too few families talk about. Matter of fact, they overlook it until it's too late when they're under pressure. Meaning somebody, meaning mom and dad, in our examples today, are incapacitated, right? So remember the revocable living trust does a lot for you or your family or your estate when you're gone. The powers of attorney, financial, medical, those are designed for you while you are alive. But when you're incapacitated and can't do a lot of things yourself. So as I said at the beginning of the show, imagine you're in an accident. You're unconscious or you're dealing with an illness that makes it so hard for you to understand information or communicate any decisions, right? A stroke is the first example that comes to my mind. Your spouse or your children are at the hospital. The bills need to be paid. The bank may need some instructions. The doctor needs to know what do you want to do? Life support, no life support, donate organs. I mean, whatever the case may be. Who has the authority to step in? And even if you've named somebody. Do they know what you want them to do? And by the way, good luck trying to convince a doctor or a financial institution without the proper powers of attorney that, hey, you know what? Frank told me that I can manage his brokerage account or I can get into his bank account. You and I both know that's not going happen. So today we're going to make this really simple. We're going to talk about the financial power of attorney, the healthcare power of attorney, and the instructions that can help your family make the decisions in line with your wishes. While you're ready to make those, while you mentally can, while you physically can. And again, these documents do completely different jobs. And a trust by itself may not answer every question. You need, again, our four components, two of the four, the powers of attorney. So let's start with the distinction between planning for death and planning for a time when someone is alive, but again, unable to manage their communication decisions. So incapacity, of course, can follow the, as I said, the stroke, the serious illness, a surgery, an accident, cognitive decline, very common. It can happen when you're young, it can happen when you're old, right? This is why I said even even someone that just turned 18 should have powers of attorney. A family member may be the person you trust the most, but again, that alone does not tell a bank or a medical provider what authority that person has. Now, the trust, of course, can provide for management of assets that are titled in the trust that they're funded. It doesn't automatically give someone authority over the asset to pay the bills, to get into the brokerage account, or to make medical decisions. And hence why. We have the powers of attorney. So I got a question for you to think about. If you could not communicate tomorrow, something happened to you tonight, who would know where your documents are? Or do you even have documents? Okay. Now, let's explain what these documents do, okay, within the authorities granted within the documents. So let's start with the financial power of attorney. So what does it allow you to do? Well, as long as it's properly written, as long as it's either notarized or or witnessed, usually it's going to be a notarization on the on the powers of attorney here in Nevada. Then what does the power of attorney allow whoever you've designated? And by the way, I should mention this. The person or persons that you have designated in both your medical and your financial power of attorney, it's called an agent. Okay, it's not a not a trustee, it's not a beneficiary. They're called an agent. So here's some examples of what an agent can do on the financial power of attorney. They can pay the recurring bills, they can manage the day-to-day financial affairs for you. They can communicate with banks and with investment advisors like myself. They handle the property or other matters covered by the document. you know, again. you may need your house sold, right? You're incapacitated, you're not coming back home. You may have to move into an assisted living facility. You need the house sold. They can do that, right? So very powerful. So remember, what you have to do here, you have to read the document to learn what power the power of attorney gives to the agent. Because a power of attorney can be very broad or it can be very, very limited. Now I want to throw a term at you that a lot of people get confused about. The term is durable. Okay. So you hear the term durable power of attorney. Well, durable means the authority is not terminated when you become incapacitated. Under Nevada law, a financial power of attorney is generally durable unless it expressly expressly, excuse me, says it ends upon incapacity. And we actually have to ask the clients the that question. Do you want this to be durable or do you want it to terminate upon incapacity? I know it sounds crazy, but those are the those are the questions. And I want to mention also that durability and timing are completely different questions. Now, the document should be reviewed to understand when the agent may be may begin acting as your financial power of attorney. Generally, when we create the power of attorney, we ask the client, do you want this to become effective now or upon incapacity? So that's another one. And that doesn't mean if you select now, that doesn't mean that someone, your, you know, your agent can jump into your bank accounts, et cetera. Again, there's triggering events that have to unfold before they have the legal authority to do that. The agent, as I said, is now acting for the person who signed the document, you in this example. And it's very important. They must stay within the granted authority that you've given them. Nevada statutory forms describe duties such as acting with care, keeping records of financial transactions, preserving the principal, the principal's you know, estate plan when appropriate. my gosh, I could do an entire show just on the financial power of attorney. gives them Gives them a lot of power. I I that's all I can tell you. And you have to read one of these documents to understand the powers that are granted. And again, these financial powers of attorney vary from state to state. I'll wrap up on the financial power of attorney with this advice. How do you choose someone? Well, Lord knows you want to choose somebody that you trust that's capable of handling the responsibilities, not only the person who lives closest or might be least offended if you don't ask them, right? This is a very, very important person. again, they're gonna have to communicate with a lot of business professionals. And it's gotta be, it's gotta be somebody that you have really thought it out to make sure that if you're not there, they can follow your wishes that you've listed in that financial power of attorney. Again, extremely, extremely powerful and important position. and I want to leave you with this thought. That person, when it comes to your investments, they must operate as we do, as fiduciaries, right? They have a fiduci responsibility to the estate. They cannot get in there and Day trade a bunch of of stocks that you have in there, they can't go in there and trade a bunch of things and lose the estate a bunch of money. That's not the prudent or the the fiduciary responsibility that someone would have. So they have a huge responsibility. And we all know there's been many cases over the years where a financial power of attorney agent has been sued by the estate, generally the children, for mismanaging the the financial affairs because why? Eventually, usually that money's gonna end up in the children's hands. So if you go in there and and you know. Like I said, day trade the account and, you know, suffer 75% losses or lose it all or whatever the case is. Boy, they're going to come after you and sue you. So you got to be very careful of how you handle the the investment side of things. And again, that's where your financial advisor should definitely help you out. Okay, when we come back, let's talk about the other one, the healthcare power of attorney and advanced directive. to the John Sanchez show on Newstock 780 KOH. Once again we finish a modestly lower on the Dow, down 49. NASDAQ was the pressure point, losing 512 points, 1.89 excuse me, 1.88%. And the SP lost 87 points or 1.11%. All right, let me continue on my discussion. If you can't speak for yourself, the document your family needs before a crisis arises. And I'm referring to the financial and the medical power of attorney. Okay, I went through the financial power of attorney. Again, we use the term agent. That is the person or persons that you've delegated. You can also name backups and backups of backups, et cetera. Let's now focus on the healthcare side of things. So your healthcare agent, and again, I should back up the healthcare power of attorney and advanced directive is the proper term for this. Okay. So the healthcare agent that you have designated is the person you will appoint to again make decisions if you cannot make them yourself. Okay. Again, very, very important person. Your healthcare instructions describe your wishes, your priorities, your limits. Now, Nevada's advanced healthcare directive form includes a section that you get to name this agent and an alternative, what we call a backup agent, plus a section to record healthcare instructions and preferences. And when I say the preferences and so on and so forth, this is again where we get into. I want to donate organs. I don't. I want to be on fluids. I don't. Lot, a lot of detailed questions. But you get the opportunity to fill those out and put it in the form while you have, you know, again, your capabilities of doing so. You're not leaving it up to somebody else to guess. The agent's job is not to make the choice they personally prefer prefer. The goal of that agent, and I gotta really emphasize this, is to help carry out your known wishes. Nevada law says decisions about life-sustaining treatment must conform to the principles' known desires. Okay. So again, can a can a healthcare power of attorney cover everything when it comes to medical decisions? No, it really can't. It covers a lot, but I've seen situations where there are things that your healthcare agent will have to make that decision on. Now, what do they typically do? They'll usually Consult with family members, the kids, whomever may be there. obviously your spouse, whomever. And in most cases, of course, what I see with our clients is they name their spouse as their healthcare agent. But there are situations where, of course, they don't have a spouse, or maybe they're divorced, or that spouse is in, I just had a estate plan I did the other day, where the spouse is too old and fragile and and and not in good health. So the client, the husband's like, you know, I got a name. I think he named his son, if I remember correctly. So very, very, you know, again, it can be a friend, it can be a relative, it doesn't matter. But this is a, again, a position that is very important. Lots of details of your wishes go on the forum, but there are going to be some that this healthcare agent's going have to make. So this is not a question where you go, hey, you know what? Who do I trust? Kind of like when you name your successor trustee, the person that's going to handle your estate when you're gone, or as I said earlier, the financial power of attorney. That has a lot to do, obviously, with money and trust and so on and so forth. What you really need to ask yourself when choosing your healthcare agent. And again, I want to emphasize that person does not have to be the same person you've named as your financial power of attorney or the successor trustee, right? This can be somebody that their whole job is to be your healthcare agent. So what you want to ask is who can stay calm? Who can listen to the doctors? Who can ask questions? Who can speak up for me, even if other family members disagree? And this happens. I'm sure many of you have experienced this. you know, you're the agent, the kids are like, nope, dad didn't want that, or mom didn't want that. And you're like, it's in their power of attorney. I've got to follow the rules. So just don't assume if you do have a spouse that they can automatically handle everything, review the documents, confirm what authority has been granted to your your spouse. If you don't have the healthcare power of attorney, again, folks, very simple, very powerful. Reach out to us, 260-3875. Book your discovery call with me. Let's talk about see what we can do to help you. God bless. Have a great afternoon. We'll see you tomorrow on the John Sancho Show.