Latest / The Jon Sanchez Show / Who Will Actually Carry Out Your Estate Plan?
Transcript
- Jon G. Sanchez: Good Wednesday afternoon to you. Welcome to the John Sanchez show on News Talk 780 KOH. Pleasure to be with you on this hump day. Two more days to go. I think all the breaking news today, news headlines, et cetera, we could close the week now and we would have more than enough to talk about because I warned you yesterday it was going to be a busy, busy day today. And boy, did it ever come true. Did it ever come true? We of course had a Fed interest rate decision that I'll go into some details on. We had big earnings reports out of Google. As well as Microsoft. I'll tell you what those earnings numbers, the guidance of the companies, and most importantly, what what the stocks are doing in the afterhour session. Give you all that. And then, of course, it's Wednesday. And as I promised, every Wednesday I bring you an estate planning topic. And boy, do I have a doozy for you today. You know, carefully decided who should inherit your assets, right? But let me ask you this question: how carefully did you choose the people responsible for fulfilling your wishes and protecting those assets? Well, today I'm going to examine the trustees. The executor, the agents, the guardians, all of these people that are inside your estate plan. And by choosing the oldest child or the closest relative or your favorite neighbor, or all of your children together, could absolutely leave your family with conflict instead of protection. And that is something none of us want, of course, when we are peering down from heaven looking to see how our family's doing upon our passing. We want it nice and smooth. And hopefully the things I'll be able to teach you today will absolutely help you with that. And of course, if we can be of any service for you on your estate planning needs, we'd love to have the opportunity to meet with you. Go to my website, specialized trust.com and schedule a one-on-one 30-minute discovery meeting with me. No charge, no obligation, of course. And let me see what we can do to help you, whether we need to restate your existing estate plan, hopefully tell you as we just did the other day, hey, everything looks great. Your attorney did a great job, or hey, you know what, you don't have anything, let's get an estate plan created for you. We can do it all for you. Just as special again, specialized trusts.com. Okay, let's get down to the stock market side of things today. today was from from a market performance perspective, fairly lackluster, right? There was no surprises. I promise you, I'm not gonna bore you spending a lot of time talking about the Fed's interest rate decision today because it was pretty much right in line with what we thought. I, you know, again, as I've said on my stock updates, I've told you each day on the show, you know, over a 90% probability the Fed wasn't gonna cut rates and or raise rates and that's exactly what happened. They just left things as is. And really there was nothing, you know, and I joked on one of my I think it was my final stock update this morning with my dear friend Ross Mitchell. And I said, you know, it's always about of course what Kevin Worse or whoever the Fed chairman is going to be at that point. you know, what they say at that press conference, right? Jerome Powell was much more easy and and a little bit more joyful and joking around a little bit than Kevin Worst. He is Pretty much just straight all business. And he he doesn't hold long news conferences. So, you know, the old days were again back to Jerome Powell, the previous Federal Reserve chairman, where you could really learn a lot more you know, there versus what what the FOMC press release said, those days are kind of gone. Like I said, these these press conferences by Kevin Worst, they're they're just kind of non-events now, and today was no different. So once again, just to summarize the Fed, they did leave interest rates unchanged. They're concerned about inflation. They're concerned about AI spending and so on and so forth. it wasn't a 100% let's leave rates unchanged vote. You had two dissenters today, saying they wanted a quarter percent increase. So that was you know, kind of interesting, that they they didn't get the full quorum to to agree to the leaving rates unchanged scenario, but that's the way it is. And you know, we'll see. The only other takeaway was, you know, the Fed meets eight times a year. To determine interest rates and probably the only other, quasi-big thing that came out of the the press conference, Kevin Wars did indicate that next year, or excuse me, yeah, next year, next year, they're still gonna hold eight meetings, but one of those meetings are really gonna just be to talk about policy. It's not an interest rate decision meeting, so on and so forth. So I guess we can say next year we're gonna have seven meetings to discuss or to to vote on interest rate policy and only one meeting to kind of you know just. Talk about generalities and again what's going on in the economy, the market, more, like I said, more policy driven than anything else. But other than that, like I said, market had had a really ho-hum reaction to it. Dow gained 98 points on the day, just a fraction of a percent, closed at 52,475, NASDAQ higher by 72.27%, and the SP was up 21 or 0.28%. Okay, so now let's get to some of the the movers, then I'll hopefully you have time to get to Google and Microsoft. So one of the big standouts today was Oracle. Stock finished up $13.81, a 10.58% gain to 144.34. They listed their long term guidance, which coincided with Federal U Reserve Chairman Kevin Worst's afternoon press conference, with the combination briefly helping move these averages to session highs. So good guidance, bottom line out of Oracle and nice move on the stock. this was a day where we saw AI related semiconductor stocks do very well. Again, back to my announcement. My analogy I give you all the time. We woke up today. Everybody loves semiconductor stocks today, specifically AI related. So what kind of got the ball rolling? I don't know if it's not a household name yet, but it does make the headlines a lot. It's a company called SK Heinex. It trades under the symbol SKHY. They're a South Korean semiconductor company. They just started trading on the on the US stock exchange. gosh, what's it been now? Maybe a month or so. It hasn't been very long at all. but they came out with some very strong earnings results. Stock shot up $19.41. It was a strong overnight performer, 13.35% gain to close at 164.77. So then that helped other other memory stocks like Micron, which gained $54.47, 5.86% increase close at 983.23, and Sandisk, a big performer also higher by $99.93, 7.66% gain to $1,404.77. Now, moving over to other AI-related names, seem that's all we talk about anymore. This positive upbeat, I'm gonna go back to Oracle for a second. This upbeat long-term outlook from Oracle lifted other AI infrastructure names. Nebus N B I S, the symbol, had a good day today up 6.96%, $11.87 increase to $182.34. Core Weave, of course, we talk about this one almost every day. modest gains today, up $4.36 to close at $63.93. Now, Oracle, they did project annual revenue growth of more than 35% through the year, fiscal year, that is, 2030. Revenue reaching at least 225 billion. They outlined plans to reduce their capital expenditure and generate at least $30 billion in positive free cash flow in fiscal year 2029. Now, it's expectation that additional capital market funding would be limited to about $20 billion through fiscal year 30 also offered some reassurance. And I want you to focus in on two things that I just told you the $20 billion capital markets funding. Remember that number, $20 billion. And then I want you to remember the the other one, which is that they're going to be reducing their capital expenditure expenditure at least 30 billion. And another two three words positive free cash. And the reason I'm saying that that is because just the opposite when I get to the Google numbers. I'll give you a little hint. Google is not doing well in the after-hour session. let's see. Moving on, we had Nvidia today down a little bit, $2.56 decline to $215.38. Microsoft, which again reported after the close. I'll go through the details momentarily. Lost 32 cents in the regular session to $5.31.01. Google, $5.06 gain to $321.89. So, yeah, like I said, everybody was pretty good across the board. Visa reported numbers, muted response down 84 cents on the day for the Dow component. Vertive had a good day today up thirty four dollars and fifty five cents, sixteen and a half percent gain to two forty-three eleven. Again, good earnings strength there. yeah, that's about it. Matter of fact, I'm gonna squeeze in the commodities. Now, we were lucky today. We had two negatives, or usually they're negatives, but because of SK Heinex and some of the other AI movements today, the street didn't pay attention. And that is the two normal negatives, when they go up, the market doesn't like it. Well, they went up today and the market didn't care. What am I talking about? Oil. And bond yields. Oil shot up $2.87 a barrel to $102.74. gold was quiet, $24.10 loss to $4,051.10. But boy, did the bond market, especially after the Fed interest rate decision in the press conference, it moved up. Matter of fact, I was monitoring it. right when the press conference began by Kevin Walsh, we had a the tenure was at a yield of 5.01%, up two basis points by the time the press conference was over and so on and so forth. up five basis points to a yield of five point zero five percent. So pretty significant move in one day. And like I said, the street did not pay much of attention. You know, it was interesting too, as I told you just a second ago, you know, the as far as the market, the the DAO at the beginning of the press conference was up 143. Again, we gained with 98. the NASDAQ was up just about two points is all and like I said it turned things around very nicely with a gain of 72. And SP was up 15 and finished with a gain of 21. So like I said, market did not really have much of a reaction at all, thank goodness. But we will see what happens going forward. All right, when we come back, I'm gonna delve deep into the alphabet and the Microsoft numbers and tell you how things are doing in the after hours, and then we'll get to our topic. Who will actually care out your estate plan wish? Choosing the right trustee, the right agent, the right executor, and the guardian. so very important. Welcome back to the John Sanchez show on News Talk 780 KOH. Happy Fed interest rate, no change day. That's right. Fed did not change interest rates. Two voters did dissent. They did want a quarter percent. But again, as I said, somewhat lackluster market activity. Finished up 98 on the Dow. NASDAQ rose 72. The SP higher by 21. but things could be completely different tomorrow. At least that's the indication at this point as the futures just began trading 23 minutes ago. Right now we have the Nasdaq futures down two hundred and fifty two points. Ouch. Yeah. Very early though. The SPs are down about 22 and the Dow feature is up about 56. What's the culprit? Well, I was trying to figure out do I want to give you the good news or the bad news first? So let's get the bad news out of the way, and that is Google's numbers. All right, let me tell you what the stock is doing. First of all, as I said earlier, up four dollars and thirty-one cents is where it finished for the day, a 1.34% gain to a price of $324.89. However, in the after hour session right now, it is down thirty-four dollars and twelve cents, a ten and a half percent loss to two hundred and ninety dollars and seventy-seven cents. All right, it's probably gonna take me to the break to tell you everything that that was released in this earnings report. And again, very, very bizarre, very terrible numbers. all these warnings I I I I keep delivering to you each and every day. if Google's any indication. It's the AI situation is starting, but way too soon. But these were terrible, terrible numbers. Here we go. Okay, so let's get to the the simple numbers. The earnings per share. Street was looking for $3.02. They only came in at $2.67. Revenue was amiss, also came in at $127.58 billion. Estimates $128.22 billion. revenue grew 25% from a year ago. But the company posted its first top and bottom, meaning earnings per share on the bottom, revenue on the top, first top and l and bottom line miss in nearly four years. Net income fell to twenty six point one seven billion from thirty four point nine eight billion a year ago. Net income per share, two dollars and twelve cents a year ago, two dollars and eighty seven cents. This is the one that really made me sit up in my chair. They reported negative free cash flow, negative free cash flow of 9.07 billion, which was significantly greater than what the Wall Street analysts were looking at, which was a negative cash flow of 2.7 billion. So as questions mount over the heightened spending on the AI build out, Alphabet's capital expenditure totaled $51.36 billion in the third quarter. Falling short of the fifty-five point zero nine billion expected by analysts. Of course, as I keep saying, investors they want to see some returns. Alphabet maintained their full year capital expenditure forecast after lifting guidance to between $195 billion to $205 billion during the second quarter from their previous in anticipation of $190 billion. Annual CapEx spending, so this is the money they're gonna be, you know, plowing back into the business, expected to top $200 billion. Before exceeding $300 billion in 2027. So you see, this is a story, right? And I don't have any problem with this because of the balance sheet size of Alphabet. This is a story. It's almost like the old days of Amazon, right? They didn't care if they had a loss because they were so confident all the money they were applying back into the business was going to come back to them, you know, however many fold you want to say, right? And that I think was exactly what happened with this quarter. On the this is a quote from their finance chief. We continue to expect our capex to increase significantly in 2027, and we'll provide further details on our fourth quarter call. All right, here's another one that sparked a lot of concern in my mind, and obviously with investors as they're selling off the stock. The company's borrowing rose sharply during the quarter, long-term debt climbing to 125.1 billion from 21.6 billion a year earlier. Let me repeat that one. Long-term debt, one hundred and twenty five point one billion up from twenty one point six billion a year earlier. That is an increase. I'll do the math for you. A four hundred and seventy nine percent increase in long-term debt. Operating income total forty point five eight billion, missing forty-three point one nine billion estimates. They saw ninety-nine point zero three billion windfall in revenue, as we're starting to see. I'm gonna pause on this. We're seeing this a lot with some of the the tech names and This is helping out their their their profitability, their income, and and so on and so forth because of deals they've done where they've invested in other companies. So here's what I'm talking about. So Alphabet Alphabet saw a ninety-nine point zero three billion dollar windfall in revenue from their equity holdings in the second quarter, fueled by stakes in SpaceX and anthropic. Of course, anthropic's not publicly traded yet. Go figure that one. However, the category weighed on results in the third quarter, resulting in a loss of $8, $8.66 billion. Company continues to open the wallet to fuel the AI expansion, and that has contributed to strong revenue growth in its cloud division business, home to its suite of AI offerings. Quote, we are seeing extraordinary demand and strong demand for both AI labs, capital markets, financial service institutions, and enterprises, according to their cloud chief. Cloud revenue, speaking of which, more than doubled to $30.7 billion, surpassing $28.7 billion expected. Companies continue taking market share from rivals such as Amazon Web Service and Microsoft Azure. let's see. Let's see. Their CEO told analysts that the company is already seeing strong demand for its recently launched Argon Gemini model. Its carbon iteration announced on Wednesday outperforms Argonne on almost every domain, he said. their search revenue grew 12% to $63.5 billion. That fell short of Wall Street's estimates of $64.96 billion. the CEO said the company's AI investment powered the highest query growth rate over the last five years. Okay, so there it is. And that's the reason we're seeing the the futures acting the way they are. Let me squeeze Microsoft in very quickly. Just the opposite story. Great numbers, great numbers. Let me tell you what the stock's doing in the after hours. Regular session lost 32 cents to 531.01 a share. Right now in the after hours, it's up $13.99, 2.63% gain to $545 a share. earnings per share, $4.89 adjusted. expectation was four dollars and seventy three cents. Revenue 92.28 billion, expected 90.6 billion. Their revenue grew 19% year over year in the quarter, which ended on September the 30th, with Azure now its single biggest business. let's see, they reported forty five point two billion dollars worth of capital expenditure and finance lease during the quarter, up about thirty percent from a year earlier. Analysts were looking for fifty point six seven billion dollars of capital expenditure. As far as guidance, Microsoft called for ninety-six billion to ninety-seven point one billion in the second quarter as far as revenue, which works out to about 18.8% growth at the middle of the range. Analysts were looking for 95.6. So you got to beat there. now, again, unlike Alphabet, they're making positive cash flow. They'll continue to generate free cash flow through the year 2027, but the company will access additional sources of funding when it's attractive to do so. let's see, around 75% of the capital expenditures are now tied to short-lived assets such as Intel chips and Nvidia. free cash flow declined 27% to 18.63 billion. let's see, Cloud Rival Alphabet again as I went over, they reported nine billion and negative. Okay. net income for Microsoft, 36.63 billion, four dollars and ninety-two cents a share. nice increase from the Same period a year ago where they made $3.72 a share and had revenue of $27.75 billion. For the first time, Microsoft disclosed revenue from Azure Cloud in dollars at $33.17 billion in the quarter, despite delays from third quarter providers. So I I keep going, but you get the message. overall, very, very strong earnings numbers. And again, the stock performing the way that it should in the after hours. Okay, you're now up to date on what happened in today's market activity. What a busy day it was. Now let's turn things over to helping you protect your estate through proper estate planning. Who will actually carry out your estate plan? Help you decide who those important people are when we come back. Welcome back to the John Sanchez show on News Talk seven eighty K which once again the Fed left interest rates unchanged, but we had two dissenters wanting a quarter percent increase. Nothing worth shadowing coming out of the press conference by Kevin Warsh. big news of the course of the day, the earnings numbers that I just went over with you with Alphabet and Microsoft. we're slipping away a bit on the Nasdaq futures moment ago as I was literally as my rejoin music was playing. We were down just a little over three hundred on the Nasdaq futures, now down two ninety four. So we'll see th how things transpire overnight and into the morning session. All right, let's move over to our estate planning topic. Once again, if we can be of service to you and love to have the chance to speak with you, go to my website, please, specialized trust.com. Again, we can restate, we can do brand new estate plans, we can do a lot of things. All right, here's a discussion that I spend a lot of time with our clients on, and that is who do I select for the different people within my trust? Who is gonna be, and I'm gonna define all these, my successor trustee. My backup successor trustee, who's going to be my executor, who's going to be my agent for my financial, for my medical decisions. you can have an entire smorgasbord, right? And it's a it's a daunting task for a lot of people when they're creating their estate plan. A lot of questions, a lot of things they have to think about. And then you throw that onto them and they're like, I, you know what? my older kid is really good. he went to college and he works in business. So I'm gonna put him in charge of my entire estate, meaning the successor trustee. Well, again, my purpose today is to just make you stop and think a little bit about the people that you are electing. Because once again, your estate planning documents, they're nothing more than that. They're documents. Your estate plan still needs people to implement all of your wishes, right? So again, you can have the best written estate planning documents in the world, but if you've got the wrong people to follow those instructions, it's a disaster. It really is. So let's get into one of the Probably the most, in my opinion, the most important position that you're gonna have to select for s in your estate plan. And that is called the successor trustee. Now, what does the successor trustee do? I my my term, I've used it before on the radio. I like to call them the big dog. They're in charge of it all. The successor trustee manages your assets, which are owned by the trust, that's the key, when you die, right? When they can resign. They they can sometimes be brought in in under incapacitation. That's a whole nother area. But the bottom line is they're the big dog. They're the ones that everyone is going to turn to at the time of death, right? We'll forget about incapacitation for a moment. And the reason I call them the big dog is because they have a lot of responsibilities. And before I go through my list of responsibilities, I want to outline and highlight and scream and yell and underline the following before I get to this. Keep in mind, again, you always, always want to talk to whomever you're going to name for these various positions I'm going to go through, get their approval. Make sure they want to do it. Don't surprise it on them and they're gone and all of a sudden they get a call and say, hey, congratulations. You're, Frank's successor trustee. Well, what is that? What's involved? Wait a minute, I live in Kansas and Frank was in Reno. And no, you want to get their approval. You want to let them know here's going to be your responsibilities, so on and so forth. But Most important thing to remember when it comes to the successor trustee is like a few of the other positions, you are, or this person is going to be a fiduary. Just like I am when managing our clients' money, a fiduary is held to the highest standard of ethical, right? You're doing things for the person, not for the benefit of yourself. A lot of people don't realize that. So a quick example, let's say Jack is named as Fred's successor trustee. And Jack, is a good drink beer drinking buddy with Fred. They had good times together. Everything was cool. But Fred's not the most honest ethical guy. Fred's had a lot of financial problems and, three divorces, and he's just never been able to get his financial life in order. Now all of a sudden, he becomes a successor trustee of, let's say, a multi-million dollar estate. Is that the kind of guy you want to handle? And make sure that the bills are paid and the beneficiaries are paid and so on and so forth. Because if Fred goes off the off the st off the off the deep end, and doesn't follow the fiduciary rules, Fred can be sued by the estate. And it happens all the time, right? Especially in big cases like with celebrities, you see that all the time. the the descendant will will name usually their business manager. If let's say they're a Hollywood star or music star, they'll name their business manager. Business manager was really good at managing their career, but not real good at managing estates. And then all of a sudden here comes the kids going, Hey, dad just died with a a hundred million dollar estate. I mean, look at Jimmy Buffett. you want to read a fascinating story? Read about what's going on with Jimmy Buffett's estate with his kind of quote, new wife, his old wife, and his daughter. It's a it's an absolute disaster. And a business manager's involved. And yeah, there's a there's a lot of cases like that. So, anyways, let's get back to what are the responsibilities of the successor trustee? They have to locate and they have to protect the trust assets. They have to secure the real estate. When I say secure, literally secure. Within a matter of, a day or two at the very most, they've got to secure the real estate. You know, no one's living there. Got to make sure that's safe because that property, if it's within the trust that they want it to that the trustee wanted it sold, guess what? You don't want a house that's all ransacked, so they gotta secure the real estate, they have to deal with people like myself, they have to manage the investments, they've got to pay all the legitimate expenses, they've got to keep records because remember. Those beneficiaries who are gonna, you're not getting anything. Usually a successor trustee usually doesn't get hardly anything in most cases. They can, but usually they don't. They're usually just brought in again as the the person to execute the the descendant's wishes. so they're doing all this work. Hopefully they're gonna get some compensation. We'll talk about that momentarily, but usually the bulk of the money is gonna go to the beneficiaries, the kids, and so on and so forth. So, guess what? Those kids, now, if you're gonna be a successor trustee, I beg of you. Keep really, really good records because they can ask to see those records. Hey, Uncle Fred, you're the successor trustee. What did you do? Where'd where'd all the money go? you spent, fifty thousand dollars on plane flights going back and forth between, you know, your home in Kansas, back to Reno? I don't think so. Where'd the money go? You see where I'm going? It it you gotta keep great records. You have to get valuations, you have to file tax returns, you have to communicate with all these beneficiaries. You have to interpret distribution provisions that are within the trust. You have to distribute or retain assets. You got to make sure you hold enough money back in case any taxes or unexpected bills arrive. you gotta continue managing the trust, right? Until the estate is formally closed. And then you have to di defend the trust from any appropriate demands, right? You get, the the the the son Johnny who says, Hey, you know what? No, I know the trust says that I get a third of this, multi-million dollar estate, but I was dad's favorite. I've used this example before. you I was dad's favorite. He told me I get half of it. Well, guess what? This is what one of the jobs of the successor trustee. So, what is a trustee not? They're not merely the person who divides everything equally, writes a check, wipes their hands together and says, okay, everything's done. Far from it. Again, they are a fiduciary who must follow the trust and act for the beneficiaries according to the duties imposed by the document, as well as, of course, applicable laws. All right, let's talk about the executor. They also sometimes here in Nevada, they go by the personal representative name. Interchangeable names. what is the executor? The executor handles the assets and obligations that require probate administration. And you may be going, Yeah, if you have a trust, what about I thought you said you don't do probate. In most cases, you don't. But what if you don't have a trust? Well, you need an executor. So the executor kind of is like the successor trustee when you have a trust. Okay, that's you know, be real simple with you. So again, what does this person do? they've got to make sure that the assets are titled solely in the the the deceased excuse me, the deceased person's name, properties that that wasn't transferred into the trust has to be dealt with, creditor claims, probate court filings, probate attorneys they've got to deal with, they gotta pay final expenses, certain tax matters, property that passes through the will. And by the way, they can't do any of this until the court, the probate court tells them you can. probate court has to approve your your executor and pretty much lays out the rules of what you can and can't do. Again, just like the successor trustee, however, you're answering to the court before you do anything where the successor trustee is following the the the trust documents. All right, when we come back I'll hit the financial power of attorney agent. Welcome back to the John Sancho Show of News Talk 780KOH. Once again, I'm talking about who will actually care out your estate plan, choosing the right people. Not because it's your favorite son or daughter, your next door neighbor, your beer drinking buddy, or anything like that. These are very, very serious, high responsibility positions. So we've talked about the successor trustee and what that person does. We've talked about the executor, what that person does. Now let's talk about your money. Now, this is the next person that you're going to need to name. Your financial power of attorney agent. Now notice we use the term agent. We use the term agent for financial power of attorney and medical power of attorney. Now, what does this person do? Boy, it's a big one. They pay your bills, they access your financial accounts, handle your insurance, manage your property, file your taxes, talk to people like myself, operate or protect a business, coordinate long-term care, protect your the principal from exploitation. I I mean, the list just goes on and on. Anything money related, that's what this person does. Can this person also be the successor trustee? Absolutely. You can have one person that does it all. Not advisable, because again, there's a lot of responsibilities here, and it's it's very overwhelming for one person to do it all, but I've seen it done. Now remember, under Nevada law, your financial agent must act within the granted authority. They must act within good faith and according to the principle, meaning you, your known expectations of best interest, right? They can't go, hey, you know what? I know Frank, he's incapacitated, can't speak for himself. I know he didn't like that Amazon stock that's in his brokerage account. So I'm gonna call up Sanchez and tell him to to liquidate that Amazon because I know he didn't like it. You can't do that. You know, unless it's written down and you you get my point. There there's they have to act again in good faith, fiduciary responsibility. Now remember this also, a lot of people don't know this. In Nevada, if financial power of a termine terminates When you die, when the principal dies. At that point, the control then passes to the appropriate post-death fiduciary, which is usually going to be the successor trustee or a court-appointed personal representative. So remember, your powers of attorney are only applicable both on the medical and on the financial while you are alive and again incapacitated. Once you die, no more, obviously. Let's move on to the next one: the healthcare power of attorney and the healthcare agent. Another huge responsibility. What does this person do? Well, now we're talking not money, but life and death situations. They're going to be the ones that are handling your medical treatment, surgeries, long term care, care facilities, pain management, life sustaining treatments, end of life wishes, disagreement among the relatives, which we've all experienced. Now remember, the best healthcare agent is not necessarily the person who understands money. This person should be one that most importantly, most importantly, when you're selecting this person. They understand your values. They remain calm under pressure. They're a decision maker. They can ask the proper medical questions of the medical staff. They can communicate clearly with doctors. They can stand up to the family pressure. Because if you've never been through a family situation, even when there's a medical power of attorney and you it's clear as day, I want to be on life support, I don't, dah, dah, dah, dah, dah, you will still get family members saying, No, I dad told me he he wants to keep living until, he doesn't want the plug ever pulled on him, bottom line. You get into some very, very tough family positions. They must be emotionally capable of honoring your wishes. This is really, really difficult, also, right? let's say again, you're the one based upon the wishes of your of your I'll choose your parent, for example. you know, if these conditions are met, I want the plug pulled. I'm being really simple here. Guess what? You're the one telling the doctors. Pull the plug, right? It's a big, big decision. And they must reasonably be available during an emergency. Once again, as I've emphasized many times, it's very difficult in many situations, not impossible, but very difficult if your medical power of attorney, your agent is you know, halfway across the country or God forbid in another in another country, right? So keep that in mind. The number five person, the guardian for minor children. What does this person do? Well, again, the guardian expresses or follows the expressed wishes from the parent as far as what the care is for the minor children. But remember, unlike other forms of responsibilities and of these different people, the guardian is not self-executing. Meaning, here in Nevada, the person you nominate to be the guardian of your children must petition and obtain a court appointment before exercising guardianship authority, right? You die, and let's say your spouse dies, you guys get killed in a car accident, and you've got a 10 year old daughter. if your brother is your guardian, he just can't say, you know what, beautiful niece, come live with me. No, it's gotta obviously go through the court. Court considers the parents' nomination, but they still will evaluate the suitability and of course the child's interest. And again, things get a little messy if the child's twelve, thirteen, fourteen years old where they can make a lot of decisions for themselves. So again, very, very difficult choosing the guardian. Please talk to this person ahead of time, make sure they want to do this. how are you going to leave them money to raise those children? There's a lot of different things that go into there. the sixth one, I can't I don't have time to go through the fiduciary, the excuse me, the digital fiduciary, right? We all have online banking and emails and social media, et cetera. This person handles that side of it. So as you see, there's a lot of complexity involved with an estate plan, a properly executed estate plan, choosing the right people. It's one that gets the least amount of attention. But really should be the most important. Again, if we can be of any assistance to you, just visit the website, specialized trust dot com, and we'd be honored to help you and your family get through this. God bless, have a great afternoon. We'll see you tomorrow on the John Sanchez show.