11/5/26 Avoiding Estate Planning Mistakes: Probate, & Trust Funding

The Moneywise Radio Show and Podcast Thursday, November 5th BE MONEYWISE. Moneywise Wealth Management I "The Moneywise Radio Show & Podcast" call: 661-847-1000 text in anytime: 661-396-1000 website: www. MoneywiseGuys.com https://www.moneywiseguys.com/ facebook: Moneywise_Wealth_Management https://www.facebook.com/moneywiseguys/ LinkedIn: Moneywise_Wealth_Management https://www.linkedin.com/company/moneywise-wealth-management-bakersfield/ Guest: Kyle Jones, Law Offices of Kyle Jones phone: 661-833-1090 website: https://www.kwjoneslaw.com/ Golden Spoon Bakersfield: https://goldenspoonbakersfield.com/ The opinions voiced in this podcast are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. Kyle Jones, Law Offices of Kyle Jones and Golden Spoon Bakersfield are not affiliated with nor endorsed by LPL Financial or Moneywise Wealth Management

• 0:00Speaker 00

  Live from the basement inside the historic Woolworth Building in downtown Bakersfield. Call or text in at 661-396-1000.

• 0:09Speaker 01

  I need a dollar, dollar, dollar, that's what I need. Hey, hey. Well, I need a dollar, dollar, dollar, that's what I need. Hey, hey. Said I need a dollar, dollar, dollar, that's what I need. And if I share with you my story, would you share your dollar with me? Securities offered through LPL Financial, member FINRA, SIPC. Investment advisory services offered through LPL Financial. LPL Financial and MoneyWise Wealth Management are independently owned and operated.

• 0:37Speaker 00

  Now, let's start the MoneyWise Show.

• 0:41Speaker 02

  That's right. Welcome to the MoneyWise Show. We are live from the basement of the historic Woolworth Building here in downtown Bakersfield. For the next hour, you are on News Talk 96.1 and 1230 AM, KERN, streaming live always. Well, not always. I say that all the time. Don't I say that all the time, Stephen?

• 0:58Speaker 03

  Yeah, but it's actually streaming always.

• 1:00Speaker 02

  Well, it's, it's streaming live is not always available, but guess what is on there?

• 1:07Speaker 02

  Access to podcasts, maybe?

• 1:08Speaker 03

  Yeah.

• 1:09Speaker 02

  There you go.

• 1:09Speaker 03

  The station is always streaming.

• 1:12Speaker 02

  Oh, there you go. That's right. That's right. The, because we're not just the only show on the station.

• 1:16Speaker 03

  What?

• 1:17Speaker 02

  Yeah.

• 1:17Speaker 03

  Yeah.

• 1:18Speaker 02

  No, there's other ones too, so.

• 1:20Speaker 03

  Really?

• 1:20Speaker 02

  Yeah, anyways, but you guys are what make the show great, so please, please call or text the show 24 hours a day, 661-396-1000. I'm your host today, Chris Pelster and

• 1:31Speaker 03

  Dustin Weaver.

• 1:32Speaker 02

  Mr. Dustin Weaver. How you doing?

• 1:34Speaker 03

  I'm doing pretty good. Been fielding a few phone calls this morning.

• 1:38Speaker 02

  Yeah, yeah, yeah, let's talk about that. So, you know, we've been talking about this for a while. We've been talking about the historical data with midterm elections. And actually, the market, going back, I don't know, 80, 90 years, one, I think it's 12 months after the midterm election, regardless of who, whatever, the house, whatever, the markets are positive. And so then, all this stuff buttons up and what happens today on the markets?

• 2:07Speaker 03

  Not what happened yesterday. A lot of green yesterday. There's lots of red. Obviously, the market's still open, so things could change between now and 1:00 PM. But S and P is down 3.82%, which is 294 points.

• 2:20Speaker 02

  Big move.

• 2:21Speaker 03

  The Dow, 3.11. NASDAQ, which is more tech focused, down 4.86, 4.87, so almost 5%.

• 2:29Speaker 02

  Big. Those are big moves. And, you know, obviously, it wakes you up, it jolts you, it's, it's, everybody's going to start talking about this when you see the markets move, kind of, that pot, that, that big of a move in one day. We also don't know where the markets are going to close today because it's not at the end of, of trading session. But one of the things that we always like to do is, first off, you know, we don't ever think you should be making major life decisions, long-term investment goals and all this stuff based on one day in the markets.

• 2:59Speaker 03

  Right. Either direction.

• 3:01Speaker 02

  Either direction, right? You know, and then the perspective that we like to do is, so yeah, it's really scary when you look at this and you go, the S and P 500 is down almost 4% in one day. Well, guess what? Year-to-date, it's still up 8.4%.

• 3:21Speaker 02

  One year?

• 3:23Speaker 02

  It's up 9.2%.

• 3:24Speaker 03

  Right.

• 3:25Speaker 02

  Which we talked about it last week. It was kind of weird that the, the year-to-date, I think the year-to-date was higher than the one year until the market pulls back 4% in one day.

• 3:35Speaker 03

  Yeah, exactly.

• 3:36Speaker 02

  But one of the things about all these investments and some of the stocks is, is, I was just cleaning out my office yesterday, and have you ever seen the chart that shows the S and P 500 going all the way back to its beginning?

• 3:47Speaker 03

  Oh, yeah.

• 3:48Speaker 02

  And it shows you it's one year, and then the two-year average, and then the three-year average, and the five-year average, and the 15-year average, and it's like, the further you go out, all the averages are just much higher and much more consistent. Even though within a year or whatever, you can have these tumbles or these different things, and it's, you know, like, I don't discount what this makes us feel as investors, and people are concerned about the economy, and they're concerned about their own finances, and, you know, lo and behold, it seems like the sky is falling out maybe on a trading day or whatever, but it's like, you have to stay level-minded.

• 4:20Speaker 02

  We, we have said from, you know, forever, the two things that should not be in your portfolio is fear and greed, and it's hard to not get wrapped up in fear and greed, because literally, that's what the media, that's what, even, even like, the so-called media that has to do with Wall Street, the, it's, you know, panic, panic, panic, and then it's the next day, it's greed, greed, greed, you know, the bulls are, the bulls are in the house, and, and you're kind of getting all pushed around by these emotions, and you can't. You have to step back. You have to have a solid financial plan in place, take calculated risks where it makes sense, where you can let them run, short-term money, short-term goals, you have to be a little bit more cautious, and this is why, because there can be short-term volatility.

• 5:05Speaker 02

  But after you've been doing this for 20-something years, I don't mean to discount, you know, or whatever, but I don't panic anymore. I don't freak out, because you have to have a plan in place that there's going to be days like this. And even with the statistical anomaly of the fact that for the last 80 years, 12 months after midterm elections, the stock market is positive, I mean, I'm not saying that it's guaranteed to be again, but it's like, there has been turmoil every single time. There's been a changing of guard in the house and this and that, and it's been going on for a long, long time.

• 5:39Speaker 03

  Absolutely.

• 5:40Speaker 02

  And 12 months later, market's positive.

• 5:43Speaker 03

  Right. Yeah, usually is. But I think what's happening, if you zoom in a little to the underlying companies, a lot of it is focused on big tech. Big tech that is pushing for AI and data centers and, you know, I think just with the changing of the guard, they're looking at, well, is there going to be downward pressure on these, on these areas, right? People are a little fearful of that.

• 6:09Speaker 02

  Environmental concerns, back in the house. So, yeah, but like I said, perspective, year-to-date, 8.43 on the S and P 500. One year is 9.2. Back out five years, we are up 58% over the last five years. So, you know, understand what's going on, understand the market fluctuates like this, try to not get too caught up in the, I guess, in the drama or the emotions. There's nothing wrong with being, obviously concerned about politics, and obviously, maybe, you know, happy or sad or about the election. I mean, there's nothing wrong with that. I don't want to say that.

• 6:49Speaker 02

  But then, when sometimes those emotions and feelings creep into your investments, it can lead us to make emotional decisions, and fear and greed don't need to be in your portfolio and those kinds of things, and, you know, it's, it's calculated risks, and let the money run, let, let the investments go where they're supposed to.

• 7:07Speaker 03

  Well, you use the word plan a few different times, and a plan is just that. It's looking ahead. It's not short-term. It's not a, a one-day plan. It's not a one-month plan. It's not a six-month plan, right?

• 7:19Speaker 02

  Right.

• 7:19Speaker 03

  Usually, you're building a plan for, say, you're 55 years old, retiring at 65, you got 10 years to go, and then you say, well, what's your life expectancy? Don't know, but let's plan for a couple decades. We're talking 30-year plan here, right?

• 7:32Speaker 02

  Yeah. Yeah. And, and then even some of the people that say, well, hey, that's easy for you to say, maybe you have some time and this and that, but I mean, a plan, I, I know probably what my investments are going to look like if I was the person that was 65 or 70 in, in retirement, and I would have a little bit less stock exposure. But I, I also then, like, I've, I've shared this before, like, I'm a little bit of a numbers nerd. I'm a little bit of a sell spreadsheet guy, and I literally have kept track of every dollar I've put into every retirement account I've ever owned.

• 8:06Speaker 02

  Not many people have done that. Not many people know, okay, here's how much money I've put into this account this year, this account this year, this account this year, even when my wife went to work, she put in this much, her employer put in this much. I have kept track of every dollar that's gone into my accounts. And for the first five or 10 years, my account was basically with, was what we put in it.

• 8:25Speaker 03

  Right.

• 8:26Speaker 02

  Then your account starts growing. Then your account starts really growing, and all of a sudden, what we have put into our accounts is much less than what our accounts are at, because we've been doing this for 20, 20 years now.

• 8:39Speaker 03

  It's almost like that compound interest thing.

• 8:41Speaker 02

  It's almost like that compound interest, and sometimes when people don't have a really good understanding, sometimes of what would, could be considered like their basis or their contribution levels of what they've put into the accounts, you just start looking at your account balance like a savings account, and every time it goes down, you're unhappy, and every time it goes up, you're happy.

• 9:00Speaker 02

  And, and unfortunately, especially longer-term investing, man, when you get to the point where you're way above what your contributions are even close to, and hopefully, I don't have to touch this money for another 10 years, Lord willing, you know, I'm, I'm going to keep working and make money, hopefully, and, and, you know, if that's the plan, and it's just going to keep compounding and keep growing, and my account value is continuing to get further and further away from my contribution level.

• 9:28Speaker 02

  And not all, not all charts or not all statements from your guys' accounts do a good job of informing you of this. I've looked at a few, like, American Funds is, is one of the oldest mutual fund companies out there. They have a really good chart that kind of shows like your contribution level, like how much money you've put into it. And we've had some clients that have hold, held some American Funds for a really long time, and it's neat to see, like, you see this line down here?

• 9:54Speaker 03

  Here's what you put in.

• 9:55Speaker 02

  That's what you put in. You see this line way up here?

• 9:58Speaker 03

  That's the growth.

• 9:59Speaker 02

  Yeah, that's the growth. And, and yes, if it goes down 10%, we're not happy in the short term, but we understand, you wouldn't even have been anywhere close had you been sitting in cash or cash equivalents or anything else. You know, it's, it's given you all this growth through all these years, and it's going to go through little ebbs and flows, and you just got to keep that right mind about it.

• 10:20Speaker 03

  The other thing we talk about is dollar cost averaging, and if you got money going in on a regular basis, right, if there's a down day or down week or month, another way to look at that is you're buying in at a discount.

• 10:32Speaker 02

  You know, yep, and I completely agree with that. And on the flip side, the thing that I'll hear from investors and retirees and wonderful clients, they'll say, well, yeah, when I was working, I was dollar cost averaging in. Well, now I'm retired. Two things. If you have a portfolio that's being rebalanced, that's one way that your dollar cost averaging back into your depreciated holdings, using maybe your more conservative holdings. If you have any cash or bonds in your account, it gets rebalanced back over to the stocks that have gone down. And if you have a sizable account, a rebalance might be fifteen, twenty, thirty grand going back over into stocks after they, quote unquote, crash or go down.

• 11:14Speaker 03

  Yeah, you take those dividends coming in and reinvest them.

• 11:16Speaker 02

  Correct. So you are doing that somewhat. And the other thing I try to remind people that are in retirement phase is you also are taking advantage of kind of the opposite of dollar cost averaging in the sense that you're taking distributions out of your account when the account's going up and up and up. So sometimes you have this feeling like, oh, my account crashed and went down. Well, yeah, but for the last three years, your account has been going up like crazy. You've been taking distributions out and your account has been up and up and up and you've been taking it out and selling at these peaks. And so even though the market comes down a little bit, and now you're selling a little bit at a loss, it averages out to get you the returns

• 11:58Speaker 02

  and the distributions that you need to keep, you know, funding your retirement and will actually make your money last longer, even though sometimes the minute you see your account goes down, oh, I'm not going to be able to afford, you know, distributions forever. Well, yes, as long as you stick with it through the ups and the downs, because there's less downs. Statistically, there's twenty percent downs, eighty percent ups, and that's just strictly the market. But obviously, you know, you might not be a hundred percent in the market if you're retired. But just to kind of understand some of those concepts, stay the course, be money wise is what we like to say, but.

• 12:33Speaker 03

  Comes down to having a good plan in the first place, right? So sit down, talk with professionals, make sure that you've got a good plan in place. Hey, we did get a good question in too. Said, hey, guys, I missed the first part of the show yesterday, but I heard the tail end talking about Trump accounts. I wasn't on yesterday, but they've got, he said, I'm a grandpa that has four grandkids. Can I put money into these new Trump accounts? Or does it have to come from parents? And is there a limit on how much I can put for each grandkid?

• 13:03Speaker 02

  Yes, there is a limit. You are correct in saying, or there's not a concern. You can put money in there. The parents can put money in there. Anybody can put money in there for a kid, but there is a five thousand per child limit. And so if you put all five thousand in, then the parents aren't going to be able to put any in there. And so hopefully that answers that question. So technically, like for your four grandchildren, if you had twenty thousand dollars that you wanted to give to all four of them, you could put five thousand in each of their accounts and do that. So it does have to be activated and claimed by an adult.

• 13:44Speaker 02

  So if the parents have not opened up the account, I'm not sure. You could probably open up an account for the child, I imagine. You can contribute directly to the accounts once they're activated. Contributions are not tax deductible. The one thing that we have always said that I would one hundred percent encourage everybody to get is if you're, if they meet the criteria to get the thousand dollars of free money, why not open up the account? Yeah, get the thousand dollars for free. And then there's certain income levels and zip codes that get an additional five hundred dollars from the Dell family.

• 14:18Speaker 03

  Which that thousand dollar, going back to that for a minute, that was for kids born, which years? Is it twenty five and twenty six?

• 14:25Speaker 02

  It's, I think it's longer than that. So. That is actually one of the questions that we, we got into yesterday. It was late in the show, but that was kind of the, the five thousand. And I know the question followed up with that was five thousand per year, correct? Yeah. Yeah. And it's January first, twenty twenty five to December thirty first, twenty twenty eight. So it's not just two years, it's those three years.

• 14:50Speaker 03

  Oh, I'm sorry. I mean, I meant to date, it's twenty five and six, but it's also twenty seven and eight for the next couple of years.

• 14:57Speaker 02

  Yep.

• 14:57Speaker 03

  That's great.

• 14:59Speaker 02

  Yes, sir. So that's a good thing there.

• 15:01Speaker 03

  And so we should have a baby.

• 15:04Speaker 02

  Yeah, you get, you get a free thousand bucks. Babies are cheap.

• 15:06Speaker 03

  Oh, yeah, for sure. A thousand dollars, that'll give you to eighteen years, right? I haven't seen the up to date numbers, but I looked a couple of years ago, the cost to raise a child, you know, start to finish is in the two to two hundred and fifty thousand dollar range on average.

• 15:20Speaker 02

  Yeah, you know, there's, there's a lot of debate about these. And the one thing I'll say is that Trump accounts at least got everybody talking about it and thinking about maybe giving money to some kids and grandkids and stuff like that. But, you know, there's Trump accounts, there's five twenty nine college savings accounts, there's custodial brokerage accounts that you also can just give money to kids. Those are called UTMAs and UGMAs. It's basically a gift. And then you can put stocks inside of that account. And as those grow, it's taxable growth. But guess who pays the taxes on the growth? The kids. Kids typically don't have income. So typically that means no taxes on the growth.

• 15:58Speaker 03

  Depends on the amount, yes.

• 16:00Speaker 02

  Yeah.

• 16:00Speaker 03

  Yeah, because at some point there is kitty tax that they look at, and there's a different threshold each year. You'd have to pull it up, but definitely be mindful of that, too.

• 16:09Speaker 02

  And you can even do Roth IRA rates for kids. If you're a business owner and you want to, you know, pay your kid three thousand dollars to do some stuff for the company, that three thousand dollars can go into a Roth IRA. Custodial, it's called, until they're eighteen years old and then continue on for their future. And if somebody's dumping a few thousand bucks every once in a while and do a Roth IRA until you're eighteen and you just let that ride, you'd be in a really good spot for retirement, at least have a really good head start compared to most. So.

• 16:36Speaker 03

  The other new rule with five twenty nines that's super helpful is for the question of, well, what if my kid gets a full ride scholarship and doesn't need the money? Or, or they join the military and use the GI Bill? You know, what if they don't use this money in the five twenty nine? Well, there's the new rule that says, if the account's been open fifteen years, you can roll up to thirty or thirty five thousand dollars from that five twenty nine into the Roth.

• 17:02Speaker 02

  Yeah.

• 17:03Speaker 03

  Becomes super powerful at that point.

• 17:05Speaker 02

  Yes, sir. Good stuff. Thank you very much for the, the comment. Kudos on your four grandkids. I have two of my own, number three on the way in November. So looking forward to a, a Christmas with three grandbabies running around. And so it is, I mean, a little slice of heaven. So I hope you continue to enjoy that. Another question came in and it's interesting to talk about. It says, love the show, guys. Maybe this will stem into a conversation, but how can Wall Street be doing so well when regular people are struggling?

• 17:43Speaker 02

  Very good comment. Very good question. And it's one of the things that I have said. So right now we have, maybe you've heard of it, like a K shaped economy. Okay. What that means, if you think about a K, you have in the middle, you have everybody below a certain threshold, the K is going down. And so a lot of people are feeling like they're part of that down. Middle class and below, things are getting more expensive and all that stuff. Well, the people from the middle of the K and up, they own stocks, they own businesses, they own real estate, which have all done what?

• 18:24Speaker 03

  Gone up.

• 18:25Speaker 02

  Gone up. And so we have this K shaped economy going on. And if you owned the assets prior to some of this stuff starting, and this is not just completely unique to now, it's, it's always, but obviously there's been times where, you know, cost of living and, and these different things maybe didn't feel quite as painful. But, you know, you have this situation where some of these companies that used to employ thousands and thousands of people with, you know, decent paying jobs are now replacing them with what? Technology, AI, robots, whatever it is, right? You have, you have one of the, you know, one of the leading, I don't even know leading, I don't know exactly how many cars Tesla is putting

• 19:10Speaker 02

  out, but you know, I mean, their whole entire operation is working on with so many less human employees.

• 19:17Speaker 03

  Right.

• 19:18Speaker 02

  There's still majorly talented engineers and there's still some people in the things, but their whole entire factories are like robots. To where as you think about like the revolution, when, when, you know, the Model A started coming out, it was like all these people had these jobs working in these factories and had these jobs. Well, those jobs are gone, at least for Tesla. And so you have, you have this reality happening where unfortunately, publicly traded companies or companies are figuring out ways to still kind of keep good profitability with less employees. So people, you know, some of those jobs are going away and stuff. And so the one thing that I've always encouraged people is you can both be frustrated with our economic realities and some of the frustrations. But why I'm so passionate

• 20:02Speaker 02

  about what we do here and why I try to get so many people to, to put together a plan that's livable, breathable, that you have money kind of going into these investments is because you might even be a victim of, of this reality. You might have lost your job.

• 20:16Speaker 03

  Right.

• 20:16Speaker 02

  And I hate that for you. But if you had been putting money into a 401k, you're at least still participating and getting growth on those investments. And, you know, it's still going to help you be prepared for your financial future. Like, even if you're a victim of it, like it might actually still help you be ready for your financial future and have financial security. And obviously you have to navigate through, you know, finding another job and some of these different things. And I'm not discounting anybody going through those types of things, but it's great comment. You know, I think the, the K shaped economy is the best way to kind of look at that of why it feels like Wall Street keeps going up and everybody else kind of keeps not doing so well.

• 20:57Speaker 03

  And you talk about the bottom part of that K shape, you know, young people in particular. If you looked at some of the statistics on that, for people aged thirty and under, up to forty nine percent are still living at home right now with a parent because of the, the cost of real estate and how that's inflated, you like a rental cost around the nation. I mean, fifty percent, half of folks under, under the age of thirty, is just a tremendous number. Underage thirty five, you're looking at twenty five million adults living with, with their folks. Right?

• 21:29Speaker 02

  Yeah.

• 21:29Speaker 03

  And there is a misconception, though, that those are, those people are all unemployed, when in fact seventy percent are actually employed.

• 21:38Speaker 04

  So through underemployment, lower wages, you know, the cost of inflation and in particular with real estate, it's tough out there for a lot.

• 21:46Speaker 02

  Yeah, it is. And like you mentioned, those younger people, like being able to afford real estate, being able to get into even owning those assets. But that is again, why, because the thing I hate is if you go on, if you go on like some of the financial media outlets and stuff like that, a lot of articles will, you know, the 401k is broken, or why the 401k has failed us. And maybe there are some issues with the 401k.

• 22:15Speaker 02

  But I've worked with a lot of people. And if it takes a lot of crazy active management for you to win with investing in money, there's just not a lot of people that are wanting to do that. I mean, even day traders is not a huge group of people, and their success rate is not all that great.

• 22:34Speaker 04

  Very small.

• 22:35Speaker 02

  Everybody thinks day trading is what you have to do. And it's like, no, I mean, what you need to do is start young, start early, and be consistent. And it just needs to go in there. So whether you want to sit here and argue that the 401k is the best thing, the one thing I will say is that the 401k was never started to be the only option. It was actually part of a kind of a three, we said the three stool, the three-legged stool.

• 22:59Speaker 04

  Right.

• 22:59Speaker 02

  Social Security was going to be a little bit of income for you. Most companies way back in the day had a little pension that you were going to get a little chunk of money each month for them for the rest of your life. And then you had your 401k, a little extra savings that you could put in there and also use, you know, all three of those would add together for you to basically have the same income, same lifestyle after you transitioned out of work. Well, you know, little by little, because of the good, bad, and the ugly of Wall Street and our economy is, well, pensions are a risk. Pensions are expensive. So more and more employers started cutting them. I think only right now.

• 23:32Speaker 04

  It's about 10%.

• 23:33Speaker 02

  10% of the publicly traded companies.

• 23:36Speaker 04

  Yeah, 5 to 10%.

• 23:37Speaker 02

  Yep. And then the ones that do offer it, you know, a lot of them are government agencies that offer pensions. You typically are making maybe a little bit less than wages, but you have a little bit bigger benefit package, which one might include a pension program, right? So you're retiring and you're getting an income stream for the rest of your life. Going to be very expensive for governments and taxpayers that are going to be on the hook to pay these pensions for a long, long time. And that's kind of one of the things on that side. So yeah, but great comment, great question. Hopefully that helps you understand a little bit about how Wall Street can keep doing well, even when it seems like everybody else isn't doing well. Obviously, if our economy was struggling so bad that nobody was spending any money anywhere, Wall Street would feel it because Wall Street needs people

• 24:19Speaker 02

  spending money. Fortunately, there's still a lot of people on that upper echelon of the K-shaped economy that are spending money. They have the money and they're spending it and enjoying it.

• 24:28Speaker 04

  Goods and services.

• 24:29Speaker 02

  Yeah. When we come back, we're going to be joined by Kyle Jones from the law offices of Kyle Jones. He's going to be talking estate planning, maybe some of the other stuff he's got going on. This guy's got his hand in a little bit of everything. So stick around. We will be right back with Kyle Jones.

• 24:57Speaker 02

  Welcome back to the Money Wise Show. Now, is that Metallica? Really?

• 25:04Speaker 04

  Of course.

• 25:05Speaker 02

  I mean, I knew, but it kind of sounds a little different.

• 25:07Speaker 04

  He's going, he's going the beach, these sides. He's getting, he's going, you know.

• 25:11Speaker 02

  This is like, this is like insider.

• 25:13Speaker 04

  He's keeping her on her toes.

• 25:14Speaker 02

  Have you been to the Sphere yet?

• 25:15Speaker 04

  I did.

• 25:16Speaker 02

  How was that? You've done it multiple times, have you?

• 25:18Speaker 04

  Well, we went, they, they're doing this thing now called No Repeat Weekend. And so they play Thursday night and Saturday night. And it's different song, different sellers each time. So like completely, you know, if you go both nights, you're going to hear, you know, 30 different songs. And so we, we got the weekend tickets and we went October 18th and 15th and 18th, I think, or 16th and 18th, something like that.

• 25:40Speaker 02

  So you got to listen to two nights of different songs.

• 25:43Speaker 04

  Yeah, it was really cool, except for the,

• 25:49Speaker 04

  if you, so if you've never been to Metallica show, I, and I would not, and so I took my youngest the first time. She's went and we took her to the Sphere. So she had a pretty amazing first experience. But I would not recommend seeing them the first time there because the Sphere takes away from the band.

• 26:07Speaker 02

  Really?

• 26:07Speaker 04

  Yeah, the visuals were, I mean, I enjoyed them because I've seen Metallica 30 something times. So once I got my fix of seeing them, then I focused on kind of the imagery and just the stadium and the, the, you know, the surroundings, the wind and all the stuff that kind of goes with playing there. And so I kind of enjoyed that aspect of it. But if you want there to go see the band you want to go see, it's hard to focus on them because there's so much going on. The seats are moving and it's.

• 26:32Speaker 02

  The experience is really enhanced.

• 26:34Speaker 04

  It is, it is.

• 26:35Speaker 02

  That's cool.

• 26:36Speaker 04

  Yeah, it's cool.

• 26:37Speaker 02

  Right on. Well, Kyle Jones, you have been a friend of the show for a very long time. For those that have been listening to the show for a long time, you have educated so many folks. So why don't you talk a little bit about what you have going on, or what you want to come on and talk about today?

• 26:51Speaker 04

  Cool. So one thing that has been popping up recently, and it's something that it's not, not the fun part of estate planning or doing a living trust, but we talk about funding a lot, right? And what that means is to transfer ownership of assets from your name as an individual or husband and wife to the name of your living trust. And so one thing, we always put this in our closing letter and I always mention it to clients when we're done. But a lot of times it kind of gets ignored. And I think it's really important now, given the landscape of insurance in California, is we always say, when you're, when you're completing your trust, make sure you call your homeowner's insurance, State

• 27:34Speaker 04

  Farm, USA, whatever, and add your trust as an additional insured on your policy. And the reason why we advise people to do that is we don't want to give insurance companies any reason to deny any claims in the future, right? So let's say there's a flood in your house, whatever. And then all of a sudden, they see there's a transfer from yourself to your trust and say, oh, we didn't insure the trust, we insured, you know, Chris and Jamie Pelster, right? Not the Pelster family trust.

• 28:00Speaker 02

  Does that hold up in court?

• 28:02Speaker 04

  So typically, it's not required for revocable trust. It is when you, when you get into a revocable trust, because then you are technically kind of changing, you know, you are giving up ownership interest. Whereas a standard revocable trust is still under your social, you still have control over it. But there's still just no reason to give them that opportunity. And there's no cost to it, right? It's not like you, your pay, your premiums go up, or there's a, there's a fee for them to add them on. It's, think of it as, you know, as simple as when someone calls you and says, hey, I want to update my beneficiaries, right? It's, it's, it's a, you add it to the form, right?

• 28:33Speaker 02

  Yeah, why not?

• 28:34Speaker 04

  It's quick and easy, doesn't cost them anything. And so that's something we've, we've been going on with a lot of people lately, especially again, with the insurance landscape in California. So let's not give them any reason to deny any, any potential claims in the future. So when you get a trust, and whether it be your primary residence or your rental property, or your second home, whatever, just make sure you add the trust as an additional insured.

• 28:55Speaker 02

  You know, it always amazes me because of what you said there as far as funding, which sounds like a really fancy word, but it's amazing how people don't understand, you, you start using bank accounts, you start using different accounts and this and that. And so many people don't have any clue like how they own things.

• 29:12Speaker 04

  Titling, yeah.

• 29:13Speaker 02

  Titling. And it's like, that's all you're doing. That fancy word of trust, of funding your trust is just making sure everything is titled the way that it should be titled. Do you, do you see any banks even making an effort to like reaching out to their people to?

• 29:30Speaker 04

  No, it's usually, it's, it's usually pulling teeth. I have clients, once we've set up their trust, I give them, you know, a nice letter, copy their trust certification. So, you know, take this into, I won't pick on a bank, but Bank A, whatever. And, you know, to convert this account. And it's, it's like pulling teeth. It, it, you know, to get them to convert it to a trust account. It's like, I don't know if they just don't want to do the paperwork or what.

• 29:52Speaker 02

  Yeah, it's like you would want all your, you would want all your customers to have their accounts owned and titled correctly.

• 29:58Speaker 04

  The way they want.

• 29:59Speaker 02

  Beneficiaries listed on them or whatever.

• 30:01Speaker 04

  So here's something interesting. And I've actually just met with somebody yesterday about this. And again, it goes to funding, but then also how things are titled and what the intent behind it is. And so in this situation, I was consulting with a client who was a beneficiary of a trust, the trustor passed away recently, and the trust was comprised of a brokerage account, a.

• 30:30Speaker 04

  Savings account and I think three or four pieces of real estate. And she was a 50% beneficiary of that trust.

• 30:38Speaker 04

  The consultation centered around, there was a count that was not in the name of the trust. That was held as a joint owner with the other beneficiary. And it was a six-figure large account. And so her contention was that, hey, you know, the trust says I'm a 50% beneficiary. Why am I not entitled to? The funds from this other account. And I said, well, because you weren't on title, the other person was on title as a joint owner. And that's, that's really it. It's not part of the trust. It's separate and distinct.

• 31:08Speaker 02

  So she's not even subject to 50% of half of it?

• 31:11Speaker 04

  No, no.

• 31:12Speaker 02

  Because joint ownership, it goes completely to the other person.

• 31:15Speaker 04

  Yeah. And so, and again, and I, you know, I, I, I couldn't tell her that. That was right or wrong. It just is what it is. I don't know what that person's intent was. Maybe she intended for that person to be the 100% beneficiary and, and not have the same beneficiary as the ones listed in the trust, which I've seen and done personally before for many of clients. Right. They'll, they'll set up an estate plan and, and they'll like, the most common reason to set up a living trust is, is to handle real estate. So even if someone just has a home and they say, I just want to do a simple probate avoidance trust, put my house in it and then kind of, you know, call it a day with that. And so we'll do that. And, and. With that, they may have. A retirement account with MoneyWise and those beneficiaries may be completely different

• 32:00Speaker 04

  than the beneficiaries listed on, in the trust. They may have an account at Wells Fargo Bank of America that they may, they put, put a TOD or a POD on, which stands for transfer on death and payable on death. They can be completely different people than, than the retirement account with MoneyWise, than the beneficiaries in the trust, right? So all these things could have different, and I've, I've seen that before. I've seen it where, you know, we, we have this retirement account set up and we want our grandkids to kind of have that as a, you know, you know, to benefit them. And then we have a checking account. We want to give that to our daughter because she's going to pay. And then the trust, I want my son and daughter to be, so it's not uncommon.

• 32:33Speaker 02

  Right.

• 32:34Speaker 04

  To have that set up that way. You just have to make sure you understand how you're setting things up and where they go if something were to happen to you. Because if you, so if this lady, whose example I just recently gave you passed away, but her intent was everything to be split 50/50, well, unfortunately that, it's not going to happen because of that.

• 32:49Speaker 02

  No, not legally. But the other beneficiary could choose to honor what maybe was discussed and thought about, but it's not legally required.

• 33:00Speaker 04

  Not legally required, no.

• 33:01Speaker 02

  Right.

• 33:02Speaker 04

  And I, I don't know that that was even discussed.

• 33:05Speaker 02

  Right.

• 33:05Speaker 04

  So if her, if her mindset is like, well, you know, it wasn't talked about and.

• 33:10Speaker 02

  Yeah. And I can share another story along these same lines is. One father and son are in business together. And so they had a joint account because it had to do with a lot of the funds. It had to do with the business.

• 33:22Speaker 04

  Yeah.

• 33:23Speaker 02

  And then the trust funds are funds that were, you know, for the family and this and that. And so there was definitely a reason why they're going to have two separate accounts. And even though you have a trust, not everything has to go into the trust. Like it, it totally boils down to some of the different criteria, some of the different, you know, thought processes of what's going on. Hey, these funds that were raised from this business that we're running together, we're putting in this joint account. If anything happens to me, you get all of it. But then if there's other funds that he's taking out and buying real estate or doing whatever, other investments outside of there, that goes into the family trust and that gets split up 50/50. Because in that situation, that just made sense to them because, hey, we're running this business together and the other, you know, beneficiary is not involved. And so there, there can be all kinds of things.

• 34:08Speaker 02

  I mean, I think sometimes people make trusts way more complicated or seem more mysterious than they really need to be. It's just literally thinking through what you own, how you own it, where you want it to go if something happens to you, you know?

• 34:22Speaker 04

  And talk it through.

• 34:23Speaker 02

  Yeah.

• 34:24Speaker 04

  And, and exactly it.

• 34:26Speaker 03

  It's, it's good to get these reminders for sure. Somebody sent in a message, they said, what does TOD mean? And while we're at it, let's tell them what POD is. What's the difference between those two?

• 34:38Speaker 04

  So mechanically they, they're the same. They, they mean different things, but the functionality of them are the same. So TOD stands for transfer, transfer on death and POD stands for payable on death. But they function the same way, just different banks use different terminology. So if you have a TOD or a POD on an account with, let's say Bank America, Wells Fargo, Valley Strong, whatever, and you're listed as that POD or TOD at the passing, all you need is a death certificate and those funds will go directly to that person.

• 35:03Speaker 02

  Yeah. I, it's been my understanding that usually like banks use POD and brokerage.

• 35:07Speaker 03

  A lot of times brokerage, investment, non-qualified investments have TOD. Transfer on death or TOD.

• 35:13Speaker 04

  Beneficiary designations.

• 35:14Speaker 02

  Yeah.

• 35:14Speaker 04

  That's what I'm used to.

• 35:15Speaker 02

  Yeah. And so one, one other thing that we've talked about before, and, and I don't know if you've had any other. Discussions on this or thoughts on this, but I've had a lot of clients ask the difference between putting an account in the name of the trust versus putting the trust as a beneficiary. Effectively, kind of like what you just said with POD and TOD, effectively it does the same thing. Is there major reasons why one would think of one over the other or?

• 35:42Speaker 04

  You know, I honestly look at that as six of one, half does the other. It's, it's whether it's titled in the trust now, or it's titled, once you get the death certificate and bring it into the bank and then the trust becomes ownership at that point. The only benefit of having, so, so this is for, I'm speaking for the beneficiaries.

• 36:03Speaker 04

  In my, and there's really no reason. For the people who, the grantors, the trustors who are creating the trust, there is benefit of having the account in the name of the trust for the very reason is if you, let's say, for example, you, you decide to move and you, in your house, you sell your house and then you're going to go buy a new house. Well, those funds are going to be made payable to the Pelster Family Trust. And if you have an account that's just Jamie and Chris Pelster, you can't deposit those proceeds to that. So you're going to need the account in the name of that trust.

• 36:32Speaker 02

  Yeah.

• 36:32Speaker 04

  For, for that. But for the beneficiaries, I don't like, whether it's already in the name of the trust or, or if it gets transferred to it at their, at the, at the passing, it's.

• 36:40Speaker 02

  Yeah, there you go. I know, I know what it is.

• 36:41Speaker 04

  You're waiting for a death certificate anyway.

• 36:43Speaker 02

  Yeah. One of the things that I've mentioned to you before is it's, it's a little bit, a little bit more difficult to add power of attorney on a trust account versus if it was just a joint or individual account with the trust as the beneficiary.

• 36:57Speaker 04

  It shouldn't be, but it is.

• 36:58Speaker 02

  Yeah.

• 36:59Speaker 04

  Yeah.

• 36:59Speaker 02

  And so some custodians make it a little bit more of a headache to add POD to a trust account because they're wanting to really cover their bases because it's its own entity and those kinds of things.

• 37:08Speaker 04

  And a lot of times the way around that is actually, even though you have a valid. Durable power of attorney, signed and notarized, executed all the language that needs to be in it, some institutions will have their own power of attorney.

• 37:20Speaker 02

  Yeah.

• 37:21Speaker 04

  And you just, just sign, sign their own power of attorney through them. It's a pain in the butt, but in reality, if your, your, your goal is just to have access to things and to make things easy, if that's a hoop you have to jump through, just jump through it and do it.

• 37:34Speaker 03

  This would be a good time to remind everybody to check their beneficiaries on file with all retirement accounts, annuities.

• 37:43Speaker 04

  Life insurance.

• 37:44Speaker 03

  Life insurance, because all of those things, I mean, you're the attorney here, you probably have the legal language, but they pass through a different method. Is it contract law? Is that what they call it? You have a contract with these institutions and it's, it's passing through the contract you have with them, not necessarily what your will or trust says. Is that right?

• 38:02Speaker 04

  Yeah. It's, it's a, well, it's a, it's a tool to avoid probate. And so.

• 38:09Speaker 04

  You know, traditionally everything would go through the probate process through either a will, or if you died without a will and testament, but, but through this court process. And so trusts were kind of a way to avoid that, that process. And then beneficiary designations are another way to avoid that, that process as well. It's just a, a, a tool to, you know, pass assets from one duration to the next, basically.

• 38:29Speaker 03

  For sure. I'll tell you where I've seen it show up a couple of times is in a blended family situation. You've got a second or third marriage sometimes and, you know, you look back at old accounts. It's like, whoa.

• 38:39Speaker 04

  Yeah.

• 38:39Speaker 03

  You know, my retirement account 10 years ago had an ex spouse on it. I have another spouse now. Well, if something happens to you, guess where that money's going?

• 38:47Speaker 04

  I have our mutual friend, Troy Burton, right? We've worked, worked with him for the last couple of decades or so. I talked to him, this is about a year ago now, but a very similar situation where a

• 39:01Speaker 04

  gentleman passed with a term life policy that he was paying the premiums on, that his ex-wife was still the beneficiary of, and he remarried. And he was one of those clients that he forgot he had it. And it wasn't part of the divorce settlement. It wasn't where it's like, you know, some, some divorce settlements require that you, you, you still pay for and keep the ex as a beneficiary. That's part of the, you know, the settlement terms, right? But this was not, this was not the case. It was just literally one that was kind of, I forgot I had, the, the payments were coming out autopilot, right? Deducted from his account and just didn't realize the case. And then it became an issue when he, when he passed away. So always check your beneficiaries. And, you know, I, I think that's a pretty rare circumstance. I mean, it grabs your attention because of how salacious it sounds, right?

• 39:46Speaker 04

  But more common than that and, and, and that does happen frequently. And I think if people get busy in life is, you know, you, you, you have a child and you have a second child, well, you have a third child. Are you updating beneficiaries every time you have another child? Because if you think about it, you know, life.

• 40:02Speaker 02

  Which Kyle, I'm going to, I'm going to throw it right here in front of everybody that I worked with you when I had two daughters. And so my trust has two daughters on it. And I have three.

• 40:13Speaker 04

  There you go.

• 40:13Speaker 02

  I've updated my beneficiaries, everyone else, but it's just the perfect example of like.

• 40:17Speaker 04

  Wait, the trust still says it?

• 40:19Speaker 02

  Yeah.

• 40:19Speaker 04

  Oh.

• 40:20Speaker 02

  Yeah. Yeah. I should probably, I should probably add her in.

• 40:23Speaker 04

  Time for an update.

• 40:24Speaker 02

  No, I mean, you're not going to, you're not supposed to call and tell me when I'm supposed to update my trust. That's what amendments are for. That's why you, that's why trusts need to be looked over every five years or so. I mean, obviously when she's 20 years old, this is, I should have checked, you know, every.

• 40:37Speaker 04

  Four times.

• 40:38Speaker 02

  Four times ago, you know, and, and updated that. But again, it's, it's, we're throwing this out there because these are things that we see on a regular basis and they're not, they're not, not smart people that, that forget these things. It's just, there's nine million things going on and you have to take time to go over this. And if you don't have a trust, put it together. This will force you to do some of this stuff. A comment came in that I think will be great to go over because it's what a lot of people get confused about. It says, thanks for taking my last question. A quick follow-up is we own our home out in Seven Oaks and already have a will. So is a trust really necessary? Are we just paying for something we don't need?

• 41:17Speaker 04

  Well, is it necessary for who? Is it necessary for your beneficiaries? I would say yes.

• 41:22Speaker 02

  Yeah.

• 41:22Speaker 04

  If you want them to, to be able to get access without having to go through probate, is it beneficial to them? Is the trust doors or the grant doors? Not really.

• 41:32Speaker 02

  Yeah.

• 41:32Speaker 04

  It doesn't provide you any liability protection, or it's not an asset protection vehicle. But if, if it's important for you to get that house to your kids without probate, then I would say yes, a trust is necessary.

• 41:44Speaker 02

  I think that would be a good time to remind folks, probate, you know, how long probate can take and

• 41:50Speaker 04

  Oh, it's a nightmare.

• 41:50Speaker 02

  Is it cheap or is it expensive?

• 41:52Speaker 04

  Yeah, no, it's, it's, it's, it's expensive and it's, it's lengthy.

• 41:56Speaker 02

  Right.

• 41:57Speaker 04

  You're looking in Kern County, 12 to 18 months at best.

• 41:59Speaker 02

  Yeah.

• 42:00Speaker 04

  You're looking at, you know, depends on the size of the state, but it, you know, five figures, so 10, 15, 20 or more thousand to probate an estate typically. Again, depending on the size of it versus a trust, which is virtually free to administer.

• 42:14Speaker 02

  Yeah. So let me, let me, let me explain what I've told so many people and what I've found to be true. If probate was a kind of a painful process, but somehow cheaper to your estate and to you and your kids, then heck, make your kids go through probate.

• 42:27Speaker 04

  Right.

• 42:28Speaker 02

  But unfortunately it's not. It's a painful process. It actually ends up costing you more, even though you're not here anymore. So your kids get less of your estate. So why in the world would you not do it in a much cleaner way? And I will say unwinding an estate or completing a trust, you know, when somebody passes away, it might take 12 months because you have to file a final tax return and stuff like that, but it's so much cleaner and easier. You're not having to go to court. Probate, when we say 12 to 18 months, this is sometimes having to, you know, set up a court date. You show up.

• 43:03Speaker 04

  Multiple hearings.

• 43:03Speaker 02

  You missed one, you set up another date. And I mean, we're not talking about just, you know, fumbling through a little bit of paperwork like it would be with the trust. It's still a little bit overwhelming because most of the time it's like you're having to find out a bunch of stuff. You don't know a lot about, but it's quick. It's easy. You file the last tax return and the estate's done. And everything gets handed out to who the beneficiaries are supposed to be and you move on. So it's one of those things where, back to this question is your will basically confirms that your house is going to go, who you want the house to go to.

• 43:36Speaker 04

  Correct.

• 43:36Speaker 02

  But it's still going to have to go through probate.

• 43:38Speaker 04

  Wills are probated, yes.

• 43:40Speaker 02

  Yep. The, the probate judge is going to set your fancy will right in front of them and then say, okay, yeah, we can sell the house now and give it to your kids or whoever your beneficiaries that you designated. And you can do that same thing through a trust and avoid probate. And then you just assign a successor trustee who sells the house and gives the proceeds to who you want it to go to, and it doesn't have to go through probate. And again, this is a cheaper process. It's a couple thousand bucks to talk to an estate planning attorney, get a trust done, get it on, uh, get it on, uh, get it, you know, get it finished. And then from that point on, you don't have to manage it all the time and stuff like that. You have to go through the funding process to understand how you own all your accounts.

• 44:21Speaker 02

  And then you just, every five years or so, or if you move or this or that, it might make sense to maybe sit down again and have it reviewed. Another comment came in.

• 44:30Speaker 04

  But I will say, before we get to the next comment, uh, and that was particular, that answer was particular to that comment in that question. Now for somebody who, let's say, for example, you, you, um, you've sold all your real estate, you rent, you've downsized and you have a, uh, you know, account with MoneyWise and a account at Wells Fargo, and that's it. I would argue that a trust may not be necessary for that person. Now, it could be if you, let's say you want beneficiaries to be grandkids and they're minors and you want protections in place, whatever. But let's just say you have two kids, they're in their 40s and those are your beneficiaries. I would argue that that person doesn't need a trust. So it's not a, everyone needs one. It's just, it depends. It can be beneficial. It can be helpful.

• 45:08Speaker 02

  There are situations where you, you don't necessarily need a trust, but you do need to think about some things like your power of attorney.

• 45:15Speaker 04

  Healthcare directive, sure.

• 45:16Speaker 02

  Healthcare, you know, who's going to take care of and make your, your medical decisions? Who's going to be able to have access to take care of your financial decisions if you're incapacitated?

• 45:24Speaker 04

  Right.

• 45:24Speaker 02

  So I mean, all these things all work together. The trust is really specifically beneficial for real estate passing through without probate. But you still want to have some of these different things and a plan for some of these different things if anything was to happen. We had another comment that came in.

• 45:41Speaker 03

  Yeah. They said, can you share the phone number to set up a trust? His name's Scott.

• 45:47Speaker 04

  Oh, it's cool. Yeah. Scott, Kyle Jones, 661-833-1090. Give us a call, email [email protected]. We will send you a questionnaire and offer a one hour consultation at no cost. So fill out the questionnaire, come in, sit down and, um, yeah, if it's not something you need, we'll, we'll tell you. If it is something, we'll go from there.

• 46:12Speaker 03

  And in that email address, you said kwjoneslaw.com. That's also your website, is it not?

• 46:17Speaker 04

  Yes, it is. kwjoneslaw.com.

• 46:20Speaker 02

  There you go. Hey, um, one of the other things that I like to talk about too, a little bit, which you probably know a little bit more about. So some of the nuts and bolts for some of our clients out there and what they have to go through when they lose a loved one. DMV, I've asked you about this before. You can put like a, almost like a deed transfer on a car, can't you? Is that how you handle that? Is that the easiest way to handle that, to pass it on to a loved one? Or what do you think?

• 46:43Speaker 04

  Easiest way is to fill out the affidavit. I can't think of the form number off the top of my head. If one of you guys are on Google, you, we can spit it out for the listeners, but there's a affidavit you file with the DMV. It requires you to wait 40 days after the passing of the individual and then they will reissue your title based on that affidavit.

• 47:00Speaker 02

  So if, if you're like a beneficiary and you, you don't have anything in place and they pass away, there's an affidavit that you send in. You say, I'm part of the beneficiary and they'll retitle it under your name.

• 47:10Speaker 04

  Correct.

• 47:11Speaker 02

  Okay. So what if, uh, is there something you can do beforehand to even make it easier?

• 47:16Speaker 04

  You could, you could retitle the, um, the pink slip in the name of the trust. Absolutely. Yeah, you can, you can put in the trust name.

• 47:23Speaker 03

  I found it. It's the Form Reg 5.

• 47:25Speaker 04

  Form Reg 5, there you go.

• 47:26Speaker 03

  There's the number five, Reg 5.

• 47:28Speaker 02

  Yeah. I've heard mixed, uh, mixed advice about putting your trust as the name on the title. Because then if you get in a car crash or somebody's looking at your title and it says like the trust of

• 47:38Speaker 04

  Right.

• 47:38Speaker 02

  The Pelster family.

• 47:39Speaker 04

  It's like, oh, this guy's loaded.

• 47:41Speaker 02

  My neck all of a sudden hurts.

• 47:43Speaker 04

  Well, that's why you have insurance.

• 47:44Speaker 02

  Yeah.

• 47:45Speaker 04

  So, yeah, and, and we typically don't do it for your daily drivers because, you know, every five years now, people are buying new cars left and right, seems like anyway. Um, but you know, I do have clients who, who have, um, you know, um, classic, you know, cars or and they definitely, I put them in their trust.

• 48:00Speaker 02

  Yeah. There you go. Well, what else have you, uh, seen out there? What else has been going on? You, you said, uh, you're selling some, uh, some yogurt too, for those that don't know.

• 48:09Speaker 04

  Slinging some yogurt, yeah.

• 48:10Speaker 02

  Not only does he deal heavy in the law, but also in the golden spoon.

• 48:14Speaker 04

  Pro yo, yeah, baby.

• 48:16Speaker 02

  Yeah.

• 48:17Speaker 04

  Yeah, it's been going great. We've been up about three months. Uh, we opened up in the marketplace right next to Mama Toscas. And it's been a whirlwind kind of experience for the family. It's been fun though. Got two of my three girls work in there. Cicely's killing it there. Jenny Klassen, um, Chris Klassen, our partners in the venture. It's just been a great team effort. We all come at it with, um, uh, you know, unique backgrounds and experience. And so, yeah, it's been a perfect, kind of perfect fit. A lot harder than I thought. Retail is very difficult.

• 48:46Speaker 02

  Yeah.

• 48:47Speaker 04

  I, you know, done quite a few businesses and I've had my own business for a while. And, uh, the service industry is a lot different, different than retail. So, um, learning, learning the hard way.

• 48:59Speaker 02

  Well, that's awesome. Appreciate you coming on. Appreciate you, uh, you know, I mean, uh, more and more and more, it amazes me. I, I think, what percentage of people do you think even have their trust in place?

• 49:10Speaker 04

  It's less than 50. Yeah, it's 45.

• 49:12Speaker 02

  Yeah, I would say lower.

• 49:13Speaker 04

  Yeah.

• 49:14Speaker 02

  Go through, review all your different holdings, review all your different accounts, really think through this thing. Make your life better while you're here and easier for your loved ones when you depart. So hopefully, uh, this helps you do that. And thank you, Dustin, for a great show. Thanks for Kyle.

• 49:28Speaker 04

  Good seeing you guys. Appreciate it.

• 49:29Speaker 02

  Yep. And remember with the markets and what's going on today, there's a little volatility, you know, stay money wise. That's what we always tell you here. We tell you to be smart, be safe, be money wise. Dr. Morrow.

• 49:43Speaker 01

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