2/25/26 From Probate Court to Golden Spoon: A Conversation with Kyle Jones

The Moneywise Radio Show and Podcast Wednesday, February 25th 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 facebook: Moneywise_Wealth_Management LinkedIn: Moneywise_Wealth_Management Guest: Kyle Jones, Law Offices of Kyle Jones website: https://www.kwjoneslaw.com/ phone: 661-833-1090 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 and his business are not affiliated with nor endorsed by LPL Financial or Moneywise Wealth Management].

• 0:00Speaker 00

  Live from the basement inside the historic Waller's Building in downtown Bakersfield.

• 0:05Speaker 01

  Call or text in at 661-396-1000.

• 0:37Speaker 00

  Now, let's start the Money Wise Show.

• 0:41Speaker 02

  Let's start the Money Wise Show. I'm your host today, Chris Pelster, joined with?

• 0:45Speaker 00

  Seth Perry.

• 0:46Speaker 02

  Seth Perry, I'd like to first and foremost wish my 19-year-old daughter a happy birthday today.

• 0:53Speaker 00

  What?

• 0:53Speaker 02

  Madeline Ray. You probably don't listen to the show. You're probably tired of hearing me talk.

• 0:58Speaker 00

  No, all her friends are listening, right now. It's what they do.

• 1:01Speaker 02

  Yep, this is what all the cool kids are listening to nowadays. The Money Wise Show. All because of our beautiful host over there, Mr. Steven Nicholas.

• 1:10Speaker 00

  Big Steve. Don't act like you don't know the name.

• 1:12Speaker 02

  Big Steve Z. Don't hide over there. Make eye contact. Make eye contact.

• 1:15Speaker 00

  I'm blinded by those blue eyes.

• 1:17Speaker 02

  Oh, that's what it is.

• 1:18Speaker 00

  That must be it.

• 1:20Speaker 02

  Alright, let's get this show rolling. We are excited about today. We have a friend and longtime guest of the show. If you have not heard him before, I don't know where you've been or what you've been listening to, but we have Mr. Kyle Jones joining the show today. Gonna talk a little bit of legal stuff and some financial focus of legal planning. And when I talk about that, I talk about trusts and wills and probate and estate and all these fancy Latin terms that they use sometimes that can make it seem so fancy. Hey, we just want to make sure our money's gonna go where we want it to go after we pass away.

• 1:57Speaker 00

  That's all it is.

• 1:58Speaker 03

  Keep it simple.

• 1:59Speaker 02

  Keep it simple. Let's try to avoid some taxes. Let's avoid probate if it's expensive. Let's make it easy. Make it simple on all involved.

• 2:07Speaker 03

  It's not if, but when you're gonna have to face this when I was a young buck.

• 2:11Speaker 02

  No, nobody's getting out alive.

• 2:12Speaker 03

  30s, no one, I never, I would have, I wouldn't have tuned out when I heard that, but this is really important because anyone in your family, something could happen and especially if you have young kids. You should be starting to think about establishing.

• 2:24Speaker 02

  Like I said, nobody's getting out of here alive, dude. Nope. So before we do all that, before we get Mr. Jones in here to the basement studio here in the Woolworth building. We're gonna go over a little bit about what's going on in the markets. It's kind of been some volatile times. S and P 500 today was up about 0.8%. Just under a percent there. Remember, just kind of take a step back, look a little bit in the rearview mirror, just to kind of know where we're at. Year to date, it's up about 1.3%. Some may say flat. That's still up positive there on the S and P 500. And over the last year, up 16.6%. So when we see some volatility, if we are concerned about a quote unquote crash,

• 3:07Speaker 02

  whatever your definition of crash is, I know what the market uses, which 10% is a correction, 20% from a high is a crash. But if that's what your concern is, just understand that, I mean, we're up 16.6% over the last 12 months. You look back in the rearviewer beyond that, it's just been on a rampage over the last few years. So. Yeah. So there's, there's definitely some reasons why the market's overheated, kind of seeing some volatility right now. The Dow Jones, which we call the dumb Dow, was up about 0.6% and the NASDAQ was up 1.3. And so when you hear the NASDAQ being up so much more than the other, what does that make you think?

• 3:46Speaker 03

  Tech.

• 3:47Speaker 02

  Tech, which we talked a little bit about over the last couple of weeks, that there's been kind of a rotation, that there was a little bit of flood over maybe into the value side of stocks and the, the, maybe a shifting of, of kind of some investments. Well, I don't know, there's a little company called Nvidia.

• 4:04Speaker 03

  Can I share the quote, the, I didn't come up with this, but this is really funny. When Nvidia sneezes, the whole market grabs a tissue.

• 4:10Speaker 02

  There you go.

• 4:11Speaker 03

  And it's true.

• 4:12Speaker 02

  There you go. And they call Nvidia continues to be the market bellwether, which do you know what a bellwether is? Gosh darn it, Chris. Um, bellwether.

• 4:22Speaker 03

  I don't know, but I always think about words and where they come from.

• 4:25Speaker 02

  Yeah.

• 4:25Speaker 03

  Like the question coming up, a hard money loan. Why do they call it a hard money loan?

• 4:28Speaker 02

  Yeah.

• 4:29Speaker 03

  Do you know why it's called a bearing?

• 4:31Speaker 02

  No.

• 4:32Speaker 03

  In a wheel?

• 4:32Speaker 02

  Don't, don't, don't try to avoid the fact that you don't know what a bellwether is, dude.

• 4:35Speaker 03

  Bellwether.

• 4:36Speaker 02

  Let's go back. It's a bellwether. They're calling Nvidia the, the, the market bellwether.

• 4:40Speaker 03

  Does it have to do with like the bell of the ball? Now that'd be weird.

• 4:43Speaker 02

  It does have to do with a bell that they hang on the sheep in the front of the herd.

• 4:50Speaker 03

  Interesting.

• 4:51Speaker 02

  So that's why it's a bellwether. So what the, what the sheep out front is doing, they put a bell on the sheep out in the front. So you know what direction.

• 4:59Speaker 03

  Why a bellwether though?

• 4:59Speaker 02

  I don't know. I don't know.

• 5:01Speaker 03

  But that's interesting.

• 5:02Speaker 02

  Yep. That's what a bellwether is. And another one is, uh, that we, we, we've talked about before on the show that a lot of times, uh, like the, the canary in the coal mine.

• 5:11Speaker 03

  Never heard of that. Well, I've heard of it, but I don't know what that means.

• 5:13Speaker 02

  Do you know what they would do with canaries in the coal mines?

• 5:15Speaker 03

  Wouldn't they send them down and if they died and didn't come back, they would know there's carbon.

• 5:20Speaker 02

  Yeah.

• 5:20Speaker 03

  Carbon dioxide.

• 5:21Speaker 02

  Yes, something dangerous down there. We're not going to go into that. Cool. Yeah.

• 5:24Speaker 03

  Wow.

• 5:24Speaker 02

  So, uh, that would tell you be an indicator of, uh, something's going on. So, uh, that's not necessarily applicable here, but there's some of those little sayings there in the market.

• 5:33Speaker 03

  Eavesdroppers.

• 5:33Speaker 02

  Different things. There you go. So Nvidia is the market bellwether. It moved, uh, in a big way today. It beat expectations. Uh, and demand, uh, is looking a little bit more, uh, attractive, uh, for, for what they do. Um, so there you go. Um, and another thing that was kind of, you know, just, just continues to be very volatile is electric vehicles, you know, and for years and years and years. We talked about electric vehicles as the future. Obviously here in California, it was being, uh, pretty much forced on us eventually to, to not be able to buy anything but, uh, electric vehicles. But, uh, electric companies are struggling. Electric companies are fighting, uh, for profits.

• 6:16Speaker 02

  Um, you know, even Tesla being, uh, the forerunner in that, that market, um, it, the, the stock is swinging wildly because of price cuts and margins. And there's more competition, um, both, uh, both here. And abroad. So, um, you know, electric vehicles are amazing. I drive one myself. I love it, but, um, you know, you can't force markets if, if the market's not there, there's gonna be a struggle to, to keep profits. And that's one of the things where when the government gets involved and offers rebates and, and all these different, you know, things to try to get these things off the ground. Um, it's helped, but, uh, now's kind of where the rubber meets the road, no pun. Um, but, uh, you know, it's kind of the same thing with solar. We're right now living through a lot of those rebates.

• 7:01Speaker 03

  What's going on with solar? I mean, they, they dropped the, the, all the benefit. They dropped the tax.

• 7:07Speaker 02

  Yeah.

• 7:07Speaker 03

  I, I know a couple of family members impacted heavily by the solar industry.

• 7:11Speaker 02

  So literally like we're in 2026 and this is where it actually like, it goes back to, does it make sense? Like it, it was so hidden and so cloaked in, oh, you get this rebate and you get that and you get this. And it was hard to even understand like, okay, is this a good decision or not? And that's what I always hated about making a decision with solar. It's like you're, you're kilowatt hours and you're learning all this new language and there's this rebate and it's like so hard to like go, okay, wait. At the end of the day, what am I saving? You know, what, make, make it simple for me.

• 7:46Speaker 03

  You've had some solar issues, right?

• 7:48Speaker 02

  Huge, huge companies that have gone out of, out of business, local companies that are no longer around. So if you have issues, who do you call? Um, you know, it's just, it's just one of those things where, um, good technology and sometimes the government does have to step in to get uh, things moving in the right direction, but you can see where they're, then they're like, is this successful just because we're pouring tax dollars into these arenas or is it really truly?

• 8:14Speaker 03

  Oil, it's a lag effect, right? The, the oil we're, we're shutting down in California is hard to get permits. Everyone's left the state. It's not gonna hurt right now or next year, maybe the year after, but man, it's coming.

• 8:27Speaker 02

  Yeah.

• 8:27Speaker 03

  It's, it's gonna potentially get kind of funky out there. So where are we at with autonomous vehicles like the self-driving? Um, I, I think about that now that I have a commute down here to downtown. I, I have my little path that I take and I've what I calculate to be the best route and the best lane to be in it every time, but. Imagine if everyone just hopped in their car and didn't really have to think and there was some type of an AI algorithm controlling everything and there weren't really even lights anymore. It's scary to think about, but I really think maybe not.

• 8:59Speaker 02

  Why is it scary to think about?

• 9:01Speaker 03

  Uh, because it could be, it could be hacked. It, it, someone could infiltrate the system and, you know?

• 9:08Speaker 02

  True.

• 9:08Speaker 03

  True. And then lots of other weird things I want to share on the air about AI.

• 9:12Speaker 02

  Yeah, well, yeah, cuz again, the, the hack, the hack thing is definitely something to be a little bit concerned about. But as far as the technology and, and how it all works, it's like, it's the same. I tell people the same thing. Like you could actually probably drive slower and get to work faster if AI was, uh, like if autonomous cars were working.

• 9:32Speaker 03

  It knows where the waste is and everything, man. Absolutely. It studies the patterns of traffic and, um, yeah.

• 9:39Speaker 02

  Yeah. And it's like, uh, it's like trains. Trains get places fast because they don't stop. They don't, it, they, they don't go necessarily super fast, but it's just that they're efficient. They never stop. And so if, if all the cars are talking to one another and there's not like bunch ups and traffic and all those issues and everybody knows the cars know where everybody's going.

• 9:57Speaker 03

  Like our high speed rail, that thing is done, right? Isn't it up and running?

• 10:01Speaker 02

  Yeah. Yeah. They're, they're buttoning up the last few things, but.

• 10:04Speaker 03

  I bet there's no taxpayers' dollars involved.

• 10:06Speaker 02

  Couple of things out of the markets. The consumers are starting to send signals. Retail and restaurant stocks are retracting, are reacting strongly to earnings. Uh, shoppers are still spending, but trading down and being, uh, selective. So, uh, people are still out there spending money. The thing that we've talked about before, the one, uh, you know, kind of concerning thing is that spending is still continuing, but it's not necessarily because wages are, are, are barreling forward. Um, a lot of it's on continued, uh, credit use.

• 10:37Speaker 03

  With your clients, are you seeing a lot of? You know, remember when it was so hot to just pull, well, you have equity in your home, pull it out and remodel this, remodel that. And that's part of what got us into so much trouble in the financial, the, the housing crisis. But are you hearing, do you have any friends or clients or anybody that's really doing that as much anymore?

• 10:55Speaker 02

  I don't, I don't think so.

• 10:56Speaker 03

  Are they using home equity lines of credit?

• 10:57Speaker 02

  I, I think, I mean, home equity lines of credit and stuff are still pretty high. So if somebody's sitting on a lot of equity and sitting on a 3% loan, it's hard to swallow a six or seven or eight or nine percent, some of these HELOCs might be at, you know, and, and different things. But, um, you know, I'm sure, I'm sure a lot of people are, I'm sure a lot of people are using some of the equity in their home instead of moving, like, we'll just pull some money out of the equity, maybe do a few things in this house versus locking in a, a new interest rate on a new house.

• 11:24Speaker 03

  Have you ever put your own home and mortgage in a mortgage calculator with today's rates and the value of your home today? It's really eye opening. Like, I don't know that we would exactly afford the home run right now if we would go to today's six and a half interest.

• 11:39Speaker 02

  Yeah. And then that's what you talk about.

• 11:40Speaker 03

  Appreciate it quite a bit.

• 11:40Speaker 02

  You know, that's what you talk about, the challenge of all of our kiddos. Mine are a little bit older than yours, but you know, you're trying to get all these kids out and you, you know, go do what we did. Well, I mean, we had the same challenges though, because where wages were when we were 18, 19, 20 years old, there's always pressure. It's never been like some season. I don't think there's ever been a time in history where people like, fresh out of college, like boom, I can get my job and go buy a house easily.

• 12:06Speaker 03

  Probably, that was probably like 60s and 70s when college was first getting, you know, really getting going. And I doubt it now. I really doubt it.

• 12:14Speaker 02

  Yeah. Well, and in the 80s, the houses were much cheaper, even though wages were lower, but interest rates were nine to 15% at certain times during the 80s, you know? So I hear those stories from my clients.

• 12:26Speaker 03

  It's so difficult as a parent to having a 17 year old at home, getting ready to be a senior. You know, you want that college experience and the, and the growth and the maturity that comes from living on your own. But man, I'm, I'm torn in which direction, you know? It's a, it's so dang expensive to go to a school that's, that's worth its salt and not ran by a.

• 12:45Speaker 04

  Ran by the state and their ideologies. So.

• 12:48Speaker 02

  There you go.

• 12:48Speaker 04

  Yep.

• 12:49Speaker 02

  Hey, we have a couple of questions that did come in. So stick around when we get back from the break here, we'll maybe jump into those, but we're also going to be joined by, like I mentioned, Mr. Kyle Jones. Stick around.

• 13:00Speaker 00

  If you're a business owner who provides a retirement plan for your employees, contact Money Wise Wealth Management to see if you're maximizing your options and minimizing your liabilities. Money Wise 401k plans are customized to you and your company's needs. 661-847-1000.

• 13:25Speaker 02

  Welcome back. This is the Money Wise Show. We are live in the basement of the historic World's Building. I'm Chris Pelster, joined by Mr. Seth Perry today as your Money Wise team, and we are joined by a friend of the show, been around forever. You wouldn't tell with barely any gray in that beard he's got over there, Mr. Kyle Jones.

• 13:49Speaker 04

  You got a little gray, too.

• 13:50Speaker 02

  A little bit.

• 13:51Speaker 04

  Yeah.

• 13:51Speaker 02

  Yeah.

• 13:52Speaker 04

  Tears mad as mine.

• 13:53Speaker 02

  Yeah.

• 13:53Speaker 04

  I've grown the sucker out and everyone's been commenting like, you got a little gray in your beard.

• 13:57Speaker 02

  You know what, you know, you would, you know, you would think Kyle, you would think that, you know, you wouldn't, you wouldn't guess that I'm the grandpa at the table.

• 14:04Speaker 04

  Yes, yes. Literal grandpa. Yes, you are.

• 14:07Speaker 00

  Your stash is peppered, but the beard's salty.

• 14:10Speaker 04

  It's pretty gray.

• 14:11Speaker 00

  Gets gone salt. Yeah.

• 14:12Speaker 02

  And you just look even smarter and wiser than, than the last, you know, last few times.

• 14:17Speaker 03

  It's the baldness. There's something about bald guys with glasses. It just.

• 14:20Speaker 04

  Yeah.

• 14:20Speaker 03

  It adds, it adds something.

• 14:22Speaker 04

  It hits.

• 14:24Speaker 02

  So like always, we come into Mr. Metallica music rocking. So I wanted to ask you.

• 14:30Speaker 04

  Which? Did you hear that they're going to be at the Sphere in Las Vegas?

• 14:33Speaker 02

  Did they, did they announce that?

• 14:34Speaker 04

  Just today.

• 14:35Speaker 02

  Eight days?

• 14:36Speaker 04

  Eight days.

• 14:36Speaker 02

  Eight days. Yeah.

• 14:37Speaker 04

  October 1st and the 3rd, and then the last three weekends of October as well.

• 14:42Speaker 02

  So you, are you going to experience it?

• 14:44Speaker 04

  I'm going to experience it for sure.

• 14:45Speaker 00

  Have an anniversary on October 3rd. How much that is? Cause I just got the email right when you were walking in.

• 14:50Speaker 04

  Oh, did you?

• 14:50Speaker 00

  That the pre-sale goes Monday.

• 14:53Speaker 04

  Monday. Yeah. I'm 7 a.m. for the legacy member. I'm a Metallica legacy member, right? That means I'm old.

• 14:59Speaker 02

  Is that like you have to show a picture of your tattoo or what do you?

• 15:02Speaker 03

  No, Lars texts him.

• 15:04Speaker 00

  Is that the AARP of Metallica fans?

• 15:06Speaker 04

  AARP, baby.

• 15:11Speaker 03

  How'd you get into Metallica? When did that start? What was the roots?

• 15:14Speaker 04

  Just, you know, I mean, it was, they were just popular in the late eighties, early nineties when I was growing up and so it just stuck with me.

• 15:20Speaker 02

  Stuck. Sweet. Yeah. Well, there you go.

• 15:22Speaker 04

  Our kids are trying to listen to it too, actually.

• 15:24Speaker 03

  Yeah, my, my boys love it.

• 15:26Speaker 04

  Yep, so.

• 15:26Speaker 02

  So, Mr. Kyle Jones, tell, tell the folks here if, if they happen to be under a rock or not listen to this show for very long, who you are, what you've done. Um, we can talk a little bit about, this is your first show here?

• 15:37Speaker 04

  Yeah, it is. It's beautiful, by the way.

• 15:38Speaker 02

  Welcome to the basement.

• 15:39Speaker 04

  Yeah, it's very cool.

• 15:40Speaker 02

  Yeah, so you spent a lot of time in the padded radio.

• 15:43Speaker 04

  Padded, yeah.

• 15:43Speaker 02

  Yeah, I mean, you were, you were, uh, grassroots, man. You, you helped, uh, the show for a long time, helped a lot of our clients, helped a lot of our listeners.

• 15:51Speaker 04

  Absolutely.

• 15:52Speaker 02

  With, uh, with estate planning and, and, uh, everything else. And, uh, so thank you for all you've done for the show and for us and for our clients and our listeners. So, talk a little bit about you, your history, when you got into the law, why you pursued this and, and where you're at now.

• 16:07Speaker 04

  Absolutely. So, I am a, uh, attorney here in Bakersfield, obviously. I, um, specialize in estate planning and personal injury. Obviously, the connection with MoneyWise has been on more of the personal, or excuse me, the estate planning side. It, it, you know, correlates with, uh, having a, a sound financial plan with, with a financial advisor, a CPA, uh, and an attorney to kind of the wraparound service, you know, that we, we, we tend to do, what we did when we were all under the same roof, right, in the same building. Still do that to a certain extent, just, you know, remotely in different meetings. Um, so I, I, I moonlight as a podcaster as well. We've got the R2 Cents Podcast.

• 16:41Speaker 02

  Yeah.

• 16:42Speaker 04

  Um, and then we are recently just actually signed a lease for Golden Spoon Frozen Yogurt, which I'm going to be opening.

• 16:48Speaker 03

  The Golden Spoon.

• 16:50Speaker 04

  Yeah, Marketplace.

• 16:51Speaker 02

  Yeah, I was, I was saying to you guys, we did, uh, we did a little romantic Valentine dinner next door.

• 16:57Speaker 04

  Momotaskas?

• 16:58Speaker 02

  Yeah, so I was, I was bragging, I was telling all my, all, all the people that we were hanging out with there that, uh, that.

• 17:04Speaker 03

  Where's it set up shop? Which building is it?

• 17:06Speaker 04

  So, right, right next door to Momotaskas, um, if you're facing the entrance to Momotaskas, the, the suite right to the left.

• 17:13Speaker 03

  Okay.

• 17:13Speaker 04

  Yeah, suite K4, yeah.

• 17:14Speaker 03

  Gotcha.

• 17:14Speaker 04

  Yeah.

• 17:15Speaker 03

  Between the gym and there?

• 17:16Speaker 04

  So, yeah, 45 is kind of on the opposite. Then you've got a salon and then a empty space, then jewelry store and then our, our shop.

• 17:25Speaker 03

  Heck yeah.

• 17:26Speaker 02

  And you know, you know, uh, my daughter's running the Pilates studio right around the corner.

• 17:30Speaker 04

  Oh, and the, the Pilates, which is right on the other side of the, uh,

• 17:33Speaker 03

  By the bank?

• 17:34Speaker 04

  Old River Girl, right?

• 17:34Speaker 02

  Yeah.

• 17:35Speaker 04

  Yeah.

• 17:35Speaker 02

  Yeah.

• 17:35Speaker 04

  I didn't know she was running that.

• 17:36Speaker 02

  Yeah.

• 17:37Speaker 04

  My wife goes there.

• 17:37Speaker 02

  Yeah.

• 17:38Speaker 04

  I wonder if she sees her.

• 17:39Speaker 02

  I'm sure she does.

• 17:39Speaker 04

  Yeah.

• 17:40Speaker 03

  Are you guys hiring at the Golden Spoon?

• 17:41Speaker 04

  We will be.

• 17:42Speaker 03

  A, a top candidate for you.

• 17:43Speaker 04

  Uh, are, are you looking for work?

• 17:44Speaker 03

  Hardworking, no, hardworking, hardworking daughter of mine, man.

• 17:47Speaker 04

  I'll take you too, if you're, if you're looking.

• 17:49Speaker 03

  Come on.

• 17:50Speaker 04

  No, absolutely. We are gonna, um, we are gonna do a hiring run. We're still in the permitting phases, doing the TI. So hopefully June, July timeframe and we're absolutely gonna be looking for qualified candidates. So yeah, we've got some younger folks who are looking for work, um.

• 18:02Speaker 03

  So I got my, that's how I got started, the Snowshack, man.

• 18:04Speaker 04

  There you go.

• 18:05Speaker 03

  That was one of my first jobs.

• 18:06Speaker 04

  We, one of the reasons why, so we're opening up with another local family, uh, Chris and Jenny Klassen. Not sure if you're familiar with them. Klassen, kind of a big name in construction here locally. We all have kids roughly the same age and, um, we were wanting to do something, um, aside from our nine to five, uh, invest in a, in a, in a business. And so we've always kind of liked the yogurt model and the business plan. And then one of the main things that really did it for me was just an opportunity for my, my girls to have work experience. Because it seems like nowadays that's just not as prevalent as it was when we were growing up.

• 18:38Speaker 02

  Right.

• 18:39Speaker 04

  I mean, I had a job at 15 and I, I never stopped working, even in college. I, part-time Vons and just, it just, but, but kids nowadays just aren't really that motivated to work. And I think there's a lot to learn from that, a lot to be taught from that.

• 18:51Speaker 02

  Yeah.

• 18:52Speaker 04

  Financial experience, uh, exposure. And so, um, I was really excited to have an opportunity to provide them with some work experience.

• 18:58Speaker 03

  Great idea.

• 18:58Speaker 04

  Yeah.

• 18:59Speaker 02

  Yeah. So, uh, normally, you know, I mean, and we will get into it. We'll talk a little bit more about, uh, estate planning and, and all those kinds of things. But another, uh, little thing on your plate.

• 19:09Speaker 04

  Yes.

• 19:09Speaker 02

  That you're passionate about.

• 19:10Speaker 04

  Very.

• 19:10Speaker 02

  Uh, and, and we have loved, uh, being a part of it for a long, long time as well is, is a, is a local organization that does a lot of great things for local families.

• 19:20Speaker 04

  Hundred percent.

• 19:20Speaker 02

  Um, dealing with some, some, some, uh, different medical concerns. So why don't you talk a little bit about Tiger Fight?

• 19:26Speaker 04

  Yes. So I am on the board of the Tiger Fight Foundation and it's It is like you said, a local charity that provides assistance to families with children who are undergoing blood cancer treatment. Are we have three big events throughout the year, golf tournament, the casino night, and then a clay shoot. And so the one that I'm on the committee on and helping run and set up specifically is the golf tournament. And I do have a passion for golf, so it kind of fit. And so we're running again at Stockdale Country Club. So they've been gracious enough to host us from our inaugural year up and through this year. The tournament is March 20th, Friday, 8:30 a.m. Shotgun tee time.

• 20:07Speaker 04

  Little late in the game as far as if you want to get a team together. I think we have maybe three or four teams left available. But we are definitely still looking for sponsorships. We have different sponsorships, opportunities, different levels, you know, as much as 200 or low as 200, 250 bucks for a tee sign up into, you know, $5,000 for the event sponsor. So any listeners, businesses out there looking for a great organization to get involved with, I encourage you to visit Tiger Fight's webpage, Tiger Fight Foundation. And then that will link you to one cause if you want to purchase, like I said, try to get a team in or a sponsorship. We are doing a very cool raffle as well this year for a brand new four seater golf cart. Jay in Precision has graciously hooked us up with that.

• 20:52Speaker 04

  So we're going to sell 200 tickets, $100 a pop. And Max, we're not going to sell anymore. So that's, you know, got a 100, 200 chance if you buy one, you know. Pretty good odds. Yeah. And it's, you know, it's a 14, $15,000 golf cart wrapped in the Tiger Fight.

• 21:07Speaker 03

  You have to be present to win.

• 21:08Speaker 04

  Do not have to be present to win. So if you want to purchase a opportunity drawing, as they like to call it.

• 21:14Speaker 03

  It's an opportunity drawing.

• 21:14Speaker 04

  Yeah.

• 21:14Speaker 03

  It's not a raffle.

• 21:15Speaker 04

  It's not, it's not, it's an opportunity.

• 21:18Speaker 04

  Then, then we can happily get you in contact with the right people. You can contact me at my office or through Tiger Fight and we will set you up with that. Yeah.

• 21:25Speaker 03

  Very cool. So the organization itself, pardon my ignorance, what is it supporting?

• 21:32Speaker 04

  So the, most of the proceeds we get will go between two different things. One will support the,

• 21:39Speaker 04

  well, it used to be LLS, I can't remember what they just changed their name to. Gosh, I'm drawing a blank. Anyway, it used to be the Lymphoma Society. I completely drawn a blank on what they just changed their name to. It's been a recent change. I don't know if you can, Steven, Google fact check, whatever that's called.

• 21:56Speaker 04

  And then the other part is actually-

• 21:58Speaker 02

  Blood Cancer United.

• 21:59Speaker 04

  Okay, there you go. Donated directly to families in Kern County. So we provide grants for, if it's your first time applying, it's a check for $2,500 right to the family. And then you can reapply every calendar year if you're still undergoing treatment, and that's for an additional $1,500.

• 22:16Speaker 03

  Awesome.

• 22:16Speaker 04

  And, you know, it's, it's, it's so difficult to imagine having a, you know, a child going through such a traumatic experience. And most of the time, you know, if you're lucky enough to have time off of work, you know, that's paid, that's great. But you still have to travel to Children's Hospital of LA or Madera and stay in hotels and all these expenses like gas. And so we felt one of the best ways to support the families as they go through this process, or at least Chris, you know, did, who's our president, was to give financial support directly to the families. And so we run a very tight ship. I think our percent of money raised that goes directly out

• 22:58Speaker 04

  is around 95, 96%. We have, you know, 4% administrative costs, which is-

• 23:03Speaker 03

  I remember raising money with Halliburton for the American Cancer Society, and man, you're fired up. But then when you get behind the numbers, it's like, there's not as much of this money going-

• 23:13Speaker 04

  Right.

• 23:14Speaker 03

  To the actual cancer research, just to the organization.

• 23:16Speaker 04

  And it's not just that. It's all nonprofits. You see a lot of them with 20, 30, 40% administrative costs, which is, you know, money that was intended to be raised for the charity or for whatever the cause is. And so that we were kind of proud of that. We run a very tight ship and, like I said, 95, 96% of it goes directly back out.

• 23:33Speaker 03

  Awesome.

• 23:34Speaker 02

  And the thing I love is just the community- That's that's begun because, you know, one of the things that Chris has shared before with his experience, and I'm sure most people feel this is like when you get the diagnosis, it's not only overwhelming, but you kind of feel like what in the world, where do I go? You know, and then you really see that, hey, you know, we know there's a group of people that have been through this. There's a group of people that have been raising money and know that people are going to go through these things.

• 23:58Speaker 03

  Right.

• 23:59Speaker 02

  And have not only financial support, but even like some emotional support, sharing the stories. And usually at most of the events, there's usually some, somebody's sharing a little bit of their story or how they've been impacted by the donations and generosity of our community. So we do live in a very generous community. I feel like four or five years removed from COVID and all the craziness of all that stuff. There's kind of nonprofits are kind of feeling the squeeze of everybody getting back up and running. And, and, you know, and, and we've had a lot of changes in our community as far as oil and, and energy and some of these different sectors that have been impacted by some of the pressures, ag. You know, so, so definitely understand that it's maybe even a little bit more of a sacrifice to make those donations.

• 24:44Speaker 02

  And so you want to make sure you're, you're, you're getting behind organizations that are really making the best use of the dollars and doing great things. So I've always loved being a part of Tiger Fight. I even served on the, the board one year of the, the clay shoot out there. You guys do phenomenal, I mean, events, that's the other.

• 25:02Speaker 03

  Tell us about Casino Night. I'm not, I can't swing a club, but I've been known to throw a card. I've been known to throw a card across the Hold'em table.

• 25:09Speaker 04

  Yeah. So Casino Night would be our next event. That's going to be in June. Also at Stock to a Country Club. Again, we, we, we've been in years past at Luigi's and then at the hotel, which I'm trying to blank.

• 25:23Speaker 02

  Padre.

• 25:24Speaker 04

  Yeah, brain fog today. Padre Hotel.

• 25:26Speaker 03

  Can you use some coffee, guys?

• 25:27Speaker 04

  I tried it. I've been on decaf for a while, so maybe that's part of my problem. A little over a year, actually.

• 25:33Speaker 03

  We talked about that. I don't know how you do it.

• 25:34Speaker 04

  I'm off caffeine. Yeah. Obviously I need it, but, and so now, again, Stock to a Country Club was our first year last year. And it was a great venue and they're graciously, again, having us back. And so that's our flagship event, if you will. And it's just a great night, great food, great music, and then of course, table games. You know, it's a, it's a fun, you know, way to play some craps, play some poker, blackjack, and roulette. And so it's just a, it's just, it's just, again, the cause is what it's all about. But, um, you know, we, we realize we're asking people for their hard earned money, for donations, and to come to the event. So we try to make the events as enjoyable as possible, so that if you are gonna spend money, then you're also gonna get some enjoyment out of it as well.

• 26:16Speaker 02

  Absolutely. Absolutely. We had a comment come in and said Metallica rocks. I just saw they would be playing Vegas. I wonder how much tickets will cost for this one, but I'm sure it's worth every penny. And I'm sure it's gonna be a pretty penny. Uh, but yeah, I imagine Metallica's gonna put together a good show. And, uh, I mean, I haven't been to this, have you been to the Sphere of Royal?

• 26:35Speaker 04

  I have. Not to see a concert, but I have, I have been, just to see the experience.

• 26:39Speaker 02

  Yeah.

• 26:39Speaker 04

  Um, we were gonna go, we were there for a volleyball tournament a couple of weeks ago, and we were gonna see the Wizard of Oz.

• 26:44Speaker 02

  Yeah.

• 26:44Speaker 04

  Thing, performance that they're doing, uh, movie there. Uh, but our daughter got sick, and so we had to scrap those plans.

• 26:50Speaker 02

  So, uh, if I took my wife to the Wizard of Oz, uh, she would probably not let me come home because that traumatized her as a child. So she's like afraid of wind.

• 27:00Speaker 04

  Really?

• 27:00Speaker 02

  Yes. And so like, imagine that show that traumatized you as a kid where you're afraid of wind and storming. Cause you know, like, like the house, like, and so to this day, she's still like hates wind or like when trees are really moving and stuff, like it just gets to her. So.

• 27:15Speaker 04

  So that immersive experience would not be good.

• 27:17Speaker 02

  No, it would be so horrible.

• 27:19Speaker 03

  Could you imagine?

• 27:20Speaker 02

  Yeah, just be like, oh.

• 27:22Speaker 03

  Your worst fear. They just have, uh, snakes or, you know, that'd be good exposure there, uh, therapy or whatever to get. If you're afraid of, uh, heights, you go into the sphere and then it makes it look like you're falling off of, off of something.

• 27:34Speaker 04

  Yeah, it's.

• 27:35Speaker 03

  We're on to something here.

• 27:36Speaker 04

  To whoever made that comment, uh, I'm guessing if you can get tickets through, uh, Ticketmaster or through pre-sales, I mean, they're gonna be expensive. I mean, we're probably talking, you know, two, three, four, or $500 a seat. If you don't and you're gonna get them aftermarket, I, I wouldn't even guess what they're gonna go for. Cause I heard like some of the Eagles, when they were at the, doing their residency, they're there, upward in 800, 1,000, 1,200. Hundred a pop.

• 27:58Speaker 03

  Hear me out. This is not, and I repeat, not a money wise comment I'm about to make, but in theory, could someone just scoop up as many tickets as they possibly would be allowed and then?

• 28:10Speaker 04

  Yeah. So Metallica has gotten, you know, you can't stop all that, but they limit the amount of tickets you could purchase through a credit card and a name through pre-sales. So.

• 28:22Speaker 02

  Do they also stagger out how many they sell? Cause I know that that's how a lot of, that's how a lot of company or.

• 28:29Speaker 04

  Artists.

• 28:29Speaker 02

  Artists, artists don't want that, right? They don't want their tickets.

• 28:32Speaker 04

  They want them to go to fans.

• 28:33Speaker 02

  Right. They want to go to fans. So what they do is they, they release so many tickets and then a month later, they'll release more tickets and then a month later, like so that you're not scooping them all up and then reselling them.

• 28:44Speaker 04

  Especially bands like Metallica, they're, you know, they're, they're gonna sell.

• 28:48Speaker 02

  Yeah.

• 28:48Speaker 04

  Right. So they, they can afford to release them, you know, this day, this day, this week, this month, because they're gonna sell out. Up and coming bands, I'm sure they're, you know, they're probably like, hey, we just want to sell as many as we can.

• 28:59Speaker 02

  As quickly as possible.

• 29:00Speaker 04

  So just get them out. Yeah, we're gonna make money and, you know.

• 29:03Speaker 02

  And those are not necessarily the tickets that are gonna hike up the price and resell.

• 29:07Speaker 04

  Yeah, there, there's still gonna be a markup, but just not as.

• 29:09Speaker 02

  Cause that would be a little bit frustrating as a, as a band, because people are like, man, they're charging $1,200 for their tickets. Well, no, they're charging 500 and people are reselling them and making money off of them.

• 29:18Speaker 04

  Correct.

• 29:18Speaker 02

  And people are willing to pay it, which is great, but you, you know, everybody would be mad if right off the bat, they charged $1,200 per ticket.

• 29:25Speaker 04

  Right.

• 29:25Speaker 02

  And they're not the ones making the profit. It's somebody trying to make profits off of it.

• 29:29Speaker 03

  Not a huge venue either. It's, I mean, it's good size, but.

• 29:31Speaker 04

  Yeah, it's not like a, you know.

• 29:32Speaker 03

  I think of Allegiant, but like, I just.

• 29:34Speaker 04

  Not, no, no, no, not near that.

• 29:35Speaker 03

  Wanted to play there. Maybe they're not doing it for the money.

• 29:38Speaker 04

  It's, it's the experience, I think, you know, of being at that, at that venue. I mean, I'm, I've spoken to the band recently. Don't quote me, but.

• 29:45Speaker 03

  They haven't texted you?

• 29:46Speaker 04

  No, they haven't, but you know, they've played every continent.

• 29:49Speaker 02

  Hey Lars, what are you thinking, man?

• 29:51Speaker 04

  No, but.

• 29:52Speaker 03

  You're still approving, you're still looking over their lyrics. Whenever they release something new.

• 29:56Speaker 02

  Kyle, what do you think of this?

• 29:58Speaker 04

  No, but they played every continent, literally in the world.

• 30:02Speaker 02

  Yeah.

• 30:02Speaker 04

  So in Antarctica, they did a show in Antarctica, just so they played every continent. So they, I mean, they played every venue, everything you can imagine. So I think for them at this point. You know, and I can't imagine their net worth, but I know it's significant. So yeah, they're gonna make money, but I'm sure for them, this is a new experience and you know, playing music and playing live for 30 plus years or so, I think, you know, anything new would be exciting for them as well. So.

• 30:25Speaker 00

  And it's all about the experience. I mean, Metallica was, I mean, 10 years ago when they were touring with, you know, the, the cameras around and the visual arts type thing. I, I think this is gonna be a whole different chapter with Metallica, because the sphere has, you know, visual arts and videos running throughout the whole show.

• 30:43Speaker 04

  Yep, smells, sense.

• 30:44Speaker 00

  It's gonna be intense.

• 30:45Speaker 04

  Wind, heat, like even their fire, their play, like the, like the, like fuel or something, you're gonna hear it's like some heat coming from the.

• 30:51Speaker 03

  They have a combined net worth, according to some sources, of nearly a billion dollars with Lars at the lead with 350 million.

• 30:58Speaker 04

  There you go. So I don't think they're worried.

• 31:00Speaker 03

  Unreal. They've sold 150 million albums.

• 31:03Speaker 04

  Yeah. That's when albums used to be sold. Now I think it's all streaming numbers, right? They don't really sell albums.

• 31:07Speaker 03

  They get a little, they get a little cut from each stream. Very, very little.

• 31:11Speaker 04

  Yeah, little slice.

• 31:12Speaker 00

  Yeah, very little. That's why these tours are so important.

• 31:15Speaker 04

  Money. Tours and merch, pretty much, right? Yeah.

• 31:18Speaker 02

  Yeah.

• 31:19Speaker 04

  Anyway, I don't know how we got off on that tangent, but I could talk about it all day long.

• 31:22Speaker 02

  Yeah, well, good deal. Well, good deal. So we have a little bit of time left. Why don't we go ahead and just pivot just a little bit? And jump into what you do for your nine to five you mentioned earlier.

• 31:30Speaker 04

  Absolutely.

• 31:31Speaker 02

  Because amongst everything else, Mr. Kyle Jones does practice law.

• 31:35Speaker 04

  Yeah, I forgot about that part. I am a, I am a licensed attorney.

• 31:40Speaker 04

  But the other stuff is a lot, a lot more fun these days. But no, like I said, we do personal injury and estate planning. And, and for me, the estate planning is the transactional part that I, I, I kind of get the most day-to-day joy from because it's, it's, it's proactively kind of helping somebody accomplish a goal. Not to say that personal injury isn't that. Obviously, someone gets injured and they also have goals to recover wage loss, medical bills, et cetera. You know, compensate them for what happened. And that's positive as well, but that's more of a reactive, right? Someone's got an accident, someone's been malpracticed by a doctor, whatever the case may be, then you're kind of reacting to that situation and, and, and doing what you have to do versus with setting up an estate plan like a living trust,

• 32:21Speaker 04

  you're being, you're being proactive. You're saying like, hey, here's what I have, here's what I'd like to accomplish, you know, what do you recommend? And then we just kind of talk it through and, you know. Do the best we can.

• 32:30Speaker 03

  You helped us through the process fairly recently. It was very eye opening here as an advisor, but still going through the process. You know, we learned quite a bit and still a lot more, I think we need to work on to fund the trust. Everything's taken care of.

• 32:46Speaker 04

  Which is a very important aspect of it.

• 32:47Speaker 03

  Yep.

• 32:48Speaker 04

  And I just talked briefly about that, if you want, just kind of mention that the funding part. I don't know if people are familiar with that terminology, but in essence, what it means by funding is actually transferring ownership of an asset to the trust. So if you have a living trust that says, you know, here's the trustees, here's the beneficiaries, you lay it all out, but you don't actually transfer assets to that trust, it doesn't control those assets. Right? So, so funding is a very critical part of that trust. And what that looks like is, for example, take real estate, real property. So we would actually generate a new deed transferring the property from an individual or a married couple's name to the name of their living trust. As far as like bank accounts or brokerage accounts are concerned, we would actually change title or registration, right? Of the account.

• 33:31Speaker 04

  And so instead of John and Jane Doe, joint tenants, it would be John and Jane Doe, trustee of the Doe family trust. Right? And that's something that you guys help with on the backend. If they have an account with say MoneyWise and they set up a trust and we kind of send the information through them back to you and say, here's what we want to do and we want to retitle those assets. And so that's what we do. Sometimes you can do TOD or POD, which stands for transfer on death and payable on death. So that means if you don't want to actually change the account, like say your checking account into your trust, because you don't want to get a new account number, you've got all these automatic deposits and withdrawals that are going through. And it's just kind of a nuisance to, you know, notify everybody of the change. You can leave it into your name individually, but with the bank, put a POD or TOD to your trust.

• 34:15Speaker 04

  So in the event of your passing, at that point, those assets would be then funded into the trust that way. So there's many different ways to do it. You just got to make sure you kind of, you know, go over them and make sure you're covered.

• 34:24Speaker 03

  And the alternative is the P word.

• 34:26Speaker 04

  Yeah.

• 34:26Speaker 03

  Prorate court.

• 34:27Speaker 04

  Bad word.

• 34:27Speaker 03

  And it has such a bad rap, but it is just a necessary process. It's not necessarily evil. It's just. Time consuming, ridiculous, expensive. So if you had a, uh, cause this just came up in a meeting. If you have a young couple in their late 30s and they've, they've waited a little bit to start their family, but now they have a family, they own a home. Heaven forbid, something happens to the two of them, to the two parents and say they have two children. What happens with the home that was in the title of their name specifically with probate?

• 34:56Speaker 04

  It's going through probate. I mean, it's, it's going to get to their kids.

• 34:58Speaker 03

  What does that mean though?

• 35:00Speaker 04

  So probate is a process of, uh, lodging a, either if you have a simple will, then you lodge a will with the court. Or if you die intestate, which is without instrument, meaning you don't have nothing, then the probate code would dictate who gets your estate. Um, and it goes through this formal process of, uh, hearings in front of a judge. You get letters of testament intent, so you can transfer assets from one generation to the next. And as you said, it's just a costly and very lengthy process because, um, A, our courts are impacted. So, you know, getting a court date is difficult. And then let's say you file everything you need to, but you, you know, you, you checked a box wrong or whatever. And then they, the clerk pinks it back and they send it back to you and then you gotta correct it. And then your next hearing date is 90 days out.

• 35:40Speaker 04

  And so you're just going through this, you know, lengthy drawn out process that, you know, with, with, with the trust, for example, could be avoided. Um, and a trust is not really the only vehicle, right? It's just, it's just one of the vehicles. So, um, for qualified accounts that you guys work a lot with, um, tax deferred accounts, IRAs, 401K, stuff like that. They have beneficiaries designated on them typically, or they should. Um, and so if you do that, you will avoid probate, right? It's not like you have to go through probate if that. Now, if you have an account with no beneficiaries designated, then that's a problem and you will have to probate that asset.

• 36:12Speaker 02

  A lot of times that people get confused about that because they say, well, now I have a trust. So now I should go put the trust or now my, you know, what do I do with all my retirement accounts? And most of the time you're still not going to change that because ultimately a trust, you're designating the people that you want your assets to go to. That's what you're doing when you designate beneficiaries on your, what are called qualified accounts. Like a Roth IRA, traditional IRA, 401K. So again, at the end of the day, it's, it's simply just trying to designate legally all. These funds and assets that you own, going where you want them to go and avoiding probate. The good news I was gonna say about probate though is it's free, right? I mean, they just do it out of the goodness of their heart.

• 36:53Speaker 04

  Yeah, you know, attorneys don't charge you, you know, executors, they don't take a fee.

• 36:58Speaker 03

  For the DIY weekend warrior who does their own taxes, that kind of thing.

• 37:02Speaker 04

  Sure.

• 37:02Speaker 03

  Like, can they, can they figure it out on their own or is that foolish?

• 37:05Speaker 04

  Yes. No, you, absolutely. You can do, you know, the cool thing about this country, I always say is that like you can do whatever you want. Absolutely. You might need to get some permits, whatever you want to rebuild, you know, remodel your home or do some electrical work. You gotta get the proper permits, but there's no, you know, no one says you have to go hire a contractor. You don't have to go hire an electrician. You don't have to hire CPA. You don't have to fire an attorney. You don't have to hire an advisor to manage, you know, to manage your assets. It's just whether or not you want to take the time to become competent in what you're doing. And if you do, great. If you don't, that's when you hire a professional. It's really, and I, I use that analogy all the time because it's true. Cause if someone comes in and they're worried about the cost of, of the service. That's a, that's a legitimate worry, right? It's their money. They, they should decide how, when they want to spend it.

• 37:49Speaker 04

  And I always kind of give them the same thing. It's like, hey, if I'm doing something around the house that I feel I can confidently do without causing any major problems and, and save some money, I might do it. If it's something that I know I can really screw things up, I don't know, electrical fire, for example.

• 38:04Speaker 03

  Yeah.

• 38:04Speaker 04

  I'm not a trained electrician and unfortunately I'm just.

• 38:06Speaker 03

  Suspension on a car.

• 38:07Speaker 04

  Right. I'm just, right, that too.

• 38:08Speaker 03

  Touching that, man.

• 38:09Speaker 04

  No, I have to, you know, I have to pay somebody that is skilled in that and, and to accomplish that task. So again, and, and people have different comfort levels. Same thing with, with personal injury on, on smaller cases where it's not a large case. And it's just like, you know, I went to the chiropractor for two or three months and maybe I've missed work for three or four weeks. But for the most part, I'm fine again. Those are what we call smaller cases, right? They're not, you know, you're not going to get a huge award. And so I have that conversation with, with those clients is like, you know, are you comfortable with dealing with insurance companies, dealing with liens? And, and handling the paperwork necessary to kind of wrap this up and be done with it? Or do you want to pay me for my time to do it?

• 38:47Speaker 03

  Yeah.

• 38:47Speaker 04

  It just kind of goes the same way.

• 38:48Speaker 03

  Texted in, says, if someone here owns agricultural property and passes with only a will, how messy can probate actually get? Can you give out the guest's number?

• 38:58Speaker 04

  Uh, I can give out my number. Yes.

• 39:00Speaker 03

  Sure.

• 39:00Speaker 04

  It's 833-1090. Uh, that's what they're, my phone number, right?

• 39:03Speaker 03

  Absolutely. Yeah.

• 39:04Speaker 04

  Okay. Yeah. 833-1090.

• 39:06Speaker 03

  That's your cell. Don't get your cell phone now.

• 39:08Speaker 04

  No, that's my office line. Uh, you'll reach Kylie, not Kyle. She's amazing, but she'll be the one that answers it.

• 39:14Speaker 03

  She's on the ball.

• 39:15Speaker 04

  She is. She's great. Um, and, um, I forgot the first one of the question. Oh, Agland. Yeah. So, um, probate's probate and it, it can get messy if, if something gets contested. And then you have all these hearings to decide like, what, what was the intent behind the person? Or if someone's contesting the will, um, someone's contesting someone's capacity when they did the will. Obviously it can get extremely messy, just like a divorce. Um, but divorces can also be clean. You still have to go through the process, right? You have to go through that process, but if everyone's kind of in agreement and you just check the boxes and go through the motions.

• 39:49Speaker 03

  Which is the way it usually is.

• 39:50Speaker 04

  Which, right. Not for family law. Um, it, it's still a process you have to go through. So again, it's just whether or not you want to go through that process on your own or hire an attorney. I have the opinion that, that, you know, there really should not be, I mean, we have to have probate courts. We have to have that process because not everyone has a will, not everyone has a trust. And, you know, the probate code has to come in when, when, when everything's silent. So we, we need that process, but if you can avoid it, you just need to avoid it.

• 40:17Speaker 02

  Yeah.

• 40:17Speaker 04

  And it's just.

• 40:18Speaker 02

  Well, yeah, because you get to choose who you work with if you're hiring and, you know, your attorney, you get to ask questions. You get to do all this stuff instead of being forced through the probate process.

• 40:27Speaker 04

  Right.

• 40:27Speaker 02

  And then it's, you know, it's just, I have never heard anybody had a great process with probate.

• 40:33Speaker 04

  Experience with that. No.

• 40:33Speaker 02

  You know, it's just, it's just not, it's not a good process. And so you'd much rather have things set up. Uh, and I myself, um, I did my, my, my trust a long time ago. And, and my story with Kyle was I did try to do it on my own. I figured I'm a financial advisor, you know? I, I started doing the, uh, the online version, you know, and, and got about 80% done. And it started to ask a few questions that like you mentioned, like with an electrical fire. Like there were questions that seem like if I don't really know what the answer, what I'm putting down here. Could really mess things up because part of your, uh, part of your trust, you know, is you're making, uh, medical directives. And you're doing a couple of different things and, and, and I was, you know, wanted to jump through and, and be able to trust and it, you know, an attorney and ask some questions.

• 41:16Speaker 02

  So one of the questions I was going to ask you that I'm seeing a lot now because I, I've been lucky enough to work with wonderful clients. Um, a lot of them have been clients of, of MoneyWise for a long time. So they were, uh, entered into retirement. Now they're later in their years. They've had a trust. A lot of their attorneys that wrote their trusts have retired or, or moved on. Um, reached their finish line, whatever you want to say. Uh, so a lot of times, a lot of people later in life, you know, they, they, they don't maybe address it or go over it or, or whatever. And, uh, you know, hey, the guy who, you know, helped me or the gal who helped me, they're not, they're not in town anymore or whatever. Um, we've talked about this before. How often should people review it, go over it, just kind of touch base on it?

• 42:01Speaker 02

  Cause I think, yes, a lot of times your situation kind of hits cruise control at some point in your, you know, in your retirement years and stuff. But there's still, as you get older and you get closer to those maybe medical directives and different things being needed. You might want to just kind of touch base, dust the, dust the, uh, you know, get the dust off of it and, and talk to an attorney. How often should people do that? And does it matter whether or not they go back to their original attorney?

• 42:26Speaker 04

  So any attorney could do any amendment work or changes or modifications to a trust. So I, I've done numerous amendments or revocations or new trusts from, from trusts on my previous attorneys. I'm sure, you know, at some point in the future, someone's going to be reviewing a trust that I've done for people and, and do the same thing. So that, that's not paramount. It's, I mean, I obviously I recommend going to someone that you're comfortable with, whoever that may be, whether it's the same attorney or old one. But yeah, the, the short answer to the question is no. Does the same attorney who drafted your original trust does not have to be the person that modifies or reviews? Uh, any changes in the future. As far as how often you should look at it.

• 43:04Speaker 04

  Generally speaking, I think you should kind of have your ear to the ground as far as major law changes are concerned. And if and when those events occur, I think that's an important time to review your trust to make sure it's still set up the way you intended it originally. And then also, I always say major life experiences, births, deaths, divorces, marriages, stuff like that. I think it's always good to revisit your estate plan to make sure it's dialed in the way you want.

• 43:35Speaker 02

  Yeah, it's awesome. Yeah, I really, really appreciate that. We're trying to be much more proactive and dialing those things in. Like when we talk about, you know, sometimes when you talk, what does your financial advisor do for you? Well, you know, obviously, investment solutions and performance and different things, that's an important piece of it.

• 43:57Speaker 02

  But as we've had the privilege of working with people for such a long time, it's so much more now, you know, wealth, like making sure everything's in place. You know, clients go out and open up accounts at different banks to get a CD rate here or a savings rate there. And okay, did we open it up correctly? Have you changed anything from your last meeting? You know, and those are important because sometimes you paid the money, you have a trust, you go open up a little account out there and you don't do it correctly, your family's still gonna have to go through probate for 15 grand that you tried to get a little extra CD rate on. And, you know, so you're still gonna have to go through that, well, unless it could sweep in, but does it still have to go through probate?

• 44:37Speaker 04

  Well, if on such small amounts, you could do an affidavit and basically get that from a bank for small amounts. But, but yeah, for if, but that has happened before for sure, where someone set up a trust and it's funded adequately. And then, you know, 10, 15 years go by and then they move from Charles Schwab to MoneyWise and then, you know, they don't think about telling you guys that hey, we have a trust in place. And so you open up in their name and, you know, you think you're doing what the client wants, but then. You know, and they think, well, I have a trust, so it's automatically gonna cover that. And that's just, it's not the case. So you just have to, you know, just, just stay on top of it. And it's just a titling thing, really, just to make sure titles are correct.

• 45:15Speaker 03

  Another good one came in. Hey, guys, Kyle has his own podcast. I'll have to check it out. So I've lived in my home for 30 years and that's most of my net worth. Do I really need a living trust or is a simple will good enough?

• 45:27Speaker 04

  Again, it goes to the question of a probate. So a simple will is good enough, meaning it's gonna dictate where you want it to go, but they're gonna have to probate that will, the beneficiaries, and go through that process. And if it's, and if you're of the opinion that, well, that's on them to do, whatever costs and time involved, it's not me, then yeah, that's the right decision for you, but.

• 45:45Speaker 02

  And it costs, it's usually a percentage. And so if you have one house, it's gonna be a percentage of the value of that home.

• 45:51Speaker 04

  Correct.

• 45:51Speaker 02

  That the probate chart, you know, and it could be one or 2% or.

• 45:55Speaker 04

  Yeah, it's 4%, 4% of the first 100,000 and I think 3% of the next 100 to 200,000. And 2% anything above that.

• 46:04Speaker 03

  Those are multiples of what a living trust may cost you. So people are thinking, oh, man, living trust. It's complicated.

• 46:09Speaker 04

  A $400,000 house is gonna be 10, 15 grand.

• 46:12Speaker 02

  Yeah, right. Which is, which, you know, a trust might be a 1,500 to $2,000 to get it done and get it in place and make sure everything's right. And then I always tell people, it's like, it's like the emergency savings fund. It's so overwhelming, but once you finally get it in place, then you can move forward and you don't have to think about it again. Get your trust done, get it in place, you know, make sure you have all your accounts and your assets listed correctly. And then you don't have to think about it again. And you make that investment in making a smart decision and then you can move forward. So.

• 46:41Speaker 04

  I wanted to, just wanna, real quick to finish this gentleman, woman or gentleman, I don't know who it was, but their question is sometimes if you have, if you're, if you aren't on a title with a property of joint tenancy, let's say it's in his or her name only, and you have like one kid and it's, and literally the house is all you have. California is recently allowed to do what's called a transfer on death deed, where you file that with the county recorder's office and it allows that person, the beneficiary, to receive that asset you're passing again, without having to go through probate. Now, there are a lot of technical ways that, technicalities that have to be done in. According such a transfer on death deed. So you want to make sure, again, if you're going to do it yourself, you want to make sure you do it correctly.

• 47:20Speaker 04

  And you meet all those requirements because the last thing you want is like, oh, I did this, so I don't have to avoid probate and I didn't have to do a trust. So I'm, you know, saving money and then you did it wrong and then they're stuck.

• 47:29Speaker 03

  Some people make moves too by adding, maybe an elderly parent puts their, their child on the.

• 47:37Speaker 04

  That's different than the transfer on death. That's, that's, that's gifting it. Yes. That's actually gifting the property. So the transfer on death deed is an inheritance. So it satisfies that capital gains issue of gifting the property to somebody by simply adding them on title. Which again is, some people have chosen, I've seen numerous clients come in and wanting to do a trust and I look at their deed and they've already named their, they've already added their children on there as joint tenants. And it's like, well, you've already, you know, you've effectively done that because if one joint tenant dies and it just passes to the other one. So. All these nuances, again, it's just worth having that discussion with somebody who, who, who deals with it and then just make whatever decision right for you. But for that gentleman, a transfer on death deed may be a good option to him. I think California.

• 48:21Speaker 04

  Extended that to 2032 and I believe at that time, the state legislature is going to look at whether or not, you know, it's viable moving forward and then whether or not they're going to continue to allow it. There's certain limitations you can't do. It has to be single family residence. It can't be ag land. Think it can't be duplexes. There's a couple of other things that they don't allow for. But again, there's just, there's a ton of options.

• 48:41Speaker 02

  Certain situations it may make sense for, but you know, if you have non-qualified assets or investments or even your bank accounts and stuff still have to be dealt with, you know, we still have to go through probate then.

• 48:52Speaker 04

  Yeah. And the reason why they're looking at the, they're going to, because going through an attorney or, or having a notary and going through this estate planning process, there's kind of safeguards there. There's people who are kind of like, you know, I, if, if someone comes to me to do a trust and I'm like, wait a second. This person does not seem to have the capacity to make these decisions. I think someone else is pulling the strings for them on this one. I'm not going to do the work, right? And so I think one of the concerns they have with the transfer on death deed is that, you know, is there fraud involved, right? It's like, hey grandma, sign here, right? And then it's just, you get a notary and it's like, yeah, my friend's a traveling notary. You come to the house and you sign it and you record it. Then it's like, did grandma know what she was signing? So I think that's kind of what they're worried about.

• 49:36Speaker 04

  And why they want to, you know, basically test for fraud. And last thing I'll say on to that is. Title companies, I think, are viewing those transfer on death deeds a little differently. So the gentleman or woman who asked that last question, I would consult with a local title company to see if a transfer on death deed will delay the insuring of the property. Because if, on a transfer on death deed, if, let's say it's your son, whatever, and you add him on title, and then they inherit it and they go to sell it, there may be an issue with the title and company wanting to insure it immediately to make sure there's no creditors or someone that's going to come after that property. And I think it's like a, potentially like a three-year wait.

• 50:18Speaker 04

  So that's another thing you want to do is, and again, we have, you know, in Biggsfield is a great community, just like all communities, I'm sure, but we have, you know, we have financial advisors, we have title companies, we have attorneys, we have CPAs, we have people who navigate, you know, this process for a living. So you just have to know what questions to ask and where to be guided in the right direction. And then, and then these are the questions you want to have with your attorney or advisor. Again, I would refer someone to a title company, be like, yes, this is an option, but have you thought about this as a potential downfall? And if so, let's talk to the people that...

• 50:49Speaker 03

  You need to build a, build a really good team around you.

• 50:51Speaker 04

  There you go.

• 50:51Speaker 03

  Always.

• 50:52Speaker 04

  100%. I agree.

• 50:52Speaker 02

  Yeah. Hey, well, if you can stick around, we're going to just answer a couple of the questions that came in, Kyle, because we skipped all of our breaks, because that's how good of a guest you are.

• 51:03Speaker 04

  Sorry, Steve.

• 51:05Speaker 02

  So yesterday, we had a lot of discussions on what are called hard money loans. And so we had a couple of questions come in about those. So I think we can talk about this just real quick to clear up a little bit of the confusion or the questions that came in about that. So one says, "Love the show, heard about the show, or heard the show yesterday, so I didn't have my phone near me, but wanted to pass along as maybe a future show, but can you explain in simple terms what hard money loan is and how it is different from a traditional loan?" And so Seth, you actually did a little bit of research on this, and a good, simple answer is a hard money loan is different than a traditional loan in the simple fact that

• 51:44Speaker 02

  hard money loans are focused much more on the asset, the property, the real estate. It doesn't matter how... Good your income is or your credit score or anything because you're giving such favorable

• 51:57Speaker 04

  Or how bad it is.

• 51:58Speaker 02

  Yeah, yeah, right. That's actually somebody some. The other question was, well, why would somebody want that? Well, if it's a really short term loan, you don't want to jump through all the hoops.

• 52:07Speaker 03

  Usually use them for flipping properties and stuff like this.

• 52:09Speaker 04

  Or you have bad credit.

• 52:10Speaker 02

  Or if you have horrible credit, but you have your paid off house and you want to use some money from your house. Well, a hard money loan doesn't matter what your income is, your credit score and all that stuff. Because you're basically saying, hey, I'm willing to give a humongous loan to value. Uh, loan against this property. And what, what does that mean? I'm taking on some risk that you're not going to pay me back, but if you don't pay me back, we sell, we sell the property. And I get, I get my money that way. So obviously, uh, people doing that are not in the best of situations. Or really know what they're doing and they're not going to take on that kind of risk.

• 52:44Speaker 04

  These deeds of trust or these, um, hard money loans are secured by deeds of trust. Yeah. And if you do have hard money loans and a deed of trust, make sure the deed of trust is in the name of your family trust. If you have one.

• 52:53Speaker 02

  There you go. Hey, thanks for making Money Wise what it is. Thanks for joining us today, Kyle Jones. Get out there and support Tiger Fight. Be smart, be safe, be money wise.

• 53:02Speaker 05

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