3/18/25 Legal Wisdom & Community Impact: Attorney Kyle Jones on Injury Claims, Estate Planning Changes, and the Tigerfight Foundation

The Moneywise Radio Show and Podcast Tuesday, March 18th BE MONEYWISE. Moneywise Wealth Management I "The Moneywise Guys" podcast call: 661-847-1000 text in anytime: 661-396-1000 website: www. MoneywiseGuys.com facebook: Moneywise_Wealth_Management instagram: MoneywiseWealthManagement Guest: Kyle Jones, Personal Injury Attorney & Boardmember of the Tigerfight Foundation website: https://tigerfight.org/ www.kwjoneslaw.com/

• 0:00Speaker 00

  From the padded radio room off Stockdale Highway, here is Money Wise. 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?

• 0:30Speaker 02

  Securities offered through SEF Securities, Inc., member FINRA/SIPC. Investment advisory services offered through SEF Investment Advisors, Inc. SEF Securities, Inc. and Money Wise Wealth Management are independently owned and operated.

• 0:40Speaker 00

  Now, let's start the Money Wise Show.

• 0:43Speaker 03

  Welcome to the Money Wise Show. We are live from the Garrow Ellis padded radio room off Stockdale Highway on ESPN, Bakersfield, 1230 a.m., 101.1 FM, and always streaming at MoneyWiseGuys.com. You can text into the show 24 hours a day at 661-396-1000. Today, we're your hosts, I'm Sharad Waite and?

• 1:04Speaker 04

  Frank Lee.

• 1:05Speaker 03

  Frank Lee, hey Frank, great having you here.

• 1:08Speaker 04

  Hey Sharad, good to be here.

• 1:09Speaker 03

  You are a financial advisor.

• 1:11Speaker 04

  Yes, I would like to think I am.

• 1:12Speaker 03

  You are, you officially are, you are licensed, and now you've got a few years of experience under your belt, and so I'd like to answer some of these listener questions with you.

• 1:26Speaker 04

  Let's do it.

• 1:27Speaker 03

  And so, I lost the question, though. So, I've found it now.

• 1:33Speaker 04

  There we go.

• 1:34Speaker 03

  You got it? I'll read it. It says, "Okay, so where is the safest place to put your money during a recession? Starting to get a bit nervous and figured I would ask." So, this is a great, this is a great discussion to have, you know, a couple of financial advisors here. A lot of people are nervous right now. I think we can give a little bit of some of the headlines today, let people know what markets have done. Today was a down day. We had two up days in the market. Ending yesterday and now today was a little bit of a bloodbath.

• 2:11Speaker 04

  Yeah.

• 2:12Speaker 03

  Have you noticed?

• 2:12Speaker 04

  Yeah, just, yeah, just a little, you know.

• 2:15Speaker 03

  Yeah.

• 2:15Speaker 04

  Noticed it on the side there.

• 2:16Speaker 03

  Yeah, it's, I can give, I can give the specifics, but it looks like the S and P 500 is down about 1%. The NASDAQ was down 1.7. The Dow is down 1.7. So, you know, a lot of this is essentially what we've done is we've, we've, we've gone into correction territory with the S and P, with the markets. That's about, that's a 10% drop from its peak. And that is enough to make a lot of people very nervous because on top of the move in the stock market, it seems like we're just a daily barrage of headlines of what seems to be terrible

• 2:59Speaker 03

  economic and geopolitical news. Sometimes regarding tariffs, sometimes it's about a war, sometimes it's, it's about just some other, some other, you know, issue. But there's a lot of negative press and a lot, on top of just the markets moving like they have, this is, this is a, it's one of the worst quarters that we've had for the stock market in a couple of years. And we have, we have pretty short-term memories as, as a human species. And so I think it's normal, first of all, for people to be nervous.

• 3:40Speaker 03

  I, that, what only makes me nervous is when people react to the nervousness without a plan. So they, they just say something like, well, I'm, I'm done with this. You know, whatever investment strategy they had and they, they, you know, they get out of what, whatever they had in, in place. Assuming what they had in place was proper, that's the worst thing that you could do.

• 4:03Speaker 04

  Yeah.

• 4:04Speaker 03

  Because so much of the plans that we recommend to people aren't, you know, they're, they're generally mid to the long-term outlook. So we're talking, you know, five plus years. And. So if you, you know, if you are just a couple of years into that plan and then you bail, it's devastating to them and to us as financial advisors because it's like, whoa, hold on, we've been here, we've done this and we know what happens and you know, things, things, things will come back.

• 4:36Speaker 04

  Yeah, for someone who, you know, doesn't really pay attention to the markets and then you're getting a lot of headline news about markets being down 1%, 2% and then 10% throughout the, throughout the month. It's, it, you know, turns a lot of heads and fear really creeps in and you don't want to sell into that fear. You don't want to do anything emotional based because then that's where a lot of the, the wrong decisions play in. When you have this overall goal of being in the market, investing for five, 10 years, it's like, let's stick to that goal. Because yeah, I've been getting a lot of calls from, from clients about, about the markets and everything and it's, the way that it's going right now,

• 5:19Speaker 04

  it's 50/50. You know, 50% are buying into it. They're looking at this as a discount on, on stock prices. You know, they're buying more into it because they know this is going to be a short-term volatility. You know, the other, other half are not, they're worried about, you know, what they're wanting to do. They're wanting to sell out and, and hoard the cash and put it underneath their bed.

• 5:40Speaker 03

  Right.

• 5:41Speaker 04

  So depends on, going back to this person's question, what your goal is.

• 5:47Speaker 03

  Yeah.

• 5:47Speaker 04

  If your goal is 10 years down the line, you know, stocks are, you know, they're offering a good discount price.

• 5:55Speaker 03

  Yeah, then it's, then it's a great place, not only because their stocks are discounted right now, but because historically, if you look at the different asset classes over 10-year periods, it's very, there are very few things that beat out stock and there's very few things that beat out US stock. And right now, there are a lot of headlines, Bank of America came out with a report today that, that said that they've seen, they've seen the greatest reallocation outside to take, to, coming out of US stock and going into either.

• 6:27Speaker 03

  Fixed income or into foreign stock than they've than they've experienced in many years. And it's it's I think it's a famous Warren Buffett quote, and many people have said, there's never bet against America. This is a country that has created, in terms of the markets, has created, I mean, the greatest return on investment, you know, vehicle by being able to participate in a in a in a broad range of publicly traded companies that are producing really good products at a very good competitive price, or have innovated and and have done some things. So you want to keep a cool head, and I would caution against getting out of all of US stock and going into something else.

• 7:13Speaker 04

  Yeah.

• 7:13Speaker 03

  Unless you're a trader, then do what you want. I mean,

• 7:16Speaker 04

  Right, right.

• 7:17Speaker 03

  That's a different thing. You're just that's more speculative and potentially it's more it's, you know, you're just you're you're looking at taking on that risk. But if you're buying and holding in a strategy where that strategy involves US stock, just because US right now it might appear is going through a rough patch, doesn't mean that these companies still aren't headquartered here and still aren't going to, in the long term, present a return on your investment. If you're looking at looking for opportunities, or where do you put money for capital preservation? Where do you put money if you're nervous and you're in a recession? I'm assuming we're talking about short-term money.

• 8:03Speaker 03

  Because that would you shouldn't have your money in in a stock or in multiple stocks, and even even in certain bonds, if you're going to need that money within a few-year period. Because these business cycles and can can can last a long time. They can last a few years. And so if you need that money, then there's that doesn't make sense to have it in in an investment like the stock.

• 8:29Speaker 04

  Right.

• 8:30Speaker 03

  Like a stock or the stock market.

• 8:31Speaker 04

  Right.

• 8:32Speaker 03

  So one thing that can help with people, we've talked about this many times, is the bucket of money. Approach. So you have your short term, midterm and long term buckets. And in your long term bucket, that would be more volatile investments like stocks and and certain bonds. In your mid bucket, maybe it's far less stocks and more bonds. And in your short term bucket, it's really no stock. It's it's mostly money market or certificates of deposit, cash. And some of those other investments that are more stable and where you can, you know, have have more protections.

• 9:14Speaker 03

  And so if you're talking about where do you put money in a recession in that short term bucket? Well, that's that's pretty straightforward. We have savings accounts, money market accounts. You have some of these savings accounts now especially have high are high yield. So you can get, you know, three, four, even up to 5% on a savings account or a money market right now. And the good news is even the savings accounts have insurance on them, FDIC insurance. So you're you're essentially guaranteed through the FDIC that you won't lose.

• 9:48Speaker 04

  Right, up to 250.

• 9:49Speaker 03

  That's right, per deposit or per bank. So it could be quite quite a bit that you can have in in those in those types of accounts. If you are, you know, looking for something that maybe is a little bit more, has a little bit more gain to it. So this this could be closer to your middle bucket or your midterm bucket would be short term treasuries, US treasuries or T bills. These are backed by the US government and which means there's not a default risk unless our government defaults, which it hasn't.

• 10:23Speaker 04

  Yeah.

• 10:24Speaker 03

  But but it's virtually zero default risk on these. And you have current yields around 5% on on these. You can buy, you know, bonds directly through treasurydirect.gov or you can also work with a financial advisor and they can help help with that as well. I mentioned CDs, certificates of deposit right now or, you know, anywhere between.

• 10:47Speaker 03

  A six month and a two year CED is somewhere between four or five percent right now. And you could even consider laddering these CDs, which is you sort of spread out the maturity dates. So maybe you have a three month, a six month, a nine month and a year. So you have four different CDs and you break up your money between those four different CDs. So as each, as one matures, you're rolling it into a new CD that is participating whatever today's rate is, which could be higher or lower. And, and, you know, speaking of interest rates, the Fed started their meeting today, their two day meeting.

• 11:26Speaker 04

  Yep. And their decision is tomorrow.

• 11:28Speaker 03

  Yeah, they'll come out tomorrow after their meeting. I don't think anybody is anticipating much of a change. Have you seen anything?

• 11:35Speaker 04

  No, honestly, from our last check in, I think Wall Street is just expecting no change, really. And then there might be, including one more rate hike, or they're changing their outlook, I think, whether or not to cut or hike. I believe that's what the anticipation was.

• 11:57Speaker 03

  Yeah, yeah. So, yeah, we'll get more clarity as to what they're thinking, you know, when and how they might change. They call it the dot plot.

• 12:05Speaker 04

  Dot plot?

• 12:07Speaker 03

  Dot plot, yeah. It's like, it's like where the, the, the board, however many members there are, 12, or however many of the presidents there are of the Federal Reserve, and where they're anticipating rates to be out into the future. And then they put it on, they put those dots and they plot them out going forward. And the Fed publishes it. And so it gives the public a little bit more insight into what the Fed is actually thinking. So that, you know, the idea is to, is to increase transparency.

• 12:40Speaker 04

  Yeah. I know, I know Jerome Powell was saying that they're not in a rush or in a hurry to make, make those types of decisions. So it could mean that they just stay unchanged for the foreseeable future.

• 12:52Speaker 03

  It could be.

• 12:53Speaker 04

  We'll see.

• 12:54Speaker 03

  They'll change, they could, they can change it, you know, overnight. If they wanted to, if something dramatic happened, there was, one of the reasons the markets were in positive territory yesterday is because retail sales were so poor and came out so much lower than expected, that investors thought, oh, this bad news is good news.

• 13:13Speaker 04

  Yeah.

• 13:13Speaker 03

  Because this might mean the Fed, yeah, this might mean the Fed is gonna lower rates sooner or more than what we were anticipating.

• 13:20Speaker 04

  I love, I love those type of news. Bad news is good news.

• 13:23Speaker 03

  Yeah, I know.

• 13:24Speaker 04

  The investors are like, wait, what? What does that mean?

• 13:26Speaker 03

  Yeah, it's, it's screwball. Got another message here. It says, is there a chart of how much rates have gone up each year with PG&E? I know it has gone up since the holidays. Thank you, and looking forward to the, to the upcoming estate planning seminar. So that's great. Yeah, I'm looking forward to that seminar as well. And I think we do have still some seats available virtually. Virtually, I think we're sold out in person. But yeah, we're looking, looking forward to having that. But let's talk about this PG&E issue and PG&E rates. This, this came up last week during a show as we talked about some solar

• 14:04Speaker 03

  and solar estimates of, or bids. My gripe with some of the solar illustrations that salespeople are using to get you to buy solar is they're projecting inside the illustration, a certain rate increase of PG&E. And I've always been critical of that because there, it's a hypothetical number that they are coming up with to justify the, the investment on the, on the solar, on this, on the panels and everything, right? Cause they're saying, like, the, the higher, the more that PG&E raises their rates, the quicker you're gonna get a return on your money

• 14:45Speaker 03

  because we're, we're gonna lock in essentially your, your energy prices with the system.

• 14:52Speaker 03

  And so it's to it's their advantage that they they, you know, make those go higher. Here's the good news. PG&E does publish on their website. The years of increases and what the prices have been. So you can go to PG&E. Dot com and on their website specifically, they have their historical rate increases. So this is all public information. So I just did a little bit of research. It takes a little bit of work. I wish they. I wish that PG&E would consolidate them and just have one like one chart, but there are so many different rates. You have residential and commercial, but even within residential.

• 15:33Speaker 03

  You have on on demand pricing and then you have standard pricing. So it can get a little tricky, but in in the little research that I did in the last 10 years, or at least between 2014 and 2023. PG&E PG&E's rates have increased by an average of approximately 6.8% per year.

• 15:55Speaker 04

  6.8%.

• 15:56Speaker 03

  6.8%.

• 15:57Speaker 04

  Oh, my gosh.

• 15:58Speaker 03

  Some years it was higher. We're talking about an average. So some years it was higher and some years it was lower. For example, recently in 2004 in 2024. Customers experienced a significant increase of about 12.8%. So this was increasing the average bill by 32 bucks. Just that's significant. You know, you think of a young family and it's, you know.

• 16:20Speaker 04

  Yeah.

• 16:21Speaker 03

  Very devastating. It to in 2025, we had a modest increase, however, 1.6% was is the increase that we've that we've seen so far in 2025. But in 2026, it's projected that there there to be a 2.8 decrease. There. So get this, it's it's that means. It's expected in 2026 that you're actually going to see on average in the state of California, PG&E customers seeing a 2.8 decrease, which saves about $8 and on average, an $8 a month savings for your PG&E bill.

• 17:01Speaker 03

  Recently, as early as just this month, resident residential customers will see an average increase of about $3 on their electricity bills, bringing the typical monthly bill to around $300 for a household that's using both electricity and gas with PG&E. So, you know, this is, again, if you're curious and you'd like to know yourself, you can go to PG&E's website. They have their historical rates there and you can find out, you know, for yourself and see where it's going. This state of California, again, is really struggles sometimes with governing a large

• 17:45Speaker 03

  population and a very diverse state that has, for example, Central Valley that relies heavily on air conditioning, where you don't have air conditioning in many parts of LA and on the coast. And it's a big part of our bill is running that AC all day and all night in the summertime here. And I wish there was a more accommodative pricing or something that we could do for us here in the Central Valley.

• 18:16Speaker 04

  Yeah, I've heard about that. Where was it? Back in my previous job, I think in Seattle, there's that huge heat wave in like 2022 or something like that?

• 18:27Speaker 03

  Yeah, yeah.

• 18:27Speaker 04

  And then I remember he was saying like, "Oh yeah, like everyone was at Costco buying fans because we didn't have AC." I'm like, "Wait, what? You guys don't have AC?" So their housing unit, like all the houses that you purchase don't come with AC.

• 18:42Speaker 03

  Yeah.

• 18:42Speaker 04

  Because it never really gets that hot.

• 18:44Speaker 03

  Right.

• 18:44Speaker 04

  And we're just like, "Wait, what?"

• 18:46Speaker 03

  That's wild.

• 18:47Speaker 04

  That boggles my mind. It's like, "How do you not have AC?" But it makes sense if like the average temperature is around, what, 70?

• 18:55Speaker 03

  70.

• 18:55Speaker 04

  Yeah, 70 degrees. I'm like, "Oh, okay." But like everyone flooded Costco and just get fans and they're like, "All that sucks."

• 19:03Speaker 03

  What would you do with that here? Like the fans aren't going to do you any good. Swamp coolers don't do you any good once you get above a certain degree.

• 19:10Speaker 00

  My first apartment was a... A wall unit and had no central air. And it was horrible. We got an air mattress in the, in the living room when, yeah, it was, it was bad, but uh, that's why I love movie theaters.

• 19:26Speaker 03

  Yeah.

• 19:27Speaker 00

  Because they just pump it up. Go ahead.

• 19:29Speaker 03

  Yeah, or the mall.

• 19:30Speaker 00

  I'll pay the $12 to watch a movie and.

• 19:32Speaker 03

  Yeah, cool down.

• 19:33Speaker 05

  Yeah.

• 19:35Speaker 03

  Well, great. Let's take our first break of the day. We come back, we're going to be joined by our guests. We're going to talk about lots of things with attorney Kyle Jones. We're Money Wise. We'll be right back.

• 19:44Speaker 00

  Are you curious to learn more about how you can be money wise? Check out the Money Wise website at moneywiseguys.com to get more info about what we do.

• 19:56Speaker 03

  Welcome back to Money Wise. I'm Jared Waite here with Frank Lee.

• 20:01Speaker 03

  We're lucky today to have as a guest Kyle Jones. He is a local attorney. He is also a member of the board of Tiger Fight and has been for many years and a longtime friend of Money Wise. Used to be, we can't even call you a neighbor. We were housemates.

• 20:24Speaker 05

  We were roommates.

• 20:24Speaker 03

  Room, we were roommates for, I was just telling Frank, it was at least 10 years because it was maybe five years here in this office.

• 20:32Speaker 05

  Two or three next door and then two or three at Ming Avenue.

• 20:36Speaker 03

  And Ming over there by the Olive Garden. And so almost probably more like over 10 years then that we were roommates.

• 20:43Speaker 05

  And I, I met my wife through Money Wise.

• 20:47Speaker 03

  Oh, yeah.

• 20:49Speaker 05

  You know, I, it's just.

• 20:51Speaker 03

  Yes, that's right.

• 20:51Speaker 05

  It's part of my DNA.

• 20:53Speaker 03

  Cicely used to work at, at Money Wise before you started your, your family.

• 20:57Speaker 05

  Mm-hmm.

• 20:57Speaker 03

  Uh, great having you here, Kyle.

• 20:59Speaker 05

  Thanks for having me back and, and you're lucky, but I'm lucky because I get the opportunity to talk about something I'm passionate about.

• 21:04Speaker 03

  Yes.

• 21:05Speaker 05

  That is this wonderful nonprofit we have in Bakersfield.

• 21:07Speaker 03

  So Tiger Fight, um, this, this is not protecting tigers. Bengal tigers in India.

• 21:14Speaker 05

  It is not.

• 21:14Speaker 03

  From fighting each other.

• 21:15Speaker 05

  It is not. No.

• 21:16Speaker 03

  All right. What's Tiger Fight?

• 21:17Speaker 05

  So Tiger Fight is a local nonprofit, uh, started by our founder, Chris. Wilson and saying that that kind of sounds like a cult I'm describing. Our founder, Chris Wilson. No, he's actually not a cult leader.

• 21:30Speaker 03

  He's a great guy.

• 21:31Speaker 05

  He is a great guy. But so he started that nonprofit. His son had leukemia and he started it as a he saw the need for for monies for local families because most children in Bakersfield who have leukemia will or any blood cancer will end up traveling to their Los Angeles or Madera. And so just the traveling costs alone, you know, going multiple times a month for year, year plus, two years, sometimes more is a burden on a lot of families. You know, one parent would have to oftentimes stay at the hospital with the child. So if it's a two working family, it's so it's a large financial burden, even though the a lot of the medical costs are covered, right?

• 22:17Speaker 03

  Yeah.

• 22:17Speaker 05

  The treatment, but but that doesn't alleviate the financial burden. So so Chris saw a need for that. And that's why he started the Tiger Fight Foundation. And so we raised money and and part of the proceeds go to the Leukemia and Lymphoma Society and a large portion of the proceeds go to Kern County families directly in way of cash money checks every year and just help support supports the families as they're going through a very difficult time.

• 22:45Speaker 03

  It's one of the it's it's a perfect example of a grassroots nonprofit born and raised out of Bakersfield Kern County where just somebody saw a need and then just started did it getting doing fundraisers. I'm looking at Tiger Fight's website, tigerfight.org. Since 2015, 156 plus Kern County families have been supported, $130,000 have been provided to assist local families and $220,000 raised for the Leukemia and Lymphoma Society. That's unbelievable. And this is just people volunteering and and just giving.

• 23:24Speaker 05

  Yes. And and like you said, it started with with a poker night, just a small. You know poker night, just to raise funds and it grew into what it is today where we have three large events every year. And you know, again, it took Chris's efforts to get it going, but, but after that, it took the people of our community to, to step forward and they have, and they continue to do so. And it's not just individuals, it's, it's businesses. We have a lot of businesses that we partner with, you guys included. And you know, it's just, it, it just keeps growing. And, and why I was drawn to it, A, as I was telling you guys before we got on, on the air is that, you know, obviously the need for helping children with,

• 24:06Speaker 05

  with cancer is, is what you can't beat that. But also, and, and when I saw how the foundation was run and operated, and by that I mean, virtually every dollar raised goes to the mission statement of the nonprofit. We have very little, if any, administrative costs. And so that, that really stood out to me as like, okay, well, you know, you know where your money is going, you know what it's being used for. And so that's why I decided to, you know, get involved and, and, you know, offer my time to it.

• 24:34Speaker 03

  It's awesome. It's, it's really great that you do this. And, and part of your volunteering, you head up at least one of these fundraisers.

• 24:45Speaker 05

  Yeah, well, I just one. The other ones I, I'm kind of involved in the background. I do what I can. But, but the golf tournament, which is scheduled for this Friday, actually, March 21st, I run the committee for that. Like I said, we have three events here. We have our golf tournament in March. We have our concealer night in June, which is June 7th this year. And then we have a fall event. Last couple of years, it's been a clay shoot, but that's kind of one that has evolved a little bit and changed over the years. But like I said, last couple of years, it's been a clay shoot. And so I, I have taken the reins because of my also love for the game of golf, to establish this golf tournament. And it's hosted at Stockdale Country Club. And yeah, we have actually a couple of teams left. We reserved a few for a couple of sponsors.

• 25:26Speaker 05

  So we have a couple of teams to fill. If anyone is listening and wants to play this Friday, you can get a team. There's a couple of sponsorships available. We also have tee signs for sale. If you want to advertise your business or if you want to poke fun at some friends and put an embarrassing picture on there, we encourage that as well.

• 25:45Speaker 03

  That's great. So again, it's at Stockton Country Club this Friday, March 21st.

• 25:50Speaker 05

  8:30 tee time, so.

• 25:52Speaker 03

  And how can people find out?

• 25:54Speaker 05

  So you go to our webpage, tigerfight.org, and then there's a link on there for the golf tournament. And that'll take you to our One Cause, which will allow you to purchase a team or inquire about sponsorship information, tee prize, or excuse me, tee signs. Oh, also, I wanted to mention, we partner with JM Precision. I don't know if you guys have done business with them and all their.

• 26:16Speaker 03

  Their machine company?

• 26:19Speaker 05

  Golf cart.

• 26:19Speaker 03

  Oh, gotcha.

• 26:20Speaker 05

  Yeah, so they sell golf carts, golf cart repair, batteries, all that fun stuff. And so they got us a brand new golf cart, an Icon, I think it's called an I-40. And we have it wrapped in like Tiger Fight stripes and really cool, but we have raffle tickets for that and there's only 200 sold. And actually, they're not raffle tickets. It's an opportunity drawing.

• 26:44Speaker 03

  Yeah.

• 26:45Speaker 05

  Correct myself real quick.

• 26:46Speaker 03

  Yeah.

• 26:48Speaker 05

  And so you can get some information from that on our webpage as well.

• 26:51Speaker 03

  Oh, yeah. So I'm looking at the webpage now. There is, you said there's a 200, 200 ticket limit?

• 26:59Speaker 05

  Max, that's it, yeah.

• 27:00Speaker 03

  So there's still some available?

• 27:01Speaker 05

  There's some available. That's all we're selling. So we wanted to, you know, make it to where someone had a, I mean, 100 and 200 is not the best odds, but they're still pretty, you know, better than if you sold thousands and thousands of raffle tickets, obviously, so.

• 27:15Speaker 03

  You could buy a bunch of tickets.

• 27:16Speaker 05

  You could buy a bunch and increase your odds, yeah.

• 27:17Speaker 03

  Yeah, yeah.

• 27:18Speaker 05

  Absolutely.

• 27:18Speaker 04

  Buy some right now.

• 27:20Speaker 03

  That's cool. So this is a company that just donated it.

• 27:22Speaker 05

  Yeah, they gave it to us at their cost. And so it allows us to, you know, recoup our costs in getting the cart itself. And then every ticket sold on top of that, we profit for the foundation.

• 27:35Speaker 03

  This is really phenomenal. I participate in a couple of different nonprofits and on their board. And I just know the amount of work that it took to get to build up something like this. It's pretty phenomenal. It's really impressive. And we've known about this for years and, you know, MoneyWise has tried to be a supporter and has supported, you know, over the years, but.

• 27:59Speaker 05

  I think since we've started.

• 28:00Speaker 03

  Yeah, maybe. Yeah. Have you been there from the beginning?

• 28:03Speaker 05

  Since I started, I should say. Yeah. Yeah. I have not been from the beginning, but since I've been involved, I think I.

• 28:08Speaker 03

  It was pretty close to the beginning. It started in 2015.

• 28:10Speaker 05

  So you, maybe eight years plus you guys have been involved.

• 28:14Speaker 03

  There's a good picture of you. Is that next to Troy at the golfing tournament?

• 28:17Speaker 05

  Oh, yeah. Yeah.

• 28:19Speaker 03

  Well, awesome. Anything else about Tiger Fight that?

• 28:23Speaker 05

  No, I mean, I encourage you to check out the webpage. If you're not a fan of golf, we have opportunities to get involved, to donate. And we'll also have one of our tents out there at the tournament to have materials for our next event, which is, as I said, Casino Night in June, which will also be at Stockdale Country Club this year, our first year there. And so we're looking forward to that change. And Stockdale's been a great partner for us as well. We've had the tournament there every year, and this will be our first year with the Casino Night, so.

• 28:55Speaker 03

  Awesome. Yeah, so that's on June 7th. Again, if anybody listening is interested or would like to support this wonderful nonprofit, you can go to tigerfight.org. There's a donate button, as well as information about Casino Night coming up on June 7th, and about the golf tournament that's coming up this Friday on March 21st.

• 29:14Speaker 05

  Yeah, we actually, as you're just going through the pictures, made me think of something else. So Jam Precision, again, local company with the golf cart. All the businesses that have, you know, supported with our sponsorship levels. We have, you know, Brown Armstrong, BPR Consulting.

• 29:31Speaker 05

  Anheuser-Busch.

• 29:32Speaker 03

  Yeah, Genesis.

• 29:34Speaker 05

  Genesis Machine Fabrications.

• 29:36Speaker 03

  Dwayne Keith Lee.

• 29:36Speaker 05

  Yep, I mean, there's MoneyWise again.

• 29:39Speaker 03

  Yeah.

• 29:40Speaker 05

  All local.

• 29:40Speaker 03

  Doors.

• 29:41Speaker 05

  And even so, our, our, our tee prize that every team gets, so we usually have that every year. So it's usually like a, you know, for most golf tournaments, it's some sort of golf apparel or tire. And so we partnered with Lafferty Daniels. I don't know if you're aware of that local company, but they're, they're local.

• 29:58Speaker 00

  Those are those shirts we've been wearing.

• 30:00Speaker 05

  Oh, yeah. So local Bakersfield boys, right?

• 30:04Speaker 03

  Yeah.

• 30:04Speaker 05

  Brother started Lafferty Daniels. And so we partnered with them to get the Tiger shirt.

• 30:08Speaker 03

  Nice.

• 30:08Speaker 05

  So that's going to be the, the polo that's part of the, um, the tee prize for every team. So.

• 30:13Speaker 03

  That's awesome.

• 30:14Speaker 05

  Just a, you know, again, a bunch of people in the community getting together, uh, sharing resources and, and being supportive. And yeah, it's just great. Barbara Honda, I forgot, KGT. Yeah, I'm looking at the.

• 30:25Speaker 03

  So many, yeah, so many great businesses. A message from a listener.

• 30:28Speaker 05

  I forgot Doors.

• 30:29Speaker 03

  A listener from, uh, right now says, wonderful story and have always enjoyed their events. My wife and I actually met at their casino night when I was downtown, when it was downtown. Where will this year's casino night be held?

• 30:41Speaker 05

  Stockton Country Club.

• 30:42Speaker 03

  Yes, Stockton Country Club, both the golf tournament and the casino night coming up in June.

• 30:46Speaker 05

  June 7th for casino night at Stockton Country Club and this Friday, March 21st, uh, for the golf tournament.

• 30:51Speaker 03

  There you go. Maybe you'll meet your wife there, too.

• 30:53Speaker 05

  There you go.

• 30:54Speaker 03

  Can you stick around, Cal? Cause maybe we can shift gears, maybe talk legal with you a little bit.

• 30:59Speaker 05

  Yeah, thank you.

• 30:59Speaker 03

  Perfect. We're gonna take a quick break. We're MoneyWise. We'll be right back.

• 31:01Speaker 00

  Are you an employee with a company sponsored retirement plan? Do you fully understand how you're invested and whether or not you are maximizing your retirement plan's options? For more information on a free assessment, contact MoneyWise's 401K specialist, Justin Leland at 661-847-1000. That's 661-847-1000.

• 31:23Speaker 03

  Pretty soon you wait.

• 31:31Speaker 03

  Welcome back to the Money Wise Show. Thanks so much for tuning in. 661-396-1000. That's the number you can text. We really appreciate the comments and questions. Very nice.

• 31:42Speaker 05

  Matchmakers apparently too, right?

• 31:43Speaker 03

  And matchmakers, yeah. Matchmakers extraordinaire. We're joined by Kyle Jones. He is, besides volunteering and on the board of Tiger Fight, he is also a very well-accomplished attorney, local attorney, specializes in estate planning and personal injury. Still doing PI, right?

• 32:02Speaker 05

  Yes, sir. Absolutely.

• 32:03Speaker 03

  And also medical malpractice, kind of?

• 32:07Speaker 05

  Within the PI realm, yeah.

• 32:08Speaker 03

  Yeah, yeah.

• 32:09Speaker 05

  So, personal injury is

• 32:10Speaker 03

  Broad.

• 32:11Speaker 05

  umbrella and underneath that you have types of claims. And so, medical malpractice being one of them, auto accidents.

• 32:16Speaker 03

  Has anything, it's been a while since we've had you on to talk about that. We don't really talk about, like, you know, personal injury.

• 32:23Speaker 05

  We don't usually. That's fine. It's, yeah, estate planning is much more applicable to your guys' business and what you do, so.

• 32:30Speaker 03

  Estate planning is like, it seems to, I guess it does change, but does, has anything changed in the personal injury world?

• 32:38Speaker 05

  There, there's some slight nuances that change as far as like the damages you can recover and, you know, there's changes in statutes of limitations and stuff like that. But for the most part, it, it, not drastic in the change.

• 32:50Speaker 03

  Yeah.

• 32:52Speaker 05

  But what, what is interesting, and I'll just make it quick, because I know you want to talk about some, some estate planning stuff, is the calls, the volume of calls that you get to field inquiries as to cases, it really makes you skeptical of a lot of things. And so, I try not, I mean, it, it's hard to completely set that aside and realize that, well, just because this situation happened to somebody else doesn't mean that's what's happening to everybody.

• 33:21Speaker 03

  Yeah.

• 33:21Speaker 05

  Right? Because. It's just not the way the world works.

• 33:24Speaker 03

  Yeah.

• 33:25Speaker 05

  But when you get call after call and inquiry after inquiry about things that are ultimately negative, right or bad, something's happened negatively to a person or a family. It's just hard to not think that that's just what's happening everywhere. And so that's one of the interesting things I've had to navigate is to not let that consume, you know, how I view the world and the community.

• 33:46Speaker 03

  Especially like driving a car.

• 33:48Speaker 05

  Yep, driving a car, going to the hospital, going to see a doctor, anything, right?

• 33:52Speaker 03

  Right.

• 33:52Speaker 05

  And I know your former field is.

• 33:53Speaker 03

  Yep.

• 33:54Speaker 05

  You know, so I learned, you know, so it's just.

• 33:57Speaker 03

  Yeah.

• 33:58Speaker 05

  Yeah, it's interesting.

• 33:59Speaker 03

  It is. It's also crazy, at least in terms of personal injury, of how much marketing and advertising there is.

• 34:05Speaker 05

  Yes.

• 34:06Speaker 03

  It's like, go up the 99, every other billboard is about, you know, were you injured? And call this number. And it seems like most of them that I observe are, appear to be like national or regional.

• 34:24Speaker 05

  And that's kind of the unfortunate thing about the, how our world has gotten smaller, right? And the ability to file things remotely, make remote court appearances, Zoom depositions and so on and so forth. It used, you know, it used to where you would typically hire an attorney in your community where you live, right? And that's just, you just have that professional relationship and reputation. And that's kind of typically what you did. But now, like as you said, there's, there's, or as I said, the way that kind of our world's shrunk has led to these national, or at least a large California, LA, San Francisco, whatever, firms that have now just kind of blanketed the entire state, knowing that they're. I kind of look at it as like a big fishing net that they've kind of put out.

• 35:06Speaker 05

  They've spent a lot of money on marketing and they're trying for, you know, obviously they want those big lucrative cases, right? And they just kind of pick up whatever gets caught up in that fishing net. And so a lot of times, you know, we'll get calls of unfortunately that people have already hired an attorney, didn't realize they were hiring somebody from out of town. You know, because they have a suite on, you know, California, whatever, in a 661 number, but it's just a kind of an executive suite type situation.

• 35:33Speaker 03

  Right.

• 35:34Speaker 05

  You know, they get things emailed to them and DocuSign and, you know, then they go through the process and they start realizing, I want to set up me with my attorney and it's like Zoom and then they put two and together and realize my attorney's in LA or my attorney's in San Francisco, whatever.

• 35:46Speaker 03

  Right.

• 35:46Speaker 05

  And so then they'll end up hiring us a lot of times and.

• 35:49Speaker 03

  Yeah.

• 35:49Speaker 05

  Um, which again, it would be nice to have them at the beginning so we can kind of conduct the case how we feel is appropriate as opposed to taking over from somebody else. But we, we do get that a lot with people who are, um, I don't, it's not like they do anything wrong. I mean, they're not swindling people to sign them up, but they're just, their expectations of I guess what they're getting are different than kind of has how it's advertised and so.

• 36:11Speaker 03

  Uh, right. You know, what are the advantages of using a local attorney versus somebody who's?

• 36:16Speaker 05

  Just understanding the community, um, you know, the, the, the healthcare providers that you often utilize to, to treat the injuries sustained in whatever accident you're involved in, uh, understanding the local jury pool to me is, is very important. Understanding who, who's in the community, what, how people think and, and, you know, what works in one venue or jurisdiction doesn't necessarily work here locally. Um, having relationships with the clerks, the judges and again, they're, they're professionals. They're not, they're not doing you favors or anything or, you know, they're doing what they're supposed to do, but you just, you know, you just establish relationships with people. Um, and.

• 36:53Speaker 03

  Including judges?

• 36:54Speaker 05

  Well, I mean.

• 36:55Speaker 03

  I mean, judges get to know you.

• 36:57Speaker 05

  They're going to rule on the law. They're not going to like, just because you're local, they're not going to, you know.

• 37:01Speaker 03

  Yeah.

• 37:02Speaker 05

  Abuse their discretion or do something they're not supposed to do, but again, just having, just having relationships and familiarity with people. It just, you know, you're just, this is the way the world works.

• 37:12Speaker 03

  Yeah. Yeah. No, I'd, I'd encourage anybody, if they do have a personal injury, use a local, use a local attorney.

• 37:20Speaker 05

  I mean, it's really any industry, right? Because I'm sure there's advisors who are nationwide that don't have a lot of local presence, right?

• 37:27Speaker 03

  Yeah.

• 37:27Speaker 05

  And, you know, it's like, what kind of relationship do you want with the people that are managing your money? Do you want someone that has an office space that you can go and sit down and meet with and know your kids' names? And, you know, it's just the same thing.

• 37:39Speaker 03

  Right, just see you in the grocery store.

• 37:40Speaker 05

  Yeah, absolutely. And be able to, you know, understand what your life is, what you're going through and help plan for that. Or do you just want to be kind of a file somewhere and, you know?

• 37:49Speaker 03

  Yeah.

• 37:49Speaker 05

  It's a choice thing. Same thing, I could go on and on with CPAs, with mortgage lenders, with realtors. Yeah, whatever. You can go online and, you know, automate something. Or you can work with a local professional that, you know, knows your interests, so.

• 38:05Speaker 03

  So, one thing I've always appreciated about you, Kyle, is that you're very upfront with the people that you work with. Meaning, you're very fair in how you charge and how you explain the cost and explain alternatives to people. So, talking about estate planning, for example.

• 38:28Speaker 05

  Sure.

• 38:29Speaker 03

  I've heard many times you, you know, working with people and just saying, look, you don't, either you don't need the full trust or you just need these things, you know, you don't need to do all of these other things. And I know as a consumer, I really appreciate that because I think there can be this perception that attorneys are just, you know, they're there for billable hours and they're just gonna just, you know, put you through and then that's it. But.

• 38:55Speaker 05

  I appreciate you saying that. That means a lot because I do practice that way, but I like to be treated that way. Because there's other stuff that I don't do or understand, whether it be calling a plumber out or electrician or someone to get my car fixed. And I want someone who's gonna treat me the same way. I want someone to say, hey, look, you could do this, but it's not really cost effective. I recommend this. And, you know, I do think that's just the way business should be done. And when you do that, you tend to get a relationship developed. And then now you have a client for, you know, hopefully life.

• 39:25Speaker 03

  Yeah.

• 39:25Speaker 05

  And same thing with any other trade or profession. You know, you develop that relationship and trust with somebody and then that's the person you go to, right? And you refer friends to them, you refer family to them because you know their, how they operate.

• 39:37Speaker 03

  Right.

• 39:38Speaker 05

  Same with you guys. And so, it's just. I prefer to do work that way.

• 39:42Speaker 03

  Yeah.

• 39:43Speaker 04

  It's that level of transparency in a sense.

• 39:45Speaker 05

  Yes.

• 39:45Speaker 04

  Yeah.

• 39:46Speaker 05

  That's a good word transparency, yeah.

• 39:47Speaker 03

  So you're, talk about now estate planning, is there, have there been any updates or changes in estate planning world?

• 39:53Speaker 05

  Uh, I'm trying to think of what we've kind of implemented recently or anything new since the last time been on.

• 39:58Speaker 03

  I know.

• 39:58Speaker 05

  Six months or so.

• 39:59Speaker 03

  I know one thing that was on a lot of people's minds was based off of the presidential election.

• 40:03Speaker 05

  Right.

• 40:03Speaker 03

  You know, there was concern that if Kamala was elected, that they, we would essentially go back to the, the lower level of, of estate.

• 40:14Speaker 05

  Tax exemptions.

• 40:15Speaker 03

  Yeah, yeah.

• 40:18Speaker 05

  Those are headlines, right?

• 40:19Speaker 03

  Yeah.

• 40:19Speaker 05

  I mean, people, you know, you, you could pick any one president, if they're elected, this is going to happen, if they're elected, this is going to happen and it, you know, it's Congress that does that. I mean, obviously the president signs it, but it depends on the makeup of the Congress. Um, I, I don't see that changing drastically, um, even if it does change moderately, I still think most people don't have that need for a AB trust or a complex trust because most people don't have that large of an estate because right now the exemption is 12 point, I think it's 12.65 this year after index for inflation.

• 40:53Speaker 03

  Yeah, so over 12 million per person, right?

• 40:56Speaker 05

  So again, if you have that issue, great problem to have and, and work with an attorney to, to handle that issue. But again, for most of us who just say, hey, look, I want to get something in place to make sure my spouse or my kids are covered. I don't want them to go through probate. I want things clean and easy. You know, most, most time a basic trust is all you're going to need. And so not much has changed in that realm. So even if, I said, even if those numbers come down a little bit, most people aren't going to have to worry about that as far as what type of trust they need. Um, so again, it just goes to the, the kind of the, the, you know, the basic planning.

• 41:27Speaker 03

  So some, speaking of basic planning, you have some, I've, there's, is there some argument to not putting some accounts inside of a trust?

• 41:38Speaker 05

  Sure.

• 41:39Speaker 03

  And, and maybe explain why you wouldn't want to do that?

• 41:42Speaker 05

  Yeah, so a trust is a vehicle, again, unless you have a very high net worth where you have to start looking at that as an issue or a situation where you maybe have a split family, you're, you're married later on in life, kids from a prior relationship. And so you want to kind of protect the kids from a previous relationship. So you want to kind of set a trust up a certain way, absent those two things. So, you know.

• 42:03Speaker 03

  Yeah.

• 42:03Speaker 05

  Take that out of, out of the equation. The purpose of the trust is again to transfer an asset without having to go through probate. And so I use your guys' industry as an example. So, and similarly with life insurance policies. There's a mechanism built into that product that you can designate where it goes to if something were to happen to you. Oftentimes, there's multiple layers of protection. So you have like a beneficiary designation, a primary beneficiary designation. Then you have a contingent beneficiary designation. And then when even with that contingent beneficiary designation, you can label it, I think per sterpes is the term that you guys use in your industry.

• 42:45Speaker 05

  Which basically says if that person that you've labeled as a contingent beneficiary predeceases you, then their children or their heirs would get that share of that portion. So, so again, there may be a need to use a trust, same thing with life insurance. You can name all these beneficiary designations. And so there may be a reason to use a trust for those types of products or those types of assets. But if you're, if you're someone whose children are all grown adults, they have no special needs. They're just, you're a beneficiary and you're comfortable with naming them on a retirement account or a life insurance policy or even like a brokerage account, for example.

• 43:23Speaker 03

  Or even a bank account.

• 43:23Speaker 05

  Or a bank account. It's just, it's listed, right? It's there and that's it. Now, if you have a, maybe beneficiaries who are younger, you're set up a trust where your kids are newborns. Like I know you just had a newborn yourself. And then you may want to use a trust as a vehicle so that, you know, you may have thoughts of, well, you know, if something were to happen to me prematurely, I don't necessarily want my children to have access to this, this asset or these assets until they reach a maturity level that I feel is appropriate. Call it 21, 25, whatever, you know, teach their own. Then you have the trust in place to kind of name that person, who's going to manage it in the event that something does happen to me prematurely until my beneficiaries reach a certain age or ages and then, you know, you can use it for that purpose.

• 44:06Speaker 03

  Well said. Well said. We got a message here. It says, amen. Kyle Jones is awesome. He took care of me a year and a half ago. So you had somebody to take care of. Good job, Kyle.

• 44:16Speaker 05

  Thank you.

• 44:16Speaker 03

  Message here going back to Tiger Fight, I believe, says, does, does Dwar still do the orange chews? Or is that a certain time of year?

• 44:23Speaker 05

  Yes.

• 44:23Speaker 03

  My favorite.

• 44:24Speaker 05

  We do.

• 44:24Speaker 03

  Is it year round?

• 44:25Speaker 05

  No, we do. They have them there. Yes.

• 44:26Speaker 03

  They have them there. So it's the Tiger Chews?

• 44:28Speaker 05

  Tiger Chew.

• 44:29Speaker 03

  They look good. I, I, I.

• 44:31Speaker 05

  They're delicious.

• 44:32Speaker 03

  Yeah. What is it? What the, what's the flavor?

• 44:33Speaker 05

  I think it's a cream, orange creamsicle.

• 44:35Speaker 03

  Oh, there you go.

• 44:36Speaker 05

  Yeah.

• 44:36Speaker 03

  How cool is that? That like Dwar's jumped in on that and created their own chew?

• 44:41Speaker 05

  Kind of going back to what I said, like just having the, and then LaFerdianos, you know, creating our

• 44:46Speaker 03

  Oh, yeah.

• 44:46Speaker 05

  Tiger Fight Golf shirt. It's just a, it's just cool to have a, a community that kind of cares about the, the people involved and it's just, yeah, blessed to have that.

• 44:55Speaker 03

  That's so, so awesome. Well, Kyle, thank you so much for coming on the show. Take some time.

• 44:59Speaker 05

  Thanks for letting me speak about Tiger Fight. I appreciate it. Yeah.

• 45:02Speaker 03

  For sure. Want to encourage anybody that's interested in, in helping out kids with cancer. Great local nonprofit, tigerfight.org. And of course, Kyle Jones. You know how to get ahold of Kyle. Kyle Jones Law dot.

• 45:14Speaker 05

  Just Google Kyle Jones.

• 45:15Speaker 03

  Kyle Jones. He's on Google. He's there. Uh, thanks so much, Kyle.

• 45:20Speaker 05

  Thanks again.

• 45:20Speaker 03

  If you missed any of these episodes, you can find us wherever you stream your podcasts. But as we leave, remember these three things. Be smart, be safe, and always be money wise.

• 45:33Speaker 02

  Securities offered through SCF Securities, Inc., member FINRA/SIPC. Investment advisory services offered through SCF Investment Advisors, Inc. SCF Securities, Inc. and Money Wise Wealth Management are independently owned and operated.