Tariffs and how they relate to an estate planning checkup

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Welcome to something more with Chris Boyd.

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Chris Boyd is a certified financial planner, practitioner,

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and senior vice president, financial advisor at Wealth

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Enhancement Group, one of the nation's largest registered

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investment advisors.

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We call it something more because we'd like

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to talk not only about those important dollar

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and cents issues, but also the quality of

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life issues that make the money matters matter.

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Here he is your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod and

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across the country.

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Here's your host, Jay Christopher Boyd.

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Thank you for joining us for another episode

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of something more with Chris Boyd.

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I'm Chris Boyd here with Jeff Perry.

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We are both of the AMR team of

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Wealth Enhancement and glad to have you joining

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us every time we have these podcasts.

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You can find them of course, by audio

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where you like to listen to your podcasts,

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but they're also available on video on YouTube

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or our webpage at somethingmorewithchrisboyd.com.

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So glad to have you here.

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We have a returning guest we haven't seen

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in quite a little while.

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My brother, attorney F Keats Boyd III of

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Boyd & Boyd, the estate planning law firm

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here on Cape Cod.

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And we thought it would be desirable to

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have a little chance to talk a little

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bit about financial planning.

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Their estate planning is a related discipline just

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as their tax planning and insurance considerations and

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so on.

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All of these are components of the things

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we need to be considering and planning around.

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You know, oftentimes we take for granted that

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people have taken the time and the steps

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to do all these things and that's not

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always the case, probably more likely as things

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change and evolve.

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Yeah.

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And that doesn't just have to be tax

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laws and exterior considerations, but you know, there's

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also the own personal dynamics, family dynamics.

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I was talking with someone the other day

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and they were saying how, well, some of

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their beneficiaries have passed away and they need

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to do some revisions of their plan to

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be mindful of, well, now what happens, you

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know, how do they want to structure things?

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And we've had some occasions where people have

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been talking about, I'm not sure who to

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turn to for important roles in the process.

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So, but, you know, before we jump into

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that, you just had an interesting communication to

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clients today.

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We're recording this by the way, on Thursday,

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April 3rd.

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And as it turns out, today is a

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big day in the markets with all that's

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going on with the introduction, tariff positions and

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all that's happening, the markets interpretation of that.

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And so it's on people's minds.

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We're focused on these things.

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But you had some insights to share on

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this specifically as it relates to estate planning.

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And I know you've been very active talking

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about another issue as it relates to business

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owners and LLC owners, a couple of those

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kinds of things, and then turn some attention

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to some of these other considerations.

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All right.

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Sounds good.

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Where do you want to begin?

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I don't know.

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I guess we'll start with saying first, thank

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you for having me back.

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Good to be here.

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Good to see you, Bob.

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And I'd like to wish everybody a happy

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Liberation Day plus one.

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A little tongue in cheek, but you know,

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that's what they're touting the policy shift to

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be part of the golden age in America,

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bringing that back.

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Now, whether you like President Trump or not,

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I think what we have to do as

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planners, whether it's financial planners or estate planners,

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wealth protection planners, is recognize policy shifts and

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recognize and look for the opportunities contained within

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them to help our clients.

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And that was really the point of my

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newsletter that I sent out to our client

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base this morning.

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The tariff proposals that are being implemented do

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have opportunities buried within them.

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We may have to look a little bit

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deeper for them.

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We may not feel the opportunity today as

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we look at the portfolio moving in what

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we perceive to be the wrong direction.

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But very often those are opportunities for buying,

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maybe looking, you know, not that you can

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time those very well necessarily, but if you

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happen to have cash sitting on the sideline,

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it might be a chance to improve your

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portfolio.

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And, you know, this is your area of

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expertise, not mine, but I would think that

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looking at domestic buying opportunities in some of

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the companies here in the United States or

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companies that are investing in the United States

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to avoid some of these tariffs, that might

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be the purchasing opportunity for investors in the

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next few days, next week or so as

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the markets adjust to this.

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Yeah, I wouldn't speak to the timing as

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far as that's concerned, but I will say

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that, you know, your sentiment echoes some of

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ours in that on the one hand, I

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think, you know, we're looking at what remains

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to be a little bit murky as far

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as, you know, this, how this policy will

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play out.

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Will there be reciprocal response?

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Will it escalate all of that?

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And that can have some economic slowing consequence

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profitability is what we look to, to derive,

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you know, share price.

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But to your point, not all companies are

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the same, right?

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And when you look at particularly some of

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the parts of the market where they've seemed

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to be the most expensive at times, will

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there be greater opportunity for these companies that

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to a large extent don't import contents for

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their product, their service base, their thought, you

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know, programming kind of content?

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There may be some values that are in

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the making, right?

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And whether today is that point, you know,

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I'm not sure I admit, you know, but

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at the same time, you know, at the

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start of the year, we were looking at

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some of these companies saying, oh, their pricing

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is really frothy.

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Yeah.

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And your favorite word, right?

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It is.

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It's a word I use frequently, not at

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the moment.

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I'm not using frothy, but I have used

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it.

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He likes that word.

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But now, you know, you may be getting

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to a point where you start looking opportunistic,

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right?

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You know, saying some of this is getting

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priced in a way that it could be

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more attractive and more opportunity.

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So, you know, I think to some extent

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the challenge is what's the greater economic impact

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if you mentioned like manufacturing being more done

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here?

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Yeah, that takes a long time for that

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to evolve.

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So you look at what happened in the

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last couple of months.

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Some very big names have promised to invest

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in manufacturing in the United States, Hyundai, a

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company that I happen to drive a Hyundai

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manufactured vehicle.

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I love the car and I'm glad to

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see that they're doing that.

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I'd like to buy another one, but the

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tariff might stop me.

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But now if they're manufactured in the United

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States, I don't have that problem.

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We see that already with some, you know,

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you see that with the Toyotas and some

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extent already where they build them here largely.

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Exactly.

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Another one I'm thrilled to see is Taiwan

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Semiconductor.

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About a year ago, I was very nervous

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about whether or not Taiwan would be occupied

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by now.

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And what would that do to the semiconductor

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market?

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Because the large majority of semiconductors are manufactured

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by Taiwan Semiconductor.

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Now that they're going to invest in the

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United States and have manufacturing here, that's, I

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think, a very good thing for the computer

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industry as a whole, because we're not going

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to have that fear of what would happen

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if China finally says, hey, you're part of

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our country and you're not a separate nation

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anymore.

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On that particular, I think we've seen that

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as a concern in the last administration, as

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well as this administration.

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Right.

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Yeah.

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You know, the technology stuff, Nvidia, SoftBank, OpenAI,

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Oracle, those commitments to invest in the United

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States, I think that's a really good opportunity

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for a growing industry of blockchain technologies and

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artificial intelligence.

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These two technologies, to me, are major disruptors

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of so many service industries and other manufacturing

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industries or other parts of our economy, rather.

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I think those two areas are going to

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introduce major change in the next five to

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10 years in so many areas that's just

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going to be a complete disruption.

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And to have those more based in this

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country is critical to our country's economic success.

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And we are known as an innovator as

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a country.

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And so I think it's really important to

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have that innovation be centered here to a

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large extent.

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So bring this back to the commentary about

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an estate plan and how this is relevant

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to the way we think about our estate

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planning as dynamic, not static.

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Well, you know, I think you always need

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to review it.

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I mean, part of it is saying, you

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know, what is my portfolio worth?

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You know, and that will change day to

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day, obviously, up and down.

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But if this does do what President Trump

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is expecting this will do to uplift American

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industry, to renovate and revitalize manufacturing in this

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country, that will uplift most portfolios.

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And so I think that's one opportunity.

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I think another thing is, as we see

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these tariffs go into place, it's going to

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bring dollars into the United States that will

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strengthen the U.S. dollar as opposed to

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other currencies.

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So our buying power will increase.

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I think that's an important consideration.

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I think another important thing is tariff revenues

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will offset the need for tax increases.

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We have a huge deficit.

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And if tariffs do bring in revenues, as

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they should, then those revenues can be either

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used to pay down the deficit or eventually

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maybe reduce income taxes.

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President Trump has alluded to the idea of

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maybe eliminating income taxes in favor of tariffs.

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Now, again, a lot of what the president

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says is hyperbole.

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It is often done as a tool for

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putting himself in a negotiation posture for something

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else he's really trying to do.

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But tax relief to the middle class and

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lower class, I think, is important.

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While one party is trying to emphasize the

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tax favorability to the uber wealthy, the 1

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percent, a lot of the tax policies that

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he wants to implement will really help the

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middle class.

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And it's not just going to be the

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super wealthy.

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An extension of the estate tax reforms from

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the Tax Cuts and Jobs Act, that will

273
00:11:28,090 --> 00:11:30,450
have a major impact on people.

274
00:11:31,070 --> 00:11:34,150
There is a bill before the House right

275
00:11:34,150 --> 00:11:34,450
now.

276
00:11:34,710 --> 00:11:38,210
It's an estate tax repeal bill that, in

277
00:11:38,210 --> 00:11:41,810
my perspective on it, is really a tax

278
00:11:41,810 --> 00:11:44,610
hike on everybody but the uber rich.

279
00:11:46,830 --> 00:11:49,410
Estate tax repeal would mean that we'd no

280
00:11:49,410 --> 00:11:51,250
longer have an estate tax in this country.

281
00:11:51,650 --> 00:11:53,190
And if we no longer have an estate

282
00:11:53,190 --> 00:11:55,390
tax, we no longer have what's called a

283
00:11:55,390 --> 00:11:56,830
step up in cost basis.

284
00:11:57,510 --> 00:12:00,250
And that's a big concept for capital gains

285
00:12:00,250 --> 00:12:00,710
taxes.

286
00:12:01,070 --> 00:12:02,830
If we do away with the step up

287
00:12:02,830 --> 00:12:04,730
in basis because we don't have an estate

288
00:12:04,730 --> 00:12:08,430
tax, there are two possibilities.

289
00:12:08,790 --> 00:12:11,230
One, we'll have inherited cost basis.

290
00:12:11,830 --> 00:12:14,810
So when someone passes away, the cost basis

291
00:12:14,810 --> 00:12:17,030
of the decedent will become the cost basis

292
00:12:17,030 --> 00:12:17,970
of the heirs.

293
00:12:18,490 --> 00:12:20,990
And if they want to sell mom and

294
00:12:20,990 --> 00:12:23,150
dad's home after they pass, they're going to

295
00:12:23,150 --> 00:12:25,090
have a capital gains tax that could be

296
00:12:25,090 --> 00:12:28,110
enormous based on a property that has been

297
00:12:28,110 --> 00:12:30,130
held in the family for 30, 40 years.

298
00:12:31,050 --> 00:12:34,090
Same with the stock portfolio, huge capital gains

299
00:12:34,090 --> 00:12:37,250
tax consequences if the kids sell the portfolio.

300
00:12:37,750 --> 00:12:41,550
The other capital gains impact would be there

301
00:12:41,550 --> 00:12:45,050
could be death as a capital gains recognition

302
00:12:45,050 --> 00:12:48,810
event whereby mom and dad pass away.

303
00:12:49,370 --> 00:12:51,590
We have to pay a capital gains tax

304
00:12:51,590 --> 00:12:54,470
because they died and that would replace the

305
00:12:54,470 --> 00:12:55,130
estate tax.

306
00:12:55,550 --> 00:12:57,310
In my mind, that would be a tax

307
00:12:57,310 --> 00:13:00,170
on the lower middle class, not so much

308
00:13:00,170 --> 00:13:03,510
a big deal for the uber wealthy, the

309
00:13:03,510 --> 00:13:06,170
one percent, because right now the estate tax

310
00:13:06,170 --> 00:13:06,970
is 40 percent.

311
00:13:07,290 --> 00:13:09,030
They would love to see a 20 percent

312
00:13:09,030 --> 00:13:12,510
capital gains tax, but most lower middle class

313
00:13:12,510 --> 00:13:13,970
families who are not going to be subject

314
00:13:13,970 --> 00:13:16,550
to an estate tax because their estate's under

315
00:13:16,550 --> 00:13:19,590
14 million dollars or under 28 million dollars

316
00:13:19,590 --> 00:13:22,530
if they're married, they're not going to get

317
00:13:22,530 --> 00:13:24,530
that 40 percent tax.

318
00:13:24,630 --> 00:13:26,530
But instead, they will be replaced with a

319
00:13:26,530 --> 00:13:30,370
mandatory 20 percent tax, possibly 15, but most

320
00:13:30,370 --> 00:13:33,270
likely 20 percent on most families because they

321
00:13:33,270 --> 00:13:35,330
have a capital gains tax event because they

322
00:13:35,330 --> 00:13:35,710
died.

323
00:13:36,330 --> 00:13:42,150
That to me is is is extremely confiscatory

324
00:13:42,150 --> 00:13:43,730
and something to be avoided.

325
00:13:43,910 --> 00:13:46,250
So I would much rather see the tax

326
00:13:46,250 --> 00:13:50,090
cuts and jobs acts expanded to either become

327
00:13:50,090 --> 00:13:52,170
permanent or at least for another 10 years

328
00:13:52,170 --> 00:13:55,830
and give us a better opportunity to allow

329
00:13:55,830 --> 00:14:00,290
tariff revenue to replace these income tax revenues.

330
00:14:00,530 --> 00:14:01,870
And I think it would be a wonderful

331
00:14:01,870 --> 00:14:03,350
thing if we could do away with the

332
00:14:03,350 --> 00:14:04,210
income tax code.

333
00:14:04,990 --> 00:14:07,110
That would that would do be such a

334
00:14:07,110 --> 00:14:09,170
boon for the economy, for economic growth.

335
00:14:09,370 --> 00:14:11,990
Yeah, but the the amount of tariffs, even

336
00:14:11,990 --> 00:14:17,830
though they're looking at a sizable tax increase

337
00:14:17,830 --> 00:14:21,370
for for consumers, isn't going to be the

338
00:14:21,370 --> 00:14:25,490
scale of the income tax probably revenue that

339
00:14:25,490 --> 00:14:26,730
we generate today.

340
00:14:27,050 --> 00:14:29,750
But, you know, it's just it's it's interesting

341
00:14:29,750 --> 00:14:31,870
to see that even if it's a tax

342
00:14:31,870 --> 00:14:34,510
reduction, if we go from a typical 22

343
00:14:34,510 --> 00:14:37,530
percent down to, I don't know, 10, 12

344
00:14:37,530 --> 00:14:38,970
percent, you cut it in half.

345
00:14:39,030 --> 00:14:42,870
If that is possible, that would be such

346
00:14:42,870 --> 00:14:44,550
a stimulus to the economy.

347
00:14:44,970 --> 00:14:45,750
You think about it.

348
00:14:45,770 --> 00:14:47,630
If you get paid a thousand dollars but

349
00:14:47,630 --> 00:14:48,830
only get to keep 80.

350
00:14:49,610 --> 00:14:52,070
Eighty eight hundred dollars, 80 percent of it,

351
00:14:52,110 --> 00:14:54,230
the question is to change that to 90

352
00:14:54,230 --> 00:14:54,530
percent.

353
00:14:54,670 --> 00:14:56,650
Now you've got more to spend and that

354
00:14:56,650 --> 00:14:59,090
will create a stronger economy in the whole.

355
00:15:00,570 --> 00:15:00,670
Yeah.

356
00:15:00,970 --> 00:15:08,270
So are we saying you're expecting tariff revenue

357
00:15:08,270 --> 00:15:11,830
to compete with income tax?

358
00:15:11,950 --> 00:15:14,450
I'm saying it's going to be interesting to

359
00:15:14,450 --> 00:15:16,030
see what happens.

360
00:15:16,030 --> 00:15:21,910
And if, you know, countries who against whom

361
00:15:21,910 --> 00:15:24,650
we are placing these tariffs have two choices,

362
00:15:25,090 --> 00:15:28,470
they can reduce their tariffs and we'll reduce

363
00:15:28,470 --> 00:15:31,070
or eliminate ours, or they can increase their

364
00:15:31,070 --> 00:15:32,930
tariffs and we'll increase ours.

365
00:15:33,910 --> 00:15:36,050
The wiser choice for both sides would be

366
00:15:36,050 --> 00:15:37,150
to eliminate tariffs.

367
00:15:37,910 --> 00:15:40,730
So if that happens, then we'll see what

368
00:15:40,730 --> 00:15:41,030
happens.

369
00:15:41,090 --> 00:15:43,510
But that's going to impact those countries revenues.

370
00:15:43,510 --> 00:15:45,650
And so it's going to be a little

371
00:15:45,650 --> 00:15:47,730
bit of a wait and see what everybody

372
00:15:47,730 --> 00:15:48,330
does.

373
00:15:50,690 --> 00:15:54,090
I think there is certainly there have been

374
00:15:54,090 --> 00:15:57,010
significant revenues from China on the tariffs that

375
00:15:57,010 --> 00:15:58,790
were put in place under the last Trump

376
00:15:58,790 --> 00:16:00,970
administration and kept in place by the Biden

377
00:16:00,970 --> 00:16:01,670
administration.

378
00:16:02,290 --> 00:16:05,310
You know, they were working for a number

379
00:16:05,310 --> 00:16:06,190
of revenue reasons.

380
00:16:06,190 --> 00:16:07,790
And so it'll be interesting to see how

381
00:16:07,790 --> 00:16:08,650
this plays out.

382
00:16:08,850 --> 00:16:10,290
You know, I'm not going to make that

383
00:16:10,290 --> 00:16:12,530
prediction that can it replace income taxes.

384
00:16:13,030 --> 00:16:15,270
But even if it can offset them or

385
00:16:15,270 --> 00:16:17,210
reduce them, I think that will have a

386
00:16:17,210 --> 00:16:21,630
major positive economic impact because taxes create huge

387
00:16:21,630 --> 00:16:22,670
economic inefficiency.

388
00:16:23,030 --> 00:16:24,530
It's basic economics 101.

389
00:16:24,990 --> 00:16:29,370
You raise a tax, you lose a portion

390
00:16:29,370 --> 00:16:31,810
of the economy that we are not working

391
00:16:31,810 --> 00:16:33,710
in the most efficient fashion anymore.

392
00:16:34,270 --> 00:16:39,410
And that that deadweight loss concept is well

393
00:16:39,410 --> 00:16:41,050
accepted within economics.

394
00:16:41,050 --> 00:16:42,890
And it's something that, you know, any tax

395
00:16:42,890 --> 00:16:44,230
increase is going to do that if we

396
00:16:44,230 --> 00:16:48,950
can change that income tax revenue by shifting

397
00:16:48,950 --> 00:16:51,030
it toward tariffs, I think we'll get a

398
00:16:51,030 --> 00:16:51,690
better result.

399
00:16:52,970 --> 00:16:55,950
So, you know, to revisit this notion that

400
00:16:55,950 --> 00:16:58,130
things are dynamic and not static, I mean,

401
00:16:58,210 --> 00:16:58,410
just.

402
00:17:01,050 --> 00:17:06,290
Prior to yesterday, tariff revenue represented about one

403
00:17:06,290 --> 00:17:09,589
percent of the revenues of the.

404
00:17:10,730 --> 00:17:13,369
The the the budget, right?

405
00:17:13,670 --> 00:17:13,790
Right.

406
00:17:14,490 --> 00:17:19,910
When it comes to income taxes represent about

407
00:17:19,910 --> 00:17:25,190
thirty seven percent payroll taxes, FICA type stuff,

408
00:17:25,630 --> 00:17:29,890
Medicare, maybe twenty five percent corporate taxes, seven

409
00:17:29,890 --> 00:17:30,410
percent.

410
00:17:31,410 --> 00:17:33,070
And then you got twenty seven percent debt,

411
00:17:33,490 --> 00:17:34,030
right?

412
00:17:34,290 --> 00:17:34,910
Deficit.

413
00:17:34,970 --> 00:17:36,570
I mean, so that we're financing.

414
00:17:36,570 --> 00:17:38,750
So more likely we're going to be trying

415
00:17:38,750 --> 00:17:41,430
to reduce that than replace it.

416
00:17:41,570 --> 00:17:43,110
Income tax in the short run.

417
00:17:43,210 --> 00:17:43,730
Absolutely.

418
00:17:44,410 --> 00:17:45,990
I agree 100 percent.

419
00:17:46,210 --> 00:17:49,010
I do think, though, that, you know, they're

420
00:17:49,010 --> 00:17:52,050
battling this on a two front approach, trying

421
00:17:52,050 --> 00:17:54,330
to reduce the size of the federal government,

422
00:17:54,450 --> 00:17:56,850
trying to reduce fraud, waste and abuse, which

423
00:17:56,850 --> 00:18:01,310
having been a government contracting officer in a

424
00:18:01,310 --> 00:18:03,470
prior life, you know, I know exists.

425
00:18:04,290 --> 00:18:06,510
We did our best to minimize it.

426
00:18:07,010 --> 00:18:10,990
But when, for example, Congress wouldn't authorize a

427
00:18:10,990 --> 00:18:14,190
new building, we'd create a new building in

428
00:18:14,190 --> 00:18:14,870
two years.

429
00:18:15,230 --> 00:18:17,910
We'd renovate the inside in one year from

430
00:18:17,910 --> 00:18:20,690
the frame out and then the next year

431
00:18:20,690 --> 00:18:21,610
from the frame.

432
00:18:21,690 --> 00:18:23,230
I'm sorry, from the frame in and then

433
00:18:23,230 --> 00:18:24,550
the next year from the frame out, put

434
00:18:24,550 --> 00:18:25,370
a new building on.

435
00:18:25,530 --> 00:18:28,350
So, you know, it's there are things that

436
00:18:28,350 --> 00:18:30,210
are inefficient in the way that the federal

437
00:18:30,210 --> 00:18:30,990
government is run.

438
00:18:31,250 --> 00:18:34,890
And that certainly can be reduced and eliminated,

439
00:18:35,150 --> 00:18:37,530
thereby reducing the need for so much deficit

440
00:18:37,530 --> 00:18:38,010
spending.

441
00:18:38,270 --> 00:18:40,870
You do that and you increase tariffs that

442
00:18:40,870 --> 00:18:41,730
increase revenues.

443
00:18:41,870 --> 00:18:44,150
I mean, we you know, if I don't

444
00:18:44,150 --> 00:18:46,470
know the specifics of what tariffs were in

445
00:18:46,470 --> 00:18:50,270
place before yesterday, it would be interesting to

446
00:18:50,270 --> 00:18:50,690
see.

447
00:18:50,970 --> 00:18:53,670
Yeah, there's some interesting stuff that's been reported

448
00:18:53,670 --> 00:18:56,010
on that to you on the Wall Street

449
00:18:56,010 --> 00:18:57,610
Journal as an example.

450
00:18:57,830 --> 00:18:59,750
They had some details about that kind of

451
00:18:59,750 --> 00:19:00,150
information.

452
00:19:00,550 --> 00:19:00,650
Yeah.

453
00:19:01,130 --> 00:19:06,510
But to that point, anyway, let's let's let's

454
00:19:06,510 --> 00:19:09,190
bring it into the state planning again, you

455
00:19:09,190 --> 00:19:12,010
know, to talk about, I mean, interesting discussion,

456
00:19:12,670 --> 00:19:13,870
lots to think about.

457
00:19:15,130 --> 00:19:17,910
You know, so, OK, maybe that's something we

458
00:19:17,910 --> 00:19:20,890
will see opportunity in terms of investment.

459
00:19:21,050 --> 00:19:23,590
Maybe there'll be some things in terms of

460
00:19:23,590 --> 00:19:24,690
economic expansion.

461
00:19:25,830 --> 00:19:31,850
You know, you're you're forecasting that would be

462
00:19:31,850 --> 00:19:33,370
the ideal for all of us.

463
00:19:33,490 --> 00:19:33,610
Right.

464
00:19:33,730 --> 00:19:35,350
That this works out as such.

465
00:19:36,110 --> 00:19:39,310
So, you know, then I think we want

466
00:19:39,310 --> 00:19:41,470
to talk about some of this in that

467
00:19:41,470 --> 00:19:42,750
context of the plan.

468
00:19:43,110 --> 00:19:43,210
Right.

469
00:19:43,270 --> 00:19:44,790
So as far as the plan goes, I

470
00:19:44,790 --> 00:19:48,750
think there are a number of opportunities certainly

471
00:19:48,750 --> 00:19:51,270
to revisit investment allocations.

472
00:19:51,270 --> 00:19:53,690
That's something where clients should reach out to

473
00:19:53,690 --> 00:19:56,890
folks like you and say, what's my investment

474
00:19:56,890 --> 00:19:57,850
allocation look like?

475
00:19:57,930 --> 00:19:59,750
Am I too exposed in one sector or

476
00:19:59,750 --> 00:20:00,050
another?

477
00:20:00,510 --> 00:20:00,610
Yeah.

478
00:20:00,610 --> 00:20:01,310
Am I positioned?

479
00:20:01,690 --> 00:20:01,870
Yeah.

480
00:20:02,150 --> 00:20:03,890
Review asset valuation.

481
00:20:05,130 --> 00:20:08,070
And that means, what's my house worth?

482
00:20:08,190 --> 00:20:09,370
What's my portfolio worth?

483
00:20:09,410 --> 00:20:11,210
How much money is in my IRA versus

484
00:20:11,210 --> 00:20:13,130
in my non-retirement portfolio?

485
00:20:13,590 --> 00:20:14,890
What do we have in cash?

486
00:20:15,450 --> 00:20:18,070
Reviewing those valuations to see where does that

487
00:20:18,070 --> 00:20:21,190
put you from a tax planning perspective.

488
00:20:21,770 --> 00:20:24,770
I think also reviewing your basic plan to

489
00:20:24,770 --> 00:20:27,190
make sure that it is doing more than

490
00:20:27,190 --> 00:20:32,010
just avoiding probate and avoiding estate tax.

491
00:20:32,690 --> 00:20:35,570
Many people today think the tax to avoid

492
00:20:35,570 --> 00:20:37,150
is still the estate tax.

493
00:20:37,290 --> 00:20:37,910
It is not.

494
00:20:38,010 --> 00:20:39,490
It is the income tax.

495
00:20:40,390 --> 00:20:42,890
And so an estate plan really needs to

496
00:20:42,890 --> 00:20:45,770
be crafted to be income tax sensitive.

497
00:20:46,530 --> 00:20:48,810
That means making sure that when a trust

498
00:20:48,810 --> 00:20:54,070
becomes irrevocable after somebody dies, that the trust

499
00:20:54,070 --> 00:20:57,510
is taxed at personal rates, not at the

500
00:20:57,510 --> 00:20:59,170
more common trust tax rates.

501
00:20:59,350 --> 00:21:00,730
And that just means the trust has to

502
00:21:00,730 --> 00:21:02,830
be drafted to accomplish that.

503
00:21:04,270 --> 00:21:07,670
You're talking a difference between if you have

504
00:21:07,670 --> 00:21:09,930
an irrevocable trust and it's going to pay

505
00:21:09,930 --> 00:21:13,250
taxes at 37% when income exceeds around

506
00:21:13,250 --> 00:21:14,390
$15,500.

507
00:21:15,690 --> 00:21:19,030
Should we be paying 37% when we

508
00:21:19,030 --> 00:21:24,470
could instead be paying 22%, 24% by

509
00:21:24,470 --> 00:21:26,810
shifting the way the trust is written?

510
00:21:27,430 --> 00:21:29,670
Should we be paying capital gains rates at

511
00:21:29,670 --> 00:21:32,510
20% or should we be paying 15

512
00:21:32,510 --> 00:21:32,930
%?

513
00:21:33,330 --> 00:21:35,350
Should we be subject to the Affordable Care

514
00:21:35,350 --> 00:21:37,750
Act surtax of 3.8% when we

515
00:21:37,750 --> 00:21:41,190
can completely avoid it by keeping income taxed

516
00:21:41,190 --> 00:21:41,930
at lower rates?

517
00:21:42,470 --> 00:21:44,570
It's just a question of structuring things the

518
00:21:44,570 --> 00:21:44,930
right way.

519
00:21:45,010 --> 00:21:46,410
That's really, really important.

520
00:21:47,150 --> 00:21:50,630
I also think that looking at how your

521
00:21:50,630 --> 00:21:55,230
plan is structured, we've been promoting two concepts

522
00:21:55,230 --> 00:21:58,450
in the last six months or so.

523
00:21:59,130 --> 00:22:01,810
The first concept is something we're calling a

524
00:22:01,810 --> 00:22:02,490
golden funnel.

525
00:22:03,330 --> 00:22:05,150
If you look at a traditional estate plan,

526
00:22:05,970 --> 00:22:09,770
especially will-based estate plans or trust-based

527
00:22:09,770 --> 00:22:12,390
estate plans that give everything to your kids

528
00:22:12,390 --> 00:22:14,590
when you die, outright distribution.

529
00:22:15,130 --> 00:22:17,950
What you're doing is, if you imagine it

530
00:22:17,950 --> 00:22:21,110
as an upside down funnel, assets are going

531
00:22:21,110 --> 00:22:24,250
out to various family members and they're owned

532
00:22:24,250 --> 00:22:24,710
outright.

533
00:22:25,330 --> 00:22:27,210
They are not concentrated.

534
00:22:27,590 --> 00:22:29,470
They're not working together anymore.

535
00:22:29,690 --> 00:22:33,130
They're fractured and that often can result in

536
00:22:33,130 --> 00:22:35,570
loss, whether it's a divorce of one of

537
00:22:35,570 --> 00:22:37,670
the kids, a bankruptcy need for one of

538
00:22:37,670 --> 00:22:39,650
the children, a lawsuit against them.

539
00:22:40,170 --> 00:22:41,790
That wealth is not protected.

540
00:22:41,990 --> 00:22:42,890
It's not concentrated.

541
00:22:43,110 --> 00:22:45,890
It's dispersed and it often gets dissipated.

542
00:22:46,730 --> 00:22:49,130
If you want to turn the traditional estate

543
00:22:49,130 --> 00:22:51,850
plan upside down, you concentrate it and instead

544
00:22:51,850 --> 00:22:53,510
have it work like a regular funnel, a

545
00:22:53,510 --> 00:22:54,350
right side up funnel.

546
00:22:55,130 --> 00:22:57,030
That will concentrate the wealth.

547
00:22:57,430 --> 00:23:00,310
You do that through long-term asset protection,

548
00:23:00,310 --> 00:23:02,770
trust, multi-generational dynastic planning.

549
00:23:02,930 --> 00:23:05,530
You do it through things like using limited

550
00:23:05,530 --> 00:23:08,330
liability companies within the estate plan, either to

551
00:23:08,330 --> 00:23:11,810
act as a family trustee or to act

552
00:23:11,810 --> 00:23:15,930
as an asset protection device, to act as

553
00:23:15,930 --> 00:23:19,470
a family governance device, or maybe even a

554
00:23:19,470 --> 00:23:22,250
tool to teach the kids how to work

555
00:23:22,250 --> 00:23:24,850
with money that they really don't understand ahead

556
00:23:24,850 --> 00:23:25,210
of time.

557
00:23:25,330 --> 00:23:27,230
How many families have we all worked with

558
00:23:27,230 --> 00:23:30,110
where mom and dad understand how to invest,

559
00:23:30,430 --> 00:23:34,130
but the kids didn't get that skill set?

560
00:23:34,510 --> 00:23:37,190
Using an LLC is a wonderful tool to

561
00:23:37,190 --> 00:23:41,850
provide that educational resource to put the portfolio

562
00:23:41,850 --> 00:23:45,330
in there, bring the kids in to understand

563
00:23:45,330 --> 00:23:48,410
how wealth is managed, to get them involved

564
00:23:48,410 --> 00:23:48,750
in it.

565
00:23:48,870 --> 00:23:51,710
Maybe it's to help with charitable giving and

566
00:23:51,710 --> 00:23:55,510
the structures and the goals of what charities

567
00:23:55,510 --> 00:23:56,850
to help and guide with.

568
00:23:57,110 --> 00:23:59,090
LLCs are a critical part that we're putting

569
00:23:59,090 --> 00:24:00,030
a big emphasis on.

570
00:24:00,030 --> 00:24:02,850
I noticed you've really been emphasizing the LLC

571
00:24:02,850 --> 00:24:03,650
as a structure.

572
00:24:04,290 --> 00:24:07,610
Is this in any way replacing the use

573
00:24:07,610 --> 00:24:10,810
of a trust or is it supplementing it?

574
00:24:11,230 --> 00:24:12,650
Yeah, it's complementing it.

575
00:24:13,130 --> 00:24:16,990
Obviously, there's some liability elements that are attractive

576
00:24:16,990 --> 00:24:19,530
through an LLC, but is that the driver?

577
00:24:19,950 --> 00:24:21,090
What is- It's a driver.

578
00:24:21,570 --> 00:24:26,250
Most people do estate planning and they're doing

579
00:24:26,250 --> 00:24:27,150
things for the kids.

580
00:24:27,270 --> 00:24:28,690
They're not doing things for themselves.

581
00:24:29,890 --> 00:24:31,710
An LLC is a structure where you can

582
00:24:31,710 --> 00:24:33,070
really do something for yourself.

583
00:24:33,410 --> 00:24:37,090
You can help structure it so that if

584
00:24:37,090 --> 00:24:38,870
you hit the gas pedal instead of the

585
00:24:38,870 --> 00:24:41,370
brake, you're not going to lose everything you

586
00:24:41,370 --> 00:24:41,610
own.

587
00:24:41,890 --> 00:24:42,630
There was this case- When you get

588
00:24:42,630 --> 00:24:43,430
into an accident.

589
00:24:43,790 --> 00:24:45,670
Yeah, just a case that is referred to

590
00:24:45,670 --> 00:24:47,330
in my industry a lot is a gentleman

591
00:24:47,330 --> 00:24:49,050
named George Weller who's since passed away.

592
00:24:49,130 --> 00:24:50,990
In 2003, he got into a car accident.

593
00:24:51,710 --> 00:24:54,190
He was driving in Santa Monica, bumped into

594
00:24:54,190 --> 00:24:56,030
the car in front of him, apparently got

595
00:24:56,030 --> 00:24:58,170
flustered, hit the gas pedal instead of the

596
00:24:58,170 --> 00:25:00,130
brake, and ended up driving through a farmer's

597
00:25:00,130 --> 00:25:00,390
market.

598
00:25:00,550 --> 00:25:02,290
He ended up killing 10 people and injuring

599
00:25:02,290 --> 00:25:05,490
70, costing some damages somewhere in the neighborhood

600
00:25:05,490 --> 00:25:08,550
of $21 million in 2003 dollars.

601
00:25:08,990 --> 00:25:12,090
Today, it's well over $30 million as the

602
00:25:12,090 --> 00:25:12,490
damages.

603
00:25:12,870 --> 00:25:15,870
Who's estate could possibly afford that because of

604
00:25:15,870 --> 00:25:16,410
an accident?

605
00:25:16,750 --> 00:25:18,690
Your estate can't withstand that.

606
00:25:18,770 --> 00:25:20,810
Even if you have a good umbrella policy,

607
00:25:20,910 --> 00:25:24,130
it's not going to protect your estate from

608
00:25:24,130 --> 00:25:25,130
all that damage.

609
00:25:26,130 --> 00:25:29,130
An LLC can help with that because the

610
00:25:29,130 --> 00:25:32,130
LLC can protect you from outside people trying

611
00:25:32,130 --> 00:25:33,730
to get in to take away your money,

612
00:25:33,930 --> 00:25:35,750
but it's got to be structured the right

613
00:25:35,750 --> 00:25:37,370
way using the right state's laws.

614
00:25:37,990 --> 00:25:40,410
We tend to look at states like Nevada,

615
00:25:40,690 --> 00:25:43,970
South Dakota, and Wyoming because they have statutes

616
00:25:43,970 --> 00:25:46,090
that say the only remedy of a creditor

617
00:25:46,090 --> 00:25:48,390
is to wait around until the LLC ends,

618
00:25:48,570 --> 00:25:50,730
and then they can participate in liquidation.

619
00:25:51,490 --> 00:25:54,270
They can't break through the LLC and try

620
00:25:54,270 --> 00:25:56,610
to sell off stuff, even if there's only

621
00:25:56,610 --> 00:25:57,170
one owner.

622
00:25:58,630 --> 00:26:00,790
These LLCs are a great tool from an

623
00:26:00,790 --> 00:26:01,930
asset protection standpoint.

624
00:26:03,430 --> 00:26:06,070
It offers something to the client to protect

625
00:26:06,070 --> 00:26:07,570
their wealth and give them a safety net

626
00:26:07,570 --> 00:26:09,670
if something bad should happen by accident.

627
00:26:10,310 --> 00:26:14,090
It also provides these other tools that you

628
00:26:14,090 --> 00:26:17,490
can use it to be a family trustee.

629
00:26:18,070 --> 00:26:20,950
You could use it to be that educational

630
00:26:20,950 --> 00:26:23,130
role of bringing the kids in and getting

631
00:26:23,130 --> 00:26:26,210
them involved while mom and dad are still

632
00:26:26,210 --> 00:26:30,130
around to teach them the values and the

633
00:26:30,130 --> 00:26:32,270
skill sets that they're going to need to

634
00:26:32,270 --> 00:26:35,090
maintain the wealth that mom and dad have

635
00:26:35,090 --> 00:26:37,210
created and to keep it concentrated so it's

636
00:26:37,210 --> 00:26:39,150
still working for the family as a whole.

637
00:26:41,430 --> 00:26:43,610
I've talked about the Vanderbilt family for years

638
00:26:43,610 --> 00:26:46,910
as a family to look at to see

639
00:26:46,910 --> 00:26:48,970
if you don't do it right, your wealth

640
00:26:48,970 --> 00:26:49,810
gets dissipated.

641
00:26:49,970 --> 00:26:52,010
Commodore Vanderbilt had, I think it was $100

642
00:26:52,010 --> 00:26:54,110
million when he died in 1877.

643
00:26:54,330 --> 00:26:55,890
He was the most wealthy person in the

644
00:26:55,890 --> 00:26:56,950
United States at the time.

645
00:26:58,690 --> 00:27:02,190
When his family had a reunion, let's see,

646
00:27:02,250 --> 00:27:05,030
it was in 1973, 120 members came for

647
00:27:05,030 --> 00:27:05,810
the family reunion.

648
00:27:05,950 --> 00:27:07,590
There was not a single millionaire among them.

649
00:27:08,010 --> 00:27:08,710
How many generations?

650
00:27:09,070 --> 00:27:11,130
About four generations maybe.

651
00:27:12,570 --> 00:27:15,850
It was through a lack of planning.

652
00:27:16,030 --> 00:27:19,070
They used the old primogenitor model, give everything

653
00:27:19,070 --> 00:27:21,030
to the eldest and the eldest did not

654
00:27:21,030 --> 00:27:22,190
have good skill sets.

655
00:27:23,130 --> 00:27:27,070
They invested in the breakers and beautiful buildings

656
00:27:27,070 --> 00:27:28,210
with this opulence.

657
00:27:28,210 --> 00:27:33,250
And within 30 years, their families were not

658
00:27:33,250 --> 00:27:35,190
among the richest families in the United States

659
00:27:35,190 --> 00:27:35,570
anymore.

660
00:27:35,990 --> 00:27:37,750
Then you look at the Rockefeller family.

661
00:27:38,530 --> 00:27:38,810
John D.

662
00:27:38,850 --> 00:27:44,170
Rockefeller Sr. used dynastic trusts with business entities

663
00:27:44,170 --> 00:27:48,690
and created a tool for generational wealth, making

664
00:27:48,690 --> 00:27:51,550
sure that he had family education on wealth

665
00:27:51,550 --> 00:27:52,770
and how to manage the money.

666
00:27:53,070 --> 00:27:55,150
They had set up rules for how to

667
00:27:55,150 --> 00:27:56,950
pull money out of the trust and you

668
00:27:56,950 --> 00:27:58,730
couldn't just go crazy with it.

669
00:27:58,790 --> 00:28:00,570
He set it up with a good structure.

670
00:28:01,330 --> 00:28:03,030
While you don't have to be a John

671
00:28:03,030 --> 00:28:03,170
D.

672
00:28:03,350 --> 00:28:05,790
Rockefeller, you can be a family with a

673
00:28:05,790 --> 00:28:06,470
modest means.

674
00:28:06,610 --> 00:28:09,530
You mimic that structure and you're guaranteeing that

675
00:28:09,530 --> 00:28:11,730
wealth can grow for two or three or

676
00:28:11,730 --> 00:28:15,690
four generations and continue to be substantial wealth

677
00:28:15,690 --> 00:28:18,010
or grow to be even more substantial wealth

678
00:28:18,010 --> 00:28:20,470
for your family in the next generation or

679
00:28:20,470 --> 00:28:20,990
two or three.

680
00:28:21,910 --> 00:28:23,970
That's the model that we're trying to guide

681
00:28:23,970 --> 00:28:25,230
our clients to use.

682
00:28:26,090 --> 00:28:30,250
And the tariff thing, to an extent, it's

683
00:28:30,250 --> 00:28:33,190
a reminder that you can't just put your

684
00:28:33,190 --> 00:28:34,970
estate plan up on the shelf after you

685
00:28:34,970 --> 00:28:35,350
got it.

686
00:28:35,790 --> 00:28:37,130
You know, we did our will, we did

687
00:28:37,130 --> 00:28:37,590
our trust.

688
00:28:37,750 --> 00:28:38,490
Okay, I'm all set.

689
00:28:38,550 --> 00:28:40,090
I can ignore this for 10 years or

690
00:28:40,090 --> 00:28:40,930
so, dust it off.

691
00:28:41,490 --> 00:28:43,470
No, you've got to keep it open and

692
00:28:43,470 --> 00:28:44,490
review it regularly.

693
00:28:44,870 --> 00:28:46,850
That's why we're saying review your valuations.

694
00:28:47,050 --> 00:28:48,550
Make sure that, you know, do you have

695
00:28:48,550 --> 00:28:50,230
an estate tax problem in Massachusetts?

696
00:28:51,050 --> 00:28:53,870
Are there ways to eliminate or reduce that

697
00:28:53,870 --> 00:28:54,570
estate tax?

698
00:28:54,690 --> 00:28:55,930
What are the steps you need to take?

699
00:28:55,970 --> 00:28:57,110
What about income taxes?

700
00:28:57,230 --> 00:28:59,150
How can we modify our trust to eliminate

701
00:28:59,150 --> 00:29:01,890
income taxes or maybe not eliminate but reduce

702
00:29:01,890 --> 00:29:04,090
them to lower rates?

703
00:29:04,630 --> 00:29:07,510
You know, those kinds of things are important.

704
00:29:08,050 --> 00:29:13,650
And then recognizing that each year new cases

705
00:29:13,650 --> 00:29:15,790
come down that impact your estate plan.

706
00:29:16,090 --> 00:29:18,230
Each year new regulations are issued.

707
00:29:18,230 --> 00:29:20,790
Last year, the Corporate Transparency Act was a

708
00:29:20,790 --> 00:29:21,330
big deal.

709
00:29:23,250 --> 00:29:25,850
Each year there's new statutes and tax revisions

710
00:29:25,850 --> 00:29:27,330
that impact your estate plan.

711
00:29:27,810 --> 00:29:30,390
And so you've got to recognize that your

712
00:29:30,390 --> 00:29:32,210
plan needs to be dynamic.

713
00:29:32,470 --> 00:29:33,530
It cannot be static.

714
00:29:33,710 --> 00:29:34,990
It can't just be put up on the

715
00:29:34,990 --> 00:29:35,970
shelf and forgotten about.

716
00:29:37,270 --> 00:29:39,650
So Keats, how often should that, you know,

717
00:29:39,730 --> 00:29:42,790
our doctors tell us to come back, our

718
00:29:42,790 --> 00:29:45,950
financial planning clients, even if we don't reach

719
00:29:45,950 --> 00:29:48,490
out to them and we're not in regular

720
00:29:48,490 --> 00:29:50,450
contact with them all the time, at least

721
00:29:50,450 --> 00:29:51,990
once a year, we want to sit down

722
00:29:51,990 --> 00:29:53,670
with them and have an annual review.

723
00:29:54,430 --> 00:29:56,770
Do you have a timeframe for people generally?

724
00:29:56,990 --> 00:29:57,970
Yeah, a couple of things.

725
00:29:58,090 --> 00:29:59,410
One, you know, I think it's a really

726
00:29:59,410 --> 00:30:02,410
good idea to do a self-exam.

727
00:30:03,050 --> 00:30:07,310
You know, every six months or so, uh,

728
00:30:07,870 --> 00:30:10,830
review the valuation of your state and see

729
00:30:10,830 --> 00:30:11,450
how it's moved.

730
00:30:11,930 --> 00:30:15,530
Uh, review who are your important people?

731
00:30:15,590 --> 00:30:16,570
Who are your fiduciaries?

732
00:30:16,690 --> 00:30:19,290
Uh, you know, your executor, your personal representative,

733
00:30:19,450 --> 00:30:21,590
not so important if you're using a trust

734
00:30:21,590 --> 00:30:23,910
-based plan, but still a consideration.

735
00:30:24,090 --> 00:30:25,390
Who's your power of attorney?

736
00:30:25,470 --> 00:30:26,670
Who's your healthcare agent?

737
00:30:26,670 --> 00:30:28,750
And who most importantly is, who is your

738
00:30:28,750 --> 00:30:29,310
trustee?

739
00:30:29,750 --> 00:30:31,890
Uh, make sure that they're still the right

740
00:30:31,890 --> 00:30:32,290
people.

741
00:30:32,410 --> 00:30:35,710
Are they still where you had them in

742
00:30:35,710 --> 00:30:36,550
the original document?

743
00:30:36,830 --> 00:30:39,070
Now, if they've moved, sometimes we don't need

744
00:30:39,070 --> 00:30:41,190
to make a change simply because they've moved.

745
00:30:41,930 --> 00:30:44,270
Um, but we, you know, if you move

746
00:30:44,270 --> 00:30:47,170
out of Massachusetts or wherever your residence is,

747
00:30:47,190 --> 00:30:48,930
and you move to a new state, that's

748
00:30:48,930 --> 00:30:51,110
certainly a time to talk to your attorney

749
00:30:51,110 --> 00:30:51,590
and review.

750
00:30:51,890 --> 00:30:53,670
I'd say, you know, I used to think

751
00:30:53,670 --> 00:30:55,590
every three to five years was an important

752
00:30:55,590 --> 00:30:56,370
timeline.

753
00:30:56,990 --> 00:30:59,170
The last couple of years, I'm beginning to

754
00:30:59,170 --> 00:31:01,190
move a little bit more toward an annual

755
00:31:01,190 --> 00:31:01,810
review.

756
00:31:02,450 --> 00:31:05,430
Um, and that's, there's so much going on

757
00:31:05,430 --> 00:31:08,430
and we've tried to address that by having

758
00:31:08,430 --> 00:31:10,410
clients enroll in a maintenance program.

759
00:31:10,910 --> 00:31:12,650
Uh, and we've got a couple of different

760
00:31:12,650 --> 00:31:14,270
options, but you know, at the very least

761
00:31:14,270 --> 00:31:17,370
it'll give a 30 minute conference of some

762
00:31:17,370 --> 00:31:20,210
kind at no cost other than the maintenance

763
00:31:20,210 --> 00:31:21,190
program cost.

764
00:31:21,690 --> 00:31:24,190
And, uh, it just come in, let's talk

765
00:31:24,190 --> 00:31:24,530
about it.

766
00:31:24,570 --> 00:31:25,570
Or you want to have a little more

767
00:31:25,570 --> 00:31:27,210
with your family or whatever.

768
00:31:27,470 --> 00:31:29,770
Probably a little more proactive in dealing with

769
00:31:29,770 --> 00:31:34,850
some of these seemingly, uh, routine now, uh,

770
00:31:35,050 --> 00:31:38,630
changes that happen in terms of legal impact

771
00:31:38,630 --> 00:31:39,910
on your estate plan.

772
00:31:40,150 --> 00:31:40,270
Right.

773
00:31:40,490 --> 00:31:40,730
Right.

774
00:31:41,170 --> 00:31:43,130
Um, so that's a good idea.

775
00:31:43,230 --> 00:31:47,350
The, the maintenance program, um, I, you were

776
00:31:47,350 --> 00:31:49,570
talking about, Oh, do a review of your,

777
00:31:49,750 --> 00:31:51,510
your, your plan and your numbers.

778
00:31:52,010 --> 00:31:54,150
Um, I think a lot of times people

779
00:31:54,150 --> 00:31:56,390
who have an estate plan, put it on

780
00:31:56,390 --> 00:31:59,230
the shelf because it's intimidating.

781
00:31:59,750 --> 00:32:01,630
It's not written in a way that's easy

782
00:32:01,630 --> 00:32:02,550
to follow.

783
00:32:02,930 --> 00:32:03,030
Right.

784
00:32:03,290 --> 00:32:06,970
And so it becomes a little bit challenging

785
00:32:06,970 --> 00:32:08,610
to know, what do I have?

786
00:32:08,670 --> 00:32:09,430
How does it work?

787
00:32:09,490 --> 00:32:10,930
You know, that it's not as clear.

788
00:32:11,030 --> 00:32:12,890
I know you do some education around this

789
00:32:12,890 --> 00:32:14,670
with clients routinely.

790
00:32:14,930 --> 00:32:15,250
Yeah.

791
00:32:15,490 --> 00:32:16,430
That can help.

792
00:32:16,710 --> 00:32:16,870
Right.

793
00:32:16,950 --> 00:32:18,770
And some of that education we've posted to

794
00:32:18,770 --> 00:32:19,310
our website.

795
00:32:19,390 --> 00:32:20,750
So even if you're not a client of

796
00:32:20,750 --> 00:32:23,250
ours and you want the education, feel free

797
00:32:23,250 --> 00:32:24,010
to go to our website.

798
00:32:24,110 --> 00:32:25,130
It's available for free.

799
00:32:25,170 --> 00:32:27,430
We've got, uh, one that we call a

800
00:32:27,430 --> 00:32:29,970
walk through the trust where, you know, if

801
00:32:29,970 --> 00:32:31,630
you pick up a trust today, they are

802
00:32:31,630 --> 00:32:32,570
written in legalese.

803
00:32:33,390 --> 00:32:35,790
Um, but they need to be, you know,

804
00:32:35,810 --> 00:32:38,030
everybody wants it to be such that their

805
00:32:38,030 --> 00:32:39,810
child can pick it up, read the trust

806
00:32:39,810 --> 00:32:41,910
and understand exactly what they're supposed to do.

807
00:32:42,110 --> 00:32:43,950
But the truth of the matter is if

808
00:32:43,950 --> 00:32:46,190
I wrote it in plain English, it's like

809
00:32:46,190 --> 00:32:48,230
trying to tell a computer, I'm going to

810
00:32:48,230 --> 00:32:49,670
write a program and I'm going to write

811
00:32:49,670 --> 00:32:51,070
it in conversational voice.

812
00:32:51,330 --> 00:32:53,030
And you're going to do what I want

813
00:32:53,030 --> 00:32:55,270
you to do, but the computer doesn't understand

814
00:32:55,270 --> 00:32:55,410
it.

815
00:32:55,450 --> 00:32:57,110
You have to write it in Python or

816
00:32:57,110 --> 00:33:00,170
in code and you know, you have to

817
00:33:00,170 --> 00:33:02,010
have the code and you got to write

818
00:33:02,010 --> 00:33:02,790
it in the right language.

819
00:33:02,870 --> 00:33:04,630
It's like saying to a person from another

820
00:33:04,630 --> 00:33:05,790
country, I'm going to speak to you in

821
00:33:05,790 --> 00:33:07,790
English and you're going to follow my instructions.

822
00:33:08,050 --> 00:33:10,890
Granted you speak French or Italian or Spanish

823
00:33:10,890 --> 00:33:14,310
or Portuguese or whatever the language is, you

824
00:33:14,310 --> 00:33:15,370
may not speak English.

825
00:33:15,650 --> 00:33:17,870
And so talking to you in English, isn't

826
00:33:17,870 --> 00:33:19,310
going to help you to understand what you

827
00:33:19,310 --> 00:33:19,850
need to do.

828
00:33:19,990 --> 00:33:22,690
So we have to write it in legalese.

829
00:33:23,490 --> 00:33:26,050
So for our clients, we use the opportunity

830
00:33:26,050 --> 00:33:28,530
of a walk through the trust to translate

831
00:33:28,530 --> 00:33:31,270
the legalese into plain English and we get

832
00:33:31,270 --> 00:33:33,150
really high response from our clients.

833
00:33:33,350 --> 00:33:34,310
It very positive.

834
00:33:34,830 --> 00:33:36,550
Uh, and so that's very helpful.

835
00:33:36,650 --> 00:33:38,050
We do another one about how to fund

836
00:33:38,050 --> 00:33:38,630
your trust.

837
00:33:39,130 --> 00:33:41,310
Uh, you know, every trust should be properly

838
00:33:41,310 --> 00:33:41,790
funded.

839
00:33:41,930 --> 00:33:42,630
What does that mean?

840
00:33:42,910 --> 00:33:44,550
I take my house and I deed it

841
00:33:44,550 --> 00:33:45,510
into the trust.

842
00:33:45,630 --> 00:33:48,210
I take my non-retirement investment assets and

843
00:33:48,210 --> 00:33:49,830
I change them so that trust is the

844
00:33:49,830 --> 00:33:50,050
owner.

845
00:33:50,330 --> 00:33:52,590
I take my savings account, my money market,

846
00:33:52,690 --> 00:33:54,050
my CD, I make it so that my

847
00:33:54,050 --> 00:33:54,830
trust is the owner.

848
00:33:55,310 --> 00:33:57,530
And we walk you through during that seminar,

849
00:33:57,530 --> 00:33:59,110
how you do those things.

850
00:33:59,630 --> 00:34:01,310
Uh, we teach our clients how to do

851
00:34:01,310 --> 00:34:01,570
it.

852
00:34:02,090 --> 00:34:04,230
When we have them sign their trust, we

853
00:34:04,230 --> 00:34:05,830
spend a lot of time trying and give

854
00:34:05,830 --> 00:34:08,110
them written resources and tools to help them

855
00:34:08,110 --> 00:34:08,710
do this stuff.

856
00:34:08,830 --> 00:34:10,610
And of course, if they want us to,

857
00:34:10,670 --> 00:34:11,510
we'll do it for them.

858
00:34:12,010 --> 00:34:13,670
Uh, you know, so there's a lots of

859
00:34:13,670 --> 00:34:15,630
opportunity to make sure that it's done the

860
00:34:15,630 --> 00:34:15,969
right way.

861
00:34:16,110 --> 00:34:18,050
But funding a trust is one of the

862
00:34:18,050 --> 00:34:19,310
biggest overlooked things.

863
00:34:19,489 --> 00:34:21,010
It's one of the, we have a book

864
00:34:21,010 --> 00:34:22,750
that's, I think it's available on our website

865
00:34:22,750 --> 00:34:24,730
called the seven biggest estate planning mistakes.

866
00:34:25,130 --> 00:34:27,230
Uh, and that's one of them, uh, not

867
00:34:27,230 --> 00:34:28,150
funding your trust.

868
00:34:29,130 --> 00:34:30,570
So, so I think a lot of times

869
00:34:30,570 --> 00:34:33,290
people think, um, that's easy.

870
00:34:33,389 --> 00:34:35,150
Why do I need someone else to do

871
00:34:35,150 --> 00:34:38,590
some of the things when someone passes and,

872
00:34:39,270 --> 00:34:42,929
um, they have expectation of, well, you know,

873
00:34:43,250 --> 00:34:44,010
mom and dad died.

874
00:34:44,030 --> 00:34:45,170
Let's just get this done.

875
00:34:45,250 --> 00:34:45,570
Oh yeah.

876
00:34:45,850 --> 00:34:46,210
Tuesday.

877
00:34:46,350 --> 00:34:46,790
Good for you.

878
00:34:47,170 --> 00:34:48,850
You know what I mean?

879
00:34:49,070 --> 00:34:50,670
Uh, you know what I mean?

880
00:34:50,770 --> 00:34:51,230
Yeah, I do.

881
00:34:51,429 --> 00:34:53,889
And all too often it's sadly, that's the

882
00:34:53,889 --> 00:34:55,790
hardest part of our job when that happens

883
00:34:55,790 --> 00:34:59,150
is to set realistic expectations as to how

884
00:34:59,150 --> 00:35:00,950
long this is going to take.

885
00:35:01,410 --> 00:35:02,830
And there is a process.

886
00:35:03,490 --> 00:35:03,850
Yeah.

887
00:35:04,570 --> 00:35:05,550
See, that's the other thing.

888
00:35:05,590 --> 00:35:07,370
And I, I've run into instances where I've

889
00:35:07,370 --> 00:35:08,850
said, oh, and did you get the valuation

890
00:35:08,850 --> 00:35:10,150
when your spouse died?

891
00:35:10,490 --> 00:35:12,150
And they look at me like, what?

892
00:35:12,170 --> 00:35:12,430
Yeah.

893
00:35:12,510 --> 00:35:13,030
You know what I mean?

894
00:35:13,310 --> 00:35:15,150
And, and so I said, well, who settled

895
00:35:15,150 --> 00:35:16,570
your, the fair interest?

896
00:35:17,090 --> 00:35:19,050
Um, we didn't, we didn't do that.

897
00:35:19,590 --> 00:35:20,030
Yeah.

898
00:35:20,030 --> 00:35:21,810
There wasn't an estate tax, right.

899
00:35:21,870 --> 00:35:23,310
To your point about the estate tax.

900
00:35:23,810 --> 00:35:26,810
So, um, you know, I think that's worth

901
00:35:26,810 --> 00:35:30,970
reiterating why that's, it's not quite as straightforward

902
00:35:30,970 --> 00:35:32,030
as it seems.

903
00:35:32,170 --> 00:35:35,310
Uh, there, there is layers of complexity that,

904
00:35:35,970 --> 00:35:37,910
uh, you can do things in a way

905
00:35:37,910 --> 00:35:39,850
that, you know, functionally you might be able

906
00:35:39,850 --> 00:35:42,050
to get by, but there may be missed

907
00:35:42,050 --> 00:35:44,150
opportunities when it comes to a step up

908
00:35:44,150 --> 00:35:44,730
in basis.

909
00:35:44,990 --> 00:35:46,370
In this case, that's what I was talking

910
00:35:46,370 --> 00:35:48,930
about with someone or fill in the blank

911
00:35:48,930 --> 00:35:49,390
of right.

912
00:35:49,450 --> 00:35:53,010
You probably, I just, we, yesterday we had

913
00:35:53,010 --> 00:35:57,970
a situation where, um, uh, we were working

914
00:35:57,970 --> 00:36:00,270
with the estate of a surviving spouse trying

915
00:36:00,270 --> 00:36:02,870
to amend his plan.

916
00:36:03,710 --> 00:36:06,990
And, uh, we reviewed the trust that we

917
00:36:06,990 --> 00:36:07,570
were amending.

918
00:36:08,090 --> 00:36:11,870
And when his spouse passed away, uh, a

919
00:36:11,870 --> 00:36:13,930
large portion of the estate was supposed to

920
00:36:13,930 --> 00:36:17,450
be put into an irrevocable trust and wasn't.

921
00:36:18,170 --> 00:36:20,930
And so now, you know, it's been years,

922
00:36:21,530 --> 00:36:24,710
you know, about 15 years, we're left with

923
00:36:24,710 --> 00:36:27,590
the situation of, well, how do we do

924
00:36:27,590 --> 00:36:31,490
the forensic accounting to figure out what was

925
00:36:31,490 --> 00:36:33,770
owned by whom then, how has it been

926
00:36:33,770 --> 00:36:34,430
transferred?

927
00:36:34,670 --> 00:36:36,170
What did it get used to buy?

928
00:36:36,790 --> 00:36:38,630
And just to complicate things a little bit

929
00:36:38,630 --> 00:36:40,870
more, uh, the couple at the time of,

930
00:36:41,050 --> 00:36:42,770
of the first spouse's death lived in a

931
00:36:42,770 --> 00:36:45,770
community property state, which meant half of everything

932
00:36:46,350 --> 00:36:49,890
that wasn't dictated to be separate property was

933
00:36:49,890 --> 00:36:50,670
community property.

934
00:36:50,790 --> 00:36:52,710
Half of it belonged to the decedent, half

935
00:36:52,710 --> 00:36:53,790
of it belonged to the survivor.

936
00:36:53,810 --> 00:36:55,370
So half of it is supposed to be

937
00:36:55,370 --> 00:36:56,590
in an irrevocable trust.

938
00:36:57,310 --> 00:36:59,650
Um, it's, this is going to be a

939
00:36:59,650 --> 00:37:00,110
nightmare.

940
00:37:00,550 --> 00:37:04,290
Uh, so that's a, that's an exceedingly complicated

941
00:37:04,290 --> 00:37:04,830
instance.

942
00:37:05,810 --> 00:37:10,750
Um, but even in more mundane circumstances, there's,

943
00:37:10,870 --> 00:37:14,190
there's reasons to try to talk to someone

944
00:37:14,190 --> 00:37:17,730
about it, uh, to, to take advantage of

945
00:37:17,730 --> 00:37:18,930
some of the benefits.

946
00:37:19,350 --> 00:37:21,410
I'm just thinking of step up in basis

947
00:37:21,410 --> 00:37:23,050
as a simple example.

948
00:37:23,310 --> 00:37:25,550
I'm sure there's a myriad of other things.

949
00:37:25,690 --> 00:37:27,630
I mean, the real quickly, the process is

950
00:37:27,630 --> 00:37:30,070
five steps and it sounds simple.

951
00:37:30,810 --> 00:37:32,550
Inventory, what did the deceased person own?

952
00:37:32,910 --> 00:37:33,810
You know, what's out there?

953
00:37:34,270 --> 00:37:35,010
Is it in a bank?

954
00:37:35,110 --> 00:37:36,010
Is it in a brokerage account?

955
00:37:36,430 --> 00:37:37,070
How is it owned?

956
00:37:37,110 --> 00:37:38,990
Is it individual joint in a trust?

957
00:37:39,090 --> 00:37:40,370
Does it have a beneficiary designation?

958
00:37:40,770 --> 00:37:42,190
That's the inventory process.

959
00:37:42,670 --> 00:37:44,550
Truthfully, that's going to take a month or

960
00:37:44,550 --> 00:37:48,230
two because not everybody keeps really good records

961
00:37:48,230 --> 00:37:49,150
of what they own.

962
00:37:49,590 --> 00:37:51,570
And then you have to wait for a

963
00:37:51,570 --> 00:37:53,470
statement to arrive to try to figure it

964
00:37:53,470 --> 00:37:53,850
out.

965
00:37:54,270 --> 00:37:54,390
Yeah.

966
00:37:54,570 --> 00:37:55,690
You know, so you've got a month.

967
00:37:55,690 --> 00:37:59,830
You know, sometimes people get stuff electronically and

968
00:37:59,830 --> 00:38:01,690
you might not see it for a while.

969
00:38:02,210 --> 00:38:03,890
Uh, you may not get access to the

970
00:38:03,890 --> 00:38:07,470
account because once the person dies, so, you

971
00:38:07,470 --> 00:38:08,990
know, it's their own login, it's their own

972
00:38:08,990 --> 00:38:09,250
login.

973
00:38:09,350 --> 00:38:12,090
And for someone else to use the deceased

974
00:38:12,090 --> 00:38:15,910
login technically as a crime, it's criminal fraud.

975
00:38:15,990 --> 00:38:17,270
You're not supposed to do that.

976
00:38:17,690 --> 00:38:20,490
Lesson number one, if you have accounts, uh,

977
00:38:20,490 --> 00:38:22,270
and you're married or you have a child,

978
00:38:22,270 --> 00:38:25,030
who's your person, try to get them a

979
00:38:25,030 --> 00:38:27,430
separate login as a durable power of attorney.

980
00:38:27,630 --> 00:38:28,930
Or if it's your spouse as a joint

981
00:38:28,930 --> 00:38:30,510
account or don't put your child on as

982
00:38:30,510 --> 00:38:33,050
a joint account owner to get login, but

983
00:38:33,050 --> 00:38:35,510
you know, find somebody else, their own separate

984
00:38:35,510 --> 00:38:35,710
log.

985
00:38:35,970 --> 00:38:36,870
That's a great example though.

986
00:38:36,990 --> 00:38:39,030
I mean, it's so common and people don't

987
00:38:39,030 --> 00:38:40,910
realize some of the pitfalls that come with

988
00:38:40,910 --> 00:38:41,210
that.

989
00:38:41,470 --> 00:38:41,570
Right.

990
00:38:41,830 --> 00:38:44,010
We, we had a, a client years ago

991
00:38:44,010 --> 00:38:46,570
who lost her spouse and, and the bank

992
00:38:46,570 --> 00:38:48,790
closed her out from the account because it

993
00:38:48,790 --> 00:38:51,630
was his login go down to the bank

994
00:38:51,630 --> 00:38:52,190
and do things.

995
00:38:52,310 --> 00:38:54,370
But it was, she thought I can't get

996
00:38:54,370 --> 00:38:56,630
it my own money anymore because it was

997
00:38:56,630 --> 00:38:59,550
his login and his login was closed once

998
00:38:59,550 --> 00:39:00,670
they told the bank, right.

999
00:39:01,450 --> 00:39:04,210
Now she could get her own login as

1000
00:39:04,210 --> 00:39:05,590
it turned out, it turned out, you know,

1001
00:39:05,610 --> 00:39:06,910
but I mean, it's, it's a, what if

1002
00:39:06,910 --> 00:39:09,170
it's in one's name, both names, you know,

1003
00:39:09,190 --> 00:39:10,850
it just is all these complexities.

1004
00:39:11,270 --> 00:39:13,030
So that inventory is the first step.

1005
00:39:13,070 --> 00:39:14,810
Second step is to get data death values

1006
00:39:14,810 --> 00:39:17,470
or praise everything that can take time, especially

1007
00:39:17,470 --> 00:39:20,050
if there's a business involved or there's real

1008
00:39:20,050 --> 00:39:23,430
estate, uh, stocks, bonds, mutual funds, bank accounts.

1009
00:39:23,710 --> 00:39:25,430
You know, the, the stocks, bonds, and mutual

1010
00:39:25,430 --> 00:39:26,170
funds are pretty quick.

1011
00:39:26,270 --> 00:39:27,590
If we know what's in the account, if

1012
00:39:27,590 --> 00:39:29,650
we know what the holdings are, the banks,

1013
00:39:29,750 --> 00:39:31,230
we have to write to the bank and

1014
00:39:31,230 --> 00:39:33,110
get the data death value that can take

1015
00:39:33,110 --> 00:39:33,870
some time.

1016
00:39:33,870 --> 00:39:35,330
It may be if you have a statement,

1017
00:39:35,330 --> 00:39:36,570
but sometimes you have to wait.

1018
00:39:36,730 --> 00:39:37,730
The timing is optimal.

1019
00:39:37,730 --> 00:39:38,050
Yeah.

1020
00:39:38,150 --> 00:39:38,370
Right.

1021
00:39:38,430 --> 00:39:40,090
But I mean, you're talking 30 days anyway.

1022
00:39:40,310 --> 00:39:42,450
And then once you have, uh, the, the

1023
00:39:42,450 --> 00:39:44,810
appraisals done, that's when you start the work

1024
00:39:44,810 --> 00:39:47,610
of taking the decedent's name off of those

1025
00:39:47,610 --> 00:39:47,970
accounts.

1026
00:39:48,050 --> 00:39:49,230
But you have to know what they own

1027
00:39:49,230 --> 00:39:50,710
before you try to take a name off.

1028
00:39:50,910 --> 00:39:51,010
Right.

1029
00:39:51,290 --> 00:39:53,070
And sometimes you don't want to take their

1030
00:39:53,070 --> 00:39:55,010
name off because if it's a joint account

1031
00:39:55,010 --> 00:39:56,930
and the check arrives, you know, two months

1032
00:39:56,930 --> 00:39:59,170
later as a refund for something and it's

1033
00:39:59,170 --> 00:40:02,110
payable to the deceased, if the name's on

1034
00:40:02,110 --> 00:40:04,170
a joint account, maybe you can deposit the

1035
00:40:04,170 --> 00:40:05,770
check without having to go through probate.

1036
00:40:06,270 --> 00:40:06,430
Right.

1037
00:40:06,970 --> 00:40:09,290
So, you know, there's there, you know, anyway,

1038
00:40:09,450 --> 00:40:10,470
retitling is the next step.

1039
00:40:10,570 --> 00:40:11,570
Then you deal with tax returns.

1040
00:40:11,650 --> 00:40:13,210
The estate tax return is due nine months

1041
00:40:13,210 --> 00:40:13,810
after death.

1042
00:40:14,290 --> 00:40:14,430
Yeah.

1043
00:40:14,810 --> 00:40:17,750
And that's also potentially income tax returns.

1044
00:40:17,890 --> 00:40:18,030
Yep.

1045
00:40:18,030 --> 00:40:20,090
And those are April 15th of the next

1046
00:40:20,090 --> 00:40:20,410
year.

1047
00:40:20,730 --> 00:40:22,650
So, you know, you've got a long time

1048
00:40:22,650 --> 00:40:22,750
frame.

1049
00:40:22,750 --> 00:40:24,230
And if assets carry over between two years,

1050
00:40:24,310 --> 00:40:26,330
you can have more than one year's tax

1051
00:40:26,330 --> 00:40:26,810
return.

1052
00:40:26,890 --> 00:40:26,990
Exactly.

1053
00:40:26,990 --> 00:40:27,190
Exactly.

1054
00:40:27,470 --> 00:40:29,450
So you've got, you know, this timeframe that

1055
00:40:29,450 --> 00:40:30,510
people don't recognize.

1056
00:40:30,870 --> 00:40:32,370
Then when you get through all of that,

1057
00:40:32,450 --> 00:40:34,430
now it's time to divide everything and distribute.

1058
00:40:34,570 --> 00:40:35,610
In the meantime, you've got to pay, make

1059
00:40:35,610 --> 00:40:36,970
sure all the debts are paid, the mortgage

1060
00:40:36,970 --> 00:40:38,490
is paid off, the bills are paid and

1061
00:40:38,490 --> 00:40:38,850
so on.

1062
00:40:39,030 --> 00:40:41,430
So it's, it's typically a year to a

1063
00:40:41,430 --> 00:40:42,830
year and a half long process.

1064
00:40:43,270 --> 00:40:43,370
Yeah.

1065
00:40:44,050 --> 00:40:46,490
Um, one of the other things I just,

1066
00:40:46,610 --> 00:40:49,090
uh, we, I mentioned earlier is that sometimes

1067
00:40:49,090 --> 00:40:52,690
people don't have the right person or need

1068
00:40:52,690 --> 00:40:57,470
someone outside of family, um, to handle their,

1069
00:40:57,650 --> 00:40:59,970
their affairs after they pass.

1070
00:41:00,790 --> 00:41:02,730
Um, I was talking with a client recently

1071
00:41:02,730 --> 00:41:07,700
and they were saying, well, um, I have

1072
00:41:07,700 --> 00:41:09,780
smart kids, but I don't want to put

1073
00:41:09,780 --> 00:41:11,500
them in the position where they will be

1074
00:41:11,500 --> 00:41:12,760
at odds with one another.

1075
00:41:12,760 --> 00:41:15,880
And one's going to have the, the responsibility

1076
00:41:15,880 --> 00:41:17,000
and one won't.

1077
00:41:17,140 --> 00:41:20,000
And you know, that kind of thing or

1078
00:41:20,000 --> 00:41:22,300
worse yet, I want them all to work

1079
00:41:22,300 --> 00:41:22,860
together.

1080
00:41:23,540 --> 00:41:24,000
Yeah.

1081
00:41:24,840 --> 00:41:25,300
Yeah.

1082
00:41:25,340 --> 00:41:27,080
So trust me, if they don't work well

1083
00:41:27,080 --> 00:41:29,160
now, they are not going to work better

1084
00:41:29,160 --> 00:41:30,000
after you die.

1085
00:41:30,180 --> 00:41:32,400
It's going to be tell about like this.

1086
00:41:32,560 --> 00:41:35,120
I mean, sometimes it's, it makes sense.

1087
00:41:35,420 --> 00:41:37,840
There's reasons at times to say, I'm going

1088
00:41:37,840 --> 00:41:41,180
to hire this out rather than do it

1089
00:41:41,180 --> 00:41:45,080
more cheaply, but for other reasons, the dynamics

1090
00:41:45,080 --> 00:41:47,140
you might not prefer, you know?

1091
00:41:47,720 --> 00:41:49,600
So yeah, you can bring in a professional

1092
00:41:49,600 --> 00:41:50,140
trustee.

1093
00:41:50,780 --> 00:41:53,460
Um, you know, and is that something you

1094
00:41:53,460 --> 00:41:55,740
often do or we can act in that

1095
00:41:55,740 --> 00:41:57,620
role, but you know, it's, it can be

1096
00:41:57,620 --> 00:41:59,100
a bank or a trust company.

1097
00:41:59,980 --> 00:42:02,000
Uh, you know, there are times where you

1098
00:42:02,000 --> 00:42:04,740
want to trust company in a certain location.

1099
00:42:04,900 --> 00:42:06,880
You know, one of my preferred, I have

1100
00:42:06,880 --> 00:42:09,400
two, the two top jurisdictions in this country

1101
00:42:09,400 --> 00:42:12,240
under trust law are in no particular order,

1102
00:42:12,600 --> 00:42:13,620
Nevada and South Dakota.

1103
00:42:14,400 --> 00:42:16,660
Um, I have an affinity for South Dakota.

1104
00:42:16,940 --> 00:42:17,400
I've been there.

1105
00:42:17,460 --> 00:42:18,820
I like the state of place.

1106
00:42:18,980 --> 00:42:20,340
It's a little bit cold in the winter,

1107
00:42:20,420 --> 00:42:23,020
just, just a little, um, but it sounds

1108
00:42:23,020 --> 00:42:24,140
a little bit more appealing.

1109
00:42:24,140 --> 00:42:24,320
Yeah.

1110
00:42:24,680 --> 00:42:28,180
Um, but, um, you know, both states are

1111
00:42:28,180 --> 00:42:30,760
excellent when it comes to trust law and,

1112
00:42:31,280 --> 00:42:33,900
uh, there, they also have no income tax

1113
00:42:33,900 --> 00:42:34,880
and no estate tax.

1114
00:42:35,200 --> 00:42:39,080
And so bringing a trust to a jurisdiction

1115
00:42:39,080 --> 00:42:41,740
like that and having a trust company, it

1116
00:42:41,740 --> 00:42:44,420
allows for something called a domestic asset protection

1117
00:42:44,420 --> 00:42:44,680
trust.

1118
00:42:44,720 --> 00:42:46,220
You can make a trust for yourself.

1119
00:42:46,400 --> 00:42:48,100
You know, I often kiddingly say in my

1120
00:42:48,100 --> 00:42:49,480
seminars, who here would like to make a

1121
00:42:49,480 --> 00:42:50,100
gift to themselves?

1122
00:42:50,260 --> 00:42:50,700
Raise your hand.

1123
00:42:51,060 --> 00:42:53,740
And everybody laughs because they don't think they

1124
00:42:53,740 --> 00:42:55,400
can make a gift to themselves, but they

1125
00:42:55,400 --> 00:42:55,740
can.

1126
00:42:56,160 --> 00:42:56,360
Yeah.

1127
00:42:56,460 --> 00:42:58,280
But you have to have a trust based

1128
00:42:58,280 --> 00:43:00,440
in a state like Nevada or South Dakota.

1129
00:43:00,580 --> 00:43:01,960
Is that something you help people with?

1130
00:43:02,020 --> 00:43:02,800
Yes, absolutely.

1131
00:43:03,040 --> 00:43:05,280
And I, it's one of my favorite techniques

1132
00:43:05,280 --> 00:43:07,520
is to make a gift to yourself because

1133
00:43:07,520 --> 00:43:08,880
you're getting it out of your state.

1134
00:43:09,060 --> 00:43:11,260
It's great for things that aren't going to

1135
00:43:11,260 --> 00:43:15,220
appreciate like bond portfolios, CD portfolios, ladders, those

1136
00:43:15,220 --> 00:43:17,600
kinds of things where, uh, you're not worried

1137
00:43:17,600 --> 00:43:19,900
about capital gains, get it out of the

1138
00:43:19,900 --> 00:43:20,560
estate now.

1139
00:43:20,600 --> 00:43:22,460
And if you need it in a domestic

1140
00:43:22,460 --> 00:43:24,260
asset protection trust, it can be given back

1141
00:43:24,260 --> 00:43:24,580
to you.

1142
00:43:25,100 --> 00:43:25,200
Okay.

1143
00:43:25,560 --> 00:43:26,160
That's helpful.

1144
00:43:26,480 --> 00:43:26,620
Yeah.

1145
00:43:26,780 --> 00:43:28,100
So, you know, those are great tools.

1146
00:43:28,360 --> 00:43:30,520
A spousal limited access trust or another great

1147
00:43:30,520 --> 00:43:30,800
one.

1148
00:43:31,300 --> 00:43:33,140
Uh, and there'll be, you know, because of

1149
00:43:33,140 --> 00:43:35,260
this bill I mentioned earlier about elimination of

1150
00:43:35,260 --> 00:43:35,900
the estate tax.

1151
00:43:36,060 --> 00:43:39,300
Many people in my industry are advocating, do

1152
00:43:39,300 --> 00:43:41,980
this now, put your slat together, put your

1153
00:43:41,980 --> 00:43:43,060
DAPT together.

1154
00:43:43,320 --> 00:43:46,480
Uh, now, while there is an exemption because

1155
00:43:46,480 --> 00:43:49,240
you can exempt it from not only the

1156
00:43:49,240 --> 00:43:52,540
estate tax, but also the generation skipping transfer

1157
00:43:52,540 --> 00:43:55,500
tax, even if they do repeal it, it

1158
00:43:55,500 --> 00:43:57,700
is, you know, we've had four repeals of

1159
00:43:57,700 --> 00:43:59,320
the estate tax in our history already.

1160
00:43:59,520 --> 00:44:01,360
They will likely bring it back at some

1161
00:44:01,360 --> 00:44:02,200
point in the future.

1162
00:44:02,700 --> 00:44:04,940
And so having a trust that has exemption

1163
00:44:04,940 --> 00:44:07,740
because you acted before they passed the estate

1164
00:44:07,740 --> 00:44:09,920
tax appeal makes a lot of sense.

1165
00:44:10,240 --> 00:44:14,040
And then if you, uh, wait until after

1166
00:44:14,040 --> 00:44:16,260
the repeal is, you don't have the exemption.

1167
00:44:16,280 --> 00:44:19,480
And then if they reinstate a generation skipping

1168
00:44:19,480 --> 00:44:22,340
transfer tax on a dynasty type trust, your

1169
00:44:22,340 --> 00:44:24,680
kids could be paying taxes as high as

1170
00:44:24,680 --> 00:44:27,240
55%, depending on what rates they put in

1171
00:44:27,240 --> 00:44:28,520
place sometime in the future.

1172
00:44:29,360 --> 00:44:30,960
So it's, it's, it's, it's a good idea

1173
00:44:30,960 --> 00:44:32,160
to think about that.

1174
00:44:32,500 --> 00:44:32,620
Yeah.

1175
00:44:32,700 --> 00:44:35,460
So I guess, I mean, you, uh, when

1176
00:44:35,460 --> 00:44:37,060
you talk about this, you know, we, we

1177
00:44:37,060 --> 00:44:38,900
always seem to find there's like all these

1178
00:44:38,900 --> 00:44:41,040
layers of like, Oh, there's even more to

1179
00:44:41,040 --> 00:44:42,020
it than we thought about.

1180
00:44:42,080 --> 00:44:42,300
Right.

1181
00:44:42,500 --> 00:44:42,720
Yeah.

1182
00:44:42,940 --> 00:44:44,580
If we were thinking a little bit about

1183
00:44:44,580 --> 00:44:47,220
a few of these kind of superficial things

1184
00:44:47,220 --> 00:44:48,580
of like, it might be good to talk

1185
00:44:48,580 --> 00:44:48,860
about.

1186
00:44:49,680 --> 00:44:52,520
And here we are with, um, you know,

1187
00:44:53,860 --> 00:44:56,940
these kinds of trusts in Nevada and South

1188
00:44:56,940 --> 00:44:57,340
Dakota.

1189
00:44:58,240 --> 00:45:01,720
Um, so in any case, um, I guess,

1190
00:45:01,780 --> 00:45:05,200
um, bottom line is, um, people need, uh,

1191
00:45:05,240 --> 00:45:08,140
to really look at this regularly, not just

1192
00:45:08,140 --> 00:45:09,000
once in a while.

1193
00:45:09,360 --> 00:45:12,840
Uh, there may be occasions, circumstances here going

1194
00:45:12,840 --> 00:45:15,640
on, maybe opportunities, uh, to come out of

1195
00:45:15,640 --> 00:45:15,960
that.

1196
00:45:15,960 --> 00:45:20,240
In addition, um, you know, it's, uh, maybe

1197
00:45:20,240 --> 00:45:21,800
a good idea to think in terms of

1198
00:45:21,800 --> 00:45:23,480
like a maintenance plan so that you can,

1199
00:45:23,780 --> 00:45:26,080
you can update it, uh, as all these

1200
00:45:26,080 --> 00:45:29,940
things change perpetually, you're, um, you're not in

1201
00:45:29,940 --> 00:45:31,520
a position where it's like, where do I

1202
00:45:31,520 --> 00:45:31,900
begin?

1203
00:45:32,160 --> 00:45:33,440
Or, gee, I just did that.

1204
00:45:33,480 --> 00:45:34,620
I don't want to spend it again.

1205
00:45:34,740 --> 00:45:36,480
You know, you got sort of maybe a

1206
00:45:36,480 --> 00:45:39,980
more gradual, uh, easy payment structure.

1207
00:45:39,980 --> 00:45:40,380
Right.

1208
00:45:40,760 --> 00:45:45,200
And we're, we're expecting, you know, the, they're

1209
00:45:45,200 --> 00:45:47,660
probably going to work with the tax cuts

1210
00:45:47,660 --> 00:45:49,720
and jobs act 2.0, whatever they're going

1211
00:45:49,720 --> 00:45:50,060
to call it.

1212
00:45:50,380 --> 00:45:54,580
Uh, probably, you know, early, early summer.

1213
00:45:54,700 --> 00:45:56,780
You'd expect far enough in advance of the

1214
00:45:56,780 --> 00:45:57,620
midterm election.

1215
00:45:57,760 --> 00:45:58,100
Yes.

1216
00:45:58,120 --> 00:46:00,380
Well, we, they need something in before the,

1217
00:46:00,460 --> 00:46:03,500
uh, before the, the budget, uh, on September

1218
00:46:03,500 --> 00:46:04,180
30th.

1219
00:46:04,180 --> 00:46:06,280
Uh, so, you know, I think there'll probably

1220
00:46:06,280 --> 00:46:08,760
be in June, July timeframe that they get

1221
00:46:08,760 --> 00:46:09,540
something passed.

1222
00:46:10,220 --> 00:46:12,260
And when that happens, of course, we got

1223
00:46:12,260 --> 00:46:13,500
to wait to see what's in it to

1224
00:46:13,500 --> 00:46:15,320
know how we have to draft around it,

1225
00:46:15,440 --> 00:46:17,560
but we're expecting that our clients will want

1226
00:46:17,560 --> 00:46:19,500
to put some change in place as a

1227
00:46:19,500 --> 00:46:20,140
result of that.

1228
00:46:20,240 --> 00:46:21,840
And we're looking for other things.

1229
00:46:21,920 --> 00:46:23,820
It was a big divorce case that came

1230
00:46:23,820 --> 00:46:25,180
out a couple of years ago.

1231
00:46:25,420 --> 00:46:28,780
We're drafting, uh, uh, to make sure that

1232
00:46:28,780 --> 00:46:30,920
our trusts are not going to be, uh,

1233
00:46:30,920 --> 00:46:34,020
subject to, uh, this, the implications of the

1234
00:46:34,020 --> 00:46:37,540
Jones versus Jones case, uh, from, from Massachusetts

1235
00:46:37,540 --> 00:46:40,840
that indicated that there might be some ability

1236
00:46:40,840 --> 00:46:44,780
of a divorce court to say assets owned

1237
00:46:44,780 --> 00:46:47,520
by a trust are includable or countable, if

1238
00:46:47,520 --> 00:46:50,440
you will, in calculating what is the marital

1239
00:46:50,440 --> 00:46:50,940
estate.

1240
00:46:51,140 --> 00:46:52,720
And we want to make sure that our

1241
00:46:52,720 --> 00:46:53,520
trusts are drafted around.

1242
00:46:53,600 --> 00:46:55,500
I feel like our trust should be drafted

1243
00:46:55,500 --> 00:46:57,140
around it, but there are going to be

1244
00:46:57,140 --> 00:46:59,460
circumstances that are not in the drafting, but

1245
00:46:59,460 --> 00:47:00,500
more in the fact pattern.

1246
00:47:00,800 --> 00:47:03,300
My child, uh, is married, but has no

1247
00:47:03,300 --> 00:47:03,740
kids.

1248
00:47:03,900 --> 00:47:06,280
That could be a problem under the Jones

1249
00:47:06,280 --> 00:47:07,320
versus Jones case.

1250
00:47:07,320 --> 00:47:09,340
So we're trying to put language in place

1251
00:47:09,340 --> 00:47:10,620
that will eliminate that issue.

1252
00:47:11,380 --> 00:47:13,700
Um, all these things we don't even think

1253
00:47:13,700 --> 00:47:14,000
about.

1254
00:47:14,160 --> 00:47:14,340
Yeah.

1255
00:47:14,880 --> 00:47:19,040
Uh, last point before we wind down a

1256
00:47:19,040 --> 00:47:22,120
call to action, um, you have any seminars,

1257
00:47:22,280 --> 00:47:23,960
you have, uh, resources.

1258
00:47:24,160 --> 00:47:25,480
I know you have all kinds of things,

1259
00:47:25,560 --> 00:47:27,340
but what would you like to tell people

1260
00:47:27,340 --> 00:47:30,540
to take advantage of to get visit the

1261
00:47:30,540 --> 00:47:30,800
website.

1262
00:47:30,800 --> 00:47:31,900
If you want to learn a little bit

1263
00:47:31,900 --> 00:47:34,080
more, Boyd and Boyd, pc.com B O

1264
00:47:34,080 --> 00:47:35,940
Y D A N D B O Y

1265
00:47:35,940 --> 00:47:37,600
D p c.com.

1266
00:47:37,660 --> 00:47:38,820
And you have seminars.

1267
00:47:39,200 --> 00:47:41,320
The seminars are on a page called seminars.

1268
00:47:41,720 --> 00:47:43,160
Uh, if you click on that at the

1269
00:47:43,160 --> 00:47:45,380
top of the menu, you can see, uh,

1270
00:47:45,480 --> 00:47:47,340
you know, all of the seminars that we've

1271
00:47:47,340 --> 00:47:49,120
done over the last several years, it's got

1272
00:47:49,120 --> 00:47:50,960
some of the, you know, our announcements as

1273
00:47:50,960 --> 00:47:54,000
to public seminars, we don't have anything scheduled

1274
00:47:54,000 --> 00:47:54,380
right now.

1275
00:47:54,440 --> 00:47:56,420
I just did one on Tuesday on limited

1276
00:47:56,420 --> 00:47:57,420
liability companies.

1277
00:47:58,100 --> 00:48:00,580
I'm likely going to redo that one short

1278
00:48:00,580 --> 00:48:02,700
and do it again in the very near

1279
00:48:02,700 --> 00:48:03,100
future.

1280
00:48:03,560 --> 00:48:05,640
Uh, and then another one that we did

1281
00:48:05,640 --> 00:48:09,360
on, uh, the, uh, the wealth protection plan,

1282
00:48:09,460 --> 00:48:11,800
golden funnel technique that was a more public

1283
00:48:11,800 --> 00:48:12,580
facing seminar.

1284
00:48:12,740 --> 00:48:15,180
We're doing these so far this winter as

1285
00:48:15,180 --> 00:48:18,880
online webinars, uh, and, uh, you know, encourage

1286
00:48:18,880 --> 00:48:22,020
people to consider that there are huge opportunities

1287
00:48:22,020 --> 00:48:24,780
now to get a really good plan in

1288
00:48:24,780 --> 00:48:27,440
place that will protect your family for generations.

1289
00:48:27,600 --> 00:48:29,520
It's just a question of deciding to take

1290
00:48:29,520 --> 00:48:29,880
action.

1291
00:48:30,040 --> 00:48:32,220
And I, you know, encourage people to take

1292
00:48:32,220 --> 00:48:34,580
a look at a website and decide if

1293
00:48:34,580 --> 00:48:35,480
we're a good fit for them.

1294
00:48:36,020 --> 00:48:36,660
All right.

1295
00:48:36,700 --> 00:48:37,340
Take action.

1296
00:48:37,560 --> 00:48:39,120
That's the bottom line here.

1297
00:48:39,260 --> 00:48:39,840
Take action.

1298
00:48:40,000 --> 00:48:42,680
And, and, uh, as usual, uh, we try

1299
00:48:42,680 --> 00:48:46,000
to provide you the best content, uh, that

1300
00:48:46,000 --> 00:48:48,340
you can make use of in all aspects

1301
00:48:48,340 --> 00:48:51,780
of your financial planning and portfolio management, share

1302
00:48:51,780 --> 00:48:52,780
it with others.

1303
00:48:53,640 --> 00:48:57,800
Um, it's a must listen to content and

1304
00:48:57,800 --> 00:48:59,960
thanks for being with us for another episode

1305
00:48:59,960 --> 00:49:02,540
until next time, keep striving for something more.

1306
00:49:03,360 --> 00:49:05,340
Thank you for listening to something more with

1307
00:49:05,340 --> 00:49:07,920
Chris Boyd, call us for help, whether it's

1308
00:49:07,920 --> 00:49:11,700
for financial planning or portfolio management insurance concerns,

1309
00:49:11,700 --> 00:49:14,140
or those quality of life issues that make

1310
00:49:14,140 --> 00:49:16,920
the money matters matter, whatever's on your mind,

1311
00:49:17,020 --> 00:49:19,760
visit us at something more with chrisboyd.com

1312
00:49:19,760 --> 00:49:23,980
or call us toll free at 866-771

1313
00:49:23,980 --> 00:49:29,380
-8901, or send us your questions to amr

1314
00:49:29,380 --> 00:49:31,880
-info at wealthenhancement.com.

1315
00:49:32,060 --> 00:49:34,000
You're listening to something more with Chris Boyd,

1316
00:49:34,020 --> 00:49:36,640
financial talk show wealth enhancement, advisory services, and

1317
00:49:36,640 --> 00:49:38,780
Jay Christopher Boyd provide investment advice on an

1318
00:49:38,780 --> 00:49:40,060
individual basis to clients.

1319
00:49:40,060 --> 00:49:42,220
Only proper advice depends on a complete analysis

1320
00:49:42,220 --> 00:49:43,660
of all facts and circumstances.

1321
00:49:43,660 --> 00:49:45,740
The information given on this program is general

1322
00:49:45,740 --> 00:49:47,780
financial comments and cannot be relied upon as

1323
00:49:47,780 --> 00:49:49,380
pertaining to your specific situation.

1324
00:49:49,580 --> 00:49:51,540
Wealth Enhancement Group cannot guarantee that using the

1325
00:49:51,540 --> 00:49:53,540
information from this show will generate profits or

1326
00:49:53,540 --> 00:49:54,660
ensure freedom from loss.

1327
00:49:54,860 --> 00:49:57,020
Listeners should consult their own financial advisors or

1328
00:49:57,020 --> 00:49:59,120
conduct their own due diligence before making any

1329
00:49:59,120 --> 00:49:59,880
financial decisions.