WEBVTT
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[SPEAKER_01]: Talking about money is hard enough.
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[SPEAKER_01]: Talking about what happens to it when we're gone, even harder.
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[SPEAKER_01]: That's exactly why so many women feel left out on prepared when it comes to family money and hairdance and estate planning.
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[SPEAKER_01]: My guest today, Lauren Klein, has helped protect billions of dollars in assets as an attorney.
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[SPEAKER_01]: In this conversation, we cover so much.
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[SPEAKER_01]: From how to get started, talking about inheritance with your family, why a will alone isn't enough.
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[SPEAKER_01]: what a state planning actually means and how to build the right team to protect what matters most.
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[SPEAKER_01]: So women will control nearly 40% of all US wealth within five years, but 74% of those expecting to inherit say they're not prepared to handle it.
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[SPEAKER_01]: So Lauren, why do you think so many women avoid
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[SPEAKER_00]: Oh, we're starting off with a bang.
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[SPEAKER_00]: I think that's a big one.
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[SPEAKER_00]: And it's a really timely and important question.
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[SPEAKER_00]: I think, and it's very nuanced.
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[SPEAKER_00]: I think one of the reasons that as women we often hold off on discussing it is, as women were often raised, not talk about money, that money is not a topic that is something that we should be discussing.
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[SPEAKER_00]: You know, or sharing about whether it's because of limiting beliefs from our childhood or just how we're raised, it's almost like don't talk about money.
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[SPEAKER_00]: Don't talk about politics don't talk about sex, but if we're in the big three, but if we're not talking about our money.
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[SPEAKER_00]: we are really holding ourselves back.
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[SPEAKER_00]: We're holding ourselves back from earning more, from investing more, from making sure our wealth is protected, from an estate planning perspective.
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[SPEAKER_00]: So I think that's really why.
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[SPEAKER_00]: And I love that you are talking about this in your podcast.
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[SPEAKER_00]: it will change the way that women look at money.
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[SPEAKER_00]: It really will.
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[SPEAKER_01]: I was in an event recently.
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[SPEAKER_01]: UBS has put some great research out there.
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[SPEAKER_01]: They have various reports they put out called own your worth.
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[SPEAKER_01]: I'm actually holding it right now and they put out some research that the stats that I shared with you came from that report.
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[SPEAKER_01]: And they said something very interesting.
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[SPEAKER_01]: We often think of the great wealth transfer as one major event happening where
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[SPEAKER_01]: It's also another major event where, you know, their parents, right, are passing on and that inheritance is coming potentially from, you know, your parents.
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[SPEAKER_01]: And what was intriguing of the conversation of this event that I went to was that there's a lot there when it comes to siblings, when it comes to families, when it comes to your parents will your parents wealth and all of the
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[SPEAKER_01]: Right.
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[SPEAKER_00]: There's so much there.
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[SPEAKER_01]: There's so much there, especially when you have siblings and family involved and especially when people pass away and and so what are those like first few steps.
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[SPEAKER_01]: Someone's listening to this thing of the a lot of the women in our community are at the age right there at the sandwich right they have the they've they've kids that are are growing right high school college even a little younger.
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[SPEAKER_01]: And then they have the parents that are aging and these are conversations that need to be happening.
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[SPEAKER_01]: But it's a big one, right?
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[SPEAKER_01]: So what are you going to be doing?
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[SPEAKER_01]: What did you put in your will, mom and dad?
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[SPEAKER_01]: It's a big conversation.
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[SPEAKER_01]: It's almost a very emotionally driven one, right?
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[SPEAKER_01]: So what are some of those first steps that you've counseled your clients on of getting the dialogue going?
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[SPEAKER_01]: Because it starts with dialogue, right?
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[SPEAKER_01]: What have you seen to be really helpful for women to start the process?
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[SPEAKER_00]: Yeah, it's a really good question.
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[SPEAKER_00]: And we're dealing with this every day, every single day.
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[SPEAKER_00]: So I think the first step, because these are very emotionally driven conversations, and oftentimes, depending on the family dynamic around money, parents and children have never discussed what the parents have.
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[SPEAKER_00]: I think the beginning dialogue, and it depends on your family, but in general, we've seen a lot of progress or a lot of success with
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[SPEAKER_00]: Hey mom, hey dad, you know, we are at this phase of our lives where my kids are growing up, you know, you're saying it nicely of course, but you're aging and I want to make sure that I'm getting everything together from my perspective and I want to make sure that everything is together from yours to is this something that we can sit down and talk about and discuss even if it's something we haven't ever done before.
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[SPEAKER_00]: And I think kind of framing it as an extension of financial health rather than purely as a state planning is a really great way to approach it because that really is what a state planning is at the end of the day it's saying, okay, if
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[SPEAKER_00]: If I become incapacitated or if I pass away or if I need Medicaid or if my parents need Medicaid, what are we able to do now?
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[SPEAKER_00]: What's going to happen?
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[SPEAKER_00]: Let's all as a family get an understanding of what would happen if we have nothing, or what would happen if we have maybe kind of a half way done estate plan, or what would happen if we had a really solid estate plan?
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[SPEAKER_00]: What would that provide to our family and
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[SPEAKER_00]: that we're all working really hard for.
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[SPEAKER_00]: And I think kind of reframing the conversation can be really helpful and also saying, I can be there with you.
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[SPEAKER_00]: We can do this together as a family.
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[SPEAKER_00]: We've seen a lot of success with that as well.
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[SPEAKER_01]: Yeah, right, rather than just saying, yeah, this is your problem, mom and dad, depending on where, you know, where how much they've done, how much they haven't done.
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[SPEAKER_01]: Here's some other very interesting stats.
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[SPEAKER_01]: This is the same report, and we'll put this report in the show notes, nearly half of women have not seen their parents' wills.
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[SPEAKER_01]: And only one third do not know where their family accounts are held.
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[SPEAKER_01]: So there's a lot of unknown happening.
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[SPEAKER_01]: And that's that's scary, right?
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[SPEAKER_01]: So I love what you just said, a state planning is not about death.
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[SPEAKER_01]: It's about direction.
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[SPEAKER_01]: I'm going to say that again, a state planning is not about death.
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[SPEAKER_01]: It's about direction.
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[SPEAKER_01]: So describe for us when it comes to quote unquote a state planning, what are key pieces of that planning that should be happening so that these conversations can lead towards an actual plan and I kind of like I said direction, not just uncertainty.
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[SPEAKER_00]: Yeah, so the first step and this is I think really kind of a long that same theme of this is this is really life planning is knowing like you said where where is everything where are the assets where where's all the stuff, you know getting that together and if you have a great financial advisor this is a great way to begin the collaboration process between a great trust in a state's attorney and your advisor because your advisors already going to have a lot of this information and they can kind of do some of that heavy lifting for you.
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[SPEAKER_00]: But getting together a list, somewhere in a digital space of where the bank accounts, where the brokerage accounts, where are the pensions, where are the IRAs?
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[SPEAKER_00]: If Mom and Dad have cryptocurrency, where's the cryptocurrency and all of the things that go along with that real estate, mortgage documents, deeds, and Florida, we can look up deeds very easily, but not so in other jurisdictions.
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[SPEAKER_00]: Where is everything?
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[SPEAKER_00]: And where are if there are estate planning documents, where are they located?
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[SPEAKER_00]: You know, digitize them and scan them in, so we all have copies of those documents, and especially with the will, where is the original?
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[SPEAKER_00]: That's really step one.
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[SPEAKER_00]: It's kind of like playing detective and making sure that you have everything in one place.
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[SPEAKER_00]: And then you can go from there.
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[SPEAKER_00]: But that's that's the beginning of any good financial or really a state plan or the portion of your financial plan that deals with legacy.
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[SPEAKER_01]: So to get really technical, because we do use that term a lot, we hear a state planning, a state planning.
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[SPEAKER_01]: But if you pulled five different people and now we're talking about five different women, we probably all define that a little differently.
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[SPEAKER_01]: So it's obviously includes your parents and or your spouse, right?
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[SPEAKER_01]: Cause when we talk about inheritance, right?
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[SPEAKER_01]: There's two events, but let's talk about the parents for the time being.
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[SPEAKER_01]: It's their will, it's their bank accounts.
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[SPEAKER_01]: It's really weird, like you're saying, where are all their assets?
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[SPEAKER_01]: Not where, but getting, getting kind of organization around all that.
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[SPEAKER_01]: And then the planning part happens, like, okay, what's going to happen to those?
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[SPEAKER_01]: And that's all usually spelled out in a, in a will, correct?
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[SPEAKER_01]: So it's really a state planning you're having a will in place or is there more than that?
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[SPEAKER_01]: Like, that's, that's something that pops up for me.
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[SPEAKER_00]: So to me, a stay planning is basically what you have and then the legal documents that say where it goes and how it goes to the individuals.
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[SPEAKER_00]: So okay, we talked about step one, really getting an idea of where all the assets are.
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[SPEAKER_00]: Step two is what happens to those assets?
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[SPEAKER_00]: How are they getting to the beneficiaries, whether it's surviving spouse, children, grandchildren, other individuals?
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[SPEAKER_00]: That's where the documents that comprise and a stay plan come in.
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[SPEAKER_00]: So the main documents that deal with the administration or distribution of assets are going to be a revocable trust and a last-wheel-intestimate.
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[SPEAKER_00]: So a lot of clients who have existing estate plans will come to us and all they have is a will.
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[SPEAKER_00]: And they often don't realize that a will does not avoid probate.
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[SPEAKER_00]: And it varies state to state the probate process, but essentially the probate process is in a nutshell, if I own let's say a bank account in my individual name, there's no joint account holder, I haven't designated a beneficiary, I haven't moved it into a trust and I pass away because that account is in my individual name in order for it to get from me, who's now passed away.
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[SPEAKER_00]: to my beneficiaries, a port process has to be opened up called a probative administration.
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[SPEAKER_00]: And so a lot of what a state planning does actually avoid that entire probative administration process.
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[SPEAKER_00]: So this is where the education really starts to come in.
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[SPEAKER_00]: Okay, we've figured out our assets, now what happens to those assets.
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[SPEAKER_00]: If you don't have an estate plan at all, then you're known as being in-testate.
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[SPEAKER_00]: So if you don't have a will, you don't have a trust,
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[SPEAKER_00]: Your known is in test date, meaning the state of the of the laws of the state where you reside determine who gets your assets typically surviving spouse then children then grandchildren and so on and so forth you don't have any children then up to your parents that's that's kind of like the general scheme varies by state and so if you let's say you have a will so you've said who gets your items then instead you are test date.
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[SPEAKER_00]: meaning you've told the state who's going to get your items, but it still has to go through that court process.
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[SPEAKER_00]: And a lot of people don't realize that and usually when we're having conversations like this weather with potential clients or just in education, like at a seminar, people are like, whoa, I had no idea that a will didn't avoid that, I didn't know that.
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[SPEAKER_01]: That's actually really good point.
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[SPEAKER_01]: So the will,
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[SPEAKER_01]: The will specifies who an essence will get it, but because you don't, what's the next step that they're not doing?
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[SPEAKER_01]: It's the trust, is that what you're saying?
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[SPEAKER_00]: So it depends.
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[SPEAKER_00]: So for some clients, for most clients, it's going to be setting up a revocable trust.
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[SPEAKER_00]: That's kind of like the foundational document.
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[SPEAKER_00]: You can get fancier with your revocable trust planning, but we'll put that to the side.
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[SPEAKER_00]: Revocable trusts are kind of the most common way to avoid probate.
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[SPEAKER_00]: We think of it like a backpap.
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[SPEAKER_00]: You can move bank accounts, brokerage accounts, real estate into the trust.
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[SPEAKER_00]: Or if you have say an IRA or some other retirement account, you can't move that into a trust.
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[SPEAKER_00]: But you could potentially name the trust as a beneficiary.
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[SPEAKER_00]: So the revocable trust or atrust is one way to avoid probate.
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[SPEAKER_00]: But it's not the only way.
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[SPEAKER_00]: Um, for some clients, maybe they say, I don't really care about a trust.
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[SPEAKER_00]: I don't care if everyone just gets assets out right.
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[SPEAKER_00]: That's fine.
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[SPEAKER_00]: They can just do beneficiary designations on their accounts.
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[SPEAKER_00]: So, well, pay out, payable on death, transfer on death, things like that.
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[SPEAKER_00]: Beneficiaries on life estate, on certain types of real estate.
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[SPEAKER_00]: If you have in your state the ability to name beneficiaries like Florida, that also avoids probate.
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[SPEAKER_00]: So,
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[SPEAKER_00]: Step two is kind of figuring out, okay, who's going to get the assets?
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[SPEAKER_00]: How do I want them to get the assets?
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[SPEAKER_00]: And what makes the most sense for my family based on my unique facts and circumstances, which is why AI and DIY as day planning really doesn't work because it's so nuanced to what you view in your family need.
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[SPEAKER_00]: And you don't really know that until you start working with a qualified estate planning attorney to figure out how that's going to work.
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[SPEAKER_01]: Are you seeing that more and more with everything happening of people like, yeah, I went on chat you pick and created my own state like are you seeing that more and then you're like hold on.
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[SPEAKER_00]: Oh, yes, I just got an email last night from a client of ours who and it's not always that she send us an email.
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[SPEAKER_00]: She said that we have a meeting tomorrow to discuss our statement.
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[SPEAKER_00]: This is already a client and she's like, I consulted chat GPT to give me
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[SPEAKER_00]: a topic of a list of talking points.
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[SPEAKER_00]: I said, okay, that's good.
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[SPEAKER_00]: You know, so there's some benefits, but a lot of people are going on to any form of AI and thinking that it's giving them legal advice and we're seeing a lot of misinformation and mistakes and just things that will probably end up costing their families more money and more stress.
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[SPEAKER_00]: Even a simple probate, it can take six months for the assets to get to the beneficiaries.
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[SPEAKER_00]: Everything being public information, which in today's day and age, I don't want my information.
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[SPEAKER_00]: My beneficiary is my assets being public, you know, port records.
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[SPEAKER_00]: So a big part of what we do, like I said, is making sure the clients are avoiding that process.
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[SPEAKER_00]: Through various mechanisms like revocable trusts or like beneficiary designations or a combination of the two.
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[SPEAKER_01]: Yeah, and this is so important probably for everyone, but especially those that are listening to this podcast, because these women have worked so hard for their own properties in their own real estate, and then they have parents who also have, you know, might have real estate or assets or other, you know, other air, you know, investment they've worked really hard to, to,
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[SPEAKER_01]: You know, to have and their family and to pass on to the generation, the next generation.
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[SPEAKER_01]: And then if you don't have that protected and clearly laid out of who and how.
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[SPEAKER_01]: All that hard work right all the sacrifice, you know, ends up really going down the drain, which is we know the sacrifice because we were we're in it.
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[SPEAKER_01]: But our parents have also sacrificed, you know, our parents have also have free and clear homes or, you know, those sort of things in some of them have additional property.
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[SPEAKER_01]: It's really helpful to understand that a state planning goes well beyond the will.
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[SPEAKER_01]: I think that's a really helpful point in terms of of, you know, I get, I get, I get probate because it's is it is a creative equal of all all different kind of like states if you will is it.
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[SPEAKER_01]: Does it happen a similar way in meaning that probates better or worse in some states or some regions or is it really just probates probate and and regardless of the state that you're in just out of curiosity.
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[SPEAKER_00]: It depends on the state how long it takes and how kind of arduous the processes in Florida and it tends to take a long time in the north of the states it can be a little bit quicker.
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[SPEAKER_00]: but it's still something that is usually fairly easy to avoid.
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[SPEAKER_00]: It's a frustrating process.
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[SPEAKER_00]: We deal with it all the time.
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[SPEAKER_00]: Not with our clients, we always say, we hope our clients never go through a probate, but we open a lot of probate administrations and we hold hands and it's just, there's no other word than frustrating to describe the process because you're grieving the loss of a loved one.
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[SPEAKER_00]: Meanwhile, you're trying to figure out who's gonna pay the expenses, who's gonna do this, who's gonna do that,
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[SPEAKER_00]: while you're reading for judges to review things and sign off on orders and, you know, nitpicking on little things here and there that they send back to you and it's just, it's just not, it's not fun.
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[SPEAKER_00]: It's very frustrating.
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[SPEAKER_00]: It really is.
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[SPEAKER_01]: So, so it's important then to have an estate.
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[SPEAKER_01]: And a state planning attorney in the state that what you live in that you reside in or and or your assets, so say I live in Florida, but I also have that's what happens a lot right people have properties and a lot of different regions and areas or even internationally is both important is it really just matter if you have in a state planning attorney, the specializes that in the area that you reside and or your parents reside obviously.
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[SPEAKER_00]: Yeah, it's a great question.
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[SPEAKER_00]: So you're going to want your main player, your main estate planning attorney, to be in the state where you reside.
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[SPEAKER_00]: Okay.
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[SPEAKER_00]: If you have real estate in other jurisdictions, especially when it comes to real estate specifically, you're going to want your main player to then bring in other people.
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[SPEAKER_00]: So let's say I live in Florida that I have a house in Upstate New York.
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[SPEAKER_00]: I want to make sure that I consult an attorney qualified estate planning attorney in New York to make sure that they can
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[SPEAKER_00]: probably move it into the trust or whatever it is that they recommend.
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[SPEAKER_00]: We do that all the time.
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[SPEAKER_00]: And what's nice is, if let's say you're in Florida, your Florida trust can own real estate all over the country and all over the world.
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[SPEAKER_00]: Obviously, there's international, there's different rules and considerations, but Florida, in this example, in this typo.
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[SPEAKER_00]: is going to be the jurisdiction where the trust resides and then you can just continue to add it.
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[SPEAKER_00]: So let's say you have a real estate portfolio all over the country.
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[SPEAKER_00]: You'll have one main trust typically.
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[SPEAKER_00]: Obviously, the more complicated it gets, you can start to get fancier, but for simplicity, sake, and for conversation sake, you can just really keep adding to that one trust.
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[SPEAKER_00]: So it's not that complicated.
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[SPEAKER_00]: We always overcomplicate things, or I tend to overcomplicate things,
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[SPEAKER_00]: So it's really not that complicated just understanding and finding someone who's really good to assist you.
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[SPEAKER_01]: And that's the key, right?
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[SPEAKER_01]: I know we chat about this as we were first connected here is about a team.
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[SPEAKER_01]: So you have this, you have the attorney who who specializes in estate planning.
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[SPEAKER_01]: Who else should be part of their team?
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[SPEAKER_01]: Especially again, you know, going down the path of getting insight into your parents' inheritance.
18:05.400 --> 18:07.324
[SPEAKER_01]: And then let's, that's like phase one, right?
18:07.364 --> 18:09.548
[SPEAKER_01]: Phase two is your parents pass away.
18:10.129 --> 18:15.218
[SPEAKER_01]: And now it's a matter of executing what the plan was and what their intentions were.
18:15.298 --> 18:16.200
[SPEAKER_01]: As well as,
18:16.180 --> 18:29.413
[SPEAKER_01]: distributing assets and money and all the above, which is what we're very heavily invested in is that women take control of that of their money and their financial future.
18:29.782 --> 18:54.152
[SPEAKER_01]: and real states obviously won great asset class to to consider so Lauren you just said something really really important is you know having the the additional team the the people around you the experts around you that are critical in this process obviously you have the attorney state planning attorney that resides in the state that that you know your parents and or you reside in
18:54.132 --> 19:04.249
[SPEAKER_01]: Who else should we part of their team as they're really getting to the bottom of of what the will looks like and what their parents wishes are all of the above who else do they have on that team.
19:05.411 --> 19:12.242
[SPEAKER_00]: So I think the other key members on on the team often will include you know if mom and dad have a financial advisor.
19:12.661 --> 19:24.121
[SPEAKER_00]: have the estate planning attorney build the relationship with that advisor now, you know, during life, during life and whenever one has capacity and is happy, that's the best time to build the relationships.
19:24.181 --> 19:27.767
[SPEAKER_00]: And I would say that if you start to notice that someone on that team,
19:27.747 --> 19:38.539
[SPEAKER_00]: You know, a state planning attorney, financial advisor, CPI, is also a really big one if you if you're a real estate investor, then if you have, you know, your real leader is another great team member as well.
19:39.000 --> 19:47.550
[SPEAKER_00]: If you start to notice that anyone on that team isn't really willing to collaborate or take advice well from the, you know, everyone has their wheelhouses, right?
19:47.910 --> 19:52.135
[SPEAKER_00]: That might be a sign that, hey, maybe we should revisit this now, you know, because
19:52.351 --> 19:57.459
[SPEAKER_00]: What often happens is the team that's in place while mom and dad are alive or while spouses are alive.
19:58.120 --> 20:01.926
[SPEAKER_00]: Oftentimes, not always, but oftentimes is the team that continues on.
20:01.986 --> 20:08.276
[SPEAKER_00]: And I'll say we've seen this a lot in our work where maybe we have a couple going back to that level.
20:08.857 --> 20:14.526
[SPEAKER_00]: And maybe it was the husband that had chosen the financial advisor and had kind of worked with that advisor.
20:15.007 --> 20:17.491
[SPEAKER_00]: We all fancy if the husband predestices.
20:17.751 --> 20:19.354
[SPEAKER_00]: If the surviving spouse is a woman,
20:19.553 --> 20:28.373
[SPEAKER_00]: wife and she doesn't feel like that advisor is listening to her and explaining or giving options and rather just kind of talking to her and at her.
20:29.576 --> 20:37.073
[SPEAKER_00]: We often see surviving spouses switching advisors at that point in time because they want to feel respected and seen and heard and understood.
20:38.116 --> 20:49.594
[SPEAKER_00]: So I would say those are the core, the estate planning attorney, the financial advisor, the CPA or accountant, and if you're in a real estate investor, also having your real estate professionals on the team.
20:49.634 --> 21:03.837
[SPEAKER_00]: And making sure that they're all talking because you have obviously you have your estate planning, which we've kind of covered already, then you have your financial advisor who's making sure your tax efficient and your wealth is growing and everything is in the right bucket that it should be and and that you have a plan.
21:03.817 --> 21:14.248
[SPEAKER_00]: going forward, which ties into your estate planning, you know, what we we love to meet with the advisor because then we can make sure that we retire the assets as as as is appropriate to do so.
21:14.789 --> 21:15.990
[SPEAKER_00]: And then the CPA is okay.
21:16.010 --> 21:21.496
[SPEAKER_00]: Well, we need to we need to make sure we're filing the tax returns properly and we're being also being tax efficient.
21:21.577 --> 21:24.920
[SPEAKER_00]: And the advisor is going to know a lot more oftentimes than the CPA will.
21:24.980 --> 21:26.822
[SPEAKER_00]: So communicating is really helpful.
21:27.223 --> 21:32.068
[SPEAKER_00]: And if you have a business, also the bookkeeper, I would say is I think bookkeepers don't seem sexy, but
21:32.251 --> 21:37.905
[SPEAKER_00]: They're such a key player when it comes to making sure you have clean books, that can't be overlooked as well.
21:38.767 --> 21:46.767
[SPEAKER_01]: We just went through this process in a few months ago, we had our for our strive mentees, we did a four week.
21:47.135 --> 21:50.422
[SPEAKER_01]: trading about, you know, where are their numbers?
21:50.482 --> 21:52.706
[SPEAKER_01]: You know, where's their, what's working?
21:52.726 --> 21:54.550
[SPEAKER_01]: What's not working on the properties that they own?
21:54.670 --> 21:58.839
[SPEAKER_01]: Because the women in our group have five plus properties.
21:59.240 --> 22:05.312
[SPEAKER_01]: And what was fascinating was that part of the process was just getting accurate numbers.
22:05.292 --> 22:06.153
[SPEAKER_01]: Right, because it's really hard.
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[SPEAKER_01]: It's really hard for me to answer, okay, XYZ property, how is it doing if I don't have accurate numbers?
22:11.739 --> 22:12.961
[SPEAKER_01]: And it seems so obvious.
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[SPEAKER_01]: But women are moving very quickly.
22:15.383 --> 22:22.692
[SPEAKER_01]: They're, they've a lot on their plate and that that gets sometimes missed as well as anyone that has property.
22:23.332 --> 22:24.554
[SPEAKER_01]: It's not just a stock, right?
22:24.674 --> 22:25.555
[SPEAKER_01]: Is it up as it down?
22:25.615 --> 22:29.039
[SPEAKER_01]: Is it, you know, real estate's a little more intricate, right?
22:30.260 --> 22:32.042
[SPEAKER_01]: There's a lot of moving parts.
22:32.022 --> 22:39.611
[SPEAKER_01]: It's not just like one quick number you can look at, you could be cash flowing, but it doesn't necessarily mean it's an optimised asset, right?
22:39.631 --> 22:41.353
[SPEAKER_01]: These are all things that matter.
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[SPEAKER_01]: So I can't stress that enough having a bookkeeper that is critical for your own portfolio, but certainly if it is something where your parents have a business.
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[SPEAKER_01]: and they businesses and property that the bookkeeper especially at that point could be very helpful in getting the books in order.
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[SPEAKER_01]: And even getting clear on asset, you know, assets whether they should be sold or kept.
23:08.928 --> 23:19.109
[SPEAKER_01]: At this point, when there are live, I can't just add enough, we see women doing that in their 30s, 40s and 50s and 60s, let alone the conversation with parents, right?
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[SPEAKER_01]: That are really, you know, trying to preserve their wealth, protect their wealth, and pass it along.
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[SPEAKER_01]: So big, big fan of bookkeepers.
23:27.085 --> 23:28.147
[SPEAKER_00]: Yeah, me too.
23:28.267 --> 23:34.999
[SPEAKER_00]: And two things that kind of popped into my head as you were talking was also making sure your tax professional understands real estate investing.
23:35.520 --> 23:41.311
[SPEAKER_00]: Yeah, I actually chose my my most recent CPA because he is a real estate investor as well.
23:41.491 --> 23:43.795
[SPEAKER_00]: And so I know that he knows the ins and outs.
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[SPEAKER_00]: he understands 1031 exchanges, which defer your income tax if you're buying another real estate investment property with the proceeds as long as you meet all the ramifications.
23:54.637 --> 24:06.053
[SPEAKER_00]: And then the other person on the team is either making sure you have a good estate planning attorney who's also understanding of the business side of things, because you want to make sure you're having everything structured properly and the right entities.
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[SPEAKER_00]: Um, that's really important.
24:07.795 --> 24:21.870
[SPEAKER_00]: So, you know, because a lot of people don't realize one that you can own properties through different entity structures like a holding company with underlying LLCs, for example, and also a little realized that LLCs are oftentimes probate assets.
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[SPEAKER_00]: So you need to make sure that that is aligned with your estate plan as well.
24:35.952 --> 24:40.085
[SPEAKER_00]: probably even more so than someone who doesn't have a big real estate portfolio.
24:41.188 --> 24:42.111
[SPEAKER_01]: And I would imagine too.
24:42.131 --> 24:42.813
[SPEAKER_01]: That's a great point.
24:42.893 --> 24:44.338
[SPEAKER_01]: I would imagine it's really critical.
24:44.960 --> 24:48.932
[SPEAKER_01]: Because I do this for my own portfolio is having strategic conversations with you.
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[SPEAKER_01]: team if you will.
24:51.418 --> 24:58.785
[SPEAKER_01]: And certainly, you know, if you're in real estate and you have property having an account that knows real estate to the T is critical.
24:59.185 --> 25:02.769
[SPEAKER_01]: It's not even like a nice to have it's critical, it's a necessity.
25:03.209 --> 25:09.695
[SPEAKER_01]: Certain CPAs and accounts will still you're in such a wrong direction if they don't have the real estate kind of acumen.
25:09.715 --> 25:11.937
[SPEAKER_01]: So that is critical.
25:12.377 --> 25:19.864
[SPEAKER_01]: The key though when you're pulling this team together, especially coming back to the inheritance
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[SPEAKER_01]: You know, what's important to, and I want to go back to having these conversations now when you're like you're saying your parents and spouse and if you have one are alive, what's important to them, what do they value?
25:32.405 --> 25:35.150
[SPEAKER_01]: What do they want their legacy to look like, right?
25:35.170 --> 25:42.983
[SPEAKER_01]: Because obviously these are the questions I'm sure you guys as leading the estate planning go into these are the questions to have.
25:42.963 --> 25:44.786
[SPEAKER_01]: with your parents.
25:44.806 --> 25:48.513
[SPEAKER_01]: So their legacy is continued.
25:49.294 --> 25:53.001
[SPEAKER_01]: Not just the money that you'll be inheriting and then what what you do with that, right?
25:53.382 --> 25:56.287
[SPEAKER_01]: What's the right asset allocation and investments?
25:56.307 --> 26:02.198
[SPEAKER_01]: And that's why we've certainly have investor community to help you have other like my women making some of those decisions.
26:02.699 --> 26:06.726
[SPEAKER_01]: But more importantly, too, it's about, you know, just really
26:06.706 --> 26:08.367
[SPEAKER_01]: fulfilling the legacy.
26:08.387 --> 26:22.780
[SPEAKER_01]: So what are some of those questions or some of those kind of those those those you where you've seen that the the parents The the their children actually talk about because that that's hard to just put in writing like oh, yeah Just donate a portion to this organization.
26:22.860 --> 26:33.670
[SPEAKER_01]: Okay, great But getting in a conversation and I don't think everyone has gotten to a conversation of what do their parents actually Like value to to a specific way.
26:33.750 --> 26:35.211
[SPEAKER_01]: So what have you seen?
26:36.153 --> 26:45.218
[SPEAKER_00]: So I mean, if it comes to like a real estate portfolio or a closely held family business, I think of really important, let's start with the real estate portfolio.
26:45.518 --> 26:49.204
[SPEAKER_00]: I think it's really important to know, okay, what's going to happen to this portfolio?
26:49.224 --> 26:50.766
[SPEAKER_00]: Let's say there's three siblings.
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[SPEAKER_00]: And let's say maybe one of the siblings has been involved and the other two just they happen, their physicians or they're doing something else with their lives.
26:58.619 --> 27:04.408
[SPEAKER_00]: What's going to happen is it is going to go to all three, does that make the most sense who's going to run the family business?
27:04.989 --> 27:08.134
[SPEAKER_00]: What are the values of the business going forward?
27:08.553 --> 27:22.360
[SPEAKER_00]: I think that's a really important conversation that a lot of people are either they don't think to have it or they're scared to have it, but the reality is if you outline everything clearly, like for example, a lot of the times we'll see okay one child is going to inherit.
27:22.475 --> 27:44.247
[SPEAKER_00]: the business and then the other children are going to be compensated for a lack of a better word with other and maybe they're going to receive liquid assets or brokerage accounts you know or something else to make up the difference because they just don't have an interest in running the business rather than now if we have three owners of this real estate portfolio to have no idea what's going on zero interest.
27:44.547 --> 27:47.230
[SPEAKER_00]: and but there's there's equal ownership how is that going to work?
27:47.271 --> 27:48.252
[SPEAKER_00]: What if they don't agree?
27:48.692 --> 27:53.038
[SPEAKER_00]: You know, are there operating agreements in place that say if they don't agree what happens?
27:53.058 --> 27:53.338
[SPEAKER_00]: Yes.
27:53.519 --> 27:59.867
[SPEAKER_00]: Maybe there's maybe no one's interested in the business and the will and the trust say that the real estate portfolio will be sold.
28:00.167 --> 28:02.210
[SPEAKER_00]: You know, that's that's something we see as well.
28:02.390 --> 28:03.852
[SPEAKER_00]: Or maybe it's a vacation home.
28:03.992 --> 28:04.793
[SPEAKER_00]: What's going to happen?
28:04.833 --> 28:08.218
[SPEAKER_00]: Who's going to or they're going to have a time sharing like agreement?
28:08.618 --> 28:11.702
[SPEAKER_00]: You know, these are the questions that are really good
28:11.918 --> 28:15.604
[SPEAKER_00]: Trust in a state's lawyer will ask it's not that there's any right or wrong answer.
28:15.924 --> 28:20.832
[SPEAKER_00]: It's just getting the clients, the parents, the children thinking, okay, what do we actually want?
28:21.233 --> 28:24.398
[SPEAKER_00]: Well, everyone's alive, everyone's happy while we can have discussions.
28:24.458 --> 28:26.801
[SPEAKER_00]: Yes, maybe there's some animosity or emotions.
28:27.302 --> 28:27.563
[SPEAKER_00]: Good.
28:27.783 --> 28:35.395
[SPEAKER_00]: Then have the conversations now rather than one mom and dad are gone because it gets way harder at that point in time and it gets a lot more
28:35.948 --> 28:43.478
[SPEAKER_00]: acrimonious and even potentially litigious at that point and no one wants litigation over a trust or a probate.
28:43.578 --> 28:44.660
[SPEAKER_00]: It's so expensive.
28:44.680 --> 28:48.385
[SPEAKER_00]: No one wins except the lawyers like the old jokers.
28:49.206 --> 28:49.386
[SPEAKER_00]: Right?
28:49.987 --> 28:51.549
[SPEAKER_00]: So really, really important questions.
28:51.589 --> 28:53.351
[SPEAKER_00]: And what are like you said, what are the values?
28:53.411 --> 28:55.294
[SPEAKER_00]: You know, I think we don't talk about that enough.
28:55.334 --> 28:57.116
[SPEAKER_00]: What do we, what is the family care about?
28:57.156 --> 28:58.779
[SPEAKER_00]: What is the family history?
28:59.580 --> 29:02.203
[SPEAKER_00]: What is the meaning of everything that the family has built?
29:02.303 --> 29:05.027
[SPEAKER_00]: Those those conversations are really important too.
29:05.699 --> 29:17.412
[SPEAKER_01]: I think that there's some level of, and I was having this conversation with my father, my parents are in their late 70s, and able body, mentally, physically, all both of them got surgeries recently.
29:17.852 --> 29:21.917
[SPEAKER_01]: My mom fell, my dad was cutting wood, but regardless of those things, right?
29:21.937 --> 29:22.958
[SPEAKER_01]: They're very able body.
29:22.978 --> 29:26.942
[SPEAKER_01]: They're very, and they have done a lot of this work, and we have the paperwork.
29:26.962 --> 29:31.668
[SPEAKER_01]: We have everything very organized, and they keep giving us updates like they're on top of it.
29:32.228 --> 29:33.850
[SPEAKER_01]: And I'm grateful for that.
29:33.830 --> 29:49.982
[SPEAKER_01]: But even just the conversation of, you know, they can say what they want in their funeral, but we went to a funeral recently and I was driving with my father and I turned and I said, beyond what you've written down, like if you could say there was one thing that you would want to happen.
29:49.962 --> 29:52.985
[SPEAKER_01]: right after your funeral or during your funeral, what would it be?
29:53.585 --> 29:55.427
[SPEAKER_01]: And he just looked at me and he said, why are we talking about this?
29:55.967 --> 29:58.850
[SPEAKER_01]: I said, well, you can't talk about this when you pass away.
29:59.410 --> 30:03.654
[SPEAKER_01]: So when I ask you, I want to know, and he said, listen, I know my house is small.
30:03.834 --> 30:06.677
[SPEAKER_01]: I know a lot of people are going to come hopefully, so I don't care.
30:06.717 --> 30:11.120
[SPEAKER_01]: Have the after party or the after, you know, meal at my house.
30:11.541 --> 30:12.762
[SPEAKER_01]: I don't care if you have to run a tent.
30:13.122 --> 30:14.343
[SPEAKER_01]: I don't care if people are outside.
30:14.363 --> 30:15.704
[SPEAKER_01]: I wanted at my house.
30:15.724 --> 30:18.687
[SPEAKER_01]: That would mean so much to me.
30:18.802 --> 30:21.326
[SPEAKER_01]: That was probably written, and I probably read that somewhere.
30:21.907 --> 30:23.150
[SPEAKER_01]: But I told my sisters that.
30:23.170 --> 30:25.173
[SPEAKER_01]: I said, you know how important this is for Dad?
30:25.514 --> 30:27.017
[SPEAKER_01]: They're like, no, we didn't know how important.
30:27.077 --> 30:28.459
[SPEAKER_01]: And it just that conversation.
30:29.020 --> 30:32.166
[SPEAKER_01]: So that's just one small thing in the next of it all.
30:32.286 --> 30:36.293
[SPEAKER_01]: But I just say that because people could have written down plans.
30:37.114 --> 30:39.358
[SPEAKER_01]: But life is in seasons, right?
30:39.418 --> 30:43.746
[SPEAKER_01]: There's things out of the flow, and we can't write down
30:43.726 --> 30:48.472
[SPEAKER_01]: every single thing that's coming up for us in a moment, right before we cast away.
30:48.492 --> 30:49.914
[SPEAKER_01]: I don't know if anyone can.
30:50.494 --> 30:57.283
[SPEAKER_01]: So talking to your to your family and having various conversations like this, I think are healthy.
30:57.323 --> 30:59.746
[SPEAKER_01]: And he looked at me, he's like, thanks for asking me that.
30:59.806 --> 31:05.653
[SPEAKER_01]: I said, yeah, it's hard to ask you, but these are things that are going to happen and we have to all be prepared, right?
31:05.753 --> 31:11.640
[SPEAKER_01]: So I know I'm sure you've seen that happen with families, but those are the
31:11.975 --> 31:36.970
[SPEAKER_00]: Yeah, absolutely absolutely and the emotional side is and the legacy side and the values is it's what everything stems from you know I mean money and everything is important and the way it transfers we wanted to be efficient but what we what we value about our family and how our you know family origin stories and things like that are are really cool and and what we want to happen you know after the fact
31:37.304 --> 31:38.425
[SPEAKER_00]: is really important.
31:38.445 --> 31:55.244
[SPEAKER_00]: And ask, you know, if you're looking for the estate planning a tree, you want to work with say, do you have anything, you know, any sort of memorandum where I can fill out something that lays out my wishes, obviously, and having the conversations to, but beyond just okay, I want to be very here or want to be cremated or want my ashes spread.
31:55.264 --> 31:58.648
[SPEAKER_00]: Like that can go in a will, but you can also write down a lot more.
31:58.688 --> 32:01.431
[SPEAKER_00]: I think that's that's really great that you have that conversation.
32:01.451 --> 32:02.552
[SPEAKER_00]: And that's a really good point.
32:03.342 --> 32:05.184
[SPEAKER_01]: Yeah, and it involves, right?
32:06.025 --> 32:07.647
[SPEAKER_01]: And it's continually evolving.
32:07.687 --> 32:13.014
[SPEAKER_01]: It's not something we want to talk about every day, but it is something to bring up with your loved ones.
32:14.476 --> 32:15.697
[SPEAKER_01]: So helpful, Lauren.
32:16.018 --> 32:19.642
[SPEAKER_01]: And I think the key here, right, is to take action for everyone listening.
32:19.682 --> 32:25.870
[SPEAKER_01]: If you, even if you have a will, even if your parents have a will, have you seen it, are you clear?
32:25.890 --> 32:28.393
[SPEAKER_01]: And get this team together.
32:28.413 --> 32:33.079
[SPEAKER_01]: I think one of the best things that
32:33.059 --> 32:43.609
[SPEAKER_01]: Ensure you're talking, these folks are talking the financial planner, the accountant, are these folks connected and talking before your parents.
32:43.842 --> 32:44.342
[SPEAKER_01]: pass away.
32:44.783 --> 32:45.944
[SPEAKER_01]: I think that's a great point.
32:46.404 --> 32:47.946
[SPEAKER_01]: Even just, they don't have to talk every week.
32:48.186 --> 32:48.767
[SPEAKER_01]: That's weird.
32:49.267 --> 32:52.811
[SPEAKER_01]: But even on like a twice a year or once a year, right?
32:53.491 --> 32:56.654
[SPEAKER_01]: You know, concept, depending on how extensive we're talking.
32:56.975 --> 33:01.379
[SPEAKER_01]: I would think strategic conversations, so everyone's on the same page.
33:01.499 --> 33:07.244
[SPEAKER_01]: And there's no uncertainty for the for the family that that is reviewing everything is critical.
33:07.805 --> 33:09.867
[SPEAKER_01]: So do something with what you got here today, Lauren.
33:09.887 --> 33:13.090
[SPEAKER_01]: Thank you so much for this for sharing your
33:13.070 --> 33:20.062
[SPEAKER_01]: Where could everyone listening learn more about you and get connected because I'm sure they're going to have tons of follow questions.
33:20.142 --> 33:20.703
[SPEAKER_00]: Thank you Liz.
33:20.723 --> 33:21.464
[SPEAKER_00]: This has been great.
33:21.544 --> 33:26.252
[SPEAKER_00]: So everyone can connect with me either on our website, flourishloggrip.com.
33:26.272 --> 33:28.075
[SPEAKER_00]: We have a contact us button there.
33:28.409 --> 33:29.691
[SPEAKER_00]: Feel free to shoot me a message.
33:29.731 --> 33:34.977
[SPEAKER_00]: We are only licensed in Florida, but we have a network of great trust in the states attorneys across the country.
33:35.097 --> 33:41.665
[SPEAKER_00]: So always happy to help connect you to someone where you're located if you're not here in Florida or another person in Florida.
33:41.685 --> 33:42.206
[SPEAKER_00]: It's like dating.
33:42.226 --> 33:43.768
[SPEAKER_00]: You gotta find the right match.
33:44.349 --> 33:51.317
[SPEAKER_00]: I'm also very active on Instagram, at lawyer Lauren Klein, and at Floresh Law Group, reach out, send me a DM.
33:51.377 --> 33:54.261
[SPEAKER_00]: I'd love to connect, answer any questions that came up.
33:54.281 --> 33:56.003
[SPEAKER_00]: And this is really, really great.
33:56.708 --> 34:03.860
[SPEAKER_01]: Yeah, thank you, Lauren, and just a quick plug for investor con coming up June 14 to the 16th in Scottsdale 2026.
34:04.461 --> 34:14.017
[SPEAKER_01]: Of course, in Scottsdale Arizona, where it's our annual conference two and a half days and one of our breakout sessions is about a state planning as well.
34:14.437 --> 34:17.282
[SPEAKER_01]: So again, we're continuing the conversation of.
34:17.583 --> 34:23.269
[SPEAKER_01]: are women preserving their wealth, are they protecting their wealth and being able to pass it along.
34:23.589 --> 34:24.490
[SPEAKER_01]: That's critical.
34:24.550 --> 34:30.137
[SPEAKER_01]: So that is something a lot of women want more of and that's why we have you know exciting breakout.
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[SPEAKER_01]: Well, I think it's exciting because the more prepared you are, the better you're able to build wealth.
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[SPEAKER_01]: So Lauren, thank you so much for being here.
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[SPEAKER_01]: Thank you for your expertise and everyone listening, do some of this what you got today, take one action step,
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[SPEAKER_01]: So you can continue to take control of your financial future and and build wealth on your own terms.
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[SPEAKER_01]: Thanks so much for listening.
00:00.031 --> 00:01.753
[SPEAKER_01]: Talking about money is hard enough.
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[SPEAKER_01]: Talking about what happens to it when we're gone, even harder.
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[SPEAKER_01]: That's exactly why so many women feel left out on prepared when it comes to family money and hairdance and estate planning.
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[SPEAKER_01]: My guest today, Lauren Klein, has helped protect billions of dollars in assets as an attorney.
00:19.635 --> 00:21.577
[SPEAKER_01]: In this conversation, we cover so much.
00:22.058 --> 00:27.945
[SPEAKER_01]: From how to get started, talking about inheritance with your family, why a will alone isn't enough.
00:27.925 --> 00:33.814
[SPEAKER_01]: what a state planning actually means and how to build the right team to protect what matters most.
00:34.776 --> 00:48.116
[SPEAKER_01]: So women will control nearly 40% of all US wealth within five years, but 74% of those expecting to inherit say they're not prepared to handle it.
00:48.597 --> 00:55.688
[SPEAKER_01]: So Lauren, why do you think so many women avoid
00:56.478 --> 00:58.783
[SPEAKER_00]: Oh, we're starting off with a bang.
00:58.803 --> 01:01.087
[SPEAKER_00]: I think that's a big one.
01:01.127 --> 01:04.674
[SPEAKER_00]: And it's a really timely and important question.
01:04.694 --> 01:06.237
[SPEAKER_00]: I think, and it's very nuanced.
01:06.257 --> 01:18.081
[SPEAKER_00]: I think one of the reasons that as women we often hold off on discussing it is, as women were often raised, not talk about money, that money is not a topic that is something that we should be discussing.
01:18.415 --> 01:25.675
[SPEAKER_00]: You know, or sharing about whether it's because of limiting beliefs from our childhood or just how we're raised, it's almost like don't talk about money.
01:25.755 --> 01:33.657
[SPEAKER_00]: Don't talk about politics don't talk about sex, but if we're in the big three, but if we're not talking about our money.
01:33.637 --> 01:35.881
[SPEAKER_00]: we are really holding ourselves back.
01:35.901 --> 01:43.713
[SPEAKER_00]: We're holding ourselves back from earning more, from investing more, from making sure our wealth is protected, from an estate planning perspective.
01:43.793 --> 01:45.636
[SPEAKER_00]: So I think that's really why.
01:45.656 --> 01:49.182
[SPEAKER_00]: And I love that you are talking about this in your podcast.
01:49.162 --> 01:51.644
[SPEAKER_00]: it will change the way that women look at money.
01:51.744 --> 01:52.205
[SPEAKER_00]: It really will.
01:52.605 --> 01:53.746
[SPEAKER_01]: I was in an event recently.
01:53.846 --> 01:56.668
[SPEAKER_01]: UBS has put some great research out there.
01:57.029 --> 02:00.972
[SPEAKER_01]: They have various reports they put out called own your worth.
02:00.992 --> 02:06.837
[SPEAKER_01]: I'm actually holding it right now and they put out some research that the stats that I shared with you came from that report.
02:07.598 --> 02:09.179
[SPEAKER_01]: And they said something very interesting.
02:09.199 --> 02:18.527
[SPEAKER_01]: We often think of the great wealth transfer as one major event happening where
02:18.693 --> 02:27.827
[SPEAKER_01]: It's also another major event where, you know, their parents, right, are passing on and that inheritance is coming potentially from, you know, your parents.
02:27.927 --> 02:45.274
[SPEAKER_01]: And what was intriguing of the conversation of this event that I went to was that there's a lot there when it comes to siblings, when it comes to families, when it comes to your parents will your parents wealth and all of the
02:45.254 --> 02:45.835
[SPEAKER_01]: Right.
02:45.855 --> 02:46.976
[SPEAKER_00]: There's so much there.
02:47.337 --> 02:57.351
[SPEAKER_01]: There's so much there, especially when you have siblings and family involved and especially when people pass away and and so what are those like first few steps.
02:57.371 --> 03:07.806
[SPEAKER_01]: Someone's listening to this thing of the a lot of the women in our community are at the age right there at the sandwich right they have the they've they've kids that are are growing right high school college even a little younger.
03:07.866 --> 03:12.392
[SPEAKER_01]: And then they have the parents that are aging and these are conversations that need to be happening.
03:12.372 --> 03:13.213
[SPEAKER_01]: But it's a big one, right?
03:13.274 --> 03:14.976
[SPEAKER_01]: So what are you going to be doing?
03:14.996 --> 03:17.180
[SPEAKER_01]: What did you put in your will, mom and dad?
03:17.260 --> 03:18.502
[SPEAKER_01]: It's a big conversation.
03:18.562 --> 03:20.546
[SPEAKER_01]: It's almost a very emotionally driven one, right?
03:21.267 --> 03:27.497
[SPEAKER_01]: So what are some of those first steps that you've counseled your clients on of getting the dialogue going?
03:27.758 --> 03:29.100
[SPEAKER_01]: Because it starts with dialogue, right?
03:30.001 --> 03:34.549
[SPEAKER_01]: What have you seen to be really helpful for women to start the process?
03:35.035 --> 03:36.837
[SPEAKER_00]: Yeah, it's a really good question.
03:37.137 --> 03:40.340
[SPEAKER_00]: And we're dealing with this every day, every single day.
03:40.420 --> 03:53.373
[SPEAKER_00]: So I think the first step, because these are very emotionally driven conversations, and oftentimes, depending on the family dynamic around money, parents and children have never discussed what the parents have.
03:54.094 --> 04:03.203
[SPEAKER_00]: I think the beginning dialogue, and it depends on your family, but in general, we've seen a lot of progress or a lot of success with
04:03.790 --> 04:27.385
[SPEAKER_00]: Hey mom, hey dad, you know, we are at this phase of our lives where my kids are growing up, you know, you're saying it nicely of course, but you're aging and I want to make sure that I'm getting everything together from my perspective and I want to make sure that everything is together from yours to is this something that we can sit down and talk about and discuss even if it's something we haven't ever done before.
04:27.652 --> 04:41.188
[SPEAKER_00]: And I think kind of framing it as an extension of financial health rather than purely as a state planning is a really great way to approach it because that really is what a state planning is at the end of the day it's saying, okay, if
04:41.438 --> 04:49.967
[SPEAKER_00]: If I become incapacitated or if I pass away or if I need Medicaid or if my parents need Medicaid, what are we able to do now?
04:50.407 --> 04:51.609
[SPEAKER_00]: What's going to happen?
04:51.689 --> 05:04.222
[SPEAKER_00]: Let's all as a family get an understanding of what would happen if we have nothing, or what would happen if we have maybe kind of a half way done estate plan, or what would happen if we had a really solid estate plan?
05:04.262 --> 05:07.345
[SPEAKER_00]: What would that provide to our family and
05:07.628 --> 05:09.192
[SPEAKER_00]: that we're all working really hard for.
05:09.252 --> 05:15.469
[SPEAKER_00]: And I think kind of reframing the conversation can be really helpful and also saying, I can be there with you.
05:15.489 --> 05:17.394
[SPEAKER_00]: We can do this together as a family.
05:17.454 --> 05:20.743
[SPEAKER_00]: We've seen a lot of success with that as well.
05:21.567 --> 05:29.338
[SPEAKER_01]: Yeah, right, rather than just saying, yeah, this is your problem, mom and dad, depending on where, you know, where how much they've done, how much they haven't done.
05:29.678 --> 05:31.841
[SPEAKER_01]: Here's some other very interesting stats.
05:32.482 --> 05:39.892
[SPEAKER_01]: This is the same report, and we'll put this report in the show notes, nearly half of women have not seen their parents' wills.
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[SPEAKER_01]: And only one third do not know where their family accounts are held.
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[SPEAKER_01]: So there's a lot of unknown happening.
05:47.723 --> 05:49.505
[SPEAKER_01]: And that's that's scary, right?
05:49.965 --> 05:53.269
[SPEAKER_01]: So I love what you just said, a state planning is not about death.
05:54.571 --> 05:55.752
[SPEAKER_01]: It's about direction.
05:55.892 --> 05:58.555
[SPEAKER_01]: I'm going to say that again, a state planning is not about death.
05:59.276 --> 06:00.197
[SPEAKER_01]: It's about direction.
06:00.277 --> 06:16.735
[SPEAKER_01]: So describe for us when it comes to quote unquote a state planning, what are key pieces of that planning that should be happening so that these conversations can lead towards an actual plan and I kind of like I said direction, not just uncertainty.
06:17.018 --> 06:46.047
[SPEAKER_00]: Yeah, so the first step and this is I think really kind of a long that same theme of this is this is really life planning is knowing like you said where where is everything where are the assets where where's all the stuff, you know getting that together and if you have a great financial advisor this is a great way to begin the collaboration process between a great trust in a state's attorney and your advisor because your advisors already going to have a lot of this information and they can kind of do some of that heavy lifting for you.
06:46.482 --> 06:55.093
[SPEAKER_00]: But getting together a list, somewhere in a digital space of where the bank accounts, where the brokerage accounts, where are the pensions, where are the IRAs?
06:55.954 --> 07:07.889
[SPEAKER_00]: If Mom and Dad have cryptocurrency, where's the cryptocurrency and all of the things that go along with that real estate, mortgage documents, deeds, and Florida, we can look up deeds very easily, but not so in other jurisdictions.
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[SPEAKER_00]: Where is everything?
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[SPEAKER_00]: And where are if there are estate planning documents, where are they located?
07:15.288 --> 07:22.259
[SPEAKER_00]: You know, digitize them and scan them in, so we all have copies of those documents, and especially with the will, where is the original?
07:22.319 --> 07:23.521
[SPEAKER_00]: That's really step one.
07:23.541 --> 07:29.009
[SPEAKER_00]: It's kind of like playing detective and making sure that you have everything in one place.
07:29.610 --> 07:30.892
[SPEAKER_00]: And then you can go from there.
07:31.072 --> 07:38.123
[SPEAKER_00]: But that's that's the beginning of any good financial or really a state plan or the portion of your financial plan that deals with legacy.
07:39.132 --> 07:43.819
[SPEAKER_01]: So to get really technical, because we do use that term a lot, we hear a state planning, a state planning.
07:44.780 --> 07:52.071
[SPEAKER_01]: But if you pulled five different people and now we're talking about five different women, we probably all define that a little differently.
07:52.491 --> 07:57.979
[SPEAKER_01]: So it's obviously includes your parents and or your spouse, right?
07:57.999 --> 08:00.523
[SPEAKER_01]: Cause when we talk about inheritance, right?
08:00.543 --> 08:03.748
[SPEAKER_01]: There's two events, but let's talk about the parents for the time being.
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[SPEAKER_01]: It's their will, it's their bank accounts.
08:06.672 --> 08:09.676
[SPEAKER_01]: It's really weird, like you're saying, where are all their assets?
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[SPEAKER_01]: Not where, but getting, getting kind of organization around all that.
08:14.002 --> 08:18.367
[SPEAKER_01]: And then the planning part happens, like, okay, what's going to happen to those?
08:18.708 --> 08:21.432
[SPEAKER_01]: And that's all usually spelled out in a, in a will, correct?
08:21.472 --> 08:25.397
[SPEAKER_01]: So it's really a state planning you're having a will in place or is there more than that?
08:25.417 --> 08:27.820
[SPEAKER_01]: Like, that's, that's something that pops up for me.
08:27.800 --> 08:35.894
[SPEAKER_00]: So to me, a stay planning is basically what you have and then the legal documents that say where it goes and how it goes to the individuals.
08:35.994 --> 08:40.622
[SPEAKER_00]: So okay, we talked about step one, really getting an idea of where all the assets are.
08:40.662 --> 08:43.587
[SPEAKER_00]: Step two is what happens to those assets?
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[SPEAKER_00]: How are they getting to the beneficiaries, whether it's surviving spouse, children, grandchildren, other individuals?
08:49.857 --> 08:53.824
[SPEAKER_00]: That's where the documents that comprise and a stay plan come in.
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[SPEAKER_00]: So the main documents that deal with the administration or distribution of assets are going to be a revocable trust and a last-wheel-intestimate.
09:03.784 --> 09:08.373
[SPEAKER_00]: So a lot of clients who have existing estate plans will come to us and all they have is a will.
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[SPEAKER_00]: And they often don't realize that a will does not avoid probate.
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[SPEAKER_00]: And it varies state to state the probate process, but essentially the probate process is in a nutshell, if I own let's say a bank account in my individual name, there's no joint account holder, I haven't designated a beneficiary, I haven't moved it into a trust and I pass away because that account is in my individual name in order for it to get from me, who's now passed away.
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[SPEAKER_00]: to my beneficiaries, a port process has to be opened up called a probative administration.
09:44.191 --> 09:52.119
[SPEAKER_00]: And so a lot of what a state planning does actually avoid that entire probative administration process.
09:52.680 --> 09:55.563
[SPEAKER_00]: So this is where the education really starts to come in.
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[SPEAKER_00]: Okay, we've figured out our assets, now what happens to those assets.
09:59.907 --> 10:04.332
[SPEAKER_00]: If you don't have an estate plan at all, then you're known as being in-testate.
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[SPEAKER_00]: So if you don't have a will, you don't have a trust,
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[SPEAKER_00]: Your known is in test date, meaning the state of the of the laws of the state where you reside determine who gets your assets typically surviving spouse then children then grandchildren and so on and so forth you don't have any children then up to your parents that's that's kind of like the general scheme varies by state and so if you let's say you have a will so you've said who gets your items then instead you are test date.
10:30.430 --> 10:36.299
[SPEAKER_00]: meaning you've told the state who's going to get your items, but it still has to go through that court process.
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[SPEAKER_00]: And a lot of people don't realize that and usually when we're having conversations like this weather with potential clients or just in education, like at a seminar, people are like, whoa, I had no idea that a will didn't avoid that, I didn't know that.
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[SPEAKER_01]: That's actually really good point.
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[SPEAKER_01]: So the will,
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[SPEAKER_01]: The will specifies who an essence will get it, but because you don't, what's the next step that they're not doing?
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[SPEAKER_01]: It's the trust, is that what you're saying?
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[SPEAKER_00]: So it depends.
11:05.807 --> 11:10.854
[SPEAKER_00]: So for some clients, for most clients, it's going to be setting up a revocable trust.
11:10.894 --> 11:12.917
[SPEAKER_00]: That's kind of like the foundational document.
11:12.937 --> 11:17.042
[SPEAKER_00]: You can get fancier with your revocable trust planning, but we'll put that to the side.
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[SPEAKER_00]: Revocable trusts are kind of the most common way to avoid probate.
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[SPEAKER_00]: We think of it like a backpap.
11:22.470 --> 11:27.077
[SPEAKER_00]: You can move bank accounts, brokerage accounts, real estate into the trust.
11:27.137 --> 11:32.485
[SPEAKER_00]: Or if you have say an IRA or some other retirement account, you can't move that into a trust.
11:32.665 --> 11:35.790
[SPEAKER_00]: But you could potentially name the trust as a beneficiary.
11:35.810 --> 11:40.376
[SPEAKER_00]: So the revocable trust or atrust is one way to avoid probate.
11:40.436 --> 11:41.578
[SPEAKER_00]: But it's not the only way.
11:42.048 --> 11:45.412
[SPEAKER_00]: Um, for some clients, maybe they say, I don't really care about a trust.
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[SPEAKER_00]: I don't care if everyone just gets assets out right.
11:48.115 --> 11:48.836
[SPEAKER_00]: That's fine.
11:48.876 --> 11:52.861
[SPEAKER_00]: They can just do beneficiary designations on their accounts.
11:52.881 --> 11:56.806
[SPEAKER_00]: So, well, pay out, payable on death, transfer on death, things like that.
11:57.067 --> 12:00.411
[SPEAKER_00]: Beneficiaries on life estate, on certain types of real estate.
12:00.431 --> 12:05.998
[SPEAKER_00]: If you have in your state the ability to name beneficiaries like Florida, that also avoids probate.
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[SPEAKER_00]: So,
12:06.719 --> 12:10.023
[SPEAKER_00]: Step two is kind of figuring out, okay, who's going to get the assets?
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[SPEAKER_00]: How do I want them to get the assets?
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[SPEAKER_00]: And what makes the most sense for my family based on my unique facts and circumstances, which is why AI and DIY as day planning really doesn't work because it's so nuanced to what you view in your family need.
12:26.325 --> 12:32.794
[SPEAKER_00]: And you don't really know that until you start working with a qualified estate planning attorney to figure out how that's going to work.
12:33.432 --> 12:42.569
[SPEAKER_01]: Are you seeing that more and more with everything happening of people like, yeah, I went on chat you pick and created my own state like are you seeing that more and then you're like hold on.
12:43.130 --> 12:49.442
[SPEAKER_00]: Oh, yes, I just got an email last night from a client of ours who and it's not always that she send us an email.
12:49.462 --> 12:51.946
[SPEAKER_00]: She said that we have a meeting tomorrow to discuss our statement.
12:51.966 --> 12:55.693
[SPEAKER_00]: This is already a client and she's like, I consulted chat GPT to give me
12:55.960 --> 12:58.222
[SPEAKER_00]: a topic of a list of talking points.
12:58.262 --> 13:00.364
[SPEAKER_00]: I said, okay, that's good.
13:00.384 --> 13:22.727
[SPEAKER_00]: You know, so there's some benefits, but a lot of people are going on to any form of AI and thinking that it's giving them legal advice and we're seeing a lot of misinformation and mistakes and just things that will probably end up costing their families more money and more stress.
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[SPEAKER_00]: Even a simple probate, it can take six months for the assets to get to the beneficiaries.
13:27.481 --> 13:32.547
[SPEAKER_00]: Everything being public information, which in today's day and age, I don't want my information.
13:32.587 --> 13:36.250
[SPEAKER_00]: My beneficiary is my assets being public, you know, port records.
13:37.011 --> 13:41.636
[SPEAKER_00]: So a big part of what we do, like I said, is making sure the clients are avoiding that process.
13:42.356 --> 13:49.103
[SPEAKER_00]: Through various mechanisms like revocable trusts or like beneficiary designations or a combination of the two.
13:50.230 --> 14:13.740
[SPEAKER_01]: Yeah, and this is so important probably for everyone, but especially those that are listening to this podcast, because these women have worked so hard for their own properties in their own real estate, and then they have parents who also have, you know, might have real estate or assets or other, you know, other air, you know, investment they've worked really hard to, to,
14:13.720 --> 14:18.288
[SPEAKER_01]: You know, to have and their family and to pass on to the generation, the next generation.
14:18.308 --> 14:22.575
[SPEAKER_01]: And then if you don't have that protected and clearly laid out of who and how.
14:22.615 --> 14:31.189
[SPEAKER_01]: All that hard work right all the sacrifice, you know, ends up really going down the drain, which is we know the sacrifice because we were we're in it.
14:31.169 --> 14:39.880
[SPEAKER_01]: But our parents have also sacrificed, you know, our parents have also have free and clear homes or, you know, those sort of things in some of them have additional property.
14:40.500 --> 14:43.544
[SPEAKER_01]: It's really helpful to understand that a state planning goes well beyond the will.
14:43.624 --> 14:55.759
[SPEAKER_01]: I think that's a really helpful point in terms of of, you know, I get, I get, I get probate because it's is it is a creative equal of all all different kind of like states if you will is it.
14:55.739 --> 15:08.018
[SPEAKER_01]: Does it happen a similar way in meaning that probates better or worse in some states or some regions or is it really just probates probate and and regardless of the state that you're in just out of curiosity.
15:08.038 --> 15:18.034
[SPEAKER_00]: It depends on the state how long it takes and how kind of arduous the processes in Florida and it tends to take a long time in the north of the states it can be a little bit quicker.
15:19.060 --> 15:23.245
[SPEAKER_00]: but it's still something that is usually fairly easy to avoid.
15:23.906 --> 15:25.408
[SPEAKER_00]: It's a frustrating process.
15:25.448 --> 15:27.110
[SPEAKER_00]: We deal with it all the time.
15:27.530 --> 15:42.428
[SPEAKER_00]: Not with our clients, we always say, we hope our clients never go through a probate, but we open a lot of probate administrations and we hold hands and it's just, there's no other word than frustrating to describe the process because you're grieving the loss of a loved one.
15:42.888 --> 15:46.873
[SPEAKER_00]: Meanwhile, you're trying to figure out who's gonna pay the expenses, who's gonna do this, who's gonna do that,
15:47.191 --> 15:57.138
[SPEAKER_00]: while you're reading for judges to review things and sign off on orders and, you know, nitpicking on little things here and there that they send back to you and it's just, it's just not, it's not fun.
15:57.419 --> 15:58.301
[SPEAKER_00]: It's very frustrating.
15:58.461 --> 15:58.963
[SPEAKER_00]: It really is.
15:59.584 --> 16:02.432
[SPEAKER_01]: So, so it's important then to have an estate.
16:02.615 --> 16:26.935
[SPEAKER_01]: And a state planning attorney in the state that what you live in that you reside in or and or your assets, so say I live in Florida, but I also have that's what happens a lot right people have properties and a lot of different regions and areas or even internationally is both important is it really just matter if you have in a state planning attorney, the specializes that in the area that you reside and or your parents reside obviously.
16:27.083 --> 16:28.104
[SPEAKER_00]: Yeah, it's a great question.
16:28.125 --> 16:33.392
[SPEAKER_00]: So you're going to want your main player, your main estate planning attorney, to be in the state where you reside.
16:33.953 --> 16:34.834
[SPEAKER_00]: Okay.
16:34.854 --> 16:42.926
[SPEAKER_00]: If you have real estate in other jurisdictions, especially when it comes to real estate specifically, you're going to want your main player to then bring in other people.
16:42.946 --> 16:46.631
[SPEAKER_00]: So let's say I live in Florida that I have a house in Upstate New York.
16:47.092 --> 16:54.643
[SPEAKER_00]: I want to make sure that I consult an attorney qualified estate planning attorney in New York to make sure that they can
16:54.893 --> 16:57.800
[SPEAKER_00]: probably move it into the trust or whatever it is that they recommend.
16:57.860 --> 16:59.103
[SPEAKER_00]: We do that all the time.
16:59.143 --> 17:06.861
[SPEAKER_00]: And what's nice is, if let's say you're in Florida, your Florida trust can own real estate all over the country and all over the world.
17:07.021 --> 17:13.797
[SPEAKER_00]: Obviously, there's international, there's different rules and considerations, but Florida, in this example, in this typo.
17:14.013 --> 17:18.539
[SPEAKER_00]: is going to be the jurisdiction where the trust resides and then you can just continue to add it.
17:18.559 --> 17:21.062
[SPEAKER_00]: So let's say you have a real estate portfolio all over the country.
17:21.382 --> 17:23.264
[SPEAKER_00]: You'll have one main trust typically.
17:23.765 --> 17:32.436
[SPEAKER_00]: Obviously, the more complicated it gets, you can start to get fancier, but for simplicity, sake, and for conversation sake, you can just really keep adding to that one trust.
17:32.576 --> 17:34.017
[SPEAKER_00]: So it's not that complicated.
17:34.078 --> 17:37.742
[SPEAKER_00]: We always overcomplicate things, or I tend to overcomplicate things,
17:38.043 --> 17:44.132
[SPEAKER_00]: So it's really not that complicated just understanding and finding someone who's really good to assist you.
17:45.174 --> 17:46.176
[SPEAKER_01]: And that's the key, right?
17:46.256 --> 17:51.484
[SPEAKER_01]: I know we chat about this as we were first connected here is about a team.
17:51.744 --> 17:55.209
[SPEAKER_01]: So you have this, you have the attorney who who specializes in estate planning.
17:55.931 --> 17:57.553
[SPEAKER_01]: Who else should be part of their team?
17:58.327 --> 18:05.260
[SPEAKER_01]: Especially again, you know, going down the path of getting insight into your parents' inheritance.
18:05.400 --> 18:07.324
[SPEAKER_01]: And then let's, that's like phase one, right?
18:07.364 --> 18:09.548
[SPEAKER_01]: Phase two is your parents pass away.
18:10.129 --> 18:15.218
[SPEAKER_01]: And now it's a matter of executing what the plan was and what their intentions were.
18:15.298 --> 18:16.200
[SPEAKER_01]: As well as,
18:16.180 --> 18:29.413
[SPEAKER_01]: distributing assets and money and all the above, which is what we're very heavily invested in is that women take control of that of their money and their financial future.
18:29.782 --> 18:54.152
[SPEAKER_01]: and real states obviously won great asset class to to consider so Lauren you just said something really really important is you know having the the additional team the the people around you the experts around you that are critical in this process obviously you have the attorney state planning attorney that resides in the state that that you know your parents and or you reside in
18:54.132 --> 19:04.249
[SPEAKER_01]: Who else should we part of their team as they're really getting to the bottom of of what the will looks like and what their parents wishes are all of the above who else do they have on that team.
19:05.411 --> 19:12.242
[SPEAKER_00]: So I think the other key members on on the team often will include you know if mom and dad have a financial advisor.
19:12.661 --> 19:24.121
[SPEAKER_00]: have the estate planning attorney build the relationship with that advisor now, you know, during life, during life and whenever one has capacity and is happy, that's the best time to build the relationships.
19:24.181 --> 19:27.767
[SPEAKER_00]: And I would say that if you start to notice that someone on that team,
19:27.747 --> 19:38.539
[SPEAKER_00]: You know, a state planning attorney, financial advisor, CPI, is also a really big one if you if you're a real estate investor, then if you have, you know, your real leader is another great team member as well.
19:39.000 --> 19:47.550
[SPEAKER_00]: If you start to notice that anyone on that team isn't really willing to collaborate or take advice well from the, you know, everyone has their wheelhouses, right?
19:47.910 --> 19:52.135
[SPEAKER_00]: That might be a sign that, hey, maybe we should revisit this now, you know, because
19:52.351 --> 19:57.459
[SPEAKER_00]: What often happens is the team that's in place while mom and dad are alive or while spouses are alive.
19:58.120 --> 20:01.926
[SPEAKER_00]: Oftentimes, not always, but oftentimes is the team that continues on.
20:01.986 --> 20:08.276
[SPEAKER_00]: And I'll say we've seen this a lot in our work where maybe we have a couple going back to that level.
20:08.857 --> 20:14.526
[SPEAKER_00]: And maybe it was the husband that had chosen the financial advisor and had kind of worked with that advisor.
20:15.007 --> 20:17.491
[SPEAKER_00]: We all fancy if the husband predestices.
20:17.751 --> 20:19.354
[SPEAKER_00]: If the surviving spouse is a woman,
20:19.553 --> 20:28.373
[SPEAKER_00]: wife and she doesn't feel like that advisor is listening to her and explaining or giving options and rather just kind of talking to her and at her.
20:29.576 --> 20:37.073
[SPEAKER_00]: We often see surviving spouses switching advisors at that point in time because they want to feel respected and seen and heard and understood.
20:38.116 --> 20:49.594
[SPEAKER_00]: So I would say those are the core, the estate planning attorney, the financial advisor, the CPA or accountant, and if you're in a real estate investor, also having your real estate professionals on the team.
20:49.634 --> 21:03.837
[SPEAKER_00]: And making sure that they're all talking because you have obviously you have your estate planning, which we've kind of covered already, then you have your financial advisor who's making sure your tax efficient and your wealth is growing and everything is in the right bucket that it should be and and that you have a plan.
21:03.817 --> 21:14.248
[SPEAKER_00]: going forward, which ties into your estate planning, you know, what we we love to meet with the advisor because then we can make sure that we retire the assets as as as is appropriate to do so.
21:14.789 --> 21:15.990
[SPEAKER_00]: And then the CPA is okay.
21:16.010 --> 21:21.496
[SPEAKER_00]: Well, we need to we need to make sure we're filing the tax returns properly and we're being also being tax efficient.
21:21.577 --> 21:24.920
[SPEAKER_00]: And the advisor is going to know a lot more oftentimes than the CPA will.
21:24.980 --> 21:26.822
[SPEAKER_00]: So communicating is really helpful.
21:27.223 --> 21:32.068
[SPEAKER_00]: And if you have a business, also the bookkeeper, I would say is I think bookkeepers don't seem sexy, but
21:32.251 --> 21:37.905
[SPEAKER_00]: They're such a key player when it comes to making sure you have clean books, that can't be overlooked as well.
21:38.767 --> 21:46.767
[SPEAKER_01]: We just went through this process in a few months ago, we had our for our strive mentees, we did a four week.
21:47.135 --> 21:50.422
[SPEAKER_01]: trading about, you know, where are their numbers?
21:50.482 --> 21:52.706
[SPEAKER_01]: You know, where's their, what's working?
21:52.726 --> 21:54.550
[SPEAKER_01]: What's not working on the properties that they own?
21:54.670 --> 21:58.839
[SPEAKER_01]: Because the women in our group have five plus properties.
21:59.240 --> 22:05.312
[SPEAKER_01]: And what was fascinating was that part of the process was just getting accurate numbers.
22:05.292 --> 22:06.153
[SPEAKER_01]: Right, because it's really hard.
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[SPEAKER_01]: It's really hard for me to answer, okay, XYZ property, how is it doing if I don't have accurate numbers?
22:11.739 --> 22:12.961
[SPEAKER_01]: And it seems so obvious.
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[SPEAKER_01]: But women are moving very quickly.
22:15.383 --> 22:22.692
[SPEAKER_01]: They're, they've a lot on their plate and that that gets sometimes missed as well as anyone that has property.
22:23.332 --> 22:24.554
[SPEAKER_01]: It's not just a stock, right?
22:24.674 --> 22:25.555
[SPEAKER_01]: Is it up as it down?
22:25.615 --> 22:29.039
[SPEAKER_01]: Is it, you know, real estate's a little more intricate, right?
22:30.260 --> 22:32.042
[SPEAKER_01]: There's a lot of moving parts.
22:32.022 --> 22:39.611
[SPEAKER_01]: It's not just like one quick number you can look at, you could be cash flowing, but it doesn't necessarily mean it's an optimised asset, right?
22:39.631 --> 22:41.353
[SPEAKER_01]: These are all things that matter.
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[SPEAKER_01]: So I can't stress that enough having a bookkeeper that is critical for your own portfolio, but certainly if it is something where your parents have a business.
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[SPEAKER_01]: and they businesses and property that the bookkeeper especially at that point could be very helpful in getting the books in order.
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[SPEAKER_01]: And even getting clear on asset, you know, assets whether they should be sold or kept.
23:08.928 --> 23:19.109
[SPEAKER_01]: At this point, when there are live, I can't just add enough, we see women doing that in their 30s, 40s and 50s and 60s, let alone the conversation with parents, right?
23:19.189 --> 23:24.620
[SPEAKER_01]: That are really, you know, trying to preserve their wealth, protect their wealth, and pass it along.
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[SPEAKER_01]: So big, big fan of bookkeepers.
23:27.085 --> 23:28.147
[SPEAKER_00]: Yeah, me too.
23:28.267 --> 23:34.999
[SPEAKER_00]: And two things that kind of popped into my head as you were talking was also making sure your tax professional understands real estate investing.
23:35.520 --> 23:41.311
[SPEAKER_00]: Yeah, I actually chose my my most recent CPA because he is a real estate investor as well.
23:41.491 --> 23:43.795
[SPEAKER_00]: And so I know that he knows the ins and outs.
23:44.062 --> 23:54.176
[SPEAKER_00]: he understands 1031 exchanges, which defer your income tax if you're buying another real estate investment property with the proceeds as long as you meet all the ramifications.
23:54.637 --> 24:06.053
[SPEAKER_00]: And then the other person on the team is either making sure you have a good estate planning attorney who's also understanding of the business side of things, because you want to make sure you're having everything structured properly and the right entities.
24:06.033 --> 24:07.655
[SPEAKER_00]: Um, that's really important.
24:07.795 --> 24:21.870
[SPEAKER_00]: So, you know, because a lot of people don't realize one that you can own properties through different entity structures like a holding company with underlying LLCs, for example, and also a little realized that LLCs are oftentimes probate assets.
24:21.890 --> 24:35.584
[SPEAKER_00]: So you need to make sure that that is aligned with your estate plan as well.
24:35.952 --> 24:40.085
[SPEAKER_00]: probably even more so than someone who doesn't have a big real estate portfolio.
24:41.188 --> 24:42.111
[SPEAKER_01]: And I would imagine too.
24:42.131 --> 24:42.813
[SPEAKER_01]: That's a great point.
24:42.893 --> 24:44.338
[SPEAKER_01]: I would imagine it's really critical.
24:44.960 --> 24:48.932
[SPEAKER_01]: Because I do this for my own portfolio is having strategic conversations with you.
24:49.857 --> 24:50.698
[SPEAKER_01]: team if you will.
24:51.418 --> 24:58.785
[SPEAKER_01]: And certainly, you know, if you're in real estate and you have property having an account that knows real estate to the T is critical.
24:59.185 --> 25:02.769
[SPEAKER_01]: It's not even like a nice to have it's critical, it's a necessity.
25:03.209 --> 25:09.695
[SPEAKER_01]: Certain CPAs and accounts will still you're in such a wrong direction if they don't have the real estate kind of acumen.
25:09.715 --> 25:11.937
[SPEAKER_01]: So that is critical.
25:12.377 --> 25:19.864
[SPEAKER_01]: The key though when you're pulling this team together, especially coming back to the inheritance
25:19.844 --> 25:32.345
[SPEAKER_01]: You know, what's important to, and I want to go back to having these conversations now when you're like you're saying your parents and spouse and if you have one are alive, what's important to them, what do they value?
25:32.405 --> 25:35.150
[SPEAKER_01]: What do they want their legacy to look like, right?
25:35.170 --> 25:42.983
[SPEAKER_01]: Because obviously these are the questions I'm sure you guys as leading the estate planning go into these are the questions to have.
25:42.963 --> 25:44.786
[SPEAKER_01]: with your parents.
25:44.806 --> 25:48.513
[SPEAKER_01]: So their legacy is continued.
25:49.294 --> 25:53.001
[SPEAKER_01]: Not just the money that you'll be inheriting and then what what you do with that, right?
25:53.382 --> 25:56.287
[SPEAKER_01]: What's the right asset allocation and investments?
25:56.307 --> 26:02.198
[SPEAKER_01]: And that's why we've certainly have investor community to help you have other like my women making some of those decisions.
26:02.699 --> 26:06.726
[SPEAKER_01]: But more importantly, too, it's about, you know, just really
26:06.706 --> 26:08.367
[SPEAKER_01]: fulfilling the legacy.
26:08.387 --> 26:22.780
[SPEAKER_01]: So what are some of those questions or some of those kind of those those those you where you've seen that the the parents The the their children actually talk about because that that's hard to just put in writing like oh, yeah Just donate a portion to this organization.
26:22.860 --> 26:33.670
[SPEAKER_01]: Okay, great But getting in a conversation and I don't think everyone has gotten to a conversation of what do their parents actually Like value to to a specific way.
26:33.750 --> 26:35.211
[SPEAKER_01]: So what have you seen?
26:36.153 --> 26:45.218
[SPEAKER_00]: So I mean, if it comes to like a real estate portfolio or a closely held family business, I think of really important, let's start with the real estate portfolio.
26:45.518 --> 26:49.204
[SPEAKER_00]: I think it's really important to know, okay, what's going to happen to this portfolio?
26:49.224 --> 26:50.766
[SPEAKER_00]: Let's say there's three siblings.
26:50.786 --> 26:57.978
[SPEAKER_00]: And let's say maybe one of the siblings has been involved and the other two just they happen, their physicians or they're doing something else with their lives.
26:58.619 --> 27:04.408
[SPEAKER_00]: What's going to happen is it is going to go to all three, does that make the most sense who's going to run the family business?
27:04.989 --> 27:08.134
[SPEAKER_00]: What are the values of the business going forward?
27:08.553 --> 27:22.360
[SPEAKER_00]: I think that's a really important conversation that a lot of people are either they don't think to have it or they're scared to have it, but the reality is if you outline everything clearly, like for example, a lot of the times we'll see okay one child is going to inherit.
27:22.475 --> 27:44.247
[SPEAKER_00]: the business and then the other children are going to be compensated for a lack of a better word with other and maybe they're going to receive liquid assets or brokerage accounts you know or something else to make up the difference because they just don't have an interest in running the business rather than now if we have three owners of this real estate portfolio to have no idea what's going on zero interest.
27:44.547 --> 27:47.230
[SPEAKER_00]: and but there's there's equal ownership how is that going to work?
27:47.271 --> 27:48.252
[SPEAKER_00]: What if they don't agree?
27:48.692 --> 27:53.038
[SPEAKER_00]: You know, are there operating agreements in place that say if they don't agree what happens?
27:53.058 --> 27:53.338
[SPEAKER_00]: Yes.
27:53.519 --> 27:59.867
[SPEAKER_00]: Maybe there's maybe no one's interested in the business and the will and the trust say that the real estate portfolio will be sold.
28:00.167 --> 28:02.210
[SPEAKER_00]: You know, that's that's something we see as well.
28:02.390 --> 28:03.852
[SPEAKER_00]: Or maybe it's a vacation home.
28:03.992 --> 28:04.793
[SPEAKER_00]: What's going to happen?
28:04.833 --> 28:08.218
[SPEAKER_00]: Who's going to or they're going to have a time sharing like agreement?
28:08.618 --> 28:11.702
[SPEAKER_00]: You know, these are the questions that are really good
28:11.918 --> 28:15.604
[SPEAKER_00]: Trust in a state's lawyer will ask it's not that there's any right or wrong answer.
28:15.924 --> 28:20.832
[SPEAKER_00]: It's just getting the clients, the parents, the children thinking, okay, what do we actually want?
28:21.233 --> 28:24.398
[SPEAKER_00]: Well, everyone's alive, everyone's happy while we can have discussions.
28:24.458 --> 28:26.801
[SPEAKER_00]: Yes, maybe there's some animosity or emotions.
28:27.302 --> 28:27.563
[SPEAKER_00]: Good.
28:27.783 --> 28:35.395
[SPEAKER_00]: Then have the conversations now rather than one mom and dad are gone because it gets way harder at that point in time and it gets a lot more
28:35.948 --> 28:43.478
[SPEAKER_00]: acrimonious and even potentially litigious at that point and no one wants litigation over a trust or a probate.
28:43.578 --> 28:44.660
[SPEAKER_00]: It's so expensive.
28:44.680 --> 28:48.385
[SPEAKER_00]: No one wins except the lawyers like the old jokers.
28:49.206 --> 28:49.386
[SPEAKER_00]: Right?
28:49.987 --> 28:51.549
[SPEAKER_00]: So really, really important questions.
28:51.589 --> 28:53.351
[SPEAKER_00]: And what are like you said, what are the values?
28:53.411 --> 28:55.294
[SPEAKER_00]: You know, I think we don't talk about that enough.
28:55.334 --> 28:57.116
[SPEAKER_00]: What do we, what is the family care about?
28:57.156 --> 28:58.779
[SPEAKER_00]: What is the family history?
28:59.580 --> 29:02.203
[SPEAKER_00]: What is the meaning of everything that the family has built?
29:02.303 --> 29:05.027
[SPEAKER_00]: Those those conversations are really important too.
29:05.699 --> 29:17.412
[SPEAKER_01]: I think that there's some level of, and I was having this conversation with my father, my parents are in their late 70s, and able body, mentally, physically, all both of them got surgeries recently.
29:17.852 --> 29:21.917
[SPEAKER_01]: My mom fell, my dad was cutting wood, but regardless of those things, right?
29:21.937 --> 29:22.958
[SPEAKER_01]: They're very able body.
29:22.978 --> 29:26.942
[SPEAKER_01]: They're very, and they have done a lot of this work, and we have the paperwork.
29:26.962 --> 29:31.668
[SPEAKER_01]: We have everything very organized, and they keep giving us updates like they're on top of it.
29:32.228 --> 29:33.850
[SPEAKER_01]: And I'm grateful for that.
29:33.830 --> 29:49.982
[SPEAKER_01]: But even just the conversation of, you know, they can say what they want in their funeral, but we went to a funeral recently and I was driving with my father and I turned and I said, beyond what you've written down, like if you could say there was one thing that you would want to happen.
29:49.962 --> 29:52.985
[SPEAKER_01]: right after your funeral or during your funeral, what would it be?
29:53.585 --> 29:55.427
[SPEAKER_01]: And he just looked at me and he said, why are we talking about this?
29:55.967 --> 29:58.850
[SPEAKER_01]: I said, well, you can't talk about this when you pass away.
29:59.410 --> 30:03.654
[SPEAKER_01]: So when I ask you, I want to know, and he said, listen, I know my house is small.
30:03.834 --> 30:06.677
[SPEAKER_01]: I know a lot of people are going to come hopefully, so I don't care.
30:06.717 --> 30:11.120
[SPEAKER_01]: Have the after party or the after, you know, meal at my house.
30:11.541 --> 30:12.762
[SPEAKER_01]: I don't care if you have to run a tent.
30:13.122 --> 30:14.343
[SPEAKER_01]: I don't care if people are outside.
30:14.363 --> 30:15.704
[SPEAKER_01]: I wanted at my house.
30:15.724 --> 30:18.687
[SPEAKER_01]: That would mean so much to me.
30:18.802 --> 30:21.326
[SPEAKER_01]: That was probably written, and I probably read that somewhere.
30:21.907 --> 30:23.150
[SPEAKER_01]: But I told my sisters that.
30:23.170 --> 30:25.173
[SPEAKER_01]: I said, you know how important this is for Dad?
30:25.514 --> 30:27.017
[SPEAKER_01]: They're like, no, we didn't know how important.
30:27.077 --> 30:28.459
[SPEAKER_01]: And it just that conversation.
30:29.020 --> 30:32.166
[SPEAKER_01]: So that's just one small thing in the next of it all.
30:32.286 --> 30:36.293
[SPEAKER_01]: But I just say that because people could have written down plans.
30:37.114 --> 30:39.358
[SPEAKER_01]: But life is in seasons, right?
30:39.418 --> 30:43.746
[SPEAKER_01]: There's things out of the flow, and we can't write down
30:43.726 --> 30:48.472
[SPEAKER_01]: every single thing that's coming up for us in a moment, right before we cast away.
30:48.492 --> 30:49.914
[SPEAKER_01]: I don't know if anyone can.
30:50.494 --> 30:57.283
[SPEAKER_01]: So talking to your to your family and having various conversations like this, I think are healthy.
30:57.323 --> 30:59.746
[SPEAKER_01]: And he looked at me, he's like, thanks for asking me that.
30:59.806 --> 31:05.653
[SPEAKER_01]: I said, yeah, it's hard to ask you, but these are things that are going to happen and we have to all be prepared, right?
31:05.753 --> 31:11.640
[SPEAKER_01]: So I know I'm sure you've seen that happen with families, but those are the
31:11.975 --> 31:36.970
[SPEAKER_00]: Yeah, absolutely absolutely and the emotional side is and the legacy side and the values is it's what everything stems from you know I mean money and everything is important and the way it transfers we wanted to be efficient but what we what we value about our family and how our you know family origin stories and things like that are are really cool and and what we want to happen you know after the fact
31:37.304 --> 31:38.425
[SPEAKER_00]: is really important.
31:38.445 --> 31:55.244
[SPEAKER_00]: And ask, you know, if you're looking for the estate planning a tree, you want to work with say, do you have anything, you know, any sort of memorandum where I can fill out something that lays out my wishes, obviously, and having the conversations to, but beyond just okay, I want to be very here or want to be cremated or want my ashes spread.
31:55.264 --> 31:58.648
[SPEAKER_00]: Like that can go in a will, but you can also write down a lot more.
31:58.688 --> 32:01.431
[SPEAKER_00]: I think that's that's really great that you have that conversation.
32:01.451 --> 32:02.552
[SPEAKER_00]: And that's a really good point.
32:03.342 --> 32:05.184
[SPEAKER_01]: Yeah, and it involves, right?
32:06.025 --> 32:07.647
[SPEAKER_01]: And it's continually evolving.
32:07.687 --> 32:13.014
[SPEAKER_01]: It's not something we want to talk about every day, but it is something to bring up with your loved ones.
32:14.476 --> 32:15.697
[SPEAKER_01]: So helpful, Lauren.
32:16.018 --> 32:19.642
[SPEAKER_01]: And I think the key here, right, is to take action for everyone listening.
32:19.682 --> 32:25.870
[SPEAKER_01]: If you, even if you have a will, even if your parents have a will, have you seen it, are you clear?
32:25.890 --> 32:28.393
[SPEAKER_01]: And get this team together.
32:28.413 --> 32:33.079
[SPEAKER_01]: I think one of the best things that
32:33.059 --> 32:43.609
[SPEAKER_01]: Ensure you're talking, these folks are talking the financial planner, the accountant, are these folks connected and talking before your parents.
32:43.842 --> 32:44.342
[SPEAKER_01]: pass away.
32:44.783 --> 32:45.944
[SPEAKER_01]: I think that's a great point.
32:46.404 --> 32:47.946
[SPEAKER_01]: Even just, they don't have to talk every week.
32:48.186 --> 32:48.767
[SPEAKER_01]: That's weird.
32:49.267 --> 32:52.811
[SPEAKER_01]: But even on like a twice a year or once a year, right?
32:53.491 --> 32:56.654
[SPEAKER_01]: You know, concept, depending on how extensive we're talking.
32:56.975 --> 33:01.379
[SPEAKER_01]: I would think strategic conversations, so everyone's on the same page.
33:01.499 --> 33:07.244
[SPEAKER_01]: And there's no uncertainty for the for the family that that is reviewing everything is critical.
33:07.805 --> 33:09.867
[SPEAKER_01]: So do something with what you got here today, Lauren.
33:09.887 --> 33:13.090
[SPEAKER_01]: Thank you so much for this for sharing your
33:13.070 --> 33:20.062
[SPEAKER_01]: Where could everyone listening learn more about you and get connected because I'm sure they're going to have tons of follow questions.
33:20.142 --> 33:20.703
[SPEAKER_00]: Thank you Liz.
33:20.723 --> 33:21.464
[SPEAKER_00]: This has been great.
33:21.544 --> 33:26.252
[SPEAKER_00]: So everyone can connect with me either on our website, flourishloggrip.com.
33:26.272 --> 33:28.075
[SPEAKER_00]: We have a contact us button there.
33:28.409 --> 33:29.691
[SPEAKER_00]: Feel free to shoot me a message.
33:29.731 --> 33:34.977
[SPEAKER_00]: We are only licensed in Florida, but we have a network of great trust in the states attorneys across the country.
33:35.097 --> 33:41.665
[SPEAKER_00]: So always happy to help connect you to someone where you're located if you're not here in Florida or another person in Florida.
33:41.685 --> 33:42.206
[SPEAKER_00]: It's like dating.
33:42.226 --> 33:43.768
[SPEAKER_00]: You gotta find the right match.
33:44.349 --> 33:51.317
[SPEAKER_00]: I'm also very active on Instagram, at lawyer Lauren Klein, and at Floresh Law Group, reach out, send me a DM.
33:51.377 --> 33:54.261
[SPEAKER_00]: I'd love to connect, answer any questions that came up.
33:54.281 --> 33:56.003
[SPEAKER_00]: And this is really, really great.
33:56.708 --> 34:03.860
[SPEAKER_01]: Yeah, thank you, Lauren, and just a quick plug for investor con coming up June 14 to the 16th in Scottsdale 2026.
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[SPEAKER_01]: Of course, in Scottsdale Arizona, where it's our annual conference two and a half days and one of our breakout sessions is about a state planning as well.
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[SPEAKER_01]: So again, we're continuing the conversation of.
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[SPEAKER_01]: are women preserving their wealth, are they protecting their wealth and being able to pass it along.
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[SPEAKER_01]: That's critical.
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[SPEAKER_01]: So that is something a lot of women want more of and that's why we have you know exciting breakout.
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[SPEAKER_01]: Well, I think it's exciting because the more prepared you are, the better you're able to build wealth.
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[SPEAKER_01]: So Lauren, thank you so much for being here.
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[SPEAKER_01]: Thank you for your expertise and everyone listening, do some of this what you got today, take one action step,
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[SPEAKER_01]: So you can continue to take control of your financial future and and build wealth on your own terms.
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[SPEAKER_01]: Thanks so much for listening.
