[0:01] Welcome to the Sero Perspective.
[0:07] Welcome to the Sero Perspective.
[0:09] I'm Kevin Hill, the founding attorney
[0:12] for Sero Law here in Knoxville, Tennessee.
[0:15] And on this show, we explore the intersection of the law
[0:18] with finances, family, faith, and what's enough freedom.
[0:24] So those are our topic areas that we work ourselves through.
[0:28] I'm joined today again by Evan Mack.
[0:31] He's here to help us out.
[0:33] Make sure I actually give you something of value.
[0:36] So Evan, what do you want to talk about today?
[0:39] Listen, it was really good to be back.
[0:41] It was a had a good time last time.
[0:43] Nice, nice change of pace on the podcast camera.
[0:46] So I'm happy to see you today.
[0:48] And this is the topic of discussion today.
[0:50] Is do you really need a trust in the state of Tennessee?
[0:53] That's a great question.
[0:54] We actually, you know, I can't help but swim around
[0:58] and talk about a lot of things.
[1:00] I'm going to talk about that.
[1:02] And I cut last time when we were really talking about wills.
[1:05] So that should be an indicator to what you think my answer is.
[1:09] If when we're talking about wills, I immediately start talking about trust.
[1:14] And if you'll remember, you know, last time when we had this side of the conversation.
[1:20] I said, it really kind of depends on your asset mix.
[1:24] And that's the same answer today.
[1:27] There are some other we explored some other reasons why you'd want one.
[1:32] Even if you're on the bubble.
[1:34] So a good benchmark, which isn't hard to achieve.
[1:41] Is if you have assets that, you know, after all the dust settles,
[1:47] your assets are somewhere around 250 to $500,000 in value.
[1:52] Well, most people own a house.
[1:54] That's worth that much.
[1:56] Now in the state of Tennessee, that house is going to automatically transfer
[2:03] by an active law.
[2:06] But you still have to go through a probate process,
[2:10] even though that is an automatic transfer.
[2:13] So there's a way around that.
[2:15] So if you just have one significant asset, there's an argument for why a trust serves you.
[2:22] Yeah, yeah, yeah.
[2:23] It's interesting because it got me thinking what I'm trying to decide between the will and the trust.
[2:28] What will be the difference to the lay person or the person just tuning in to Sarah Law?
[2:32] Yeah.
[2:33] So again, because I jumped ahead in our last conversation, this will be a little bit.
[2:40] I'll refresh your memory and then you can ask some questions that get us deeper in.
[2:44] If you remember the last time we talked about this subject.
[2:47] When we were supposed to be talking about wills.
[2:51] I made the point that it has a lot to do with the speed at which the assets transfer.
[2:59] So with the will, there's a backlog of time in the state of Tennessee, usually the smart way to handle it, because of the things we got into there, which we won't get into now, you can watch that other episode.
[3:14] You're tied up for about 12 months waiting for the completion to really transfer those assets in a controlling way, whereas with a trust, they all, they didn't belong to you, the benefits of the assets belonged to you.
[3:32] And now that you're no longer alive, the primary beneficiary of the trust.
[3:39] It starts to transfer those benefits to the secondary beneficiary.
[3:44] So put it in real concrete terms on a parent, my wife and I have five children, I pass away and we have a living trust.
[3:52] Nothing changes.
[3:53] My wife just keeps taking in whatever the benefits of the assets in that trust are.
[3:59] But then my wife passes away.
[4:02] Well, now the primary beneficiaries are gone.
[4:07] And the secondary beneficiaries are elevated into the place, those original, my wife and I being the original primary beneficiaries and the trust just keeps relating to them, like it did to us.
[4:22] And there may be some terms in that trust that say, okay, but now we want to unhand cuff these assets from the trust and just distribute them.
[4:31] That's normal. That's how people would use a trust to function like a will.
[4:36] While I am my life or alive, it just keeps working and kind of basically acting like the assets are in our name when they're really not in our name.
[4:46] And then when I pass away, I've seen my children are adults, hopefully, and they don't need to be handcuffed to each other, they have their own independent lives, disperse that out and they can run with it how they want.
[5:00] If you get into more complex, higher net worth people, there's advantages to more exotic trust that may be what's called a dynasty trust that can outlive you, your children, your grandchildren, and you great grandchildren.
[5:15] But that's something for a much more detailed conversation that would come up in private console.
[5:22] So what have I not answered in that in that answer?
[5:27] Is this something that I always think about private as far as, you know, wills and trust go, you know, whether I've learned it on movies or TV shows or wherever.
[5:37] It's always mixed me think it's for wealthy people or wealthy families is that is that a misconception or is there something true about that because that's the only time I think about wills and trust.
[5:47] Right, so wills are for everybody, because if you remember last time when we did talk about wills, we said, if you don't have a will, then the state is the ultimate decision maker on how your assets are distributed and that may function well enough, but it may not.
[6:07] Even with a trust you're still going to have a very simplistic will as just kind of a catch all just in case so that if there's any assets that didn't get transferred into the trust upon your death, they get kicked over into it that way the trust governs how they're dealt with.
[6:27] In terms, so everybody needs a will, the question is, is it just wealthy people who need a trust and answers, no, depending on your goals.
[6:40] Like I said, you can just with it house alone that's an asset that for some people can be a such value that they technically trigger a dollar amount that's that that's worthwhile considering it.
[6:56] But we'll set that aside and we'll talk more about kind of the bundle of things that that trigger the need for an asset, do you have a retirement account, do you have life insurance, you know maybe that bumps you up that when all of those things are bundled up, you know,
[7:17] you're you're in an asset mix where you don't perceive yourself as rich, you don't experience life like your rich, you think hey I'm just middle class, but those assets all total to a value that make it smart if you have certain goals.
[7:34] So really it's about your goals, it's not about how much do you have it's what are your goals.
[7:41] So real quick, let me go through some of those goals and then you can see if that triggers a question or two for you, do I want to make sure my family doesn't have an owner has burden upon death dealing with logistics, then a trust is is a good idea because under the law, nothing changed the entity that owned those assets,
[8:10] assets still owns those assets. Now internally, it has mechanisms that say I treat these assets differently than I did before, but in terms of the state and the law and all the rest of the world out there, nothing changed when I died.
[8:27] So that means it simplifies things for your loved ones, and it frees them up to be in a posture of grieving, not in a posture of business decisions and who knows when I'm stressed and upset that's the best time to make a business decision.
[8:43] So that's goal number one, I want to make things easier for people, goal number two, I want to have a statement on how these assets are managed moving forward past just the simple distribution of a will.
[9:02] So you can do this inside of a will, you can have trust that are created by the will, but why not just go ahead and create the trust up front because if you create the trust in the will, that then controls how those assets are used, we still got to go through all the probate, probate stuff.
[9:23] So if we just frog load it and build a trust up front, put the assets in it, then that voice and you know people might say, well, but why would I want that? Well, you want your apparent with young children and you want to make sure that the funds are managed well and wisely for them.
[9:46] You are apparent with adult children who have problems in life and you know now that we're kind of post 25 front front, the brain is fully developed and we're still having problems at 30, maybe it's like, well, I want to provide for them, but they're not trustworthy with just carte blanche access to money. I need someone helping manage that.
[10:12] So there are those are just a couple of simplistic reasons for why you may want to make sure the assets you leave behind for someone are effective and useful rather than destructive because who can I mean just imagine a 19 year old or a 20 year old who's
[10:37] we won't be overly morbid, we'll make it, we'll make it a grandparent whose grandparent passes away and leasal to $250,000. What do you think the first thing they're doing with that money? They're doing a new car, spending an ensemble, they don't need.
[10:53] Yeah, they're buying fancy jackets like you have.
[10:59] So having a trust in place just helps that stewardship, which we'll talk about in the next episode, so I'll avoid getting into now. What else do you have for me, Evan?
[11:11] Yeah, I got this. So have you seen a situation where having that trust made, you know, a meaningful difference for a family?
[11:20] Well, that's a good question.
[11:26] You know, in the law, we have to be careful. We can talk about previous clients as long as we don't identify previous clients. So I want to make sure I properly sanitize the identities.
[11:39] I think the better example is where people is to in order to underscore why whether it's a will or a trust you want to act, it's better to talk about where not having something in place has harmed people.
[11:57] We worked with a client at one point who had a windfall in life and an unmarried relative passed away that had no had no children. And so remember we said the law dictates where if you died, it's called in test state, if you die in test state, the law dictates.
[12:21] Well, there was an estate set up and in test state estate set up, there was a brother and sister, the sister said she worked with an attorney, not us.
[12:32] And they identified the airs and said, well, looks like you and brother are the only airs. And so all the money from that person's estate was distributed to this brother and sister well about three years later, some other family members, some cousins.
[12:51] And the other side of the family that wasn't close came out of the woodwork and all of a sudden there were lawsuits and monies had to be returned and the client that we were working with hadn't done anything wrong or bad, but he had essentially taken money that under the law was not his, the problem was it was a windfall for him that allowed him to do things for his family that he never imagined.
[13:19] And he made some pretty sizable gifts to children, but the problem was those weren't that those gifts weren't his to give ultimately, and that bell had to be on wrong and he went from, and this was an elderly, an elderly gentleman, he went from living a comfortable life with a view toward living out the rest of his years in a comfortable fashion that he never imagined
[13:48] to scraping by and social security alone because he had to return and after you settled out and they redistributed what he recovered was a fraction of what he had originally gotten.
[14:01] So that's a situation where someone who made no planning left a legacy of assets to family members, but it was distributed wrong and it created this emotional rollercoaster in this gentleman's life where he went from all of a sudden being in an incredible position of generosity and acting accordingly knowing he could live comfortably to.
[14:29] Restored back to maybe even less of a better position than he was before he received so if we do proper planning, you know, there's a when I was a kid in scouts, there was a phrase that was drilled in us and all the training it's called proper prior planning prevents pitifully poor performance.
[14:50] Oh, man, it's a seven piece I was like Peter Piper picks a pebble that's right I can make it not Peter Piper with proper we can make it's nine piece no so proper prior planning prevents pitifully poor performance so if we either use a will in a will or a trust and I am you know i'm a huge advocate for trust where where it makes sense and I think it makes sense for more people than not.
[15:20] I think here's the bottom line this is what needs to be your decision maker between do I do a will or do I do a living trust do I have is it responsible for me today to pre just like you can go in and buy your funeral when you buy your funeral plot they sit you down and do the pre the sale on pre sale of all the services and a lot of people say well hey.
[15:45] This makes a lot of sense because if you'll show you the math the equation now if you'd bought this lot 20 years ago and pay 20 years ago's pricing on the lot and services a funeral today would cost X and it's some fraction smaller than what if you walk in off the street and get a funeral today so it's the same kind of thing inflation inflation inflation.
[16:13] You can the same logic that would drive you to not only purchase a funeral plot and prepay your services for the the internment it's the same logic with why you'd spend the money on a trust so when I spend the money on a trust I ultimately to my estate which is the bundle of assets the money's going to come out because when when you when you
[16:43] pass away all the services for probate are going to come out of the estate so you're either going to pay a lawyer today today's prices for the totality of the of handling the assets or you're going to piece millet and some people they know it's responsible they know they need to have a will in place but they literally just don't have the budget and if you don't have the budget for a trust and that's probably a pretty good indication a trust really doesn't serve you well but if you
[17:13] have the budget for a trust and it's about about twice as much as a will would cost so if you have but now what you've done is all those expenses that your state's going to have at probate are essentially wiped away assuming you've done your proper transferring of assets and your family doesn't have any of the headache to worry about so that would be my decision tree is is it
[17:39] viscally responsible is it financially responsible for me today to spend this money to take care of all of it once or do I mean to do it in piecemeal because it's not financially responsible for me to do that so that that really would be kind of the decision tree how we work off of yet we're winding down a little bit but but but last thing if I'm trying to decide though whether a trust is right for me Kevin where should I start
[18:09] well you can contact us so um and if we're not if you know bottom line is an attorney you know and are comfortable with it that's me great love to talk to you we can do a video consultation like what's
[18:24] happening right now with this podcast or you can come in the office and we can sit down as just whatever is a preference to you
[18:31] um to find us if you'll look in the comments below somewhere there's a link to our website
[18:37] and that's how you reach out to us and we'll start the process we can talk on the phone if you just want to have a phone
[18:44] conversation oh and like I said if it's not me but you have someone that you know and trust then reach out to
[18:50] that attorney but what you don't want to do is you don't want to talk to a family litigator you don't want to talk
[18:56] to a uh uh criminal attorney you don't want to talk to a real estate attorney because they are at we deal with documents
[19:07] drafted by attorneys in those fields when you get licensed to practice the law in a state your licensed practice
[19:14] all forms of the law doesn't mean you're great at all forms of the law so you really want to go to a specialist
[19:21] and so that's what we because we understand the relationship of assets and business and estate planning
[19:29] we've designed our firm to focus on that bundle and that relationship
[19:35] it may be that all you need is a state planning because you're not you're you're not a business owner
[19:41] but you've been a successful uh employee and an asset manager of your own personal wealth
[19:48] great then we're a specialist that can serve you but if you have business interest
[19:54] then all the better because we design plans of succession and ownership that
[20:01] integrate those elements so once again look down underneath there in the comments for the link
[20:07] and that can get you to me all right well this has been the serial perspective hang on hang on
[20:13] I got to give you last word what's your last word Evan oh my last word was thanks Kevin for helping us
[20:18] better understand what trust you know people might use trust or not use trust and and just for
[20:22] your information I appreciate you all right this has been the serial perspective remember we're here
[20:28] to serve you and all matters that intersect between that are that the intersection of law faith family
[20:35] fun freedom whatever of that word we can toss in there because we're the crazy and while hey by the
[20:41] way Evan that jacket is smoking thank you for wearing it today we look forward to seeing you all on
[20:46] the next episode of the serial perspective thanks for watching be sure to hit that like and
[20:57] subscribe button and leave us a review in the comments
[0:07] Welcome to the Sero Perspective.
[0:09] I'm Kevin Hill, the founding attorney
[0:12] for Sero Law here in Knoxville, Tennessee.
[0:15] And on this show, we explore the intersection of the law
[0:18] with finances, family, faith, and what's enough freedom.
[0:24] So those are our topic areas that we work ourselves through.
[0:28] I'm joined today again by Evan Mack.
[0:31] He's here to help us out.
[0:33] Make sure I actually give you something of value.
[0:36] So Evan, what do you want to talk about today?
[0:39] Listen, it was really good to be back.
[0:41] It was a had a good time last time.
[0:43] Nice, nice change of pace on the podcast camera.
[0:46] So I'm happy to see you today.
[0:48] And this is the topic of discussion today.
[0:50] Is do you really need a trust in the state of Tennessee?
[0:53] That's a great question.
[0:54] We actually, you know, I can't help but swim around
[0:58] and talk about a lot of things.
[1:00] I'm going to talk about that.
[1:02] And I cut last time when we were really talking about wills.
[1:05] So that should be an indicator to what you think my answer is.
[1:09] If when we're talking about wills, I immediately start talking about trust.
[1:14] And if you'll remember, you know, last time when we had this side of the conversation.
[1:20] I said, it really kind of depends on your asset mix.
[1:24] And that's the same answer today.
[1:27] There are some other we explored some other reasons why you'd want one.
[1:32] Even if you're on the bubble.
[1:34] So a good benchmark, which isn't hard to achieve.
[1:41] Is if you have assets that, you know, after all the dust settles,
[1:47] your assets are somewhere around 250 to $500,000 in value.
[1:52] Well, most people own a house.
[1:54] That's worth that much.
[1:56] Now in the state of Tennessee, that house is going to automatically transfer
[2:03] by an active law.
[2:06] But you still have to go through a probate process,
[2:10] even though that is an automatic transfer.
[2:13] So there's a way around that.
[2:15] So if you just have one significant asset, there's an argument for why a trust serves you.
[2:22] Yeah, yeah, yeah.
[2:23] It's interesting because it got me thinking what I'm trying to decide between the will and the trust.
[2:28] What will be the difference to the lay person or the person just tuning in to Sarah Law?
[2:32] Yeah.
[2:33] So again, because I jumped ahead in our last conversation, this will be a little bit.
[2:40] I'll refresh your memory and then you can ask some questions that get us deeper in.
[2:44] If you remember the last time we talked about this subject.
[2:47] When we were supposed to be talking about wills.
[2:51] I made the point that it has a lot to do with the speed at which the assets transfer.
[2:59] So with the will, there's a backlog of time in the state of Tennessee, usually the smart way to handle it, because of the things we got into there, which we won't get into now, you can watch that other episode.
[3:14] You're tied up for about 12 months waiting for the completion to really transfer those assets in a controlling way, whereas with a trust, they all, they didn't belong to you, the benefits of the assets belonged to you.
[3:32] And now that you're no longer alive, the primary beneficiary of the trust.
[3:39] It starts to transfer those benefits to the secondary beneficiary.
[3:44] So put it in real concrete terms on a parent, my wife and I have five children, I pass away and we have a living trust.
[3:52] Nothing changes.
[3:53] My wife just keeps taking in whatever the benefits of the assets in that trust are.
[3:59] But then my wife passes away.
[4:02] Well, now the primary beneficiaries are gone.
[4:07] And the secondary beneficiaries are elevated into the place, those original, my wife and I being the original primary beneficiaries and the trust just keeps relating to them, like it did to us.
[4:22] And there may be some terms in that trust that say, okay, but now we want to unhand cuff these assets from the trust and just distribute them.
[4:31] That's normal. That's how people would use a trust to function like a will.
[4:36] While I am my life or alive, it just keeps working and kind of basically acting like the assets are in our name when they're really not in our name.
[4:46] And then when I pass away, I've seen my children are adults, hopefully, and they don't need to be handcuffed to each other, they have their own independent lives, disperse that out and they can run with it how they want.
[5:00] If you get into more complex, higher net worth people, there's advantages to more exotic trust that may be what's called a dynasty trust that can outlive you, your children, your grandchildren, and you great grandchildren.
[5:15] But that's something for a much more detailed conversation that would come up in private console.
[5:22] So what have I not answered in that in that answer?
[5:27] Is this something that I always think about private as far as, you know, wills and trust go, you know, whether I've learned it on movies or TV shows or wherever.
[5:37] It's always mixed me think it's for wealthy people or wealthy families is that is that a misconception or is there something true about that because that's the only time I think about wills and trust.
[5:47] Right, so wills are for everybody, because if you remember last time when we did talk about wills, we said, if you don't have a will, then the state is the ultimate decision maker on how your assets are distributed and that may function well enough, but it may not.
[6:07] Even with a trust you're still going to have a very simplistic will as just kind of a catch all just in case so that if there's any assets that didn't get transferred into the trust upon your death, they get kicked over into it that way the trust governs how they're dealt with.
[6:27] In terms, so everybody needs a will, the question is, is it just wealthy people who need a trust and answers, no, depending on your goals.
[6:40] Like I said, you can just with it house alone that's an asset that for some people can be a such value that they technically trigger a dollar amount that's that that's worthwhile considering it.
[6:56] But we'll set that aside and we'll talk more about kind of the bundle of things that that trigger the need for an asset, do you have a retirement account, do you have life insurance, you know maybe that bumps you up that when all of those things are bundled up, you know,
[7:17] you're you're in an asset mix where you don't perceive yourself as rich, you don't experience life like your rich, you think hey I'm just middle class, but those assets all total to a value that make it smart if you have certain goals.
[7:34] So really it's about your goals, it's not about how much do you have it's what are your goals.
[7:41] So real quick, let me go through some of those goals and then you can see if that triggers a question or two for you, do I want to make sure my family doesn't have an owner has burden upon death dealing with logistics, then a trust is is a good idea because under the law, nothing changed the entity that owned those assets,
[8:10] assets still owns those assets. Now internally, it has mechanisms that say I treat these assets differently than I did before, but in terms of the state and the law and all the rest of the world out there, nothing changed when I died.
[8:27] So that means it simplifies things for your loved ones, and it frees them up to be in a posture of grieving, not in a posture of business decisions and who knows when I'm stressed and upset that's the best time to make a business decision.
[8:43] So that's goal number one, I want to make things easier for people, goal number two, I want to have a statement on how these assets are managed moving forward past just the simple distribution of a will.
[9:02] So you can do this inside of a will, you can have trust that are created by the will, but why not just go ahead and create the trust up front because if you create the trust in the will, that then controls how those assets are used, we still got to go through all the probate, probate stuff.
[9:23] So if we just frog load it and build a trust up front, put the assets in it, then that voice and you know people might say, well, but why would I want that? Well, you want your apparent with young children and you want to make sure that the funds are managed well and wisely for them.
[9:46] You are apparent with adult children who have problems in life and you know now that we're kind of post 25 front front, the brain is fully developed and we're still having problems at 30, maybe it's like, well, I want to provide for them, but they're not trustworthy with just carte blanche access to money. I need someone helping manage that.
[10:12] So there are those are just a couple of simplistic reasons for why you may want to make sure the assets you leave behind for someone are effective and useful rather than destructive because who can I mean just imagine a 19 year old or a 20 year old who's
[10:37] we won't be overly morbid, we'll make it, we'll make it a grandparent whose grandparent passes away and leasal to $250,000. What do you think the first thing they're doing with that money? They're doing a new car, spending an ensemble, they don't need.
[10:53] Yeah, they're buying fancy jackets like you have.
[10:59] So having a trust in place just helps that stewardship, which we'll talk about in the next episode, so I'll avoid getting into now. What else do you have for me, Evan?
[11:11] Yeah, I got this. So have you seen a situation where having that trust made, you know, a meaningful difference for a family?
[11:20] Well, that's a good question.
[11:26] You know, in the law, we have to be careful. We can talk about previous clients as long as we don't identify previous clients. So I want to make sure I properly sanitize the identities.
[11:39] I think the better example is where people is to in order to underscore why whether it's a will or a trust you want to act, it's better to talk about where not having something in place has harmed people.
[11:57] We worked with a client at one point who had a windfall in life and an unmarried relative passed away that had no had no children. And so remember we said the law dictates where if you died, it's called in test state, if you die in test state, the law dictates.
[12:21] Well, there was an estate set up and in test state estate set up, there was a brother and sister, the sister said she worked with an attorney, not us.
[12:32] And they identified the airs and said, well, looks like you and brother are the only airs. And so all the money from that person's estate was distributed to this brother and sister well about three years later, some other family members, some cousins.
[12:51] And the other side of the family that wasn't close came out of the woodwork and all of a sudden there were lawsuits and monies had to be returned and the client that we were working with hadn't done anything wrong or bad, but he had essentially taken money that under the law was not his, the problem was it was a windfall for him that allowed him to do things for his family that he never imagined.
[13:19] And he made some pretty sizable gifts to children, but the problem was those weren't that those gifts weren't his to give ultimately, and that bell had to be on wrong and he went from, and this was an elderly, an elderly gentleman, he went from living a comfortable life with a view toward living out the rest of his years in a comfortable fashion that he never imagined
[13:48] to scraping by and social security alone because he had to return and after you settled out and they redistributed what he recovered was a fraction of what he had originally gotten.
[14:01] So that's a situation where someone who made no planning left a legacy of assets to family members, but it was distributed wrong and it created this emotional rollercoaster in this gentleman's life where he went from all of a sudden being in an incredible position of generosity and acting accordingly knowing he could live comfortably to.
[14:29] Restored back to maybe even less of a better position than he was before he received so if we do proper planning, you know, there's a when I was a kid in scouts, there was a phrase that was drilled in us and all the training it's called proper prior planning prevents pitifully poor performance.
[14:50] Oh, man, it's a seven piece I was like Peter Piper picks a pebble that's right I can make it not Peter Piper with proper we can make it's nine piece no so proper prior planning prevents pitifully poor performance so if we either use a will in a will or a trust and I am you know i'm a huge advocate for trust where where it makes sense and I think it makes sense for more people than not.
[15:20] I think here's the bottom line this is what needs to be your decision maker between do I do a will or do I do a living trust do I have is it responsible for me today to pre just like you can go in and buy your funeral when you buy your funeral plot they sit you down and do the pre the sale on pre sale of all the services and a lot of people say well hey.
[15:45] This makes a lot of sense because if you'll show you the math the equation now if you'd bought this lot 20 years ago and pay 20 years ago's pricing on the lot and services a funeral today would cost X and it's some fraction smaller than what if you walk in off the street and get a funeral today so it's the same kind of thing inflation inflation inflation.
[16:13] You can the same logic that would drive you to not only purchase a funeral plot and prepay your services for the the internment it's the same logic with why you'd spend the money on a trust so when I spend the money on a trust I ultimately to my estate which is the bundle of assets the money's going to come out because when when you when you
[16:43] pass away all the services for probate are going to come out of the estate so you're either going to pay a lawyer today today's prices for the totality of the of handling the assets or you're going to piece millet and some people they know it's responsible they know they need to have a will in place but they literally just don't have the budget and if you don't have the budget for a trust and that's probably a pretty good indication a trust really doesn't serve you well but if you
[17:13] have the budget for a trust and it's about about twice as much as a will would cost so if you have but now what you've done is all those expenses that your state's going to have at probate are essentially wiped away assuming you've done your proper transferring of assets and your family doesn't have any of the headache to worry about so that would be my decision tree is is it
[17:39] viscally responsible is it financially responsible for me today to spend this money to take care of all of it once or do I mean to do it in piecemeal because it's not financially responsible for me to do that so that that really would be kind of the decision tree how we work off of yet we're winding down a little bit but but but last thing if I'm trying to decide though whether a trust is right for me Kevin where should I start
[18:09] well you can contact us so um and if we're not if you know bottom line is an attorney you know and are comfortable with it that's me great love to talk to you we can do a video consultation like what's
[18:24] happening right now with this podcast or you can come in the office and we can sit down as just whatever is a preference to you
[18:31] um to find us if you'll look in the comments below somewhere there's a link to our website
[18:37] and that's how you reach out to us and we'll start the process we can talk on the phone if you just want to have a phone
[18:44] conversation oh and like I said if it's not me but you have someone that you know and trust then reach out to
[18:50] that attorney but what you don't want to do is you don't want to talk to a family litigator you don't want to talk
[18:56] to a uh uh criminal attorney you don't want to talk to a real estate attorney because they are at we deal with documents
[19:07] drafted by attorneys in those fields when you get licensed to practice the law in a state your licensed practice
[19:14] all forms of the law doesn't mean you're great at all forms of the law so you really want to go to a specialist
[19:21] and so that's what we because we understand the relationship of assets and business and estate planning
[19:29] we've designed our firm to focus on that bundle and that relationship
[19:35] it may be that all you need is a state planning because you're not you're you're not a business owner
[19:41] but you've been a successful uh employee and an asset manager of your own personal wealth
[19:48] great then we're a specialist that can serve you but if you have business interest
[19:54] then all the better because we design plans of succession and ownership that
[20:01] integrate those elements so once again look down underneath there in the comments for the link
[20:07] and that can get you to me all right well this has been the serial perspective hang on hang on
[20:13] I got to give you last word what's your last word Evan oh my last word was thanks Kevin for helping us
[20:18] better understand what trust you know people might use trust or not use trust and and just for
[20:22] your information I appreciate you all right this has been the serial perspective remember we're here
[20:28] to serve you and all matters that intersect between that are that the intersection of law faith family
[20:35] fun freedom whatever of that word we can toss in there because we're the crazy and while hey by the
[20:41] way Evan that jacket is smoking thank you for wearing it today we look forward to seeing you all on
[20:46] the next episode of the serial perspective thanks for watching be sure to hit that like and
[20:57] subscribe button and leave us a review in the comments
