WEBVTT
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[SPEAKER_01]: Welcome to the Saver podcast, I'm Michael Dillard, where we help couple stop living paycheck to paycheck.
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[SPEAKER_01]: Today we have a special guest who has a one stop shop for professionals, his name is Matthew Meredith.
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[SPEAKER_01]: He is a tax professional, he is a certified financial planner.
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[SPEAKER_01]: and he is an attorney.
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[SPEAKER_01]: What that means folks, if you have any money problems, you can go to Matthew.
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[SPEAKER_01]: If you're trying to set up a business, you can go to Matthew.
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[SPEAKER_01]: If you have tax questions, you can go to Matthew.
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[SPEAKER_01]: If you have any questions about M.O.
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[SPEAKER_01]: any Y, you can go to who Matthew, hey Matthew, welcome to the podcast.
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[SPEAKER_01]: How you doing?
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[SPEAKER_00]: Doing well, Michael.
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[SPEAKER_00]: Thank you for having me.
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[SPEAKER_00]: We may want to limit it to not any money problems.
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[SPEAKER_00]: Okay.
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[SPEAKER_00]: Don't call me for any money problems.
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[SPEAKER_01]: Call me for business related money problems.
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[SPEAKER_01]: Don't call them for bankruptcy.
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[SPEAKER_01]: Don't call them for child support issue.
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[SPEAKER_01]: Call them for business money.
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[SPEAKER_01]: That's right.
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[SPEAKER_01]: They say the riches are in the niches folks.
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[SPEAKER_01]: How long have you been managing money?
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[SPEAKER_01]: Helping people to save on their taxes?
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[SPEAKER_01]: Tell us about your history.
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[SPEAKER_00]: Sure, I was actually always pre-med.
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[SPEAKER_00]: And so a girl from Louisiana was going to be a doctor.
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[SPEAKER_00]: Three and a half years into it.
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[SPEAKER_00]: I'm in a summer class, the second organic chemistry class.
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[SPEAKER_00]: In the day before, I had paper cut myself and I stamped the book with it to stop the bleeding.
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[SPEAKER_00]: And so I'm looking at this, because it's summer class.
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[SPEAKER_00]: So it's every day organic chemistry.
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[SPEAKER_00]: Nobody wants to be there.
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[SPEAKER_00]: And this bulb went off in my head that said, you don't even like blood.
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[SPEAKER_00]: Like I closed the book of him walked out, and so I ended up moving to Houston, went to U of H to finish up school, and I was rummating with a guy who was going through a divorce, and he was like a real nice place downtown loft through stories.
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[SPEAKER_00]: He was paying for everything I was in charge of TV and lights.
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[SPEAKER_00]: And every day I'd go to school, I'd go to work, I was out late, and I'd come home and he was always on this phone.
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[SPEAKER_00]: In his boxers on his phone talking, and the guy was making phenomenal money.
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[SPEAKER_00]: And one day I'm just like, do show me what you do.
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[SPEAKER_00]: He's like, I want a job like this.
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[SPEAKER_00]: And he turned to me and he said, well, do you have any money?
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[SPEAKER_00]: I said, well, I got some student loan money.
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[SPEAKER_00]: He said, oh, that's perfect.
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[SPEAKER_00]: We're going to go in best that money.
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[SPEAKER_00]: And so I took every dime I had in student loans.
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[SPEAKER_00]: I put it into a couple companies, an IPO of a company, and it exploded two and a half cents to three dollars, 18 cents over a course of a year.
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[SPEAKER_00]: I was my last semester at U of H. And I'm like, I'm not going to go through.
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[SPEAKER_00]: advertising marketing.
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[SPEAKER_00]: I want to be stock market trader and I did about two years later.
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[SPEAKER_00]: The same guy comes back around.
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[SPEAKER_00]: I'm working marketing business for a design company doing custom homes.
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[SPEAKER_00]: And he said, hey, we're going to start a company.
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[SPEAKER_00]: Why don't you come get licensed series seven and some other ones and come aboard.
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[SPEAKER_00]: So this was in 05.
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[SPEAKER_00]: I said, yep, I want to.
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[SPEAKER_00]: I quit that job immediately.
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[SPEAKER_00]: and got in.
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[SPEAKER_00]: And so this was back in 0506.
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[SPEAKER_00]: So you still cold called people all the time.
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[SPEAKER_00]: Yeah, you got yelled at.
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[SPEAKER_00]: You got cursed that people called you in the seal.
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[SPEAKER_00]: But it was fun because you could make money fairly quickly and easily.
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[SPEAKER_00]: And so then the opportunity came that they said, hey, in 2007, they said, hey, we're going to open a trading desk in Boca
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[SPEAKER_00]: I said, what's Boca?
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[SPEAKER_00]: They're like, go check it out.
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[SPEAKER_00]: So I packed things in my car, drove 17 hours to get to Boca.
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[SPEAKER_00]: And within a week, I'm like, I'm not leaving the boat.
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[SPEAKER_00]: I'm staying here.
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[SPEAKER_00]: And so that was my prop trading.
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[SPEAKER_00]: We were equity traders, market makers.
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[SPEAKER_00]: I got license for all that.
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[SPEAKER_00]: It was a small group.
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[SPEAKER_00]: So I had to get more licenses.
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[SPEAKER_00]: My principal license series 24, all these other things.
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[SPEAKER_00]: And life was amazing.
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[SPEAKER_00]: And then 2008 hits.
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[SPEAKER_00]: And I know eight.
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[SPEAKER_00]: as the Lehman brothers was going down.
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[SPEAKER_00]: I was shorten Lehman brothers and I'm like, this is a great, great trade.
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[SPEAKER_00]: And then the reality hit me.
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[SPEAKER_00]: Wait a minute.
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[SPEAKER_00]: They do what I do.
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[SPEAKER_00]: I'll be on a business life or with all.
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[SPEAKER_00]: And at that point, I started thinking I better get out of trading.
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[SPEAKER_00]: And so the next year, I kind of shifted from equity's trading to advising.
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[SPEAKER_00]: And so I got up with J.P. Morgan started advising and financial planning type stuff.
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[SPEAKER_00]: And did that for a couple of years, came back to Texas, was up with Capital One, investing.
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[SPEAKER_00]: And at that point, I got my CFP certification.
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[SPEAKER_00]: So I was increasing my knowledge base and understanding tax, gift tax.
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[SPEAKER_00]: The things I didn't really understand, I had investing down.
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[SPEAKER_00]: So I enjoyed learning.
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[SPEAKER_00]: And at that point, I started thinking, you know, I want to add something to this, because there was an issue I kept saying in the industry.
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[SPEAKER_00]: a client would come to me they'd have problems.
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[SPEAKER_00]: So they need a referral to a tax guy in attorney.
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[SPEAKER_00]: I knew the answer, but I wasn't allowed to give it.
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[SPEAKER_00]: You shouldn't take advice from your financial advisor if he's not qualified to give it to you.
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[SPEAKER_00]: And that's what they kept telling me is, hey, you're not an attorney.
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[SPEAKER_00]: Don't give this advice.
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[SPEAKER_00]: And so that was my immaculate, hold my bare moment, which said, all right, I'm gonna go to law school and get to law degree.
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[SPEAKER_00]: And so I did in 2018, I had spent about a month practicing the LSAT when in there took it, passed enough to get into law school and went.
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[SPEAKER_00]: And my focus became tax in a state planning because that's what was needed on the financial side was I could do the tax, I could them do the estate planning.
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[SPEAKER_00]: And along the way, I learn business asset protection, all these things that kind of combine together.
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[SPEAKER_00]: And so today through Meridian Legal Advisors, we're that one-stop shop.
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[SPEAKER_00]: So somebody comes in, they need a state planning, they need business help, they need asset protection, tax and tax strategy, compliance.
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[SPEAKER_00]: We're able to do all of that in one spot.
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[SPEAKER_00]: We don't have to refer out.
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[SPEAKER_00]: And that's what people love because there's no longer the misalignment of advice
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[SPEAKER_00]: where the advisors never talk to each other and so the clients left wondering well this is what he said I don't really know what it means now you just call me and I have the meetings with the CPAs and everybody else and so that that was it kind of a long story but that that's how I got here was by by way of vocal tone flora and a market crash.
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[SPEAKER_01]: Hey, I like it.
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[SPEAKER_01]: I like it.
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[SPEAKER_01]: So I'm gonna fire off a couple questions that you didn't because I know you got so much knowledge.
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[SPEAKER_01]: When it comes to business owners who have their business and now is the end of the year, they come to you and they're like, right off everything.
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[SPEAKER_01]: What's some of the missed out there and what's something that things you normally help people to take advantage of the text code using legal resources that they're not even aware of?
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[SPEAKER_00]: So there's a lot of opportunities that people miss.
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[SPEAKER_00]: And there's a difference between tax planning and tax strategy.
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[SPEAKER_00]: And I always say this tax planning is really you're looking backwards.
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[SPEAKER_00]: Hey, I made this much money.
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[SPEAKER_00]: I need to do something with it.
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[SPEAKER_00]: Tax strategy is more we're looking forward.
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[SPEAKER_00]: And we're going to start doing things in the year that is going to take that adjusted girl syndrome that amount that we made and we're going to drop it.
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[SPEAKER_00]: And so we look for ways to do that, and you and I are talking about a few of them, we'll find syndications, we'll find all in gas plays where we can do depreciation.
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[SPEAKER_00]: real estate is still a phenomenal way to lower that AGI.
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[SPEAKER_00]: And so we're looking for these type plays so that at the end of it, yes, a lot of them cost money to get into, you have to invest your money into it.
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[SPEAKER_00]: But here's how it's ultimately working.
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[SPEAKER_00]: Instead of giving the government $100,000,
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[SPEAKER_00]: I'm putting $100,000 into something else, and it's going to lower what I owe the government, and therefore I own the asset.
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[SPEAKER_00]: Now, I have an interest in this.
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[SPEAKER_00]: This government tax do is now much lower.
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[SPEAKER_00]: And so over the course of time, you're building more of your assets versus just hand net over to the government.
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[SPEAKER_00]: And here's what people don't get, you have to continuously do it.
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[SPEAKER_00]: And so tax strategy to effectively lower your tax rate over and over again, you have to continue to do it over and over again.
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[SPEAKER_01]: That definitely makes sense.
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[SPEAKER_01]: It reminds me of somebody different situation.
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[SPEAKER_01]: They were working and all of a sudden, they fathered taxes and they were like, hey, how come I owe so much money?
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[SPEAKER_01]: They went from being a W2 employee on the books to being a contractor, and they wasn't taking out enough taxes for them, but they didn't know until after it was too late, you know.
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[SPEAKER_01]: Now like you said, they're looking back versus had they done proper strategic planning and advance.
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[SPEAKER_01]: They could have made the proper adjustments.
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[SPEAKER_01]: They wouldn't have to be in a financial hole and etc.
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[SPEAKER_01]: Trying to play ketchup.
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[SPEAKER_00]: correct and that's what we see a lot is W2 is not always great because you don't get all the deductions that you would as an independent contractor.
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[SPEAKER_00]: But when you're independent contractor now you have employment taxes that you're paying 100% on.
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[SPEAKER_00]: And so most people go on from W2 to 1099, they never understand that until that year.
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[SPEAKER_00]: And so how do you lower that?
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[SPEAKER_00]: Well, there's strategies you can use depending on the type of business you have.
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[SPEAKER_00]: You can do distributions that would be.
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[SPEAKER_00]: you know from your own business so you create a business you run that industry out of your business so I may work for you but you're paying my company, my company pays me partially W2 which has employment taxes and then the rest is distribution taxed without the employment and so it's it's a look at how much you're making in and a lot of people in this instance
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[SPEAKER_00]: a lot of people jump into it immediately so they can save a little bit, but you don't just jump into something like this because it can end up completely screwing up your your taxes going forward.
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[SPEAKER_00]: If you overpay yourself in distributions or you don't make enough income to justify it.
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[SPEAKER_00]: And so there's a lot of things I see.
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[SPEAKER_00]: I call it Facebook education or Instagram education that just I like to watch them I like just growth or when sign up for there there's seminar so I can be like no don't don't don't preach that but everything has to be done right there's so many tools in the shed
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[SPEAKER_00]: But you need to find somebody who understands this is more than a nail, and the hammer isn't always going to work.
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[SPEAKER_00]: And that's what tax strategy tax planning really comes down to is, here's all the tools we have, which one do you want us to use?
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[SPEAKER_01]: Makes sense.
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[SPEAKER_01]: I can't help but think about Facebook and people, want to go out and buy the G wagons so they can write it off.
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[SPEAKER_00]: That's see that a lot too and a lot of time through a 179 deduction you can have a nice car if it's if it's heavy enough to do it.
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[SPEAKER_00]: But the problem is I'll go by this really nice small, weight sports car that caused three times more than what it would be and the IRS that's back and says now did you really need a Lamborghini for your business?
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[SPEAKER_00]: And
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[SPEAKER_01]: Depends on the business would be my answer, right, right, definitely this way it's always more to it.
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[SPEAKER_01]: I try to think of another one that I, that's a myth out there, I can't think of another one.
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[SPEAKER_01]: But another question for the businesses, like so entrepreneurs who are looking to invest money they work for company in the past, they were W2 employee, so they were getting a 4-1
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[SPEAKER_01]: A lot of times, they don't realize that as a business owner, they can also open up an account and invest money into it and also get tax deductions.
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[SPEAKER_01]: So can you talk about the sole entrepreneur who's making, you know, 500,000, making a little bit of money where they can afford to open up a solo for one K or whatever you would like to discuss.
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[SPEAKER_00]: definitely.
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[SPEAKER_00]: And so let's back up just a little bit because we're talking about soul proprietorships and things like that.
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[SPEAKER_00]: Sometimes you're forced into that role.
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[SPEAKER_00]: Sometimes you work for a guy who just refuses to pay a company and wants to pay you only.
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[SPEAKER_00]: Try to always avoid that situation.
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[SPEAKER_00]: And it's important because you don't want to be paid in your name.
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[SPEAKER_00]: You want to be paid in the name of a company.
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[SPEAKER_00]: This allows you to do certain things differently, but it also brings in a lot more of a protection type status overview.
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[SPEAKER_00]: Doesn't mean that, hey, if I get sued, they can't touch my company.
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[SPEAKER_00]: Or if my company gets sued, they can't come after me, but it does put a wall there.
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[SPEAKER_00]: And this is something I talk about a lot.
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[SPEAKER_00]: It's called piercing the corporate bill.
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[SPEAKER_00]: We never want that to happen.
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[SPEAKER_00]: Typically, that company is going to protect me as the individual, from lawsuits coming through it.
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[SPEAKER_00]: Unless the plaint of attorney compares the corporate fail and get to me as an individual.
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[SPEAKER_00]: So how does this happen?
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[SPEAKER_00]: What will happen is a lot of times you'll see co-mingling the funds.
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[SPEAKER_00]: are more so you've created a business and this is one of those Facebook educations just go create a business.
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[SPEAKER_00]: Well, if you just create a business, pay the sector, state, some money, and now you have an LLC, you get yourself me, I am, but that's all you do.
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[SPEAKER_00]: If I'm selling you, I'm going to argue, you didn't really create a business.
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[SPEAKER_00]: You just,
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[SPEAKER_00]: are doing business as, and therefore this is the same to people, same thing, and I want those assets.
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[SPEAKER_00]: And so you have to do the formalities, create operating agreements, treat it, think of Google.
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[SPEAKER_00]: Google can't do anything without 14 people signed an off on it.
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[SPEAKER_00]: But Google is very protected in that manner.
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[SPEAKER_00]: Now, you don't need 14 people signing off on it, but you at least need corporate formalities.
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[SPEAKER_00]: I make this decision.
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[SPEAKER_00]: This is the decision for the company.
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[SPEAKER_00]: This is what we're doing, document it.
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[SPEAKER_00]: Because when an attorney comes through,
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[SPEAKER_00]: He sees those documents and says, all right, this is a real business.
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[SPEAKER_00]: So I probably can't get through it and get him as an individual.
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[SPEAKER_00]: So that that's the first thing that I think is always important.
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[SPEAKER_00]: Now, now you are a business.
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[SPEAKER_00]: Even if you're a sole proprietor, there's advantages.
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[SPEAKER_00]: but you're not working for a company that has a 401k program, you can always create your own.
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[SPEAKER_00]: And so if you're the only person there, you can create a solo 401k.
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[SPEAKER_00]: I've done this for people in the past and this fantastic because it has huge annual amounts of money that you could put into it.
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[SPEAKER_00]: Another one is a set, a set hiring, so the self employed,
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[SPEAKER_00]: So you can do these type of things, where we see a lot of the solo 401 is real estate investors.
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[SPEAKER_00]: So they create two companies, one holds the real estate assets, the other one does all the operations.
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[SPEAKER_00]: So it's making money.
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[SPEAKER_00]: So we'll come to this operations company and we'll create a solo 401k for the sole owner who can contribute a lot of money every single year to it.
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[SPEAKER_00]: So
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[SPEAKER_00]: Putting away money is definitely a must.
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[SPEAKER_00]: You have to be putting it away in some shape and form.
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[SPEAKER_00]: I don't always agree that hey, a traditional IRA is the way to go.
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[SPEAKER_00]: I prefer Roth and there's reasons for that for another conversation.
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[SPEAKER_00]: but you should be putting something away, these types of products allow you to put it away and it's protected due to a resell.
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[SPEAKER_00]: And so one of the things we always discuss is, hey, I've got this huge brokerage account in my name or me and my spouse's name, if I get sued, what happens to it?
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[SPEAKER_00]: Well, if you get sued, let's say you hit somebody with your car, they get a judgment against you.
16:28.174 --> 16:29.415
[SPEAKER_00]: That's the first place they're going.
16:29.835 --> 16:35.380
[SPEAKER_00]: You know where they don't go, they don't go to that solo 401k unless it's a very, very large amount.
16:36.120 --> 16:40.364
[SPEAKER_00]: And so you have extra protections, so you're doing really two things.
16:40.744 --> 16:49.772
[SPEAKER_00]: You're creating a business, you're bringing in income, you're putting away money for the future in your inadvertently protecting it at the same time.
16:50.222 --> 16:51.964
[SPEAKER_01]: That is powerful right there.
16:52.024 --> 16:53.546
[SPEAKER_01]: That is some good information.
16:54.007 --> 16:56.049
[SPEAKER_01]: Now I can't help but think of the couple.
16:56.550 --> 16:57.791
[SPEAKER_01]: They make six figures.
16:58.212 --> 17:00.014
[SPEAKER_01]: They're investing in the IRA.
17:00.314 --> 17:01.435
[SPEAKER_01]: They're making good money.
17:01.816 --> 17:03.218
[SPEAKER_01]: They're accumulating assets.
17:03.258 --> 17:04.779
[SPEAKER_01]: And now they're looking at their kids.
17:05.060 --> 17:07.583
[SPEAKER_01]: And they're like, y'all aren't built like us.
17:07.823 --> 17:32.197
[SPEAKER_01]: y'all you know y'all you haven't struggled you know we had to walk five miles to go to school now everything is instant you want something instant delivery you want something you just click the bud everything is instant as result parents started to think are they gonna squander this money when something happens to us when we leave how can we protect the assets I know you do a stay planning what some of the things you know me focus on
17:32.689 --> 17:37.633
[SPEAKER_00]: So we're in a state planning that there's several keys because we're heavy on business.
17:37.653 --> 17:38.934
[SPEAKER_00]: So we do a lot of business.
17:38.954 --> 17:40.335
[SPEAKER_00]: We do asset protection.
17:40.795 --> 17:44.398
[SPEAKER_00]: One of the things that most people don't understand is if you have a business.
17:44.418 --> 17:45.959
[SPEAKER_00]: So you've created this business.
17:46.319 --> 17:47.280
[SPEAKER_00]: It's making a lot of money.
17:47.880 --> 17:48.521
[SPEAKER_00]: You did it right.
17:48.561 --> 17:49.321
[SPEAKER_00]: It's an LLC.
17:49.341 --> 17:50.142
[SPEAKER_00]: It's a secret.
17:50.242 --> 17:50.822
[SPEAKER_00]: Whatever it is.
17:51.683 --> 18:04.712
[SPEAKER_00]: When you die, if you have not set up succession planning in the business, and even if you have sometimes, you still have an issue because that business cannot transfer ownership without going through probate now.
18:05.312 --> 18:07.434
[SPEAKER_00]: And so you want to talk about a problem.
18:08.437 --> 18:10.919
[SPEAKER_00]: spouse A has been owned a business.
18:10.959 --> 18:13.120
[SPEAKER_00]: It was phenomenal doing good bank account.
18:13.180 --> 18:15.161
[SPEAKER_00]: Suddenly as a hard attack passes away.
18:15.301 --> 18:16.582
[SPEAKER_00]: Mom knows the business.
18:16.662 --> 18:18.903
[SPEAKER_00]: Mom is going to step into this company.
18:19.444 --> 18:20.384
[SPEAKER_00]: Well, this is what she can't.
18:20.484 --> 18:21.605
[SPEAKER_00]: She's not on the bank account.
18:21.705 --> 18:25.607
[SPEAKER_00]: She's not on any of the governing documents.
18:26.268 --> 18:29.990
[SPEAKER_00]: So she can't take as inheritance from her spouse.
18:30.070 --> 18:32.231
[SPEAKER_00]: This business unless it goes through
18:33.452 --> 18:36.815
[SPEAKER_00]: And I do prove it as well, very common six to nine months.
18:37.355 --> 18:43.040
[SPEAKER_00]: And so you want to take a good business and watch it just wither and die, do it the wrong way.
18:43.340 --> 18:44.361
[SPEAKER_00]: Because that's what happens.
18:44.381 --> 18:47.584
[SPEAKER_00]: So six to nine months later, finally the hearing has been done.
18:47.724 --> 18:49.806
[SPEAKER_00]: Everything has ladders.
18:49.886 --> 18:55.570
[SPEAKER_00]: Mom is now able to take over, but in the meantime, you lost the ability to pay your employees, your vendors.
18:56.391 --> 19:01.739
[SPEAKER_00]: all your contracts have gone bad because dad died and now there's no access to the money.
19:02.179 --> 19:03.541
[SPEAKER_00]: And that's what we see all the time.
19:03.661 --> 19:10.230
[SPEAKER_00]: And so when it comes to a state planning for business owners, why not let your trust on your business?
19:11.148 --> 19:15.953
[SPEAKER_00]: And this is what we do a lot of structure with is so the trust will own the business.
19:16.513 --> 19:22.238
[SPEAKER_00]: Dad runs the business, but if he passes away now, Mom can step in as success or trustee.
19:22.379 --> 19:24.280
[SPEAKER_00]: And immediately run this business.
19:24.761 --> 19:27.584
[SPEAKER_00]: Go to the bank and say, hey, I'm the other trustee.
19:27.644 --> 19:28.604
[SPEAKER_00]: I was co-trustee.
19:29.325 --> 19:56.396
[SPEAKER_00]: I'm now in charge of this business and the business carries on and so that's a huge difference that I don't think a lot of people know because what I find is the kind of as we're talking about you have all these professionals they're really good you go see in a state plan or who's phenomenal but they're not a business a business planner and so nobody really has that conversation of your business and what are you going to do with your business and so it's little
19:58.641 --> 20:13.039
[SPEAKER_00]: If you do properly, the benefits outweigh the costs way more than down the future when now you have to probate and you lose your business and you have to sell the business at 30 cents on the dollar because you never did it properly.
20:13.739 --> 20:17.905
[SPEAKER_00]: Another issue I see all the time Michael is in capacity.
20:18.942 --> 20:23.245
[SPEAKER_00]: And I always say, the only thing worse than death is in capacity.
20:23.505 --> 20:28.729
[SPEAKER_00]: And then waking up three years later, and everything I own is gone.
20:28.929 --> 20:35.233
[SPEAKER_00]: And that is the type of planning that most people, when you think about a state planning, it's, okay, I'm going to die.
20:35.973 --> 20:38.375
[SPEAKER_00]: And so if I die, I don't really care about it.
20:38.475 --> 20:39.896
[SPEAKER_00]: But what if you don't die?
20:40.076 --> 20:45.680
[SPEAKER_00]: What if you just get knocked out for a good couple of years and then suddenly you wake up?
20:46.940 --> 20:51.888
[SPEAKER_00]: And I always have the vision of Resident Evil where she worried something about this video.
20:51.908 --> 20:53.270
[SPEAKER_00]: There's nobody there.
20:53.891 --> 20:55.313
[SPEAKER_00]: What happens in that case?
20:55.594 --> 21:00.441
[SPEAKER_00]: So you need to plan for incapacity when you do this through the business side.
21:01.352 --> 21:06.815
[SPEAKER_00]: And if all that sells, it still falls back because the trust owns the business.
21:07.055 --> 21:14.879
[SPEAKER_00]: And so there's all these little steps that you're able to add along the way that really kind of protect you as you start building your company up.
21:15.359 --> 21:19.281
[SPEAKER_01]: Yeah, that definitely makes sense where it's easy to trust owns the company.
21:19.361 --> 21:29.186
[SPEAKER_01]: And so there's any changes if somebody gets in a car accident and they're in the hospital for six months waiting to recover, somebody else is able to step in
21:31.167 --> 21:36.331
[SPEAKER_01]: and continue to manage the business and et cetera, and then they're a semi-protected as well.
21:36.812 --> 21:50.183
[SPEAKER_01]: I couldn't help but think of the fact that I've known a couple people who were maybe low-income or retired from the military, they get sick, they're 80 years old, they get sick, they're a Medicaid medicare.
21:50.924 --> 21:55.027
[SPEAKER_01]: They have to go to the hospital, and then the hospital starts to ask,
21:57.556 --> 21:59.216
[SPEAKER_01]: What assets do you have?
21:59.537 --> 22:01.757
[SPEAKER_01]: You got any new 4.1K IRA accounts?
22:01.997 --> 22:07.359
[SPEAKER_01]: Because they're trying to now cover the hospital expenses and take it from your assets.
22:07.919 --> 22:11.980
[SPEAKER_01]: Will it trust cover that by protecting people from that?
22:12.940 --> 22:19.262
[SPEAKER_00]: So the, and you and I had mentioned this earlier, it trust doesn't protect you from creditors.
22:19.622 --> 22:22.183
[SPEAKER_00]: If I sue you, you have a revocable trust.
22:23.166 --> 22:25.507
[SPEAKER_00]: Basically, I'm trying to get access to that.
22:25.847 --> 22:27.968
[SPEAKER_00]: So a typical trust will not.
22:28.588 --> 22:35.910
[SPEAKER_00]: Now, when you create a grant or trust in you pass away, it's a little bit different because you have what's called probate.
22:36.171 --> 22:45.954
[SPEAKER_00]: And so probate in basic layman's terms is you're taking a deceased person, the descendant, you're taking their assets in your distributing them.
22:46.642 --> 22:51.204
[SPEAKER_00]: And so anything and probate is considered in your estate.
22:51.805 --> 22:57.147
[SPEAKER_00]: And so if you pass away, creditors can now come and make a claim against your estate.
22:57.368 --> 22:59.309
[SPEAKER_00]: And I see this all the time in probate court.
22:59.449 --> 23:01.250
[SPEAKER_00]: I'm yet calls every day.
23:01.270 --> 23:02.250
[SPEAKER_00]: It's driving me nuts.
23:02.470 --> 23:06.292
[SPEAKER_00]: I'm trying to be nice with them, because I'm not even the person in charge of this state.
23:06.332 --> 23:07.253
[SPEAKER_00]: I'm just the attorney.
23:07.793 --> 23:08.674
[SPEAKER_00]: doing the probate.
23:09.014 --> 23:12.658
[SPEAKER_00]: And they're like, right, you know, we're the hospital or we're the credit card.
23:12.698 --> 23:14.199
[SPEAKER_00]: And we we want this money.
23:14.700 --> 23:18.323
[SPEAKER_00]: So the goal becomes how do I limit claims?
23:18.663 --> 23:20.405
[SPEAKER_00]: Well, I get them out of my state.
23:21.206 --> 23:25.209
[SPEAKER_00]: And so depending on on where you're at, you have other protections such as,
23:25.910 --> 23:26.930
[SPEAKER_00]: Homestead protection.
23:27.031 --> 23:29.472
[SPEAKER_00]: Texas has phenomenal homestead protection.
23:29.952 --> 23:38.416
[SPEAKER_00]: And so the creditors have a very tough time claiming against the primary residency, unless you have to sell it.
23:39.096 --> 23:42.898
[SPEAKER_00]: So when would you have to sell it where you need to sell it so that you can fund
23:43.898 --> 23:45.119
[SPEAKER_00]: everything else in the estate.
23:45.399 --> 23:46.419
[SPEAKER_00]: When does this happen?
23:46.439 --> 23:50.901
[SPEAKER_00]: Typically when people don't get along, so they have to do it a dependent administration.
23:51.441 --> 23:57.204
[SPEAKER_00]: So now all these assets have to be sold because you've got lawyers, you've got to pay, you've got a state probate cost.
23:57.644 --> 24:04.207
[SPEAKER_00]: So now that house that should have gone to the children has been sold and it's up for grabs from these creditors coming in.
24:04.667 --> 24:06.448
[SPEAKER_00]: So how is all of this avoided?
24:07.428 --> 24:10.370
[SPEAKER_00]: A do a an estate plan.
24:10.550 --> 24:12.091
[SPEAKER_00]: It's more than just dying.
24:12.211 --> 24:14.673
[SPEAKER_00]: It's, hey, this is who's in charge.
24:14.913 --> 24:18.816
[SPEAKER_00]: We're getting all of these assets out of the the probatable estate.
24:19.516 --> 24:24.920
[SPEAKER_00]: And if you two can't get along and you're going to sue each other, brothers and sisters of antinocles,
24:25.680 --> 24:35.447
[SPEAKER_00]: Anybody conflicting with it, it doesn't matter because this is how I want it distributed, this is how it's going to be done, and now you have much better protection.
24:35.988 --> 24:40.211
[SPEAKER_00]: But where that trust comes in is you make the trust the owner of your house.
24:40.771 --> 24:51.239
[SPEAKER_00]: And you can do this even if you have a loan on the house to the mortgage company because there's certain rules that are based on the Garn Saint Germain Act, which basically says a grand tour
24:54.561 --> 24:58.183
[SPEAKER_00]: if he's the beneficiary and the mortgage company can't do anything about it.
24:58.383 --> 25:08.528
[SPEAKER_00]: So there's no reason for people to pass away realistically without a will, and without a without having your home out of your state.
25:08.708 --> 25:13.411
[SPEAKER_00]: It's so easy these days, but yet there's a whole industry based on
25:16.107 --> 25:16.807
[SPEAKER_01]: That's a lot.
25:16.867 --> 25:19.608
[SPEAKER_01]: I'm sitting here like my head has been in like a man.
25:19.728 --> 25:26.071
[SPEAKER_01]: I put the money in the state And part of his protect it in some of his not depending on how he's ridden.
25:26.331 --> 25:26.691
[SPEAKER_01]: Okay.
25:26.831 --> 25:27.952
[SPEAKER_01]: Gotta go see him real quick.
25:27.972 --> 25:29.752
[SPEAKER_00]: That's that mental hundred percent.
25:29.972 --> 25:36.595
[SPEAKER_00]: It is C if a if it's A and B and C equal to C. But if it's B minus A, you're in trouble buddy.
25:36.815 --> 25:37.276
[SPEAKER_01]: right.
25:37.676 --> 25:55.155
[SPEAKER_01]: And unfortunately, as you know, Matthew is that people learn the hard way when they listen to some of these, you know, Facebook lawyers and et cetera, where their focus on A, but they don't count for A plus B minus C. And that's let me put it in layman's terms.
25:56.168 --> 25:59.251
[SPEAKER_00]: Get your house out of your state before you die.
25:59.611 --> 26:01.513
[SPEAKER_00]: How you do that, you can do a transform.
26:01.553 --> 26:05.016
[SPEAKER_00]: Death, deed, ladybird, these are heavy texts of stuff.
26:05.056 --> 26:12.924
[SPEAKER_00]: So not all states do this, but 99% of the states out there, pretty much allow you to move it into a trust.
26:13.384 --> 26:18.306
[SPEAKER_00]: And so, create yourself a trust, connect your businesses to it, connect your assets to it.
26:18.766 --> 26:22.847
[SPEAKER_00]: And then your earlier question is, I've got the Spend Thrift Kids, what do I do?
26:23.167 --> 26:25.348
[SPEAKER_00]: Well, you control that money through your trust.
26:25.588 --> 26:28.349
[SPEAKER_00]: And that's ultimately what the trust does.
26:28.529 --> 26:33.651
[SPEAKER_00]: Is it allows me to say, this person is in charge of this trust when I'm gone.
26:34.151 --> 26:35.871
[SPEAKER_00]: Here are my children, my beneficiaries.
26:35.951 --> 26:37.072
[SPEAKER_00]: Well, this child,
26:37.847 --> 26:43.491
[SPEAKER_00]: He may have a gambling problem, he may have... That he may be about to go through a divorce.
26:43.832 --> 26:48.035
[SPEAKER_00]: Well, we don't want to give him all that money until these problems are gone.
26:48.235 --> 26:50.917
[SPEAKER_00]: So, we also don't want to give young kids money.
26:51.217 --> 26:54.059
[SPEAKER_00]: And so it's very common in pretty much all the stuff I do.
26:54.480 --> 26:56.821
[SPEAKER_00]: We'll or trust nobody gets anything into their 25.
26:57.882 --> 27:05.524
[SPEAKER_00]: Some people go into stages where, okay, they get a quarter or 25, another quarter at 30, and then they get the rest at 35.
27:05.584 --> 27:10.645
[SPEAKER_00]: So now the child has a trustee who, Mom and Dad aren't there.
27:11.025 --> 27:15.786
[SPEAKER_00]: So he's not, he or she's not learning how to spin properly.
27:15.826 --> 27:20.547
[SPEAKER_00]: So you have a trustee who is now in charge of the bills and can show and can teach.
27:20.947 --> 27:24.168
[SPEAKER_00]: And then when the child is 35, hey, as long as there's no,
27:24.668 --> 27:32.174
[SPEAKER_00]: divorce risk, gambling risk, major debt, I'm going to give you the resting money because now you're old enough and mature enough to do it.
27:32.734 --> 27:33.935
[SPEAKER_00]: Now, what happens?
27:33.975 --> 27:36.858
[SPEAKER_01]: I always get that money and go to book or tone for us.
27:37.338 --> 27:39.119
[SPEAKER_01]: Yeah, yeah, yeah, yeah.
27:39.520 --> 27:45.825
[SPEAKER_01]: That made me I had a conversation with the relative two days ago and they mentioned this.
27:46.892 --> 27:50.993
[SPEAKER_01]: get a life insurance policy where everybody has a life insurance policy.
27:51.474 --> 28:04.858
[SPEAKER_01]: The beneficiary is the trust or the estate, whatever the correct term is, so that money goes into that, and then everybody who, you know, generations on can benefit from that.
28:05.618 --> 28:07.961
[SPEAKER_01]: What do you say about that concept?
28:08.062 --> 28:13.910
[SPEAKER_01]: My thought was, once the second generation gets the money, they're not gonna buy life insurance policy on themselves to give to the neck.
28:14.150 --> 28:17.515
[SPEAKER_01]: They're gonna spend it all anyway, but anyway, I wouldn't throw it out there too.
28:18.394 --> 28:23.697
[SPEAKER_00]: So when we talk about these very wealthy families, that's what they do.
28:23.757 --> 28:31.661
[SPEAKER_00]: They create eyelets and dynasty trusts where everybody is buying insurance policies that go into this trust.
28:32.161 --> 28:36.883
[SPEAKER_00]: And so it funds the next generation and it just continues now.
28:37.124 --> 28:43.027
[SPEAKER_00]: And so their phenomenal techniques, the problem though with insurance is that,
28:44.067 --> 28:49.152
[SPEAKER_00]: It's not always cheap, sometimes to get a good policy, you need to be there a long time.
28:49.653 --> 28:59.243
[SPEAKER_00]: And so you need to plan ahead with it and you need to title it in certain ways because if it's a lot of money, then you've got a state and gift tax problems.
28:59.903 --> 29:06.450
[SPEAKER_00]: But if it's, you know, and modest amount, or you're not breaching that number, I encourage it all the time.
29:08.247 --> 29:11.369
[SPEAKER_00]: And I have life and health insurance license to sell.
29:12.230 --> 29:17.052
[SPEAKER_00]: And it just baffles me how little financial planning aspects.
29:17.132 --> 29:21.454
[SPEAKER_00]: Most people look at life insurance as, oh, this is death insurance.
29:21.574 --> 29:22.175
[SPEAKER_00]: No, it's not.
29:22.555 --> 29:27.077
[SPEAKER_00]: This is tax-free loan money later or this is funding your kids' future later.
29:27.698 --> 29:30.659
[SPEAKER_00]: It's just, you don't have to put everything in the market.
29:30.979 --> 29:32.100
[SPEAKER_00]: You're just transferring it.
29:32.540 --> 29:33.861
[SPEAKER_00]: And that's the biggest concept.
29:33.941 --> 29:40.764
[SPEAKER_00]: If you can get over the fact that I'm not giving this money away, I'm just transferring from one investment mechanism to the next.
29:41.304 --> 29:45.146
[SPEAKER_00]: It suddenly becomes a much easier contemplation to handle.
29:45.206 --> 29:47.707
[SPEAKER_01]: Now I got another question going back to money.
29:48.187 --> 29:49.408
[SPEAKER_01]: Loth a version.
29:49.628 --> 29:52.849
[SPEAKER_01]: When you're managing people's money, I know you've seen it all the time.
29:53.309 --> 29:54.470
[SPEAKER_01]: They invested $10,000.
29:54.510 --> 29:55.370
[SPEAKER_01]: The account is up.
29:55.690 --> 29:56.871
[SPEAKER_01]: They got $50,000 in the account.
29:59.532 --> 30:06.555
[SPEAKER_01]: The market goes down, it drops down from 50,000 down to 40,000 and they're just like sell everything.
30:07.156 --> 30:12.818
[SPEAKER_00]: Yeah, that that happens and it's funny because I'm I'm almost like that.
30:12.838 --> 30:13.979
[SPEAKER_00]: And I do this for a living.
30:14.099 --> 30:22.563
[SPEAKER_00]: Oh, the world's gonna end, get out, get out, put here's the thing that that most people with money understand and that
30:23.519 --> 30:27.683
[SPEAKER_00]: For people who have that fear right now, here's how you get over that.
30:28.343 --> 30:32.287
[SPEAKER_00]: A never put all your ex and one basket.
30:32.427 --> 30:33.288
[SPEAKER_00]: That is the key.
30:33.828 --> 30:37.151
[SPEAKER_00]: Go into something that you believe can make you money.
30:37.732 --> 30:39.213
[SPEAKER_00]: It's a long term or deal.
30:39.333 --> 30:44.437
[SPEAKER_00]: Stop with, I'm gonna turn this into money overnight because that's when people lose more.
30:44.838 --> 30:50.523
[SPEAKER_00]: And if we go back and look at the history of the S and pay all the way to the beginning, it always goes up.
30:51.183 --> 30:56.807
[SPEAKER_00]: it just a matter of when it goes down until when it comes back up that you have to wait.
30:57.167 --> 31:03.731
[SPEAKER_00]: So if you don't need this money right now, it's not living expenses, set it and forget it.
31:04.412 --> 31:11.637
[SPEAKER_00]: The clients I have on the investment management side who have made the most money are the ones who have set it and forget it.
31:12.355 --> 31:15.318
[SPEAKER_00]: And in just, you hit a market low, it comes back up.
31:15.498 --> 31:21.183
[SPEAKER_00]: The ones who have the problems of the day traders and the people who are trying to get that short-term gains.
31:21.743 --> 31:34.594
[SPEAKER_00]: And so investing needs to be looked at at two different types of mentalities, either you're doing this long-term gain and you're doing it because the value of the dollar inflation itself has destroyed,
31:35.315 --> 31:42.159
[SPEAKER_00]: or spending value, and so you need something that stays up with it, so you do it like that or you do it to make money.
31:42.859 --> 31:49.943
[SPEAKER_00]: And if you're trying to make money, you need to realize this is like any other business and you very easily can be wiped out very quickly.
31:50.423 --> 31:53.145
[SPEAKER_00]: And so how are you protecting yourself against that?
31:54.146 --> 31:56.427
[SPEAKER_00]: And here's kind of really the final thing.
31:57.347 --> 32:01.614
[SPEAKER_00]: A lot of the people I work with their business owners, they have income coming in.
32:02.215 --> 32:08.005
[SPEAKER_00]: And so I'm that guy when I was just a financial advisor working for these large firms.
32:08.893 --> 32:20.559
[SPEAKER_00]: If I told a client, hey, I think you're right, you should sell $2 million in your account, take it out and you go buy a property with, that company would flip their lid.
32:20.859 --> 32:23.160
[SPEAKER_00]: What do you mean you don't want to take $2 million out?
32:23.980 --> 32:26.421
[SPEAKER_00]: And that, to me, has always been the conflict of interest.
32:26.681 --> 32:34.245
[SPEAKER_00]: I don't have that problem as the attorney, because I can turn around and say, hey, let's pull $2 million out because we found a property, let's go buy it.
32:35.488 --> 32:37.650
[SPEAKER_00]: I still control both relationships.
32:37.690 --> 32:41.914
[SPEAKER_00]: So for me, the conflict of one side interest goes away.
32:42.154 --> 32:47.218
[SPEAKER_00]: Now, of course, I still want the whole relationship, but I'm able to balance more.
32:47.338 --> 32:56.006
[SPEAKER_00]: And so the people who have other assets, hard assets, real estate things like that, they're not so worried about the market crashing.
32:56.406 --> 33:00.550
[SPEAKER_00]: In fact, it's kind of like, ooh, the market's crashing, Matt, let's solve this property.
33:01.648 --> 33:02.769
[SPEAKER_00]: and get into it again.
33:03.269 --> 33:06.230
[SPEAKER_00]: And that's what you'll see once well that starts accumulating.
33:06.651 --> 33:12.133
[SPEAKER_00]: But look, when I was first starting out as a trading, I got wiped out multiple times.
33:12.574 --> 33:13.094
[SPEAKER_00]: It hurts.
33:14.014 --> 33:27.381
[SPEAKER_00]: And the problem I see is that a lot in this industry is the financial advisor who you're calling and saying, I don't like the market sell it and they're sitting there saying, no, hang tight, it'll do this, it'll go.
33:27.821 --> 33:29.202
[SPEAKER_00]: My response has always been,
33:31.905 --> 33:36.528
[SPEAKER_00]: because I guarantee you I have lost a lot of money on trades.
33:37.369 --> 33:39.971
[SPEAKER_00]: I've learned how to handle it, how to make it back.
33:40.631 --> 33:47.396
[SPEAKER_00]: But don't tell me not to sell, not to fan it, not to worry if you never lost the money.
33:47.756 --> 33:50.858
[SPEAKER_00]: To me, that's just the slapping because of this.
33:50.898 --> 33:52.219
[SPEAKER_00]: Like you don't know.
33:52.359 --> 33:56.042
[SPEAKER_00]: And so I think that's part of it is understand.
33:56.202 --> 33:58.083
[SPEAKER_00]: I hate to call it the game, but it is.
34:01.165 --> 34:22.950
[SPEAKER_00]: understand that if you put everything at risk you very well may lose all your hair and if you're okay with that okay or you diversify it properly don't put all your eggs in that one basket and tell yourself if it crashes tomorrow and I'm in this for the next 20 years what do I care I just keep adding to it
34:23.788 --> 34:29.294
[SPEAKER_00]: and treat it as a bank account in that manner because then it just grows to massive size.
34:29.354 --> 34:34.059
[SPEAKER_00]: And we've all seen that guy who, no matter what, he's been in since the 87 crash.
34:34.840 --> 34:39.966
[SPEAKER_00]: Law saw all of his money, but yet has made it and been through multiple crashes and just his accounts massive.
34:40.605 --> 34:52.829
[SPEAKER_01]: Yep, dollar costs averaging as we wrap up the last little topic I want to touch on is the people who are buying these options and futures who are new because it looks good on TV, right?
34:53.249 --> 34:54.770
[SPEAKER_01]: Hey, you can make so much money.
34:54.810 --> 34:56.370
[SPEAKER_01]: You can retire tomorrow.
34:56.770 --> 35:02.572
[SPEAKER_01]: But right now, as you know, the market goes up to two days, then it drops for three days.
35:02.912 --> 35:05.453
[SPEAKER_01]: Then it goes up for two days, then it drops.
35:05.893 --> 35:08.134
[SPEAKER_01]: I can't help but think about how many people
35:08.734 --> 35:13.420
[SPEAKER_01]: But they hit the lottery on Monday and then on Wednesday, they lost everything.
35:13.920 --> 35:17.084
[SPEAKER_00]: Yeah, I actually started as an options trader.
35:18.045 --> 35:18.626
[SPEAKER_00]: Okay.
35:19.487 --> 35:20.568
[SPEAKER_00]: And I love options.
35:21.209 --> 35:27.677
[SPEAKER_00]: And I don't trade them as much as I used to because I just don't have the time to sit there and trade like I used to.
35:27.797 --> 35:28.017
[SPEAKER_00]: But.
35:28.734 --> 35:38.838
[SPEAKER_00]: You can make a lot of money trade options at a fraction of what it would cost you to play the stocks, but you can also lose a lot of money and a lot quicker in the options.
35:39.458 --> 35:42.159
[SPEAKER_00]: And I think it gets back to that same mentality.
35:42.439 --> 35:50.142
[SPEAKER_00]: Is this a money-making attempt or is this me planning to long-term grow my assets overall?
35:50.723 --> 35:56.005
[SPEAKER_00]: Because a lot of times when you use options correctly and you can't use them correctly,
35:56.745 --> 36:07.209
[SPEAKER_00]: as part of an investment strategy, you can hedge, you can do all kind of different types of moves that will make you long-term money starting with short-term plays.
36:07.529 --> 36:14.011
[SPEAKER_00]: But again, let's look at Bitcoin right now, look at all the crypto, all of it's been slaughtered.
36:14.311 --> 36:20.933
[SPEAKER_00]: And so all these people who got in, what was it a year and a half ago, it was at all-time highs, their way down.
36:21.314 --> 36:21.714
[SPEAKER_00]: It's going
36:25.781 --> 36:34.289
[SPEAKER_00]: I would rather from most things in my life just take a fraction of it and go play that risk because if I'm wrong, it's okay.
36:34.449 --> 36:40.915
[SPEAKER_00]: I got 75% more of it than now I can buy in at at a much lower price and so definitely.
36:42.058 --> 36:44.240
[SPEAKER_00]: I just don't trust easy money anymore.
36:44.260 --> 36:50.264
[SPEAKER_00]: I've been around for too long that if it's easy money, I think I'm either going to get arrested or someone scamming me.
36:50.424 --> 36:51.645
[SPEAKER_00]: And that's the reality.
36:52.205 --> 36:54.266
[SPEAKER_00]: One guy made a lot of money off of it.
36:54.306 --> 36:56.928
[SPEAKER_00]: He made a video in everybody else's loss.
36:57.389 --> 36:57.989
[SPEAKER_00]: It happens.
36:58.109 --> 37:00.831
[SPEAKER_00]: I know a lot of option traders who do phenomenal.
37:01.476 --> 37:06.039
[SPEAKER_00]: But again, it's that stress, and that they're all bald.
37:06.820 --> 37:11.803
[SPEAKER_00]: Everyone, all the stress goto, and that's the thing.
37:11.883 --> 37:24.512
[SPEAKER_00]: I think real wealth is built through, I hate say hard work, because I know a lot of wealthy people who somehow have scarmed by, but it's made through planning.
37:24.773 --> 37:27.935
[SPEAKER_00]: It's a formula that you figure out, at least what I've learned.
37:28.880 --> 37:32.882
[SPEAKER_00]: And you don't have to worry about little bit coins down at this problem.
37:32.982 --> 37:37.123
[SPEAKER_00]: I'm going to throw all my money into it and I'm going to make $20 million and I'm going to retire.
37:37.683 --> 37:38.824
[SPEAKER_00]: That rarely happens.
37:40.024 --> 37:45.246
[SPEAKER_00]: And so find another plan that you utilize and you grow slowly but securely.
37:45.406 --> 37:51.809
[SPEAKER_00]: So you don't end up a year and a half later, almost completely wiped out from what you got into just one year ago.
37:52.457 --> 37:56.578
[SPEAKER_01]: exactly and that's why my new model now is money is a liar.
37:56.598 --> 38:13.182
[SPEAKER_01]: A lot of people are lying to themselves and that they can make this option play and it can take care of all their financial problems and then two weeks later they got less money because it didn't go like they thought they said, you know what, when I make more money I'm going to start investing for the future.
38:13.882 --> 38:36.207
[SPEAKER_01]: And I know you run into this all the time with the business owners that you work with they said you know what I'm going to start January first off I'm going to be I'm going to meet with Matthew we're going to do all the proper strategic planning we're going to do this this this and that, but they never call you on January 31 they waited into the texture and they're looking back and help help.
38:37.075 --> 38:39.476
[SPEAKER_00]: That's not just taxes, that's everything.
38:39.596 --> 38:42.216
[SPEAKER_00]: I get more calls saying, hey, I'm being sued.
38:42.256 --> 38:44.157
[SPEAKER_00]: Can you help me with asset production?
38:45.457 --> 38:46.697
[SPEAKER_00]: The, the, anything else?
38:47.578 --> 38:51.438
[SPEAKER_00]: Planning again, it's, it's that long-term mentality.
38:52.099 --> 38:54.159
[SPEAKER_00]: Yeah, we all want to hit it quick and rich.
38:54.899 --> 38:56.500
[SPEAKER_00]: I've learned I'm not that guy.
38:56.820 --> 38:58.040
[SPEAKER_00]: So I better make a plan.
38:58.640 --> 39:01.621
[SPEAKER_00]: and it's with businesses with the law firm just with everything.
39:01.781 --> 39:04.202
[SPEAKER_00]: How do you plan for substantial growth?
39:04.862 --> 39:10.464
[SPEAKER_00]: Well, you let go of that idea that hey, I'm going to hit that client tomorrow and I'm going to be a multi-millionaire.
39:10.484 --> 39:15.925
[SPEAKER_00]: I'm going to put it all in options and I'm going to make $20 billion and I'm going to move to Mexico and how I'm done.
39:16.805 --> 39:17.806
[SPEAKER_00]: Like I've given up on that.
39:17.846 --> 39:18.846
[SPEAKER_00]: I've given up on that.
39:22.618 --> 39:23.179
[SPEAKER_01]: You're right.
39:23.539 --> 39:28.204
[SPEAKER_00]: So at the strides I want to strike two, strike two, you like knives, not having it.
39:29.025 --> 39:29.525
[SPEAKER_00]: Exactly.
39:29.585 --> 39:40.317
[SPEAKER_00]: So instead what I'm going to do is I'm going to focus on building my business and I'm going to focus on when money comes in, how do I expand it and make it larger so that I can bring in more money.
39:41.224 --> 39:49.806
[SPEAKER_00]: And yes, I made make profit off that and I make a throw it into Bitcoin because it's well or right now, but it's not my full plan.
39:50.026 --> 40:03.329
[SPEAKER_00]: It's side money that is going in and if it's lost, it's lost because I don't like investing in things that I don't know for fat if my chance is you're really good that this is going to work out.
40:03.749 --> 40:06.470
[SPEAKER_00]: And I'm not saying, hey, don't do crypto, I have a ton of crypto.
40:07.270 --> 40:10.214
[SPEAKER_00]: But I also have it on the long term play.
40:10.554 --> 40:22.751
[SPEAKER_00]: And so when that mentality shifts from short term to long term, planning becomes easier because you're able to look longer and start with the thought that hey, I've got to make a move that I make a million dollars to more.
40:23.206 --> 40:34.108
[SPEAKER_00]: And that's how people get blown up is you stop thinking because that greedy thought and I don't even know if it's greed, that exciting thought of, hey, I can make it big, comes in.
40:34.749 --> 40:41.790
[SPEAKER_00]: And then we start acting like fools and next thing you know, you're buying waffles, like waffles, waffles are going.
40:43.910 --> 40:50.452
[SPEAKER_00]: And here's the other thing I've learned is I'm usually right about the market, but I'm always early.
40:51.165 --> 40:54.906
[SPEAKER_00]: I've always been early in, I see it coming.
40:55.006 --> 41:02.947
[SPEAKER_00]: I saw with the transition from the trading world, hate, I gotta get into another industry because nobody's gonna prop trading.
41:03.207 --> 41:06.128
[SPEAKER_00]: But financial advising, I've saw it before it happens.
41:06.268 --> 41:15.790
[SPEAKER_00]: And I'd better be able to offer tax and legal because nobody's gonna pay 2% to an advisor just sit here and just babysit accounts unless they could provide more.
41:16.490 --> 41:26.057
[SPEAKER_00]: and so with that the market returns I see it and so it's I start to prepare for it and the problem I have with options is I see it but they expire.
41:26.097 --> 41:28.458
[SPEAKER_00]: Yeah.
41:28.899 --> 41:30.560
[SPEAKER_00]: Yeah.
41:30.640 --> 41:35.243
[SPEAKER_00]: So if I was just one day too early, oh well, it was a good thought.
41:36.113 --> 41:37.294
[SPEAKER_01]: definitely definitely the world.
41:37.594 --> 41:39.174
[SPEAKER_01]: We can talk for days.
41:39.214 --> 41:44.097
[SPEAKER_01]: That means we have to do a part two for the customers that you support.
41:44.197 --> 41:44.817
[SPEAKER_01]: Who are they?
41:44.837 --> 41:45.677
[SPEAKER_01]: How can they reach you?
41:46.178 --> 41:49.239
[SPEAKER_00]: So I work heavily with business owners.
41:49.419 --> 41:55.162
[SPEAKER_00]: I work heavily with people who need a state plans, but in particular those who need businesses.
41:55.182 --> 41:56.442
[SPEAKER_00]: So you've started a company.
41:56.762 --> 41:57.663
[SPEAKER_00]: You've done well.
41:58.813 --> 42:01.875
[SPEAKER_00]: But now you're worried about being sued.
42:01.895 --> 42:03.096
[SPEAKER_00]: You need protection.
42:03.116 --> 42:04.597
[SPEAKER_00]: Your company's grown too large.
42:04.697 --> 42:06.258
[SPEAKER_00]: One lawsuit can take everything.
42:06.478 --> 42:07.339
[SPEAKER_00]: That's who we help.
42:07.519 --> 42:10.000
[SPEAKER_00]: And we always start with, let's go back to the basics.
42:10.160 --> 42:10.981
[SPEAKER_00]: The estate plan.
42:11.641 --> 42:13.823
[SPEAKER_00]: How does all this part when you part?
42:14.283 --> 42:21.930
[SPEAKER_00]: And from there we build in protections, we take looks at taxes, we do the financial planning aspects of it, and we protect the money.
42:22.190 --> 42:27.995
[SPEAKER_00]: And so if you're interested in those type of things that you need to talk, you can always find a set of meridian legal advisors.
42:28.315 --> 42:29.436
[SPEAKER_00]: I'm Matthew Meredith.
42:29.556 --> 42:30.837
[SPEAKER_00]: I'm on LinkedIn.
42:30.937 --> 42:30.997
[SPEAKER_00]: I'm
42:31.718 --> 42:32.959
[SPEAKER_00]: Meridian is as well.
42:33.299 --> 42:34.319
[SPEAKER_00]: We're all of the place.
42:34.339 --> 42:39.982
[SPEAKER_00]: I think you just have to type in my name and you'll find me, but Meridian LG dot com is probably the best way.
42:40.382 --> 42:44.344
[SPEAKER_00]: You can get my email there and shoot me a call shoot me an email.
42:44.364 --> 42:45.825
[SPEAKER_00]: I'm always happy to talk with anybody.
42:46.326 --> 42:47.488
[SPEAKER_01]: There y'all have it.
42:47.668 --> 42:48.589
[SPEAKER_01]: I'm Michael Dillard.
42:49.070 --> 42:51.974
[SPEAKER_01]: I enjoy helping couple stop living paycheck to pay check.
42:52.014 --> 42:52.915
[SPEAKER_01]: This is another.
42:53.376 --> 42:55.379
[SPEAKER_01]: This is another safer episode.
42:55.779 --> 42:57.101
[SPEAKER_01]: Make sure you like and subscribe.
42:57.161 --> 42:58.924
[SPEAKER_01]: And make sure you reach out to Matthew.
42:59.324 --> 43:01.608
[SPEAKER_01]: Tell him how much you enjoy today's series.
43:01.988 --> 43:03.110
[SPEAKER_01]: Talk to you next week.
00:00.547 --> 00:06.189
[SPEAKER_01]: Welcome to the Saver podcast, I'm Michael Dillard, where we help couple stop living paycheck to paycheck.
00:06.549 --> 00:13.311
[SPEAKER_01]: Today we have a special guest who has a one stop shop for professionals, his name is Matthew Meredith.
00:13.611 --> 00:17.052
[SPEAKER_01]: He is a tax professional, he is a certified financial planner.
00:17.512 --> 00:19.573
[SPEAKER_01]: and he is an attorney.
00:19.953 --> 00:23.914
[SPEAKER_01]: What that means folks, if you have any money problems, you can go to Matthew.
00:24.254 --> 00:27.195
[SPEAKER_01]: If you're trying to set up a business, you can go to Matthew.
00:27.575 --> 00:29.916
[SPEAKER_01]: If you have tax questions, you can go to Matthew.
00:30.276 --> 00:32.016
[SPEAKER_01]: If you have any questions about M.O.
00:32.136 --> 00:36.718
[SPEAKER_01]: any Y, you can go to who Matthew, hey Matthew, welcome to the podcast.
00:36.738 --> 00:37.438
[SPEAKER_01]: How you doing?
00:38.018 --> 00:39.018
[SPEAKER_00]: Doing well, Michael.
00:39.038 --> 00:40.199
[SPEAKER_00]: Thank you for having me.
00:40.839 --> 00:43.800
[SPEAKER_00]: We may want to limit it to not any money problems.
00:44.140 --> 00:44.680
[SPEAKER_00]: Okay.
00:46.508 --> 00:48.250
[SPEAKER_00]: Don't call me for any money problems.
00:48.290 --> 00:50.412
[SPEAKER_01]: Call me for business related money problems.
00:51.033 --> 00:52.594
[SPEAKER_01]: Don't call them for bankruptcy.
00:52.954 --> 00:55.137
[SPEAKER_01]: Don't call them for child support issue.
00:55.437 --> 00:57.979
[SPEAKER_01]: Call them for business money.
00:58.200 --> 00:58.840
[SPEAKER_01]: That's right.
00:59.781 --> 01:02.904
[SPEAKER_01]: They say the riches are in the niches folks.
01:02.924 --> 01:05.367
[SPEAKER_01]: How long have you been managing money?
01:05.487 --> 01:07.249
[SPEAKER_01]: Helping people to save on their taxes?
01:07.309 --> 01:08.390
[SPEAKER_01]: Tell us about your history.
01:08.823 --> 01:11.665
[SPEAKER_00]: Sure, I was actually always pre-med.
01:11.965 --> 01:14.687
[SPEAKER_00]: And so a girl from Louisiana was going to be a doctor.
01:14.887 --> 01:16.328
[SPEAKER_00]: Three and a half years into it.
01:16.448 --> 01:19.670
[SPEAKER_00]: I'm in a summer class, the second organic chemistry class.
01:20.370 --> 01:25.413
[SPEAKER_00]: In the day before, I had paper cut myself and I stamped the book with it to stop the bleeding.
01:25.473 --> 01:27.995
[SPEAKER_00]: And so I'm looking at this, because it's summer class.
01:28.015 --> 01:30.116
[SPEAKER_00]: So it's every day organic chemistry.
01:30.176 --> 01:31.136
[SPEAKER_00]: Nobody wants to be there.
01:32.117 --> 01:36.740
[SPEAKER_00]: And this bulb went off in my head that said, you don't even like blood.
01:37.685 --> 01:55.505
[SPEAKER_00]: Like I closed the book of him walked out, and so I ended up moving to Houston, went to U of H to finish up school, and I was rummating with a guy who was going through a divorce, and he was like a real nice place downtown loft through stories.
01:55.545 --> 01:58.669
[SPEAKER_00]: He was paying for everything I was in charge of TV and lights.
01:59.465 --> 02:05.071
[SPEAKER_00]: And every day I'd go to school, I'd go to work, I was out late, and I'd come home and he was always on this phone.
02:05.652 --> 02:09.195
[SPEAKER_00]: In his boxers on his phone talking, and the guy was making phenomenal money.
02:09.335 --> 02:13.440
[SPEAKER_00]: And one day I'm just like, do show me what you do.
02:14.561 --> 02:16.983
[SPEAKER_00]: He's like, I want a job like this.
02:17.524 --> 02:19.746
[SPEAKER_00]: And he turned to me and he said, well, do you have any money?
02:20.447 --> 02:22.208
[SPEAKER_00]: I said, well, I got some student loan money.
02:22.408 --> 02:23.408
[SPEAKER_00]: He said, oh, that's perfect.
02:23.428 --> 02:24.789
[SPEAKER_00]: We're going to go in best that money.
02:25.209 --> 02:27.370
[SPEAKER_00]: And so I took every dime I had in student loans.
02:27.410 --> 02:36.613
[SPEAKER_00]: I put it into a couple companies, an IPO of a company, and it exploded two and a half cents to three dollars, 18 cents over a course of a year.
02:37.133 --> 02:41.055
[SPEAKER_00]: I was my last semester at U of H. And I'm like, I'm not going to go through.
02:41.535 --> 02:42.816
[SPEAKER_00]: advertising marketing.
02:42.976 --> 02:47.239
[SPEAKER_00]: I want to be stock market trader and I did about two years later.
02:47.279 --> 02:48.780
[SPEAKER_00]: The same guy comes back around.
02:48.840 --> 02:54.523
[SPEAKER_00]: I'm working marketing business for a design company doing custom homes.
02:55.203 --> 02:56.864
[SPEAKER_00]: And he said, hey, we're going to start a company.
02:56.884 --> 03:01.067
[SPEAKER_00]: Why don't you come get licensed series seven and some other ones and come aboard.
03:01.527 --> 03:02.668
[SPEAKER_00]: So this was in 05.
03:02.728 --> 03:03.989
[SPEAKER_00]: I said, yep, I want to.
03:04.049 --> 03:05.470
[SPEAKER_00]: I quit that job immediately.
03:09.452 --> 03:10.173
[SPEAKER_00]: and got in.
03:10.633 --> 03:12.854
[SPEAKER_00]: And so this was back in 0506.
03:12.894 --> 03:14.935
[SPEAKER_00]: So you still cold called people all the time.
03:14.975 --> 03:16.156
[SPEAKER_00]: Yeah, you got yelled at.
03:16.196 --> 03:18.958
[SPEAKER_00]: You got cursed that people called you in the seal.
03:19.658 --> 03:23.240
[SPEAKER_00]: But it was fun because you could make money fairly quickly and easily.
03:23.861 --> 03:31.926
[SPEAKER_00]: And so then the opportunity came that they said, hey, in 2007, they said, hey, we're going to open a trading desk in Boca
03:35.655 --> 03:36.576
[SPEAKER_00]: I said, what's Boca?
03:37.157 --> 03:38.278
[SPEAKER_00]: They're like, go check it out.
03:38.599 --> 03:42.504
[SPEAKER_00]: So I packed things in my car, drove 17 hours to get to Boca.
03:43.401 --> 03:45.322
[SPEAKER_00]: And within a week, I'm like, I'm not leaving the boat.
03:45.442 --> 03:46.102
[SPEAKER_00]: I'm staying here.
03:46.422 --> 03:49.403
[SPEAKER_00]: And so that was my prop trading.
03:49.423 --> 03:51.584
[SPEAKER_00]: We were equity traders, market makers.
03:51.644 --> 03:54.105
[SPEAKER_00]: I got license for all that.
03:54.365 --> 03:55.465
[SPEAKER_00]: It was a small group.
03:55.485 --> 03:57.066
[SPEAKER_00]: So I had to get more licenses.
03:57.106 --> 04:00.527
[SPEAKER_00]: My principal license series 24, all these other things.
04:01.287 --> 04:02.447
[SPEAKER_00]: And life was amazing.
04:02.748 --> 04:03.968
[SPEAKER_00]: And then 2008 hits.
04:04.008 --> 04:06.569
[SPEAKER_00]: And I know eight.
04:07.400 --> 04:09.222
[SPEAKER_00]: as the Lehman brothers was going down.
04:09.282 --> 04:13.626
[SPEAKER_00]: I was shorten Lehman brothers and I'm like, this is a great, great trade.
04:14.487 --> 04:15.749
[SPEAKER_00]: And then the reality hit me.
04:15.789 --> 04:16.309
[SPEAKER_00]: Wait a minute.
04:16.349 --> 04:17.310
[SPEAKER_00]: They do what I do.
04:19.132 --> 04:21.875
[SPEAKER_00]: I'll be on a business life or with all.
04:22.923 --> 04:26.405
[SPEAKER_00]: And at that point, I started thinking I better get out of trading.
04:26.645 --> 04:32.549
[SPEAKER_00]: And so the next year, I kind of shifted from equity's trading to advising.
04:32.749 --> 04:38.012
[SPEAKER_00]: And so I got up with J.P. Morgan started advising and financial planning type stuff.
04:38.632 --> 04:43.453
[SPEAKER_00]: And did that for a couple of years, came back to Texas, was up with Capital One, investing.
04:43.693 --> 04:46.774
[SPEAKER_00]: And at that point, I got my CFP certification.
04:46.954 --> 04:52.855
[SPEAKER_00]: So I was increasing my knowledge base and understanding tax, gift tax.
04:53.275 --> 04:56.596
[SPEAKER_00]: The things I didn't really understand, I had investing down.
04:57.136 --> 04:59.076
[SPEAKER_00]: So I enjoyed learning.
04:59.256 --> 05:06.978
[SPEAKER_00]: And at that point, I started thinking, you know, I want to add something to this, because there was an issue I kept saying in the industry.
05:07.782 --> 05:09.765
[SPEAKER_00]: a client would come to me they'd have problems.
05:10.505 --> 05:13.429
[SPEAKER_00]: So they need a referral to a tax guy in attorney.
05:13.649 --> 05:16.533
[SPEAKER_00]: I knew the answer, but I wasn't allowed to give it.
05:16.553 --> 05:21.198
[SPEAKER_00]: You shouldn't take advice from your financial advisor if he's not qualified to give it to you.
05:21.319 --> 05:24.422
[SPEAKER_00]: And that's what they kept telling me is, hey, you're not an attorney.
05:24.643 --> 05:25.924
[SPEAKER_00]: Don't give this advice.
05:26.946 --> 05:33.708
[SPEAKER_00]: And so that was my immaculate, hold my bare moment, which said, all right, I'm gonna go to law school and get to law degree.
05:34.328 --> 05:43.110
[SPEAKER_00]: And so I did in 2018, I had spent about a month practicing the LSAT when in there took it, passed enough to get into law school and went.
05:43.370 --> 05:52.212
[SPEAKER_00]: And my focus became tax in a state planning because that's what was needed on the financial side was I could do the tax, I could them do the estate planning.
05:52.912 --> 05:59.135
[SPEAKER_00]: And along the way, I learn business asset protection, all these things that kind of combine together.
05:59.556 --> 06:04.278
[SPEAKER_00]: And so today through Meridian Legal Advisors, we're that one-stop shop.
06:04.298 --> 06:12.303
[SPEAKER_00]: So somebody comes in, they need a state planning, they need business help, they need asset protection, tax and tax strategy, compliance.
06:12.343 --> 06:15.084
[SPEAKER_00]: We're able to do all of that in one spot.
06:15.264 --> 06:16.645
[SPEAKER_00]: We don't have to refer out.
06:17.105 --> 06:21.408
[SPEAKER_00]: And that's what people love because there's no longer the misalignment of advice
06:22.288 --> 06:42.441
[SPEAKER_00]: where the advisors never talk to each other and so the clients left wondering well this is what he said I don't really know what it means now you just call me and I have the meetings with the CPAs and everybody else and so that that was it kind of a long story but that that's how I got here was by by way of vocal tone flora and a market crash.
06:43.098 --> 06:43.919
[SPEAKER_01]: Hey, I like it.
06:43.959 --> 06:44.519
[SPEAKER_01]: I like it.
06:44.559 --> 06:49.602
[SPEAKER_01]: So I'm gonna fire off a couple questions that you didn't because I know you got so much knowledge.
06:49.802 --> 06:58.988
[SPEAKER_01]: When it comes to business owners who have their business and now is the end of the year, they come to you and they're like, right off everything.
07:00.029 --> 07:09.495
[SPEAKER_01]: What's some of the missed out there and what's something that things you normally help people to take advantage of the text code using legal resources that they're not even aware of?
07:09.880 --> 07:12.662
[SPEAKER_00]: So there's a lot of opportunities that people miss.
07:12.983 --> 07:16.566
[SPEAKER_00]: And there's a difference between tax planning and tax strategy.
07:16.726 --> 07:20.609
[SPEAKER_00]: And I always say this tax planning is really you're looking backwards.
07:21.010 --> 07:22.151
[SPEAKER_00]: Hey, I made this much money.
07:22.211 --> 07:23.352
[SPEAKER_00]: I need to do something with it.
07:23.852 --> 07:26.815
[SPEAKER_00]: Tax strategy is more we're looking forward.
07:27.015 --> 07:34.902
[SPEAKER_00]: And we're going to start doing things in the year that is going to take that adjusted girl syndrome that amount that we made and we're going to drop it.
07:35.422 --> 07:44.380
[SPEAKER_00]: And so we look for ways to do that, and you and I are talking about a few of them, we'll find syndications, we'll find all in gas plays where we can do depreciation.
07:44.948 --> 07:50.655
[SPEAKER_00]: real estate is still a phenomenal way to lower that AGI.
07:50.775 --> 08:00.345
[SPEAKER_00]: And so we're looking for these type plays so that at the end of it, yes, a lot of them cost money to get into, you have to invest your money into it.
08:00.486 --> 08:02.848
[SPEAKER_00]: But here's how it's ultimately working.
08:02.908 --> 08:04.470
[SPEAKER_00]: Instead of giving the government $100,000,
08:06.272 --> 08:14.454
[SPEAKER_00]: I'm putting $100,000 into something else, and it's going to lower what I owe the government, and therefore I own the asset.
08:14.534 --> 08:16.255
[SPEAKER_00]: Now, I have an interest in this.
08:16.895 --> 08:20.296
[SPEAKER_00]: This government tax do is now much lower.
08:20.956 --> 08:26.898
[SPEAKER_00]: And so over the course of time, you're building more of your assets versus just hand net over to the government.
08:27.538 --> 08:31.601
[SPEAKER_00]: And here's what people don't get, you have to continuously do it.
08:31.862 --> 08:40.628
[SPEAKER_00]: And so tax strategy to effectively lower your tax rate over and over again, you have to continue to do it over and over again.
08:41.109 --> 08:42.790
[SPEAKER_01]: That definitely makes sense.
08:42.910 --> 08:45.973
[SPEAKER_01]: It reminds me of somebody different situation.
08:46.533 --> 08:53.038
[SPEAKER_01]: They were working and all of a sudden, they fathered taxes and they were like, hey, how come I owe so much money?
08:56.641 --> 09:08.170
[SPEAKER_01]: They went from being a W2 employee on the books to being a contractor, and they wasn't taking out enough taxes for them, but they didn't know until after it was too late, you know.
09:08.250 --> 09:15.475
[SPEAKER_01]: Now like you said, they're looking back versus had they done proper strategic planning and advance.
09:15.775 --> 09:17.537
[SPEAKER_01]: They could have made the proper adjustments.
09:17.597 --> 09:20.439
[SPEAKER_01]: They wouldn't have to be in a financial hole and etc.
09:20.519 --> 09:21.540
[SPEAKER_01]: Trying to play ketchup.
09:22.008 --> 09:31.688
[SPEAKER_00]: correct and that's what we see a lot is W2 is not always great because you don't get all the deductions that you would as an independent contractor.
09:32.026 --> 09:36.809
[SPEAKER_00]: But when you're independent contractor now you have employment taxes that you're paying 100% on.
09:37.469 --> 09:43.213
[SPEAKER_00]: And so most people go on from W2 to 1099, they never understand that until that year.
09:43.793 --> 09:45.774
[SPEAKER_00]: And so how do you lower that?
09:45.834 --> 09:51.037
[SPEAKER_00]: Well, there's strategies you can use depending on the type of business you have.
09:51.177 --> 09:53.359
[SPEAKER_00]: You can do distributions that would be.
09:53.979 --> 10:18.758
[SPEAKER_00]: you know from your own business so you create a business you run that industry out of your business so I may work for you but you're paying my company, my company pays me partially W2 which has employment taxes and then the rest is distribution taxed without the employment and so it's it's a look at how much you're making in and a lot of people in this instance
10:21.320 --> 10:31.832
[SPEAKER_00]: a lot of people jump into it immediately so they can save a little bit, but you don't just jump into something like this because it can end up completely screwing up your your taxes going forward.
10:32.232 --> 10:37.538
[SPEAKER_00]: If you overpay yourself in distributions or you don't make enough income to justify it.
10:38.059 --> 10:40.221
[SPEAKER_00]: And so there's a lot of things I see.
10:41.893 --> 11:00.333
[SPEAKER_00]: I call it Facebook education or Instagram education that just I like to watch them I like just growth or when sign up for there there's seminar so I can be like no don't don't don't preach that but everything has to be done right there's so many tools in the shed
11:01.054 --> 11:07.420
[SPEAKER_00]: But you need to find somebody who understands this is more than a nail, and the hammer isn't always going to work.
11:07.800 --> 11:16.228
[SPEAKER_00]: And that's what tax strategy tax planning really comes down to is, here's all the tools we have, which one do you want us to use?
11:16.808 --> 11:17.609
[SPEAKER_01]: Makes sense.
11:17.709 --> 11:24.075
[SPEAKER_01]: I can't help but think about Facebook and people, want to go out and buy the G wagons so they can write it off.
11:24.977 --> 11:35.281
[SPEAKER_00]: That's see that a lot too and a lot of time through a 179 deduction you can have a nice car if it's if it's heavy enough to do it.
11:35.821 --> 11:49.426
[SPEAKER_00]: But the problem is I'll go by this really nice small, weight sports car that caused three times more than what it would be and the IRS that's back and says now did you really need a Lamborghini for your business?
11:50.246 --> 11:50.347
[SPEAKER_00]: And
11:52.627 --> 12:02.052
[SPEAKER_01]: Depends on the business would be my answer, right, right, definitely this way it's always more to it.
12:02.692 --> 12:07.055
[SPEAKER_01]: I try to think of another one that I, that's a myth out there, I can't think of another one.
12:07.435 --> 12:19.341
[SPEAKER_01]: But another question for the businesses, like so entrepreneurs who are looking to invest money they work for company in the past, they were W2 employee, so they were getting a 4-1
12:21.102 --> 12:29.090
[SPEAKER_01]: A lot of times, they don't realize that as a business owner, they can also open up an account and invest money into it and also get tax deductions.
12:29.470 --> 12:39.860
[SPEAKER_01]: So can you talk about the sole entrepreneur who's making, you know, 500,000, making a little bit of money where they can afford to open up a solo for one K or whatever you would like to discuss.
12:40.438 --> 12:41.018
[SPEAKER_00]: definitely.
12:41.599 --> 12:46.843
[SPEAKER_00]: And so let's back up just a little bit because we're talking about soul proprietorships and things like that.
12:47.503 --> 12:49.845
[SPEAKER_00]: Sometimes you're forced into that role.
12:49.965 --> 12:56.429
[SPEAKER_00]: Sometimes you work for a guy who just refuses to pay a company and wants to pay you only.
12:56.950 --> 12:59.752
[SPEAKER_00]: Try to always avoid that situation.
13:00.590 --> 13:04.111
[SPEAKER_00]: And it's important because you don't want to be paid in your name.
13:04.171 --> 13:06.251
[SPEAKER_00]: You want to be paid in the name of a company.
13:06.791 --> 13:13.973
[SPEAKER_00]: This allows you to do certain things differently, but it also brings in a lot more of a protection type status overview.
13:14.413 --> 13:17.694
[SPEAKER_00]: Doesn't mean that, hey, if I get sued, they can't touch my company.
13:18.214 --> 13:22.215
[SPEAKER_00]: Or if my company gets sued, they can't come after me, but it does put a wall there.
13:22.775 --> 13:24.596
[SPEAKER_00]: And this is something I talk about a lot.
13:24.636 --> 13:26.336
[SPEAKER_00]: It's called piercing the corporate bill.
13:26.476 --> 13:27.776
[SPEAKER_00]: We never want that to happen.
13:31.037 --> 13:36.803
[SPEAKER_00]: Typically, that company is going to protect me as the individual, from lawsuits coming through it.
13:37.163 --> 13:42.108
[SPEAKER_00]: Unless the plaint of attorney compares the corporate fail and get to me as an individual.
13:42.588 --> 13:43.789
[SPEAKER_00]: So how does this happen?
13:44.490 --> 13:47.913
[SPEAKER_00]: What will happen is a lot of times you'll see co-mingling the funds.
13:48.173 --> 13:53.975
[SPEAKER_00]: are more so you've created a business and this is one of those Facebook educations just go create a business.
13:54.075 --> 14:01.798
[SPEAKER_00]: Well, if you just create a business, pay the sector, state, some money, and now you have an LLC, you get yourself me, I am, but that's all you do.
14:02.338 --> 14:06.140
[SPEAKER_00]: If I'm selling you, I'm going to argue, you didn't really create a business.
14:06.200 --> 14:06.620
[SPEAKER_00]: You just,
14:07.140 --> 14:13.669
[SPEAKER_00]: are doing business as, and therefore this is the same to people, same thing, and I want those assets.
14:14.049 --> 14:19.716
[SPEAKER_00]: And so you have to do the formalities, create operating agreements, treat it, think of Google.
14:19.997 --> 14:24.382
[SPEAKER_00]: Google can't do anything without 14 people signed an off on it.
14:25.269 --> 14:28.112
[SPEAKER_00]: But Google is very protected in that manner.
14:28.432 --> 14:33.337
[SPEAKER_00]: Now, you don't need 14 people signing off on it, but you at least need corporate formalities.
14:33.998 --> 14:35.199
[SPEAKER_00]: I make this decision.
14:35.239 --> 14:37.001
[SPEAKER_00]: This is the decision for the company.
14:37.021 --> 14:38.983
[SPEAKER_00]: This is what we're doing, document it.
14:39.383 --> 14:41.285
[SPEAKER_00]: Because when an attorney comes through,
14:42.106 --> 14:45.488
[SPEAKER_00]: He sees those documents and says, all right, this is a real business.
14:45.528 --> 14:49.270
[SPEAKER_00]: So I probably can't get through it and get him as an individual.
14:49.650 --> 14:52.472
[SPEAKER_00]: So that that's the first thing that I think is always important.
14:52.712 --> 14:54.553
[SPEAKER_00]: Now, now you are a business.
14:55.193 --> 14:57.735
[SPEAKER_00]: Even if you're a sole proprietor, there's advantages.
14:58.495 --> 15:06.041
[SPEAKER_00]: but you're not working for a company that has a 401k program, you can always create your own.
15:06.321 --> 15:11.024
[SPEAKER_00]: And so if you're the only person there, you can create a solo 401k.
15:11.344 --> 15:18.209
[SPEAKER_00]: I've done this for people in the past and this fantastic because it has huge annual amounts of money that you could put into it.
15:18.730 --> 15:22.533
[SPEAKER_00]: Another one is a set, a set hiring, so the self employed,
15:23.233 --> 15:29.415
[SPEAKER_00]: So you can do these type of things, where we see a lot of the solo 401 is real estate investors.
15:29.955 --> 15:35.497
[SPEAKER_00]: So they create two companies, one holds the real estate assets, the other one does all the operations.
15:36.017 --> 15:37.137
[SPEAKER_00]: So it's making money.
15:37.597 --> 15:47.701
[SPEAKER_00]: So we'll come to this operations company and we'll create a solo 401k for the sole owner who can contribute a lot of money every single year to it.
15:48.221 --> 15:48.361
[SPEAKER_00]: So
15:49.201 --> 15:52.086
[SPEAKER_00]: Putting away money is definitely a must.
15:52.526 --> 15:55.691
[SPEAKER_00]: You have to be putting it away in some shape and form.
15:56.172 --> 16:00.198
[SPEAKER_00]: I don't always agree that hey, a traditional IRA is the way to go.
16:00.278 --> 16:04.404
[SPEAKER_00]: I prefer Roth and there's reasons for that for another conversation.
16:05.145 --> 16:13.028
[SPEAKER_00]: but you should be putting something away, these types of products allow you to put it away and it's protected due to a resell.
16:13.468 --> 16:23.533
[SPEAKER_00]: And so one of the things we always discuss is, hey, I've got this huge brokerage account in my name or me and my spouse's name, if I get sued, what happens to it?
16:23.773 --> 16:28.154
[SPEAKER_00]: Well, if you get sued, let's say you hit somebody with your car, they get a judgment against you.
16:28.174 --> 16:29.415
[SPEAKER_00]: That's the first place they're going.
16:29.835 --> 16:35.380
[SPEAKER_00]: You know where they don't go, they don't go to that solo 401k unless it's a very, very large amount.
16:36.120 --> 16:40.364
[SPEAKER_00]: And so you have extra protections, so you're doing really two things.
16:40.744 --> 16:49.772
[SPEAKER_00]: You're creating a business, you're bringing in income, you're putting away money for the future in your inadvertently protecting it at the same time.
16:50.222 --> 16:51.964
[SPEAKER_01]: That is powerful right there.
16:52.024 --> 16:53.546
[SPEAKER_01]: That is some good information.
16:54.007 --> 16:56.049
[SPEAKER_01]: Now I can't help but think of the couple.
16:56.550 --> 16:57.791
[SPEAKER_01]: They make six figures.
16:58.212 --> 17:00.014
[SPEAKER_01]: They're investing in the IRA.
17:00.314 --> 17:01.435
[SPEAKER_01]: They're making good money.
17:01.816 --> 17:03.218
[SPEAKER_01]: They're accumulating assets.
17:03.258 --> 17:04.779
[SPEAKER_01]: And now they're looking at their kids.
17:05.060 --> 17:07.583
[SPEAKER_01]: And they're like, y'all aren't built like us.
17:07.823 --> 17:32.197
[SPEAKER_01]: y'all you know y'all you haven't struggled you know we had to walk five miles to go to school now everything is instant you want something instant delivery you want something you just click the bud everything is instant as result parents started to think are they gonna squander this money when something happens to us when we leave how can we protect the assets I know you do a stay planning what some of the things you know me focus on
17:32.689 --> 17:37.633
[SPEAKER_00]: So we're in a state planning that there's several keys because we're heavy on business.
17:37.653 --> 17:38.934
[SPEAKER_00]: So we do a lot of business.
17:38.954 --> 17:40.335
[SPEAKER_00]: We do asset protection.
17:40.795 --> 17:44.398
[SPEAKER_00]: One of the things that most people don't understand is if you have a business.
17:44.418 --> 17:45.959
[SPEAKER_00]: So you've created this business.
17:46.319 --> 17:47.280
[SPEAKER_00]: It's making a lot of money.
17:47.880 --> 17:48.521
[SPEAKER_00]: You did it right.
17:48.561 --> 17:49.321
[SPEAKER_00]: It's an LLC.
17:49.341 --> 17:50.142
[SPEAKER_00]: It's a secret.
17:50.242 --> 17:50.822
[SPEAKER_00]: Whatever it is.
17:51.683 --> 18:04.712
[SPEAKER_00]: When you die, if you have not set up succession planning in the business, and even if you have sometimes, you still have an issue because that business cannot transfer ownership without going through probate now.
18:05.312 --> 18:07.434
[SPEAKER_00]: And so you want to talk about a problem.
18:08.437 --> 18:10.919
[SPEAKER_00]: spouse A has been owned a business.
18:10.959 --> 18:13.120
[SPEAKER_00]: It was phenomenal doing good bank account.
18:13.180 --> 18:15.161
[SPEAKER_00]: Suddenly as a hard attack passes away.
18:15.301 --> 18:16.582
[SPEAKER_00]: Mom knows the business.
18:16.662 --> 18:18.903
[SPEAKER_00]: Mom is going to step into this company.
18:19.444 --> 18:20.384
[SPEAKER_00]: Well, this is what she can't.
18:20.484 --> 18:21.605
[SPEAKER_00]: She's not on the bank account.
18:21.705 --> 18:25.607
[SPEAKER_00]: She's not on any of the governing documents.
18:26.268 --> 18:29.990
[SPEAKER_00]: So she can't take as inheritance from her spouse.
18:30.070 --> 18:32.231
[SPEAKER_00]: This business unless it goes through
18:33.452 --> 18:36.815
[SPEAKER_00]: And I do prove it as well, very common six to nine months.
18:37.355 --> 18:43.040
[SPEAKER_00]: And so you want to take a good business and watch it just wither and die, do it the wrong way.
18:43.340 --> 18:44.361
[SPEAKER_00]: Because that's what happens.
18:44.381 --> 18:47.584
[SPEAKER_00]: So six to nine months later, finally the hearing has been done.
18:47.724 --> 18:49.806
[SPEAKER_00]: Everything has ladders.
18:49.886 --> 18:55.570
[SPEAKER_00]: Mom is now able to take over, but in the meantime, you lost the ability to pay your employees, your vendors.
18:56.391 --> 19:01.739
[SPEAKER_00]: all your contracts have gone bad because dad died and now there's no access to the money.
19:02.179 --> 19:03.541
[SPEAKER_00]: And that's what we see all the time.
19:03.661 --> 19:10.230
[SPEAKER_00]: And so when it comes to a state planning for business owners, why not let your trust on your business?
19:11.148 --> 19:15.953
[SPEAKER_00]: And this is what we do a lot of structure with is so the trust will own the business.
19:16.513 --> 19:22.238
[SPEAKER_00]: Dad runs the business, but if he passes away now, Mom can step in as success or trustee.
19:22.379 --> 19:24.280
[SPEAKER_00]: And immediately run this business.
19:24.761 --> 19:27.584
[SPEAKER_00]: Go to the bank and say, hey, I'm the other trustee.
19:27.644 --> 19:28.604
[SPEAKER_00]: I was co-trustee.
19:29.325 --> 19:56.396
[SPEAKER_00]: I'm now in charge of this business and the business carries on and so that's a huge difference that I don't think a lot of people know because what I find is the kind of as we're talking about you have all these professionals they're really good you go see in a state plan or who's phenomenal but they're not a business a business planner and so nobody really has that conversation of your business and what are you going to do with your business and so it's little
19:58.641 --> 20:13.039
[SPEAKER_00]: If you do properly, the benefits outweigh the costs way more than down the future when now you have to probate and you lose your business and you have to sell the business at 30 cents on the dollar because you never did it properly.
20:13.739 --> 20:17.905
[SPEAKER_00]: Another issue I see all the time Michael is in capacity.
20:18.942 --> 20:23.245
[SPEAKER_00]: And I always say, the only thing worse than death is in capacity.
20:23.505 --> 20:28.729
[SPEAKER_00]: And then waking up three years later, and everything I own is gone.
20:28.929 --> 20:35.233
[SPEAKER_00]: And that is the type of planning that most people, when you think about a state planning, it's, okay, I'm going to die.
20:35.973 --> 20:38.375
[SPEAKER_00]: And so if I die, I don't really care about it.
20:38.475 --> 20:39.896
[SPEAKER_00]: But what if you don't die?
20:40.076 --> 20:45.680
[SPEAKER_00]: What if you just get knocked out for a good couple of years and then suddenly you wake up?
20:46.940 --> 20:51.888
[SPEAKER_00]: And I always have the vision of Resident Evil where she worried something about this video.
20:51.908 --> 20:53.270
[SPEAKER_00]: There's nobody there.
20:53.891 --> 20:55.313
[SPEAKER_00]: What happens in that case?
20:55.594 --> 21:00.441
[SPEAKER_00]: So you need to plan for incapacity when you do this through the business side.
21:01.352 --> 21:06.815
[SPEAKER_00]: And if all that sells, it still falls back because the trust owns the business.
21:07.055 --> 21:14.879
[SPEAKER_00]: And so there's all these little steps that you're able to add along the way that really kind of protect you as you start building your company up.
21:15.359 --> 21:19.281
[SPEAKER_01]: Yeah, that definitely makes sense where it's easy to trust owns the company.
21:19.361 --> 21:29.186
[SPEAKER_01]: And so there's any changes if somebody gets in a car accident and they're in the hospital for six months waiting to recover, somebody else is able to step in
21:31.167 --> 21:36.331
[SPEAKER_01]: and continue to manage the business and et cetera, and then they're a semi-protected as well.
21:36.812 --> 21:50.183
[SPEAKER_01]: I couldn't help but think of the fact that I've known a couple people who were maybe low-income or retired from the military, they get sick, they're 80 years old, they get sick, they're a Medicaid medicare.
21:50.924 --> 21:55.027
[SPEAKER_01]: They have to go to the hospital, and then the hospital starts to ask,
21:57.556 --> 21:59.216
[SPEAKER_01]: What assets do you have?
21:59.537 --> 22:01.757
[SPEAKER_01]: You got any new 4.1K IRA accounts?
22:01.997 --> 22:07.359
[SPEAKER_01]: Because they're trying to now cover the hospital expenses and take it from your assets.
22:07.919 --> 22:11.980
[SPEAKER_01]: Will it trust cover that by protecting people from that?
22:12.940 --> 22:19.262
[SPEAKER_00]: So the, and you and I had mentioned this earlier, it trust doesn't protect you from creditors.
22:19.622 --> 22:22.183
[SPEAKER_00]: If I sue you, you have a revocable trust.
22:23.166 --> 22:25.507
[SPEAKER_00]: Basically, I'm trying to get access to that.
22:25.847 --> 22:27.968
[SPEAKER_00]: So a typical trust will not.
22:28.588 --> 22:35.910
[SPEAKER_00]: Now, when you create a grant or trust in you pass away, it's a little bit different because you have what's called probate.
22:36.171 --> 22:45.954
[SPEAKER_00]: And so probate in basic layman's terms is you're taking a deceased person, the descendant, you're taking their assets in your distributing them.
22:46.642 --> 22:51.204
[SPEAKER_00]: And so anything and probate is considered in your estate.
22:51.805 --> 22:57.147
[SPEAKER_00]: And so if you pass away, creditors can now come and make a claim against your estate.
22:57.368 --> 22:59.309
[SPEAKER_00]: And I see this all the time in probate court.
22:59.449 --> 23:01.250
[SPEAKER_00]: I'm yet calls every day.
23:01.270 --> 23:02.250
[SPEAKER_00]: It's driving me nuts.
23:02.470 --> 23:06.292
[SPEAKER_00]: I'm trying to be nice with them, because I'm not even the person in charge of this state.
23:06.332 --> 23:07.253
[SPEAKER_00]: I'm just the attorney.
23:07.793 --> 23:08.674
[SPEAKER_00]: doing the probate.
23:09.014 --> 23:12.658
[SPEAKER_00]: And they're like, right, you know, we're the hospital or we're the credit card.
23:12.698 --> 23:14.199
[SPEAKER_00]: And we we want this money.
23:14.700 --> 23:18.323
[SPEAKER_00]: So the goal becomes how do I limit claims?
23:18.663 --> 23:20.405
[SPEAKER_00]: Well, I get them out of my state.
23:21.206 --> 23:25.209
[SPEAKER_00]: And so depending on on where you're at, you have other protections such as,
23:25.910 --> 23:26.930
[SPEAKER_00]: Homestead protection.
23:27.031 --> 23:29.472
[SPEAKER_00]: Texas has phenomenal homestead protection.
23:29.952 --> 23:38.416
[SPEAKER_00]: And so the creditors have a very tough time claiming against the primary residency, unless you have to sell it.
23:39.096 --> 23:42.898
[SPEAKER_00]: So when would you have to sell it where you need to sell it so that you can fund
23:43.898 --> 23:45.119
[SPEAKER_00]: everything else in the estate.
23:45.399 --> 23:46.419
[SPEAKER_00]: When does this happen?
23:46.439 --> 23:50.901
[SPEAKER_00]: Typically when people don't get along, so they have to do it a dependent administration.
23:51.441 --> 23:57.204
[SPEAKER_00]: So now all these assets have to be sold because you've got lawyers, you've got to pay, you've got a state probate cost.
23:57.644 --> 24:04.207
[SPEAKER_00]: So now that house that should have gone to the children has been sold and it's up for grabs from these creditors coming in.
24:04.667 --> 24:06.448
[SPEAKER_00]: So how is all of this avoided?
24:07.428 --> 24:10.370
[SPEAKER_00]: A do a an estate plan.
24:10.550 --> 24:12.091
[SPEAKER_00]: It's more than just dying.
24:12.211 --> 24:14.673
[SPEAKER_00]: It's, hey, this is who's in charge.
24:14.913 --> 24:18.816
[SPEAKER_00]: We're getting all of these assets out of the the probatable estate.
24:19.516 --> 24:24.920
[SPEAKER_00]: And if you two can't get along and you're going to sue each other, brothers and sisters of antinocles,
24:25.680 --> 24:35.447
[SPEAKER_00]: Anybody conflicting with it, it doesn't matter because this is how I want it distributed, this is how it's going to be done, and now you have much better protection.
24:35.988 --> 24:40.211
[SPEAKER_00]: But where that trust comes in is you make the trust the owner of your house.
24:40.771 --> 24:51.239
[SPEAKER_00]: And you can do this even if you have a loan on the house to the mortgage company because there's certain rules that are based on the Garn Saint Germain Act, which basically says a grand tour
24:54.561 --> 24:58.183
[SPEAKER_00]: if he's the beneficiary and the mortgage company can't do anything about it.
24:58.383 --> 25:08.528
[SPEAKER_00]: So there's no reason for people to pass away realistically without a will, and without a without having your home out of your state.
25:08.708 --> 25:13.411
[SPEAKER_00]: It's so easy these days, but yet there's a whole industry based on
25:16.107 --> 25:16.807
[SPEAKER_01]: That's a lot.
25:16.867 --> 25:19.608
[SPEAKER_01]: I'm sitting here like my head has been in like a man.
25:19.728 --> 25:26.071
[SPEAKER_01]: I put the money in the state And part of his protect it in some of his not depending on how he's ridden.
25:26.331 --> 25:26.691
[SPEAKER_01]: Okay.
25:26.831 --> 25:27.952
[SPEAKER_01]: Gotta go see him real quick.
25:27.972 --> 25:29.752
[SPEAKER_00]: That's that mental hundred percent.
25:29.972 --> 25:36.595
[SPEAKER_00]: It is C if a if it's A and B and C equal to C. But if it's B minus A, you're in trouble buddy.
25:36.815 --> 25:37.276
[SPEAKER_01]: right.
25:37.676 --> 25:55.155
[SPEAKER_01]: And unfortunately, as you know, Matthew is that people learn the hard way when they listen to some of these, you know, Facebook lawyers and et cetera, where their focus on A, but they don't count for A plus B minus C. And that's let me put it in layman's terms.
25:56.168 --> 25:59.251
[SPEAKER_00]: Get your house out of your state before you die.
25:59.611 --> 26:01.513
[SPEAKER_00]: How you do that, you can do a transform.
26:01.553 --> 26:05.016
[SPEAKER_00]: Death, deed, ladybird, these are heavy texts of stuff.
26:05.056 --> 26:12.924
[SPEAKER_00]: So not all states do this, but 99% of the states out there, pretty much allow you to move it into a trust.
26:13.384 --> 26:18.306
[SPEAKER_00]: And so, create yourself a trust, connect your businesses to it, connect your assets to it.
26:18.766 --> 26:22.847
[SPEAKER_00]: And then your earlier question is, I've got the Spend Thrift Kids, what do I do?
26:23.167 --> 26:25.348
[SPEAKER_00]: Well, you control that money through your trust.
26:25.588 --> 26:28.349
[SPEAKER_00]: And that's ultimately what the trust does.
26:28.529 --> 26:33.651
[SPEAKER_00]: Is it allows me to say, this person is in charge of this trust when I'm gone.
26:34.151 --> 26:35.871
[SPEAKER_00]: Here are my children, my beneficiaries.
26:35.951 --> 26:37.072
[SPEAKER_00]: Well, this child,
26:37.847 --> 26:43.491
[SPEAKER_00]: He may have a gambling problem, he may have... That he may be about to go through a divorce.
26:43.832 --> 26:48.035
[SPEAKER_00]: Well, we don't want to give him all that money until these problems are gone.
26:48.235 --> 26:50.917
[SPEAKER_00]: So, we also don't want to give young kids money.
26:51.217 --> 26:54.059
[SPEAKER_00]: And so it's very common in pretty much all the stuff I do.
26:54.480 --> 26:56.821
[SPEAKER_00]: We'll or trust nobody gets anything into their 25.
26:57.882 --> 27:05.524
[SPEAKER_00]: Some people go into stages where, okay, they get a quarter or 25, another quarter at 30, and then they get the rest at 35.
27:05.584 --> 27:10.645
[SPEAKER_00]: So now the child has a trustee who, Mom and Dad aren't there.
27:11.025 --> 27:15.786
[SPEAKER_00]: So he's not, he or she's not learning how to spin properly.
27:15.826 --> 27:20.547
[SPEAKER_00]: So you have a trustee who is now in charge of the bills and can show and can teach.
27:20.947 --> 27:24.168
[SPEAKER_00]: And then when the child is 35, hey, as long as there's no,
27:24.668 --> 27:32.174
[SPEAKER_00]: divorce risk, gambling risk, major debt, I'm going to give you the resting money because now you're old enough and mature enough to do it.
27:32.734 --> 27:33.935
[SPEAKER_00]: Now, what happens?
27:33.975 --> 27:36.858
[SPEAKER_01]: I always get that money and go to book or tone for us.
27:37.338 --> 27:39.119
[SPEAKER_01]: Yeah, yeah, yeah, yeah.
27:39.520 --> 27:45.825
[SPEAKER_01]: That made me I had a conversation with the relative two days ago and they mentioned this.
27:46.892 --> 27:50.993
[SPEAKER_01]: get a life insurance policy where everybody has a life insurance policy.
27:51.474 --> 28:04.858
[SPEAKER_01]: The beneficiary is the trust or the estate, whatever the correct term is, so that money goes into that, and then everybody who, you know, generations on can benefit from that.
28:05.618 --> 28:07.961
[SPEAKER_01]: What do you say about that concept?
28:08.062 --> 28:13.910
[SPEAKER_01]: My thought was, once the second generation gets the money, they're not gonna buy life insurance policy on themselves to give to the neck.
28:14.150 --> 28:17.515
[SPEAKER_01]: They're gonna spend it all anyway, but anyway, I wouldn't throw it out there too.
28:18.394 --> 28:23.697
[SPEAKER_00]: So when we talk about these very wealthy families, that's what they do.
28:23.757 --> 28:31.661
[SPEAKER_00]: They create eyelets and dynasty trusts where everybody is buying insurance policies that go into this trust.
28:32.161 --> 28:36.883
[SPEAKER_00]: And so it funds the next generation and it just continues now.
28:37.124 --> 28:43.027
[SPEAKER_00]: And so their phenomenal techniques, the problem though with insurance is that,
28:44.067 --> 28:49.152
[SPEAKER_00]: It's not always cheap, sometimes to get a good policy, you need to be there a long time.
28:49.653 --> 28:59.243
[SPEAKER_00]: And so you need to plan ahead with it and you need to title it in certain ways because if it's a lot of money, then you've got a state and gift tax problems.
28:59.903 --> 29:06.450
[SPEAKER_00]: But if it's, you know, and modest amount, or you're not breaching that number, I encourage it all the time.
29:08.247 --> 29:11.369
[SPEAKER_00]: And I have life and health insurance license to sell.
29:12.230 --> 29:17.052
[SPEAKER_00]: And it just baffles me how little financial planning aspects.
29:17.132 --> 29:21.454
[SPEAKER_00]: Most people look at life insurance as, oh, this is death insurance.
29:21.574 --> 29:22.175
[SPEAKER_00]: No, it's not.
29:22.555 --> 29:27.077
[SPEAKER_00]: This is tax-free loan money later or this is funding your kids' future later.
29:27.698 --> 29:30.659
[SPEAKER_00]: It's just, you don't have to put everything in the market.
29:30.979 --> 29:32.100
[SPEAKER_00]: You're just transferring it.
29:32.540 --> 29:33.861
[SPEAKER_00]: And that's the biggest concept.
29:33.941 --> 29:40.764
[SPEAKER_00]: If you can get over the fact that I'm not giving this money away, I'm just transferring from one investment mechanism to the next.
29:41.304 --> 29:45.146
[SPEAKER_00]: It suddenly becomes a much easier contemplation to handle.
29:45.206 --> 29:47.707
[SPEAKER_01]: Now I got another question going back to money.
29:48.187 --> 29:49.408
[SPEAKER_01]: Loth a version.
29:49.628 --> 29:52.849
[SPEAKER_01]: When you're managing people's money, I know you've seen it all the time.
29:53.309 --> 29:54.470
[SPEAKER_01]: They invested $10,000.
29:54.510 --> 29:55.370
[SPEAKER_01]: The account is up.
29:55.690 --> 29:56.871
[SPEAKER_01]: They got $50,000 in the account.
29:59.532 --> 30:06.555
[SPEAKER_01]: The market goes down, it drops down from 50,000 down to 40,000 and they're just like sell everything.
30:07.156 --> 30:12.818
[SPEAKER_00]: Yeah, that that happens and it's funny because I'm I'm almost like that.
30:12.838 --> 30:13.979
[SPEAKER_00]: And I do this for a living.
30:14.099 --> 30:22.563
[SPEAKER_00]: Oh, the world's gonna end, get out, get out, put here's the thing that that most people with money understand and that
30:23.519 --> 30:27.683
[SPEAKER_00]: For people who have that fear right now, here's how you get over that.
30:28.343 --> 30:32.287
[SPEAKER_00]: A never put all your ex and one basket.
30:32.427 --> 30:33.288
[SPEAKER_00]: That is the key.
30:33.828 --> 30:37.151
[SPEAKER_00]: Go into something that you believe can make you money.
30:37.732 --> 30:39.213
[SPEAKER_00]: It's a long term or deal.
30:39.333 --> 30:44.437
[SPEAKER_00]: Stop with, I'm gonna turn this into money overnight because that's when people lose more.
30:44.838 --> 30:50.523
[SPEAKER_00]: And if we go back and look at the history of the S and pay all the way to the beginning, it always goes up.
30:51.183 --> 30:56.807
[SPEAKER_00]: it just a matter of when it goes down until when it comes back up that you have to wait.
30:57.167 --> 31:03.731
[SPEAKER_00]: So if you don't need this money right now, it's not living expenses, set it and forget it.
31:04.412 --> 31:11.637
[SPEAKER_00]: The clients I have on the investment management side who have made the most money are the ones who have set it and forget it.
31:12.355 --> 31:15.318
[SPEAKER_00]: And in just, you hit a market low, it comes back up.
31:15.498 --> 31:21.183
[SPEAKER_00]: The ones who have the problems of the day traders and the people who are trying to get that short-term gains.
31:21.743 --> 31:34.594
[SPEAKER_00]: And so investing needs to be looked at at two different types of mentalities, either you're doing this long-term gain and you're doing it because the value of the dollar inflation itself has destroyed,
31:35.315 --> 31:42.159
[SPEAKER_00]: or spending value, and so you need something that stays up with it, so you do it like that or you do it to make money.
31:42.859 --> 31:49.943
[SPEAKER_00]: And if you're trying to make money, you need to realize this is like any other business and you very easily can be wiped out very quickly.
31:50.423 --> 31:53.145
[SPEAKER_00]: And so how are you protecting yourself against that?
31:54.146 --> 31:56.427
[SPEAKER_00]: And here's kind of really the final thing.
31:57.347 --> 32:01.614
[SPEAKER_00]: A lot of the people I work with their business owners, they have income coming in.
32:02.215 --> 32:08.005
[SPEAKER_00]: And so I'm that guy when I was just a financial advisor working for these large firms.
32:08.893 --> 32:20.559
[SPEAKER_00]: If I told a client, hey, I think you're right, you should sell $2 million in your account, take it out and you go buy a property with, that company would flip their lid.
32:20.859 --> 32:23.160
[SPEAKER_00]: What do you mean you don't want to take $2 million out?
32:23.980 --> 32:26.421
[SPEAKER_00]: And that, to me, has always been the conflict of interest.
32:26.681 --> 32:34.245
[SPEAKER_00]: I don't have that problem as the attorney, because I can turn around and say, hey, let's pull $2 million out because we found a property, let's go buy it.
32:35.488 --> 32:37.650
[SPEAKER_00]: I still control both relationships.
32:37.690 --> 32:41.914
[SPEAKER_00]: So for me, the conflict of one side interest goes away.
32:42.154 --> 32:47.218
[SPEAKER_00]: Now, of course, I still want the whole relationship, but I'm able to balance more.
32:47.338 --> 32:56.006
[SPEAKER_00]: And so the people who have other assets, hard assets, real estate things like that, they're not so worried about the market crashing.
32:56.406 --> 33:00.550
[SPEAKER_00]: In fact, it's kind of like, ooh, the market's crashing, Matt, let's solve this property.
33:01.648 --> 33:02.769
[SPEAKER_00]: and get into it again.
33:03.269 --> 33:06.230
[SPEAKER_00]: And that's what you'll see once well that starts accumulating.
33:06.651 --> 33:12.133
[SPEAKER_00]: But look, when I was first starting out as a trading, I got wiped out multiple times.
33:12.574 --> 33:13.094
[SPEAKER_00]: It hurts.
33:14.014 --> 33:27.381
[SPEAKER_00]: And the problem I see is that a lot in this industry is the financial advisor who you're calling and saying, I don't like the market sell it and they're sitting there saying, no, hang tight, it'll do this, it'll go.
33:27.821 --> 33:29.202
[SPEAKER_00]: My response has always been,
33:31.905 --> 33:36.528
[SPEAKER_00]: because I guarantee you I have lost a lot of money on trades.
33:37.369 --> 33:39.971
[SPEAKER_00]: I've learned how to handle it, how to make it back.
33:40.631 --> 33:47.396
[SPEAKER_00]: But don't tell me not to sell, not to fan it, not to worry if you never lost the money.
33:47.756 --> 33:50.858
[SPEAKER_00]: To me, that's just the slapping because of this.
33:50.898 --> 33:52.219
[SPEAKER_00]: Like you don't know.
33:52.359 --> 33:56.042
[SPEAKER_00]: And so I think that's part of it is understand.
33:56.202 --> 33:58.083
[SPEAKER_00]: I hate to call it the game, but it is.
34:01.165 --> 34:22.950
[SPEAKER_00]: understand that if you put everything at risk you very well may lose all your hair and if you're okay with that okay or you diversify it properly don't put all your eggs in that one basket and tell yourself if it crashes tomorrow and I'm in this for the next 20 years what do I care I just keep adding to it
34:23.788 --> 34:29.294
[SPEAKER_00]: and treat it as a bank account in that manner because then it just grows to massive size.
34:29.354 --> 34:34.059
[SPEAKER_00]: And we've all seen that guy who, no matter what, he's been in since the 87 crash.
34:34.840 --> 34:39.966
[SPEAKER_00]: Law saw all of his money, but yet has made it and been through multiple crashes and just his accounts massive.
34:40.605 --> 34:52.829
[SPEAKER_01]: Yep, dollar costs averaging as we wrap up the last little topic I want to touch on is the people who are buying these options and futures who are new because it looks good on TV, right?
34:53.249 --> 34:54.770
[SPEAKER_01]: Hey, you can make so much money.
34:54.810 --> 34:56.370
[SPEAKER_01]: You can retire tomorrow.
34:56.770 --> 35:02.572
[SPEAKER_01]: But right now, as you know, the market goes up to two days, then it drops for three days.
35:02.912 --> 35:05.453
[SPEAKER_01]: Then it goes up for two days, then it drops.
35:05.893 --> 35:08.134
[SPEAKER_01]: I can't help but think about how many people
35:08.734 --> 35:13.420
[SPEAKER_01]: But they hit the lottery on Monday and then on Wednesday, they lost everything.
35:13.920 --> 35:17.084
[SPEAKER_00]: Yeah, I actually started as an options trader.
35:18.045 --> 35:18.626
[SPEAKER_00]: Okay.
35:19.487 --> 35:20.568
[SPEAKER_00]: And I love options.
35:21.209 --> 35:27.677
[SPEAKER_00]: And I don't trade them as much as I used to because I just don't have the time to sit there and trade like I used to.
35:27.797 --> 35:28.017
[SPEAKER_00]: But.
35:28.734 --> 35:38.838
[SPEAKER_00]: You can make a lot of money trade options at a fraction of what it would cost you to play the stocks, but you can also lose a lot of money and a lot quicker in the options.
35:39.458 --> 35:42.159
[SPEAKER_00]: And I think it gets back to that same mentality.
35:42.439 --> 35:50.142
[SPEAKER_00]: Is this a money-making attempt or is this me planning to long-term grow my assets overall?
35:50.723 --> 35:56.005
[SPEAKER_00]: Because a lot of times when you use options correctly and you can't use them correctly,
35:56.745 --> 36:07.209
[SPEAKER_00]: as part of an investment strategy, you can hedge, you can do all kind of different types of moves that will make you long-term money starting with short-term plays.
36:07.529 --> 36:14.011
[SPEAKER_00]: But again, let's look at Bitcoin right now, look at all the crypto, all of it's been slaughtered.
36:14.311 --> 36:20.933
[SPEAKER_00]: And so all these people who got in, what was it a year and a half ago, it was at all-time highs, their way down.
36:21.314 --> 36:21.714
[SPEAKER_00]: It's going
36:25.781 --> 36:34.289
[SPEAKER_00]: I would rather from most things in my life just take a fraction of it and go play that risk because if I'm wrong, it's okay.
36:34.449 --> 36:40.915
[SPEAKER_00]: I got 75% more of it than now I can buy in at at a much lower price and so definitely.
36:42.058 --> 36:44.240
[SPEAKER_00]: I just don't trust easy money anymore.
36:44.260 --> 36:50.264
[SPEAKER_00]: I've been around for too long that if it's easy money, I think I'm either going to get arrested or someone scamming me.
36:50.424 --> 36:51.645
[SPEAKER_00]: And that's the reality.
36:52.205 --> 36:54.266
[SPEAKER_00]: One guy made a lot of money off of it.
36:54.306 --> 36:56.928
[SPEAKER_00]: He made a video in everybody else's loss.
36:57.389 --> 36:57.989
[SPEAKER_00]: It happens.
36:58.109 --> 37:00.831
[SPEAKER_00]: I know a lot of option traders who do phenomenal.
37:01.476 --> 37:06.039
[SPEAKER_00]: But again, it's that stress, and that they're all bald.
37:06.820 --> 37:11.803
[SPEAKER_00]: Everyone, all the stress goto, and that's the thing.
37:11.883 --> 37:24.512
[SPEAKER_00]: I think real wealth is built through, I hate say hard work, because I know a lot of wealthy people who somehow have scarmed by, but it's made through planning.
37:24.773 --> 37:27.935
[SPEAKER_00]: It's a formula that you figure out, at least what I've learned.
37:28.880 --> 37:32.882
[SPEAKER_00]: And you don't have to worry about little bit coins down at this problem.
37:32.982 --> 37:37.123
[SPEAKER_00]: I'm going to throw all my money into it and I'm going to make $20 million and I'm going to retire.
37:37.683 --> 37:38.824
[SPEAKER_00]: That rarely happens.
37:40.024 --> 37:45.246
[SPEAKER_00]: And so find another plan that you utilize and you grow slowly but securely.
37:45.406 --> 37:51.809
[SPEAKER_00]: So you don't end up a year and a half later, almost completely wiped out from what you got into just one year ago.
37:52.457 --> 37:56.578
[SPEAKER_01]: exactly and that's why my new model now is money is a liar.
37:56.598 --> 38:13.182
[SPEAKER_01]: A lot of people are lying to themselves and that they can make this option play and it can take care of all their financial problems and then two weeks later they got less money because it didn't go like they thought they said, you know what, when I make more money I'm going to start investing for the future.
38:13.882 --> 38:36.207
[SPEAKER_01]: And I know you run into this all the time with the business owners that you work with they said you know what I'm going to start January first off I'm going to be I'm going to meet with Matthew we're going to do all the proper strategic planning we're going to do this this this and that, but they never call you on January 31 they waited into the texture and they're looking back and help help.
38:37.075 --> 38:39.476
[SPEAKER_00]: That's not just taxes, that's everything.
38:39.596 --> 38:42.216
[SPEAKER_00]: I get more calls saying, hey, I'm being sued.
38:42.256 --> 38:44.157
[SPEAKER_00]: Can you help me with asset production?
38:45.457 --> 38:46.697
[SPEAKER_00]: The, the, anything else?
38:47.578 --> 38:51.438
[SPEAKER_00]: Planning again, it's, it's that long-term mentality.
38:52.099 --> 38:54.159
[SPEAKER_00]: Yeah, we all want to hit it quick and rich.
38:54.899 --> 38:56.500
[SPEAKER_00]: I've learned I'm not that guy.
38:56.820 --> 38:58.040
[SPEAKER_00]: So I better make a plan.
38:58.640 --> 39:01.621
[SPEAKER_00]: and it's with businesses with the law firm just with everything.
39:01.781 --> 39:04.202
[SPEAKER_00]: How do you plan for substantial growth?
39:04.862 --> 39:10.464
[SPEAKER_00]: Well, you let go of that idea that hey, I'm going to hit that client tomorrow and I'm going to be a multi-millionaire.
39:10.484 --> 39:15.925
[SPEAKER_00]: I'm going to put it all in options and I'm going to make $20 billion and I'm going to move to Mexico and how I'm done.
39:16.805 --> 39:17.806
[SPEAKER_00]: Like I've given up on that.
39:17.846 --> 39:18.846
[SPEAKER_00]: I've given up on that.
39:22.618 --> 39:23.179
[SPEAKER_01]: You're right.
39:23.539 --> 39:28.204
[SPEAKER_00]: So at the strides I want to strike two, strike two, you like knives, not having it.
39:29.025 --> 39:29.525
[SPEAKER_00]: Exactly.
39:29.585 --> 39:40.317
[SPEAKER_00]: So instead what I'm going to do is I'm going to focus on building my business and I'm going to focus on when money comes in, how do I expand it and make it larger so that I can bring in more money.
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[SPEAKER_00]: And yes, I made make profit off that and I make a throw it into Bitcoin because it's well or right now, but it's not my full plan.
39:50.026 --> 40:03.329
[SPEAKER_00]: It's side money that is going in and if it's lost, it's lost because I don't like investing in things that I don't know for fat if my chance is you're really good that this is going to work out.
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[SPEAKER_00]: And I'm not saying, hey, don't do crypto, I have a ton of crypto.
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[SPEAKER_00]: But I also have it on the long term play.
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[SPEAKER_00]: And so when that mentality shifts from short term to long term, planning becomes easier because you're able to look longer and start with the thought that hey, I've got to make a move that I make a million dollars to more.
40:23.206 --> 40:34.108
[SPEAKER_00]: And that's how people get blown up is you stop thinking because that greedy thought and I don't even know if it's greed, that exciting thought of, hey, I can make it big, comes in.
40:34.749 --> 40:41.790
[SPEAKER_00]: And then we start acting like fools and next thing you know, you're buying waffles, like waffles, waffles are going.
40:43.910 --> 40:50.452
[SPEAKER_00]: And here's the other thing I've learned is I'm usually right about the market, but I'm always early.
40:51.165 --> 40:54.906
[SPEAKER_00]: I've always been early in, I see it coming.
40:55.006 --> 41:02.947
[SPEAKER_00]: I saw with the transition from the trading world, hate, I gotta get into another industry because nobody's gonna prop trading.
41:03.207 --> 41:06.128
[SPEAKER_00]: But financial advising, I've saw it before it happens.
41:06.268 --> 41:15.790
[SPEAKER_00]: And I'd better be able to offer tax and legal because nobody's gonna pay 2% to an advisor just sit here and just babysit accounts unless they could provide more.
41:16.490 --> 41:26.057
[SPEAKER_00]: and so with that the market returns I see it and so it's I start to prepare for it and the problem I have with options is I see it but they expire.
41:26.097 --> 41:28.458
[SPEAKER_00]: Yeah.
41:28.899 --> 41:30.560
[SPEAKER_00]: Yeah.
41:30.640 --> 41:35.243
[SPEAKER_00]: So if I was just one day too early, oh well, it was a good thought.
41:36.113 --> 41:37.294
[SPEAKER_01]: definitely definitely the world.
41:37.594 --> 41:39.174
[SPEAKER_01]: We can talk for days.
41:39.214 --> 41:44.097
[SPEAKER_01]: That means we have to do a part two for the customers that you support.
41:44.197 --> 41:44.817
[SPEAKER_01]: Who are they?
41:44.837 --> 41:45.677
[SPEAKER_01]: How can they reach you?
41:46.178 --> 41:49.239
[SPEAKER_00]: So I work heavily with business owners.
41:49.419 --> 41:55.162
[SPEAKER_00]: I work heavily with people who need a state plans, but in particular those who need businesses.
41:55.182 --> 41:56.442
[SPEAKER_00]: So you've started a company.
41:56.762 --> 41:57.663
[SPEAKER_00]: You've done well.
41:58.813 --> 42:01.875
[SPEAKER_00]: But now you're worried about being sued.
42:01.895 --> 42:03.096
[SPEAKER_00]: You need protection.
42:03.116 --> 42:04.597
[SPEAKER_00]: Your company's grown too large.
42:04.697 --> 42:06.258
[SPEAKER_00]: One lawsuit can take everything.
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[SPEAKER_00]: That's who we help.
42:07.519 --> 42:10.000
[SPEAKER_00]: And we always start with, let's go back to the basics.
42:10.160 --> 42:10.981
[SPEAKER_00]: The estate plan.
42:11.641 --> 42:13.823
[SPEAKER_00]: How does all this part when you part?
42:14.283 --> 42:21.930
[SPEAKER_00]: And from there we build in protections, we take looks at taxes, we do the financial planning aspects of it, and we protect the money.
42:22.190 --> 42:27.995
[SPEAKER_00]: And so if you're interested in those type of things that you need to talk, you can always find a set of meridian legal advisors.
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[SPEAKER_00]: I'm Matthew Meredith.
42:29.556 --> 42:30.837
[SPEAKER_00]: I'm on LinkedIn.
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[SPEAKER_00]: I'm
42:31.718 --> 42:32.959
[SPEAKER_00]: Meridian is as well.
42:33.299 --> 42:34.319
[SPEAKER_00]: We're all of the place.
42:34.339 --> 42:39.982
[SPEAKER_00]: I think you just have to type in my name and you'll find me, but Meridian LG dot com is probably the best way.
42:40.382 --> 42:44.344
[SPEAKER_00]: You can get my email there and shoot me a call shoot me an email.
42:44.364 --> 42:45.825
[SPEAKER_00]: I'm always happy to talk with anybody.
42:46.326 --> 42:47.488
[SPEAKER_01]: There y'all have it.
42:47.668 --> 42:48.589
[SPEAKER_01]: I'm Michael Dillard.
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[SPEAKER_01]: I enjoy helping couple stop living paycheck to pay check.
42:52.014 --> 42:52.915
[SPEAKER_01]: This is another.
42:53.376 --> 42:55.379
[SPEAKER_01]: This is another safer episode.
42:55.779 --> 42:57.101
[SPEAKER_01]: Make sure you like and subscribe.
42:57.161 --> 42:58.924
[SPEAKER_01]: And make sure you reach out to Matthew.
42:59.324 --> 43:01.608
[SPEAKER_01]: Tell him how much you enjoy today's series.
43:01.988 --> 43:03.110
[SPEAKER_01]: Talk to you next week.
