November 3, 2021 • 10 mins
Estate Planning expert Lori Douglas returns to give us a Deep Dive into the world of estate planning.
This time she covers the value of intellectual property, artwork, digital assets such as IG, FB, Tik Tok, Bitcoin, dogecoin, even the value of all those collectibles you have been having. Have kids going to college? you are going to want to listen in to her advice on Healthcare Proxy.
Host IG: @itstanyatime
The best way to reach Lori is through her email: lori@drestatecounsel.com
learn more about her services at: drestatecounsel.com/about
Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
See omnystudio.com/listener for privacy information.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hey, Money Weavers, welcome back. We've been on the topic
of a state planning and how to make sure your
family is set even after you're gone. We've discussed the
what is, but now I think it's time to figure
out the how to with another Money Moves steep dive.
(00:23):
As always, today's deep dive is brought to you by
our partners at MasterCard bridging the Wealth Gap together with Greenwood.
Here to help us understand that mindset and develop a
plan is the co chair of the Diversity Committee of
the Trust and the State Section of the New York
State Bar Association, Laurie Anne Douglas. So, Laurie, we've seen
a lot of examples of celebrities prematurely passing without a
(00:44):
will or an estate planning plan. Can you please tell
our audience why this is so important, even for young
people to plan ahead in the case of unexpected death
and really look into a state planning. Well, sure, Tan,
It's so important for young people, not just celebrities, but
young people who plan to be celebrities. And nowadays young
(01:10):
people have digital assets that have real value. They might
not seem so valuable today. Your TikTok video today may
not be worth much, but it could be worth quite
a bit in the future. And one of the things
that young people really have to everybody has to think
about nowadays, but planning for those digital assets. The copyright interests, royalties,
(01:35):
intellectual property is a big thing, and so when we
look at someone like DMX for example, or recap Prints,
even all of these people who were songwriters, they all
have intellectual properties. The copyright interest goes on forever, and
as we all know, sadly, as soon as the celebrity
(01:58):
passes there at the state good increases in value. Right
perfect example, as Prints, his estate went in equal shares
to brothers and sisters, some of the we didn't have
a very good, strong relationship with, you know, I think
that's a great example. And I also appreciate that you
brought young people into this because young people are such
incredible creators right now, and we've had many conversations, you know,
(02:21):
whether it is from music or creating digital assets such
as n f t s on the blockchain, and these
are all things that will increase in value, and young
people really need to understand, like you are creating things
that now are part of your asset portfolio. So planning
today for events that might happen tomorrow, you know, God
(02:42):
forbid a year from now, ten years from now. Is
why you really need to seek counsel and look into
properly doing some estate planning. Absolutely especially for young people,
because um, I have some you know, young clients, celebrity clients.
They're just making money. Their business managers bring them in
and say you have to do this, and young people
are like, what are you talking about. I'm not going
(03:03):
to die. But then when you explain to them the
value when you'm explained to them, well, if you die,
it just goes in equal shares to your mother and
your father. Some people don't have peoqual relationships with their
mother and father and don't want them to to equally share.
They would want one to get more than the other.
Or like I said, they have siblings who are also
in the industry, they would want them to be in
(03:25):
charge of those copyright interests, put them in trust so
they can be monetized for future generations. And so this
is why, when even though you're young, it's a very
strong likelihood you're not going to need any of these
things for a long time. Most of my clients are
annuities for me because they come back every five ten
years as their life changes, they have to update their estate.
(03:48):
That's a great example. So how often do you should
you intentionally go back, reassess your estate and update your wills.
You should always update your estate and your wills when
you've had any kind of life change. Okay, you're having
a child, You're going to get married. Now you've got married.
(04:09):
If you're not married, it's too late. You was supposed
to call me for the pre nups to get married.
That's a whole another conversation that we should have about
a conversation. But pre nup cover what happens in the
event of death too, And most people don't know that.
They think it's just for divorce, but it's also for
death because the surviving spouse has automatic rights in your estate.
(04:31):
I have another question for you, because I think when
people have the conversation of wills, trusts, estate planning, they
only think of hard assets, like, Okay, I have a house.
Who am I going to give my car to jewelry?
But now you've also opened it up and you've mentioned music. Um,
you've mentioned digital assets. Can you give us some other
outlying ideas on things that we should actually consider when
(04:53):
we're creating our wills and estates. Well, one of the things,
like you talked about personal property fell especially a lot
of African Americans. People have collectibles, they have artwork. They
I had a family they had the vintage Barbie dolls
and the daughters, the adult daughters were like, we're going
(05:14):
together and what I told them that their value and
the adult sons like, wait a minute, I might want
to Barbie there. There are all kinds of things that
people need to think about that it's not just your house,
it's not just the money in the bank, but it's
all of your assets. And that could also include nowadays
(05:35):
some really kind of funky uh liquid assets and and
you know, you could have bitcoin. You could have that
dodge coin or whatever. I mean. If if you don't
tell your estate plan and you have bitcoin, there's no
way I'm gonna have plans for your bitcoin. You won't
have any clue. That's right, right, So you have to
look at everything. We have lots of clients they have
(05:57):
oh they got they have treasury bonds. I have in
the closet. I have these kinds and say, oh, you
know now that you mentioned it. When my mother Bess.
There's like a staff that e bombs that have been
sitting and I was like, okay, those eat those. So
you really have to think of It's all all assets, life, insurance, proceeds,
benefits at work, um you know, like I said, it
(06:22):
could be different kinds of private equity if you have that,
if you're invest in the real estate trust, if you
own a business, all of these for everything is part
of your estate planning. Business succession planning is a huge
It's a huge thing, and a lot of owners don't
do it, and the problem occurs because the owner dies
(06:44):
and the kids, some are in the business, them are
not in the business. People want to get their value
of their inheritance, but they don't want to do the work,
and that's when the fights come. It's everything you can
think of and digital assets um eat. Like your Facebook page.
It's sad to say you don't think about it, but
if a young person dies with a Facebook page and
(07:06):
nobody has been authorized to take down that Facebook page
just stays up there haunting you forever. Wow. I never
thought of that, but that's a great example, Laurie. The
other day on Twitter, I saw someone selling their Twitter
account for fifty grand because they had X number of
followers and they just wanted to start a new account.
And I it's like little things like that that have
(07:26):
value that you don't think about, but that you don't
think about and that you can't access if you don't
give up our powers of attorney. Now, you know, back
in the day, we didn't have a provision for handling
digital assets. But now in our financial power of attorney,
we put in a modification to your attorney. In fact,
if you became disabled and now you didn't want your
(07:47):
Twitter account up in your Instagram all that your attorney
and fact would be able to take those things down. Wow,
now that's actually really interesting. I did I did not
know that. Fact. There are so many things, um, and
that's why I said starts young, even healthcare proxy. Um.
You know, when a child turns eighteen, they might be
mommy's baby, but they're not the government's baby. And so
(08:11):
if you're eighteen year old in college goes to the hospital,
they're just gonna call you and say your child's in
the hospital, but they're not gonna tell you anything else.
When my son turned eighteen on his eighteenth birthday, I
took him to my old lord and he sighs. The
healthcare paroxy. He appointed me his ages for his financial
power of attorney, and before he went to college, I
(08:33):
sent that healthcare proxy up to the health services at
the follege, you know, so if something happened, I could
get the information immediately about my son. And that's a
great tip there. I hope you guys picked up on that,
you know, making sure that you have power of attorney
and healthcare proxies for your children when they go off
to college. Absolutely, and nowadays, like with the pandemic, the
(08:54):
pandemic great, so many new issues. But one thing is
the court, at least in New York literally closed, shutdown,
close the doors for months. And so there are people
with medical emergency where you could not get to a
judge to get a court order to do something. So
if you have uh, you know, for example, a a
(09:16):
child of a parent who doesn't believe in blood transfusions
for example, or doesn't want certain surgery, if you don't
have a court that could go and say yes order
that didn't you know, there's just nothing that could be done. Laurie,
thank you so much, and please if you want to
hear more about this or a recap of this episode.
Please check out the bank Greenwood dot com website and
(09:40):
find our Money Moves podcasts there. Money Moves is an
I heart Radio podcast powered by Greenwood Executive produced by
Sunwise Media, Inc. For more podcasts on I heart Radio,
visit the i heart Radio app, Apple Podcasts, or wherever
you get your podcasts from.
Hey, Money Weavers, welcome back. We've been on the topic
of a state planning and how to make sure your
family is set even after you're gone. We've discussed the
what is, but now I think it's time to figure
out the how to with another Money Moves steep dive.
(00:23):
As always, today's deep dive is brought to you by
our partners at MasterCard bridging the Wealth Gap together with Greenwood.
Here to help us understand that mindset and develop a
plan is the co chair of the Diversity Committee of
the Trust and the State Section of the New York
State Bar Association, Laurie Anne Douglas. So, Laurie, we've seen
a lot of examples of celebrities prematurely passing without a
(00:44):
will or an estate planning plan. Can you please tell
our audience why this is so important, even for young
people to plan ahead in the case of unexpected death
and really look into a state planning. Well, sure, Tan,
It's so important for young people, not just celebrities, but
young people who plan to be celebrities. And nowadays young
(01:10):
people have digital assets that have real value. They might
not seem so valuable today. Your TikTok video today may
not be worth much, but it could be worth quite
a bit in the future. And one of the things
that young people really have to everybody has to think
about nowadays, but planning for those digital assets. The copyright interests, royalties,
(01:35):
intellectual property is a big thing, and so when we
look at someone like DMX for example, or recap Prints,
even all of these people who were songwriters, they all
have intellectual properties. The copyright interest goes on forever, and
as we all know, sadly, as soon as the celebrity
(01:58):
passes there at the state good increases in value. Right
perfect example, as Prints, his estate went in equal shares
to brothers and sisters, some of the we didn't have
a very good, strong relationship with, you know, I think
that's a great example. And I also appreciate that you
brought young people into this because young people are such
incredible creators right now, and we've had many conversations, you know,
(02:21):
whether it is from music or creating digital assets such
as n f t s on the blockchain, and these
are all things that will increase in value, and young
people really need to understand, like you are creating things
that now are part of your asset portfolio. So planning
today for events that might happen tomorrow, you know, God
(02:42):
forbid a year from now, ten years from now. Is
why you really need to seek counsel and look into
properly doing some estate planning. Absolutely especially for young people,
because um, I have some you know, young clients, celebrity clients.
They're just making money. Their business managers bring them in
and say you have to do this, and young people
are like, what are you talking about. I'm not going
(03:03):
to die. But then when you explain to them the
value when you'm explained to them, well, if you die,
it just goes in equal shares to your mother and
your father. Some people don't have peoqual relationships with their
mother and father and don't want them to to equally share.
They would want one to get more than the other.
Or like I said, they have siblings who are also
in the industry, they would want them to be in
(03:25):
charge of those copyright interests, put them in trust so
they can be monetized for future generations. And so this
is why, when even though you're young, it's a very
strong likelihood you're not going to need any of these
things for a long time. Most of my clients are
annuities for me because they come back every five ten
years as their life changes, they have to update their estate.
(03:48):
That's a great example. So how often do you should
you intentionally go back, reassess your estate and update your wills.
You should always update your estate and your wills when
you've had any kind of life change. Okay, you're having
a child, You're going to get married. Now you've got married.
(04:09):
If you're not married, it's too late. You was supposed
to call me for the pre nups to get married.
That's a whole another conversation that we should have about
a conversation. But pre nup cover what happens in the
event of death too, And most people don't know that.
They think it's just for divorce, but it's also for
death because the surviving spouse has automatic rights in your estate.
(04:31):
I have another question for you, because I think when
people have the conversation of wills, trusts, estate planning, they
only think of hard assets, like, Okay, I have a house.
Who am I going to give my car to jewelry?
But now you've also opened it up and you've mentioned music. Um,
you've mentioned digital assets. Can you give us some other
outlying ideas on things that we should actually consider when
(04:53):
we're creating our wills and estates. Well, one of the things,
like you talked about personal property fell especially a lot
of African Americans. People have collectibles, they have artwork. They
I had a family they had the vintage Barbie dolls
and the daughters, the adult daughters were like, we're going
(05:14):
together and what I told them that their value and
the adult sons like, wait a minute, I might want
to Barbie there. There are all kinds of things that
people need to think about that it's not just your house,
it's not just the money in the bank, but it's
all of your assets. And that could also include nowadays
(05:35):
some really kind of funky uh liquid assets and and
you know, you could have bitcoin. You could have that
dodge coin or whatever. I mean. If if you don't
tell your estate plan and you have bitcoin, there's no
way I'm gonna have plans for your bitcoin. You won't
have any clue. That's right, right, So you have to
look at everything. We have lots of clients they have
(05:57):
oh they got they have treasury bonds. I have in
the closet. I have these kinds and say, oh, you
know now that you mentioned it. When my mother Bess.
There's like a staff that e bombs that have been
sitting and I was like, okay, those eat those. So
you really have to think of It's all all assets, life, insurance, proceeds,
benefits at work, um you know, like I said, it
(06:22):
could be different kinds of private equity if you have that,
if you're invest in the real estate trust, if you
own a business, all of these for everything is part
of your estate planning. Business succession planning is a huge
It's a huge thing, and a lot of owners don't
do it, and the problem occurs because the owner dies
(06:44):
and the kids, some are in the business, them are
not in the business. People want to get their value
of their inheritance, but they don't want to do the work,
and that's when the fights come. It's everything you can
think of and digital assets um eat. Like your Facebook page.
It's sad to say you don't think about it, but
if a young person dies with a Facebook page and
(07:06):
nobody has been authorized to take down that Facebook page
just stays up there haunting you forever. Wow. I never
thought of that, but that's a great example, Laurie. The
other day on Twitter, I saw someone selling their Twitter
account for fifty grand because they had X number of
followers and they just wanted to start a new account.
And I it's like little things like that that have
(07:26):
value that you don't think about, but that you don't
think about and that you can't access if you don't
give up our powers of attorney. Now, you know, back
in the day, we didn't have a provision for handling
digital assets. But now in our financial power of attorney,
we put in a modification to your attorney. In fact,
if you became disabled and now you didn't want your
(07:47):
Twitter account up in your Instagram all that your attorney
and fact would be able to take those things down. Wow,
now that's actually really interesting. I did I did not
know that. Fact. There are so many things, um, and
that's why I said starts young, even healthcare proxy. Um.
You know, when a child turns eighteen, they might be
mommy's baby, but they're not the government's baby. And so
(08:11):
if you're eighteen year old in college goes to the hospital,
they're just gonna call you and say your child's in
the hospital, but they're not gonna tell you anything else.
When my son turned eighteen on his eighteenth birthday, I
took him to my old lord and he sighs. The
healthcare paroxy. He appointed me his ages for his financial
power of attorney, and before he went to college, I
(08:33):
sent that healthcare proxy up to the health services at
the follege, you know, so if something happened, I could
get the information immediately about my son. And that's a
great tip there. I hope you guys picked up on that,
you know, making sure that you have power of attorney
and healthcare proxies for your children when they go off
to college. Absolutely, and nowadays, like with the pandemic, the
(08:54):
pandemic great, so many new issues. But one thing is
the court, at least in New York literally closed, shutdown,
close the doors for months. And so there are people
with medical emergency where you could not get to a
judge to get a court order to do something. So
if you have uh, you know, for example, a a
(09:16):
child of a parent who doesn't believe in blood transfusions
for example, or doesn't want certain surgery, if you don't
have a court that could go and say yes order
that didn't you know, there's just nothing that could be done. Laurie,
thank you so much, and please if you want to
hear more about this or a recap of this episode.
Please check out the bank Greenwood dot com website and
(09:40):
find our Money Moves podcasts there. Money Moves is an
I heart Radio podcast powered by Greenwood Executive produced by
Sunwise Media, Inc. For more podcasts on I heart Radio,
visit the i heart Radio app, Apple Podcasts, or wherever
you get your podcasts from.
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