April 7, 2025 • 29 mins
Unlock the secrets of estate planning with experts Tracy Hoth and Sherri Montecalvo. This episode of Demystifying Money dives into essential strategies that can streamline your planning and secure your assets.
Where to find Sherri Montecalvo
Where to find Misty
Websites:
Instagram: @mistylynchcfp
- The personal inspiration behind Tracy Hoth's focus on estate planning.
- Common misconceptions about the effectiveness of a simple will.
- Estate planning strategies for families with young children.
- Addressing Medicaid planning and long-term care with an emphasis on early preparation.
- The importance of retitling assets and updating beneficiary designations for comprehensive estate planning.
Where to find Sherri Montecalvo
- Website: estateplanningwithsherimontecalvo.com
- Facebook: facebook.com/estateplanningwithsheri
Where to find Misty
Websites:
Instagram: @mistylynchcfp
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Welcome to the Demons Defying Money podcast, where each week
you will hear unforgettable conversations with expert guests about success, money, business,
and small steps you can take to elevate your life
and wealth. Now here's your host, Misty Lynch.
Speaker 2 (00:17):
Hi, everyone, thank you so much for joining me today
for this episode of Demons Defying Money. We're going to
talk about estate planning today and I am joined by
my friend Scherry monte Calvo. She is the owner of
a state Planning with Serry Monte Calvo located in Providence,
Rhode Island, and she's a trusted advisor to her long
standing clients and future generations. She likes to see people
through the entire process from document creation, retitling assets, and
(00:41):
complete estate and trust administration. I know that some of
the things that we're going to talk about today, including
succession planning, elder law, probate, special needs and Medicaid planning,
are things that come up with my clients all of
the time, and so I thought it would be great
to have Sherry on to talk a little bit about
the work that she does, how she helps clients and
some of the things that people might want to consider,
(01:03):
you know, maybe implementing themselves or putting on their list
of to dos for this year. So thank you so much,
Sherry for joining me today.
Speaker 3 (01:10):
Thank you so much for having me. It's my honor
and pleasure to be here.
Speaker 4 (01:13):
This episode of Demystifying Money with mis Dy Lynch is
proudly sponsored by Soundview Financial Advisors. Visit www dot Soundview
Financial Advisors dot com to learn more.
Speaker 2 (01:28):
So, you've been practicing estate planning for twenty years now,
you said, So what inspired you to focus on a
state planning and how has your practice changed over the years.
Speaker 3 (01:38):
That's an excellent question.
Speaker 5 (01:39):
So actually it came from a very personal standpoint for me,
the growth and focus in this practice area.
Speaker 3 (01:46):
So, while I was.
Speaker 5 (01:47):
Attending law school, my grandmother was actually in the nursing
home and at that time, my family would come to
me and ask me for advice and have questions for
me to answer.
Speaker 3 (02:00):
And unfortunately, as just a law.
Speaker 5 (02:02):
Student, I didn't have the go to resources to answer
the specific questions about what happens with respect to state
planning and a family member or a loved one who's
declining or needs additional care and how assets would be affected.
And it really resonated with me, and when I graduated
(02:24):
from law school, I roase that on a personal and
a professional level that there is such a need for
this area where I can serve the communities and help
families and take that stress off of them and give
them a framework and guidance as to what to potentially
expect and ultimately get the best care for their loved
one and protect their assets.
Speaker 2 (02:43):
Meanwhile, yeah, I think it's such an important area, and
I do feel like that is when you know people
reach out, there is stress, there is confusion, there's often
a lot of emotions involved. So I feel like a
state planning is something that people think about just when
it comes to avoiding probate. I wanted to talk about
maybe demonstifying some misconceptions that people have about estate planning,
(03:06):
because I'm sure there's a lot of things that you
could do along the way to make the whole process
so much smoother, so much more, so much easier for
families because all of us are going to have to
at some point deal with these types of transitions. But
what are some of the biggest misconceptions that you see
from people who you know, maybe talk about or maybe
have an idea of what you do, but aren't really
(03:27):
sure how it would work for them.
Speaker 5 (03:29):
Absolutely, So I would say one of the most common
misconceptions that I see in my practice quite often is
when a client will say, or a perspective client will say, well,
I have a simple will. I should be all said,
I'm absolutely protected, and there are many things to uncover
and review with that client regarding the process. So a
(03:49):
simple will will still have to be subject to probate.
And I always go back to the very basics so
that everyone has a fundamental understanding of what to expect
and then they can make educated decisions. So, you know,
the probate process is a court supervised process where we're
filing documents with the court and we're getting the assets
of that decedent out to the beneficiaries. And generally, you know,
(04:11):
there's attorney's fees that are involved probate fees.
Speaker 3 (04:15):
There's a creditor period.
Speaker 5 (04:16):
And the general time frame can last between twelve to
thirteen months, which many people are unaware of. And it
doesn't necessarily mean that you'll have you know, frequent or
just very quick access to the assets during that time.
Speaker 3 (04:32):
We have to address creditor period.
Speaker 5 (04:34):
So I like to start with that premises and then
explain other items of state planning tools that a client
can consider. So, for example, you know, a simple will
just in and of itself will not protect someone in
the event of incapacitation, and quite often that may be
the case, so you'd want to also, in addition to
a will or trust, have a power of attorney, a
(04:57):
healthcare power of attorney in the event that someone can't
make healthcare decisions for themselves, or a financial power of
attorney in order to be able to step in their
shoes if they can't make financial decisions for themselves.
Speaker 3 (05:08):
And of course the hip.
Speaker 5 (05:09):
Hop authorization forms they are just as important as well,
so that your agents that you nominate underneath your documents
can also be.
Speaker 3 (05:16):
Able to share in with your medical information.
Speaker 5 (05:19):
So at first, blush people may seem content with just
a simple will, but once they finally peel over the
layers and they understand exactly what would happen if they
did pass away or becoming capacitated with the simple will,
it broadens their horizons to the fact that there are
so many other estate planning tools that we can take advantage.
Speaker 3 (05:40):
Of and that are really easy to put in place.
Speaker 2 (05:44):
Yeah, I think That's such an important point because a
lot of people, well it might think, what do I care,
I'll be dead, it's just that. But it's not just that,
especially when you're talking about incapacitation or things like that,
because it's not just logical where you can why wouldn't
this person be able to access my bank account for
me or pay my bills, or why wouldn't my daughter
or my son or my husband. And so I think
(06:06):
it's so important for people to really understand all of
the you know, all of the things that we could
do to make things easier if you do need somebody
even temporarily to help you, you know, to step in
for you. And we are seeing people live longer, and
I do feel like there could be, you know, a
longer period of time where somebody might not be able
(06:27):
to have that full capacity over some of their decisions.
And so it's just such an important thing. And then also, yeah,
like you mentioned with the probate process, twelve to thirteen
months can be quite a long time for people who
are trying to move forward with their life, their finances
and figure things out. And that's probably an average. I'm
sure there are something that can be quite a bit longer,
(06:49):
So such an important thing to mention. Another thing that
I hear from people is that they think estate planning
is just for people who are like trust fund babies
and rich, you know, wealthy people nearing retirement. And I
think that that's such a misconception for families, especially people
with young children. So can you talk a little bit
about that, you know, misconception of it really only being
(07:12):
for the wealthy.
Speaker 5 (07:14):
Absolutely, so state planning is certainly for everyone, just even
at a basic minimum. You would want to have your
powers of attorney, like we were just discussing, in place
in the event of incapacitation. And then if you do
have a young couple or a young parent and we
have minor children, you would want to list and nominate
the guardian for your children that you have the utmost
(07:36):
trust and confidence in. And then you would want to
set parameters for those guardians and fiduciaries acting on behalf
of your children. And you may want directives in there
as to you know whether or not the children will
have access to extended family members. So all of that
advanced planning and taking the time and putting them into
(07:56):
you know, authoritative testamentary documents. You know will or will
in conjunction with a trust, if we have a minor
and we have assets that we want to basically hold
in trust for that minor beneficiary.
Speaker 3 (08:08):
It is so extremely important.
Speaker 5 (08:11):
Because essentially, if you don't do that, you know, anyone
in the family can come before the probate court and
petition to be guardian of your child. And I would say,
you ask any parent they would want to have the
authority to nominate who they feel comfortable with.
Speaker 2 (08:26):
Yeah. Now, I think that's something that people just assume
would get worked out, but it doesn't, especially because there
could be there could be multiple people who think they
would be the right person. There could be a lot
of financial assets involved in that. There's so many things
that I feel like it's not just that people when
they're stressed and under you know, under pressure and also
(08:48):
lost a loved one, that they make the best decisions,
that they make the smartest logical decision and have a
family meeting and figure it out. It is so much
more important I think for people to decide ahead of
time to reduce confusion and pain and suffering because people
are already going through so much. But yeah, that's something
that I see quite often and people think that it's
going to be so expensive to do some of these things,
(09:09):
and I think that financial reasons is one of the
ones where they put it off. But I think they
it seems like, you know, there's lots of different ways
that people can, you know, think about the costs of that.
So in general, you know, for people who are maybe
thinking that it's going to cost tens of thousands of
dollars to do this, you know, what are some ways
that you you know, when you talk to somebody maybe
(09:31):
for the first time or for a consultation, that you
can kind of scope out what they might need and
maybe find a way to pay for it because it
is such an important thing to leave undone.
Speaker 5 (09:43):
Yes, So what I do, I will walk through the
steps with the client, and I will tell them ahead
of time. I will review with them their family dynamics,
their goals and priorities for their estate plan, and then
essentially from there, I would be able to propose a
plan that I believe would be in their best interest.
And we go over everything ahead of time. So I know,
different offices sometimes do things on flat fee or on
(10:06):
an hourly rate fee. My office does it on an
hourly rate. Fee, which is very customary, but everything gets
presented to the client. So for example, if they pick
the basic will package, they're going to know, okay, that
package generally falls within this range, so that they can
make that comfortable decision and say, you know, yes, that
fits within my family's goals, time frame and financial budget
(10:34):
at the night. With estate planning, sometimes you work so
hard to accumulate your assets to protect your family, but
it's actually tending to the estate planning matter that is
so important. You know, some people may get you know,
the rose colored glasses when they look and they say, well,
you know, I can go through a real estate transaction
without a problem because at the end of the day.
Speaker 3 (10:55):
I am securing an asset.
Speaker 5 (10:57):
Well, this is actually even more important than that, because
taking all of the assets, everything that you've accumulated, your children,
your family, and protecting your legacy.
Speaker 2 (11:07):
I want to talk about that a little bit more
because you often work with multiple generations in the same family,
and I think maintaining that long term relationship is so
important because a lot of wealth is lost when it
goes from one generation to the next generation. And I
see things all the time about the how the millennials
or generics or gen Z will be the most wealthy
(11:29):
generation at some point, but not if things aren't done properly.
I do think that there is a strategy involved in
making sure that wealth is not only you know, past
un properly retained. Because you mentioned a lot of different
things like probate fees. There's you know, like a lot
of different things that can eat away at that wealth
before it's transferred, you know. So what are some of
(11:50):
the ways that you work with people on that long
term basis or involve different generations to make sure that
things move smoothly, but also that the money is going
where people want it to go and not just to
fees and you know, to other places instead of benefiting
their family.
Speaker 5 (12:10):
Yes, the state planning can be a deeply personal endeavor,
but at the end of the plan, the clients come
out with confidence, they come out with relief that everything
is taken care of. And for my multi generational clients,
I see many different layers that I work with them.
So basically we're going to put together, you know, at
tax saving strategy and what's the best way to do that,
(12:32):
and that may be passing some wealth down over to
the children in different you know trusts or irrevocable trusts
and things of that nature. Then I have many clients
that have businesses and we need to button up all
of the details on any type of business succession plans,
as we certainly wouldn't want to leave the business just
to anyone operating that and leave it to chance. And
(12:54):
in addition, we would also want to plan and make
sure that all of our business entities we look at
them from tech planning, liability planning.
Speaker 3 (13:02):
And also avoiding probate as well.
Speaker 5 (13:05):
And then overall essentially understanding what is that client's goal.
Speaker 3 (13:09):
Is it to pass well to the.
Speaker 5 (13:17):
Children is a little bit more so the more type provision,
or is it to distribute and help them secure or
maintain a family business. So all of those elements are
all interwoven into one, so it becomes very deeply personal.
And I really enjoy the fact that I get to
serve as the trusted advisor to my clients because I'm
(13:38):
very involved with their lives. You know, they may be
acquiring a new business or an asset out of state,
or even an asset out of the country, and they'll
keep me in the loop and they'll send me an
email and I can let them know right away, yes
we need to take action, we need to make a
change to your plan or know you're completely fine with
leaving assets as is.
Speaker 2 (13:59):
You just mentioned, and you know clients that have different
you know, properties or you know, with with assets in
other countries and other states, And I think that's something
that I'm hearing about a lot more from clients these days.
Maybe clients are looking to potentially retire in another country,
or they want to invest in property or real estate,
or are they you know, they're looking at other countries
(14:20):
where they feel like they can maybe have a lower
cost of living or an easier retirement. So I'm curious
with those clients, you know, how do you help them
navigate those complexities? Maybe you know before they make that
investment and probably the best time to talk to you,
but even you know, if they come to you after
and have you know, multiple a lot of different things
going on, that maybe maybe that simple will or what
(14:41):
they have is just not enough.
Speaker 5 (14:42):
To protect absolutely right, So we will go through and
it is best to know ahead of time. But if
not and they already have the asset, then we're fine
tuning them a state plan. And I often work with
colleagues in different countries, So I would always locate a
co council in that particular country, and we would work
(15:03):
together and make sure that neither one of the estate
plans would basically be invalidating the other, and what documents
need to be filed in that country, what documents need
to be filed in the United States, so that the
entire plan is completely comprehensive.
Speaker 2 (15:20):
That's it's a good point. I think that having those
co counsuls and those other people that you could talk to,
because like you said, yeah, the work could be done
here or you could get work done there, and then
if one completely invalidated the other, then that might not
accomplish the goal that the person initially thought when they
thought they were doing everything right. So I think that's
such a good point for people. If you are you know,
or some people who've worked in other countries, you know,
(15:41):
have other assets in other countries, It's such an important
piece of the estate plan to think about because you know,
there there are a lot of different rules and laws
and complexities that might just be beyond the scope of
what your employer could help you with. Or you know,
if you're buying real estate, what that agent could help
you with, so super important there and becoming a lot
(16:03):
more common. Another thing that I hear a lot of
clients talk about friends. Anybody who knows what I do
will ask me questions about Medicaid and long term planning
and if they should move assets to their name or
take it away from their parents. How do you help
people with those types of situations. I know they're sensitive,
and I know the limits are quite a bit lower
than people might understand as far as what people can
(16:24):
have for medicaids. So how do you help people make
the right financial and the right legal moves for those
situations Because a lot of times people think they might
be doing the right things, but it is, you know,
it is a really case by case basis, you know
type of planning. But how do you help people that
(16:44):
come to you for that?
Speaker 5 (16:46):
Yeah, so when we have the clients come in, Since
I am also an elder law attorney, meaning that I
can advise in assass regarding any type of you know,
Medicaid eligibility, asset accountability, the spend down, you know, placement
in different facilities. I work with a care coordinator. It's
(17:06):
a very comprehensive approach. So I'd be able to look
at the assets and also talk to the clients and
let them know right at first blush, even though they
maybe just be considering one type of state plan, you know,
we will talk about and review that in the initial
meeting as to whether or not one of their goals
and priorities are any type of medicaid planning. And if
(17:29):
that is, then obviously we're looking at the jurisdiction. We
look at each and every assets specifically, because Medicaid will
treat different assets differently.
Speaker 3 (17:38):
We look at the thresholds, and then from there we.
Speaker 5 (17:42):
Obviously, you know, if I have a situation where it's
an advanced planning case, you know, we can recommend a
plan that will work best for them, and then go
over the parameters of that plan, like how to implement
that plan going forward. And really it comes down to
what the top priority and goal of thatarticular client is.
I have some clients that are adamant, you know, about
(18:05):
protecting their assets for any type of medicaid planning, and
then I have other clients that are completely comfortable understanding
that they've accumulated this well, then if they need to
spend it on their care, that's okay too, and we
also win this assessment. Some clients would you know, are
interested in any type of long term care planning product.
So at that point, you know, we'll bring the professional in,
(18:27):
We'll run some numbers, we'll look at, you know, coverages,
understanding exactly what the coverage is with the writers to
those particular policies cover in order to see if that
you know, long term care policy would be in that
client's best interest. So we basically uncover all of it
so that at the end of the day, you know,
the client has a comprehensive plan.
Speaker 2 (18:49):
Yeah. I think that it's just such an important thing
for people to think about. And you know, obviously planning
as far ahead as possible will be very helpful in
these situations for sure. So definitely something to have on
the radar, or you know, start to have those conversations
when you see your family members. I think it's so
important and it feels like, you know, maybe they're waiting
for you to talk to them, or maybe they have
(19:10):
these questions and concerns too. It just takes somebody bringing
it up. Even if you say I listened to a
podcast and it made me think about certain things. I
think that can be one way to start a conversation
with your loved ones about how to plan for these things,
because a lot of times we just assume that everybody's
probably taking care of it, or dad was always good
with money, they probably have it figured out. And a
lot of times that's not exactly doesn't end up being
(19:32):
the case, but it's too late when people, you know,
figure those things out, So very very important for people
to do. I also wanted to talk with you about
some of the things that you do professionally. So I
know that you're part of the Law Mama's network, So
tell me about how building your network and having that
collaboration with other professionals, other legal professionals has helped you.
(19:56):
And you know how as a mom you you manage
running yourself successful practice while you're helping other parents.
Speaker 5 (20:03):
I am a large advocate of you know, collaborative approach,
and I ended up finding the Law a Mama organization.
And what I like about that is that we are
all professional women in estate planning, you know, probate trust administration.
Speaker 3 (20:20):
It is actually not only national but global, and we're
able to.
Speaker 5 (20:26):
Share resources amongst each other, ask questions, work with each
other as like a referral network.
Speaker 3 (20:32):
And what's nice about that is, you.
Speaker 5 (20:34):
Know, for example, I may have a client which is
a Rhode Island resident, but they own property in Texas.
This just came up recently and we needed to retitle
the Texas property into the Rhode Island Trust in order
to avoid probate. So in doing that, you know, I
already had someone that I worked with in that area,
and I know that she was wonderful and attentive to
the client, and I had confidence and so I was
(20:56):
able to bring her in. So having those professionals touch bases,
I think it is just so important.
Speaker 3 (21:02):
And I always really enjoying.
Speaker 5 (21:04):
Professional women uplifting and helping other professional women.
Speaker 3 (21:08):
I think that just serves us all.
Speaker 5 (21:10):
And as far as you know, organizing the practice and
running the practice with the children, it's something that we
all face and it's nice to have that sounding board
as well, because you're trying to not only run the practice,
you know, but keep the kids with the school schedules
and the sports schedules, and sometimes it can feel overwhelming
(21:30):
at times, but it is so rewarding.
Speaker 2 (21:33):
Yeah, I think that's great. I love hearing about those
networks and things because a lot of times when we
are you know, when we're solo openers, are self employed
or in a small business. It's just different than having
a lot of different people you can just run into
and chat with. So having those connections, especially when that
helps your clients too, if they're in other locations where
you might not be able to serve them, or you
might not have all of the answers to be able
(21:54):
to reach out to other people and not look at
things as competition and actually, you know, collaboration can be
so much more helpful for our clients. So looking towards
the future, how do you see the field of estate
planning evolving, especially with you know, increasing globalization, you know,
people thinking about you know more maybe you know, broader,
(22:14):
different opportunities. What do you think you know, as far
as changing, you know, changes with the state planning, state.
Speaker 3 (22:21):
Planning will always continue to grow.
Speaker 5 (22:23):
As you know, families are diverse obviously nowadays with technology
and even COVID taught us that, you know, you can
essentially be anywhere in the world and you can start experiencing.
Speaker 3 (22:36):
You know, other countries.
Speaker 5 (22:37):
So it really has to evolve to address those priorities
of the client. So I would just see situations where
you know, more clients may have different touch bases and
different jurisdictions, different companies, you know, different family members all
around the country that we need to make sure we
know where they are and can keep locations on them
(23:00):
as beneficiaries, things of that nature. I really feel as
if it's if it's a priority to the client, as
we continue to grow, then state planning, as conservative as
it is, you know, will eventually catch up and be
able to address those needs. Like, for example, even with
the digital assets. You know, once the digital assets became
(23:21):
a forefront, that was a tool for state planning attorneys
to come in and ensure the proper planning is being done.
Understanding the digital assets, Understanding how they're held, Understanding the
policies and procedures in any pass codes or pass keys
or anything that we need to do in order to
make sure that if something ever happened to that account owner,
(23:43):
those assets could successfully pass on.
Speaker 3 (23:46):
So we're constantly.
Speaker 5 (23:47):
Learning and evolving in order to make our processes and
procedures you know, better in order to address all of
these issues.
Speaker 2 (23:56):
You mentioned technology, and I think that, yeah, the digital assets,
that's such an important thing for people to think about
because they might just lump everything together when when a
lot of these different assets are treated very very differently.
I didn't. I did. I was curious about your thoughts
about some of the online resources that I've started popping
up for clients to like DIY their own a state plan.
And I know that I've always favored working with somebody.
(24:19):
I like technology, but also I feel like having a
person that you could talk with still has quite a
bit of value. But what are some of your thoughts
on those changing technologies and are those right for some
people or is it usually better to consult with somebody
in your in your own state instead.
Speaker 3 (24:34):
I always encourage client education.
Speaker 5 (24:37):
I'm a very big proponent of that, and I have
clients that will come in and say, you know, I
believe I need this, or I've heard some of these keywords.
Can you point me to a reliable resource in order
to get more information? And I am more than happy
to direct them to a solid, reliable resource to help
expand their knowledge, because once they've expanded their knowledge, then
(24:58):
they have more confidence their decisions and their choices. On
the other hand, there are some of those tools that
may seem.
Speaker 3 (25:05):
Quick, easy, private.
Speaker 5 (25:08):
You may not even have to go into any particular office.
And I have seen those kind of do it yourself
plans and people have brought them to me after the fact.
What I usually see that are the fault of those
plans is that it's not jurisdiction specific at all. It's
just completely too general. The next issue I usually find
(25:29):
is that there's an execution error in the document. And
because of state planning is testamentary, we have a very
strict manner of making sure that the documents are witnessed
and notarized and everything is initialed, and so that can
fall into question the validity of the document. And the
third other major issue I've seen with that is the
(25:50):
retitling aspect. So clients, if they're not working with the
one on one professional, they may not understand that, yes,
I created a trust, for example, but that I have
to retitle my assets into the trust in order to
make that effective, and they may leave that out and
then they're just completely shocked when they realize that that
asset is not governed by the trust because it wasn't
(26:11):
properly retitled. So I always make sure that I go
over with my clients very detailed process of retitling and
also updating beneficiary designations because I noticed as well that
sometimes can be a foggy.
Speaker 3 (26:24):
Area where clients may be under.
Speaker 5 (26:27):
The impression that the will governs that particular asset, but
that asset is governed by a beneficiary designation.
Speaker 4 (26:34):
Yeah.
Speaker 2 (26:35):
No, that's something that I see often as well, and
you mentioned with the Yeah, the working together with state
planning jorneys is very helpful, especially when I have clients
that have built assets, maybe in appropriate account or some
sort of account, and then they create a will and
don't understand necessarily that it's not done until we actually
change the title and things like that. But once you
have a team of people working together, it's usually very
(26:56):
smooth to make these changes. But that is that risk
that you have if no one is saying, oh, by
the way, this also has to be taken to the
next step file properly and things like that. So I definitely, yeah.
I think it's great though that you focus on education
for clients, because it is, you know, it is complicated,
and people do want to do the right thing, and
they might see these ways that they can maybe save
time or save money, but understanding really what the process
(27:19):
is about is so important. It usually leads people to
make the right decisions. So I want to thank you
so much for joining me today. If people want to
find you, follow you, or maybe set up a consultation
with you, how can they reach you?
Speaker 3 (27:30):
Yes, I would love that.
Speaker 5 (27:31):
So they can reach me on my website which is
www dot estate Planning with Sherrymanticavo dot com. And I'm
also on all the socials so LinkedIn and Facebook, and
once again, because I do promote client education, I am
posting constantly about tidbets, advice considerations, news bulletins, updates that happen.
Speaker 3 (27:53):
In this area. Because I strictly practice and just this area.
You know, it's very important.
Speaker 5 (27:58):
To make sure that we're up to date on any
tax advantages, tax changes, probate rules and regulations, medicate rules
and regulations. So I like to educate the clients through
those avenues. So I have LinkedIn, Facebook and YouTube as
well well.
Speaker 2 (28:14):
I will include all of those in the show notes
for everyone. I do think this is a really great
area to get very educated on if you have, you know,
even if it comes in a small clip or something
like that, anything that you can see that can help
you either strengthen your knowledge of estate planning, or get
you to you know, talk to your lawyer about certain things,
or reach out to find one that's the right fit
(28:35):
for you and your family. Thank you, Sherry so much
for joining me today, and I want to thank everyone
else for listening, and we'll talk again next week. Thank you,
thank you for joining us on another insightful episode of
demonst Buying Money. If you enjoyed this episode, please subscribe, rate,
and lead a reviews. Stay tuned for more engaging conversations
on our next episode, and remember knowledge is the key
(28:55):
to financial empowerment.
Welcome to the Demons Defying Money podcast, where each week
you will hear unforgettable conversations with expert guests about success, money, business,
and small steps you can take to elevate your life
and wealth. Now here's your host, Misty Lynch.
Speaker 2 (00:17):
Hi, everyone, thank you so much for joining me today
for this episode of Demons Defying Money. We're going to
talk about estate planning today and I am joined by
my friend Scherry monte Calvo. She is the owner of
a state Planning with Serry Monte Calvo located in Providence,
Rhode Island, and she's a trusted advisor to her long
standing clients and future generations. She likes to see people
through the entire process from document creation, retitling assets, and
(00:41):
complete estate and trust administration. I know that some of
the things that we're going to talk about today, including
succession planning, elder law, probate, special needs and Medicaid planning,
are things that come up with my clients all of
the time, and so I thought it would be great
to have Sherry on to talk a little bit about
the work that she does, how she helps clients and
some of the things that people might want to consider,
(01:03):
you know, maybe implementing themselves or putting on their list
of to dos for this year. So thank you so much,
Sherry for joining me today.
Speaker 3 (01:10):
Thank you so much for having me. It's my honor
and pleasure to be here.
Speaker 4 (01:13):
This episode of Demystifying Money with mis Dy Lynch is
proudly sponsored by Soundview Financial Advisors. Visit www dot Soundview
Financial Advisors dot com to learn more.
Speaker 2 (01:28):
So, you've been practicing estate planning for twenty years now,
you said, So what inspired you to focus on a
state planning and how has your practice changed over the years.
Speaker 3 (01:38):
That's an excellent question.
Speaker 5 (01:39):
So actually it came from a very personal standpoint for me,
the growth and focus in this practice area.
Speaker 3 (01:46):
So, while I was.
Speaker 5 (01:47):
Attending law school, my grandmother was actually in the nursing
home and at that time, my family would come to
me and ask me for advice and have questions for
me to answer.
Speaker 3 (02:00):
And unfortunately, as just a law.
Speaker 5 (02:02):
Student, I didn't have the go to resources to answer
the specific questions about what happens with respect to state
planning and a family member or a loved one who's
declining or needs additional care and how assets would be affected.
And it really resonated with me, and when I graduated
(02:24):
from law school, I roase that on a personal and
a professional level that there is such a need for
this area where I can serve the communities and help
families and take that stress off of them and give
them a framework and guidance as to what to potentially
expect and ultimately get the best care for their loved
one and protect their assets.
Speaker 2 (02:43):
Meanwhile, yeah, I think it's such an important area, and
I do feel like that is when you know people
reach out, there is stress, there is confusion, there's often
a lot of emotions involved. So I feel like a
state planning is something that people think about just when
it comes to avoiding probate. I wanted to talk about
maybe demonstifying some misconceptions that people have about estate planning,
(03:06):
because I'm sure there's a lot of things that you
could do along the way to make the whole process
so much smoother, so much more, so much easier for
families because all of us are going to have to
at some point deal with these types of transitions. But
what are some of the biggest misconceptions that you see
from people who you know, maybe talk about or maybe
have an idea of what you do, but aren't really
(03:27):
sure how it would work for them.
Speaker 5 (03:29):
Absolutely, So I would say one of the most common
misconceptions that I see in my practice quite often is
when a client will say, or a perspective client will say, well,
I have a simple will. I should be all said,
I'm absolutely protected, and there are many things to uncover
and review with that client regarding the process. So a
(03:49):
simple will will still have to be subject to probate.
And I always go back to the very basics so
that everyone has a fundamental understanding of what to expect
and then they can make educated decisions. So, you know,
the probate process is a court supervised process where we're
filing documents with the court and we're getting the assets
of that decedent out to the beneficiaries. And generally, you know,
(04:11):
there's attorney's fees that are involved probate fees.
Speaker 3 (04:15):
There's a creditor period.
Speaker 5 (04:16):
And the general time frame can last between twelve to
thirteen months, which many people are unaware of. And it
doesn't necessarily mean that you'll have you know, frequent or
just very quick access to the assets during that time.
Speaker 3 (04:32):
We have to address creditor period.
Speaker 5 (04:34):
So I like to start with that premises and then
explain other items of state planning tools that a client
can consider. So, for example, you know, a simple will
just in and of itself will not protect someone in
the event of incapacitation, and quite often that may be
the case, so you'd want to also, in addition to
a will or trust, have a power of attorney, a
(04:57):
healthcare power of attorney in the event that someone can't
make healthcare decisions for themselves, or a financial power of
attorney in order to be able to step in their
shoes if they can't make financial decisions for themselves.
Speaker 3 (05:08):
And of course the hip.
Speaker 5 (05:09):
Hop authorization forms they are just as important as well,
so that your agents that you nominate underneath your documents
can also be.
Speaker 3 (05:16):
Able to share in with your medical information.
Speaker 5 (05:19):
So at first, blush people may seem content with just
a simple will, but once they finally peel over the
layers and they understand exactly what would happen if they
did pass away or becoming capacitated with the simple will,
it broadens their horizons to the fact that there are
so many other estate planning tools that we can take advantage.
Speaker 3 (05:40):
Of and that are really easy to put in place.
Speaker 2 (05:44):
Yeah, I think That's such an important point because a
lot of people, well it might think, what do I care,
I'll be dead, it's just that. But it's not just that,
especially when you're talking about incapacitation or things like that,
because it's not just logical where you can why wouldn't
this person be able to access my bank account for
me or pay my bills, or why wouldn't my daughter
or my son or my husband. And so I think
(06:06):
it's so important for people to really understand all of
the you know, all of the things that we could
do to make things easier if you do need somebody
even temporarily to help you, you know, to step in
for you. And we are seeing people live longer, and
I do feel like there could be, you know, a
longer period of time where somebody might not be able
(06:27):
to have that full capacity over some of their decisions.
And so it's just such an important thing. And then also, yeah,
like you mentioned with the probate process, twelve to thirteen
months can be quite a long time for people who
are trying to move forward with their life, their finances
and figure things out. And that's probably an average. I'm
sure there are something that can be quite a bit longer,
(06:49):
So such an important thing to mention. Another thing that
I hear from people is that they think estate planning
is just for people who are like trust fund babies
and rich, you know, wealthy people nearing retirement. And I
think that that's such a misconception for families, especially people
with young children. So can you talk a little bit
about that, you know, misconception of it really only being
(07:12):
for the wealthy.
Speaker 5 (07:14):
Absolutely, so state planning is certainly for everyone, just even
at a basic minimum. You would want to have your
powers of attorney, like we were just discussing, in place
in the event of incapacitation. And then if you do
have a young couple or a young parent and we
have minor children, you would want to list and nominate
the guardian for your children that you have the utmost
(07:36):
trust and confidence in. And then you would want to
set parameters for those guardians and fiduciaries acting on behalf
of your children. And you may want directives in there
as to you know whether or not the children will
have access to extended family members. So all of that
advanced planning and taking the time and putting them into
(07:56):
you know, authoritative testamentary documents. You know will or will
in conjunction with a trust, if we have a minor
and we have assets that we want to basically hold
in trust for that minor beneficiary.
Speaker 3 (08:08):
It is so extremely important.
Speaker 5 (08:11):
Because essentially, if you don't do that, you know, anyone
in the family can come before the probate court and
petition to be guardian of your child. And I would say,
you ask any parent they would want to have the
authority to nominate who they feel comfortable with.
Speaker 2 (08:26):
Yeah. Now, I think that's something that people just assume
would get worked out, but it doesn't, especially because there
could be there could be multiple people who think they
would be the right person. There could be a lot
of financial assets involved in that. There's so many things
that I feel like it's not just that people when
they're stressed and under you know, under pressure and also
(08:48):
lost a loved one, that they make the best decisions,
that they make the smartest logical decision and have a
family meeting and figure it out. It is so much
more important I think for people to decide ahead of
time to reduce confusion and pain and suffering because people
are already going through so much. But yeah, that's something
that I see quite often and people think that it's
going to be so expensive to do some of these things,
(09:09):
and I think that financial reasons is one of the
ones where they put it off. But I think they
it seems like, you know, there's lots of different ways
that people can, you know, think about the costs of that.
So in general, you know, for people who are maybe
thinking that it's going to cost tens of thousands of
dollars to do this, you know, what are some ways
that you you know, when you talk to somebody maybe
(09:31):
for the first time or for a consultation, that you
can kind of scope out what they might need and
maybe find a way to pay for it because it
is such an important thing to leave undone.
Speaker 5 (09:43):
Yes, So what I do, I will walk through the
steps with the client, and I will tell them ahead
of time. I will review with them their family dynamics,
their goals and priorities for their estate plan, and then
essentially from there, I would be able to propose a
plan that I believe would be in their best interest.
And we go over everything ahead of time. So I know,
different offices sometimes do things on flat fee or on
(10:06):
an hourly rate fee. My office does it on an
hourly rate. Fee, which is very customary, but everything gets
presented to the client. So for example, if they pick
the basic will package, they're going to know, okay, that
package generally falls within this range, so that they can
make that comfortable decision and say, you know, yes, that
fits within my family's goals, time frame and financial budget
(10:34):
at the night. With estate planning, sometimes you work so
hard to accumulate your assets to protect your family, but
it's actually tending to the estate planning matter that is
so important. You know, some people may get you know,
the rose colored glasses when they look and they say, well,
you know, I can go through a real estate transaction
without a problem because at the end of the day.
Speaker 3 (10:55):
I am securing an asset.
Speaker 5 (10:57):
Well, this is actually even more important than that, because
taking all of the assets, everything that you've accumulated, your children,
your family, and protecting your legacy.
Speaker 2 (11:07):
I want to talk about that a little bit more
because you often work with multiple generations in the same family,
and I think maintaining that long term relationship is so
important because a lot of wealth is lost when it
goes from one generation to the next generation. And I
see things all the time about the how the millennials
or generics or gen Z will be the most wealthy
(11:29):
generation at some point, but not if things aren't done properly.
I do think that there is a strategy involved in
making sure that wealth is not only you know, past
un properly retained. Because you mentioned a lot of different
things like probate fees. There's you know, like a lot
of different things that can eat away at that wealth
before it's transferred, you know. So what are some of
(11:50):
the ways that you work with people on that long
term basis or involve different generations to make sure that
things move smoothly, but also that the money is going
where people want it to go and not just to
fees and you know, to other places instead of benefiting
their family.
Speaker 5 (12:10):
Yes, the state planning can be a deeply personal endeavor,
but at the end of the plan, the clients come
out with confidence, they come out with relief that everything
is taken care of. And for my multi generational clients,
I see many different layers that I work with them.
So basically we're going to put together, you know, at
tax saving strategy and what's the best way to do that,
(12:32):
and that may be passing some wealth down over to
the children in different you know trusts or irrevocable trusts
and things of that nature. Then I have many clients
that have businesses and we need to button up all
of the details on any type of business succession plans,
as we certainly wouldn't want to leave the business just
to anyone operating that and leave it to chance. And
(12:54):
in addition, we would also want to plan and make
sure that all of our business entities we look at
them from tech planning, liability planning.
Speaker 3 (13:02):
And also avoiding probate as well.
Speaker 5 (13:05):
And then overall essentially understanding what is that client's goal.
Speaker 3 (13:09):
Is it to pass well to the.
Speaker 5 (13:17):
Children is a little bit more so the more type provision,
or is it to distribute and help them secure or
maintain a family business. So all of those elements are
all interwoven into one, so it becomes very deeply personal.
And I really enjoy the fact that I get to
serve as the trusted advisor to my clients because I'm
(13:38):
very involved with their lives. You know, they may be
acquiring a new business or an asset out of state,
or even an asset out of the country, and they'll
keep me in the loop and they'll send me an
email and I can let them know right away, yes
we need to take action, we need to make a
change to your plan or know you're completely fine with
leaving assets as is.
Speaker 2 (13:59):
You just mentioned, and you know clients that have different
you know, properties or you know, with with assets in
other countries and other states, And I think that's something
that I'm hearing about a lot more from clients these days.
Maybe clients are looking to potentially retire in another country,
or they want to invest in property or real estate,
or are they you know, they're looking at other countries
(14:20):
where they feel like they can maybe have a lower
cost of living or an easier retirement. So I'm curious
with those clients, you know, how do you help them
navigate those complexities? Maybe you know before they make that
investment and probably the best time to talk to you,
but even you know, if they come to you after
and have you know, multiple a lot of different things
going on, that maybe maybe that simple will or what
(14:41):
they have is just not enough.
Speaker 5 (14:42):
To protect absolutely right, So we will go through and
it is best to know ahead of time. But if
not and they already have the asset, then we're fine
tuning them a state plan. And I often work with
colleagues in different countries, So I would always locate a
co council in that particular country, and we would work
(15:03):
together and make sure that neither one of the estate
plans would basically be invalidating the other, and what documents
need to be filed in that country, what documents need
to be filed in the United States, so that the
entire plan is completely comprehensive.
Speaker 2 (15:20):
That's it's a good point. I think that having those
co counsuls and those other people that you could talk to,
because like you said, yeah, the work could be done
here or you could get work done there, and then
if one completely invalidated the other, then that might not
accomplish the goal that the person initially thought when they
thought they were doing everything right. So I think that's
such a good point for people. If you are you know,
or some people who've worked in other countries, you know,
(15:41):
have other assets in other countries, It's such an important
piece of the estate plan to think about because you know,
there there are a lot of different rules and laws
and complexities that might just be beyond the scope of
what your employer could help you with. Or you know,
if you're buying real estate, what that agent could help
you with, so super important there and becoming a lot
(16:03):
more common. Another thing that I hear a lot of
clients talk about friends. Anybody who knows what I do
will ask me questions about Medicaid and long term planning
and if they should move assets to their name or
take it away from their parents. How do you help
people with those types of situations. I know they're sensitive,
and I know the limits are quite a bit lower
than people might understand as far as what people can
(16:24):
have for medicaids. So how do you help people make
the right financial and the right legal moves for those
situations Because a lot of times people think they might
be doing the right things, but it is, you know,
it is a really case by case basis, you know
type of planning. But how do you help people that
(16:44):
come to you for that?
Speaker 5 (16:46):
Yeah, so when we have the clients come in, Since
I am also an elder law attorney, meaning that I
can advise in assass regarding any type of you know,
Medicaid eligibility, asset accountability, the spend down, you know, placement
in different facilities. I work with a care coordinator. It's
(17:06):
a very comprehensive approach. So I'd be able to look
at the assets and also talk to the clients and
let them know right at first blush, even though they
maybe just be considering one type of state plan, you know,
we will talk about and review that in the initial
meeting as to whether or not one of their goals
and priorities are any type of medicaid planning. And if
(17:29):
that is, then obviously we're looking at the jurisdiction. We
look at each and every assets specifically, because Medicaid will
treat different assets differently.
Speaker 3 (17:38):
We look at the thresholds, and then from there we.
Speaker 5 (17:42):
Obviously, you know, if I have a situation where it's
an advanced planning case, you know, we can recommend a
plan that will work best for them, and then go
over the parameters of that plan, like how to implement
that plan going forward. And really it comes down to
what the top priority and goal of thatarticular client is.
I have some clients that are adamant, you know, about
(18:05):
protecting their assets for any type of medicaid planning, and
then I have other clients that are completely comfortable understanding
that they've accumulated this well, then if they need to
spend it on their care, that's okay too, and we
also win this assessment. Some clients would you know, are
interested in any type of long term care planning product.
So at that point, you know, we'll bring the professional in,
(18:27):
We'll run some numbers, we'll look at, you know, coverages,
understanding exactly what the coverage is with the writers to
those particular policies cover in order to see if that
you know, long term care policy would be in that
client's best interest. So we basically uncover all of it
so that at the end of the day, you know,
the client has a comprehensive plan.
Speaker 2 (18:49):
Yeah. I think that it's just such an important thing
for people to think about. And you know, obviously planning
as far ahead as possible will be very helpful in
these situations for sure. So definitely something to have on
the radar, or you know, start to have those conversations
when you see your family members. I think it's so
important and it feels like, you know, maybe they're waiting
for you to talk to them, or maybe they have
(19:10):
these questions and concerns too. It just takes somebody bringing
it up. Even if you say I listened to a
podcast and it made me think about certain things. I
think that can be one way to start a conversation
with your loved ones about how to plan for these things,
because a lot of times we just assume that everybody's
probably taking care of it, or dad was always good
with money, they probably have it figured out. And a
lot of times that's not exactly doesn't end up being
(19:32):
the case, but it's too late when people, you know,
figure those things out, So very very important for people
to do. I also wanted to talk with you about
some of the things that you do professionally. So I
know that you're part of the Law Mama's network, So
tell me about how building your network and having that
collaboration with other professionals, other legal professionals has helped you.
(19:56):
And you know how as a mom you you manage
running yourself successful practice while you're helping other parents.
Speaker 5 (20:03):
I am a large advocate of you know, collaborative approach,
and I ended up finding the Law a Mama organization.
And what I like about that is that we are
all professional women in estate planning, you know, probate trust administration.
Speaker 3 (20:20):
It is actually not only national but global, and we're
able to.
Speaker 5 (20:26):
Share resources amongst each other, ask questions, work with each
other as like a referral network.
Speaker 3 (20:32):
And what's nice about that is, you.
Speaker 5 (20:34):
Know, for example, I may have a client which is
a Rhode Island resident, but they own property in Texas.
This just came up recently and we needed to retitle
the Texas property into the Rhode Island Trust in order
to avoid probate. So in doing that, you know, I
already had someone that I worked with in that area,
and I know that she was wonderful and attentive to
the client, and I had confidence and so I was
(20:56):
able to bring her in. So having those professionals touch bases,
I think it is just so important.
Speaker 3 (21:02):
And I always really enjoying.
Speaker 5 (21:04):
Professional women uplifting and helping other professional women.
Speaker 3 (21:08):
I think that just serves us all.
Speaker 5 (21:10):
And as far as you know, organizing the practice and
running the practice with the children, it's something that we
all face and it's nice to have that sounding board
as well, because you're trying to not only run the practice,
you know, but keep the kids with the school schedules
and the sports schedules, and sometimes it can feel overwhelming
(21:30):
at times, but it is so rewarding.
Speaker 2 (21:33):
Yeah, I think that's great. I love hearing about those
networks and things because a lot of times when we
are you know, when we're solo openers, are self employed
or in a small business. It's just different than having
a lot of different people you can just run into
and chat with. So having those connections, especially when that
helps your clients too, if they're in other locations where
you might not be able to serve them, or you
might not have all of the answers to be able
(21:54):
to reach out to other people and not look at
things as competition and actually, you know, collaboration can be
so much more helpful for our clients. So looking towards
the future, how do you see the field of estate
planning evolving, especially with you know, increasing globalization, you know,
people thinking about you know more maybe you know, broader,
(22:14):
different opportunities. What do you think you know, as far
as changing, you know, changes with the state planning, state.
Speaker 3 (22:21):
Planning will always continue to grow.
Speaker 5 (22:23):
As you know, families are diverse obviously nowadays with technology
and even COVID taught us that, you know, you can
essentially be anywhere in the world and you can start experiencing.
Speaker 3 (22:36):
You know, other countries.
Speaker 5 (22:37):
So it really has to evolve to address those priorities
of the client. So I would just see situations where
you know, more clients may have different touch bases and
different jurisdictions, different companies, you know, different family members all
around the country that we need to make sure we
know where they are and can keep locations on them
(23:00):
as beneficiaries, things of that nature. I really feel as
if it's if it's a priority to the client, as
we continue to grow, then state planning, as conservative as
it is, you know, will eventually catch up and be
able to address those needs. Like, for example, even with
the digital assets. You know, once the digital assets became
(23:21):
a forefront, that was a tool for state planning attorneys
to come in and ensure the proper planning is being done.
Understanding the digital assets, Understanding how they're held, Understanding the
policies and procedures in any pass codes or pass keys
or anything that we need to do in order to
make sure that if something ever happened to that account owner,
(23:43):
those assets could successfully pass on.
Speaker 3 (23:46):
So we're constantly.
Speaker 5 (23:47):
Learning and evolving in order to make our processes and
procedures you know, better in order to address all of
these issues.
Speaker 2 (23:56):
You mentioned technology, and I think that, yeah, the digital assets,
that's such an important thing for people to think about
because they might just lump everything together when when a
lot of these different assets are treated very very differently.
I didn't. I did. I was curious about your thoughts
about some of the online resources that I've started popping
up for clients to like DIY their own a state plan.
And I know that I've always favored working with somebody.
(24:19):
I like technology, but also I feel like having a
person that you could talk with still has quite a
bit of value. But what are some of your thoughts
on those changing technologies and are those right for some
people or is it usually better to consult with somebody
in your in your own state instead.
Speaker 3 (24:34):
I always encourage client education.
Speaker 5 (24:37):
I'm a very big proponent of that, and I have
clients that will come in and say, you know, I
believe I need this, or I've heard some of these keywords.
Can you point me to a reliable resource in order
to get more information? And I am more than happy
to direct them to a solid, reliable resource to help
expand their knowledge, because once they've expanded their knowledge, then
(24:58):
they have more confidence their decisions and their choices. On
the other hand, there are some of those tools that
may seem.
Speaker 3 (25:05):
Quick, easy, private.
Speaker 5 (25:08):
You may not even have to go into any particular office.
And I have seen those kind of do it yourself
plans and people have brought them to me after the fact.
What I usually see that are the fault of those
plans is that it's not jurisdiction specific at all. It's
just completely too general. The next issue I usually find
(25:29):
is that there's an execution error in the document. And
because of state planning is testamentary, we have a very
strict manner of making sure that the documents are witnessed
and notarized and everything is initialed, and so that can
fall into question the validity of the document. And the
third other major issue I've seen with that is the
(25:50):
retitling aspect. So clients, if they're not working with the
one on one professional, they may not understand that, yes,
I created a trust, for example, but that I have
to retitle my assets into the trust in order to
make that effective, and they may leave that out and
then they're just completely shocked when they realize that that
asset is not governed by the trust because it wasn't
(26:11):
properly retitled. So I always make sure that I go
over with my clients very detailed process of retitling and
also updating beneficiary designations because I noticed as well that
sometimes can be a foggy.
Speaker 3 (26:24):
Area where clients may be under.
Speaker 5 (26:27):
The impression that the will governs that particular asset, but
that asset is governed by a beneficiary designation.
Speaker 4 (26:34):
Yeah.
Speaker 2 (26:35):
No, that's something that I see often as well, and
you mentioned with the Yeah, the working together with state
planning jorneys is very helpful, especially when I have clients
that have built assets, maybe in appropriate account or some
sort of account, and then they create a will and
don't understand necessarily that it's not done until we actually
change the title and things like that. But once you
have a team of people working together, it's usually very
(26:56):
smooth to make these changes. But that is that risk
that you have if no one is saying, oh, by
the way, this also has to be taken to the
next step file properly and things like that. So I definitely, yeah.
I think it's great though that you focus on education
for clients, because it is, you know, it is complicated,
and people do want to do the right thing, and
they might see these ways that they can maybe save
time or save money, but understanding really what the process
(27:19):
is about is so important. It usually leads people to
make the right decisions. So I want to thank you
so much for joining me today. If people want to
find you, follow you, or maybe set up a consultation
with you, how can they reach you?
Speaker 3 (27:30):
Yes, I would love that.
Speaker 5 (27:31):
So they can reach me on my website which is
www dot estate Planning with Sherrymanticavo dot com. And I'm
also on all the socials so LinkedIn and Facebook, and
once again, because I do promote client education, I am
posting constantly about tidbets, advice considerations, news bulletins, updates that happen.
Speaker 3 (27:53):
In this area. Because I strictly practice and just this area.
You know, it's very important.
Speaker 5 (27:58):
To make sure that we're up to date on any
tax advantages, tax changes, probate rules and regulations, medicate rules
and regulations. So I like to educate the clients through
those avenues. So I have LinkedIn, Facebook and YouTube as
well well.
Speaker 2 (28:14):
I will include all of those in the show notes
for everyone. I do think this is a really great
area to get very educated on if you have, you know,
even if it comes in a small clip or something
like that, anything that you can see that can help
you either strengthen your knowledge of estate planning, or get
you to you know, talk to your lawyer about certain things,
or reach out to find one that's the right fit
(28:35):
for you and your family. Thank you, Sherry so much
for joining me today, and I want to thank everyone
else for listening, and we'll talk again next week. Thank you,
thank you for joining us on another insightful episode of
demonst Buying Money. If you enjoyed this episode, please subscribe, rate,
and lead a reviews. Stay tuned for more engaging conversations
on our next episode, and remember knowledge is the key
(28:55):
to financial empowerment.
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