(2025) 6-1 David Carrier Hour 2 Podcast

Episode Transcript

Speaker 1 (00:00):
He served at the Pentagon as an army jag. He
graduated from Notre Dame and has two law degrees from
Boston University and Georgetown University. He's been practicing law for
over thirty years. He's your family's personal attorney. It's time
for the David Carrier Show.

Speaker 2 (00:19):
Hello, and welcome to the David Carrier Show. I'm David Carrier,
your family's personal attorney, and you have found the place
where we talk about a state planning, elder law, real
estate and business law, all of which he can sum
up as retirement law. Why because well, if you want
to retire, you better have your ducks in a row.

(00:40):
So many people working, working, working, Nothing the matter with working,
if that's your choice, but a lot of people also
like to retire, and that's unfortunately, you know, it's getting
beyond a lot of folks being able to retire with
any sort of confidence as to what's going to come next.

(01:00):
So anyway, six one six seven seven four twenty four
to twenty four, that's the number to call. Six one
six seven seven four twenty four twenty four. I've been
told I say too quickly, so I'm slowing down there.
There you go. They keep telling me, repeat it, slow
it down, repeat it, slow it down. Okay, I repeated it,

(01:22):
and I slowed it down. Six one, six, seven, seven four,
twenty four, twenty four. So as we were talking about
last hour, my in my opinions, very difficult for regular
folks to go to a lawyer's office. And the thing
that you that regular people not in trouble, right, the

(01:43):
one thing that will get people to go to a
lawyer's office overcome the barriers that are put in the way,
you know, like, why the hell would I go there anyway? Right,
That's a that's always a good question. And then when
I get there, it's going to be all whatever, I
don't want to go. Who can blame you? Don't. I

(02:03):
don't blame it. But eventually the urge to go, the
anxiety if that's what it is, or concern or just
good common sense, whatever overcomes the barrier. Are you with me, honest?
It's like the I really ought to do this, you know,
I shall overweighs the I don't want to and then

(02:26):
you come in and the thing that is so destructive
in my opinion, is that instead of getting what you
need right, you get sort of a rehash of what
you want and is that bad? Well, I think it's bad. Yeah,
I think it's bad because you don't get what you need.

(02:49):
At the end of the day, you've got a document
with your name in it a few times, maybe a
lot of times, who knows. But it's as useful as
something that's not useful. It's not useful when life actually
shows up, when things actually occur, and you had the
ad See. This is what frustrates the hell out of me.
It's like, it's like, you have the opportunity when people

(03:11):
come in. You have the opportunity, right because you don't
go to the lawyer office easily. It's difficult to do,
and you're finally opened up to the idea that there
might actually be something here that really should be addressed.
You don't want to be involved with the government, you
don't want to be involved with the legal system or whatever.
Who does Nobody does. I don't either. Okay, it's what

(03:35):
I do for a living, but boy, I hate getting
involved with it personally. And at that one opportunity when
people finally like, okay, I got to get something done,
I'll just get it done, it's wasted. It's so wrong
that you wind up that folks wind up with an

(03:57):
estate plan, you know, with a bunch of documents. Is
not even fair to call it a plant because this
is no plan. It's the usual documents that get cranked
out every time. There's no thought in it, there's no
there's no addressing the individual issues that are in the family.
You know, very very little like that, and there's no

(04:17):
independent consideration of what's going on. And as a consequence,
right we is in my view and the way I
would evaluate success or failure of a state plan. There's
so much failure out there. It's everwhere, it's everwhere. You know,
people will say, oh, yeah, you know, I got this
thing done and I'm not really sure about it, and

(04:40):
you look at it and it's freaking boiler plate. It's
all boiler plate. And you know, we do boilerplate. Look,
I don't reinvent the wheel every time I have a
family come in, and we don't. It's not like that,
but but you would it seems fair to me to
a good boiler plate, right, something that really addressed the

(05:04):
real issues, like you know, asset protection, like follow through,
like how do we make sure this actually gets to
the kids, like treating iras like the like the one
benefit with the one tax benefit that's really focused on

(05:25):
middle class people. That can be an enormous, enormous boost
to your retirement security, to your kids, the whole nine yards,
And the way they're used is just it's pathetic. It's pathetic,
and you lose out on the benefits. And it's not
that hard. Well, if I can, I would say, if

(05:46):
I can do it, I know it's not that hard
because I can do it, So why does everybody else
do it? I don't. It's it's absolutely mind boggling to
me that that when you have And I'm not blaming
regular folks because you know what, do you know? You
know what I mean, to be honest, think about what

(06:09):
you do for a living. Think about what you do
for a living, right, whatever it may be, And why
would anybody else know how to do what you know
how to do for a living? Like, why would anybody
else know that? Nobody knows that, nobody, nobody knows how
to do what it is you do, right, I don't

(06:32):
care what you do. I have yet to meet somebody
who was really who was competent. You know, there's some
people just go through the motions. I get it, but
for people who were competent, people who actually took an
interest in what they were doing. And I'm talking people
working the line. We had a guy who was in
his nineties and he was an expert putting headliners in vehicles.

(06:55):
You know, the roof part of the fabric, part that
goes in the top of the vehicle. He was an
expert on that, and he had he had his tips
and tricks, and it's like, I'm like, jeepers, you know,
you're kind of old to still be working the line.
He goes, yeah, well, no one else knows how to
do it the way I do it, you know, So
he kept his expertise to himself, right. But it was
one of those things where it's like, how do you

(07:17):
do that? There's something to it. There's something to everything
like this, And generally speaking, you can evaluate whether or
not someone did a good job, like roofing a house,
like putting in a garden, like mowing a lawn. You
can generally look at it and evaluate right away whether

(07:38):
or not that person A knew what they were doing
and b actually did it. You can do that. Can't
do that with this legal stuff. You can't. You can't
just say, oh, yeah, it's all good. Well, but what
you can do. What you can do is you can say, huhm,
were they addressing does were they at least claiming maybe

(08:00):
it didn't work. Maybe you can't evaluate it, you see.
So one of the things that one of the things
that the office I'll tell you, you know, it's always
fresh bake cookies, coffee, all that kind of stuff, because
why because client and this is what I tell my folks,
clients cannot evaluate whether what we did was any good

(08:21):
until they're dead or until the catastrophe strikes, and then
you're gonna find out whether it was good or bad.
But in the meantime, it's pretty tough to evaluate that. Okay,
that's just the reality, and that's true of any legal document.
But we can tell them what we're doing, we can
tell them why we're doing it, we can explain all

(08:43):
of that, and we can do everything else correctly. We
can answer the phone right away, we can be polite,
we can be engaging, we can you know, answer whatever
questions folks have, right all those all those things that
you think, oh, what difference does it make that all
of our folks wear starched shirts. The guys do anyway,

(09:04):
wear start shirts, okay, which I insist you gotta wear
a start shirt. Okay? Why, Well, because maybe if you
look sharp, maybe if you wore you know, you shine
your shoes, start shirt whatever. Right, if you pay attention
to the little things, then maybe folks would trust you
on the big things. Seems natural to me. That's why

(09:27):
you know, in the military, right, so you're always on inspection,
shiny shoes and all the rest of it. Well, why
do you think they make you shine your brass and
polish your polish your shoes. Because back in the day
when you're inspecting troops, okay, rotten leather if you have
a horse, you know you back in the day you
had horses and harnesses and stuff. Right, you can't make

(09:50):
rotten leather shine. It won't shine. So if you got
shiny harnesses, the harnesses are probably in good shape. Corroded metal, again,
you can't polish corroded metal. It's pretty obvious. Again, something
that isn't exactly the thing, but it's indicative. And that's
why we do all the things. The big part of

(10:12):
why we do the things that we do, just to say, hey, look,
we're paying attention to the little things. Right, And if
we're paying attention to the little things, maybe we're not
paying any attention at all to the big things. Okay,
maybe we're not, but probably we are. You know, at
least we know how to take care of this. Maybe
we know how to take care of that, which is

(10:34):
not a logical connection. But still, that's why it's that's
why the follow up is so important. That's why communication
is so important, right, because it's very difficult for folks
to actually come in and see somebody, see a lawyer, right,
even go to the three secers workshop. That's not easy.

(10:55):
Your life is busy. You've got a lot of things
going on, you know. But if we make it easy
for you, well, then we can get good results. And
that's the real point. You've been listening to the David
Carrier Show on David Carrier Your Family's Personal Attorney.

Speaker 1 (11:12):
This hour of the David Carrier Show is pro bono,
so call in now at seven seven twenty four, twenty four.
This is the David Carrier Show.

Speaker 2 (11:22):
Wellcome back to the David Carrier Show on David Carrier,
Your Family's Personal Attorney. So when you get over the hump,
when you finally decide, yeah, I gotta get this done.
Oh painful, painful? How do we make sure that your
trip isn't wasted? How do we make sure that you
actually get payback, you actually get done what you need
to get done. And the first thing we focus on

(11:44):
is the overall how does all this work? Okay, there's
really four elements I would say that are very different
in what we do than what it seems to me
other folks are doing. The first is what I call
follow through and follow up. Okay. The idea is that

(12:05):
it's not enough to get a book of documents with
your name printed on some of the pages. That's that's
what usually it is. It's a transaction. You go in
there to buy to buy some pages, physical pages, maybe
electronic too, right, with your name scattered through it? All right,
And it's not a plan in any meaningful sense. It's

(12:28):
a batch of documents that have been done before and
we're cranking them through yet again. Okay. And why do
I think that? I think that because that's what I've seen.
I've seen things that were obviously out of date, citing
old law, you know, inappropriate, and it has only been
done in the last year or so. And it's like okay, whatever,

(12:49):
so and then once you get this document, you stick
it on the shelf and you forget about it. You
don't follow through. You have to follow through if you've
done an estate plan that involves the trust, any kind
of trust pretty much, right, there needs to be a painful,
painful follow through. Nobody likes to follow through. Okay, we

(13:10):
work really hard to make it as nice as we can. Right,
we're jolly and we're cheerful, and we're grinding through all
that paperwork with you, with you, okay, because we can't
do all of it all by ourselves, but we work
with you to make sure that your trust, estate plan,
trust based, the state plan actually works. What we call

(13:32):
follow through. If you don't do the follow through, if
you went in and you went home with a bunch
of documents, okay, there's no follow through involved. Okay if
you're complain about how because we get this, we get
this as like, well, my neighbors now they got to
trust too, and they didn't have to do all this stuff.

(13:53):
You know, you're making us do all this work, and
it's like, oh, you don't see the eight to ten
hours that we've got into it. I get that, but
you know, we're working here too, you know, to get
this to well, how come? How come we have to
do Most people appreciate it, but occasionally you get that,
you know, and it's like, okay, here's here's the difference.

(14:15):
We're not doing this to be you know, pains in
your rear end. We're doing it because if we don't
do it, the thing ain't going to work. And you
could either do it with our guidance and help and assistance,
or you could do it on your own, which and
of course nobody would accept. Engineers. Engineers tend to do

(14:35):
it on their own. But except for engineers, people tend
not to do it. Lawyers don't do it. Lawyers don't
do it. I mean, the number of lawyers with no
estate planning, including estate planning, attorneys with no estate planning
is shocking. It's shocking shocking to me anyway. But it's
appropriate because they know it doesn't work because they don't

(14:56):
follow through with their clients. They're not going to follow
through it themselves, you know. And it's like, well, of
course it doesn't work because there's no follow through. But
follow through is critical, that's what I think. And then
follow up, so every every month, we do. We do
what we call visiting experts. So we'll have people come in,

(15:18):
you know, interesting topics. We hope they're interesting, you know,
just financial stuff or other legal sort of related more
you know what I mean. More, here's how real estate works,
or here's how the house gets sold or things like that. Okay,
visiting experts. Every week, every single week the good Lord brings.

(15:41):
We have a you know, calls with David. All right,
and the idea is you can come in, right, it's
attorney time, is what it is. Two hours of attorney time.
You can call in, you can show up and get
your questions answered. Okay, there's no charge for that. You
do get the cookie either coffee, no problem, and tea

(16:03):
and hot chocolate as well, and come on in and
you know it doesn't cost you anything. Real easy to
do other people there, right, I mean, you don't want
super personal questions, but you know the sort of the
general thing that you need to do. That's what we
call follow up. This is our summer of baseball, so
every month we're going to a baseball game. We're also

(16:24):
doing the Classic Car Show in August like we always do.
We're also going to the Zoo up to the you
know that tree top placed the event center. That's the
fun stuff. We're going to the museum doing fun things
as well. Right, it's not really strictly legal related, okay,
but you're there like like, we've got two hundred folks.

(16:46):
I think we've got like five or ten seats left.
So if you haven't gotten in for the baseball game
on Tuesday, call first thing Monday morning because the we're
almost we're almost sold out on that. But you'll have
a couple hundred people there, you know, who've got their
estate planning done, People just like you, who worked and
saved and did all the rest and decided to preserve
what they have, right, and you get your red Wagon

(17:09):
baseball hat and you know some of the baseball hat
commemorative edition. Everything's everything's you know, spisial. But spend the
evening with a group of people just like you who've
done this sort of thing. And it again, is it
strictly speaking legal? Well no, no, but I'm there. The

(17:31):
other attorneys are there. You can ask us, compare legals
are there. You can ask questions, you know, and part
of the thing is you're there with other people who've
done this kind of planning who've seen the benefits of this,
many of them have actually seen it in action. So
it's one of those things that kind of reinforces the
it's the follow up part of it. It kind of

(17:52):
reinforces Hey, this stuff, this is not mumbo jumbo. This
stuff actually works and actually has very beneficial consequences for
the people who do this kind of thing. And it's
more of a social thing than anything else. So we
do trivia, trivia ice cream and trivia chili contest and
things like that too, again just to bring people together,

(18:15):
like minded people, people who understand this stuff. Then we
also do trust reviews, so you get on an ongoing basis,
come on in for the trust review. Here the changes
in the law since you've done it, and we do
those as again as a workshop. So so important, I think,
follow through to make sure that your plan actually works.

(18:37):
Follow up to make sure that you're constantly aware. Yeah,
constantly aware, but you know, at least it's in the
back of your mind. At least you think about it
once in a while and it's not all negatives. Now
I go to the lure instead, it's like, oh, I
get to go to a baseball gamer. Hey, we're gonna
play trivia with prizes not great, but you know prizes,

(19:02):
why not again to kind of foster that community of
people very much like you. And if you don't want
to do it, don't do it. You don't have to
do it. You don't have to do it, but people
do it because it's fun. And that is really that
fun element, you know, That's that's part of the deal
as well. Why shouldn't things that are good for you

(19:24):
be fun to do? Why shouldn't they be Why does
that all have to be to go stoot? It is terrible?
Why can't it be a good time? That's kind of
what we're contributing. So that's number that's item number one.
Follow through and follow up very very important. We'll get
to the rest of them and then next segments. Unless
you give me a call at six one six, seven,
seven four twenty four twenty four ask me a question,

(19:47):
you don't have to listen to the rest of this stuff.
I'm David Carrier, your family's personal attorney.

Speaker 1 (19:54):
David's got the how too you're looking for. Just call
seven seven twenty four twenty four. Are This is the
David Carrier Show.

Speaker 2 (20:03):
Welcome back to the David Carrier Show. I'm David Carrier,
your family's personal attorney, inviting you to head over to
the website Davidcarrier Law dot com because at Davidcarrier Law
dot com, that's where you're gonna find the AI expert,
the authentic Intelligence expert, the the thing that's going to
help out with well basically answers your question. You don't

(20:24):
even have to identify who you are. You don't have
to wait for a call back if you don't want to,
you can if you want to, you just say, hey,
call me back and it'll do that. But put it
on the calendar. But you can get a lot of information,
you know, background stuff, things that we talk about, schedules,
what have you by using the thing, and we've gotten

(20:45):
so far. So far, the feedback has been pretty positive.
It's been retrained a couple of times on various things.
It knows now not the double book appointments, Yeah, thank you,
but seriously did that a couple of times. Anyway, it's
it's a new it's a new feature. It's a new
feature that the people seem to seem to enjoy it

(21:06):
now David Currier Law dot com. Uh, that's where you
can sign up for a life plan workshop, for the
Three Secrets workshop for you know, all the rest of
the all the rest of the stuff we're doing. The
point is that we have four things I think that distinguish,
four things that are usually neglected that we don't neglect.

(21:28):
And the first is follow through and follow up. Follow
through to make sure your state plan is done properly.
Follow up to make sure that it stays useful right
most of the statement. They've done surveys on this, and apparently
Americans have three and a half of state plans. It's
like you get one and then it gets old, and
then you throw it away, and you get another one,
and then you throw that away and you get another one.

(21:49):
You throw that away right because it doesn't work for
you anymore. Instead of maintaining what you have, right, you
have to start all over again. So we've got families
literally thirty five years ago, I just saw a couple, No,
not from thirty five years ago, thirty years ago, last week,
you know, twenty five years ago, you know, seventeen years ago,

(22:11):
eight years ago, nine, ten years ago. We see a
lot of folks because we make a real effort to
follow through and follow up Okay, if you're a state plan,
if you think you have an estate plan, but what
you really have is a binder with your name in
it down in the basement, you don't have an estate plan.
That would be my initial take, let's put it that way,

(22:35):
not my legal opinion about my likely legal advice anyway
to that's number one. Number two. The second thing that
is a mystery to me why people aren't focused on
this is the whole asset protection aspect of it. And
asset protection, what's the big threat to your assets? It
ain't the casino, all right. If you've been saving and

(22:58):
working and doing all the good things, it's unlikely that
the casino is going to be your downfall. You're not
gonna buy that many bass boats, fishing rods, pool tables,
four wheelers, what have you. Okay, you're not gonna quilt
that much across dich until you're you know, until your
money's gone. You're not gonna do that. That doesn't happen.

(23:22):
You know, it does happen. Long term care happens. And
it's see, people who work and save and do all
the good things took the overtime blah blah. People who
did it right okay, or we're yeah, I'm not. I
always have to say this, but I don't mind saying it.
I mean, there are people who are unlucky and the

(23:43):
situation that they're in is no fault of their own
and all the rest of it. Okay. That is not
to say that good choices don't have good consequences. Okay,
So you got to acknowledge that you earned what you have. Okay,
if your house is paid off and you got a
cottage and you're helping out the kids and with the

(24:05):
grandkids and all the rest of it, it's because you
took certain actions, you did certain things. Now, it doesn't
mean that somebody who does the same things couldn't have
bad luck and not get the results you did. So okay,
so let's not get all, oh, you know, you're saying
bad things about, you know, people who have been unfortunate.

(24:26):
I'm not saying that at all, but I am recognizing
that it's not usually. See, if you work really hard
and it doesn't work out the way you expected. Bad luck. Okay,
that's bad luck, and bad luck happens. But you know
what doesn't happen. You know what doesn't does not happen.
It doesn't happen that people acquire the four oh one

(24:51):
care and pay off the house by good luck. It's
not just luck, it's luck. Are you kidding me? Are
you kidding me? Rub a rabbit and see if you're
four to one K grows. Okay, it's not how it happened,
all right. So while while people who are not in
the situation they'd like to be in, right, it may

(25:12):
not be their fault. It may not be their fault.
All kinds of things happen. And it's a big world,
all kinds of things, tragic world, All kinds of things happen. Okay,
So if you didn't get where you wanted to go,
it may have nothing to do with the effort that
you put in or whatever. Luck plays a role, okay,

(25:33):
But you know where luck does not play a role
is an accomplishment. Okay. You say, well, you're just lucky.
What do you mean you're just lucky? If if you
hadn't done what you did, does the luck fairy come
down and give you a house? Does the luck fairy
buke up your four oh one k? Does the luck
family luck fairy work on your family relationships and stuff?

(25:59):
You know, when bad things happen. I'm fine blaming fortune,
and the world is a tragic place, okay. But if
it's solid, if it's good, if it's strong, it's because
you worked at it. See absence of work. Excuse me,
absence of work that one. Absence of work guarantees failure

(26:23):
guarantees failure. Working really hard does not guarantee success, doesn't.
There's too many things that can happen. Okay. But once
you've worked really hard and you've accomplished a measure of
material success, why would we not hang on to it?
Why would we just blow it off like it just

(26:44):
showed up on a lottery ticket or something, which it didn't. Okay?
Isn't it important to honor? Isn't it important to demonstrate
to your kids? If nobody else right, who you still
want to be a good example? Right that? Hey, guess
what working hard hard, right? If you work hard and
bad luck doesn't get you, right, you can here's the

(27:06):
things that can happen, and you can be a blessing
to the people around you. That's what hard work does.
It enables you to help out other folks while all
the time remembering right who did the work? You and
your spouse you by yourself, if you're a single person, okay,
single person, marry couple, doesn't matter. Okay. You can be

(27:29):
a blessing to other folks, you can be a curse
to other folks. You get to decide, you get to choose, right,
And I don't feel like saying it again, but but
I'm gonna all right. It's not like people. I know,
people work very hard, and it's just tragic. It just
traged Human life is a tragedy. Right, But to the

(27:53):
extent that there is you know, light wing candle, cursed
the darkness and all that, To the extent that somebody
lit a candle, it wasn't easy to do that, right,
You had to fight against everything else and you did.
Why not safeguard what you've built up? And that's the
key to the estate plan in my opinion, Right, it's
asset protection. Look, there's all kinds of crazy people out

(28:15):
there gonna sue you for nothing. Right. The changes in
the insurance law didn't make it more protected for the
people who actually have stuff, made it less protected. Okay,
And long term care strikes seventy percent of people aged
sixty five, according to National Institute of Health, So okay,
that's a good way to go broke involuntarily. It's not

(28:37):
up to you. It just happened, Okay, So when bad
luck shows up, you just say, oh, well, bad luck,
bad luck. I guess I deserve it. What when you
could protect yourself against the bad luck that you know
is lurking out there, that's the second thing, the third
thing we do. So it's acid protection for you, but

(28:59):
it's also aid protection for your kids. If you're gonna
leave something to the kids, right, why don't we recognize
that the world can be a difficult place for them
as well, between student loans and divorce rates and you know,
COVID and all kinds of weird stuff going on. Right,
why don't we protect what we're leaving to that next generation.

(29:21):
If you're going to leave something to the next generation,
why not, why not right protect it for the next
And people don't do that. Attorneys don't do that. I mean,
I see, I have yet to see an estate plan
that protects the assets for the next generation the way
they should be and could be protected. When you leave

(29:42):
assets to somebody else, you can make sure that no
one can ever take away that inheritance from the kid
while the kid remains in complete control. I'm not about
locking up the money and come back in twenty years. No,
I'm not saying that at all. What I'm saying is
that if you're going to leave something to your kids,
why not make sure that the student loan people, the

(30:03):
ex spouse to, whoever it is, doesn't take it away
from them. That's number three. We get to four. That'll
be next segment. You've been listening to the David Carriers Show.
I'm David Carrier, your famili's personal attorney.

Speaker 1 (30:17):
David's perking and working and taking your calls. Now this
is the David Carrier Show.

Speaker 2 (30:24):
Well, come back to the David Carrier Show. I'm David Carrier,
your family's personal attorney. Now I've been talking about what
are the four things that you really need to look
out for right when you're doing your state plan that
in my experience, are almost always overlooked And these are
things that we're not looking for you to do, but

(30:47):
you know should be done for you in my opinion.
The first is follow through and follow up. So many
estate plans are done, they don't work, and they don't
work because there's no follow through. And then even if
it did work, when you first got started, life changes.
Things happen, and because there's no follow up, right, there's
no long term relationship there. All you were doing was

(31:09):
you know, you know, they're going to the convenience store
buying a box of documents or something. Right, there's no
follow up. Now the thing doesn't work because you outgrew it,
things changed, the law changes. What have you so follow
through and follow up? Number one? Number two asset protection? Right,
you earned it, you got it. Why aren't you holding
on to it? Okay? Oh you know what? It makes

(31:32):
no sense. Okay, And the big threat is long term care.
If I haven't provided right a long term care solution,
I haven't provided a solution at all. There's alwte a
time because if you do need long term care, you're
gonna go broke because it's you know, eighteen thousand a month,
thirteen five a month, ten thousand a month, twelve thousand

(31:54):
a month, six thousand a month. If you're in assisted
living and you don't need that much, Okay, there's I mean,
look around. Don't take my word for it. I'm not
telling you to. I mean look around, call a couple
of places and ask what does it cost for a day,
then multiply times thirty. That's where you're going to get to.
That's where you're gonna get Let's make sure that that

(32:15):
doesn't drain your life savings. How can we do that? Fairly? Straightforward?
Actually not easy. I didn't say it was easy, but yeah, straightforward.
The third thing is if you're gonna leave something to
the kids, right, and we all stand on the shoulders
of giants, right, we all. You're here because there was

(32:36):
stretching back to the dawn of time, there were people
who found each other, found each other attractive. Right, and
you're at the end of that. Okay, your kids stand
on your shoulders, just as you stand on the shoulders
of others. Well, how much can you contribute to that? Well,
if you don't take care of yourself, if you don't

(32:56):
do number two, take care of yourself, you can't do
number three three, all right, you can't take care of
anybody else. So let's take care of yourself first, number two,
then number three. Let's also take care of the kids.
The tragic I thing that absolutely drives me bonkers. There's
a lot of things, but one of them is, you

(33:17):
got a kid who's going through a rough patch, okay,
whether it's a divorce or a bankruptcy or something like this,
and they get an inheritance and the kid doesn't even
get the inheritance because the inheritance comes out. But now
it gets scooped up by child support, by get scooped
up by divorce decree, gets scooped up by bankruptcy, what

(33:38):
have you. There are lots of ways student loans, lots
and you know they're collecting those student loans. Again. It
was interesting, you know, google this. Don't believe anything I
say everything. I say, google it, okay, but satisfy yourself.
But the like the national credit score went down because
they started they threw all the the the rating agencies

(34:02):
through the student loans. That people thought, oh, you know,
free money, what is it? Let me ask you, where
do you think the free money comes from? If you
answered my wallet, then you would be correct. It comes
from your wallet. That's where the free money for free loan,
forgiveness and free this and free that. That's where it
all comes from. You're paying for it if you want to,

(34:23):
God bless you, go ahead. That's your personal choice. I
don't think it's particularly fair. And now they say, well, okay,
guess what. We're not just gonna make you pay, you know,
make the listening public pay for all those student loans.
Those are going back on the people who owe the money,

(34:43):
and now credit scores have plummeted. Okay, you give your kid,
you know, the inheritance. Do you really want the kid
to lose the inheritance all right, to pay back the
student loans. Maybe you do, We'll pay them off yourself,
I guess right. Or maybe you would like the family money,

(35:04):
the money that you're leaving to your kid, right to
be a little different, right to not be subject to collection.
And there's a way to do that. It's fairly straightforward. Again,
We've done it tens of thousands of times, and it
works every time you do it. Now sixty percent of
the beneficiaries loot the room. They just want the money,

(35:26):
which is okay, fine, you just want the money, to
just take it, okay. But there's an aspect of if
you're in trouble, the inheritance will be there to rescue
you and will not contribute to the problem. Right, will
not be there for the benefit of your kid's creditors,
but will be there for your kid or other beneficiary Okay.

(35:50):
The fourth thing, and this is so important everybody seems
I just again, it boggles the mind. How can you
treat the i R as just another account? And yet
people do it. It's it's how it's done. It's like, oh,
put your spouse on it and put your kids on it.
Who is the thought process in that? And there's no

(36:12):
there's no recognition of the power of the i R. Okay, now,
I understand that, you know, financial companies, all they get
loaded down with fees and all the rest of it. Okay,
that's part of it. That's part of it too. But
the fundamental idea that you can experience tax free compounding,

(36:34):
that's what it is, tax free compounding in the i
R for you and ten years for your kids, right,
is amazing. It's just and and and this is why
they keep knocking back on it because rich people don't
have iras in four oh one k's and I mean,
you know the you know, the titans of industry, the

(36:56):
really the people who rewrote the tax code in their
own favor, right, they don't have iras. Iras are a
working class, middle class tax break, and it's the only
one that only the middle class takes. Advantage of Okay,
it's a middle it's just right there in the middle
class is the ones regular folks. Because you get it

(37:16):
by earning money. You get it by work, and that's
your four O K okay, four oh three b whatever
it is through savings, planned railroad retirement. You got it
by working, not through not through owning companies and whatnot.
Warren Buffett wasn't wrong when he said that his secretary
paid more tax than he did. He was right, And

(37:38):
the reason she paid more tax is because she earned
it with her work. He earned it by trading stocks
with capital gains. Okay, if he was paying any tax
at all, his tax lawyer should be fired because he
didn't have to his capital. His capital gain tax rate,
long term capital gain tax rate should have been about zero.

(38:00):
Shuld been zero? Okay, So well, you're not there, and
the iras are not for them. The iras are for you,
which is why they're under attack, which is why the
recent reforms, if you look at them open eyed, have
not everybody think, oh, it's great to have the IRA

(38:22):
and I can put more money in it. They're counting
on your kids, You're counting on you not spending it.
And your kids cashing it in before you reach room temperature. Okay,
that's what they're counting on, which means the maximum tax
is going to be paid on your IRA, not by
you or by your kids. Okay. Those are the sorts

(38:42):
of Those are the four things that we address and
so you maximize what you have done, which is key
in my opinion. You've been listening to the David Carrier
Show on David Carrier inviting you to go to the
website David Carrier Law dot com. Come to one of
our three Secrets workshop learn what it's all about.

Speaker 1 (39:07):
You've been listening to the David Carrier Show a lively
discussion addressing your questions and concerns, but not legal advice.
There is a big difference. So when making decisions that
affect your family, your property, or yourself, the best advice
is to seek good advice specific to your unique needs.
If you missed any of today's show or would like
additional information about the law offices of David Carrier, please

(39:29):
visit Davidcarrier Law dot com.