Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
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 (00:20):
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.
Speaker 3 (00:32):
So give us a call.
Speaker 2 (00:33):
Why don't you six six seven seven four twenty four
twenty four. That's sixty one six seven seven four twenty
four twenty four to twenty four.
Speaker 3 (00:43):
We are well into the what do you want to say?
Speaker 2 (00:48):
The nationalization of this method of state playing the fully
loaded toolbox where we don't discount any possibility.
Speaker 3 (00:57):
We will re embrace, you know, whether it's long term.
Speaker 2 (01:01):
Care mostly mostly what we're concerned about, I'll tell you,
Mostly what we're concerned about is you while you're still here, right.
I Mean that's kind of the primary focus that I
that absolutely drives me bonkers and has for years that
you know, we're not focused on you while you're still here.
It's all about when you're dead. And yeah, you got
to get that part covered. I'm not saying we don't.
(01:22):
And in fact, there are lots of things that can
be done, should be done, in my view, should be done,
that are not done, you know. I mean, I think
I think the current state of the state planning is
a pretty sorry mess.
Speaker 3 (01:35):
That's what That's what I think.
Speaker 2 (01:37):
And rather than simply to light one candle, rather than
curse the darkness, I mean, what we what we're doing
with what I'm doing with a couple other guys. Now,
we have fourteen law firms from, like I say, from
San Diego to New York, New Jersey, Georgia, Texas, Minnesota,
(01:57):
I think Georgia, I said, Georgia anyway, a whole bunch
of them now Missouri, Kansas. Because this idea that you're
kind of important before you die. I mean, that idea
is it's pretty.
Speaker 3 (02:17):
Obvious, isn't it. I mean, how is it not obvious?
Speaker 2 (02:20):
But apparently it's not obvious enough to take off by itself.
So we've kind of kind of pushing that idea. The
listeners know, we've been pushing that idea for a long time.
But right, that's really, that's really what it's about, is
making sure that you have everything that you need or
more importantly, might need because you don't know what you know,
(02:43):
You're not going to know until the until you know,
the world unfolds and it's you know, whatever circumstance shows up,
shows up hard to know what exactly you're going to need.
So we pack everything into the toolbox so that no
matter what happens, we we got you who kind of
got you covered. And the exciting thing to me is
(03:03):
just how well the new the new law firms, the
member law firms have been adopting and adapting. We've been
training them now for a few months and they're they're
about ready to start doing the work. The kind of
workshopps that we're doing, well, those are going to be
Those are going to be national in the next next month.
Speaker 3 (03:22):
So, you know, exciting, exciting stuff.
Speaker 2 (03:25):
I think it's I think it's exciting stuff finally getting uh,
you know, getting the word out in a very concrete way.
I mean, we've coached other people and stuff, but you know,
it doesn't not quite what you want it to be.
This way, you know, we have a lot more control
over how it will be because we're partners with these
(03:46):
folks in and they're very uh and and all of
them are very experienced estate planning attorneys, but frustrated, I mean,
because they saw it. They just didn't know how to
fix it. And that's what we're really doing and kind
of pushing that out. Also, this is a very recent development.
You know, if you go to the website David Carrier
(04:07):
Law dot com Davidcarrier Law dot com, that's the website.
That's where our three sister workshops are. That's where all
the different stuff. If you want to listen to this again,
god forbid why you want to do that, But if
you do, it'll be on the website. Also, it'll be
on the website as a video. So double horror. You
(04:28):
got to listen to it and watch me, Oh my god, terrible.
But anyway, that's on the So that's on the website.
But a few months ago we put an AI artificial
intelligence what have you on the on the website, and
the AI thing, if you asked it a question, you
type in a question, it'll give you back an answer
(04:50):
and not legal advice, of course, it's just more guidance,
but it's not simply oh, go to a workshop or
we'll have somebody call you a back. There was a
real effort to make a general statement, you know, more
to be helpful, right, to ask you a couple more questions,
which is something that you can do with the with
(05:11):
the AI stuff. Well, over the weekend we added voice
to the thing, and my son had a few of
his buddies over over the weekend and we were the
kids were talking to it, right, And I mean, this
is how this is how crazy this I think it's crazy.
(05:32):
Where you get on your cell phone right, do the
website on your cell phone, and if you hit the
thing right so that you give it control over the
microphone and the speakers, right, you can actually ask it
questions like I am thus in such an age I
have ex kids, what should I do? And again it's
not legal advice, okay, but it's not nothing either, you
(05:55):
know what I mean.
Speaker 3 (05:55):
It's not just.
Speaker 2 (05:58):
It actually responds pretty well with kind of kind of
more generic advice. It's not the specific advice that you need,
but it is useful. And now it's talking to you,
which I think is just you know, it's the two
thousand and one A Space Odyssey. You know where the
(06:18):
computer talks back to well does and it actually responds.
In fact, at one point it the computer is going
because the kids were asking goofy questions. It's like, I
can see you're having a little fun with this, you know.
But if you want basic information or how to get
to workshop that kind of stuff, give it a try.
Speaker 3 (06:40):
Give it a try.
Speaker 2 (06:41):
It's not it's not hard to use. Six one, six seven,
seven four twenty four, twenty four. That's the number to
call if you'd like to get your question, comment or
concern on the air.
Speaker 3 (06:54):
So here's a good one. How can I learn.
Speaker 2 (06:56):
If my husband? How can I learn if my husband
has lead leagally removed my name from house title and
placed it in his personal trust?
Speaker 3 (07:05):
I received? This is kind of a weird.
Speaker 2 (07:08):
You wonder what the backstory is on this right I
received in the mail general warranty deed stating that my
husband and I sold our two million dollar home to
my husband's personal trust, personal trust that she's never seen
for ten dollars. Then the next page exhibit to deed
(07:29):
shows him his trustee for the trust. Okay, third page
is memorandum of trust his name only did I unknowingly
unknowingly signed my house over to my husband's personal trust
and lose my right of ownership. Well, it's hard to
know without seeing it. But if you have a general
(07:51):
warranty deed, and the warranty deed says that you and
your husband so and I don't hear you saying that
he forged your signature to it, right, so at some
point you signed it. Now, maybe maybe there was fraud
involved in it. I don't know, but for ten dollars,
so basically you put it into his trust. The question
(08:13):
is on that. And you're saying it's a general warranty deed,
that would suggest that you did sign it, that you
signed the deed. And because you're not telling me that
it was fraud of forgery, maybe fraud right, maybe lied
to you about what it was you were doing. Okay,
you can challenge that in court. But the thing to
(08:35):
do it sounds like you've got everything you need to
find out whether or not.
Speaker 3 (08:42):
Your name is off the house.
Speaker 2 (08:43):
Now here's the thing. It's not that your husband legally
removed your name, all right, he didn't remove your name.
You did when you signed the deed, assuming that you said,
I don't know if you did or not. But assuming
that you did sign the deed, you're the one who
removed your name. He can't remove your name from it.
You're the only one who can do that. And if
you did do that, if you did, which maybe you did,
(09:07):
I don't know, then yeah, that's gonna be that's gonna
be trouble because you're gonna now have to prove that
it was induced by fraud, which is not an easy
thing to prove. Okay, if you signed it voluntarily and
who knows what he said to get you to sign it,
I don't know. But if it doesn't raise, if it
doesn't go to the level of fraud, then then you're
(09:30):
you're going to be, you know, out of luck. Because
courts hate, hate to upset deeds even when even when
the need for it is done or chapter I can
give you chapter in verse. I mean, we've gone to
the court of appeals on these things. Once we got
(09:50):
a deed, the courts are very very reluctant. It's a
monkey with them. They won't do it. And uh, but
but if you can show fraud, that's a different story.
But if you signed it because you know, he said
he'd love you forever, if you signed it and then
you signed it. Well, that's not the kind of fraud
the court's going to take cognizance of.
Speaker 3 (10:12):
So that's.
Speaker 2 (10:15):
Don't sign deeds. If you see something that says a
deed on it, don't sign it unless you know exactly
what it is you're doing, because the consequences can be severe,
and I mean severe. You're listening to the David Carrier Show.
I'm David Carrier, your famili's personal attorney.
Speaker 1 (10:33):
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 (10:43):
Welcome back to the David Carrier Show. I'm David Carrier,
your family's personal attorney. Now's the time to give us
a call. Six one six seven seven four twenty four
twenty four. Got a burning question, Got a smoldering question,
Got a question that's you know, luke warm and tep it, Well, whatever,
give us a call six one, six seven seven four
(11:03):
twenty four to twenty four. Will get your question, comment
or concern or concern on the air. Here's here's a
good one. My wife was in a car accident and
the other party has hired a lawyer. We have a
family trust with most of our assets. Well that's good,
unusual but good. My wife has a traditional IRA and
(11:25):
a roth ira which are not in the trust. So
let's talk about iras individual retirement accounts, which is the
only middle class tax break that is unique to the
middle class. Right, wealthy, wealthy people at the dot com
billionaires and stuff like that. Those people don't have four
to one case. People with no assets don't have four
(11:45):
on one case. It's people like you have iras in
four to one k's because you're workers and you've worked,
and this is the one tax break that only you
take advantage of. Most other tax breaks are see. See
the way it usually works with tax breaks is they're
given the tax break to the people in the upper
(12:06):
income brackets. Okay, because they're the ones who can use them.
You know, people complaining all the time. Oh you know,
all the benefit goes to these rich people. Well they're
the ones who are paying you know, uh, ten thousand
percent of the tax you know, whatever the percentages of
the taxes. So and they're paying at a high tax rate,
which is why they're willing to do what whatever hoops
(12:30):
they got to jump through to get the tax break.
That's how that works. And typically if middle class folks
get a tax break, a tax deduction or something like that,
it's a trickle down from wealthy people.
Speaker 3 (12:44):
Does that make sense to you.
Speaker 2 (12:45):
Okay, it's like those people wanted the tax break, and yeah,
you can get the crumbs.
Speaker 3 (12:50):
Okay, middle class people get the crumbs.
Speaker 2 (12:53):
And the way things are set up now with the enormous,
relatively enormous stand deductions with their exemptions whatever you want
to call them now we used to call them standard deduction,
but anyway, with the way the taxes are set up now,
because what people on average would deduct would itemize. See,
(13:15):
that's how they did this. But they said was, look,
we're just making tax prepayers money. Plus we're making it
very confusing. Plus we're getting the irs involved in going
after people for charitable deductions and silly stuff like that.
Why don't we just say screw it. We're just going
to figure out what kind of what the average is, right,
(13:38):
the average amount of itemized deductions. We're going to give
that to everybody. All right, if you're middle class. Now,
the more money you make, that phases out and you
don't get the benefit Okay, but presumably you're itemizing your taxes,
so you are still using the tax prepayers and all
the rest. That's for most taxes, right, for most tax breaks,
(14:01):
the middle class gets the leftovers, the crumbs from what
high income tax people, high income taxpayers are paying.
Speaker 3 (14:10):
Okay, that makes sense. But iras are different.
Speaker 2 (14:14):
Iras were designed intended back in the seventies, for nineteen
seventies for you, for regular folks. That's who we were
giving them to. That's who they were made for, was
regular folks.
Speaker 3 (14:30):
All right, that's the idea.
Speaker 2 (14:32):
And the wealthy people don't use them because there's so
much other good stuff that they can do, right, there's
so much other good stuff that they can do to
avoid taxes that they're not using the iras. This is
a middle class thing. It's a regular folks, working people thing.
Speaker 3 (14:54):
Iras.
Speaker 2 (14:55):
Okay, So the IRA in order to make it work,
they had to say, these are retirement plan assets. About
forty forty five trillion dollars trillion with a tr trillion
in these retirement plan assets, right, and they're protected from lawsuits,
not long term care, but they are protected from lawsuits.
(15:16):
So if you're in a car accident, you don't have
to worry about your IRA. You don't have to worry
about your four oh one K. They cannot take that
away from you, all right, which is really important, right
because they could take it away from you. They could
take your money and you get stuck with the tax bill. Well,
that can't happen. Cannot happen to you or to your spouse,
(15:36):
assuming you use the spousal rollover rules. Okay, so we're
good to go on the IRA. So the traditional ira
and the roth Ira, which are not in the trust
don't need to be in the trust. That wouldn't get
any protection from being in the trust. And in fact,
if you were to retitle an IRA to your trust,
you would trigger, you would lose the ira protected, you
(15:58):
would trigger the income tax right then and there. So,
good that we've got traditional ira, good that we got
a roth ira, and good that they're not in the trust.
You don't have to worry about it. For the car accident,
she was the only owner of the vehicle involved, which
was not in the trust and was totaled and has
since been replaced with a new vehicle not in the trust.
All other assets are jointly owned and are in the trust. Well,
(16:23):
those are two different ideas. Right, You can jointly own
something or you can have it in the trust. It's
not the same. You might both be beneficiaries and both
be grand tours of the trust. That does not mean
that you jointly own it. It means the trust owns it.
You're the trustees. If there's a court case, can the
assets in the trust be taken? The answer is almost
definitely yes, because probably what you did was not an
(16:47):
asset protection trust. Probably what you did was the typical
revocable living trust. And here's the way, here's the way
that that works. If it's a revocable trust, that means
that you can empty it whenever you choose to empty it. Okay, Now,
whatever you can do right right? Remember that song anything
(17:10):
you can do, I can do better?
Speaker 1 (17:11):
Right?
Speaker 2 (17:11):
Well, it's different than that, not really the same anyway.
The point is, if you can do it, a judge
can tell you to do it. Do you say, if
you had the money, Let's say you have money in
your own name, right in your name, And the judge says, okay,
you were in a car accident, give that money to
(17:32):
this other person. You're like, I don't want to I'm
not gonna and the judge says, I order you to
or I'll put you in jail. And then you say, okay,
I got it. And what if you still don't, Well,
then the judge can order the bank right to pay
the money over to that person. Not because if it's
in your name, right, so they can take your stuff.
Speaker 3 (17:53):
Now, if it's in.
Speaker 2 (17:54):
The trust a trust, okay, well, why does the trustee
have to do it? Well, the trustee has to do
it because with a revocable trust, you can revoke the
trust and put everything back in your name just like that.
Speaker 3 (18:08):
You can do it.
Speaker 2 (18:09):
You don't need to talk to anybody. Boom, it's done.
That's why there's no asset protection with a revocable living
trust because if you can put it back in your name,
a judge can tell you to put it back in
your name. And when the judge tells you to put
it back in your name, now he can say, okay,
now give it to this other person.
Speaker 3 (18:29):
So there's no asset protection. There's no asset protection there.
So when we're.
Speaker 2 (18:33):
Looking at this, can the assets and the trust be
taken almost definitely? How about that wroth or the traditional ira,
which is only in mom's name. No, those can't be taken.
Looks cannot be taken. So those are protected. Stuff in
your trust. Probably probably not protected again, because what were
(18:54):
you thinking when you set up the trust. Probably what
you were thinking. Probably what you were thinking was when
I die, I want my stuff to go to I
want my stuff to go to the kids. Okay, I'm
gonna just get this question in here and we'll answer
it the next thing. How can I entrust my condo
to my great niece? I just bought a condo, good
(19:15):
for you, and if anything should happen to me before
the mortgage is paid off, I like to interrust it
to my great niece. So if anything happens to me
where I die, she has the option of selling it,
paying off the mortgage, keep whatever's left. How can I
go about and trust my condo to her?
Speaker 3 (19:33):
Good question? Huh, that's an excellent question.
Speaker 2 (19:35):
It's not a complete question, but it's good as far
as it goes, and we'll get to that in the
next segment. In the meantime, go to the website Davidcarrier
Law dot com sign up for one of our three
secrets workshops next Tuesday at Russ's.
Speaker 3 (19:50):
There you go.
Speaker 2 (19:52):
I'm David Carrier, your family's personal attorney.
Speaker 1 (19:56):
David's got the how too. You're looking for just calls
seven four twenty four. This is the David Carrier Show.
Speaker 2 (20:04):
Welcome back to the David Carrier Show. On David Carrier,
your family's personal attorney, inviting you to give him me
a call. Six one six seven seven four twenty four
twenty four. That's six one six seven seven four twenty
four twenty four. If you have a question, comment, or
concern about Will's trust probate long term care you name
it Big Beautiful Bill.
Speaker 3 (20:25):
I don't know everything about it. It's amazing the stuff
that's in there. Did you you know?
Speaker 2 (20:30):
People, it's one of those things. Do you remember back
in pre history when Nancy Pelosi said about the healthcare bill, Oh,
you have to pass the bill to find out what's
in it. Do you remember that, Well, that's sort of
the that's I guess turn about it's fair play, huh,
because that's certainly what's going on with the Big Beautiful Bill,
(20:53):
you know, just finding out about There are a lot
of a lot of things that people have wanted, some
at least.
Speaker 3 (21:00):
Have wanted for a long time, like a school choice.
Speaker 2 (21:04):
You know, there's just a lot of things in there
that that and we can talk more about that if
you'd like. But there's a lot of things in there.
I mean when the government does something, you know, when
you finally get something through that has to pass, it's
you know, you get the headline stuff, right, you get
the big, the big picture. But also, uh, there are
(21:26):
so many little things that get hung onto that Christmas
tree in a little ornaments there that that established new law,
new precedent, all the rest of this that that you
didn't you weren't focused on because of the big of
the big, big story, right, And there's just a lot
of things that are that are coming out now that
(21:49):
so we passed the bill, I guess now we're going
to find out.
Speaker 3 (21:51):
What's in it.
Speaker 2 (21:52):
And a lot of those things are things that people
have wanted. American people have wanted for a very long
time and and now it looks like we're gonna get it.
You know, there was a there was a fellow who
said that democracy is the idea that the the people
know what they that the people know what they want
(22:12):
and they deserve to get it good and hard.
Speaker 3 (22:15):
Well, I guess we're gonna find.
Speaker 2 (22:16):
Out the question we had before the before the break,
how can I get my condo to my great niece
just bought a condo if anything happens to me before
the mortgage is paid off.
Speaker 3 (22:28):
Now here's the thing.
Speaker 2 (22:30):
There's an idea here that if something happens and I
guess death before the morege, what difference does that make?
It doesn't make any difference. Okay, So even if the
mortgages paid off, mortage not paid off. Let's say great
niece wants to keep the property, even though the mortgage
is not paid off. Well, under the garn Saint Germain
(22:53):
Depository Institutions Act of years ago, all right, there's no
du on sale. There's no requirement that the mortgage be
paid off. Instead, the person who gets the condo, right,
the grand niece, She could continue to pay the mortgage
as long as the mortgage continues to be paid. The
(23:14):
fact that the person who borrowed the money has died
is not relevant. And you say, but wait a second,
they're the ones who's credit you used, right, Well, yeah,
that's right.
Speaker 3 (23:24):
That's a loophole kind of thing.
Speaker 2 (23:26):
So maybe grand niece has horrible credit or great niece
has horrible credit, right, It doesn't matter because our letter
writer is the one or email writer is the one
who who borrowed it, Okay, and we're using that person's credit. Okay,
So even if they die, so long as the payments
are made, you can't foreclose on the thing. How about that.
(23:47):
So that's why I'm not really sure why it matters.
I want to give it to a great nie, so
if anything happens to me where I die, she has
the option of selling it, paying off the mortgage, keep
whatever's left. Okay, this is this is the typical answer
to this is going to be, oh, do a ladybird deed, right,
do a transfer on death deed so that when Auntie dies,
(24:11):
niece gets the property. Okay, Now it's the niece's problem.
She can continue to pay the mortgage, as I just said,
but now she gets the property. The problem with this
is it doesn't take into account the real world. Maybe
great niece is in a great position to get it.
Maybe she's not. Maybe she's died, Maybe she's in debt,
(24:32):
maybe she needs long term care. Maybe maybe maybe there's
so many maybe's here that the tradition, you know what
I would say, just judging from stuff that comes in
the office.
Speaker 3 (24:46):
Right.
Speaker 2 (24:46):
The way that these are typically handled is, oh, that's
just a ladybird deed, right, No, you shouldn't. You shouldn't
do it like that. Instead, the way to do it
is with.
Speaker 3 (24:56):
With the trust. You do the trust. Why do you
do the trust?
Speaker 2 (25:00):
Well, because if Auntie here is in good shape, maybe
we make it the five years and it doesn't count
against her for long term care.
Speaker 3 (25:09):
Maybe we could do that.
Speaker 2 (25:11):
Or if you know, if that's not the situation, because
Auntie's health is not good, what have you. Well, again,
we would give the property, run the property through the trust.
If great niece has died, well, who's the alternative, who's
going to get it? Well, now we know we can
figure that one out. Or and if the great niece
(25:35):
does receive the property, we can set it up so
the great niece receives the condo right without liability for
the great niece's debts. Here's the problem. Okay, so often
people will put their kids as beneficiary. They'll put them
in the trust or the will or what have you,
(25:56):
and say, you know, divide and distribute free from trust.
That frequently this is like the worst terriblest horriblest idea
ever because what you're doing is you're dangling the money
out in front of the kids and then snatching it away.
Speaker 3 (26:09):
Not always, but if I got a.
Speaker 2 (26:13):
Kid who's got student loan debt, okay, defaulted student loan debt,
or a mortgage defaulted mortgage, or credit card debt, or
cell phone debt, or getting divorced, or was in a
car accident or medical bills or you know, spin it
out yourself. I mean, things happen to people, Okay, Things
(26:35):
that are not unpredictable happen to people. You know that
these things do happen, Okay, And when you give somebody
a lump sum and this is and I know everybody's
doing I know that, Okay, I'm not.
Speaker 3 (26:51):
Naive.
Speaker 2 (26:52):
Everybody is just simply giving it to the kids, closing
their eyes and here you go. Terrible idea, horrible idea,
bad idea. Don't do that. But that's what people are doing.
And I'm not ignorant of that, but it is a
terrible idea. It's one of the four things that we
do that is different. Number One thing we do we
follow through. We don't just give you some documents get
(27:14):
out of here. Instead, we have to follow through to
make sure that that plan is actually going to work
for you. Then over the years, and this is still
under number one because it.
Speaker 3 (27:24):
Has to be. It has to do with being complete.
Speaker 2 (27:27):
And the idea is that as we go forward down
the years, we need to follow up, We need to
keep in touch. We need to make sure that your
thing is still working, that that your documents, that your
plan is still working. Documents don't work. Documents right, the documents,
the pieces of paper implement your plan. They're not the plan.
(27:50):
The plan is what you want, your vision of the future.
You're traveling down the pathway towards your goal. Okay, and
along the path, see, here's the thing. Whenever you have
a goal, right, whenever there's something that you want to do,
your mind finds pathways to the goal. You know, along
(28:11):
the path which you're going to find are obstacles, things
to get in your way. You're also going to find tools,
tools that will help you overcome the obstacles. So as
you go down the path obstacles to your goal, obstacles
and tools, You're also going to meet friends, people who
(28:32):
will help you, right, not guide you so much, right,
but will you know, are generally supportive. You're also going
to find foes, enemies, people who are against you accomplishing
your goal. How often when you went to take overtime,
did somebody's what you wanted about an let's do this
(28:53):
distracting you from your goal? How often as you go
down the path to your goal, you're also going to
meet also aim to meet some folks who will give
you insight that changes everything, makes it possible for you
to accomplish what it is you want to accomplish in
ways that you had not considered before. It's almost magical
(29:16):
the way some of the insights can work. And here
you know you're going down the path.
Speaker 3 (29:23):
Right.
Speaker 2 (29:23):
You want the grand niece and great niece in this case,
we want your niece to benefit. Well, what are the
obstacles to benefiting well, great niece's own situation, probate all
the rest of that. We'll finish that up when we
get back. You've been listening to the David Carrier Show.
I'm David Carrier, your family's personal attorney.
Speaker 1 (29:44):
David's working and working and taking your calls. Now this
is the David Carrier Show.
Speaker 2 (29:54):
Well, welcome back to the David Carrier Show. I'm David Carrier,
your Famili's personal attorney. We're talking about how do we
You know, this is a fairly simple one, right where
you know Auntie wants needs to get her her thing,
her stuff, and you know there's ways to do this,
there ways not to do it. But the methodology, the
(30:17):
way you approach this is not different, very similar to
the way you've done everything else in life. You have
a goal, Okay, I'd like to retire at some point.
I'd like to raise a family. I'd like to be
financially secure. I'd like to do this, I'd like to
do you know, whatever your goal is. I want to beig,
you know, with a large mouth, pass, contest, right, whatever.
(30:40):
And the way our minds operate, the way human beings
are is when you conceive of a goal, when you
decide I'm going to do something or I want to
do something, pathways open up.
Speaker 3 (30:54):
Okay, let me think about this.
Speaker 2 (30:56):
What is it you want to accomplish, whatever it may,
whatever it may happen to be, whatever you want to accomplish.
As soon as you start thinking about as soon as
you formulate that goal, you start thinking of ways to
make it happen. That's pathways right, and along the path
to your goal. There are tools that you can use
(31:17):
to accomplish your goal, whether it's education, hammer and screwdriver.
Speaker 3 (31:24):
Literal tools.
Speaker 2 (31:25):
And there are obstacles. How do I get this angle
exactly right? How do I make sure you know the
paint is correct and that you know there's all these
things tools and obstacles. We have to overcome the obstacles,
and we use the tools to do so. And see
if this isn't true in your experience. Right, when the
(31:49):
time is right, the tool appears. Okay, you figure it out.
That's the god given talent that you have. That's what
human beings do better than any other creature. Right, that's
distinguishing mark of who we are, right is we figure
things out.
Speaker 3 (32:06):
Right.
Speaker 2 (32:07):
So another factor is as you go along the path, right,
you run into people who are sympathetic with you, people
who get it, people who support you friends. Then you
run into people who are opposed to what you're doing
for whatever reason. Okay, there are people apparently in this
(32:27):
country who think that having minor children work on marijuana farms.
Speaker 3 (32:35):
Is like a good idea.
Speaker 2 (32:36):
In fact, in fact, there are so many people who
think that that's a good idea, that there's a governor
of a big state that supports that, okay, and commentary
that suggests that, oh, this is just fine, ignoring the
fact that agricultural workers underage agricultural workers are allowed only
(32:59):
after they've been school cared for by their families. You know,
there's a whole infrastructure and you can't work in a
hazardous on a hazardous farm, and a marijuana thing is
a hazardous farm.
Speaker 3 (33:10):
Okay.
Speaker 2 (33:11):
So there, so there are some people who will oppose
what it is you want to accomplish. There's some people
who are sympathetic to you, and others who are a
post and then finally, as you go down the path,
you'll run into folks who have a different perspective on
things that will really help you out in accomplishing your goal.
(33:35):
They will give you some insight and you will see
things differently. Okay, So just think about that as we
as we talk about these these as you yourself go
through go through your life, just see if this isn't
a helpful way of you know, Okay, I want to
get something done. There's going to be obstacles in my path.
(33:58):
There will be things I can use to overcome the obstacles.
There will be friends family, right, people who will help
me okay, or at least be sympathetic to me. And
then there will be people who actively oppose what it
is I'm trying to do. And then finally, as I
go down the path, I will run into some people
who can change my goal, make it better than I
(34:22):
had imagined it to be. Do you see, we don't
think how often that you started out there was one
thing that you wanted to do, you had a goal,
you had something in mind, okay, and how often as
you went through the process of moving in that direction
did it get better?
Speaker 3 (34:42):
Different? Change? Right?
Speaker 2 (34:45):
Because as you fully more fully understand what it is
you're trying to accomplish, you see more possibilities, and the
people there are, people who will tell us, who have
helped us, will help us realize what those new possibilities are.
Speaker 3 (35:03):
Okay.
Speaker 2 (35:04):
And this whole estate planning thing is likely because making
sure right that your final act is the best ever.
You want to end on a big, on a high note, okay.
You want to make sure that your life, everything that
you've been leading to to this point culminates in not
(35:25):
tired disappointment yuck.
Speaker 3 (35:29):
Instead.
Speaker 2 (35:30):
Why isn't it a high note? Why isn't it the
best part of your life right now? And and turns
into a blessing for your other family members. That's what
the ANTI is trying to do in that example, you
know wants the niece to get the condo. Okay, great,
how can we make that happen? Well, you know, what
(35:50):
are the obstacles in our path? Well, the way life
works for the niece, the way the way life works
for Anti, those can get in the way. Some obstacles
have been removed so that the niece does not have
to refinance the house. So long as she makes the payments,
she can continue.
Speaker 3 (36:08):
To keep it. Do you see?
Speaker 2 (36:10):
And then maybe we should change what it is we're
thinking about. Maybe we should figure out how not only
to be a blessing to aunt who bought the condo,
but also an ongoing, an ongoing, secure blessing for niece
and her family. Yeah, think about it. You know, it's
(36:33):
not I'm getting a bunch of documents. It's not like that.
It's I'm on the path, I'm trying to accomplish good things.
How do I accomplish those good things? What are the
good things that are possible?
Speaker 3 (36:46):
Right?
Speaker 2 (36:47):
Who are my obstacles? What are my obstacles, What are
my tools? Who are my friends? Who are my foes?
Who are the people who can give me a new
insight into what I might be able to accomplish the
Can a life estate be terminated if the remainder this
is a good one. Can and I've got one minute
to do it. Can life estate be terminated if the
(37:08):
remainderman threatens the life of the tenant. Our son and
daughter in law are trying to steal our property. I
have a life estate, meaning you can live in it.
Originally it was supposed to be our granddaughter's inheritance, which
is their daughter. And now they're threatening to kill you. Well,
that would be bad. But the thing is, if you
wrote a deep c and this is this is my
(37:29):
point by life when they're talking about remainderment and life estate,
you did a deed. Okay, you signed a deed. As
I said before in the show, courts hate to upset deeds.
They don't like to do it. They won't do it. Okay,
and now you're locked in. You're on that pathway, but
(37:50):
there are walls on either side that are shutting you
off from the friends, that are reinforcing your foes that
are preventing the chain right, the transformation of goal that
you might be able to do. You want to benefit
your granddaughter. You're not gonna not this way. I mean,
right now, the relationship between you and the parents is
(38:12):
broken down. Who's gonna get it? How's that gonna work?
You can't change thing. You don't want to lock yourself in.
You're on a pathway, not a tunnel.
Speaker 3 (38:22):
That's the point.
Speaker 2 (38:23):
You've been listening to the David Carrier sell. I'm David Carrier,
your family's personal attorney. Get to the website Davidcarrier Law
dot com. Try that new talkie talkie thing. I think
you'll be well amused, anyway, impressed.
Speaker 3 (38:37):
I don't know. We'll see.
Speaker 1 (38:53):
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
(39:15):
visit Davidcarrier Law dot com
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 (00:20):
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.
Speaker 3 (00:32):
So give us a call.
Speaker 2 (00:33):
Why don't you six six seven seven four twenty four
twenty four. That's sixty one six seven seven four twenty
four twenty four to twenty four.
Speaker 3 (00:43):
We are well into the what do you want to say?
Speaker 2 (00:48):
The nationalization of this method of state playing the fully
loaded toolbox where we don't discount any possibility.
Speaker 3 (00:57):
We will re embrace, you know, whether it's long term.
Speaker 2 (01:01):
Care mostly mostly what we're concerned about, I'll tell you,
Mostly what we're concerned about is you while you're still here, right.
I Mean that's kind of the primary focus that I
that absolutely drives me bonkers and has for years that
you know, we're not focused on you while you're still here.
It's all about when you're dead. And yeah, you got
to get that part covered. I'm not saying we don't.
(01:22):
And in fact, there are lots of things that can
be done, should be done, in my view, should be done,
that are not done, you know. I mean, I think
I think the current state of the state planning is
a pretty sorry mess.
Speaker 3 (01:35):
That's what That's what I think.
Speaker 2 (01:37):
And rather than simply to light one candle, rather than
curse the darkness, I mean, what we what we're doing
with what I'm doing with a couple other guys. Now,
we have fourteen law firms from, like I say, from
San Diego to New York, New Jersey, Georgia, Texas, Minnesota,
(01:57):
I think Georgia, I said, Georgia anyway, a whole bunch
of them now Missouri, Kansas. Because this idea that you're
kind of important before you die. I mean, that idea
is it's pretty.
Speaker 3 (02:17):
Obvious, isn't it. I mean, how is it not obvious?
Speaker 2 (02:20):
But apparently it's not obvious enough to take off by itself.
So we've kind of kind of pushing that idea. The
listeners know, we've been pushing that idea for a long time.
But right, that's really, that's really what it's about, is
making sure that you have everything that you need or
more importantly, might need because you don't know what you know,
(02:43):
You're not going to know until the until you know,
the world unfolds and it's you know, whatever circumstance shows up,
shows up hard to know what exactly you're going to need.
So we pack everything into the toolbox so that no
matter what happens, we we got you who kind of
got you covered. And the exciting thing to me is
(03:03):
just how well the new the new law firms, the
member law firms have been adopting and adapting. We've been
training them now for a few months and they're they're
about ready to start doing the work. The kind of
workshopps that we're doing, well, those are going to be
Those are going to be national in the next next month.
Speaker 3 (03:22):
So, you know, exciting, exciting stuff.
Speaker 2 (03:25):
I think it's I think it's exciting stuff finally getting uh,
you know, getting the word out in a very concrete way.
I mean, we've coached other people and stuff, but you know,
it doesn't not quite what you want it to be.
This way, you know, we have a lot more control
over how it will be because we're partners with these
(03:46):
folks in and they're very uh and and all of
them are very experienced estate planning attorneys, but frustrated, I mean,
because they saw it. They just didn't know how to
fix it. And that's what we're really doing and kind
of pushing that out. Also, this is a very recent development.
You know, if you go to the website David Carrier
(04:07):
Law dot com Davidcarrier Law dot com, that's the website.
That's where our three sister workshops are. That's where all
the different stuff. If you want to listen to this again,
god forbid why you want to do that, But if
you do, it'll be on the website. Also, it'll be
on the website as a video. So double horror. You
(04:28):
got to listen to it and watch me, Oh my god, terrible.
But anyway, that's on the So that's on the website.
But a few months ago we put an AI artificial
intelligence what have you on the on the website, and
the AI thing, if you asked it a question, you
type in a question, it'll give you back an answer
(04:50):
and not legal advice, of course, it's just more guidance,
but it's not simply oh, go to a workshop or
we'll have somebody call you a back. There was a
real effort to make a general statement, you know, more
to be helpful, right, to ask you a couple more questions,
which is something that you can do with the with
(05:11):
the AI stuff. Well, over the weekend we added voice
to the thing, and my son had a few of
his buddies over over the weekend and we were the
kids were talking to it, right, And I mean, this
is how this is how crazy this I think it's crazy.
(05:32):
Where you get on your cell phone right, do the
website on your cell phone, and if you hit the
thing right so that you give it control over the
microphone and the speakers, right, you can actually ask it
questions like I am thus in such an age I
have ex kids, what should I do? And again it's
not legal advice, okay, but it's not nothing either, you
(05:55):
know what I mean.
Speaker 3 (05:55):
It's not just.
Speaker 2 (05:58):
It actually responds pretty well with kind of kind of
more generic advice. It's not the specific advice that you need,
but it is useful. And now it's talking to you,
which I think is just you know, it's the two
thousand and one A Space Odyssey. You know where the
(06:18):
computer talks back to well does and it actually responds.
In fact, at one point it the computer is going
because the kids were asking goofy questions. It's like, I
can see you're having a little fun with this, you know.
But if you want basic information or how to get
to workshop that kind of stuff, give it a try.
Speaker 3 (06:40):
Give it a try.
Speaker 2 (06:41):
It's not it's not hard to use. Six one, six seven,
seven four twenty four, twenty four. That's the number to
call if you'd like to get your question, comment or
concern on the air.
Speaker 3 (06:54):
So here's a good one. How can I learn.
Speaker 2 (06:56):
If my husband? How can I learn if my husband
has lead leagally removed my name from house title and
placed it in his personal trust?
Speaker 3 (07:05):
I received? This is kind of a weird.
Speaker 2 (07:08):
You wonder what the backstory is on this right I
received in the mail general warranty deed stating that my
husband and I sold our two million dollar home to
my husband's personal trust, personal trust that she's never seen
for ten dollars. Then the next page exhibit to deed
(07:29):
shows him his trustee for the trust. Okay, third page
is memorandum of trust his name only did I unknowingly
unknowingly signed my house over to my husband's personal trust
and lose my right of ownership. Well, it's hard to
know without seeing it. But if you have a general
(07:51):
warranty deed, and the warranty deed says that you and
your husband so and I don't hear you saying that
he forged your signature to it, right, so at some
point you signed it. Now, maybe maybe there was fraud
involved in it. I don't know, but for ten dollars,
so basically you put it into his trust. The question
(08:13):
is on that. And you're saying it's a general warranty deed,
that would suggest that you did sign it, that you
signed the deed. And because you're not telling me that
it was fraud of forgery, maybe fraud right, maybe lied
to you about what it was you were doing. Okay,
you can challenge that in court. But the thing to
(08:35):
do it sounds like you've got everything you need to
find out whether or not.
Speaker 3 (08:42):
Your name is off the house.
Speaker 2 (08:43):
Now here's the thing. It's not that your husband legally
removed your name, all right, he didn't remove your name.
You did when you signed the deed, assuming that you said,
I don't know if you did or not. But assuming
that you did sign the deed, you're the one who
removed your name. He can't remove your name from it.
You're the only one who can do that. And if
you did do that, if you did, which maybe you did,
(09:07):
I don't know, then yeah, that's gonna be that's gonna
be trouble because you're gonna now have to prove that
it was induced by fraud, which is not an easy
thing to prove. Okay, if you signed it voluntarily and
who knows what he said to get you to sign it,
I don't know. But if it doesn't raise, if it
doesn't go to the level of fraud, then then you're
(09:30):
you're going to be, you know, out of luck. Because
courts hate, hate to upset deeds even when even when
the need for it is done or chapter I can
give you chapter in verse. I mean, we've gone to
the court of appeals on these things. Once we got
(09:50):
a deed, the courts are very very reluctant. It's a
monkey with them. They won't do it. And uh, but
but if you can show fraud, that's a different story.
But if you signed it because you know, he said
he'd love you forever, if you signed it and then
you signed it. Well, that's not the kind of fraud
the court's going to take cognizance of.
Speaker 3 (10:12):
So that's.
Speaker 2 (10:15):
Don't sign deeds. If you see something that says a
deed on it, don't sign it unless you know exactly
what it is you're doing, because the consequences can be severe,
and I mean severe. You're listening to the David Carrier Show.
I'm David Carrier, your famili's personal attorney.
Speaker 1 (10:33):
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 (10:43):
Welcome back to the David Carrier Show. I'm David Carrier,
your family's personal attorney. Now's the time to give us
a call. Six one six seven seven four twenty four
twenty four. Got a burning question, Got a smoldering question,
Got a question that's you know, luke warm and tep it, Well, whatever,
give us a call six one, six seven seven four
(11:03):
twenty four to twenty four. Will get your question, comment
or concern or concern on the air. Here's here's a
good one. My wife was in a car accident and
the other party has hired a lawyer. We have a
family trust with most of our assets. Well that's good,
unusual but good. My wife has a traditional IRA and
(11:25):
a roth ira which are not in the trust. So
let's talk about iras individual retirement accounts, which is the
only middle class tax break that is unique to the
middle class. Right, wealthy, wealthy people at the dot com
billionaires and stuff like that. Those people don't have four
to one case. People with no assets don't have four
(11:45):
on one case. It's people like you have iras in
four to one k's because you're workers and you've worked,
and this is the one tax break that only you
take advantage of. Most other tax breaks are see. See
the way it usually works with tax breaks is they're
given the tax break to the people in the upper
(12:06):
income brackets. Okay, because they're the ones who can use them.
You know, people complaining all the time. Oh you know,
all the benefit goes to these rich people. Well they're
the ones who are paying you know, uh, ten thousand
percent of the tax you know, whatever the percentages of
the taxes. So and they're paying at a high tax rate,
which is why they're willing to do what whatever hoops
(12:30):
they got to jump through to get the tax break.
That's how that works. And typically if middle class folks
get a tax break, a tax deduction or something like that,
it's a trickle down from wealthy people.
Speaker 3 (12:44):
Does that make sense to you.
Speaker 2 (12:45):
Okay, it's like those people wanted the tax break, and yeah,
you can get the crumbs.
Speaker 3 (12:50):
Okay, middle class people get the crumbs.
Speaker 2 (12:53):
And the way things are set up now with the enormous,
relatively enormous stand deductions with their exemptions whatever you want
to call them now we used to call them standard deduction,
but anyway, with the way the taxes are set up now,
because what people on average would deduct would itemize. See,
(13:15):
that's how they did this. But they said was, look,
we're just making tax prepayers money. Plus we're making it
very confusing. Plus we're getting the irs involved in going
after people for charitable deductions and silly stuff like that.
Why don't we just say screw it. We're just going
to figure out what kind of what the average is, right,
(13:38):
the average amount of itemized deductions. We're going to give
that to everybody. All right, if you're middle class. Now,
the more money you make, that phases out and you
don't get the benefit Okay, but presumably you're itemizing your taxes,
so you are still using the tax prepayers and all
the rest. That's for most taxes, right, for most tax breaks,
(14:01):
the middle class gets the leftovers, the crumbs from what
high income tax people, high income taxpayers are paying.
Speaker 3 (14:10):
Okay, that makes sense. But iras are different.
Speaker 2 (14:14):
Iras were designed intended back in the seventies, for nineteen
seventies for you, for regular folks. That's who we were
giving them to. That's who they were made for, was
regular folks.
Speaker 3 (14:30):
All right, that's the idea.
Speaker 2 (14:32):
And the wealthy people don't use them because there's so
much other good stuff that they can do, right, there's
so much other good stuff that they can do to
avoid taxes that they're not using the iras. This is
a middle class thing. It's a regular folks, working people thing.
Speaker 3 (14:54):
Iras.
Speaker 2 (14:55):
Okay, So the IRA in order to make it work,
they had to say, these are retirement plan assets. About
forty forty five trillion dollars trillion with a tr trillion
in these retirement plan assets, right, and they're protected from lawsuits,
not long term care, but they are protected from lawsuits.
(15:16):
So if you're in a car accident, you don't have
to worry about your IRA. You don't have to worry
about your four oh one K. They cannot take that
away from you, all right, which is really important, right
because they could take it away from you. They could
take your money and you get stuck with the tax bill. Well,
that can't happen. Cannot happen to you or to your spouse,
(15:36):
assuming you use the spousal rollover rules. Okay, so we're
good to go on the IRA. So the traditional ira
and the roth Ira, which are not in the trust
don't need to be in the trust. That wouldn't get
any protection from being in the trust. And in fact,
if you were to retitle an IRA to your trust,
you would trigger, you would lose the ira protected, you
(15:58):
would trigger the income tax right then and there. So,
good that we've got traditional ira, good that we got
a roth ira, and good that they're not in the trust.
You don't have to worry about it. For the car accident,
she was the only owner of the vehicle involved, which
was not in the trust and was totaled and has
since been replaced with a new vehicle not in the trust.
All other assets are jointly owned and are in the trust. Well,
(16:23):
those are two different ideas. Right, You can jointly own
something or you can have it in the trust. It's
not the same. You might both be beneficiaries and both
be grand tours of the trust. That does not mean
that you jointly own it. It means the trust owns it.
You're the trustees. If there's a court case, can the
assets in the trust be taken? The answer is almost
definitely yes, because probably what you did was not an
(16:47):
asset protection trust. Probably what you did was the typical
revocable living trust. And here's the way, here's the way
that that works. If it's a revocable trust, that means
that you can empty it whenever you choose to empty it. Okay, Now,
whatever you can do right right? Remember that song anything
(17:10):
you can do, I can do better?
Speaker 1 (17:11):
Right?
Speaker 2 (17:11):
Well, it's different than that, not really the same anyway.
The point is, if you can do it, a judge
can tell you to do it. Do you say, if
you had the money, Let's say you have money in
your own name, right in your name, And the judge says, okay,
you were in a car accident, give that money to
(17:32):
this other person. You're like, I don't want to I'm
not gonna and the judge says, I order you to
or I'll put you in jail. And then you say, okay,
I got it. And what if you still don't, Well,
then the judge can order the bank right to pay
the money over to that person. Not because if it's
in your name, right, so they can take your stuff.
Speaker 3 (17:53):
Now, if it's in.
Speaker 2 (17:54):
The trust a trust, okay, well, why does the trustee
have to do it? Well, the trustee has to do
it because with a revocable trust, you can revoke the
trust and put everything back in your name just like that.
Speaker 3 (18:08):
You can do it.
Speaker 2 (18:09):
You don't need to talk to anybody. Boom, it's done.
That's why there's no asset protection with a revocable living
trust because if you can put it back in your name,
a judge can tell you to put it back in
your name. And when the judge tells you to put
it back in your name, now he can say, okay,
now give it to this other person.
Speaker 3 (18:29):
So there's no asset protection. There's no asset protection there.
So when we're.
Speaker 2 (18:33):
Looking at this, can the assets and the trust be
taken almost definitely? How about that wroth or the traditional ira,
which is only in mom's name. No, those can't be taken.
Looks cannot be taken. So those are protected. Stuff in
your trust. Probably probably not protected again, because what were
(18:54):
you thinking when you set up the trust. Probably what
you were thinking. Probably what you were thinking was when
I die, I want my stuff to go to I
want my stuff to go to the kids. Okay, I'm
gonna just get this question in here and we'll answer
it the next thing. How can I entrust my condo
to my great niece? I just bought a condo, good
(19:15):
for you, and if anything should happen to me before
the mortgage is paid off, I like to interrust it
to my great niece. So if anything happens to me
where I die, she has the option of selling it,
paying off the mortgage, keep whatever's left. How can I
go about and trust my condo to her?
Speaker 3 (19:33):
Good question? Huh, that's an excellent question.
Speaker 2 (19:35):
It's not a complete question, but it's good as far
as it goes, and we'll get to that in the
next segment. In the meantime, go to the website Davidcarrier
Law dot com sign up for one of our three
secrets workshops next Tuesday at Russ's.
Speaker 3 (19:50):
There you go.
Speaker 2 (19:52):
I'm David Carrier, your family's personal attorney.
Speaker 1 (19:56):
David's got the how too. You're looking for just calls
seven four twenty four. This is the David Carrier Show.
Speaker 2 (20:04):
Welcome back to the David Carrier Show. On David Carrier,
your family's personal attorney, inviting you to give him me
a call. Six one six seven seven four twenty four
twenty four. That's six one six seven seven four twenty
four twenty four. If you have a question, comment, or
concern about Will's trust probate long term care you name
it Big Beautiful Bill.
Speaker 3 (20:25):
I don't know everything about it. It's amazing the stuff
that's in there. Did you you know?
Speaker 2 (20:30):
People, it's one of those things. Do you remember back
in pre history when Nancy Pelosi said about the healthcare bill, Oh,
you have to pass the bill to find out what's
in it. Do you remember that, Well, that's sort of
the that's I guess turn about it's fair play, huh,
because that's certainly what's going on with the Big Beautiful Bill,
(20:53):
you know, just finding out about There are a lot
of a lot of things that people have wanted, some
at least.
Speaker 3 (21:00):
Have wanted for a long time, like a school choice.
Speaker 2 (21:04):
You know, there's just a lot of things in there
that that and we can talk more about that if
you'd like. But there's a lot of things in there.
I mean when the government does something, you know, when
you finally get something through that has to pass, it's
you know, you get the headline stuff, right, you get
the big, the big picture. But also, uh, there are
(21:26):
so many little things that get hung onto that Christmas
tree in a little ornaments there that that established new law,
new precedent, all the rest of this that that you
didn't you weren't focused on because of the big of
the big, big story, right, And there's just a lot
of things that are that are coming out now that
(21:49):
so we passed the bill, I guess now we're going
to find out.
Speaker 3 (21:51):
What's in it.
Speaker 2 (21:52):
And a lot of those things are things that people
have wanted. American people have wanted for a very long
time and and now it looks like we're gonna get it.
You know, there was a there was a fellow who
said that democracy is the idea that the the people
know what they that the people know what they want
(22:12):
and they deserve to get it good and hard.
Speaker 3 (22:15):
Well, I guess we're gonna find.
Speaker 2 (22:16):
Out the question we had before the before the break,
how can I get my condo to my great niece
just bought a condo if anything happens to me before
the mortgage is paid off.
Speaker 3 (22:28):
Now here's the thing.
Speaker 2 (22:30):
There's an idea here that if something happens and I
guess death before the morege, what difference does that make?
It doesn't make any difference. Okay, So even if the
mortgages paid off, mortage not paid off. Let's say great
niece wants to keep the property, even though the mortgage
is not paid off. Well, under the garn Saint Germain
(22:53):
Depository Institutions Act of years ago, all right, there's no
du on sale. There's no requirement that the mortgage be
paid off. Instead, the person who gets the condo, right,
the grand niece, She could continue to pay the mortgage
as long as the mortgage continues to be paid. The
(23:14):
fact that the person who borrowed the money has died
is not relevant. And you say, but wait a second,
they're the ones who's credit you used, right, Well, yeah,
that's right.
Speaker 3 (23:24):
That's a loophole kind of thing.
Speaker 2 (23:26):
So maybe grand niece has horrible credit or great niece
has horrible credit, right, It doesn't matter because our letter
writer is the one or email writer is the one
who who borrowed it, Okay, and we're using that person's credit. Okay,
So even if they die, so long as the payments
are made, you can't foreclose on the thing. How about that.
(23:47):
So that's why I'm not really sure why it matters.
I want to give it to a great nie, so
if anything happens to me where I die, she has
the option of selling it, paying off the mortgage, keep
whatever's left. Okay, this is this is the typical answer
to this is going to be, oh, do a ladybird deed, right,
do a transfer on death deed so that when Auntie dies,
(24:11):
niece gets the property. Okay, Now it's the niece's problem.
She can continue to pay the mortgage, as I just said,
but now she gets the property. The problem with this
is it doesn't take into account the real world. Maybe
great niece is in a great position to get it.
Maybe she's not. Maybe she's died, Maybe she's in debt,
(24:32):
maybe she needs long term care. Maybe maybe maybe there's
so many maybe's here that the tradition, you know what
I would say, just judging from stuff that comes in
the office.
Speaker 3 (24:46):
Right.
Speaker 2 (24:46):
The way that these are typically handled is, oh, that's
just a ladybird deed, right, No, you shouldn't. You shouldn't
do it like that. Instead, the way to do it
is with.
Speaker 3 (24:56):
With the trust. You do the trust. Why do you
do the trust?
Speaker 2 (25:00):
Well, because if Auntie here is in good shape, maybe
we make it the five years and it doesn't count
against her for long term care.
Speaker 3 (25:09):
Maybe we could do that.
Speaker 2 (25:11):
Or if you know, if that's not the situation, because
Auntie's health is not good, what have you. Well, again,
we would give the property, run the property through the trust.
If great niece has died, well, who's the alternative, who's
going to get it? Well, now we know we can
figure that one out. Or and if the great niece
(25:35):
does receive the property, we can set it up so
the great niece receives the condo right without liability for
the great niece's debts. Here's the problem. Okay, so often
people will put their kids as beneficiary. They'll put them
in the trust or the will or what have you,
(25:56):
and say, you know, divide and distribute free from trust.
That frequently this is like the worst terriblest horriblest idea
ever because what you're doing is you're dangling the money
out in front of the kids and then snatching it away.
Speaker 3 (26:09):
Not always, but if I got a.
Speaker 2 (26:13):
Kid who's got student loan debt, okay, defaulted student loan debt,
or a mortgage defaulted mortgage, or credit card debt, or
cell phone debt, or getting divorced, or was in a
car accident or medical bills or you know, spin it
out yourself. I mean, things happen to people, Okay, Things
(26:35):
that are not unpredictable happen to people. You know that
these things do happen, Okay, And when you give somebody
a lump sum and this is and I know everybody's
doing I know that, Okay, I'm not.
Speaker 3 (26:51):
Naive.
Speaker 2 (26:52):
Everybody is just simply giving it to the kids, closing
their eyes and here you go. Terrible idea, horrible idea,
bad idea. Don't do that. But that's what people are doing.
And I'm not ignorant of that, but it is a
terrible idea. It's one of the four things that we
do that is different. Number One thing we do we
follow through. We don't just give you some documents get
(27:14):
out of here. Instead, we have to follow through to
make sure that that plan is actually going to work
for you. Then over the years, and this is still
under number one because it.
Speaker 3 (27:24):
Has to be. It has to do with being complete.
Speaker 2 (27:27):
And the idea is that as we go forward down
the years, we need to follow up, We need to
keep in touch. We need to make sure that your
thing is still working, that that your documents, that your
plan is still working. Documents don't work. Documents right, the documents,
the pieces of paper implement your plan. They're not the plan.
(27:50):
The plan is what you want, your vision of the future.
You're traveling down the pathway towards your goal. Okay, and
along the path, see, here's the thing. Whenever you have
a goal, right, whenever there's something that you want to do,
your mind finds pathways to the goal. You know, along
(28:11):
the path which you're going to find are obstacles, things
to get in your way. You're also going to find tools,
tools that will help you overcome the obstacles. So as
you go down the path obstacles to your goal, obstacles
and tools, You're also going to meet friends, people who
(28:32):
will help you, right, not guide you so much, right,
but will you know, are generally supportive. You're also going
to find foes, enemies, people who are against you accomplishing
your goal. How often when you went to take overtime,
did somebody's what you wanted about an let's do this
(28:53):
distracting you from your goal? How often as you go
down the path to your goal, you're also going to
meet also aim to meet some folks who will give
you insight that changes everything, makes it possible for you
to accomplish what it is you want to accomplish in
ways that you had not considered before. It's almost magical
(29:16):
the way some of the insights can work. And here
you know you're going down the path.
Speaker 3 (29:23):
Right.
Speaker 2 (29:23):
You want the grand niece and great niece in this case,
we want your niece to benefit. Well, what are the
obstacles to benefiting well, great niece's own situation, probate all
the rest of that. We'll finish that up when we
get back. You've been listening to the David Carrier Show.
I'm David Carrier, your family's personal attorney.
Speaker 1 (29:44):
David's working and working and taking your calls. Now this
is the David Carrier Show.
Speaker 2 (29:54):
Well, welcome back to the David Carrier Show. I'm David Carrier,
your Famili's personal attorney. We're talking about how do we
You know, this is a fairly simple one, right where
you know Auntie wants needs to get her her thing,
her stuff, and you know there's ways to do this,
there ways not to do it. But the methodology, the
(30:17):
way you approach this is not different, very similar to
the way you've done everything else in life. You have
a goal, Okay, I'd like to retire at some point.
I'd like to raise a family. I'd like to be
financially secure. I'd like to do this, I'd like to
do you know, whatever your goal is. I want to beig,
you know, with a large mouth, pass, contest, right, whatever.
(30:40):
And the way our minds operate, the way human beings
are is when you conceive of a goal, when you
decide I'm going to do something or I want to
do something, pathways open up.
Speaker 3 (30:54):
Okay, let me think about this.
Speaker 2 (30:56):
What is it you want to accomplish, whatever it may,
whatever it may happen to be, whatever you want to accomplish.
As soon as you start thinking about as soon as
you formulate that goal, you start thinking of ways to
make it happen. That's pathways right, and along the path
to your goal. There are tools that you can use
(31:17):
to accomplish your goal, whether it's education, hammer and screwdriver.
Speaker 3 (31:24):
Literal tools.
Speaker 2 (31:25):
And there are obstacles. How do I get this angle
exactly right? How do I make sure you know the
paint is correct and that you know there's all these
things tools and obstacles. We have to overcome the obstacles,
and we use the tools to do so. And see
if this isn't true in your experience. Right, when the
(31:49):
time is right, the tool appears. Okay, you figure it out.
That's the god given talent that you have. That's what
human beings do better than any other creature. Right, that's
distinguishing mark of who we are, right is we figure
things out.
Speaker 3 (32:06):
Right.
Speaker 2 (32:07):
So another factor is as you go along the path, right,
you run into people who are sympathetic with you, people
who get it, people who support you friends. Then you
run into people who are opposed to what you're doing
for whatever reason. Okay, there are people apparently in this
(32:27):
country who think that having minor children work on marijuana farms.
Speaker 3 (32:35):
Is like a good idea.
Speaker 2 (32:36):
In fact, in fact, there are so many people who
think that that's a good idea, that there's a governor
of a big state that supports that, okay, and commentary
that suggests that, oh, this is just fine, ignoring the
fact that agricultural workers underage agricultural workers are allowed only
(32:59):
after they've been school cared for by their families. You know,
there's a whole infrastructure and you can't work in a
hazardous on a hazardous farm, and a marijuana thing is
a hazardous farm.
Speaker 3 (33:10):
Okay.
Speaker 2 (33:11):
So there, so there are some people who will oppose
what it is you want to accomplish. There's some people
who are sympathetic to you, and others who are a
post and then finally, as you go down the path,
you'll run into folks who have a different perspective on
things that will really help you out in accomplishing your goal.
(33:35):
They will give you some insight and you will see
things differently. Okay, So just think about that as we
as we talk about these these as you yourself go
through go through your life, just see if this isn't
a helpful way of you know, Okay, I want to
get something done. There's going to be obstacles in my path.
(33:58):
There will be things I can use to overcome the obstacles.
There will be friends family, right, people who will help
me okay, or at least be sympathetic to me. And
then there will be people who actively oppose what it
is I'm trying to do. And then finally, as I
go down the path, I will run into some people
who can change my goal, make it better than I
(34:22):
had imagined it to be. Do you see, we don't
think how often that you started out there was one
thing that you wanted to do, you had a goal,
you had something in mind, okay, and how often as
you went through the process of moving in that direction
did it get better?
Speaker 3 (34:42):
Different? Change? Right?
Speaker 2 (34:45):
Because as you fully more fully understand what it is
you're trying to accomplish, you see more possibilities, and the
people there are, people who will tell us, who have
helped us, will help us realize what those new possibilities are.
Speaker 3 (35:03):
Okay.
Speaker 2 (35:04):
And this whole estate planning thing is likely because making
sure right that your final act is the best ever.
You want to end on a big, on a high note, okay.
You want to make sure that your life, everything that
you've been leading to to this point culminates in not
(35:25):
tired disappointment yuck.
Speaker 3 (35:29):
Instead.
Speaker 2 (35:30):
Why isn't it a high note? Why isn't it the
best part of your life right now? And and turns
into a blessing for your other family members. That's what
the ANTI is trying to do in that example, you
know wants the niece to get the condo. Okay, great,
how can we make that happen? Well, you know, what
(35:50):
are the obstacles in our path? Well, the way life
works for the niece, the way the way life works
for Anti, those can get in the way. Some obstacles
have been removed so that the niece does not have
to refinance the house. So long as she makes the payments,
she can continue.
Speaker 3 (36:08):
To keep it. Do you see?
Speaker 2 (36:10):
And then maybe we should change what it is we're
thinking about. Maybe we should figure out how not only
to be a blessing to aunt who bought the condo,
but also an ongoing, an ongoing, secure blessing for niece
and her family. Yeah, think about it. You know, it's
(36:33):
not I'm getting a bunch of documents. It's not like that.
It's I'm on the path, I'm trying to accomplish good things.
How do I accomplish those good things? What are the
good things that are possible?
Speaker 3 (36:46):
Right?
Speaker 2 (36:47):
Who are my obstacles? What are my obstacles, What are
my tools? Who are my friends? Who are my foes?
Who are the people who can give me a new
insight into what I might be able to accomplish the
Can a life estate be terminated if the remainder this
is a good one. Can and I've got one minute
to do it. Can life estate be terminated if the
(37:08):
remainderman threatens the life of the tenant. Our son and
daughter in law are trying to steal our property. I
have a life estate, meaning you can live in it.
Originally it was supposed to be our granddaughter's inheritance, which
is their daughter. And now they're threatening to kill you. Well,
that would be bad. But the thing is, if you
wrote a deep c and this is this is my
(37:29):
point by life when they're talking about remainderment and life estate,
you did a deed. Okay, you signed a deed. As
I said before in the show, courts hate to upset deeds.
They don't like to do it. They won't do it. Okay,
and now you're locked in. You're on that pathway, but
(37:50):
there are walls on either side that are shutting you
off from the friends, that are reinforcing your foes that
are preventing the chain right, the transformation of goal that
you might be able to do. You want to benefit
your granddaughter. You're not gonna not this way. I mean,
right now, the relationship between you and the parents is
(38:12):
broken down. Who's gonna get it? How's that gonna work?
You can't change thing. You don't want to lock yourself in.
You're on a pathway, not a tunnel.
Speaker 3 (38:22):
That's the point.
Speaker 2 (38:23):
You've been listening to the David Carrier sell. I'm David Carrier,
your family's personal attorney. Get to the website Davidcarrier Law
dot com. Try that new talkie talkie thing. I think
you'll be well amused, anyway, impressed.
Speaker 3 (38:37):
I don't know. We'll see.
Speaker 1 (38:53):
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
(39:15):
visit Davidcarrier Law dot com
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