Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:13):
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 (00:33):
Hello, and welcome to the David Carrier Show.
Speaker 3 (00:36):
I'm David Carrier, your family's personal attorney. Now is the
time to give us a call. Sixty one six seven
seven four twenty four twenty four. That's sixty one six
seven seven four twenty four twenty four. Will get your question,
comment or concern on the air, especially if it has
something to do I mean, I don't really care actually,
but if it had something to do with the state planning,
(00:57):
elder law, real estate, or business law, well, you know,
if you're wondering how do I beat the high cost
of long term care, oh my goodness, Or if you're
wondering about avoiding probates, saving taxes, getting it to the kids,
which is not really the important part, but.
Speaker 2 (01:10):
We can show you how to do that.
Speaker 3 (01:12):
If you have a business, wish I had a business,
and I wish you could get out of that stupid business.
Speaker 2 (01:17):
Anyway, now's the time give us a call.
Speaker 3 (01:19):
Six one six seven seven four twenty four twenty four.
That sixty one six seven seven four twenty four twenty four.
You know, I often say that if you want answers,
go to the Bible. Why the Bible, because it's got
everything in there. I mean, it really does. For those
of you on your way to church this morning. The
reading today has to do with the unfaithful servant, the
(01:42):
unfaithful dare I say, trustee? Lots of times people are like, well,
what if what if I put this person in charge?
You know, what if I make somebody my agent under
a power of attorney or I put them in charge
of things? Okay, and while I am going well in
the Bible, you know the parable they're talking about today,
(02:07):
it's just that sort of thing where the master, the
property owner of the person. You kind of go on
a trip and you leave somebody else in charge, and
then you come back and you find out that that
no good SOB has been stealing your money, abusing the
other people, et cetera, et cetera. In other words, they
were a bad trustee. And what happens to that person?
(02:31):
My goodness, you don't want that happening to you. Very
bad stuff. And it's the same way. It's exactly the
same way in the law, because if you appoint somebody
as your trustee and they steal from you and they
do bad things, the consequences are severe. For example, and
(02:51):
I don't mean to be discouraging people from being trustee,
but when you act as trustee, you really need to
have your eyes open on this stuff. For example, a
bad trustee cannot use trust funds money in the trust
to defend themselves. They can't do it. Okay, they got
to come up, they got to defend them remove this trustee.
(03:12):
The court will remove them as trustee. They got to
defend themselves. And then it's only if they win, only
if they prove that they were in fact a good trustee,
that they can get reimbursed for their legal expenses. So there, Plus,
if you are a bad trustee, if you're been a
bad trustee, right, I'm a bad trustee. Well, if that's
(03:36):
the case, then you got you're looking at criminal charges
as well. Right, If you steal money from people and
you had a special position of trust with those people,
nobody likes that, Okay, they didn't like it in the Bible,
you know the parables about that. We don't like it
now because we need to be able to trust the trustee. See,
(04:00):
on the one hand, the person that you name as
your patient advocate, as your trustee, as your agent, your
personal representative, your executor, whatever you want to all these
things where you are letting someone else manage your affairs
do the righteous thing for you, right, all those things
(04:20):
very very important that we let that happen, Very important
that you be able to let somebody else look out
for you. Okay, The flip side of that, the flip
side of letting someone else look out for you, and
how important it is to let those other people look
(04:41):
out for you. It makes our society more efficient. Everything
goes better, Everything goes better when private people working together
arrive at solutions. The last thing you want is the
government looking over your shoulder every single move you make.
You don't want that. It's inefficient. Things don't go right.
It's political corrupt you know, do I? Who do I
(05:04):
need to convince that politics is corrupting? All right? Absolute power,
absolute corrupting, blah blah. Right, So let's stay away from that.
Let's do it privately. Let's give authority to those people.
But here's the flip side of it. So important that
we do that, but we come down like a ton
of bricks if they use that for if they abuse it,
(05:25):
if they are corrupt, if they benefit themselves. Okay, So
one more time where we find good lessons in the while.
You know, it's full of good lessons anyway, But another
one where you might not think the Bible has much
to say about trusts and estates, but it really really
does in this, you know, in the example. You know,
(05:47):
it's not like, oh, yeah, that's okay, go ahead, steal
the stuff, abuse the other people. Oh it's okay, no problem.
What No, it's a big, huge problem, especially when you
do that. Now you may you may wonder why is
it then in the whole world, you know, occasionally, you know,
let's kind of back off just a little bit, right,
(06:08):
just take take a bigger view, like from the moon,
look at the planet kind of thing, and ask yourself,
why is it that three hundred million Americans right are?
Why are we where we are? Why are Americans? Like
why is America kind of like the richest the everything else? Now,
(06:29):
you got some people saying it's because we're gangsters and
we stole everything. Right, Yeah, how did that work out
for al Capone? I mean, show me a mafia society
that works, you know, that's super good, that comes up
with great stuff all the time. It doesn't happen the
only way it happens. So this idea that somehow or rather, oh,
(06:50):
we took advantage of everybody, it is such total nonsense.
What it is, what really happened is what they're talking
about today in the Bible, where the the you know,
the owner of the state leaves somebody else in charge,
trusting that they do the good job. Right, it's because
we trust each other. You look around the world. Look
(07:11):
around the world. People don't trust each other. They don't
make a deal, right, they don't make a deal and
stick to it. In America, we make a deal, we
stick with it. Now you can say, oh, but what
about this and what about that. I'm not saying it's perfect,
never said that. It's just that we're so far we're
so far ahead of everybody else, and maybe we're not
(07:33):
even that far ahead. It doesn't matter. Okay, we're far
enough ahead that we're kind of running the show to
some extent.
Speaker 2 (07:42):
And here's another thing. Here's another thing.
Speaker 3 (07:45):
When you have that kind you know, with great power
comes great responsibility. Well, how have we used our responsibility?
Do you know how many wars where people were like
killing each other on a daily basis? I'm going to
tell you this because you probably haven't heard of somewhere else.
How many wars has the United States ended in the
last few months? How long? How many? How many?
Speaker 2 (08:10):
Seven?
Speaker 3 (08:11):
You ever hear of Azerbaijan? You ever hear of Armenia?
Those people have been killing each other, killing each other
for thirty five years. Guess what they come to the
Oval office, They shake hands, They probably had lunch, probably
had a nice lunch. Whatever, No more war, They're not
(08:32):
killing each other anymore. It's amazing when the power of America, right,
which is you remember you are America? Well America does
it does, has the strength to do only because of you,
only because you work hard. And again, talk to a
European person. They can't believe how hard Americans work. Look
(08:54):
around the world. Who else works as hard as you do? Nobody? Nobody?
So why do we have the debt that we have? Uh,
there are some answers for that that are getting fixed.
As we speak. But the point is, here's my point.
Here's my point. We work so well, we have so much,
(09:17):
not because we were lucky, not because it fell out
of the coconut tree, not because you know, we stole
it or exploited it. I mean, you hear people say
this stuff and it's such total nonsense. You know that
they really don't understand at all how the world works
when people say things like that. The reason it works
is because we are what they call a high trust society.
(09:42):
We trust each other and that's how a state planning works.
That's how trustees work. Okay, you can trust them. Why well,
because number one, that's the spirit of America. We trust
one another, we work together, we love each other. There's
a fundamental undercurrent of that and you and when you
destroy it by bringing in people who don't believe that
(10:03):
kind of thing, right, then you've got real problems. You know,
there's a reason the crime rate's plummeting. There's a reason
for that. Look into it, do your own research. But
the power of America comes because you trust me, I
trust you, and we both have a good reason. We
(10:24):
have a good reason for doing it. And part of
that reason is the punishment that comes if we don't
hold up, we don't uphold that character, if we don't
comply with those ethics.
Speaker 2 (10:37):
You're listening to.
Speaker 3 (10:38):
The David Carrier Show. I'm David Carrier, your family's personal attorney.
Speaker 1 (10:43):
This hour of the David Carrier Show is pro bono,
so call it now at seven seven twenty four, twenty four.
This is the David Carrier Show.
Speaker 3 (10:53):
Welcome back to the David Carrier Show. On David Carrier,
your family's personal attorney. Give us a call. Oh, why
don't just six one six seven seven four twenty four
twenty four. That's six one six seven seven four twenty
four twenty four. Get your question, comment or concern on
the air. That's what that's what this is all about. Yeah,
(11:15):
we're live. Oh but here here's the thing. If you're thinking, oh,
I'll catch them in the next hour, I'm actually at
a high school senior retreat. I got. I have the privilege,
it really is a privilege to be a table parent,
which means not a whole heck of a lot, but anyway,
I'll take it. And gives you an opportunity to interact
(11:38):
with the kids. You know, with the kids, and you
know it's easy to get, very easy to get I
don't know, pessimistic perhaps about the next generation, but I
gotta tell you, I gotta tell you. You know, my
youngest is entering senior and thanks to him, at this
(12:00):
time of life, you know, I got to know more
involved with boy Scouts at first, and then now with
the high school stuff, and it is so reassuring. Actually,
you know, it makes you wonder if the media isn't
like totally corrupt and sensationalistic, because when you're actually talking
with with the kids, you know, when you're when you're
(12:23):
actually interacting with young men and women, it's like, yeah,
you know, there there's there's issues. I'm not saying there aren't,
but boy, there are so many of them who are
like really on the ball, very conscientious, really wonderful. You know,
you hate to, you hat to say anything nice about,
(12:46):
you know, the younger generation, but the fact of the
matter is there's an awful lot of them. You wouldn't
throw off the boat, you know what I'm saying, Really
really wonderful, wonderful experience, wonderful kids, very very in tune.
Speaker 2 (13:04):
Not totally.
Speaker 3 (13:05):
I mean, basketball is still more more likely a topic
the conversation than geopolitical strategy. But still, you know, it's
very really is. Uh. I can't tell you how grateful
I am to have had the experience over the years.
It's so it is. It's a lot of fun. Plus
it is reassuring.
Speaker 2 (13:26):
Hey, we've got.
Speaker 3 (13:27):
Scott on the line.
Speaker 2 (13:27):
Hello Scott, Welcome to the David Carrier Show.
Speaker 4 (13:30):
Good morning, mister Carrier. Or how you doing today.
Speaker 3 (13:34):
I'm just perking and working and having a ball. I
gotta tell you, I'm sitting in my car here doing
the in the radio show. You know.
Speaker 2 (13:41):
But I got at eight o'clock.
Speaker 3 (13:42):
We got an event, so I got a book.
Speaker 2 (13:44):
Go ahead, what do we what do we ask?
Speaker 4 (13:47):
Yeah? Oh, yes, fantastic, Yeah, quick question. Family was selling
property that they've owned since the mid eighties. We know
the exact history relative to the title when it comes
to either like leans or mortgages or releases, whatever, and
the current buyer was wanting us to provide them title
(14:09):
insurances them not you know, they're going to mortgage and
the mortgage company wants their title insurance from the buyer,
but the buyer want title insurance from us. And I'm like,
if it's been we've had it for you know, since
mid eighties. Why do we need to provide them title
insurance because we know exactly what's happened in the last
forty years. We have the court records for it. And
(14:31):
then it makes me wonder about extench it if something
came up before the nineteen eighties, you know, something that
since we owned it. Before we owned it, what's the
statue limitations? Is someone from the seventies wanted to file
a lean against the property for whatever reason.
Speaker 3 (14:44):
Yeah, so let's be clear. I mean title insurance. They
call it insurance, but it isn't really insurance. They don't
even have claim forms. Okay, because I've had to claim
against title insurance a very few times over the last
thirty five years, and there's no form for it. You know,
you have to you have to do it in you
have to send them a letter and whatnot. And that's
(15:05):
because what title insurance really is is a deep dive
by the title insurance company who has a financial stake
and being correct about the state of the title. Okay,
So that's what it is. It's it's having somebody else
really look at it. So if the buyers are like, oh,
(15:27):
we got to have this insurance. Wow, you know the
fact that you got the mortgage insurance should be good
enough and all you really need to do, and it
shouldn't be. It shouldn't cost hardly anything. Really is have
the have the buyers added as an additional insured on
the title insurance policy that the mortgage company is getting. Okay,
(15:51):
you don't have to do a whole nother title search,
get a whole nother title policy. Just have have the
the new buyers on there as like say, as an
additionally insured and that should take care of it. Now,
good luck trying to explain to somebody that title insurance
and we all, you know, we keep saying insurance, insurance, insurance,
(16:12):
and good luck trying to explain to me. It's not
really insurance. It's just a really thorough examination of the
title by someone with a financial stake in being correct
about it. That's what That's what's really going on. And
here's the other thing. Read your title insurance policy. It
(16:33):
doesn't ensure I mean, home went is policy bad enough, right,
but your title insurance policy doesn't hardly insure anything anyway.
You know, it's got to be it's got to be
a record, et cetera. Cetera. So, you know, very little protection.
It's not like they're going to get any protection. On
the other hand, on the other hand, it's not going
to cost you hardly anything to say yes to the buyer,
(16:57):
and you know why not. You know, it makes them
feel better. And then now they go to the closing
and you get your mind, right, I.
Speaker 4 (17:06):
Will, I will say, not going to cost much is
Actually they were quoting about one thousand dollars for the
title insurance policy for the seller to provide to the buyer.
So the buyer is quote unquote protected. That's not even
that's not the mortgage person. That's the just this way.
And I'm like, I just called the family. I said,
why is it even necessary?
Speaker 5 (17:25):
Yeah?
Speaker 4 (17:26):
Why is it even necessary? Yeah? Exactly what.
Speaker 3 (17:29):
It's not necessary? Not necessary. I think I think what
you're talking about there, I think I think what you're
talking about is a whole new title insurance policy. You see,
you don't need a whole new title insurance policy, you
just whatever. The look you see, why is it a
thousand bucks? Because someone's got to go back and research
(17:50):
the title. Okay, they got to go through all the
records and stuff, and it's easier now than it used
to be blah blah. But that that's a quote for
a brand new policy. And you don't need a brand
new policy. You just need to piggyback on the mortgage
company's policy.
Speaker 4 (18:06):
Okay, yeah, I just haven't mattered now.
Speaker 3 (18:11):
Right now, it's it's ensuring the mortgage company.
Speaker 2 (18:14):
Okay, well, add the new owner.
Speaker 3 (18:18):
It's the same risk, you know, it's just that now
you got now you got one more you got one
more person who's insured. So that's what and that that
shouldn't that thousand bucks is for a brand new policy,
and you don't need to do a brand new policy
to give them the And frankly, I'm a little bit
curious why they weren't as an additionally insured on the
(18:41):
mortgage policy because that's typically how it goes typically, you know,
it's the mortgage company, the mortgage company, and then the
and then the owner.
Speaker 4 (18:50):
Is that would be typical, Okay, because I was curious.
Maybe I'm wondering maybe mortgage company has a policy against
not putting extra name. I mean, I don't know, could
that be that the mortgage company is like, Nope, we
don't do that, so tough.
Speaker 2 (19:05):
I'm just curious, Well, they want priority.
Speaker 3 (19:08):
There's no question that they want priority. Okay, uh, and
you want to give them that because they've got out,
but the but they should what do they care? You know,
if they've got priority to get their money back first, first,
and foremost, and anyway, the mortgage company understands that what
they're really buying is a very thorough title search. Everybody
(19:29):
gets that, so adding them as a second and short
really shouldn't be a really should not be a problem.
So that's what I would say.
Speaker 2 (19:36):
Do you have a real estate agent that you're working with.
Speaker 4 (19:39):
A realtor, Now we do from that standpoint, but before
we did it, if you.
Speaker 3 (19:46):
Will, yeah, so yeah, I would have the realtor explain
it to them. Okay, you know you can get them
where that, you can get them where they want to go.
It shouldn't cost you much money.
Speaker 4 (19:58):
That's what i'd suggest, yeap, Okay, No, I appreciate the information.
Speaker 2 (20:02):
Yeah, there's no there's no question.
Speaker 3 (20:04):
It's not worth a thousand bucks.
Speaker 4 (20:06):
Yeah okay, yeah I knew that convincing other people.
Speaker 3 (20:10):
Yeah, well you're right, thank you, Scott.
Speaker 2 (20:14):
Take care all right, you've been listening to the David
Carrier Show.
Speaker 3 (20:17):
I'm David Carrier, your family's personal attorney.
Speaker 1 (20:21):
David's got the how too you're looking for. Just call
seven seven four twenty four twenty four. This is the
David Carrier Show.
Speaker 2 (20:31):
Well, come back to the David Carrier Show.
Speaker 3 (20:33):
I'm David Carrier, your family's personal attorney. Now's the time
give us a call. Six one six seven seven four
twenty four twenty four. That's six one six seven seven
four twenty four twenty four. You can always go to
the website David Carrier Law, David Carrier Law. See how
easy it is, squish it alltogether dot com and uh,
(20:54):
you know we've got this, We've got this AI artificial intelligence.
Well you know, some people say, well it's about time
you had some intelligence. Might as well be artificial anyway.
On the on the website. And the fun thing about
it is, when we first started, you could type questions
in and we have some sample questions. You just click
(21:15):
on those if you want, and it'll give you an answer,
you know, based on that prompt h that's what they
call it. Instead of questions, they call it a prompt.
And you can you can actually get more in depth
with it now if you'd like to. And you don't
even have to type. There's a there's an icon, you
know what I mean, a little picture there. If you
(21:36):
click on that, it'll talk to you. And of course
you got to have a microphone and speakers, but you know,
on a laptop those are kind of built in. So
if you have a microphone and speakers, the dang thing
will talk to you. It doesn't sound like me, but
we're working on that too. You know, go from articulate
to inarticulate. That's uh, you know, you know, you think
(21:57):
it's easy enough to get somebody who can use the
English language prom properly using it the way I do.
That's that's that's another level of programming altogether. But anyway,
if you go to the website, like I say, you
can ask it more particular questions. Now it's it's not
legal advice, and it's not really tailored very specifically, but
(22:18):
but it's useful. It is useful. So that's why we're
doing it, because it's it's useful. It's not perfect, but
what is after all? So six one, six, seven, seven,
twenty four, twenty four go to the website if you'd
like to come to one of three Secrets workshops. You
know I was bragging before about the that, you know,
(22:40):
because some people say, oh, if this approach is so smart,
how come everybody doesn't do it, which like nobody does
do it hardly anybody, you know, where we're focused primarily
on you, not on your kids, prom primarily focused on
how do we make sure that you don't go broke,
understanding that long term care is the big long term care.
(23:04):
It's the elephant in the room, you know, and it's
about to sit on you and you know, squeeze all
your life savings out terrible. Anyway, we now have nationally,
we just started last week with our ten partner firms
from San Diego to Staten Island and from Canada down
to the Gulf of America. We've got, like I said,
(23:26):
our first ten law firms. It's not just me. I
have a couple of other partners, but we're partnering with
these other ten firms very explicitly, very intentionally to do
exactly the sorts of things that you heard me talk
about for years and years and years. Will you know,
it's the snowball is starting to roll down the hill
(23:49):
in terms of making sure that not only a few
people here and there are getting the benefit of this
way of thinking about it. There are a lot of
people out there need it, of attorneys who understand the
traditional methods just just are falling flat. So anyway, that's uh,
that's an update for you. We we started with their
(24:09):
workshops and they were uh way over subscribed. It just
there's a there's a real need out there. Anyway, six one,
six seven, twenty four, twenty.
Speaker 2 (24:19):
Four we got ted. Ted did call that number? Thanks
for thanks for hanging on there, Ted.
Speaker 3 (24:24):
How can I help?
Speaker 5 (24:25):
Okay? Okay, Uh, my parents owned some property in Wisconsin
for quite a few years, like four hundred acres and
they sold it like Nate King Nandy, and I thought
my mother said she kept they kept the mineral rights
for the children. Is that possible, That's possible.
Speaker 2 (24:43):
Sure, it's possible.
Speaker 5 (24:44):
Okay, Now if they did time minerals on the firm,
is there an expiration date on that?
Speaker 3 (24:52):
No, because you if they sold the surface and you
they retained the mineral rights, okay, then you retain them
meneral rights. Mom and dad still own them, so our
mom and dad still with us, or they passed on
to their reward so to speak. Okay, then did you
guys go through probate. Yeah, I got youa So thirty
(25:15):
five years ago, did.
Speaker 2 (25:17):
They when they went did you go through probate? Did
you have a trust?
Speaker 5 (25:21):
How did that work? I don't know that because because
I heard that there were minerals found in that area.
And do they have to contact you if there are
mons found?
Speaker 3 (25:37):
Well?
Speaker 2 (25:38):
Do they have to?
Speaker 3 (25:39):
I don't know. You know, if you find a wallet,
you have to turn it in the uh you should? Yeah, Well,
here's the here's the easy way to find out. Okay,
go back, and this is easy. And in Michigan at least,
I don't know Wisconsin, she says, right, oops, no offense.
(26:03):
Every county you can electronically search. You don't actually have
to go there. You don't have to hire a title
company to get a copy of the deed. But that's
what you want to get. You want to get a
copy of the deed. And mom and dad used back
in nineteen ninety to sell the farm. Okay, and probably
you'll be able to tell. You'll be able to tell
(26:26):
from reading it, because if they did reserve the mineral rights,
it'll say reserving all sub surface blah blah blah blah
blah okay, or mineral rights. It might just say mineral rights,
it might say subsurface assets or something like that. It'll
probably be clear.
Speaker 2 (26:47):
If it isn't.
Speaker 3 (26:48):
Clear or it doesn't say anything, then what you want
to do. What could have happened is they might have
reserved the mineral rights earlier on in an earlier deed.
That's not impossible, and if the mineral if the oil
or whatever they found is very valuable, it would be
(27:11):
worth going back to prior conveyances just to make sure
that they didn't say, oh, we're going to deed the
mineral rights over here to this trust. Okay, so that
when mom and Dad sold the farm, although they still
owned with the surface rights.
Speaker 2 (27:28):
But that's possible, not likely, but it's possible.
Speaker 3 (27:32):
Okay. So the first thing you want to do is
look at that nineteen ninety deed and see if they
reserve the mineral rights. If they didn't, then it would
be worth it. If that rights are valuable, it'd be
worth it to go back just to make sure that
they didn't convey those mineral rights out to a trust
(27:53):
or an LLC or something else before they sold a
farm in nineteen ninety.
Speaker 2 (27:58):
Okay.
Speaker 3 (28:00):
If there's no reservation. If you've done both and there's
no reservation, no, you don't have it anymore. It's been
given away. It was sold, not.
Speaker 5 (28:08):
Given Okay, I said very much for this knowledge.
Speaker 2 (28:14):
Sure, and it's easy to do.
Speaker 3 (28:16):
It's easy to do those those websites are typically set up,
you know, depending on the county. Of course, they're typically
set up so that there's free sessions you can. Lots
of times they won't. They won't get you got to
pay like three bucks or something for a copy. You
gotta give me your credit card and pay pay a
few bucks for copy of the d But boy, it's
worth it, right, I mean, what do you think.
Speaker 2 (28:36):
They found on the lamp?
Speaker 6 (28:38):
I heard there was copper and gold in that area, well,
copper and golden nice, yeah, that is you know, you know.
Speaker 3 (28:55):
Well and remember of course when you do that, well,
here's here's the thing. When you do that, right, when
you do that, that's the beginning of the fight, not
the end, okay. I mean, if they did reserve the
mineral rights, you know, gird your loins because they're gonna
it's gonna be a fight.
Speaker 2 (29:15):
Right, it's been.
Speaker 3 (29:16):
Thirty five years, you haven't exploited it. Adverse possession. Blah
blah blah. You're gonna have a fight. But if they
didn't reserve the mineral rights, well you don't even get
to have the fight.
Speaker 2 (29:27):
Does that make sense?
Speaker 5 (29:29):
Correct? I understand? I mean, you know, okay, great, I
thought my mother said they reserve the rights for her children,
you know, for their children, and I'm just running with that,
you know.
Speaker 3 (29:41):
But beyond that, hey, they're gonna start playing the music here,
then it means I gotta get out.
Speaker 2 (29:46):
Okay, yeah, go go check it out and let me know.
Speaker 5 (29:49):
Thank you, thank you.
Speaker 2 (29:50):
Given. Listen to the David Carrier Show.
Speaker 3 (29:52):
I'm David Carrier, your family's personal attorney.
Speaker 2 (29:56):
Well, come back to the David Carrier Show.
Speaker 3 (29:58):
I'm David Carrier, your family personal attorney.
Speaker 2 (30:01):
Now was the time give us? Well now it's a
little bit too late, sorry for that.
Speaker 3 (30:05):
As I said, I'm at the high school Senior Retreat
and getting in touch with the youth of America because
well why not. Anyway, good news on that front. I
mean they seem to they actually seemed to be like
wonderful kids. Can I tell you who knew their parents
did a good job? Anyway, what's the I had to
(30:28):
I've been sitting on this email, but we got We
had some callers, which we appreciate our callers, thank you
very much, and happy to happy to be distracted.
Speaker 2 (30:36):
But this is a fantastic.
Speaker 3 (30:40):
Good question here. What's the better way to estate plan
for middle class individuals? Revocable trust or a will? My
spouse and I are trying to decide how to drop
our estate plan. We jointly own most things and share
bank accounts. We're looking into a revocable trust to avoid
the hassle of a will. Any advice, well, faithful listeners
(31:00):
know that my advice on this thing is that you're
asking the wrong question. Question is not what happens after
you die and who gets the stuff?
Speaker 2 (31:10):
That is not the question. The question is what happens
and as you age.
Speaker 3 (31:16):
The percentage goes from seventy percent at age sixty five
at age sixty five, according to National in Student Health,
sixty five of folk, sixty five percent of folks excuse me,
seventy percent of folks at age sixty five, right, seventy
percent of you who are alive at sixty five will
need on average three years of skill care. Three years. Okay,
(31:39):
twenty percent will need five years or more. Now, that's
not all nursing home care. Okay, that's at home care,
that's assisted living, that's friends, family, all the rest. But
we're in a situation right now where the traditional I
have the church lady come in, My kids took care
of me.
Speaker 2 (31:58):
You know, those things that you the work do not
work anymore.
Speaker 3 (32:02):
And the reason they don't work anymore is because it's
the baby boomers who that's us, all right, you and
me who are needing the care. And there's a whole
pile of us. There's lots and lots and lots of us.
But we didn't have as many kids as our parents did,
and for that reason, the demand for care is through
(32:24):
the roof. The supply of caregivers is not down in
the basement, okay, in the cellar, and the kids don't
want to do it anyway. It's a different deal these days. Okay,
it's different anyway. Given that situation, paid for long term care, right,
(32:46):
commercially available care is what you're going to be doing.
And it is crazy expensive because the demand is up,
the supply is down, the price is up.
Speaker 2 (32:56):
That's just iron rule of economics.
Speaker 3 (32:59):
That's just how it works. Okay, You can cry about
it if you want to, but that ain't gonna help anything.
So now the question is what do we do about this? Well,
when you're planning your estate as a middle class family.
By middle class, I mean, you're not drowning in debt, right,
you got your house paid off, you got a few
bucks in the bank. Okay, you got yourself security coming in.
(33:23):
You probably don't have a pension, right because people don't
do pensions anymore. You got some four oh one K
money IRA money. That's what I think of as middle
class people. Now, the question is what are we going
to do about this?
Speaker 4 (33:35):
Right?
Speaker 2 (33:36):
What is the problem that you have? The problem you
have is not how do I get that to my spouse?
How do I get that to my kids? The question
is how do you preserve that against long term care?
Speaker 4 (33:50):
Right?
Speaker 2 (33:50):
How do you make sure that you don't go broke?
And don't tell me? Well, you can tell me all
you want. A lot of people tell me, oh, I'm
going to spend my money. You know, would God that
that were so?
Speaker 3 (34:04):
But the fact of the matter is, and you know
this better than I do, or at least as well
as I do. You know that if you're a saver type,
if you've actually paid off the house, if you're not
living on a credit card, if you've got money in
the bank, et cetera, cetera. Right, you know that you're
not going to spend the money. And here's the test.
(34:26):
Go to go to let's say, go to Paneraic, go
to Starbucks or something and buy a seven dollars coffee.
I'd like to see you try, right, Oh, and take
the money out of your IRA to do it. You're
not gonna go on a cruise with it, you know,
take a withdrawal from your IRA and go on a cruise.
Speaker 2 (34:43):
Are you gonna do that? Not? On God's green earth.
Speaker 3 (34:45):
That's not gonna happen, okay, because and that's why you're
not gonna spend your money, all right, in which God
bless you. Those are good habits, conscientiousness, all the rest
of that stuff. That's all good, okay, But don't be thinking, oh,
it's all gonna be gone anyway, because it isn't metaphysically
impossible for you to spend your money. I mean, I've
(35:05):
just seen it too often for me to believe that
you're actually going to spend it. Now, would it be
good if you spend it and be fine by me.
Speaker 2 (35:12):
Why not?
Speaker 3 (35:12):
You earned it, why not spend it? But do you
really want to have it vanish? Like eighteen thousand dollars
a month. That's eighteen thousand dollars a month is six
hundred dollars a day in long term care. You think
you can't spend six hundred dollars a day in long
term care?
Speaker 2 (35:30):
Believe it? Just just call a few places. Call around.
Speaker 3 (35:34):
Oh, they'll quote your daily rate of five to fifty
a day, right, but they find a way to get
the other fifty bucks. Don't worry, and you could go
to places that are cheaper. Yeah, go to the cheap place.
Those are only four hundred and fifty dollars a day.
What difference does it make? I mean you're gonna be
broke anyway. That's what you should be planning for. You
should not be planning primarily, This is my view of
(35:55):
the world. You should not be planning primarily to leave
stuff to other people, or to your kids, or to
whatever else. You should be figuring out how to challenge,
how to meet the biggest unavoidable financial challenge you've got
having your lifetime, which is long term care. The good
news is, and I think it's good news. The good
(36:15):
news is you already paid for it. Right, you said
you heard the ad.
Speaker 2 (36:19):
Right.
Speaker 3 (36:19):
What's the difference between your pay stub and your paycheck?
The answer is what you paid for long term care,
it is. I mean, you pay for a bunch of
other stuff too, some submarines and some jet airplanes and.
Speaker 2 (36:32):
Stuff like that.
Speaker 3 (36:32):
You paid for that also, right, But you did pay
as part of that, you paid for your long term care.
And yet, and yet, while you're fine taking yourself security,
you're fine taking the medicare, you won't take the long
term care. You'll go broke before you do that, which
you don't have to, And I know everybody tells you to,
(36:53):
but you really don't have to. It's a choice. It's
like everything else in life, it is a choice. My
view of the world is that middle class people shouldn't
be worried about do I do a will?
Speaker 2 (37:04):
Do I do a trust?
Speaker 3 (37:06):
Do I put my kids on the house? Oh my god,
what a what a mistake to put the kids on
the house.
Speaker 2 (37:11):
People do it? Oh I got a lady bird deed? Ye?
Speaker 3 (37:14):
Oh yeah, right?
Speaker 2 (37:16):
Are you kidding me? Are you a kidding me? Really?
Speaker 3 (37:20):
You did a labor Well, let's think about what the
implications of that are. Let's think about what the implications
of putting your kids on your bank accounts are. Okay,
there are ways to do this where you retain control,
you don't get ripped off. You know, there are ways
to do it sensibly, intelligently, intentionally, on purpose.
Speaker 2 (37:41):
Right, there are.
Speaker 3 (37:42):
Ways to cover And it's middle this is the most
important part. Okay, it's middle class families who need to
do it most. If you've got a whole ton of money,
go ahead and blow your money, waste your money, go ahead.
Middle class families don't have the money to waste. Okay,
we got anough to get by. We got enough where
if we make that money work for us, it will
(38:03):
be fine. We will be just fine. But I don't
have throw it away money. Middle class people don't have
throw it away money. You got to make that money
work for you. Your estate plan has got to make
the money work for you, not just get it to
your kids, work for you. And that's what I would
tell people writing this letter here.
Speaker 2 (38:24):
You know, we're middle class.
Speaker 3 (38:26):
Woul we do a trust or will Maybe you should
rethink the whole thing. Maybe you should think, Hey, if
I'm broke, it doesn't matter if I have.
Speaker 2 (38:34):
A trust or will will I be broke?
Speaker 3 (38:37):
Well, I don't know. How long can you pay sixteen
thousand dollars a month to a nursing home or thirteen
five or eighteen thousand or you tell me, oh, that'll
never happen to me. Yeah, right, And Cleopatra is not
the only queen of denial. Come to a three Secrets workshop.
It's not as bad as you think. It's worse, but
you'll find out if the three secrets just what you
(38:58):
can do about it.
Speaker 2 (39:00):
You've been listening to the David Carrier Show. On David
Carrier Your Family's Personal Journey
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 (00:33):
Hello, and welcome to the David Carrier Show.
Speaker 3 (00:36):
I'm David Carrier, your family's personal attorney. Now is the
time to give us a call. Sixty one six seven
seven four twenty four twenty four. That's sixty one six
seven seven four twenty four twenty four. Will get your question,
comment or concern on the air, especially if it has
something to do I mean, I don't really care actually,
but if it had something to do with the state planning,
(00:57):
elder law, real estate, or business law, well, you know,
if you're wondering how do I beat the high cost
of long term care, oh my goodness, Or if you're
wondering about avoiding probates, saving taxes, getting it to the kids,
which is not really the important part, but.
Speaker 2 (01:10):
We can show you how to do that.
Speaker 3 (01:12):
If you have a business, wish I had a business,
and I wish you could get out of that stupid business.
Speaker 2 (01:17):
Anyway, now's the time give us a call.
Speaker 3 (01:19):
Six one six seven seven four twenty four twenty four.
That sixty one six seven seven four twenty four twenty four.
You know, I often say that if you want answers,
go to the Bible. Why the Bible, because it's got
everything in there. I mean, it really does. For those
of you on your way to church this morning. The
reading today has to do with the unfaithful servant, the
(01:42):
unfaithful dare I say, trustee? Lots of times people are like, well,
what if what if I put this person in charge?
You know, what if I make somebody my agent under
a power of attorney or I put them in charge
of things? Okay, and while I am going well in
the Bible, you know the parable they're talking about today,
(02:07):
it's just that sort of thing where the master, the
property owner of the person. You kind of go on
a trip and you leave somebody else in charge, and
then you come back and you find out that that
no good SOB has been stealing your money, abusing the
other people, et cetera, et cetera. In other words, they
were a bad trustee. And what happens to that person?
(02:31):
My goodness, you don't want that happening to you. Very
bad stuff. And it's the same way. It's exactly the
same way in the law, because if you appoint somebody
as your trustee and they steal from you and they
do bad things, the consequences are severe. For example, and
(02:51):
I don't mean to be discouraging people from being trustee,
but when you act as trustee, you really need to
have your eyes open on this stuff. For example, a
bad trustee cannot use trust funds money in the trust
to defend themselves. They can't do it. Okay, they got
to come up, they got to defend them remove this trustee.
(03:12):
The court will remove them as trustee. They got to
defend themselves. And then it's only if they win, only
if they prove that they were in fact a good trustee,
that they can get reimbursed for their legal expenses. So there, Plus,
if you are a bad trustee, if you're been a
bad trustee, right, I'm a bad trustee. Well, if that's
(03:36):
the case, then you got you're looking at criminal charges
as well. Right, If you steal money from people and
you had a special position of trust with those people,
nobody likes that, Okay, they didn't like it in the Bible,
you know the parables about that. We don't like it
now because we need to be able to trust the trustee. See,
(04:00):
on the one hand, the person that you name as
your patient advocate, as your trustee, as your agent, your
personal representative, your executor, whatever you want to all these
things where you are letting someone else manage your affairs
do the righteous thing for you, right, all those things
(04:20):
very very important that we let that happen, Very important
that you be able to let somebody else look out
for you. Okay, The flip side of that, the flip
side of letting someone else look out for you, and
how important it is to let those other people look
(04:41):
out for you. It makes our society more efficient. Everything
goes better, Everything goes better when private people working together
arrive at solutions. The last thing you want is the
government looking over your shoulder every single move you make.
You don't want that. It's inefficient. Things don't go right.
It's political corrupt you know, do I? Who do I
(05:04):
need to convince that politics is corrupting? All right? Absolute power,
absolute corrupting, blah blah. Right, So let's stay away from that.
Let's do it privately. Let's give authority to those people.
But here's the flip side of it. So important that
we do that, but we come down like a ton
of bricks if they use that for if they abuse it,
(05:25):
if they are corrupt, if they benefit themselves. Okay, So
one more time where we find good lessons in the while.
You know, it's full of good lessons anyway, But another
one where you might not think the Bible has much
to say about trusts and estates, but it really really
does in this, you know, in the example. You know,
(05:47):
it's not like, oh, yeah, that's okay, go ahead, steal
the stuff, abuse the other people. Oh it's okay, no problem.
What No, it's a big, huge problem, especially when you
do that. Now you may you may wonder why is
it then in the whole world, you know, occasionally, you know,
let's kind of back off just a little bit, right,
(06:08):
just take take a bigger view, like from the moon,
look at the planet kind of thing, and ask yourself,
why is it that three hundred million Americans right are?
Why are we where we are? Why are Americans? Like
why is America kind of like the richest the everything else? Now,
(06:29):
you got some people saying it's because we're gangsters and
we stole everything. Right, Yeah, how did that work out
for al Capone? I mean, show me a mafia society
that works, you know, that's super good, that comes up
with great stuff all the time. It doesn't happen the
only way it happens. So this idea that somehow or rather, oh,
(06:50):
we took advantage of everybody, it is such total nonsense.
What it is, what really happened is what they're talking
about today in the Bible, where the the you know,
the owner of the state leaves somebody else in charge,
trusting that they do the good job. Right, it's because
we trust each other. You look around the world. Look
(07:11):
around the world. People don't trust each other. They don't
make a deal, right, they don't make a deal and
stick to it. In America, we make a deal, we
stick with it. Now you can say, oh, but what
about this and what about that. I'm not saying it's perfect,
never said that. It's just that we're so far we're
so far ahead of everybody else, and maybe we're not
(07:33):
even that far ahead. It doesn't matter. Okay, we're far
enough ahead that we're kind of running the show to
some extent.
Speaker 2 (07:42):
And here's another thing. Here's another thing.
Speaker 3 (07:45):
When you have that kind you know, with great power
comes great responsibility. Well, how have we used our responsibility?
Do you know how many wars where people were like
killing each other on a daily basis? I'm going to
tell you this because you probably haven't heard of somewhere else.
How many wars has the United States ended in the
last few months? How long? How many? How many?
Speaker 2 (08:10):
Seven?
Speaker 3 (08:11):
You ever hear of Azerbaijan? You ever hear of Armenia?
Those people have been killing each other, killing each other
for thirty five years. Guess what they come to the
Oval office, They shake hands, They probably had lunch, probably
had a nice lunch. Whatever, No more war, They're not
(08:32):
killing each other anymore. It's amazing when the power of America, right,
which is you remember you are America? Well America does
it does, has the strength to do only because of you,
only because you work hard. And again, talk to a
European person. They can't believe how hard Americans work. Look
(08:54):
around the world. Who else works as hard as you do? Nobody? Nobody?
So why do we have the debt that we have? Uh,
there are some answers for that that are getting fixed.
As we speak. But the point is, here's my point.
Here's my point. We work so well, we have so much,
(09:17):
not because we were lucky, not because it fell out
of the coconut tree, not because you know, we stole
it or exploited it. I mean, you hear people say
this stuff and it's such total nonsense. You know that
they really don't understand at all how the world works
when people say things like that. The reason it works
is because we are what they call a high trust society.
(09:42):
We trust each other and that's how a state planning works.
That's how trustees work. Okay, you can trust them. Why well,
because number one, that's the spirit of America. We trust
one another, we work together, we love each other. There's
a fundamental undercurrent of that and you and when you
destroy it by bringing in people who don't believe that
(10:03):
kind of thing, right, then you've got real problems. You know,
there's a reason the crime rate's plummeting. There's a reason
for that. Look into it, do your own research. But
the power of America comes because you trust me, I
trust you, and we both have a good reason. We
(10:24):
have a good reason for doing it. And part of
that reason is the punishment that comes if we don't
hold up, we don't uphold that character, if we don't
comply with those ethics.
Speaker 2 (10:37):
You're listening to.
Speaker 3 (10:38):
The David Carrier Show. I'm David Carrier, your family's personal attorney.
Speaker 1 (10:43):
This hour of the David Carrier Show is pro bono,
so call it now at seven seven twenty four, twenty four.
This is the David Carrier Show.
Speaker 3 (10:53):
Welcome back to the David Carrier Show. On David Carrier,
your family's personal attorney. Give us a call. Oh, why
don't just six one six seven seven four twenty four
twenty four. That's six one six seven seven four twenty
four twenty four. Get your question, comment or concern on
the air. That's what that's what this is all about. Yeah,
(11:15):
we're live. Oh but here here's the thing. If you're thinking, oh,
I'll catch them in the next hour, I'm actually at
a high school senior retreat. I got. I have the privilege,
it really is a privilege to be a table parent,
which means not a whole heck of a lot, but anyway,
I'll take it. And gives you an opportunity to interact
(11:38):
with the kids. You know, with the kids, and you
know it's easy to get, very easy to get I
don't know, pessimistic perhaps about the next generation, but I
gotta tell you, I gotta tell you. You know, my
youngest is entering senior and thanks to him, at this
(12:00):
time of life, you know, I got to know more
involved with boy Scouts at first, and then now with
the high school stuff, and it is so reassuring. Actually,
you know, it makes you wonder if the media isn't
like totally corrupt and sensationalistic, because when you're actually talking
with with the kids, you know, when you're when you're
(12:23):
actually interacting with young men and women, it's like, yeah,
you know, there there's there's issues. I'm not saying there aren't,
but boy, there are so many of them who are
like really on the ball, very conscientious, really wonderful. You know,
you hate to, you hat to say anything nice about,
(12:46):
you know, the younger generation, but the fact of the
matter is there's an awful lot of them. You wouldn't
throw off the boat, you know what I'm saying, Really
really wonderful, wonderful experience, wonderful kids, very very in tune.
Speaker 2 (13:04):
Not totally.
Speaker 3 (13:05):
I mean, basketball is still more more likely a topic
the conversation than geopolitical strategy. But still, you know, it's
very really is. Uh. I can't tell you how grateful
I am to have had the experience over the years.
It's so it is. It's a lot of fun. Plus
it is reassuring.
Speaker 2 (13:26):
Hey, we've got.
Speaker 3 (13:27):
Scott on the line.
Speaker 2 (13:27):
Hello Scott, Welcome to the David Carrier Show.
Speaker 4 (13:30):
Good morning, mister Carrier. Or how you doing today.
Speaker 3 (13:34):
I'm just perking and working and having a ball. I
gotta tell you, I'm sitting in my car here doing
the in the radio show. You know.
Speaker 2 (13:41):
But I got at eight o'clock.
Speaker 3 (13:42):
We got an event, so I got a book.
Speaker 2 (13:44):
Go ahead, what do we what do we ask?
Speaker 4 (13:47):
Yeah? Oh, yes, fantastic, Yeah, quick question. Family was selling
property that they've owned since the mid eighties. We know
the exact history relative to the title when it comes
to either like leans or mortgages or releases, whatever, and
the current buyer was wanting us to provide them title
(14:09):
insurances them not you know, they're going to mortgage and
the mortgage company wants their title insurance from the buyer,
but the buyer want title insurance from us. And I'm like,
if it's been we've had it for you know, since
mid eighties. Why do we need to provide them title
insurance because we know exactly what's happened in the last
forty years. We have the court records for it. And
(14:31):
then it makes me wonder about extench it if something
came up before the nineteen eighties, you know, something that
since we owned it. Before we owned it, what's the
statue limitations? Is someone from the seventies wanted to file
a lean against the property for whatever reason.
Speaker 3 (14:44):
Yeah, so let's be clear. I mean title insurance. They
call it insurance, but it isn't really insurance. They don't
even have claim forms. Okay, because I've had to claim
against title insurance a very few times over the last
thirty five years, and there's no form for it. You know,
you have to you have to do it in you
have to send them a letter and whatnot. And that's
(15:05):
because what title insurance really is is a deep dive
by the title insurance company who has a financial stake
and being correct about the state of the title. Okay,
So that's what it is. It's it's having somebody else
really look at it. So if the buyers are like, oh,
(15:27):
we got to have this insurance. Wow, you know the
fact that you got the mortgage insurance should be good
enough and all you really need to do, and it
shouldn't be. It shouldn't cost hardly anything. Really is have
the have the buyers added as an additional insured on
the title insurance policy that the mortgage company is getting. Okay,
(15:51):
you don't have to do a whole nother title search,
get a whole nother title policy. Just have have the
the new buyers on there as like say, as an
additionally insured and that should take care of it. Now,
good luck trying to explain to somebody that title insurance
and we all, you know, we keep saying insurance, insurance, insurance,
(16:12):
and good luck trying to explain to me. It's not
really insurance. It's just a really thorough examination of the
title by someone with a financial stake in being correct
about it. That's what That's what's really going on. And
here's the other thing. Read your title insurance policy. It
(16:33):
doesn't ensure I mean, home went is policy bad enough, right,
but your title insurance policy doesn't hardly insure anything anyway.
You know, it's got to be it's got to be
a record, et cetera. Cetera. So, you know, very little protection.
It's not like they're going to get any protection. On
the other hand, on the other hand, it's not going
to cost you hardly anything to say yes to the buyer,
(16:57):
and you know why not. You know, it makes them
feel better. And then now they go to the closing
and you get your mind, right, I.
Speaker 4 (17:06):
Will, I will say, not going to cost much is
Actually they were quoting about one thousand dollars for the
title insurance policy for the seller to provide to the buyer.
So the buyer is quote unquote protected. That's not even
that's not the mortgage person. That's the just this way.
And I'm like, I just called the family. I said,
why is it even necessary?
Speaker 5 (17:25):
Yeah?
Speaker 4 (17:26):
Why is it even necessary? Yeah? Exactly what.
Speaker 3 (17:29):
It's not necessary? Not necessary. I think I think what
you're talking about there, I think I think what you're
talking about is a whole new title insurance policy. You see,
you don't need a whole new title insurance policy, you
just whatever. The look you see, why is it a
thousand bucks? Because someone's got to go back and research
(17:50):
the title. Okay, they got to go through all the
records and stuff, and it's easier now than it used
to be blah blah. But that that's a quote for
a brand new policy. And you don't need a brand
new policy. You just need to piggyback on the mortgage
company's policy.
Speaker 4 (18:06):
Okay, yeah, I just haven't mattered now.
Speaker 3 (18:11):
Right now, it's it's ensuring the mortgage company.
Speaker 2 (18:14):
Okay, well, add the new owner.
Speaker 3 (18:18):
It's the same risk, you know, it's just that now
you got now you got one more you got one
more person who's insured. So that's what and that that
shouldn't that thousand bucks is for a brand new policy,
and you don't need to do a brand new policy
to give them the And frankly, I'm a little bit
curious why they weren't as an additionally insured on the
(18:41):
mortgage policy because that's typically how it goes typically, you know,
it's the mortgage company, the mortgage company, and then the
and then the owner.
Speaker 4 (18:50):
Is that would be typical, Okay, because I was curious.
Maybe I'm wondering maybe mortgage company has a policy against
not putting extra name. I mean, I don't know, could
that be that the mortgage company is like, Nope, we
don't do that, so tough.
Speaker 2 (19:05):
I'm just curious, Well, they want priority.
Speaker 3 (19:08):
There's no question that they want priority. Okay, uh, and
you want to give them that because they've got out,
but the but they should what do they care? You know,
if they've got priority to get their money back first, first,
and foremost, and anyway, the mortgage company understands that what
they're really buying is a very thorough title search. Everybody
(19:29):
gets that, so adding them as a second and short
really shouldn't be a really should not be a problem.
So that's what I would say.
Speaker 2 (19:36):
Do you have a real estate agent that you're working with.
Speaker 4 (19:39):
A realtor, Now we do from that standpoint, but before
we did it, if you.
Speaker 3 (19:46):
Will, yeah, so yeah, I would have the realtor explain
it to them. Okay, you know you can get them
where that, you can get them where they want to go.
It shouldn't cost you much money.
Speaker 4 (19:58):
That's what i'd suggest, yeap, Okay, No, I appreciate the information.
Speaker 2 (20:02):
Yeah, there's no there's no question.
Speaker 3 (20:04):
It's not worth a thousand bucks.
Speaker 4 (20:06):
Yeah okay, yeah I knew that convincing other people.
Speaker 3 (20:10):
Yeah, well you're right, thank you, Scott.
Speaker 2 (20:14):
Take care all right, you've been listening to the David
Carrier Show.
Speaker 3 (20:17):
I'm David Carrier, your family's personal attorney.
Speaker 1 (20:21):
David's got the how too you're looking for. Just call
seven seven four twenty four twenty four. This is the
David Carrier Show.
Speaker 2 (20:31):
Well, come back to the David Carrier Show.
Speaker 3 (20:33):
I'm David Carrier, your family's personal attorney. Now's the time
give us a call. Six one six seven seven four
twenty four twenty four. That's six one six seven seven
four twenty four twenty four. You can always go to
the website David Carrier Law, David Carrier Law. See how
easy it is, squish it alltogether dot com and uh,
(20:54):
you know we've got this, We've got this AI artificial intelligence.
Well you know, some people say, well it's about time
you had some intelligence. Might as well be artificial anyway.
On the on the website. And the fun thing about
it is, when we first started, you could type questions
in and we have some sample questions. You just click
(21:15):
on those if you want, and it'll give you an answer,
you know, based on that prompt h that's what they
call it. Instead of questions, they call it a prompt.
And you can you can actually get more in depth
with it now if you'd like to. And you don't
even have to type. There's a there's an icon, you
know what I mean, a little picture there. If you
(21:36):
click on that, it'll talk to you. And of course
you got to have a microphone and speakers, but you know,
on a laptop those are kind of built in. So
if you have a microphone and speakers, the dang thing
will talk to you. It doesn't sound like me, but
we're working on that too. You know, go from articulate
to inarticulate. That's uh, you know, you know, you think
(21:57):
it's easy enough to get somebody who can use the
English language prom properly using it the way I do.
That's that's that's another level of programming altogether. But anyway,
if you go to the website, like I say, you
can ask it more particular questions. Now it's it's not
legal advice, and it's not really tailored very specifically, but
(22:18):
but it's useful. It is useful. So that's why we're
doing it, because it's it's useful. It's not perfect, but
what is after all? So six one, six, seven, seven,
twenty four, twenty four go to the website if you'd
like to come to one of three Secrets workshops. You
know I was bragging before about the that, you know,
(22:40):
because some people say, oh, if this approach is so smart,
how come everybody doesn't do it, which like nobody does
do it hardly anybody, you know, where we're focused primarily
on you, not on your kids, prom primarily focused on
how do we make sure that you don't go broke,
understanding that long term care is the big long term care.
(23:04):
It's the elephant in the room, you know, and it's
about to sit on you and you know, squeeze all
your life savings out terrible. Anyway, we now have nationally,
we just started last week with our ten partner firms
from San Diego to Staten Island and from Canada down
to the Gulf of America. We've got, like I said,
(23:26):
our first ten law firms. It's not just me. I
have a couple of other partners, but we're partnering with
these other ten firms very explicitly, very intentionally to do
exactly the sorts of things that you heard me talk
about for years and years and years. Will you know,
it's the snowball is starting to roll down the hill
(23:49):
in terms of making sure that not only a few
people here and there are getting the benefit of this
way of thinking about it. There are a lot of
people out there need it, of attorneys who understand the
traditional methods just just are falling flat. So anyway, that's uh,
that's an update for you. We we started with their
(24:09):
workshops and they were uh way over subscribed. It just
there's a there's a real need out there. Anyway, six one,
six seven, twenty four, twenty.
Speaker 2 (24:19):
Four we got ted. Ted did call that number? Thanks
for thanks for hanging on there, Ted.
Speaker 3 (24:24):
How can I help?
Speaker 5 (24:25):
Okay? Okay, Uh, my parents owned some property in Wisconsin
for quite a few years, like four hundred acres and
they sold it like Nate King Nandy, and I thought
my mother said she kept they kept the mineral rights
for the children. Is that possible, That's possible.
Speaker 2 (24:43):
Sure, it's possible.
Speaker 5 (24:44):
Okay, Now if they did time minerals on the firm,
is there an expiration date on that?
Speaker 3 (24:52):
No, because you if they sold the surface and you
they retained the mineral rights, okay, then you retain them
meneral rights. Mom and dad still own them, so our
mom and dad still with us, or they passed on
to their reward so to speak. Okay, then did you
guys go through probate. Yeah, I got youa So thirty
(25:15):
five years ago, did.
Speaker 2 (25:17):
They when they went did you go through probate? Did
you have a trust?
Speaker 5 (25:21):
How did that work? I don't know that because because
I heard that there were minerals found in that area.
And do they have to contact you if there are
mons found?
Speaker 3 (25:37):
Well?
Speaker 2 (25:38):
Do they have to?
Speaker 3 (25:39):
I don't know. You know, if you find a wallet,
you have to turn it in the uh you should? Yeah, Well,
here's the here's the easy way to find out. Okay,
go back, and this is easy. And in Michigan at least,
I don't know Wisconsin, she says, right, oops, no offense.
(26:03):
Every county you can electronically search. You don't actually have
to go there. You don't have to hire a title
company to get a copy of the deed. But that's
what you want to get. You want to get a
copy of the deed. And mom and dad used back
in nineteen ninety to sell the farm. Okay, and probably
you'll be able to tell. You'll be able to tell
(26:26):
from reading it, because if they did reserve the mineral rights,
it'll say reserving all sub surface blah blah blah blah
blah okay, or mineral rights. It might just say mineral rights,
it might say subsurface assets or something like that. It'll
probably be clear.
Speaker 2 (26:47):
If it isn't.
Speaker 3 (26:48):
Clear or it doesn't say anything, then what you want
to do. What could have happened is they might have
reserved the mineral rights earlier on in an earlier deed.
That's not impossible, and if the mineral if the oil
or whatever they found is very valuable, it would be
(27:11):
worth going back to prior conveyances just to make sure
that they didn't say, oh, we're going to deed the
mineral rights over here to this trust. Okay, so that
when mom and Dad sold the farm, although they still
owned with the surface rights.
Speaker 2 (27:28):
But that's possible, not likely, but it's possible.
Speaker 3 (27:32):
Okay. So the first thing you want to do is
look at that nineteen ninety deed and see if they
reserve the mineral rights. If they didn't, then it would
be worth it. If that rights are valuable, it'd be
worth it to go back just to make sure that
they didn't convey those mineral rights out to a trust
(27:53):
or an LLC or something else before they sold a
farm in nineteen ninety.
Speaker 2 (27:58):
Okay.
Speaker 3 (28:00):
If there's no reservation. If you've done both and there's
no reservation, no, you don't have it anymore. It's been
given away. It was sold, not.
Speaker 5 (28:08):
Given Okay, I said very much for this knowledge.
Speaker 2 (28:14):
Sure, and it's easy to do.
Speaker 3 (28:16):
It's easy to do those those websites are typically set up,
you know, depending on the county. Of course, they're typically
set up so that there's free sessions you can. Lots
of times they won't. They won't get you got to
pay like three bucks or something for a copy. You
gotta give me your credit card and pay pay a
few bucks for copy of the d But boy, it's
worth it, right, I mean, what do you think.
Speaker 2 (28:36):
They found on the lamp?
Speaker 6 (28:38):
I heard there was copper and gold in that area, well,
copper and golden nice, yeah, that is you know, you know.
Speaker 3 (28:55):
Well and remember of course when you do that, well,
here's here's the thing. When you do that, right, when
you do that, that's the beginning of the fight, not
the end, okay. I mean, if they did reserve the
mineral rights, you know, gird your loins because they're gonna
it's gonna be a fight.
Speaker 2 (29:15):
Right, it's been.
Speaker 3 (29:16):
Thirty five years, you haven't exploited it. Adverse possession. Blah
blah blah. You're gonna have a fight. But if they
didn't reserve the mineral rights, well you don't even get
to have the fight.
Speaker 2 (29:27):
Does that make sense?
Speaker 5 (29:29):
Correct? I understand? I mean, you know, okay, great, I
thought my mother said they reserve the rights for her children,
you know, for their children, and I'm just running with that,
you know.
Speaker 3 (29:41):
But beyond that, hey, they're gonna start playing the music here,
then it means I gotta get out.
Speaker 2 (29:46):
Okay, yeah, go go check it out and let me know.
Speaker 5 (29:49):
Thank you, thank you.
Speaker 2 (29:50):
Given. Listen to the David Carrier Show.
Speaker 3 (29:52):
I'm David Carrier, your family's personal attorney.
Speaker 2 (29:56):
Well, come back to the David Carrier Show.
Speaker 3 (29:58):
I'm David Carrier, your family personal attorney.
Speaker 2 (30:01):
Now was the time give us? Well now it's a
little bit too late, sorry for that.
Speaker 3 (30:05):
As I said, I'm at the high school Senior Retreat
and getting in touch with the youth of America because
well why not. Anyway, good news on that front. I
mean they seem to they actually seemed to be like
wonderful kids. Can I tell you who knew their parents
did a good job? Anyway, what's the I had to
(30:28):
I've been sitting on this email, but we got We
had some callers, which we appreciate our callers, thank you
very much, and happy to happy to be distracted.
Speaker 2 (30:36):
But this is a fantastic.
Speaker 3 (30:40):
Good question here. What's the better way to estate plan
for middle class individuals? Revocable trust or a will? My
spouse and I are trying to decide how to drop
our estate plan. We jointly own most things and share
bank accounts. We're looking into a revocable trust to avoid
the hassle of a will. Any advice, well, faithful listeners
(31:00):
know that my advice on this thing is that you're
asking the wrong question. Question is not what happens after
you die and who gets the stuff?
Speaker 2 (31:10):
That is not the question. The question is what happens
and as you age.
Speaker 3 (31:16):
The percentage goes from seventy percent at age sixty five
at age sixty five, according to National in Student Health,
sixty five of folk, sixty five percent of folks excuse me,
seventy percent of folks at age sixty five, right, seventy
percent of you who are alive at sixty five will
need on average three years of skill care. Three years. Okay,
(31:39):
twenty percent will need five years or more. Now, that's
not all nursing home care. Okay, that's at home care,
that's assisted living, that's friends, family, all the rest. But
we're in a situation right now where the traditional I
have the church lady come in, My kids took care
of me.
Speaker 2 (31:58):
You know, those things that you the work do not
work anymore.
Speaker 3 (32:02):
And the reason they don't work anymore is because it's
the baby boomers who that's us, all right, you and
me who are needing the care. And there's a whole
pile of us. There's lots and lots and lots of us.
But we didn't have as many kids as our parents did,
and for that reason, the demand for care is through
(32:24):
the roof. The supply of caregivers is not down in
the basement, okay, in the cellar, and the kids don't
want to do it anyway. It's a different deal these days. Okay,
it's different anyway. Given that situation, paid for long term care, right,
(32:46):
commercially available care is what you're going to be doing.
And it is crazy expensive because the demand is up,
the supply is down, the price is up.
Speaker 2 (32:56):
That's just iron rule of economics.
Speaker 3 (32:59):
That's just how it works. Okay, You can cry about
it if you want to, but that ain't gonna help anything.
So now the question is what do we do about this? Well,
when you're planning your estate as a middle class family.
By middle class, I mean, you're not drowning in debt, right,
you got your house paid off, you got a few
bucks in the bank. Okay, you got yourself security coming in.
(33:23):
You probably don't have a pension, right because people don't
do pensions anymore. You got some four oh one K
money IRA money. That's what I think of as middle
class people. Now, the question is what are we going
to do about this?
Speaker 4 (33:35):
Right?
Speaker 2 (33:36):
What is the problem that you have? The problem you
have is not how do I get that to my spouse?
How do I get that to my kids? The question
is how do you preserve that against long term care?
Speaker 4 (33:50):
Right?
Speaker 2 (33:50):
How do you make sure that you don't go broke?
And don't tell me? Well, you can tell me all
you want. A lot of people tell me, oh, I'm
going to spend my money. You know, would God that
that were so?
Speaker 3 (34:04):
But the fact of the matter is, and you know
this better than I do, or at least as well
as I do. You know that if you're a saver type,
if you've actually paid off the house, if you're not
living on a credit card, if you've got money in
the bank, et cetera, cetera. Right, you know that you're
not going to spend the money. And here's the test.
(34:26):
Go to go to let's say, go to Paneraic, go
to Starbucks or something and buy a seven dollars coffee.
I'd like to see you try, right, Oh, and take
the money out of your IRA to do it. You're
not gonna go on a cruise with it, you know,
take a withdrawal from your IRA and go on a cruise.
Speaker 2 (34:43):
Are you gonna do that? Not? On God's green earth.
Speaker 3 (34:45):
That's not gonna happen, okay, because and that's why you're
not gonna spend your money, all right, in which God
bless you. Those are good habits, conscientiousness, all the rest
of that stuff. That's all good, okay, But don't be thinking, oh,
it's all gonna be gone anyway, because it isn't metaphysically
impossible for you to spend your money. I mean, I've
(35:05):
just seen it too often for me to believe that
you're actually going to spend it. Now, would it be
good if you spend it and be fine by me.
Speaker 2 (35:12):
Why not?
Speaker 3 (35:12):
You earned it, why not spend it? But do you
really want to have it vanish? Like eighteen thousand dollars
a month. That's eighteen thousand dollars a month is six
hundred dollars a day in long term care. You think
you can't spend six hundred dollars a day in long
term care?
Speaker 2 (35:30):
Believe it? Just just call a few places. Call around.
Speaker 3 (35:34):
Oh, they'll quote your daily rate of five to fifty
a day, right, but they find a way to get
the other fifty bucks. Don't worry, and you could go
to places that are cheaper. Yeah, go to the cheap place.
Those are only four hundred and fifty dollars a day.
What difference does it make? I mean you're gonna be
broke anyway. That's what you should be planning for. You
should not be planning primarily, This is my view of
(35:55):
the world. You should not be planning primarily to leave
stuff to other people, or to your kids, or to
whatever else. You should be figuring out how to challenge,
how to meet the biggest unavoidable financial challenge you've got
having your lifetime, which is long term care. The good
news is, and I think it's good news. The good
(36:15):
news is you already paid for it. Right, you said
you heard the ad.
Speaker 2 (36:19):
Right.
Speaker 3 (36:19):
What's the difference between your pay stub and your paycheck?
The answer is what you paid for long term care,
it is. I mean, you pay for a bunch of
other stuff too, some submarines and some jet airplanes and.
Speaker 2 (36:32):
Stuff like that.
Speaker 3 (36:32):
You paid for that also, right, But you did pay
as part of that, you paid for your long term care.
And yet, and yet, while you're fine taking yourself security,
you're fine taking the medicare, you won't take the long
term care. You'll go broke before you do that, which
you don't have to, And I know everybody tells you to,
(36:53):
but you really don't have to. It's a choice. It's
like everything else in life, it is a choice. My
view of the world is that middle class people shouldn't
be worried about do I do a will?
Speaker 2 (37:04):
Do I do a trust?
Speaker 3 (37:06):
Do I put my kids on the house? Oh my god,
what a what a mistake to put the kids on
the house.
Speaker 2 (37:11):
People do it? Oh I got a lady bird deed? Ye?
Speaker 3 (37:14):
Oh yeah, right?
Speaker 2 (37:16):
Are you kidding me? Are you a kidding me? Really?
Speaker 3 (37:20):
You did a labor Well, let's think about what the
implications of that are. Let's think about what the implications
of putting your kids on your bank accounts are. Okay,
there are ways to do this where you retain control,
you don't get ripped off. You know, there are ways
to do it sensibly, intelligently, intentionally, on purpose.
Speaker 2 (37:41):
Right, there are.
Speaker 3 (37:42):
Ways to cover And it's middle this is the most
important part. Okay, it's middle class families who need to
do it most. If you've got a whole ton of money,
go ahead and blow your money, waste your money, go ahead.
Middle class families don't have the money to waste. Okay,
we got anough to get by. We got enough where
if we make that money work for us, it will
(38:03):
be fine. We will be just fine. But I don't
have throw it away money. Middle class people don't have
throw it away money. You got to make that money
work for you. Your estate plan has got to make
the money work for you, not just get it to
your kids, work for you. And that's what I would
tell people writing this letter here.
Speaker 2 (38:24):
You know, we're middle class.
Speaker 3 (38:26):
Woul we do a trust or will Maybe you should
rethink the whole thing. Maybe you should think, Hey, if
I'm broke, it doesn't matter if I have.
Speaker 2 (38:34):
A trust or will will I be broke?
Speaker 3 (38:37):
Well, I don't know. How long can you pay sixteen
thousand dollars a month to a nursing home or thirteen
five or eighteen thousand or you tell me, oh, that'll
never happen to me. Yeah, right, And Cleopatra is not
the only queen of denial. Come to a three Secrets workshop.
It's not as bad as you think. It's worse, but
you'll find out if the three secrets just what you
(38:58):
can do about it.
Speaker 2 (39:00):
You've been listening to the David Carrier Show. On David
Carrier Your Family's Personal Journey
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