The Troubleshooter 1-14-25

Episode Transcript

Speaker 1 (00:05):
Ripped news who you don't have, come running just as
fast as we can. Shooter's gonna help.

Speaker 2 (00:18):
Come man, this is.

Speaker 3 (00:20):
The Troubleshooter Show now, Tom Martine, Welcome.

Speaker 4 (00:25):
Welcome, my friends to the only show of its kind.
We're here to solve problems, answer questions, our goals, to
make your life just a little bit better. In fact,
to the tune of over three hundred million dollars in cash, merchandise,
exchanges and refunds.

Speaker 5 (00:39):
Directly due to this show.

Speaker 4 (00:41):
You got a problem with the contractor, a problem with
the landlord, a problem with an attorney, a problem with
a dentist.

Speaker 5 (00:47):
We really don't care what it is.

Speaker 4 (00:48):
We want to help you either recoup money or try
to at least get the problem solved. We've got a
list of experts at referral lists dot com that help
in this task. We call them up as experts. We
have them in studio.

Speaker 5 (01:02):
In fact, today in studio with me, we have.

Speaker 4 (01:04):
A referral list member of a long time now attorney,
Dan McKenzie.

Speaker 5 (01:09):
In fact, I love your phone number.

Speaker 6 (01:10):
Dan.

Speaker 5 (01:11):
First of all, how are you doing this morning?

Speaker 7 (01:12):
Man?

Speaker 8 (01:13):
I'm good?

Speaker 5 (01:13):
Are you I am doing good?

Speaker 9 (01:15):
Sir?

Speaker 4 (01:16):
I love your phone number. Eight three three co plans.
How long have you had that?

Speaker 8 (01:21):
A couple of years?

Speaker 5 (01:21):
I think, God, that's it. That was incredible. You got that?

Speaker 8 (01:24):
Yeah.

Speaker 5 (01:25):
I guess after they.

Speaker 4 (01:26):
Opened up eight hundred and eight eighty eight to a
lot of other toll freeze, things started coming along and
a lot of people could grab stuff like that. Hey,
So when we talk about what you do for a living,
we're talking probate, we're talking wheels, trusts.

Speaker 5 (01:40):
What is the most you do? Meaning?

Speaker 4 (01:42):
What is your average call? I might have asked you
this before, but what is your typical job someone calls
you up? Is it a couple that just had kids?
Is it someone in their late sixties? Is it all
of the above? But you still must have you know
the top of the line. But hold on, I want
you to die. Just sat real quick. But three o
three seven one three a two five five. Anybody out

(02:05):
there with any issues, don't forget three oho three Martino.
We have open lines right now. I will always tell
people when we have open lines three oh three Martino,
any issues you have three oh three seven one three
A two five five. Also we have got Deputy Dmitri.
I always say Deputy Scott. But Deputy dollar. I appreciate

(02:25):
you guys being in of course, Kelly, Suzanne's with us today,
Shannon behind the board three oh three Martino.

Speaker 5 (02:31):
So, Dan, what is your average call?

Speaker 10 (02:33):
I would say probably in addition to the family, so
as people have had a baby or uh. It's funny
people who have gone on trips recently are about to
go on a trip, they start to think about, you know,
what happens if.

Speaker 5 (02:45):
The airplane courhouse boy.

Speaker 4 (02:47):
That is kind of funny. Actually, I have thought that.
In fact, Suzanne and I have definitely done that. We've
been married over thirty one years, and almost every time
we go on at least a long trip, you start going, okay,
as every thing in order? Yeah, what do you think
of people that make a list of everything forget about
Let's say they do have a will, but they you

(03:07):
still have to know where money's at. I've always wondered this, like,
if you had a bank account somewhere that was in
a different state than you moved and you kind of
forgot you had it, how would anybody ever find that?

Speaker 6 (03:21):
Yeah?

Speaker 5 (03:22):
Does that happen quite a bit?

Speaker 8 (03:23):
Oh yeah, yeah, yeah.

Speaker 10 (03:24):
I mean you know, you're you're familiar with the what
is it the great property thing at Colorado, like they know.

Speaker 5 (03:29):
They have to Colorado payback.

Speaker 10 (03:32):
Yeah, I mean that's just tons and tons of lost
insurance policies and bank accounts and refunds from comcasts and
everything else. So yes, it happens all the time. There's
not really a centralized location for it.

Speaker 8 (03:42):
It does take a bit of detective work.

Speaker 10 (03:44):
Sometimes you're looking at credit card bills and saying like, Okay,
I see they have this recurring charge. Where is this
money coming from to pay this? So you can be
in that.

Speaker 8 (03:52):
So people who make the lists, I mean that, you know.

Speaker 10 (03:55):
I mean, we can put together the will and the trust,
but it's like if you don't tell people where stuff is,
that's the other side of the coin, and it can
be still really a big mess.

Speaker 11 (04:04):
Yeah.

Speaker 4 (04:04):
I was thinking of all the different accounts I have
just with Schwab. I mean I've probably got like literally
seven to ten accounts with Schwab, and I finally went
over and listed them all out when the AMERI trade
turned into Schwab because I didn't have them when they
were amer trade accounts. And I started thinking, Jesus, Suzanne
and I met our demise on a trip or something.

Speaker 5 (04:28):
Our kids.

Speaker 4 (04:28):
Know we have schwab accounts, but but where do they
even start on that?

Speaker 5 (04:32):
Then they might find one and not even know about
the rest.

Speaker 4 (04:35):
And some of them are LLC's that they're not even
attached to our social Security number. Yeah, so, I mean
there's probably a lot of money out there when people
lose their parents and call you and they need help
with probate. Do you is that part of your services
to actually do some of that detective work.

Speaker 10 (04:53):
I mean maybe a little bit, But there are companies
that that is what they do. They go out and
I mean it's private investigator actually, you think of private
investigator forensic account Yeah.

Speaker 12 (05:02):
Kin ah.

Speaker 2 (05:03):
Yeah.

Speaker 8 (05:03):
They have access to databases of people and stuff like
that they can use to try and find this stuff.

Speaker 5 (05:08):
So when people have kids, so they come to you
a big time.

Speaker 8 (05:10):
Yeah, that is a frequent source of people thinking about
this and.

Speaker 4 (05:13):
The biggest thing is who's going to take care of
the kids? Right and generally speaking, is it their parents
When it's a younger couple, Yeah.

Speaker 10 (05:20):
It usually starts with the parents. Then they come back
about ten years later and say, Okay, these parents are
a little bit older now and not really able to
keep up with a ten year old, so let's move
it to someone else.

Speaker 5 (05:30):
That's exactly what happened to us.

Speaker 4 (05:32):
And then eventually then they become over eighteen or they
get out of college, depending on the path they took,
and now you have to go back and redo everything
as well, or at least you should go back and
revisit your will or trust.

Speaker 10 (05:45):
I mean, I tell people when we're planning for little kids, like,
hopefully this is a huge waste of money. You don't
I mean, we don't want this plan to be the
plan that you die with, all right. I mean it
should be evolving over time as your kids get older
and you get older, and the big accounts change and
you move and all that kind of stuff of this
keep going, all right, So you you got to keep
it up to date.

Speaker 4 (06:04):
Yeah, you have to keep it up to date. Now
let's talk real quick on trusts. One of the benefits
of a trust is most likely you won't have to
go to probate.

Speaker 5 (06:13):
Right, that's only if everything was put in the trust.

Speaker 8 (06:15):
That is the goal.

Speaker 4 (06:16):
So can you actually have like a one liner that says,
anything I forgot to have in the trust automatically goes
in the trust. I might say you still have a will,
and the will says that, so really you can't miss anything.
You would give me an idea of when you wouldn't
go around probate not putting something in the trust, or

(06:38):
if it's done right, you simply would not have to
go through probate.

Speaker 10 (06:41):
So, as we discussed before, it's like you, usually there
are some things left outside the trust.

Speaker 8 (06:46):
We usually do not put cars and trust for example.

Speaker 4 (06:48):
Yep, Well, explain to people why is that? Why don't
you put because it's titled it's.

Speaker 10 (06:53):
Yeah, the insurance companies don't like having them titled to
things that are not people.

Speaker 8 (06:57):
They want to.

Speaker 10 (06:58):
Track you, track your driving record, and I think that
makes it harder if it's not titled to you.

Speaker 8 (07:03):
And then this is a little bit.

Speaker 10 (07:04):
Silly, but just practically speaking, if you get into an
accident with somebody and pull out your registration to share
that information with them and it says trust on it,
you're rich.

Speaker 8 (07:13):
Yeah, you're a really rich person. And that's of course
not always thinking.

Speaker 4 (07:15):
Yeah, that's a fallacy, but that's kind of funny that
someone would think that.

Speaker 5 (07:18):
I guess that's just how it goes. Yeah, So what
else wouldn't you put into a trust bank accounts.

Speaker 10 (07:24):
I mean a lot of people leave their day to
day checking accounts out. It's just like you got to
go through and figure out, Okay, I need less than
eighty two thousand dollars in my name because that's the
that is the point at which you do have to
do a probate.

Speaker 4 (07:34):
Because because well, or if it's property, right, really two
thousand So but even if it's a parcel of land
that's vacant, it's only worth a couple grand.

Speaker 10 (07:45):
Yeah, you can have middle interests that are producing you know,
a twenty dollars check once a year, and that's real estate,
so you're probate.

Speaker 5 (07:52):
Yeah, that's kind of crazy.

Speaker 4 (07:53):
But anything else, if I I think I learned this
from you, you could do a small not a day,
small state AFFID, smallest state AFFID david so even like
on a vehicle.

Speaker 8 (08:05):
Correct and the call out of DMV has its own
version of that form.

Speaker 4 (08:08):
And how do you handle bank accounts? I had a
very lengthy conversation with you about bank accounts. And when
you have a bank account, you can just leave a beneficiary.

Speaker 5 (08:17):
You can can you leave multiple most banks you can?

Speaker 8 (08:21):
Yeah, like in order of preference.

Speaker 4 (08:23):
Yeah, like in a chain. Correct, And why do that
instead of put into a trust? I would say, because
it's a pain in the ass. You got to order
new checks, you got to do a lot of things.

Speaker 10 (08:32):
Right, So yeah, I mean ideally everything's in the trust
if you have a trust.

Speaker 8 (08:36):
But to your point, I mean, sometimes it's just a pain.

Speaker 4 (08:38):
Well, generally, do you when you do a trust for somebody,
do you have them put the bank accounts into the trust?

Speaker 8 (08:43):
I would say most my clients do not do that.

Speaker 2 (08:45):
Do not?

Speaker 4 (08:46):
How about like if they own a partial interest in
an LLC or a company, yeah, anything besides something like
a sea court.

Speaker 10 (08:53):
Typically we would assign that interest to the LLC. You
got to make sure that you're operating an agreement allows it.

Speaker 8 (08:58):
But yes, that is.

Speaker 4 (09:00):
And that's where it gets crazy. I'm going through that
right now. In fact, Tom and I are both going
through that right now because we did an operating agreement
on a couple things, neither of us thinking of, you know,
putting it into a trust. So now we have to
kind of redo the operating agreement in order to get
to where we want to be.

Speaker 5 (09:19):
I mean that's kind of crazy. Does that happen a lot?

Speaker 8 (09:21):
Oh?

Speaker 10 (09:21):
Yeah, Yeah, most people don't have operating agreements. They set
up the ALC and they don't do it, So there's nothing.

Speaker 4 (09:27):
Dimitri, you own a business, have you thought about this? So,
in other words, one of ours. We just took a
boiler plate years ago and we have a company called
lead Bin and lead Bin does some digital advertising. It
does fairly well. So the problem with the operating agreement.
If I die, it goes to Suzanne. But pretty much
any side, anybody outside of Suzanne is where the issue

(09:50):
comes in. I don't even think we talk about our
kids in that. And then the other thing that becomes
a problem is, let's say I don't want to be partners.
This is probably be the biggest part. What ms if
I don't want to be partners with his wife? And
I'm just using this as an example. In other words,
let's pretend it was his ex wife. We don't like
each other at all. I can't even imagine if I

(10:12):
had to deal with that in a million years. So
you know, I would think she might try to throw
monkey ranches at me.

Speaker 5 (10:18):
So what do you do in a situation like that?

Speaker 4 (10:20):
If you didn't look at it prior, I mean, really,
you Dan, this must come up, Oh it does.

Speaker 6 (10:26):
Yeah.

Speaker 8 (10:26):
People end up being business partners with people that they
did not pick.

Speaker 5 (10:29):
Yeah, and they're forced to do so.

Speaker 12 (10:31):
Yeah, guys, isn't there some insurance policy that them can
buy to buy out the unwanted business partner in case
the primary partner died.

Speaker 8 (10:41):
Yeah, but if they have operation agreement, they're not doing that.

Speaker 6 (10:44):
Yeah.

Speaker 5 (10:45):
If it's not in the operating agreement, it's not there.

Speaker 10 (10:47):
I think they would do the operating agreement before buying
the insurance policy. Yeah, they're sophisticated enough to buy an
insurance policy, They're probably gonna do not.

Speaker 4 (10:53):
But there's problems that come with that. Dimitri, I mean
just age in general. So I mean you have a
partner that's in a sevenventies or eighties getting in key
Man insurance. It's just like it's life insurance. That's all
it is. Think of how hard that is and how
unfair that might be to the other person. Let's say
my insurance in an example, you and I are partners.

(11:13):
My insurance is two thousand a year. Your insurance is
twenty thousand a year. How is that fair of me
to have to pick that up? Even though I'm truly
the beneficiary of it. It's still a lot of money.
I mean, how is that typically handled? Dan, I mean
you must have gotten into these situations.

Speaker 10 (11:30):
I mean, so having the cash available is helpful that. Yeah,
there's different ways to set it up. It could be
a direct payment to the estate. That could be usually
then injection into the company, and then the company buys
the shaff the person who passed away.

Speaker 4 (11:42):
God, it's complicated, and there's a lot of people out
there right now that have partners that have never thought
of this.

Speaker 8 (11:47):
Oh yeah, I think most haven't.

Speaker 5 (11:49):
I think most haven't either.

Speaker 4 (11:50):
I'm literally looking at stuff and you know, we've been
going through our trust. Here's the problem with the trust. Honestly,
it's a pain in the ass, man. I mean, honestly,
it's a pain in the ass. The kind of stuff
that's the pain in the ass where we're at is
stuff like this. He's operating agreements. Then you go, oh, man,
we never even thought of this when we did the
operating agreement. Now we got to go back and redo

(12:11):
this operating agreement. Get that done. Then we can determine
what's going to happen if one of us dies. I mean,
it's kind of nuts, man, it.

Speaker 10 (12:20):
Is it is the price of success, so I guess
so gratulations.

Speaker 5 (12:24):
Yeah.

Speaker 13 (12:25):
Three oh three.

Speaker 4 (12:26):
Seven one three eight two five five. We've got lines open.
I want to hear from you. I got to take
this break. Shannon's shaking his fist like an old man
with kids on the lawn.

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Speaker 4 (13:11):
All right, three oh three seven one three eight two
five five. We do have lines open. You've been ripped
off for taking advantage of I want to hear from
you any comment you have. By the way, I was
somewhat listening to one of the confirmations here. I kind
of forgot how confrontational they are. It's kind of crazy. Man,
I'm in very very political like everything in the world.

(13:33):
But it goes from he's the best guy, he's the
worst guy, he's the best cab he's the worst guy.
And I and I guess that's what we're gonna be
up against for the next X amount of months. Every
time we have a new cabinet come in. I guess
that's how it happens. I think the worst I remember
was Kavanaugh, I guess would be pretty bad. That was

(13:54):
six seven years ago. But all these confirmations are just heated.

Speaker 6 (13:58):
Well, this one was already up to this morning. Did
you see the protesters.

Speaker 5 (14:02):
I did not.

Speaker 12 (14:02):
There was some guy, some weirdo in a pink suit
and some lady that accompanied him.

Speaker 6 (14:07):
They stood up and started.

Speaker 5 (14:08):
Screaming in a pink suit, Yeah, in a pink suit.

Speaker 12 (14:11):
And I couldn't tell what they were screaming, right, Yeah,
but you could tell. And everybody just kind of stopped talking,
and three or four cops came over and got those
people out of the audience, and they went.

Speaker 5 (14:23):
On, you know, I'm going up for the uh uh, well,
I'm going up this weekend, wow to Washington.

Speaker 6 (14:31):
Geez.

Speaker 5 (14:32):
Yeah, you know, I think isn't Ryan going to Kelly. Yes,
did he get tickets? Is he going in?

Speaker 11 (14:39):
Oh?

Speaker 5 (14:39):
Well, he's got a press pass.

Speaker 11 (14:40):
He's actually going as a member of KAA.

Speaker 5 (14:44):
Yeah, I'm going with some friends. But we've got tickets,
but I.

Speaker 4 (14:50):
Don't have a press pass for it. That would be
weird anyhow, because my friends would be over in a
whole different section. But it's kind of crazy, Dave Dan
McKenzie three or three seven three two five five, We
do have lines open three oh three, Martino, What other
nuggets can you put out there for younger couples? I mean,
if you don't have at what point do you cross

(15:11):
over from a simple will?

Speaker 5 (15:13):
Because you have kids and maybe you live.

Speaker 4 (15:15):
In an apartment. I would assume that would be a
simple will. I mean, is that part correct or that
could still go either way?

Speaker 8 (15:22):
It could still go either.

Speaker 10 (15:23):
I mean the issue that you have when you have
little kids is not just their day to day care,
but also the care of the money, like who is
taking care of the money and what are the instructions
to when to distribute to those kids?

Speaker 5 (15:33):
Wudna be in the will though? Is that in a will?

Speaker 10 (15:35):
I mean, so the will if you have kids, you
can't leave money directly to miners, right, So you've got
to put something in there about a trust. So if
you have little kids, you're already into trust territory. Doesn't
mean you have to set up a trust right now,
but your will should at least have trust provisions saying
here's the adult who's going to hold this money for
this kids. So probably the thing we see that most
often that is problematic is people have a life insurance policy,

(15:57):
for example, Oh, and they say it's the beneficial in
it is my brother and they have little kids. My
brother knows that this money is for my kid and
he's going to take care of it. It's like, okay,
is the irs in on this conversation? I mean or
other you know, is if your brother gets divorced, is
his wife in in that conversation? Because all that money

(16:17):
is in his bank account, right, So like to the world,
that money is his money, and if he runs in
any tax problems, credit or problems like that, no one's
no one's going to be like, oh is that for
your nephew.

Speaker 8 (16:28):
Okay, well then we won't go after it.

Speaker 4 (16:30):
So so what would be the safest way to set
that up so that doesn't happen?

Speaker 5 (16:34):
In your kid's turn got to have a teen.

Speaker 10 (16:36):
It's got to be clear that the brother is holding
that money in trust for the kid, and it's like
he's in control of it.

Speaker 8 (16:41):
It's not legally his money.

Speaker 4 (16:43):
So if the trust isn't there and just the will
saying this guy gets the kids, the money's going to
go to them anyhow. But the trust isn't set up
to define what the money's for.

Speaker 10 (16:55):
I mean, there's no instructions to the brother about what
what's appropriate to use. And hopefully you know you have
enough money that it actually gets them past eighteen when
they have a guardian. And now the brothers having to decide,
like the kids coming to them directly and saying I
need a car, I need tuition, I need whatever. What
are the instructions to him if you've just given him
the life insurance policy and now the kids are like, well, really,
that's our money, and the brothers kind of like, no,

(17:16):
I don't really like the way you're you know.

Speaker 8 (17:19):
Playing video games all the time, so I'm not gonna
give it to you.

Speaker 5 (17:22):
Now.

Speaker 4 (17:22):
Do people hire companies? I know they do, but you
suggest it where they hire companies to actually take care
of the money or now we're starting to talk about
a lot of money. So in other words, the kids
go to the brother in law, but the brother in
law doesn't have access to the money. It's really not
in his account, if you will, it's sitting with a
financial advisor, for lack of a better term, somewhere.

Speaker 10 (17:44):
Well the courts, yeah, I mean the courts. The courts.
That happens if you don't have a trust, you leave
money directly to a kid who's five, for example, the
court is going to have to appoint a conservator to
manage that money.

Speaker 8 (17:55):
For the kid.

Speaker 5 (17:56):
But that can cost a fortune, right.

Speaker 10 (17:58):
It's that big pain to get a conservatorship in place,
and it gets monitored every year.

Speaker 8 (18:04):
You know, you got to file reports.

Speaker 10 (18:05):
You might have the money restricted, meaning you can't actually
spend it until you get court approval to do so.
So that's a pain in the butt. Se you want
to avoid all this. You want to avoid all this if.

Speaker 4 (18:14):
You set something up in the trust. We did when
our kids were under eighteen. So in other words, if
they wanted to spend money on college, they could have
access to it. If they wanted to spend money on
a trade school, they could have access to it. There
was different things. And I assume this is pretty basic stuff.
But when they hit a certain milestone, say twenty five
or twenty eight, then they would have access to more.

(18:37):
Then when they hit thirty one or whatever we had.
This is going back a ways, then they would have
access to whatever they want. So if they had an
argument about that, Let's say we both passed and they
were twenty five and they were getting half, but they
really need the full amount.

Speaker 5 (18:52):
I have no idea what the justification is.

Speaker 4 (18:55):
Is there a route they can ask a judge to
give them the full amount?

Speaker 8 (19:01):
You can always ask a judge.

Speaker 6 (19:02):
So does it.

Speaker 5 (19:03):
Happen a lot? A lot?

Speaker 4 (19:05):
And the importantly not asking, but does it happen a
lot they get it?

Speaker 9 (19:10):
Oh?

Speaker 8 (19:10):
Boy? It depends on a million factors.

Speaker 10 (19:12):
So, I mean, sometimes the trustee is right that it's
not appropriate to distribute, and sometimes the kid is right.
I mean we've seen it go or the kid is
asking for money and really live at hand in mouth
and the trustee is just real hard about it and
they're inappropriate.

Speaker 8 (19:24):
You out, they're way too hard about it. So yeah,
trustees sometimes lose that fight.

Speaker 5 (19:29):
Yeah, and then it's totally up to a judge.

Speaker 8 (19:32):
Yeah.

Speaker 4 (19:33):
God, that's kind of scary because you would think whatever
you put into the trust. Now, how about irrevocable. If
it's an irrevocable trust and both parties, well, first of all,
the difference is pretty straightforward.

Speaker 5 (19:46):
One you can change, the other you can't change.

Speaker 10 (19:49):
Yeah, if we're talking about a kid, a trust that
was set up for a kid, that isn't irvocal trust.
Like your trust that you set up for yourself during
your lifetime is he revocable trust. But for the most part,
any trust that has created after someone has passed away
is known your vocal trust. Because if you're in let's
change it, they would you know, we wouldn't do this.

Speaker 4 (20:05):
Yeah, But if I create an irrevocable trust right now,
like let's say I had a caretaker that was taking
care of me, tell me if this is a reason
people set it up and that person isn't getting paid.
They live with me, But when I pass, I'm going
to give them a lump sum of money.

Speaker 5 (20:19):
That's kind of the deal we have.

Speaker 4 (20:20):
That would be a reason to set up in irrevocable
trust because at the last minute, I can't change my
mind and not pay them for all the years of care.

Speaker 10 (20:29):
Uh yeah, that uh, that caretaker might want to make
sure that that I mean that you know there'd be
a couple whether you could have a contract or a
note or something like that.

Speaker 4 (20:37):
Well, give me an idea of why someone would do
I got to take the break, but I'd like an
idea of why someone would do an erevocable trust old tight.

Speaker 11 (20:49):
Go with a sure thing Denver's Best Roofer Excel Roofing
dot com. You don't pay a cent until you're content.
Time for an insurance check up free, no obligation. In comparison,
call Compass Insurance paying too much your coverage at dozens
of insurance companies find out now three oh three, seven
to seven to one help. You'll think you're his only

(21:11):
customer when you choose Frank durand the real estate Man
dot com to list your home with Remax Alliance three
oh three nine two zero sixteen twenty two.

Speaker 4 (21:21):
Three o three seven one three eight two five five
three oh three Martino, don I promise I'll get to
that question you have in a second, But we were
talking during the break. If you go to YouTube dot
com and type in Troubleshooter Network, you'll see the live
show and we're talking during the break. So Dan mackenzie,
I want to go back, first of all, define irrevocable
for us real quick? What not necessarily the difference? But

(21:45):
is it truly irrevocable or does it all come down
to the language in the contract or the agreement to trust.

Speaker 8 (21:51):
I mean, it's irrevocable because the trust says it's irrevocable.

Speaker 5 (21:54):
So you can't change it.

Speaker 10 (21:55):
You can, I mean there's stuff you can do to
kind of indirectly influence it, Like you can deserve the
right to fire the trustee potentially and replace them with
somebody else. There's something called a trust protector that you
can put in place. They can change, make the authorized
to make changes, but you cannot directly revoke her, amend it.

Speaker 4 (22:11):
You can't, okay, And that's why it's there. So even
if every party that has to do with it, you
simply still can't change it.

Speaker 6 (22:17):
You're not supposed to do.

Speaker 4 (22:19):
And I would guess one of the things that you
used for Let's say someone's parents have a million bucks.
I'm just throwing a number out there, so this million
dollars is an asset they have. They're getting ready to
go into long term memory care or whatever it happens
to be. When you go to Medicaid, you know they're
going to be looking at assets. So if you took
that money and put it in an irrevocable trust, that

(22:41):
asset is no longer theirs.

Speaker 5 (22:43):
They could qualify for Medicaid.

Speaker 8 (22:45):
Yeah, there's a lot of rules around that. So but
got that like a look back period?

Speaker 10 (22:49):
I mean, what what the five year look back periods?
If you do it, then you know today and apply
for Medicaid tomorrow, They're not going to say, oh, it's
an ear of But this.

Speaker 5 (22:57):
Is what literally, this is why we call you.

Speaker 4 (22:59):
This is why people call you, is to talk about
these kind of things and how to deal with them, right.
I mean, you know a lot of people feel like, oh,
well if they got money to pay for it.

Speaker 5 (23:09):
Well, the other.

Speaker 4 (23:10):
Side to that is, hey, I paid into the healthcare
system my entire life. I believe at some point that
long term care might be should be picked up by
the government. But I mean, regardless of even politics in that,
it's just really how people look at it. I mean,
I don't think there's anything wrong with being very smart
and going to somebody like you and thinking about these

(23:32):
things five years in advance so they don't become an issue.

Speaker 8 (23:35):
Yeah.

Speaker 10 (23:36):
I mean, it's the real commitment. I mean, you know,
everyone who'd do it if it was easy. So, like
I just said, there's a ton of rules around it,
and a lot of people come in and ask us
about it, and then we explain to that well, here's
the commitment you're making, the way you got to do it,
and they're like, oh.

Speaker 5 (23:48):
Well, okay.

Speaker 4 (23:49):
One of the negative sides is to that, is they're
giving up. Let's say, in the situation I was just
talking about, they get into a big fight with their
parents or they the you know, the kid wants to
sell the house, the parents want to stay there. All
of a sudden, the parents don't have any options.

Speaker 5 (24:07):
I mean, they.

Speaker 4 (24:09):
Don't have any control over those funds anymore, literally no control. Right,
So you give that up. I mean that's a big deal.

Speaker 8 (24:16):
Yep.

Speaker 4 (24:17):
Okay three three seven, one, three eight, two five five
Any questions for Dan McKenzie. By the way, today's the
data call. It's not often you get free advice from
a great attorney when it comes to your estate. I mean,
it's simply just the way it is. Hey, don thanks
for holding man. What's your issue with insurance.

Speaker 14 (24:36):
Yeah, I have a There are really a few different ones,
but the same insurance insurance issuear. The first one is
I'm a a snowbird, so I leave my car in
my garage, you know, for a good portion of the year,
like four months.

Speaker 5 (24:53):
Yeah, and uh.

Speaker 14 (24:55):
My insurance company USAA is saying that I need to
keep it insured but away, which is half the price.
Because if I if I discontinue my insurance, it will
show me, will show a lapse of insurance, and then
it will be more expensive when I try to reinsure.

Speaker 4 (25:13):
Not only would it show a lapse in insurance and
be more but the other side of that is if
your house burns down, your car is not going to
have any coverage to it. I mean, I don't know
what kind of vehicle it is, but yes, most carriers
have something that will cover it when you're not driving it.
And I assume that's very cheap coverage. How much is

(25:35):
that away coverage? What did they quote you on that?
I can't imagine it costs that much.

Speaker 14 (25:40):
It's fifty percent of what the normal coverage is.

Speaker 5 (25:43):
Well, how much is the normal coverage?

Speaker 14 (25:46):
The normal coverage is about twelve hundred about.

Speaker 7 (25:52):
What is it?

Speaker 14 (25:52):
Twelve hundred dollars two thousand dollars every six months?

Speaker 4 (25:56):
Well, that seems high as hell. Hey, Kelly, get Brian
Burns on real quick. What kind of vehicle is it?

Speaker 14 (26:02):
It's Alexis twenty ten x seventy.

Speaker 5 (26:08):
God, that just.

Speaker 12 (26:09):
Seems go ahead to meause you probably know that's a
rebadged Lands Cruiser. So don it sounds like you have
full coverage on it, right, not just the liability. You
really want to ensure it against compet collision. It's not
a very expensive automobile anymore.

Speaker 4 (26:22):
Yeah, but he shouldn't even My point to that though, Dimitri.
Then I'll let you answer, don is when you have
the insurance. We're talking about away insurance, I meaning the
vehicle's not going to be driven, and if it is driven,
I don't think you have liability coverage at that point.
But we're going to ask our insurance expert. I would
think that insurance. I mean, he's talking two thousand dollars

(26:45):
a year to ensure a vehicle probably worth five That
just seems crazy.

Speaker 6 (26:50):
Yeah, I think he's got full coverage on it.

Speaker 5 (26:52):
Yeah, but he does have full coverage on it.

Speaker 14 (26:55):
He does you do, right, Don, Yeah, so maybe maybe
knock it down to comprehensive and.

Speaker 4 (27:01):
Yeah, but no, no, no, you're your I mean, hold
on me. I got Brian Burns up. Hey, Brian, I've
got a question for you. Don called up. He's got
like a twenty ten Lexus whatever. I don't even know
the value of it, nor do I care. Right now,
he pays four thousand dollars a year for coverage on it.

Speaker 5 (27:18):
It's basically full coverage. We'll call it to that for now.

Speaker 4 (27:21):
So he's got comp collision, he's got everything on it,
four grand. He's a snowbird when he is not here,
and he's wherever in the warm sun where we all
wish we were right now. They want to charge him
for what I think he referred to as a way insurance.
And I've heard of it and I know about it,
but they still want two thousand a year for that.
So the questions are, doesn't that seem kind of high

(27:43):
fifty percent? And if you do drive the vehicle, if
you end up driving it in that period of time
when you have that coverage, I assume the liability coverage
isn't there the comp collision tell us about this kind
of insurance for snowbirds.

Speaker 15 (27:58):
Yeah, it should.

Speaker 16 (27:59):
I mean, it's be far less than that. I agree
with you, But what it should be as comprehensive only.
So it's just storage insurance basically. Yes, for a fire,
basically exactly, or if someone stole it, that would be
a comprehensive.

Speaker 5 (28:12):
Yeah.

Speaker 16 (28:12):
Of course, it's not covered for any kind of collision,
and it's not covered for liability or uninsured motorists. But
it should be a drastically reduced price. Fifty percent doesn't
seem like enough.

Speaker 4 (28:21):
Well, that seems ridiculous because if it wasn't a twenty
ten Lexus and it was a twenty twenty four Tesla,
I mean you could be you could be paying seven
thousand dollars a year or something crazy. I mean, hey Don,
what is the value of that vehicle? Well, Soline, let
me lock you in. Brian, my bad, Hey Don, what

(28:42):
is the value of that vehicle?

Speaker 14 (28:45):
Thirty thousand?

Speaker 4 (28:48):
Okay, so it's worth quite a bit more than I thought.
But let's let's take him at his word to what
it's worth. Now, does that number seem better?

Speaker 5 (28:54):
Brian?

Speaker 4 (28:54):
Two thousand a year? And what do you call that insurance?
I'm sure each carrier has a little different name. But
what what is the main name of it?

Speaker 5 (29:02):
Away?

Speaker 16 (29:03):
Yeah, I mean usually when you when someone calls your
suspending coverage, it's what you say, you're suspending coverage on
the car.

Speaker 5 (29:10):
To component you're not going to be driving it. Now.
If you do drive it, you have zero liability, right.

Speaker 16 (29:15):
That's right, Yep, You've got to make sure that you
have the coverage back and forth before the car's ever driven.
But yeah, it should be. But to answer your question, no,
that doesn't change my mind. A thirty thousand dollars car
with comprehensive only should not be two thous not even close.

Speaker 5 (29:31):
Hey, Don, who do you have for insurance right now?

Speaker 14 (29:34):
It's USAA, which char I've always thought was the best.

Speaker 4 (29:37):
You know what I'd like you to do, Don, I
want you to be a guinea pig of mine right now,
would you seriously? I want you to call up Brian
and we'll I'll have Kelly exchange information and have him
run the numbers on that, and then you call back
up sometime in the next three hours and let us know.
And Brian, I'd love for you to let us know too,

(29:58):
because that just seems insane for me. And how often
do people do that?

Speaker 13 (30:02):
Don?

Speaker 5 (30:02):
Hold on?

Speaker 4 (30:03):
Well, Don, you said you had two questions. What was
the other one?

Speaker 14 (30:07):
While the other one it's the same vehicle and I
had the hail. I had hail on May thirtieth, and
they've totaled my car and we've cold. They've come back
with a with a value on it, and we're worth
three thousand dollars apart.

Speaker 4 (30:24):
All right, hold on, hold on, I'm going to put
you on Old. I got to take this break. I
get the second question, we're going to go to that.
Then after that, Brian, we're going to do this update
with an hoa issue with Dimitri and then a Debue's
got a question for our guest, Dan McKenzie. One line open,
three oh three seven one three talk.

Speaker 11 (30:47):
Go with a sure thing Denver's Best roofer Excel Roofing
dot com. You don't pay a cent until you're content.
Time for an insurance check up free, no obligation. Compare
and call Compass insurance paying too much your coverage at
dozens of insurance companies find out now three all three
seven to seven to one help. You'll think you're his

(31:08):
only customer when you choose Frank durand the real estate
man dot Com to list your home with Remax Alliance
three all three nine two zero sixteen twenty two.

Speaker 5 (31:19):
All right three three seven one three eight two five five.

Speaker 4 (31:22):
You know, I used to think pickleball was for old
people only, but I'm starting to realize everybody of every
age is playing this sport. We took our first lesson yesterday,
Suzanna and I and I was asking Dan mackenzie if
he played, and sure enough he does.

Speaker 5 (31:35):
It's crazy. Everybody plays pickleball.

Speaker 4 (31:37):
It's like the new tennis racquetball, which I love and
used to play all the time with Deputy Dan back
in the day.

Speaker 5 (31:44):
Just no one's playing it anymore. It's it's kind of crazy. Now.

Speaker 4 (31:47):
I want to go back to don so don you
have two issues. One we already talked about. You're gonna
call Brian Burns up and see how much they quote
you on that insurance. Say USAA is quoting you two
thousand a year four the insurance coverage that is basically
when you're away because you're a snowbird.

Speaker 5 (32:04):
The other thing is the value. We have a company
on our referral list. What is it? It's not Gaddy.

Speaker 6 (32:11):
What is it.

Speaker 4 (32:11):
It's I got I want to think of Gaddy Electric
for some reason. But who's the guy that values the
Carsu's in Petty. Yeah, I'm thinking of Gaddy Petty details.
So these guys, here's what I would do. Don First
of all, he's going to tell you if the vehicle,

(32:32):
what it's worth. Okay, He's going to tell you what
a fair offer is, because it's possible your idea of
a fair offer is different. But let's say he's correct,
and or you're correct, and you're that three thousand dollars
off and the insurance company wants to give you twenty seven.
You know it's worth thirty.

Speaker 5 (32:48):
What do you do? And I assume you've already fought
with them a little right.

Speaker 14 (32:54):
Yes, And in the in the contract, everybody has to
agree that you will use you'll get a separate appraiser
at your own costs, and then you'll go to an umpire.
Yeah that is sure.

Speaker 4 (33:07):
Have you gone to that yet? Have you gone down
the appraisal clause yet?

Speaker 13 (33:12):
Well?

Speaker 14 (33:12):
I haven't invoked it because I can't get any information
associated with what the process is.

Speaker 17 (33:19):
And then if we if we do do that, what
the cost?

Speaker 4 (33:22):
Okay, listen, we deal with this. Listen, Don, we deal
with this in the winter all the time. Let's try
to get petty details on and go over the appraisal
clause next hour. Kelly, a lot of people feel like
their insurance companies are screwing them. When they're vehicle's total
or the other insurance company, that's different. But when you're
dealing with your own insurance company, which you are, right Don,

(33:45):
we're talking about your insurance company. Yes, okay, hold on,
I got I got you. I just want to make
sure we're on the same page. So we're gonna get
petty details on and we're going to talk about that
next hour. The other thing I want to do is
finish up with Brian Burr and say, Brian, I'm gonna
have Don call you. Do me a favor, run the
numbers on that and let me know what that runs.

(34:07):
And Don you could reach Brian. I'm gonna put you
both on hold. Brian is with Compass Insurance three oh
three nine nine six nine thousand.

Speaker 13 (34:15):
Don.

Speaker 4 (34:16):
I want you to call him up when we're done
three oh three nine nine six nine thousand.

Speaker 5 (34:20):
We're gonna get petty details on. Educate people when it comes.

Speaker 4 (34:24):
To getting the proper amount from your own insurance company.
Brian's got an HOA issue, and Debbie, I promise I'll
get you up to talk to Dan McKenzie after the break.

Speaker 11 (34:36):
Go with a sure thing Denver's Best roofer Excel Roofing
dot com. You don't pay a cent until you're content.
Time for an insurance check up free, no obligation. In comparison,
call Compass Insurance paying too much your coverage at dozens
of insurance companies find out now three oh three seven
to seven to one help. You'll think you're his only

(34:58):
customer when you choose Frank durand estate man dot com
to list your home with Remax Alliance three all three
nine two zero sixteen twenty two. Ripped up bad news,
you don't help, come running just as as.

Speaker 18 (35:21):
As we can.

Speaker 1 (35:22):
Shooter's gonna help, come man.

Speaker 5 (35:26):
This is the Troubleshooter Show.

Speaker 4 (35:29):
No Tom Martino, Welcome, Welcome, my friends to the only
show of U kind. We're here to solve problems, answer questions,
take complaints.

Speaker 5 (35:36):
If you have been.

Speaker 4 (35:37):
Ripped off, you need help recouping money, maybe a bad
contractor maybe you're dealing with no heat in an apartment
for over four or five days and the landlord won't
do anything. We've helped out and so many of those.
It's crazy. But this, my friends, is a show for you.
Please don't forget three zero three Martino. That number works
on and off the air. I want to tell you

(35:59):
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(36:48):
we've got a couple different.

Speaker 5 (36:49):
Things going here. I want to get Justin Petty on
real quick, Justin.

Speaker 4 (36:55):
We just had a call and I want to just
basically sum it up, so people on stand something. When
an insurance company does not give you what you think
your vehicle is worth, and we're talking about your own
insurance company, you have a claim, maybe the vehicle gets stolen,
maybe somebody with no insurance hits you. Whatever you're dealing

(37:15):
with your own insurance company. They want to offer you,
in this case, twenty seven thousand dollars, and you know
you think the vehicle's worth thirty What typically happens in
the appraisal property in the appraisal colaut So if he
decides to go ahead and pull that trigger, what are

(37:35):
the different steps that happen.

Speaker 9 (37:39):
So, yeah, you send an official notice to the insurance
company invoking first, and give them a chance to name
an appraiser, so both parties have to pick an appraiser.
You invoke that process once they name the appraiser. Typically
that appraiser and myself, if I'm hired, will discus to

(38:00):
claim within a couple of days and see if we
can agree on a value. And if we do, we
sign an award document and send it to the carrier
and they're bound by that number.

Speaker 4 (38:11):
And that's what they have to do because when you
have that contractual agreement or the policy, you know, that's
an agreement you have with the insurance company and in
that language basically says if we disagree on the dollar amount,
then we go into the appraisal clause. You hire somebody,
I hire somebody, and then they go together. Now, you guys,
what was that caller's name? By the way, does anybody remember?

(38:34):
I forget the guy's name, don So, don I know
you're still listening. I would personally call Justin up because
instead of you going through that Justin you guys do
that for one flat fee.

Speaker 9 (38:46):
Correct, Yeah, I mean we look at any case that
comes through, make sure it's a low offer, and if
it is, we charge one fee. And we just handled
that part of it for you.

Speaker 4 (38:57):
And that first part, and I was telling Don then
is free the most important part for anybody out there
that's dealing with this.

Speaker 5 (39:04):
The first part as simple as this. You ready for this?

Speaker 4 (39:08):
You call up Justin Petty and basically say, hey, I
have a twoenty fifteen blah blah blah, this many miles
they're offering me this. He's going to ask for the VN.
He's going to figure out all the add ons it has.
He's going to listen to you if you just put
tires on that day or something along those, something outside
the ordinary, And basically he's going to tell you if

(39:30):
you're correct, it's under and if it's not under, justin
you're going to be the first to tell them. There's
not going to be much I can do to help
because we're not going to win this.

Speaker 7 (39:38):
Thing for sure.

Speaker 9 (39:40):
Yeah, we don't want we don't want cases that were
not valuable on So we tell you the truth either way.

Speaker 4 (39:46):
So anybody would be crazy not to call at least
for the free advice. And how much do you charge
for this? How much is that flat fee? Five hundred bucks?

Speaker 6 (39:54):
Right?

Speaker 9 (39:55):
Well at five fifty five?

Speaker 4 (39:58):
Got it it, man, I absolutely love it.

Speaker 5 (40:01):
And that's it.

Speaker 4 (40:02):
But if you're dealing with somebody else's insurance company, how
would you help in that situation? Because you can invoke
the appraisal clause? So how would you if you could help?
What would you do?

Speaker 9 (40:15):
We help a lot of people with with third party
claims that you're talking about, and mainly it's free help
I give you. I have a free ebook that we
send that explains all the problems with insurance company automated
valuation systems like their CCCS and auto claim. You know,
there's all the ways that they come up with value.

(40:35):
So it's tips and tricks is how we help. And
of course we can write an appraisal, but it's typically
not worth it to buy an appraisal on a third
party claim. It's better to just know how to argue it.

Speaker 5 (40:47):
Yeah, you know what drives me crazy, And I'm in
the same boat. I've done this. You have a vehicle,
you kept it.

Speaker 4 (40:53):
Extremely clean, you drove it like you know, someone driving
it to church on Sundays, only.

Speaker 5 (40:59):
The whole thing.

Speaker 4 (41:00):
It's just in great shape compared to most of them.
And people think, and like I said, I've done this
as well, people think that vehicle has more value than
the average one, and typically it really doesn't. I mean,
it's great that you kept it into good shape, but
I mean, I mean, wouldn't you agree with that In general,
they're all worth the same. A twenty twenty Santa Fe

(41:23):
with twenty thousand miles and no previous damage is basically
worth what every other Santa Fe is worth at that point,
I agree.

Speaker 9 (41:33):
I mean the condition of a vehicle is relevant, but
it needs to be something that really stands out to
change the value of the vehicle. It like it's got
damage on it that's you know, bents on it, or
a cracked windshield or something to that effect. That is
really a big difference. Typically they're all They're all going

(41:54):
to be considered in average condition and there's not going
to be a huge change in value cause you can't
it super clean.

Speaker 15 (42:01):
Yeah.

Speaker 4 (42:01):
The other one other thing I want to give out
there is a nuggative information that Justin has taught and
the calls have taught me over the years, diminished value.
I just want to talk about real quick. There is
so many people that are in an accident. Somebody runs
a red light, hits some of the vehicles not totaled,
but there's there's damage to it. I don't care if
it's fifteen hundred in damage or if it's one hundred

(42:24):
thousand dollars car fifty thousand, seventy thousand in damage. There's damage.
Not talking about a tail light, but with the exception
of that, in fact, arguably it could be a tail
light if it goes through insurance, that might be affected.
But they don't realize after getting their car fixed, they
left a lot of money on the table. That car
that had no accidents before, or maybe it had one

(42:45):
accident before, now has been diminished in value.

Speaker 5 (42:49):
When you go to sell that vehicle or.

Speaker 4 (42:51):
Traded in, they're going to see the car fax or
whatever report they run on it, and that vehicle is
now worth less than a vehicle light. It's never been
in an accident, even if it's fixed perfectly. That's just
the nature of how things work right now. And so
many people, in fact, justin how many people leave that
diminished value claim and never do anything because the other

(43:15):
insurance company doesn't go, oh, hey, by the way, not
only are we going to fix your vehicle for ten thousand,
but we owe you another twenty five hundred for diminished value.
Does any insurance company ever do that.

Speaker 9 (43:27):
I haven't seen one volunteer at No. Lots of people
leave it on the table. They don't know that they
can go after it.

Speaker 5 (43:33):
I have no idea.

Speaker 4 (43:34):
Wouldn't you say, over fifty percent or even higher leave
the diminished value on the table?

Speaker 9 (43:40):
Yeah, I would say it's even higher than that. It's
still it's still something that people are just not aware
of no, and.

Speaker 4 (43:47):
The insurance companies don't. The insurance companies don't talk about it.
In fact, they go out of their way not to
educate people on it. Arguably, I mean it's understandably I
should say why. I mean, you know they've got they're
stockholders to deal with. Justin Petty Diminished valueexpert dot com

(44:07):
Diminished Valueexpert dot com Free Advice. He'll tell you what
that vehicles worth and then if you need to invoke
that appraisal clause, he'll do it all for five hundred
and fifty bucks. Don I hope you call Justin up
and get back with us. Debbie, what's your question for
Dan McKenzie? Then, Brian, you're going to be up after that.
We have two lines open in a second three zero

(44:29):
three seven one three A two five five. I want
to hear about the bad contractor. I want to hear
any questions. Three zero three Martino, Debbie, what is your question?

Speaker 17 (44:39):
Hi?

Speaker 19 (44:40):
Thanks for protecting my call. Yeah, I have a question
regarding the will. I have a very old will and
it needs to be updated, I'm sure, but my daughter's
been a joint tenant on my home for many, many years.

Speaker 5 (44:53):
Interesting, so when I pass.

Speaker 19 (44:57):
My home automatic is David's her, so there's no will
needed for my home, correct.

Speaker 8 (45:04):
Right, Your will would not control property that is held jointly.

Speaker 19 (45:08):
I'm okay, right. And then my kids are my beneficiaries
on my CDs, my IRA said, and that enough to
make sure they get those funds and no will needed
for that.

Speaker 8 (45:20):
Correct, Those are also in front of the will.

Speaker 14 (45:23):
Yep, good, okay, So okay, hey.

Speaker 4 (45:26):
Really, I'm sorry, I'm sorry to interrupt, but both of you.
A lot of people are sitting there going joint tenancy.
What does that mean? So give us an idea of
what she's referring.

Speaker 8 (45:34):
You can own.

Speaker 10 (45:35):
You can go own something with somebody, right, your house
or your cars or whatever, and there's different ways to
do that. Most of the time it is joint. Joint
means that every owner owns one hundred percent of the asset.
There's no separate shares, there's no you know, fifty to
fifty it as you all own the whole thing. So
one of you passes away, the survivors just keep going.

Speaker 4 (45:53):
But if I want to buy a house with Dimitri
as an investment, I don't think i'd buy it that way.

Speaker 10 (45:57):
Right, So the other option is tenants and con meaning
you actually do have separate shares.

Speaker 4 (46:01):
And tenants in common, like he could own say thirty
three percent, I could earn sixty seven or however we
want to break it up.

Speaker 10 (46:08):
And you could be back at the problem we discussed
earlier that you could end up co owning that house
at Dimitri's errors if you have not thought through that, Yeah,
because his share is going to go to his air,
is not you, Debbi?

Speaker 5 (46:18):
What other question do you have for Dan?

Speaker 19 (46:20):
Well, I just wanted to confirm those are my main assets,
my little bit of money I have in my home.
So why have a will? I have personal items that
would just my kids would come in and take if
stave and want them. So what would I need a
will for?

Speaker 10 (46:37):
Well, the personal items, you could still direct where those
go and probably should in the will.

Speaker 8 (46:44):
Yeah, okay, yeah, I mean there.

Speaker 10 (46:46):
Might be a few items you have and it's it's
good to say, here's who would be in charge of
any issue that comes up. Uh, you know for people
who have adult kids that they want to leave everything too,
I mean, I don't know, you know, if you're it
sounds like a most little kids and only one of
them is on the house, and so she is going to.

Speaker 8 (47:03):
Get that house.

Speaker 19 (47:04):
Yeah, I've got too right, Okay, I'm already but yeah,
so I'm a pretty simple person.

Speaker 5 (47:10):
Well, hold on, Debbie, I have a question on that.

Speaker 4 (47:12):
So if if the one person that you own the
house with, are they going to sell it and share
it with the other sibling or they're going to get
it all together?

Speaker 5 (47:20):
I mean, what's the plan.

Speaker 19 (47:22):
The plan is she would move here because she loved
my house. She stays here. My other my son lived
out of the country. He's in Australia, so.

Speaker 5 (47:30):
He wouldn't have anything to do with the house.

Speaker 19 (47:33):
No, no, And I would make her sell it to
give him half. She's the one that is here hanging
out with me. She'll be the one taking care of
me when the time comes. That's so, yeah, Dan.

Speaker 5 (47:45):
Do you see any issues with what she's saying? Could that?

Speaker 4 (47:49):
And I'm not saying your son would do this, That's
not my point in this. It's more or less if
if the son did want to go after that asset,
there's nothing they could do because the house is in
the name Imperial Heart.

Speaker 5 (48:00):
I never say never.

Speaker 10 (48:01):
You know, anybody can sue anybody, but it'd be hard Okay,
you know the other thing.

Speaker 4 (48:06):
So she's in a unique position where she doesn't think
she needs will would you agree based upon what you've heard?

Speaker 8 (48:13):
I mean, so here's the issue.

Speaker 10 (48:16):
Your bigger risk at any point in your life is
that you're going to have an incapacity event, not that
you're going to die. And I don't know if you
have powers of attorney in place to handle that stuff.
But that is also important because those dosnated beneficiaries and
joint ownership are not helpful in that situation. They're only
helpful if you pass away. So most estate plans cover
both of those. And then you know, some people want

(48:37):
to make sure that their kids are receiving stuff in
some sort of protected way. DOSNEATID beneficiaries don't do that,
so they can be great. We have clients who do
choose to do it the way you do it. You've
done it and set up dosney beneficiaries for everything, so
that does happen. But there are limitations and you just
have to keep remembering to keep updating them going forward
if you change banks or move or whatever else. Because

(48:59):
it's attached to the asset, it is not like a
comprehensive plan gotta is piece by piece?

Speaker 4 (49:04):
Could they could what would for example, Medicaid. Let's say
she does end up in long term and no one's
got money to pay for it, and she ends up
on Medicaid in some long term facility, but she's still alive.
Can they go after her share of that asset?

Speaker 5 (49:21):
That house. I'm just talking about the house.

Speaker 10 (49:23):
Yeah, so that is complicated. It sounds like your daughter
does not live there now, No, but.

Speaker 19 (49:31):
She would, she would definitely move in.

Speaker 17 (49:33):
Yeah.

Speaker 19 (49:34):
I mean I'm just a mile from her really nice,
great school district.

Speaker 4 (49:37):
Yeah, but I'm more worried if Medicaid has has some
kind of land grab and they're.

Speaker 10 (49:42):
Gonna Yeah, if there is a Medicaid situation like the
fact that a person is owning it but not living there,
they might still require you to you know, sell that
house or put a lean on it or something.

Speaker 8 (49:53):
Yeah, so that can happen.

Speaker 19 (49:55):
Yeah, yeah, okay, and my money too, as well as
by sea. Then that with their beneficiary, they don't have
access to that Medicaid correct.

Speaker 8 (50:09):
It depends on what kind of access you have to it.

Speaker 10 (50:12):
And again whether you know, again, Medicaid is pretty complicated,
but they have rules and you know, they're going to
make uspend your own money first before they take in.

Speaker 4 (50:19):
Really, what I'm hearing, one WI what I'm hearing, and
you know I'm not the attorney, But what I'm thinking
here is you should have a conversation with an attorney.
And the reason being is if you set up things
in the proper way, and you do them early enough,
like a three or five year look back, none of

(50:40):
these things would be an issue if you did go
into some form of long term care that you couldn't afford.
And honestly, almost no one can afford long term care anymore.
I mean, really, what is that jan What does it run?

Speaker 5 (50:55):
What is like a memory What is like a memory
care run?

Speaker 10 (50:58):
Honestly the cheap ones or you know, probably ten thousand
a month at the moment.

Speaker 5 (51:02):
Yeah, ten thousand a month forever.

Speaker 4 (51:04):
So so, Debbie, I got to take this break because
I'm way over. Feel free to hang. If you have
another question, you can tell Kelly what you want to do.
And then three lines open in a second. Three oh
three seven one three A two five five. We've got
a great update coming up. Well, I don't know if
it's great. We've got an interesting update coming up.

Speaker 11 (51:28):
Go with a sure thing Denver's Best roofer Excel Roofing
dot com. You don't pay a cent until you're contenth
time for an insurance check up free, no obligation comparison
call Compass Insurance paying too much your coverage at dozens
of insurance companies find out now three oh three, seven
to seven to one help. You'll think you're his only

(51:49):
customer when you choose Frank durand the real estate Man
dot com to list your home with Remax Alliance three
oh three nine two zero sixteen twenty two.

Speaker 4 (52:00):
Right three zero three seven one three eight two five
five three zero three Martinez, we got some lines open
you've been ripped off or taken advantage of. We want
to hear from you or any questions you have. We
can get any of our experts on a referral list
dot com.

Speaker 5 (52:15):
Hey, I wanted to give this update again.

Speaker 4 (52:17):
It sure looks like I've been emailed twice now that
Don Eiley, the accountant that stole money from a lot
of small businesses right here in Colorado, died in federal prison.
I've been trying to figure out how we died, but
I can't find anything on it. Zero In fact, I'm
starting to learn when you die in prison, there's really

(52:37):
not a lot out there. I mean, I don't know.
In fact, Dan McKenzie, I don't know if you've ever
dealt with this, but what happens to like, if you
have a life insurance policy and go into prison, does
that matter? I mean, if you get shanked in prison,
does the policy generally still pay out?

Speaker 5 (52:53):
Or is there how about if you get drafted?

Speaker 4 (52:56):
I mean really, I'm not saying you've dealt with this,
but if it's been kept up today, why not?

Speaker 5 (53:02):
Yeah, why wouldn't it pay?

Speaker 18 (53:03):
Yeah?

Speaker 4 (53:03):
If they issue the policy, it pays. Have you ever
dealt with a policy that doesn't want to pay for
one of your clients?

Speaker 8 (53:09):
I have not. I mean, obviously it could happen.

Speaker 5 (53:12):
But two sides. Generally a clause right in the first
year or something.

Speaker 10 (53:15):
Yeah, yeah, sometimes there just generally it needs to be
some time that passes before the kicks in.

Speaker 8 (53:21):
So yeah, it could happen.

Speaker 4 (53:23):
Is that an important part of a lot of people's
estate is a life insurance.

Speaker 8 (53:28):
It should be. It should be.

Speaker 10 (53:29):
I encourage life insurance because it's cash and it's creditor protected.
People don't appreciate that like I've got my estate, I
got my house and my cash and all that kind
of stuff. But when I pass away, part of the
process is paying people that I.

Speaker 8 (53:40):
Owe money to.

Speaker 10 (53:41):
And I could owe a lot of money, right, I
mean I could get in an accident that leads to
my death and that I caused, right, So my state
could be getting sued for like millions of dollars.

Speaker 5 (53:49):
But they can't go after that money.

Speaker 10 (53:51):
Yeah, my estate is generally going to be liable for
that if I lose. But life insurance money is creditor protected,
meaning like my kids will get that money.

Speaker 8 (54:00):
It's not there to actually pay.

Speaker 5 (54:01):
It's also tax proof, right.

Speaker 4 (54:02):
It is income tax free, so there's no it doesn't
matter if you have a ten million dollar policy or
two hundred thousand.

Speaker 5 (54:09):
Yeah, you're not going to pay taxes. Your errors aren't
going to pay taxes, right, wow, So it's.

Speaker 8 (54:14):
Well worth the life insured.

Speaker 10 (54:15):
Even if you feel like I got plenty and don't
need life insurance, you probably do.

Speaker 8 (54:19):
You probably do. You just have life insurance and I
don't sell it.

Speaker 4 (54:22):
I did not know that that did not go into
the estate to where creditors could go after it. I
did not know that part yeah, and that's period. I
mean there's no real exceptions.

Speaker 10 (54:33):
You want to be careful because some people will say
the beneficiary is my estate or they won't put a
beneficiary on it in some cases, and they can go
into the state. Now creditors are there's going to be
an argument. There's going to be an argument about whether
they have access to that money or not.

Speaker 8 (54:47):
I got you careful about that.

Speaker 4 (54:48):
Where if you just listed the beneficiaries, yeah, that would
never be a question.

Speaker 8 (54:52):
Plus created for the beneficiaries if they're kids.

Speaker 4 (54:55):
But the way you said that, even if they did
accidentally or whatever they put it into the estate or
put it into a trust for that matter, or anything,
it sounds like there would be an argument. But most
of the time they still can't get access to it
or no.

Speaker 10 (55:10):
It depends on how the fiduciary handled the executor handled
that sit like did they just mix it in with
everything else, because we usually tell executors like put that
in a separate accounts. That's real clear what the life
insurance money is. I gotcha, you know, so you gotta
be care like sometimes executives gout there and just start
doing stuff and kind of grabbing stuff and throw out
a lot of retirement funds.

Speaker 8 (55:30):
They start grabbing and throat like.

Speaker 10 (55:31):
Retirement funds have tax consequences, so you know, I just
want to run out there and grab those and same
thing with life insurance.

Speaker 4 (55:36):
All right, So listen, we're going to take Brian right
after this. I went long on the last segment. So
Brian and Dimitri have been working to help this lady out.
This lady has been out of her condo.

Speaker 5 (55:47):
For over two years and a half years. Two and
a half years.

Speaker 4 (55:51):
We've been talking about this, and right now the condo's
basically gutted.

Speaker 5 (55:55):
She had a lot of water damage. There's no drywall
in there.

Speaker 4 (55:57):
It's basically cement walls, literally cement, because that's the way
the kindo was built. So Brian went out there and
the whole thing boils down to this. The leak apparently
is coming from the roof. Brian is a leak expert,
no kidding, that's what he does. I believe he's a
owner of the company.

Speaker 6 (56:16):
Yeah, he's the leak detective.

Speaker 4 (56:18):
Even has a shirt that says that that's it's crazy.
So he went out there. The HOA is saying, Hey,
it's not our problem, it's not our leak. So we're
not going to pay for anything. But when the leak
detective went out there, he found something different.

Speaker 5 (56:32):
We're going to talk about it after this.

Speaker 11 (56:38):
Go with a sure thing Denver's Best roofer Excel Roofing
dot com. You don't pay a cent until you're content.
Time for an insurance checkup free, no obligation. In comparison,
call Compass Insurance paying too much your coverage at dozens
of insurance companies find out now three O three seven
to seven to one help. You'll think you're his own

(57:00):
only customer when you choose Frank durand the real estate
Man dot com to list your home with Remax Alliance
three oh three nine two zero sixteen twenty two.

Speaker 4 (57:09):
All right, three O three seven one three eight two
five five three oh three Martino.

Speaker 5 (57:14):
Oh my goodness, we got some lines open.

Speaker 4 (57:16):
You've been ripped off taking advantage of call now three
oh three Martino. Now, Brian, Brian, what was the name
of the company again, the leak Doctor, Leak Detector.

Speaker 7 (57:27):
Uh, Colorado Underground Detection.

Speaker 5 (57:30):
Okay, what's your website?

Speaker 7 (57:34):
Use deetection dot com.

Speaker 5 (57:35):
Got it, Kelly, if you would put that info up too,
so I have it to give it out.

Speaker 4 (57:39):
So were you actually Dmitri? Was he actually hired what
was the caller's name?

Speaker 12 (57:44):
Khaliah was the lady whose unit got flooded out two
and a half years ago, And I went to meet
her and Brian as well as three other leak detectors
and the ho Wa. There's a contingent of about they're
probably about eight of us over there, and that's what
Brian and I met. And that's the day that Brian
went up to the roof and I think I'll just

(58:05):
we should just leave it.

Speaker 6 (58:06):
Up to Brian the time.

Speaker 4 (58:07):
Well, Brian, why I still want to understand why you
were out there? Did she hire you? Did she call
you up? Were you out there from her insurance company?

Speaker 5 (58:14):
What? Why were you out there?

Speaker 11 (58:18):
Now?

Speaker 7 (58:18):
Koala called me out to figure out why water is
still entering her home.

Speaker 5 (58:24):
Awesome.

Speaker 7 (58:24):
And when I showed up, we had it's stripped down
to studs, so all the drywall, all the insulation is gone.
It's been condemned by the Department of Health.

Speaker 6 (58:32):
Oh my god, she.

Speaker 7 (58:34):
Can't rebuild because the water is continuing to come in
every time it rains or snows.

Speaker 4 (58:39):
Well, how's that possible? Was someone living over her? How
about how how come the person on top of her
unit hasn't been condemned?

Speaker 12 (58:47):
Oh, that the unit is getting flooded. But but the
lady who lives there, you know, she's she's alone, and
she's a she's an immigrant, and I'm sure she's kind
of lost in the process.

Speaker 5 (59:00):
You talk to her, Dimitri.

Speaker 6 (59:01):
Oh, no, but Khalia has.

Speaker 5 (59:03):
So but her unit's not condemned. Is this the only
condemned unit we know of?

Speaker 12 (59:08):
Yes, it's condemned because Khaliah called the health department in
an attempt to get some help to force the HOA.

Speaker 5 (59:17):
To fix the lead, and they condemned it.

Speaker 6 (59:19):
And they condemned it.

Speaker 12 (59:20):
They issue, well the word I met the guy from
the city of Denver. He didn't use the word condemned.
He said it was an thirty day order to repair
or and it's been way over that.

Speaker 5 (59:31):
Yeah, of course, so so over.

Speaker 4 (59:33):
I still want to understand this over the unit on
top of her, where someone's living, there's another unit or
do we finally hit the roof.

Speaker 6 (59:41):
Yes, it's just the two story building.

Speaker 4 (59:43):
Two story Okay, So Brian, you went out there, and
where is the water that's coming in to hers?

Speaker 13 (59:49):
Well?

Speaker 5 (59:50):
I mean, it's evident it's coming in from the woman
above her, but beyond that, where's it coming in from?

Speaker 7 (59:57):
Just to give an idea as to how the building
is built. It's all constructions. So they pour these slabs
in place and then raise them up and connect all
four walls, so it's a big square block. And then
they have a concrete roof that's poured, and then they
have multiple layers of roofing material. And what's happening is
the water. In my opinion, the water is coming through

(01:00:19):
the roof, through all the little holes, and it's running
down the concrete walls and causing mold development in the
lower unit, which is my client's unit.

Speaker 4 (01:00:29):
Well, why would it. Are you under the impression it's
skipping that lady over her?

Speaker 2 (01:00:37):
Well?

Speaker 7 (01:00:37):
I did an inspection of the upstairs unit yesterday and
was able to see a lot of mold growth between
the actual roof and her ceiling. So I popped the
ceiling tile up and looked up back there and I
saw tons of mold growth. It's continuous.

Speaker 5 (01:00:54):
And this woman's living there about a week, Yes she is,
and she has a do you humidify in her home?

Speaker 7 (01:01:01):
And yesterday I just checked them bot to humidity exterior
was about twenty to twenty five percent. When I went interior,
we're looking at about twenty three point nine percent, about
forty one percent in the kitchen. So the humidity is
not as much as you would think it would be
to cause either condensation development on that concrete. Because you

(01:01:22):
think you have exterior walls that are concrete and the
outside of that concrete is cold, the inside is warm,
you could be developing condensation on those walls is causing
the issue. But her you know, if her relative humidity
was eighty percent plus, yeah, I could say that's probably
the issue. But after running water on the roof for
about an hour, and this is back on the sixth,

(01:01:44):
I was able to see water actually coming down into
my client's unit.

Speaker 5 (01:01:49):
So this is incredible.

Speaker 7 (01:01:51):
I have to say the roof is the issue, and
I believe that stands in the you know, homeowner's responsibility
to get it fixed. But my client cannot rebuild her
unit until the water stops. I mean, otherwise she rebuilds it.

Speaker 5 (01:02:05):
And they're just flat out. They're just flat out doing nothing. Dmitri.

Speaker 4 (01:02:10):
I mean, I know we've talked about this numerous times,
but did you give like a report, Brian, have you
talked to anybody at the HOA or at least written
something out.

Speaker 7 (01:02:23):
Yes, I've given reporters to each visit that I've made
out there and the evidence that I've seen. So my
client has that information and I believe she has passed
that off to the HOA. What they've done with it,
I have no idea. It just looks like they've been
sitting on it for far too long. And when I
see a client in a situation like this, that's why

(01:02:46):
I thought it was so important to bring it to
your attention, because she really needs help. Kay.

Speaker 4 (01:02:49):
We just I mean, this is one of these ones.
It's over two years. Over two years, I have no
idea what they're possibly.

Speaker 7 (01:03:01):
She's going to teach her salary so she teaches music.

Speaker 5 (01:03:04):
Did she get her did she get all the proceeds
from insurance? Yet?

Speaker 12 (01:03:08):
No, Farmers hasn't paid here, Farmers hasn't even paid her
for the personal property that was destroyed in the flooding.
And Farmers and by the way, Khalia has been seeing
you on a bunch of these communications with her insurance company.
Farmers just simply Kalia asked, Hey, when am I gonna
get reimbursed for the personal property and there's no answer.

Speaker 5 (01:03:31):
And well that's where a public adjuster could help.

Speaker 6 (01:03:34):
Yeah, math for Paragon would be an awesome resource for her.

Speaker 4 (01:03:37):
I wonder if it's even I mean, it's definitely worth
a call over there, see if we can get mad on.
But this is it's like when no one's doing anything.
I almost feel like we're missing something, like are you
sure she hasn't gone through foreclosure and doesn't even own
it at this point, I mean anything like that.

Speaker 5 (01:03:55):
Are they threatening foreclosure?

Speaker 12 (01:03:57):
Yeah, she's so you know, she is not getting delinquency
letters from the association for the past.

Speaker 5 (01:04:03):
Two just from the ho way. Not for the mortgage.

Speaker 12 (01:04:06):
No, she's been making mortgage payments. She's she she ran
out of money a few months ago when her apartment
when her insurance company stopped paying for her temporary apartments
because that benefit ran out after two years. So Koleia
is paying rent mortgage and now she's fallen several months
behind an association.

Speaker 5 (01:04:25):
Dudes, Oh my god.

Speaker 12 (01:04:26):
And by the way, in addition to being a teacher,
she took two more jobs to try to make ads met.

Speaker 5 (01:04:31):
This is just nuts.

Speaker 7 (01:04:32):
And she's got an amazing attitude too. She she's the
sweetest woman I've ever met.

Speaker 5 (01:04:37):
Old is she roughly? And not that it matters. I'm
just curious you.

Speaker 6 (01:04:40):
Starting to tell I think she's probably kind of what
do you think Brian's middle aged?

Speaker 7 (01:04:45):
I would say I would say thirties.

Speaker 6 (01:04:46):
Okay, yeah, probably low thirties.

Speaker 5 (01:04:49):
Is there any kids involved?

Speaker 9 (01:04:50):
There?

Speaker 11 (01:04:50):
No?

Speaker 4 (01:04:51):
God, hold on a second, Brian. I had some other
questions for you, but I got to take this break
to Meitri. I know you've been working on this and
we constantly bring it up on not even I'm not
even sure where to go on it. We can see
if Matt can get involved and help from the insurance
part of it, but there's no reason to rebuild anything.
To get her money for her personal property would be great,

(01:05:13):
but there's no reason to put drywall up. If every
time it rains or snows, everything's going to be destroyed again.

Speaker 5 (01:05:19):
So they've got to do the roof.

Speaker 4 (01:05:22):
I mean, they have to fix the problem absolutely, and
to make me what.

Speaker 5 (01:05:25):
HAPs if the HOA doesn't have any money?

Speaker 12 (01:05:28):
Yeah, I'm wondering if that's what's going on. I mean,
what reason does that association have not to fix a
leaky roof other than they can't afford to.

Speaker 4 (01:05:38):
And then the lady above he said he found mold there.
I mean it's crazy, it's absolutely bonkers. Hold tight, hold on,
hold on.

Speaker 11 (01:05:51):
Go with a sure thing Denver's best roofer Excel Roofing
dot com.

Speaker 13 (01:05:55):
You don't pay a cent until you're content.

Speaker 11 (01:06:01):
Time for an insurance check up free, no obligation comparison
call Compass Insurance paying too much your coverage at dozens
of insurance companies find out now three oh three, seven
to seven to one help. You'll think you're his only
customer when you choose Frank durand the real estate Man
dot com to list your home with Remax Alliance three
oh three nine two zero sixteen twenty two.

Speaker 5 (01:06:23):
Oh man, we were just talking about the Texas kids.

Speaker 8 (01:06:26):
It's so sad. Mark.

Speaker 4 (01:06:27):
Yeah, well, well we might talk about that a little
bit next hour. Basically we were talking to Brian and
I want to finish up with this, and Larry's got
a question for Dan McKenzie. And you can get your
calls and now we have two lines open three oh
three Martino, three oh three Martina.

Speaker 5 (01:06:44):
We have two hours ago. But here's the deal.

Speaker 4 (01:06:46):
Brian We really appreciate how you've been helping this lady out,
and she is going to see one of our real
estate attorneys, Bradley O'Brien, who hopefully can help her get
the HOA to step up and repair this room. It's
evident there's water coming in with Brian's testimony or Brian's report,
so there's no doubt about that. But Brian, really quick

(01:07:08):
outside of this, how did you even get involved in
leak detection? How does someone wake up and go I'm
going to solve water problems? I mean, really, how'd you
get involved?

Speaker 6 (01:07:18):
Man?

Speaker 7 (01:07:20):
Well, I've been in plumbing since eighty nine. I've been
a master plumber since ninety seven. Nice and I moved
my way up through on my own plumbing company to
becoming a superintendent and then started working as a custom
home builder and had to retire from that about twelve
years ago due to a back injury.

Speaker 6 (01:07:38):
Oh, I had.

Speaker 7 (01:07:39):
Back surgery in twenty twelve. It was not fun, and
it's like, what can I do to build on my knowledge?
And a friend of mine suggested leak detection, which has
always been interesting to me. But there's really it was
very hard to get into because there's really no schools
out there until now. So I got into leak detection

(01:08:00):
years ago and just so in love with it. It's something
new I happen to keep track of. I was looking
at average each month. So if you look at a
one gallon minute per leak, it's forty three two hundred
gallons a month. Oh my god, minutes we having a month.

Speaker 4 (01:08:19):
So a little innother words, a little drip can cause
all the damage in the world.

Speaker 5 (01:08:23):
That's the bottom line.

Speaker 7 (01:08:25):
Yeah, And I was hoping to conserve twelve million gallons
a month. So I said to myself about three or
four years ago, what can I do to make a
bigger impact? And I started at school. So now I'm
actually teaching.

Speaker 5 (01:08:35):
Is all that I'm up against the herdbreak? But is
all that?

Speaker 4 (01:08:39):
Is all this information on cudetection dot com. Yeah, true,
All right, listen, anybody out there wants to learn more
about that, or if you have a problem, more importantly
a leak, check out seeudetection dot com. You've been very
good helping Dmitri out on this case. Larry, Please hold on.
I promise I'll bring you up next after the break.

(01:09:00):
Three zero three Martino.

Speaker 11 (01:09:04):
Go with a sure thing Denver's best roofer Excel Roofing
dot com. You don't pay a cent until you're content.
Leave time for an insurance check up free no obligation.
Comparison call Compass Insurance paying too much your coverage at
dozens of insurance companies find out now three oh three
seven seven to one help. You'll think you're his only

(01:09:26):
customer when you choose Frank durand the real estate Man
dot com to list your home with Remax Alliance three
oh three nine two zero sixteen twenty two.

Speaker 1 (01:09:40):
Ripped News need who you don't have? Run anxiousness as
we can show. Shooter's gonna help.

Speaker 3 (01:09:52):
Come man, this is the Troubleshooter Show. No Tom Martino,
Welcome my.

Speaker 4 (01:10:00):
Friends to the only show of its KINDRA here to
solve problems, answer questions, take complaints. I got Dan McKenzie
in with me, attorney at Law. I haven't given his
number out enough, but it's eight three three co plans
any questions you have on your estate or a trust
or probate.

Speaker 5 (01:10:16):
Anything you can imagine.

Speaker 4 (01:10:19):
He is here to answer your questions today and one
of the first calls will go is exactly that. But
we have real quick I need to get to Matt
with Paragon Services. He's one of the experts on a
referral list at referral list dot com. And Matt, I'm
gonna ask you some really basic, basic questions about a
particular case we're working on here and basically for people

(01:10:40):
out there at public adjuster is someone that helps you
fight with the insurance company. Matt, I want you to
picture a claim put in that's over two years old.

Speaker 5 (01:10:49):
The original claim was put in.

Speaker 4 (01:10:52):
It's in a condo, so she doesn't have any control
over the roof.

Speaker 5 (01:10:56):
With the exception she pays into the hoa. So the roof.

Speaker 4 (01:11:00):
Has been leaking for two years. It got really bad
about two and a half years ago. It rained so
hard it flooded the whole place. The insurance did accept
the claim for her policy for the condo, so basically
the dry wall or the cement out. So right now
where it stands is they gutted the entire thing, Matt,
and they can't rebuild yet. Remember the timeframe we're talking

(01:11:24):
about two and a half years. So she puts the
claim in, they agree they're going to rebuild the whole
thing because it flooded. They get down to where all
the waters out of there. They're ready to start rebuilding,
but the problem is water keeps coming in. It's coming
in from the roof of the condo, and on top
to add insult injury, she actually has somebody else that

(01:11:45):
owns a unit above her. That unit is saturated as well,
but we're not going to get into that part. But
every time it rains, the water comes in. So she
hasn't rebuilt, but her insurance company basically I the mold
claim two and a half years later, and I can
understand that. So let me ask you that right off

(01:12:06):
the bat, do you understand why the insurance company would
deny the mold after two and a half years coming in?

Speaker 2 (01:12:14):
Yeah, I mean typically they're going to say that that's
been an ongoing issue and it should have been remedied. Now,
if that was a house, that's a slam donkets on
the homeowner. But because this is a condo, the HOA
is responsible for, you know, taking care of that roof
that's gotta be fixed before anything's done, obviously, and.

Speaker 4 (01:12:31):
They're not doing anything. That's where we're to the point
where everybody in a way is throwing their arms up
in the air. We've had one deputy deputy, Dimitri, that's
been trying to fix this thing forever man and they
can't get the HOA to do anything. She actually hired someone.
In fact, his name's Brian. He's still on but he
is a leak guy. That's all he does. He's a

(01:12:53):
master plumber. But he started a company that goes out
and figures out what's leaking. He got up there on
the roof very recently and started spraying just water with
a hose and sure enough it comes right down into
her unit. But the HOA won't do a damn thing.
And it's been two and a half years. The other
part with the insurance company I want to throw out there,

(01:13:14):
Matt Is she's been trying to get her contents paid for.

Speaker 5 (01:13:18):
Who is the insurance company Farmer's Insurance.

Speaker 4 (01:13:21):
Farmers won't even cough up the money for the contents
at this point.

Speaker 2 (01:13:25):
Yeah, well, I can dig in and probably get this escalated,
and we can talk about the timelines. Normally two years
as the magic number. And now I can tell you
this getting a lawyer involved usually have three years to dispute.
So we still got some wiggle room. If we go
that room, I would need to just dig in and
see what farmers, see what their intentions are, and do

(01:13:46):
my best to get with the HOA and rattle their cage.
I don't have a whole lot of clout because I
don't represent the HOA, but I can sure go call
over there and see what's what. Because this situation is
not going to fix itself, period.

Speaker 4 (01:13:58):
They simply decline to put a roof on her or
fix it forgetting it about even putting it on it,
just it seems crazy unless they're broke. And then if
they are broke, I mean, that's not good for anybody.

Speaker 2 (01:14:11):
Yeah, and another option too. We sometimes can get in
the primary carrier to cover everything, and then they subrogate
and go after you know, the hoa's insurance company or
whoever they have to to get reversed. So that's an
option too.

Speaker 4 (01:14:24):
I like the idea of putting him in touch. I mean,
she's basically what happens is she gives them power of
attorney over this. He digs through it, he calls up Farmers,
and he says, hey, man, you're not dealing with this
poor woman anymore.

Speaker 5 (01:14:37):
You're dealing with me.

Speaker 2 (01:14:38):
I think that's right idea, And the other thing is too,
Where is she staying in the meantime?

Speaker 12 (01:14:43):
Oh man, So her insurance company rented her an apartment
for two years. They paid, but that benefit just ran
out a few months ago, so now she's paying for
a rental.

Speaker 2 (01:14:54):
So it sounds like Farmers is behaving because if they
were offering two years, that's a pretty good sign that
they they're just trying to do their best. But they're
kind of stuck in this position too, I know, the
HLA cooperating.

Speaker 12 (01:15:06):
Yeah, they're still Yeah, they're stuck in the rebuilding part
of this project. However, you know, she just recently made
a claim for the mold infestation which developed in the meantime,
and they told her to go pound sand.

Speaker 6 (01:15:18):
Can you take a look at it.

Speaker 2 (01:15:19):
She probably doesn't have much mold start interrupts. She probably
does not have mold coverage beyond maybe five or start
ten thousand anyway. But you're right, that's something that should
be addressed. It's not your fault or her fault, or
anyone's fault that other than the HOA is that unit's
been sitting there and getting moldy, so that burden would
fall into HOA in my opinion.

Speaker 4 (01:15:41):
Yeah, But once again, we're hoping the fact they won't
even repair this roof. And then the lady over her,
that apartment is in horrible shape.

Speaker 5 (01:15:49):
Man.

Speaker 4 (01:15:50):
In other words, with that leak detector. Guy Brian was
in there. Hold on, let me bring him up real quick.
Hey Brian, you were in the apartment above her? Or
I'm sorry, kind of above he yesterday?

Speaker 16 (01:16:00):
Is that right?

Speaker 5 (01:16:01):
Or really recent?

Speaker 7 (01:16:03):
That's correct.

Speaker 4 (01:16:04):
Listen to this, Matt, go ahead, describe the apartment above her.
I keep say an apartment condo.

Speaker 7 (01:16:11):
So thanks so much for listening. Yeah, I was researching
because as a lead detective, I have to go through
and evaluate every possible way water I can get into
a residence. And when I was inspecting the upstairs unit,
it looks pretty clean. But when I popped the panel
to gain access between her ceiling and the actual roof,

(01:16:31):
I saw mold growth coming down the walls. So there's
mold on a concrete behind the two by fours in
dry wall in the upstairs residence. So she may not
even know that she has mold growing behind her walls.

Speaker 4 (01:16:44):
And what's crazy, Matt, is this apartment complex. It's just
not a stick building. It's literally cement walls.

Speaker 19 (01:16:52):
Right, it's awesome.

Speaker 12 (01:16:52):
Meant it's all concrete slabs, and Brian, you know, it
occurs to me that maybe the roof is only a
part of the We shouldn't discount the fact that the
lady upstairs might have leaking plumbing too, in addition to
the roof leaks.

Speaker 7 (01:17:08):
I looked into that and did not see any leaks
in her plumbing.

Speaker 6 (01:17:11):
Yeah, that's a great sign.

Speaker 4 (01:17:13):
And I love the idea that you know, he went
up under the roof, started spraying with a hose and boom,
it's leaking. I mean, how do you possibly argue that
being the ho wa Hey, Matt, would you do me
a favor and get with Dmitri.

Speaker 5 (01:17:24):
In fact, Tomitri, why don't you put this together?

Speaker 4 (01:17:27):
And Brian, if you could go back out there and
meet Matt, you guys might be able to help each
other in the future for sure. But I would love
for you guys to all reconvene at her house and Matt,
you go over the policy. I think you should do
that first. Well, I'm not going to tell you what
to do, Matt, you know what to do, but get
involved and let's try to get this figured out for

(01:17:47):
this woman.

Speaker 12 (01:17:48):
I'm going to be at that meeting too, and so
I'm going to start an email Chaine here in the
next few minutes that's going to get.

Speaker 6 (01:17:53):
All three of us.

Speaker 12 (01:17:54):
And I think as a result of and I think
that Khalia should hold off in her meeting with Brad
O'Brien the real estate until we get the results of
this meeting with Matt and Brian at her condo.

Speaker 4 (01:18:05):
Do you think, Yeah, I mean it does as long
as this can happen somewhat quick. But someone say, here's
what I'm afraid of. Someone's gonna have to twist some
arms to basically get.

Speaker 5 (01:18:14):
The hoa to do the roof. I mean, really, that's
what it comes down to, because my understanding is at
this point, her insurance is going to pay for the rebuilding. Right,
they haven't squawked about that, nor have they given her
any money for that or have they?

Speaker 6 (01:18:29):
No, they haven't given her any money for that.

Speaker 5 (01:18:31):
So they haven't paid her a nickel yet.

Speaker 12 (01:18:33):
Well, they did incur significant expense in getting everything.

Speaker 4 (01:18:36):
Torn out, Yeah, but they paid the contractor directly. She
didn't take the money.

Speaker 6 (01:18:40):
That's right, that's correct. She hasn't pocketed it.

Speaker 4 (01:18:42):
So Matt would you please look at everything. And then Brian,
we really appreciate you being a part of this. And
Dmitri send me his information to Brian for sure.

Speaker 6 (01:18:52):
Yeah, I'll see see her.

Speaker 2 (01:18:53):
Hey, Mark, real quick?

Speaker 8 (01:18:55):
Is there a roof into is there?

Speaker 5 (01:18:57):
What's her?

Speaker 2 (01:18:59):
Is there a roofer that's been involved in this at all?

Speaker 4 (01:19:02):
Not that I know of. In fact, that's a great idea.
Why don't you get a commercial one of your guys
out there?

Speaker 2 (01:19:08):
I think.

Speaker 7 (01:19:10):
Him access to the roof.

Speaker 5 (01:19:12):
Ohoo, that's the bad size, hey, match you.

Speaker 16 (01:19:14):
Hear that I did.

Speaker 2 (01:19:16):
That's no point. It kind of sounds like they're broke.

Speaker 4 (01:19:18):
That's what I keep I've gone back to that same
point ten times. And if there's no money there, there's
no money there.

Speaker 6 (01:19:25):
Yeah, Mark, you know I did. Walker.

Speaker 12 (01:19:27):
Actually I drove around the complex a little bit. It's
a large complex. There are probably a dozen buildings with
one hundred units or in Denver. Yeah, it's right over
there at Islef and Parker, and it's like, you know,
it's I don't the word dilapidated isn't the correct word,
but it's kind of like like the place has seen
better days.

Speaker 5 (01:19:44):
You're not putting any money in.

Speaker 12 (01:19:45):
Yeah, it looks like late sixties, early seventies, super cheap construction,
and these are very value priced, very affordable condominiums, and
it just seems oh yeah, it's like about to become seen.

Speaker 5 (01:19:57):
Yeah, it's like living in a rainforest. I mean, it's insane.

Speaker 6 (01:20:01):
Which leads me to together broke.

Speaker 5 (01:20:04):
You wonder what asbestos Oh jeez, because of the year
built very well could be.

Speaker 2 (01:20:09):
Yeah, that's a problem too.

Speaker 5 (01:20:11):
That could be a big well. Actually spee though. Oh
the drywall is all gone, no no, no, yeah.

Speaker 2 (01:20:18):
But if it's if it's if it's soaking the drywall
above it and coming back in, now you've got to
spill again.

Speaker 6 (01:20:24):
Yeah. Is that an insurance claim in itself?

Speaker 8 (01:20:27):
It is okay, good.

Speaker 12 (01:20:30):
Hey, maybe the lad maybe the lady upstairs can use
your services too, mat to me, if.

Speaker 5 (01:20:35):
She's got insurance.

Speaker 8 (01:20:37):
Ye.

Speaker 4 (01:20:39):
That's the other problem. Some of these people don't have
insurance on these units. I mean, really, you described these
units as yeah, I mean.

Speaker 6 (01:20:48):
I don't mean that in an insulting way.

Speaker 12 (01:20:50):
It's just a technical observation about a place that has
seen much better days.

Speaker 4 (01:20:54):
Which means they have zero upkeep. They're not spending money
on anything, all right, guys, I gotta I gotta move on, Dmitri.
Stay on top of it, Matt with Paragon Services. By
the way, if your insurance company's trying to screw you over,
they owe you more money, that's where Mac gets involved.
He makes sure he reads through that policy every single

(01:21:15):
place to find out the most amount of money that
insurance company needs to pay you. And he's done it
twice for me, Matt, both times I've been denied by
my insurance company. One time you got me close to
eighty thousand, and then recently we're almost to the end
of it. In fact, while I still got him. Hey, Matt,
how much am I going to get out of the
second one? Do you have any idea?

Speaker 5 (01:21:36):
I think we're going to be between forty and fifty nice,
that's exactly where we aim for.

Speaker 4 (01:21:41):
Yeah, yep, yeah, very cool man. I appreciate it. Three
oh three seven one three eight two five five three
oh three Martino. I promise Larry, you're up Numero unocame
Heller high Water.

Speaker 11 (01:21:57):
Go with a sure thing Denver's Best for excel roofing
dot com.

Speaker 13 (01:22:01):
You don't pay a cent until you're content.

Speaker 11 (01:22:07):
Time for an insurance check up free no obligation in comparison,
call Compass insurance paying too much your coverage at dozens
of insurance companies find out now three all three seven
seven to one help. You'll think you're his only customer
when you choose Frank durand the real estate man dot
com to list your home with Remax Alliance three all
three nine two zero sixteen twenty two.

Speaker 5 (01:22:29):
All right, three all.

Speaker 4 (01:22:30):
Three seven one three A two five y five. You've
been ripped off or taking advantage of I want to
hear from you. We get some lines open.

Speaker 5 (01:22:36):
Any questions for our guest, Dan McKenzie too would be
a good time to do it. And as promised, I'm
going to go to Larry first of all, Larry, I
appreciate you holding so long. What question do you have
for Dan?

Speaker 15 (01:22:49):
That's okay? Thank you Dan, and there and Mark for
being there. Uh my uncle, my uncle died. He left
his IRA as to his trust, his trust and there
is his IRA. And the lawyer said that was absolutely

(01:23:13):
not the thing to do because it was immediately taxable.
And so I didn't I missed part of your conversation
this morning head for a doctor appointment, but I didn't
know if you covered that aspect of what not put
in a trust.

Speaker 10 (01:23:31):
Yeah, you do have to be careful with IRA's going
to trust because there are rules requiring you to pull
those funds out within a certain period of time when
you inherit somebody else's IRA.

Speaker 8 (01:23:42):
Generally, you know, there are always.

Speaker 10 (01:23:43):
Some exceptions, but generally you have about ten years to
pull that money out, and as you do it, you're
going to be declaring it as income unlike everything else. Right,
So if I get process of the sale of the
house or bank or whatever else, that's not income.

Speaker 4 (01:23:54):
But wouldn't that be are well, I'm sorry, Larry. I'm sorry, Larry,
but just for other people listening and for myself. So
if it is a ten year window. In that ten years,
when you're pulling money out of say a four to
one K, it's basically being taxed, just like it would
be if it was the actual original beneficiary, right, the
person that died. In other words, there's no, it's not

(01:24:17):
a bigger tax burden. It's still going to be it's
still going to be deferred.

Speaker 8 (01:24:22):
Now it's at the income tax rate of the person's
receiving it.

Speaker 4 (01:24:25):
Oh okay, okay, so I got you. It could it
could be more or it could be less for that matter. Yeah, okay,
go ahead.

Speaker 15 (01:24:33):
The IRS says that a trust is not a human entity,
and therefore if a trust inherits an IRA or a
four one K, it is immediately taxable at the current
tax rate of whatever applies under that situation. I know

(01:24:55):
my uncle's estate had to immediately pay about thirty five
thousand dollars in.

Speaker 16 (01:25:01):
The on the.

Speaker 15 (01:25:02):
IRA because it was left to the trust the ten
year payout and those tax benefits do not apply to trust.

Speaker 10 (01:25:12):
Yeah, yeah, yeah, I mean an entity receiving an IRA,
it can be crunched down to five years, and then
there are ways to leave money to trust if you
put what's called conduit provisions in there, just saying the
trustees role here is to just take the money out
as they're required to do, and immediately shoot it out

(01:25:32):
to the beneficiary.

Speaker 8 (01:25:33):
So there are.

Speaker 10 (01:25:34):
Ways to have the money go to trust and still
get that ten year benefit, but it does have to.

Speaker 8 (01:25:40):
Be drafted specifically that way.

Speaker 4 (01:25:42):
But why would someone want to do that? In other words,
if why would someone want to do that instead of
just naming a beneficiary or multiple ones, is there ever
a time where someone would want to do it?

Speaker 5 (01:25:54):
And if so, why, Yeah?

Speaker 10 (01:25:55):
I mean, if I'm Leavis, if my beneficiaries five, I
really am not going to leave them directly as the beneficiary.
And there still could be some benefit to say, Look,
that tenure is a maximum. You know, anybody who receives
an IRA can pull it all out immediately, and I
might want my trustee to kind of take full advantage
of those ten years.

Speaker 6 (01:26:14):
Right.

Speaker 4 (01:26:15):
What happens if they weren't it retirement age and they
would have paid some kind of penalty for accessing the
four oh one K or the IRA money. Would the
beneficiary or the trust the estate would.

Speaker 5 (01:26:28):
They end up actually paying those fees or not?

Speaker 11 (01:26:30):
No?

Speaker 10 (01:26:30):
No, they have to take it and the RS wants
them to, so there's no penalty. You have to take it, Okay,
But yeah, if you take your own IRA early, of
course there's gonna be pummel.

Speaker 4 (01:26:39):
So Larry, it does it sounds like you you might
have missed part of the conversation, but you're kind of
on a different wave if I'm hearing you right.

Speaker 15 (01:26:47):
Well, it's just that the lawyer and the distributed his IRA,
and it was a pretty good sized lawyer for legal
firm and They said that it was a big mistake
for the trust to be to inherit an IRA because
taxes were immediately due because the trust is not a

(01:27:12):
human entity. A human would have the ten year benefit
for you know.

Speaker 5 (01:27:18):
Yeah, and I.

Speaker 4 (01:27:19):
Don't want to beat a dead horse, but he went
through that. There's certain things I believe you called a
conduit that, yeah, certain things that could be in the trust.

Speaker 10 (01:27:26):
If the IRS can tell who the human beneficiary is
that trust, it is possible.

Speaker 4 (01:27:30):
So it sounds like in his case, So or your
brother's case, Larry, it simply wasn't written correctly.

Speaker 15 (01:27:37):
Well, I'm sure that's you know, his trust was left
to twenty two nieces and nephews. He didn't have any
other relatives.

Speaker 7 (01:27:48):
And so.

Speaker 15 (01:27:51):
You know, it was well defined as to where the
money from the trust was going to go. But it's
just that the trust had to immediately pay the taxes
on the IRA because the trust was not a benefit
of well a.

Speaker 5 (01:28:09):
Couple things here, A couple things.

Speaker 4 (01:28:10):
When you're talking twenty two people or you know a
large amount of people, Dan, and we are talking about
a trust in some kind of retirement, I would assume
they would all want the money, right then, and there.
I mean, they're not gonna want it, even if they
could stretch it out five or ten years. I mean,
how do you divvy something up you're not gonna list?

(01:28:33):
Can you list twenty two beneficiaries on a four oh
one K with Schwab or something?

Speaker 5 (01:28:39):
I mean, that's up to Schwab.

Speaker 8 (01:28:42):
I don't know.

Speaker 10 (01:28:42):
I don't know, but yeah, yeah, these are challenges when
you've got that many beneficiaries.

Speaker 5 (01:28:47):
How would you have written it in the case he's
talking about.

Speaker 10 (01:28:52):
I guess it depends on the age of those nieces
and nephews. Is there are there miners in there? Are
they all adults?

Speaker 5 (01:28:57):
Yeah, Larry, give us a little more.

Speaker 15 (01:28:59):
Okay. Probably the youngest is probably sixty.

Speaker 5 (01:29:04):
Two, god dang, okay, and.

Speaker 15 (01:29:08):
The oldest the oldest was ninety two.

Speaker 8 (01:29:11):
Okay.

Speaker 10 (01:29:12):
Wow, well then yeah, I probably would have just said
to Schwab, here's he to'll leave this too, and gone
directly to that.

Speaker 15 (01:29:18):
He always he always kept his beneficiary list up to date. Boy,
if anybody died, he changed the whole thing right then
and there. Yeah, so the beneficiaries of his crust were
very fixed and up to date always.

Speaker 5 (01:29:33):
Yeah.

Speaker 4 (01:29:33):
Well, apparently it just wasn't written right, or at least
not to what you know, you guys wanted. But I
guess I also don't understand, Larry, what the difference would be,
because if everybody wanted access to their amount, they would
ultimately have to pay.

Speaker 5 (01:29:48):
The taxes on it.

Speaker 4 (01:29:50):
It'd be the same taxes, and then it wouldn't just
sit there. I mean, really, what else would have happened
besides liquidating it and everybody pays their fair share of
taxes on it.

Speaker 15 (01:30:03):
I don't know. It just that the letter that the
lawyer said out said that there was a big mistake,
his CPA made the mistake of having him put the Yeah,
I got iray into the trust. Yeah, and that that
was a mistake because taxes were immediately due because the
trust is not a human entity.

Speaker 6 (01:30:24):
Yeah.

Speaker 10 (01:30:24):
The problem is that trust tax rates here that the
same percentages, but they're compressed. So a individual hits the
highest tax bracket at two hundred and fifty thousand bucks,
and a state doesn't have trust hits the highest tax
back at about thirteen thousand. So you're getting you're paying
the highest tax rate if you're paying through the trust.

Speaker 15 (01:30:44):
Yeah, And the iray was about one and a half
million dollars, so it was quite a big difference.

Speaker 8 (01:30:50):
Wow.

Speaker 4 (01:30:50):
That kind of sucks that it happened that way, but
that's it. Hey, Larry, I appreciate the call man.

Speaker 15 (01:30:57):
Okay, well, thank you very much.

Speaker 5 (01:30:59):
You're welcome. I liked kaya.

Speaker 4 (01:31:01):
You know, you're like me. I'm sitting here thinking nieces
and nephews. They're like like kids. Yeah, four four years
to two. When he when he led with the youngest
is sixty, I was like, holy moly, all right, we
got lines open three oh three seven one, three eight
two five five three oh three Martino, you've been ripped

(01:31:23):
off taking advantage of You have any questions, uh for
Dan McKenzie a lot to come, hold tight.

Speaker 11 (01:31:33):
Go with a sure thing Denver's best roofer Excel Roofing
dot com. You don't pay a cent until you're content.
Time for an insurance check up free, no obligation. In comparison,
call Compass Insurance paying too much your coverage at dozens
of insurance companies find out now three oh three, seven
seven to one help.

Speaker 13 (01:31:53):
You'll think you're his only customer.

Speaker 11 (01:31:55):
When you choose Frank durand the real estate Man dot
com to list your home with Remax Alliance three oh
three nine two zero sixteen twenty two.

Speaker 4 (01:32:06):
All right, three oh three seven one three A two
five five. If you don't listen to the behind the
scenes stuff, you're crazy. So uh, I mean, honestly, some
days are a little different than others, but it's nuts. Hey, Dan,
I want to ask you some Dan McKenzie McKenzie law.
So the average person going to get I don't even
know what average is anymore, because some people have kids,

(01:32:27):
some people don't. I mean, there's so many different things
now it's I guess there is no average. But let
me ask you this. Would you say most people need
to trust? If they own a house, they have a
few cars, they have kids, they have bank accounts, they
have jobs. I mean, I just described the majority of
our population. Do most people need to trust? I'm pretty

(01:32:49):
sure I remember you saying if you have children that
are under the age of eighteen, you most likely should
have a trust.

Speaker 10 (01:32:57):
Well, there's gotta be a trust to receive the money
for them, right, So it doesn't mean you need to
create a trust right now.

Speaker 8 (01:33:02):
But they again, they cannot receive.

Speaker 10 (01:33:04):
Money if they are receiving checks that they receive a
million dollar if your five year old is going to
get a million dollar check from life insurance company, Like,
where's it going to be put?

Speaker 5 (01:33:13):
Yeah, who's going to get it? Who's going to be
in charge of it?

Speaker 8 (01:33:15):
Yeah?

Speaker 10 (01:33:15):
So either a court needs to a point an adult
to be put in charge of that money, or you
create that by creating the trust that will receive those funds.

Speaker 4 (01:33:22):
Have you seen people that an eighteen year old has
gotten a large amount of money because the parents passed away. Yeah,
and it's just completely squandered that fast.

Speaker 10 (01:33:32):
Most people squander it, right, I mean fifty year olds
have had jobs their entire lives and have never really
had like a ton of disposal income.

Speaker 8 (01:33:38):
They spend it.

Speaker 5 (01:33:40):
They just don't know, really, they don't have to manage money.

Speaker 10 (01:33:42):
It feels like found money. So it's just like I've
got six figures here. What harm is it in buying
a car, remodeling my kitchen, Yeah, going and getting the
ocean view room at the hotel instead of the you
know ground.

Speaker 6 (01:33:56):
You know.

Speaker 8 (01:33:56):
So it's just stuff like that over a couple of
years and it's gone.

Speaker 4 (01:34:00):
How many how many people do you get Galaamo, I'll
go to you in a minute. By the way, we
get some lines open three oh three, seven, one, three, eight, two,
five five, how many calls? Where basically you're more of
the well, not just the estate planner, but the asset protection.

Speaker 5 (01:34:14):
Let's get into that.

Speaker 4 (01:34:15):
I mean, do you do is a big chunk of
your job when it comes to clients that have a
high net worth?

Speaker 5 (01:34:22):
Is it the asset protection part? Is that a.

Speaker 10 (01:34:24):
Big part of it takes us back to the irvocal
trust question, which is why would you want to create
an irvocal trust if you could create a vocal trust
that you can just change. Well, the irvocal trust really
is getting the asset out of your name, and so
you really can tell people if they sue you, I
don't own that thing anymore, your vocal trust.

Speaker 5 (01:34:43):
So that's a protection.

Speaker 8 (01:34:46):
Yes, I mean they're hard to do. They should be.

Speaker 10 (01:34:49):
You know, you might be the one that gets hit
by the car and you want to sue this person.
You don't want them telling you I don't have anything
because it's all in the trust that I created and
then I'm the beneficiary of.

Speaker 5 (01:34:57):
So yeah, you could be on either side.

Speaker 8 (01:34:59):
Yeah you could be on the other site.

Speaker 5 (01:35:00):
But that's part of your job, though, is asset protection sure, yep.
Is that a big part of it.

Speaker 8 (01:35:05):
I mean, it depends on who you're talking about.

Speaker 10 (01:35:07):
So asset protection for the people creating the plan, that's
the hard part. If I'm trying to get my own
assets out of my name to avoid having to pay
them out in a lawsuit, that is challenging, and that
is an area of specialization. So we work with other
people on that. So we do do it, but we
do usually bring in other people.

Speaker 5 (01:35:22):
Isn't there some offshore stuff people can do?

Speaker 8 (01:35:25):
Yeah?

Speaker 5 (01:35:25):
Is that a big thing? And I mean, now we're
talking people hundreds of millions of dollars.

Speaker 10 (01:35:29):
Not necessarily because if you have hundreds of millions of dollars,
do you really care about getting sued? I mean, you know,
you could write a five million dollar check and not
even feel it.

Speaker 5 (01:35:37):
That's a good point.

Speaker 8 (01:35:38):
So but if you have.

Speaker 10 (01:35:39):
Two million, that's a and you now you're a good target,
and yet you don't have enough money to just be like,
hey could this is Austin?

Speaker 8 (01:35:45):
I don't care. So people who.

Speaker 10 (01:35:47):
Have a lot less like enough to be interesting, but
not so much that they're just like, I don't care
about getting sued.

Speaker 5 (01:35:53):
What do you think that limit is on an umbrella.

Speaker 4 (01:35:55):
So let's take that two million dollar mark you were
just talking, right, So somebody that's got two to three million,
they have really no debt they have they literally have
that NASA's house, paid for money in the bank, stocks,
retirement accounts, whatever.

Speaker 5 (01:36:08):
Yeah, should they have an umbrella at some point?

Speaker 4 (01:36:12):
It doesn't make any sense to have an umbrella, Just
like we were talking that hundred million. You're not going
to go out and get an umbrella for a hundred
million dollars.

Speaker 5 (01:36:20):
It would cost you. First of all, you probably couldn't
get it.

Speaker 4 (01:36:23):
But what are your thoughts on people like that, because
there's a lot of people like.

Speaker 8 (01:36:27):
That, like what to two million?

Speaker 5 (01:36:30):
Three million?

Speaker 4 (01:36:30):
Oh for sure, I mean I'm not talking thirty years
ago where a million bucks was massive.

Speaker 10 (01:36:36):
Yeah, I'm always in favor of umbrella and maximizing your insurance.
But insurance, I mean that has gaps, right, there's caps
on it, there's limitations. The insurance companies draft those agreements,
they're trying to not pay out. And you know that
usually covers injury situations, not like breach of contract or
you know, other kind of situations you.

Speaker 8 (01:36:54):
Get involved in that don't really involve injuries.

Speaker 4 (01:36:57):
You know, people filing their own probate. We talked about
this a caller. It was either last week or this week.
The day's run together. But she owned a house and
had some money in a bank account and basically wanted
to do probate herself. I think her mom passed away,
had the house in the bank account. And one of
the big problems with that is if you don't do

(01:37:19):
it right, when you try to reach out to the
creditors and post stuff in the newspaper and whatever you're
supposed to do these days, you could become personally liable
if there was a creditor out there, and that would
be huge.

Speaker 5 (01:37:32):
I mean, they can come after you directly, right.

Speaker 10 (01:37:34):
Yeah, if you shot the money out and didn't do
the notifications correctly, they're going to say, go get that
money back.

Speaker 6 (01:37:40):
How much time do they have to come after you.

Speaker 10 (01:37:42):
It depends on if you notified them correctly. I mean,
if you didn't do it correctly, that's no limit.

Speaker 5 (01:37:49):
That's insane.

Speaker 6 (01:37:50):
Yeah.

Speaker 8 (01:37:50):
So, I mean.

Speaker 10 (01:37:51):
Typically you have a year from date of death to
make a claim, right, so if they have not made
a claim for it, it's been more than a year
since the person passed away, at that point you're probably safe.

Speaker 4 (01:38:02):
How come credit card companies are telling me if this
is a fallacy. Most credit card companies don't come after
the estate. So let's say Joe Blow passes away. He's
got a you know, he's got a visa with Wells
Fargo that's got two grand on it. He's got something else,
a Cohles card, it's got five hundred bucks.

Speaker 5 (01:38:21):
Is it just not worth the money or do they
come after it?

Speaker 10 (01:38:25):
I mean, we see a lot of claims submitted by
credit card companies, But the question is, like, if you
get to a point where, look, I'm ready to distribute
money here, but I've got this claim sitting.

Speaker 8 (01:38:32):
There they got to deal with.

Speaker 10 (01:38:34):
If you call the credit card company, are they really
going to say, you know, you got to pay this
whole thing and you negotiate. Yeah, you might negotiate, you
might deny the claim and just see if they really
have the time and resources. You think these enormous credit
card companies do. But are they going to go to
a hearing in Douglas County, Colorado for five and get there?

Speaker 8 (01:38:54):
You know, yeah, they're ten thousand.

Speaker 5 (01:38:55):
Bucks, they'd be crazy too.

Speaker 8 (01:38:56):
Yeah.

Speaker 5 (01:38:57):
In fact, a lot of the small claims cases.

Speaker 6 (01:38:59):
I do.

Speaker 5 (01:38:59):
They're very valid, at least to me, they're very valid.

Speaker 4 (01:39:02):
But the reason I end up winning before we even
walk into court is they have to first of all,
petition the court in order to bring an attorney in.
And then they have to bring an outside attorney in
generally because they're you know, located in California. And I mean,
I don't care if you're fresh out of law school,
You're not going to show up in small claims court
for less than a thousand or two thousand bucks. You'd

(01:39:24):
be crazy to So they end up going, Okay, he
wants eight hundred bucks, we'll get them eight hundred bucks.
I mean, that's just kind of how the world works
right now. And it's kind of nuts though, man. But
to think with probate to a lot of people come
to you, you know, after the fact, where maybe a
creditor is coming after him, is at a call you

(01:39:44):
take or you're out of it at that.

Speaker 10 (01:39:45):
Point, yeah, i'd probably I'd probably refer them to a
litigator at that point. Yeah, it's hard. I mean that
the issue is they don't close the estate. You got
to close the estate. You gotta tell the court. I
really took care of the creditor claims.

Speaker 6 (01:40:00):
Yeah, and if you.

Speaker 4 (01:40:00):
Didn't like, you better not say that, Yeah, because you're
lying to the court. Yeah, all right, hold on, galaremo
am I saying that?

Speaker 19 (01:40:07):
Right?

Speaker 5 (01:40:08):
It looks like we're gonna come to you after this.

Speaker 11 (01:40:16):
Go with a sure thing Denver's Best roofer Excel Roofing
dot com. You don't pay a cent until you're content.
Time for an insurance check up free, no obligation. In comparison,
call Compass Insurance paying too much your coverage at dozens
of insurance companies find out now three oh three seven
to seven to one help. You'll think you're his only

(01:40:37):
customer when you choose Frank durand the real estate Man
dot com to list your home with Remax Alliance three
oh three nine two zero sixteen twenty two.

Speaker 4 (01:40:50):
All right, three oh three seven one three eight two
five five were up against the hard break. But I
want to unless you at least start out with this
one guy, A what is going on with you?

Speaker 18 (01:41:04):
Hey, good afternoon, Thank you for taking my call. This
is more like kind of like a follow up, or
more like a guidance. A couple months ago, I had
an issue with my well, it's been longer than that.
But the last touch that we did was on October
twenty second, where well, what.

Speaker 5 (01:41:20):
Was the initial problem? Helped me out with that?

Speaker 18 (01:41:24):
Oh yeah, of course I hired him to replace my roof. Yeah,
who's him after you know, talking gosh as foundable?

Speaker 12 (01:41:32):
Oh go, who's using somebody? Some other roofing companies contract?

Speaker 4 (01:41:38):
Yeah, okay, I remember this one. So basically, what was
the problem with your roof? A hell storm or what?

Speaker 14 (01:41:44):
And they'll starm me up.

Speaker 18 (01:41:45):
And then basically it gave him a five thousand dollars
check for materials, never provided receipts nor like port you
never did anything.

Speaker 14 (01:41:54):
Never did anything.

Speaker 18 (01:41:55):
And then on October twenty second, to take the heat
off of him, you told you guys that he's going
to be basically gave me five hundreds tenmans every two weeks.
I waited for like a month and never I never
heard back from it, and never received another check or anything.
He still own me four thy five hundred I took.
I submitted the paperwork to take him to court, and

(01:42:16):
we have court on January thirty first, which.

Speaker 7 (01:42:18):
Is in three weeks.

Speaker 18 (01:42:19):
You know what he's going to do to get my
probably counter to counter suit me or.

Speaker 5 (01:42:25):
I don't know what he countersue you for. I mean
the guy took five grand? How long ago was that?

Speaker 6 (01:42:29):
Again?

Speaker 5 (01:42:29):
How long ago? Did you give him the five grand.

Speaker 18 (01:42:32):
On July second?

Speaker 5 (01:42:34):
Yeah, I mean that's a long time ago. What are
we talking there? Eight months? Yeah, but he's taken him
to court. Now that's a good sign.

Speaker 4 (01:42:40):
It's a great sign. But I mean, I don't see
a counterclaim. I see the guy not showing up to me.
Sounds like a bum.

Speaker 18 (01:42:48):
Totally is I just wanted to know, like I guess
some guidance. I've never really done this before. So I
have the paperwork.

Speaker 5 (01:42:55):
Okay, I love it, So hold on, I'll talk to you.
I can give you.

Speaker 4 (01:42:58):
I'm not going to give you legal advice, but I
have brought so many people to small claims court at
this point it's crazy. I know where the paperwork is
that you can fill out in the instructions, and of
course Dan McKenzie attorney of law, and chime in with
some legal advice if he wants to everybody, hang tight,
we got one more hour to go. I got three
lines open, three zero three.

Speaker 5 (01:43:19):
Martino. It's been a slow day. I want to hear from.

Speaker 11 (01:43:22):
You go with a sure thing Denver's Best roofer Excel
Roofing dot com.

Speaker 13 (01:43:28):
You don't pay a cent until you're content.

Speaker 11 (01:43:33):
Time for an insurance check up free, no obligation comparison
call Compass Insurance. Pay too much your coverage at dozens
of insurance companies find out now three O three, seven
to seven to one help. You'll think you're his only
customer when you choose Frank durand the real estate Man
dot com to list your home with Remax Alliance three
oh three nine two zero sixteen twenty two news.

Speaker 5 (01:44:03):
So you don't have.

Speaker 1 (01:44:08):
As a cam shooter's gonna help.

Speaker 18 (01:44:11):
Come man, this is.

Speaker 5 (01:44:14):
The Troubleshooter Show.

Speaker 4 (01:44:16):
No Tom Martinez, welcome my friends to the only show
if it's kind of We're to solve problems, answer your questions,
take complaints.

Speaker 5 (01:44:23):
You have to listen to the show behind the show
on YouTube. Go to YouTube. You can do it all
the time. You can do it tonight whenever.

Speaker 4 (01:44:29):
A lot of people watch the show afterwards. It doesn't
matter if it's on the ihearved app. There's a lot
of people that just listen to the show either the podcast,
the iHeart app live or six thirty g h A
w KRDOS got numerous FM and ams down and around
from Pueblo to Colorado Springs and Monument. Lots of ways

(01:44:49):
to listen to the show, but the only way to
listen and get the behind the scenes stuff during commercial
breaks is YouTube.

Speaker 5 (01:44:57):
You can also see our beautiful faces. You could see
my guess, Dan McKenzie's face. He is basically the.

Speaker 4 (01:45:07):
Attorney at eight three three co Plans, that's the phone number,
but he's an estate planner. But you could see his
face when Deputy Dmitri asked him if he was interested
in partnering into what is it, Dimitri? A cell phone thing?

Speaker 5 (01:45:23):
Class actions? A class action cell phone? What was it?

Speaker 12 (01:45:27):
Just you know, some just some normal regular consumer related
issues and a couple of ripoffs that you know that
I've been subjected to.

Speaker 5 (01:45:35):
Yeah, I know you take this stuff very seriously.

Speaker 12 (01:45:38):
Yeah, I do, and especially since there's so many others
who are similarly situated. So I just want somebody to
stand up for us regular consumers.

Speaker 5 (01:45:47):
And I think he would be a marriage made in heaven.

Speaker 4 (01:45:49):
But dear see, I think what happens is attorneys are funny.
Tom and I sued a company. This wasn't that long ago.
It was during COVID and we we had to Oh
my god, I had no idea. Once you start getting
billed hourly, you really start realizing how hard this was

(01:46:10):
an intellectual property case. And we were probably we were
one hundred and fifty grand in probably within six or
seven months. Six or seven months and get ready for this.
We didn't even go through discovery yet. Can you believe that? Dan,
Dan's like, that's incredible. Yeah, it's incredible. So, I mean

(01:46:33):
the dollar amounts, and that's not what I was talking
about was a dollar amount.

Speaker 5 (01:46:37):
What I'm talking about is the labor.

Speaker 4 (01:46:40):
Just the depositions we probably deposed I want to say,
twenty people and each one, Oh my god. I had
no idea because both attorneys go. I mean the depositions
were crazy. I mean maybe three to five hours, depending
on who it was. I mean, just getting through that
was month. It was absolutely nuts. But I'm not going

(01:47:03):
to get into that case. So when we talk about
an attorney getting helping us out, I mean I think
we forget the hours involved in it. Dan, And I'm
not talking about you specifically, but the beginning of your career.

Speaker 5 (01:47:18):
Tell everybody what you did.

Speaker 4 (01:47:20):
I mean, really, coming out with your law degree, you
got into what, Yeah, I was.

Speaker 10 (01:47:25):
A consumer fraud class action attorney. That's primarily so. I mean,
class action attorneys kind of have a not great reputation
because it's like that's where you get those coupons in
the mail saying you get ten dollars off your next
oil change because there was this class action settlement and
all that. But really, you know, you got to ask yourself,
are we okay with huge companies basically taking fifty sixty

(01:47:48):
bucks off of every client or every customer.

Speaker 5 (01:47:51):
No?

Speaker 4 (01:47:51):
And really, what I think is the reason for class
action isn't necessarily to get everybody rich, not just to
punish the cost.

Speaker 10 (01:48:01):
To stop it, like because otherwise, what is the incentive
for companies to not do that? Because there isn't one, right, Yeah,
because you can't. Individuals aren't going to sue them over
sixty bucks.

Speaker 4 (01:48:10):
But on that side of the ballgame, I mean you're
out there going after these companies, I mean, how do
you you're representing sometimes what thousands? Tens of thousands?

Speaker 8 (01:48:21):
What I mean?

Speaker 10 (01:48:22):
Usually, Yeah, the class most classes are quite large. If
it's a national company, they're going to have you know,
thousands of people in them.

Speaker 4 (01:48:28):
In the bottom line is what your job was. I
mean as one of the attorneys. I mean basically you're
just putting the whole thing together. I mean all you're
doing is working at a desk with paperwork for the
most part.

Speaker 10 (01:48:39):
Yeah, lots and lots of paperwork. You got to go
through probably customer service records. So like if we had
a case like, okay, give us all access to every
customer service note you've ever made for the last five years,
well as you can imagine that, it's thousands and thousands.

Speaker 5 (01:48:52):
Of thousands and thousands, it had to be boring quite frankly.

Speaker 4 (01:48:56):
Right, Yeah, that's why you got out of it.

Speaker 5 (01:49:00):
So, but how much time and money would go into it?

Speaker 4 (01:49:03):
So let's say, I don't know, take one of the
medium size once or one of the larger how much
did the firm basically invest in it? And I'm talking
about advertising to the class, I'm talking everything.

Speaker 5 (01:49:14):
Oh yeah, it would be nothing to put five million
in it.

Speaker 10 (01:49:17):
Yeah, it could be millions, yep, for sure, easily and
before you even know, right, So, as it's telling Dimetrie
like you've got to get that class certified, and that's
not easy. You got to show he is a turds
similarly similarly situated, and defense attorneys just live off of
showing how all these people did not suffer the same injury.

Speaker 8 (01:49:37):
Right, It's very hard to do, actually, and.

Speaker 4 (01:49:39):
The reason they want to do that is that everybody
needs a separate attorney in a separate court case.

Speaker 10 (01:49:44):
Yeah, we can't have a class here. All these people
got to be individually investigated.

Speaker 4 (01:49:47):
Oh my goodness, that sounds like just so much work, honestly,
But you're right, there's nothing. And I'll say this, if any,
if if any attorney that we deal with, and we
have great attorneys and refer list, but if any really
kind of aligned with the show. Really, your background is
quite incredible because when you came out of law school, seriously,
you wanted to go after these injustices. You wanted to

(01:50:10):
go after the bad guys. But I mean, you know,
you start after what you do that for ten years? Yep,
and you just said that's it, I'm done.

Speaker 10 (01:50:18):
Yeah, it's you know, it's being alligator is a it's different.

Speaker 8 (01:50:24):
It's a pretty stressful life.

Speaker 10 (01:50:25):
So yeah, it's some people are really up for that
kind of adrenaline and that kind of fighting every day
wasn't really my Did you.

Speaker 4 (01:50:31):
Take a lot from that going into a state planning
because you're one of the best out there.

Speaker 5 (01:50:35):
You got it?

Speaker 10 (01:50:36):
I mean yes, I mean so we had a case
that was not a class action, that was just a
fight between a couple of families that had a business together,
that was a couple of generations in and it was
not It was one of the lest pleasant cases ever
did because we had all the personal emotions involved on
top of the business stuff.

Speaker 5 (01:50:52):
So is there a lot of times in estate planning?

Speaker 4 (01:50:54):
And I promised Garama, I'm going to get back to
you John, and then Deputy Bo's got to comment out
of one line open three ord th Martino, we talk
about family businesses of state planning. I'm not going to
say who, but we know somebody that basically owns automotive
shops and they have multiple locations and it's all one family,
but different ones run and own each location. It's kind

(01:51:19):
of weird. I don't know how this stock breaks up
or anything, but do you deal a lot with circumstances
like that to where someone's either talking about key Man
insurance for the estate or they're talking about literally if
I want to pass it down to my son, but
my brother doesn't want to deal with my son for
whatever reason. You kind of design the operating agreement. I mean,

(01:51:41):
is is that like big time in your wheelhouse?

Speaker 10 (01:51:44):
Yeah, you want to be thoughtful about that, for sure.
But closely held businesses are a real challenge.

Speaker 4 (01:51:49):
Especially when you go into business with someone. I guess
really it doesn't matter family member or not. It's a
marriage yep. In fact, for lack of the better words,
that's all marriage is. I mean, you're entering into a business.
I'm being serious. So when people come to you, whether
they're coming to you for a simple will, I liked
how I saw.

Speaker 5 (01:52:08):
That look from Susanna. It's a business.

Speaker 4 (01:52:11):
So when people come to you and they sit down,
I mean, generally what's happening.

Speaker 5 (01:52:17):
You're gonna go, okay, you know, why are you here.

Speaker 4 (01:52:19):
They're going to say, hey, we just had a baby,
or we haven't updated our will forever. You kind of
go over their needs while we're there, and then I
assume at that point you kind of sit on it,
you think of different suggestions, then you approach them with
your ideas and have kind of a Q and a yeah.

Speaker 8 (01:52:36):
I mean we like to just tell you here's your options.

Speaker 10 (01:52:38):
I mean, you talked about avoiding probate and does everybody
need a trust earlier?

Speaker 8 (01:52:41):
And you know, I really don't take that position. We
do a lot of.

Speaker 10 (01:52:44):
Plans that have no trust planning in them at all.
It just comes down to your priorities. Do you care
about avoiding courts? Some people don't, you know, probate process
unlike litigation, where it's like this is going to be
a fight, there's no this is a fight, but it probates.
A lot of probates are not fights, right, it's not
necessarily critical that every single person avoided I.

Speaker 4 (01:53:03):
Get to But but at that point when you give
them the different options, I mean, you're not going to
be billing someone hourly to write the will. You already
understand what they want. You're going to say, hey, that's
going to be this, and you're going to tell them
then if you want to go to the next step
and do this, it's going to be that.

Speaker 5 (01:53:19):
So I mean, it's not I.

Speaker 4 (01:53:20):
Don't want to say ala carte, but in a way
it is ala carte or different options, correct, and then
you give them a flat rate price.

Speaker 5 (01:53:28):
Now, what wouldn't be a flat rate price.

Speaker 10 (01:53:33):
So there is some stuff you stay on the funding side.
And by that I mean like, Okay, you've got the
estate plan and now, like we've talked about, like you
could have an estate plan with all this beautiful trust
planning in it, and then you've got your life insurance
policy directed at a person and maybe you didn't want that.
You wanted to go into the trust, right, and so
you just got to make sure that the stuff on
the way you've titled it, the way it doesn'ty have beneficiaries,

(01:53:54):
also is lines up with what you wrote up.

Speaker 5 (01:53:57):
So getting I want to go back to the trust.

Speaker 4 (01:54:00):
So Suzanna and I have had one forever, but we
have not moved everything into it.

Speaker 5 (01:54:04):
It really is kind of a pain. Do you do
this for people?

Speaker 4 (01:54:08):
Not only can you set up the trust the way
they want it set up, or tell them how it
should be set up however you want to look at it,
but do you actually go the other step and offer,
once again ala carte, if you want me to move
the house into the trust, I'll do that. If you
want me to look at the operating documents for this

(01:54:29):
particular business and get all of that in there, So
that's moved into the trust.

Speaker 5 (01:54:34):
Do you go to that level?

Speaker 10 (01:54:36):
Yeah, I mean when we set up trust, we usually
put the house in there for them. Well, usually take
care of that. We have signed the personal property, we
sign business interests into the trust, so I'll do it all.

Speaker 8 (01:54:46):
We don't do. I mean, it's not like your Schwab accounts,
like you got to do that, right.

Speaker 5 (01:54:49):
Yeah, but once again, that's not going into the trust.

Speaker 8 (01:54:53):
Why because they're iras.

Speaker 4 (01:54:54):
It would be beneficiary, wouldn't it. Well, no, we've got okay,
I don't mind talking about it. We've at multiple accounts
I call trading accounts. Some of them my day trade,
other ones long term stuff. It doesn't matter. But there's
lots of assets and they just sit there and I
do what I do with them.

Speaker 10 (01:55:10):
I trust because I mean, if they're not IRA's, they
should be in the trust because the trust covers the
incapacity events too.

Speaker 4 (01:55:18):
Well, okay, I get that part, which we did do
in the trust. I mean, you know, we named our
daughter of you know, if if we can't think for ourselves, basically,
she's over our health and our financial But but if
we die, if they're the beneficiary, why would that go
into his trust? Just like a bank account. Why would

(01:55:38):
our personal bank account, I'm asking.

Speaker 10 (01:55:39):
It depends on have you put any restrictions in place
on how she can access that money?

Speaker 5 (01:55:45):
If we're no, we haven't, okay.

Speaker 4 (01:55:46):
So if you have a car at this point in
both of our kids' lives, they split the money, they
can do whatever they want with it.

Speaker 8 (01:55:52):
So probably not.

Speaker 10 (01:55:53):
You probably would name her as a beneficiary again, like
she's using powers of attorney if you are incapacitated to
access to those funds.

Speaker 8 (01:56:01):
Yeah, I mean those sometimes you hit barriers with those.

Speaker 4 (01:56:05):
Okay, So it's not the best way to do. It's
basically what you're saying, yeah, okay, and you don't know everything.

Speaker 8 (01:56:11):
Like why wouldn't you put it in there?

Speaker 4 (01:56:13):
Well, okay, why And I asked that same question, why
wouldn't you put a checking account in there? I mean,
it's kind of crazy to go out and rename our
joint account, you know, Major Trust one, two three, whatever
it is, and now we're writing checks on Major Trust
instead of Mark or Suzanne Major when we could just
name a beneficiary for the cash. So I don't see

(01:56:35):
the difference between that and the trading accounts.

Speaker 5 (01:56:39):
That's that was just my logic.

Speaker 10 (01:56:41):
Because in a checking account, as you mentioned, a lot
of times, the banks will say, okay, well set up
this trust account for it's gona be a differ account.
You're gonna have a different account number, different debit car,
different checks. Yeah, a little bit of a pain to
get that set up, but then it's no different. But
most people don't want to go through that pain because
it's like I got ten thousand bucks in my checking
account in any even time.

Speaker 8 (01:56:58):
It's not.

Speaker 5 (01:56:59):
Yeah, it's not.

Speaker 8 (01:56:59):
Yeah.

Speaker 10 (01:57:00):
That's the other part on the checking I'm in your
slave accounts. I assume you're not pulling money in and
out every day, right, like a checking account. So I
just feel like that is not quite as much of
an issue must with most people's brokerage accounts.

Speaker 5 (01:57:12):
Okay, no, I appreciate that. That sounds like solid advice, sir.

Speaker 4 (01:57:17):
And Garamo, I promise, well, God, dang, I'm way over
all right, Garamo, I'm gonna come back to you. John's
got a question for Dan McKenzie. Real quick, John, just
say it real quick so he can think about it.
What is the question for John? All right, I'm sorry
for Dan.

Speaker 17 (01:57:34):
If my son, so my house isn't paid for I'm
nearly seventy years old. So if I die, I want
to be sure that my daughter gets my equity in
my house. Is that just a basic wheel?

Speaker 4 (01:57:48):
All right, hold on, we're gonna, We're gonna nothing's basic
these days.

Speaker 11 (01:57:52):
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Speaker 13 (01:58:01):
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Speaker 11 (01:58:07):
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Speaker 4 (01:58:29):
All right, three O three seven one three eight two
five five Because we do have a guest in Garamo.
I promise I'm dying to hear that update. But I
want to ask John real quick, John, what is your question?
For Dan mackenzie?

Speaker 17 (01:58:41):
So if I'm if I don't live long enough to
pay my home off U and I want my daughter
to get my equity, which is uh, you know it's
around seven hundred thousand dollars. Wow, So how do I
sure that she is going to get that? What kind
of wheel would I need?

Speaker 4 (01:59:01):
And I want to add something to that, Dan, and
I the reason I am interjection. The interjection is this
is very important. There's different ways to leave it, which
I want you to talk about. But he's not bringing
up tax consequences at all, and that's a very important
part of his question.

Speaker 10 (01:59:18):
Yeah, because you do want to make sure that she
inherits today your death if possible, So we'll hold onto
that house because you probably have a lot of gain
built up in it and you want to avoid that
capital gains tax. But that was not your question. Your
question is how does she get the equity? If she's
the one who in Arisida. It sounds like she's probably
your only.

Speaker 8 (01:59:34):
Child and that you are not married.

Speaker 10 (01:59:36):
So you could leave it directly to her through a will.
You could record a beneficiary deed transfer the house to
her at your death. There's a couple of different ways
to do it. But whatever you do, she is going
to receive it. The mortgage company will require her to
refinance as soon as they find out that it's not
owned by you.

Speaker 8 (01:59:55):
Anymore or sell it. Yeah, usually it gets so old.
But yeah, yeah she will get the equity.

Speaker 4 (02:00:02):
But the one way I do not want you to
do and chime in, Dan if you don't agree with me,
would be a quit claim before you die.

Speaker 6 (02:00:09):
Yeah.

Speaker 10 (02:00:09):
People do that a lot, and that does get rid
of that capitol gains step up and then the person
who receives the house potentially has to pay you know,
six figures at capital gains tax they could have avoided.

Speaker 4 (02:00:19):
Yeah, that's a big part, John, that is a massive part.
We have so many people after the fact and there's
not a damn thing you can do, Dan, that basically
they quit claimed it thinking well, I want to give
it to my daughter, I don't have any other kids
or whatever, and before they die they quit claim it,
and then all of a sudden when they died, like
you said, you know, of if they got a million
bucks in equity, they'redihed out one hundred and fifty grand.

Speaker 5 (02:00:42):
They didn't have to.

Speaker 10 (02:00:42):
Yeah, we've seen people around here that bought their houses
for one hundred thousand dollars or less and they're now
a million bucks.

Speaker 5 (02:00:48):
Right, So, John, you got any other questions?

Speaker 17 (02:00:52):
I know, No, that that pretty much ansed it.

Speaker 5 (02:00:55):
Do you have a will set up? Do you have
anything like that?

Speaker 17 (02:00:59):
No, I don't. I don't have anything.

Speaker 5 (02:01:01):
Right now, you should really call Dan.

Speaker 4 (02:01:03):
I mean, you're talking seven hundred thousand dollars to be
quite honest. Okay, I'm going to say something, and there
might be two rules of thought, because I don't know
how much money people's kids have. But you know, I'm
an only child. I paid for my parents live in Florida.
I paid for all their stuff. I paid for their
estate planning because ultimately all it does is benefit me,

(02:01:25):
and they're my parents. So I don't know why in
a case like John, someone that stands to inherit seven
hundred thousand dollars of equity from the house wouldn't pay
to make sure it's done right.

Speaker 5 (02:01:36):
I just don't know why. Do you see that a lot?

Speaker 10 (02:01:39):
It certainly happens, and it is weird that that is
the weird part about state planning is the people making
the plan and the people receiving the benefits of the
plan are not the same people.

Speaker 8 (02:01:47):
So, yeah, they might have a difference of opinion.

Speaker 5 (02:01:51):
Yeah, but you're still going to be dealing with the
parents in most cases.

Speaker 10 (02:01:54):
Yeah, you just got to be careful as the lawyer
receiving money from somebody who isn't the client, that they
understand that.

Speaker 5 (02:02:00):
Well, it's not even so that's not even how I
did it.

Speaker 4 (02:02:03):
My parents found somebody that they were comfortable with that
my dad dealt with professionally in his life at one point,
and they did the planning. I just paid the bill
on it. Yeah, I mean, that's more or less what
I'm saying. I see what you're saying, though, that could
get a little tricky. If I called you up and said,
you know, my parents are fine, they live over here
in Centennial, and I want you to draft all this

(02:02:24):
up and I'll have them sign it. I mean, that
could get a little weird. In fact, is that even
legal for you.

Speaker 8 (02:02:30):
To have what somebody else drafted?

Speaker 6 (02:02:32):
Yeah?

Speaker 5 (02:02:32):
So no, no, no. So let's say I come to
you and I say here's what I want, Yeah, and
I and I basically create their trust for me, and
then I tell you I'm going to go out and
get it signed.

Speaker 10 (02:02:42):
I mean they're gonna have Yeah, they're going to have
to execute it. They're gon have to have capacity and
not be pressured. And you know, there's no undue influence,
there's they know what they're signing, like there's so that
is the limitation on it. But yeah, as the attorney,
if that situation came up, I'd be like, I got
to meet your parents.

Speaker 15 (02:02:58):
It is.

Speaker 4 (02:02:58):
So it's really anybody out there. Any questions you have
after the show. First of all, you can find Dan
on a refer list. He's been in studio with us
for years and years and years. But the phone number
eight three three CEO plans, if you haven't had the
will looked at, if you don't know, if you need
a trust, if you just had a baby, if your
kids just turned over eighteen, there's so many reasons to

(02:03:22):
go back and look at things.

Speaker 5 (02:03:24):
Did you know this?

Speaker 4 (02:03:25):
And once again Dan, if I say this incorrect, but
I'm basing this off, calls people forget to update the trust.
And let's say Uncle Fred's on the trust and he
gets one tenth of whatever, and you don't update it.
When Uncle Fred dies, uncle Fred's kids will end up
getting that portion.

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Speaker 4 (02:04:25):
All right, three oh three seven one three eight two
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Look.

Speaker 4 (02:04:30):
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Speaker 6 (02:04:41):
He goes.

Speaker 4 (02:04:42):
People don't want to Yeah, they do. He flies a helicopter.
You know how many people privately fly a helicopter in
the state of Colorado.

Speaker 5 (02:04:48):
Two? Okay, so let let let's talk real world.

Speaker 6 (02:04:52):
Who's the other one?

Speaker 5 (02:04:53):
I have no idea.

Speaker 4 (02:04:54):
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most financial advisors. Ask yours, I don't care who it

(02:05:16):
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(02:05:38):
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(02:06:27):
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(02:06:49):
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Speaker 6 (02:07:02):
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Speaker 8 (02:07:07):
All right.

Speaker 4 (02:07:08):
I said my piece with that, and I mean it.
I mean every word of that. I have personally known.
Time coming on thirty years, I do want to finish
up with Gierra Guillermo.

Speaker 5 (02:07:17):
Notice how I had to look at my fanatical spelling
to get it right. But Guerremo, here's the bottom line.
This roofer came out. He took five thousand dollars from you.
He's only paid five hundred back. You called a while back.
You've got a court case coming up. I assume it's
small claims, right, correct?

Speaker 18 (02:07:35):
Yes?

Speaker 4 (02:07:36):
Do you have the PaperWorks? You have the two forty
eight and do you have the two fifty the PDF
two forty eight and two fifty?

Speaker 14 (02:07:44):
Uh bottom? Since two fifty did EF two fifty.

Speaker 4 (02:07:49):
Two forty eight? The instructions? What questions? What w what
specific questions do you have?

Speaker 17 (02:07:58):
Well?

Speaker 18 (02:07:58):
I guess one of the first one is to well.
In one of them, it says J of the JDS
document two fifty, it says visual officer, a magistrate or
judge may may hear your case. I thought a judge
wasn't going to hear the case overall? Well, so do
I have to do?

Speaker 9 (02:08:16):
Well?

Speaker 4 (02:08:16):
It doesn't matter. I mean, generally most counties Denver ironically
is not one, but most, including Douglas County a rapo,
you generally have to go to mediation first. But if
he doesn't show up, none of that's going to matter.
And if you don't agree to what he says. Let's
say he does show up for mediation and he goes, well,
i'll pay him five hundred bucks a month. You're going

(02:08:37):
to look at the mediator and said he already agreed
to that six months ago, when he hasn't done it,
So I don't agree to it. So you'll get to
choose whether you're going to go in front of a
judge a Magistrate's not going to matter. In fact, I'm
gonna ask Dan mackenzie, attorney a law. I mean, a
magistrate is a judge, but there must be a difference. Literally,
what is the difference? Is it time on the bench?

Speaker 8 (02:08:57):
No?

Speaker 10 (02:08:57):
I mean a magistrate is employed by the they're they're
not really an official judge. They are employed by the
judiciary to help alleviate the caseload of the judges. You
have to consent to using them or if they are assigned.
If it is assigned to a magistrate, you can ask
that to be assigned back to a judge. But a
lot of magistrates are great, and uh yeah, it's no
you know, I got some magistrates who are great and

(02:09:18):
some judges aren't.

Speaker 4 (02:09:19):
Yeh exactly, so so really it doesn't matter. But with
small claims on that form, they're basically telling you if
you go the route of small claims. You're agreeing right now.
It could be a magistrate. So I highly doubt they're
going to let you change it. But I have no
idea why you would.

Speaker 12 (02:09:37):
Gerimo, is that is that magistrate judge's name Garland?

Speaker 18 (02:09:43):
Well we'll see the thing is that?

Speaker 8 (02:09:45):
Okay?

Speaker 18 (02:09:45):
So I went in there. I went to the Adams
County Justice Center, submitted all the paperwork. They gave me,
this stalk me and the sit for you for me
to review, and one of like, I think it's like
it's like the instructions but it's a different name, but
it's just information for plaintiffs and small quaims. Yeah, and
it says on J, ABC, BF whatever through J And

(02:10:06):
then it just threw me off on that part. I
just thought, I guess overall, we're just going to be
in mediation when I go on January thirty. First, if
even goes right.

Speaker 4 (02:10:16):
Yeah, mediation is generally generally first, just go up. I
don't think he's going to show up, and then basically
you'll go in front of a judge. In fact, if
he doesn't show up, you should ask some mediator. If
the judge is there, if she can or he can
go in and basically just get the judgment right then
and there if they don't show up.

Speaker 5 (02:10:39):
But then the hard part comes. I got to put
you on hold because I'm running.

Speaker 4 (02:10:43):
Give him my email, Kelly, give Gierramo my email, because
getting the judgment when someone doesn't show up, and that
happens all the time, that's the easy part. Then, believe
it or not, you're gonna have to start all over again.
And what I mean by that is now you've got
to go serve him with interrogatories and you got to
track him down, and then you got to serve him again.
And then when he doesn't fill him out within fifteen

(02:11:04):
or thirty days, whatever whatever the time period is, then
guess what you gotta do.

Speaker 5 (02:11:09):
Then you got to go back in front of.

Speaker 4 (02:11:10):
That judge and you got to tell the judge to
hold him in contempt because he had a certain amount
of time to fill out the interrogratories. Then guess what,
You start all over again. Then you take that contempt
order and go serve them and then you bring it
back to the judge.

Speaker 5 (02:11:24):
That's the good part.

Speaker 4 (02:11:26):
Once you go through all that, most likely he's going
to have a bench warrant out for him for forty
five hundred bucks. So if he gets picked up speeding
or robbing a liquor store, or gets arrested at all,
he's going to sit into the can. He's gonna sit
in the can until you pay it. That's just the
way it works. I gotta take this.

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