Estate planning isn't just for the wealthy—it's essential for anyone who wants to protect their home, assets, and family from probate costs and legal complications after death. And the LGBTQ+ community faces unique challenges that proper estate planning addresses. Oscar Vasquez shares practical insights on how living trusts and other legal documents can save your loved ones time, money, and stress.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Dr. T (00:00):
Did you know that 68% of Americans don't have a valid
will or estate plan Forhomeowners?
This means their loved onescould face the harsh reality of
lengthy, expensive probateprocesses after losing up to 8%
of the estate's value in fees.
Oscar Basquez is the founder ofEstatePrepcom and he
specializes in helping familiesavoid these unnecessary burdens
(00:20):
by creating living trusts andother essential legal documents.
Oscar brings practical insights, real-life examples and a clear
message Estate planning isn'tjust for the wealthy.
It's for anyone who wants toprotect their home, assets and
family.
You'll discover how a simplestep like creating a living
trust can save time, money andstress, ensuring your legacy is
passed down withoutcomplications.
(00:41):
And if you listen until the endof the show, you'll see how you
can receive an exclusivediscount code for estate
planning services.
This is an episode that youcan't afford to miss.
Here's our conversation.
Welcome, oscar.
Thanks for being on the show.
You know what?
Oscar (00:56):
Thank you so much, dr.
Angelica and Casey, forallowing me Cassie, sorry, I'm
dyslexic and for allowing me tobe on your podcast and sharing
in my crusade of bringingawareness to estate planning.
Thank you for that.
Dr. T (01:12):
Yeah, no, I really appreciate it.
You reaching out and the topicsthat you described were really
ideal for our community andwould be very informative.
So tell me what you're.
You are the founder of estatedoc prep.
What exactly is estate planning?
Because some people make methat word and they think, oh, I
don't have any state, I don'thave lots of assets, so I don't
(01:34):
need it.
So what is estate planning?
Oscar (01:36):
I'll tell you what.
That's one of the biggestmisconceptions that you got to
be wealthy Cause I think we'reall rich in our heart, right,
cause rich has nothing to bewith that.
But I think even when you'rehappy emotionally is when you're
wealthy.
But estate planning is a plan,because every government, every
state in the land, which is ourgovernment, has a plan for us on
(01:58):
what happens to our things whenwe die, and they call that an
estate.
And so everybody has an estate.
It's just a matter of how bigthe estate is.
A lot of people have some of usthat sacrificed.
We have retirement plans, wehave real estate, we have cars,
we have jewelry, we have thingsthat sometimes have bigger value
(02:19):
or more value than monetizationvalue, but it has a value and
that's all what's considered anestate, everything.
And people would say can youbreak it down?
I say the simplest way that Ican break down an estate is
everything that you, it'severything you own that you
can't take with you when youpass.
Okay, that's pretty mucheverything.
(02:39):
Yeah, that makes it simple.
Dr. T (02:41):
Okay, so I'm curious how did you get into this business?
Oscar (02:49):
Oh, I'll tell you, I'm a serial entrepreneur.
I've been in the real estatebusiness for over 28 years and
I've been helping homeowners andhomeowners protect their assets
.
Because one of the things, oneof the most horrible stories
that we get as real estateprofessionals is when they get
one of your customer's kids comeand say, hey, mom died.
But the attorney said I have tosell the house to pay him to go
(03:12):
to probate.
And then you have to sit thereand explain to them that,
because they didn't have anestate plan, that the government
already has a plan for all thethings that we own when we die
and they're like what do youmean?
What?
That's mom's house, that's ourhouse.
What do you mean?
I have to sell it.
So what happened is I started torefer them to state planning
attorneys and 10 years ago, 15years ago, an estate plan, a
comprehensive estate plan, was$600.
(03:34):
And about three, four or fiveyears ago it went from $600 to
3000 to 5000.
Now it's anywhere from fourthousand to ten thousand to get
a comprehensive estate plan donefor your estate.
And then I started to deal withattorneys and then attorneys
started to get backlogged.
They were taking longer andlonger to accomplish the estate
(03:56):
plan and complete it.
So I always I took the guys outand said, hey, man, help me
understand why it's taking solong.
And they said what's the highdemand?
Oscar, and because the probatecosts in California.
I'm in the state of Californiaand probate costs Now it starts
off at 26 to $50,000.
That's where it starts and thenit can go up.
And I said, wow, that's amazing.
(04:17):
And he goes yeah, so that's whyour fees are like 10% of that.
So you figure, if you knew forsure you were one going to die
and two, you knew for sure thatthe estate plan was going to
save you, you're going to pay10% of the taxes now versus
later.
People buy it just because ofthe economics.
And then I said break it downfor me.
(04:38):
Is there a way that?
How I can do it?
He goes look, the easiest wayis understanding what an estate
plan is In a nutshell.
When he broke it down, it hitlike an aha moment for me
because he says an estate plan,an AKA living trust, is a
contract between you, which isthe trustee, and your kids or
(05:01):
your loved ones, and it's calledthe contract because the courts
help you enforce it.
That's why it's called thecontract so, but basically it's
the instructions you leave yourloved ones when you pass.
And I said, so what are thelimitations?
He goes?
The limitations are only islimited to the imagination and
the instructions you're willingto give.
And I was like, wow, that'samazing, he goes, so every goes.
(05:22):
Yeah, every state has a legalprovision that needs to be in
there so the living trust isrecognized in that state.
So every state has a smallparagraph legal provision that
needs to be in there or legalprovisions.
If you're in California, newYork and Florida, they have many
provisions, not just one,because those states they just
(05:44):
like to tax us.
Then we got in.
So then I took a lot of theresources that my wife and I had
and we started this softwarebusiness and so basically, in a
nutshell, estateprep is asoftware company that makes
estate planning affordable tothe masses, okay, okay, because
it's a fraction of the cost andyou could do it on your own time
(06:06):
.
And we do things completelydifferent than everybody else.
We're not just a softwarecompany.
We actually work with you, weactually take the time, we're on
the phone with you or on a Zoomand explaining it in layman's
terms what these legalprovisions mean and how to be
able to protect the ones thatyou love, right, because, in all
(06:26):
essence, we can't take anythingwith us.
We work for the loved ones thatwe have.
We work for others, right.
That's what I speak for myself.
That's what motivates me isbeing able to give my family and
my loved ones the life thatmost people can dream of, or at
least I think so.
Dr. T (06:43):
But that's how we got involved with it Okay.
So it sounds a little bit likelegal zone, but more person or
human interaction.
Oscar (06:51):
Yes, that is, I would say , if that was probably.
That is one of our biggestcompetitor, and the only
difference between them and usis that we have the personal
touch and we do things atfraction of a cost.
But we also like we point outstuff that most people don't
think of, and I'll give you anexample.
One of the things that we pointout a lot of is when you go
(07:11):
into your burial plan, in yourliving trust, it says, hey,
where do you want to get buried?
I want to get buried in thisstate, this is where I want to,
or this is what I want.
And one of the things that wedo is we have financial services
that we add on.
And one of the things that wedo is we add on burial policies
and we help them pay for aburial policy so their loved
ones don't have to accumulatethat cost or have the burden of
(07:35):
that cost.
And we always say, hey, I gogive you an example in our
culture, in our Hispanic culture, we all come to this country
thinking that we're going tocome make a fortune and then go
back.
Right, but that doesn't happenbecause we forgot that there's a
cost of living here.
Right, and it's expensive, butwe all have the dream, or a lot
of our people that come fromMexico want to be buried at home
(07:58):
and they say you know what?
I want to be buried.
I want to go back with mygrandparents, my ancestors, I
want to be buried in my land.
That's my belief, that's what Iwant and to not carry that
burden to their family.
They get a burial policy thattakes their body to the land or
the promised land where theywant to be buried.
Dr. T (08:20):
It's things to think about it and it's honestly
really selfish for people to notplan because they don't want to
.
They're like, oh, I don't wantto think about dying or that
that's going to be a curse orwhatever.
But you are doing a lot of harmfor people, for your loved ones
, who you leave behind or wantto carry out your wishes Like.
I know mom would want this, Iknow dad would want this, but I
(08:41):
now have to come up with allthis money to take care of their
wishes.
It's really important to havethat information out there.
Oscar (08:47):
Yeah, and I always tell them there's two options, right.
One is you get a burial policy.
Or two, pick out your picturefor the GoFundMe page, Right?
And I always say people that dothe GoFundMe, it's not that
they did it's.
I think they didn't get aburial policy because they
didn't know it existed.
Because how do you not be inyour 40s, 50s or get up in the
(09:08):
age and not realize that youknow what I mean.
When you're in your 30s, you'renever going to die.
I mean you're going.
But when you get up higher up,you go into the realization that
, hey, you know what my days arenumbered.
I'm going to take it back to it.
I want to do these things.
The quality of time is so muchmore precious than any amount of
dollar that you have.
Dr. T (09:26):
because of that, I'm going to back up, you said a
word that I think a lot ofpeople may not be that familiar
with.
They may have heard about it,but not know what it is Probate,
what is that?
Oscar (09:34):
Oh, wow, I'm going to tell you.
I'm going to tell you.
If you guys are listening rightnow, grab a pen and paper,
because what I'm about to tellyou it's going to surprise you,
it's going to wow you and, morethan anything, if you are a
homeowner or you meet thethreshold requirement, it's
going to scare you because Ithink it penalizes the middle
(09:56):
class.
But probate, in essence, iswhere the government makes the
decisions on what happens toyour assets when you die.
So I always tell people thisGoogle what is the threshold to
avoid to go to probate?
In California?
The answer is 184.5.
Okay, in Indiana it's 50.
(10:18):
Oh, wow.
And in Colorado it's 60.
In Utah it's 100.
Those are the ones I havememorized and I could.
I just did those trusts not toolong ago.
So I always ask people this,and the reason for that is
because the cost of probate isextremely expensive and I'll
give you an example.
In California, the minimum itstarts off if you own a house.
(10:39):
If you own a house inCalifornia, you're automatically
get.
It's automatically worth morethan 150184,000.
Even there's homes in Indiananow that are worth more than
$50,000.
I had a lady that I just helpedwith one of the clients.
She got referred to us.
She has a retirement.
She goes oh, my house isprobably worth like $60,000.
We did a sight unseen appraisal, because I'm in the business.
(11:01):
It was worth $180,000.
She goes oh my God, some guyjust offered me 90.
I was almost going to sell it.
Oh wow, and I said there you go.
Now you know, right Now youknow that it's worth a lot more
than you anticipated.
So one you got to meet thethreshold and then you have to
go to probate.
And what happens in probate isthe following Four things that
(11:22):
are really scary in probate.
One is you're going to get paida tremendous amount of attorney
fees, court fees, and thereason why?
Because it has to be public.
That means all your assetsbecome public.
Anything that has value, itbecomes public.
And here's what they say in thepublic notices.
They say if Oscar owes youmoney, come forward, because he
(11:43):
has this much in assets and hehas this much money, come
forward One.
Two If you think that youdeserve, or that you're a
beneficiary, or you are a lovedone that feels that you have a
right to some of his assets ofan inheritance, come forward.
And then the court then decideson what happens to your assets
(12:09):
and it describes it.
Now, I've never had a court orheard of a case anywhere like in
the news or anything where thecourt said, oh, these are your
loved ones, oh, you know what,we're not going to give it to
them, we're going to give it tosomebody you don't know.
Right, we don't.
I've never heard that.
I I think at the end ourgovernment still has a little
bit of humanity in them andthey're not taking our stuff and
(12:29):
they're giving it to our lovedones.
But it doesn't avoid theprocess of the expense and the
imputation of the non-privacy ofgoing to the court.
So the third thing is that theymake their decision.
The fourth thing is that,probate there's a delay for you
to get your assets and thatdelay in California is anywhere
(12:50):
from eight.
It's six to 24 months, takessix months just to get a hearing
.
Imagine that you have a nicelittle nest egg.
You're a beneficiary, you're abeneficiary.
You have a beneficiary right onyour retirement account and it
exceeds the threshold.
The court still has to approvethat money goes to her or him or
(13:13):
your loved ones.
It doesn't just pass Now.
They'll get it.
Some banks, even if there's abeneficiary, if it exceeds that
threshold, if you have more than$184,000 or $185,000.
In California, I've heard ofbanks where they freeze your
account and you get no accessuntil you go to probate.
Now you're forced to pay theattorney and, granted, I don't
(13:34):
think that $184,000 estate isgoing to cost you the same as a
$700,000 house, but so I alwaystell people to avoid that.
Those are the things thatprobate what happens to your
stuff and you and your lovedones when you pass.
So, if you love, if I had causeI deal a lot with educators and
(13:57):
she said damn kids, they don'teven come visit me.
I'm going to make them go toprobate.
But she said it in a laughingway.
And she goes.
No, she goes, oscar, I love mykids and they're all busy,
they're all grown up.
I remember that.
I remember doing the same thingto my mother.
I grew up and I was always busy, never went going to visit her.
My mother always wanted to bethere, right, but I think all of
our mothers are like that.
So that's the things that youwant to avoid and that's the
(14:20):
number one reason.
The number one reason, thenumber one reason.
I think it should be the numberfour reason, but it's the
number one reason why people getan estate plan is to avoid
probate if you meet thethreshold.
Dr. T (14:30):
Okay.
So let me make sure I'm clearIf I live in California and I
don't have a living revocabletrust, that's right.
Even if I list, like on my bankaccount and on my 401k, if I
list my spouse as thebeneficiary, I will still go to
probate if my assets exceed the184,500.
Oscar (14:54):
That's going to determine on the person that's managing
the account If they just give itto you.
They don't, and some of them,it all depends on who that is.
Now, by law you shouldn't haveto because you already got
listed as the beneficiary.
You already got listed as thebeneficiary, but some banks just
make you go through that extrahoop.
They say you know what?
It's a large sum of money.
(15:14):
We want to make sure thateverything's okay, Right?
Dr. T (15:18):
I and, but you definitely go into probate if you don't
have anyone listed as abeneficiary.
That is a guarantee.
Okay, and again, assets aregoing to include an old car and
whatever money you have in thebank, either in regular checking
savings or 401k Roth IRA, allthose things.
Oscar (15:37):
Yes, that is correct, those are total assets, okay.
Dr. T (15:43):
Now, so that makes sense to me.
What is the difference betweena living revocable trust and a
will?
Do you need both?
Okay, now, so that makes senseto me.
What is the difference betweena living?
Oscar (15:48):
revocable trust and a will.
Do you need both?
Okay, the living trust comeswith a protection of a will with
it.
However, a will is a two-pagedocument that says I love you, I
leave you everything, but itdoesn't prevent you from going
to probate.
It's the instructions the judgeuses to be able to weigh on his
decision.
(16:08):
Okay, a living trust is theonly document that prevents you
from going to probate.
And the living trust documentis anywhere from about 120 to
about 180 pages because of allthe legal provisions and we dig
deep, you dig deep, on yourinstructions.
So it's there is no doubt wheremom wanted to be buried, because
(16:31):
mom will write it down.
She does no doubt.
If she wants to be cremated,there's no doubt on what kind of
services she wanted.
Mom or dad or loved ones orsiblings right, because they
have that in their trust.
There is no doubt on what youhave and that's the biggest
difference between a trust andwill not prevent you from going
(16:52):
to probate.
And it's a simple I always saythat document to love you, to
love you document that thecourts use to help make their
decision on disbursements, butthey it just a document that
they reference.
They don't follow it, theydon't have to follow it because
it's not a legal document and itcan be challenged.
If anybody challenges it, thefirst thing they do is they just
(17:13):
throw it out of court.
That's the biggest difference.
Dr. T (17:16):
Okay, and so the living revocable trust.
Are they different?
Living trusts versus livingrevocable trusts?
That's a term I've always heard.
Oscar (17:23):
No different living tracts versus literally
revocable tracts.
That's a term I've always heard.
No, a living revocable trustmeans that you can make changes
until you're alive Irrevocable.
I'll give an example.
Let's just say you had a lovedone and you wanted to make sure
you put assets in that they cannever take out.
You want to create legacywealth, right, or generational
wealth.
That means you put money in andthey can only take out portions
(17:45):
of it according to yourinstructions.
They can't move the entireasset.
Irrevocable.
Okay, irrevocable living trustbecomes irrevocable once you die
.
So you and your partner or yourspouse cannot make changes once
one of you dies, or you can ifdepending on the instructions
that you choose.
Okay, gotcha, that makes sense,but once you both die, it
(18:07):
becomes irrevocable, yourinstructions stay and regardless
of what you have in place.
Dr. T (18:14):
If you owe people money, they're getting that first, and
then what's left is followed bythe trust.
Oscar (18:20):
Here's the thing If when you put assets into the trust
it's called funding, when youput assets into the trust owns
the assets.
You don't own it, so your debtdies with you.
As long as you don't put thedebt in the name of the trust,
don't have to pay it Because youown.
You control everything, but ownnothing.
Dr. T (18:39):
Okay, you said something important that I actually was
not clear on, because I have aliving revocable trust that I
have put like my 401k.
Right At one point I put thebeneficiary as a trust.
You're saying don't do that.
Oscar (18:56):
Yes, you want that, yeah, and because then you give, now
you give on your revocable trust.
Now you could build legacy andsay, okay, I'll give you an
example, like if your 401k is inthe wall street casino, that
can lose money, gain money.
You say, hey, you know what?
I want to put it into a safemoney retirement account that
only accumulates money thatdoesn't lose money.
And then you say that.
(19:17):
And then you say then I want myloved ones to be able to draw a
pension, and here's why youwant to draw money from it for
the rest of their life.
Because once it's like thehundred I always use the analogy
of the a hundred dollar bill.
When you have a hundred dollarbill, you go buy a Coke.
You'll never see that a hundreddollar bill again until you go
get another one.
But once you break it, you,once you had the money in your
(19:37):
hand, you could spend it.
So then it's better to givethem $20 bills, because you can
give it to them five times overtime and the money that's in the
trust can compound over time.
Right, and I always tell peoplego look up the story.
What you know, double what apenny is when it doubles every
day.
That's once you understand thatand I think it takes a while
(19:58):
for us to get that we have toget to a certain age to
comprehend.
That's amazing what compoundingdoes Right, okay.
Dr. T (20:04):
So if I don't put my home , the beneficiary, if I don't
put my home, if I don't put thebeneficiary as my trust, then
instead I put it at if I don'tleave a beneficiary.
Is there a difference betweennot leaving a beneficiary on the
trust versus leaving it as anindividual, like leaving my wife
as a beneficiary of the home?
Oscar (20:21):
Yeah, I'll tell you what happens.
There's a tax basis.
For example, let's just say youbought the house for
conversation's sake.
You bought the house at$100,000.
And God gives you a long life,gives you guys a long life, and
now you pass first, and now thehouse is worth $500,000.
When you pass and it's in theliving trust, that becomes the
(20:43):
new tax basis.
So she pays no taxes from the$100,000 to the $400,000.
There's no money, and that isincluded rental property.
So she pays no taxes from the$100,000 to the $400,000.
Okay, there's no money, andthat is included rental property
.
That includes investmentproperty.
So imagine you buy.
That's why 99% of people thathave grandma, grandpa or an aunt
or an uncle in California theysay yeah, you know what, Just
sell the house and send me themoney because it's going to be a
(21:06):
tax-free, a windfall of money.
Okay, and that's theinstruction that you would need.
So one is that if you don'thave it in the trust, there's
possible implications of tax,inheritance tax, capital gains
tax and all kinds of differenttax assessments.
I'll give you an example.
My mother left a house in thetrust and that property it only
(21:27):
pays $1,600 a year in propertytaxes, where in my house, I'm
paying 30,000, almost $30,000 ayear in taxes, right, which is
that's almost that's 2,500 bucksin taxes, but we put up with it
because we're still here inCalifornia.
Dr. T (21:45):
Okay, and so if I were to leave the home directly to my
wife, even as a spouse?
Okay, and so if I were to leavethe home directly to my wife,
and she was even as a spousewhen I, if I, die, and her name
is on it and not the trust, thenshe has to pay.
She always could, oh, but sheonly has to pay if she sells it.
She doesn't just have to pay,it's either whoever when she
sells it.
Oscar (22:01):
When she sells it, then whoever you named as the second
beneficiary or the secondsurvivor of that asset, then
they'll have to pay it gotcha.
And then so if you leave it inand your trust, if you leave it
in your trust, she can livethere forever and then whoever
lives for and then it becomes anew assessment when she died,
because you guys would be on,you guys would should be, or
(22:24):
depend on your partnership oryour relationship.
But if you guys are saying thisis and here's the part of about
a comprehensive living trust,it's mine, hers or ours.
And when it's ours, then thenext question is can they make
changes to the trust when I'mgone?
Right, if it's ours?
(22:46):
In every traditional home theyalways say if my kids die before
me, I don't want their spouseor their partner to get any of
it, I want their grandkids toget it or I want it to be
divided into their siblings.
That's where that comprehensiveliving trust goes deeper in,
and being able to lay it out, toknow that all that ends.
So that's what goes into thehuman element that we were
(23:08):
talking about earlier that says,hey, you can sit down and do a
living trust all the questionsin about 35 to 45 minutes.
But that's if you don't have,if you have all the answers or
you just answer them quickly.
But there's a human element.
There's a human element to itthat always spouses and partners
always want to discuss aboutwhat you want to have happen and
(23:31):
what it looks like for you, andthen it's the human element of
the conversation to be able tocontribute to it and say, hey,
this is what I want.
You know what about if you move?
I'll give you an example.
We had a couple in WestHollywood that he was came from
a previous relationship, but hecame with the house and he says,
listen, I want my partner tostay in the house, for I want
him to have what's called a lifeestate.
(23:53):
I want him to stay and if he'sand if he's ill, he will.
I want him to rent the houseand benefit from the income of
the house and when he passes,then the kids from my previous
relationship will then get thebenefit of the sale of the house
.
Until then, I want my spouse, mypartner, my loved one that are
(24:13):
with me for the rest of my lifeto be able to have what's called
a life estate.
Stay there forever, benefitsforever, and if she's not doing
well, she wants to.
He or she what was him?
Wants to rent it.
I want the income to go 100%for them, and so they had.
And it's like saying I want totake care of my partner forever,
right, and he'll, until he'sgone.
(24:35):
And when that, and then whenI'm gone, then when that happens
, then my secondary loved onesget it.
Because that's what?
Because it's always yourpartner, right, your partner's
first, then your kids, so it'sgot to be because they're the
ones going to put up with you.
Dr. T (24:53):
I think about the queer community and some unique
challenges that we might face.
They never know what's going tohappen with marriage, equality
and things like that.
Oscar (25:01):
Estate planning is essential for our community
because it's a must, and I'mgoing to tell you why.
Because there's four majordocuments that protect you, as
in your community.
Four of them, and I get I'm notfar from West LA, we have a
very high population in West LAand everybody does well in in
(25:22):
your community and you guys arealways hard workers and we
always it's like everybody elseright In America we all work to
make that.
So one of the things, thedocuments, is what's called a
healthcare directive.
Okay, the healthcare directiveis a mandatory for your spouse.
You can get these, you can getthese drawn up automatically,
but you want to be able to getthe healthcare directive right
(25:45):
and that with the healthcaredirective there's also comes
what's called a HIPAA waiverthat you want to give your
partner, and the health caredirective gives your partner the
legal right to make anydecisions about you, because
nobody knows you, like yourpartner, like my wife I could
start a sentence and my wifewill finish it she always says,
(26:07):
oh, you're leaving early today,today's Friday, she already
knows.
Oh, it's two o'clock, you'restill here.
What's wrong?
So so that's the.
Those are the first twodocuments.
The third document is called afinancial power of attorney.
Now, because you're anddepending on what state you're
on.
But this document, thefinancial power of attorney,
(26:28):
gives your partner the right tobe able to have access to your
financial assets without youdying.
Let me give you an example.
We had a couple that thehusband was a truck driver, he
got in an accident, he had anice little nest egg in the 401k
and she was a teacher.
She took leave from her work togo be with him at the hospital.
(26:50):
And he she called and saysOscar, you know what?
I think I want to sell thehouse.
But you know, because myhusband's in the hospital and I
want to be there and he's notdoing good, what do I do?
And I said look, you got totrust.
You got a financial power ofattorney.
Go to his 401k, withdraw money,because he can withdraw money.
You can withdraw money on hisbehalf because it's to benefit
(27:10):
him, where you can get access tothe money.
You can live off of that untilhe, until one he gets better and
comes home.
So you don't have to sell thehouse.
Because what are you going todo if you sell the house?
What are you going to do whenhe comes home?
We're going to take him.
I'm stuck and we.
So we took that, went to the401k.
He I'm stuck, and so we tookthat, went to the 401k.
He goes I'm already.
I'm only.
(27:31):
I already called.
They said I'm the beneficiary.
I'm not actually, no, but whathappens is it means, as a
beneficiary, you can only takeaccess to the money when you die
.
When he died, as in power ofattorney, you have access to the
resources while he's alive tomaintain the time and the
emotional support that ispriceless and she goes.
You know what I want to go?
Do that.
I said there you go, you havethe document.
(27:52):
So one is the financial powerof attorney, two is the HIPAA
waiver, three is the health caredirective and then you also
have what's called aguardianship plan, which means
when your spouse gets older orthey get some type of disease or
some type of mental orsomething happens where they
become incapacitated, they'regranting you full guardianship
(28:16):
to them as an adult.
Right, you can use this forchildren, but in the career
committee it's better known asyour partner's guardianship in
case something happens to you.
So it's not have norelationship, you have.
No, you can't do, you can'tmake no.
No, here it is, bro, here's mydocument.
I have full rights.
(28:36):
I'm bringing her home with me,right, and there is nothing that
they can do about that.
When that happens, when youhave that full guardianship for
you as an adult, and then you'llbe able to do that, because
when we get sick it doesn'thappen.
It doesn't happen in six months, so we don't have six months of
warning.
It happens like that and whenthat happens, if you don't have
(28:56):
your documents in place, then itbecomes a document that you
can't even deal with, becausenow you have siblings and you
have other family members thatare questioning the integrity of
the document.
Okay, okay With the living trust.
When everything is signed,there's three people that are at
the signing.
Okay, it's the two trustees,which is count as one, and then
(29:18):
you have the notary and then youhave two witnesses.
Okay, and the reason for that?
It needs to be beyond areasonable doubt that you
executed that document that way.
The judge gets it.
Somebody files a claim, theylook at it and they throw it out
.
Bro, no, this is what shewanted.
You ain't getting nothing.
There is no dispute of whathappens to her things.
She can go deal with the livingtrust, whatever the trust says.
(29:41):
If things happen separately andthere's some finagling with
financial.
It's a different situation andI'm not giving legal advice.
I'm just telling you situationsthat I have seen happen and how
trust are built and the powerof them that they have to be
able to protect.
And I think that one is.
The second reason is tax basis.
The third reason is because ofthe detailed instructions to
(30:02):
build legacy.
And the fourth reason shouldn'tbe the number one reason is to
leave peace of mind to yourloved ones.
Be the number one reason is toleave peace of mind to your
loved ones and knowing that you,that one, they're taken care of
and two, there is no debatewith them and the other parts of
the family that's going todebate on what's going to happen
to you and that you have fullpower and that's and that right
(30:23):
there is and I would say youwant.
There was five of us.
We had a small debate but atthe end some of us, we just said
you know what?
Let's just do what we,everybody thinks is right, let's
do that.
Took a couple, took a littlebit longer anticipated, but we
got through the process becausemom said you guys all have to
from five different.
(30:43):
We all grew up in the samehouse, but we went five
different roads in Langdon, soit happens.
Dr. T (30:50):
So I'm going to give you, we'll give you a couple of
scenarios and you tell us whichdocument addresses that.
One that immediately comes tomind is my partner is
transgender not in real life,but my partner is transgender.
And they pass, and whetherwe're married, we're not.
Let's say we're not whetherwe're married or not, but let's
just say we're not married.
They pass away.
(31:11):
Their parents say no, I'm goingto bury this person as under
their dead name I'm going tobury them as they were born male
, so I'm going to bury themunder their male name and not
the name that they'vetransitioned to, and refer to
that person as he, him, insteadof she, her, in the eulogy and
things like that.
What document would say wouldmy partner, who's transgender,
(31:35):
give to me as their partner tosay, no, it doesn't matter what
your parents say, this is what Iwant and I'm going to make sure
that I enforce that, so thatthey're honored upon death.
Oscar (31:45):
It's part of your living trust.
It's part of your living trustand it's called the end of life
instructions.
Okay, could you assign somebodyin your living trust?
It's called the executor.
If it's your partner, you callhim a, call him or her a trustee
.
Okay, so your living trust doesthat, because I can see how
(32:05):
that could be an issue in anysituation like that.
Right, that that's man.
That's like the worst thing,that's like living a nightmare
right there.
Yeah, no, what do you mean?
You're going to do that?
I don't care what you say.
Well, no, I get it.
No, but you put that into yourliving trust and that becomes
watch, that becomes the legalcontract that the courts enforce
.
Okay, and that's why writingout those end of life
(32:33):
instructions is so important.
That's why that's the humanelement that takes time Write
that out.
And I think that when people oneof the most comments I hear
after they get the signingceremony I get you know what?
Because a lot of people come tous to have a living trust and
they get what's called arestatement, because the cost of
(32:53):
the living trust of arestatement most attorneys
charge the same as creating itright.
So with our software you get alifetime access for one-time fee
and you can make as manychanges as you want.
And I always tell people lookone, protect your assets, and
then you and your spouse take aweekend, take a day, take as
(33:14):
much time as you want, and thenyou go back and make as many
changes and as detailed as youwant it, and when they get done
with it they're like oh my God,oscar, you know what?
We just added this.
We added that we're talkingabout this.
What has other people done?
Because the only thing that wecan bring we're not attorneys,
we don't prepare documents andwe don't but one thing that we
have we've helped hundreds andhundreds of people create now
(33:37):
probably thousands.
Now all of us and all theagents help them with stories
about how they created LivingTrust right and the instructions
.
I've seen some instructions.
There was two that I can thinkof that were very memorable.
There were queer ones, but theywere memorable of one, of a
special needs child, and one ofthe things that they did is,
(33:59):
every year since she was thechild she was now 22 at the time
, but since she was 10 theywould do a month, a yearly trip
to an amusement park, and sothey put funds away so they can
have that and they could go intothe amusement park.
So that way when she passed shehad those assets one.
The second one that was an ahamoment for me was the where they
(34:20):
had the mother had one son,only had one child, but he had,
uh, abused substance and abuse,and she put on the provision
that he could not get all themoney one at once and she had to
get a percentage of the totalasset, of a total that would get
an interest, so it would lasthim forever.
(34:40):
But he had to take a drug testand an alcohol hair test every
30 days and if he was dirty youcouldn't get any money.
Cause, he said and I said getany money.
Because he said, and I saidJackson, I said that's a little
aggressive he goes, you knowwhat, oscar, he ain't going to
be high or drunk on my money aslong as whether I'm alive or
dead, exactly.
And you even said it's what Iwant to have happen, that's what
(35:05):
I want to have happen.
I said then you write it down,right, but those are like
provisions that you go, wow,right, that's a deep thought to
saying, hey, that's being real.
I think of knowing this is whoI have as a child, exactly, and
I want to protect them from that, from themselves.
Yeah, because some of us needthat.
(35:26):
Wow, but those are that doctor.
You got another scenario for me.
Dr. T (35:32):
I think I know where this would be covered under.
But just having someone who isnot your spouse in the hospital
and here it's come.
They don't honor yourrelationship, same-sex
relationship.
They don't honor yourrelationship and they're like,
okay, this is my child'sincapacitated now.
So now I'm going to tell thedoctors that this person is not
actually family and they cannotcome here.
(35:52):
Is that going to be thehealthcare directive or
guardianship plan.
Oscar (35:58):
That's going to be with the living trust, with the
healthcare directive.
So the living trust and thehealthcare directive.
But you need the living trustto have the legal provisions to
make the health care directiveeven stronger than just
something.
Because here's what happens Ifthe living trust, the health
care directive, the power ofattorney and everything else got
signed at one time, then itbecomes bulletproof and
(36:21):
uncontestable because they'regoing to contest it.
They're not.
They're going to fight you tothe nail.
No, I don't.
Hey, listen, with all duerespect, they're not.
They're going to fight you tothe nail.
No, I don't.
Hey, listen, with all duerespect, I have, this is her
wishes.
And the doctor's going to saylisten, you guys just need to
have rotation time.
You need to do what you got todo, which is a man.
These are tough situations.
You think about that and that's.
(36:43):
That's real.
Dr. T (36:45):
Yeah, they're unique to our community and they're ones
I've heard before, and justthink about how unfair things
can be when people don't respectand don't have dignity for
their loved ones because oftheir own personal beliefs.
It's ridiculous.
Cassy (36:59):
And a scenario like this so what if I say something to a
woman?
Right, but in a scenario where,if one of us has a child and
the other person is on there asthe beneficiary, or something
happened to that person, andthen the family wants to say,
okay, but she has a child, so itshouldn't go to you.
Oscar (37:18):
How does that work?
No, that's part of theguardianship plan.
Okay, you name her, you nameyour partner in your trust and
then you name your child.
Because one of the questions isdo you have any children from a
previous relationship?
Yes, are they under the age of18?
Yes, great, who do you want tohave?
My child, my trustee, mypartner, my loved one.
(37:39):
There is no debate, there is noquestion of what happens with
that child, and that in itselfis worth, because here's the
thing what happens to a child,not only the emotional distress
that goes through that, the base, but when they go into social
(37:59):
services, that's like child jail, that's, that's like the worst
thing, trauma that you could.
Those are the things that younever forget.
You can say you forget, butdown deep inside you don't
forget.
That's the kind of stuff thatwhen somebody was like really
mean, you go like ah, yeah, Iforgot that, I'm over that, but
down deep inside you remember.
You remember that.
Dr. T (38:17):
Lydia, yeah, I remember First pass.
Oscar (38:21):
I'm happy to, yeah, but no.
So the living trust.
Now remember, can thesedocuments be used?
Yes, but in your guys' positionyou need to have it bulletproof
and that means it needs to bepart of your trust, right,
because the court's going to saywait a minute, there is no
doubt, because they went throughthis entire process of creating
(38:44):
living trust, there is no doubt.
And then that's where youprotect it.
And I never even thought of thatbeing a market, of that being
unique, that situation, becauseman I that's, I would say, peace
of mind has no price andpreparedness and being able to
(39:05):
leave your loved ones with whatthey plan in place, because
that's basically an estate planis, it's a plan for your end of
your life and what happens whenyou're gone.
And I think that by listeningto those scenarios, I never even
really thought about how deepand how deep that goes.
I've heard some ugly storiesand I have two, I have three, I
(39:28):
have two from my wife's side andthree from my that have their
own beliefs, but we always, Ialways deal and I say listen, I
love you no matter what, I don'tcare what your dad says, but
you're always welcome here.
That my, my compadre, I said.
Why are you having them overthere?
You know what?
I don't.
That's your belief, bro.
I don't believe.
I don't tell you what god tobelieve in.
I'll tell you what to do.
(39:49):
I don't do anything like that,but that's it.
But I see how thatdiscrimination is.
It's not even it's ugly, it'snot.
That's the only word that I candescribe the discrimination
that that can.
You can prevent it, though,from the family.
What if you have the rightdocument, legal provisions in
place, can you charge for yourservice?
Okay, let me tell you I gotthree gifts that I'm gonna give
(40:11):
you today.
I'm gonna give you, I'm gonnagive you.
Uh, the first one that I'mgonna give you give you is
called an artificialintelligence customer service
line, where you can call thiscustomer line and ask any
questions.
She's not there to pressure you.
We call her Lisa.
It's artificial intelligence.
She's there.
At the end of the call she'llask any more questions.
Would you like to speak to ahuman or set up an appointment?
(40:32):
If not, she'll say thank youand she'll hang up.
That's 805-909-4689.
That's the phone number.
Now, the second gift that I wantto give you is called a
Comprehensive Estate PlanningGuide, and the reason why I
created this guide it's about 30pages long now is because
(40:52):
there's a human element.
There's questions on there thatget asked and that takes time
and I would say full disclosure.
If you can answer all thesequestions, it doesn't mean you
have an estate plan in place.
That just means that you'reprepared to fill it out in 45
minutes.
But these are those questionsnow and that goes to estateprep
(41:14):
forward slash guide.
It's a free guide about 31pages and you're going to notice
a lot in that guide.
It has space one, two and three.
So it's one, two and three.
Who do you want first?
Who do you want second?
Who do you want third?
Even though you could makechanges to it anytime you want,
I always tell people threebecause life gets in the way
Before you know.
It'll be 10, 15, 20 years andif someone outlives you or
(41:40):
precedes you or whatever, who'sthe next person that really
understands what you want?
That's and that goes with that,and then the last one one
second.
Dr. T (41:46):
You said it's a state prepcom forward slash guide.
Oscar (41:50):
Yes, ma'am all right and that, and I'll send you, I send
you some, I'll send you thelinks so you guys can publish
them and they're on, and they'reon the chat that we have.
Okay, and then the last one isI have a discount code for the
first 10 customers.
Whether first 10 people thatwant to protect their families
get an estate plan is you can goto estateprep purchase and go
(42:12):
to where it says you buy.
You can use the discount codeQUEER Q-U-E-E-R and that will
save you $1,000 off of alifetime value of an estate plan
.
This means now attorneys charge$1,200 to $1,800 to get an
update on the estate plan ifthey created it.
If they didn't create it,they're going to want to charge
(42:34):
you a whole new amount andcharge you the full amount
$4,000 to $6,000 or $8,000 tocreate it.
They're going to want to chargeyou a whole new amount and
charge you the full amount forthe four to six thousand or
eight thousand dollars to createit, and then they're going to
charge you updates If they don't.
With our software, you're goingto get unlimited updates and
it's a comprehensive livingtrust.
Now, what makes us different isone simple fact we're on the
phone with you at least three tofour times during your estate
(42:54):
process.
And I say that because once youdo it, once you're going to say,
oh, this is easy, I know whereto find it.
Boom.
I'm going to add this I'm goingto create this letter.
We have unlimited fundingletters.
Most attorneys charge $250 tofund an asset in there.
You can do it on their online.
Unlimited letters for the restof your life, okay, and then
(43:14):
you'll be able to get.
Now I have a large in our and Isay our community, because our
hispanics we're just we're weman, we multiply we, they run a
lady.
One lady said can I change thename?
So I want to give thisguardianship.
She gave out guardianships.
She put the guardianship to allof her kids and all the
grandkids.
She put them and gave them forchristmas.
Right, and she said here I'llbe the guardian for your kid,
(43:36):
just sign it, send it to me.
I said, but she gave out those,so you have all the unlimited
documents that you can preparefor you and your family.
So you could be able to do thatand then every year, if you want
, every year that you want tochange is a small fee of 129 and
that helps us pay for theattorneys for everybody that
uses that state.
For that year it's 129.
That's it for the rest of yourlife and you have a vault and
(43:59):
you have access to it.
So I always say that for thefirst 10 people type in queer,
get a discount.
If you want a consultation, askthe AI to book a call with me.
We'll talk.
I don't give out legal advice.
I don't prepare documents, butI can tell you I've prepared
thousands and thousands.
I've been involved with them inthe sense over the last
probably 20 years.
I've done quite a bit of themand I think that I don't have
(44:20):
the legal credentials, but whatI do have is the experience of
knowing all the families and thestories of what happens, and
sometimes that brings a littlebit more value than just getting
a credential Right.
Wow, great information, huh.
Dr. T (44:38):
It's so important.
I realize that we're missing acouple of things.
And we have the Living Rule,google Trust, we have the will,
but we don't have the otherthings.
We don't have the healthcaredirective, the HIPAA waiver, the
financial power attorney or theguardianship plan.
So we need to add some thingsto our estate planning portfolio
.
Oscar (44:55):
I always tell people you know what?
It's too late for yesterday,tomorrow's not promised.
The best time is today.
Make it happen right, go do itnow.
And so 68% and this is why I'mon the crusade, because 68% of
homeowners in America don't knowthat they need an estate
planner they're going to go toprobate 68.
(45:15):
And I came to me and I said whyis that?
And I only come to theconclusion that is because they
don't know.
They don't know that it exists.
And now in your community, Imean, what a great, I didn't
realize.
I'm literally like thinking wow, what a what something for most
people to say.
(45:36):
Now you know, you have an out.
If you're listening to this,you have a way to protect your
spouse, and that is prices.
That's worth $1,400 all daylong and twice on Sunday.
Right, a hundred percent.
Dr. T (45:47):
Yeah, there are things that we have to think about that
other people don't have tothink about and yeah, thank you
so much, Oscar, for thisinformation and it's definitely
invaluable Listeners.
Again, I'll put everything inthe show notes, but if you go on
the website and you can use thediscount code queer, that will
save you a thousand dollars.
It's only for the first 10people, so don't wait.
Cassy (46:12):
10 people will hear this before you know it and will
decide to act on it, so don'tmiss out on your discount.
Thank you, oscar.
This was some really goodinformation that's definitely
going to really help to bringsome reassurance to the query
community, especially in theseuncertain times.
So listen, dear, you have metOscar Vasquez.
He's the owner and founder ofestateprepcom.
(46:36):
Please get in line right awayand, as Dr Thompson said, this
is called Queer 10.
People are going to jump inhere real quick.
This is an opportunity for youto prepare your family for
what's to come.
Thank you, oscar.
Oscar (46:52):
Thank you very much and God bless you.
Girls, talk to you soon.
Did you know that 68% of Americans don't have a valid
will or estate plan Forhomeowners?
This means their loved onescould face the harsh reality of
lengthy, expensive probateprocesses after losing up to 8%
of the estate's value in fees.
Oscar Basquez is the founder ofEstatePrepcom and he
specializes in helping familiesavoid these unnecessary burdens
(00:20):
by creating living trusts andother essential legal documents.
Oscar brings practical insights, real-life examples and a clear
message Estate planning isn'tjust for the wealthy.
It's for anyone who wants toprotect their home, assets and
family.
You'll discover how a simplestep like creating a living
trust can save time, money andstress, ensuring your legacy is
passed down withoutcomplications.
(00:41):
And if you listen until the endof the show, you'll see how you
can receive an exclusivediscount code for estate
planning services.
This is an episode that youcan't afford to miss.
Here's our conversation.
Welcome, oscar.
Thanks for being on the show.
You know what?
Oscar (00:56):
Thank you so much, dr.
Angelica and Casey, forallowing me Cassie, sorry, I'm
dyslexic and for allowing me tobe on your podcast and sharing
in my crusade of bringingawareness to estate planning.
Thank you for that.
Dr. T (01:12):
Yeah, no, I really appreciate it.
You reaching out and the topicsthat you described were really
ideal for our community andwould be very informative.
So tell me what you're.
You are the founder of estatedoc prep.
What exactly is estate planning?
Because some people make methat word and they think, oh, I
don't have any state, I don'thave lots of assets, so I don't
(01:34):
need it.
So what is estate planning?
Oscar (01:36):
I'll tell you what.
That's one of the biggestmisconceptions that you got to
be wealthy Cause I think we'reall rich in our heart, right,
cause rich has nothing to bewith that.
But I think even when you'rehappy emotionally is when you're
wealthy.
But estate planning is a plan,because every government, every
state in the land, which is ourgovernment, has a plan for us on
(01:58):
what happens to our things whenwe die, and they call that an
estate.
And so everybody has an estate.
It's just a matter of how bigthe estate is.
A lot of people have some of usthat sacrificed.
We have retirement plans, wehave real estate, we have cars,
we have jewelry, we have thingsthat sometimes have bigger value
(02:19):
or more value than monetizationvalue, but it has a value and
that's all what's considered anestate, everything.
And people would say can youbreak it down?
I say the simplest way that Ican break down an estate is
everything that you, it'severything you own that you
can't take with you when youpass.
Okay, that's pretty mucheverything.
(02:39):
Yeah, that makes it simple.
Dr. T (02:41):
Okay, so I'm curious how did you get into this business?
Oscar (02:49):
Oh, I'll tell you, I'm a serial entrepreneur.
I've been in the real estatebusiness for over 28 years and
I've been helping homeowners andhomeowners protect their assets
.
Because one of the things, oneof the most horrible stories
that we get as real estateprofessionals is when they get
one of your customer's kids comeand say, hey, mom died.
But the attorney said I have tosell the house to pay him to go
(03:12):
to probate.
And then you have to sit thereand explain to them that,
because they didn't have anestate plan, that the government
already has a plan for all thethings that we own when we die
and they're like what do youmean?
What?
That's mom's house, that's ourhouse.
What do you mean?
I have to sell it.
So what happened is I started torefer them to state planning
attorneys and 10 years ago, 15years ago, an estate plan, a
comprehensive estate plan, was$600.
(03:34):
And about three, four or fiveyears ago it went from $600 to
3000 to 5000.
Now it's anywhere from fourthousand to ten thousand to get
a comprehensive estate plan donefor your estate.
And then I started to deal withattorneys and then attorneys
started to get backlogged.
They were taking longer andlonger to accomplish the estate
(03:56):
plan and complete it.
So I always I took the guys outand said, hey, man, help me
understand why it's taking solong.
And they said what's the highdemand?
Oscar, and because the probatecosts in California.
I'm in the state of Californiaand probate costs Now it starts
off at 26 to $50,000.
That's where it starts and thenit can go up.
And I said, wow, that's amazing.
(04:17):
And he goes yeah, so that's whyour fees are like 10% of that.
So you figure, if you knew forsure you were one going to die
and two, you knew for sure thatthe estate plan was going to
save you, you're going to pay10% of the taxes now versus
later.
People buy it just because ofthe economics.
And then I said break it downfor me.
(04:38):
Is there a way that?
How I can do it?
He goes look, the easiest wayis understanding what an estate
plan is In a nutshell.
When he broke it down, it hitlike an aha moment for me
because he says an estate plan,an AKA living trust, is a
contract between you, which isthe trustee, and your kids or
(05:01):
your loved ones, and it's calledthe contract because the courts
help you enforce it.
That's why it's called thecontract so, but basically it's
the instructions you leave yourloved ones when you pass.
And I said, so what are thelimitations?
He goes?
The limitations are only islimited to the imagination and
the instructions you're willingto give.
And I was like, wow, that'samazing, he goes, so every goes.
(05:22):
Yeah, every state has a legalprovision that needs to be in
there so the living trust isrecognized in that state.
So every state has a smallparagraph legal provision that
needs to be in there or legalprovisions.
If you're in California, newYork and Florida, they have many
provisions, not just one,because those states they just
(05:44):
like to tax us.
Then we got in.
So then I took a lot of theresources that my wife and I had
and we started this softwarebusiness and so basically, in a
nutshell, estateprep is asoftware company that makes
estate planning affordable tothe masses, okay, okay, because
it's a fraction of the cost andyou could do it on your own time
(06:06):
.
And we do things completelydifferent than everybody else.
We're not just a softwarecompany.
We actually work with you, weactually take the time, we're on
the phone with you or on a Zoomand explaining it in layman's
terms what these legalprovisions mean and how to be
able to protect the ones thatyou love, right, because, in all
(06:26):
essence, we can't take anythingwith us.
We work for the loved ones thatwe have.
We work for others, right.
That's what I speak for myself.
That's what motivates me isbeing able to give my family and
my loved ones the life thatmost people can dream of, or at
least I think so.
Dr. T (06:43):
But that's how we got involved with it Okay.
So it sounds a little bit likelegal zone, but more person or
human interaction.
Oscar (06:51):
Yes, that is, I would say , if that was probably.
That is one of our biggestcompetitor, and the only
difference between them and usis that we have the personal
touch and we do things atfraction of a cost.
But we also like we point outstuff that most people don't
think of, and I'll give you anexample.
One of the things that we pointout a lot of is when you go
(07:11):
into your burial plan, in yourliving trust, it says, hey,
where do you want to get buried?
I want to get buried in thisstate, this is where I want to,
or this is what I want.
And one of the things that wedo is we have financial services
that we add on.
And one of the things that wedo is we add on burial policies
and we help them pay for aburial policy so their loved
ones don't have to accumulatethat cost or have the burden of
(07:35):
that cost.
And we always say, hey, I gogive you an example in our
culture, in our Hispanic culture, we all come to this country
thinking that we're going tocome make a fortune and then go
back.
Right, but that doesn't happenbecause we forgot that there's a
cost of living here.
Right, and it's expensive, butwe all have the dream, or a lot
of our people that come fromMexico want to be buried at home
(07:58):
and they say you know what?
I want to be buried.
I want to go back with mygrandparents, my ancestors, I
want to be buried in my land.
That's my belief, that's what Iwant and to not carry that
burden to their family.
They get a burial policy thattakes their body to the land or
the promised land where theywant to be buried.
Dr. T (08:20):
It's things to think about it and it's honestly
really selfish for people to notplan because they don't want to
.
They're like, oh, I don't wantto think about dying or that
that's going to be a curse orwhatever.
But you are doing a lot of harmfor people, for your loved ones
, who you leave behind or wantto carry out your wishes Like.
I know mom would want this, Iknow dad would want this, but I
(08:41):
now have to come up with allthis money to take care of their
wishes.
It's really important to havethat information out there.
Oscar (08:47):
Yeah, and I always tell them there's two options, right.
One is you get a burial policy.
Or two, pick out your picturefor the GoFundMe page, Right?
And I always say people that dothe GoFundMe, it's not that
they did it's.
I think they didn't get aburial policy because they
didn't know it existed.
Because how do you not be inyour 40s, 50s or get up in the
(09:08):
age and not realize that youknow what I mean.
When you're in your 30s, you'renever going to die.
I mean you're going.
But when you get up higher up,you go into the realization that
, hey, you know what my days arenumbered.
I'm going to take it back to it.
I want to do these things.
The quality of time is so muchmore precious than any amount of
dollar that you have.
Dr. T (09:26):
because of that, I'm going to back up, you said a
word that I think a lot ofpeople may not be that familiar
with.
They may have heard about it,but not know what it is Probate,
what is that?
Oscar (09:34):
Oh, wow, I'm going to tell you.
I'm going to tell you.
If you guys are listening rightnow, grab a pen and paper,
because what I'm about to tellyou it's going to surprise you,
it's going to wow you and, morethan anything, if you are a
homeowner or you meet thethreshold requirement, it's
going to scare you because Ithink it penalizes the middle
(09:56):
class.
But probate, in essence, iswhere the government makes the
decisions on what happens toyour assets when you die.
So I always tell people thisGoogle what is the threshold to
avoid to go to probate?
In California?
The answer is 184.5.
Okay, in Indiana it's 50.
(10:18):
Oh, wow.
And in Colorado it's 60.
In Utah it's 100.
Those are the ones I havememorized and I could.
I just did those trusts not toolong ago.
So I always ask people this,and the reason for that is
because the cost of probate isextremely expensive and I'll
give you an example.
In California, the minimum itstarts off if you own a house.
(10:39):
If you own a house inCalifornia, you're automatically
get.
It's automatically worth morethan 150184,000.
Even there's homes in Indiananow that are worth more than
$50,000.
I had a lady that I just helpedwith one of the clients.
She got referred to us.
She has a retirement.
She goes oh, my house isprobably worth like $60,000.
We did a sight unseen appraisal, because I'm in the business.
(11:01):
It was worth $180,000.
She goes oh my God, some guyjust offered me 90.
I was almost going to sell it.
Oh wow, and I said there you go.
Now you know, right Now youknow that it's worth a lot more
than you anticipated.
So one you got to meet thethreshold and then you have to
go to probate.
And what happens in probate isthe following Four things that
(11:22):
are really scary in probate.
One is you're going to get paida tremendous amount of attorney
fees, court fees, and thereason why?
Because it has to be public.
That means all your assetsbecome public.
Anything that has value, itbecomes public.
And here's what they say in thepublic notices.
They say if Oscar owes youmoney, come forward, because he
(11:43):
has this much in assets and hehas this much money, come
forward One.
Two If you think that youdeserve, or that you're a
beneficiary, or you are a lovedone that feels that you have a
right to some of his assets ofan inheritance, come forward.
And then the court then decideson what happens to your assets
(12:09):
and it describes it.
Now, I've never had a court orheard of a case anywhere like in
the news or anything where thecourt said, oh, these are your
loved ones, oh, you know what,we're not going to give it to
them, we're going to give it tosomebody you don't know.
Right, we don't.
I've never heard that.
I I think at the end ourgovernment still has a little
bit of humanity in them andthey're not taking our stuff and
(12:29):
they're giving it to our lovedones.
But it doesn't avoid theprocess of the expense and the
imputation of the non-privacy ofgoing to the court.
So the third thing is that theymake their decision.
The fourth thing is that,probate there's a delay for you
to get your assets and thatdelay in California is anywhere
(12:50):
from eight.
It's six to 24 months, takessix months just to get a hearing
.
Imagine that you have a nicelittle nest egg.
You're a beneficiary, you're abeneficiary.
You have a beneficiary right onyour retirement account and it
exceeds the threshold.
The court still has to approvethat money goes to her or him or
(13:13):
your loved ones.
It doesn't just pass Now.
They'll get it.
Some banks, even if there's abeneficiary, if it exceeds that
threshold, if you have more than$184,000 or $185,000.
In California, I've heard ofbanks where they freeze your
account and you get no accessuntil you go to probate.
Now you're forced to pay theattorney and, granted, I don't
(13:34):
think that $184,000 estate isgoing to cost you the same as a
$700,000 house, but so I alwaystell people to avoid that.
Those are the things thatprobate what happens to your
stuff and you and your lovedones when you pass.
So, if you love, if I had causeI deal a lot with educators and
(13:57):
she said damn kids, they don'teven come visit me.
I'm going to make them go toprobate.
But she said it in a laughingway.
And she goes.
No, she goes, oscar, I love mykids and they're all busy,
they're all grown up.
I remember that.
I remember doing the same thingto my mother.
I grew up and I was always busy, never went going to visit her.
My mother always wanted to bethere, right, but I think all of
our mothers are like that.
So that's the things that youwant to avoid and that's the
(14:20):
number one reason.
The number one reason, thenumber one reason.
I think it should be the numberfour reason, but it's the
number one reason why people getan estate plan is to avoid
probate if you meet thethreshold.
Dr. T (14:30):
Okay.
So let me make sure I'm clearIf I live in California and I
don't have a living revocabletrust, that's right.
Even if I list, like on my bankaccount and on my 401k, if I
list my spouse as thebeneficiary, I will still go to
probate if my assets exceed the184,500.
Oscar (14:54):
That's going to determine on the person that's managing
the account If they just give itto you.
They don't, and some of them,it all depends on who that is.
Now, by law you shouldn't haveto because you already got
listed as the beneficiary.
You already got listed as thebeneficiary, but some banks just
make you go through that extrahoop.
They say you know what?
It's a large sum of money.
(15:14):
We want to make sure thateverything's okay, Right?
Dr. T (15:18):
I and, but you definitely go into probate if you don't
have anyone listed as abeneficiary.
That is a guarantee.
Okay, and again, assets aregoing to include an old car and
whatever money you have in thebank, either in regular checking
savings or 401k Roth IRA, allthose things.
Oscar (15:37):
Yes, that is correct, those are total assets, okay.
Dr. T (15:43):
Now, so that makes sense to me.
What is the difference betweena living revocable trust and a
will?
Do you need both?
Okay, now, so that makes senseto me.
What is the difference betweena living?
Oscar (15:48):
revocable trust and a will.
Do you need both?
Okay, the living trust comeswith a protection of a will with
it.
However, a will is a two-pagedocument that says I love you, I
leave you everything, but itdoesn't prevent you from going
to probate.
It's the instructions the judgeuses to be able to weigh on his
decision.
(16:08):
Okay, a living trust is theonly document that prevents you
from going to probate.
And the living trust documentis anywhere from about 120 to
about 180 pages because of allthe legal provisions and we dig
deep, you dig deep, on yourinstructions.
So it's there is no doubt wheremom wanted to be buried, because
(16:31):
mom will write it down.
She does no doubt.
If she wants to be cremated,there's no doubt on what kind of
services she wanted.
Mom or dad or loved ones orsiblings right, because they
have that in their trust.
There is no doubt on what youhave and that's the biggest
difference between a trust andwill not prevent you from going
(16:52):
to probate.
And it's a simple I always saythat document to love you, to
love you document that thecourts use to help make their
decision on disbursements, butthey it just a document that
they reference.
They don't follow it, theydon't have to follow it because
it's not a legal document and itcan be challenged.
If anybody challenges it, thefirst thing they do is they just
(17:13):
throw it out of court.
That's the biggest difference.
Dr. T (17:16):
Okay, and so the living revocable trust.
Are they different?
Living trusts versus livingrevocable trusts?
That's a term I've always heard.
Oscar (17:23):
No different living tracts versus literally
revocable tracts.
That's a term I've always heard.
No, a living revocable trustmeans that you can make changes
until you're alive Irrevocable.
I'll give an example.
Let's just say you had a lovedone and you wanted to make sure
you put assets in that they cannever take out.
You want to create legacywealth, right, or generational
wealth.
That means you put money in andthey can only take out portions
(17:45):
of it according to yourinstructions.
They can't move the entireasset.
Irrevocable.
Okay, irrevocable living trustbecomes irrevocable once you die
.
So you and your partner or yourspouse cannot make changes once
one of you dies, or you can ifdepending on the instructions
that you choose.
Okay, gotcha, that makes sense,but once you both die, it
(18:07):
becomes irrevocable, yourinstructions stay and regardless
of what you have in place.
Dr. T (18:14):
If you owe people money, they're getting that first, and
then what's left is followed bythe trust.
Oscar (18:20):
Here's the thing If when you put assets into the trust
it's called funding, when youput assets into the trust owns
the assets.
You don't own it, so your debtdies with you.
As long as you don't put thedebt in the name of the trust,
don't have to pay it Because youown.
You control everything, but ownnothing.
Dr. T (18:39):
Okay, you said something important that I actually was
not clear on, because I have aliving revocable trust that I
have put like my 401k.
Right At one point I put thebeneficiary as a trust.
You're saying don't do that.
Oscar (18:56):
Yes, you want that, yeah, and because then you give, now
you give on your revocable trust.
Now you could build legacy andsay, okay, I'll give you an
example, like if your 401k is inthe wall street casino, that
can lose money, gain money.
You say, hey, you know what?
I want to put it into a safemoney retirement account that
only accumulates money thatdoesn't lose money.
And then you say that.
(19:17):
And then you say then I want myloved ones to be able to draw a
pension, and here's why youwant to draw money from it for
the rest of their life.
Because once it's like thehundred I always use the analogy
of the a hundred dollar bill.
When you have a hundred dollarbill, you go buy a Coke.
You'll never see that a hundreddollar bill again until you go
get another one.
But once you break it, you,once you had the money in your
(19:37):
hand, you could spend it.
So then it's better to givethem $20 bills, because you can
give it to them five times overtime and the money that's in the
trust can compound over time.
Right, and I always tell peoplego look up the story.
What you know, double what apenny is when it doubles every
day.
That's once you understand thatand I think it takes a while
(19:58):
for us to get that we have toget to a certain age to
comprehend.
That's amazing what compoundingdoes Right, okay.
Dr. T (20:04):
So if I don't put my home , the beneficiary, if I don't
put my home, if I don't put thebeneficiary as my trust, then
instead I put it at if I don'tleave a beneficiary.
Is there a difference betweennot leaving a beneficiary on the
trust versus leaving it as anindividual, like leaving my wife
as a beneficiary of the home?
Oscar (20:21):
Yeah, I'll tell you what happens.
There's a tax basis.
For example, let's just say youbought the house for
conversation's sake.
You bought the house at$100,000.
And God gives you a long life,gives you guys a long life, and
now you pass first, and now thehouse is worth $500,000.
When you pass and it's in theliving trust, that becomes the
(20:43):
new tax basis.
So she pays no taxes from the$100,000 to the $400,000.
There's no money, and that isincluded rental property.
So she pays no taxes from the$100,000 to the $400,000.
Okay, there's no money, andthat is included rental property
.
That includes investmentproperty.
So imagine you buy.
That's why 99% of people thathave grandma, grandpa or an aunt
or an uncle in California theysay yeah, you know what, Just
sell the house and send me themoney because it's going to be a
(21:06):
tax-free, a windfall of money.
Okay, and that's theinstruction that you would need.
So one is that if you don'thave it in the trust, there's
possible implications of tax,inheritance tax, capital gains
tax and all kinds of differenttax assessments.
I'll give you an example.
My mother left a house in thetrust and that property it only
(21:27):
pays $1,600 a year in propertytaxes, where in my house, I'm
paying 30,000, almost $30,000 ayear in taxes, right, which is
that's almost that's 2,500 bucksin taxes, but we put up with it
because we're still here inCalifornia.
Dr. T (21:45):
Okay, and so if I were to leave the home directly to my
wife, even as a spouse?
Okay, and so if I were to leavethe home directly to my wife,
and she was even as a spousewhen I, if I, die, and her name
is on it and not the trust, thenshe has to pay.
She always could, oh, but sheonly has to pay if she sells it.
She doesn't just have to pay,it's either whoever when she
sells it.
Oscar (22:01):
When she sells it, then whoever you named as the second
beneficiary or the secondsurvivor of that asset, then
they'll have to pay it gotcha.
And then so if you leave it inand your trust, if you leave it
in your trust, she can livethere forever and then whoever
lives for and then it becomes anew assessment when she died,
because you guys would be on,you guys would should be, or
(22:24):
depend on your partnership oryour relationship.
But if you guys are saying thisis and here's the part of about
a comprehensive living trust,it's mine, hers or ours.
And when it's ours, then thenext question is can they make
changes to the trust when I'mgone?
Right, if it's ours?
(22:46):
In every traditional home theyalways say if my kids die before
me, I don't want their spouseor their partner to get any of
it, I want their grandkids toget it or I want it to be
divided into their siblings.
That's where that comprehensiveliving trust goes deeper in,
and being able to lay it out, toknow that all that ends.
So that's what goes into thehuman element that we were
(23:08):
talking about earlier that says,hey, you can sit down and do a
living trust all the questionsin about 35 to 45 minutes.
But that's if you don't have,if you have all the answers or
you just answer them quickly.
But there's a human element.
There's a human element to itthat always spouses and partners
always want to discuss aboutwhat you want to have happen and
(23:31):
what it looks like for you, andthen it's the human element of
the conversation to be able tocontribute to it and say, hey,
this is what I want.
You know what about if you move?
I'll give you an example.
We had a couple in WestHollywood that he was came from
a previous relationship, but hecame with the house and he says,
listen, I want my partner tostay in the house, for I want
him to have what's called a lifeestate.
(23:53):
I want him to stay and if he'sand if he's ill, he will.
I want him to rent the houseand benefit from the income of
the house and when he passes,then the kids from my previous
relationship will then get thebenefit of the sale of the house
.
Until then, I want my spouse, mypartner, my loved one that are
(24:13):
with me for the rest of my lifeto be able to have what's called
a life estate.
Stay there forever, benefitsforever, and if she's not doing
well, she wants to.
He or she what was him?
Wants to rent it.
I want the income to go 100%for them, and so they had.
And it's like saying I want totake care of my partner forever,
right, and he'll, until he'sgone.
(24:35):
And when that, and then whenI'm gone, then when that happens
, then my secondary loved onesget it.
Because that's what?
Because it's always yourpartner, right, your partner's
first, then your kids, so it'sgot to be because they're the
ones going to put up with you.
Dr. T (24:53):
I think about the queer community and some unique
challenges that we might face.
They never know what's going tohappen with marriage, equality
and things like that.
Oscar (25:01):
Estate planning is essential for our community
because it's a must, and I'mgoing to tell you why.
Because there's four majordocuments that protect you, as
in your community.
Four of them, and I get I'm notfar from West LA, we have a
very high population in West LAand everybody does well in in
(25:22):
your community and you guys arealways hard workers and we
always it's like everybody elseright In America we all work to
make that.
So one of the things, thedocuments, is what's called a
healthcare directive.
Okay, the healthcare directiveis a mandatory for your spouse.
You can get these, you can getthese drawn up automatically,
but you want to be able to getthe healthcare directive right
(25:45):
and that with the healthcaredirective there's also comes
what's called a HIPAA waiverthat you want to give your
partner, and the health caredirective gives your partner the
legal right to make anydecisions about you, because
nobody knows you, like yourpartner, like my wife I could
start a sentence and my wifewill finish it she always says,
(26:07):
oh, you're leaving early today,today's Friday, she already
knows.
Oh, it's two o'clock, you'restill here.
What's wrong?
So so that's the.
Those are the first twodocuments.
The third document is called afinancial power of attorney.
Now, because you're anddepending on what state you're
on.
But this document, thefinancial power of attorney,
(26:28):
gives your partner the right tobe able to have access to your
financial assets without youdying.
Let me give you an example.
We had a couple that thehusband was a truck driver, he
got in an accident, he had anice little nest egg in the 401k
and she was a teacher.
She took leave from her work togo be with him at the hospital.
(26:50):
And he she called and saysOscar, you know what?
I think I want to sell thehouse.
But you know, because myhusband's in the hospital and I
want to be there and he's notdoing good, what do I do?
And I said look, you got totrust.
You got a financial power ofattorney.
Go to his 401k, withdraw money,because he can withdraw money.
You can withdraw money on hisbehalf because it's to benefit
(27:10):
him, where you can get access tothe money.
You can live off of that untilhe, until one he gets better and
comes home.
So you don't have to sell thehouse.
Because what are you going todo if you sell the house?
What are you going to do whenhe comes home?
We're going to take him.
I'm stuck and we.
So we took that, went to the401k.
He I'm stuck, and so we tookthat, went to the 401k.
He goes I'm already.
I'm only.
(27:31):
I already called.
They said I'm the beneficiary.
I'm not actually, no, but whathappens is it means, as a
beneficiary, you can only takeaccess to the money when you die
.
When he died, as in power ofattorney, you have access to the
resources while he's alive tomaintain the time and the
emotional support that ispriceless and she goes.
You know what I want to go?
Do that.
I said there you go, you havethe document.
(27:52):
So one is the financial powerof attorney, two is the HIPAA
waiver, three is the health caredirective and then you also
have what's called aguardianship plan, which means
when your spouse gets older orthey get some type of disease or
some type of mental orsomething happens where they
become incapacitated, they'regranting you full guardianship
(28:16):
to them as an adult.
Right, you can use this forchildren, but in the career
committee it's better known asyour partner's guardianship in
case something happens to you.
So it's not have norelationship, you have.
No, you can't do, you can'tmake no.
No, here it is, bro, here's mydocument.
I have full rights.
(28:36):
I'm bringing her home with me,right, and there is nothing that
they can do about that.
When that happens, when youhave that full guardianship for
you as an adult, and then you'llbe able to do that, because
when we get sick it doesn'thappen.
It doesn't happen in six months, so we don't have six months of
warning.
It happens like that and whenthat happens, if you don't have
(28:56):
your documents in place, then itbecomes a document that you
can't even deal with, becausenow you have siblings and you
have other family members thatare questioning the integrity of
the document.
Okay, okay With the living trust.
When everything is signed,there's three people that are at
the signing.
Okay, it's the two trustees,which is count as one, and then
(29:18):
you have the notary and then youhave two witnesses.
Okay, and the reason for that?
It needs to be beyond areasonable doubt that you
executed that document that way.
The judge gets it.
Somebody files a claim, theylook at it and they throw it out
.
Bro, no, this is what shewanted.
You ain't getting nothing.
There is no dispute of whathappens to her things.
She can go deal with the livingtrust, whatever the trust says.
(29:41):
If things happen separately andthere's some finagling with
financial.
It's a different situation andI'm not giving legal advice.
I'm just telling you situationsthat I have seen happen and how
trust are built and the powerof them that they have to be
able to protect.
And I think that one is.
The second reason is tax basis.
The third reason is because ofthe detailed instructions to
(30:02):
build legacy.
And the fourth reason shouldn'tbe the number one reason is to
leave peace of mind to yourloved ones.
Be the number one reason is toleave peace of mind to your
loved ones and knowing that you,that one, they're taken care of
and two, there is no debatewith them and the other parts of
the family that's going todebate on what's going to happen
to you and that you have fullpower and that's and that right
(30:23):
there is and I would say youwant.
There was five of us.
We had a small debate but atthe end some of us, we just said
you know what?
Let's just do what we,everybody thinks is right, let's
do that.
Took a couple, took a littlebit longer anticipated, but we
got through the process becausemom said you guys all have to
from five different.
(30:43):
We all grew up in the samehouse, but we went five
different roads in Langdon, soit happens.
Dr. T (30:50):
So I'm going to give you, we'll give you a couple of
scenarios and you tell us whichdocument addresses that.
One that immediately comes tomind is my partner is
transgender not in real life,but my partner is transgender.
And they pass, and whetherwe're married, we're not.
Let's say we're not whetherwe're married or not, but let's
just say we're not married.
They pass away.
(31:11):
Their parents say no, I'm goingto bury this person as under
their dead name I'm going tobury them as they were born male
, so I'm going to bury themunder their male name and not
the name that they'vetransitioned to, and refer to
that person as he, him, insteadof she, her, in the eulogy and
things like that.
What document would say wouldmy partner, who's transgender,
(31:35):
give to me as their partner tosay, no, it doesn't matter what
your parents say, this is what Iwant and I'm going to make sure
that I enforce that, so thatthey're honored upon death.
Oscar (31:45):
It's part of your living trust.
It's part of your living trustand it's called the end of life
instructions.
Okay, could you assign somebodyin your living trust?
It's called the executor.
If it's your partner, you callhim a, call him or her a trustee
.
Okay, so your living trust doesthat, because I can see how
(32:05):
that could be an issue in anysituation like that.
Right, that that's man.
That's like the worst thing,that's like living a nightmare
right there.
Yeah, no, what do you mean?
You're going to do that?
I don't care what you say.
Well, no, I get it.
No, but you put that into yourliving trust and that becomes
watch, that becomes the legalcontract that the courts enforce
.
Okay, and that's why writingout those end of life
(32:33):
instructions is so important.
That's why that's the humanelement that takes time Write
that out.
And I think that when people oneof the most comments I hear
after they get the signingceremony I get you know what?
Because a lot of people come tous to have a living trust and
they get what's called arestatement, because the cost of
(32:53):
the living trust of arestatement most attorneys
charge the same as creating itright.
So with our software you get alifetime access for one-time fee
and you can make as manychanges as you want.
And I always tell people lookone, protect your assets, and
then you and your spouse take aweekend, take a day, take as
(33:14):
much time as you want, and thenyou go back and make as many
changes and as detailed as youwant it, and when they get done
with it they're like oh my God,oscar, you know what?
We just added this.
We added that we're talkingabout this.
What has other people done?
Because the only thing that wecan bring we're not attorneys,
we don't prepare documents andwe don't but one thing that we
have we've helped hundreds andhundreds of people create now
(33:37):
probably thousands.
Now all of us and all theagents help them with stories
about how they created LivingTrust right and the instructions
.
I've seen some instructions.
There was two that I can thinkof that were very memorable.
There were queer ones, but theywere memorable of one, of a
special needs child, and one ofthe things that they did is,
(33:59):
every year since she was thechild she was now 22 at the time
, but since she was 10 theywould do a month, a yearly trip
to an amusement park, and sothey put funds away so they can
have that and they could go intothe amusement park.
So that way when she passed shehad those assets one.
The second one that was an ahamoment for me was the where they
(34:20):
had the mother had one son,only had one child, but he had,
uh, abused substance and abuse,and she put on the provision
that he could not get all themoney one at once and she had to
get a percentage of the totalasset, of a total that would get
an interest, so it would lasthim forever.
(34:40):
But he had to take a drug testand an alcohol hair test every
30 days and if he was dirty youcouldn't get any money.
Cause, he said and I said getany money.
Because he said, and I saidJackson, I said that's a little
aggressive he goes, you knowwhat, oscar, he ain't going to
be high or drunk on my money aslong as whether I'm alive or
dead, exactly.
And you even said it's what Iwant to have happen, that's what
(35:05):
I want to have happen.
I said then you write it down,right, but those are like
provisions that you go, wow,right, that's a deep thought to
saying, hey, that's being real.
I think of knowing this is whoI have as a child, exactly, and
I want to protect them from that, from themselves.
Yeah, because some of us needthat.
(35:26):
Wow, but those are that doctor.
You got another scenario for me.
Dr. T (35:32):
I think I know where this would be covered under.
But just having someone who isnot your spouse in the hospital
and here it's come.
They don't honor yourrelationship, same-sex
relationship.
They don't honor yourrelationship and they're like,
okay, this is my child'sincapacitated now.
So now I'm going to tell thedoctors that this person is not
actually family and they cannotcome here.
(35:52):
Is that going to be thehealthcare directive or
guardianship plan.
Oscar (35:58):
That's going to be with the living trust, with the
healthcare directive.
So the living trust and thehealthcare directive.
But you need the living trustto have the legal provisions to
make the health care directiveeven stronger than just
something.
Because here's what happens Ifthe living trust, the health
care directive, the power ofattorney and everything else got
signed at one time, then itbecomes bulletproof and
(36:21):
uncontestable because they'regoing to contest it.
They're not.
They're going to fight you tothe nail.
No, I don't.
Hey, listen, with all duerespect, they're not.
They're going to fight you tothe nail.
No, I don't.
Hey, listen, with all duerespect, I have, this is her
wishes.
And the doctor's going to saylisten, you guys just need to
have rotation time.
You need to do what you got todo, which is a man.
These are tough situations.
You think about that and that's.
(36:43):
That's real.
Dr. T (36:45):
Yeah, they're unique to our community and they're ones
I've heard before, and justthink about how unfair things
can be when people don't respectand don't have dignity for
their loved ones because oftheir own personal beliefs.
It's ridiculous.
Cassy (36:59):
And a scenario like this so what if I say something to a
woman?
Right, but in a scenario where,if one of us has a child and
the other person is on there asthe beneficiary, or something
happened to that person, andthen the family wants to say,
okay, but she has a child, so itshouldn't go to you.
Oscar (37:18):
How does that work?
No, that's part of theguardianship plan.
Okay, you name her, you nameyour partner in your trust and
then you name your child.
Because one of the questions isdo you have any children from a
previous relationship?
Yes, are they under the age of18?
Yes, great, who do you want tohave?
My child, my trustee, mypartner, my loved one.
(37:39):
There is no debate, there is noquestion of what happens with
that child, and that in itselfis worth, because here's the
thing what happens to a child,not only the emotional distress
that goes through that, the base, but when they go into social
(37:59):
services, that's like child jail, that's, that's like the worst
thing, trauma that you could.
Those are the things that younever forget.
You can say you forget, butdown deep inside you don't
forget.
That's the kind of stuff thatwhen somebody was like really
mean, you go like ah, yeah, Iforgot that, I'm over that, but
down deep inside you remember.
You remember that.
Dr. T (38:17):
Lydia, yeah, I remember First pass.
Oscar (38:21):
I'm happy to, yeah, but no.
So the living trust.
Now remember, can thesedocuments be used?
Yes, but in your guys' positionyou need to have it bulletproof
and that means it needs to bepart of your trust, right,
because the court's going to saywait a minute, there is no
doubt, because they went throughthis entire process of creating
(38:44):
living trust, there is no doubt.
And then that's where youprotect it.
And I never even thought of thatbeing a market, of that being
unique, that situation, becauseman I that's, I would say, peace
of mind has no price andpreparedness and being able to
(39:05):
leave your loved ones with whatthey plan in place, because
that's basically an estate planis, it's a plan for your end of
your life and what happens whenyou're gone.
And I think that by listeningto those scenarios, I never even
really thought about how deepand how deep that goes.
I've heard some ugly storiesand I have two, I have three, I
(39:28):
have two from my wife's side andthree from my that have their
own beliefs, but we always, Ialways deal and I say listen, I
love you no matter what, I don'tcare what your dad says, but
you're always welcome here.
That my, my compadre, I said.
Why are you having them overthere?
You know what?
I don't.
That's your belief, bro.
I don't believe.
I don't tell you what god tobelieve in.
I'll tell you what to do.
(39:49):
I don't do anything like that,but that's it.
But I see how thatdiscrimination is.
It's not even it's ugly, it'snot.
That's the only word that I candescribe the discrimination
that that can.
You can prevent it, though,from the family.
What if you have the rightdocument, legal provisions in
place, can you charge for yourservice?
Okay, let me tell you I gotthree gifts that I'm gonna give
(40:11):
you today.
I'm gonna give you, I'm gonnagive you.
Uh, the first one that I'mgonna give you give you is
called an artificialintelligence customer service
line, where you can call thiscustomer line and ask any
questions.
She's not there to pressure you.
We call her Lisa.
It's artificial intelligence.
She's there.
At the end of the call she'llask any more questions.
Would you like to speak to ahuman or set up an appointment?
(40:32):
If not, she'll say thank youand she'll hang up.
That's 805-909-4689.
That's the phone number.
Now, the second gift that I wantto give you is called a
Comprehensive Estate PlanningGuide, and the reason why I
created this guide it's about 30pages long now is because
(40:52):
there's a human element.
There's questions on there thatget asked and that takes time
and I would say full disclosure.
If you can answer all thesequestions, it doesn't mean you
have an estate plan in place.
That just means that you'reprepared to fill it out in 45
minutes.
But these are those questionsnow and that goes to estateprep
(41:14):
forward slash guide.
It's a free guide about 31pages and you're going to notice
a lot in that guide.
It has space one, two and three.
So it's one, two and three.
Who do you want first?
Who do you want second?
Who do you want third?
Even though you could makechanges to it anytime you want,
I always tell people threebecause life gets in the way
Before you know.
It'll be 10, 15, 20 years andif someone outlives you or
(41:40):
precedes you or whatever, who'sthe next person that really
understands what you want?
That's and that goes with that,and then the last one one
second.
Dr. T (41:46):
You said it's a state prepcom forward slash guide.
Oscar (41:50):
Yes, ma'am all right and that, and I'll send you, I send
you some, I'll send you thelinks so you guys can publish
them and they're on, and they'reon the chat that we have.
Okay, and then the last one isI have a discount code for the
first 10 customers.
Whether first 10 people thatwant to protect their families
get an estate plan is you can goto estateprep purchase and go
(42:12):
to where it says you buy.
You can use the discount codeQUEER Q-U-E-E-R and that will
save you $1,000 off of alifetime value of an estate plan
.
This means now attorneys charge$1,200 to $1,800 to get an
update on the estate plan ifthey created it.
If they didn't create it,they're going to want to charge
(42:34):
you a whole new amount andcharge you the full amount
$4,000 to $6,000 or $8,000 tocreate it.
They're going to want to chargeyou a whole new amount and
charge you the full amount forthe four to six thousand or
eight thousand dollars to createit, and then they're going to
charge you updates If they don't.
With our software, you're goingto get unlimited updates and
it's a comprehensive livingtrust.
Now, what makes us different isone simple fact we're on the
phone with you at least three tofour times during your estate
(42:54):
process.
And I say that because once youdo it, once you're going to say,
oh, this is easy, I know whereto find it.
Boom.
I'm going to add this I'm goingto create this letter.
We have unlimited fundingletters.
Most attorneys charge $250 tofund an asset in there.
You can do it on their online.
Unlimited letters for the restof your life, okay, and then
(43:14):
you'll be able to get.
Now I have a large in our and Isay our community, because our
hispanics we're just we're weman, we multiply we, they run a
lady.
One lady said can I change thename?
So I want to give thisguardianship.
She gave out guardianships.
She put the guardianship to allof her kids and all the
grandkids.
She put them and gave them forchristmas.
Right, and she said here I'llbe the guardian for your kid,
(43:36):
just sign it, send it to me.
I said, but she gave out those,so you have all the unlimited
documents that you can preparefor you and your family.
So you could be able to do thatand then every year, if you want
, every year that you want tochange is a small fee of 129 and
that helps us pay for theattorneys for everybody that
uses that state.
For that year it's 129.
That's it for the rest of yourlife and you have a vault and
(43:59):
you have access to it.
So I always say that for thefirst 10 people type in queer,
get a discount.
If you want a consultation, askthe AI to book a call with me.
We'll talk.
I don't give out legal advice.
I don't prepare documents, butI can tell you I've prepared
thousands and thousands.
I've been involved with them inthe sense over the last
probably 20 years.
I've done quite a bit of themand I think that I don't have
(44:20):
the legal credentials, but whatI do have is the experience of
knowing all the families and thestories of what happens, and
sometimes that brings a littlebit more value than just getting
a credential Right.
Wow, great information, huh.
Dr. T (44:38):
It's so important.
I realize that we're missing acouple of things.
And we have the Living Rule,google Trust, we have the will,
but we don't have the otherthings.
We don't have the healthcaredirective, the HIPAA waiver, the
financial power attorney or theguardianship plan.
So we need to add some thingsto our estate planning portfolio
.
Oscar (44:55):
I always tell people you know what?
It's too late for yesterday,tomorrow's not promised.
The best time is today.
Make it happen right, go do itnow.
And so 68% and this is why I'mon the crusade, because 68% of
homeowners in America don't knowthat they need an estate
planner they're going to go toprobate 68.
(45:15):
And I came to me and I said whyis that?
And I only come to theconclusion that is because they
don't know.
They don't know that it exists.
And now in your community, Imean, what a great, I didn't
realize.
I'm literally like thinking wow, what a what something for most
people to say.
(45:36):
Now you know, you have an out.
If you're listening to this,you have a way to protect your
spouse, and that is prices.
That's worth $1,400 all daylong and twice on Sunday.
Right, a hundred percent.
Dr. T (45:47):
Yeah, there are things that we have to think about that
other people don't have tothink about and yeah, thank you
so much, Oscar, for thisinformation and it's definitely
invaluable Listeners.
Again, I'll put everything inthe show notes, but if you go on
the website and you can use thediscount code queer, that will
save you a thousand dollars.
It's only for the first 10people, so don't wait.
Cassy (46:12):
10 people will hear this before you know it and will
decide to act on it, so don'tmiss out on your discount.
Thank you, oscar.
This was some really goodinformation that's definitely
going to really help to bringsome reassurance to the query
community, especially in theseuncertain times.
So listen, dear, you have metOscar Vasquez.
He's the owner and founder ofestateprepcom.
(46:36):
Please get in line right awayand, as Dr Thompson said, this
is called Queer 10.
People are going to jump inhere real quick.
This is an opportunity for youto prepare your family for
what's to come.
Thank you, oscar.
Oscar (46:52):
Thank you very much and God bless you.
Girls, talk to you soon.
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