Episode Transcript
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Speaker 1 (00:09):
Good Thursday afternoon to you. Welcome to the John Sanchez
Show on News Talk seven to eighty k which it's
a pole measure to be with you. And trust me,
there's gonna be two others. We got one out of
the two. The other one we're trying some new technology,
so bear with us here. And that, of course, is
Corey that I'm referring to. He'll be joining here momentarily.
But mister Dwight Millard of Highlands Mortgage, how are you, sir?
Speaker 2 (00:27):
I'm doing fantastic, John, how are you today?
Speaker 3 (00:30):
Very well? Very well?
Speaker 1 (00:31):
Are you as anxiously awaiting, anxiously awaiting Tomorrow's big day
as much as I am?
Speaker 3 (00:36):
Dwight?
Speaker 2 (00:37):
I am? I am. What do you think?
Speaker 3 (00:40):
I think he's gonna do nothing. I think he's gonna
do nothing.
Speaker 1 (00:43):
What Dwight and I are referring to, of course, as
tomorrow's big speech by Jerome Palell, head of the Federal Reserve.
Of course, Jackson how Wyoming. I'm looking right now, guys.
I looked right before the show, and I think we're
scheduled for I thought it was supposed to be seven,
but now they're saying it about nine am Pacific, standard
time is when the chairman is supposed to uh uh
(01:04):
to come out and give his speech. But you know what, Dwight,
I can't tell you how long it's been since I've
seen such a highly anticipated uh speech at.
Speaker 3 (01:14):
Jackson Hole than this one tomorrow.
Speaker 1 (01:17):
And I'm telling you, I'm I'm gonna if you're gonna
put a gun to my head, you're putting pointing a
gun at me, put a gun in my head right now,
I'm gonna say. He is gonna say, just like he
did at the last Fed minutes, We're just gonna uh
in the last last press conference.
Speaker 3 (01:32):
We're just gonna We're gonna wait.
Speaker 1 (01:33):
We've got PPI data, CPI data, PCEE data, uh a
payroll report all before the FED meets in September. I
don't see him giving any other hints other than we're
data dependent, you know, the same old thing. I don't
think it's gonna be anything special tomorrow. I really don't.
I think people, I think I think your market could
get disappointed, and I think my stock market could get disappointed.
Speaker 3 (01:54):
That's my that's my I agree with.
Speaker 4 (01:56):
I think it's gonna be a nothing burger, and we're
just gonna have to if there's any how they respond.
I mean, the bond market has not been very responding
very favorably lately. I mean they don't. They don't, Like,
you know, there was what's the probability now? Is it
inside of Moody now?
Speaker 1 (02:12):
On that it just dropped below eighty So we were
we were like ninety eight percent at this time last
week and now we're below as far as the probability,
still very strong from a historical standard. But I mean again,
we still have long ways to go where you know,
we don't have a FED meeting tomorrow or a FED
decision tomorrow. This is just a speech hoping to give
the world a hint as to what the FED is thinking.
But you know, we had more FED members come out
(02:34):
in the last couple of days to Wight indicating the
same thing.
Speaker 3 (02:38):
They're in no hurry. It's I think it's going to
be the same.
Speaker 1 (02:41):
Story that we've heard over the last few few weeks
and at the last FED meeting they're just in no hurry.
Speaker 3 (02:47):
Their data dependent, it's going to be the same one.
Speaker 4 (02:50):
So here's the problem, John, We the market we always
talked about has already factored in that price.
Speaker 2 (02:58):
You know, that rate cut right.
Speaker 4 (03:00):
So now if you if you start to see like
well now it's they're gonna start.
Speaker 2 (03:03):
Pulling back, you're gonna start to see rates still back up.
Speaker 3 (03:06):
That's right, that's right, that's exactly right. You hit it
right on the head.
Speaker 1 (03:09):
They have absolutely factored it in. There is no doubt
about it. It's not just says saying this, this is
the consensus on the street that yes, the ratecats are
already factored in.
Speaker 3 (03:17):
And again that's what I'm saying.
Speaker 1 (03:18):
If they don't get any solid hint out of the
out of the Chairman tomorrow, then I think we could
be in for a little bit of volatility. And we
know we're we now have had a five day losing
streak on the s and P five hundred.
Speaker 3 (03:30):
We lost again today, we lost on the Dall, lost
on the mas DEK lost on the SMP again.
Speaker 1 (03:35):
The only thing the street is focused on right now
is this meeting tomorrow or this speech tomorrow. So yeah,
I'm nervous going into it. I'm not gonna sleep very
well tonight. I'll be honest with.
Speaker 4 (03:44):
You, Well, it'll be So what time do you think
the reaction will happen? On?
Speaker 2 (03:49):
Pacific time?
Speaker 1 (03:50):
Well, usually we will get and I say usually, because
lord knows, this thing can change all the time, usually
will get a release of the text of his speed beforehand.
So again, everything I'm seeing right now the media is
his speech is scheduled at nine am Pacific standard time,
so I would say probably. I mean, I've seen it
as early as in the seven o'clock hour, you know,
(04:12):
a couple hours before. But usually they will release kind
of quote what they call the text of the speech,
where you can kind of get an idea of some
of the things he's going to be talking about, so
anybody's guests, but generally they will release that ahead of
this speech.
Speaker 4 (04:25):
And you have to almost anticipate Trump either way will
come out with some dialogue I'm sure about us a little,
which doesn't really doesn't help what we're trying to get through.
Speaker 1 (04:35):
Yeah, no, absolutely, And I want to I want to
come back to Trump and what's going on with one
of the members of the Fed in relation to mortgage.
But first let me tell everybody what we have lined
up as we were recorded to join us here. So folks,
you know we touched on this, what was it a
month or two ago? I think, And if I remember, right,
(04:57):
we had to we had to kind of rush through.
This show is one of those days where we had
a lot of news that we had to cover in
a very short period of time. So I want to
kind of come back to this issue. And what I'm
talking about is this. We're going to tackle today one
of the biggest issues that all three of us are
facing and hopefully many of you, and I say hopefully
from one standpoint if you're the recipient. And what I'm
(05:18):
talking about is this, we're going to tackle one of
the biggest financial shifts of our time, the great real
estate wealth Transfer. Now, over the next two decades, baby
boomers are expected to pass down You're ready for this, folks.
They're expected to pass down twenty five trillion dollars of
(05:38):
real estate to their errors. But how they handle the
transfer can mean a significant difference in the recipient side
of things.
Speaker 3 (05:48):
If they don't do it right.
Speaker 1 (05:49):
There's unnecessary taxes, there's all kinds of issues that we
will discuss. So we're going to walk you through the
strategies to minimize the capital gains. We're going to walk
you through the strategies to minimize or eliminate the estate taxes.
When if possible, And obviously the inheritance pitfalls because not
only guys. Is this the situation with twenty five trillion
(06:12):
dollars in real estate being passed on.
Speaker 3 (06:14):
But we're going to go even deeper on this one.
Speaker 1 (06:16):
According to Cirelli Associates, there's one hundred and five trillion
dollars of total wealth of total assets, of which twenty
five trillion is real estate, the rest of it stocks, bonds,
mutual funds, of various other assets that are going to
be transferring to the heirs. So again, when I said
(06:37):
a moment ago, this is really good for the heirs,
right this, I mean, this is going to create an entire.
Speaker 3 (06:43):
My gosh boom in wealth to say the very least.
Speaker 1 (06:46):
But at the same time, if you plan on gifting
some of your assets to your children, grandchildren, whoever your
errors may be, and you don't do it correctly, guess
what you and or your recipients could have again significant
amount of problems, and we want to eliminate that.
Speaker 3 (07:03):
But Corey isn't welcome. By the way. Isn't that a
staggering figure?
Speaker 1 (07:07):
One hundred and five trillion dollars of wealth transfer over
the next twenty years and again excuse me, by the
year yeah, by the year twenty forty years with the predicting,
but the one hundred and five and then in your
world again we look at twenty five trillion dollars in
real estate.
Speaker 3 (07:20):
Mind boggling to me when I found those figures.
Speaker 5 (07:22):
It sounds like quite a bit and it's going to
transfer to hands that aren't used to having it. Great point,
So hopefully people are reaching out to yourself and other
professionals to understand how to hopefully keep it.
Speaker 3 (07:35):
Yes, yes, absolutely so.
Speaker 1 (07:37):
Our title today is going to be how to handle
the great wealth transfer right? Once again, a very fascinating
topic and we've got some excellent, excellent points in my
opinion of again, how we can help you get through
this for you and your family and others. Before we do,
I want to ask Bailey, she was on the show,
my daughter who's also the producer of The John Sanchez Show,
(07:59):
for social media and of course for a great new
thing called YouTube that we're a part of. So I
sit down last night, I text Corey and do I
sat down last night as I always do, to eat dinner,
and I turn on I always watch YouTube on my
television when I eat dinner.
Speaker 3 (08:17):
I don't even watch normal TV anymore.
Speaker 1 (08:18):
I just watch YouTube and lo and behold, the first
thing that pops up is the John Sanchez Show and
seeing my buddies their beauty. They're handsome faces sitting there,
and I wanted to bring Bailey on to tell let
her tell all of you what she is doing to
get our message out there, even further than just right here,
of course, on our home base of news Talk seven
to eighty k weight. So Bailey, tell the audience where
(08:41):
you're getting this show out to now, because you're expanding us, like,
we can't even imagine.
Speaker 6 (08:45):
You put the pressure on me now. So my goal
is when we do these radio shows every day. Now
we're also doing a video with it as well, so
that way, when you're sitting in the office or at home,
you can actually watch us on your screen and feel
a little bit more personal, see the guys talking with
each other. So well, you can now find us on
YouTube under the John Sanchez Show. You can start on
(09:05):
your favorite podcast platforms Spotify, Apple Podcasts, all that good stuff.
So yeah, watch the video now, and it really changes
the dynamic of what you're learning.
Speaker 7 (09:14):
You can kind of visualize and see everyone's faces too.
Speaker 1 (09:17):
Yep, we we uh to be honestly, will take you
behind the scenes the well, the four of us of course,
but we have so much more fun when we're able
to see each other because we're all in different locations.
You know, we haven't been in the same studio together,
guys in what probably five years something like that.
Speaker 3 (09:32):
It's a long time.
Speaker 1 (09:33):
But the video side of things, it just makes things
so much fun and I think a much much better
quality show than the guys just coming in and and
you know, over the telephone.
Speaker 3 (09:45):
So so looking forward to that.
Speaker 1 (09:46):
And then Bailey, we're not quite there yet, but touch
this real quickly on the social media side, because you've
got all kinds of great plans that we're going to
be doing.
Speaker 6 (09:53):
There also absolutely I meant to mention that as well,
So if you follow our Sanchez Gaune to Capital Management,
Instagram and Facebook, you'll still see clips on there as well.
Speaker 7 (10:02):
We will also have a TikTok page for the John.
Speaker 6 (10:05):
Sancho Show that we will have up and running shortly,
so you'll get some nice little snippets of a little
learning lessons, nice sharable content you can send to your
friends in case they didn't know about something, so make
sure to follow us on their Instagram and Facebook. Sanchez
Gaunt Capital Management, I.
Speaker 1 (10:20):
Thought you had a separate one for the John sanche Show.
We will, we will, Okay, so that's.
Speaker 7 (10:24):
Coming well, well, yeah, we'll divvy it up. Obviously.
Speaker 6 (10:27):
There's good topics on here that cover things for the brokerage,
and then there's other topics that might be a little
bit irrelevant and good for just the John Sancho Show.
Speaker 3 (10:35):
Yeah.
Speaker 1 (10:36):
What we're going to be doing everyone, just so you know,
is one of my goals, and again thank god for
Bailey of getting on YouTube and the dramatically increasing our
social media presence, is we're going to be doing a
lot of educational material for you, and we're not going
to go along, don't.
Speaker 3 (10:54):
I don't know. I find myself. I don't know if
you guys are this way.
Speaker 1 (10:56):
I don't have the patience to sit there and watch
a twenty five or thirty minute vide on whatever, right.
I like the shorter two, three, maybe five minutes. Boom,
you get in, you get onto your next subject. And
so what I'm going to be doing, you know, thanks
to Bailey, is we're gonna be doing a lot of interviews.
Speaker 3 (11:13):
I'll call them, uh, with Corey and.
Speaker 1 (11:15):
With Dwight on things that we we just again we
we we have you know, hundreds and hundreds if not well,
we have over a thousand podcasts sitting out there. But
we're gonna go back to some of those topics, like,
you know, just like today, it's like, hey, Corey, you
know what, what are the three things that a beneficiary, uh,
someone that's going to be receiving real estate from their parents, what.
Speaker 3 (11:35):
Are three things you recommend to them? Corey? Go boom
bo boo boo boom, We'll have a little discussion about it. Boom.
Speaker 1 (11:39):
That one's done. Hey, Dwight, tell us what's going on
in the world of mortgages? Right, So a lot of
these little short snippets, what are they, They're called reels, right.
Speaker 6 (11:47):
Education, we'll do educational series, So we'll have reels, we'll
have YouTube shorts for those short little learning lessons per se.
But we're gonna do series on different topics that may
may not be applicable maybe on the radio or just
too long did you on the radio like our topic yesterday,
So keep an eye out for those, and then we'll
be following those up with some deliverables as well that
(12:08):
we can get to you guys for free ebooks, work
workbooks that we've been putting together as well, so tons
of different topics will be able to share with you
guys in good educational content.
Speaker 2 (12:19):
Are we considered influencers?
Speaker 6 (12:20):
Now, I'll make sure you have the blue check mark
next to your name. Read on, Okay, check mark that
means you're verified.
Speaker 7 (12:30):
I'll teach you all about it. Don't worry.
Speaker 3 (12:33):
Okay, we got to be verified, got to be verified.
My got them licensed with every government agency.
Speaker 1 (12:39):
I think, I think I am verified from that stand boy,
But yeah, watch, I won't be verified over social media
and you will tell me how to get into TikTok
and all these places you're putting me because you still
don't give me the pastor and I have no clue
that said.
Speaker 7 (12:51):
No, you're you're the brain and I'm the poster. I
don't know.
Speaker 3 (12:54):
Got it, got it, got it? But you got to
get you know, real quickly.
Speaker 1 (12:58):
You got to get Corey and daw White's because they
there as much of a social media challenge as I am.
So just remember we're a packings deal here, so I
know you've worked with them a little bit in.
Speaker 6 (13:06):
The roll that under the salary running your guys of
social media.
Speaker 1 (13:10):
Okay, perfect, it's gonna be fun, guys, and all this
is gonna be happening here real soon in the next
two weeks, three weeks, Bailey, all those social max Yeah.
Speaker 7 (13:20):
Yeah, let's let's give it about two weeks.
Speaker 1 (13:22):
And every day, every day we're we're now got all
the bugs worked out. Every day we're we're gonna be
on the on YouTube right.
Speaker 6 (13:30):
Sure, I'm actually uploading yesterday's episode right now, so make
sure you keep an eye out. Give it about twelve
hours to be up and you can watch it from
yesterday's show topic. So get it live here, get it
on the podcast after, get it on YouTube a few hours.
Speaker 5 (13:43):
Later, and you can you can update Dwight's MySpace page.
Speaker 3 (13:50):
Okay, we'll work on that's after we get rid of
his a will.
Speaker 5 (13:53):
He forgot his password?
Speaker 2 (13:54):
Yeah for sure? Do you remember my password?
Speaker 6 (13:58):
Yeah?
Speaker 2 (13:59):
Exactly?
Speaker 1 (14:00):
All right, we are so late for the wonderful Christens.
So christ and I apologize. We're having way too much fun.
Time got away from us. How are you, my dear.
Speaker 7 (14:08):
Fucking put me on the spot. Thank you? Trying to
help Corey and then Brett's out there.
Speaker 3 (14:18):
You see. That's the way we feel too. We have
we all have faces for radio.
Speaker 1 (14:30):
Welcome back to the John Sanchez Show on News Talk
seven eighty kh with Dwight Malart of Highlands Mortgage, Corey
Individuality once again, voll little session. Unlike these last couple
of days where we had our highs, we had our lows,
and we really didn't finish, you know, with much movement.
Speaker 3 (14:43):
Didn't quite happen that way.
Speaker 1 (14:44):
Today we had the highs and the lows, but we
finished somewhat towards the bottom. Our low was forty four
thousand and five seventy nine. We closed up forty four
thousand and seven eighty five. But that low happened right
at the right at the open, so I'm not going
to really count that. So we kind of spent like
negative one hundred to one to fifty most of the day,
So one down or down one fifty three to be
exact on the dial, point three four percent now is
(15:04):
that lost seventy three points point three four percent in
the SMP down twenty six points now a five day
losing streak, unfortunately, point four zero percent decline, all right,
we're gonna be get into our topic here momentarily, how
to handle the great real estate wealth transfer once again,
one hundred and five trillion dollars. If you baby boomers,
your money, your wealth is going to be going to someone,
to your errors, et cetera. We're going to focus in
(15:25):
on the real estate side with Corey and Dwight later
and again go through a lot of different ways that
we can minimize the taxes, make it as simple as possible,
minimize the state taxes, capital gains taxes, and so on
and so forth. So we'll be getting into that momentarily. Dwight,
I get well, let's hit the commodities eighty cent game
on oil today, sixty three fifty goal down six dollars
(15:45):
and seventy cents, thirty three eighty one ninety. You're a
quiet again to ide heading into the chairman speech tomorrow.
Three basis point increase on the tenure yield four to
thirty three or ye'll four to thirty three.
Speaker 3 (15:56):
How do we do on the mortgage side. Imagine we
didn't move much.
Speaker 4 (15:59):
Yeah, we only lost a point, but you're at six
point six two according to mortage you used daily, John,
that's up almost ten basis points from last week.
Speaker 2 (16:06):
Wow, so that's a bit.
Speaker 4 (16:08):
Yeah, we're slowly. I mean it's not the super peaks
in the valleys, but it's enough. But the good news
is your fifteen year that you're watching real close is
still under the six It's at five point nine to seven.
Speaker 3 (16:21):
Okay, very good, real quickly.
Speaker 1 (16:23):
I wanted to ask you one thing I noticed away
when I was purpose for the show. The thirty year
jumbo six point sixty seven percent. But yet the thirty
year fixed six point six to two. Why are those
so close?
Speaker 3 (16:35):
Usually there's a much greater gap between the two.
Speaker 4 (16:38):
I think it's probably just trying to drum up business,
just like the builders are doing. You know, they're just
trying to give away a little margin, try to pick
up a little bit of business. They have more flexibility
in the Jumbo arena, you know, than you probably do
in the Fani May world where everybody, you know, you
got all your add on.
Speaker 2 (16:55):
So I think that's probably it.
Speaker 4 (16:56):
They're just dropping them a little bit, just trying to
drum up some business.
Speaker 3 (17:00):
Okay, very good.
Speaker 1 (17:01):
I want to jump over to another very hot story
that the Street is following very closely, not that it
has really. Well, I was gonna say, not really any
influence on the market, but it potentially could. For those
of you that have been following this, or maybe you haven't,
there's a woman by the name of Lisa Cook. Now,
Lisa is a member of the Federal Reserve Board. Okay,
been there a few years. Well, she got in the
(17:22):
crossfires across hairs of President Trump a couple of days ago.
And not only is she in the crossfires of Trump,
She's also in the crossfires of the Federal Housing Finance
Agency Director Bill Poulte, yes part of the Poulte homebuilding family.
Speaker 3 (17:39):
Okay, what's going on?
Speaker 1 (17:40):
Mister Poulte yesterday blasted miss Cook all over social media
saying she basically committed mortgage fraud. Now, remember she is
a member of the Federal Reserve a board, a very
very prominent position they're alleging, and Trump, of course, is
jumping on the vandwagon. She is a Democrat. She was
nominated and put in appointed under the Biden administration. So
(18:03):
you know where I'm going with this. I think what's happening.
Trump's trying to get her off to get another you know,
kind of Trump nominee on there. But they're they're claiming,
Dwight that she she basically took out two mortgages. Again,
this was a couple of years ago. Took out two mortgages.
First one she said it was her primary residence, and
then two weeks later she takes out another mortgage saying
(18:24):
it was her primary residence.
Speaker 3 (18:25):
And they're going, uh huh.
Speaker 1 (18:27):
And the reason that's important, folks, is because remember your
primary residence, you generally got to put less down. Usually
you'll get more favorable interest rates, et cetera. So, Dwight,
how serious is this?
Speaker 4 (18:38):
Well, you know, John, the timing of it is really bad.
I mean, if you're going to do it back to back,
I mean, be smarter than that. But be careful of
Pandora's box if you're going to open it, John, I mean,
there's probably a lot of people out there that kind
of you know, I've got I'm living here, I'm moving there.
Go back to the pandemic. All we needed was a
(18:59):
remote letter and you could buy the Bay Area. People
bought Reno, bought in Reno with a remote letter. I
don't know if they ever moved in, right Corey. Some
of them never did.
Speaker 3 (19:07):
Yep.
Speaker 4 (19:08):
So you got to be careful if you're going to
go after one John, Unfortunately, you probably got to go
after others.
Speaker 1 (19:13):
Yeah, I think, if I remember correctly, maybe you saw that, Corey.
I think they went back and they did a study
one of the government housing agencies and they came up.
I think they stopped at about twenty twenty three. I
think they went back to like twenty eighteen or something,
but they said there's millions out there that are like this.
Speaker 5 (19:32):
No question, Yeah, there's plenty, and I think the interest
rate spreads used to be higher than they are now.
But the biggest thing is the down payment, as you mentioned,
But it's not you know. The thing that worries me
is now. I mean, you have people inside a government
attacking individual people for no reason, right like, it's to
(19:55):
me that's the scarier part. I agree, these crazy people
running these government agencies.
Speaker 3 (20:01):
I agree.
Speaker 1 (20:02):
Well, she's yesterday, she said she's not backing down, She's
not going to be intimidated.
Speaker 3 (20:06):
We've heard that before. But we will see.
Speaker 1 (20:08):
But I thought, Dwight, when I saw that story break
a couple of days ago, I thought that was really interesting.
I'm like, well, how prevalent is mortgage fraud and sounds
like it was pretty well.
Speaker 4 (20:16):
And you would think, yeah, you think a member of
the Federal Reserve would be.
Speaker 1 (20:21):
They're saying, but she says, I was not a member
of the Federal Reserve when I took out those two mortgages.
Speaker 3 (20:25):
Okay, Okay, I don't think that's really all that great
thing to say.
Speaker 5 (20:31):
But did you did you hear did you hear them
talk about why she said that? No, because to be fired,
you have to be fired for because of something during
your term. Right, this was all pre term. Okay, so
they're getting set up to say you can't fire me.
Speaker 3 (20:46):
Got it?
Speaker 1 (20:48):
Kind of like where he wanted to fire Powell for
cause of the budget overrun on the rehabit of the
reserve building.
Speaker 5 (20:55):
Right, yeah? And who was wrong on that? Right on
my TV?
Speaker 3 (21:00):
Yeah, how by the way side on that one. Oh
my goodness.
Speaker 1 (21:03):
All right, we're gonna get down to our real estate
topic when we come back, how to handle the great
estate wealth real estate that is, the great real estate
wealth transfer. We come back with turned over to Jack
sab and he's got news trafficking on weather. Ajack, Welcome
back to the John Sanchez Show on Newstalk seven to
eighty Koh with Dwight Millard of Highlands Mortgage and of
course Cory Edge of Edge Reality. Once again, we finished
(21:24):
down one fifty three on the Dow, lost seventy three
on the NASDAK, and a decline of twenty six on the.
Speaker 3 (21:29):
S and P five hundred.
Speaker 1 (21:30):
All right, how do we handle the great real estate
wealth transfer?
Speaker 2 (21:35):
Man?
Speaker 3 (21:36):
I think it's a problem, especially those of you that
may be the recipient.
Speaker 1 (21:38):
You may be going, hey, you know what, this is
gonna be the best thing in my life. Finally, mom
and Dad kicked the bucket, or grandma and grandpa kicked
the bucket, and I'm gonna be a wealthy son of
a gun. Well, we hope that you are. But if
you don't follow some of the advice we're gonna give you,
or the person that's going to be gifting you these assets,
you potentially could lose a significant amount to a necessary
(22:00):
taxes and all kinds of other problems. But as always,
when we start talking about tax strategies and estate planning strategies,
please consult with your tax professional, consult with your attorney
before you do anything, because we don't have time to
go and again, guys, these are going to be some
great topics we'll be able to do down the road
on social media and some webinars and things. I want
(22:20):
to really get into these, but we're just gonna be
able to scratch the surface. So once again, if you
just joined us, just a little bit of a background
that I wanted to share with everybody, and that is, Remember,
according to Cirellian Associates, one hundred and five trillion dollars
of wealth is going to be transferred, of which twenty
five trillion that's according to.
Speaker 3 (22:38):
The Federal Reserve.
Speaker 1 (22:40):
Of that will be twenty five trillion of real estate,
So one hundred and five overall, twenty five of it
is real estate, all by the year twenty forty eight,
so not that far away.
Speaker 3 (22:51):
So we're going to focus on the real estate side
of things.
Speaker 1 (22:53):
So, Cory, the first point we want to talk about
is this in a wealth transfer situation, why is real
estate so unique? Unlike because some of the is we'll
talk about, some of the tax strategies are the same
for stocks and other appreciated.
Speaker 3 (23:07):
Assets, but real estate has a little bit of a
unique twist. What is that?
Speaker 5 (23:13):
Well, I don't know exactly which point you want me
to hit on. But that's for.
Speaker 3 (23:19):
The family. The realist has an emotional attachment.
Speaker 5 (23:22):
Oh okay, I thought that's where we were going with this,
But there is an emotional attachment. I have two properties
right now that I'm helping.
Speaker 6 (23:29):
Uh.
Speaker 5 (23:29):
These are both trusts, so I don't have to go
through probate on either one of them. But they're both
trusts people passed away. There are emotional issues with both
houses that we have to work I mean, I don't
want to say that I personally have to work through them,
but we have to help people through them because there's
more than just hey, sell my goal or sell my
apple stuck or whatever. You know, both of these houses,
(23:52):
my clients, my current clients grew up in different things,
and so there is another component to it, aside from
the financials and the basis and all the other things
that come with all the assets.
Speaker 1 (24:03):
So let me ask you, in this scenario that you're
talking about, Corey, this is one of the problems. So
once again, let's do a hypothetical. We've got a house
that everybody grew up in Lake Tahoe, right, maybe it
was a vacation home, maybe maybe you lived there forever,
but you know, beautiful area phenomenal memories, the Christmas dinners
with the snow coming down, the family gathered there on
(24:24):
the fourth of July, plain in the water.
Speaker 3 (24:26):
I mean, let your imagination wonder.
Speaker 1 (24:28):
Okay, don't have those attachments in the primary home in
most cases, definitely don't have an investment property. So now
let's say, you know, let's say it's Dwight, right, Dwight
had this house, got a big, beautiful family, all these memories.
Dwight dies, and now let's say Corey and I are
his two sons. Well, guess what, I'm the tight one.
(24:50):
I want my money. Dad left this fifty to fifty
to my brother and I Corey in this example, I
want my money. Corey's like he's more of an emotional guys, like.
Speaker 3 (24:59):
I can't get rid of this house.
Speaker 1 (25:00):
This is where, you know, we grew up and we
have all these memories. So this is where the emotional
side of it comes into. And this is where Corey
brought up a great point the estate trust or having
the living trust for the estate, because this is where
you can start to lay things out.
Speaker 3 (25:16):
I do. I can't.
Speaker 1 (25:17):
I'd say probably on average, I'm going to say maybe
five clients a year, we have to help them with
when they have siblings. One of the siblings it's like
I said, one of the siblings wants to get the
heck out. They may be live in another part of
the country. They don't care about the house, they have
no emotional time. They want their money. The other two, Hey,
we want to keep this The question I always get John,
how are we going to buy out? You know my
(25:37):
brother Frank, Right, how am I going to do that?
So that gets into a whole bunch of issues because
technically you're selling a third of the house in this example.
Speaker 3 (25:46):
There's a lot of issues, Corey.
Speaker 1 (25:47):
And and again you get into potential tax complexities also
because again let's use the example. If I want my
portion out and you know Dwight dies, do am I
going to have taxes?
Speaker 3 (26:00):
Might gonna have capital gains? What's going to happen with you?
Speaker 1 (26:02):
So and so forth? So it gets really really messy.
And the estate plan will help but not solve everything,
but just something you need to be thinking about and
have it written out of that trust, right, Corey, have
it written out in there. Hey, if I die, you know,
you know my brother John or my son John wants
to sell his portion, but my son Corey wants to
keep his those type of things.
Speaker 5 (26:21):
You got to have it all. So trusts are good
and that they lay everything out, but they could be
bad too, because once you pass and it's laid out,
that is the law. We had one about three years ago.
There were four brothers. One of them was living in
the house.
Speaker 3 (26:34):
That's another mess.
Speaker 5 (26:35):
Yet Dad passed away two of the brothers, one of
the third one to stay. One of the brothers said no,
I want to sell it. I want him out. The
trust said to sell it, and so it turned into
a huge legal mess that is probably still going on
to this day.
Speaker 1 (26:49):
Let's add another complexity that you just charred something to
my mind that I've run across a lot again, no
matter how many siblings.
Speaker 3 (26:56):
Let's I say there's too Let's say there's a brother
and a sister.
Speaker 1 (26:58):
Sister has been living in Let's just say Dad's a
widow at this point, living in Dad's house taking care
of dad.
Speaker 3 (27:05):
Right, she gave up her career.
Speaker 1 (27:07):
She's there taking care of Dad twenty four to seven,
so he's not going into assisted of living. Dad dies,
money's supposed to go fifty to fifty. You know, now
what happens to the sister she just lost where she
was living. She's also angry because she hasn't been paid
by dad while dad was alive, you know, changing his
underwear in the middle of the night, and you know
(27:28):
all the things that go into convalescent type of care.
But the brother's going, hey, I don't care, you know,
I want to sell this thing. I need my money
out of it, right Corey, That's where he gets messy. Also,
I mean, let your imagination wonder. The more you can
lay this out for those of you that will be
you know, having these assets go to your children, grandchildren, whoever.
(27:48):
Maybe the more you can lay it out, the better
off you're going to Because we consider for hours and
all of us is sure stories, do you have any
stories that come to mind of any clients you've dealt
with in that scenario?
Speaker 4 (27:59):
Not really, But the longer it goes, the more difficult
it becomes. I mean, and the larger the family, the
more difficult. So yeah, it's I've seen it. Nothing that
sticks out, but yeah, it just can be a mess.
Speaker 1 (28:13):
Unfortunately, quret real quickly before we go to break, let's
squeeze in the Capital Gains situation, how they stepped up
basis works.
Speaker 5 (28:22):
So if you let's just assume dad bought a house
four round numbers, will call it one hundred thousand dollars,
and all of a sudden he passes away, and that
house is worth five hundred thousand dollars. And let's say
there's two kids there. Well, obviously, if you go sell
it right now and there's no stepped up basis, you're
gonna have a four hundred thousand dollars gain. It gets
split two ways. Everybody gets two hundred thousand dollars in
(28:43):
capital gains, and you're gonna have to pay Uncle Sam.
What the current law allows you to do is step
up that basis to the day that dad passed away.
So far, in my example, he passes away, it's worth
five hundred thousand. Your stepped up basis gets you to
five hundred thousand. If you sell it right then and
you get five hundred thousand, that's where everything kind of
(29:04):
drives together. Then there is no capital gain tax. You
don't have to sell it. So what you want to
do is get that capital, get that stepped up basis.
It's it's a stepped up basis is basically a value
from a third party that you keep in your file
doesn't mean you got to notate it, doesn't mean you've
got to It's correct. You don't have to sell it
that day. You can sell it ten years later. You
(29:25):
still get the benefit of the stepped up basis. We
can get into more details, but somebody's got to look
at the trust. Somebody's got to see who you know.
Was it mom and dad in the trust? Was it
just dad in the trust? Was it just mom in
the trail? There's so many different things that will affect
how you take it.
Speaker 1 (29:40):
And also was it a primary residence? Was it a
investment property? Is there desernciation that's been taking it's been
an investment property, because don't forget you have depreciation recapture
if you go to sell it on top of the
capital gains, very very The.
Speaker 5 (29:52):
Other thing to remember too, because this happened to somebody
last year that I know. You sell you inherit a
property and sell in a different state, you have to
pay at the capital gains portion in that state. So
a lot of moving parts to think about.
Speaker 3 (30:06):
That's why you bring in the legal tax financial professionals.
And of course you know and.
Speaker 4 (30:10):
John, so I do have one so that exact scenario happened,
and they didn't pay the taxes and they got hit
with the taxing that they didn't know about because they
didn't pay the tax Yeah.
Speaker 2 (30:20):
And in the other state, Yep, yep, there you go.
You didn't know about it.
Speaker 3 (30:25):
Yeah, I know. It's a it's a it's a complicated mess.
That's why we're doing this.
Speaker 1 (30:29):
Will continue our discussion with once again how to handle
the great real estate wealth transfer.
Speaker 3 (30:33):
Let's trap it up the Christmas snow right now, traffic center.
Speaker 1 (30:36):
Thank you, look Kristen, Welcome back to the John Sanchez
Show on News Dog seven to eighty Q. Which mister
Edge your phone er us.
Speaker 5 (30:47):
Saw six seven three six seven zero zero, Miss will.
Speaker 2 (30:50):
Art two four zero to zero two two.
Speaker 3 (30:53):
Very good boys.
Speaker 1 (30:54):
All right, once again we've been discussing for the last
almost half hour here the great real estate wealth transfer.
Speaker 3 (31:00):
Folks, this is a reality.
Speaker 1 (31:02):
Right, like the stories I share with you when I
was a young broker and they said, oh, there is
a great thing called the baby boomers, right, They're going
to be this massive force in the economy, spending powers,
et cetera. Yeah, yeah, yeah, Well our generation has and
let me tell you this wealth transfer one hundred and
five trillion dollars or by the year twenty forty eight. I,
in my opinion, I think it is going to happen.
Speaker 3 (31:21):
So we're trying to help you prepare. Again, we're just
scratching the surface. Corey.
Speaker 1 (31:25):
Let's move on to another point where we got a
couple of minutes remaining here, And that other point is
in regards to titling. We were chatting off air, and
it seems like all of us are facing the same thing.
We're seeing more and more clients wanting to avoid the
cost of getting a living trust established, so they're opening
up bank accounts, they want to open brokerage accounts with
US TOD meaning transfer on death, so that the account
(31:47):
does avoid probate. But it's a little bit different when
it comes to real estate. Here in Nevada, we actually
have what's called a transfer on death deed. Explain what that.
Speaker 5 (31:56):
Is, correct, So you can go sign a d says
when I die, my property automatically transfers to whoever some daughter,
spouse I mean, well not spouse because hopefully you're joint tenants,
but some kind of air there. And it sounds good.
But what people don't realize is that is legal. It
does transfer the title over. But if you or if
(32:18):
the air wants to sell that house, no title company,
no good title company, is going to ensure that title.
Until Medicare Medicaid all these things are cleared up. Even
if the person that passed away never dealt with those,
there's still a three to six month waiting period for
them to respond back that there's nothing. And it's usually
(32:41):
faster what the title companies will tell you and I
went through two of these last year for clients. They'll
tell you, hey, just get attorney and open the probate
because you're going to get through the probate faster than
waiting around for these six months. You know, limitation times prova.
Speaker 1 (32:55):
How can you say, I want probate if you have
TOD because that avoids probates.
Speaker 5 (33:00):
It can avoid probate. So imagine it this way, and
it's either three months or six months. So the transfering
depth and title company's not going to ensure your title.
They're gonna say, hey, you gotta wait out the period
three months or six months. That's the amount of time
that Medicare Medicaid can come in and claim something against
the estate. Well, if we go into probate, we can
send out the notice to creditors right away and they
(33:20):
have twenty days to respond. So we're shortening. We're trying
to get to the end result in a much faster time.
So if you want to wait the six months and
you're sure there's nobody coming out of the closet, correct,
you could avoid the probate and get around it. But
if you're trying to sell it in thirty to sixty days,
it's faster to get into court and to force medicaid
(33:41):
and medicare all these people to file their claims.
Speaker 1 (33:44):
I did not know that that's a good point. You
bring up amazing so many nuances. Like I always said, Corey,
it should have been an attorneys.
Speaker 5 (33:50):
Yeah right, I'm perfectly fine paying attorneys.
Speaker 3 (33:54):
Yeah. Well, as you see, folks, there's a lot of
moving parts to this.
Speaker 1 (33:59):
If you think you're going to to be having errors
receiving your estate and whether it's real estate, stock market,
et cetera, police sit down with us and or you know,
we'll bring in the attorneys, the CPAs if you don't
have one. Again, get everybody on the same page, write
the plan, get it down on paper, make life easier
for you when you're gone, no pun intended, and most
(34:20):
importantly for your beneficiary. So a lot of great information.
We'll keep tackling the subjects again. We just scratched the
surface on it. Corey, Dwight, have a great afternoon, great
job boye. We'll do it again tomorrow on the John
Skitches Show. Don't forget fed meeting tomorrow. We'll talk about
it on the show. God bless Or speech.
Speaker 8 (34:34):
That is Dwight Millard and MLSID number two four one
two five nine a license mortgage loan officer with Highlands
Residential Mortgage Limited and Equal Housing Lender and MLSID number
one three four eight seven one. The information shared on
this live broadcast is for general information purposes only and
does not constitute financial or mortgage advice. Listeners should consult
(34:55):
directly with a licensed mortgage professional for guidance tailored to
their specific situation. All loans are subject to credit approval
and program guidelines. Not all applicants will qualify. Loan terms
in availability may vary by state and are subject to
change without notice. Highlands Residential Mortgage Limited is licensed in
multiple states. For a full list of state licenses and disclosures,
(35:16):
please visit https slash slash www dot highlandsmortgage dot com backslash,
licenses backslash. The views expressed during this program are their
own and do not necessarily reflect those of Highlands Residential
Mortgage Limited,
Good Thursday afternoon to you. Welcome to the John Sanchez
Show on News Talk seven to eighty k which it's
a pole measure to be with you. And trust me,
there's gonna be two others. We got one out of
the two. The other one we're trying some new technology,
so bear with us here. And that, of course, is
Corey that I'm referring to. He'll be joining here momentarily.
But mister Dwight Millard of Highlands Mortgage, how are you, sir?
Speaker 2 (00:27):
I'm doing fantastic, John, how are you today?
Speaker 3 (00:30):
Very well? Very well?
Speaker 1 (00:31):
Are you as anxiously awaiting, anxiously awaiting Tomorrow's big day
as much as I am?
Speaker 3 (00:36):
Dwight?
Speaker 2 (00:37):
I am? I am. What do you think?
Speaker 3 (00:40):
I think he's gonna do nothing. I think he's gonna
do nothing.
Speaker 1 (00:43):
What Dwight and I are referring to, of course, as
tomorrow's big speech by Jerome Palell, head of the Federal Reserve.
Of course, Jackson how Wyoming. I'm looking right now, guys.
I looked right before the show, and I think we're
scheduled for I thought it was supposed to be seven,
but now they're saying it about nine am Pacific, standard
time is when the chairman is supposed to uh uh
(01:04):
to come out and give his speech. But you know what, Dwight,
I can't tell you how long it's been since I've
seen such a highly anticipated uh speech at.
Speaker 3 (01:14):
Jackson Hole than this one tomorrow.
Speaker 1 (01:17):
And I'm telling you, I'm I'm gonna if you're gonna
put a gun to my head, you're putting pointing a
gun at me, put a gun in my head right now,
I'm gonna say. He is gonna say, just like he
did at the last Fed minutes, We're just gonna uh
in the last last press conference.
Speaker 3 (01:32):
We're just gonna We're gonna wait.
Speaker 1 (01:33):
We've got PPI data, CPI data, PCEE data, uh a
payroll report all before the FED meets in September. I
don't see him giving any other hints other than we're
data dependent, you know, the same old thing. I don't
think it's gonna be anything special tomorrow. I really don't.
I think people, I think I think your market could
get disappointed, and I think my stock market could get disappointed.
Speaker 3 (01:54):
That's my that's my I agree with.
Speaker 4 (01:56):
I think it's gonna be a nothing burger, and we're
just gonna have to if there's any how they respond.
I mean, the bond market has not been very responding
very favorably lately. I mean they don't. They don't, Like,
you know, there was what's the probability now? Is it
inside of Moody now?
Speaker 1 (02:12):
On that it just dropped below eighty So we were
we were like ninety eight percent at this time last
week and now we're below as far as the probability,
still very strong from a historical standard. But I mean again,
we still have long ways to go where you know,
we don't have a FED meeting tomorrow or a FED
decision tomorrow. This is just a speech hoping to give
the world a hint as to what the FED is thinking.
But you know, we had more FED members come out
(02:34):
in the last couple of days to Wight indicating the
same thing.
Speaker 3 (02:38):
They're in no hurry. It's I think it's going to
be the same.
Speaker 1 (02:41):
Story that we've heard over the last few few weeks
and at the last FED meeting they're just in no hurry.
Speaker 3 (02:47):
Their data dependent, it's going to be the same one.
Speaker 4 (02:50):
So here's the problem, John, We the market we always
talked about has already factored in that price.
Speaker 2 (02:58):
You know, that rate cut right.
Speaker 4 (03:00):
So now if you if you start to see like
well now it's they're gonna start.
Speaker 2 (03:03):
Pulling back, you're gonna start to see rates still back up.
Speaker 3 (03:06):
That's right, that's right, that's exactly right. You hit it
right on the head.
Speaker 1 (03:09):
They have absolutely factored it in. There is no doubt
about it. It's not just says saying this, this is
the consensus on the street that yes, the ratecats are
already factored in.
Speaker 3 (03:17):
And again that's what I'm saying.
Speaker 1 (03:18):
If they don't get any solid hint out of the
out of the Chairman tomorrow, then I think we could
be in for a little bit of volatility. And we
know we're we now have had a five day losing
streak on the s and P five hundred.
Speaker 3 (03:30):
We lost again today, we lost on the Dall, lost
on the mas DEK lost on the SMP again.
Speaker 1 (03:35):
The only thing the street is focused on right now
is this meeting tomorrow or this speech tomorrow. So yeah,
I'm nervous going into it. I'm not gonna sleep very
well tonight. I'll be honest with.
Speaker 4 (03:44):
You, Well, it'll be So what time do you think
the reaction will happen? On?
Speaker 2 (03:49):
Pacific time?
Speaker 1 (03:50):
Well, usually we will get and I say usually, because
lord knows, this thing can change all the time, usually
will get a release of the text of his speed beforehand.
So again, everything I'm seeing right now the media is
his speech is scheduled at nine am Pacific standard time,
so I would say probably. I mean, I've seen it
as early as in the seven o'clock hour, you know,
(04:12):
a couple hours before. But usually they will release kind
of quote what they call the text of the speech,
where you can kind of get an idea of some
of the things he's going to be talking about, so
anybody's guests, but generally they will release that ahead of
this speech.
Speaker 4 (04:25):
And you have to almost anticipate Trump either way will
come out with some dialogue I'm sure about us a little,
which doesn't really doesn't help what we're trying to get through.
Speaker 1 (04:35):
Yeah, no, absolutely, And I want to I want to
come back to Trump and what's going on with one
of the members of the Fed in relation to mortgage.
But first let me tell everybody what we have lined
up as we were recorded to join us here. So folks,
you know we touched on this, what was it a
month or two ago? I think, And if I remember, right,
(04:57):
we had to we had to kind of rush through.
This show is one of those days where we had
a lot of news that we had to cover in
a very short period of time. So I want to
kind of come back to this issue. And what I'm
talking about is this. We're going to tackle today one
of the biggest issues that all three of us are
facing and hopefully many of you, and I say hopefully
from one standpoint if you're the recipient. And what I'm
(05:18):
talking about is this, we're going to tackle one of
the biggest financial shifts of our time, the great real
estate wealth Transfer. Now, over the next two decades, baby
boomers are expected to pass down You're ready for this, folks.
They're expected to pass down twenty five trillion dollars of
(05:38):
real estate to their errors. But how they handle the
transfer can mean a significant difference in the recipient side
of things.
Speaker 3 (05:48):
If they don't do it right.
Speaker 1 (05:49):
There's unnecessary taxes, there's all kinds of issues that we
will discuss. So we're going to walk you through the
strategies to minimize the capital gains. We're going to walk
you through the strategies to minimize or eliminate the estate taxes.
When if possible, And obviously the inheritance pitfalls because not
only guys. Is this the situation with twenty five trillion
(06:12):
dollars in real estate being passed on.
Speaker 3 (06:14):
But we're going to go even deeper on this one.
Speaker 1 (06:16):
According to Cirelli Associates, there's one hundred and five trillion
dollars of total wealth of total assets, of which twenty
five trillion is real estate, the rest of it stocks, bonds,
mutual funds, of various other assets that are going to
be transferring to the heirs. So again, when I said
(06:37):
a moment ago, this is really good for the heirs,
right this, I mean, this is going to create an entire.
Speaker 3 (06:43):
My gosh boom in wealth to say the very least.
Speaker 1 (06:46):
But at the same time, if you plan on gifting
some of your assets to your children, grandchildren, whoever your
errors may be, and you don't do it correctly, guess
what you and or your recipients could have again significant
amount of problems, and we want to eliminate that.
Speaker 3 (07:03):
But Corey isn't welcome. By the way. Isn't that a
staggering figure?
Speaker 1 (07:07):
One hundred and five trillion dollars of wealth transfer over
the next twenty years and again excuse me, by the
year yeah, by the year twenty forty years with the predicting,
but the one hundred and five and then in your
world again we look at twenty five trillion dollars in
real estate.
Speaker 3 (07:20):
Mind boggling to me when I found those figures.
Speaker 5 (07:22):
It sounds like quite a bit and it's going to
transfer to hands that aren't used to having it. Great point,
So hopefully people are reaching out to yourself and other
professionals to understand how to hopefully keep it.
Speaker 3 (07:35):
Yes, yes, absolutely so.
Speaker 1 (07:37):
Our title today is going to be how to handle
the great wealth transfer right? Once again, a very fascinating
topic and we've got some excellent, excellent points in my
opinion of again, how we can help you get through
this for you and your family and others. Before we do,
I want to ask Bailey, she was on the show,
my daughter who's also the producer of The John Sanchez Show,
(07:59):
for social media and of course for a great new
thing called YouTube that we're a part of. So I
sit down last night, I text Corey and do I
sat down last night as I always do, to eat dinner,
and I turn on I always watch YouTube on my
television when I eat dinner.
Speaker 3 (08:17):
I don't even watch normal TV anymore.
Speaker 1 (08:18):
I just watch YouTube and lo and behold, the first
thing that pops up is the John Sanchez Show and
seeing my buddies their beauty. They're handsome faces sitting there,
and I wanted to bring Bailey on to tell let
her tell all of you what she is doing to
get our message out there, even further than just right here,
of course, on our home base of news Talk seven
to eighty k weight. So Bailey, tell the audience where
(08:41):
you're getting this show out to now, because you're expanding us, like,
we can't even imagine.
Speaker 6 (08:45):
You put the pressure on me now. So my goal
is when we do these radio shows every day. Now
we're also doing a video with it as well, so
that way, when you're sitting in the office or at home,
you can actually watch us on your screen and feel
a little bit more personal, see the guys talking with
each other. So well, you can now find us on
YouTube under the John Sanchez Show. You can start on
(09:05):
your favorite podcast platforms Spotify, Apple Podcasts, all that good stuff.
So yeah, watch the video now, and it really changes
the dynamic of what you're learning.
Speaker 7 (09:14):
You can kind of visualize and see everyone's faces too.
Speaker 1 (09:17):
Yep, we we uh to be honestly, will take you
behind the scenes the well, the four of us of course,
but we have so much more fun when we're able
to see each other because we're all in different locations.
You know, we haven't been in the same studio together,
guys in what probably five years something like that.
Speaker 3 (09:32):
It's a long time.
Speaker 1 (09:33):
But the video side of things, it just makes things
so much fun and I think a much much better
quality show than the guys just coming in and and
you know, over the telephone.
Speaker 3 (09:45):
So so looking forward to that.
Speaker 1 (09:46):
And then Bailey, we're not quite there yet, but touch
this real quickly on the social media side, because you've
got all kinds of great plans that we're going to
be doing.
Speaker 6 (09:53):
There also absolutely I meant to mention that as well,
So if you follow our Sanchez Gaune to Capital Management,
Instagram and Facebook, you'll still see clips on there as well.
Speaker 7 (10:02):
We will also have a TikTok page for the John.
Speaker 6 (10:05):
Sancho Show that we will have up and running shortly,
so you'll get some nice little snippets of a little
learning lessons, nice sharable content you can send to your
friends in case they didn't know about something, so make
sure to follow us on their Instagram and Facebook. Sanchez
Gaunt Capital Management, I.
Speaker 1 (10:20):
Thought you had a separate one for the John sanche Show.
We will, we will, Okay, so that's.
Speaker 7 (10:24):
Coming well, well, yeah, we'll divvy it up. Obviously.
Speaker 6 (10:27):
There's good topics on here that cover things for the brokerage,
and then there's other topics that might be a little
bit irrelevant and good for just the John Sancho Show.
Speaker 3 (10:35):
Yeah.
Speaker 1 (10:36):
What we're going to be doing everyone, just so you know,
is one of my goals, and again thank god for
Bailey of getting on YouTube and the dramatically increasing our
social media presence, is we're going to be doing a
lot of educational material for you, and we're not going
to go along, don't.
Speaker 3 (10:54):
I don't know. I find myself. I don't know if
you guys are this way.
Speaker 1 (10:56):
I don't have the patience to sit there and watch
a twenty five or thirty minute vide on whatever, right.
I like the shorter two, three, maybe five minutes. Boom,
you get in, you get onto your next subject. And
so what I'm going to be doing, you know, thanks
to Bailey, is we're gonna be doing a lot of interviews.
Speaker 3 (11:13):
I'll call them, uh, with Corey and.
Speaker 1 (11:15):
With Dwight on things that we we just again we
we we have you know, hundreds and hundreds if not well,
we have over a thousand podcasts sitting out there. But
we're gonna go back to some of those topics, like,
you know, just like today, it's like, hey, Corey, you
know what, what are the three things that a beneficiary, uh,
someone that's going to be receiving real estate from their parents, what.
Speaker 3 (11:35):
Are three things you recommend to them? Corey? Go boom
bo boo boo boom, We'll have a little discussion about it. Boom.
Speaker 1 (11:39):
That one's done. Hey, Dwight, tell us what's going on
in the world of mortgages? Right, So a lot of
these little short snippets, what are they, They're called reels, right.
Speaker 6 (11:47):
Education, we'll do educational series, So we'll have reels, we'll
have YouTube shorts for those short little learning lessons per se.
But we're gonna do series on different topics that may
may not be applicable maybe on the radio or just
too long did you on the radio like our topic yesterday,
So keep an eye out for those, and then we'll
be following those up with some deliverables as well that
(12:08):
we can get to you guys for free ebooks, work
workbooks that we've been putting together as well, so tons
of different topics will be able to share with you
guys in good educational content.
Speaker 2 (12:19):
Are we considered influencers?
Speaker 6 (12:20):
Now, I'll make sure you have the blue check mark
next to your name. Read on, Okay, check mark that
means you're verified.
Speaker 7 (12:30):
I'll teach you all about it. Don't worry.
Speaker 3 (12:33):
Okay, we got to be verified, got to be verified.
My got them licensed with every government agency.
Speaker 1 (12:39):
I think, I think I am verified from that stand boy,
But yeah, watch, I won't be verified over social media
and you will tell me how to get into TikTok
and all these places you're putting me because you still
don't give me the pastor and I have no clue
that said.
Speaker 7 (12:51):
No, you're you're the brain and I'm the poster. I
don't know.
Speaker 3 (12:54):
Got it, got it, got it? But you got to
get you know, real quickly.
Speaker 1 (12:58):
You got to get Corey and daw White's because they
there as much of a social media challenge as I am.
So just remember we're a packings deal here, so I
know you've worked with them a little bit in.
Speaker 6 (13:06):
The roll that under the salary running your guys of
social media.
Speaker 1 (13:10):
Okay, perfect, it's gonna be fun, guys, and all this
is gonna be happening here real soon in the next
two weeks, three weeks, Bailey, all those social max Yeah.
Speaker 7 (13:20):
Yeah, let's let's give it about two weeks.
Speaker 1 (13:22):
And every day, every day we're we're now got all
the bugs worked out. Every day we're we're gonna be
on the on YouTube right.
Speaker 6 (13:30):
Sure, I'm actually uploading yesterday's episode right now, so make
sure you keep an eye out. Give it about twelve
hours to be up and you can watch it from
yesterday's show topic. So get it live here, get it
on the podcast after, get it on YouTube a few hours.
Speaker 5 (13:43):
Later, and you can you can update Dwight's MySpace page.
Speaker 3 (13:50):
Okay, we'll work on that's after we get rid of
his a will.
Speaker 5 (13:53):
He forgot his password?
Speaker 2 (13:54):
Yeah for sure? Do you remember my password?
Speaker 6 (13:58):
Yeah?
Speaker 2 (13:59):
Exactly?
Speaker 1 (14:00):
All right, we are so late for the wonderful Christens.
So christ and I apologize. We're having way too much fun.
Time got away from us. How are you, my dear.
Speaker 7 (14:08):
Fucking put me on the spot. Thank you? Trying to
help Corey and then Brett's out there.
Speaker 3 (14:18):
You see. That's the way we feel too. We have
we all have faces for radio.
Speaker 1 (14:30):
Welcome back to the John Sanchez Show on News Talk
seven eighty kh with Dwight Malart of Highlands Mortgage, Corey
Individuality once again, voll little session. Unlike these last couple
of days where we had our highs, we had our lows,
and we really didn't finish, you know, with much movement.
Speaker 3 (14:43):
Didn't quite happen that way.
Speaker 1 (14:44):
Today we had the highs and the lows, but we
finished somewhat towards the bottom. Our low was forty four
thousand and five seventy nine. We closed up forty four
thousand and seven eighty five. But that low happened right
at the right at the open, so I'm not going
to really count that. So we kind of spent like
negative one hundred to one to fifty most of the day,
So one down or down one fifty three to be
exact on the dial, point three four percent now is
(15:04):
that lost seventy three points point three four percent in
the SMP down twenty six points now a five day
losing streak, unfortunately, point four zero percent decline, all right,
we're gonna be get into our topic here momentarily, how
to handle the great real estate wealth transfer once again,
one hundred and five trillion dollars. If you baby boomers,
your money, your wealth is going to be going to someone,
to your errors, et cetera. We're going to focus in
(15:25):
on the real estate side with Corey and Dwight later
and again go through a lot of different ways that
we can minimize the taxes, make it as simple as possible,
minimize the state taxes, capital gains taxes, and so on
and so forth. So we'll be getting into that momentarily. Dwight,
I get well, let's hit the commodities eighty cent game
on oil today, sixty three fifty goal down six dollars
(15:45):
and seventy cents, thirty three eighty one ninety. You're a
quiet again to ide heading into the chairman speech tomorrow.
Three basis point increase on the tenure yield four to
thirty three or ye'll four to thirty three.
Speaker 3 (15:56):
How do we do on the mortgage side. Imagine we
didn't move much.
Speaker 4 (15:59):
Yeah, we only lost a point, but you're at six
point six two according to mortage you used daily, John,
that's up almost ten basis points from last week.
Speaker 2 (16:06):
Wow, so that's a bit.
Speaker 4 (16:08):
Yeah, we're slowly. I mean it's not the super peaks
in the valleys, but it's enough. But the good news
is your fifteen year that you're watching real close is
still under the six It's at five point nine to seven.
Speaker 3 (16:21):
Okay, very good, real quickly.
Speaker 1 (16:23):
I wanted to ask you one thing I noticed away
when I was purpose for the show. The thirty year
jumbo six point sixty seven percent. But yet the thirty
year fixed six point six to two. Why are those
so close?
Speaker 3 (16:35):
Usually there's a much greater gap between the two.
Speaker 4 (16:38):
I think it's probably just trying to drum up business,
just like the builders are doing. You know, they're just
trying to give away a little margin, try to pick
up a little bit of business. They have more flexibility
in the Jumbo arena, you know, than you probably do
in the Fani May world where everybody, you know, you
got all your add on.
Speaker 2 (16:55):
So I think that's probably it.
Speaker 4 (16:56):
They're just dropping them a little bit, just trying to
drum up some business.
Speaker 3 (17:00):
Okay, very good.
Speaker 1 (17:01):
I want to jump over to another very hot story
that the Street is following very closely, not that it
has really. Well, I was gonna say, not really any
influence on the market, but it potentially could. For those
of you that have been following this, or maybe you haven't,
there's a woman by the name of Lisa Cook. Now,
Lisa is a member of the Federal Reserve Board. Okay,
been there a few years. Well, she got in the
(17:22):
crossfires across hairs of President Trump a couple of days ago.
And not only is she in the crossfires of Trump,
She's also in the crossfires of the Federal Housing Finance
Agency Director Bill Poulte, yes part of the Poulte homebuilding family.
Speaker 3 (17:39):
Okay, what's going on?
Speaker 1 (17:40):
Mister Poulte yesterday blasted miss Cook all over social media
saying she basically committed mortgage fraud. Now, remember she is
a member of the Federal Reserve a board, a very
very prominent position they're alleging, and Trump, of course, is
jumping on the vandwagon. She is a Democrat. She was
nominated and put in appointed under the Biden administration. So
(18:03):
you know where I'm going with this. I think what's happening.
Trump's trying to get her off to get another you know,
kind of Trump nominee on there. But they're they're claiming,
Dwight that she she basically took out two mortgages. Again,
this was a couple of years ago. Took out two mortgages.
First one she said it was her primary residence, and
then two weeks later she takes out another mortgage saying
(18:24):
it was her primary residence.
Speaker 3 (18:25):
And they're going, uh huh.
Speaker 1 (18:27):
And the reason that's important, folks, is because remember your
primary residence, you generally got to put less down. Usually
you'll get more favorable interest rates, et cetera. So, Dwight,
how serious is this?
Speaker 4 (18:38):
Well, you know, John, the timing of it is really bad.
I mean, if you're going to do it back to back,
I mean, be smarter than that. But be careful of
Pandora's box if you're going to open it, John, I mean,
there's probably a lot of people out there that kind
of you know, I've got I'm living here, I'm moving there.
Go back to the pandemic. All we needed was a
(18:59):
remote letter and you could buy the Bay Area. People
bought Reno, bought in Reno with a remote letter. I
don't know if they ever moved in, right Corey. Some
of them never did.
Speaker 3 (19:07):
Yep.
Speaker 4 (19:08):
So you got to be careful if you're going to
go after one John, Unfortunately, you probably got to go
after others.
Speaker 1 (19:13):
Yeah, I think, if I remember correctly, maybe you saw that, Corey.
I think they went back and they did a study
one of the government housing agencies and they came up.
I think they stopped at about twenty twenty three. I
think they went back to like twenty eighteen or something,
but they said there's millions out there that are like this.
Speaker 5 (19:32):
No question, Yeah, there's plenty, and I think the interest
rate spreads used to be higher than they are now.
But the biggest thing is the down payment, as you mentioned,
But it's not you know. The thing that worries me
is now. I mean, you have people inside a government
attacking individual people for no reason, right like, it's to
(19:55):
me that's the scarier part. I agree, these crazy people
running these government agencies.
Speaker 3 (20:01):
I agree.
Speaker 1 (20:02):
Well, she's yesterday, she said she's not backing down, She's
not going to be intimidated.
Speaker 3 (20:06):
We've heard that before. But we will see.
Speaker 1 (20:08):
But I thought, Dwight, when I saw that story break
a couple of days ago, I thought that was really interesting.
I'm like, well, how prevalent is mortgage fraud and sounds
like it was pretty well.
Speaker 4 (20:16):
And you would think, yeah, you think a member of
the Federal Reserve would be.
Speaker 1 (20:21):
They're saying, but she says, I was not a member
of the Federal Reserve when I took out those two mortgages.
Speaker 3 (20:25):
Okay, Okay, I don't think that's really all that great
thing to say.
Speaker 5 (20:31):
But did you did you hear did you hear them
talk about why she said that? No, because to be fired,
you have to be fired for because of something during
your term. Right, this was all pre term. Okay, so
they're getting set up to say you can't fire me.
Speaker 3 (20:46):
Got it?
Speaker 1 (20:48):
Kind of like where he wanted to fire Powell for
cause of the budget overrun on the rehabit of the
reserve building.
Speaker 5 (20:55):
Right, yeah? And who was wrong on that? Right on
my TV?
Speaker 3 (21:00):
Yeah, how by the way side on that one. Oh
my goodness.
Speaker 1 (21:03):
All right, we're gonna get down to our real estate
topic when we come back, how to handle the great
estate wealth real estate that is, the great real estate
wealth transfer. We come back with turned over to Jack
sab and he's got news trafficking on weather. Ajack, Welcome
back to the John Sanchez Show on Newstalk seven to
eighty Koh with Dwight Millard of Highlands Mortgage and of
course Cory Edge of Edge Reality. Once again, we finished
(21:24):
down one fifty three on the Dow, lost seventy three
on the NASDAK, and a decline of twenty six on the.
Speaker 3 (21:29):
S and P five hundred.
Speaker 1 (21:30):
All right, how do we handle the great real estate
wealth transfer?
Speaker 2 (21:35):
Man?
Speaker 3 (21:36):
I think it's a problem, especially those of you that
may be the recipient.
Speaker 1 (21:38):
You may be going, hey, you know what, this is
gonna be the best thing in my life. Finally, mom
and Dad kicked the bucket, or grandma and grandpa kicked
the bucket, and I'm gonna be a wealthy son of
a gun. Well, we hope that you are. But if
you don't follow some of the advice we're gonna give you,
or the person that's going to be gifting you these assets,
you potentially could lose a significant amount to a necessary
(22:00):
taxes and all kinds of other problems. But as always,
when we start talking about tax strategies and estate planning strategies,
please consult with your tax professional, consult with your attorney
before you do anything, because we don't have time to
go and again, guys, these are going to be some
great topics we'll be able to do down the road
on social media and some webinars and things. I want
(22:20):
to really get into these, but we're just gonna be
able to scratch the surface. So once again, if you
just joined us, just a little bit of a background
that I wanted to share with everybody, and that is, Remember,
according to Cirellian Associates, one hundred and five trillion dollars
of wealth is going to be transferred, of which twenty
five trillion that's according to.
Speaker 3 (22:38):
The Federal Reserve.
Speaker 1 (22:40):
Of that will be twenty five trillion of real estate,
So one hundred and five overall, twenty five of it
is real estate, all by the year twenty forty eight,
so not that far away.
Speaker 3 (22:51):
So we're going to focus on the real estate side
of things.
Speaker 1 (22:53):
So, Cory, the first point we want to talk about
is this in a wealth transfer situation, why is real
estate so unique? Unlike because some of the is we'll
talk about, some of the tax strategies are the same
for stocks and other appreciated.
Speaker 3 (23:07):
Assets, but real estate has a little bit of a
unique twist. What is that?
Speaker 5 (23:13):
Well, I don't know exactly which point you want me
to hit on. But that's for.
Speaker 3 (23:19):
The family. The realist has an emotional attachment.
Speaker 5 (23:22):
Oh okay, I thought that's where we were going with this,
But there is an emotional attachment. I have two properties
right now that I'm helping.
Speaker 6 (23:29):
Uh.
Speaker 5 (23:29):
These are both trusts, so I don't have to go
through probate on either one of them. But they're both
trusts people passed away. There are emotional issues with both
houses that we have to work I mean, I don't
want to say that I personally have to work through them,
but we have to help people through them because there's
more than just hey, sell my goal or sell my
apple stuck or whatever. You know, both of these houses,
(23:52):
my clients, my current clients grew up in different things,
and so there is another component to it, aside from
the financials and the basis and all the other things
that come with all the assets.
Speaker 1 (24:03):
So let me ask you, in this scenario that you're
talking about, Corey, this is one of the problems. So
once again, let's do a hypothetical. We've got a house
that everybody grew up in Lake Tahoe, right, maybe it
was a vacation home, maybe maybe you lived there forever,
but you know, beautiful area phenomenal memories, the Christmas dinners
with the snow coming down, the family gathered there on
(24:24):
the fourth of July, plain in the water.
Speaker 3 (24:26):
I mean, let your imagination wonder.
Speaker 1 (24:28):
Okay, don't have those attachments in the primary home in
most cases, definitely don't have an investment property. So now
let's say, you know, let's say it's Dwight, right, Dwight
had this house, got a big, beautiful family, all these memories.
Dwight dies, and now let's say Corey and I are
his two sons. Well, guess what, I'm the tight one.
(24:50):
I want my money. Dad left this fifty to fifty
to my brother and I Corey in this example, I
want my money. Corey's like he's more of an emotional guys, like.
Speaker 3 (24:59):
I can't get rid of this house.
Speaker 1 (25:00):
This is where, you know, we grew up and we
have all these memories. So this is where the emotional
side of it comes into. And this is where Corey
brought up a great point the estate trust or having
the living trust for the estate, because this is where
you can start to lay things out.
Speaker 3 (25:16):
I do. I can't.
Speaker 1 (25:17):
I'd say probably on average, I'm going to say maybe
five clients a year, we have to help them with
when they have siblings. One of the siblings it's like
I said, one of the siblings wants to get the
heck out. They may be live in another part of
the country. They don't care about the house, they have
no emotional time. They want their money. The other two, Hey,
we want to keep this The question I always get John,
how are we going to buy out? You know my
(25:37):
brother Frank, Right, how am I going to do that?
So that gets into a whole bunch of issues because
technically you're selling a third of the house in this example.
Speaker 3 (25:46):
There's a lot of issues, Corey.
Speaker 1 (25:47):
And and again you get into potential tax complexities also
because again let's use the example. If I want my
portion out and you know Dwight dies, do am I
going to have taxes?
Speaker 3 (26:00):
Might gonna have capital gains? What's going to happen with you?
Speaker 1 (26:02):
So and so forth? So it gets really really messy.
And the estate plan will help but not solve everything,
but just something you need to be thinking about and
have it written out of that trust, right, Corey, have
it written out in there. Hey, if I die, you know,
you know my brother John or my son John wants
to sell his portion, but my son Corey wants to
keep his those type of things.
Speaker 5 (26:21):
You got to have it all. So trusts are good
and that they lay everything out, but they could be
bad too, because once you pass and it's laid out,
that is the law. We had one about three years ago.
There were four brothers. One of them was living in
the house.
Speaker 3 (26:34):
That's another mess.
Speaker 5 (26:35):
Yet Dad passed away two of the brothers, one of
the third one to stay. One of the brothers said no,
I want to sell it. I want him out. The
trust said to sell it, and so it turned into
a huge legal mess that is probably still going on
to this day.
Speaker 1 (26:49):
Let's add another complexity that you just charred something to
my mind that I've run across a lot again, no
matter how many siblings.
Speaker 3 (26:56):
Let's I say there's too Let's say there's a brother
and a sister.
Speaker 1 (26:58):
Sister has been living in Let's just say Dad's a
widow at this point, living in Dad's house taking care
of dad.
Speaker 3 (27:05):
Right, she gave up her career.
Speaker 1 (27:07):
She's there taking care of Dad twenty four to seven,
so he's not going into assisted of living. Dad dies,
money's supposed to go fifty to fifty. You know, now
what happens to the sister she just lost where she
was living. She's also angry because she hasn't been paid
by dad while dad was alive, you know, changing his
underwear in the middle of the night, and you know
(27:28):
all the things that go into convalescent type of care.
But the brother's going, hey, I don't care, you know,
I want to sell this thing. I need my money
out of it, right Corey, That's where he gets messy. Also,
I mean, let your imagination wonder. The more you can
lay this out for those of you that will be
you know, having these assets go to your children, grandchildren, whoever.
(27:48):
Maybe the more you can lay it out, the better
off you're going to Because we consider for hours and
all of us is sure stories, do you have any
stories that come to mind of any clients you've dealt
with in that scenario?
Speaker 4 (27:59):
Not really, But the longer it goes, the more difficult
it becomes. I mean, and the larger the family, the
more difficult. So yeah, it's I've seen it. Nothing that
sticks out, but yeah, it just can be a mess.
Speaker 1 (28:13):
Unfortunately, quret real quickly before we go to break, let's
squeeze in the Capital Gains situation, how they stepped up
basis works.
Speaker 5 (28:22):
So if you let's just assume dad bought a house
four round numbers, will call it one hundred thousand dollars,
and all of a sudden he passes away, and that
house is worth five hundred thousand dollars. And let's say
there's two kids there. Well, obviously, if you go sell
it right now and there's no stepped up basis, you're
gonna have a four hundred thousand dollars gain. It gets
split two ways. Everybody gets two hundred thousand dollars in
(28:43):
capital gains, and you're gonna have to pay Uncle Sam.
What the current law allows you to do is step
up that basis to the day that dad passed away.
So far, in my example, he passes away, it's worth
five hundred thousand. Your stepped up basis gets you to
five hundred thousand. If you sell it right then and
you get five hundred thousand, that's where everything kind of
(29:04):
drives together. Then there is no capital gain tax. You
don't have to sell it. So what you want to
do is get that capital, get that stepped up basis.
It's it's a stepped up basis is basically a value
from a third party that you keep in your file
doesn't mean you got to notate it, doesn't mean you've
got to It's correct. You don't have to sell it
that day. You can sell it ten years later. You
(29:25):
still get the benefit of the stepped up basis. We
can get into more details, but somebody's got to look
at the trust. Somebody's got to see who you know.
Was it mom and dad in the trust? Was it
just dad in the trust? Was it just mom in
the trail? There's so many different things that will affect
how you take it.
Speaker 1 (29:40):
And also was it a primary residence? Was it a
investment property? Is there desernciation that's been taking it's been
an investment property, because don't forget you have depreciation recapture
if you go to sell it on top of the
capital gains, very very The.
Speaker 5 (29:52):
Other thing to remember too, because this happened to somebody
last year that I know. You sell you inherit a
property and sell in a different state, you have to
pay at the capital gains portion in that state. So
a lot of moving parts to think about.
Speaker 3 (30:06):
That's why you bring in the legal tax financial professionals.
And of course you know and.
Speaker 4 (30:10):
John, so I do have one so that exact scenario happened,
and they didn't pay the taxes and they got hit
with the taxing that they didn't know about because they
didn't pay the tax Yeah.
Speaker 2 (30:20):
And in the other state, Yep, yep, there you go.
You didn't know about it.
Speaker 3 (30:25):
Yeah, I know. It's a it's a it's a complicated mess.
That's why we're doing this.
Speaker 1 (30:29):
Will continue our discussion with once again how to handle
the great real estate wealth transfer.
Speaker 3 (30:33):
Let's trap it up the Christmas snow right now, traffic center.
Speaker 1 (30:36):
Thank you, look Kristen, Welcome back to the John Sanchez
Show on News Dog seven to eighty Q. Which mister
Edge your phone er us.
Speaker 5 (30:47):
Saw six seven three six seven zero zero, Miss will.
Speaker 2 (30:50):
Art two four zero to zero two two.
Speaker 3 (30:53):
Very good boys.
Speaker 1 (30:54):
All right, once again we've been discussing for the last
almost half hour here the great real estate wealth transfer.
Speaker 3 (31:00):
Folks, this is a reality.
Speaker 1 (31:02):
Right, like the stories I share with you when I
was a young broker and they said, oh, there is
a great thing called the baby boomers, right, They're going
to be this massive force in the economy, spending powers,
et cetera. Yeah, yeah, yeah, Well our generation has and
let me tell you this wealth transfer one hundred and
five trillion dollars or by the year twenty forty eight. I,
in my opinion, I think it is going to happen.
Speaker 3 (31:21):
So we're trying to help you prepare. Again, we're just
scratching the surface. Corey.
Speaker 1 (31:25):
Let's move on to another point where we got a
couple of minutes remaining here, And that other point is
in regards to titling. We were chatting off air, and
it seems like all of us are facing the same thing.
We're seeing more and more clients wanting to avoid the
cost of getting a living trust established, so they're opening
up bank accounts, they want to open brokerage accounts with
US TOD meaning transfer on death, so that the account
(31:47):
does avoid probate. But it's a little bit different when
it comes to real estate. Here in Nevada, we actually
have what's called a transfer on death deed. Explain what that.
Speaker 5 (31:56):
Is, correct, So you can go sign a d says
when I die, my property automatically transfers to whoever some daughter,
spouse I mean, well not spouse because hopefully you're joint tenants,
but some kind of air there. And it sounds good.
But what people don't realize is that is legal. It
does transfer the title over. But if you or if
(32:18):
the air wants to sell that house, no title company,
no good title company, is going to ensure that title.
Until Medicare Medicaid all these things are cleared up. Even
if the person that passed away never dealt with those,
there's still a three to six month waiting period for
them to respond back that there's nothing. And it's usually
(32:41):
faster what the title companies will tell you and I
went through two of these last year for clients. They'll
tell you, hey, just get attorney and open the probate
because you're going to get through the probate faster than
waiting around for these six months. You know, limitation times prova.
Speaker 1 (32:55):
How can you say, I want probate if you have
TOD because that avoids probates.
Speaker 5 (33:00):
It can avoid probate. So imagine it this way, and
it's either three months or six months. So the transfering
depth and title company's not going to ensure your title.
They're gonna say, hey, you gotta wait out the period
three months or six months. That's the amount of time
that Medicare Medicaid can come in and claim something against
the estate. Well, if we go into probate, we can
send out the notice to creditors right away and they
(33:20):
have twenty days to respond. So we're shortening. We're trying
to get to the end result in a much faster time.
So if you want to wait the six months and
you're sure there's nobody coming out of the closet, correct,
you could avoid the probate and get around it. But
if you're trying to sell it in thirty to sixty days,
it's faster to get into court and to force medicaid
(33:41):
and medicare all these people to file their claims.
Speaker 1 (33:44):
I did not know that that's a good point. You
bring up amazing so many nuances. Like I always said, Corey,
it should have been an attorneys.
Speaker 5 (33:50):
Yeah right, I'm perfectly fine paying attorneys.
Speaker 3 (33:54):
Yeah. Well, as you see, folks, there's a lot of
moving parts to this.
Speaker 1 (33:59):
If you think you're going to to be having errors
receiving your estate and whether it's real estate, stock market,
et cetera, police sit down with us and or you know,
we'll bring in the attorneys, the CPAs if you don't
have one. Again, get everybody on the same page, write
the plan, get it down on paper, make life easier
for you when you're gone, no pun intended, and most
(34:20):
importantly for your beneficiary. So a lot of great information.
We'll keep tackling the subjects again. We just scratched the
surface on it. Corey, Dwight, have a great afternoon, great
job boye. We'll do it again tomorrow on the John
Skitches Show. Don't forget fed meeting tomorrow. We'll talk about
it on the show. God bless Or speech.
Speaker 8 (34:34):
That is Dwight Millard and MLSID number two four one
two five nine a license mortgage loan officer with Highlands
Residential Mortgage Limited and Equal Housing Lender and MLSID number
one three four eight seven one. The information shared on
this live broadcast is for general information purposes only and
does not constitute financial or mortgage advice. Listeners should consult
(34:55):
directly with a licensed mortgage professional for guidance tailored to
their specific situation. All loans are subject to credit approval
and program guidelines. Not all applicants will qualify. Loan terms
in availability may vary by state and are subject to
change without notice. Highlands Residential Mortgage Limited is licensed in
multiple states. For a full list of state licenses and disclosures,
(35:16):
please visit https slash slash www dot highlandsmortgage dot com backslash,
licenses backslash. The views expressed during this program are their
own and do not necessarily reflect those of Highlands Residential
Mortgage Limited,
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