The Jon Sanchez Show
07/10- Who Needs An Estate Plan, Part II
Americans have a problem with estate planning: They know they should do it, but most don’t. No one wants to talk about their own death, let alone plan for it. Trust and Will found that 81% of Americans aged 28-43 think estate planning is important, but only 36% have done any planning. So who needs an estate plan? Almost everyone and we’ll explain why, as we continue part two, tonight on the Jon Sanchez Show at 5pm
- Duration:
- 34m
- Broadcast on:
- 11 Jul 2024
- Audio Format:
- mp3
This summer, saddle up with the only sports book where you can bet on horse racing. FanDuel! Right now, new customers can get a No Sweat first bet up to $500. Just download the app or go to fanduel.com/horses to score your No Sweat bet up to $500. 21+ in present in Colorado. Offer valid on first real money wager of $5 or more. Verify FD Racing account required. Bonus issued and non-withdrawable racing site credit that expires seven days after issuance. Max refund $500. Restrictions apply. See terms at racing.fanduel.com. Gambling problem, call 1-800-GAMBLER. Good Wednesday, even to you. Welcome to the John Sanchez Show on Newstalk 780-KOH. It's a pleasure to be with you and a pleasure to be with my partner, my co-host extraordinaire. Mr. Jason Gutt. Sanchez, restful, wealth management. You know, I just want to say how much I've enjoyed, you know, strategizing with you today. We've had a good time today, have we not? Broken bread. Yes. We've had the promise all over the place. Yeah. Absolutely. Absolutely. Oh, what a day we had in the market today, another record-setting day for the S&P 500 for the NASDAQ. And then, you know, as Jason and I always tease, you know, my favorite end to see, of course, the Dow Jones Industrial Average moving very nicely. This time, we finally seen this end to see begin to move in a direction that is green, right? For a long time, it's been, you know, just kind of flat, but man, oh man, today, Jason, it just gave us a nice little return along with the other two. So we're going to, of course, give you all of the details of today's market action. Then, we're going to get into tonight's topic. And tonight is going to be, we'll call it part two of what Jason and I began on Monday. And if you recall, if you missed the show on Monday, please pick up our podcast, eight your favorite podcast distributor, if not, listen closely now because we'll give you a brief recap of what we finished or what we discussed on Monday and then we will start fresh. Now, the topic of Monday was everybody needs an estate plan, right? And again, we're not talking specifically to say, oh, you need this trust or that type of trust or things like that. We're talking in a estate plan. In other words, your final wishes of what you want to do when you are no longer, or have done, I should say, when you are no longer on this great earth of ours. So remember this, folks, you don't need a lot of money to have an estate plan, right? That is not one of the criteria. And so, what we did on Monday is we started to lay out basically nine different types of situations/people that need an estate plan. And we covered a lot, you know, individuals who obviously with significant assets, parents of the minor children, so on and so forth. So we're going to give you a recap, of course, of what that is all about and then get into our fresh points. Jason, we got into, I think, five out of our nine points, but some of the really good ones are really towards the end. And that's why Jason and I decided that we wanted to continue this on for a second night in a row. So good stuff there. Good stuff. Absolutely. Yeah. I mean, it's something that we touch on on lots of the shows, right? Estate planning is just part of the larger financial conversation. Clearly, we want to help you grow those assets so you can pass them on to others. But, you know, putting a plan in place before something happens to you, which, last I checked, I think we all deal with the end of days at some point. That's right. It's one of those guarantees in life. Tax is death, right. And then an exciting election season, I think. Right. Yeah. So those guarantees. Which may create the death in and of itself. Right. For sure. For many people. Right. But now it's a good topic that we wanted to make sure that we spent appropriate time on. Absolutely. Absolutely. Well, speaking of appropriateness, my goodness, my friend, what a day it was today as we said in the market. Take it away. Let's get a market recap going. Get right to it. Yeah. I mean, again, I think it was a sort of follow through day two of Jerome Powell and sort of touching on the fact that rates will be coming down at some point. Many of the things that they've talked about, I saw some articles today about labor, even labor costs coming down and over the next couple releases as far as inflation is concerned. And you're expecting that part of the equation, which has been the thing that had been the most, I would say the biggest focus item for the Fed was labor and labor acceleration as far as costs were concerned. And you're starting to see those moderate. You've seen the Jolt's numbers come down quite a bit in terms of job openings. So it's a little bit more of a competitive workforce. And you know, everything that was said as Powell, you know, I've been a fan of Powell. Some haven't. I think it's a very, very difficult job. I think he does a great job of staying neutral despite the many, you know, shots that are fired across the bow and some will say something and some will say the others. But I'd argue it's one of the most difficult jobs that you can possibly have and far tougher job than being a president, and all seriousness, far tough job. I think so too. I mean, he's not getting, you know, the president gets up there and gives speeches and says what they want and walks away. And in this case, like you get grilled by, in most cases, three quarters of these dodos that don't even know the questions that they're asking. I was joking with, I was joking with the boys last night. Did you happen to see when Elizabeth Warren had her time yesterday with him? Oh, yeah, I told the audience, you know, I told the audience last night you got to watch it on YouTube. And I think it was, like I said, about 45 minutes or an hour in to it. But the best analogy I can give you Jay is it was like a mother scolding her son. I mean, she got him backed into a corner and he literally was biting his lip, not to say something there. He just sat there and she was, she was going back to comments that he made about the banking industry and Basel three and on and on and on, you know, things that he said, like back in 2018, right? Like you expect this guy to remember and oh, they just, you know, she was just bashing him and he just, like you just said, cool, calm and collected, he just kind of sat back and I'll look into that. I don't recall saying that, Senator, you know, that type of thing. It is. You know, I mean, again, it's a very difficult job and there's a lot of pressures around it. Again, it's not a, it's not a job I would care to have just for all the stress that's involved. But I think, you know, I mean, I think that's part of what the market took today from that. We saw a little bit of broadening out in some cases of other sectors that, you know, picked up their head a little bit, some of the financials did okay, you know, but tech continues to do what tech's been doing and, you know, really across the board, you closed it all time high, certainly S&P, NASDAQ, et cetera. Dow probably sees its 40,000 level here, I would guess in no time to. So it's a, it's a, it's a pretty amazing tape. This is when you, you know, look back, we talk about it all the time, compartmentalizing feelings, right? And as an investor, that's what I always try to do is how did I feel at this certain point of time, right, back during when I'm overly comfortable and I use the word even complacent sometimes and other times when I'm overly overly afraid and nervous and sort of how things felt, you know, this is one of those times, you know, things feel like everything is, is, is just firing on all cylinders as far as the markets are concerned and oftentimes those are symptomatic of some, some blow offs, right? Not to say they're going to crash, but, you know, it's, it's, it feels pretty darn good. It's, well, I want to, I want to publicly give kudos to you. And that is, you called this, you, you said two or three weeks ago that watch these next couple of weeks, they're historically very, very strong and lo and behold, it's starting to unfold as again, day after day, we're seeing records on the S&P and on the NASDAQ and, you know, very strong performance today on the Dow, maybe we'll hit records on that one too. It will be a, you know, trifecta of record closes for the three major averages. But I think it'd be really appropriate for those that may have missed your call on that and, and why you thought because you had some pretty good data and rationale behind it. So let's go over that one more time. Yeah. I mean, you know, the, the, the basics around it are really the two strongest elements of the market that aren't you and I going out and intentionally buying, right? Whereas you've got the, the gamma factor on options, which is just option decay by the fact that, remember, investors by and large, they buy puts to protect their portfolio. They do what's called overriding as in they sell calls. So they buy downside protection and they, when they own a stock, they sell calls out of the money higher than where the stock is currently trading. That's called overriding. That's very normal. That's a way to generate income. Well, the protection side of the ledger. Every day that something bad doesn't happen, the, the market makers that are on the other side of that trade need to cover some of their short. They need to remove some of the protection because they need to hedge themselves in case your portfolio goes down. They have to be short the market. Well, every day that the market doesn't go down, they need to become less and less short of the market that creates this buying, right? That's a, a, a, a, Vanna and charm are the terms, but really it just creates buying in the market because something bad didn't happen. You know, you're removing a little bit of insurance protection and that creates part of the, the move. The other thing is the thing that's been a big part of the market as well is stock buy backs, right? Yes. And you start to come into earnings season and this is the end of that buyback window, which over the next week or two, that buyback will close. And that is another reason why after these weeks, sort of into mid July, you tend to see weakness in and through earnings because the big buyer, the market and companies aren't there anymore. And so that's part of, you know, you don't want to ignore the benign flows, especially the term of never short a dull market. That's exactly sort of what you have here and that phenomenon will run you over if you're not looking for it. But yeah, it's, it's sort of doing exactly what we had thought here in the first part of July. Absolutely. And you know, the remarkable thing too is let's go back to Palford just a moment. Again, yesterday he was in front of the house today or excuse me, I'm in front of the Senate yesterday and today in front of the house, pretty much the same thing. No real surprises, you know, to Jason's point, once again, the chairman, you know, just talking about, you know, they want to see more data, obviously on the inflationary side. But, you know, again, the biggest takeaway that everyone should remember, and I was discussing this with one of our clients today, is remember he has made it clear now, he said it yesterday. Again in front of the Senate and I don't know, I didn't see the testimony today, but he has said it in the past and that is the next move is not an increase. So of course Wall Street's interpretation is, well, it's not an increase. We know it's not going to, they're probably not going to remain, you know, unchanged. So the next move is going to be a cut. And so the probability numbers are still very strong north of 70% of according to the, you know, the Chicago Mercantile Exchange, FedWatch tool that, you know, the first cut is going to come in September. And again, we will see, and Jason, you and I were discussing earlier, you stole whole year. Again, not going to make a big difference, it's more of a psychological thing, monetarily wise. Again, it's really not going to make a major difference in the consumers pocketbook. But all the signs that we have seen up to this point, we have seen the consumer beginning to weaken. We went over that last night, we had it on the real estate data side of things showing, you know, housing inventories are starting to increase, prices are still holding okay right now, but starting to come down a little bit and again, retail sales numbers weaker than expected, so on and so forth. So the data is there. And then when we come back from the break, we'll talk about again, three other major events that are going to unfold this week, which of course is going to be CPI tomorrow, PPI on Friday and the kickoff of second quarter earnings season also on Friday. So we'll come back and discuss that. Then we'll get ready for our topic, who needs in the state plan? But first, let's turn it to Kristin Snow in the right now, traffic center. Hey, Kristin. Welcome back to the John Sanchez show on his talk, 780KOH with Jason God of Sanchez wealth management. All right. Here's how we finished in this big day. We were talking about a 429 point gain on the Dow, 1.09%. Our closing level was 39,721. Nasdaq a record finish up 218 points, 1.18% closing at 18,647 and the S&P gained 57 points to 1.02% finished the day at 5,633, again, a record close there. Oil prices modestly higher, up 8/10 of a percent to 82.09 a barrel. Strong day for gold, $11.80, rise, 2,379.70 and pretty quiet in the bond market. This is the other great sign, Jay, is here you've had two days of Chairman Powell's testimony. Bond market just fell asleep, barely moved yesterday today and also another day of barely moving down two basis points at a yield of 428. So my market is not worried whatsoever about the Chairman. I like the fact that everything's going to overshoot. At some point, we're going to see the 10-year crack through four and a quarter on the downside and it'll be interesting to watch equities at that point, right? We're going to get, you mentioned CPI, we'll get PPI as far as earnings to from the bank side, but you get numbers that are neutral and I think you wouldn't be surprised to see a four spot, one number on the 10-year, which probably is another boost day. But more importantly, do you think I'll ever get to hear you say once again, this was a rip your face off rally? It's been years since you've been able to say that. So maybe... I'd rather 1% a day. That's what we want to see. I want to see 10, 1% days because that means they keep throwing that. I'm going to get 1,000 points down there. Sure. Yeah, in the Dow, sure. Yeah, absolutely. Yep. Haven't heard you say that many years. Yeah, I know it has been some time for sure. Speaking of rip your face off, just got the coming across the news wires, the Nikke blowing past the 42,000 mark, all-time high. Yeah. Man, what a rip or end market that has been. Holy moly. Remember, like we talked about, the yen is losing value, right? So much like Argentina, where you're like, "Oh my gosh, Argentina's up 15% today." Well, the currency's down 18%. Right? So that's part of it too. Remember that yen is one of those canary in the coal mine that the macro guys watch. And we broke up through the 160 level. So higher number you get is weaker yen versus the dollar. And they've been talking about potentially making some changes on the interest rate side as well. Yeah. But that's part of it. But yeah, no. Japan's been strong. There are other areas that have been doing very well. And definitely is one of them. Think of bank shots around technology. If you can rewind your mental clock to the '90s, Japan was the spot, right? Everything tech. And so who knows that down the road. Yeah, right. Exactly. Right. I mean, they unfortunately suffer from many of the things that China suffers from right now, demographics. And Japan's a very old country, another part that is favorable for the US and that our millennials are bigger than the boomers. So our demographic situation is a little bit better, and that's part of why the markets have acted better here, too. Perfect. You want to chat a little bit about silver, something we never-- Yeah. No, I mean, that's one of the two. It's been-- that thing looks like it really wants to break out as well. Big move today in silver-- again, I'm not calling for the end of days, like I keep saying over and over again. I just think it's a trade. But I think if we can get some strength of the next session or two, that's something that probably keeps moving higher over the next couple of months, certainly, into the election. Love it. All right. Let's get to the big events of tomorrow that we had mentioned a moment ago. So tomorrow's going to be the CPI release, the measure of inflation on the retail side of things. So to kind of go back and refresh everybody's memory, when we got maize data, it was a big goose egg. Zero. Unchange, right? That kind of surprised everybody. They're calling for just a one-tenth of a percent increase for the month of June's data that we'll receive tomorrow. So nothing market moving there. If you look at the core, core back in May was up two-tenths of a percent. They're looking to match that for June up two-tenths of a percent. So yeah, hopefully these estimates are correct, but not looking for much of a move there, which again, we'll tie in very nicely with Powell's comments this week. And then on Friday, as we mentioned, we're going to get PPI. Now remember, this one was a little bit of a surprise also last month when we got it. PPI for June was down two-tenths of a percent, they're looking for a one-tenth of a percent increase. So we're talking three-tenths of a percent higher than the previous report. So we'll see on that one. Core, they went from goose egg in May to now calling for an increase of one-tenth of a percent there. So again, I think if we can get both of these numbers, then we're going to be in pretty good shape. Let's chat. And if you don't have any more comments about inflation, let's move on over to of course another area that started to move a little bit on the upside today, but I think this may be a telltale sign that we're going to be in okay area for Friday, which is going to be the other event. And that is, of course, Q2 earnings season beginning, and it always starts with the major financials. We'll get City Group, JP, Wells Fargo, et cetera. Some of the stocks starting to move a little bit today. City Group is up 43 cents, the 66.98 JP Morgan, up 17 cents, 207.80, and Wells Fargo lost just a little bit about 16 cents to finish the day at $59.72. Yeah, I mean, these guys haven't benefited yet from a yield curve that has been negative for two years, right? So if you can get a normal upward sloping term structure on yield, that could also provide a tailwind for some of these financials as well. So I think that's at least something to keep an eye on over the next couple months, especially if interest rates act, how they've acted. And let's remind everybody too, Jay, and that is, this has been a very profitable environment for these banks, right? You've got to remember, they're still able to borrow relatively cheap from the Fed if they need it. It still costs them a little bit of money if they're borrowing from other banks in the Fed funds, right? But boy, if they're going straight to the Treasury and borrowing from the discount window, they're still not paying much compared to what they're lending that money out at. So it's still a very profitable time for these banks. And I frankly think they're going to report some pretty good numbers going forward. The guidance, of course, that's going to be the next thing, because I think what you're going to start to hear during this earnings season is the guidance I think may be a little bit lower than what we've heard in the last couple quarters, because they are anticipating a rate decrease. Yeah. I mean, to get the color out of a JP Morgan or Citigroup, et cetera, Wells Fargo to get a sense of how the consumer is doing, I think that'll be interesting color for sure to kick things off. Absolutely. All right, you're up to date on the market when we come back, we're going to move into our topic tonight. Who needs an estate plan? We're going to answer those questions for you. I'm going to give you about nine different types and categories, et cetera, of people, businesses, et cetera, going to details of who needs this and the answer is most of you do. So listen closely. In the meantime, let's turn it over to Greg Neff. He's got news, traffic and weather. Hey, Greg. Welcome back to the John Sanchez Show on Newstalk 780KOH with Jason, got his Sanchez wealth management. A strong day if he just joined his 429 point rise on the Dow, 1.09%, and as that came to a record finish again, up 218 points, 1.18% gain and a 57 point rise on the S&P 500 to a finish in the record area, 5633 and that was a 1.02% rise. All right. Again, you're up to date on the market. Now let's get to our topic tonight. We're going to again continue on what we began on Monday, which is who needs an estate plan, right? Well, remember this, folks, and the estate plan is absolutely beneficial for a number of you, a number of your situations, et cetera. So tonight we're going to go through, we're going to recap about the first, I think, five points we got through on Monday and then give you the remaining four points on it. So Jay, let's kind of start off once again, just a quick recap of what we discussed on Monday. So first one, individuals with significant assets, remember, of course, if you have property, if you have investments, basically anything of great value, you want to make sure that those assets are distributed to your wishes and your desires, not with the government, not what a probate judge, not what an attorney is going to decide of how they're going to be distributed. Remember also that something as simple as creating a living trust will avoid probate. So that can, again, make those assets go to somebody that you want or persons or charities as we'll discuss in a moment to whom you want, not leaving it up to those individuals I just mentioned. So basic, you know, trust is a great way to go and doesn't cost a lot of money. And remember as one of our listeners' email during the show on Monday, he said, "I guess a will is out of the question," and yes, "a will is nothing more than instructions for the probate judge, a will will not avoid probate, it will not do that." So you will find when you have a living trust created, a will is a component of it along with many other things like medical directives, et cetera, but a will will not avoid probate. Jay, so let's talk about parents with minor children. This is another area overlooked for people when it comes to an estate plan. Yeah, I mean, there's a lot of things that, like the point we mentioned was you don't want to leave all your assets to your 15-year-old child to do the best with on their own. So oftentimes you can create through an estate plan sort of structured payments for the children or how you want the assets divided and who do you want to look after the kids, right? You know, an example that we did is we actually had one set of a family who was going to look after the boys and another set of family who's actually in charge of the finances, right? So you've got a little bit of separation there too, so it's not just one person that gets all the money and can do whatever they want with it. So those are just choices, myriad of different ways that you can establish a plan for minor children if something happened to you. Right, exactly. All right, let's go to our second one or third one, excuse me, which is blended families, right? Over 50% of marriages in a divorce, so blended families are becoming very, very popular. Once again, you think about this for a second. You've got your kids, she's got her kids, maybe you have kids together, that can create one hell of a fight upon the past, especially if both of you happen to die at the same time. Avoid all that family conflict, of course, just by having the estate plan done and saying specifically, you get this asset, you get that asset. One point I forgot to mention on Monday, Jason, when we covered this point, and that is please do not blended family situations do not name one of your children as the executor of the estate. It is a no lose or no win situation, no matter how specific you are in your instructions with your estate plan, I promise you, one of the siblings, step siblings, et cetera, will find fault in it and it'll again blow up any relationship that you have. So, find a third party, there's all kinds of great trust companies, maybe your attorney can be the executor, remember the executor is a person that's going to fulfill the wishes of your estate plan. I want my house sold in the proceeds to go to the Red Cross, whatever your wishes are, that's what the executor needs to do. Maybe you can name a family friend and again, we've had shows where we've talked about things you need to think about when naming an executor. You want somebody that has a little bit of business acumen, they can talk to people like Jason and I talk to the attorneys and so on and so forth, but don't just choose your best friend and God forbid, please get the approval of the person you're going to name as your executor before doing it. A lot of times people will go, oh my gosh, I did not, you know, Joe died and I didn't know that he named me as his executor and sometimes you include compensation. Many times people don't make sure you compensate your executor because it's a long drawn out process even though it's a voiding probate, but please do not name one of your children as executor because it's an absolute disaster. All right, let's go to number four, Jay. Yeah, again, similar to the executor conversation is specifically wishes for assets. You may have to, like we said, give $30,000 to your favorite kennel or like you mentioned, the Red Cross, things along those lines, but this gives you the ability to give a specific set of I want $20,000 to go here or $5 to go there. Maybe that one nephew that you didn't like, you can give them a dollar just to really stick it to them because they should have modal on them and you know, but those are all things that you can lay out inside of the plan versus, again, a will or a judge probably over simplifying the process and then all the probate fees, et cetera. Absolutely. And let's not forget. Let's make sure we include into this area your end of life wishes, right? This is another component, as I mentioned earlier, your living trust is going to have a medical directive. I want to be on life support. I don't want to be on life support. I don't want my spouse to make that decision. I mean, in my trust, you know, we've got basically three people that have to make a, you know, pull the plug on John type of decision. That is another option that you completely have other people just want their spouse to do it. But whatever your wishes are, again, you can put that in the estate plan and remember, folks, after HIPPA became popular, you know, gosh, what's it been now, 10, 15 years ago, these doctors by law have to try to keep you alive. If you don't have it in writing that looking at, you know, if I don't have brainways or if I don't have certain situations or circumstances in my body that are going on, pull the plug, doctors aren't going to do that. They're going to do and they have to do the Hippocratic oath. They have to do anything and everything to keep you alive. That's why doctors, you know, in hospitals now require you to have a, you know, a copy of your medical directive or they have their own form. If you don't have a trust, they want that on hand before surgery, et cetera, because they have to try to keep you alive. Some people don't want that. So that's a very, very important part when it comes to these, you know, end of life arrangements and in funeral. I want to be buried. I want to be cremated or whatever the case is. All those things can be written down into the end of the estate plan. All right. We left off with this final one and I wanted to spend some more time on this one, Jay. Obviously the business owner. So one of the biggest things we have, of course, as a business owner is you have a lot of responsibility. You have, you know, people's livelihood at your hands. You got payrolls to make and so on and so forth. You also have built this, this machine, hopefully, that is worth a lot of money that you want to be able to make that decision where these assets are going to go. And of course, if you don't, we've all seen this, Jason, I've seen this businesses, no matter how profitable, no matter how long they've been in business, can literally be shut down in a short period of time, months I've seen just a couple months because there was no estate plan in place by the business owners. So guess what? You know, if I'm a sole proprietor and let's say I've got five employees and I die, none of those employees, most likely, can write checks. None of those employees can sign contracts and none of those employees can do much of anything. So that business comes to a screeching halt if you don't have an estate plan in place. If you have, you know, key management, et cetera, you want to have this discussion with them. You know, are they interested in buying the business or maybe they want to unwind it or whatever the case is or, of course, family members, do family members want to step in? We see that a lot. Don't we, Jay? Yeah, we definitely do. You know, I mean, it's oftentimes, at least they're the closest to it. If the employees aren't in a position that they can help take over, yeah, I mean, family members can be involved, but unless it's laid out somewhere, they may not have that option, right? Or want to, like in farming, this is a major situation going on in the world of farming right now. Kids do not want to take over the family farm, you know? Right. Congratulations. Pull them in from the big city. Jump on that tractor. I've seen these. Yes. Indeed. You see it all the time. That's exactly right. So again, I don't care how big or small your business is, make sure that you're considering that in your estate plan. All right. Now to our fresh point at number six, people with charitable goals. Take that one away. Yeah. I mean, again, that's part of the exciting part, I guess, if you're going to sit down and decide where your assets are going to go, maybe there's places that you want to see flourish, right? Right. Again, I always joke about having your someone today sort of made fun of me in a meeting where I said, "Do you want your name on a drinking fountain at UNR?" You use that all the time. They're like, "Do you actually want that?" I'm like, "No, not at all." I said, "You're not going to break." I said, "I want my name on a pinata." There you go. There you go. Just beat the heck out of it. Right. But no, it's, you know, another thing too, right? Instead of a judge deciding or a family member that may or may not have your, your decided best wishes in mind, you can lay out inside of there whether, you know, you want to give it to this charity or that charity, and these are things that you can do while you're alive as well. That's something that I like to point out, right? There's some, a certain amount of joy of being able to donate items and see someone receive them versus, you know, when you're taking a dirt nap and, again, these things happening after you're gone. Real quickly before we go to break, touch on something that you and I have the ability to do for our clients, and that is donor-advised funds. Yep. There are donor-advised funds where you can allocate assets into a fund and have someone actively manage it for you. You've mentioned before around colleges, et cetera, where you can donate assets and earn a stipend from them while you're still alive. And then when you pass the residual assets, go to the college, right? Those are all things that can pass in many cases, IRAs, for example, without tax implications to an institution versus if you gave your IRA to, to your, you know, cousin Cindy, she's going to owe taxes, right? So those are also part of an estate plan is to make sure that you're tax-efficient when you're doing these things because all assets are not the same when you die. Yeah. And these donor-advised funds, folks, they're relatively new in the world of investments. But look at it almost like a mutual fund, you donate your money, you get tax deductions most likely, et cetera, you know, consult with your CPA and your attorney. But then if you don't have certain charities, I run across this a lot, if you don't have certain charities but you are giving in your heart, the fund will then decide and they've got a list of hundreds of different charities, they can decide where to donate your money with your approval. And so it's really, you know, gets rid of that whole situation, which is, I don't know where I want to donate my money, I just don't want to leave it to the government or whomever. So, you know, somebody else make that decision and that's where these donor-advised funds. Jason and I, like I said, one of our institutional partners has one of these programs and it's really fantastic. And you can donate cost basis, low-cost basis securities for deductions, et cetera, while your lives too. So, again, there's lots of things. Yes, indeed. All right. We'll wrap up with our final three points. We'll hustle. When we come back, in the meantime, Kristin Snow, please wrap us up in the right-not-traffic center. Welcome back to the John Sanchez Show on Newstalk 780K, oh, it's with Jason Ghan. All right. We're talking about who needs an estate plan, individuals with significant assets, parents with minor children, blended families, individuals with specific wishes for asset distribution, business owners, people with charitable goals. Now, let's get to our final three. We touched on this one, individuals with health concerns, really, I mean, anybody should have it. I know Renown and some of the other healthcare facilities in our area now allow you, they basically have an online vault where you can fill out a medical directive ahead of time, and they have it on file. So, you know, God forbid you get it, you know, hurt in the car accident or something. You can't sign a form for yourself. They already have it on file. So just think about that. It's very, very important. I'm sure there's probably some apps now where you can have a health care power of attorney on your phone, et cetera. But they need to know that. Otherwise, again, they cannot follow your wishes. If your wish is, you know, again, certain criteria, I don't want to be on life support, et cetera. All right, Jason, take up number eight. I mean, number eight is sort of many of the core of what we've talked about is probate, avoiding probate, that, you know, difficult process of a judge making the decision. Ultimately, your assets need to be exposed to the world and make sure that there's no creditors out there and so on and so forth. And, you know, you're, someone can show up with a cocktail napkin that looks like your signature that says that you're going to give them a third of the house or so on and so I mean, these things truly can happen through the probate process. Whereas if it's in a trust, even though you did actually promise your poker buddy a third of the house, if it's not in the trust, it doesn't matter. And so that's another reason why sort of having a clear, concise plan is nice. Jason, I literally have seen and heard, I haven't seen it happen to any of our clients. Guys at a bar gets to know a gal. They go out, whatever, and he decides when he's drunk to write on his cocktail napkin. You know, I will, I give you my, you know, 1965 Corvette Stingray. It holds up in court, folks. It literally does. That's how serious this is. That's great. Last point. Concerned about. Don't do that. Yeah. Never did. Don't do that. Exactly. That's easy. Number nine though. If you're concerned about your privacy, you need an estate plan right without an estate plan. The whole world's going to know the probate process is a public process. An estate plan. There's no public forum whatsoever. So your privacy is very, very well protected. So there's a number of reasons. There's a number of you, number of different situations. Again, if you need any referrals to estate planning attorneys that we deal with, we'd be more than happy to share it with you. Great job, Jake. God bless everybody. We'll see you tomorrow night on the John Sanchez Show. Take care. This program was sponsored by Sanchez Wealth Management. The material in this program was intended as general information only and should not be taken as specific investment tax or legal advice. None of the information on this broadcast was intended to be a solicitation for the purchase or sale of any security. Further information is available by contacting john@sansheswealthmanagement.com or 775-800-1801. John Sanchez offers securities and advisory services through independent financial group LLC, a registered broker, dealer, and investment advisor. 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