The Jon Sanchez Show

07/08-Who needs an estate plan?

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.

Duration:: 34m
Broadcast on:: 09 Jul 2024
Audio Format:: mp3

How often do you compare yourself to others? It's easy to envy friends' lives on social media when you only see the good parts, but comparison is the thief of joy. Online therapy can help you focus on what you want instead of what others have, because your best life is always better than the idea of someone else's. Stop comparing and start living with BetterHelp. Visit BetterHelp.com today to get 10% off your first month. That's BetterHelp, H-E-L-P dot com. Good morning, even to you. Welcome to the John Sanchez Show on News Talk 780K. It's a pleasure to be with you and a pleasure. Ladies and gentlemen, to have him back, I have missed him tremendously. Mr. Jason Gunn, could it be with you, my friend? It's a short stint, yes. Feels like it's been months. I know, I know, another week or so of my off and on, and then I'll be back at something later. There you go, there you go. How's it going? Good, good, good, good. We had a good week last week in the market. Obviously, as you all know, you never turn the market off, no matter where you are, like myself. Unfortunately, I can't. Yep, nope, we can't do that. But, yeah, good week of the shows, and hey, you and I, let's just kind of start the show before we even get to our agenda and talk about our big announcement of a Showtime change. Yeah. Get that out of the way? Yeah, that's exciting. It is very exciting. So Jason and I are very excited, and thanks to Greg Neff and everybody at KOH, we all kind of put our heads together. And we have decided, all heads together, that we are going to be changing the time of the John Sanchez show, starting August the 5th. We are going to be changing our start time from 5 p.m., of course, right now, to 3 p.m., so our show will be from 3 to 4 p.m. And you may be asking, you know, why are we doing this? Well, number one, we have been at the 5 o'clock time spot for many, many years. So frankly, I'd like to have access to, you know, a new audience that hasn't had the chance because maybe they're, you know, whatever the situation in their life may be, they haven't had a chance to listen to it. But also, to be real honest with everybody is, as you all know, again, everybody has very, very busy lives, and especially Corey and Dwight with children and sports and so on and so forth. And so we wanted to kind of make things just a little bit more accommodative to be selfish and be honest with you for them and to be able to, you know, not have to worry about, you know, forgoing a child sporting event or whatever the case is. But the bottom line is we are really looking forward to it. Again, this is going to be a brand new time for us. I think the other thing too, Jason, I'm sure you would agree with me on this, that I really like about it is, you know, it's going to be only two hours after the stock market closes, number one, not four hours afterwards. And we get a lot of, you know, market moving news that happens from, say, one to three o'clock every day. So I think we're going to be able to bring a lot fresher information, you know, to everybody having an earlier time spot like that. Yeah, no, I think it'll be a good change. He said, sometimes it gets a little stale in the same place all the time too. And it's nice to shake it up. So yeah, I think it's going to be fun. Hey, let's bring Greg Nef on speaking of wish because if it wasn't for Greg, this would not be happening. Greg, first of all, we want to publicly thank you for the opportunity to move it to three o'clock. And we're very, very excited that your show is going to be moving into our spot at five o'clock. So tell us about that. Yeah, absolutely. Absolutely. I think it's going to be a win-win for everybody. And yeah, just going to be fun. And again, that day is going to be August the 5th. We'll, of course, you knew multiple reminders between now and then. But as fast as the month of July is going, guys, and the entire year of 2024, August 5th guys is going to be here before we know it. So yeah, so we better keep chatting about it. So well, thanks again, Greg. We appreciate the opportunity and you're going to go to my audience. It's almost like, you know, we're switching best friends here, right? That's right. Yeah, there you go. There you go. Good point. Good point on that one. That's great enough, ladies and gentlemen. Thanks, Greg. All right, so that was our big news of the afternoon. And again, we'll continue to give your reminders the closer that we get to that August 5th switchover date. That'll be, of course, on a Monday. Now, in the meantime, now that my dear friend is back with me, we're going to be able to, of course, get delved deep into the stock market today. We'll talk about, of course, what happened in today's, again, record-setting day. But yeah, I didn't get a chance to share this with you. But I want to talk a little bit about some of the, some of the comments that are being made by various Wall Street analysts from some of the major Wall Street firms calling for, you know, maybe a little bit of a correction, a little bit of a pullback based upon some of the data that they're seeing, et cetera. So I want to chat about that a little bit after we, you give us our stock market recap. And then we're going to get into tonight's topic. Now, we always try to bring you a financial planning type of topic on a Monday evening, right? Well, let me tell you something, folks. Americans have a problem with estate planning. They really do. They know they should do it. Jason and I hear this from our clients. We know we should do it, but we just haven't got around to it. No one wants to talk about their own death, let alone, they don't want to plan for it. They don't want to go through all the work of saying, oh, my gosh, who's going to take over my estate, my assets, disperse my assets, do this, do that upon my passing. But folks, it's a reality. We all know, I know not to sound more bitter, whatever. We are all going to die at some point and you have an obligation. You have a responsibility to your loved ones to plan for this unforeseen event, right? For some reasons, people just can't figure out when that's going to be. And so, therefore, we have this great topic called estate planning. Jason, I got a little stat. I want to start the topic off and then we'll turn things over to you. There was a great server that came out in just a few months ago, April of 2024, and came out by ThinkAdvisor, which is a local trade public, or not local, a national trade publication, Jason. I look at their stories. They said stuff about the industry, et cetera. But they did a story and they said, look it, out of the results of the survey, only 26% of Americans have an estate plan, only 26%. But listen to this, the percentage increases to 50% for those with more than a half a million dollars in assets. Okay? I'm feeling, hey, I've got a little bit of money, I need to plan for this. Men are more likely to have an estate plan than women, with 32% of men having an estate plan compared to only 23% of women. So what we're going to do tonight, we're taking a different twist. We talk a lot about estate planning and trust and things like that on this program. We're not going to get into the intricacies of a trust tonight, but what we thought we would do is narrow this down and try to open your eyes to who needs an estate plan. I mean, it's really simple. So we're going to go through about, I don't know, five, seven, nine different types of people or situations, I should say, not types of people, but situations of your life where you need an estate plan. And again, as whenever we talk about this topic, what's the one thing we always start with Jason? And that is, please do not turn the channel if you think you don't have enough assets because as you're going to find, we're really not going to get into the dollars and centside of things. We're going to get into basically what's going on in your life and your family and the type of family. Do you have a blended or there's a number of different types of scenarios and living conditions and so on and so forth that need an estate plan and folks these days, they're not that expensive, right? So a real basic estate plan, or you can go obviously very, very detailed, but the bottom line and the bottom point that we want to get across to you tonight by the time the show ends is to open your eyes and hopefully just, if we can just get one of you, just one of you to kind of get off the dime as the saying goes and get an estate plan done by some of our local attorneys. Now, as I say attorneys, not trustmills, but local attorneys, we've accomplished our goal. Right, Jay? No, I agree, I think, you know, the biggest thing is the fact that you spend so much time while you're living, controlling your life, controlling your investments, controlling your retirement to sort of drop the football as you're near the end zone to use an overused analogy, you know, yeah, is so many people do it, right? And, you know, even if it's the simple part of taxation, right, you do, you make an incorrect decision and you could see your assets taxed up to 37 plus percent just because you are, you know, remiss on making some of the easy things that you can do while you're still living. So, it's a great topic for sure. Yeah, absolutely. And so, we will get to that momentarily, but in the meantime, let's get down to today's Monday stock market activity. Overall, kind of a whole hum session, record-setting day for NASDAQ, record-setting day for S&P, take us into the bowels of Wall Street today, Jay. Yeah, I mean, again, today felt a little bit more of like what we've seen over many of the last sessions. Semi-conductors were strong. They had some weaker sessions last week when the name, you know, the likes, I think, Tesla's up like 40 percent in the last month, absolutely insane, right? You've seen rotations inside of the market for some time. We talked about this prior to, you know, last week saying that the strongest time of the year, remember, was going to be mid to end of June into the 17th of July. It has a couple different phenomenons, one of which is nothing happens. And remember, I keep talking about the fact that if nothing happens, that's good for the market because it creates decay of options that create buying inside of the market. And you've got, you know, coming up to earnings season when folks are able to buy their stock and then they're not, right? And so that's why mid-July into August tends to be a weaker time of the year. And so I think that's really a lot of the flow dynamics we've got. You've got some chasing, you know, anyone who's hiding out in a money market account because they said that the sky was falling, probably does have the sky falling around their firm because clients are very, very unhappy in an S&P that's up 16 plus percent this year. So you're getting the chasing of many managers, et cetera, sort of positioning themselves for what the second half of the year looks like. Right. And then I think lastly, the market has, to some extent, priced in a more probable Trump victory just given the debates and so on and so forth. So some of those areas, I mean, if you go look at the chart of solar stocks from the day of the debate, have gotten absolutely destroyed over the last two weeks, I think those are notable in some of the other areas that, you know, remember, a Trump win, at least from the verbiage that I've been seeing, is continues to be inflationary, right, where, you know, he's talked about tax cuts. He's talked about other stimulus measures, which could be inflationary for certain areas of the market. So that's something to be concerned with. People think that if he wins, he's going to get rid of Powell, which could cause interest rates to go lower or faster than people expected, again, this is all just narrative. But those are some of the chips I see sort of moving around. He had a name like Glassworks today, Corning had better than expected numbers. People are finding bank shots on this AI trade, right? There's other names like that. It doesn't have to be in video, but others who are in the optical space, things that can make data centers more efficient, coherent is another name, you know, GLW is a name. These don't have to be semiconductor guys. These are others that can make the whole data center more efficient. That's what some managers are doing now, and they're seeing big wins in those areas, too. So it feels tired. I know you mentioned they talked about some 10% pullback of some kind. Obviously, that's Mike Wilson, who's been wrong and wrong and wrong and wrong. Unfortunately, when you're right, when you're a bear, it's sometimes hard to turn and be a bull later and be right. But all of those things wouldn't surprise many, just as we get into the back half of the year, which caused a little more volatility around the elections. You got it. All right. Excellent summary, as always, we will come back, hit some of the movers and shakers of today's activity, the commodities, the interest rates, and then get ready for our topic. Who needs an estate plan? But first, let's turn it over to the wonderful Kristin Snow in the right now at Traffic Center. Hi, Kristin. Welcome back to the John Sanchez Show, a news talk, 780 K08s with Jason Gunnar, Sanchez Wealth Management. All right. Here's how we finished a 31-point decline on the Dow to close at 30. 39,344, a gain of 51.28% on the NASDAQ to a record close of 18,403 and the S&P 500, a modest gain of 6 points, but hey, it was a record, 55.72, closing level there. Give up 1.1% on oil, close at 82.33 a barrel, a down $34.20 on gold, 2,363.50, and a big old goose egg unchanged on the 10-year Treasury at a yield of 427. Jay, we got a question during the break, excuse me, I want to go to that in a second, but first, why don't you enlighten the audience on the weakness we're seeing in gold right now? Well, I mean, gold hasn't been that week. I mean, today was-- Well, today. Right. I mean, you've got the dollar that has sort of been, you know, at a spot where, like we said, I think the gold's channeling around that 2,300 to 2,500 level. As inflation continues to come down, that takes off some of that, oh my gosh, the dollar's going to zero narrative that has gone around a lot. And sort of as we've talked about before, you've seen the lack of buying from China, which had been buying for 18 months or something like that, and last month they didn't buy any, right? So that has some of the gold bugs concerned. But I would say, at least near term, it just, you know, I think we're basing, probably setting ourselves up for a higher move, but yeah, today was just more than normal. Yeah, yeah, exactly. All right. Very good. All right. Let's move into a question that came in during the break from Joe in Dayton. He said, you know, I said the word "trust mill" when I was giving you the introduction at the show and how we're going to talk about who needs an estate plan. Like a puppy mill. Yeah, puppy mill. I know that's what it comes to mind. So what is a trust mill? Well, there's no set definition for it, but I'll just give you our definition. So you know, there's, it's bizarre how this can be done. I still don't understand legally how it can happen, how a legal document can be prepared and signed and quote, "be authentic" by a non-licensed attorney, okay? But you can. Here in the state of Nevada, you can have a trust prepared by a document preparer. There's national companies. There's local companies. There's all these that do that. A trust mill is one of these that you see advertised, usually on the internet, where people will, or companies will offer a very low price, you know, $2, $300 to have a trust created. And all they're literally doing is they've got a, you know, a Microsoft Word document and they literally will take out, you know, John Doe's name and put in Sam and Sally's name on there and really change maybe just a couple of things and boom, here's your living trust, right? It doesn't get into anything that is particular about you. The other problem that I have with those is we see this all the time, nine times out of 10, they, oops, fail to fund the trust, right? So they create this trust, but look at you just paid a couple hundred bucks for it by one of these trust mills because they're after the volume. That's where the word mill comes from. They're after the volume. They're trying to do thousands of these things instead of a good attorney who's like, you know what? I focus on quality, not on quantity. Are these trust mills? No, it's not quality. It's all about the quantity side of things. So the other problem that they have is they'll give you this trust back and you think, oh, boy, honey, congratulations, high five, your spouse and we've got a living trust, right? But again, what do they do? Nothing. They just changed a few words. So we don't even know if it's a legal binding document, and that's what I always say. This is one of the biggest investments you will make, folks, is the money you spend on your estate plan. And like Jason alluded to at the beginning of the show, you saved your whole life, right? Do you want to just throw it all away because you want to save a couple hundred bucks or a couple thousand? Probably not. But with the problem that we see with these trust mills is they forget to quote, fund your trust or your fund to your estate. Now, what does that mean? That means that you have us living trust. You have this document. You got this, you know, 50 pages of a bunch of garbly goop and they didn't have any of your assets transferred into the trust name, not your bank accounts, not your taxable brokerage accounts, not your home and so on and so forth. So you're going all along happy, you know, thinking, hey, again, congratulations to my spouse and I. We got a living trust. We really don't because if your assets are not funded, if they're not retitled under the name of the trust, guess what? You might as well not even have a trust because your estate is going to probate. So again, I cringe when we see this happen, especially on a home, right? But when you're biggest, if not the biggest asset and, you know, or Jason, how many times this hasn't happened to us, where we'll, you know, we'll have a big taxable brokerage account and the client will say, oh, yeah, I had a living trust created, you know, X number of years ago, please, folks, don't do that to your financial advisor. We should be one of the first phone calls you make when you get a trust created. Call your financial advisor. There's going to have you send over what's called a trustee certification one to two-page document. We can get everything changed. It's a piece of cake to do. But again, if you have an asset, I don't care house brokerage account and I'm just talking taxable, not retirement and it's not in the name of the trust, guess what? It's going to probate and that's why you had a trust created. So these trust mills, again, they don't pay a lot of attention to these details because they're going to do the minimal amount of work. And like I said, I can't tell you how many homes, you know, homes worth a lot of money, stole title, joint tenants, rights or survivorship or just under one of the spouse's names or something. And people think they, you know, they look at you like deer in the headlights, right, Jay, when you tell them your house isn't in your trust. Well, wait a minute, I had a trust created. Yeah, but you didn't fund it or your trust mill did not fund it. Yeah. And that's the part that, you know, sort of harp on that definition of funded. It just means re-title the asset into the name of the trust, right? The trust, think of it as a person, right? In most cases, a living trust carries damn the patriarchy, the man social security, it's a pass through while it's revocable. But the Smith family revocable trust is the same as, is an entity just like Joe Smith and Sally Smith are entities. So just because your trust is, or your house is in the name of Joe and Sally Smith, it is not in the Smith family trust. You need to re-title the house so that the Smith family trust is the owner of that house. Then when something happens to the two of you, those assets don't go to probate. The trust fires and says, "This goes to my two children or to my neighbor," or whatever the heck you decided was how you wanted those assets, you know, sort of dealt with post your death. But if it's in Joe Smith and Sally Smith join account, and that's what's on there. And Joe and Sally Smith jump out of a hot air balloon. It's going to probate. That's right. That's right. And so here's your first homework assignment tonight, folks. When we got into our topic yet, if you have a trust, please go back and make sure that all of your taxable assets are, as Jason just said, titled under the name of the trust. And by doing so, your trust quote will be funded and, you know, you're all set, right? And then also remember another mistake is, you get this trust created, maybe you do fund it, but you go down the line and maybe you buy a second home, or you buy another major asset that has a title to it, that needs to go into the trust. So once again, you got to go back to the attorney and say, "Give me what's called an addendum." And they'll just create an addendum that'll go in the back of your trust book, and you will add, you know, new vacation home in Lake Tahoe or whatever the asset is. Because again, people always forget after they get the trust created. That's why most good attorneys will send you, you know, once a year they'll give you a little reminder, "Hey, has anything changed in your life?" If so, come on in and we'll redo your trust. It's really simple once they have the major trust created. So who needs an estate plan? A bunch of you. And we're going to tell you who that is when we come back, but first let's turn it over to Greg Neff. He's got news, traffic and weather. Hi, Greg. Welcome back to the John Sanchez Show on Newstalk 780KO, it's with Jason Gaunt. We finished down 31 on the Dow, rose 51 on the NASDAQ, and a game of six on the S&P 500. AJ Rocco, before we get to our topic tonight, who needs an estate plan? Greg just did that great story about the Biden, of course, can't blink an eye without seeing another story about it, but there's two really good articles I want everybody to read tonight if you have a chance. Go to CNBC.com and there's two of them. One is that titled, "Trump's increasing election odds after debate already affecting the financial markets." It's exactly what you were saying earlier, the different sectors that analysts are anticipating to do well. We've done a show on this already, anticipating to do well under Trump and so on and so forth, and do poorly, right? It can't be a benefit to everything. And then there's another great article, I was just reading it during the break, and it's titled, "No one is picking up the phone. Joe Biden's fundraising confronts new hurdles after debate," and the article goes on to talk about, they call them bundlers. I've never heard that term before, and bundlers are, let's say Jason is a politician and I'm one of his bundlers, so I'm a close friend to his, and I have all these contacts, right? Let's say I'm a wealthy donor, and so I'm contacting all my other wealthy friends and trying to get them to contribute to Jason's campaign. That's what a bundler is, and so these bundlers are now saying people are like hanging up on them. They're friends and stuff, and everyone's going the same thing. They're saying, "Look, we're not donating another dime. We heard it last week with the Disney Heiress and quite a few other very, very wealthy people that they're not going to contribute another dime until Biden drops out because they don't think he's going to be on the ticket, so they don't want to put the money into this campaign if he's not going to be there." So that's a whole other new hurdle that Biden has, and now you're hearing it from the fundraisers that that's starting to dry up, and I said this, Jason, on the show on Friday, I said, "My personal prediction, I'd like to get yours. My personal prediction is he will drop out of this race by August." Most likely, Kamala Harris will get the nod at the DNC convention, but I just do not see any way for him to rebound from this. It's just day after day, people doubting his abilities and so on and so forth, and then of course the story broke that a neurosurgeon basically expert in, yeah, went to the White House numerous times and so on and so forth, and yeah, I think it's a tough one, but what's your prediction? What's going to happen? Yeah, I would go along those lines. I think it was the debate being set up to be as early as it was, seemed pretty darn intentional. They certainly didn't go out of their way to make him look like he was in a good state or provide him with the toolkit to do so. It's sad on all accounts. It is. And I say haters. Like imagine being in that position. He's clearly getting a lot of pressure from people saying, "Oh, it's Jewel or Hunter, whoever the heck it is." You know what I mean? It's got to be a massive amount of pressure given all the many different crosscurrents. Sure. I think the interesting part is imagine whoever it is comes in and beats Trump. Right. Does that change presidential strategy forever? Right? It's a good one. Why show your hand until three months before? Right? Do you know what I mean? Like, who knows? It could change the whole ballgame. I mean, because, again, it's not, people are jumping up and down to see Trump again. Sure, there's a certain part of the country that is, but the independents will say are not clamoring, "Oh, good. You know, finally, we only have one choice." Right? It was a choice of, like I've jokingly said, "I just want to vote no." Right? But who knows? And it, I don't know, I don't think he's going to be able to run despite all of this. This is that, you know, when the CEO comes out and says, "Everything's great." You know? Right. Okay. That's usually three days before they get tossed out a window. That's right. Yeah. Exactly. Well, that's what I said on the show on Friday. I said, you know, putting your political affiliation aside, just looking at it as you and I have to do pure dollars and cents because, you know, what's it cost now, a couple of billion dollars to run for presidency? When the money stops or dries up or slows down, that's the bottom line, right? You can say everything you want, I'm fine and so on and so forth. But if there's not the, if the donations and things are not coming in, it's a business decision, you know? For sure. Yeah. So we will see, but boy, oh boy, the story is this day in and day out. They just keep going and going and, you know, so far, no market reaction, you know, but we'll see. I'm excited to see what happens. Well, you and I predicted in January, this could be a wild ride, this, you know, second half of, you know, third Q3, Q4 and boy, we'll be right on that one. All right. Let's get started. That was fun. Let's do something crazy now. Right. Right. Exactly. That's right. That's right. All right. Let's get to our topic this evening. So who needs an estate plan? So let's start off with a real basic one and then Jason will take on point number two. So this is obvious and as we said earlier, anybody with significant assets. Now, what's the definition of significant assets, right? Most attorneys that we know and deal with, they will say, listen, anybody with $40,000 or more quote is considered significant assets and therefore you need an estate plan. But that is a decision up to you and your attorney to make that decision on that. But basically, if you own substantial properties, obviously investments, other assets, bottom line assets that you want to be in control of upon your passing, that is what the estate plan is going to do. Obviously, as Jason said earlier, right? One of the many goals of an estate plan, minimize taxes and absolutely avoid the probate process. And once again, if you're brand new, let's stop real quickly. What is the probate process? So probate court is a dirty, nasty, drawn-out process, right? Probate court is where your estate will go if you die in test state, which means you die without an estate plan. So everything is frozen, no one can get into your bank accounts, no one can pay your bills for you. No one can do anything. But if you do not have a living trust, go into a bank, if you're just a good friend or a son, daughter, whatever it is, they're not going to tell you anything and much less they're not going to let you withdraw any money unless you have a estate plan. So just think about that. The taxes, the distribution of the assets, according to your wishes, that is the goal and again, avoid probate because nobody wins in probate as the attorneys say, except for the attorneys and the court system. So just think about that. Where do you want your money to go? Let's go to number two, Jay. Yeah, parents with minor children, parents that have an estate plan, you can name guardians. That's, I'd say, one of the big ones, right, certainly where you can lay out how you want the assets. Again, we tend to harp on the trust term, but some of the instructions for how you want the money to go to your kids. Odds are your 18-year-old kids, you don't want to leave all your assets to and one fell swoop and let them in their 18-year-old minds go out and spend it any way they want. Right. So those are ways that inside of a trust, you can help guide some of those decisions. And let's tack on something you and I deal with a lot and that is special needs trust. Special needs trust, right, because oftentimes with special needs, there's disability payments that are coming in, right? So if that special needs child receives assets, say an IRA, for example, or gets income from some of your assets that could have an over a certain threshold, exactly, they can show income that could mess up their disability income as well. And so those are why special needs trust tend to be very, very important in a financial plan. You bet. And you hear us talk a lot about living trust, right? Living trust is really just basic, that there are numerous, numerous types of trust that we could bore you for days with a different types, but you got it. All right, our third type of person that needs an estate plan, those of you with a blended family. Now, remember, over 50% of marriage is nowadays, unfortunately, in and divorce. So if you find yourself in a second marriage or you have children from your first marriage, first relationship, et cetera, and again, doesn't have to be marriage anymore, it says, you know, you may have, you know, had a child out of wedlock. You still have a financial responsibility. That's where you need an estate plan also, because we have seen this happen so many times. I've seen it happen personally. I've seen it happen, obviously, with clients. You get the blended families. And let me tell you, you talk about, you know, the old saying that, you know, blood is thicker than water. Well, how about this? Money is thicker than blood when it comes to blended families, right? You get stepchildren and so on and so forth fighting with the decedents, natural children. And especially if the new marriage is, you know, 10, 15, 20 years old, right? It's like there are, you know, almost blood siblings. That is until mom or dad die. And here comes the, you know, the fangs for everybody looking for the money. And boy, it's a mess. And especially it gets into the point where you can go, you know, say you're in a second marriage, you've been married for 20 years, those kids think that that money's theirs. Well, you know, you may be thinking, I want to leave it to my spouse. And then they all of a sudden turn on your widow and go after he or she. And it's a disaster, but all of that again can be avoided with a proper estate plan. We'll come back with point number four. Let's wrap it up with Kristin Snow in the right now at traffic center. Hey, Kristin. Welcome back to the John Sanchez show on new stock 780 KOH with Jason Gont. Once again, we finished down 31 on the Dow rose 51 on the NASDAQ and a game of six on the S&P record finished for the NASDAQ and the S&P. All right. We've been discussing who needs an estate plan. And so far, we've talked about any individual with significant assets, parents of the minor children, blended families, take on number four, Jay. I think, you know, I mean, this is sort of where a lot of folks focus is, you know, specific wishes for how you want your assets distributed, right? Where if you want to give $50,000 to this charity or, you know, $100 to this person that, you know, helped you in this McDonald's line, or I mean, honestly, it gets down that granular. You can do that inside of an estate plan and that helps your successor trustee for a trust or the executor of your estate better serve your wishes when you're gone. And that's the biggest part too is you don't want to leave a big yarn pile for someone to clean up after you're gone. It's much nicer to leave them a nice box with a bow on it to sort of help aid after the fact when you're gone because it's, you know, you got emotions involved, et cetera. Absolutely. Throw in the medical directive component of that, though, we're talking about special wishes. I mean, you've touched on that on many other private show, prior shows is, you know, don't let the doctor decide who pulls the plug or makes those decisions. Your spouse or significant other or friend or whoever you decide can help make those decisions based on your wishes and that's what a medical directive can do. Exactly. And that's a component of a living trust and you can actually get a medical directive created. If you don't want to mess with a living trust, you can get a medical directive created by an attorney and just to deal with that. But you'll find most hospitals now, especially if you're going for surgery, most hospitals now require that. A lot of them have their own forms, but I have an attorney draft that that is a really, really serious issue that probably needed to vote an entire show to speaking of which we're only going to get to number five. We've got about nine great points. So Jay, what do you say we continue this on on Wednesday? I think it's a real important topic. I do want to wrap up, though, with business owners, I mean, if you don't think that you need to be concerned with within a state plan, well, let me tell you you do because think about this, how are you going to run the business if you are in the grave, right? Who do you want to run the business? How do you want the business run? Do you want the business sold? Do you want the business? I mean, there's a million different scenarios there and a lot of times business owners fail to remember, you know, even mentioning if they do get a living trust done, even mentioning they are a business owner. I've seen that happen way too many times, but well, you business owners, you've got a big responsibility to your customers/clients, to your employees, and also to your family. So please, you are another category that absolutely needs a serious meeting with an attorney to discuss your estate plan. I got an email during the break. I want to just mention real quickly and says, so it sounds like a will doesn't do the trick anymore. And my response was that is correct and attorney will say a will is nothing more than instructions to the probate judge. So yes, a will will still send your estate to probate. And again, as Jason and I have mentioned many times when we have an estate planning topic, if you need a referral, we've got some great attorneys that we can send you their name, you can interview them, et cetera, but don't let that stop you. So we will continue our discussion on who needs an estate plan this Wednesday. Great to have you back, my friend. I have so much fun with you tonight. Absolutely. Got you. Thank you. God bless. Have a great evening, everybody. 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. One 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. Remember FINRA SIPC, securities offered only in states, John Sanchez is registered in. Sanchez Wealth Management LLC and independent financial group LLC are unaffiliated entities. 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 plus in present in Colorado. 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