The Jon Sanchez Show
6/26 How to create a legacy plan
you just gotta laugh Jay you just have to laugh yeah this is not a long court issue this is the John Sanchez it is live Merry Christmas everyone I'm John that's Jason hi Jason today's June 26 see so now you know it's a live show oh my goodness I always love when things start this way but you know what we will pick up the ball we will run we're gonna make a test down tonight I promise you how you doing my friend I'm doing okay you know we're halfway through the week you know amen amen absolutely it's a good one no doubt about it all right let me tell you what we have lined up for you this evening we're gonna of course recap today's stock market activity tell you about some of the big movers today like Apple and Amazon and Tesla FedEx my goodness the list was long so we'll give you all the details why those stocks moved with the overall market did interest rates gold prices oil all the normal things that will hit then we're gonna get into our topic now we have spent many shows Jason and I talking about a state planning we're gonna take a little bit different twist to a state planning tonight and we're gonna use the term legacy planning so let me ask you a question when you hear the words legacy planning what's the first thing that comes to your mind you probably think well wait a minute here wait I'm gonna turn the channel legacy plan this is for the rich right this for people out of millions and millions of dollars oh contrary that is absolutely not true here's the situation if you want to leave some money to somebody and distribute it the way that you want to distribute it not the way a court wants it distributed or a bunch of attorneys or trustees who you may or may not know you know you have the ability to choose them etc bottom line you are the decision-maker that means you need to get involved in some legacy planning but if you don't have the proper plan like I said guess what the courts everybody else is gonna make the decision for you and that's the last thing that any of us want so tonight what Jason and I are gonna do we're gonna discuss how you can create your own legacy plan now we will briefly touch on you know the will and the living trust and so on so forth but that's not gonna be the main thing we're gonna talk about so many other things that go involved with the legacy planning side of things because you know as Jason I think we did a show was Jay a couple weeks ago when we were talking about the amount of money that just women when we did the show about women in finances just the amount of money I think it was what thirty four billion dollars or something that women age 50 plus are gonna be inheriting well that's just that's a drop in the bucket right that's legacy planning for whoever is gonna give them that money but if you start looking at the obviously the baby boomers and what they plan on doing with their money to their children their grandchildren we deal with it every day right we that's why we emphasize the importance of beneficiaries and so on so forth but it goes way beyond that it really starts getting into you know what do you really want to have or what do you want to give away before maybe while you're still alive before you pass away charitable giving I mean the list is a mile long and that's why it's a really important to understand the steps that go involved or that get involved with legacy planning because again is this tonight where it's gonna go way beyond just your normal will and living trust right yeah no I mean again we've done quite a few different shows that probably drilled down a little deeper into a lot of these topics but sort of as you mentioned you know things people don't think of in terms of you know health care proxies right as to something something happened to you who would be the one to make the decision on you know who you're gonna pull the plug or not or those sorts of things power of attorney if something happened to you from a you know health standpoint that you aren't able to act in your own best defense that someone else can step in on your behalf right a lot of people don't do this and it doesn't take a lot of time or a lot of money to set up but yeah I mean it's how you want your assets all of your assets both sort of physical assets as well as you know potentially some of the you know other items inside your little box of tricks it doesn't always just have to be your retirement account right right house right there's a lot of things that go into you know your your things that you've built in and you want to pass on to others but yeah there's a lot of different ways to structure this and that you will touch on quite a few of them absolutely we will all right well that said we'll get to that momentarily in the meantime let's get to this thing called the stock market today interesting session today Jay fairly lackluster course on the downside pretty good day on the NASDAQ kind of lackluster also on the S&P take it away yeah I mean we had that a little bit back to normal right where the the fangs were dominant today the Tesla was up quite a bit that stock has had a technical bounce and I think that's some of what we're seeing is it gets back to that $200 level Amazon I think what $2 trillion mark now that's one of those names that really when you take a look at it in terms of being in all the right places they just might be with their data and client you know process they've also got the biggest grocery store in the whole wide world that their fingertips and all of the knowledge of whatever you probably will human in this country spends and looks at and searches for and so you know that's a name that is flirting with that $200 level Apple has been on a tear remember it got rebalanced in many of those technology portfolios where you thought you prior Nvidia was a really small weight in some of these tech ETFs and now it became bigger and Apple got smaller and so people all of a sudden go oh no I got to buy Apple because I own a lot less of it if you weren't paying attention right I mean those are the kind of things that we do inside of our accounts and know when those rebalances happen and that's part of what you see inside of some of the recent strength some you know of managers and and even retail folks reallocating and FedEx I was a good number those are the ones I like to see where you have a bit of a broadening out where they had better than expected numbers and thought that demand was gonna be improving into the back half of this year even into 2025 they have a good finger on the pulse and I think even though the market tried to to be weak it did its rally into the close which to me again feels like maybe some of the Boo Birds are out there trying to push things lower but the the risk still remains higher in the market and other than interest rates which did tick up a bit today despite a pretty solid auction you know I mean the 10 years still below 440 at 432 I think as long as we can stay below that 440 level that the risk on market will probably still remain amen all right let's hit the specific return numbers of those names that you mentioned we'll start with Apple big day today as Jason said $4.18 rise up 2% to 213.25 Amazon gained $7.27 3.9% to 193.61 Tesla a $9.02 increase 4.8% to 196.37 NVIDIA who quiet just a 31 cent gain to 126.40 and the aforementioned FedEx nice move here 15.5% increase up $39.81 to 296.19 the only thing I want to mention also on FedEx Jason is you know this morning when when those earnings numbers came out they beat by seven cents the revenue was in line you know really that's not enough to make the stock go higher the guidance for fiscal 25 it was also in line and the guidance on the revenue was in line so what's the deal why did the stock jump up you know as it did well the company said they're conducting an assessment of the role of the FedEx freight in its portfolio structure now I'm not sure exactly I don't follow the company that close to know exactly what those terms FedEx freight in the portfolio structure means I believe that is a another division outside what you see of the you know the normal FedEx trucks going down the road a lot of these companies like UPS etc remember UPS selling off a road runner which is a brokerage trucking brokerage business they announced a couple days ago they're selling that off so these big transportation slash package delivery slash freight companies they've got a lot of little subsidiaries and I say little I mean these are multi-billion dollars but little in comparison to the overall parent company so I think you know FedEx freight is another one of those divisions I just don't know anything about I don't know if you do or not but they're looking at it and what I think is going to happen is I think they're probably going to follow suit with with their competitor UPS and UPS their CEOs made it very clear that look at she's looking at saying if this thing does not really contribute meaning this division does not contribute to the bottom line we're getting rid of that right don't you agree there's a trend that we're starting to see right now and I don't know if it's because the CEOs and CFOs are starting to see some economic slowdown numbers or signs and they're trying to shed businesses that are not big contributors to the bottom line and just the bottom line get leaner and meaner yeah I mean that area of their business actually has a pretty strong operating margin but a grand it was a smaller segment of the company and I think their revenue in that area division fell by like 5.7 percent or something so yeah very much but that's your job as a CEO right which we go and find parts of especially this kind of a business that you may have just because it sounded good but ultimately if it's not something that you're seeing growth in and or someone else is doing better at it you might as well jettison it while it has any sort of you know viability as it seems very much so that the big get bigger in every space and FedEx can't be everything but they've done a pretty good job just with the you know the rebound from when Amazon told them to go jump out a window right they have I think done a decent a job of bouncing back with more the businesses and things along those lines that aren't just a retail spender that Amazon can't believe how much we pay to shipping overnight package it's a lot in the loop and we actually send our stuff ground like the cheapest version it's still outrageous north of 40 bucks I think it's expensive for some things yeah depending on where it goes but absolutely yeah that's why you wonder how these companies you know when they don't make money like oh where's it where's not happening at you know so oh my goodness all right we come back we'll do what the averages did hit the commodity side a little bit of a little more detail of what Jason mentioned on the interest rate side and then we'll get into our topic legacy planning in the meantime let us turn it over to Kristen Snow she of course is in the right now traffic center hey Kristen welcome back to the John Sanchez show a new stock 780 KOH with Jason gun of Sanchez wealth management we finished up 16 on the Dow to a close of 39,000 127 the NASDAQ an 88 point gain 0.49% and the S&P higher by 9 at its finish at 5,000 477 modest gain on oil just a tenth of a percent 80 91 a barrel gold lost $17.61 to finish at 2,313 20 and an eight basis point increase on the tenure treasury at a yield of 432. Well my friends over at S&P track you want me to remind you they are open and ready willing to make deals as we progress through this hot summer right how much like to have an air-conditioned tractor to get those projects done that's just one of the many great coyote tractors they have stop by and see Stan and the crew talk about 0% financing for 84 months just anything they'll talk to you about it all and they love to put together great tractor packages. Fund numbers 882 1225 online at s&w tractor.com and of course located at 4880 East Nye Lane in Carson City. All right Mr. Gaunt anything else you want to mention my friend when it comes to today's overall market activity I do want to kind of wrap things up if you don't have any more with a new home sell so Florida head yeah nothing much I you know as far as what we saw today it was a bit of a sleeper yep hey we got PCE on Friday you just never know what's gonna happen with that one though I know it's exciting I have actually you know what I do have a let me see if I can grab this here I took a picture of an interesting little stat for you so the summer period is upon us the warranty and a risk on basis this is from equity clock.com this is one of the websites that I follow here S&P has chocked up an average of 1.29% between June 27th and July 17th of going back over the study that they have for 50 years on average it's up 1.29% and positive results 68% of the time over those periods and on years when it's gained over 10% year to date it's closer to one and a half percent over that two-week period this is the strongest two weeks in terms of average over the whole year so just doesn't know why they pick those dates they just go back and look at every single I mean these are quants right they go back and get all sorts of intervals but this window of late July into mid or late June into the July which is also you've got holidays around they remember the gamma effect right as nothing happens it creates stock to buy in the market so quieter periods of the year tend to reflect bullish moves because of just the fact that puts her a little bit on winding every single day and so that's at least some data points this it's a time to be risk on if you're one that likes to track history there you go excellent excellent data always fun to hear those things alright let's go to the new home sales report the only major report of the day a new home sales not looking too good this kind of tells right in with our discussion last night with Corey DeWyde what they're seeing out there new home sales for the month of May a month over a month so April to May down need 11.3% on a national basis year over year home prices down 16.5% so as I mentioned Jason this morning when that report came out at seven o'clock told Ross I said well you know the bright side of this report is this maybe is something that the feds gonna you know look at among many other data points and go well I guess our you know high interest rate slash seven percent plus mortgages are really starting to have an impact because it's definitely not demand it's it's it's the mortgage side of things matter of fact we had mortgage applications come in today and and number was index up about eight tenths of a percent a week before about nine tenths so nothing too huge and the boys are saying the exact same thing yeah I mean again it's I think anyone who's an eager buyer is expecting that interest rates potentially come down in the back half of the year so they could be playing possum a little bit to election probably has folks concerned around how things act in the back half the year so there's all sorts of things that go into it but I've seen a lot of prices starting to come down obviously across the board incentives increasing so on and so yeah for sure all right good deal okay we got four minutes before our break so we get a get to get a jump start on our topic tonight legacy planning again this we are gonna touch on the basics of a state planning living trust will etc but legacy planning is is above and beyond in many aspects of just your typical you know I need to go to an attorney and get a living trust created so remember legacy planning is not all about the wealthy right the anybody that has assets and especially anybody that has people whether it's friends family etc that they want assets to pass to you need to start thinking about legacy planning so the bottom line what it does is it really ensures that your assets are going to the people that you want them to go to as I said at the beginning of the show your wishes your your desires not gonna leave it up to a court to make that decision for you so our first step that we want to discuss with you when it comes to legacy planning is doing a hardcore look and we I mean I find this is so infrequently with people taking a hard look and literally doing an inventory of your assets you need to make a very detailed list of all your assets things like your real estate your investment accounts excuse me your bank accounts retirement accounts personal property any business interest basically anything that is a value write it down in your inventory list then when we have assets what's the other side of it Jay yeah we got the liability side mortgages loans credit cards all those sorts of things what are some of the obligations that may be coming due in your passing you know a lot of people are probably saying well wait a minute here I understand the inventory of the assets but why didn't he need to make an inventory of my liabilities I probably want to get a sense of what your net number is gonna be when all said and done right if you have a bazillion dollars of liabilities and less than a bazillion of assets a could equal zero at the end well but also let's add to that and you're absolutely right but let's add to that from the standpoint that we run across this a lot with clients and that is you know forget I'm gonna pick on us men usually pass away first just got done dealing with the situation with our clients has been passed away I don't know what's it been now five six months and when I was dealing with her in regards to you know all the things that people have to do you know change of beneficiaries etcetera after the death of a spouse one issue that was brought up and I hear this a lot is hey you know what I've been a stay-at-home wife I haven't worked for many years so therefore I don't really have a lot of credit and the credit cards I have we're in quote his name what do I do and so this is another reason you make a list of the liabilities is because a lot of these companies whether you reported or not trust me eventually they will find out that your spouse passed away now if you look at the fine print on a lot of credit cards they have that right to cancel that credit card on you and and that's exactly what happened to our client a major credit card that she used all the time you know paid it off though there was no problem with it but it was under the deceased husband's name and so she had to figure out ways to come up with the money to pay that off because again they closed it on her so identifying those liabilities is really important again we're talking about legacy planning you don't want to leave a bunch of bills or worst yet a bunch of bills that your spouse doesn't know about if you if you should pass away so pretty simple asset inventory liability inventory all right now the second one we we always discuss the importance of goal planning and everything that we do Jason you you did a great piece on this a while back about the beneficiaries so I'm gonna let you run with this one because this is something again so many people forget about doing and again we'll stay 10,000 feet tonight just because it's a long list but you know you're looking at family members charities organizations and then you know the the I'd say the silver bullet is trying to figure out how those assets should be allocated so they're best received from a tax standpoint right because charities may have different tax exposures than your child does or spouse or so on and so forth so but beneficiaries and then coming up with a list of you know ultimately some of the individual things you don't have to give 10% to the Humane Society but you may want to give $10,000 right that's more of a specific line item or the line I always use jokingly with clients is maybe you wanted your name on a water fountain at UNR right that is a more sort of project of some kind that you want to make lists of ultimately it could be something that doesn't get done but at least it is healthy to lay out beneficiaries some of the specific charities or specific folks that you want to give X amount to and then are there any legacy products of some kind foundations that are near and dear to you that your loved ones can be a lot of right when you pass and remember Jason mentioned UNR financial educational institutions love getting requests like this they love getting legacy money they love you know if the donations large enough to it takes a lot to get your name on a building or something but they love creating scholarships and things like that so these are things that you plan again why you are alive and and make sure you include your obviously the attorney but also your your CPA when it comes to be quest and legacy projects like that because you can get some very significant tax breaks by donating people always forget highly appreciated securities right instead of selling them and paying capital gains tax and then given the money to the in this case the educational institution you can actually donate the stock to them get a tax deduction and then actually get paid an annuity payment while you are alive and the way it works is if that you know if there's money left after you pass away the university keeps it in this example but if it all gets you know spent you know you live for the next 20-30 years and it's gone that's the risk that the university takes but there's a lot of great charitable foundations and organizations you can do this with but it requires very intricate tax planning I had a really fast story years and years ago as a young broker and and I had a client who she was not old by any means she's like mid 40s or early 50s but a big portion of her net worth there a multi-millionaires was her grandfather was a the general contractor on the Hoover Dam in Vegas and so he got compensated in stock GE owned it you know whatever year the Hoover Dam was built you know early 1900s and that family held on to that stock J up up until you know this was probably 15 20 years ago I dealt with this and she's like you know I my cost basis is like two cents on this thing you know from yeah that's how far back it goes and so we set up a situation where you know she donated some of the stock and got great tax breaks and things so you can really do a lot of very significant legacy planning with a good attorney in a great CPA and don't forget about your financial advisor all right let's turn it over to Kristin Snow she's got news traffic and weather hey Kristin welcome back to the John Sanchez show on his stock 780k which would Jason Ghana Sanchez wealth management a gain of 16 on the Dow 88 point rise on the NASDAQ and higher by nine on the S&P 500 that's how we finished the day what we're just getting into our topic tonight legacy planning again legacy planning goes way beyond your standard living trust will etc so so far the first step that we recommended is assess your assets and liabilities and make that inventory list of the assets make that inventory list and identify the liabilities so there's no surprises to your errors when you pass away the goals Jason went through again the beneficiaries decide who you want and again we've done numerous shows there's a lot to this we don't we are not fans whatsoever of naming trust and things like that as states basically as beneficiaries that's a whole another show we've done many of those but give a lot of thought to the beneficiaries remember also if you are you know in a second or third fourth marriage whatever it may be make sure that you know if you don't want the original first wife or husband to be the beneficiary make sure you make those changes right but again you got to look at your divorce to create a make sure that's legitimate but you when you define your goals you know who do I want as my beneficiaries my specific bequest and the legacy projects that you want to leave now let's go on to some brand new areas creating the legal documents right Jay so we've basically we've got well let's see one two three four five major pieces of legal documents that need to be created before we get into this please please please make sure you hire a qualified attorney to get these things done for you don't hire some trust mill that is not legal not an attorney because you may save some money upfront there's so many of these on the Internet etc you may save some money upfront but you will never know and you will have nobody to hold accountable to or your state won't if these documents don't work if they're ever tested by somebody or the estate is contested so please this is where you don't skip you hire the best that you can afford to hire and get these done so Jay I'll take the first one then we'll alternate okay the will right you can literally write a will on a cocktail napkin it's a legal binding document but us in the industry what we say as a will is nothing more than instructions for the probate judge many of you have a will but again it your estate is going to probate a will does I mean it's powerful but it does not provide one of the main objectives that the next one that Jason will talk about which is the living trust and that is it a voice probate that's what a living trust does a will does not do that it is your estate is still going to probate so please you know make a consideration if you've got anything north of 40,000 in assets a will is not something you should have it is a component of a living trust it's one of the many you know sub documents but don't just have a will if you've got any assets or especially if you have children that you know you if they're young children you need to have a guardian if something happens to you in your spouse or maybe you're a single parent will not gonna cut it for that so very very basic basic document you're probably well beyond what a will is going to do for you and again it's part of a living trust speaking of the trust what kind of trust do we have Jay we got some major one here yeah there's quite a few the one the heavy ones sort of revocable living trust where your in most cases just creating that laundry list of how you want your assets divided and that becomes in most cases irrevocable at your death if you're a living family trust then it becomes irrevocable at the death of the second holder the surviving spouse but those offer up all the allocations and where all your assets are to go and that provides the ability to get around probate you're not dealing with a probate court you're just dealing with a trust that lays everything out you know we just need a letter of instruction in most cases a death certificate and a new successor trustee for your trust which you name in your trust and they then work to with us to divide your assets per the the way that the trust is set up there's charitable trust there's disability focused trust there's lots of other types of trust that again especially all the fight attorneys that can that can help you design but the key is to avoid probate and a living trust to keep it simple is the way to do it a couple real-life examples on the on the revocable living trust we see a lot with clients that they get stuck you know they'll they'll get the idea say I know I need a trust you know Santa goes and said I need a trust I'm gonna go get a trust you go meet with an estate planning attorney they give you a big questionnaire to fill out and that's as far as it goes many people stopped a lot of people lock up there's two yes they do yeah lock that's a great word lock up through the words that's right push through it and we're also where they lock up to use Jason's term is deciding who they want to name as the executor so again if something happens to both of you who's going to take over your state and and handle it the way you want it handled give a lot of thought to who you name is an executor and a couple again real-life examples don't name somebody just because they're a nice person or it's my sister or my brother-in-law or something like that name someone you hate yeah yeah name somebody you hate yeah no because they're gonna be it's not an easy job by any snow it's not an easy job yeah it's not an easy job right make sure eight that your trust does give them compensation to manage your estate is Jason Naylor right on the head it is a lot of work I've seen clients literally and not real complicated estates like they're the executor of their you'll say when that comes to mind she was the executor of her father's estate mom had already died so it was just dad dad died didn't do a really good job with estate planning didn't have the trust etc things went probate wasn't a large estate few hundred thousand bucks but this poor woman literally had to quit her job and I've had this happen more than once with clients they had to quit their job because it's such a full-time job being the executor of the estate so nobody needs to go through that hell by name is there's no reason to and that's why you have a living trust so think about the person you want to name is your executor what we like to see and what we like to deal with is someone that has a bit of business acumen all right you don't want somebody that has no idea about you know just basic business someone that has good communication skills because they're going to be dealing with people like us with accountants and attorneys and so on so forth so they've got to be a good communicator and then somebody that's organized right it it will become an overwhelming process even if you do have a trust I've yet to find one executor who says oh that that was a piece of cake you know because I can do these all day long everybody says that was one of the hardest things I ever did so that's why Jason said you name somebody you don't like and make them the executor and then the last point I want to mention unless you have something else to add on this and that is make sure you tell that person or better yet not tell ask that person that you're going to name is the executor if they want to do it because we see this a lot too you name Aunt Sally is the executor and you die in Aunt Sally's contacted by the attorney or on a court or a court of law or something she goes what are you talking about I didn't know I was going to be the executor of the estate and you talk about a big mess there so that's a that's a real important thing but again that's what a great attorney is going to do for you is outline all these things but to use a system push through and attorneys can also recommend someone to hire as an executor for yeah absolutely have to have trust companies there's all kinds of things exactly so yeah yeah okay now let's uh let's run to uh our other key legal document which is the power of attorney the POA as we'd like to call it this is where you're going to designate someone to manage your financial your legal affairs uh we can get in we're going to get into healthcare in just a second while you're alive exactly I just got a call from one of our clients yesterday who's having to go to court because this is what he has to do for his spouse because she is not a mental faculty at this point and so he has to go get power of attorney um keep in mind folks you know from our standpoint is financial advisors um let's say you know you're the husband you got a wife she becomes mentally incapacitated whatever it may be maybe she's getting you know Alzheimer's or there's a million things that that could be uh designated by a court is she does not have her mental faculties and she's you know financially incapacitated she can't make financial decisions um it's a very serious situation but we've had it before where you know that husband in this example we'll call us up and go hey uh you know my wife's uh she's not all together we need to liquidate you know ten thousand dollars in our IRA we can't take those instructions right we have to have a power of attorney that's how powerful the powers of attorneys are yes correct mental okay yeah i mean it's it's it's tough right i mean uh in any document that ultimately needs a signature of some kind that's where you run into trouble right without a POA it's very difficult to affect those types of things i mean yes and everybody's gonna need them us banks etc everybody's gonna need them and do it while they're healthy right again that's right harder to do when they're incapacitated already uh you know these are planning things that you should be doing and when you get the trust done you can name the power of attorney right then in there so all right we come back we'll talk about a couple more points into key legal documents that next one going to be the health care directive and then the HIPAA authorization let's drop it up a christen snow in the right now traffic center welcome back to the john santier show on his talk 780k OH with Jason gone all right we've been talking about legacy planning so many different things you need to be thinking about and so on so forth again don't stress yourself over this if you want a copy of this list we're more than happy to send it to you to send us a email at office at Sanchez wealthmanagement.com or any good attorney will obviously walk you through these now some legal documents that again are very important the legacy planning things we touched on the revocable living trust we touched on the irrevocable just remember big consideration on this one or something important to remember if you end up creating the irrevocable trust again there can be some tax benefits that's why some people do it or as Jason said you know when both of you die meaning a you know husband and wife then the estate or the trust becomes irrevocable but just remember there's the name says once that is established generally it cannot be changed and again there's some tax benefits etc protection from creditors so again estate planning attorney will help you that one the charitable trust as we somewhat alluded to earlier as far as the legacy projects remember a charitable trust you can establish a fund to benefit a charity or a cause there should be tax benefits as I mentioned and there's also some we can't say any names but there's what are now called donor advice funds where there's actual funds mutual funds etc or like with our institutional partners they offer donor advice funds where you literally you donate the money you get the tax break and then they have you know hundreds or sometimes thousands of charities and things that you tell them where you want the money to go it's it's so easy to do it these days right Jay it is it absolutely is all right the power of attorney again very important you got to designate someone or you should designate someone to manage your financial and legal affairs now we left off with a health care directive um very important if any of you have ever dealt with a family or a friend in the hospital as you all know especially if you go in for you know something basic and it turns into something more and you got to go into surgery whatever the case is you need a health care directive and that's going to again specify what your wishes are regarding medical treatment uh if you cannot communicate those yourself and so hospitals absolutely require these um in many again living trusts etc that is part of the packages I call it with a living trust you have your health care directives in there very important that you understand and and fulfill those right and and if not again it's again could do hours of shows on what happens if you don't have the health care directive or someone to make those decisions for you it's uh it's really really tough can wrap us up under the uh key legal agreements with the uh hip authorization this is very important also yeah I mean again that in most cases uh given all the scrutiny around medical information that allows designated individuals to access that information on your behalf that's what that hip authorization does um again for sort of in line with the health care directive but having that HIPAA in place is very helpful especially in those cases where you're not able to uh speak on your own behalf mm-hmm I've shared the story I'll do it real quickly in case any of you ever missed it years and years ago probably 20 years ago I had a husband and wife they were very dear friends before they became clients kept staying you know just staying on them to get a living trust and they finally decided to do it um they literally had the the the workbook you know where you have to fill out everything on their dining room table um he all of a sudden got a brain aneurysm and they'd been married at that point for like 45-50 years and because they did not have a HIPAA authorization she again you know lifelong spouse she could not make the medical decisions for him the doctor said look at we have to adhere to the hypocritical oath um there's no HIPAA you know in place know nothing no health care directives it was a major mess I had to get a hold of an attorney uh laid on a sunday night to you know because he didn't want to be kept alive and uh again just a unnecessary mess so HIPAA authorizations health care directives kind of go hand-in-hand very important the tax side of things yeah as we've mentioned before you've got estate taxes you've got gift taxes this is why your CPA needs to be involved in it and then uh let's see Jay let's wrap up on something a little bit light the document storage and communication this is something also overlooked by a lot of people legacy planning yeah I mean I always joke about having a death box right where you can ultimately put all these documents so all of them are in one place we tell our clients to toss our business card right inside there too so uh you know I say unfortunately fortunately we work with this all the time so having someone that can help your family members after the fact when something happens is incredibly important too so uh storage etc you know is very important yes indeed and then lastly review and update regularly you know life is a life is a change in event your legal changes etc make sure that you stay up to date with everything and again an attorney financial advisor CPA will help you do that good stuff Jay we'll do to get him on out of the john sanjay show god bless have a great evening you you [BLANK_AUDIO] [BLANK_AUDIO]