The Jon Sanchez Show

11/18-How to create an estate plan with no children

For many people, estate planning can be straightforward….they rely on their children for eldercare and typically name them as beneficiaries of their assets. This gets a lot more complicated for people who don’t have children or children they can’t rely upon as caregivers. This afternoon on the Jon Sanchez Show at 3pm, we’ll discuss some effective strategies to overcome this situation.

Duration:: 32m
Broadcast on:: 19 Nov 2024
Audio Format:: other

At Sprouts Farmers Market, we're all about fresh, healthy, and delicious. That's why you'll find the season's best local and organic produce, hand-picked, and waiting for you in the center of our store. Visit your neighborhood Sprouts Farmers Market today, where fresh produce is always in season. Good Monday afternoon, Tia. Welcome to the John Sanchez Show. One of his talks, 780K. It's a pleasure to be with you. Pleasure to be with my co-host Jason Gone with Sanchez, Wolf Management. Happy Monday, Tia. Yeah, it's Monday already. I'm counting down to Turkey today. Yeah, exactly. I know. It's one of my favorites, for sure. I know it is. Yeah, exactly. It's one of the few times that you can actually not feel guilty being lazy, sitting around doing nothing but eating and watching football all day. All right. That's one of the greatest things about it. I agree. People are, you know, so judgy. That's true. That's true. All right. Well, let me tell you what, Jason, I have lined up for you this afternoon. We're going to get into a very interesting subject after we get the market overview out of the way. And it's a touchy subject, a very important one, one that many times Jason an ideal with, other financial advisors deal with, and that is the following. How do you create an estate plan if you don't have children? Now, here's what I mean. For many of you, of course, estate planning is a very simple process. You hopefully have listened to our advice. If you don't have an estate plan, please go get one, go get a living trust, et cetera. But you go sit down with an attorney, and the attorney says, okay, in the, in the discovery process, okay. Yeah, who do you want to leave everything to? Well, I want to leave it to this person or these people. Who do you want to take care of you when it comes to health care? Well, this person or that person. But think about that for a second. Most of the time, at least Jason and I witness, most of the time that person, for the health care reasons and the inheritance of the assets, that person, of course, is a child, right? One of your children, all of them, maybe one of them, whatever the case may be. But what do you do if you don't have any children? We're not going to really focus to this afternoon on the monetary transfer of assets. What we're going to really focus in on more so is the elder care, the health care side of this. Because if you don't have a son or a daughter or some relative that is willing a to take care of you, which very few people want to do, but many do, that want to manage your estate, to make the life and death decisions, whether you should be left on life support or not, and all these other things that come in the responsibility of being a executor of an estate at that point, it makes a real big challenge. So this afternoon, what we're going to be doing for you is tackling this subject. We're going to discuss some effective strategies to help overcome the situation, again, of us and not having an estate plan, but without the situation of having children. You know, Jason, I am surprised, just because I'm old fashioned, as you well know, that there are a number of people that do not have children. And this is a very, very common they're cold, rich people, John. That's absolutely right on that. That's true. Those are some of our wealthiest, aren't they? Yes. Yes, they are very much. Good point. Good point. I was making a comment earlier this morning with my wife about, you know, my youngest son plays the cross and I love it. It's been a ton of fun. And I was thinking like the windfall from not having to pay for this is going to be amazing. We're going to get a raise. Yeah, the number of people that pay for their kids baseball or football or that or school or, you know, the pants that get the holes in them every other day. They're wonderful and they're incredibly expensive. But I think in this point, great topic. You know, oftentimes we view them as, I'm not going to say free, a very, very expensive prepaid, you know, folks to take care of you later on, right? I mean, living arrangements, health care needs, long term care, financial management, end of life wishes, oftentimes fall to a child, but can fall to many others, you know, friends and other family members. So, you know, sort of thinking these things through it doesn't have to be a child that ends up being the person who takes care of those things. I think you can build a strong network of folks to help you if it's not going to be a child. Absolutely. Here's a little stat for everybody to Jason's point. According to the USDA, and I don't have this exact year, I think it was within the last few years. So, it's going to be fairly accurate. But according to the USDA, the middle income married couple can expect to spend around $233,610 to raise a child from birth to age 17. Other estimates, the cost to be closer to between, and I think I agree with this one, 310,000 to 375,000 from birth to age 17. One of the most expensive states, the top four, Connecticut, the annual cost to raise a child. Now, this is as of this year, the annual cost to raise a child in Connecticut, 32,803, Colorado, 30,000, 425, New York, 30,000, 247, and our friends over the Sierra's, California, it costs $29,468 to raise a child per year, per year. So, to your point, you are 100 correct, and all of us as parents know that is true. Yes, they're just bundles of joy. They really are, they'll say the older they get, the more expensive they get. That is the fact, all so true. Isn't it? Yes indeed. One in college and one soon to go. So, yeah, they're expensive. Oh, yeah. Wait till they hit the old man up for, you know, down payment on a house and the wedding, and oh, yeah. Just, you just wait, buddy. You just wait. You ain't seen nothing yet as that say goes. No, I don't think so. All right, but what you have seen is this crazy market today. It was a, it was a day, I'm going to summarize a day that I felt, maybe you're different, I felt it was a day of lack of conviction. It was this kind of a ho-hum day, didn't have any economic reports, small loss on the Dow, small gain on the NASDAQ, take it away. Yeah, I think, you know, given we're going to get NVIDIA, which has been the, I would say the, pied piper of this market for some time leaves the market, I think waiting. You've got interest rates trapped in this range we've been talking about. No real news over the weekend to move markets, one way or the other, other than the, you know, Paul and Tyson fight, which I guess is the biggest focus. I think it's a lot for tell me to watch that. Really appreciate that. All I can, all I told my wife is, thank God I am not paying or I'd be furious right now. Right, exactly. That's it. That's it. It doesn't cost you any additional money, just a little bit of time. It's at my time, right? It's like halfway through it. So, it's up through half of it, I should say. And the market's also digesting Trump's appointments for this, that and the other, and you're trying to make some decisions based off that. It's, it's, I think, no different than what we dealt with four years ago, or eight years ago, I guess, as we were going through similar, who's going to do this and who's going to be what? After the close, I think, you know, Trump media is trying to buy a crypto firm. So, you know, just interesting, I'd say sidebar. So, that folks aren't normally used to, right, where this moves this, this moves now. Now, you've gotten much larger macro implications from appointments that are taking place inside the, the new Trump administration. So, that's part of, I think, why you're seeing a jittery market near term. Nobody wants to take any real big bets ahead of those final appointments. But it does. It feels like a, a Monday coming into darn near a holiday week, after digesting a pretty strong run, moves in oil, like I said, a benign interest rate day, gives us at least a excitement for later in the week. We're going to get some retail earnings tomorrow, as I mentioned in video on Wednesday. So, a little bit of a wait and see. Let's talk the Trump administration for a bit to get the ball rolling here. So, to your point, interesting. Take a look, folks, at what Eli Lilly did today, lost $19 a share, 2.6% lost to $7.27.20. The main reason behind this one, of course, is there's a report out there floating around. Some Republican senators are reportedly open to RFK, Jr.'s nomination for Secretary of Health and Human Services. We mentioned this on Friday when we did the market recap. You've got to watch and see the probability, the likelihood, etc., of someone that's being nominated for the Trump cabinet and what Wall Street thinks of them, right? This is a guy that is not vaccine-friendly. And so, if he gets confirmation, etc., watch and see the pressure that could be on these pharmaceutical companies. Now, I want to go on my soapbox for just a moment while we're on the subject, Jason. All right, here we go. You know, I love Elon Musk. Send the guy a thousand bucks every month for my Starlink service. Don't own a Tesla car, but I love Elon Musk. Everybody loves Elon Musk. But I've got a problem with what's going on with him in the Trump administration. I was joking about this with Ross on my stock updates today. So, here we go. The numbers at least that I saw, he contributed $30 million to the Trump campaign. Many thought, of course, goodness of his heart, wanted him versus her. But little did we know, or at least I didn't, maybe I'm too naive for this, little did we know that there was really more motivation than actually helping out a fellow business leader, as well as, of course, hopefully our next new president. So, he gets in there. People love the idea that he's involved. He has this new position, which is a non-paying position. But I am feeling that there is almost as much, if not more, emphasis and responsibility placed on Elon Musk as there is Donald Trump. And I just have a fear that at some point Trump's going to go, "You know what? The spotlight should be on me. It shouldn't be on him." Because this market is moving based upon Elon Musk and Trump, not Elon Musk working for the Trump administration for free, but it's like they're partners in this deal. It's almost like we have a president and a co-president. But here's the problem, the part that I have a hard time with. Now, full disclosure, we own Tesla. So, we are a beneficiaries today of the big move in Tesla, up $18.02, 5.6, 338.74. But it just so happens, that according to Bloomberg, the Trump administration may ease regulations on guess what? What's the next big push, folks, for Tesla? Self-driving vehicles. And so, the Trump administration may ease regulations on self-driving vehicles. Okay? So, here's my conclusion. I figured out a really easy way to get rich, Jason. Really easy way. Okay, once you obtain a decent level of wealth, you can obviously, I mean, how many billions and billions of dollars has Elon Musk made seen the Tesla shares rise since Trump won? I mean, that was one of the immediate things, okay? So, you got to be rich. And all you do is you make a massive donation to your favorite candidate, hope he or she wins, and then vie for a non-paying position. And you will win. You will become filthy, filthy, wealthy if you're already not. I felt like I told you this during the campaign time, that it felt like for the first time that I could ever recollect in my 60 years on this earth, that the campaign that you had both Harris and Trump utilizing wealthy people, right? You had Mark Cuban for Kamala Harris. I mean, she had a whole slew of people. Trump had a whole slew of people. And it just felt like, again, it's no longer about the politician. It's about who he or she's friends are, and then trying to influence the public in a vote, which is stupid, but a lot of people do that. And then they win the position like Elon Musk. And now what? He's, I promise you, folks, you wait and see, he is dominating. He's going to dominate this White House. When he starts making these cuts that Trump has created for this new position for him, watch to see what the headlines are going to be at that point. I don't know, Jason, it's just to me, I'll just use a term that I hate using this term. To me, it feels dirty. I want to get your opinion on it. We'll be come back. Let's go to Kristen Snow. She's in the right no traffic center. Hey, Kristen. Looking back at the John Sanchez show on his talk. 780 k oh, it's with Jason got we finished down 55 on the Dow today, 44,389. Nasdaq lost 112.60% and the S&P 500 higher by 23 points, 0.38%. Oil prices were strong, 3.2% gained 69 18 a barrel. Same situation with gold rising $44.50 2000, 614, 60, and just a one basis point decline on the tenure treasury at a yield of 441. Our topic this afternoon at the when we get back from the bottom of the hour break, how to create an estate plan if you have no children. But again, Jason allowed me, you allowed me to rant a little bit about Elon Musk and his involvement, his influence in the Trump administration. Again, love the guy, but I'm just wondering if this is just crossing lines too much. Coming in, creating this new position, the Department of government efficiency, where again, he's going to reduce spending and waste. He's going to slash regulations, you know, get rid of some of the different government agencies, aim into that one. But at the same time, it's amazing, again, the announcement today that the Trump administration is looking to basically, you know, ease the regulations on self-driving cars, his next major, major agenda. Of course, let's not forget he's got SpaceX and its influence and competition with NASA. The list goes on and on your turn, my friend. Yeah, I mean, he also remember, Elon Musk made that comment a year ago about saying that the $7,500 whatever EV credit should go away with the fact that, you know, Tesla would win to that, right? And now all of a sudden it's happening. Remember, pick a, pick a website. I'm looking at Politico here, looked at a couple just to verify if that's when you like it out. A hundred and 30 million dollars, supposedly was put into leading super PACs by the cryptocurrency industry, right? So, Department of Government, whatever the heck the E is, is Doge, right? Like it's a clear, like, childish play on like Doge. I mean, the guy invented the government efficiency. Right, right, it's Doge, right? It's clearly there's a massive, sort of the point that you mentioned. You know, money makes money. And in this case, this election was bought by cryptocurrency folks, like, you know, you're going to hear a lot about that. I think they said there's a website that tracks that 274 pro crypto candidates were elected to the house in 20 days cycle. They actually know how many people are pro, right? So there's a large group of big concentrated holders of these assets that put a lot of money into this. And now they're looking for their return on, you know, that investment. And that's what's happening as well, right? And that's the part. Well, talk about what happened today. You just basically touched on it. But I mentioned it. Yeah, that the, you know, DJT, Donald Trump's number truth, social, it's a media company. They're going to go buy rumored to be buying a cryptocurrency outfit. BAKT is the ticker again. That's just was out there. It was what the correlation is, you know, because they want to expand farther than social media. So we're going to buy a crypto firm, right? So it's I said everyone, right? Pick a side of the aisle. I don't care which one you're on. They're all have money behind them, right? And I think that's a lot of what you're seeing. And unfortunately, fortunately, that's how things work. This is going to be no different, right? In defense, if you're going to pick a Robert F. Kennedy, or you're going to pick a Elon Musk, you're going to, if this happens, I'm 100% behind it. If the game is go pick an instigator or someone who's completely a skeptic to go view any role with a new set of eyes, you know, that's 100% what I would want. Like, I hate politicians. Like when people want to put me in a bucket of blue or red, I'll say, which neither I want them both to go right. Right. More not even purple sounds like you're amenable to some of both. It's just it's this legacy, you know, institution that we have that is messy. And there's too many people that do it professionally instead of for what you're supposed to do it for to advance and, you know, make things better. And if those folks can go in and Elon Musk can go in and make changes to government efficiency, sure. But this isn't the, this is not a good first step to it or good. Right. He did not, he did not campaign. He's not a politician. It's like Trump calling it John Sanchez or Jason got out and said, Hey, you guys are successful businessmen. Come on over. I'm not going to pay you, but man, I'm going to give you free rain to, to, you know, disassemble this government or do whatever you want to do. Oh, by the way, you guys own an investment firm. Oh, go ahead and do something that would influence and increase your stock price. And, you know, on and on and on. Right. I agree. I agree. You know, I agree. It's not right. It feels dirty. Okay. And it's happening so fast. And that's a frustrating. And it's in its new, in my opinion. It's kind of no stuff has gone on in years past, but not to the extent that it's at now. Who can influence a politician, the biggest donor, and that's always been around, but now to bring that donor on to and make public decisions for Jason got John Sanchez and all of our beautiful listeners out there. I got a problem with that. Now, now, let me go back to your story about Trump media. Okay. I would assume, you know, Trump is the largest shareholder of DJT. He is the largest shareholder. Okay. Now, I would assume I have not seen anything about this that they are going to require him to put his what is he own 80% or so. They're going to require him to put that into a blind trust, which is, again, what is supposed to be done. He did that supposedly before, even though his kids monitor manage the blind trust of his other assets. But let's let's give them the benefit of the doubt. But when you come out and you make this announce or when this announcement is made today, first of all, Trump had a meeting with Coinbase CEO today. Okay. That's, that's on financial times are reporting that right now. But when you come out and say, my company, you know, DJT is going to make a offer for, I hope I'm pronouncing this right. I know you're struggling back at BAKKT back at holdings. And you're going to benefit being in office. You're going to benefit your stock, your 80% stock. And DJT is going to benefit because of the policies you're setting for cryptocurrency. I have a problem with that. Now, folks, this stock is skyrocketed. We are not recommending this. I just want to be real clear. But BAKKT is the symbol of this BAKKT holdings. Regular session, when this news broke, Jason and I were watching this, it shot up $18 and 39 cents, a 162.46% gain to 2971. Now, the after hours, it's up almost another 9%, 8.95%, $2.66 to 3240. I just don't feel that it's right. That politicians and IE non-politicians, the Elon Musk, and what's his name? The other guy that's going to be in the doge thing. I like that guy. He's a smart guy that they should have the influence on my life as a as a tax paying US citizen. When they did not pay the price to become a politician, they didn't campaign. They just made a bunch of big donations. And here's a job for you. And you're going to benefit financially from it. Again, how many billions of dollars has Elon Musk made since he donated that 30 million or whatever the like you said, there's all kinds of blind trust and things or I mean, the pack different packs and things. How much money did he make off of that, billions and billions. You talk about a rate of return on an investment. That was the best investment he ever made coming out of the out of the woodwork and deciding to back from no doubt about it. But I'm going to use that term again, Jay, it feels dirty. All right, we'll come back to our topic this afternoon. How to create an estate plan with no children? First, 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 Scott, we've finished down 55 on the Dow gained 112 on the NASDAQ and a decline of 23 on the S&P. All right, our topic this afternoon. How to create an estate plan with no children, right? For those of you that have a living trust, most likely you have named your children or immediate relatives as your beneficiary, right? This is the person or persons that I want my assets to go to when my wife and I are gone, right? Or as we see sometimes with our clients, maybe they skip their children or in then they'll jump to nieces, nephews, grandchildren, whatever the case may be. But we also run across situations where clients don't have children. We run across situations where clients literally have no immediate relatives as crazy as that sounds. And that's when we'll talk to them about donating to charities and so on and so forth. And I've joked about this before as well as Jason. We've had clients over the years that have literally because they have nobody to leave their assets to, we'll leave it to their dog. I'm not joking. I know you're laughing. And it's legitimate. You can do that. But we always say, how would she just donate it to the SPCA or something like that? Because, but I remember years ago, Jason, well, before you and I got together, I mean, I was maybe five, 10 years in my business. I had a client, a pretty good sum of money, like 250, 300,000. Again, didn't have anybody to leave it to. And they in their living or in her living trust was just a single woman. She wanted to leave the money to her dog. And again, I was a brand new broker. So I didn't have much business sense. So I kind of laughed, which made her mad and embarrassed her. But what she did is she named a person. I can't remember the relation to the person and said, I will pay you, I think it was like 35,000 bucks a year. And for that, you can have this $250,000 pay you $35,000 a year of the 250 for the health and well being of my dog. And then when my dog dies, you can keep the rest of the money. So it happens. And I know, I know it happens. But that's kind of an outlier case. So what we're going to be talking about this afternoon is what do we do if we don't have any kids? Let Jason, let's start with our first topic, which is something you and I are huge advocates of. And that is, please consider long term care. Even if you have kids, you should still consider long term care in your estate planning needs. Why is that? Yeah, I mean, we often call it dignity insurance, right? So you're setting aside a either a pool of money or access to a pool of money through long term care insurance. That will help you when you're unable to fully take care of yourself or as you move into that time of your life. And you know, especially given that you don't have a child that's like an indentured servant where they have to come help you no matter what, but you know, long term care insurance can be something that may be a larger portion of your plan, right? Knowing. And that's what we do. We self ensure for some things, but we ensure for the items that could be a higher probability and odds are if you don't have a family member who's going to be a caregiver or a friend or someone like that, then it should be a bigger part of your sort of, you know, end of plan planning and long term care insurance is is the earlier you're doing it. It's more affordable just because you're paying premiums over a longer time frame, but certainly something you should be looking at if you aren't sure who will be able to take care of you when you're older. Statistically, you know, 62 to 65 is when we like to start recommending it to our clients because you get it too young. Yeah, it's cheap, but the odds are you're not going to need it. Remember statistics also show that the average person spends 24 months in a in a assisted living facility. But remember, things have changed as Jason had said. Here's what I mean by that. Insurance, these long term care insurance companies, they truly don't want you to go into a facility because it costs a lot more money. So what many of them have done is they've made it very, very enticing for you to get in home care. Now you may be thinking, well, what's the difference? Well, in home care is significantly cheaper than, of course, in an assisted living facility. But they've gone further. And here's what I mean. They will literally, this one carrier that we deal with, they will literally pay to train a friend or family member on how to take care of you at the tune of like $35 an hour that they will pay for this person to get trained. Okay, then that person or family member, again, can get part of the long term care insurance as a basically is like a paycheck when they are taking care of you. Because no matter what, it's going to be significantly cheaper than you going into an assisted living facility. Okay, so keep in mind, if you don't have anybody, if you get the right type of long term care insurance, they will pay to have somebody trained that will take care of you. Okay, so there's one thing that's changed a lot. The other thing that's changed a lot is obviously it gets more and more expensive the longer, you know, time goes on. I found a great study by Fidelity. Fidelity says the average sales of last year, Fidelity investment said the average 65 year old person is going to spend $157,500 on health care throughout retirement. $157, just in retirement. So you have to ask yourself, do I have those assets to spend on that number one? Number two, even if you have the assets, is that the best utilization by drawing down those assets? When did Jason's point? You can go out and purchase long term care. Now, is long term care expensive? Not as much as it used to be. As I've said before, when we discussed this topic, it used to be really expensive up until about 2010, 2011, because all you would buy is a pure long term care policy. Very, very expensive. The industry got smart. They changed things around. They got more creative after the financial crisis. They said, look it, let's do this. Let's do a life insurance policy. It's called a hybrid. It's a life insurance policy with a long term care rider that's on it. Now, what does this do? First of all, it dramatically lowers the cost. We have some clients that, you know, this was a couple of years ago, last time I saw it, I haven't seen the latest premiums, but you know, they were getting, you know, $150,000 worth of life insurance. You know, they're in their 60s, you know, some around 2,500, 3,000, 3,500 a year, depend upon their health situation. So it's not outrageous for most of you. The second thing is the way these hybrid policies work, it's a universal life insurance policy, first and foremost, again, with this rider attached. The way that it works is really simple. Just take your, I'm going to make the numbers really simple. Let's say you buy $200,000, the base policy you can buy is $150,000. Say you buy $200,000 of this universal life. That's an interest bearing type of life insurance, by the way. And let's say, for example, in your area, like here in Northern Nevada, we're about 4,500, let's just round it up, say $5,000. So it's really simple. You got $200,000 death benefit. And if your monthly benefit is $5,000, that's 40 months worth of insurance. So every month that you, you are in assisted living or you need in home care, you are reducing that $200,000 life insurance benefit by the 4,000 that's going to pay for your long-term care. Because the other thing that this has done is it said, a lot of people, like when I remember early years, you know, when I'd recommend long-term care, Jason, well, as the first word out of their mouth, I have longevity in my family. I'm probably not going to use it. Well, you know what, you may not use the long-term care side of it, but I guarantee you're going to die someday. I can't guarantee you with a lot, but you're going to die someday. So, you know, that would benefit your family or whomever you want to leave the life insurance proceeds to. So it's really that simple. So the downside is 200,000, 4,000 a month, okay, last year 40 years or 40 months, when that's gone, it's gone, right? So we have some clients that are like, I never want to be booted out of my assisted living facility by me more. So they were in good health, they could afford it. And we would bump up that life insurance, sometimes north of a million dollars. They never, you know, they've got like 10 years worth of long-term care coverage. And they never have to worry about running out of money. And that is a really smart way to do it instead of going after your other assets. For those of you that are small business owners, talk to your accountant, because if you set things up correctly, you should be able to deduct your long-term care insurance premium as a business expense. Again, talk to your CPA about that. But it is one of the most powerful forums, one of my favorite, and I know Jason's, in addition to umbrella insurance, which again, we've touched on that one, but folks, keep in mind again, it's going to go out and run you almost 158,000 on health care just during your retirement years. Do you want to drain down your hard-earned assets? Or do you just want to go buy a policy for three, four, five thousand bucks a year and be done with it and have that peace of mind? So very important, and especially on our topic, if you don't have any friends, any family members that can take care of you. And even if you do, we've shared this story, do you really want your adult child to say you got one kid? You really want your adult child changing your diaper and taking care of you and not living their life to the fullest? None of us as a parent want that. Again, I've shared, I've had clients that literally quit their jobs to take care of their parents. It's miserable. No one wins in that. Think about the long-term care coverage. Let's drop it up with Greg Neff. Or I'm sorry with Kristen Snow in the right now, traffic center. Hi, Kristen. Welcome back to the John Sanchez Show on new stock 780KOH with Jason Scott. Don't forget if you missed any of our shows, please pick up our podcast. Well, here's another stock that's ripping Jay in the after our session besides Trump media, besides be a K or BKKT holdings. And that is super microcomputer company indicated after the close that they have hired a new auditor BDO, and they've submitted a plan to NASDAQ detailing their efforts to regain compliance within the exchange. Regular session, the stock was up 15.93%, $2.96 gained at 21.54 right now in the after hours, up 41.64%, $8.97 rise to $30.51. That's a BKKT, still up about 184%. All right, you are up to date. I said a lot of activity in the after hours. Jay, so let's go to our next point, which of course is, all right, we got to trust kind of figure it out, our long-term care, so on and so forth. We need some people. How about some advice and finding some trusted help since we don't have any kids in this example? Yeah, I mean, you touched on it well, obviously, you know, children, dignity, insurance, things along those lines, but we all have good friends and it doesn't have to be children. Maybe there's siblings that may be younger than you or at your same age, different health needs, et cetera. So, you know, there are even advocates. There's geriatric care managers, there's geriatric care advocates, there's firms that you can hire that sort of are a go-between for advice on others. Some people truly do this as a feel good, right, a charitable thing that they do that they're, you know, you can pay them a small stipend and they will be that role for you. Remember, there's lots of folks out there with huge hearts that like to help and so those are things to think of as well. And just be careful, there's a big increase right now in senior embezzlement and different crimes. You hire some of these people, they come in there, you give them access to your checking account to pay your bills and therefore there goes the money. Be very careful who you hire, screen those very well. So, find trust the people and they'll most importantly be detailed in your estate plan. The more detailed you are, the better it's going to be. Great job, Jay. We'll do it again tomorrow on the John Sanchez Show. God bless. Have a great evening. 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. 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.