Why Every Homeowner Needs A Living Trust

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I wonder if you figured out by now that all of my guests are selfishly people that I have an interest in meeting because I know they have something to teach me that I need to learn. I figure if I want to know, chances are you probably will, too. Today's guest is a gentleman that I contacted because I wanted to know why as a homeowner, I needed a living trust.

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Honestly, I didn't even know what it was until I came across his bio, which reads, did you know that 68% of Americans don't have a valid will or estate plan? For homeowners, this means their loved ones could face the harsh reality of lengthy, expensive probate processes, often losing up to 8% of the estate's value in fees. He's a smart man.

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It caught my attention, and I hope it catches yours, because you need to hear what Oscar Vasquez has to say. As grandparents raising grandchildren, we are all about providing a great legacy for the grandchildren that we're raising. And Oscar's about to share why. Having a living trust, if you're a homeowner can save time, money, and stress ensuring your legacy is passed down without complications. Stay tuned.

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Welcome to Grandparents Raising Grandchildren Nurturing through Adversity. In this podcast, we will delve deep into the challenges and triumphs of grandparents raising grandchildren as we navigate the complexities of legal, financial, and emotional support. I invite you to join us on a journey of exploring thoughts, feelings, and beliefs surrounding this growing segment of our society. Drawing from real stories and expert advice, we will explore the nuances of childrearing for children who have experienced trauma and offer valuable resources to guide you through the intricate journey of kinship care.

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We'll discuss how we can change the course of history by rewriting our grandchildren's future, all within a supportive community that understands the unique joys and struggles this podcast was made especially for you.

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Welcome to a community where your voice is heard, your experiences are valued, and your journey is honored.

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We're speaking today with Oscar Vasquez, who's been in the real estate business for over 28 years. And it came to his attention that many of his clients did not have a living trust and they owned properties and their properties were going into probate.

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And so he began helping his clients a couple of years ago create living trusts, something which I do not have. And as we were talking, because Oscar is in the midst of these LA fires right now and he's hearing about clients of his that have lost millions of dollars of real estate and maybe did not even think about estate planning earlier On. And we all know disasters happen when we least expect them to. I know that three years ago, I didn't plan on having two young grandchildren.

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And our listeners can relate to that.

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It's not the first thing on our minds. We're dealing with putting out immediate fires. We're not thinking about the future, of course. And now we have to think about these kids and what we're leaving for them because their parents. Parents aren't able to. And now once we've gotten our feet under us and these kids are doing well, we have to think about the future. But what are we leaving for them financially, to give them a future for education and to help them out when we're gone? Because we know we may leave long before these children go to college. Some of us, most of us raising our grandchildren are anywhere from 50, or in my case, 67, 60s, 70s. So we're going to be in our 80s when these kids graduate high school. Wow. Yeah. Wow. Good. Wow.

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That's. That's what a challenge that is, huh? I mean, I have a question for you. I mean, how do you handle the, the energy? Because.

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Right. How old are they now, the kids? Mine are five and nine, and when we got them, they were three and six.

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Wow. You know, people ask me, how do you do it? You know, when that was my question. How do you do it? I mean, my kids are like 22 and 3, and I sometimes I go, like, settle down. Turn off the TV already.

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30. Well, I'll tell you, you do what you got to do. Right. These kids would have gone into the foster.

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Foster program. And I believe in taking care of family. That's right. A lot of people can't do it. A lot of people shouldn't do it, to be honest. But if you're healthy and you've got, you know, in my situation, my husband and I were a team.

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It took us a while to come around to it. It's a difficult situation. We just. It was pretty simple. Our future planning was. Was simple. And we do own a home and we do own land because we're selling this house and building next year. And I'm realizing the financial complications that are building up and how what you're talking about is important for us to think about doing. Not everybody owns their own home.

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That 68% of Americans don't have a valid will or estate plan. That is correct. Now, what I like to do is this. I want to give you a definition because the biggest, one of the biggest misconceptions that people have is that a will will prevent you from going to probate.

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And that's not the case in any state of the land.

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And every state there is a minimum. So if you own like I'll give you an example in Colorado, if you have more than$60,000 in assets, that means combined cars, combined savings, combined retirement accounts, combined 401ks combined home. And if you're a homeowner and or you have these com assets, you're going to go to what I would call probate. And probate is the best way I can describe it is that probate is where the government decides what happens to your assets and what happens to your young children and, and a comprehensive living trust.

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One prevents that from happening because the government and how probate became about is that the government said, you know what, we want to protect our citizens of the land and we want to make sure that the appropriate of the appropriate beneficiaries of their death get their estate. However, along the way they said, well, and we're going to make the, we're going to make the citizen pay for it because they have the assets. That's one of the reasons why they have a minimum amount of money or assets that you have to have so they have enough money to charge for the probate because, you know, so, so one, understanding that a will will not prevent you from probate is one and two, a will. The best way I can describe a will, if you have a will, it's basically I love you will says I love you, I give you everything I own.

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Good luck. How. And it's instructions to the court to help the court decide on what happens to your belongings. But it's not private. A living trust, on the other hand, prevents it. It's private. So one, it's already documented and written and put in pay in place. One, two, it prevents probate.

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In other words, you decide on what happens to your assets, you decide what happens to your young children, and you decide what happens and how you want it distributed because you leave it in writing. One of the biggest that so that would say the biggest misconception is that people believe if you have a will, you won't have to go to probate. That's all you need. However, that's only the instruction.

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Explain to us the definition of a living trust. A living trust is a contract between you. It's usually the parents and the beneficiaries, which usually the kids and that the government enforces. If you do not have a contract and a contract does not have to be written by a attorney.

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A contract has to have the legal terms for every state. In every state. There's certain, there's certain legal terms that have to be on the, on the living trust in order to avoid probate. And that's what we have. We have a software that has been approved or that has been recognized by every state in the land. So wherever you are and if you're a homeowner, I would recommend, I always tell people one thing you want to know if you need a living trust, Google how much is the minimum estate that I have or what is the minimum estate to go to probate? Or what's the maximum I can have before I prevent probate? Because probate is where the government decides and they get involved. Anything above it, accounts get frozen, houses get frozen, assets don't get transferred. It makes, it makes a terrible, terrible thing situation to be in as, as a beneficiary or as a child. Because you were telling me earlier that if you don't have, have not done estate planning that that can prevent any funds from going to the kids after you've passed for quite a while. That is correct. Now if you go to probate, not only does it cost thousands of dollars to go to probate, 1, 2, something. Like 20, over 20,000 minimum. The minimum amount that it cost in California if you own a house is about $26,000. Okay, that's a lot of money.

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That's, that's a lot of money. That's, that's a lot. And in my culture we, we, I say, we always say that's a lot of beans and tortillas, right? Because, because that's a lot of food. That's a lot of money. Now that, not just, that's just one of, of that. Now I always tell people, do you have, you know, when I have workshops, I always ask, tell me why you're here and who here has know somebody that's been through probate.

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95% of the people that go to a live workshop are there because they knew somebody that went through probate.

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And I always ask how long did it take for the beneficiaries to get it or your family or get the bet, get the money. Because not only do you go through probate, not only does the court hold on to it, not only do they publish all of your information to see if there's any debtors out there or say that you have, is there any long lost kids or anybody that says that they have a claim against you, but once the case gets settled and the judge decides what happens to your assets once they, once the judge decides, then they hold the money for another 12 to 18 months. 6. The fastest I've seen it done is 6 months, but the average is 12 to 18 months for you to get the money. And this is all because you didn't have a living trust, not a will, a living trust. And the most important part is not just to have a living trust, it's to have a comprehensive living trust that has a lot of additional documents to be able to make the transition of the asset more seamlessly and without any kind of friction. Let me ask you, if you have a living trust, does that also prevent grandchildren or children that you do not want to have access to the funds? That is correct. Now let me, let me share with you that, let me go deep into that. Now here's what you do. For example, if you have, if you have a previous marriage and you had kids but, but that previous marriage dissolved and they were grant and then you had nothing to do with that kid, you need to, one, first you need to acknowledge the child that, that the, that they're, they're your children. And two, you need to acknowledge the fact that you're disinheriting them and they have no access to any funds. Right?

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That's something that you can put in. A, in a living trust that you. Wouldn'T have in a will. That is correct. That is one of 500 different things that you could do different than a will. Because I'll give in. I always say what is the biggest difference? And I'll say not only the money, the court and the peace of mind, but as far as documents. A will's two pages most at most a living trust, a very basic, basic living trust is about 140 pages. A comprehensive living trust, when you start it is about 170 to 180 pages. Because you're talking about date of birth, you're talking about when you want them to have access to the money you want them to have, you want them to have a provisions in there to say hey, I don't want them to have access until you know, they're 25 or 35 in most cases. Because the generation today, you know, sometimes we, you know, being in real estate, when I first got started, the average home, first time home buyer was 20 years old. Now the average first time home buyer is 35 to 40.

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So because we, it's taking longer for people to grow up and become mature and say I want to build roots and I want to settle down and I Want to be able to build a future. It's taking longer. So we always. I bought my first home when I was 20 something and it was $30,000.

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You can't buy, you can't buy a, an outhouse. $30,000. Yeah you can. I don't even think motorcycles are 30,000, but. Right. And, and now they have electric bikes that are $6,000. Right. I can't well imagine that. So, so I always tell people the, the, the living trust, a comprehensive living trust. Now you can find. How do you know? There's, there's several ways on how you can get a living trust. One is you can do it get a done for you living trust. Where, where you can go online and do it pay 699. It's not a comprehensive living trust one because for there there's a lot of work and there's a lot of questions too.

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You can work with a company like us where we have what's called estate, estate planning coordinators where we actually get on a zoom call. We explain the actual process and we tell you what is it that you would really want and then we tell you how to fill it in because it's a done with you process which is better than a done done by yourself. Done by yourself. And then it's also a fraction of the cost. What an attorney costs in the average, in the national average. Building a comprehensive living trust is anywhere from 3,500 to $10,000 using an attorney. If you use a software company like, like ourselves, it becomes a fraction of that cost. Why don't you tell us how much it costs to put together a living trust with you put a coupon code. Here on the website.

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It's 2497. For all any of the listeners that that take action, we'll give you guys, we'll give you a coupon that 10 people could use. The first 10 if it works. Granted you got, you got the first 10. We'll give you a coupon. We'll call it grandparents. And when you check out and that'll save you $1,000.

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It'll save you $1,000 and you'll check out for 14.97.

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Now here's the best part. Attorneys do a living trust and then when you have I, I always call it when, when your daughter or your son or when your daughter marries the tattooed boyfriend and becomes the tattooed son in law. That's good for three things, right? Nothing, nothing and nothing. But you want to make sure that you update your living trust, right? Because this is where attorneys make recurring revenue because they say it's a living document, it lives until you die. And that means that that document has to be updated. I always tell people you should review your documents at least no more than every three years.

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Every three years you need to make that on there or try to do it in December when you know, when everybody's or when you know families at mind. But attorneys charge for updates so that's another 12, $1400 every time you update it. Every when your kids get older, if your kids have kids you want to make, if you want your kids and their kids to have access or to get something for school, for an Education, a 529 fund that you can create in the living trust for them. So if when they liquidate the house they say you're going to save X amount of John for Johnny and X amount of Johnny's kids are going to have access to that money. And that's how you build. You know that that famous word that comes in that says build a legacy for your family and how you build that is by even if you don't leave a lot, if you leave a little bit enough to change somebody's life. I mean some people don't go to school because they don't have an extra $2,000. They're $2,000 away from changing their life and having the education with a living trust, literally Grandma, grandpa, mom and dad can change somebody's life or their trajectory of their live of their life by being able to facilitate, even if you just paid transportation right to go to school. Sometimes people, everything makes a difference. Yeah, every little bit. Yeah, every bit. And they say a glass of water is, gets filled by one drop at a time. And if you can contribute any drop that you can, that will definitely help your legacy and help your grandkids and more importantly the legacy of your family. And, and, and it's not as important, but I always tell people this, that not only if you do that, your, your grandkids will know because they'll say, you know what? Grandma Laura left us this money to go to school. And if you don't go to school, you don't get access to that money until you're 35 and you only get a fraction of it because when you grow, you know, because you don't get it all because you didn't go to school. If you went to school you could use it and change the trajectory. Because I think education is an important part of the experience in life is knowing. Right. And, and I think when you say that 68 I came to that crusade are coming to the awareness because I think that it's not that grandparents and parents don't care is that they don't know how a comprehensive living trust can benefit their family and the legacy that they leave behind. Oh well, I agree. I didn't know before we had this conversation myself.

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Well how about, you know, they say any day, any day that you learn anything is a day worth living. Yes. And I love learning and I love sharing this information. That's why I have this podcast. I love my listeners and my community. Can you share with us any real stories or case studies where living trusts have benefited families? Yes, I could, I could share with you. Now see, I want to go. Before I go into that, I wanted to want you to explain because one of the stories is one is I, I using Mr. This, this gentleman. I helped the customer accumulate probably five or six different properties and we always talked about a living trust. And he says you know, I'll, I'll call you, I'll in his. And he always said I'll call you 10 days before I die so I can get it done because I'm not, you know, I'm just going to leave him anything and do that.

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Well, he got in, he got diagnosed. He got diagnosed on a Wednesday. He, he, he called me in, he had his sons call me to the hospital. We went in with my laptop, created a living trust. Got, got, got two witnesses, people that weren't beneficiaries and a notary there on a Saturday, on Monday I went and I recorded all the documents for him. He's been a customer forever. And on that Friday he passed. But the, the, the, the family just an estate and estate planning fees and court costs saved over a hundred thousand dollars from all the property because of all the property value. Now it was a simple, it was, it wasn't. He didn't get into I want to do this, I want to do that. No, he just said I just want them to save the money. And, and I want each one to have a house. What they do with it, it's up to them. I just want this done and I want it done now. Can you do it? And, and because of the software we were able to, we were able to save that.

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Now I have a story about Amazing. Yeah I have a story about a gentleman that I also was a past customer and little not as technology inclined. So I help, I did a lot. I helped him type it in or kind of walk through the whole process him and his, his wife and his daughter went to Puerto Vallarta on, on a, on vacation and they got into a car accident and both died.

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They died. And he calls and said, you know what, I wanna, I want to update my living trust to make sure my grandkids get my daughter's benefits. So, well, what happened? He goes, my daughter and my, my wife died three weeks ago. I want to update it. But Oscar, before I update it, I'm gonna go see. Can you have everything ready for me so we can get the notary and get the witnesses and do a restatement. When they did that, he said, I'm going to go see Texas, I'm going to go see my, I'm going to go see my sister because she's not doing good. When he was in Texas, he died and his, his son in law inherited. Because we're in a community state in California.

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His sis, his son in law inherited. His portion of inheritance was $1.6 million in retirement money was his portion and plus 50% because his estate plan was he took 50 to his son, 50 to his daughter because the daughter no longer existed.

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And it was common law in state of Colorado. The son got it all, son in law got it. And none of it went to the grandkids. And. Well, we don't know if it went to the grand. I mean, hopefully he was smart enough to say something for the grandkids, right? Hopefully he loved the kids enough and he save something for them. But doesn't always happen though.

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Well, you know, and that's why I always use that, that analogy of the tattooed son in law, because that's, that's how he called him. That's how he called him that. And that's how I came up with that story. Because he said, you know, I go, why don't you ever call him by his name? I said, because that kid's got more tattoos than, than, than you could think of. I mean, you know, he's, you know, he thinks his body is an artist network anyways, so that was one.

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Well, and you know, a lot of these. Excuse me for interrupting, but a lot of these grandparents whose kids have gotten into drugs or gambling problems, some of them own property and have other investments that have probably just gotten lost and none of that money ended up going to the grandkids that we're now raising. Well, let me, let me, that was the next story that I was going to tell you is what they, what this, what they did, what they did is they had a, I'm going to say a troubled daughter, right and, and they, what they, but, but she, she didn't want possession because she knew grandma and grandpa always fed her, always helped her financially. So what they did is they put in the, the provision that they put into the living trust was that the daughter, the daughter was to only get X amount of money on a monthly basis. However, she didn't get all the inheritance, she left the money in the trust. And then they hired a financial planner to be able to put the money in a fixed index annuity. They said all the houses need to be liquidated and all the money needs to be there.

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And the only way she can get, the only way she can get her monthly annuity payment because that's what they converted into annuity payments for her and a portion for the kids, however, was that she showed a drug free test.

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If she did it, then she got suspended for 90 days and then she would have to come back. And, and when, when I saw, when I saw that, I was like, wow, would you really? She goes, yeah, you know what she's gonna learn one way or another that, that she needs to stay clean. And if that, and if she can't stay clean, then all that money is going to go to the kids. And a lot of grandparents that I speak with are in that exact situation. I mean, we've worked all our lives to have the little bit that we have. And I want to be sure that it doesn't go to an attorney or two kids that are going to. Well, really, I don't care what my kids, my kids can do what they want, but I want to help the grandkids because like I said, you know, we'll be 80 when they're graduating high school. I know what a difference. I personally know what a difference it means to have $500 to pay for one semester's worth of credits for college at a junior college, which is, you know, or a trade school or. Yeah, you know, it changed of their. Life because of that one experience. You know, I think everything in like they always say, you know, I, I wasn't that fortunate enough. I've always been self employed. I've always. My mom, but my mom always said, you know son, I don't have very much to give you. And I said, mom, you gave me the best gift ever. You gave me work ethic, you taught me how to work, you taught me how to be honest. So my, my, because my mom used to always say, the day you're dishonest, your money will turn into water. So don't ever, don't ever Be dishonest. And two, get up and work every day. You'll never be cold and you'll never be hungry as long as you go to work every day and you be honest. And those are the main things that are important for us to give our grandkids. And if we do have more than that, it is better to make sure that it's protected and that it's going to the kids and not to attorneys. Well, you know, and. Or to the people that don't know. And more importantly. Or the government. Yeah, or the government. I think our government gets enough. But, you know, and here's as we're talking about kids and grandkids, you know, another. Another good story is, is a living trust has. There's a trust that becomes a sub trust for special needs grandchildren, special needs. Right? And okay, well, now check this out. A special needs. And I got deep into it because the special needs trust one is you create it and then as time goes on, you restatement and you keep adding things on there. Now you always. And they would say, like, what do you mean you add? I said, I'll give you an example. We do a lot with educators, and one of the educators did. On the living Trust, in the living trust on the special needs, the instructions were that they had to be enough funds. She put away a$10,000 annuity. $10,000 annuity. That was a lifetime annuity that went into her for her. But that money was to be used. So they took her to an amusement park. Park three times a year because she loved amusement parks. I said, are you serious? I told my wife, I said, that's crazy. She goes, no. She goes, that just means how much love and care and she knows and understands how much. How much. How important it is Important it is. And how depth. She knows her child and she wants whoever's going to take care of them to be able to give them that.

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And I said, wow, I didn't think about it that way. But that's how deep you go into a living trust. The first part is getting it. And then you keep adding layers to it on how deep you want to go and have a legacy to be able to. To have that.

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Imagine giving somebody an instruction saying, hey, she doesn't like loud noises.

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Put that in the living trust. I love that. She doesn't like that. She doesn't like this. She likes it. And you know what she really loves? She loves chocolate ice cream. Make sure you get her that. I mean, just those things like that. When I was like, you want to put that. She goes, yes, because you don't understand. She goes, those are the highlights of my child's day.

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I've got a question. Anything can happen to us at any time. We're getting older, we could become disabled. And so then those living trusts carry over with the child if they were to be adopted or, or live with a foster parent. Yes, One of the, one of the main, one of the documents that come with a living. There's. Let me go over those list of documents. Okay. And I'll start with that document. It's called a guardianship plan. Guardianship. So there's, if you have young children, the first part of a guardianship, you want to be able to have what's called a temporary guardian. Yeah. You want, you want to guard what. We had to do. Temporary 1. 1, it's you, you assign. And we always say you go three deep. Three deep. As you choose. Three. Who's your first, second and third opinion? Right. In case, in case one, the, the number one goes down a different path or has different religious beliefs or goes down that path, you don't want one. That's the temporary. The second on that guardianship is called long term. Who do you want to be the long term care or guardians for your children? If you happen to pass like you have young, you have young children. Well, they're, now they're your children because you're responsible, your guardian. So now you have to choose who's a long term guardian. Who do I want for a long term guardian?

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That's the second, that's the second portion where we say three. In that document, you should have a conversation with the people you choose. Right. You should say, hey, I'm putting you. Down if you can.

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If you can't. Right. Well, I mean you shouldn't, if you can't have a conversation, don't choose them, choose somebody else, even if they're not family, but choose them to at least with somebody that's close friends, close, close proximity, not just blood. Because sometimes, sometimes people that are not family will treat us better than actually family. And, and the third thing that goes into a guardianship plan is people who you want to exclude, who you do not want to take care of your kids. And I always call, I always say like the drunk uncle. Right? That's the uncle you don't want to put on there that anybody but him. Right. And I, and I say that to try to be funny, to try to put some type of sense of humor into such a touchy subject because nobody wants to say I don't want my kids to suffer. And I always say, look, you know, put them in, put at least one person in, but get two more and have a conversation. So that's the first document, that's the first document that comes with it. Another document that comes which is called what they with a living trust, with a comprehensive living trust. It's called a health care directive. A health care directive is in every state of the land now. We have what's called HIPAA laws. That means when, when you get sick, your spouse cannot get medical records unless you've signed a HIPAA waiver for them to get, get medical records. You can't get a second opinion until you get medical records. Right?

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So one of the, and that's one of the power of it or it's called a health care directive is one of, that is part of a, part of the documents that you get with a comprehensive living trust.

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The second and then obviously it helps to do with your health care.

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Then you also have what's called the end of life, the end of life choices. If you're a pro life, you're pro life, you're pro death, whatever you decide and what you want. And then more importantly, you also have the instructions of what you want to have done with your body. Do you want to have traditional or do you want to have cremation? And then what do you want to have done? And this prevents the kids, grandkids and anybody from having to decide on what happens to your body or you know, what, she wanted to be married where their feet were facing west and you got two kids arguing you wanted east, but as a, as a joke. But then you also have what's called a financial power of attorney. And the financial power of attorney is, I've seen it, I've seen it take action twice in my short career be doing comprehensive living trust.

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And one of the, one of the things is that the husband, husband got incapacitated. The wife was taking care of the husband, they ran out of money and he had a 401k.

00:34:11.768 --> 00:34:24.900
The only way she got access to the retirement fund is that because of the power of attorney. She filed incapacitated because she was the beneficiary. But as a beneficiary, you only have access when you die.

00:34:25.719 --> 00:34:39.730
When as a power of attorney you have access to those funds. When, when, when you become incapacitated, your, your spouse has access to those funds so you could live off of those retirement account.

00:34:40.670 --> 00:34:55.222
Because if you're on the 401k, you. Only have access that can be very important. Oh, that's super important. To be able to buy, you know, non essential things like food and water and gas in your car. Keep the lights on, keep the house warm. Yeah.

00:34:55.286 --> 00:35:12.918
Right. And so, and so that's how I seen that document used and saved tons and tons of headache. And it gave her, I mean they, they used a lot of the 401k funds, but it gave her the opportunity to stay in the hospital, care for her husband and be there when it mattered most. Right.

00:35:12.974 --> 00:35:27.295
That's great. And he, when he got out, he goes, you know, never would have thought that her being there made that such of a big difference. But that's one of the reasons why I kind of made it through. Because she was there every day.

00:35:27.447 --> 00:35:34.960
Right. Having those abilities. So think of the stress that it removed from both of them because that was not a concern. Yeah.

00:35:35.039 --> 00:35:42.400
At a critical time. Well, and you know, and you don't. It's kind of like insurance. Right. You don't know. You don't, you don't. Who wants it?

00:35:42.440 --> 00:35:46.059
Nobody wants it. But when you need it, wants to pay for it.

00:35:47.320 --> 00:39:06.947
Yeah. I hate to laugh, but it's so true that, that we don't. And I. And you know, until you need it. Until you need it. Because then you thank God that you got it. Yeah. Right. So I mean th. Those there and then the last and so next. These are just the important documents because I know we're short on time and I love to. And as you could tell, I'm very passionate about what, what we do here and sharing that. But the next document that is super important that comes with it, it's called a pour over will. And the poor over will means that if you did not transfer an asset into the living trust, if you did not transfer an asset to a living trust, the pour over will says you want the asset to go into the living trust. For example, you go to a casino, you get a windfall of money, you deposit it into a bank account that is not in the living trust. Then what happens? Then it goes to probate and it goes in there. But if you have a, if you have a living trust, it automatically pours over into the living trust with that pour over will. The first thing is that it needs to be signed in front of a notary. The second thing, it needs to be signed in front of a living trust in front of two witnesses. And the third thing, it needs to be funded. That means. And I'll give you another, I'll give you another story. This lady Rosa created A living trust with the attorney. Attorneys do not help you fund living trust. What most attorneys. I'm going to rephrase that. Not every. Most attorneys do not help you fund a living trust. And what does that mean? Funding means that they transfer the asset to the ownership of the living trust. Okay. That means you could have a living trust, but if you don't transfer the ownership of your house to the living trust, then it still has got to go to probate. If you have an account, for example, in the state of California that's more than $60,000 in cash and it doesn't go into, and it's not in the living trust, it has to go to probate. So any of the assets have to be entitled of the living trust. What does that mean? That means that the living trust is the owner, but you as the trustee, you control it. You don't own it, but you control it. Right. And that's super important because without those three factors having in a living trust, you have a living trust that is worthless, that that can be contested and that cannot prevent and protect you. So those three steps in a living trust, one, sign in front of a notary, to sign in front of witnesses, and three, it needs to be funded. It needs to be funded in order to save your family and protect your family from probate. And that's part of the process that you do. That is one of the process we do. Let me give you a Reader's Digest version on the process. What you do is once you decide, you can call our, our number for our. We have a, we have an 8 1, 800. We have a artificial intelligence phone number that you can call 24 hours, 24 hours a day. It's used by, it's powered by artificial intelligence, and it's powered to know everything about living trust. And that's 805-909-4689.

00:39:07.003 --> 00:40:12.436
That's 909. And that's 805 area code 909-4689. And that you can ask any question that you want so you don't feel that you have to call me. I won't sell you. We're not here to sell you anything. We're here to bring awareness and know that you, this, this tool is available to everybody in the land as long as you take action. If you call that number, you can ask it anything you want 24 hours a day. And you can say, in this state where I live, what is the minimum probate cost? If I wanted to do this, will a living trust do this and it'll help. It helps with all the calls and do that. And then if you want to speak to me, you can ask it to transfer it or you can book an appointment and it'll book an appointment for you. If not, you can go then if you're ready to take action. Now, for 10 people that listen to this podcast, the first 10 people that take action, we're going to give you a thousand dollars off by using the, the coupon code that we, that we gave. I've got it. You gave it to me. It's for grandparents.

00:40:12.547 --> 00:40:30.329
Grandparents, when you check out, you'll have. A $1, you'll have a $10, you'll. I'm sorry, you'll have a$1,000 discount code that'll come into play and once. And that means that instead of checking out at 24.97, you'll check out at 14.95.

00:40:31.349 --> 00:40:49.050
Great. Thanks so much, Oscar, for your time. I want to emphasize the importance that we all have a living trust to ensure that your legacy is passed on to your grandchildren the way you intend it to be.

00:40:49.559 --> 00:40:58.384
So if you're interested and you just want to ask questions, please give Oscar a call at 805-909-4689.

00:40:58.552 --> 00:41:13.023
That link will also be in the show notes. And if you do decide to use Oscar Vasquez's services, use the discount code Grandparents. Yes. The website where you can get also more information is called Estate Doc.

00:41:13.152 --> 00:41:22.139
Prep Estate like estate planning doc, like document Doc and then, and then prep like preparation.

00:41:24.880 --> 00:41:40.012
The impact that this has on our grandchildren and future generations is obviously very important. And I myself have been discussing this with my husband. So I'm sure you'll hear from me. Oscar. Excellent. Well, I look forward to this.

00:41:40.025 --> 00:41:46.539
Thank you so much for your time today. I think this is important information and as you said, we need to know this stuff and most of us don't.

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Well, thank you so much for having me. And you know, I wish you nothing but the best. I would love to reconnect and anybody that's out there, you have a doubt, pick up the phone. And here's the thing that I always tell people is that yesterday to do something yesterday, it's too late. Tomorrow may never come. So today is the right day. Almost 10,000 homes have been lost today in California where Oscar is speaking to us from. We're keeping you, your friends and family in our prayers. Thank you very much. God bless. God bless. Thanks for joining us today for another episode of Grandparents Raising, Nurturing Through Adversity. I encourage you to share both your challenges and your successes with us. Your story is undoubtedly one someone else needs to hear.

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Submit your stories to the links provided in the podcast information. Your contributions will enrich upcoming conversations, creating a more supportive community in which we can learn and grow together.

00:42:56.139 --> 00:43:25.626
Next week you'll meet Griselda Provencia from Dyslexia Warriors. She's a specialist in dyslexia diagnostic testing and therapy. As a grandparent raising a granddaughter with dyslexia, I found myself perplexed by her diagnosis until I met Griselda. She opened my eyes to how dyslexia affects children's learning and development, the critical importance of comprehensive diagnostic testing, and why early intervention is absolutely essential.

00:43:25.818 --> 00:43:33.161
Often coexisting with other conditions, dyslexia is indeed a complex disorder. But here's the good news.

00:43:33.266 --> 00:43:51.521
There's hope. Griselda taught me that dyslexia affects between 5% and 17% of the global population, yet many individuals remain unaware of it. This episode is a must listen to understand more about this fascinating disorder that touches so many lives.

00:43:51.706 --> 00:44:10.900
Tune in to learn, be inspired, and find out how you can make a difference. Thank you for tuning in to grandparents, raising grandchildren, Nurturing through Adversity Remember, you are not alone. Together we can find strength and hope in the face of adversity.

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Peace be with you, and I pray that you find some time this week to listen to your inner wisdom. Amongst the noise and the pandemonium of this world.