Protect Your Legacy: Wills, Trusts & Small Business Success with Local Leaders

0:01 This program is designed to provide general information with regards to the subject matters covered. This information is given with the understanding that neither the hosts, guests, sponsors, or station are engaged in rendering any specific and personal medical, financial, legal, counseling, professional service, or any advice. You should seek the services. Of confident professionals before applying or trying any suggested ideas. Attention individuals, families and caregivers. It's Medicare Hour and More with Peter right here on K FORHD Radio. This is the podcast for all types of insurance solutions while specializing in Medicare. Because we Medicare. Here's your host, Peter R. Joseph.

0:51 Hey, good morning, good morning, good morning. Great to see you all this morning. Just want to give a couple of announcements real quick. We are live on Facebook Live Joseph Insurance Broker, LLC. We're also live on our YouTube channel at Medicare Minute with Peter. You can find us there. We are also on podcasts with Apple and the iHeartRadio on Thursdays, you can catch us after the show is recorded and then last but not least, K four HD Radio. You can download the app or go to KFOURHD dot com and watch us live there and you can call our text me actually text me is better. Any questions and we will answer them live. Nine oh nine two one seven two six three zero. Please do and we will answer your questions live. We've got a great show for you guys this morning. We've got a couple of great guests. Vola Rossi a great friend of mine. I've known her for years, owner of Let's Party Entertainment and she's also part of the local Chamber of Commerce. And then Peter Patel, he's a good friend of mine as well.

1:52 He's a realtor locally licensed agent and he's gonna be talking to us about trust and will's a very important topic, especially for all of us, no matter what age you are. Hopefully you get those things in place for yourselves and your family. But just before we start, you know, I always have to mention sports because that's me. I'm the big sports guy. And it's so excited because the Dodgers finally won last night, broke that losing streak and it is football season. I was excited to watch that Hall of Fame game. I hope you guys tuned in for a little of it. It was actually an exciting game, and my engineer and I were just talking about how loose they were out there, and I think it's because there's no pressure, it's preseason. Guys were just having fun out there. So that was very, very awesome. So anyways, let us get on to our first special guest, Vola Rossi.

2:48 Vola, I see that you're on. Good morning, Peter. Hey, Vola, how are you. I'm doing great. How about yourself? I'm doing well. I'm doing well. I'm so glad you made the time to come on our show this morning. I've been I've been trying to get you on for a long time, so you'll be fine. Don't worry about it, all right, So just give us a little bit of background of who you are. You know, I did mention you're an owner of a shop out here in it's in Chino Hills, right or Gino, No, it's in China. It's on the target spectrum. Yeah, okay, yeah, all right. Do you want to mention a little bit about like how long it's been around and what it's actually doing. Well, if I tell you how long it's been around, it means it's dating me. But but yes, we've actually been around for over twenty years. I've been doing business, but I've been at the Target Spectrum shopping center for going on five years. So it's a floral gift shop and event planning. So we do everything from planning your small parties, events to weddings. We do everything from catering to staffing to rentals florals, so we're pretty much like a one stop shop for all your IT and catering needs and stuff.

4:04 Yeah, and so if you guys are new to our show, her info is scrolling on the bottom, so you can always find her at that website Let's party now dot net. It's got every information piece that you would ever need to. You can actually shop online right like you can make it absolutely yeah. Yeah. The only thing you can't shout for is florals because it is we're a flower shop. We're not one of those like you know. We make seventy four of the same items and stuff, so we're very customized. But we do have a lot of things that are ready to go that have already been designed and set for you. So if you have that last minute birthday or a company, you know, your boss's birthday, you don't want to forget that you know those things are, Yeah, we have lots of stuff that's ready to go as well.

4:46 And then is there an area that you cover? Is it just all southern California or is it like how far out do you go? You pay, We'll go wow, Okay, I got very cold. No, but yeah, most of the time, you know it's but as far as like events and stuff, we travel everywhere. So if you guys don't know, Vola does a lot of events for our local Chamber of Commerce, which I'm actually getting back involved with. I just met with Zev a couple of weeks ago. So let's talk about like how small. Businesses use you guys. Is it pretty easy to reach out to you? What kind of like events do you advise small businesses to reach out to you for? Actually any type of events. So even if it's and it's one of those things that people don't really realize you need a florist or a gift shop or until you actually are in that position, but if you think even little things you as an insurance agent, let's say you land a great, big client, whatever you want to send a thank you gift, you do you know, there's flowers for every occasion, whether it's you know, unfortunately, people passing sympathy arrangements, birthdays, something to celebrate their anniversaries. You know, it's not just personal things. It's also business items and we do like business gift baskets things like that. So you would come and you know, give me a stack of your business cards and you'd say, hey, well I need this going out. This is a new client real estate, does it for a lot They just closed a home

6:16 or or closed a deal or what have you, And they're like, hey, we need this arrangement set out, even balloons, you know, stuff like that, and then we attach your card to it with whatever note you want and it goes out and we deliver it for you. So that it's nice. Yeah, no, it is. And we've we've actually used ball quite a bit. Unfortunately in the medicare space, we've got a lot of older folks and they pass away and so we definitely want to, you know, do something special for them. So thank you so much. Her floral arrangements are beautiful, hands down that she's probably one of the best out here. So you know, if you want to use her, let's party. Now. Dot net is where you go. So what made you go into this business, Like, obviously this is kind of a niche company and a niche business, So what made you go on this journey?

7:07 Well, back in the day when I got married a million years ago, thirty four years ago, I actually was planning my own wedding out here, which my reception was at here at a Prodo golf course, which I recently ironically just did the Business Awards dinner there, and that was just so so surreal because we just like I hadn't been there in quite a bit as far as to do a large event, and so I'm like, hey, here, I am doing this again. So it was it was kind of fun, but I was looking for people to for help, and there wasn't that type of service at that time unless you were one of the elite. You know.

7:53 I didn't have wedding coordinators. You didn't have event coordinators back then unless you were the top of the top. And it was like, oh all right. Even then, it was like very few and foreign between. So I did everything and then I thought to myself, you know, this would be kind of crazy, but I do this for somebody else. So I started doing it. For you know, friends and family and doing little events and stuff, and honestly it just grew from there. Wow, it really did. And it was just like that self, that that gratification to have somebody enjoy their own event for a change, because I know what I went through just to do my wedding and actually be in my wedding. You know, it's it's it's difficult, and it was one of those things where I just said, you know, it's it's fun.

8:40 It's fun, and it's very gratifying to be able to have them enjoy their event, enjoy what they're doing, and be a part of the celebration as opposed to being in the you know, the vaccines you know. Yeah, yeah, very cool, very cool. Well let's transition a little bit to the Chamber of Commerce. Obviously you're on you're on the book and Foundation. Are you an ambassador? I am? I am. I'm an ambassador as. Well personal of all hats all right, so crazy yeah, yeah, seriously. Well, and we used to be part. Of a B and I group if you guys don't know, B and I was a business networking group. That's how we initially met. So that's that's awesome.

9:22 So why should because we have small businesses. That listen in why should a small business get involved with the Chamber of Commerce? You know, I get asked that a lot, and I'm going to tell you the same thing is connections, connections, networking. I don't think a lot of us business owners know what we're getting into, not in a sense of not like you know, but you don't understand the value of your business till you see what the value is and other people's businesses with you. And I think the connections, the camaraderie, just knowing kind of like what I just explained earlier, Like you know, maybe a dental office would be like, well, we don't we don't need a florist or we don't need an event coordinator on a daily basis.

10:08 But you know what, when they're top client, or their their medical rep comes in or things like that that they're doing and they want to send a small gift, how easy is it for them to pick up the phone and say, hey, Wela, can you send this over to the And those are the different things, you know, when they're doing their annual Christmas parties, when they're doing their you know open we do all of through the Chamber. I do all of the ribbon cuttings for the City of Chino and Chinno Heals. So that's that's part of my you know, contribution both to the city and our local community our business growth, just to make sure that they know that they do have that support for sure. For sure, and.

10:49 What kind of I guess, like, how easy is it to join the chamber? Is there a cost to it? You know, like anything that would be helpful for people out there? There is? There is definitely a cost to it. It's an annual fee depending on the size of your business and such. That's all the logistics part. But if you go on Tunabali chamber dot com, you can go in there, to the to the app, you can even do it. The advantage is you honestly get marketing with this. I mean you can put up if I wanted to, I can get on there and go and say, hey, you know what I need a an air conditioning person. I get on there and look at our members and and that's the other thing. If we just focused as members on using our own community and our own stuff, imagine how much more business we give to our own community. And that creeds, you know, again, that camaraderie, that that closeness and you know, one person does it, the other person does it, and then they pass it along and you know that's that's really just the basis of the entire thing.

11:54 It's it's a. Networking very cool, very cool, but it. Is not a get rich quick scheme. I'm to tell you that right now. You do have to put in your work. You have to be the face of your company. You have to be out there representing. And like I've always said, when you're top of mind, when you're in people's faces all the time, you become eventually top of mind. And that's what gets your business going. You can't just sign up and throw in your money and then expect, you know, millions of dollars of customers coming in because it's not going to happen. Would have done it again? No, really, Now, it takes a long time. You got to develop those relationships and those friendship I know. Yeah, I'm my first client is actually from the Chamber. So I did a lot of good for my business, especially and being I did too, it helps, especially because it was around COVID, so yeah, easier to connect with evil on zoom. So yeah, but let's let's kind.

12:48 Of pivot to his last part, what do you do for film? Bro? Know you said you're married. Do you have any kids? I do? I do. I have a twenty nine year old and a thirty year old. My thirty year old, which is kind of weird because I'm only twenty nine. So that's funny how that happened. My thirty year old is married. My daughter in law's amazing. She is a pharmacist, she just graduated. And my son is an HR and my other son is works for the Orange County Sheriff's Department. Wow. So yeah, I'm where. We go to the river. We have a boat, we go to the we go to have a sue a lot for vacations. My family are hunters, so they you.

13:33 Know, I know, they love to do Oh. Yeah, yeah, wow, Okay, you know it's that. Middle Eastern and US right. I love the fact that you guys are big Dodgers and Lakers fans. So yeah. Oh yeah. My husband is dev Yes, we do ow another company as well, so yeah, and his his logo is definitely the Lakers Country. Yeah, I could tell. I know. All right, Well, let's kind of end on this note. What's the best bone number to reach out to? You guys. The shop number is nine oh nine six two seven zero one five to one, and or you can email me through social media as well. We have a Facebook page on Instagram. It's all in your let's party now.

14:18 But yes, even if you are planning an event and you just need help, I'd be more than happy because you know, a lot of people don't realize they need a coordinator till it's too late, right, you know, and you end up spending nicol and diming yourself for everything. So we could definitely go over your event and see if it's a good fit. For you and Bullet, I mean she she asks for your budget. She stays very close to what you guys ask for, so yeah, no, she's wonderful in that way. All right, Well, thank you so much. I know you are nervous coming on, but I appreciate you so much, and I appreciate our friendship. Thank you so much for making the. Time with this. Well, Peter, thank you so much for inviting me. I really had a great time, and I hope everyone that's just something a little out of it.

15:01 Yeah for sure, all right, take care of it. Wonderful day. Thank you you as well. Bye. But but. All right, that's my good friend Vulla. And uh, you know, if you've just kind of tuned into our show recently, you're like, well, what does that have to do with medicare and insurance? And while we do all things on this show, we talk all things insurance, and we want to bring on small businesses that we do business with ourselves, and so, like I shared, you know, we've got clients who pass away and we use Vola for sending flooral arrangements, which she does a wonderful job on. We also use her for you know a lot of times I use my time to coach youth sports, and so right now I'm.

15:46 Coaching youth basketball. I've coached soccer in the past, and if kids have a birthday coming up, you know, she arranges balloon arrangements for those kids. So we use her for quite a bit of things as a small business are so I you know, I would not bring anyone on that we don't trust inherently. And like I said before, she's one of the best. She's here in China and China Hills, but she does cover all southern California. So I encourage you to reach out to her for any product needs. She also caters. Her food is excellent as as she mentioned on the show. She is Middle Eastern, just like me. If you don't know, my family's from Egypt, she's Lebanese, so we have that connection in common as well.

16:29 So I'm glad that you guys got just a little tidbit of. Vola and everything that she does. Let me go ahead, and we're waiting on our second guests, So while we wait for Peter to come on board, just kind of share a little bit about Peter Patel. We just connected recently. Like I said, he's a licensed insurance agent. He's also a realtor even offers mortgage help, so so he's kind of a man of all trades and he's very huge in this community. A lot of people know him and trust him, and so we kind of just started on our endeavor of doing trusts and wills for our clients.

17:16 Now. The reason we're doing that and taking that on is that if you don't know, trust and wills are very expensive if you go through an attorney. Attorneys usually cost two, three, sometimes four thousand dollars to write up the trust for you guys, So this is very inexpensive. This software program has been written by attorneys from all fifty states, so it's legitimate and it's seen and reviewed by an attorney. If you are looking to do something more complicated in terms of like a family trust that's irrevocable, we do connect you with attorneys that will charge you an hourly fee, but at least you'll have that peace of mind that you are doing things in the right manner. So we'll be sharing a little bit of information on that. I'm going to go ahead and share my screen here again.

18:10 So this is our. Website and we show this a little bit last week. You'll find all our information here. A couple of things I want to point out too, is that if you click join our team, Yes, we are always looking for agents and brokers to join our agency. You would just click that and then there's a sheet that you would fill out right here, so you put your information and that comes directly to us. The other thing to keep in mind, let's here if you click get a quote, then you can actually send this information to us, and we have all the products that you can choose from Medicare, advantage supplement, health insurance, long term care, auto, property, small business group. And I mean we're a one stop shop as well. You just click the item that you're looking for help on and we will reach out to pretty quickly or admin will reach out to you and we'll give you the quote and work with you in that process.

19:18 So all this is free to you to access, and we educate you guys. We don't push anything onto you, guys. We want to make sure that you're on the best path and you've got the best plan for you. All right, I'm going to come back here to our studios, so it doesn't look like Peter's on yet. So the other thing I want you guys to keep in mind that AEP annual Enrollment period is just around the corner for Medicare that opens up October fifteenth through December seventh. That is an opportunity for people to change their Medicare advantage plan once a year, and so you're gonna be bombarded with phone calls, ads, stuff in the mail. People are just going to continually try to reach out to you.

20:06 You want to get with a trusted agent like myself, who knows the ins and outs of Medicare, who knows the plans that are changing, who knows you know the benefits that are going to be cut from certain plans, the plans that are exiting the market that could affect you personally, so we help navigate that all for you. Again, we educate first. That's our motto is we medicare and we strive to get you through the education process and then you know, you decide for yourselves what's the best option for you. We lay that out for you and then we walk you through that and then sign you up for the appropriate plan. So again we're not a salesy type of agency and brokerage. We will even review the plan you're currently on and make sure that you're on the right plan, and if you are, we'll leave it at that. We want to make sure that you're well taken care of. That's the most important thing that we really care about. So the other thing to keep in mind too, is that in September, you get what's an annual notice of change from the carrier that you're with. So, you know, let's say you're on a United Healthcare plan.

21:17 United Healthcare will send you in the annual notice of change showing you your plan that you're currently on, and then the benefits that are changing for next year. Like I said, benefits change year and in year out they don't stay the same. Depends on the carrier too. Some will allow you to have benefits increase, and then there are some carriers or insurance company out there that will cut those benefits out for the following year. So you want to make sure that you're well aware of what you're getting and what you're not getting for the following year. So look for those notices in the mail, do not throw them away, read them over. If you don't understand what it's saying, you know that. Again, that's where you reach out to a brokerage like ourselves that can help you understand what the notice is talking about. And then, last but not least, you know, just a reminder if you are turning sixty five, you want to start the process three months prior to your sixty fifth birthday. And then you want to actually start the process with Social Security.

22:16 So you can either go into your local Social Security office and fill out a form for Medicare Parts A and B, or you can go online to SSA dot gov create an account there. We do have a tutorial video on our YouTube channel Medicare Minute with Peter that you can check out to help you navigate that and answer any questions you might have in terms of signing up for. Medicare. So we have those forms available as well. We can email those to you or mail them out to you so that you're not having to search the internet for those forms. All right, So I'm going to come back to sports again until we're went for Peter here. So I just want to share quickly that I am excited about this Dodger season. I'm a huge Dodgers fan.

23:03 They can do something very special this year and three pet. I know there's a lot of haters out there saying, you know, it's not fair, that's why the lockout's going to happen, and I sure hope it doesn't. But again, you know, Dodgers are doing what they think is best for their players. That's why people come to the team. Most owners out there have the money to pay the players, trust me, and yet they just choose to hoard that money to themselves or you know, make TV media deals. If they followed the same script that the Doughters did, you know they would do well. And here's an example. The Mets are a team that pays millions of dollars for players. They're up there with the Dodgers, and yet they're in last place. And the reason they're in last place is their management just doesn't know how to manage their team, and they don't have a very good farm system that they've cultivated like the Dodgers have. And so money, it's not all about the money. It's about the leadership that's in place to make that team successful. So just like in small businesses, right, I mean, you have to have the right leaders in place to make your business successful.

24:07 It's not just about getting all this money or having this money to spend. You can always spend it the wrong way and your business will falter. So it's the same thing with sports. But anyways, like I said, they could do something very special. I hope they do. I think that would be amazing. First National League team to threepeat, that would be an unbelievable feat. But we'll see what happens. Again, I'm also excited about football season. There's a lot of great teams out there. It should be pretty competitive for the Super Bowl this year. I love the fact that it's out here in LA So I'm excited about that and hoping on my rams make it like they did a couple of years ago. When it was in La So we'll see what happens. But you know, whatever team you're in for, I hope you enjoy this football season.

24:53 I'm just glad it is the fall. I'm hoping the weather turns and starts getting cooler. It has been extreme, extremely hot out here in California, muggy, just strange weather, and it's been close to one hundred degrees the whole month of July. So not loving that weather. Hoping that it gets cooler. They are saying that it's gonna be el Nino season this year out here, so we'll see. You know, obviously California needs that rain, but not too much and so hopefully it doesn't cause a lot of damage. You know, Obviously I'm in the insurance space, so I'm keeping an eye out on that because we do homeowners insurance and flood insurance, and we definitely don't want insurance companies to exit the market because of those kind of natural disasters. So we'll keep you appraised of all that on our show as we get into the fall season.

25:42 So let me I'm going to text Peter here. He should be on by now. Let's see what's going on. Oh, he's coming on. I think he's trying to find a link. All right, So as we wait for Peter, if you have any questions, you can text me at nine o nine two one seven two six three zero and we will answer those questions live on our show. Again, you can text us at nine oh nine two one seven two six three zero and we will answer those questions live. Right now, I got one question and I won't name the person just because I don't want to put them on the spot, but they're asking me, you know, do you do more than just medicare and health insurance. Yes, we just talked about that earlier in the show. We do home insurance, earthquake insurance, auto insurance, small business liability, business owners policies, we do life insurance. We do annuities, annuity rollovers. You know, some of you might have all four to one k's where you want to have that stability of the market, you know, and you're looking at six sometimes seven percent on annuities, believe it or not, and it's not guaranteed on most products. But there are some products out there that do guarantee that return. And you know I always ask my clients, you know, you've got your hands in the stock market and real estate and investments. So how much of that money would you

27:15 want to put away in a secure spot. It doesn't have to be you know, millions of dollars if you're investing all that. Usually we have clients who just put one hundred thousand dollars into annuity because they want that money to be safe and guaranteed to get a return on investment as opposed to Yeah, the stock market's doing really well, and it has been doing really well for the past probably eight years now that you know, we know in terms of the history, stock markets don't always do well. They jump up and down right now, Yes, we're doing a huge return of investment on our stocks, but at the same time, that doesn't last and there will be a dip at some point. And so you want to make sure that you've got some money in a secure place that makes more than a CD does, and that you have as you know, income for life.

28:03 And we used to have pensions in this country, you know, unfortunately we're just we're not getting that as often as we used to, and you know a lot of companies are doing away with pensions. So and then we actually acts like a pension plan because you get that income for life, So that's a great security to have, you know, reach out to me. If you have more questions on that, we see if we have any other questions. All right, we do have one other question. This person's asking if they're on a Medicare plan and I'm not there, broke er, can I still review their plan?

28:45 Yes? Of course, you know, that's what we're here for. Like I said, we educate. And so if you are on a current Medicare plan and you're thinking of changing it, or you just want to make sure you're on the right path and you're getting all the benefits that you deserve, then you know, you reach out to me and we will look over those benefits and make sure that you're happy with what you have, and you know we would compare them with plans in your area and make sure again that you're on the right plan. So do you see that. My friend Peter Patel is on. And good morning. Good morning, Hey Peter, how are you, my friend? I am blessed to be in front of you, my friend, and everybody that's on here this morning.

29:27 I'm absolutely blessed. And look at that smile. Oh my god. Yeah, hey, I'm so excited to have you on, and it wasn't. I didn't feel like I was pulling teeth. I just asked, and you said, yeah, I'll show up. So I appreciate that. Do you want to tell the audience a little bit about yourself and what you do? Absolutely? Thank you, I appreciate it. Just quit me on the phone. So, ladies and gentlemen, my name is Peter Patel, I entrepreneur that currently is in this space of real estate and mortgage finance. I'm a realistate company and a mortgage finance company and some of the stuff like Tilado ice cream, good stuff, but also in the financial sect of educating people of some very very important strategies of protections for our own selves, our families, our ssets.

30:16 Et cetera. Awesome, awesome and more. Are you based out of I mean Chino, California awesome. And as your reach like all over southern California in the US, or do you just focus on Chino? I actually focus all over the US. So in reference to the financial aspects, it's all over America. I am licensed to do real estate and mortgages in the state of California, but the odd loans investment loans, et cetera. I can do it all over America. Yeah, wow, very cool. All right, So I did get your file, so I'm going to share and you just tell me when to move. Peter is going to share a little bit about wills and trust, as we alluded to earlier in the show.

31:00 So I'm gonna go ahead and share my screen here. Quickly to. All right, pull this up? All right? Can you see my screen? Not yet? Now there you go, yes, sir? All right, okay, okay, yeah, so if you want to go to the first slide place just to make page this one. Here, yes they all right. Well, good morning ladies and gentlemen.

31:41 Thank you Peter Joseph for this. Opportunity to be on your show makes super super excited, and not only that, but more excited to the fact that I truly believe in educating the community and the people around so they make they make wise decisions when it comes to finances and when it comes to protections for themselves and their families. I think it's very very. Important now, you know, Unfortunately we're all human. We have this procrastination element about us. I do myself as well many many times, but this one particular topic of wills and trust. It's absolutely essential that we have something in plan for our future. Now many people think that, oh, only if I own a home do I need a will and a trust.

32:33 Actually that is not true. It's extremely important. That you protect all the assets that you have to avoid what is called an ugly ugly word probate. Probate is a process where the state will adjudicate everything that you have in your assets accordingly. But it's a lengthy process, and so I will as I go through it slize. It won't take long. You'll see the process of it. So I just want to educate everybody this morning in reference to this, and then if you should have any further questions, you can reach out to Peter, Joseph or myself. You can see my number scrolling at the bottom, and then we can certainly address your issues accordingly. Right, So WI doesn't trust, Thank you, Thank you Peter essential. Right, So what are we looking at here? What is this state planning? As you can see here, it's important to have that plan. It's a crucial element right that ensures your assets are managed and distributed according to your wishes. Now, many people think that, oh, well, I have a will.

33:36 Okay, well, a will is good, but a will is a wish list and in order to carry out your wish list, there has to be a process. It's not an immediate beneficiary aspect. So the process is you go to court and guess what if you only have a will. You sit into approbate. Right, So what it does is you have to have a trust as well, which now will take your wishes and provide the legal documentation so that you can actually take over those assets and also transact with those assets as well and avoid probate, avoid that one year two year timeline. But the biggest thing is you're going to avoid expenses, huge expenses in the court. Right, So it was making a decision today that you'll protect your lowers and provide a peace of mind.

34:28 So in centuries you. Can see on the left hand side what it is in the planning bright and then the key tools are the wheels. It's a document, as you can see, a trust a legal arrangement where assets are held and managed for the beneficials. Right. It's not about it's not just for the wealthy, it's for everyone. Right. So yeah, you can go on to the next slide. Thank you. So here we have some definitions. A last will and truestament is a ego document author outlining, which is for asset distribution and asset sorry estate management after death. So the important factor here is that you are protecting yourself after you leave us and God calls you.

35:14 So it's important that we have this and for the protection of your families. And there are key functions of a will, as you can see here. You have the asset distribution element, you have the executor appointment. Guardianship is a very. Very big topic for those of you that are listening here today. If you have children under the age of eighteen, is extremely extremely important that you put this into place as soon as possible because for many reasons, and we can get into very details on that. And then obviously the final arrangements of what happens at the end of life for your funeral arrangements and so on. So sometimes you know in life, you know that that we have all these thoughts as fathers, as mothers, as brothers, sisters and so on, and we don't always relay our thoughts in life. Right, we have many wishes, our own personal wishes, right, Peter, Yeah, I'm sure with you own there are things that you think about your daughter so much, but you cannot say to them those words. The emotional factory is or everything that you've persevered in life that you want to share and at the end, you know, this is what I'd like, So this is the element that you can utilize for that at that moment.

36:25 Right. So remember this will only takes effect after the death of the test at all. Right, So yeah, next one, please, So what's the process? So here we have what is probated. It courts legal procedure that validates a will and oversees the administration distribution of a deceased person's estate. So the will is there, they're going to validate it, but the estate now through the process, this is what's going to happen without a will, State laws or intestation will determine how assets are distributed. Okay, and you can see the key characters is of just having that only the probate process.

37:07 Here are the steps validation of the will, asset inventory and appraisal, debt and tax payment, asset distribution. Now do remember when someone when you pass away, it's actually public knowledge. Correct? Correct, And Peter, you're in the health. Space as well as well. As life space. And you know the elements of what happens when someone gets passes away, right, not only the fact that it's public key out there, but then you get all these other people that somehow tend to appear now and then, and so it's important that these protections are there. Obviously we have the creditors and so on, so you need protections from all these elements. On the next slide you'll see you'll see the advantages of what we are talking about this morning. The asset distribution can specify exactly where everything is. The executor appointment extremely important for you to say that when I am deceased, who is going to take over my wishes and my assets and what I want them and how they're going to distribute. Okay, and that that includes your spouse. Now you can have a joint will, but you can also have a joint will.

38:27 With what we have to propose today, you can actually have two separate wills in one. Now, why would I say that, Well, let's just say, Peter, in your marriage, you know you got married and your wife previously did have another property or some assets, and you know, well, you may want the separation or that she may say that I want to leave it to ex personal X charity and that and you come into mutual agreement and so we have the aspects of doing that as well. It's very important and then who that how that's split is done. So executors a play a huge, huge role in a will and trust. Not only that you have to you should always state one, two or three executors because you never know in life. You should never have one executor, so they'll come subsequently if something happens to the other one, or you may have a main executor who says, okay, right, Peter's now left us, but I don't wish to handle this.

39:21 Trust is no problem. They then hand off to the second executor. So it's important that we have those excuse me moment. Guardianship I mentioned to. You earlier, very very important to designate. The legal guardians for children under nineteen eighteen and what your wishes are for them and then your final arrangements right on the right hand side. You have the disadvantage, it's time consuming process, it's costly, public record, limited privacy. If you don't have this right A real quick interject that if you do happen to have to go to court, you have to employ an attorney, which costs you bit of money. Now you have the court fees as well.

40:02 But what the court does is they also assess their fees and everything based on the asset worth of. What you have. And that's that can be a chunk of money. Right, It's not just a sty straightforward feed basis. Yeah, so important elements here to take. Look at the advantages and the disadvantages of having a will and a trust. Next one, Peter so structure. What is a trust legal arrangement where one party transfers assets to another who holds and manages that then for the benefit of a third party. Now it says here one party because it is a trust. It can be a joint trust, but we use the word party. The grand tour is a person who's going to transfer assets to the trust. The trustee is one who manages the assets to the beneficiares. So if you form a trust, you are the grand tour and you are the trustee as well.

41:01 I hope that makes sense traveling. Yeah, And then the beneficiaries are the people they're going to receive the elements of the trust in your assets, and there is a relationship involved here. Trusty has a legal ethical obligation to act in the best interest of the beneficiary. And in the assets you can include real estate. Bank accounts, investments, life insurance policies, business interests, and collectibles. One of the things about collectibles is that you know, just a tip is that people would say, okay, I have some gold let's say have some gold angles. What I recommend is that in the description is that hey, six bangles need to go to marry, right, But what I recommend also is that you say, there's a six bangles that weigh this much in prams or whatever they are.

41:57 Why is that because that description is the value portion? Right? Does that make sense? Yeah, six bangals is six bangals. Six bangals that are at ten grams is a little bit different. So it's just a little description but also helps with evaluation aspect as well. Just multiply and the same thing. You know, cars, you could have multiple cars and so on. Most people don't have exactly the same car in the house, same color, but you can put a car says this, make this license plate whatever, and then you know, it just distinguishes it according So the structure is very very important, and this is the main criteria of the structure of the will in the trust.

42:41 Our next competer Okay, the types of trust. So you're here here, see here that they are revocable trusts and it's an irrevocable trust that the very most common trust is the revocable trust. Why because you can revoke it and revoke it means that you can make changes, and that's very very important if you have a. Very vocable trust. Now that trust is set, science sealed, and when something happens, it's going to be delivered. So whatever you put in that there are no changes to be made whatsoever, should you want to make changes, then you would have to dissolve that trust.

43:23 In form any trust, Okay, for. The essence of time, I won't highlight many many things here, but as you can see that you can make changes, you avoid probate and maintains Coctorpia assets, etc. Etc. So it's important to have a revocable trust and we have the perfect solution for that in that the services that we provide give you a complete will and a trust with the hip ho lord, medical aspects of it. The final objective when you pass away and what you'd. Like to do if you're in a life support system, et cetera power attorney with unlimited revisions, unlimited you can make as many changes as you want and no extra charge.

44:08 So it's a it's an important element when you have a revokeable trust. My friend, I've got a six minute warning, so let's uh, let's get through these last. Yes, yeah, but only if you more. Thank you, Peter, I appreciate that. Right. And here we are the different types of trust that you can see that they're out there and you can form any one of these trusts there. Some of them are a compliment, compliment, complicated, but the primary primary one is the living trust that we're going to do here right. Next one. Features or will and a trust that you can see on the left, you've got the probate subject to court supervise probate process. With a trust, you can avoid that.

44:53 You have a privacy element that protects you as well. The cost factor is huge, so then initial car so you consider the right is a trust is a good one that you want to have, not have keep ongoing expenses and the implementation can be implement during the primaries lifetime, so you again you can make changes while you're alive, all right, And so deciding between a will and trust or combination of both depends on individual circumstances. As you can see here. Consider these key factors. As you can see so I alluded to some of these at the beginning, the size, US state, the privacy concerns, et cetera, protections programs on.

45:37 So with that in. Mind, this is a unique opportunity this evening, this morning. Thank you so much beautiful allowing this now, if ladies and gentlemen, should you wish to consider this opportunity and getting a will and trust, Your typical costs if you go out there with an attorney can be any range anyway between three thirty. Five hundred five thousand plus. Today we have an opportunity reach out to us that you will get a complete will and a trust with all the elements that I mentioned to you for a very very low amount. Of eight hundred dollars one time, just one time. That's it. There's no additional charges on top of that, and we'll talk to you step by step. I'll show you how the system works. It's a great online system. We'll build the trust for you. We have a bank of lawyers that will review this and they've also created the software.

46:34 And the last thing, Peter is this opportunity is available in all fifty states. Wow wow. So for those of you listening, if you have friends and family, please reach out to them this valuable information and then let us know if we can help you in any other way whatsoever. All right, that's a huge discount, Peter, comparison. That's that's very good. Absolutely, yes, indeed, that's that's good. And know there's as you know, I mean real estate, the mortij is. We can maybe touch upon that next time, but I don't want to take up much too much of the time this morning. Yeah, yeah, I know, I appreciate. We can definitely talk about that next time. But that was very very good information. As Peter alluded to, his information is scrolling on the bottom of our screen. So we both can help you with wills and trust. You know, I would refer out to Peter first if you can.

47:28 If you can't get a hold of him, then you can reach out to me. But that's his information. His phone number is there, his email address. Is it better to email you or call you? Peter? Email is the best element if you and if you wish, you could text me as well. Okay, well, Peter, it was such a pleasure having you on this morning. Thank you. My friends appreciate you and appreciate everything about you. Peter is someone you can trust inherently without a doubt. He knows his stuff. So I appreciate the knowledge you've been parted on all of us this morning. I appreciate you more than anything you don't know. So thank you. Blessings to everybody, have a terrific day, but more importantly, have a beautiful life.

48:12 Thank you, take care, goodbye my friends. All right, so we've heard from two wonderful guests this morning, way different topics, but hopefully you got a little bit of knowledge and feel like you've been supported and maybe something you're going through currently. If you're looking to plan an event, you know Villa Rossi would be the person to reach out to. If you're looking to do a well and trust, you can reach out to Peter Patel or myself and eight hundred dollars. That's a deal, Honestly, if you go to an attorney, it can be twenty five hundred dollars all the way up to five thousand, and some people just don't have that money lying around. I guarantee you This is vetted and reviewed by all fifty states and attorneys, so definitely check that out. And thank you so much for joining us this morning on our show.

49:07 We do this because we Medicare. Thanks for listening. Tune into Medicare Hour and More with Peter every Tuesday at nine am Pacific times right here on k FORHD Radio at KFOHD dot com for more real life stories from experts in medicare about you and protecting your health, your finances, and your future. See you next week