Speaker 1: Ripped news who you don't have, come running just as
Speaker 1: fast as we can. Shooter's gonna help.
Speaker 2: Come man, this is.
Speaker 3: The Troubleshooter Show now, Tom Martine, Welcome.
Speaker 4: Welcome, my friends to the only show of its kind.
Speaker 4: We're here to solve problems, answer questions, our goals, to
Speaker 4: make your life just a little bit better. In fact,
Speaker 4: to the tune of over three hundred million dollars in cash, merchandise,
Speaker 4: exchanges and refunds.
Speaker 5: Directly due to this show.
Speaker 4: You got a problem with the contractor, a problem with
Speaker 4: the landlord, a problem with an attorney, a problem with
Speaker 4: a dentist.
Speaker 5: We really don't care what it is.
Speaker 4: We want to help you either recoup money or try
Speaker 4: to at least get the problem solved. We've got a
Speaker 4: list of experts at referral lists dot com that help
Speaker 4: in this task. We call them up as experts. We
Speaker 4: have them in studio.
Speaker 5: In fact, today in studio with me, we have.
Speaker 4: A referral list member of a long time now attorney,
Speaker 4: Dan McKenzie.
Speaker 5: In fact, I love your phone number.
Speaker 6: Dan.
Speaker 5: First of all, how are you doing this morning?
Speaker 7: Man?
Speaker 8: I'm good?
Speaker 5: Are you I am doing good?
Speaker 9: Sir?
Speaker 4: I love your phone number. Eight three three co plans.
Speaker 4: How long have you had that?
Speaker 8: A couple of years?
Speaker 5: I think, God, that's it. That was incredible. You got that?
Speaker 8: Yeah.
Speaker 5: I guess after they.
Speaker 4: Opened up eight hundred and eight eighty eight to a
Speaker 4: lot of other toll freeze, things started coming along and
Speaker 4: a lot of people could grab stuff like that. Hey,
Speaker 4: So when we talk about what you do for a living,
Speaker 4: we're talking probate, we're talking wheels, trusts.
Speaker 5: What is the most you do? Meaning?
Speaker 4: What is your average call? I might have asked you
Speaker 4: this before, but what is your typical job someone calls
Speaker 4: you up? Is it a couple that just had kids?
Speaker 4: Is it someone in their late sixties? Is it all
Speaker 4: of the above? But you still must have you know
Speaker 4: the top of the line. But hold on, I want
Speaker 4: you to die. Just sat real quick. But three o
Speaker 4: three seven one three a two five five. Anybody out
Speaker 4: there with any issues, don't forget three oho three Martino.
Speaker 4: We have open lines right now. I will always tell
Speaker 4: people when we have open lines three oh three Martino,
Speaker 4: any issues you have three oh three seven one three
Speaker 4: A two five five. Also we have got Deputy Dmitri.
Speaker 4: I always say Deputy Scott. But Deputy dollar. I appreciate
Speaker 4: you guys being in of course, Kelly, Suzanne's with us today,
Speaker 4: Shannon behind the board three oh three Martino.
Speaker 5: So, Dan, what is your average call?
Speaker 10: I would say probably in addition to the family, so
Speaker 10: as people have had a baby or uh. It's funny
Speaker 10: people who have gone on trips recently are about to
Speaker 10: go on a trip, they start to think about, you know,
Speaker 10: what happens if.
Speaker 5: The airplane courhouse boy.
Speaker 4: That is kind of funny. Actually, I have thought that.
Speaker 4: In fact, Suzanne and I have definitely done that. We've
Speaker 4: been married over thirty one years, and almost every time
Speaker 4: we go on at least a long trip, you start going, okay,
Speaker 4: as every thing in order? Yeah, what do you think
Speaker 4: of people that make a list of everything forget about
Speaker 4: Let's say they do have a will, but they you
Speaker 4: still have to know where money's at. I've always wondered this, like,
Speaker 4: if you had a bank account somewhere that was in
Speaker 4: a different state than you moved and you kind of
Speaker 4: forgot you had it, how would anybody ever find that?
Speaker 6: Yeah?
Speaker 5: Does that happen quite a bit?
Speaker 8: Oh yeah, yeah, yeah.
Speaker 10: I mean you know, you're you're familiar with the what
Speaker 10: is it the great property thing at Colorado, like they know.
Speaker 5: They have to Colorado payback.
Speaker 10: Yeah, I mean that's just tons and tons of lost
Speaker 10: insurance policies and bank accounts and refunds from comcasts and
Speaker 10: everything else. So yes, it happens all the time. There's
Speaker 10: not really a centralized location for it.
Speaker 8: It does take a bit of detective work.
Speaker 10: Sometimes you're looking at credit card bills and saying like, Okay,
Speaker 10: I see they have this recurring charge. Where is this
Speaker 10: money coming from to pay this? So you can be
Speaker 10: in that.
Speaker 8: So people who make the lists, I mean that, you know.
Speaker 10: I mean, we can put together the will and the trust,
Speaker 10: but it's like if you don't tell people where stuff is,
Speaker 10: that's the other side of the coin, and it can
Speaker 10: be still really a big mess.
Speaker 11: Yeah.
Speaker 4: I was thinking of all the different accounts I have
Speaker 4: just with Schwab. I mean I've probably got like literally
Speaker 4: seven to ten accounts with Schwab, and I finally went
Speaker 4: over and listed them all out when the AMERI trade
Speaker 4: turned into Schwab because I didn't have them when they
Speaker 4: were amer trade accounts. And I started thinking, Jesus, Suzanne
Speaker 4: and I met our demise on a trip or something.
Speaker 5: Our kids.
Speaker 4: Know we have schwab accounts, but but where do they
Speaker 4: even start on that?
Speaker 5: Then they might find one and not even know about
Speaker 5: the rest.
Speaker 4: And some of them are LLC's that they're not even
Speaker 4: attached to our social Security number. Yeah, so, I mean
Speaker 4: there's probably a lot of money out there when people
Speaker 4: lose their parents and call you and they need help
Speaker 4: with probate. Do you is that part of your services
Speaker 4: to actually do some of that detective work.
Speaker 10: I mean maybe a little bit, But there are companies
Speaker 10: that that is what they do. They go out and
Speaker 10: I mean it's private investigator actually, you think of private
Speaker 10: investigator forensic account Yeah.
Speaker 12: Kin ah.
Speaker 2: Yeah.
Speaker 8: They have access to databases of people and stuff like
Speaker 8: that they can use to try and find this stuff.
Speaker 5: So when people have kids, so they come to you
Speaker 5: a big time.
Speaker 8: Yeah, that is a frequent source of people thinking about
Speaker 8: this and.
Speaker 4: The biggest thing is who's going to take care of
Speaker 4: the kids? Right and generally speaking, is it their parents
Speaker 4: When it's a younger couple, Yeah.
Speaker 10: It usually starts with the parents. Then they come back
Speaker 10: about ten years later and say, Okay, these parents are
Speaker 10: a little bit older now and not really able to
Speaker 10: keep up with a ten year old, so let's move
Speaker 10: it to someone else.
Speaker 5: That's exactly what happened to us.
Speaker 4: And then eventually then they become over eighteen or they
Speaker 4: get out of college, depending on the path they took,
Speaker 4: and now you have to go back and redo everything
Speaker 4: as well, or at least you should go back and
Speaker 4: revisit your will or trust.
Speaker 10: I mean, I tell people when we're planning for little kids, like,
Speaker 10: hopefully this is a huge waste of money. You don't
Speaker 10: I mean, we don't want this plan to be the
Speaker 10: plan that you die with, all right. I mean it
Speaker 10: should be evolving over time as your kids get older
Speaker 10: and you get older, and the big accounts change and
Speaker 10: you move and all that kind of stuff of this
Speaker 10: keep going, all right, So you you got to keep
Speaker 10: it up to date.
Speaker 4: Yeah, you have to keep it up to date. Now
Speaker 4: let's talk real quick on trusts. One of the benefits
Speaker 4: of a trust is most likely you won't have to
Speaker 4: go to probate.
Speaker 5: Right, that's only if everything was put in the trust.
Speaker 8: That is the goal.
Speaker 4: So can you actually have like a one liner that says,
Speaker 4: anything I forgot to have in the trust automatically goes
Speaker 4: in the trust. I might say you still have a will,
Speaker 4: and the will says that, so really you can't miss anything.
Speaker 4: You would give me an idea of when you wouldn't
Speaker 4: go around probate not putting something in the trust, or
Speaker 4: if it's done right, you simply would not have to
Speaker 4: go through probate.
Speaker 10: So, as we discussed before, it's like you, usually there
Speaker 10: are some things left outside the trust.
Speaker 8: We usually do not put cars and trust for example.
Speaker 4: Yep, Well, explain to people why is that? Why don't
Speaker 4: you put because it's titled it's.
Speaker 10: Yeah, the insurance companies don't like having them titled to
Speaker 10: things that are not people.
Speaker 8: They want to.
Speaker 10: Track you, track your driving record, and I think that
Speaker 10: makes it harder if it's not titled to you.
Speaker 8: And then this is a little bit.
Speaker 10: Silly, but just practically speaking, if you get into an
Speaker 10: accident with somebody and pull out your registration to share
Speaker 10: that information with them and it says trust on it,
Speaker 10: you're rich.
Speaker 8: Yeah, you're a really rich person. And that's of course
Speaker 8: not always thinking.
Speaker 4: Yeah, that's a fallacy, but that's kind of funny that
Speaker 4: someone would think that.
Speaker 5: I guess that's just how it goes. Yeah, So what
Speaker 5: else wouldn't you put into a trust bank accounts.
Speaker 10: I mean a lot of people leave their day to
Speaker 10: day checking accounts out. It's just like you got to
Speaker 10: go through and figure out, Okay, I need less than
Speaker 10: eighty two thousand dollars in my name because that's the
Speaker 10: that is the point at which you do have to
Speaker 10: do a probate.
Speaker 4: Because because well, or if it's property, right, really two
Speaker 4: thousand So but even if it's a parcel of land
Speaker 4: that's vacant, it's only worth a couple grand.
Speaker 10: Yeah, you can have middle interests that are producing you know,
Speaker 10: a twenty dollars check once a year, and that's real estate,
Speaker 10: so you're probate.
Speaker 5: Yeah, that's kind of crazy.
Speaker 4: But anything else, if I I think I learned this
Speaker 4: from you, you could do a small not a day,
Speaker 4: small state AFFID, smallest state AFFID david so even like
Speaker 4: on a vehicle.
Speaker 8: Correct and the call out of DMV has its own
Speaker 8: version of that form.
Speaker 4: And how do you handle bank accounts? I had a
Speaker 4: very lengthy conversation with you about bank accounts. And when
Speaker 4: you have a bank account, you can just leave a beneficiary.
Speaker 5: You can can you leave multiple most banks you can?
Speaker 8: Yeah, like in order of preference.
Speaker 4: Yeah, like in a chain. Correct, And why do that
Speaker 4: instead of put into a trust? I would say, because
Speaker 4: it's a pain in the ass. You got to order
Speaker 4: new checks, you got to do a lot of things.
Speaker 10: Right, So yeah, I mean ideally everything's in the trust
Speaker 10: if you have a trust.
Speaker 8: But to your point, I mean, sometimes it's just a pain.
Speaker 4: Well, generally, do you when you do a trust for somebody,
Speaker 4: do you have them put the bank accounts into the trust?
Speaker 8: I would say most my clients do not do that.
Speaker 2: Do not?
Speaker 4: How about like if they own a partial interest in
Speaker 4: an LLC or a company, yeah, anything besides something like
Speaker 4: a sea court.
Speaker 10: Typically we would assign that interest to the LLC. You
Speaker 10: got to make sure that you're operating an agreement allows it.
Speaker 8: But yes, that is.
Speaker 4: And that's where it gets crazy. I'm going through that
Speaker 4: right now. In fact, Tom and I are both going
Speaker 4: through that right now because we did an operating agreement
Speaker 4: on a couple things, neither of us thinking of, you know,
Speaker 4: putting it into a trust. So now we have to
Speaker 4: kind of redo the operating agreement in order to get
Speaker 4: to where we want to be.
Speaker 5: I mean that's kind of crazy. Does that happen a lot?
Speaker 8: Oh?
Speaker 10: Yeah, Yeah, most people don't have operating agreements. They set
Speaker 10: up the ALC and they don't do it, So there's nothing.
Speaker 4: Dimitri, you own a business, have you thought about this? So,
Speaker 4: in other words, one of ours. We just took a
Speaker 4: boiler plate years ago and we have a company called
Speaker 4: lead Bin and lead Bin does some digital advertising. It
Speaker 4: does fairly well. So the problem with the operating agreement.
Speaker 4: If I die, it goes to Suzanne. But pretty much
Speaker 4: any side, anybody outside of Suzanne is where the issue
Speaker 4: comes in. I don't even think we talk about our
Speaker 4: kids in that. And then the other thing that becomes
Speaker 4: a problem is, let's say I don't want to be partners.
Speaker 4: This is probably be the biggest part. What ms if
Speaker 4: I don't want to be partners with his wife? And
Speaker 4: I'm just using this as an example. In other words,
Speaker 4: let's pretend it was his ex wife. We don't like
Speaker 4: each other at all. I can't even imagine if I
Speaker 4: had to deal with that in a million years. So
Speaker 4: you know, I would think she might try to throw
Speaker 4: monkey ranches at me.
Speaker 5: So what do you do in a situation like that?
Speaker 4: If you didn't look at it prior, I mean, really,
Speaker 4: you Dan, this must come up, Oh it does.
Speaker 6: Yeah.
Speaker 8: People end up being business partners with people that they
Speaker 8: did not pick.
Speaker 5: Yeah, and they're forced to do so.
Speaker 12: Yeah, guys, isn't there some insurance policy that them can
Speaker 12: buy to buy out the unwanted business partner in case
Speaker 12: the primary partner died.
Speaker 8: Yeah, but if they have operation agreement, they're not doing that.
Speaker 6: Yeah.
Speaker 5: If it's not in the operating agreement, it's not there.
Speaker 10: I think they would do the operating agreement before buying
Speaker 10: the insurance policy. Yeah, they're sophisticated enough to buy an
Speaker 10: insurance policy, They're probably gonna do not.
Speaker 4: But there's problems that come with that. Dimitri, I mean
Speaker 4: just age in general. So I mean you have a
Speaker 4: partner that's in a sevenventies or eighties getting in key
Speaker 4: Man insurance. It's just like it's life insurance. That's all
Speaker 4: it is. Think of how hard that is and how
Speaker 4: unfair that might be to the other person. Let's say
Speaker 4: my insurance in an example, you and I are partners.
Speaker 4: My insurance is two thousand a year. Your insurance is
Speaker 4: twenty thousand a year. How is that fair of me
Speaker 4: to have to pick that up? Even though I'm truly
Speaker 4: the beneficiary of it. It's still a lot of money.
Speaker 4: I mean, how is that typically handled? Dan, I mean
Speaker 4: you must have gotten into these situations.
Speaker 10: I mean, so having the cash available is helpful that. Yeah,
Speaker 10: there's different ways to set it up. It could be
Speaker 10: a direct payment to the estate. That could be usually
Speaker 10: then injection into the company, and then the company buys
Speaker 10: the shaff the person who passed away.
Speaker 4: God, it's complicated, and there's a lot of people out
Speaker 4: there right now that have partners that have never thought
Speaker 4: of this.
Speaker 8: Oh yeah, I think most haven't.
Speaker 5: I think most haven't either.
Speaker 4: I'm literally looking at stuff and you know, we've been
Speaker 4: going through our trust. Here's the problem with the trust. Honestly,
Speaker 4: it's a pain in the ass, man. I mean, honestly,
Speaker 4: it's a pain in the ass. The kind of stuff
Speaker 4: that's the pain in the ass where we're at is
Speaker 4: stuff like this. He's operating agreements. Then you go, oh, man,
Speaker 4: we never even thought of this when we did the
Speaker 4: operating agreement. Now we got to go back and redo
Speaker 4: this operating agreement. Get that done. Then we can determine
Speaker 4: what's going to happen if one of us dies. I mean,
Speaker 4: it's kind of nuts, man, it.
Speaker 10: Is it is the price of success, so I guess
Speaker 10: so gratulations.
Speaker 5: Yeah.
Speaker 13: Three oh three.
Speaker 4: Seven one three eight two five five. We've got lines open.
Speaker 4: I want to hear from you. I got to take
Speaker 4: this break. Shannon's shaking his fist like an old man
Speaker 4: with kids on the lawn.
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Speaker 4: All right, three oh three seven one three eight two
Speaker 4: five five. We do have lines open. You've been ripped
Speaker 4: off for taking advantage of I want to hear from
Speaker 4: you any comment you have. By the way, I was
Speaker 4: somewhat listening to one of the confirmations here. I kind
Speaker 4: of forgot how confrontational they are. It's kind of crazy. Man,
Speaker 4: I'm in very very political like everything in the world.
Speaker 4: But it goes from he's the best guy, he's the
Speaker 4: worst guy, he's the best cab he's the worst guy.
Speaker 4: And I and I guess that's what we're gonna be
Speaker 4: up against for the next X amount of months. Every
Speaker 4: time we have a new cabinet come in. I guess
Speaker 4: that's how it happens. I think the worst I remember
Speaker 4: was Kavanaugh, I guess would be pretty bad. That was
Speaker 4: six seven years ago. But all these confirmations are just heated.
Speaker 6: Well, this one was already up to this morning. Did
Speaker 6: you see the protesters.
Speaker 5: I did not.
Speaker 12: There was some guy, some weirdo in a pink suit
Speaker 12: and some lady that accompanied him.
Speaker 6: They stood up and started.
Speaker 5: Screaming in a pink suit, Yeah, in a pink suit.
Speaker 12: And I couldn't tell what they were screaming, right, Yeah,
Speaker 12: but you could tell. And everybody just kind of stopped talking,
Speaker 12: and three or four cops came over and got those
Speaker 12: people out of the audience, and they went.
Speaker 5: On, you know, I'm going up for the uh uh, well,
Speaker 5: I'm going up this weekend, wow to Washington.
Speaker 6: Geez.
Speaker 5: Yeah, you know, I think isn't Ryan going to Kelly. Yes,
Speaker 5: did he get tickets? Is he going in?
Speaker 11: Oh?
Speaker 5: Well, he's got a press pass.
Speaker 11: He's actually going as a member of KAA.
Speaker 5: Yeah, I'm going with some friends. But we've got tickets,
Speaker 5: but I.
Speaker 4: Don't have a press pass for it. That would be
Speaker 4: weird anyhow, because my friends would be over in a
Speaker 4: whole different section. But it's kind of crazy, Dave Dan
Speaker 4: McKenzie three or three seven three two five five, We
Speaker 4: do have lines open three oh three, Martino, What other
Speaker 4: nuggets can you put out there for younger couples? I mean,
Speaker 4: if you don't have at what point do you cross
Speaker 4: over from a simple will?
Speaker 5: Because you have kids and maybe you live.
Speaker 4: In an apartment. I would assume that would be a
Speaker 4: simple will. I mean, is that part correct or that
Speaker 4: could still go either way?
Speaker 8: It could still go either.
Speaker 10: I mean the issue that you have when you have
Speaker 10: little kids is not just their day to day care,
Speaker 10: but also the care of the money, like who is
Speaker 10: taking care of the money and what are the instructions
Speaker 10: to when to distribute to those kids?
Speaker 5: Wudna be in the will though? Is that in a will?
Speaker 10: I mean, so the will if you have kids, you
Speaker 10: can't leave money directly to miners, right, So you've got
Speaker 10: to put something in there about a trust. So if
Speaker 10: you have little kids, you're already into trust territory. Doesn't
Speaker 10: mean you have to set up a trust right now,
Speaker 10: but your will should at least have trust provisions saying
Speaker 10: here's the adult who's going to hold this money for
Speaker 10: this kids. So probably the thing we see that most
Speaker 10: often that is problematic is people have a life insurance policy,
Speaker 10: for example, Oh, and they say it's the beneficial in
Speaker 10: it is my brother and they have little kids. My
Speaker 10: brother knows that this money is for my kid and
Speaker 10: he's going to take care of it. It's like, okay,
Speaker 10: is the irs in on this conversation? I mean or
Speaker 10: other you know, is if your brother gets divorced, is
Speaker 10: his wife in in that conversation? Because all that money
Speaker 10: is in his bank account, right, So like to the world,
Speaker 10: that money is his money, and if he runs in
Speaker 10: any tax problems, credit or problems like that, no one's
Speaker 10: no one's going to be like, oh is that for
Speaker 10: your nephew.
Speaker 8: Okay, well then we won't go after it.
Speaker 4: So so what would be the safest way to set
Speaker 4: that up so that doesn't happen?
Speaker 5: In your kid's turn got to have a teen.
Speaker 10: It's got to be clear that the brother is holding
Speaker 10: that money in trust for the kid, and it's like
Speaker 10: he's in control of it.
Speaker 8: It's not legally his money.
Speaker 4: So if the trust isn't there and just the will
Speaker 4: saying this guy gets the kids, the money's going to
Speaker 4: go to them anyhow. But the trust isn't set up
Speaker 4: to define what the money's for.
Speaker 10: I mean, there's no instructions to the brother about what
Speaker 10: what's appropriate to use. And hopefully you know you have
Speaker 10: enough money that it actually gets them past eighteen when
Speaker 10: they have a guardian. And now the brothers having to decide,
Speaker 10: like the kids coming to them directly and saying I
Speaker 10: need a car, I need tuition, I need whatever. What
Speaker 10: are the instructions to him if you've just given him
Speaker 10: the life insurance policy and now the kids are like, well, really,
Speaker 10: that's our money, and the brothers kind of like, no,
Speaker 10: I don't really like the way you're you know.
Speaker 8: Playing video games all the time, so I'm not gonna
Speaker 8: give it to you.
Speaker 5: Now.
Speaker 4: Do people hire companies? I know they do, but you
Speaker 4: suggest it where they hire companies to actually take care
Speaker 4: of the money or now we're starting to talk about
Speaker 4: a lot of money. So in other words, the kids
Speaker 4: go to the brother in law, but the brother in
Speaker 4: law doesn't have access to the money. It's really not
Speaker 4: in his account, if you will, it's sitting with a
Speaker 4: financial advisor, for lack of a better term, somewhere.
Speaker 10: Well the courts, yeah, I mean the courts. The courts.
Speaker 10: That happens if you don't have a trust, you leave
Speaker 10: money directly to a kid who's five, for example, the
Speaker 10: court is going to have to appoint a conservator to
Speaker 10: manage that money.
Speaker 8: For the kid.
Speaker 5: But that can cost a fortune, right.
Speaker 10: It's that big pain to get a conservatorship in place,
Speaker 10: and it gets monitored every year.
Speaker 8: You know, you got to file reports.
Speaker 10: You might have the money restricted, meaning you can't actually
Speaker 10: spend it until you get court approval to do so.
Speaker 10: So that's a pain in the butt. Se you want
Speaker 10: to avoid all this. You want to avoid all this if.
Speaker 4: You set something up in the trust. We did when
Speaker 4: our kids were under eighteen. So in other words, if
Speaker 4: they wanted to spend money on college, they could have
Speaker 4: access to it. If they wanted to spend money on
Speaker 4: a trade school, they could have access to it. There
Speaker 4: was different things. And I assume this is pretty basic stuff.
Speaker 4: But when they hit a certain milestone, say twenty five
Speaker 4: or twenty eight, then they would have access to more.
Speaker 4: Then when they hit thirty one or whatever we had.
Speaker 4: This is going back a ways, then they would have
Speaker 4: access to whatever they want. So if they had an
Speaker 4: argument about that, Let's say we both passed and they
Speaker 4: were twenty five and they were getting half, but they
Speaker 4: really need the full amount.
Speaker 5: I have no idea what the justification is.
Speaker 4: Is there a route they can ask a judge to
Speaker 4: give them the full amount?
Speaker 8: You can always ask a judge.
Speaker 6: So does it.
Speaker 5: Happen a lot? A lot?
Speaker 4: And the importantly not asking, but does it happen a
Speaker 4: lot they get it?
Speaker 9: Oh?
Speaker 8: Boy? It depends on a million factors.
Speaker 10: So, I mean, sometimes the trustee is right that it's
Speaker 10: not appropriate to distribute, and sometimes the kid is right.
Speaker 10: I mean we've seen it go or the kid is
Speaker 10: asking for money and really live at hand in mouth
Speaker 10: and the trustee is just real hard about it and
Speaker 10: they're inappropriate.
Speaker 8: You out, they're way too hard about it. So yeah,
Speaker 8: trustees sometimes lose that fight.
Speaker 5: Yeah, and then it's totally up to a judge.
Speaker 8: Yeah.
Speaker 4: God, that's kind of scary because you would think whatever
Speaker 4: you put into the trust. Now, how about irrevocable. If
Speaker 4: it's an irrevocable trust and both parties, well, first of all,
Speaker 4: the difference is pretty straightforward.
Speaker 5: One you can change, the other you can't change.
Speaker 10: Yeah, if we're talking about a kid, a trust that
Speaker 10: was set up for a kid, that isn't irvocal trust.
Speaker 10: Like your trust that you set up for yourself during
Speaker 10: your lifetime is he revocable trust. But for the most part,
Speaker 10: any trust that has created after someone has passed away
Speaker 10: is known your vocal trust. Because if you're in let's
Speaker 10: change it, they would you know, we wouldn't do this.
Speaker 4: Yeah, But if I create an irrevocable trust right now,
Speaker 4: like let's say I had a caretaker that was taking
Speaker 4: care of me, tell me if this is a reason
Speaker 4: people set it up and that person isn't getting paid.
Speaker 4: They live with me, But when I pass, I'm going
Speaker 4: to give them a lump sum of money.
Speaker 5: That's kind of the deal we have.
Speaker 4: That would be a reason to set up in irrevocable
Speaker 4: trust because at the last minute, I can't change my
Speaker 4: mind and not pay them for all the years of care.
Speaker 10: Uh yeah, that uh, that caretaker might want to make
Speaker 10: sure that that I mean that you know there'd be
Speaker 10: a couple whether you could have a contract or a
Speaker 10: note or something like that.
Speaker 4: Well, give me an idea of why someone would do
Speaker 4: I got to take the break, but I'd like an
Speaker 4: idea of why someone would do an erevocable trust old tight.
Speaker 11: Go with a sure thing Denver's Best Roofer Excel Roofing
Speaker 11: dot com. You don't pay a cent until you're content.
Speaker 11: Time for an insurance check up free, no obligation. In comparison,
Speaker 11: call Compass Insurance paying too much your coverage at dozens
Speaker 11: of insurance companies find out now three oh three, seven
Speaker 11: to seven to one help. You'll think you're his only
Speaker 11: customer when you choose Frank durand the real estate Man
Speaker 11: dot com to list your home with Remax Alliance three
Speaker 11: oh three nine two zero sixteen twenty two.
Speaker 4: Three o three seven one three eight two five five
Speaker 4: three oh three Martino, don I promise I'll get to
Speaker 4: that question you have in a second, But we were
Speaker 4: talking during the break. If you go to YouTube dot
Speaker 4: com and type in Troubleshooter Network, you'll see the live
Speaker 4: show and we're talking during the break. So Dan mackenzie,
Speaker 4: I want to go back, first of all, define irrevocable
Speaker 4: for us real quick? What not necessarily the difference? But
Speaker 4: is it truly irrevocable or does it all come down
Speaker 4: to the language in the contract or the agreement to trust.
Speaker 8: I mean, it's irrevocable because the trust says it's irrevocable.
Speaker 5: So you can't change it.
Speaker 10: You can, I mean there's stuff you can do to
Speaker 10: kind of indirectly influence it, Like you can deserve the
Speaker 10: right to fire the trustee potentially and replace them with
Speaker 10: somebody else. There's something called a trust protector that you
Speaker 10: can put in place. They can change, make the authorized
Speaker 10: to make changes, but you cannot directly revoke her, amend it.
Speaker 4: You can't, okay, And that's why it's there. So even
Speaker 4: if every party that has to do with it, you
Speaker 4: simply still can't change it.
Speaker 6: You're not supposed to do.
Speaker 4: And I would guess one of the things that you
Speaker 4: used for Let's say someone's parents have a million bucks.
Speaker 4: I'm just throwing a number out there, so this million
Speaker 4: dollars is an asset they have. They're getting ready to
Speaker 4: go into long term memory care or whatever it happens
Speaker 4: to be. When you go to Medicaid, you know they're
Speaker 4: going to be looking at assets. So if you took
Speaker 4: that money and put it in an irrevocable trust, that
Speaker 4: asset is no longer theirs.
Speaker 5: They could qualify for Medicaid.
Speaker 8: Yeah, there's a lot of rules around that. So but
Speaker 8: got that like a look back period?
Speaker 10: I mean, what what the five year look back periods?
Speaker 10: If you do it, then you know today and apply
Speaker 10: for Medicaid tomorrow, They're not going to say, oh, it's
Speaker 10: an ear of But this.
Speaker 5: Is what literally, this is why we call you.
Speaker 4: This is why people call you, is to talk about
Speaker 4: these kind of things and how to deal with them, right.
Speaker 4: I mean, you know a lot of people feel like, oh,
Speaker 4: well if they got money to pay for it.
Speaker 5: Well, the other.
Speaker 4: Side to that is, hey, I paid into the healthcare
Speaker 4: system my entire life. I believe at some point that
Speaker 4: long term care might be should be picked up by
Speaker 4: the government. But I mean, regardless of even politics in that,
Speaker 4: it's just really how people look at it. I mean,
Speaker 4: I don't think there's anything wrong with being very smart
Speaker 4: and going to somebody like you and thinking about these
Speaker 4: things five years in advance so they don't become an issue.
Speaker 8: Yeah.
Speaker 10: I mean, it's the real commitment. I mean, you know,
Speaker 10: everyone who'd do it if it was easy. So, like
Speaker 10: I just said, there's a ton of rules around it,
Speaker 10: and a lot of people come in and ask us
Speaker 10: about it, and then we explain to that well, here's
Speaker 10: the commitment you're making, the way you got to do it,
Speaker 10: and they're like, oh.
Speaker 5: Well, okay.
Speaker 4: One of the negative sides is to that, is they're
Speaker 4: giving up. Let's say, in the situation I was just
Speaker 4: talking about, they get into a big fight with their
Speaker 4: parents or they the you know, the kid wants to
Speaker 4: sell the house, the parents want to stay there. All
Speaker 4: of a sudden, the parents don't have any options.
Speaker 5: I mean, they.
Speaker 4: Don't have any control over those funds anymore, literally no control. Right,
Speaker 4: So you give that up. I mean that's a big deal.
Speaker 8: Yep.
Speaker 4: Okay three three seven, one, three eight, two five five
Speaker 4: Any questions for Dan McKenzie. By the way, today's the
Speaker 4: data call. It's not often you get free advice from
Speaker 4: a great attorney when it comes to your estate. I mean,
Speaker 4: it's simply just the way it is. Hey, don thanks
Speaker 4: for holding man. What's your issue with insurance.
Speaker 14: Yeah, I have a There are really a few different ones,
Speaker 14: but the same insurance insurance issuear. The first one is
Speaker 14: I'm a a snowbird, so I leave my car in
Speaker 14: my garage, you know, for a good portion of the year,
Speaker 14: like four months.
Speaker 5: Yeah, and uh.
Speaker 14: My insurance company USAA is saying that I need to
Speaker 14: keep it insured but away, which is half the price.
Speaker 14: Because if I if I discontinue my insurance, it will
Speaker 14: show me, will show a lapse of insurance, and then
Speaker 14: it will be more expensive when I try to reinsure.
Speaker 4: Not only would it show a lapse in insurance and
Speaker 4: be more but the other side of that is if
Speaker 4: your house burns down, your car is not going to
Speaker 4: have any coverage to it. I mean, I don't know
Speaker 4: what kind of vehicle it is, but yes, most carriers
Speaker 4: have something that will cover it when you're not driving it.
Speaker 4: And I assume that's very cheap coverage. How much is
Speaker 4: that away coverage? What did they quote you on that?
Speaker 4: I can't imagine it costs that much.
Speaker 14: It's fifty percent of what the normal coverage is.
Speaker 5: Well, how much is the normal coverage?
Speaker 14: The normal coverage is about twelve hundred about.
Speaker 7: What is it?
Speaker 14: Twelve hundred dollars two thousand dollars every six months?
Speaker 4: Well, that seems high as hell. Hey, Kelly, get Brian
Speaker 4: Burns on real quick. What kind of vehicle is it?
Speaker 14: It's Alexis twenty ten x seventy.
Speaker 5: God, that just.
Speaker 12: Seems go ahead to meause you probably know that's a
Speaker 12: rebadged Lands Cruiser. So don it sounds like you have
Speaker 12: full coverage on it, right, not just the liability. You
Speaker 12: really want to ensure it against compet collision. It's not
Speaker 12: a very expensive automobile anymore.
Speaker 4: Yeah, but he shouldn't even My point to that though, Dimitri.
Speaker 4: Then I'll let you answer, don is when you have
Speaker 4: the insurance. We're talking about away insurance, I meaning the
Speaker 4: vehicle's not going to be driven, and if it is driven,
Speaker 4: I don't think you have liability coverage at that point.
Speaker 4: But we're going to ask our insurance expert. I would
Speaker 4: think that insurance. I mean, he's talking two thousand dollars
Speaker 4: a year to ensure a vehicle probably worth five That
Speaker 4: just seems crazy.
Speaker 6: Yeah, I think he's got full coverage on it.
Speaker 5: Yeah, but he does have full coverage on it.
Speaker 14: He does you do, right, Don, Yeah, so maybe maybe
Speaker 14: knock it down to comprehensive and.
Speaker 4: Yeah, but no, no, no, you're your I mean, hold
Speaker 4: on me. I got Brian Burns up. Hey, Brian, I've
Speaker 4: got a question for you. Don called up. He's got
Speaker 4: like a twenty ten Lexus whatever. I don't even know
Speaker 4: the value of it, nor do I care. Right now,
Speaker 4: he pays four thousand dollars a year for coverage on it.
Speaker 5: It's basically full coverage. We'll call it to that for now.
Speaker 4: So he's got comp collision, he's got everything on it,
Speaker 4: four grand. He's a snowbird when he is not here,
Speaker 4: and he's wherever in the warm sun where we all
Speaker 4: wish we were right now. They want to charge him
Speaker 4: for what I think he referred to as a way insurance.
Speaker 4: And I've heard of it and I know about it,
Speaker 4: but they still want two thousand a year for that.
Speaker 4: So the questions are, doesn't that seem kind of high
Speaker 4: fifty percent? And if you do drive the vehicle, if
Speaker 4: you end up driving it in that period of time
Speaker 4: when you have that coverage, I assume the liability coverage
Speaker 4: isn't there the comp collision tell us about this kind
Speaker 4: of insurance for snowbirds.
Speaker 15: Yeah, it should.
Speaker 16: I mean, it's be far less than that. I agree
Speaker 16: with you, But what it should be as comprehensive only.
Speaker 16: So it's just storage insurance basically. Yes, for a fire,
Speaker 16: basically exactly, or if someone stole it, that would be
Speaker 16: a comprehensive.
Speaker 5: Yeah.
Speaker 16: Of course, it's not covered for any kind of collision,
Speaker 16: and it's not covered for liability or uninsured motorists. But
Speaker 16: it should be a drastically reduced price. Fifty percent doesn't
Speaker 16: seem like enough.
Speaker 4: Well, that seems ridiculous because if it wasn't a twenty
Speaker 4: ten Lexus and it was a twenty twenty four Tesla,
Speaker 4: I mean you could be you could be paying seven
Speaker 4: thousand dollars a year or something crazy. I mean, hey Don,
Speaker 4: what is the value of that vehicle? Well, Soline, let
Speaker 4: me lock you in. Brian, my bad, Hey Don, what
Speaker 4: is the value of that vehicle?
Speaker 14: Thirty thousand?
Speaker 4: Okay, so it's worth quite a bit more than I thought.
Speaker 4: But let's let's take him at his word to what
Speaker 4: it's worth. Now, does that number seem better?
Speaker 5: Brian?
Speaker 4: Two thousand a year? And what do you call that insurance?
Speaker 4: I'm sure each carrier has a little different name. But
Speaker 4: what what is the main name of it?
Speaker 5: Away?
Speaker 16: Yeah, I mean usually when you when someone calls your
Speaker 16: suspending coverage, it's what you say, you're suspending coverage on
Speaker 16: the car.
Speaker 5: To component you're not going to be driving it. Now.
Speaker 5: If you do drive it, you have zero liability, right.
Speaker 16: That's right, Yep, You've got to make sure that you
Speaker 16: have the coverage back and forth before the car's ever driven.
Speaker 16: But yeah, it should be. But to answer your question, no,
Speaker 16: that doesn't change my mind. A thirty thousand dollars car
Speaker 16: with comprehensive only should not be two thous not even close.
Speaker 5: Hey, Don, who do you have for insurance right now?
Speaker 14: It's USAA, which char I've always thought was the best.
Speaker 4: You know what I'd like you to do, Don, I
Speaker 4: want you to be a guinea pig of mine right now,
Speaker 4: would you seriously? I want you to call up Brian
Speaker 4: and we'll I'll have Kelly exchange information and have him
Speaker 4: run the numbers on that, and then you call back
Speaker 4: up sometime in the next three hours and let us know.
Speaker 4: And Brian, I'd love for you to let us know too,
Speaker 4: because that just seems insane for me. And how often
Speaker 4: do people do that?
Speaker 13: Don?
Speaker 5: Hold on?
Speaker 4: Well, Don, you said you had two questions. What was
Speaker 4: the other one?
Speaker 14: While the other one it's the same vehicle and I
Speaker 14: had the hail. I had hail on May thirtieth, and
Speaker 14: they've totaled my car and we've cold. They've come back
Speaker 14: with a with a value on it, and we're worth
Speaker 14: three thousand dollars apart.
Speaker 4: All right, hold on, hold on, I'm going to put
Speaker 4: you on Old. I got to take this break. I
Speaker 4: get the second question, we're going to go to that.
Speaker 4: Then after that, Brian, we're going to do this update
Speaker 4: with an hoa issue with Dimitri and then a Debue's
Speaker 4: got a question for our guest, Dan McKenzie. One line open,
Speaker 4: three oh three seven one three talk.
Speaker 11: Go with a sure thing Denver's Best roofer Excel Roofing
Speaker 11: dot com. You don't pay a cent until you're content.
Speaker 11: Time for an insurance check up free, no obligation. Compare
Speaker 11: and call Compass insurance paying too much your coverage at
Speaker 11: dozens of insurance companies find out now three all three
Speaker 11: seven to seven to one help. You'll think you're his
Speaker 11: only customer when you choose Frank durand the real estate
Speaker 11: man dot Com to list your home with Remax Alliance
Speaker 11: three all three nine two zero sixteen twenty two.
Speaker 5: All right three three seven one three eight two five five.
Speaker 4: You know, I used to think pickleball was for old
Speaker 4: people only, but I'm starting to realize everybody of every
Speaker 4: age is playing this sport. We took our first lesson yesterday,
Speaker 4: Suzanna and I and I was asking Dan mackenzie if
Speaker 4: he played, and sure enough he does.
Speaker 5: It's crazy. Everybody plays pickleball.
Speaker 4: It's like the new tennis racquetball, which I love and
Speaker 4: used to play all the time with Deputy Dan back
Speaker 4: in the day.
Speaker 5: Just no one's playing it anymore. It's it's kind of crazy. Now.
Speaker 4: I want to go back to don so don you
Speaker 4: have two issues. One we already talked about. You're gonna
Speaker 4: call Brian Burns up and see how much they quote
Speaker 4: you on that insurance. Say USAA is quoting you two
Speaker 4: thousand a year four the insurance coverage that is basically
Speaker 4: when you're away because you're a snowbird.
Speaker 5: The other thing is the value. We have a company
Speaker 5: on our referral list. What is it? It's not Gaddy.
Speaker 6: What is it.
Speaker 4: It's I got I want to think of Gaddy Electric
Speaker 4: for some reason. But who's the guy that values the
Speaker 4: Carsu's in Petty. Yeah, I'm thinking of Gaddy Petty details.
Speaker 4: So these guys, here's what I would do. Don First
Speaker 4: of all, he's going to tell you if the vehicle,
Speaker 4: what it's worth. Okay, He's going to tell you what
Speaker 4: a fair offer is, because it's possible your idea of
Speaker 4: a fair offer is different. But let's say he's correct,
Speaker 4: and or you're correct, and you're that three thousand dollars
Speaker 4: off and the insurance company wants to give you twenty seven.
Speaker 4: You know it's worth thirty.
Speaker 5: What do you do? And I assume you've already fought
Speaker 5: with them a little right.
Speaker 14: Yes, And in the in the contract, everybody has to
Speaker 14: agree that you will use you'll get a separate appraiser
Speaker 14: at your own costs, and then you'll go to an umpire.
Speaker 14: Yeah that is sure.
Speaker 4: Have you gone to that yet? Have you gone down
Speaker 4: the appraisal clause yet?
Speaker 13: Well?
Speaker 14: I haven't invoked it because I can't get any information
Speaker 14: associated with what the process is.
Speaker 17: And then if we if we do do that, what
Speaker 17: the cost?
Speaker 4: Okay, listen, we deal with this. Listen, Don, we deal
Speaker 4: with this in the winter all the time. Let's try
Speaker 4: to get petty details on and go over the appraisal
Speaker 4: clause next hour. Kelly, a lot of people feel like
Speaker 4: their insurance companies are screwing them. When they're vehicle's total
Speaker 4: or the other insurance company, that's different. But when you're
Speaker 4: dealing with your own insurance company, which you are, right Don,
Speaker 4: we're talking about your insurance company. Yes, okay, hold on,
Speaker 4: I got I got you. I just want to make
Speaker 4: sure we're on the same page. So we're gonna get
Speaker 4: petty details on and we're going to talk about that
Speaker 4: next hour. The other thing I want to do is
Speaker 4: finish up with Brian Burr and say, Brian, I'm gonna
Speaker 4: have Don call you. Do me a favor, run the
Speaker 4: numbers on that and let me know what that runs.
Speaker 4: And Don you could reach Brian. I'm gonna put you
Speaker 4: both on hold. Brian is with Compass Insurance three oh
Speaker 4: three nine nine six nine thousand.
Speaker 13: Don.
Speaker 4: I want you to call him up when we're done
Speaker 4: three oh three nine nine six nine thousand.
Speaker 5: We're gonna get petty details on. Educate people when it comes.
Speaker 4: To getting the proper amount from your own insurance company.
Speaker 4: Brian's got an HOA issue, and Debbie, I promise I'll
Speaker 4: get you up to talk to Dan McKenzie after the break.
Speaker 11: Go with a sure thing Denver's Best roofer Excel Roofing
Speaker 11: dot com. You don't pay a cent until you're content.
Speaker 11: Time for an insurance check up free, no obligation. In comparison,
Speaker 11: call Compass Insurance paying too much your coverage at dozens
Speaker 11: of insurance companies find out now three oh three seven
Speaker 11: to seven to one help. You'll think you're his only
Speaker 11: customer when you choose Frank durand estate man dot com
Speaker 11: to list your home with Remax Alliance three all three
Speaker 11: nine two zero sixteen twenty two. Ripped up bad news,
Speaker 11: you don't help, come running just as as.
Speaker 18: As we can.
Speaker 1: Shooter's gonna help, come man.
Speaker 5: This is the Troubleshooter Show.
Speaker 4: No Tom Martino, Welcome, Welcome, my friends to the only
Speaker 4: show of U kind. We're here to solve problems, answer questions,
Speaker 4: take complaints.
Speaker 5: If you have been.
Speaker 4: Ripped off, you need help recouping money, maybe a bad
Speaker 4: contractor maybe you're dealing with no heat in an apartment
Speaker 4: for over four or five days and the landlord won't
Speaker 4: do anything. We've helped out and so many of those.
Speaker 4: It's crazy. But this, my friends, is a show for you.
Speaker 4: Please don't forget three zero three Martino. That number works
Speaker 4: on and off the air. I want to tell you
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Speaker 4: go to waterpros dot net. That's waterpros dot net. Now listen,
Speaker 4: we've got a couple different.
Speaker 5: Things going here. I want to get Justin Petty on
Speaker 5: real quick, Justin.
Speaker 4: We just had a call and I want to just
Speaker 4: basically sum it up, so people on stand something. When
Speaker 4: an insurance company does not give you what you think
Speaker 4: your vehicle is worth, and we're talking about your own
Speaker 4: insurance company, you have a claim, maybe the vehicle gets stolen,
Speaker 4: maybe somebody with no insurance hits you. Whatever you're dealing
Speaker 4: with your own insurance company. They want to offer you,
Speaker 4: in this case, twenty seven thousand dollars, and you know
Speaker 4: you think the vehicle's worth thirty What typically happens in
Speaker 4: the appraisal property in the appraisal colaut So if he
Speaker 4: decides to go ahead and pull that trigger, what are
Speaker 4: the different steps that happen.
Speaker 9: So, yeah, you send an official notice to the insurance
Speaker 9: company invoking first, and give them a chance to name
Speaker 9: an appraiser, so both parties have to pick an appraiser.
Speaker 9: You invoke that process once they name the appraiser. Typically
Speaker 9: that appraiser and myself, if I'm hired, will discus to
Speaker 9: claim within a couple of days and see if we
Speaker 9: can agree on a value. And if we do, we
Speaker 9: sign an award document and send it to the carrier
Speaker 9: and they're bound by that number.
Speaker 4: And that's what they have to do because when you
Speaker 4: have that contractual agreement or the policy, you know, that's
Speaker 4: an agreement you have with the insurance company and in
Speaker 4: that language basically says if we disagree on the dollar amount,
Speaker 4: then we go into the appraisal clause. You hire somebody,
Speaker 4: I hire somebody, and then they go together. Now, you guys,
Speaker 4: what was that caller's name? By the way, does anybody remember?
Speaker 4: I forget the guy's name, don So, don I know
Speaker 4: you're still listening. I would personally call Justin up because
Speaker 4: instead of you going through that Justin you guys do
Speaker 4: that for one flat fee.
Speaker 9: Correct, Yeah, I mean we look at any case that
Speaker 9: comes through, make sure it's a low offer, and if
Speaker 9: it is, we charge one fee. And we just handled
Speaker 9: that part of it for you.
Speaker 4: And that first part, and I was telling Don then
Speaker 4: is free the most important part for anybody out there
Speaker 4: that's dealing with this.
Speaker 5: The first part as simple as this. You ready for this?
Speaker 4: You call up Justin Petty and basically say, hey, I
Speaker 4: have a twoenty fifteen blah blah blah, this many miles
Speaker 4: they're offering me this. He's going to ask for the VN.
Speaker 4: He's going to figure out all the add ons it has.
Speaker 4: He's going to listen to you if you just put
Speaker 4: tires on that day or something along those, something outside
Speaker 4: the ordinary, And basically he's going to tell you if
Speaker 4: you're correct, it's under and if it's not under, justin
Speaker 4: you're going to be the first to tell them. There's
Speaker 4: not going to be much I can do to help
Speaker 4: because we're not going to win this.
Speaker 7: Thing for sure.
Speaker 9: Yeah, we don't want we don't want cases that were
Speaker 9: not valuable on So we tell you the truth either way.
Speaker 4: So anybody would be crazy not to call at least
Speaker 4: for the free advice. And how much do you charge
Speaker 4: for this? How much is that flat fee? Five hundred bucks?
Speaker 6: Right?
Speaker 9: Well at five fifty five?
Speaker 4: Got it it, man, I absolutely love it.
Speaker 5: And that's it.
Speaker 4: But if you're dealing with somebody else's insurance company, how
Speaker 4: would you help in that situation? Because you can invoke
Speaker 4: the appraisal clause? So how would you if you could help?
Speaker 4: What would you do?
Speaker 9: We help a lot of people with with third party
Speaker 9: claims that you're talking about, and mainly it's free help
Speaker 9: I give you. I have a free ebook that we
Speaker 9: send that explains all the problems with insurance company automated
Speaker 9: valuation systems like their CCCS and auto claim. You know,
Speaker 9: there's all the ways that they come up with value.
Speaker 9: So it's tips and tricks is how we help. And
Speaker 9: of course we can write an appraisal, but it's typically
Speaker 9: not worth it to buy an appraisal on a third
Speaker 9: party claim. It's better to just know how to argue it.
Speaker 5: Yeah, you know what drives me crazy, And I'm in
Speaker 5: the same boat. I've done this. You have a vehicle,
Speaker 5: you kept it.
Speaker 4: Extremely clean, you drove it like you know, someone driving
Speaker 4: it to church on Sundays, only.
Speaker 5: The whole thing.
Speaker 4: It's just in great shape compared to most of them.
Speaker 4: And people think, and like I said, I've done this
Speaker 4: as well, people think that vehicle has more value than
Speaker 4: the average one, and typically it really doesn't. I mean,
Speaker 4: it's great that you kept it into good shape, but
Speaker 4: I mean, I mean, wouldn't you agree with that In general,
Speaker 4: they're all worth the same. A twenty twenty Santa Fe
Speaker 4: with twenty thousand miles and no previous damage is basically
Speaker 4: worth what every other Santa Fe is worth at that point,
Speaker 4: I agree.
Speaker 9: I mean the condition of a vehicle is relevant, but
Speaker 9: it needs to be something that really stands out to
Speaker 9: change the value of the vehicle. It like it's got
Speaker 9: damage on it that's you know, bents on it, or
Speaker 9: a cracked windshield or something to that effect. That is
Speaker 9: really a big difference. Typically they're all They're all going
Speaker 9: to be considered in average condition and there's not going
Speaker 9: to be a huge change in value cause you can't
Speaker 9: it super clean.
Speaker 15: Yeah.
Speaker 4: The other one other thing I want to give out
Speaker 4: there is a nuggative information that Justin has taught and
Speaker 4: the calls have taught me over the years, diminished value.
Speaker 4: I just want to talk about real quick. There is
Speaker 4: so many people that are in an accident. Somebody runs
Speaker 4: a red light, hits some of the vehicles not totaled,
Speaker 4: but there's there's damage to it. I don't care if
Speaker 4: it's fifteen hundred in damage or if it's one hundred
Speaker 4: thousand dollars car fifty thousand, seventy thousand in damage. There's damage.
Speaker 4: Not talking about a tail light, but with the exception
Speaker 4: of that, in fact, arguably it could be a tail
Speaker 4: light if it goes through insurance, that might be affected.
Speaker 4: But they don't realize after getting their car fixed, they
Speaker 4: left a lot of money on the table. That car
Speaker 4: that had no accidents before, or maybe it had one
Speaker 4: accident before, now has been diminished in value.
Speaker 5: When you go to sell that vehicle or.
Speaker 4: Traded in, they're going to see the car fax or
Speaker 4: whatever report they run on it, and that vehicle is
Speaker 4: now worth less than a vehicle light. It's never been
Speaker 4: in an accident, even if it's fixed perfectly. That's just
Speaker 4: the nature of how things work right now. And so
Speaker 4: many people, in fact, justin how many people leave that
Speaker 4: diminished value claim and never do anything because the other
Speaker 4: insurance company doesn't go, oh, hey, by the way, not
Speaker 4: only are we going to fix your vehicle for ten thousand,
Speaker 4: but we owe you another twenty five hundred for diminished value.
Speaker 4: Does any insurance company ever do that.
Speaker 9: I haven't seen one volunteer at No. Lots of people
Speaker 9: leave it on the table. They don't know that they
Speaker 9: can go after it.
Speaker 5: I have no idea.
Speaker 4: Wouldn't you say, over fifty percent or even higher leave
Speaker 4: the diminished value on the table?
Speaker 9: Yeah, I would say it's even higher than that. It's
Speaker 9: still it's still something that people are just not aware
Speaker 9: of no, and.
Speaker 4: The insurance companies don't. The insurance companies don't talk about it.
Speaker 4: In fact, they go out of their way not to
Speaker 4: educate people on it. Arguably, I mean it's understandably I
Speaker 4: should say why. I mean, you know they've got they're
Speaker 4: stockholders to deal with. Justin Petty Diminished valueexpert dot com
Speaker 4: Diminished Valueexpert dot com Free Advice. He'll tell you what
Speaker 4: that vehicles worth and then if you need to invoke
Speaker 4: that appraisal clause, he'll do it all for five hundred
Speaker 4: and fifty bucks. Don I hope you call Justin up
Speaker 4: and get back with us. Debbie, what's your question for
Speaker 4: Dan McKenzie? Then, Brian, you're going to be up after that.
Speaker 4: We have two lines open in a second three zero
Speaker 4: three seven one three A two five five. I want
Speaker 4: to hear about the bad contractor. I want to hear
Speaker 4: any questions. Three zero three Martino, Debbie, what is your question?
Speaker 17: Hi?
Speaker 19: Thanks for protecting my call. Yeah, I have a question
Speaker 19: regarding the will. I have a very old will and
Speaker 19: it needs to be updated, I'm sure, but my daughter's
Speaker 19: been a joint tenant on my home for many, many years.
Speaker 5: Interesting, so when I pass.
Speaker 19: My home automatic is David's her, so there's no will
Speaker 19: needed for my home, correct.
Speaker 8: Right, Your will would not control property that is held jointly.
Speaker 19: I'm okay, right. And then my kids are my beneficiaries
Speaker 19: on my CDs, my IRA said, and that enough to
Speaker 19: make sure they get those funds and no will needed
Speaker 19: for that.
Speaker 8: Correct, Those are also in front of the will.
Speaker 14: Yep, good, okay, So okay, hey.
Speaker 4: Really, I'm sorry, I'm sorry to interrupt, but both of you.
Speaker 4: A lot of people are sitting there going joint tenancy.
Speaker 4: What does that mean? So give us an idea of
Speaker 4: what she's referring.
Speaker 8: You can own.
Speaker 10: You can go own something with somebody, right, your house
Speaker 10: or your cars or whatever, and there's different ways to
Speaker 10: do that. Most of the time it is joint. Joint
Speaker 10: means that every owner owns one hundred percent of the asset.
Speaker 10: There's no separate shares, there's no you know, fifty to
Speaker 10: fifty it as you all own the whole thing. So
Speaker 10: one of you passes away, the survivors just keep going.
Speaker 4: But if I want to buy a house with Dimitri
Speaker 4: as an investment, I don't think i'd buy it that way.
Speaker 10: Right, So the other option is tenants and con meaning
Speaker 10: you actually do have separate shares.
Speaker 4: And tenants in common, like he could own say thirty
Speaker 4: three percent, I could earn sixty seven or however we
Speaker 4: want to break it up.
Speaker 10: And you could be back at the problem we discussed
Speaker 10: earlier that you could end up co owning that house
Speaker 10: at Dimitri's errors if you have not thought through that, Yeah,
Speaker 10: because his share is going to go to his air,
Speaker 10: is not you, Debbi?
Speaker 5: What other question do you have for Dan?
Speaker 19: Well, I just wanted to confirm those are my main assets,
Speaker 19: my little bit of money I have in my home.
Speaker 19: So why have a will? I have personal items that
Speaker 19: would just my kids would come in and take if
Speaker 19: stave and want them. So what would I need a
Speaker 19: will for?
Speaker 10: Well, the personal items, you could still direct where those
Speaker 10: go and probably should in the will.
Speaker 8: Yeah, okay, yeah, I mean there.
Speaker 10: Might be a few items you have and it's it's
Speaker 10: good to say, here's who would be in charge of
Speaker 10: any issue that comes up. Uh, you know for people
Speaker 10: who have adult kids that they want to leave everything too,
Speaker 10: I mean, I don't know, you know, if you're it
Speaker 10: sounds like a most little kids and only one of
Speaker 10: them is on the house, and so she is going to.
Speaker 8: Get that house.
Speaker 19: Yeah, I've got too right, Okay, I'm already but yeah,
Speaker 19: so I'm a pretty simple person.
Speaker 5: Well, hold on, Debbie, I have a question on that.
Speaker 4: So if if the one person that you own the
Speaker 4: house with, are they going to sell it and share
Speaker 4: it with the other sibling or they're going to get
Speaker 4: it all together?
Speaker 5: I mean, what's the plan.
Speaker 19: The plan is she would move here because she loved
Speaker 19: my house. She stays here. My other my son lived
Speaker 19: out of the country. He's in Australia, so.
Speaker 5: He wouldn't have anything to do with the house.
Speaker 19: No, no, And I would make her sell it to
Speaker 19: give him half. She's the one that is here hanging
Speaker 19: out with me. She'll be the one taking care of
Speaker 19: me when the time comes. That's so, yeah, Dan.
Speaker 5: Do you see any issues with what she's saying? Could that?
Speaker 4: And I'm not saying your son would do this, That's
Speaker 4: not my point in this. It's more or less if
Speaker 4: if the son did want to go after that asset,
Speaker 4: there's nothing they could do because the house is in
Speaker 4: the name Imperial Heart.
Speaker 5: I never say never.
Speaker 10: You know, anybody can sue anybody, but it'd be hard Okay,
Speaker 10: you know the other thing.
Speaker 4: So she's in a unique position where she doesn't think
Speaker 4: she needs will would you agree based upon what you've heard?
Speaker 8: I mean, so here's the issue.
Speaker 10: Your bigger risk at any point in your life is
Speaker 10: that you're going to have an incapacity event, not that
Speaker 10: you're going to die. And I don't know if you
Speaker 10: have powers of attorney in place to handle that stuff.
Speaker 10: But that is also important because those dosnated beneficiaries and
Speaker 10: joint ownership are not helpful in that situation. They're only
Speaker 10: helpful if you pass away. So most estate plans cover
Speaker 10: both of those. And then you know, some people want
Speaker 10: to make sure that their kids are receiving stuff in
Speaker 10: some sort of protected way. DOSNEATID beneficiaries don't do that,
Speaker 10: so they can be great. We have clients who do
Speaker 10: choose to do it the way you do it. You've
Speaker 10: done it and set up dosney beneficiaries for everything, so
Speaker 10: that does happen. But there are limitations and you just
Speaker 10: have to keep remembering to keep updating them going forward
Speaker 10: if you change banks or move or whatever else. Because
Speaker 10: it's attached to the asset, it is not like a
Speaker 10: comprehensive plan gotta is piece by piece?
Speaker 4: Could they could what would for example, Medicaid. Let's say
Speaker 4: she does end up in long term and no one's
Speaker 4: got money to pay for it, and she ends up
Speaker 4: on Medicaid in some long term facility, but she's still alive.
Speaker 4: Can they go after her share of that asset?
Speaker 5: That house. I'm just talking about the house.
Speaker 10: Yeah, so that is complicated. It sounds like your daughter
Speaker 10: does not live there now, No, but.
Speaker 19: She would, she would definitely move in.
Speaker 17: Yeah.
Speaker 19: I mean I'm just a mile from her really nice,
Speaker 19: great school district.
Speaker 4: Yeah, but I'm more worried if Medicaid has has some
Speaker 4: kind of land grab and they're.
Speaker 10: Gonna Yeah, if there is a Medicaid situation like the
Speaker 10: fact that a person is owning it but not living there,
Speaker 10: they might still require you to you know, sell that
Speaker 10: house or put a lean on it or something.
Speaker 8: Yeah, so that can happen.
Speaker 19: Yeah, yeah, okay, and my money too, as well as
Speaker 19: by sea. Then that with their beneficiary, they don't have
Speaker 19: access to that Medicaid correct.
Speaker 8: It depends on what kind of access you have to it.
Speaker 10: And again whether you know, again, Medicaid is pretty complicated,
Speaker 10: but they have rules and you know, they're going to
Speaker 10: make uspend your own money first before they take in.
Speaker 4: Really, what I'm hearing, one WI what I'm hearing, and
Speaker 4: you know I'm not the attorney, But what I'm thinking
Speaker 4: here is you should have a conversation with an attorney.
Speaker 4: And the reason being is if you set up things
Speaker 4: in the proper way, and you do them early enough,
Speaker 4: like a three or five year look back, none of
Speaker 4: these things would be an issue if you did go
Speaker 4: into some form of long term care that you couldn't afford.
Speaker 4: And honestly, almost no one can afford long term care anymore.
Speaker 4: I mean, really, what is that jan What does it run?
Speaker 5: What is like a memory What is like a memory
Speaker 5: care run?
Speaker 10: Honestly the cheap ones or you know, probably ten thousand
Speaker 10: a month at the moment.
Speaker 5: Yeah, ten thousand a month forever.
Speaker 4: So so, Debbie, I got to take this break because
Speaker 4: I'm way over. Feel free to hang. If you have
Speaker 4: another question, you can tell Kelly what you want to do.
Speaker 4: And then three lines open in a second. Three oh
Speaker 4: three seven one three A two five five. We've got
Speaker 4: a great update coming up. Well, I don't know if
Speaker 4: it's great. We've got an interesting update coming up.
Speaker 11: Go with a sure thing Denver's Best roofer Excel Roofing
Speaker 11: dot com. You don't pay a cent until you're contenth
Speaker 11: time for an insurance check up free, no obligation comparison
Speaker 11: call Compass Insurance paying too much your coverage at dozens
Speaker 11: of insurance companies find out now three oh three, seven
Speaker 11: to seven to one help. You'll think you're his only
Speaker 11: customer when you choose Frank durand the real estate Man
Speaker 11: dot com to list your home with Remax Alliance three
Speaker 11: oh three nine two zero sixteen twenty two.
Speaker 4: Right three zero three seven one three eight two five
Speaker 4: five three zero three Martinez, we got some lines open
Speaker 4: you've been ripped off or taken advantage of. We want
Speaker 4: to hear from you or any questions you have. We
Speaker 4: can get any of our experts on a referral list
Speaker 4: dot com.
Speaker 5: Hey, I wanted to give this update again.
Speaker 4: It sure looks like I've been emailed twice now that
Speaker 4: Don Eiley, the accountant that stole money from a lot
Speaker 4: of small businesses right here in Colorado, died in federal prison.
Speaker 4: I've been trying to figure out how we died, but
Speaker 4: I can't find anything on it. Zero In fact, I'm
Speaker 4: starting to learn when you die in prison, there's really
Speaker 4: not a lot out there. I mean, I don't know.
Speaker 4: In fact, Dan McKenzie, I don't know if you've ever
Speaker 4: dealt with this, but what happens to like, if you
Speaker 4: have a life insurance policy and go into prison, does
Speaker 4: that matter? I mean, if you get shanked in prison,
Speaker 4: does the policy generally still pay out?
Speaker 5: Or is there how about if you get drafted?
Speaker 4: I mean really, I'm not saying you've dealt with this,
Speaker 4: but if it's been kept up today, why not?
Speaker 5: Yeah, why wouldn't it pay?
Speaker 18: Yeah?
Speaker 4: If they issue the policy, it pays. Have you ever
Speaker 4: dealt with a policy that doesn't want to pay for
Speaker 4: one of your clients?
Speaker 8: I have not. I mean, obviously it could happen.
Speaker 5: But two sides. Generally a clause right in the first
Speaker 5: year or something.
Speaker 10: Yeah, yeah, sometimes there just generally it needs to be
Speaker 10: some time that passes before the kicks in.
Speaker 8: So yeah, it could happen.
Speaker 4: Is that an important part of a lot of people's
Speaker 4: estate is a life insurance.
Speaker 8: It should be. It should be.
Speaker 10: I encourage life insurance because it's cash and it's creditor protected.
Speaker 10: People don't appreciate that like I've got my estate, I
Speaker 10: got my house and my cash and all that kind
Speaker 10: of stuff. But when I pass away, part of the
Speaker 10: process is paying people that I.
Speaker 8: Owe money to.
Speaker 10: And I could owe a lot of money, right, I
Speaker 10: mean I could get in an accident that leads to
Speaker 10: my death and that I caused, right, So my state
Speaker 10: could be getting sued for like millions of dollars.
Speaker 5: But they can't go after that money.
Speaker 10: Yeah, my estate is generally going to be liable for
Speaker 10: that if I lose. But life insurance money is creditor protected,
Speaker 10: meaning like my kids will get that money.
Speaker 8: It's not there to actually pay.
Speaker 5: It's also tax proof, right.
Speaker 4: It is income tax free, so there's no it doesn't
Speaker 4: matter if you have a ten million dollar policy or
Speaker 4: two hundred thousand.
Speaker 5: Yeah, you're not going to pay taxes. Your errors aren't
Speaker 5: going to pay taxes, right, wow, So it's.
Speaker 8: Well worth the life insured.
Speaker 10: Even if you feel like I got plenty and don't
Speaker 10: need life insurance, you probably do.
Speaker 8: You probably do. You just have life insurance and I
Speaker 8: don't sell it.
Speaker 4: I did not know that that did not go into
Speaker 4: the estate to where creditors could go after it. I
Speaker 4: did not know that part yeah, and that's period. I
Speaker 4: mean there's no real exceptions.
Speaker 10: You want to be careful because some people will say
Speaker 10: the beneficiary is my estate or they won't put a
Speaker 10: beneficiary on it in some cases, and they can go
Speaker 10: into the state. Now creditors are there's going to be
Speaker 10: an argument. There's going to be an argument about whether
Speaker 10: they have access to that money or not.
Speaker 8: I got you careful about that.
Speaker 4: Where if you just listed the beneficiaries, yeah, that would
Speaker 4: never be a question.
Speaker 8: Plus created for the beneficiaries if they're kids.
Speaker 4: But the way you said that, even if they did
Speaker 4: accidentally or whatever they put it into the estate or
Speaker 4: put it into a trust for that matter, or anything,
Speaker 4: it sounds like there would be an argument. But most
Speaker 4: of the time they still can't get access to it
Speaker 4: or no.
Speaker 10: It depends on how the fiduciary handled the executor handled
Speaker 10: that sit like did they just mix it in with
Speaker 10: everything else, because we usually tell executors like put that
Speaker 10: in a separate accounts. That's real clear what the life
Speaker 10: insurance money is. I gotcha, you know, so you gotta
Speaker 10: be care like sometimes executives gout there and just start
Speaker 10: doing stuff and kind of grabbing stuff and throw out
Speaker 10: a lot of retirement funds.
Speaker 8: They start grabbing and throat like.
Speaker 10: Retirement funds have tax consequences, so you know, I just
Speaker 10: want to run out there and grab those and same
Speaker 10: thing with life insurance.
Speaker 4: All right, So listen, we're going to take Brian right
Speaker 4: after this. I went long on the last segment. So
Speaker 4: Brian and Dimitri have been working to help this lady out.
Speaker 4: This lady has been out of her condo.
Speaker 5: For over two years and a half years. Two and
Speaker 5: a half years.
Speaker 4: We've been talking about this, and right now the condo's
Speaker 4: basically gutted.
Speaker 5: She had a lot of water damage. There's no drywall
Speaker 5: in there.
Speaker 4: It's basically cement walls, literally cement, because that's the way
Speaker 4: the kindo was built. So Brian went out there and
Speaker 4: the whole thing boils down to this. The leak apparently
Speaker 4: is coming from the roof. Brian is a leak expert,
Speaker 4: no kidding, that's what he does. I believe he's a
Speaker 4: owner of the company.
Speaker 6: Yeah, he's the leak detective.
Speaker 4: Even has a shirt that says that that's it's crazy.
Speaker 4: So he went out there. The HOA is saying, Hey,
Speaker 4: it's not our problem, it's not our leak. So we're
Speaker 4: not going to pay for anything. But when the leak
Speaker 4: detective went out there, he found something different.
Speaker 5: We're going to talk about it after this.
Speaker 11: Go with a sure thing Denver's Best roofer Excel Roofing
Speaker 11: dot com. You don't pay a cent until you're content.
Speaker 11: Time for an insurance checkup free, no obligation. In comparison,
Speaker 11: call Compass Insurance paying too much your coverage at dozens
Speaker 11: of insurance companies find out now three O three seven
Speaker 11: to seven to one help. You'll think you're his own
Speaker 11: only customer when you choose Frank durand the real estate
Speaker 11: Man dot com to list your home with Remax Alliance
Speaker 11: three oh three nine two zero sixteen twenty two.
Speaker 4: All right, three O three seven one three eight two
Speaker 4: five five three oh three Martino.
Speaker 5: Oh my goodness, we got some lines open.
Speaker 4: You've been ripped off taking advantage of call now three
Speaker 4: oh three Martino. Now, Brian, Brian, what was the name
Speaker 4: of the company again, the leak Doctor, Leak Detector.
Speaker 7: Uh, Colorado Underground Detection.
Speaker 5: Okay, what's your website?
Speaker 7: Use deetection dot com.
Speaker 5: Got it, Kelly, if you would put that info up too,
Speaker 5: so I have it to give it out.
Speaker 4: So were you actually Dmitri? Was he actually hired what
Speaker 4: was the caller's name?
Speaker 12: Khaliah was the lady whose unit got flooded out two
Speaker 12: and a half years ago, And I went to meet
Speaker 12: her and Brian as well as three other leak detectors
Speaker 12: and the ho Wa. There's a contingent of about they're
Speaker 12: probably about eight of us over there, and that's what
Speaker 12: Brian and I met. And that's the day that Brian
Speaker 12: went up to the roof and I think I'll just
Speaker 12: we should just leave it.
Speaker 6: Up to Brian the time.
Speaker 4: Well, Brian, why I still want to understand why you
Speaker 4: were out there? Did she hire you? Did she call
Speaker 4: you up? Were you out there from her insurance company?
Speaker 5: What? Why were you out there?
Speaker 11: Now?
Speaker 7: Koala called me out to figure out why water is
Speaker 7: still entering her home.
Speaker 5: Awesome.
Speaker 7: And when I showed up, we had it's stripped down
Speaker 7: to studs, so all the drywall, all the insulation is gone.
Speaker 7: It's been condemned by the Department of Health.
Speaker 6: Oh my god, she.
Speaker 7: Can't rebuild because the water is continuing to come in
Speaker 7: every time it rains or snows.
Speaker 4: Well, how's that possible? Was someone living over her? How
Speaker 4: about how how come the person on top of her
Speaker 4: unit hasn't been condemned?
Speaker 12: Oh, that the unit is getting flooded. But but the
Speaker 12: lady who lives there, you know, she's she's alone, and
Speaker 12: she's a she's an immigrant, and I'm sure she's kind
Speaker 12: of lost in the process.
Speaker 5: You talk to her, Dimitri.
Speaker 6: Oh, no, but Khalia has.
Speaker 5: So but her unit's not condemned. Is this the only
Speaker 5: condemned unit we know of?
Speaker 12: Yes, it's condemned because Khaliah called the health department in
Speaker 12: an attempt to get some help to force the HOA.
Speaker 5: To fix the lead, and they condemned it.
Speaker 6: And they condemned it.
Speaker 12: They issue, well the word I met the guy from
Speaker 12: the city of Denver. He didn't use the word condemned.
Speaker 12: He said it was an thirty day order to repair
Speaker 12: or and it's been way over that.
Speaker 5: Yeah, of course, so so over.
Speaker 4: I still want to understand this over the unit on
Speaker 4: top of her, where someone's living, there's another unit or
Speaker 4: do we finally hit the roof.
Speaker 6: Yes, it's just the two story building.
Speaker 4: Two story Okay, So Brian, you went out there, and
Speaker 4: where is the water that's coming in to hers?
Speaker 13: Well?
Speaker 5: I mean, it's evident it's coming in from the woman
Speaker 5: above her, but beyond that, where's it coming in from?
Speaker 7: Just to give an idea as to how the building
Speaker 7: is built. It's all constructions. So they pour these slabs
Speaker 7: in place and then raise them up and connect all
Speaker 7: four walls, so it's a big square block. And then
Speaker 7: they have a concrete roof that's poured, and then they
Speaker 7: have multiple layers of roofing material. And what's happening is
Speaker 7: the water. In my opinion, the water is coming through
Speaker 7: the roof, through all the little holes, and it's running
Speaker 7: down the concrete walls and causing mold development in the
Speaker 7: lower unit, which is my client's unit.
Speaker 4: Well, why would it. Are you under the impression it's
Speaker 4: skipping that lady over her?
Speaker 2: Well?
Speaker 7: I did an inspection of the upstairs unit yesterday and
Speaker 7: was able to see a lot of mold growth between
Speaker 7: the actual roof and her ceiling. So I popped the
Speaker 7: ceiling tile up and looked up back there and I
Speaker 7: saw tons of mold growth. It's continuous.
Speaker 5: And this woman's living there about a week, Yes she is,
Speaker 5: and she has a do you humidify in her home?
Speaker 7: And yesterday I just checked them bot to humidity exterior
Speaker 7: was about twenty to twenty five percent. When I went interior,
Speaker 7: we're looking at about twenty three point nine percent, about
Speaker 7: forty one percent in the kitchen. So the humidity is
Speaker 7: not as much as you would think it would be
Speaker 7: to cause either condensation development on that concrete. Because you
Speaker 7: think you have exterior walls that are concrete and the
Speaker 7: outside of that concrete is cold, the inside is warm,
Speaker 7: you could be developing condensation on those walls is causing
Speaker 7: the issue. But her you know, if her relative humidity
Speaker 7: was eighty percent plus, yeah, I could say that's probably
Speaker 7: the issue. But after running water on the roof for
Speaker 7: about an hour, and this is back on the sixth,
Speaker 7: I was able to see water actually coming down into
Speaker 7: my client's unit.
Speaker 5: So this is incredible.
Speaker 7: I have to say the roof is the issue, and
Speaker 7: I believe that stands in the you know, homeowner's responsibility
Speaker 7: to get it fixed. But my client cannot rebuild her
Speaker 7: unit until the water stops. I mean, otherwise she rebuilds it.
Speaker 5: And they're just flat out. They're just flat out doing nothing. Dmitri.
Speaker 4: I mean, I know we've talked about this numerous times,
Speaker 4: but did you give like a report, Brian, have you
Speaker 4: talked to anybody at the HOA or at least written
Speaker 4: something out.
Speaker 7: Yes, I've given reporters to each visit that I've made
Speaker 7: out there and the evidence that I've seen. So my
Speaker 7: client has that information and I believe she has passed
Speaker 7: that off to the HOA. What they've done with it,
Speaker 7: I have no idea. It just looks like they've been
Speaker 7: sitting on it for far too long. And when I
Speaker 7: see a client in a situation like this, that's why
Speaker 7: I thought it was so important to bring it to
Speaker 7: your attention, because she really needs help. Kay.
Speaker 4: We just I mean, this is one of these ones.
Speaker 4: It's over two years. Over two years, I have no
Speaker 4: idea what they're possibly.
Speaker 7: She's going to teach her salary so she teaches music.
Speaker 5: Did she get her did she get all the proceeds
Speaker 5: from insurance? Yet?
Speaker 12: No, Farmers hasn't paid here, Farmers hasn't even paid her
Speaker 12: for the personal property that was destroyed in the flooding.
Speaker 12: And Farmers and by the way, Khalia has been seeing
Speaker 12: you on a bunch of these communications with her insurance company.
Speaker 12: Farmers just simply Kalia asked, Hey, when am I gonna
Speaker 12: get reimbursed for the personal property and there's no answer.
Speaker 5: And well that's where a public adjuster could help.
Speaker 6: Yeah, math for Paragon would be an awesome resource for her.
Speaker 4: I wonder if it's even I mean, it's definitely worth
Speaker 4: a call over there, see if we can get mad on.
Speaker 4: But this is it's like when no one's doing anything.
Speaker 4: I almost feel like we're missing something, like are you
Speaker 4: sure she hasn't gone through foreclosure and doesn't even own
Speaker 4: it at this point, I mean anything like that.
Speaker 5: Are they threatening foreclosure?
Speaker 12: Yeah, she's so you know, she is not getting delinquency
Speaker 12: letters from the association for the past.
Speaker 5: Two just from the ho way. Not for the mortgage.
Speaker 12: No, she's been making mortgage payments. She's she she ran
Speaker 12: out of money a few months ago when her apartment
Speaker 12: when her insurance company stopped paying for her temporary apartments
Speaker 12: because that benefit ran out after two years. So Koleia
Speaker 12: is paying rent mortgage and now she's fallen several months
Speaker 12: behind an association.
Speaker 5: Dudes, Oh my god.
Speaker 12: And by the way, in addition to being a teacher,
Speaker 12: she took two more jobs to try to make ads met.
Speaker 5: This is just nuts.
Speaker 7: And she's got an amazing attitude too. She she's the
Speaker 7: sweetest woman I've ever met.
Speaker 5: Old is she roughly? And not that it matters. I'm
Speaker 5: just curious you.
Speaker 6: Starting to tell I think she's probably kind of what
Speaker 6: do you think Brian's middle aged?
Speaker 7: I would say I would say thirties.
Speaker 6: Okay, yeah, probably low thirties.
Speaker 5: Is there any kids involved?
Speaker 9: There?
Speaker 11: No?
Speaker 4: God, hold on a second, Brian. I had some other
Speaker 4: questions for you, but I got to take this break
Speaker 4: to Meitri. I know you've been working on this and
Speaker 4: we constantly bring it up on not even I'm not
Speaker 4: even sure where to go on it. We can see
Speaker 4: if Matt can get involved and help from the insurance
Speaker 4: part of it, but there's no reason to rebuild anything.
Speaker 4: To get her money for her personal property would be great,
Speaker 4: but there's no reason to put drywall up. If every
Speaker 4: time it rains or snows, everything's going to be destroyed again.
Speaker 5: So they've got to do the roof.
Speaker 4: I mean, they have to fix the problem absolutely, and
Speaker 4: to make me what.
Speaker 5: HAPs if the HOA doesn't have any money?
Speaker 12: Yeah, I'm wondering if that's what's going on. I mean,
Speaker 12: what reason does that association have not to fix a
Speaker 12: leaky roof other than they can't afford to.
Speaker 4: And then the lady above he said he found mold there.
Speaker 4: I mean it's crazy, it's absolutely bonkers. Hold tight, hold on,
Speaker 4: hold on.
Speaker 11: Go with a sure thing Denver's best roofer Excel Roofing
Speaker 11: dot com.
Speaker 13: You don't pay a cent until you're content.
Speaker 11: Time for an insurance check up free, no obligation comparison
Speaker 11: call Compass Insurance paying too much your coverage at dozens
Speaker 11: of insurance companies find out now three oh three, seven
Speaker 11: to seven to one help. You'll think you're his only
Speaker 11: customer when you choose Frank durand the real estate Man
Speaker 11: dot com to list your home with Remax Alliance three
Speaker 11: oh three nine two zero sixteen twenty two.
Speaker 5: Oh man, we were just talking about the Texas kids.
Speaker 8: It's so sad. Mark.
Speaker 4: Yeah, well, well we might talk about that a little
Speaker 4: bit next hour. Basically we were talking to Brian and
Speaker 4: I want to finish up with this, and Larry's got
Speaker 4: a question for Dan McKenzie. And you can get your
Speaker 4: calls and now we have two lines open three oh
Speaker 4: three Martino, three oh three Martina.
Speaker 5: We have two hours ago. But here's the deal.
Speaker 4: Brian We really appreciate how you've been helping this lady out,
Speaker 4: and she is going to see one of our real
Speaker 4: estate attorneys, Bradley O'Brien, who hopefully can help her get
Speaker 4: the HOA to step up and repair this room. It's
Speaker 4: evident there's water coming in with Brian's testimony or Brian's report,
Speaker 4: so there's no doubt about that. But Brian, really quick
Speaker 4: outside of this, how did you even get involved in
Speaker 4: leak detection? How does someone wake up and go I'm
Speaker 4: going to solve water problems? I mean, really, how'd you
Speaker 4: get involved?
Speaker 6: Man?
Speaker 7: Well, I've been in plumbing since eighty nine. I've been
Speaker 7: a master plumber since ninety seven. Nice and I moved
Speaker 7: my way up through on my own plumbing company to
Speaker 7: becoming a superintendent and then started working as a custom
Speaker 7: home builder and had to retire from that about twelve
Speaker 7: years ago due to a back injury.
Speaker 6: Oh, I had.
Speaker 7: Back surgery in twenty twelve. It was not fun, and
Speaker 7: it's like, what can I do to build on my knowledge?
Speaker 7: And a friend of mine suggested leak detection, which has
Speaker 7: always been interesting to me. But there's really it was
Speaker 7: very hard to get into because there's really no schools
Speaker 7: out there until now. So I got into leak detection
Speaker 7: years ago and just so in love with it. It's something
Speaker 7: new I happen to keep track of. I was looking
Speaker 7: at average each month. So if you look at a
Speaker 7: one gallon minute per leak, it's forty three two hundred
Speaker 7: gallons a month. Oh my god, minutes we having a month.
Speaker 4: So a little innother words, a little drip can cause
Speaker 4: all the damage in the world.
Speaker 5: That's the bottom line.
Speaker 7: Yeah, And I was hoping to conserve twelve million gallons
Speaker 7: a month. So I said to myself about three or
Speaker 7: four years ago, what can I do to make a
Speaker 7: bigger impact? And I started at school. So now I'm
Speaker 7: actually teaching.
Speaker 5: Is all that I'm up against the herdbreak? But is
Speaker 5: all that?
Speaker 4: Is all this information on cudetection dot com. Yeah, true,
Speaker 4: All right, listen, anybody out there wants to learn more
Speaker 4: about that, or if you have a problem, more importantly
Speaker 4: a leak, check out seeudetection dot com. You've been very
Speaker 4: good helping Dmitri out on this case. Larry, Please hold on.
Speaker 4: I promise I'll bring you up next after the break.
Speaker 4: Three zero three Martino.
Speaker 11: Go with a sure thing Denver's best roofer Excel Roofing
Speaker 11: dot com. You don't pay a cent until you're content.
Speaker 11: Leave time for an insurance check up free no obligation.
Speaker 11: Comparison call Compass Insurance paying too much your coverage at
Speaker 11: dozens of insurance companies find out now three oh three
Speaker 11: seven seven to one help. You'll think you're his only
Speaker 11: customer when you choose Frank durand the real estate Man
Speaker 11: dot com to list your home with Remax Alliance three
Speaker 11: oh three nine two zero sixteen twenty two.
Speaker 1: Ripped News need who you don't have? Run anxiousness as
Speaker 1: we can show. Shooter's gonna help.
Speaker 3: Come man, this is the Troubleshooter Show. No Tom Martino,
Speaker 3: Welcome my.
Speaker 4: Friends to the only show of its KINDRA here to
Speaker 4: solve problems, answer questions, take complaints. I got Dan McKenzie
Speaker 4: in with me, attorney at Law. I haven't given his
Speaker 4: number out enough, but it's eight three three co plans
Speaker 4: any questions you have on your estate or a trust
Speaker 4: or probate.
Speaker 5: Anything you can imagine.
Speaker 4: He is here to answer your questions today and one
Speaker 4: of the first calls will go is exactly that. But
Speaker 4: we have real quick I need to get to Matt
Speaker 4: with Paragon Services. He's one of the experts on a
Speaker 4: referral list at referral list dot com. And Matt, I'm
Speaker 4: gonna ask you some really basic, basic questions about a
Speaker 4: particular case we're working on here and basically for people
Speaker 4: out there at public adjuster is someone that helps you
Speaker 4: fight with the insurance company. Matt, I want you to
Speaker 4: picture a claim put in that's over two years old.
Speaker 5: The original claim was put in.
Speaker 4: It's in a condo, so she doesn't have any control
Speaker 4: over the roof.
Speaker 5: With the exception she pays into the hoa. So the roof.
Speaker 4: Has been leaking for two years. It got really bad
Speaker 4: about two and a half years ago. It rained so
Speaker 4: hard it flooded the whole place. The insurance did accept
Speaker 4: the claim for her policy for the condo, so basically
Speaker 4: the dry wall or the cement out. So right now
Speaker 4: where it stands is they gutted the entire thing, Matt,
Speaker 4: and they can't rebuild yet. Remember the timeframe we're talking
Speaker 4: about two and a half years. So she puts the
Speaker 4: claim in, they agree they're going to rebuild the whole
Speaker 4: thing because it flooded. They get down to where all
Speaker 4: the waters out of there. They're ready to start rebuilding,
Speaker 4: but the problem is water keeps coming in. It's coming
Speaker 4: in from the roof of the condo, and on top
Speaker 4: to add insult injury, she actually has somebody else that
Speaker 4: owns a unit above her. That unit is saturated as well,
Speaker 4: but we're not going to get into that part. But
Speaker 4: every time it rains, the water comes in. So she
Speaker 4: hasn't rebuilt, but her insurance company basically I the mold
Speaker 4: claim two and a half years later, and I can
Speaker 4: understand that. So let me ask you that right off
Speaker 4: the bat, do you understand why the insurance company would
Speaker 4: deny the mold after two and a half years coming in?
Speaker 2: Yeah, I mean typically they're going to say that that's
Speaker 2: been an ongoing issue and it should have been remedied. Now,
Speaker 2: if that was a house, that's a slam donkets on
Speaker 2: the homeowner. But because this is a condo, the HOA
Speaker 2: is responsible for, you know, taking care of that roof
Speaker 2: that's gotta be fixed before anything's done, obviously, and.
Speaker 4: They're not doing anything. That's where we're to the point
Speaker 4: where everybody in a way is throwing their arms up
Speaker 4: in the air. We've had one deputy deputy, Dimitri, that's
Speaker 4: been trying to fix this thing forever man and they
Speaker 4: can't get the HOA to do anything. She actually hired someone.
Speaker 4: In fact, his name's Brian. He's still on but he
Speaker 4: is a leak guy. That's all he does. He's a
Speaker 4: master plumber. But he started a company that goes out
Speaker 4: and figures out what's leaking. He got up there on
Speaker 4: the roof very recently and started spraying just water with
Speaker 4: a hose and sure enough it comes right down into
Speaker 4: her unit. But the HOA won't do a damn thing.
Speaker 4: And it's been two and a half years. The other
Speaker 4: part with the insurance company I want to throw out there,
Speaker 4: Matt Is she's been trying to get her contents paid for.
Speaker 5: Who is the insurance company Farmer's Insurance.
Speaker 4: Farmers won't even cough up the money for the contents
Speaker 4: at this point.
Speaker 2: Yeah, well, I can dig in and probably get this escalated,
Speaker 2: and we can talk about the timelines. Normally two years
Speaker 2: as the magic number. And now I can tell you
Speaker 2: this getting a lawyer involved usually have three years to dispute.
Speaker 2: So we still got some wiggle room. If we go
Speaker 2: that room, I would need to just dig in and
Speaker 2: see what farmers, see what their intentions are, and do
Speaker 2: my best to get with the HOA and rattle their cage.
Speaker 2: I don't have a whole lot of clout because I
Speaker 2: don't represent the HOA, but I can sure go call
Speaker 2: over there and see what's what. Because this situation is
Speaker 2: not going to fix itself, period.
Speaker 4: They simply decline to put a roof on her or
Speaker 4: fix it forgetting it about even putting it on it,
Speaker 4: just it seems crazy unless they're broke. And then if
Speaker 4: they are broke, I mean, that's not good for anybody.
Speaker 2: Yeah, and another option too. We sometimes can get in
Speaker 2: the primary carrier to cover everything, and then they subrogate
Speaker 2: and go after you know, the hoa's insurance company or
Speaker 2: whoever they have to to get reversed. So that's an
Speaker 2: option too.
Speaker 4: I like the idea of putting him in touch. I mean,
Speaker 4: she's basically what happens is she gives them power of
Speaker 4: attorney over this. He digs through it, he calls up Farmers,
Speaker 4: and he says, hey, man, you're not dealing with this
Speaker 4: poor woman anymore.
Speaker 5: You're dealing with me.
Speaker 2: I think that's right idea, And the other thing is too,
Speaker 2: Where is she staying in the meantime?
Speaker 12: Oh man, So her insurance company rented her an apartment
Speaker 12: for two years. They paid, but that benefit just ran
Speaker 12: out a few months ago, so now she's paying for
Speaker 12: a rental.
Speaker 2: So it sounds like Farmers is behaving because if they
Speaker 2: were offering two years, that's a pretty good sign that
Speaker 2: they they're just trying to do their best. But they're
Speaker 2: kind of stuck in this position too, I know, the
Speaker 2: HLA cooperating.
Speaker 12: Yeah, they're still Yeah, they're stuck in the rebuilding part
Speaker 12: of this project. However, you know, she just recently made
Speaker 12: a claim for the mold infestation which developed in the meantime,
Speaker 12: and they told her to go pound sand.
Speaker 6: Can you take a look at it.
Speaker 2: She probably doesn't have much mold start interrupts. She probably
Speaker 2: does not have mold coverage beyond maybe five or start
Speaker 2: ten thousand anyway. But you're right, that's something that should
Speaker 2: be addressed. It's not your fault or her fault, or
Speaker 2: anyone's fault that other than the HOA is that unit's
Speaker 2: been sitting there and getting moldy, so that burden would
Speaker 2: fall into HOA in my opinion.
Speaker 4: Yeah, But once again, we're hoping the fact they won't
Speaker 4: even repair this roof. And then the lady over her,
Speaker 4: that apartment is in horrible shape.
Speaker 5: Man.
Speaker 4: In other words, with that leak detector. Guy Brian was
Speaker 4: in there. Hold on, let me bring him up real quick.
Speaker 4: Hey Brian, you were in the apartment above her? Or
Speaker 4: I'm sorry, kind of above he yesterday?
Speaker 16: Is that right?
Speaker 5: Or really recent?
Speaker 7: That's correct.
Speaker 4: Listen to this, Matt, go ahead, describe the apartment above her.
Speaker 4: I keep say an apartment condo.
Speaker 7: So thanks so much for listening. Yeah, I was researching
Speaker 7: because as a lead detective, I have to go through
Speaker 7: and evaluate every possible way water I can get into
Speaker 7: a residence. And when I was inspecting the upstairs unit,
Speaker 7: it looks pretty clean. But when I popped the panel
Speaker 7: to gain access between her ceiling and the actual roof,
Speaker 7: I saw mold growth coming down the walls. So there's
Speaker 7: mold on a concrete behind the two by fours in
Speaker 7: dry wall in the upstairs residence. So she may not
Speaker 7: even know that she has mold growing behind her walls.
Speaker 4: And what's crazy, Matt, is this apartment complex. It's just
Speaker 4: not a stick building. It's literally cement walls.
Speaker 19: Right, it's awesome.
Speaker 12: Meant it's all concrete slabs, and Brian, you know, it
Speaker 12: occurs to me that maybe the roof is only a
Speaker 12: part of the We shouldn't discount the fact that the
Speaker 12: lady upstairs might have leaking plumbing too, in addition to
Speaker 12: the roof leaks.
Speaker 7: I looked into that and did not see any leaks
Speaker 7: in her plumbing.
Speaker 6: Yeah, that's a great sign.
Speaker 4: And I love the idea that you know, he went
Speaker 4: up under the roof, started spraying with a hose and boom,
Speaker 4: it's leaking. I mean, how do you possibly argue that
Speaker 4: being the ho wa Hey, Matt, would you do me
Speaker 4: a favor and get with Dmitri.
Speaker 5: In fact, Tomitri, why don't you put this together?
Speaker 4: And Brian, if you could go back out there and
Speaker 4: meet Matt, you guys might be able to help each
Speaker 4: other in the future for sure. But I would love
Speaker 4: for you guys to all reconvene at her house and Matt,
Speaker 4: you go over the policy. I think you should do
Speaker 4: that first. Well, I'm not going to tell you what
Speaker 4: to do, Matt, you know what to do, but get
Speaker 4: involved and let's try to get this figured out for
Speaker 4: this woman.
Speaker 12: I'm going to be at that meeting too, and so
Speaker 12: I'm going to start an email Chaine here in the
Speaker 12: next few minutes that's going to get.
Speaker 6: All three of us.
Speaker 12: And I think as a result of and I think
Speaker 12: that Khalia should hold off in her meeting with Brad
Speaker 12: O'Brien the real estate until we get the results of
Speaker 12: this meeting with Matt and Brian at her condo.
Speaker 4: Do you think, Yeah, I mean it does as long
Speaker 4: as this can happen somewhat quick. But someone say, here's
Speaker 4: what I'm afraid of. Someone's gonna have to twist some
Speaker 4: arms to basically get.
Speaker 5: The hoa to do the roof. I mean, really, that's
Speaker 5: what it comes down to, because my understanding is at
Speaker 5: this point, her insurance is going to pay for the rebuilding. Right,
Speaker 5: they haven't squawked about that, nor have they given her
Speaker 5: any money for that or have they?
Speaker 6: No, they haven't given her any money for that.
Speaker 5: So they haven't paid her a nickel yet.
Speaker 12: Well, they did incur significant expense in getting everything.
Speaker 4: Torn out, Yeah, but they paid the contractor directly. She
Speaker 4: didn't take the money.
Speaker 6: That's right, that's correct. She hasn't pocketed it.
Speaker 4: So Matt would you please look at everything. And then Brian,
Speaker 4: we really appreciate you being a part of this. And
Speaker 4: Dmitri send me his information to Brian for sure.
Speaker 6: Yeah, I'll see see her.
Speaker 2: Hey, Mark, real quick?
Speaker 8: Is there a roof into is there?
Speaker 5: What's her?
Speaker 2: Is there a roofer that's been involved in this at all?
Speaker 4: Not that I know of. In fact, that's a great idea.
Speaker 4: Why don't you get a commercial one of your guys
Speaker 4: out there?
Speaker 2: I think.
Speaker 7: Him access to the roof.
Speaker 5: Ohoo, that's the bad size, hey, match you.
Speaker 16: Hear that I did.
Speaker 2: That's no point. It kind of sounds like they're broke.
Speaker 4: That's what I keep I've gone back to that same
Speaker 4: point ten times. And if there's no money there, there's
Speaker 4: no money there.
Speaker 6: Yeah, Mark, you know I did. Walker.
Speaker 12: Actually I drove around the complex a little bit. It's
Speaker 12: a large complex. There are probably a dozen buildings with
Speaker 12: one hundred units or in Denver. Yeah, it's right over
Speaker 12: there at Islef and Parker, and it's like, you know,
Speaker 12: it's I don't the word dilapidated isn't the correct word,
Speaker 12: but it's kind of like like the place has seen
Speaker 12: better days.
Speaker 5: You're not putting any money in.
Speaker 12: Yeah, it looks like late sixties, early seventies, super cheap construction,
Speaker 12: and these are very value priced, very affordable condominiums, and
Speaker 12: it just seems oh yeah, it's like about to become seen.
Speaker 5: Yeah, it's like living in a rainforest. I mean, it's insane.
Speaker 6: Which leads me to together broke.
Speaker 5: You wonder what asbestos Oh jeez, because of the year
Speaker 5: built very well could be.
Speaker 2: Yeah, that's a problem too.
Speaker 5: That could be a big well. Actually spee though. Oh
Speaker 5: the drywall is all gone, no no, no, yeah.
Speaker 2: But if it's if it's if it's soaking the drywall
Speaker 2: above it and coming back in, now you've got to
Speaker 2: spill again.
Speaker 6: Yeah. Is that an insurance claim in itself?
Speaker 8: It is okay, good.
Speaker 12: Hey, maybe the lad maybe the lady upstairs can use
Speaker 12: your services too, mat to me, if.
Speaker 5: She's got insurance.
Speaker 8: Ye.
Speaker 4: That's the other problem. Some of these people don't have
Speaker 4: insurance on these units. I mean, really, you described these
Speaker 4: units as yeah, I mean.
Speaker 6: I don't mean that in an insulting way.
Speaker 12: It's just a technical observation about a place that has
Speaker 12: seen much better days.
Speaker 4: Which means they have zero upkeep. They're not spending money
Speaker 4: on anything, all right, guys, I gotta I gotta move on, Dmitri.
Speaker 4: Stay on top of it, Matt with Paragon Services. By
Speaker 4: the way, if your insurance company's trying to screw you over,
Speaker 4: they owe you more money, that's where Mac gets involved.
Speaker 4: He makes sure he reads through that policy every single
Speaker 4: place to find out the most amount of money that
Speaker 4: insurance company needs to pay you. And he's done it
Speaker 4: twice for me, Matt, both times I've been denied by
Speaker 4: my insurance company. One time you got me close to
Speaker 4: eighty thousand, and then recently we're almost to the end
Speaker 4: of it. In fact, while I still got him. Hey, Matt,
Speaker 4: how much am I going to get out of the
Speaker 4: second one? Do you have any idea?
Speaker 5: I think we're going to be between forty and fifty nice,
Speaker 5: that's exactly where we aim for.
Speaker 4: Yeah, yep, yeah, very cool man. I appreciate it. Three
Speaker 4: oh three seven one three eight two five five three
Speaker 4: oh three Martino. I promise Larry, you're up Numero unocame
Speaker 4: Heller high Water.
Speaker 11: Go with a sure thing Denver's Best for excel roofing
Speaker 11: dot com.
Speaker 13: You don't pay a cent until you're content.
Speaker 11: Time for an insurance check up free no obligation in comparison,
Speaker 11: call Compass insurance paying too much your coverage at dozens
Speaker 11: of insurance companies find out now three all three seven
Speaker 11: seven to one help. You'll think you're his only customer
Speaker 11: when you choose Frank durand the real estate man dot
Speaker 11: com to list your home with Remax Alliance three all
Speaker 11: three nine two zero sixteen twenty two.
Speaker 5: All right, three all.
Speaker 4: Three seven one three A two five y five. You've
Speaker 4: been ripped off or taking advantage of I want to
Speaker 4: hear from you. We get some lines open.
Speaker 5: Any questions for our guest, Dan McKenzie too would be
Speaker 5: a good time to do it. And as promised, I'm
Speaker 5: going to go to Larry first of all, Larry, I
Speaker 5: appreciate you holding so long. What question do you have
Speaker 5: for Dan?
Speaker 15: That's okay? Thank you Dan, and there and Mark for
Speaker 15: being there. Uh my uncle, my uncle died. He left
Speaker 15: his IRA as to his trust, his trust and there
Speaker 15: is his IRA. And the lawyer said that was absolutely
Speaker 15: not the thing to do because it was immediately taxable.
Speaker 15: And so I didn't I missed part of your conversation
Speaker 15: this morning head for a doctor appointment, but I didn't
Speaker 15: know if you covered that aspect of what not put
Speaker 15: in a trust.
Speaker 10: Yeah, you do have to be careful with IRA's going
Speaker 10: to trust because there are rules requiring you to pull
Speaker 10: those funds out within a certain period of time when
Speaker 10: you inherit somebody else's IRA.
Speaker 8: Generally, you know, there are always.
Speaker 10: Some exceptions, but generally you have about ten years to
Speaker 10: pull that money out, and as you do it, you're
Speaker 10: going to be declaring it as income unlike everything else. Right,
Speaker 10: So if I get process of the sale of the
Speaker 10: house or bank or whatever else, that's not income.
Speaker 4: But wouldn't that be are well, I'm sorry, Larry. I'm sorry, Larry,
Speaker 4: but just for other people listening and for myself. So
Speaker 4: if it is a ten year window. In that ten years,
Speaker 4: when you're pulling money out of say a four to
Speaker 4: one K, it's basically being taxed, just like it would
Speaker 4: be if it was the actual original beneficiary, right, the
Speaker 4: person that died. In other words, there's no, it's not
Speaker 4: a bigger tax burden. It's still going to be it's
Speaker 4: still going to be deferred.
Speaker 8: Now it's at the income tax rate of the person's
Speaker 8: receiving it.
Speaker 4: Oh okay, okay, so I got you. It could it
Speaker 4: could be more or it could be less for that matter. Yeah, okay,
Speaker 4: go ahead.
Speaker 15: The IRS says that a trust is not a human entity,
Speaker 15: and therefore if a trust inherits an IRA or a
Speaker 15: four one K, it is immediately taxable at the current
Speaker 15: tax rate of whatever applies under that situation. I know
Speaker 15: my uncle's estate had to immediately pay about thirty five
Speaker 15: thousand dollars in.
Speaker 16: The on the.
Speaker 15: IRA because it was left to the trust the ten
Speaker 15: year payout and those tax benefits do not apply to trust.
Speaker 10: Yeah, yeah, yeah, I mean an entity receiving an IRA,
Speaker 10: it can be crunched down to five years, and then
Speaker 10: there are ways to leave money to trust if you
Speaker 10: put what's called conduit provisions in there, just saying the
Speaker 10: trustees role here is to just take the money out
Speaker 10: as they're required to do, and immediately shoot it out
Speaker 10: to the beneficiary.
Speaker 8: So there are.
Speaker 10: Ways to have the money go to trust and still
Speaker 10: get that ten year benefit, but it does have to.
Speaker 8: Be drafted specifically that way.
Speaker 4: But why would someone want to do that? In other words,
Speaker 4: if why would someone want to do that instead of
Speaker 4: just naming a beneficiary or multiple ones, is there ever
Speaker 4: a time where someone would want to do it?
Speaker 5: And if so, why, Yeah?
Speaker 10: I mean, if I'm Leavis, if my beneficiaries five, I
Speaker 10: really am not going to leave them directly as the beneficiary.
Speaker 10: And there still could be some benefit to say, Look,
Speaker 10: that tenure is a maximum. You know, anybody who receives
Speaker 10: an IRA can pull it all out immediately, and I
Speaker 10: might want my trustee to kind of take full advantage
Speaker 10: of those ten years.
Speaker 6: Right.
Speaker 4: What happens if they weren't it retirement age and they
Speaker 4: would have paid some kind of penalty for accessing the
Speaker 4: four oh one K or the IRA money. Would the
Speaker 4: beneficiary or the trust the estate would.
Speaker 5: They end up actually paying those fees or not?
Speaker 11: No?
Speaker 10: No, they have to take it and the RS wants
Speaker 10: them to, so there's no penalty. You have to take it, Okay,
Speaker 10: But yeah, if you take your own IRA early, of
Speaker 10: course there's gonna be pummel.
Speaker 4: So Larry, it does it sounds like you you might
Speaker 4: have missed part of the conversation, but you're kind of
Speaker 4: on a different wave if I'm hearing you right.
Speaker 15: Well, it's just that the lawyer and the distributed his IRA,
Speaker 15: and it was a pretty good sized lawyer for legal
Speaker 15: firm and They said that it was a big mistake
Speaker 15: for the trust to be to inherit an IRA because
Speaker 15: taxes were immediately due because the trust is not a
Speaker 15: human entity. A human would have the ten year benefit
Speaker 15: for you know.
Speaker 5: Yeah, and I.
Speaker 4: Don't want to beat a dead horse, but he went
Speaker 4: through that. There's certain things I believe you called a
Speaker 4: conduit that, yeah, certain things that could be in the trust.
Speaker 10: If the IRS can tell who the human beneficiary is
Speaker 10: that trust, it is possible.
Speaker 4: So it sounds like in his case, So or your
Speaker 4: brother's case, Larry, it simply wasn't written correctly.
Speaker 15: Well, I'm sure that's you know, his trust was left
Speaker 15: to twenty two nieces and nephews. He didn't have any
Speaker 15: other relatives.
Speaker 7: And so.
Speaker 15: You know, it was well defined as to where the
Speaker 15: money from the trust was going to go. But it's
Speaker 15: just that the trust had to immediately pay the taxes
Speaker 15: on the IRA because the trust was not a benefit
Speaker 15: of well a.
Speaker 5: Couple things here, A couple things.
Speaker 4: When you're talking twenty two people or you know a
Speaker 4: large amount of people, Dan, and we are talking about
Speaker 4: a trust in some kind of retirement, I would assume
Speaker 4: they would all want the money, right then, and there.
Speaker 4: I mean, they're not gonna want it, even if they
Speaker 4: could stretch it out five or ten years. I mean,
Speaker 4: how do you divvy something up you're not gonna list?
Speaker 4: Can you list twenty two beneficiaries on a four oh
Speaker 4: one K with Schwab or something?
Speaker 5: I mean, that's up to Schwab.
Speaker 8: I don't know.
Speaker 10: I don't know, but yeah, yeah, these are challenges when
Speaker 10: you've got that many beneficiaries.
Speaker 5: How would you have written it in the case he's
Speaker 5: talking about.
Speaker 10: I guess it depends on the age of those nieces
Speaker 10: and nephews. Is there are there miners in there? Are
Speaker 10: they all adults?
Speaker 5: Yeah, Larry, give us a little more.
Speaker 15: Okay. Probably the youngest is probably sixty.
Speaker 5: Two, god dang, okay, and.
Speaker 15: The oldest the oldest was ninety two.
Speaker 8: Okay.
Speaker 10: Wow, well then yeah, I probably would have just said
Speaker 10: to Schwab, here's he to'll leave this too, and gone
Speaker 10: directly to that.
Speaker 15: He always he always kept his beneficiary list up to date. Boy,
Speaker 15: if anybody died, he changed the whole thing right then
Speaker 15: and there. Yeah, so the beneficiaries of his crust were
Speaker 15: very fixed and up to date always.
Speaker 5: Yeah.
Speaker 4: Well, apparently it just wasn't written right, or at least
Speaker 4: not to what you know, you guys wanted. But I
Speaker 4: guess I also don't understand, Larry, what the difference would be,
Speaker 4: because if everybody wanted access to their amount, they would
Speaker 4: ultimately have to pay.
Speaker 5: The taxes on it.
Speaker 4: It'd be the same taxes, and then it wouldn't just
Speaker 4: sit there. I mean, really, what else would have happened
Speaker 4: besides liquidating it and everybody pays their fair share of
Speaker 4: taxes on it.
Speaker 15: I don't know. It just that the letter that the
Speaker 15: lawyer said out said that there was a big mistake,
Speaker 15: his CPA made the mistake of having him put the Yeah,
Speaker 15: I got iray into the trust. Yeah, and that that
Speaker 15: was a mistake because taxes were immediately due because the
Speaker 15: trust is not a human entity.
Speaker 6: Yeah.
Speaker 10: The problem is that trust tax rates here that the
Speaker 10: same percentages, but they're compressed. So a individual hits the
Speaker 10: highest tax bracket at two hundred and fifty thousand bucks,
Speaker 10: and a state doesn't have trust hits the highest tax
Speaker 10: back at about thirteen thousand. So you're getting you're paying
Speaker 10: the highest tax rate if you're paying through the trust.
Speaker 15: Yeah, And the iray was about one and a half
Speaker 15: million dollars, so it was quite a big difference.
Speaker 8: Wow.
Speaker 4: That kind of sucks that it happened that way, but
Speaker 4: that's it. Hey, Larry, I appreciate the call man.
Speaker 15: Okay, well, thank you very much.
Speaker 5: You're welcome. I liked kaya.
Speaker 4: You know, you're like me. I'm sitting here thinking nieces
Speaker 4: and nephews. They're like like kids. Yeah, four four years
Speaker 4: to two. When he when he led with the youngest
Speaker 4: is sixty, I was like, holy moly, all right, we
Speaker 4: got lines open three oh three seven one, three eight
Speaker 4: two five five three oh three Martino, you've been ripped
Speaker 4: off taking advantage of You have any questions, uh for
Speaker 4: Dan McKenzie a lot to come, hold tight.
Speaker 11: Go with a sure thing Denver's best roofer Excel Roofing
Speaker 11: dot com. You don't pay a cent until you're content.
Speaker 11: Time for an insurance check up free, no obligation. In comparison,
Speaker 11: call Compass Insurance paying too much your coverage at dozens
Speaker 11: of insurance companies find out now three oh three, seven
Speaker 11: seven to one help.
Speaker 13: You'll think you're his only customer.
Speaker 11: When you choose Frank durand the real estate Man dot
Speaker 11: com to list your home with Remax Alliance three oh
Speaker 11: three nine two zero sixteen twenty two.
Speaker 4: All right, three oh three seven one three A two
Speaker 4: five five. If you don't listen to the behind the
Speaker 4: scenes stuff, you're crazy. So uh, I mean, honestly, some
Speaker 4: days are a little different than others, but it's nuts. Hey, Dan,
Speaker 4: I want to ask you some Dan McKenzie McKenzie law.
Speaker 4: So the average person going to get I don't even
Speaker 4: know what average is anymore, because some people have kids,
Speaker 4: some people don't. I mean, there's so many different things
Speaker 4: now it's I guess there is no average. But let
Speaker 4: me ask you this. Would you say most people need
Speaker 4: to trust? If they own a house, they have a
Speaker 4: few cars, they have kids, they have bank accounts, they
Speaker 4: have jobs. I mean, I just described the majority of
Speaker 4: our population. Do most people need to trust? I'm pretty
Speaker 4: sure I remember you saying if you have children that
Speaker 4: are under the age of eighteen, you most likely should
Speaker 4: have a trust.
Speaker 10: Well, there's gotta be a trust to receive the money
Speaker 10: for them, right, So it doesn't mean you need to
Speaker 10: create a trust right now.
Speaker 8: But they again, they cannot receive.
Speaker 10: Money if they are receiving checks that they receive a
Speaker 10: million dollar if your five year old is going to
Speaker 10: get a million dollar check from life insurance company, Like,
Speaker 10: where's it going to be put?
Speaker 5: Yeah, who's going to get it? Who's going to be
Speaker 5: in charge of it?
Speaker 8: Yeah?
Speaker 10: So either a court needs to a point an adult
Speaker 10: to be put in charge of that money, or you
Speaker 10: create that by creating the trust that will receive those funds.
Speaker 4: Have you seen people that an eighteen year old has
Speaker 4: gotten a large amount of money because the parents passed away. Yeah,
Speaker 4: and it's just completely squandered that fast.
Speaker 10: Most people squander it, right, I mean fifty year olds
Speaker 10: have had jobs their entire lives and have never really
Speaker 10: had like a ton of disposal income.
Speaker 8: They spend it.
Speaker 5: They just don't know, really, they don't have to manage money.
Speaker 10: It feels like found money. So it's just like I've
Speaker 10: got six figures here. What harm is it in buying
Speaker 10: a car, remodeling my kitchen, Yeah, going and getting the
Speaker 10: ocean view room at the hotel instead of the you
Speaker 10: know ground.
Speaker 6: You know.
Speaker 8: So it's just stuff like that over a couple of
Speaker 8: years and it's gone.
Speaker 4: How many how many people do you get Galaamo, I'll
Speaker 4: go to you in a minute. By the way, we
Speaker 4: get some lines open three oh three, seven, one, three, eight, two,
Speaker 4: five five, how many calls? Where basically you're more of
Speaker 4: the well, not just the estate planner, but the asset protection.
Speaker 5: Let's get into that.
Speaker 4: I mean, do you do is a big chunk of
Speaker 4: your job when it comes to clients that have a
Speaker 4: high net worth?
Speaker 5: Is it the asset protection part? Is that a.
Speaker 10: Big part of it takes us back to the irvocal
Speaker 10: trust question, which is why would you want to create
Speaker 10: an irvocal trust if you could create a vocal trust
Speaker 10: that you can just change. Well, the irvocal trust really
Speaker 10: is getting the asset out of your name, and so
Speaker 10: you really can tell people if they sue you, I
Speaker 10: don't own that thing anymore, your vocal trust.
Speaker 5: So that's a protection.
Speaker 8: Yes, I mean they're hard to do. They should be.
Speaker 10: You know, you might be the one that gets hit
Speaker 10: by the car and you want to sue this person.
Speaker 10: You don't want them telling you I don't have anything
Speaker 10: because it's all in the trust that I created and
Speaker 10: then I'm the beneficiary of.
Speaker 5: So yeah, you could be on either side.
Speaker 8: Yeah you could be on the other site.
Speaker 5: But that's part of your job, though, is asset protection sure, yep.
Speaker 5: Is that a big part of it.
Speaker 8: I mean, it depends on who you're talking about.
Speaker 10: So asset protection for the people creating the plan, that's
Speaker 10: the hard part. If I'm trying to get my own
Speaker 10: assets out of my name to avoid having to pay
Speaker 10: them out in a lawsuit, that is challenging, and that
Speaker 10: is an area of specialization. So we work with other
Speaker 10: people on that. So we do do it, but we
Speaker 10: do usually bring in other people.
Speaker 5: Isn't there some offshore stuff people can do?
Speaker 8: Yeah?
Speaker 5: Is that a big thing? And I mean, now we're
Speaker 5: talking people hundreds of millions of dollars.
Speaker 10: Not necessarily because if you have hundreds of millions of dollars,
Speaker 10: do you really care about getting sued? I mean, you know,
Speaker 10: you could write a five million dollar check and not
Speaker 10: even feel it.
Speaker 5: That's a good point.
Speaker 8: So but if you have.
Speaker 10: Two million, that's a and you now you're a good target,
Speaker 10: and yet you don't have enough money to just be like,
Speaker 10: hey could this is Austin?
Speaker 8: I don't care. So people who.
Speaker 10: Have a lot less like enough to be interesting, but
Speaker 10: not so much that they're just like, I don't care
Speaker 10: about getting sued.
Speaker 5: What do you think that limit is on an umbrella.
Speaker 4: So let's take that two million dollar mark you were
Speaker 4: just talking, right, So somebody that's got two to three million,
Speaker 4: they have really no debt they have they literally have
Speaker 4: that NASA's house, paid for money in the bank, stocks,
Speaker 4: retirement accounts, whatever.
Speaker 5: Yeah, should they have an umbrella at some point?
Speaker 4: It doesn't make any sense to have an umbrella, Just
Speaker 4: like we were talking that hundred million. You're not going
Speaker 4: to go out and get an umbrella for a hundred
Speaker 4: million dollars.
Speaker 5: It would cost you. First of all, you probably couldn't
Speaker 5: get it.
Speaker 4: But what are your thoughts on people like that, because
Speaker 4: there's a lot of people like.
Speaker 8: That, like what to two million?
Speaker 5: Three million?
Speaker 4: Oh for sure, I mean I'm not talking thirty years
Speaker 4: ago where a million bucks was massive.
Speaker 10: Yeah, I'm always in favor of umbrella and maximizing your insurance.
Speaker 10: But insurance, I mean that has gaps, right, there's caps
Speaker 10: on it, there's limitations. The insurance companies draft those agreements,
Speaker 10: they're trying to not pay out. And you know that
Speaker 10: usually covers injury situations, not like breach of contract or
Speaker 10: you know, other kind of situations you.
Speaker 8: Get involved in that don't really involve injuries.
Speaker 4: You know, people filing their own probate. We talked about
Speaker 4: this a caller. It was either last week or this week.
Speaker 4: The day's run together. But she owned a house and
Speaker 4: had some money in a bank account and basically wanted
Speaker 4: to do probate herself. I think her mom passed away,
Speaker 4: had the house in the bank account. And one of
Speaker 4: the big problems with that is if you don't do
Speaker 4: it right, when you try to reach out to the
Speaker 4: creditors and post stuff in the newspaper and whatever you're
Speaker 4: supposed to do these days, you could become personally liable
Speaker 4: if there was a creditor out there, and that would
Speaker 4: be huge.
Speaker 5: I mean, they can come after you directly, right.
Speaker 10: Yeah, if you shot the money out and didn't do
Speaker 10: the notifications correctly, they're going to say, go get that
Speaker 10: money back.
Speaker 6: How much time do they have to come after you.
Speaker 10: It depends on if you notified them correctly. I mean,
Speaker 10: if you didn't do it correctly, that's no limit.
Speaker 5: That's insane.
Speaker 6: Yeah.
Speaker 8: So, I mean.
Speaker 10: Typically you have a year from date of death to
Speaker 10: make a claim, right, so if they have not made
Speaker 10: a claim for it, it's been more than a year
Speaker 10: since the person passed away, at that point you're probably safe.
Speaker 4: How come credit card companies are telling me if this
Speaker 4: is a fallacy. Most credit card companies don't come after
Speaker 4: the estate. So let's say Joe Blow passes away. He's
Speaker 4: got a you know, he's got a visa with Wells
Speaker 4: Fargo that's got two grand on it. He's got something else,
Speaker 4: a Cohles card, it's got five hundred bucks.
Speaker 5: Is it just not worth the money or do they
Speaker 5: come after it?
Speaker 10: I mean, we see a lot of claims submitted by
Speaker 10: credit card companies, But the question is, like, if you
Speaker 10: get to a point where, look, I'm ready to distribute
Speaker 10: money here, but I've got this claim sitting.
Speaker 8: There they got to deal with.
Speaker 10: If you call the credit card company, are they really
Speaker 10: going to say, you know, you got to pay this
Speaker 10: whole thing and you negotiate. Yeah, you might negotiate, you
Speaker 10: might deny the claim and just see if they really
Speaker 10: have the time and resources. You think these enormous credit
Speaker 10: card companies do. But are they going to go to
Speaker 10: a hearing in Douglas County, Colorado for five and get there?
Speaker 8: You know, yeah, they're ten thousand.
Speaker 5: Bucks, they'd be crazy too.
Speaker 8: Yeah.
Speaker 5: In fact, a lot of the small claims cases.
Speaker 6: I do.
Speaker 5: They're very valid, at least to me, they're very valid.
Speaker 4: But the reason I end up winning before we even
Speaker 4: walk into court is they have to first of all,
Speaker 4: petition the court in order to bring an attorney in.
Speaker 4: And then they have to bring an outside attorney in
Speaker 4: generally because they're you know, located in California. And I mean,
Speaker 4: I don't care if you're fresh out of law school,
Speaker 4: You're not going to show up in small claims court
Speaker 4: for less than a thousand or two thousand bucks. You'd
Speaker 4: be crazy to So they end up going, Okay, he
Speaker 4: wants eight hundred bucks, we'll get them eight hundred bucks.
Speaker 4: I mean, that's just kind of how the world works
Speaker 4: right now. And it's kind of nuts though, man. But
Speaker 4: to think with probate to a lot of people come
Speaker 4: to you, you know, after the fact, where maybe a
Speaker 4: creditor is coming after him, is at a call you
Speaker 4: take or you're out of it at that.
Speaker 10: Point, yeah, i'd probably I'd probably refer them to a
Speaker 10: litigator at that point. Yeah, it's hard. I mean that
Speaker 10: the issue is they don't close the estate. You got
Speaker 10: to close the estate. You gotta tell the court. I
Speaker 10: really took care of the creditor claims.
Speaker 6: Yeah, and if you.
Speaker 4: Didn't like, you better not say that, Yeah, because you're
Speaker 4: lying to the court. Yeah, all right, hold on, galaremo
Speaker 4: am I saying that?
Speaker 19: Right?
Speaker 5: It looks like we're gonna come to you after this.
Speaker 11: Go with a sure thing Denver's Best roofer Excel Roofing
Speaker 11: dot com. You don't pay a cent until you're content.
Speaker 11: Time for an insurance check up free, no obligation. In comparison,
Speaker 11: call Compass Insurance paying too much your coverage at dozens
Speaker 11: of insurance companies find out now three oh three seven
Speaker 11: to seven to one help. You'll think you're his only
Speaker 11: customer when you choose Frank durand the real estate Man
Speaker 11: dot com to list your home with Remax Alliance three
Speaker 11: oh three nine two zero sixteen twenty two.
Speaker 4: All right, three oh three seven one three eight two
Speaker 4: five five were up against the hard break. But I
Speaker 4: want to unless you at least start out with this
Speaker 4: one guy, A what is going on with you?
Speaker 18: Hey, good afternoon, Thank you for taking my call. This
Speaker 18: is more like kind of like a follow up, or
Speaker 18: more like a guidance. A couple months ago, I had
Speaker 18: an issue with my well, it's been longer than that.
Speaker 18: But the last touch that we did was on October
Speaker 18: twenty second, where well, what.
Speaker 5: Was the initial problem? Helped me out with that?
Speaker 18: Oh yeah, of course I hired him to replace my roof. Yeah,
Speaker 18: who's him after you know, talking gosh as foundable?
Speaker 12: Oh go, who's using somebody? Some other roofing companies contract?
Speaker 4: Yeah, okay, I remember this one. So basically, what was
Speaker 4: the problem with your roof? A hell storm or what?
Speaker 14: And they'll starm me up.
Speaker 18: And then basically it gave him a five thousand dollars
Speaker 18: check for materials, never provided receipts nor like port you
Speaker 18: never did anything.
Speaker 14: Never did anything.
Speaker 18: And then on October twenty second, to take the heat
Speaker 18: off of him, you told you guys that he's going
Speaker 18: to be basically gave me five hundreds tenmans every two weeks.
Speaker 18: I waited for like a month and never I never
Speaker 18: heard back from it, and never received another check or anything.
Speaker 18: He still own me four thy five hundred I took.
Speaker 18: I submitted the paperwork to take him to court, and
Speaker 18: we have court on January thirty first, which.
Speaker 7: Is in three weeks.
Speaker 18: You know what he's going to do to get my
Speaker 18: probably counter to counter suit me or.
Speaker 5: I don't know what he countersue you for. I mean
Speaker 5: the guy took five grand? How long ago was that?
Speaker 6: Again?
Speaker 5: How long ago? Did you give him the five grand.
Speaker 18: On July second?
Speaker 5: Yeah, I mean that's a long time ago. What are
Speaker 5: we talking there? Eight months? Yeah, but he's taken him
Speaker 5: to court. Now that's a good sign.
Speaker 4: It's a great sign. But I mean, I don't see
Speaker 4: a counterclaim. I see the guy not showing up to me.
Speaker 4: Sounds like a bum.
Speaker 18: Totally is I just wanted to know, like I guess
Speaker 18: some guidance. I've never really done this before. So I
Speaker 18: have the paperwork.
Speaker 5: Okay, I love it, So hold on, I'll talk to you.
Speaker 5: I can give you.
Speaker 4: I'm not going to give you legal advice, but I
Speaker 4: have brought so many people to small claims court at
Speaker 4: this point it's crazy. I know where the paperwork is
Speaker 4: that you can fill out in the instructions, and of
Speaker 4: course Dan McKenzie attorney of law, and chime in with
Speaker 4: some legal advice if he wants to everybody, hang tight,
Speaker 4: we got one more hour to go. I got three
Speaker 4: lines open, three zero three.
Speaker 5: Martino. It's been a slow day. I want to hear from.
Speaker 11: You go with a sure thing Denver's Best roofer Excel
Speaker 11: Roofing dot com.
Speaker 13: You don't pay a cent until you're content.
Speaker 11: Time for an insurance check up free, no obligation comparison
Speaker 11: call Compass Insurance. Pay too much your coverage at dozens
Speaker 11: of insurance companies find out now three O three, seven
Speaker 11: to seven to one help. You'll think you're his only
Speaker 11: customer when you choose Frank durand the real estate Man
Speaker 11: dot com to list your home with Remax Alliance three
Speaker 11: oh three nine two zero sixteen twenty two news.
Speaker 5: So you don't have.
Speaker 1: As a cam shooter's gonna help.
Speaker 18: Come man, this is.
Speaker 5: The Troubleshooter Show.
Speaker 4: No Tom Martinez, welcome my friends to the only show
Speaker 4: if it's kind of We're to solve problems, answer your questions,
Speaker 4: take complaints.
Speaker 5: You have to listen to the show behind the show
Speaker 5: on YouTube. Go to YouTube. You can do it all
Speaker 5: the time. You can do it tonight whenever.
Speaker 4: A lot of people watch the show afterwards. It doesn't
Speaker 4: matter if it's on the ihearved app. There's a lot
Speaker 4: of people that just listen to the show either the podcast,
Speaker 4: the iHeart app live or six thirty g h A
Speaker 4: w KRDOS got numerous FM and ams down and around
Speaker 4: from Pueblo to Colorado Springs and Monument. Lots of ways
Speaker 4: to listen to the show, but the only way to
Speaker 4: listen and get the behind the scenes stuff during commercial
Speaker 4: breaks is YouTube.
Speaker 5: You can also see our beautiful faces. You could see
Speaker 5: my guess, Dan McKenzie's face. He is basically the.
Speaker 4: Attorney at eight three three co Plans, that's the phone number,
Speaker 4: but he's an estate planner. But you could see his
Speaker 4: face when Deputy Dmitri asked him if he was interested
Speaker 4: in partnering into what is it, Dimitri? A cell phone thing?
Speaker 5: Class actions? A class action cell phone? What was it?
Speaker 12: Just you know, some just some normal regular consumer related
Speaker 12: issues and a couple of ripoffs that you know that
Speaker 12: I've been subjected to.
Speaker 5: Yeah, I know you take this stuff very seriously.
Speaker 12: Yeah, I do, and especially since there's so many others
Speaker 12: who are similarly situated. So I just want somebody to
Speaker 12: stand up for us regular consumers.
Speaker 5: And I think he would be a marriage made in heaven.
Speaker 4: But dear see, I think what happens is attorneys are funny.
Speaker 4: Tom and I sued a company. This wasn't that long ago.
Speaker 4: It was during COVID and we we had to Oh
Speaker 4: my god, I had no idea. Once you start getting
Speaker 4: billed hourly, you really start realizing how hard this was
Speaker 4: an intellectual property case. And we were probably we were
Speaker 4: one hundred and fifty grand in probably within six or
Speaker 4: seven months. Six or seven months and get ready for this.
Speaker 4: We didn't even go through discovery yet. Can you believe that? Dan,
Speaker 4: Dan's like, that's incredible. Yeah, it's incredible. So, I mean
Speaker 4: the dollar amounts, and that's not what I was talking
Speaker 4: about was a dollar amount.
Speaker 5: What I'm talking about is the labor.
Speaker 4: Just the depositions we probably deposed I want to say,
Speaker 4: twenty people and each one, Oh my god. I had
Speaker 4: no idea because both attorneys go. I mean the depositions
Speaker 4: were crazy. I mean maybe three to five hours, depending
Speaker 4: on who it was. I mean, just getting through that
Speaker 4: was month. It was absolutely nuts. But I'm not going
Speaker 4: to get into that case. So when we talk about
Speaker 4: an attorney getting helping us out, I mean I think
Speaker 4: we forget the hours involved in it. Dan, And I'm
Speaker 4: not talking about you specifically, but the beginning of your career.
Speaker 5: Tell everybody what you did.
Speaker 4: I mean, really, coming out with your law degree, you
Speaker 4: got into what, Yeah, I was.
Speaker 10: A consumer fraud class action attorney. That's primarily so. I mean,
Speaker 10: class action attorneys kind of have a not great reputation
Speaker 10: because it's like that's where you get those coupons in
Speaker 10: the mail saying you get ten dollars off your next
Speaker 10: oil change because there was this class action settlement and
Speaker 10: all that. But really, you know, you got to ask yourself,
Speaker 10: are we okay with huge companies basically taking fifty sixty
Speaker 10: bucks off of every client or every customer.
Speaker 5: No?
Speaker 4: And really, what I think is the reason for class
Speaker 4: action isn't necessarily to get everybody rich, not just to
Speaker 4: punish the cost.
Speaker 10: To stop it, like because otherwise, what is the incentive
Speaker 10: for companies to not do that? Because there isn't one, right, Yeah,
Speaker 10: because you can't. Individuals aren't going to sue them over
Speaker 10: sixty bucks.
Speaker 4: But on that side of the ballgame, I mean you're
Speaker 4: out there going after these companies, I mean, how do
Speaker 4: you you're representing sometimes what thousands? Tens of thousands?
Speaker 8: What I mean?
Speaker 10: Usually, Yeah, the class most classes are quite large. If
Speaker 10: it's a national company, they're going to have you know,
Speaker 10: thousands of people in them.
Speaker 4: In the bottom line is what your job was. I
Speaker 4: mean as one of the attorneys. I mean basically you're
Speaker 4: just putting the whole thing together. I mean all you're
Speaker 4: doing is working at a desk with paperwork for the
Speaker 4: most part.
Speaker 10: Yeah, lots and lots of paperwork. You got to go
Speaker 10: through probably customer service records. So like if we had
Speaker 10: a case like, okay, give us all access to every
Speaker 10: customer service note you've ever made for the last five years,
Speaker 10: well as you can imagine that, it's thousands and thousands.
Speaker 5: Of thousands and thousands, it had to be boring quite frankly.
Speaker 4: Right, Yeah, that's why you got out of it.
Speaker 5: So, but how much time and money would go into it?
Speaker 4: So let's say, I don't know, take one of the
Speaker 4: medium size once or one of the larger how much
Speaker 4: did the firm basically invest in it? And I'm talking
Speaker 4: about advertising to the class, I'm talking everything.
Speaker 5: Oh yeah, it would be nothing to put five million
Speaker 5: in it.
Speaker 10: Yeah, it could be millions, yep, for sure, easily and
Speaker 10: before you even know, right, So, as it's telling Dimetrie
Speaker 10: like you've got to get that class certified, and that's
Speaker 10: not easy. You got to show he is a turds
Speaker 10: similarly similarly situated, and defense attorneys just live off of
Speaker 10: showing how all these people did not suffer the same injury.
Speaker 8: Right, It's very hard to do, actually, and.
Speaker 4: The reason they want to do that is that everybody
Speaker 4: needs a separate attorney in a separate court case.
Speaker 10: Yeah, we can't have a class here. All these people
Speaker 10: got to be individually investigated.
Speaker 4: Oh my goodness, that sounds like just so much work, honestly,
Speaker 4: But you're right, there's nothing. And I'll say this, if any,
Speaker 4: if if any attorney that we deal with, and we
Speaker 4: have great attorneys and refer list, but if any really
Speaker 4: kind of aligned with the show. Really, your background is
Speaker 4: quite incredible because when you came out of law school, seriously,
Speaker 4: you wanted to go after these injustices. You wanted to
Speaker 4: go after the bad guys. But I mean, you know,
Speaker 4: you start after what you do that for ten years? Yep,
Speaker 4: and you just said that's it, I'm done.
Speaker 10: Yeah, it's you know, it's being alligator is a it's different.
Speaker 8: It's a pretty stressful life.
Speaker 10: So yeah, it's some people are really up for that
Speaker 10: kind of adrenaline and that kind of fighting every day
Speaker 10: wasn't really my Did you.
Speaker 4: Take a lot from that going into a state planning
Speaker 4: because you're one of the best out there.
Speaker 5: You got it?
Speaker 10: I mean yes, I mean so we had a case
Speaker 10: that was not a class action, that was just a
Speaker 10: fight between a couple of families that had a business together,
Speaker 10: that was a couple of generations in and it was
Speaker 10: not It was one of the lest pleasant cases ever
Speaker 10: did because we had all the personal emotions involved on
Speaker 10: top of the business stuff.
Speaker 5: So is there a lot of times in estate planning?
Speaker 4: And I promised Garama, I'm going to get back to
Speaker 4: you John, and then Deputy Bo's got to comment out
Speaker 4: of one line open three ord th Martino, we talk
Speaker 4: about family businesses of state planning. I'm not going to
Speaker 4: say who, but we know somebody that basically owns automotive
Speaker 4: shops and they have multiple locations and it's all one family,
Speaker 4: but different ones run and own each location. It's kind
Speaker 4: of weird. I don't know how this stock breaks up
Speaker 4: or anything, but do you deal a lot with circumstances
Speaker 4: like that to where someone's either talking about key Man
Speaker 4: insurance for the estate or they're talking about literally if
Speaker 4: I want to pass it down to my son, but
Speaker 4: my brother doesn't want to deal with my son for
Speaker 4: whatever reason. You kind of design the operating agreement. I mean,
Speaker 4: is is that like big time in your wheelhouse?
Speaker 10: Yeah, you want to be thoughtful about that, for sure.
Speaker 10: But closely held businesses are a real challenge.
Speaker 4: Especially when you go into business with someone. I guess
Speaker 4: really it doesn't matter family member or not. It's a
Speaker 4: marriage yep. In fact, for lack of the better words,
Speaker 4: that's all marriage is. I mean, you're entering into a business.
Speaker 4: I'm being serious. So when people come to you, whether
Speaker 4: they're coming to you for a simple will, I liked
Speaker 4: how I saw.
Speaker 5: That look from Susanna. It's a business.
Speaker 4: So when people come to you and they sit down,
Speaker 4: I mean, generally what's happening.
Speaker 5: You're gonna go, okay, you know, why are you here.
Speaker 4: They're going to say, hey, we just had a baby,
Speaker 4: or we haven't updated our will forever. You kind of
Speaker 4: go over their needs while we're there, and then I
Speaker 4: assume at that point you kind of sit on it,
Speaker 4: you think of different suggestions, then you approach them with
Speaker 4: your ideas and have kind of a Q and a yeah.
Speaker 8: I mean we like to just tell you here's your options.
Speaker 10: I mean, you talked about avoiding probate and does everybody
Speaker 10: need a trust earlier?
Speaker 8: And you know, I really don't take that position. We
Speaker 8: do a lot of.
Speaker 10: Plans that have no trust planning in them at all.
Speaker 10: It just comes down to your priorities. Do you care
Speaker 10: about avoiding courts? Some people don't, you know, probate process
Speaker 10: unlike litigation, where it's like this is going to be
Speaker 10: a fight, there's no this is a fight, but it probates.
Speaker 10: A lot of probates are not fights, right, it's not
Speaker 10: necessarily critical that every single person avoided I.
Speaker 4: Get to But but at that point when you give
Speaker 4: them the different options, I mean, you're not going to
Speaker 4: be billing someone hourly to write the will. You already
Speaker 4: understand what they want. You're going to say, hey, that's
Speaker 4: going to be this, and you're going to tell them
Speaker 4: then if you want to go to the next step
Speaker 4: and do this, it's going to be that.
Speaker 5: So I mean, it's not I.
Speaker 4: Don't want to say ala carte, but in a way
Speaker 4: it is ala carte or different options, correct, and then
Speaker 4: you give them a flat rate price.
Speaker 5: Now, what wouldn't be a flat rate price.
Speaker 10: So there is some stuff you stay on the funding side.
Speaker 10: And by that I mean like, Okay, you've got the
Speaker 10: estate plan and now, like we've talked about, like you
Speaker 10: could have an estate plan with all this beautiful trust
Speaker 10: planning in it, and then you've got your life insurance
Speaker 10: policy directed at a person and maybe you didn't want that.
Speaker 10: You wanted to go into the trust, right, and so
Speaker 10: you just got to make sure that the stuff on
Speaker 10: the way you've titled it, the way it doesn'ty have beneficiaries,
Speaker 10: also is lines up with what you wrote up.
Speaker 5: So getting I want to go back to the trust.
Speaker 4: So Suzanna and I have had one forever, but we
Speaker 4: have not moved everything into it.
Speaker 5: It really is kind of a pain. Do you do
Speaker 5: this for people?
Speaker 4: Not only can you set up the trust the way
Speaker 4: they want it set up, or tell them how it
Speaker 4: should be set up however you want to look at it,
Speaker 4: but do you actually go the other step and offer,
Speaker 4: once again ala carte, if you want me to move
Speaker 4: the house into the trust, I'll do that. If you
Speaker 4: want me to look at the operating documents for this
Speaker 4: particular business and get all of that in there, So
Speaker 4: that's moved into the trust.
Speaker 5: Do you go to that level?
Speaker 10: Yeah, I mean when we set up trust, we usually
Speaker 10: put the house in there for them. Well, usually take
Speaker 10: care of that. We have signed the personal property, we
Speaker 10: sign business interests into the trust, so I'll do it all.
Speaker 8: We don't do. I mean, it's not like your Schwab accounts,
Speaker 8: like you got to do that, right.
Speaker 5: Yeah, but once again, that's not going into the trust.
Speaker 8: Why because they're iras.
Speaker 4: It would be beneficiary, wouldn't it. Well, no, we've got okay,
Speaker 4: I don't mind talking about it. We've at multiple accounts
Speaker 4: I call trading accounts. Some of them my day trade,
Speaker 4: other ones long term stuff. It doesn't matter. But there's
Speaker 4: lots of assets and they just sit there and I
Speaker 4: do what I do with them.
Speaker 10: I trust because I mean, if they're not IRA's, they
Speaker 10: should be in the trust because the trust covers the
Speaker 10: incapacity events too.
Speaker 4: Well, okay, I get that part, which we did do
Speaker 4: in the trust. I mean, you know, we named our
Speaker 4: daughter of you know, if if we can't think for ourselves, basically,
Speaker 4: she's over our health and our financial But but if
Speaker 4: we die, if they're the beneficiary, why would that go
Speaker 4: into his trust? Just like a bank account. Why would
Speaker 4: our personal bank account, I'm asking.
Speaker 10: It depends on have you put any restrictions in place
Speaker 10: on how she can access that money?
Speaker 5: If we're no, we haven't, okay.
Speaker 4: So if you have a car at this point in
Speaker 4: both of our kids' lives, they split the money, they
Speaker 4: can do whatever they want with it.
Speaker 8: So probably not.
Speaker 10: You probably would name her as a beneficiary again, like
Speaker 10: she's using powers of attorney if you are incapacitated to
Speaker 10: access to those funds.
Speaker 8: Yeah, I mean those sometimes you hit barriers with those.
Speaker 4: Okay, So it's not the best way to do. It's
Speaker 4: basically what you're saying, yeah, okay, and you don't know everything.
Speaker 8: Like why wouldn't you put it in there?
Speaker 4: Well, okay, why And I asked that same question, why
Speaker 4: wouldn't you put a checking account in there? I mean,
Speaker 4: it's kind of crazy to go out and rename our
Speaker 4: joint account, you know, Major Trust one, two three, whatever
Speaker 4: it is, and now we're writing checks on Major Trust
Speaker 4: instead of Mark or Suzanne Major when we could just
Speaker 4: name a beneficiary for the cash. So I don't see
Speaker 4: the difference between that and the trading accounts.
Speaker 5: That's that was just my logic.
Speaker 10: Because in a checking account, as you mentioned, a lot
Speaker 10: of times, the banks will say, okay, well set up
Speaker 10: this trust account for it's gona be a differ account.
Speaker 10: You're gonna have a different account number, different debit car,
Speaker 10: different checks. Yeah, a little bit of a pain to
Speaker 10: get that set up, but then it's no different. But
Speaker 10: most people don't want to go through that pain because
Speaker 10: it's like I got ten thousand bucks in my checking
Speaker 10: account in any even time.
Speaker 8: It's not.
Speaker 5: Yeah, it's not.
Speaker 8: Yeah.
Speaker 10: That's the other part on the checking I'm in your
Speaker 10: slave accounts. I assume you're not pulling money in and
Speaker 10: out every day, right, like a checking account. So I
Speaker 10: just feel like that is not quite as much of
Speaker 10: an issue must with most people's brokerage accounts.
Speaker 5: Okay, no, I appreciate that. That sounds like solid advice, sir.
Speaker 4: And Garamo, I promise, well, God, dang, I'm way over
Speaker 4: all right, Garamo, I'm gonna come back to you. John's
Speaker 4: got a question for Dan McKenzie. Real quick, John, just
Speaker 4: say it real quick so he can think about it.
Speaker 4: What is the question for John? All right, I'm sorry
Speaker 4: for Dan.
Speaker 17: If my son, so my house isn't paid for I'm
Speaker 17: nearly seventy years old. So if I die, I want
Speaker 17: to be sure that my daughter gets my equity in
Speaker 17: my house. Is that just a basic wheel?
Speaker 4: All right, hold on, we're gonna, We're gonna nothing's basic
Speaker 4: these days.
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Speaker 4: All right, three O three seven one three eight two
Speaker 4: five five Because we do have a guest in Garamo.
Speaker 4: I promise I'm dying to hear that update. But I
Speaker 4: want to ask John real quick, John, what is your question?
Speaker 4: For Dan mackenzie?
Speaker 17: So if I'm if I don't live long enough to
Speaker 17: pay my home off U and I want my daughter
Speaker 17: to get my equity, which is uh, you know it's
Speaker 17: around seven hundred thousand dollars. Wow, So how do I
Speaker 17: sure that she is going to get that? What kind
Speaker 17: of wheel would I need?
Speaker 4: And I want to add something to that, Dan, and
Speaker 4: I the reason I am interjection. The interjection is this
Speaker 4: is very important. There's different ways to leave it, which
Speaker 4: I want you to talk about. But he's not bringing
Speaker 4: up tax consequences at all, and that's a very important
Speaker 4: part of his question.
Speaker 10: Yeah, because you do want to make sure that she
Speaker 10: inherits today your death if possible, So we'll hold onto
Speaker 10: that house because you probably have a lot of gain
Speaker 10: built up in it and you want to avoid that
Speaker 10: capital gains tax. But that was not your question. Your
Speaker 10: question is how does she get the equity? If she's
Speaker 10: the one who in Arisida. It sounds like she's probably
Speaker 10: your only.
Speaker 8: Child and that you are not married.
Speaker 10: So you could leave it directly to her through a will.
Speaker 10: You could record a beneficiary deed transfer the house to
Speaker 10: her at your death. There's a couple of different ways
Speaker 10: to do it. But whatever you do, she is going
Speaker 10: to receive it. The mortgage company will require her to
Speaker 10: refinance as soon as they find out that it's not
Speaker 10: owned by you.
Speaker 8: Anymore or sell it. Yeah, usually it gets so old.
Speaker 8: But yeah, yeah she will get the equity.
Speaker 4: But the one way I do not want you to
Speaker 4: do and chime in, Dan if you don't agree with me,
Speaker 4: would be a quit claim before you die.
Speaker 6: Yeah.
Speaker 10: People do that a lot, and that does get rid
Speaker 10: of that capitol gains step up and then the person
Speaker 10: who receives the house potentially has to pay you know,
Speaker 10: six figures at capital gains tax they could have avoided.
Speaker 4: Yeah, that's a big part, John, that is a massive part.
Speaker 4: We have so many people after the fact and there's
Speaker 4: not a damn thing you can do, Dan, that basically
Speaker 4: they quit claimed it thinking well, I want to give
Speaker 4: it to my daughter, I don't have any other kids
Speaker 4: or whatever, and before they die they quit claim it,
Speaker 4: and then all of a sudden when they died, like
Speaker 4: you said, you know, of if they got a million
Speaker 4: bucks in equity, they'redihed out one hundred and fifty grand.
Speaker 5: They didn't have to.
Speaker 10: Yeah, we've seen people around here that bought their houses
Speaker 10: for one hundred thousand dollars or less and they're now
Speaker 10: a million bucks.
Speaker 5: Right, So, John, you got any other questions?
Speaker 17: I know, No, that that pretty much ansed it.
Speaker 5: Do you have a will set up? Do you have
Speaker 5: anything like that?
Speaker 17: No, I don't. I don't have anything.
Speaker 5: Right now, you should really call Dan.
Speaker 4: I mean, you're talking seven hundred thousand dollars to be
Speaker 4: quite honest. Okay, I'm going to say something, and there
Speaker 4: might be two rules of thought, because I don't know
Speaker 4: how much money people's kids have. But you know, I'm
Speaker 4: an only child. I paid for my parents live in Florida.
Speaker 4: I paid for all their stuff. I paid for their
Speaker 4: estate planning because ultimately all it does is benefit me,
Speaker 4: and they're my parents. So I don't know why in
Speaker 4: a case like John, someone that stands to inherit seven
Speaker 4: hundred thousand dollars of equity from the house wouldn't pay
Speaker 4: to make sure it's done right.
Speaker 5: I just don't know why. Do you see that a lot?
Speaker 10: It certainly happens, and it is weird that that is
Speaker 10: the weird part about state planning is the people making
Speaker 10: the plan and the people receiving the benefits of the
Speaker 10: plan are not the same people.
Speaker 8: So, yeah, they might have a difference of opinion.
Speaker 5: Yeah, but you're still going to be dealing with the
Speaker 5: parents in most cases.
Speaker 10: Yeah, you just got to be careful as the lawyer
Speaker 10: receiving money from somebody who isn't the client, that they
Speaker 10: understand that.
Speaker 5: Well, it's not even so that's not even how I
Speaker 5: did it.
Speaker 4: My parents found somebody that they were comfortable with that
Speaker 4: my dad dealt with professionally in his life at one point,
Speaker 4: and they did the planning. I just paid the bill
Speaker 4: on it. Yeah, I mean, that's more or less what
Speaker 4: I'm saying. I see what you're saying, though, that could
Speaker 4: get a little tricky. If I called you up and said,
Speaker 4: you know, my parents are fine, they live over here
Speaker 4: in Centennial, and I want you to draft all this
Speaker 4: up and I'll have them sign it. I mean, that
Speaker 4: could get a little weird. In fact, is that even
Speaker 4: legal for you.
Speaker 8: To have what somebody else drafted?
Speaker 6: Yeah?
Speaker 5: So no, no, no. So let's say I come to
Speaker 5: you and I say here's what I want, Yeah, and
Speaker 5: I and I basically create their trust for me, and
Speaker 5: then I tell you I'm going to go out and
Speaker 5: get it signed.
Speaker 10: I mean they're gonna have Yeah, they're going to have
Speaker 10: to execute it. They're gon have to have capacity and
Speaker 10: not be pressured. And you know, there's no undue influence,
Speaker 10: there's they know what they're signing, like there's so that
Speaker 10: is the limitation on it. But yeah, as the attorney,
Speaker 10: if that situation came up, I'd be like, I got
Speaker 10: to meet your parents.
Speaker 15: It is.
Speaker 4: So it's really anybody out there. Any questions you have
Speaker 4: after the show. First of all, you can find Dan
Speaker 4: on a refer list. He's been in studio with us
Speaker 4: for years and years and years. But the phone number
Speaker 4: eight three three CEO plans, if you haven't had the
Speaker 4: will looked at, if you don't know, if you need
Speaker 4: a trust, if you just had a baby, if your
Speaker 4: kids just turned over eighteen, there's so many reasons to
Speaker 4: go back and look at things.
Speaker 5: Did you know this?
Speaker 4: And once again Dan, if I say this incorrect, but
Speaker 4: I'm basing this off, calls people forget to update the trust.
Speaker 4: And let's say Uncle Fred's on the trust and he
Speaker 4: gets one tenth of whatever, and you don't update it.
Speaker 4: When Uncle Fred dies, uncle Fred's kids will end up
Speaker 4: getting that portion.
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Speaker 4: All right, three oh three seven one three eight two
Speaker 4: five five. I've got to tell you about Wave eight.
Speaker 5: Look.
Speaker 4: Tom started this. This is one of those companies. Tom Martino,
Speaker 4: by the way, he's a very wealthy man. If you
Speaker 4: didn't know that, yes, and I don't. He hates when
Speaker 4: I say stuff like this.
Speaker 6: He goes.
Speaker 4: People don't want to Yeah, they do. He flies a helicopter.
Speaker 4: You know how many people privately fly a helicopter in
Speaker 4: the state of Colorado.
Speaker 5: Two? Okay, so let let let's talk real world.
Speaker 6: Who's the other one?
Speaker 5: I have no idea.
Speaker 4: I have no clue, Dimitri, I really don't know. So
Speaker 4: he got sick and tired of paying what he refined
Speaker 4: first who as a middleman? So he literally years ago,
Speaker 4: right about towards the end of COVID, he started diving
Speaker 4: into this venture and he started Wave eight. And what
Speaker 4: Wave eight is basically financial advisors, but it's in house
Speaker 4: most financial advisors. Ask yours, I don't care who it
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Speaker 4: they place it or do they take your money? And
Speaker 4: then they go to somebody else, like a big company
Speaker 4: like Schwab that's making all the decisions. All you're doing
Speaker 4: is paying the middleman with most financial advisors. And Tom
Speaker 4: got pretty sick and tired of paying that middleman fee.
Speaker 4: He's like, look, I have worked my whole life for
Speaker 4: this money. I developed a career over fifty years, and
Speaker 4: the bottom line is this, I don't want to pay
Speaker 4: a middleman.
Speaker 5: Why do that? No one should have to do that.
Speaker 4: So we started Wave eight and you can call him up,
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Speaker 4: seven to one help or visit the website. You can
Speaker 4: learn more right there. But invest with Martino dot com.
Speaker 4: You know, we spent over a year getting all his
Speaker 4: financial licensing. I mean, when Tom puts his mind to it.
Speaker 4: By this time, if you've been a fan of the
Speaker 4: show or been following Tom for forty five years in Colorado,
Speaker 4: you know who he is.
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Speaker 5: The man's going to take care of your money better
Speaker 5: than anybody else out there.
Speaker 8: All right.
Speaker 4: I said my piece with that, and I mean it.
Speaker 4: I mean every word of that. I have personally known.
Speaker 4: Time coming on thirty years, I do want to finish
Speaker 4: up with Gierra Guillermo.
Speaker 5: Notice how I had to look at my fanatical spelling
Speaker 5: to get it right. But Guerremo, here's the bottom line.
Speaker 5: This roofer came out. He took five thousand dollars from you.
Speaker 5: He's only paid five hundred back. You called a while back.
Speaker 5: You've got a court case coming up. I assume it's
Speaker 5: small claims, right, correct?
Speaker 18: Yes?
Speaker 4: Do you have the PaperWorks? You have the two forty
Speaker 4: eight and do you have the two fifty the PDF
Speaker 4: two forty eight and two fifty?
Speaker 14: Uh bottom? Since two fifty did EF two fifty.
Speaker 4: Two forty eight? The instructions? What questions? What w what
Speaker 4: specific questions do you have?
Speaker 17: Well?
Speaker 18: I guess one of the first one is to well.
Speaker 18: In one of them, it says J of the JDS
Speaker 18: document two fifty, it says visual officer, a magistrate or
Speaker 18: judge may may hear your case. I thought a judge
Speaker 18: wasn't going to hear the case overall? Well, so do
Speaker 18: I have to do?
Speaker 9: Well?
Speaker 4: It doesn't matter. I mean, generally most counties Denver ironically
Speaker 4: is not one, but most, including Douglas County a rapo,
Speaker 4: you generally have to go to mediation first. But if
Speaker 4: he doesn't show up, none of that's going to matter.
Speaker 4: And if you don't agree to what he says. Let's
Speaker 4: say he does show up for mediation and he goes, well,
Speaker 4: i'll pay him five hundred bucks a month. You're going
Speaker 4: to look at the mediator and said he already agreed
Speaker 4: to that six months ago, when he hasn't done it,
Speaker 4: So I don't agree to it. So you'll get to
Speaker 4: choose whether you're going to go in front of a
Speaker 4: judge a Magistrate's not going to matter. In fact, I'm
Speaker 4: gonna ask Dan mackenzie, attorney a law. I mean, a
Speaker 4: magistrate is a judge, but there must be a difference. Literally,
Speaker 4: what is the difference? Is it time on the bench?
Speaker 8: No?
Speaker 10: I mean a magistrate is employed by the they're they're
Speaker 10: not really an official judge. They are employed by the
Speaker 10: judiciary to help alleviate the caseload of the judges. You
Speaker 10: have to consent to using them or if they are assigned.
Speaker 10: If it is assigned to a magistrate, you can ask
Speaker 10: that to be assigned back to a judge. But a
Speaker 10: lot of magistrates are great, and uh yeah, it's no
Speaker 10: you know, I got some magistrates who are great and
Speaker 10: some judges aren't.
Speaker 4: Yeh exactly, so so really it doesn't matter. But with
Speaker 4: small claims on that form, they're basically telling you if
Speaker 4: you go the route of small claims. You're agreeing right now.
Speaker 4: It could be a magistrate. So I highly doubt they're
Speaker 4: going to let you change it. But I have no
Speaker 4: idea why you would.
Speaker 12: Gerimo, is that is that magistrate judge's name Garland?
Speaker 18: Well we'll see the thing is that?
Speaker 8: Okay?
Speaker 18: So I went in there. I went to the Adams
Speaker 18: County Justice Center, submitted all the paperwork. They gave me,
Speaker 18: this stalk me and the sit for you for me
Speaker 18: to review, and one of like, I think it's like
Speaker 18: it's like the instructions but it's a different name, but
Speaker 18: it's just information for plaintiffs and small quaims. Yeah, and
Speaker 18: it says on J, ABC, BF whatever through J And
Speaker 18: then it just threw me off on that part. I
Speaker 18: just thought, I guess overall, we're just going to be
Speaker 18: in mediation when I go on January thirty. First, if
Speaker 18: even goes right.
Speaker 4: Yeah, mediation is generally generally first, just go up. I
Speaker 4: don't think he's going to show up, and then basically
Speaker 4: you'll go in front of a judge. In fact, if
Speaker 4: he doesn't show up, you should ask some mediator. If
Speaker 4: the judge is there, if she can or he can
Speaker 4: go in and basically just get the judgment right then
Speaker 4: and there if they don't show up.
Speaker 5: But then the hard part comes. I got to put
Speaker 5: you on hold because I'm running.
Speaker 4: Give him my email, Kelly, give Gierramo my email, because
Speaker 4: getting the judgment when someone doesn't show up, and that
Speaker 4: happens all the time, that's the easy part. Then, believe
Speaker 4: it or not, you're gonna have to start all over again.
Speaker 4: And what I mean by that is now you've got
Speaker 4: to go serve him with interrogatories and you got to
Speaker 4: track him down, and then you got to serve him again.
Speaker 4: And then when he doesn't fill him out within fifteen
Speaker 4: or thirty days, whatever whatever the time period is, then
Speaker 4: guess what you gotta do.
Speaker 5: Then you got to go back in front of.
Speaker 4: That judge and you got to tell the judge to
Speaker 4: hold him in contempt because he had a certain amount
Speaker 4: of time to fill out the interrogratories. Then guess what,
Speaker 4: You start all over again. Then you take that contempt
Speaker 4: order and go serve them and then you bring it
Speaker 4: back to the judge.
Speaker 5: That's the good part.
Speaker 4: Once you go through all that, most likely he's going
Speaker 4: to have a bench warrant out for him for forty
Speaker 4: five hundred bucks. So if he gets picked up speeding
Speaker 4: or robbing a liquor store, or gets arrested at all,
Speaker 4: he's going to sit into the can. He's gonna sit
Speaker 4: in the can until you pay it. That's just the
Speaker 4: way it works. I gotta take this.
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Speaker 11: Time for an insurance check up free, no obligation. In comparison,
Speaker 11: call Compass Insurance. Pay too much your coverage? Dozens of
Speaker 11: insurance companies find out now three oh three seven seven
Speaker 11: one help. You'll think you're his only customer when you
Speaker 11: choose Frank durand the Realestateman dot com to list your
Speaker 11: home with Remax Alliance three oh three nine two zero
Speaker 11: sixteen twenty two