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Yeah teen, my life change, buying real estate, doing all these great things. I understood the value of having real estate and wanting to hand it over to my legacy to create a legacy with that. But once I actually went to create a living trust and I saw what it can do, that's when I knew I had a bigger narrative I needed to share with the people. So my thing was I looked at who created a living trust to hand it down through their legacy, and I said,
it's Rockefeller. So I went on to read the Rockefeller Trust from nineteen thirty four, and also there's a.
Book called what would Rockefeller Do?
So I stayed up reading all these things about how he would take this, put it in an account and only give a portion to the legacy, and then have his children create a trust and now that money compound interest. He wouldn't give it to him until they turn a certain age. And I'm like, I could do that, We can do that. The information was right there. So I sat down with my trust attorney. I said, I want to do that, Like, well, you want to do it, but I want to do that. It can be done structured.
It worked it out where if not if but unfortunately we all pass away. When I pass away, a percentage of my properties would be sold, not the ones that I hold long term, like I have properties I do keep my short term properties those would be sold. That money would now go into a brokerage account. That brokerage account would be in the name of the trust. That money for that specific account would be for my grandchildren
starting off, not my immediate family. My immediate family would get my life insurance policies, which are millions of dollars policies, and the main properties that I hold, so they are taken care of. But we need to start thinking about the grandkids, the great grand kids, those generations.
How do you start their growth. You start their.
Growth by putting that money in a brokerage account, and they don't get that money until they turn twenty one years old. So let's use the example of a million dollars. I put a million dollars in a brokerage account for my grandkids. They don't get that till they turn twenty one gaining six percent interest sense of interest, they say, that's twenty one. So that money turns into about three point eight million dollars for my grandkids.
My grandkids they wouldn't get it all. They we could have about.
One point six So I leave one point six in there for my great grandchildren for twenty one years.
That now turns into about three four five six.
That turns into about six point seven million dollars for my great grandchildren. They don't get it all they could have. So now that's about one point one know about two point two point three two point three stays in for my great great grandchildren, so they get about eight point one million dollars. You see how that happens. That's compound interest over twenty one years. So we have to look
at that number. But what makes the trigger and the explosion even bigger is the fact that what Rockefeller did is that was just his trust. What he did was, now each children opened up, each child opened up a trust. So now his children had a trust, so he would pay his grandchildren, and his children would pay them.
That's twice.
So now his grand his children, then his grandchildren have a trust, so his great grandchildren would get paid three times. So now if we look at rocket fuller trust paid out now eleven generations and counting continuously. And what he also did was have a life insurance policy on every person in the trust, creating his own bank.
And now what does that do? This is my structure.
Also, any one of my children or grandchildre who want to start a business, what do they do? Talk to the trustees and now you borrow money. We become our own bank. So when someone dies, that money goes into the trust. You pay when you get the policy, you pay it out right. So now that money is available in the trust. So now also what I did was I re retweaked my trust last year and it was twenty one that I wouldn't give him money.
I changed it.
I changed the way they get money at eighteen and they can have a business started at eleven. You know why because now with technology, kids are now figuring out new ways.
To start a business.
So I want them to be able to present a business loan, a business proposal to the trustees so they could borrow money. These are the things where we don't look at them. When people say I don't have the money to do this, you know what, I tell them, Yes you do. The are you breathe is money, a life insurance policy. Soon as you die, you worth money. They are generations, and there are groups of people. When
people die. Their objectives to make sure they have a policy on their grandmother, policy on their father, to do exactly what we're talking about. But we look at this taboo when it can't be taboo. It shouldn't be taboo. The main thing about it is you're thinking about the legacy. And when I tell people, when I speak to you, I'm not speaking. You don't speaking to your ley legacy.
You're just a vessel for me to get the message to you so you can hear the message and see it and it reverberates in your brain.
And as it's doing this, you literally.
Are talking to your legacy while I'm speaking, going I got you, don't worry.
Storm told me how to do it. Now I'm gonna give me a life insurance policy.
When people have a life insurance policy, let's say roughly four million dollars, you have half a million dollars left on your home mortgage, and you say to yourself, I'm leave my family a million dollar. Actually you're not, because when you die, that policy has to pay half a million to the mortgage so they can.
Stay in the house.
You're only leaving them half a million dollars. We don't think about that mortgage behind us.
So this is where I say, get yourself a whole life.
Excuse me, get yourself a term that's for a half a million or a million dollars just to cover the house so your real policy doesn't get broken up. And now you have that term pay off the mortgage, any money left, put it in a broken's account, and now you start the system.
So let's stay on this conversation about the trust for a minute. So irrevocable life insurance trust or revocable.
Left's just start off as a revocable because you want to be able to say and you can change it. Yes, all right? So all right? So who shut this up for you? Your attorney? Yeah? My statement? You told them or they earners? What's up.
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You educated them when they educated you, obviously to already educate because their attorney. But it sounds like you kind of already had some idea of what you wanted to do, because you did some reading before that.
So what was the process?
You kind of said, this is what I want to do, and then they kind of added to it, or they said this is what you should do.
I came to them with my plan and my structure first, and I really wasn't taking note for an answer because I know it could be done. And there are some people that, like there are mechanics who cars are broke, like they just don't know fully how to do certain things. So you really have to find the right person that does these things. And I would always say, speak to someone who has a trust, speak to someone who you know.
They can refer you to someone, but that takes time, but they would give me little tidbits of where we can do this, or they have a network of people and a law firm and they reach out to them. Like my first trust cost me about twelve thousand dollars. My newest one costs me roughly almost twenty thousand because I have a lot of.
Things to fund it with.
But if starting out, trust probably run you anywhere from three to six thousand dollars.
But you have to look at the big picture.
But I started out having a plan and I really really was adamant about getting this structure done.
That was it for me. You will too with the trust. There's a thing called a poor overwill.
That's attached to the trust. For all the items that you don't put into the trust automatically palls over and fall into the will, like jewelry, like things that are air looms, it'll automatically go in that will.
Yeah, I'm saying that thinking obviously you're educate. How often are you meeting with your trust attorney? Because I was having a conversation with a young lady the other day and she's finding it hard to have her parents, you know, even buy into the idea of a trust. So how often did you meet with the family if you did at all? And how often did you meet with the trust attorney? Is that like a once a year thing
or was it every six months? Because I'm sure you acquiring properties and other assets throughout the year, Like, how often is that happening?
In the beginning, when I started, we had to have a conversation literally it was about almost every other week, sometimes every week to plan us out with insurance and all that stuff.
Very complicated.
But once it was set, the updating of the trust is every three years, right, But if there's something of urgency that I need to update because here's the thing and I want to throw this apart.
Also, I'm gonna drop it, y'all pick this up.
When you're buying things in you're holding company, you're holding LLC should be in the name of your trust. So if something happens to you, the properties automatically fall into the trust. Automatically fall in there, so you don't have to fund the trust because the trust own the LLC. So if let me give you a quick example. You know how you put your name on every single LLC. You open up a LLC, you put your name on it, open up the LLC, you put your name on it.
But if you was to have the property one two three Smith Street in its own LLC, the name on that LLC would not be you, it would be your trust. So if something ever happens, it automatically goes to the trust because you sign the trust over as the owner. Does that make sense? Automatically so would trinkle effect. So with that being said, excuse me. So with that being said, you wouldn't have to fund one at a time. You could just have that trust own it. All these LLCs
bile straighten from your holding. But also to let me not glaze over something you said, it's so important to have the conversation with your family and sit them down and explain. Because my thing was, after everything's said and done, my lawyer, we would have the conversation with each one of them. Here's who's getting this. Who's the trust there's the trustee. This is what's going to happen. This is
what it's supposed to be. I want you to do this, and it's a thing I'll call a letter of trust, handwritten. I want this copy of this letter in my hand written form and my signats be copied for every generation, every trustee, so they could look and go he thought about me. I want them to see what I meant and why I did this, because that's powerful and they will get it and go. Man, my great great grandfather thought about me. So that letter you don't have to.
But the thing is always impacted. So you need to have that discussion with your kids, your grandkids. There's only so far trust can go. It only could go to the last person alive in your generation up to a certain age. So like if I have my grandchildren, my last one or he would have to now take the trust format and restart it again and follow the same thing. Trust can't live on an infamy.
So you've created the generational wealth and the other part was just the sustainable wealth yep. Like that's the key, right, because it could get mixed up from generation generation. Yeah, but what you're doing is pretty much putting up the barriers like, no, we're going to sustain this forever, forever.
The biggest, biggest mistake that a lot of people make, unfortunately when we have real estate is thinking that our children want to be landlords.
We can't.
We can't assume that they want to be landlords. I had a friend of mine who I knew through someone else. He died, didn't have a trust, left the properties to his kids in a will. They sold them because they didn't want nothing to do with real estate. That's that destroyed me because I what his objective was. So we need to put things in place to go, Okay, if you don't want to be a landlord, this is what we're gonna do. I'm gonna have a company do this,
or we're gonna sell it. Put the properties in the brokerage account where it's gaining compound interest to do something.
So that's the key. We need to stop, you.
Know, really projecting our our wants and needs on children and grandkids when.
They're like, yeah, I got my own plan that's free.
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Don't wait any longer. Speed up your hiring right now with Indeed, and listeners of this show will get a seventy five dollars sponsored job credit to get your jobs more visibility at indeed dot com, slash po d kat z thirteen. Just go to Indeed dot com slash pod kat z thirteen right now and support our show by saying you heard about Indeed on this podcast. Terms and conditions apply. Hiring Indeed is all you need