Good evening.

You've got more than money.

You've got Gene Dickerson again, your host, your personal financial advisor.

I say again, seven seasons.

This has been fantastic.

What a great partnership we have forged with PBS.

And we're so happy to be able to serve you.

We have reached so many folks from Coast to coast and border to border.

It's been wonderful, absolutely wonderful and with modern technology.

Gosh, I'm not sure I would have thought even ten years ago, coast to coast and border to border would have worked in anywhere near as well as it does now, because with modern technology, email, which is how you send us your questions.

Jean at ask mtm.com.

But just extend that out with gosh, talk about basic phone calls.

They work coast to coast and border.

Border.

How about, zoom meetings?

How about, technology vaults where you can send, encrypted documents, from anywhere to anywhere and, goodness, all of the, abilities that we have developed as, humanity, to communicate, starting just like this, starting with just face to face, starting with, the opportunity to serve you for hopefully the next 25 minutes or so.

Hopefully you'll stick around, pad and pen.

Not a bad idea.

Take a note here and there so that you can recall exactly what you may want to follow up on for yourself.

Personally, so many of the questions that we have, to review this evening will apply in some way, shape or form to you as well.

So, hopefully you'll pick up some ideas that help right away.

Or maybe it'll be an idea that pops in your mind of, hey, my question's a little different, and you send those off.

And from a technology standpoint, it doesn't really matter where we are geographically, although we're pretty happy where we are, or where you are geographically.

As long as you're, in America, we're happy to serve you.

And I'm not.

I'm not denigrating our our neighbors to the north or south.

I just don't know anything about tax law in either Canada or Mexico.

So, God bless you all.

If if you enjoy the, the feeble attempts at humor, keep watching.

Even though I may not be of as as as, I might be as much of value to you as I would like to be.

So if you are so inclined, let's get started and see where it takes us this evening.

Matching values with investments.

Interesting.

Interesting.

Interesting.

I look forward to my weekly Tuesday education when listening to your program.

I can't thank you enough.

You're very kind.

I'm a single 75 year old lady and still working.

Wow.

I have no for one k, no debt, no credit card debt, no mortgages, no loans.

She's very clear.

She's not in debt.

So far.

I'm in good health.

Thank the Lord.

I stay active by riding horses weekly.

Outstanding.

Prior to this year, I never made any investment other than real estate.

I decided to partake, hoping to invest enough money to benefit my daughter.

In a portfolio.

I have very conservative values.

I really like the idea of investing in American companies.

My desire is to obtain investments to coincide with my goals.

Lots of the chosen invest.

My.

Sorry.

My apologies.

Lots of my chosen advisors.

Investments don't seem to align with my beliefs.

I don't know very much about investing.

I so much wish to obtain a better understanding so I can be better prepared.

As I have researched the topics in my account, I'm worried that if I question, my advisor might become offended.

I'm a pretty straightforward person as much as I try.

One might say diplomacy is not my forte.

I love you already.

That's fantastic.

For the first time in my life, I became invested and interested in investing in an IPO.

IPO means initial public offering.

A company that's not been publicly owned prior is now issuing stock, and she wanted to be part of that.

I thought it would be great for me.

My concerns about my goals seemed to be dismissed by my advisor because I had no experience or education.

I would love to speak with someone who at least listened to my goals, guide me to set up a nest egg for my daughter, as well as setting up an additional account to help with future financial cost of in-home care.

If so, if and when so needed.

I certainly want to be prepared.

Well, goodness.

All of your protests aside about your lack of experience and your lack of education.

Your email strikes me that you are very smart.

You're a very smart person.

That's an outstanding start.

To be blunt, diplomacy.

Not your forte.

Mine either.

To be blunt, you will never, ever, ever know as much about all this as I do.

Never, ever.

Now, having said that, I will never, ever, ever know as much about you.

You as a person, your financial goals, your your value systems, your beliefs as you do now?

What if I'm just saying this is a silly idea, a wacky, wacky, wacky idea?

What if we teamed up?

What if we brought your knowledge of you and what you what you wish to do together with my knowledge of of everything that's available that can be done and put them together.

What a what a wacky idea that would be.

Well, your current financial advisor and I'm, I hesitate to use that phrase because that's I reserve financial advisor for folks who are actually operating as financial advisor does not seem to be it does not seem to me, doesn't seem to be interested.

He only seems or she only seems to be interested in there half and not interested in yours.

I will suggest to anyone listening, put this question aside for a moment and think about your own circumstance.

If you are working with a financial advisor that talks either at you or down to you, does not listen well, is not particularly in well informed about your, your goals, your your your dreams, your wishes, your aspirations.

You have a really, really, really poor financial advisor.

Poor might be the best word.

It might be far worse than that because the folks, sometimes called sociopaths who end up scamming so many folks, they don't.

They don't care about your goals.

It has nothing to do with how they're going to steal your money.

I mean, how they invest your money.

Not everyone that's not good at being a financial advisor is a sociopath, thank heavens.

But with so many outstanding financial advisors, outstanding financial advisors, coast to coast and border water, I would love to tell you more.

More than money.

We are the only only financial advisors that you should ever.

That's silliness.

That is absolute silliness.

There are thousands literally of outstanding financial advisors that are very well trained, very committed to a high level of service, very interested in educating you and communicating with you and, and, and, integrating all of the things that are important to you with all the things that they know how to implement.

They're there.

Gosh, they're almost everywhere.

Now, you might have to look a little bit to find them.

I get that, you might have to get a referral.

You might have to talk to somebody, in your life that that you really, like, know and respect and ask you, who are you using?

Who, who is your financial advisor?

You might talk to an accountant or a lawyer that you trust.

Okay, there's a stretch, but talk to somebody you trust.

It's in the professions and and say, who do you trust?

Who would you use?

And then interview them and explain it just the way you explained it to me.

Your email is fantastic.

It's detailed, it's specific, and it's spot on.

It's spot on.

Now, values and investments.

Very often it's a challenge.

Very often it's a challenge to separate out what what is really made in America.

Lots of things are made in America that are, that are foreign owned.

A BMW, for example, made in South Carolina.

It's a German company.

So is it are you are you, mate, are you interested in Made in America or owned by Americans?

And with many, many of the major companies, it's both.

They have divisions that they do only made in America.

They have divisions that are made overseas that, gosh, the mix and match possibilities are almost endless.

But you can get really close.

You can get really close, especially if you're working with a financial advisor with which you communicate really well.

One of the phrases that you used in here, I'm I'm not going to have it verbatim, but but it's close.

Where you discussed, you say you you have questions, but you don't want to offend your advisor.

Oh my word, offend them.

Offend them a lot.

In our world, we take our work very seriously.

We don't take ourselves very seriously at all.

So if you think you can offend me by asking a question.

Oh my goodness, don't be so foolish.

It's fantastic when you ask questions in our world, if you're asking questions, that means you're interested, you're engaged, and that brings us closer and closer together.

And the closer we are, the more that we can bring together your side of the equation with ours.

The closer we get to getting the right answers.

God bless you.

If we can assist you in any other way, please let us know.

Next question please.

Love returns, but will the house.

All right.

I made that up.

I thought that sounded a little dramatic.

Does it send me an email?

I mean, no, I hope you have a question to my, an answer to my question.

I and my husband got divorced in 1996.

In that at that time, I sold half of my house to him for a dollar.

And after seven years, we got back together.

Oh, it's a hallmark movie.

This is lovely.

And we are together still, and planning to get legally married again.

Congratulations.

This is wonderful.

Should I add my name back on the deed to the house?

By the way, he does have a will that I am beneficiary on the house in case of his passing.

My husband is 70.

I am 66.

How does a capital gain work if he or we decide to sell our house?

That last question is very interesting.

We'll make sure that we circle back to that.

Well, first of all, good for the both of you.

That's fantastic.

Find love where you can.

That's what I so that's that's that's what God is.

Love.

Right.

So you got love.

Fantastic.

And you got a house.

So love came back.

Are we going to get the house back?

The answer you should.

You should absolutely put your name on the deed, and you're going to find out.

It's for two reasons, but you should absolutely put your name on the deed.

Having, this gentleman's will state that the house goes to you is certainly better than nothing.

Certainly better than nothing.

But it's not very much better than nothing.

A well can be changed like that.

A will could be changed because he got his knickers in the twist about something, and he can change the will and and doesn't have to tell you that you would have no idea you're going along.

Going.

That guy.

She doesn't feel well.

Oh, I lost my husband.

At least I have the house.

And maybe you don't.

So having your name on the deed first and foremost gives you complete confidence.

It's yours.

It's it's the the two of you together.

And should he pass, it's yours.

So that's that's a very powerful thing to accomplish.

Cost a couple hundred bucks.

Simple.

Easy.

Make sure you do that.

Secondly, let's go back to the question that, wrapped up our email.

How does capital gains work on all this stuff?

So let's assume we go way, way back to 19, 90.

And they in 1990, they paid 100,000.

They, they were married at the time, paid $100,000 for the house.

So that's their cost basis.

In the meantime, she, she, in essence, gave her half to him.

So it's in his name.

And now it's worth $400,000.

If he were to sell it with only his name on the deed, he would have a 300,000 gain.

The IRS would give him a $250,000 capital gains exclusion, and he would pay $10,000 in income tax on the $50,000 gain that's left over.

It gets even worse, of course, if the numbers are much larger.

Hey, I paid 100.

It's not worth a million.

Not on that over, what, 35 years?

That's not, unheard of.

All of a sudden, 250, you got to pay tax on 750, and all of a sudden you're paying, tons and tons and tons of taxes.

If you are married, if you have your name on the deed, if it's the two of you and you sell the house, that exclusion goes up to 500,000.

So if you bought the house for 100 and it's now worth $600,000 and you sell it, no capital gains tax.

So first, first and foremost, for your peace of mind, for your personal protection, having your name on the deed is an outstandingly positive idea for the potential that you may end up selling the house, maybe to relocate.

Lots of folks end up going south and, buying a home down there, and you don't want to be stuck with a big tax bill for doing it.

Having your name on the deed will assist you there as well.

I hope I helped anybody else need help back there.

I keep saying back there like like like the director in the voces way back there is nice.

He's over there.

Next question please.

Parents worry about their children at any age.

And, I must say as a recent grandfather, their grandchildren as well, maybe even a little more for the grandchildren.

One of my close friends says, we really like our kids.

We love our grandkids.

Didn't know how that felt until about 18 months ago.

Now I know why was he right?

Incredible.

Thanks so much.

Gentleman writes I'm in my mid 70s.

I'm a widow.

I have three children.

Two in their mid-forties, and one in their early 50s.

I've accumulated in the state of approximately $1 million.

My question involves leaving an inheritance to my children.

Two of my younger children have labored with alcohol addiction.

One has been sober now for over four years.

Wow.

Fantastic.

Congratulations from us.

Hopefully we'll continue on their recovery path.

The other continues with their addiction.

Both have good jobs and they live independently.

My third older child has never had any addiction issues and has built a successful career.

Let me stop there for a moment.

For so many of you watching, whether the word addiction is in the conversation or not, this scenario is very familiar to you.

Three children.

The number is not important, but all same parents, same house, many of them same schools, same neighborhoods, and yet such a different result.

It's God has to, cause bewilderment, frustration.

And yet often we feel like this is embarrassing.

It's just us and our other families don't have to deal with this.

No, no, don't ever feel like you're alone.

You are with many, many families.

There are.

There's a phrase that says there's one in every family there is.

And in some cases there's more than one.

And and yes, it's bewildering because you tried exactly the same.

And yet the different results are so, significant that how you worry about your kids at any age, gentlemen, goes on.

I'm in a quandary as to how to structure my will to address their real or potential addiction issues, as their issues have created havoc in our family relationships.

I don't want to short them, but I also don't want to provide the funds to support their addiction.

Exactly.

When my wife died, both of these children inherited substantial funds and they squandered all of it.

I want to put some wording in my will which will potentially limit their access to any inheritance, should they still have addiction issues.

Should I create a trust fund which would contain restrictions as to sobriety and the awarding of an inheritance?

Or should these conditions be included in my will?

I want to make my daughter, who has never had any addiction issues, as co executor with my life partner.

Should I make her the decision maker to determine if any of her siblings are in recovery state, or should this issue be handled by a third party, an attorney, etc.?

Your suggestions would be greatly appreciated.

Oh goodness, my heart goes out to you.

Father of three myself.

Gosh.

And yes, you pray for him.

These are these are not children.

Mid 40s and early 50s.

These are not children.

These are adults that are making decisions.

And as an adult yourself, you've got to make decisions as well.

And you're already anticipating some of the challenges that you will face in making these decisions in your mind at this moment.

I can tell from the tone of the email, you're you're overwhelmed and you're not sure that there is a solution.

But I can assure you there is.

I can assure you that with a little bit of work, you can come to a set of plans that will meet your needs, that will meet your children's needs.

And we don't mention grandchildren here, but it may very well meet your grandchildren's needs as well.

Let's start with the documentation.

A will is not the document that will give you or your children any, protection or any resolution.

It absolutely is not.

A trust, on the other hand, might very well be the document that gives you, tremendous influence over how, how, when and under what circumstances?

Your children receive whatever inheritance they may receive.

Now, I must say, you're in your mid 70s.

One of the greatest ways, to, resolve this, this challenge, this estate planning challenge.

Don't die.

And I don't say that tongue in cheek.

I mean that don't die.

Stay healthy.

Stay alive, stay alert.

Eat well.

Exercise.

Stay alive.

25 more years and all of a sudden, they're in their 70s and 80s.

And so what?

By that time, they're either done or they're not.

So my first recommendation to you, we've talked on air in the past about our triple H club, happy, healthy 100 on there are all of us are out there.

Many of us are out there.

We got a lot of young viewers as well.

But many of us out there, we're further along.

Doesn't mean a thing just means that we're.

That much closer to hitting 100.

If you hit 100, a lot of these problems are going to resolve themselves.

However, you are very wise because your plan and his plan may be very different.

The bus doesn't care what you're planning on living to where bus is going to win.

So we've got to have a trust, have to have a trust.

The trust needs to be constructed, mandatory by a trusted, experienced estate and elder law attorney.

No ifs, ands or buts.

It's not your best friend.

It's not the got it that closes all the real estate in town.

It's not the guy that does, personal injury.

No, it is a trusted, experienced estate.

And elder law attorney.

That's an individual who will have experience in exactly these kind of circumstances and will know how to create documents in the inside.

The trust create instructions inside the trust that will, in essence, be bulletproof because, I don't have to tell you that if this happens next year, January of 2026, and the good Lord calls you home, and there are some barriers between these children and them getting money.

They're not going to be happy.

And in some cases, not happy means they're going to take legal action.

And if your trust isn't designed squeaky clean and and drum tight, there's there's a possibility that all this effort is wasted.

Don't let your effort be wasted.

Make sure you're working with somebody who knows exactly what they're doing to accomplish exactly what you wish.

Can you have it structured so that they don't receive money if they've, violated their sobriety?

Sure, absolutely.

You can even have it structured so that they're incentivized.

Hey, throw another, a year of sobriety, has to be tested, obviously, but another year of sobriety.

And you have, an extra distribution from the trust, lots of ways for this to be implemented.

But it's got to be implemented with, very serious, very serious constraints.

So that these, folks are not, not, given access to funds that will fuel their addiction, adding dollars to an addict typically means adding fuel, gasoline to the fire.

And that's what you don't want to do.

Number two, do not name your daughter as the trustee of this trust.

Do not name your current significant other as the co trustee of this trust.

Whether it's an attorney or there are a number of very, very, very good independent trust companies available today that will act as trustee, will follow the instructions to perfection.

And yet they're not part of the family putting your daughter, who has made you so very proud at odds with her brother and sister, not a great idea.

Is it possible they don't have a great relationship even now?

That's very, very possible.

That's not the point.

The point is that you you will.

You will.

No question about it.

Put them at odds.

They will see her as the bad guy.

They whatever request they make, if she says no for whatever reason, following your instructions to the letter, if she files into the letter and she says no, she's a bad person and and your significant other, this is not their mom.

And that's all you need to say about that.

Can they be executors of your.

Well, sure.

There will.

That that was luck is handled and, and, completed.

The estate completed, three months, six months, nine months, a year.

Done.

The trust if we're talking about, individuals that are in their 40s and 50s, could very well be in operation for 50 years.

For 50 years.

Do not allow your daughter.

Do not allow your significant other to be part of that.

That simply is, is, it is a, an accident waiting to happen.

So please, please don't do that.

Now, in terms of incentives, I'll share a quick story with you.

I had a client many years ago.

Tucson's client did very, very well.

Millionaire.

Great business.

Sunset.

No work ethic whatsoever.

None whatsoever.

Zero.

So he left everything in his estate to a trust that said that each son would get an annual distribution, equal to their, their paycheck, their W-2.

So if they were, lackluster and they made ten grand, they got ten grand.

If they were, productive and they made 50, they got 50 grand.

If they were super successful and they made 100, they got 100 grand.

And each year there was a certain amount, certain percentage of the, of the, the, capital that was available for distribution each year that they fell below that, say there's 70,000 available and they only made ten.

The 60,000 went to charity.

It disappeared.

You want to talk about incentive?

That's incentive.

You might think about some variation of that theme.

God bless you.

God bless you.

In the end.

Your family and your family.

Folks, we just have a moment or so left in this edition of more of the money.

If you are so inclined, and you're saying, hey, I've got some questions that are a little different than what I'm hearing, and they're very specific to me.

Those are the questions that we like to answer.

Send those to me.

Send those to me by your email Jean at ask Em T and.com.

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So ask away.

And, with any luck at all, maybe you'll see your question asked on a future show.

And maybe that'll help somebody else that's going through a similar circumstance.

Just as this gentleman was brave enough to share his family's challenges.

Very brave indeed.

Maybe that's going to help a dozen families that see this show.

Maybe you'll do the same.

And maybe in terms of doing the same, you'll come back for another edition next week, right here on this microphone, for another edition of more than Money.