Most of us think that it would be quite helpful if we were to know when and how we will die.
We’re all aware that the day we leave this earth will happen, but we’re too scared to talk about it. But there are consequences if we don’t talk about it.
64% of people die without a will in the United States. What will then happen to their hard-earned money? What will the government do with people’s taxes once they die?
That is why leaving a legacy is important for everyone to do. Most people put it off until they’re older without knowing its importance. For one, people only have one shot at creating a legacy and ensuring that their family, their dog, and every person they love are taken care of once they pass. That they can survive and continue on living after grief. Another is for people to make sure that they are protecting their wealth. Without leaving a legacy, there is a chance that money can fall into the wrong hands.
As featured on GMA, BBC, Fox News, and more, Goldberg LLP CEO Natalie “Money Momma” Gold shares the importance of protecting your wealth and leaving a legacy. With hosts, wealth manager Lee Michael Murphy, career advisor Sergio Patterson, and attorney Matthew McElroy tune in to this week’s fun and informative episode of The Free Retiree Show.
What You’ll Learn:
- The importance of leaving a legacy for your loved ones
- Getting the proper assistance in leaving a legacy
- The consequences if people do not create an estate plan
To get the episode, show notes, and share links, please go to our podcast page. Thank you for sharing our podcast.
Lee Michael Murphy
Welcome to the free retiree show. My name is Lee Michael Murphy. I’ve been in wealth manager for last 10 years right in the heart of Silicon Valley. People always ask me, How do I achieve financial independence. And voila, financial world wants you to believe it’s as simple as investing your money. I’m here to tell you, it’s a small piece of the puzzle. I’ve seen four consistent factors in the people that have achieved financial independence. One, they excel in the career, too, they manage your money properly. Three, they’re able to avoid devastating financial mistakes, they can see through the BS. And lastly, they understand they need to learn from the best the people that have achieved success in their career and their finances. Join us on our journey as we learn how to become free retirees.
Welcome in into a money management edition of the free retiree Show. I’m your host wealth manager Lee Michael Murphy. And I’m joined alongside Silicon Valley mentor and interview coach Sergio Patterson,
Sergio Patterson
what is up everyone
Lee Michael Murphy
in Silicon Valley’s favorite attorney, Matthew McIlroy going on today, we’re talking about one of the most important things you can do regarding your finances, making sure you have a legacy. So your loved ones are taken care of. So what does that mean having a legacy, your legacy should really be something that’s well thought out, carries out your intentions. And it’s prepared in a way that’s going to enrich the lives of those who care about long after you’re gone. So boys, you know, on the free retiree show, we generally keep it kind of light. But today, let’s start off with the hypothetical. Doctor says you got one week to live? What things are you guys the most concerned about?
Sergio Patterson
This is no longer Happy Friday
Matt McElroy
actually means you’re gonna have like a same answer on this.
Sergio Patterson
Yeah, for sure. Yeah, we can go mad if you want. Well, I
Matt McElroy
just I think we’ve you know, I’m assuming that we’re both gonna answer that we’re, you know, we want to make sure our families are taken care of I mean, that’s number one.
Sergio Patterson
I think that the we’re kind of getting this question is like, are we prepared? I think, if the doctor said I have a week to live, I’d be terrified. Like, what’s Kimberly gonna do? What are the kids gonna do? Like, who’s gonna take care of them? Obviously, she’s going to, but who’s going to support her and help? So I think, yeah, all those things are just, it’s pretty scary. Terrible question.
Matt McElroy
I know, you’d have to like throw a hail mary and put all your money in a hole proof plan.
Lee Michael Murphy
But yeah, like what specific things you think would you guys be thinking about for you guys? You know, we’re coming from different family dynamics. I mean, I just have my wife and my pup, you guys have kids? What are you guys specifically concerned about? Like, if you guys were like, Alright, you got one week to live with?
Matt McElroy
What are the things that you’re really concerned about, more specifically with the kids and family, just their being able to, you know, survive and get on their feet without me, you know what I mean? Right now, I’m the only one working. So if they lost that, and they, you know, they lose their income and everything else. So they have to come to another plan. So you want something for them, like a backup for them to survive and be able to figure out how they’re going to adjust to life without me.
Sergio Patterson
Yeah, I think similar. I’m kind of the only income right now. So I think the what I worry about is the benefits I’ve had, we’ve gotten so used to Silicon Valley’s amazing benefits. And when you have kids, like you know how often the kids go to the doctor, how often so I think that’s pretty scary. And then not having access to that anymore. But yeah, like Matt said, like, I think it all comes down to finances.
Lee Michael Murphy
Yeah. And that’s the same thing for me too. Even though my situation isn’t as complicated as yours. Even for my wife, I would want to make sure you know, that she was all taken care of, I wouldn’t really for me personally, I would say like, man, I just never want her to work again, if if that happens, so you know, passing away of a loved one is always tough. And there’s so many different reasons why, but it seems like for most people last we talked about this early discussion, and it happens to be the finances. And these people that we leave behind. We don’t know if we’re leaving them on their own for a month could be year could be decades. And while money isn’t the end all be all. I think it probably does help, you know, make things easier for people to live a life with less stress, less worry, you want to make sure that they’re set up to thrive. So for today’s speaker, we have a very special one, Natalie gold, aka money Mama. She is a world renowned attorney and what she does, she talks about how you set up a legacy for your loved ones. And guys, she is indeed a big deal. So let’s check this out. She’s not CNN, Fox News, CBS Good morning, America. CNBC, BBC, CNN world The New York Post’s cosmopolitan, and she’s even been seen on Trevor Noah’s Daily Show. I love Trevor Noah. He’s awesome. But I’m looking forward to asking her like, you know how that happened. But she’s also an award winning attorney five times bestselling author, national wide speaker, and she is a big advocate for women and financial education. So you guys stoked for this one?
Matt McElroy
Yeah, no, definitely.
Sergio Patterson
Yeah. Excited again. How did you get her? How did you connect with her? I do have Why is she on our show?
Lee Michael Murphy
I told her this was Oprah. That we’ve used time and time again, you know, through through the loop de Lune. She accepted.
Sergio Patterson
Awesome. Yeah, I’m super excited. I think she’s super exceptional. So it’s gonna be cool. Yeah,
Lee Michael Murphy
we’re gonna go to quick break. But before we do so, if you have questions for us financial related, career related, legal related, make sure you send it to ask at the free retiree calm. And if you have a question for Natalie gold, aka money, Mama, we would be more than happy to forward that on to her. We’ll take a quick break. But we’ll be right back.
Welcome back into the Favorites RV show. We are sitting down with the Juan de only Natalie gold. Natalie, how are you doing? I’m freaking awesome. How are you guys doing? I mean, we are delighted we have you on our set? How could this day get any better?
Natalie Gold
Well, I better leave. You didn’t put all the thoughts in everyone’s head of what could happen if they die.
Today, man, it’s Friday, he took a job real easy when you do that. So thank you for that. Yeah, I
Lee Michael Murphy
mean, gosh, I did paint a pretty dark picture, you know, like, Yeah, but these are realities, right? These are things that actually happen, right? Am I am I wrong? Are these things that you’ve dealt with?
Natalie Gold
I haven’t met one person yet who’s not gonna die. We don’t know when we don’t know how we certainly don’t know what the government is going to do with our taxes at the moment of our death. But we know what’s coming. It’s the great equalizer. So what steps are we taking during our life to truly live our legacy of love?
Lee Michael Murphy
So why don’t you tell the listeners about what you’ve done? And for your law firm and what you guys specialize in?
Natalie Gold
We talk about money. Let’s talk about money, baby, let’s talk about where is it gonna go? Who is it gonna protect? And most importantly, who do you love? Because what I heard Matt and Sergio say is, I want to make sure Oh, my God, like my kids the benefits that they get. They live in Silicon Valley, they’re accustomed to a type of life leave for you and your spouse as well, for your your dog. I mean, literally all these things, right? So we have the spouse, the kids, the dog, the quality of life. And we’re talking about a lot of different things. We’re talking about income. We’re also talking about assets. And those are two very different things. Because there’s a lot of people who make a lot of money and are broke, and nothing.
Lee Michael Murphy
Yes.
Natalie Gold
So are we listening? You know, for any reason beyond like, let me buy bottles at the club and the pre COVID and hopefully post COVID worlds, right. And I think that we sometimes get disillusioned, especially in places where we can make a lot of money. And we start thinking like, Oh, I am I’m the bee’s knees like I did this and the fact is one second it could be all over. So what that and I think it’s a really sobering thing to start. Step one, take an inventory, what do you actually what do you have and what do you want to do with it? And if you’re making, you know, six figures, seven figures a year or more, if you’re in the crypto game and your crypto billionaire God bless you,
Sergio Patterson
aka Matt McIlroy. Yeah, how’s how’s vet? Let’s be less the private key.
Matt McElroy
Is your wife. Yeah, no, I’m, I’m an offender that now you know, your crypto, right. That’s a good point. And I keep my Microsoft on the exchange, which is very good.
Natalie Gold
So let’s see, like crypto is an amazing thing because it’s a really new thing, obviously. So the estate planning community is typically very old and very kind of standard of the what we did, you know, wills trust and financial things that people understood. And we today, you guys are enlightened and we all understand the crypto game, which is where I believe the world is going. But our documents, do they necessarily reflect that? And like, have you appointed a beneficiary on those documents on those accounts? Because if not good luck having a court understand enough to be able to grant your spouse who’s now a widow in grief, still raising children, the ability to get up, you know, jurisdiction over those crypto accounts. And as we know, it’s not like the typical you make six 7% a year in this index fund, you’re fine. I mean, if you miss out on three days of crypto, you could lose half, very volatile. So that speed is necessary. Well, where is that the law? There’s no speed in the law.
Matt McElroy
For you, right, it’s
Natalie Gold
totally it’s got to evolve to these new types of assets. Right? And so we’re owning and trust we have to undertake, and we have to me, really the women part of the conversation because here’s the deal, guys, statistically, nine out of 10 of us women will survive you met
Lee Michael Murphy
such bullshit, Travis accepted? Well, let’s be real. The stronger species, they are.
Natalie Gold
No one, here’s the deal, right? Like, is your wife ready for that?
Lee Michael Murphy
I think Matt’s wife would be very happy. Yeah,
Matt McElroy
I don’t know. We just before when we were talking about everything, we said that, you know, he wants to make sure that his wife never has to work again. So prefer that as motivation right there.
Natalie Gold
So here’s another question I have for you guys. Do you want your wife never to work again? But I’m sure you don’t want your wife to be supplying the next guy down the road with his financial future, right?
Lee Michael Murphy
Oh, no. Oh, no. Like, I have it my way I’m going to, it’s okay. But he just can’t be very good looking, you know, there’s gonna be like, physical requirements, you gotta have a potbelly. Then we good. If we can hit him, you can hit all those marks of being ugly. We’re okay with it.
Natalie Gold
And man, Sergio for your kids, I’m sure you wouldn’t want your wife to not know and then get married to someone else. And he be the inheritor of that money. So if your children
Sergio Patterson
this day is just taking a dark dark turn
Matt McElroy
really shows like how crazy it is, you know what I mean? Like things can they won’t work out like you think they’re gonna work out? You know, most people are like, oh, whatever, you know, I’ll handle that later. But it’s like the consequences of that could you know life changing for your love even
Sergio Patterson
like sharing the like Natalie, you mentioned sharing the account information, little things like the crypto accounts or like the Charles Schwab accounts or taking inventory, like you call that documenting it right? Like a like list, literally listing literally listing it out.
Lee Michael Murphy
So let’s go to the beginning of this whole conversation. Like, if we can’t, you know, let’s say the average person that is, you know, thinking about estate planning that hasn’t done it, they’re probably saying, well, money is tight. I’m gonna hold off on that. And I’ll get it done. When maybe in my 50s or 60s, like what I’m getting ready to buy. I’ll put that all in place. What is the problem with that logic? And what sort of things could arise? If we have that, I guess, you know, the average mentality of those that haven’t done their state planning,
Natalie Gold
64% of people die without a will. In the US. That’s an astronomical number. And here’s the deal for all those people who know when they’re going to die. Please give me a crystal ball. I want it. I want to know, don’t you? We just don’t know, right? So here’s what’s wrong with that. Number one, life insurance has a very specific thing that they need from you, age and health. And things can happen as you get older, one bad doctor’s experience can make you ineligible. So what’s the cheapest and easiest way to fund your family’s living, pay off the mortgage and have enough money for your wife to be able to take a breath after she’s just lost? The most important person in her life. It’s the life insurance. And if you are not healthy, you will not be able to qualify. Now, here’s the second thing. It’s not just about living your life, okay? A lot of people will live to their 90s in the hundreds. The medicine has gotten that good. But a lot of people live to that age with dementia with Alzheimer’s. They’re aging in place and they need help. And just so you guys are aware in places like we all live in California, Colorado, New York, etc. It’s 20 grand plus a month. And cam right now that’s per person.
Sergio Patterson
Wow, wow, that’s wild.
Natalie Gold
It’s insane. These people do not spend that kind of money. And that’s why they have the million saved up, right? They did what we’re supposed to do, they save their money, they invested their money, they put it into their 401k, they did the things, but didn’t buy Long Term Care Insurance. And today, long term characters is quite inexpensive as compared to how it used to be, because it’s now a hybrid model on the life insurance product. So let’s say you have a million dollar policy, you can cut through some of that million dollar death benefit to actually care for yourself during your life. That’s huge. Because if that money’s coming out of your pocket, you’re preserving your wealth. Tremendous,
Matt McElroy
not taking away from what you’re going to leave everybody.
Natalie Gold
You just don’t know. You just don’t know. I mean, like I’ve heard stories of the 80 year old had long term care insurance or whole life, paper and her whole life, and then decides, oh, I don’t need this anymore. Well, at 90 to 95 until she passed away, believe me she needed. And it was private pay out of your own pocket.
Sergio Patterson
Most people are impacted at some point, you know, and a loved one Grandpa, grandpa, it hits us all right. Like I just dealt with it with my grandpa, he had dementia, and I just saw it deteriorate. And I saw the money my mom and parents had to put into that. I’m just so sorry.
Unknown Speaker
Thanks. No, I
Sergio Patterson
just I bring that up just i think it’s it’s more common than we even realize. And I’m wondering why it’s not more top of mind for people.
Natalie Gold
No one wants to think about this stuff. No one wants to talk about it. You know, it’s like the non sexy stepsister. Everyone wants to talk about index funds and crypto and like, how are we gonna make more money? That’s chump change compared to what you can say by just putting a few foundational pieces in because if no one’s ever going to touch your money, and I mean, long term care costs, and I mean lit against because you know, when you have money, you got that shine, people want that shine, they don’t want to work for the shine, shine. Okay. Bad divorces, which is happening more rampant, especially during the COVID era, people just couldn’t be together all the time. We’re not meant to be together all the time as as husband and wife as or spouses in general, right? People really love their sovereignty. So this was a very tough time divorces are off the roof. I mean, people are going nuts. And how do you ensure that your wealth is not going to be taken for you? The only ways through asset protection planning?
Matt McElroy
I think a lot of people are kind of you know, that they don’t understand it completely, or probably really hesitant to go and further inquire and research it just because they’re like, Hey, I don’t own a house. I don’t have anything. You know, even though they may have money in the bank, they may have cars, they may have other things. They think, you know, there’s like a mental barrier of like, oh, if I don’t own property, do I really need this?
Natalie Gold
Maybe they’re not. Like for sure. If you have a lot of cash and bank and brokerage accounts, you have to do some sort of asset protection planning. What I would likely do is a cash bonds and stock LLC that’s assigned into an asset protection trust, you can have like it can’t be, on the eve of a judgment be okay. So that’s a fraudulent conveyance. It is pre planning. Now, here’s the deal, too. For those who have that cash, cash is the sexiest assets easiest, unlike a piece of property that already has a mortgage on it. And it’s not as pretty it just not because they’re in the second position, even with the judgment, the cash, what’s stopping anyone from taking that from you. Now, if you don’t have that much to spend on asset protection plan, guess what? You have a trust in place ready and cost $0 and it’s called a beneficiary designation on your accounts. Do you guys know how many people get divorced and their ex is still their beneficiary?
Sergio Patterson
Hello, lot.
Natalie Gold
Or nobody is the goes to the state. If you go through in a state proceeding, especially in California. You before this, you didn’t know now you’re officially stupid, because the percent that the lawyer can take on the state administration by statute in California is 23 grand on your first mill. Gross, gross. So if you have a million dollar house, $800,000 mortgage, I can take 23 grand on that 43k on your on three mil and 63k plus on each and every million after that. Okay, worse right.
Sergio Patterson
Natalie, Matt, it’s not fair
Unknown Speaker
to be probate lawyer Yeah, this
Matt McElroy
was the transactional stuff, man. Get some estate planning in there. Yeah, seriously? Do you? Are you in probate court a lot? I mean, is that something
Natalie Gold
cuz I really pushed like, do the damn 5k trust?
Matt McElroy
Yeah, you know, thanks. So they don’t have to go there, right.
Natalie Gold
But you know, we’re still do trust and they won’t fund it. So here’s what a trust is so beautiful coffee cup. It is gorgeous. You Can I have my favorite, which is upstairs, my boss lady cup Bob up up a fire can be beautiful, stunning, blah, blah, blah, it does not work unless you put the coffee in it. Same thing with your assets, you can have the vehicle but you have to what we call fund it in order for it to work. So if you have your house, it’s still in your personal name, your you know, bank accounts that don’t have they’re not in the trusted beneficiary. You basically spent this money and it’s a worthless piece of paper. And this is why people say to me, Well, what do you think about, you know, Legal Zoom when I think I trust them? Well, I think I think their documents are great. not a question of the document is, are you doing what the documents designed to do? And where’s that advice coming in to make sure it’s properly done?
Matt McElroy
It’s hard to make the cookie cutter type thing for these types of things. It’s like everybody has their own individual stuff going on that needs to be addressed.
Natalie Gold
And like no one wants to do it. Because really, who wants to go to a bank and be there for three hours to put a beneficiary on an account or to open a new trust account? Nobody, nobody wants to do it. I get that. But we have to, because three hours now is worth $300,000, at least to our family and how much how many hours? And how many months of time in probate court?
Matt McElroy
Yes, the thing is probate. I mean, you’re not. That’s a process like not short, it’s a misery.
Natalie Gold
In New York, I apply for a few probate cases that I got in January, we still have yet to get a file number.
Matt McElroy
Like a final accounting. No, no file number. Oh, you mean just file number yet? How backlog? I mean, can you guys imagine? That’s insane. Wow, that’s like six months to just get processed. That’s
Natalie Gold
yesterday, I’m talking to a guy. He’s a mediator in California. He’s saying every case I’m seeing now is a is a like will dispute a state dispute trust dispute. So there’s three types of disputes. Typically, we got the Cain and Abel. I’m good. My brother and sister is shit. evil stepmother, which is I guess, a cousin to the ugly stepsister. Right. And and you got the trustee who couldn’t be trusted?
Matt McElroy
The family ones are always so messy.
Sergio Patterson
Yeah, I’ve got a question. So if like for the folks out there, whether it’s a couple just people starting out, right? If they have no idea what to do? Is this something they can do on their own? Or they do they need to find somebody to get them through this process? In terms of estate planning,
Natalie Gold
I would find someone even if you’re going to one of these low cost providers to get the documents. I think that’s okay. As long as you layer it on top with the professional advice to make sure that things are properly signed, properly executed with witnesses, depending for example, in Will you need two witnesses that are disinterested and properly funded for those trusts. Because if you go it alone, I mean, okay, you can get on the treadmill by yourself. You don’t have to have a trainer at the gym, but you get one, because you want to get in six shape. What is more important than your financial future for you, the next generation, the next generation, the next generation, the next generation? So it’s like you want to be cheap, be cheap on something else.
Lee Michael Murphy
Yeah, 100%. Good. That’s great. So now we’ve talked about how to solve the income issue. If we make an untimely departure, we’ve talked about protecting the assets. Let’s talk about, you know, carrying out the legacy carrying out our wishes in that future that we see for our loved ones. And, you know, kind of being able to influence that after we’re gone, like I talked about, I want to make sure the pool boy does not look that good. Matt wants to make sure he doesn’t end up as ashes in the garden. How do we how do we dictate that? How do we influence that?
Natalie Gold
So some of that stuff is legal and some of it isn’t right. Some of it is just simply saying. So the legal stuff is through the wills and trusts. That is how we dictate it. And we get to define is this money that’s going to our spouse going in trust, will it stop in the event they get remarried? What are those parameters? And then how do our kids receive? I tell my clients if you give your kids at 18 At 18 in a day, they’ll be broke. We want to consider protecting it for them and against any of their spouses and their potential lawsuits. Right. So, as far as your pool boy example, about it really is, you know, it’s about talking about it during your life, we’re so deathly afraid of having the conversation of money and sex. Why? Open your mouth and ask like, What do you want? How does this look like? And and create what I call a family constitution? Right? What are the values? I mean, we go, you know, we go into businesses, and we’re like, what are your values? What are your values for your family? Write it down. And then like, get the kids involved? If you have kids, ask them what’s important to you? People guess all the time, they’re like, well, this daughter definitely wants this house and that son, you’ve never even asked them. Like, people are so afraid to talk to their kids about real things. I’m like, What are you doing with your life, then?
Matt McElroy
Not having that talk can lead to more turmoil down the road between, you know, the family members, you know, like, why did they get this? or Why did I only get this resentment that leads to litigation? Oh, my God, it’s hundreds of 1000s of dollars in litigation.
Sergio Patterson
It’s funny, especially like when you have a big family, so I come from a family of five. Yeah. And then my dad, my parents are getting older. And he’s always like, Oh, dude, I gotta change this. My will he doesn’t give us the details. But I feel like, who knows what’s gonna happen, and there’s five of us. And we mostly get along. But we, you know, My son, like, it could be a bomb could explode. I’m like, to your point, I think they need to start letting us know what’s going to happen, right? Like,
Natalie Gold
and here’s the thing to Sergio, you know, five kids, I’m one of four, right? So it’s easy for the parents to do the easy thing and say I give it to all my kids in a neat as nearly equal shares as practicable per stirpes per stirpes means that they die, but they have kids, it goes down to them their share, okay. And that’s easy when it’s just cash. So there’s a million dollars in cash divided by five, each one’s getting 200, grand, nothing bear to fight about. But this coffee cup was daddy’s first coffee cup he games.
And, you know, the antiques and the house, right? Because it’s not just cash, it’s stuff and our emotional or non emotional connection to it. So the emotional one will always be like, well, I can sell this house, this was the house, those will stay in the family forever. And the other one thing, I just want the whole cold, hard money, I don’t care about the house, just give me the money. But house, as you guys know, is not like a bank, you still have to qualify for a mortgage itself to be able to buy and you have to pay that mortgage back. Well, if you’re in your 70s, when your parents are passing 60s or 70s. And your best income days are behind you. How are you going to qualify for that mortgage? And I’ll tell you, it’s through trust. The most people don’t do it. They don’t know about it, but we do it. It’s great.
Sergio Patterson
Trust that the parents set up way back when it’s
Natalie Gold
so it depends. Let’s say the person inherited already the parents died. They love to house and they want to do a buyout. And the son who’s buying out the other family maybe doesn’t have a tremendous w two income because he’s already retired or partially retired. But he does have assets that he has acquired during the course of his life. We can put excuse me those into a revocable trust. According to our federal guidelines for the mortgages, give him a $10,000 a month stream of income through the trust. And using his own money he can use that income to qualify now.
Lee Michael Murphy
What a powerful planning tool.
Sergio Patterson
That’s why you need professionals. Yeah,
Natalie Gold
thinking outside the box and most professionals don’t even know this. You know,
Sergio Patterson
that’s why you need money. Mama,
Lee Michael Murphy
Mama, Mama. I mean, I didn’t say you
go back to the whole conversation thing. I mean, I think that is so important because it seems like it’s there’s countless examples of people that when the loved one dies might be the siblings or another fan or or the close family members trying to figure out what they wanted because they never had that conversation. And then they make up all these crazy things in their mind that, oh, this was grandpa’s favorite coffee mug or grandpa’s. favorite shoes, we’re gonna hold on to all this stuff. And then you know, the other family never gets rid of it or does something with it, and then the family is broken. So one thing that I would say is like, if you love your family, have the conversation about what you want, because I think it’s just crazy. How many of these families are torn apart after the fact, just because the conversation didn’t happen? And yeah, maybe it’s one of the things that we can’t put on paper, sometimes some, some certain conversations, but that transparency is valuable, and keeping the family together, just the little stuff.
Natalie Gold
I embraced the Marie Kondo inside of all of us and I say, Who needs this shit? Like, get rid of it? You know, it’s because truly, here’s the thing, our generation doesn’t really want more stuff. And the ones younger than us certainly don’t. They want the money, they don’t want the stuff. And they kind of just try to get rid of this stuff after you’ve spent all this money all this time collecting this stuff. But what it means to you really doesn’t mean to the other person. So you have an emotional tie to the stuff. That’s why you bought it. They don’t. So they’re just saying, How can this stuff make me more money. So like, again, open and honest conversations with your kids, if you’re an art collector, and you have an incredible collection, but your kids couldn’t care about art? Think about that. And plan for that and figure out what you can do with that art and inventory again. I mean, seriously, I was talking to Carol Kaufman yesterday, she runs a company called pin inventories, I’m going to shout them out. She has an app for $6.95 a month that you can inventory every single thing you have upload it and put who’s going to be the beneficiary. It’s not so hard. We don’t want to do the hard work. That’s the issue. What’s the app called? pin inventory?
Sergio Patterson
Canvas? That’s a pretty good idea.
Natalie Gold
Yeah, it is. It is. So if you guys want a connection to her, she’s lovely. She’s 71 years old, kick ass, and a founder a second time founder.
Matt McElroy
Awesome. When somebody comes to you guys, that’s one of the most important things is that they kind of catalog everything that they want to include, right? It’s interesting, you know,
Natalie Gold
I don’t go necessarily to debt, that depth unless the person’s like, I’m an art collector. Because most people, they’re just like, everything’s gonna go to mat surgery only 33% each. That’s it. It’s gonna go equally, let them decide. And that’s when the issues come. We also do as part of standard plans called the personally property personal property memoranda. So basically says it’s part of the trust and it says like, Okay, I’m going to be able to list out my stuff here. My leather couch goes to Matt, my super awesome antique collection goes to Sergio, my pool goes to Lee for the pool, what you know, we’re going to make space. So and I’m kind of kidding about that pool, right? Because that’s part of the house. But you guys get my drift. But here’s the thing, no one ever fills it out. Because they’re so like deathly afraid of the trust is funny, too. Okay, we’re putting this away. And we have to think about it.
Matt McElroy
Would you know, just in your guidance, would you suggest that if they if they I do want to be particular about that, that they actually sit down with the family members and have that talk, while maybe doing that in inventory in
Natalie Gold
hockey, and today, there is no excuse. Everyone else had to FaceTime in zoom. This pandemic has made them that abundantly clear. What is so hard of zooming and saying and making a recording. This is my beautiful painting mat, you get that this is my book collection. Lee get that Sergio, this is my TB collect. I mean, like what’s so hard?
Sergio Patterson
We’ve been raised to just not talk about it. Like you mentioned earlier. Like, I don’t think we want to think about our parents dying. Our parents don’t want to think about dying. Right? So it’s like, we got to break that somehow.
Natalie Gold
Totally. And you know, I really, I think the state planning communities to blame, because how stupid could we be though you call it a state plan? Who wants to ever think about that? Instead, I called life and legacy planning. everyone cares about their legacy. everyone cares about their life, right or else like they’re psychopaths, but that’s what we care about. But you know, lawyers are traditionally not great marketers and not great brands are so they made up estate planning, life insurance and just industry got it right. It’s life insurance, not death insurance, although it’s death insurance. They are a multi billion dollar owned by mega corporations, entity like entities and things. And most lawyers who practices in this area have their own little boutique shop. That’s It’s not by accident. There’s a very real reason and that’s because of the brand.
Sergio Patterson
Yeah, even if it was, like you said, like legacy planning, or some something more like, estate planning is just like, stuck inside. Yeah. I want to deal with it. It’s a good color.
Lee Michael Murphy
So naturally, people want to get in touch with you. You mentioned some amazing strategies. How can they reach out to you How can have a conversation?
Natalie Gold
They are welcome to get at me on my website, Goldberg LLP, calm. Get me on LinkedIn. I am a big LinkedIn owner and look Truly, I want to help everybody whether or not they have a huge fortune or not. You always do the right thing and good comes back no matter what 100% I
Lee Michael Murphy
love having you on today. But before we end this, we got to know Trevor Noah. How did that happen? I think we all want are curious to see how you got on Trevor Noah.
Natalie Gold
Okay. Here’s how it happened. My husband and I were talking about marriage constitution was a concept I came up with and one of them one of my books. And part of that is a baby prenup. who literally who’s gonna change diapers who’s going to be up at night like explaining these things? So good morning. America wants to do a segment about that baby prenup. Great, so I’m super pregnant. My roots are super dark. And I’m like on the show. My husband’s next to me. We’re talking about this baby prenup and it’s on Good Morning, America. Wonderful. All of a sudden, all these guy friends of ours start texting being like we saw you. And we’re like you watch Good Morning America. What happened was Trevor Noah saw the clip and used it and made fun of us being like, and this is the future white people child rearing. And I love it because you cannot buy advertising that good. Yeah,
yeah. No, that’s amazing. Also, like, it’s funny for Trevor to say, but he used to have kids he doesn’t understand like, like having to work the next day.
Sergio Patterson
Can you explain the baby prenup? What? What is that? Exactly?
Matt McElroy
Yeah, might need. A little bit when you mentioned,
Natalie Gold
it’s having the conversation again. It’s like, okay, our whole life is gonna change now like astronomically complete change? Who’s doing the stuff? And like, how much are we spending? What are the what are the ground rules? Like? Is your mom allowed to come over every day and nag the shit out of me? Nope. It’s, you know, your father able to make these designations because he happens to have a lot of money. And he’s gonna decide, nope, you have to have the conversation because look, how many people get a divorce after children? You would think about it. You have a child, you want the child to grow up in the happy family and why is the divorce so prevalent? Or because we feel taken advantage of we feel that it’s not fair. And especially when there’s a kid, it’s giving, giving, giving always to that child to help them grow to help, right I mean, like they need you literally in that way. So with that if we have the conversation, so it was fair game, because Matt said I’m going to take care of the diapers but you’re going to do the night feeding. If he doesn’t do that clear as day Baby, you you breach like, you know,
Sergio Patterson
you actually have a sign it was a contract that was signed.
Natalie Gold
We signed it in the contract in the marriage Constitution, which also included much like a prenup, those kinds of things like okay, how much are we going to spend at what level Do we have to have the conversation about money so I think this is actually a really powerful thing for couples to do money the number one reason for divorce Well, if you can decide depending on your pocket as $1,000 we talk about it at five grand we talk about it at 500 whatever your pocket is, now it gives like the green light to the other that we trust you want anything less than that, right? We don’t have to have a conversation about it. So how much more empowering is that to know like and then maybe as your life changes and you get wealthier you read just that number and you say like you know what you don’t have to worry about it under this level. I think that will actually save a lot of marriages
Matt McElroy
well I got a question what what are the consequences for breach? I mean, right that’s the whole thing so he also made up of that he’s like oh, you change the diapers. I mean, what are the consequences right you can you can you can carve those out in the in the prenup train,
Natalie Gold
for sure look like a prenup defines what happens with the money and or someone can get a divorce over you didn’t change the diapers? Probably not But in a loving, caring relationship, if we have the ground rules laid out, I mean, the repercussion is you don’t do enough of that your spouse is pissed as hell and they’re going to divorce your ass.
Matt McElroy
It’s gonna like it. It’s kind of like a it’s a good tool to have a conversation that most people just don’t have.
Lee Michael Murphy
Exactly.
Natalie Gold
So you know what I think it’s now and having this conversation. It’s truly a blessing that Trevor Noah made fun of it, because I hope more people do it.
Sergio Patterson
And we find it like on YouTube or something already. It’s awesome.
Natalie Gold
Oh, you already. We embrace it. I include it in my reel because I want people to know, like, I don’t take myself too seriously.
Matt McElroy
It’s great advertising. It’s amazing. And it’s so much fun. I’m like, hey, Trevor, what else can I make you make fun of me for? Free, right? I mean, like DK is one. It’s amazing advertising the two you think you have to pay for it?
Natalie Gold
But I think that’s the power of really being out there. Right? I mean, one thing we write or put out there or say, can have a ripple effect in this world. And I think that is the beauty of the power. Our social media generation. Each and every one of us can have our own show. We were constantly broadcasting. So I think it is on us to own it. And like be the best version of ourselves and inspire Natalie,
Lee Michael Murphy
thank you for coming on our show. You’ve been amazing money, Mama.
Natalie Gold
You guys are the best Thank you so much. And lead Believe me. Nobody’s leaving you for the pool boy.
Sergio Patterson
Oh, don’t don’t make that bigger. No. Yeah, I
Matt McElroy
don’t think he’s gonna be around much longer after what he said on this podcast. tools that is the answer.
Sergio Patterson
He doesn’t listen to the show.
Matt McElroy
Thank you, buddy. Obviously share this episode with
Lee Michael Murphy
you listening to the free retiree show so long for now.
Securities offered through Securities America incorporated member FINRA, ww FINRA, SIPC, ww s IPC, that’ll be a separate entity. Lee Michael Murphy is licensed for the California Department of Insurance license zero h 18660. Michael Murphy is a investment advisor representative with Securities America advisors, a registered investment advisor to pre retiree Securities America advisors and Securities America incorporated are separate entities. career advisors Sergio Patterson, Attorney Matt McCoy are not affiliated with securities, American advisors or Securities America incorporated Securities America advisors securities American corporate and his representatives do not provide tax or legal advice. Therefore, it’s important to coordinate with your tax or legal advisor regarding your specific situation. The content in this podcast is not intended to be tax investment or legal advice and is intended as general guidance only. You should contact your own tax advisor, financial advisor or attorney to answer questions about your specific situation or needs before acting upon this information. Third Party source information or comments are not verified may not be accurate and are not necessarily representative of all client or audience experience. A portion of this event was paid by a third party. The opinions of career advisor Sergio Patterson do not reflect the opinions of LinkedIn incorporated or Microsoft Corporation. The opinions of attorney mamiko or do not reflect the opinions of cast Neda and company