Safeguarding Your Family’s Future: Expert Insights on Las Vegas Real Estate and Estate Planning with Rick Cosgrove

Discover the critical strategies to safeguard your family's future as we unravel the complexities of the Las Vegas real estate market and estate planning. With an inventory surge to 3,916 single-family residences, the market is experiencing a notable shift, compounded by the expected seasonal slowdown due to the election. Our special guest, Rick Cosgrove, the "Probate Killer," shares his expert advice on avoiding the costly probate process by placing homes in a trust. Rick's insights into the four crucial components of a trust and the necessity of family transparency will leave you equipped and confident to handle your estate planning.

We'll also guide you through the essentials of estate planning and asset protection. Choosing the right attorney and keeping open lines of communication are highlighted as foundational steps to secure your assets. We underscore the importance of correctly recording homes into trusts post-refinancing and maintaining comprehensive estate plans that include powers of attorney and living wills. By leveraging personal interaction and consistent follow-ups, we help clients avoid common pitfalls, ensuring that estate plans remain up-to-date and effective over time.

Navigating the legal landscape can be particularly challenging for elderly clients, especially those with visual impairments. We dive into the need for thoroughness and diligence when dealing with legal documents and attorneys, emphasizing the protection of vulnerable populations. Through real-life examples, we discuss the frustrations of probate processes and the immense value of professional guidance in estate planning. Don't miss this episode filled with practical advice and heartfelt stories, aimed at helping you protect your assets and provide peace of mind for your loved ones.

Transcript

Speaker 1: 0:16

Hey Las Vegas, welcome back to Vegas Realty. Check your local Las Vegas real estate news show. I am Trish Williams and I'm Tiana Carroll.

Speaker 2: 0:23

Welcome back to the show, you guys.

Speaker 1: 0:26

And we have a community spotlight today with Mr Rick Cosgrove.

Speaker 2: 0:30

We'll be introducing and talking to you about everything that we have to talk about today, yeah, but we're going to leave that a surprise, because before we do that, we're going to go over some numbers and make sure that you like, share and subscribe if you're out there listening to us, so that way you are apprised of all of the weekly stats that happen in las vegas real estate yes, um so I knew, I knew it was happening inventory is raising. Yeah, go back and look at last week's episode. She said it and now we're over 200.

Speaker 2: 1:01

Oh, you have a little smudge of lipstick on that side. The listeners can thank you. The listeners can't hear what I'm staring at. Thank you.

Speaker 1: 1:09

Yeah, a few weeks ago we seen a little bit of spike. That started with 100 here, 100 there, and now we are up to 3916, single family residence.

Speaker 2: 1:17

We are broaching that 4,000 mark, you guys, and for some reason that 500 or about that 500 in inventory really is making a difference out there in the market.

Speaker 1: 1:29

Yeah, yeah, I see it. Even when it was a couple hundred, just that little tick was starting to see a difference and we are seeing slowdown Again. No need to panic we're in election season and this happens.

Speaker 2: 1:40

It happens and we're getting that inventory. Yeah, let's not get to 8,000, though let's avoid that.

Speaker 1: 1:49

Let's see how quickly this spikes.

Speaker 2: 1:51

Yeah, it's been going about 100, 150 each week. So there we go. So let's look at those sold numbers then, because those will be changing 403.

Speaker 1: 2:00

Yep 403. 543 in price reductions.

Speaker 2: 2:05

That's lower.

Speaker 1: 2:06

Yeah, yeah, it is lower. I think last week we had a big, big chunk of price reductions.

Speaker 2: 2:11

Yeah, but we've had them up in 6 and 700. So to be down in that 400, that's nice.

Speaker 1: 2:18

Yeah, yeah, yeah. And then under contract a little bit lower than last week at 549. So again, indicator of the market, things will slow down. Not only the summer season we see a slowdown, but also during election season we always see a slowdown. But hopefully the silver lining is next time the Fed meets at the end of July. Hopefully they see this slowdown in activity and do an adjustment on rates. But we will see.

Speaker 2: 2:43

That would cause a feeding frenzy, you guys.

Speaker 1: 2:46

That would be great. So today on our show we have a community spotlight. I love a community spotlight, yes, and our guest is Rick Cosgrove. Rick, mr Cos, yes, Mr Cos. Aka the probate killer Probate killer.

Speaker 2: 3:04

I love that. That's a great name, that's all his social you guys. So if you're looking to get a hold of rick, if he says anything on this show, that strikes a corn with you, the uh, probate killer. That's how you find him, yeah and rick.

Speaker 1: 3:17

If there is one thing in real estate that I could shout to the rooftops to all homeowners is get your home in a trust. Oh my gosh, it is. It's ridiculous for you not to like there. I can't think of any reason why anybody would not want their home in a trust absolutely.

Speaker 3: 3:35

Um, you know, in most cases and most families the home is the biggest asset. They have got to protect it, make sure it's in a position to transfer to their loved ones. Have Got to protect it, make sure it's in a position to transfer to their loved ones, should they pass, without the high cost of attorneys with all due respect and that lengthy court process we call probate.

Speaker 2: 3:54

Yes, let's talk about probate. Let's rewind to the beginning for our listeners out there, and tell us why you're the probate killer. Why are we avoiding probate? What is probate?

Speaker 3: 4:03

So probate is going to be the court process that really sets up the transfer of an asset when it's not in a position to transfer properly. Why I'm in it and passionate about avoiding is because my family went through it four times in the early 90s, back to back to back to sorry the last time was, you know, unfortunately bad lender advice and I didn't really know anything back then.

Speaker 3: 4:24

I was very young and didn't know a whole lot. But I've just spent 27 years watching families end up in probate through my banking career and it can be avoided and I'd rather see their wealth preserved and passed on to their family. And you know, there's really four components to a trust that I'd like to just get out real quick.

Speaker 2: 4:44

Sure Okay, if you guys don't mind, what do you got Because?

Speaker 3: 4:45

I don't focus on the legalities. I'm not an attorney, I'm not here to provide legal advice, okay, but there's four components of a trust that are the most important. And one's going to be the grantor. That's who's going to create the trust, right, yeah? The next is their trust.

Speaker 3: 5:06

The third and most important piece to it all is the successor trustee. That is, who is authorized to act on your behalf in death. That is who a title company is going to look to. That's who a bank's going to look to. That's who an investment firm's going to look to. That's who they're looking for when an account is held in the trust. And then, of course, the fourth component is the beneficiary. How do you want your assets divided? And those are the four most important pieces. And then you got all the legalities and the parts to it and the do's and the don'ts and what you can and can't do within the document to make it a legal document, if you will, but I like to focus on those four things. And then transparency in a family, and to me, that successor trustee is the key to it all.

Speaker 2: 5:39

All right, yeah, and that's true. Well that's true, somebody needs to sign the paperwork in the end, but you can just put your house in a will and then it should go to your kids, right?

Speaker 3: 5:50

Yeah, it will, but it will go through probate. A will does not avoid probate, unfortunately, and I'm seeing a lot of trends where families who own homes got the will and they think, well, I got a will, I'm good and you're right, it will eventually get your children, but you're going to pay attorney fees and it's going to go through the probate process.

Speaker 1: 6:09

A last will and testament does not avoid probate. And here's this is an interesting fact that, like, I was aware of, but most people are not aware of Someone asked me recently, the other day well, if say that your you know, say that your parents had a trust or not, I'm sorry, didn't have a trust, had a home Okay, they didn't have a trust, or they did or they didn't or whatever, but they they passed away Does and they had a mortgage. Do you have to pay the mortgage during that time of going through probate, which can be very lengthy? And the answer is yes, that just because they passed away doesn't mean that that mortgage isn't due. It could still be foreclosed on, they could still take the home back. So for somebody that is in a situation where carrying I mean, there's a lot of people out there who's parents may have a very larger mortgage than they have or that they're able to pay and they would still have to cover that note in the meantime during this lengthy probate process, and that can put you in a pretty tough situation.

Speaker 3: 7:18

Yeah, Trish, you bring up a great point. You're 100% correct. Huge problem Financial hardship.

Speaker 1: 7:23

Yes.

Speaker 3: 7:24

Because now you're making two mortgages and see it happen all the time. And I'm glad you brought up mortgages because that's a whole nother component that a lot of people don't focus on. Right yeah, you know we get the house in a position of transfer, but then what about the loan? Right yeah, you still got to pay the loan. You don't want to get it foreclosed on and you got investors sitting out there waiting to swoop on these deals and take these properties off of the hands and then families lose their properties. But the whole the loans are a whole nother process that I kind of covered too with families because you want to.

Speaker 3: 7:53

There's what's called a successor in interest with most mortgage companies and and and you think about advanced age, maybe dementia, alzheimer's disease gets set in and now somebody can't work with a mortgage company. So I really coached to work with the lender as well, outside of just getting title change, because we want to make sure somebody else is authorized to act on behalf of their parent, their loved one, with the mortgage company. I've seen it where they've gotten locked out. They can't talk to them.

Speaker 3: 8:17

And there's an escrow issue and the mom or the father can't speak because they're not of sound mind anymore and there needs to be something dealt with. So I really I focus because I have a financial background and I've done loans, so I focus on the whole gamut. I'm coming more from a financial perspective and what the financial professionals are going to want to see and making sure people are protected that way versus the legalities and court. We want to avoid court.

Speaker 1: 8:42

Absolutely so you?

Speaker 2: 8:45

oh, I'm sorry, I didn't mean to cut you off, but he was talking about how he had a financial background. But you also said that you didn't need a lawyer. Now, I always thought you needed a lawyer to execute the trust. Tell me about that, correct, I did too.

Speaker 3: 8:56

I did too. When I left my banking career, I knew this is what I wanted to do and how I help families, because I've been focused on it for so long. But I thought you had to be an attorney to do it. So what did I do? I went and got a business attorney and said, hey, I want to do this. I'm very capable. Here's what I know. I know how to do it.

Speaker 3: 9:13

Yada, yada, yada, Got into it and he goes well, Rick, great, Will you create me a contract that's ironclad, that states in about 30 different places that I'm not giving legal advice and I'm full disclosure. Right, I'm full disclosure. I want families to talk to. I'm a big believer in interviewing two or three before you make your choice. So I always tell them feel free to go talk to an attorney. Here's what I do. Here's what I bring to the table. Here's some things you want to ask when you go interview your attorney. But go talk to them and then go with who you feel the most comfortable with. But that's how I found out you didn't have to be an attorney, built my contract out and I've been in business since January of 2018.

Speaker 1: 9:51

Congratulations.

Speaker 3: 9:52

But I've done a lot of research. I went and interviewed, well at that time, 23 attorneys, but I've talked to thousands of them and I just kind of figured out what they're lacking, if you will for lack of a better word and kind of filled the gaps with. Affordability and accessibility are the two big ones for me. They can call me and get me. Everyone gets my cell phone number. It's out there, I pick it up.

Speaker 2: 10:14

It's going to be out there at the end of this show too, today, so you'll all get it.

Speaker 1: 10:17

And one thing that we were talking about before the show that I think is very valuable for people to understand with you is you know you were asking about the attorney who built my trust. You know I have a trust that was built and how many times I've spoken with them since. And that's the thing. Most people don't. They have the trust put together and they never really hear from the attorney after. But things happen. Sometimes you can refinance a mortgage and what most people don't realize is that when that mortgage is refinanced it's pulled out of the trust and at the time of someone dying, if the house is not put back in that trust and recorded back into that trust, it's not that.

Speaker 3: 11:04

Nope, you're correct, and I'm up to 52 in in this town alone that I've caught through my asset reviews or just meeting people and talking, uh, when rates were low. I'm a big networker so I'm always out there, but when rates were low, my go-to was I hit them on the rates. Wow, these rates, you know, have you taken advantage of it?

Speaker 3: 11:19

people were proud to get two and three quarters, three and a quarter right lowers you've never seen people so I used to hit them with that and they said, oh, yeah, yeah, because that would allow me to know if they're a homeowner. Then I hit them with what I do and how I can help them and, uh, I'd give them a quick deed review on the spot. And then I started catching them. Oh, you know, you're well, I got my estate plan in order, we've done our trust, we happy. Do you mind if I pull up your deed real quick? It takes 30 seconds. Pulled it up. You're not in your trust.

Speaker 1: 11:48

Yeah.

Speaker 3: 11:48

And they don't know, see, they don't realize that a loan dock package. You guys know this there's a deed of trust in there and it gets signed and notarized. And if no one's bringing it to their attention, that trust especially if it's a two, three, four or five year old trust, even longer it's on a shelf, it's out of sight, out of mind.

Speaker 1: 12:03

And a lot of mortgages won't finance to the trust. A lot of them won't, so they will only finance to the individual. So you have to put the home in the trust afterwards and so many people don't know that. And I've also, just as a realtor, come across that, where people say, oh yeah, my home's in a trust and I pull up the tax record. I'm like it's not, it's not.

Speaker 2: 12:22

Here's your name, right here, yeah.

Speaker 1: 12:24

So there's a lot of that where people don't understand the importance of recording into the trust it's not. It means nothing if it's not recorded into it.

Speaker 3: 12:35

The trust doesn't govern an asset if the asset's not held in the trust. Yeah, it's really that simple and to me, the documents are the documents. We'll always get the trust right. We'll work it until you're satisfied. The follow-up process staying in contact with the client and doing that asset review is my business. That's the most important piece to my business, in my opinion.

Speaker 2: 12:54

Yeah, yeah. Well, it is incredibly important because people do do it. They put it on a shelf, they're done with it, they think they've got everything in order. But life changes and life, hopefully, is long for a lot of us, so a lot can happen over the years.

Speaker 1: 13:07

That's right, yeah. And in addition to like putting your real estate into the trust, what are some other important things that people need to keep in mind when estate planning?

Speaker 3: 13:17

Yeah. So obviously the trust is going to take care of the home, the division of assets, make sure that we have somebody in a position to act on your behalf in death, right. But now we got to think about incapacitated states, right? So when you talk about a full, comprehensive estate plan, you're going to get power of attorneys in place. Financial and health care, and they work the same. We're putting agents, decision makers, who can act on your behalf when you can't act for yourself.

Speaker 3: 13:41

You know you find yourself in a bad car accident, a bad, any kind of accident, for that matter. Advanced age you can't handle your own affairs anymore. You want somebody in a position to do that. You go in for a minor medical procedure. Something goes sideways during that. You know they need to know who they can talk to. So we're going to get power of attorneys in place. We're going to get the living will in place, not Not to be confused with the last will and testament, the living wills, your advanced medical directive. We're at the end of the road. Unfortunately, this is what happens when you know we're. You know it's kind of final the finality of it all.

Speaker 3: 14:13

Pull the plug, do not resuscitate, type stuff's in there. What do you want that to look like? Obviously, I always love to do the HIPAA release form. It's a medical authorization disclosure form. Um, if you need medical records, if you have a life insurance policy, I can guarantee you they're not going to pay out without saying medical records, that's. That's a petition of a court, court, so they're gonna. You want to be able to get access to your family's medical records. Otherwise you know the medical professionals won't release those because it's a HIPAA violation. So we want to make sure that's in place as well.

Speaker 3: 14:40

Um, and then we do a pour over will, now poor over wills, like the the last one in the testament. It's going to name the exec rejects to the state. It's going to name the guardian of the person. It's going to speak to cremation versus burial. Which route you want to go there? Um, and it is like a last will and testament. It's a last line of defense to pour all assets back to the trust, should something get cut out of it still going to have to go in front a judge but it's still designed to put everything back into the trust and get that place, and it's a shorter process, not a full probate process.

Speaker 3: 15:08

And then, of course, the deed. We want to get the deed prepared and the proper declaration of value forms with the county, so there's no transfer tax on the property and what have you. And yeah, so that's going to complete a pretty comprehensive estate plan the power of attorney, the wills, that sounds comprehensive.

Speaker 2: 15:26

I hope everybody's taking notes out there. Yeah, what about vehicles?

Speaker 3: 15:30

So vehicles, it depends Vehicles.

Speaker 3: 15:33

the DMV has a process that does not require a probate where somebody can go and settle the sale of a vehicle on behalf of a decedent. You can put them in a trust. It just requires you go down to the DMV with your trust and changing your title you can. So I would say if you got work vehicles, expensive vehicles, maybe a vehicle for a disabled individual that's got the lifts and all that stuff and it's inexpensive, might be worth it because of the value of it. You got a classic. You want to be specific in your trust as to who that goes to, um or just a vehicle in general. If you want to be specific who it goes to, we can. We can do that um most people just for their vehicles. Don't put them in their trust, it's just your everyday vehicle.

Speaker 1: 16:14

I see that Like I don't really, I don't really see, and I know that and I again not an insurance agent. I know that, like for auto insurance, my, like, my auto insurance has told me that they that the name on the registration has to match the name on the title. So I don't know if there's a discrepancy there. For the trust.

Speaker 3: 16:37

No, you're right, that just it. Just it just sets off a lot of unnecessary chains of stuff. Cause, you're right, If you change your title when you insure, they're going to want your insurance to be in your trust.

Speaker 1: 16:46

Yeah, yeah. And that just seems like it.

Speaker 3: 16:49

I don't know If it's just your everyday commute vehicle that you have. You know, if you wanted to go to a specific child over the other, or grandchild or something of that nature, we can indicate that in the trust and that you'll get that vehicle um but as far as transferring title, you know, there's really yeah, I've just had to do it with a death certificate, go down and get it done at the dnv.

Speaker 2: 17:09

It's easier.

Speaker 3: 17:10

Yeah, it's not necessarily it's actually less work doing that, that's actually a simpleeding process versus actually transferring it to the trust.

Speaker 1: 17:17

Yeah, yeah. And what trends have you seen happen a lot lately.

Speaker 3: 17:24

Well, unfortunately and I don't want to appear as if I'm here to bash attorneys but five. Well, I mean, with all due respect, five, five. Let's not bash anybody. Five, everybody. But you got to understand five five in the last three months I've come across where these families own homes and these attorneys have put them in a last will and testament, okay, and I've questioned three of the five and you know what their answer was all three of them. We didn't think about it.

Speaker 3: 17:52

They're estate planning law firms and you know what they did with my elderly client.

Speaker 2: 17:56

Wow, that seems incompetent. Okay, I'm going to bash lawyers now, and you know what they did with my and you know what they did, but I've seen them forever.

Speaker 3: 18:02

This is just recently. I'm seeing them and I have this elderly client. She's blind but she is sharp as a whip, 87. And you know what this particular law firm. Here's what they did Before they were going to meet with her, they gave her their form that she had to go to her doctor and I've seen this three times in the last five months, the same thing. But I've seen the form so her doctor can declare her mentally of sound mind and full confidence. They are protecting themselves because they know a decedent can't speak for themselves when they're passed away. They have protected themselves. So we called them and I said I want you to because they won't talk to me and in fact they wouldn't even let a caregiver go in there with her. So you've got this 87 year old blind woman who's sharp, but she don't understand this stuff.

Speaker 1: 18:45

Yeah.

Speaker 3: 18:46

And they're declaring her fully competent because they won't meet with her until she gets that doctor's note and a client. Prior to that, I sat with the same law firm and I went in there and I questioned them and you know what they saw. They said why was this? We're on probate at this stage with the client. I said why aren't? Why did we do a will? Why do we amend a trust? They took her out of a trust and put her into a will. I said why do we amend into a will? Well, that's what she wanted. I said well, what do you made some changes and put her in a will. Why would we do that? And you know what they did because they're flustered, because I was pressing them a little bit. We got your doctor's note. She was sound mind. She was sound mind and whipping this form in front of me and I was like it's just release of liability.

Speaker 3: 19:25

That's what it is, and that's what they're doing and it you know. Listen, I'm not gonna name them, of course, but I see that all the time. Yeah, and this goes back to my career of 27 years watching families with trusts in place end up in probate A lot of them. A lot has to do with what the banks have done and did over the years. A lot has to do with the fact that there's no follow-up with the client. But why would they? It's lead generation before lead generation was popular. Because who do you think the family calls the attorney that drew up the trust when a title company says I'm sorry, we can't sell this house.

Speaker 1: 20:00

We need letters of administration yeah, they're gonna say, okay, well, let's go back to the attorney that did the trust. Yeah, and I've seen that um?

Speaker 1: 20:04

I've seen a lot of those, like you know, I mean 500 trusts that are on you know templates. They put them in a nice little binder and they put their business card right in the front and it's and I seen one that had blank spaces throughout it. I was like, what is this? I could have made this one for you. Like this is crazy. I could have made this one for you. Like this is crazy. But again, the attorney's card's right there in the front.

Speaker 2: 20:30

You would have done better because you're in real estate. You know we don't leave any blank spaces on a contract. Everything is something, but again it just wasn't.

Speaker 1: 20:39

you know there was nothing to hold up there and of course no one. You know, often no one reviews this until the time that you need it and then realize that it's incorrect.

Speaker 2: 20:50

And you know, of course, the attorney's card's right there and they're like oh, we got to call the guy who made it, you know like that's who you would think Things like this are so important because those end up being like circumstances that you don't know what to do, so you just assume somebody's got your back. And in this cold world, unfortunately, not everybody has your best interest at heart, as we're discovering. So it is so important to have a list of the right questions to ask. You said you had a list of questions for people to ask attorneys.

Speaker 3: 21:21

Well, right, you know when they go in, you know I, I, because I I want to know what their follow-up process is, right. So I want a client to go in and you know they're going to talk over a client's head. They're going to use big words, they're going to I keep things in layman, I keep them very, so overwhelming to the client and it is because they don't understand this stuff.

Speaker 3: 21:45

But then I want them to know, tell me about what the follow-up process is, what's that look like, and and how do you assist with the funding? And what you find out is that the attorneys don't want that. And I've interviewed several and I've asked that question. It was a rhetorical question, but I asked it and they said you know, what they would say to me is we don't want the liability of the system with the funding. And I thought to myself well, I'm not gonna take the liability either, because things can happen past me, but I will make my responsibility and I'll do my best to make sure people stay funded. So to me those are the two, two important things assisting with funding and making sure and we're not done. My process isn't done until I'm satisfied not you, me that all of your assets are in a position to transfer your loved ones after death.

Speaker 3: 22:26

I want to get paid one time for my services. I don't benefit on a probate. I used to do them when I worked at. I worked in a law firm for three years Nightmare. I used to do them because half of my calls it's too late for me to come through my business and I thought well, let me capture that side and see. And it was a nightmare dealing with probates and I didn't want to deal with them. It was a nightmare dealing with the attorneys and what I saw. It was kind of embarrassing to be associated with it, if I'm going to be honest with you. So I tell them to go ask those two questions and see what they're getting. And a lot of times it's nothing. And the reality of it is there's not a law firm in this country that could put staff in place to make that call every year and do a quick asset review. It's a 15, 20 minute call of reminders.

Speaker 2: 23:05

Yeah.

Speaker 3: 23:05

You know, just do this, do that, do the other thing.

Speaker 1: 23:09

Not only that I find in, and not just attorneys, and it seems like in almost everything these days, which is just discouraging. But it's so hard to get someone to actually take the time to answer the questions for things that you don't know about. I mean, even you're paying an attorney and you say, well, I have this question, this question, this question, because I don't understand. I want you to explain it to me, and nobody wants to take the time to talk about those things. They just say this is here, sign this and don't worry, you're fine.

Speaker 2: 23:44

But you know that enlighten you. Yeah, those are great questions that you're asking, but you should also know this yeah, just just giving that information freely is tough to come across.

Speaker 1: 23:54

Yeah, so, um, you know, and so many people, um, it's just, it's just unfortunate the way the world is now. So many people know that, or already expected out of professionals on all different kinds of levels, so they go to Google for the answers.

Speaker 2: 24:10

Or now chat GPT, who has an AI, but we all know they're incorrect.

Speaker 1: 24:15

They're not always correct answers. So, that leaves people misinformed because they don't have the professional with the experience, with the hands-on experience, providing them the information that they really need to know.

Speaker 2: 24:29

And the very important key component of having that human connection and having somebody's interest in heart which you seem to have in spades 100%.

Speaker 3: 24:39

I don't want to see other families go through what my family went through.

Speaker 2: 24:42

Yeah, for in a short amount of time that had to have been devastating.

Speaker 3: 24:46

It was. It was a lot and a couple of them I wasn't involved in, but I was hearing it thrown around. But when we lost my father, the oldest of three, I was thrown into it. And I'm in my early 20s and I was thrown into it no-transcript.

Speaker 3: 25:15

Well, we sold that house that that house was to go to my mother a hundred percent because of we lost everything. So when that house ended up in a probate because of the bad lender advice, you know I have three uncles that came forward and now that house becomes a quarter percent ownership. When you talk, about the heirship.

Speaker 3: 25:24

So now my mom's a quarter owner. She lived her life out. We lost her two years ago, but they just want to get a hundred thousand dollars. They sold that house for just over 400 in Cali. It's sold for a quarter million more after that. So when this thing comes full circle, 30 plus years later, I cost my family about $275,000 by letting a lender tell me that we're going to fund this loan out of the trust and not having that deed ready to chase that first deed. Yeah, yeah, put it back.

Speaker 1: 25:51

And there's um. Before we wrap up, I think, one other point, I guess um, which isn't. I guess it isn't as as important as everything that we're talking about, but I think it's a good, a good thing to realize. When your home's in a trust, anybody that owns a home, you can type their name, see their address, see what all the homes they own, you can see everything. A lot of times, when you have it in a trust, it's not as easy to find all of their assets, especially if the trust isn't named by your first and last name, which I recommend, named by your first and last name, which I recommend. But it just gives that extra level of security in some way.

Speaker 3: 26:36

Right, yeah, 100%, it's got the anonymous factor. The reality is people can find anybody, but you're right, it's got the anonymous factor. The trust is there, it's public record, so people could find it. However, if you buy your home in a trust, then it goes straight into the trust. Your name's not on there, but when you transfer it, it's all public record because of who held ownership before. And a lot of people get fun and creative with their trust names. I mean most of the time it's last name, family trust or living trust, but a lot of people get creative and come up with some fun fictitious names for their trust, honoring an old pet or something of that nature.

Speaker 1: 27:07

Yeah, yeah, I think that's brilliant and good and, yeah, that is the benefit of buying in a trust Again you might— You've got to find that lender.

Speaker 3: 27:15

Yeah, that'll do it.

Speaker 1: 27:17

I've read across a lot of lenders that will not do it, don't touch it.

Speaker 3: 27:20

Yeah, yeah.

Speaker 1: 27:27

So touch it. Yeah, so that is an obstacle there, but definitely it does give an extra. It just makes it a little bit harder, not as easy to find.

Speaker 2: 27:30

So that's good, definitely. Yeah, that's a lot of great information. Rick, before we wrap this up and finish, is there anything else that maybe we have slipped through the cracks that we didn't cover, that you want our listeners to know about?

Speaker 3: 27:40

No, I think we covered everything. I'll tell you and I don't mind throwing my price out there it's a consistent price. My entire package is $850 plus $50 for the filing fee, and I go down and file your deed for you. So that's great $900, really reasonable $900 for it all and I don't charge more. Although there's double documents on the supporting documents the power of attorneys and wills when it's a married family, I don't charge extra for that.

Speaker 1: 28:08

That is the power of attorneys and wills when it's a married family. I don't charge extra for that. That is amazing. And what about people that already have one in place that want to have theirs reviewed?

Speaker 3: 28:11

I do it for free, great question and thank you, I do it for free, it. I will give my time to anybody to make sure they stay out of probate. I offer that all the time. In fact, when I ask somebody like I asked you, trish, when was the last time you heard from your attorney, they say, oh, it's been years. Do you mind if I just give you a free review? And I'll be honest, nine times out of 10 people are good. Yeah, but it's that extra peace of mind, but I catch those that aren't.

Speaker 2: 28:31

Yeah, no, yeah. Well, it's so important, especially at a death of a family member, like it is so hard and you are under such emotional distress.

Speaker 1: 28:39

The last don't want to find out when it's too late.

Speaker 2: 28:42

Right, yeah, you don't want to be hit in the face twice.

Speaker 1: 28:45

You should have done this simple thing and that could have prevented all of this headache, and that's the important piece of it Absolutely Changes the grieving process, for sure. Yeah, so Rick the probate killer, how do people get ahold of you?

Speaker 3: 29:03

Well, you can go to probate killer across all social media platforms. You can catch me there. You can go to wwwsavonestateplanningcom. That's my website for the estate planning business. I do do a lot of other things. You can go to mrcazcom, m-r-c-o-zcom and my link tree's there. You can kind of see all the other things I do and how I help families and the complimentary services I provide. And then, of course, you can reach me at my office number it's on the screen there at 702-867-3280. It comes directly to my cell phone and I have a turnaround time of two to four hours. I will get back to somebody.

Speaker 1: 29:43

Wow, very nice that's nice good, I love a person that can return a phone, so uh and tiana will return a call.

Speaker 2: 29:51

Come on now I do return a call, and better with text. So if you want to get a hold of me you call me at 702-379-9948 and if you want to get a hold of trish, she's way easier to get a hold of because she answers her phone almost always um 702-308-2878, and thanks for being here.

Speaker 1: 30:24

Reach out to Rick, please.

Speaker 2: 30:25

It's so important, you guys, if you do not have your home in a trust.

Speaker 1: 30:28

Please just reach out and talk to him. You will definitely see why it's so important.

Speaker 2: 30:33

It is so important and so easy to get done when you're not in emotional distress. Yeah, get it taken care of, make sure it's in place, have it reviewed every so often and keep your assets safe.

Speaker 1: 30:46

Absolutely.

Speaker 2: 30:54

And thanks, guys. We will see you next week. 930 am on Vegas Realty Check. See you next week. Have a great week. Bye.