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Saving with Steve, 11/05/2021

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Saving with Steve
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Guests, Richard Wheeler and Louis Pierro

Saving with Steve with Steve Sexton

Guests, Richard Wheeler and Louis Pierro

Saving with Steve

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The Save With Steve Show, hosted by Steve Sexton will help you with ins and outs of money. We talk about financial issues that that could be costing you thousands of dollars and keeping you up at night.

We talk about “money”… tax reduction, saving more, how to spending less and get more, 401k’s, risk management, retirement, and everything under the sun that relates to you having a healthier happier relationship with money.

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Weekly Show
BBS Station 1
Tuesday
Starts
6:00 pm CT
Ends
6:55 pm CT
Show Transcript (automatic text 90% accurate)

everyone has their own unique views and needs when it comes to financial success if you'd like to leave your financial woes behind and live a life of Financial Freedom you've come to the right place welcome to the saving with Steve show hosted by Steve Sexton the show will help you with the ins-and-outs of money we talked about financial issues that could be costing you thousands of dollars and keeping you up at night we talked about money tax reduction saving more spending less 401K is risk management retirement and everything under the sun that relates to you having a healthier happy relationship with money now here is your host of saving with Steve Steve Sexton welcome to the Shaving was fuschia or we talked about the ins-and-outs of money pretty much everything under the sun that relate to you having a healthier happy relationship with money my name is Steve sex and I want to thank you for joining us today hey we just about hit the half-million listener Mark so I want to thank you all for listening telling
friends and family and Associates about us you know what today we're going to be talking about the pandemic you know what we've had five hundred twenty five thousand people pass away and you know what some people don't have the state plant that means a will or trust and assets they leave their family with a mess you know what you do do you know what what happens when you don't have a will or trust is you go through probate and what probate is is you file your state files a lawsuit against itself in the state of California or the courts tell you who gets your money when where and how and basically of a mess and it cost a lot of money so we have Lewis hero super lawyer he's 35 years in estate planning attorney he's going to help us understand what wills and trusts are why we have it so they will also be talking about tax can you know it doesn't matter where the taxis are not there's a lot of scams are happening you need to know about it need to know what you can do but right now we're going to be talking about the lottery oh my God the lottery you know what we had the pandemic people got stuck inside they couldn't go on
and we had lotteries in 120 million million just for the Mega Millions 220 million dollars for the Powerball people don't want to miss out on especially when they're hanging out on the couch and they got no place else to go and you know what when is pandemic is over people are going to be driving all over there going to get back to being busy and you know what they're going to be sitting on the couch at 6:54 and go oh my God I can't get to the store to get my lottery tickets what do I do well you know if we have Richard wheeley here with me Dilaudid to talk us through it okay so rich and I want to welcome you to the show thanks for being with us today I think you're being here I think this is really cool with me tellado is doing and helping people obtain lottery tickets all sorts of things are far easier than having to jump in the car and go down to the store I'm one of the big things I'd like to ask about his I'm always
curious what was the brainchild for meet a lot of why why did why did you guys go hey you know what let's see if we can do this this way it's a couple of reasons Steve works in the luxury industry has been working with us luxuries for the last 12 years and a lot of the digital transformation a little bit of the way you buy lottery tickets today is the same as it was thirty years ago but he's not really changed in an age where I can buy chewing gum a car a house on my phone and seen crazy that you can get a $2 Powerball ticket on your phone so that Polly was scared of seeing a consuming the he's working in the industry seen a lot of the research being in a lot of focus groups the people just really want inconvenience this is lots of people about 60% of the population to play around once a year usually when is he was saying the jackpot gets really big them people and make an effort to make a trip to the trip to the store but I don't play more frequently than that be
cuz normally I'm getting cash going to the store lining up and getting a ticket it is inconvenient and as you said particularly during the pandemic that's become even even more difficult than Pauly Elementary in every other industry would seem this emergence of convenience I so think of food delivery grocery delivery Uber lift anything you can think of which is can you know consumers with the convenience of getting a service or product bring those two things together so we often we describe ourselves is like instacart for lottery tickets analogy of what we do to release time from okay so so how did how does it how does it work with me to Lotto so somebody download the app to take us from there for sure but my toes are dogs such as you lost where am I where am I on the App Store live on Android and go to a website model Hospital, download for Android
official state lottery tickets tomorrow get Mega Millions Powerball other Interstate games for the states that we're operating in things happened on the backend we we then take the F out of your purchase sweet we're effectively purchasing the tickets for you on your behalf of an officially licensed luxury retailer we then those tickets we security stole them until the drawers half of what you see in the app if you have any states physical possession of your ticket until the drug takes place unless you want a large amount of money so you can view your numbers directly in your app she never going to lose a ticket again a couple of billion dollars that goes unclaimed in Lottery prizes every year in the u.s. largely because people lose their tickets I'll forget to claim all don't want to go back to the store because I'm crazy you'll lose your ticket again and then when the drill happens you get a little reminder you can go in and check you tickets yet a little animation to see whether you want if you do unless that you were in a small amount of money and in Most states that threshold
$600 sweet credit your wallet directly we have a wallet that kind of looks like Starbucks at so we may I help you may not claim the credit your wallet directly in the in the app and you can withdraw it to your bank account or anything else ready logic claims anything more than $600 then you need your physical ticket and we help you make the claim by we recover the ticket and I mean that you claim a lottery claims okay so that's really cool so how many states are in what states are you actually in right now where can you see we weren't spending all the time I was thinking right now we will live in operating at about nine states starting California San Francisco Silicon Valley company we launched officially what would happen in the next 12 months early January February last year right before the pandemic hit everyone that you never know how things going to let you know we've been growing strongly
use it on the platform right now where we going from strength to strength we have the highest-rated luxury transactional app in the app store app store open at night Stars we just trying to make it convenient and also maybe a bit more of this isn't just about getting a lottery ticket and the convenience of that we've got some features on the app where you can get tickets to friends the physical you might not be able to be with someone we can send them a lottery ticket in our I can plank ribs so we did you try the soda Buffy's pool experience our playing group has you covered so if there are any of the few hundred million combinations of numbers for Powerball and Mega Millions tickets whatever it might be you just covering all combinations of number but it does increase your chances of a little bit but people love it because his
I'm a little competition in the group Steve and you put in 5 tickets and I have to I want to match your flight tickets cuz I'm going to get a bigger share of the Jack pole so we have a little game that has been going on in there okay so what are the things I did see is this the new CEO of the California Lottery was very excited because the relationship during this pandemic lottery ticket sales is actually dropped and because of your app is starting to pick back up I mean we're still small and in the California Lottery is a huge business is 7 billion dollars into a lot of money and this the states that we're in this is a new business is kind of like I'm using the instacart analogy again and stuck on wood asking Whole Foods that the mission is a go and get groceries out of stores for that uses they went ahead and did it and then everyone saw the benefit of what I brought another time he's become accepted and embraced kind of the same for us so the luxuries that we officially have adopted regulations
fishing regulations official license and business regulation or officially enables it either so I will pray and a sort of informal why does not official partnership we have that's what we working on it will be blessed to have but I just take some time but in the meantime we're growing pretty strongly feel millions of tickets we've raised Millions for education in California throughout where I can I use is so are we going to continue on that path Century Millard viewers at saving with Steve. Us you can ask questions we posed this question last week we're going to have that we're going to do a kind of a rapid fire here with Richard when we come back I just a lot of little questions that people ask when he what about this what about that went when using your service so I thought it'd be interesting so stick with this will be right back with more Richard wheeler more expert advice for having a happier relationship with money still.
I'm not saving with Steve show
don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve sex and post of the saving with Steve show where did he talk about the ins-and-outs of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending left your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon
welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton a little and welcome back to me thank you for tuning in appreciate you letting your friends family and Associates know about the show all the repairs are available at saving with Steve. You asked that Sting with Steve. You asked if you enjoy the stories of helpful information and insight with saving with Steve and encourage you to subscribe to your YouTube channel so you never miss a show and check out a few of our Affiliates at UK Health radio BBS radio talk radio New York City 360tv Las Vegas TV network all these networks are dedicated to empowering you to solve problems uplift your spirit and live a life of Financial and personal freedom and you can also follow us and join the meeting with Steve sex in Facebook page as well as go to saving with Steve. You asked for guess the smokes download the whole shots now we're back with Richard wheeler with me dolato did I get a ready
why do I keep on the same Ito sorry I said American pronunciation I'm just kidding
from England so what I worked over there people go where you're from and don't say the United States
there are fewer blogs interview or email is hate a legitimate some people say hey is this a scam just wonderful so why don't you go ahead and dress that one else comes out there and I would encourage anyone is concerned go and read our reviews on the App Store like I said we go 11,000 reviews and another ten thousand five star reviews and most places where we lie there on official regulations a license to sell it and I get it for free come and go study like I was until as regulations are in place opposition isn't we've done this with millions of tickets now as we fulfill every single order in an officially licensed retailer so when you hit send Audrina out here shortly I ticket has been purchased an officially licensed retailer we've never had an issue with a ticket be purchased or a price on a 1 a prize and not being able to claim success record when it comes to him when he comes to somebody wanted you to have the ticket everybody know like that will be a problem but everyone around here
in fact this is even the bigger question do you guys get any of the winnings any winnings we charge of convenience fee for the use of like every other convenience app in the world that you can think of for a game tickets or food or groceries or anything like that when you signed up we're still figuring that will be up to a convenience be should be between 10 and 20% are you are which state you're in the one you signed up we got very little negative feedback on your Powerball tickets to Saturday I'll be $10 you going to pay $12 in our activists 20% on the winnings they're all yours whenever okay so OK Google hard is it to cancel a ticket so for example hey I only wanted five but I pushed the number seven how hard is it to cancel to tickets out of five
6 North so yeah that's another reason for letting us know as we follow the luxury rules so that the games that you have access to in all right but the same as the lottery so I would like a Mega Millions you can cancel a refund the Mega Millions ticket will dispatch is this an old styles of files hug. He's one thing to be aware of when using all rappers be clear about what year old ring cuz we don't have any ability to cancel or change it if you went into the store and set you didn't correct him a ticket sold exactly the different games so it's Mega Millions and Powerball Super Lotto is there any other games that people can play about to launch Fantasy 5 in California the California lottery office because throwing a 5 p.m. every day and we going to be at We are continuing to add States and games as we expand our footprint but pretty much everywhere we live we have Mega Millions and Powerball in California
homestake smoking like a long as we have additional in State Games 2 but we going to be all the time how does somebody go about gifting a ticket right question so when you're at the one main way of doing it so let's say you're in the bathroom sign I want to give my friend Steve a tube to Mega Millions tickets for tomorrow night to fly when you press and hold a taxi back to the screen and then he basically shows your contact in your phone so it's like I was like Steve your number and I hit send and receive a text message and it has a link in that little graphic image and you hit that link up so if you've already got the app it'll pop up in the app and show to ticket if you know if you don't already have the same thing you are pretty slick around festive season saw what I saw those kind of things I can use that quite a bit this would be great for one of my brother always late on giving gifts for birthdays
it takes about 15 seconds to buy and get the ticket by the road all right I'm good I'll show up and I'll be the hero you know what I understand that you can only receive $600 so you know what how does somebody like go in collect our money if they 1 p.m. to Dollars $4 or $6 however do they have to set up the wallet how does that work with the with the small weddings yeah when you when you set up an unregistered is ultimately we want. You don't have to load money as soon as you register to vote to order but once you do and you said we have a couple of payment methods in that so you can use PayPal Express checkout line banking solution with your online banking credentials with riding mower payment methods of payments is sometimes a slope
compliance like any other business by PayPal in May of last year on car payments that we just recently been approved for $3 means personal winnings with rib validating the ticket on your behalf to resell it we just credits in your wallet right away it's really really easy so you'll say you know if you win $20 on Mega Millions tomorrow night you know your wall as soon as you check your numbers he has little animation immediately get $20 credited to feel okay so let's take a step back so people can load the wallet with a debit card and they load it with a credit card payments yet his credit and there is some kind of hard and soft sensibilities around credit and totally understand on some luxuries expressly prohibits some luxuries of this kind of unspoken the devil people playing Lottery
music until I get that sounds cute in trouble it's going to depend on the state that we're in as to which of the options that we also believe I've been approved the car payments and we're in the process of implementing that right there is a ton of me buying a method stage is real quick out I mean think about a venmo that's the Spotify probably outside and I was on the platform to you know we kind of work that with the with all berries payment okay so tell me about eating America donations one of the things that myself and Kevin is I'll see you with very passionate about is the role that we play as part of luxury I'm beyond food processors in every state benefit somewhere they closing some questions when California was public education in Pennsylvania that she needs program it varies depending on the state every luxury ticket you order so I wrapped you know the appropriate proportional. Tickets child goes to all the luxuries beneficiary we filled with what we do
we can do more than that could we just scratching the surface off to raise awareness and dollars for additional beneficiaries outside of Westside public education funding California stages of pandemic we donate 50% of our Revenue used to feeding America during the first couple of months of operation by we still able. I'm still Blown Away we see I used it all the time you can donate to feed America directly in the ass I will give you one time. And you want to talk tonight to feeding America that's great so yeah we we see a ton of opportunity around Partnerships with Charities organization foundations that kind of thing just to raise awareness raising commence that's wonderful how do people go where they go to get the app to they just go to the Apple Store and get it if you want you can go to the Apple store and buy my dear Lots on Android with no on the Play store yet no gaming up his real money gaming until you got somebody. Call me when you can talk directly directly download it from the website
you want to say that I think this is really really cool and all my lottery friends they're going to be all over it I know they already are now be safe bye bye more expert advice for having a happier relationship with money still to come on the saving with Steve show
don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the ins-and-outs of money those financial issues it could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending left your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon
welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton can I truly thank you for tuning in and appreciate you letting your friends and family members know about the saving with Steve show we're right up on the half million listeners per show this is outstanding just know the replays are available at saving with Steve. You asked if you're enjoying the stories of helpful information inside and saving with Steve and encourage you to subscribe to the YouTube channel check out a few of our Affiliates at UK help radio BBS radio talk radio New York City e360 TV at a Las Vegas TV network all these networks are in our dedicated are you to solve problems uplift your spirit live a life of personal financial Freedom if you're just looking for a few extra Financial tips for some help from our from our guests you can always go to the saving whiskey
Facebook page and you know what go back to that same as Steve. Us you can get gas gifts get there. I'll order their new books the holeshot so with that let's get started here with Luis Quiroga Louis is a partner with pure Connors and Strauss one thing to know about Louis is you know what he deals with wills and trusts business succession planning elder law he's considered one of the best lawyers in America usually considered one of the Super Lawyers in New York is so we're really happy to have them I mean he's been around so I don't want to make you so old Louis but you know he's playing after 35 years and the nice thing about that is their stories there's learning there's you know what he's turned this into an art form for people because he has so much experience Lewis welcome to the show I'm grateful that you're here to help share things with our guess they thank you so much it's a pleasure to be here and not her and I look forward to our discussion
you know what I'll say this
address for Summer saying this but I have a brother that the last three and a half years he battled cancer and I'm dedicating this segment to that because I think everybody needs to know now I'm a Financial Consultant most of the things I do deal with Advance tax planning but I know how important a will and trust it and you know what my brother was 52 he has two kids in high school and a wife that he left behind and I know if the planning wasn't done right you could have left his whole family with a mess I mean you know what before he had cancer there was no Willard trust house was just in his name and you know what you as an attorney would know how detrimental that would be to his spouse to the kids the whole shot so you know what it took us a little bit but we had a plan in place and when he walked out on life there would not have been in there there wasn't any issues so
what's the pandemic and we were almost were over 500,000 people who passed away typically see about 3 million people's 3 million people passed away in the United States each and every year and there's so many people who are unprepared and you have big names you know what you have a Supreme Court Justice Warren Burger you know you had to hear about all the different actors and actresses prominent people who you think would know better but they don't and Larry King who and wrote something that is a frying to make a wheel out court now but right in doing well didn't think it through and you're right it happens to celebrities but it happens to Common People everyday well that's the thing that's the that's the perfect point to make whether your celebrity or not you're just like everybody else you have the same issues you know what John Wayne She had a trust he passed away in 1979 in the probation until 2001 I mean that family
broke because of that I think it's unbelievably important so what I'd like you to do is just help our listeners and our viewers understand what is a trust what it does for people what does it mean when in fact let's take a step back let's talk about probate and how expensive it is
first of all my condolences he had a battle but nonetheless it's always hard to deal with those issues and I deal with it everyday and I'll practice we have people that died at 102 and people that died it well and as I tell my client is a well if I died in the hold on there because it's not in there it's when and we none of us can predict that in a lot of people say Well when should I do will tell me the day you're going to die I'll have you come in the day before and will be very efficient we'll get it done but nobody knows you cannot predict when things are going to be done so you can plan for it you can put things in place in a will is a basic document and in space but it's something that all wheels and might be able get this wrong by definition every will must go through the probate process you mention that word what probe
is is a court proceeding we're usually an attorney is going to submit a whale along with a petition a fee and a number of other documents affidavit waivers and that a judge is going to take me time review all those papers Herman that the will is valid or not and you have to serve a bunch of people with process so people aren't opportunity to show up in that Court call the probate court and file objections and raised questions and delay in protract the proceedings further if you have a minor child or children for a disabled child support someone to oversee the estate on behalf of that individual more money being paid out to another attorney fire stick and again prolonging the preceding so probate
pre-pandemic was a difficult situation but the pandemic is change life for everyone in the courtroom shut down for several months and are just really getting their things back on track and here in New York and we have offices in Manhattan and Long Island and Upstate and the court in Manhattan is basically said we are on September fine we're just getting to review those naps while everything is Frozen in that probate proceeding until it clears the judges desk they issue an order and give her a piece of paper called letters testamentary to the person you chose hopefully of your exact it so that's the probate process I'm money thanks a lot of conflict potential challenges it's a public process you can go buy a book you mentioned John Wayne Jackie Onassis Kennedy you can buy a book that lists all of your will would they have in their state
because I hope probate process is also very reason to avoid two two things that really stuck out to me from what you said you said if you have underage children
the court will decide will select a custodian to watch over their head
but a guardian ad litem okay so a guard it so what you're saying to me if you don't have a trust your kids could have somebody some Guardian making decisions on their behalf and there's appointed by the court in the in the state you're in
little bit different the guardian ad litem overseas that child's interest only as far as the probate proceeding is okay if you have minor children one of the main functions of your will is the number one appoint a guardian for those minor children and number to create a truck so that he can use them for their benefit and that can be done all through will but again that will going through probate so the kids may not see money for 6 to 12 months on the probate the ladies that were now experience and then the other thing that you put it out is that a number of people are going to be provided these documents as part of this probate process so and I know I'm being really funny here but when I was younger an attorney friend of ours brought me into I called her Probate Court
a different term for it but he goes I want to show you all that other person who passed away is ill Billy relatives they seemed to come out of the woodwork because they think there's money is that what happened please not to mention if you can't find The Heirs and we've had that happen where are zipped past agree to cease you do a genealogical research with Chase relatives all four corners of the earth to try to get the proper papers served on them just to get the wheel admitted to probate and that's two years literally want to stay so in other words things can be delayed if there's this guy I know this is a total mess and you know what I'm actually a cancer survivor and I know this from meeting people as it 15 16 years ago when I went through it there's a couple of that was there with Keith as I was going through chemo and quite frankly they had
they asked me to take a look at it and I noticed it hadn't been notarized which and they hadn't put a house in or anything like that they just thought they got it they spent a lot of money on it
no actually they pay for an attorney to do it with one of the attorneys instructions was for them to take it to a notary and have it notarized. So we immediately called that attorney and he went oh my and he had somebody there two days later to have it to put her ice but wow so you know what I'd like to do is take a quick break right now but it makes a difference to your life so stick with us we're going to be right back more expert advice for having a happier relationship with money still to come on the saving with Steve show
don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show we're going to be talking about the ins-and-outs of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending less your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune into the saving Willis TV show join me Steve sex and out of saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon
welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton hey welcome back to the show this is Steve sexy with a shaving with Steve shall we have Louis Puro I'm just so excited about this because he's going to shed light on a very important topic we just talked about the probate process with me how great a big mess for people but what I'd like to do is talk about what a trust is what a will has what kind of documents people would really need in order to be in a position where they don't put their life in a mess if they have a major health issue pass away special for the ones they love
do the core documents estate planning is bigger than a whale bigger than what happened to death what happens during your life so you want to have a power of attorney appointing a financial region so if you can't pay your bills manager app that you have somebody lined up to do that for you some steaks are very simple and in New York is a 16-page document which is more complex but you do want to have a good estate planning attorney work with you this is an investment it's not a Content you want to make sure that what you're doing is done right and what what you lay out for your family is all going to stick and is going to be beneficial to them long-term do the power of attorney and Health Care directive whether your power of attorney in California Health Care proxy in New York you want to have a health care directive if you can't make your own help your decision you put in writing what your intentions are and appoint someone
make sure your intention was carried out in New York we have a statutory document called an appointment of agent for disposition of remains so I tell the stories about Ted Williams and people had Williams cryogenically frozen into nitrogen in a laboratory Sarasota in Florida so he's Frozen for posterity Walt Disney same kind of thing but he wanted to be frozen if you want cremation burial and more and more people want cremation at something we're seeing as a friend you want a celebration of life or traditional wake and funeral where do you want it where do you want your ashes scattered or where you want your body buried you can put all of that in a legal document and have it done signed with an agent to carry out your wishes but that's kind of the final wishes
but in terms of your ass when you passed you want to have it done in such a way that it's efficient everything is laid out clearly and I'm going to talk about a truck this is a revocable living trust so you can be your own trustee the document that I have on my own trustee but if something happens to me I've appointed successor trustee is my wife my children they can take over without having to go to court without having a guardian appointed for me or going through that program and upon my passing in my case that trust is seamless those assets simply transfer right over to my house and ultimately my children and I create trust for them right in my same document and I can create trust for my kids and this is important that our asset protective so if I leave an inheritance to my sons and daughter and they get married and they get divorced those assets are protected if that
is properly structured they go bankrupt if they ever need Medicaid for healthcare yes it's in that trust can be protected so you can create a trust now be around trust until you can't appoint your successors and upon your death that trust seamlessly goes on in the assets are available literally the next day two years and your successor beneficiaries and you can leave that Legacy to your kid and a further drop in that the document that we do very very frequently for clients and what they think it all through staying out of court protecting your children have a great deal of value
you know what one of the questions and I heard this in your New York I'm in California but you know what a few years back when you know courts were Inns in session it was taking somewhere between almost two years in California to get through the program probate process and the cost was almost legal fees and someone almost about 20% of the estate and then when you look at that compared to a reader to three for $5,000 trust you know when I look at you sometimes
20 times a return now if you look at it from an investment standpoint the cheese you can save a ton of money and I agree with you people should not look on this as a cocktail with wills and trusts what are the things that people do that get themselves in trouble more so because they don't know what they don't know probably the most common is they forget that they have assets that may have other ownership and beneficiaries on them so those things outside the will and we see things all the time where people come in with cross
they haven't bonded and they haven't transferred their home where their bank accounts or the brokerage account into the trust trust their own funded builder in Probate anyways and then today so many people have retirement accounts and we have a new actress that passed last year goal to secure act and change the Taxation and inheritance of retirement account so if you have a large Ira or 401K you really need to look at the secure act and how it impacts your plan but now we have to plan for beneficiaries in pi the retirement accounts into the beneficiary if you're using the axle back into the truck in order for us to be protective so the most common mistake that we see is people may have a document but they don't have a plan they haven't looked at all of the assets and beneficiaries in the ownership and thought it all through properly to make sure that the proper asset get to the proper beneficiaries if you want to leave money to
charity the way to do that is to leave them portions of your retirement account because those are fully income taxable unless they're off but a traditional IRA or 401k if you have charitable intent you want to leave something to the church at the hospital or to University the absolute best way to do that is to leave them retirement plan asset because their tax-exempt do see when we look at when you have to look at holistic we have to look at every asset every beneficiary how you want things to pass and then look at how it's going to be done most expeditiously with the least expensive cost and with the least Pepsi okay so I have two other things I wanted to get you I don't want to miss out on them one pets her really big people want to take care of their pets how do they go about doing that in the woods with in a will and Trust in too many people are very very concerned about the potential tax changes of the current Administration where they can see the step
basis I work with a lot of farmers that are very concerned about that cuz it had farms and for generations and generations and that step-up basis would cause many of them to sell their far as well as the lower estate tax limit the holeshot so I'd love for you to speak to those three items to our situation in New York with statutory pet trust if you don't have a statute State you can still craft a pet Frost we have a covid dog a lot of people got their pets during the pandemic we have Hudson beautiful little puppy and so you want to make sure you can leave a truck aside some money name somebody to manage it makes you want to make sure that the person that you're naming is willing to take on your but would you set aside some money and they use that trust fund to support the dog we were talking earlier about Leona Helmsley left $12 for her dog
but you want to make sure that the dog is bad and taking care of them in the right person to be in charge of your pets can be part of that revocable trust that I talked about it slow segment soap on your passing you set aside some money and someone to make sure your pets are provided for in terms of the text Biden tax proposal there many of you mentioned step-up in basis for those that do no capital gains tax on the difference between what you paid for Capital asset like a stop for Real Estate or business and what is worth now you pay a capital gains tax on that you're proposing to raise the rate on capital gains from what is now fifteen or 20% tax bracket income tax rate today or 37%
when people died today with assets that have that capital appreciation the champion of that because it goes through their state gets a new basis equal to the fair market value on the day when you sell it here oh Capital game 2010 we had something called carryover basis and if you remember George Steinbrenner died in 2010 so we had no state tax in 2010 it was revealed that his family pay no state tax but they inherited all the assets with the same cost basis that he died is proposing to pay for the programs 3 trillion dollar infrastructure Bill I just got announced last week
that capital gains step-up in basis be eliminated and also on the estate tax side we have a very generous exemption right now the 11.7 million dollars. You can write a check today for 11.7 million dollars and give it away to your kids is tax free tax free gift tax real estate but then it's supposed to go down from a 7.5 more people into what is right now A 40% of state tax at three and a half million dollars and gets the three and a half or not that doesn't really matter because he's going to go back to 5 million from 11.7 automatically in 2025 because the troubled individual tax set sunset at that point so 11.7 is a big window and we have a lot of wealthy clients now pushing the assets out that window getting him into trust gifting them talking in the 11.7 million dollar Junction
and the IRS is said they're not going to call back at that so whatever the exemption bow down to you preserve your ability to shelter and for married couple as twenty-three point four million dollars that you can get the day and have fully exempt for Stayton gift tax form so people can do that out there cuz the nearest you know what I work with a lot of farmers and they're just vastly afraid of that and it's nice to know they can lock that in middle class families as well be people there will be people can afford to pay the capital gains tax unfortunately the middle-class people probably cannot Farms cetera they're going to have the money stuff of Burden so it's going to be a tough pill to get through to eliminate the step-up in basis and go to what they called carry over
this point if they get rid of his filibuster then all of these things are possible I hope there's a lot of it got a 10 million dollar farm that they inherited but they only make about $150,000 a year so if they're saying hey now you got to sell this Farm just to pay the taxes on that that's that's that's going to be going to be quite tough. It's a bitter pill to swallow yes it is Luis I want to thank you for being here cuz you've educated or our listeners and this topic is so very very important because there's so many people that don't have an estate plan that need an estate plan just because they take care of the ones they love so I want to thank you how can people get ahold of you they think need your help this place is right your website you can go to p r o p i e r r o l a w, e r o water, or you can call us our phone number
is +518-459-210-0518 459 2100 you can email me through the website so just go to Puro water on, you can access everybody heard from Ray Lewis thanks for joining us today we very much appreciate it if that's the opportunities than all right bye-bye everybody that was Louis Puro of puerile law or just so thankful that he's here to share that with us and you know what we're going to take a break pay some bills and we'll be right back more expert advice for having a happier relationship with money still to come on the saving with Steve show
don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the ins-and-outs of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending left your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve sex and out of saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon
welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton hey welcome back to the shop was in that wonderful Louis Puro Puro law you go to pee Rolanda, he just went through what was going on with wills and trusts okay if you own something and you love somebody you have a plan best way to have a plan is make sure you have an estate plan so whether you're talking to Luis in New York City nobody else in Florida Illinois California it doesn't matter make sure you have a plan to the last thing you want to do is no walk on and live get your ticket to heaven and being a position where the ones that you're that you love are holding a mess of probate where they're going to might lose 20% of the estate just to get through that probate they might they might be without funds for 6 to 12 months because of this pandemic and here's the reality
nobody gets out alive so make sure you have a plan just wanted to share some stuff with you my son and daughter both have a will and Trust they're not heroes are near they're in their early twenties so it's one of those things we can take care of them if they need to because they have health issues they are you know what they eat it when they have a family that can make amendments to it I recommended it's a highly important before that we had Richard wheeler of my dolato talk about that the app you want to go get that app if you're a lot of fan now I want to talk to you about the issues that are going on with all the little scams in it you know what it doesn't have to be a tax scam it could be irregular scam but what I'd like to do is just go through seven that are most prevalent that are occurring right now that you can be aware of so you don't get caught in them so let's just started you know what people are calling and claiming they have the ability to suspend or I'm sorry scammers are climbing the
old spend or cancel your social security number okay just give them information they steal your information make no mistake this is a scam you should hang up and block the number next there's phishing scams are common tactic that use them on Cyber thieves and you know what they're not limited to tax can they do it in all sorts of different things, taxes this tax season what's the send very legitimate looking emails that appear like a pure like they came from the IRS this may contain subject lines like automatic income tax reminder electronic tax return reminder you know what they'll have links to website looks like the IRS offer you a temporary password to access the file on your phone however these files are malicious they contain malware infect your computer with malware they gain control of your computer track your keystrokes of your computer and gain access your passwords for your financial accounts okay
I want to see this with credit card you see this was certain that you just want to make sure that if you're dealing with something it's always the app if you're going to make that change it makes sure it's the outstanding place even if you have to look them up on the internet and call the credit card company or call the IRS remember something about the IRS they will never contact you via email they will never contact you via phone so don't open up the emails from anyone claiming to be the IRS they certainly in certainly don't click on or download any of the files are the emails okay because I was going to do is steal your information and control your computer okay you know what people have started receiving phone calls from the taxpayers advocacy service okay so what's happening here is there utilizing a legitimate organization called the taxpayer Advocate service within the IRS now the IRS does not or the tax
clear advocacy service does not initiate phone calls to taxpayers so you have to contact them first these scammers may be demanding payment or they claim you have to having a refund waiting for you but either way they're trying to get your personal information from you and bottom line you should never give it to okay tax season right now you know what you file an extension May 17th all that kind of stuff people are getting hit with ghost tax return preparer getting these other so-called repairs typically don't have any sort of credentials for preparing for taxes K they they don't have any again they don't have any credentials to prepare your taxes they may require payment in Castaic typically don't give receipts that also invent income or clean fake deductions to boost your refund demand payment and forms of percentage of your tax refund so let's understand what's going on here to see what happens is is it going you know what how would you like a larger refund will get you the largest refund possible
you got to give me a percentage of it oh okay and you know what you're thinking yourself hey how does this guy do it with this girl do it and you don't want me and boost up your deductions so you know what instead of getting $3,000 you're getting $5,000 and you know what they're going to say 800 bucks for you that's cool I'm good with that hey I'm getting another $1,200 that I thought this is wonderful but here's the problem they're not legitimate the IRS will likely come back to you in about 3 years and say hey guess what we don't think the deductions are legitimate could you support those for us and if you can't we want you to pay $2,000 back plus the six and a half percent penalty plus 5% interest and you're the one holding back 3 years later okay you just got to know that a legitimate tax accountant will have credentials that qualify them to handle your taxes will also Never Promised You a large Reef done will offer you several payment options won't try to catch a return and will always sign their return and include was called a taxpayer's I'm sorry
they will also include his call to prepare tax ID number for legal purposes the IRS you know what you can go in and see where the IRS website if your tax preparer has a repairs tax ID number we have people to do taxes for the people our clients and all that kind of stuff they all have 4 pairs tax ID numbers and that's how the irs's if somebody does not sign your tax return they're not legitimate okay if you're not getting a receipt for your with your services are there not legitimate okay now the next thing is unemployment this pandemic you've already heard it this could be as much as a 200 billion dollar issue millions of Americans lost their jobs per million temporary 2020 receive unemployment benefits has issued by state agencies our some cases criminal sought to exploit the situation by filing fraudulent unemployment benefits using stolen identity now because unemployment benefits are taxable income
State issue with called a 1099-g again that's our 1099 g k now certain government payments to recipients IRS okay and they're required to report it to the IRS okay if you look at the 1099-g inbox one it's going to say unemployment compensation if you receive a form 1099-g for 2020 and you did not receive the unemployment compensation K you need to file a 4K you need to go look at the identity theft and unemployment benefits Bill have you file a form you'll need to file a tax return based off what you actually received not this bad form and put a notation in there that you did receive those benefits okay. For no reason why you should have money fall through the cracks just because somebody tried to scam you next natural disaster scans hey you know what we've had rain we had floods we've had fries
Texas you know what the electricity disaster the Internal Revenue Service is remaining taxpayers that criminals and Scranton scammers are trying to take advantage of the generosity of taxpayers who want to help Bissett victims of major disasters fraudulent claims barely start with unsolicited contact by telephone social media email or in person using a variety of tactics and percentage poverty to get money in private information from Wellington sand taxpayers some have bogus website using names similar to legitimate Charities to trick people to send money for my personal information they even claim to be working for on behalf of the IRS victim file casualty loss claim and get tax refund others operate bogus Charities and solicit money or financial information by telephone or email in the last one here we have phone scams they're sophisticated phone scams Target axe players including recent immigrants that use video relay service isn't
Escape deaf and hard-of-hearing individuals people have limited English proficiency victims and you know what these are making the rounds all over the place claimers our callers are claiming to be the IRS employees that use fake names in Bogota IRS identity badge numbers they may they may know a lot about their Target and they usually offer the caller ID to make it sound like it's the earth look like it's the IRS now what are the things that I want to make sure it's very clear here is this they're not bottom line anybody calls you saying they're from the IRS they're not it's a lie it's fake if they send you an email it says it's from the IRS if you just put your cursor over the email you'll see it's not the IRS K cuz the IRS doesn't send email okay you have to contact them directly IRS has been going to people's homes to look at collecting IRS debt but if that were to occur you can ask them for their two forms of identification they'll give you a phone number that
you can call the IRS or you can call the IRS directly and that way you can validate who they are but they're only going to the homes in with people who are really way way way behind and it just haven't paid so I want to make sure nobody has their money fall through the cracks when it comes to scammers and this you know what this this this this episode with Richard wheeler and Louis Piero was all about honoring my brother said you passed away recently from melanoma cancer I want to thank everybody for their well wishes and good wishes of condolences but it's really make sure you get that estate plan game you never know when you walk out on life you never know when life ends it just happens we all know somebody you went too soon and it could be you you just don't want to leave the one that you love with a mess lastly that Lottery is a lot of people love it you know what Richard wheeler and meet a lot of his made a lot easier so look stick with us we'll look forward to seeing you next week they stay safe and healthy this is Steve Saxon with the saving with Steve show
I will look for you see you next time bye bye thank you for joining us for the saving with Steve show hosted by Steve Sexton to learn more about the show and how to become a guest or sponsor visit saving with Steve. Us that saving with Steve. Us join us again next time as we continue to talk about everything under the sun that relates to you having a healthier happier relationship with money this has been the saving with Steve show hosted by Steve Sexton