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Estate Planning Ep 001: EstateEp 001: Planning Jason with Morris Jason Morris Estate Planning: The Financial “Must Do” that Most People “Just Don’t” Attorney and estate planning expert Jason Morris gives listeners concrete takeaways on topics such as why a trust is essential, the consequences of not putting one together correctly, and the importance of keeping your trust up to date. I’m Greg Hughes. I’m with but they just haven’t kept it up never good? Is never good for Hughes Private Capital and to date. And that can cause a you?” All too often, as estate I wanted to welcome Jason lot of issues in and of itself. planning attorneys… we’re Morris today, who’s an really like… we’re the last in the attorney with Woodburn and Well, that sort of dates me line when it comes to folks and Wedge, right here in Reno, because my kids went to their financial preparedness Nevada. And is it pretty fair Galena so... I don’t feel like and their financial planning. to say that you specialize in Galena has been around long And so oftentimes, we’ll estate planning? Is that what enough for you to have gone see folks come in with their you do for the most part? there and my kids to have gone insurance guy, their financial That’s right. Yes. there. Well, you had sent me a adviser, their CPA, and then PowerPoint that had given me finally, they’ll come in to us as Why don’t you tell us how long some highlights on some of the the estate planning attorneys, you’ve been in the business things that we’re gonna talk if at all. And all too often, it’s for? And tell us a little bit about today. But, I really like something that folks think that more about yourself. this... this one of the first slides they can just put off entirely Sure. So I’m a local boy, I was in here. It’s a picture of a guy, and, quote-unquote, “The kids born and raised here, attended and he’s on the phone and will work it out.” Which is one Galena High School, and I went it says, “No, Thursday’s out. of the worst ideas and worst away for school. I’ve been How about never? Is never plans, if you can call it that practicing now with Woodburn good for you?” Now tell us, because all too often, the kids and Wedge for ten years. So I why is that slide in there? don’t work it out. And even if it was happy to come back to this Yes. I used that comic because is a happy, harmonious family, area. I love Northern Nevada. all too often I feel like the things just don’t work out, if And I really enjoy helping folks gentleman in that comic. that’s the default plan. with their planning. When I He’s trying to schedule an first came out of school, I was appointment with someone Yeah. Things really change doing quite a bit of litigation. and they’re saying you know, when a death occurs in the And so I saw some of the on the other side, the party’s family. And money’s at stake downsides of what can occur saying “Thursday’s out, I can’t and everything else and even if you don’t plan properly. Or make it.” And so, you know, the though everybody seems to frankly, if you’ve done planning caller’s saying, “Well, fine. Is get along, it doesn’t. You but it’s very outdated, which we see more and more these days. We find people who have done planning at some level, -1- Ep 001: Estate Planning with Jason Morris probably see that all the time, Absolutely. I mean, it’s the Yeah. It’s a big pain in the rear, right? old trade saying of Nike, “Just right? I did my trust when Certainly. Certainly. And I see Do It,” right? Their marketing I was probably twenty-five that with, you know, various slogan “Just Do It.” And if years old. So, I mean, I did it creeds, religions, faiths, it does there was one, I guess, nugget at probably a pretty young age not matter. It really doesn’t. to take away from this would for most people. And my dad And all too often people say it be to just do it. And I guess, went in to do it at the same will work, we’re a good Catholic add onto that, to kind of tack time. But my dad, still to this family…we’re a good Mormon onto that piece of advice or day, does not have a trust. family. Whatever it may be, recommendation is to do it with And I’m not really quite sure you label it, and that will never someone who specializes in this why, Right? And obviously, be us. No, no, it will be you. area. I like to use the medical he’s older and probably needs And I see it. And I see… I’ve analogy, right? You know, if you it more than I do; although we worked in this long enough to have a sinus infection, if you’re, all need one. But I always felt where I’ve seen the plans that you know, clogged up in there… a sense of planning on it. You we’ve created and how the kids in the sinuses, you’re not going know, you have to stop and react once mom or dad have to go to your podiatrist, right? think through things, and I passed away, and it definitely If you have some heart issues, think that’s a little bit of what changes and alters the way you’re probably not going to go is really kind of a challenge they treat each other and their to an orthopedist. You know, with people, right? So, what inability to get along. for some reason in the law, we would you say if you’re Middle see a lot of people who would America? You know, you’ve done okay for yourself, you got “If you have a sinus infection, you’re not some assets. How many hours going to go to your podiatrist, right? We see have you got to put into this a lot of people who would go to the guy who thing? How much time do we did their divorce, then [let them] do their have to spend talking about it will…their trust. That’s really not very and doing it? sensible. As much as we like to encourage them Yeah. You know, if you kind to ‘just do it,’ just do it with someone who of have an idea of where you specializes in this arena.” want your property or assets to end up, that really helps the Well, and it’s…it’s also not just go to the guy who did their process. That’s the number the kids, right? Because the divorce, to then do their will… one most difficult thing for kids now are married, and they their trust. The person who our clients to determine is have kids, you know, or maybe helped on their business deal how they want their estate grandkids, and…and so on, or when they broke up with distributed. Who ends up with and so on in all of this, right? their business partner, they’d your stuff, okay? So, if you can So you’ve got a lot of other go to that guy for their will or come in and prepared with influences that are all around their trust. That’s really not that very crucial decision point, having to deal with that estate very sensible. And so, as much then it will really streamline on a whole deal. So, is that the as we like to encourage them the process. I guess because I biggest challenge that you see to just do it, just do it with work in this arena, I’m always out there as people just put it someone who specializes in this flabbergasted or taken aback off over and over and over? arena. by how many people come in with Greg Hughes THE EDGE -2- Ep 001: Estate Planning with Jason Morris and just don’t know where they Absolutely. I mean, there’ a But in a way, you can almost want the assets to go...where lot of confusion between a look at it that way. they want it to end up. trust and a will. And what’s That’s a fair way of doing it, the difference, why do you yes. I like the analogy, yes. An They just...they just never need it? For a trust, we create thought of that, right? this agreement. It’s basically If you die Exactly. They’ve never taken a contract in effect. It’s a with assets the time to ponder, “Where contract between the party do I want the assets to go?” creating it, oftentimes called a outside of So, if we can not have that “Grantor” or “Trustor,” and as the trust, in discussion...If you can come in the party creating it, you can prepared with that idea, it does also act as the “Trustee.” your bare save on the time and it’ll save name, you’re on the cost frankly, because I For your own trust, right? bill based on the time it takes For your own trust.
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