More importantly…do you tell them ahead of time?
Colin Ley is an asset protection attorney and the creator of the PREP Trust®. He is also the co-founder of LayRoots (along with with partner in life & business – Shreya Ley)
Want to protect yourself from stupid lawsuits? Schedule a free, quick call with me at livemorecarefree.com.
Transcript
- Hey, Colin and
- Shreya
- Ley here with LayRoots. And we’ve got an important somethin’ to talk to you about to today, and that is-
- Well, this morning as I was waiting for an early morning phone call, pulled up the news and started reading it, and I guess Google knows me. And so they suggested this article on estate planning. It was actually by, it was kind of like a “Dear Aunt Sally” I don’t know what to call it, type of post, where someone writes in a letter and asks a question, and this financial advisor- ♪ Dear John ♪
- Yes. Gives his advice well, whatever it might be. So-
- That’s a different type of letter Shreya.
- Oh.
- Did you know that?
- No.
- You don’t know “Dear John”?
- Is that like a prostitute letter?
- No! It’s when somebody’s divorcing their husband,
- Oh!
- And they’re leaving ’em. And the note they leave, it’s a “Dear John” letter.
- Oh, no, I didn’t know that.
- And then there was a wonderful TV sitcom titled, “Dear John” I think, and the theme song went, ♪ Dear John ♪ ♪ Dear John ♪ ♪ By the time you read this note ♪ ♪ I’ll be gone ♪
- All right. Well. It was not that kind of a letter.
- Okay
- But, it was someone asking for advice because they are, I guess, approaching retirement, and they have adult children, and they wanted to know, is it okay for me to leave my children nothing?
- Hell yeah.
- Did you see that as well?
- I saw the headline from that “Dear Sally” article.
- Yeah. The advice-giver in this scenario said, yeah, they shouldn’t feel like you owe them anything.
- What’d they ever do for you?
- You can definitely leave them nothing, if you want. But, that communication is the key. What do you think about that?
- Well-
- Well, well- would you agree that communication is the key? I mean, it’s kind of, I feel like that’s a lot of the questions we get, when we do estate planning workshops. I think that if you frame it in the right way, people ultimately understand.
- Cool.
- And then they can have like, an honest conversation about it.
- What’s the lesson, Shreya?
- The lesson is, I think it goes back to a lot of our videos. That communication is key, and just, can I say, “Don’t be a dick”?
- Mmm, sure.
- I already did.
- I would just write like a passive-aggressive letter, just leave it in the pile of documents, let ’em find it. Say “Ha ha ha”
- Well-
- This is what I did.
- So, that might work in some families.
- See ya!
- You know what’s right for your family.
- Mmm. True.
