What To Do With A Large Cash Inheritance - YouTube

So in this video, I'm going to  talk about what to do with a large  

cash inheritance and what not to do. Which is  what most people do is the not to do part.

So, get a pen and paper if this is you or it's  going to be you right, this is really important.  

If you're going to inherit a bunch of money and  you don't have the strategies i'm going to talk  

about it's like a lottery ticket and you're going  to lose it all. 99% of people who inherit large cash  

or lotteries lose it all because you don't  do exactly what I'm going to tell you.

So in this video, I'm going to talk about four  things. Number one, just the misconception of it  

of inheriting that kind of money. Number two,  what's the structure you should have to  

receive that money? There's a legal structure  in vehicles to receive that kind of money.  

Number three, big one taxes and how  that money that's coming to you is going to  

be taxed and number four, what is the name  and the qualifications of the person who  

should be helping you. Let's begin. Number  one, the misconceptions of an inheritance. 

It's like a goodie bag and here's how most  people receive their cash inheritance. I call it  

the little surprise basket. So, the surprise basket  is mom and dad don't talk they don't talk to the  

kids or whatever relationship you're having. But  whoever's going to get the inheritance doesn't  

know about it until the person's gone. I am in 100%  disagreement and any organized wealth planning  

legacy generational wealth planning person  would agree with what I'm talking about.  

You need to organize the next generation or who  you're going to give your money to even if it's  

a charity. Really you're just gonna hand them a  bunch of money cash and hope they do what you want  

to your wishes? You worked your whole life so now  I'm speaking to the person who's actually going  

to be giving it. You worked your life to organize  this money, invest this money, create this money,  

and you're just going to hand it to unorganized or  not known plan? I think it's the most irresponsible  

thing you could do. So, to that point the biggest  misconception is I'm just going to get this money  

it's going to be easy. No, you have no idea how many  clients that I have that got a huge inheritance  

I'm going to tell you a story in a moment. You're  just going to be shocked that a family could be  

this disorganized and I see it all the time. So  unfortunately, I don't tend to get you as a client  

on the front side of this conversation. I tend  to get your kids after you've handed them a mess  

and even if it's super organized if they're not  educated it's still a mess. Because they just want  

to spend it on lifestyle. So I take this conversation extremely serious and the surprise  

basket just so I'm clear on that definition  is you have passed or if you're receiving it  

somebody has passed and you're sitting while the  will's being read or the trust is being disclosed  

and you're like, "Yay, I got my little part", really  bad planning. So, not a fan of the surprise basket  

which is an unread plan or undisclosed plan  until after death. So, what do you do? So first  

of all, you get organized. So, what structure should  you receive this in? Well, number one ideal estate  

planning is in trust it's in revocable and  irrevocable trust. There's two kinds of trust  

revocable is a family living trust and what  that does it keeps you out of probate court  

and I'm a huge fan I don't care if you have a tiny  bit of money or a whole bunch of money. If in your  

state or province depending on where you live  this is a worldwide problem. You're going to  

receive money if you don't have it to trust who at  whatever wherever you live it'll land in probate  

court. Which means they're going to take a whole  bunch of probate fees that can be as high as 50%.  

So you could be passing on a million dollars a  lot of money could be left at the state level. So  

why would you do all this work to leave it to the  state? Oh you forgot, they could become your partner  

through probate. So, let's not do that let's put it  in a proper trust. So life insurance gets funded  

by the trust, it funds the trust when you pass. The entities that you own are held in trust.

If you want them completely away from any  creditors you put them in irrevocable trust  

and then those are estate planning trusts. So yes,  I have somebody on my team who willing to give you  

an absolute one-on-one walk-through and help you  get organized this is such critical information.  

So those of you who are going to receive. First of all, let's have a conversation with mom  

and dad or the family on what do they want what  do they want their wishes to be and I am a huge  

fan of generational wealth planning which even  from when you're little you're going to read  

this in my how to make your kids millionaires book. You need to have a conversation about money  

like the family needs to know how are you making it?  How are you spending it? What are your assets?  

What are your liabilities? What do we have to deal  with and when you pass what do you want to do do?  

You want us to divest in real estate? Which means  sell it all? If you sell it all you got a big tax  

consequence. I mean you've got massive financial  decisions and can you make them from where you sit? 

Most people know. See, here's the problem, most people get a cash inheritance spend it like  

a lifestyle get taxed to pieces on it and then  wonder what to do later. It's nothing different  

than a lottery. My goal is to teach you how  to use it purposefully and if you really do  

estate planning right you're not just going to get  a big lump of cash you're going to get entities  

and an investment plan that you then as the  next generation need to execute. So the money just  

doesn't get blown and squandered away as lifestyle  moves and yeah if you want to do some lifestyle  

stuff that's fine. But there's an asset base that  goes beneath it. So the structure is entities,  

trust and irrevocable trust that need to be in  place when you do this and ideally before the  

person passes you're really clear on their  wishes and what to do to invest that money.  

Ideally, it's invested before you go. So,  before I continue on to our next few points  

I want you to know take this fairly seriously. I'm  doing videos every day. I'm doing content every day  

and I keep talking about my team. They're going  to be included in a lot of our content so please  

subscribe. The way you're going to never miss  an episode you're never going to miss videos  

and content that's critical is subscribe and then  you can take this back to the family members and  

share just this one if this applies to you and  at some point it might apply to you so you want  

to subscribe and stay with me. Now, as we go to  the third point this one's a big one and it is a  

volatile one it's taxes, state taxes. Now, you  can pass 11.7 million dollars onto your heirs.

So, if you have two kids you're passing on 11.7 and  11.7 without any tax. Now, our lovely new people  

in Washington can't even call them a president  are attacking this they've attacked it before  

and it's crazy. So they want a total  of 3.5 to pass through with no tax  

which is insane because don't tell me that Biden  doesn't have a multi-million dollar God knows how  

international scheme in his life. That is like,  why would he do this it's insane. You're taking  

20 to 23 million dollars that can pass through  currently without being taxed and he's reducing it.  

Why? Makes absolutely no sense because it's going  to affect him. He's going to pass probably soon and  

what's going to be left for his kids? I mean, really  out of this you're going to be taxed on top of it.

It is critical that the structure that we talk  about with you gets set properly. The entity  

structure so you have depreciations and deductions.  The trust in the way the trust is being funded by  

insurance or funded by the entities. How this all  works together is critical who you talk to point  

number four it's an estate lawyer. I actually  have an extraordinary team in every state in  

the United States. I have Canada and Australian  resources and UK and South Africa and Dubai. 

I have teams all over the world that can help you  get this set right. So, if you just talk to a lawyer  

without a lot of high net worth clients might have  issues. If you just talk to a stock what I call  

you know mill where they're just cranking out you  know family you know living trusts on a regular  

basis you won't have the advanced strategies.  So these are estate lawyers they're estate  

administrators that will help you and guide you  to put this together properly and legally. So when  

you pass or when you receive you manage the taxes  you may you manage the way that it comes to you  

and you get it done right. The worst thing  you can do is just blow cash because you got an  

inheritance. I can guarantee you if I'm the mentor  of those people I say why would you pass on that  

kind of money to an uneducated group of people?  I have clients that literally the parents are worth  

millions and millions of dollars and if their  kids are not mentored in this conversation they  

don't get any of the money, it is that critical. Why would you do this much work to pass on money  

to an uneducated group? Now, I'm going to tell you a  story about a woman her name is Diana she's going  

to hate that I did. i talked to her father before  he passed and I said, "You don't even have your real  

estate", I think he had 20 something properties  in California not even in an LLC, not even in a  

like trust. I mean the whole thing was really  really messy. They were being taxed really high  

he just didn't want to deal with it and I said,  "When you passed you know this is going to go to  

your kids", well he passed it went to the kids and  now the kids are in litigation. So he just started  

a family war. He could have prevented all of it and  we're helping coach the kids through it. To not  

sue each other. How do you fairly untangle this and  how do you fairly put it back together. So I have a  

lot of experts on our team that will walk you and  walk your families through these issues they're  

significant and the other side of it I gotta  tell one more story before we go and actually  

my fun saying a man is not a plan came  from this. It actually came from a lot of women  

that because women outlive men nine to 13 years  or something like that it's like known statistic.  

So what's interesting is that these women received  huge you know inheritance after their man  

passed but they didn't know anything. They didn't  know where the real estate deeds were. They didn't  

know where the titles of vehicles were. They didn't  know where the stock certificates were. They didn't  

know where anything was and the man is not a  plan the man didn't inform the family of anything  

and said, "You know what, my buddies will handle  it", well what I watched the buddies do was sell  

off the real estate so they could get commission.  Sell off a bunch of different things so they could  

get commission. So basically they just took from  the estate left a huge tax burden to the woman  

who ended up having to sell the primary home. Don't  be those family, don't be those people. The goal of  

proper estate planning is everybody knows. Everybody in the family knows and it's completely  

planned so there's no surprise basket at the end. So what I'm going to do is not give you a gift  

directly I'm going to give you the gift of my  team. I've spent 20 years building this team  

extraordinary team of experts  that can help you. You got to call  

my office the numbers below 775-588-9200 and  I leave it that way yes we have an 800 number  

we'll put that on there too but really you  want to call in the office and specifically  

say I just watched Loral's YouTube video  on inheritance and estate planning and  

getting a cash inheritance. I need to talk  to somebody and we will get you to a team to  

have a one-on-one. Because this is a private  and very very specific conversation to you.