Live with Suzi – Shane Malek (Financial Consultant)-Part 8

We have started a series of conversation as of couple of weeks ago with Shane Malek, a financial consultant and a president of FMISINC on our show. Shane has been in this field for more than 3 decades and served over 3000 satisfied clients.

Welcome to live with susie and happy nowruz everyone this is part 8 of these series we have started a while back and happy to announce that it’s been quite popular thanks to mr shane malik shane malik is a financial advisor and consultant he’s also a president of fmis inc and he has more than 30 years experience with lots and lots of happy and satisfied

Clients we’re so lucky to have mr malik and able to take with him record shows with him every other week and bring about the latest about the world of finance as well as for you guys who are getting to the age of retirement and do’s and don’ts for us to get to that part of the life now in order to get more info uh you can go to his website which is www

Fmis and or toll-free number 1-800-477-1556 may i remind everyone that since this is our part 8 you may as well go to either his website or live with suzy different social media platform including the youtube channel and check out our other conversations and get more information regarding the retirements plans and all you can do to be able to sustain a

Better lifestyle as we all be coming to that point of our life on that note without further ado i’d like to welcome mr shane malik and thank you so much for trusting in our business and being here with you and happy new rules hi good afternoon to you suzy thank you for having me happy nourishing you as well uh thank you so mr malik tell us about the world

Of finance which changes on and off with different rules and regulations where we’re so happy to have you with latest information all the time and keep us updated so we know more every time we listen to you as to what to do as we are all getting to that age and even if we are younger it’s good to have plans ahead so once we get to the retirement age we won’t

Panic and if i may start i have couple of questions for our today’s program sure all right would you please tell us and our viewership and listenership about the benefits of actually a living trust i hear about i do have one i want others to know about it yes it’s a good question actually it’s one of those uh things that unfortunately it’s uh lost in the

World of uh procrastinations and all that so it’s uh very important to have it obviously particularly if you own a real estate uh in the state of california anywhere for that matter but in the state of california one of the things that it’s important about real estate is for everyone to understand is this that if you because you live in a community state if

You’re married and you don’t have a living trust typically whatever recordings that you may have on your real estate it would pass on to your spouse and that should be fine um but beyond that you’re next to king kids or any if you don’t have any kids your next bikini or relatives friends family whatever you have it’s going to be a bit difficult so it’ll

Go through probate unfortunately and then probate will have issues of its own you know it’s very time consuming here and then also of course the cost involved in order to hire an attorney and go through that process so it’s very very very important to have that when you own a real estate when it comes to investment uh though you’re better as to whether

Is your retirement money or you have money elsewhere it all depends typically financial institutions are pretty good in disbursing assets when it comes to beneficiaries so you can have either named beneficiary which is quite faster in terms of disbursement and it’s easier in so many ways but that also has its own problems for instance if you have a younger

Beneficiary and you do not want to have a large some money to be expressed as quickly in one lump sum then you’ll have issues then you have to go to living trust and set it up as such that a trustee or uh someone will take care of that situation uh but then if you don’t know anyone there are companies for a fee will do that or if you can have a relative as

A trustee to do that for you so it’s pros and cons but a living trust is a must particularly if you have a real estate in this state right so and it it’s anything that i can also add is because i have um for instance this class normally i talk about issues that i have in the week or two weeks before and i try to share it with your listeners so well one of

The issues that normally in living trust is important is is that it every anything and everything in this country can be contested so you can you can you know you can do whatever but for instance i can go to you know if anybody dies i can simply say that this person promised me to pay an x amount of whatever now i’m not going to get anywhere but what i’ve

Done in the entrance i’m going to prolong this process and keep everything in the court system so for you in order to get rid of me you have to hire an attorney and do all sort of kind of things in order to do that so it’s always important to make sure that everything is done legally right and you understand all the consequences of not having these elements

So it’s important to have that i had an issue this last week actually with another family that i have and same issues uh two brothers parents decided to do it this way that’s entirely up to the parents it’s not the problem of the kids or the attorneys and once it’s designed and set up and then once it’s basically unfortunately in this case one person passed

Away what’s what’s going to be is if you contest us in the court and most brothers and siblings do then it’s going to be an issue in this case we had you have an issue it’s going to be one of those long processing court cases he’s not going to go anywhere it’s not going to get anywhere but in the interim you know somebody has to pay this cost uh because

I trust you try to avoid this as much as possible are there only one living trust or do we have different types of living trusts as far as like the name is concerned or you know i don’t want to get into the legal issues or what’s what but generally uh no there are whole sort of different types of living trust you can have but um however the simplest way of

Setting up a living trust for people that have one real estate is really for that purpose is the easiest thing that can be done however no trusts are all sort of you know you want to have an irrevocable trust basically set up for you and your family and um but the whole array of you know the type of living trust that you can get into and i try to really not get

Into it really one needs to talk to an attorney for that but there are more than one obviously and if people who are listening to your conversation right now if they need help with finding an attorney regarding living trust do you have someone in your office or someone that you can refer them to or is it something they have to do their own due diligence and

Find out well the due diligence is always good however because we’ve i’ve been doing this for a long time and i’m a big big uh uh promoter when it comes to uh doing the living trust i really would like to have everyone to have it here is because it’s one of those things that whether you wanted or not is going to happen to you uh is that uh i want to make sure

That all the clients that actually i’m dealing with so yes we do have an onboard attorney that deals with the living trust and uh we do that however my intention is to make sure that people understand you need one generally every family does know someone or someone that refers them to someone so that’s fine as long as they speak to an attorney and understand

What the ins and outs of that is otherwise um uh you know it’s really tough to individualize to who they’re comfortable with so they got attacked just like everybody else you’re hiring you’ve got to interview who you talking to or hiring let me just add on one quick thing one of the things that i kind of briefly mentioned today as well is the investment part

When you have some money and this happens all the time we had a case this year that someone unfortunately committed suicide in the late 60s so it was very unexpected obviously there was a living trust involved and there were uh some beneficiaries that went to the grandchildren in this case uh it’s always good to have a trustee that takes care of people that

Are much younger uh well if they’re not of the age yet meaning they’re under 18 miners definitely what happens is these companies will not release money to people under 18. so they have to have someone and that you know basically older that age of 18 a responsible order uh uh in this case for instance we had a cousin which was part of the beneficiaries and

Handled the different easier however generally you have to have someone that does have some sort of a power of attorney or a living trust to be able to uh disperse the funds uh kind of the way that the person wanted initially you do not want to have say half a million dollar to go to a 20 year old or 19 year old you can always have another trustee to sort

Of pay so sort of an installment payment for education let’s say or living expenses and then at a certain age you can then decide to release the whole song to the to that person when he’s 28 29 or 30. so you can do all kinds of things with this living trust and i always recommend when you when you have a younger beneficiary you would always do it and then

Also i would never recommend anyone to choose a beneficiary who’s a minor because it’s going to create problems uh and in most cases it’s best to have a guardian that takes care of someone who’s under the age of 18. excellent points and as always thank you very much for your time and uh we’ll talk again soon absolutely thank you continues thank you very much have a good one bye

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Live with Suzi – Shane Malek (Financial Consultant)-Part 8 By Live with Suzi