Great Women In Fraud

Episode 21 Marguerite C. Lorenz, CTFA, CLPF Master Trustee

February 23, 2021 Kelly Paxton, CFE Episode 21
Great Women In Fraud
Episode 21 Marguerite C. Lorenz, CTFA, CLPF Master Trustee
Chapters
Great Women In Fraud
Episode 21 Marguerite C. Lorenz, CTFA, CLPF Master Trustee
Feb 23, 2021 Episode 21
Kelly Paxton, CFE

Marguerite C. Lorenz, CTFA, CLPF #319: Ms. Lorenz is a master trustee and managing partner inLorenz Private Trustees, and has served as a Professional Trustee and Executor on over 100 matters. Ethics for Trustees 2.0, gives further understanding to the work of a Fiduciary, and its ethical considerations, for both professional and family member trustees. 

Ms. Lorenz is President of the Estate Planning Group Network, and serves as Vice-Chair of the Board for the Independent Trustee Alliance. Follow Ms. Lorenz on Twitter! @SanDiegoTrustee

Be sure and reach out to Marguerite on LinkedIn: https://www.linkedin.com/in/californiatrustee/

Show Notes Transcript

Marguerite C. Lorenz, CTFA, CLPF #319: Ms. Lorenz is a master trustee and managing partner inLorenz Private Trustees, and has served as a Professional Trustee and Executor on over 100 matters. Ethics for Trustees 2.0, gives further understanding to the work of a Fiduciary, and its ethical considerations, for both professional and family member trustees. 

Ms. Lorenz is President of the Estate Planning Group Network, and serves as Vice-Chair of the Board for the Independent Trustee Alliance. Follow Ms. Lorenz on Twitter! @SanDiegoTrustee

Be sure and reach out to Marguerite on LinkedIn: https://www.linkedin.com/in/californiatrustee/

00:00:03.240 --> 00:00:33.480
Kelly Paxton: We are here today great women in fraud, and I am so excited to have Marguerite Lorenz, and the reason I'm so excited is because Marguerite is a planner by nature, but she's a planner so fraud doesn't happen to someone potentially at their most vulnerable times. So Marguerite you've got a couple of initials after your name CTFA and CLPF why don't you start and tell us your background and what those initials are for.


00:00:33.930 --> 00:01:49.890
Lorenz Private Trustees: Sure, so I'll start by introducing myself I Marguerite Lorenz I'm a private trustee and executor I work with elderly clients to keep their estate plans up to date and I'm the one they trust to put their plan into action. CLPF stands for California licensed professional fiduciary and we actually have licensing in California for this role and fiduciary. Not only means that I have to put my clients' needs before my own. But it's a special professional term a blanket term that covers the roles like trustee executor agent under power of attorney for finance and even agent for healthcare. Even representative P or conservator and in every state except California guardian CTFA stands for certified trust and fiduciary advisor. This is a Bank Trust officer designation and it's granted by the American Banking Association through the Institute of certified bankers, I am not a banker my company is not a trust company I'm an individual independent trustee, but it was really great to get the bank training.


00:01:51.420 --> 00:02:10.860
Kelly Paxton: yeah yeah banks are very, very good at this, so you said one word right off the BAT that I, you know, trust and I have the hashtag trust is not an internal control but the world can't exist without trust. We just have to learn to use the right people that we can trust.


00:02:11.070 --> 00:02:14.340
Lorenz Private Trustees: Well, what my dad would say is trust and verify.


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Kelly Paxton: Yes the famous Ronald Reagan and I have a sticker in my office that says the exact same thing.


00:02:21.630 --> 00:03:54.060
Lorenz Private Trustees: Yes. So, you know that idea of trusting so when we talk about internal controls what we mean is that one person doesn't have all the jobs. You know, we separate duties in order to facilitate not only getting the work done, but making sure that if theft was going to happen, it would require more than one person to accomplish it. And that's pretty discouraging for most thieves, you know from my perspective, yes, trust is a noun and it's also a verb you know it can be very confusing right. But in terms of the trust structure, you have a trustor that's the creator of the trust and you have a trustee the person who does the work of the trust I think trustor trustee employer-employee. When you create a trust you will always an evermore be the trustor, but you will not always be the trustee. And my job, usually I'm named and documents as successor trustee so someday when one of three triggering events occurs, and that is incapacity resignation and the most famous is death. Then I go to work and I really am concerned with how many elders are suffering from elder financial abuse and other kinds of abuses that could be prevented with better planning ahead and understanding when the estate plan actually goes into action.


00:03:55.230 --> 00:04:27.240
Kelly Paxton: Right yeah my husband and I just actually finally updated our wills, with the trust component of it that I never thought we would you know, have to do that, but when our attorney went through it, it made sense. And, and then we had to do. You know, a trustee and a successor trustee and we have a cousin, who is a very good lawyer and she was actually quite honored that we put her as the successor trustee so um.


00:04:27.510 --> 00:07:36.180
Lorenz Private Trustees: yeah it's nice that you have a family member that would do that. For a lot of family members, it's an overwhelming job. Added with the emotional stress of being forced to be in contact with family members, you may or may not like. Add to that that most people have other full-time jobs, families, and things to do so when you get that letter that has to be answered.

Or you get that email that has to be addressed, or you physically have to go to the bank because somebody has to show up for the trust to marshal the asset that means to gain authority on that account to be able to transact on it it's work so I'm really hoping that you have some phrases in your documents that said this person's entitled to reasonable compensation. Oh yes, so many people who get their estate plan don't think well each kid is getting a third, and he should be happy to do all the work for his third or better yet you've named all three kids as Co trustees and which is very much like putting three steering wheels on the same car. And what direction is the car going to go in? Well to whoever is strongest.

And so there are plenty of families that are already never going to speak to each other again, and then I get granted the job, either through a court procedure or because everybody had to lawyer up and they finally all agreed on a neutral third party and keep in mind too I'm insured and bonded will you know a lot of family members who end up with this job or neither.

Okay, so you know, trust is an important thing that people often confuse with love you know, like, I might want that family member who's tender and sweet and loves me to be my agent for health care, but God help us all if we give her the checkbook. Okay, so you know it's very important to understand that your estate plan is designed to have someone in place to make decisions when you cannot. And this isn't a compromise, this is you, the decision-maker, you are sovereign you get to vote any way you want. You get to throw your money away at the casino, if you want to you know.

Neither I'm not a gambler but you know I get it, that people have things that they want Oh, and what about those little secrets I would tell you there's plenty of elders I have served. Who selected me as a neutral third party because they don't want their kids to know that they're dating they don't want their kids to find the black box under the bed. Plenty of people have one, so you know, the idea is when you're thinking about your estate plan stop thinking about money in-depth don't worry about your stuff after you die your first thought really needs to be what happens if I fall down and hit my head and I cannot access my auto payments at the Bank, I love it when people say I don't need a fiduciary I've got everything on auto-pay well that only works, because you're vigilant, it only works, because you're checking your statements from time to time, please don't just trust the bank.


00:07:37.410 --> 00:07:55.920
Kelly Paxton: Oh, my gosh Okay, so this is that the podcast I think our audience loves to hear crazy stories. And I am sure you have some crazy stories Now I know you will have to sanitize them, but what is the craziest family story you have that's bonkers.


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Lorenz Private Trustees: Well, you know, the one that comes to mind is about chosen family, so you have a woman who's 80 who marries a man who's 83 he has children, she does not. Now it's 10 years later, she has all the money this man at 93 years old tells me if you want to know what hell is marry a woman who has more money than you have. And in during this 10 year period before I ever met them before they selected me to be their trustee they had hired a caregiver to come into their home and help out. Where did they find her? A little card on a Bulletin board at the Senior Center. And they hired her for cash. And she was a very clever person so understand the arrangement as we get into how crazy and bonkers this his wife grants husband. You know he has his own annuity check he gets 3000 a month, so that 3000 he's spending 500 on paying this caregiver and 500 for cash to have spending money. And at the end of the month, when they run out of the 3000, then the wife pays the balance so understand caregiver gets $500 a week in cash. Okay, and there's $500 for spending So what does she do instead of spending the cash which she has pocketed she uses the old man's credit card. And pays for the gasoline and groceries and eating out and all of the entertainment really to keep the husband out of wife's hair and her husband, who is now getting sort of demented thinks he's dating the caregiver.


00:09:40.980 --> 00:09:41.520
Oh.


00:09:43.560 --> 00:10:33.690
Lorenz Private Trustees: And finds that very exciting and wife never reconciles the credit card statement with the cash that is being spent now it's 10 years later, and I show up. And I catch that we're double-dipping here that this gal is really making out like crazy and, of course, she denies it and I've got bank records now and I have the receipts that she threw away, and you know so his children were only concerned about their inheritance, it turns out, they didn't inherit very much because he wasn't the one with the money. And wife had set up a separate property trust. You know so that's probably not as sexy and exciting, as some of the other stories I could share with you, but I just wanted to highlight that, even with a couple there's usually one bill pair. And there's somebody else who's a little more artistic has a different temperament who doesn't pay attention to those things, but they don't usually reconcile with each other and that can cause all kinds of havoc.


00:10:45.210 -->00:11:41.790
Kelly Paxton: Absolutely absolutely I have a friend, whose mother is the beneficiary of a trust and my friend, the daughter has had to dole out money over the years and it is just. You know, on the one hand, she doesn't want to pay a private trustee because it's not a ton of money, but on the other hand, her relationship with her mother is completely ruined. Like completely ruined, so I think if she had the hindsight, she would have just immediately hired a trustee because her mom bullies her. Like bullies her and my friend worries that the mom's going to run out of money so they're really at you know crossroads and if she had an independent, objective, not this sort of you know. Sally you're just trying to keep me under control by not letting me spend versus you know, maybe they could have had a better type of relationship.


00:11:42.300 -->00:12:14.910
Lorenz Private Trustees: Communication is the most difficult thing we do as human beings, and this is really why I wrote ethics for trustees 2.0. it's really to highlight and kind of underscore some of the things we need to think about as we do this planning, because when you're selecting a family member. you're already setting up a dynamic where communication is probably tough in the first place, let me give you an example, we have one piece of cake and two boys, what do you think how how how how is each boy going to get an equal share of the cake. No.


00:12:15.030 --> 00:12:16.230
Kelly Paxton: idea at first.


00:12:17.280 --> 00:14:27.270
Lorenz Private Trustees: Well that's what a lot of adults do in court, but no let's say that the older of the two boys cuts the cake and the younger gets to pick. Well, now we have that piece of cake and the older gets to cut and pick. And nobody likes that arrangement and we haven't even talked about his character or his ethics or whether he's trustworthy it's just giving him the opportunity. To cut and pick that's that feels uncomfortable and you know typically with parents and children there's no code of ethics. You know mom gets to a certain place and, of course, you would take the shirt off her back for her children. And they'll ask for it because they're used to having whatever they want for mom so I had a circumstance, with an older gentleman. In his early 90s, and he had three children and the youngest of whom was a doctor and two different sciences very well educated person, but I had to inform that 71-year-old baby of the family that dad would no longer pay his car insurance and he flipped his lid and got really hot and really angry shocked that a stranger could make such a rule. He contacted his siblings and complain to them, he called up his father and yelled and screamed at his father, how could his father select such a cold-hearted trustee. Well, I'm basing my decisions on a cash flow projection I can see exactly what he has what's coming in what's going out. Did his children ever ask what he needed? No. But my duty is to put that gentleman first and then I have to consider the children, not much longer after that I'm at the house to do with the personal property after he passed away. And the youngest child again demanded that he get to have everything and he even took the name block off the apartment door, he took the cable box, he took everything. So you know it's so people never get enough and how do you reconcile that and then you hire a family member to do this job. It's rough.


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Kelly Paxton: I've had several cases where I've had you know family members and then they have me come in, and you know they're basically fighting to pay over. They're fighting to pay or to argue over the toaster and it's like you know I'm sorry my hourly rate is more than a toaster and I know your hourly rate is more than the toaster.


00:14:49.590 --> 00:16:58.200
Lorenz Private Trustees: certainly is. So when you're with your attorney and you're talking about your estate plan and I encourage everyone to do this because you might only need a will, a power of attorney for finance, and an advanced health care directive. A will only operates when you die, the power of attorney for finance allows someone to deal with your personal accounts, the bank account in your name the car that's titled in your name. You know those kinds of things because somebody has to spend that money for your care. Maybe even call your insurance company, and they have to have authority to do that because fraud is so common and it's happening on so many levels both electronically and in person. That banks and other financial institutions really work hard to make sure that they're dealing with the right person. 

So it's not enough to say, hey bro would you take care of this when I'm not able it's really not enough, you have to give people written authority. To make decisions on your behalf also consider that maybe you have a springing document, which means to doctors letters would have to be acquired. In order for someone to go to work doctors letters that say this person is no longer capable of managing their own affairs. And let me tell you there are plenty of people who need the help but they're the only one in the room who doesn't think they need the help. And they resist going to the doctor and bills don't get paid and they end up in arrears which is more expensive because now, I have to pay the interest or whatever other costs are involved and it's a mess. So if you care at all about anyone, and you have a body, you need an estate plan. There or do it yourself estate plans that are cheap kind of like the mad libs of estate plans you can do that save yourself a few bucks and have something. Or you can establish a relationship with an attorney who you allow to get to know you and that way when things change Oh, I think we're going to sell this House or You know my kid graduated but he married that woman that I can't stand or whatever's going on for you, you can update your plan.


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Kelly Paxton: yeah absolutely yeah yeah so you said a couple of things and I have your book here and I highlighted a couple of things and a lot of times people just automatically go to lawyers. Like they just assume they need an attorney for the trustee.


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Lorenz Private Trustees: Well, let me say this Kelly in most states that's really common I'm a member of the independent trustee alliance, you can find that at trustee alliance.com. And just the word spelled out trustee alliance COM and find a few independent trustees. it's really common on the east coast of the Attorney direct who drafts the documentary rights, it also becomes the trustee of the same document in California generally we feel that's a conflict of interest. So, depending on the state you're in the probate code is going to be unique to that State and a lot of attorneys depend on this for their revenue so think about conflicts of interest, as you proceed and you do selection but go ahead with your question.


00:18:11.370 --> 00:18:47.670
Kelly Paxton: No, no, so it says it says here in the book on page 11 it says, an attorney recently responded by saying her license is more quote stringent than the fiduciary license. Now I have a whole thing about and then you go on to say we offer that, though being an attorney does have its rules, they are not the same, and so we're not. necessarily more stringent than the rules of that a fiduciary must uphold I just think people automatically kind of assume that the attorneys have the highest bar, but it appears that it's really.


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Lorenz Private Trustees: Well, let me give you this, to add to your thinking about it attorneys CPAs, and doctors have something in common, they are advisors who advise the decision-maker. So you Kelly have your own trust and your own will and your own documents and you're working with your attorney who drafted your document and has become your successor trustee who is representing you when it comes time for you to see the trust accounting. So if we separate the jobs between the trustee and the Attorney who represents you now your attorney can ask let's say I'm the trustee you can ask me the hard questions about your accounting. And really take me to task about the details and I should be prepared to answer those questions right so being an advisor is very different than being the decision-maker.


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Kelly Paxton: You know that is just that is so succinct and so perfect to say that because I mean you know I have my hashtag Friday fraudsters and I highlight people who have stolen, and you know. There are attorneys who steal so people who may think that attorneys won't steal Well, I can show you attorneys all day long who have stolen in the capacity of being a trustee.


00:20:08.760 --> 00:21:29.760
Lorenz Private Trustees: So remember when we started the conversation, you know I've said essentially an estate plan can help you prevent some fraud. So it's about invoking your plan you know, like those terrible emails we all get from the Prince of Nigeria right and. You know this idea that we're going to get something for nothing and very intelligent people fall for this, but one of the reasons is because they're afraid to share this information with anyone. Well, if you really trust your successor trustee you know I have so many things running through my head about this like. I'm named his successor, you have an issue financially, you should feel like you could call me and say, should I do this, this is an interesting opportunity. You know how might this affect my future and we could just chat about it, and I have an idea of what you're into and what you're thinking about. And I can probably be a better trustee for you Kelly, people have named me in their documents without telling me they've done so and I don't find out, I have the job until they're sick or dead. You know so I'm asking people to be conscious about their planning and if you've named a child, and you don't want them to see how much money you have or you're worried that your coffees can start tasting funny you've picked the wrong person is your successor.


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Kelly Paxton: Oh, oh my gosh yeah this is great, I was things that cater for my dad's well and towards the end he got a little cranky and you know he's just one time, he says, I can remove you and I was like feel free dad. You know, feel free like if it's me listening to you, having these crazy ideas, and this is another thing that he wanted to control from the grave do you ever get those like crazy trust, where they want to control from the grave.


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Lorenz Private Trustees: I'm trustee for a few of those sure. Their ongoing trust the lifetime of the beneficiary.


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Kelly Paxton: Do you have any crazy stories, you can share with that.


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Lorenz Private Trustees: Let me see, let me think about that for a moment, and you know, let me see this, the person who left the money behind that money still belongs to that person, even though they're dead. And this is a very tough thing for a lot of beneficiaries to understand because of beneficiary says oh that's my money, no, no it's your mother's money. And she's protected it and probably protected you from yourself. And there are certain standards that are very common and a lot of documents they typically are these words, health, education, maintenance and support they're very broad when you really think about each of those words we can finagle some kind of distribution based on whatever explanation you give me. But do you have to give me an explanation, yes, you do and I'm budgeting I'm actually considering the fact that you might live to be 110 years old.  And in our current medical world it's possible, and how are we going to pay for your caregivers and your gas bill and your HOA fees and your other things Oh, and your gambling habit. Yes, and the girlfriend that you're not telling anyone about. You know so as trustee I'm often a target I'm never the most popular person at the party, you know I'm that person who has to learn how to say no, as kindly and as firmly as I can. I have some beneficiaries who are no longer allowed to call my office, because they would use my staff, they can only submit their requests and writing. So do people get upset about this sure they do their expectation was mom was going to write them a big fat check and then it can do whatever they want with the money. But the fact is that mom knew them pretty well instead of doing it that way I'm going to make sure that there's someone who's caring and interested in your future who really wants to be sure that that money's there when you get to a certain age or their fear lifetime yeah.


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Kelly Paxton: Absolutely Well now, this goes to the coven question and, like I said, our attorney you know, we had them do that will slash trust and. I was asking him how busy, are you and he's like oh my God I'm just slammed you know working evenings and weekends and is that your case with the coven rush time do make sure your wills and trusts are up to date.


00:24:42.030 --> 00:24:51.210
Lorenz Private Trustees: well understand that the estate planning attorney's job is to draft or right the trust my job is to implement the trust. So, yes we've had an uptick in need for services and a lot of things are a bit slow down because of COVID keep in mind that to Marshall and asset, very often, I have to go to that financial institution and present myself so some of those protocols really slow things down so instead of somebody taking me two hours, it might take me, for you know add to that that there is. everyone's working from home, so the financial institution advisor. his assistant, is calling me back from that person's household with the dogs barking and the children crying and the other stuff going on right so. Everywhere down the line we've got people working from home or dealing with the fax machine not working or not having a printer where they are, or all those things, so I would say it feels just for me, I feel 20% busier than I was before COVID.


00:25:56.070 --> 00:26:09.180
Kelly Paxton: Okay okay um so you have an interesting we didn't start this with this, but you have an interesting story as to how you got into this do you want to go a little bit as to how you started with your stepmom.


00:26:10.080 --> 00:27:24.720
Lorenz Private Trustees: So I'm in California and you have to know that I had never heard of a fiduciary before my mom introduced me to this idea and she was a CPA. She was really my stepmother and she got her CP back in 1975 and around the MID 80s, she started being asked to serve as trustee. And she started taking on the role, but she wanted more training and by the time we got to the end of the 1990s. She was really working full-time as a trustee and doing really very little tax work or payroll work as she did as a CPA. And around that time my life changed I got divorced, I have two little boys single mom looking for another opportunity. And she invited me to be your partner and I actually moved from Los Angeles down to a little town in San Diego county called Fallbrook. And I lived in a trailer on her property for two and a half years, and my boys had kind of a Huck Finn experience and got to enjoy you know fruit trees and all the beauty of southern California there and in the meantime I slogged I learned, I took classes, I followed her, I was with her at meetings and finally became a trustee myself, and that was about 17 years ago.


00:27:25.710 --> 00:27:32.910
Kelly Paxton: Okay, so that goes to if you could turn back time and talk to your 18-year-old self What would you tell yourself.


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Lorenz Private Trustees: I would tell myself that you're smarter than the average bear and you're going to be okay. there's plenty to study and there's plenty to learn, and I think you had I started sooner my planning would have been more thorough what you have to know about me Kelly is that when I was 12 I wrote a life plan for myself.


00:27:55.050 --> 00:27:55.800
Kelly Paxton: Oh, my gosh.


00:27:56.010 --> 00:28:54.300
Lorenz Private Trustees: I'm not unusual and being a 50 something whose parents had divorced and remarried and then those people divorced and remarried so I have lots of extra parents. And I think if you count it all up I'm probably one of 11 half-siblings or no step-siblings or whatever so. You know what I saw when I was 12 was people really not managing things well they kept being surprised at the rent was due mean, how could you be surprised by that it happens every month. You know, so that was part of my growing up is this awareness that a lot of adults have no idea what they're talking about and they don't know what to do. And there were all guessing and I have to say that I thought by now my 12-year-old self thought by now I'd have all the answers I don't. nobody's perfect you know, we still have to learn stuff, but I think for my 18-year-old self I would have said just keep working hard and keep learning.


00:28:55.440 --> 00:29:01.050
Kelly Paxton: Well then, that goes to the next question, which is what is there any other career, you could imagine doing.


00:29:02.790 --> 00:30:23.070
Lorenz Private Trustees: So there was a time when I thought I would actually be a backup singer and work on the road, and then I had children. So I've always been entrepreneurial I've always been interested in business i've always wanted to have my own business for a while, in a past marriage, I had an auto repair shop in Brooklyn New York. So I've tried different things and been different places lived in different places. I have to tell you, though, that I really believe I found the career of my lifetime, because as a fiduciary no education is wasted nothing i've learned in that past business or in my past life hasn't been used, including pet ownership. Humans are really very creatures, we have a lot of different interests we do a lot of different things we surprise ourselves with what we can do. And I have elders that I've served that have amazing histories and I love sitting at the feet of some of these people and just listening to them tell stories and I've learned so much. That, I have another book in the works that hopefully I'll get out at the end of this year, you know because I'm really actively learning from people who've lived a long time and have the money to afford a comfortable life at the very end.


00:30:24.090 --> 00:30:38.070
Kelly Paxton: Well Okay, so that goes to My other question which is. If you're going to write a book What would it be about which we already know you have written a book but let's hear about the book that's in progress, can we hear about that.


00:30:38.550 --> 00:30:43.440
Lorenz Private Trustees: Sure sure, so my working title is how to be a successful nine-year-old.


00:30:44.430 --> 00:30:45.600
Kelly Paxton: Oh, I love that.


00:30:45.840 --> 00:32:06.450
Lorenz Private Trustees: Oh thanks thanks so over the last 17 years, as I said, i've met a lot of interesting people. And they've taught me a lot so half the chapters in the book are the stories of my meeting these people and getting to know them where they are you know I, I have the privilege of working with fully formed adults. These are, these are folks that have made a lot of decisions and sit with those choices, some people sit in regret, a lot of people sit in accomplishment. And so, learning from them has been really worthwhile the other half of the chapters are really about lessons that we've learned. And things that we can incorporate in our own planning to be more successful to actually be happier, I mean. If everyone got a chance to kind of look at their life and Stephen covey has the best lesson on this so picture in your left hand is birth in your right hand is death and everyone is somewhere in between. And if we look at life as a whole thing now in our right hand we can look back, what do we want to see. You know, I would like to see that I raised accomplished children who are happy in their lives i'd like to see that I left the world a little bit better than I found it, you know so those are simple ideas but require a little work to actually achieve.


00:32:08.280 --> 00:33:01.440
Kelly Paxton: Okay, so I love the title, I will definitely buy the book and hand it out Because I love to give out books to people and I just love that I love that as I'm closer to 90 than I am to zero if It makes total sense um so what. What are some of the things that you think people struggle with the most when I mean you've hit on it, the family things but struggle with the most when they're dealing with you like, do you have people that are more sort of their elderly and they just they don't know when versus maybe you get someone who has a life-changing diagnosis like is one group easier than the other.


00:33:03.210 --> 00:35:03.990
Lorenz Private Trustees: not really I think I think the thing that most adults struggle with the most is imposter syndrome. I think what adults deal with the most is believing they don't have enough. Kelly oh my God, so I had this conversation with a guy who's got like $7 million in his pocket it's all cash he's ready to go anytime Okay, and his worst fear is that he doesn't have enough to get through to the end of his life. Now it doesn't matter how old he is i'm sharing with you that there's this fear. So if you're out there, listening to this and you're thinking I've got $4 and 60 cents in the bank and I don't have enough worth planning over I'm going to tell you that's not true. I in fact I probably do need to just go ahead and get the T-shirts made if you have a body, you need a plan. Okay, and I could also argue that having an estate plan can be your ticket to more accomplishment and more money if that's what you think you want. Why, because it focuses you on the end results right, we want to think from the end and other Stephen covey lesson really worthwhile one thinking from the end means I want to be able to be 80 years old and have someone pick me up and take me to the store if that's what I want. Because i'm not convinced i'll be able to drive well at that time, but hell you're not going to keep me in I want to be able to do what I need to do so in this time where we're all cocooned and we're all staying safe and trying our best to survive. I know that it looks bleak, I know that it looks like you don't have very much, but if you're on the planet you're already privileged you made it in. And it's up to you to make something of this life, you know the meaning of life is to bring life, meaning and i've met people who have done that, and really creative ways and it's not all about money.


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Kelly Paxton: Oh, my gosh well that's the whole thing pink collar crime or just any sort of crime is usually committed for money for financial reasons, and you know what that's a short-term solution. It is always a short-term solution and I love think from the end. I yeah I just I love that same so actually um I think for seo person purposes, how to be a successful 90 year old will be better, but I also maybe dash think from the end I don't.


00:35:38.520 --> 00:38:12.750
Lorenz Private Trustees: Like it, you know i've been thinking about that too, I want to give people a way to stay in control. No matter what happens. yeah he's a lot of us fear a loss of control and that's another thing about invoking your estate plan right so i'm telling you that i'm going to be your trustee and you're like, why should I trust you and i'm saying great question. Talk to the attorneys i've worked with check me out check out my license and, by the way, there aren't licenses and other states i'm sorry that hasn't happened yet. But at least you can find a certified trustee somewhere and that's why I brought up trustee alliance COM, you can check out my website my trusty.net. You know the idea is that you have to trust somebody but again we're verifying right we're going to do, trust and verify. And now the time comes, you cannot remember if you wrote that check or not you can't remember you're dealing with math things are falling through the cracks and you know it. But so many people are afraid of handing over the control to their successor trustee and I just want to remind you, if you work with a credible attorney. And you get a good plan put together it's your plan that we're exercising that we're implementing it's not my decisions i'm doing my best to do what you want me to do. So you have to communicate that you have to share that information with somebody you trust and some of you are thinking. My kids will take care of it, I don't have to think about anything, no, no, no you're still sovereign and you have to make certain decisions as uncomfortable as that might be. Because your kids want to know what your preferences are, if you don't speak those preferences, how could we know and, by the way, if you're if you're really thinking about planning ahead consider a pre need funeral plan too. Nobody can argue that this is what you wanted at the end of your life for your body for your remains whether it's being cremated or having a funeral service, because you sign the contract. And you paid for it and what you're buying is a tiny insurance contract that will be have enough value to cover what you asked for. So there's a lot more to planning than the estate plan. You have to Title your House properly once you have the plan done, you have to make sure your bank accounts line up with your intentions. And you might have more than that you might have life insurance, these have long term care insurance, please consider buying that you know expensive is relative in terms of what you're getting so I'm sorry Kelly, I could talk for another two hours on these topics.


00:38:13.680 --> 00:38:33.870
Kelly Paxton: Well we're, we will have you back, we will absolutely have you back, because I know we're going to get questions from us, so I have a couple of quick questions too. kind of close that episode out, and these are just like fun ones um anything you're like bingeing right now on Netflix or Disney plus or anything.


00:38:34.950 --> 00:38:42.630
Lorenz Private Trustees: I don't know that that might be quirky, but I have, I think I may have watched every episode of the Great British baking show.


00:38:42.900 --> 00:38:44.940
Kelly Paxton: Okay, I have to absolutely.


00:38:45.210 --> 00:39:04.020
Lorenz Private Trustees: Oh, my God I love that I just love it I love it yeah. I've also started watching hacking your mind, which is a PBS Program. And I strongly recommend it. And if you're concerned that you are scrolling way too much on your social media device, you probably are and it's not your fault.


00:39:05.160 --> 00:39:32.160
Kelly Paxton: Okay Okay, then yeah is there any, this is another one any sort of pop culture a trust gun-crazy movie that you've seen like I think of the class von bulow um you know so is there any sort of movie or series that had a trust or a family dynamic that just went bad when the parent passed.


00:39:32.340 --> 00:39:33.810
Lorenz Private Trustees: knives out.


00:39:34.200 --> 00:39:35.820
Kelly Paxton: Oh yeah oh my God okay.


00:39:36.090 --> 00:41:03.060
Lorenz Private Trustees: awesome. it's an awesome recommend that went to everyone and, by the way, every other American dad or family guy shows an estate planning show to somebody dies, you know so estate planning is everywhere. And, and I think it's important to consider that, as we look at pop culture we reread books and so on, that it touches our lives in every aspect. So consider your legacy, how do you want to be remembered, do you want to be remembered for leaving a mess Prince Aretha Franklin Whitney Houston there's a long list long list of people that could have done better. And then there's the list of people you never hear about after they die and there's a good reason for that, by the way, smartest estate planning move i've ever heard of Bob Dylan sold his whole discography cashed out. So his six children and 11 grandchildren are not going to have to fight over anything because he's so smart you know, let somebody else deal with the royalties and collecting all that stuff you know I mean I just read about this. Recently, so impressed with that that you know the man's at 80 years old and a Nobel Prize winner, but how smart is that in your lifetime, you know cash out habit understand your accomplishment share it with your family and be done brilliant.


00:41:03.630 --> 00:41:29.460
Kelly Paxton: I heard that too, but I hadn't thought of it in that way and You know people give Hollywood or rock and roll stars a hard time a lot of times that you know they've got children left and right and girlfriends, but there are some that have done amazing things business wise and I will put Bob Dylan there look at um Dolly Parton right now, you know.


00:41:31.050 --> 00:41:34.890
Lorenz Private Trustees: I so admire her i've had the privilege of meeting Dolly Parton in person.


00:41:35.190 --> 00:41:36.030
Kelly Paxton: Oh, my God.


00:41:36.360 --> 00:42:13.230
Lorenz Private Trustees: I did I grew up in Hollywood so i'm one of one of the amazing things about Dolly Parton is she makes every other person around her feel important. it's an incredible skill and just today in the paper, I read the Dolly Parton asked the elders of Nashville Tennessee not to put up a statue for her. You know she appreciates it she's you know she's kind of considered she's done a lot of good for the state of Tennessee but she really doesn't feel good about having a statue of herself up right now with everything that's going on, and I just really admire her for that.


00:42:14.010 --> 00:42:34.620
Kelly Paxton: I saw that and I yeah that so she has what I have learned, it is called inverse charisma and that is making.The person. That you're talking to feel like they are the most charismatic because you care about them and Dolly Parton is inverse charisma, you know squared.


00:42:34.920 --> 00:43:10.380
Lorenz Private Trustees: embodied you know I told her I said wow you are as beautiful, as I imagined, you would be, and she said, honey, it takes three pairs of pantyhose and a double D to make it look like this and I just thought oh my gosh I love this woman, I just love her. You know, smart kind thoughtful you know, and I just I hope to grow up and be like some of the people that i've served, you know calm receptive kind making new friends, but not lending anybody any money and nobody gets your House key.


00:43:11.850 --> 00:43:35.790
Kelly Paxton: Oh, my gosh there is no better way than to end great women in frog with a shout out to Dolly Parton because I love Dolly nine to five oh my gosh this has been amazing we will definitely have you back. Because it's so practical and I want to hear people out the audience talk about what are you doing to plan for your future, so this is amazing Thank you so much more great.


00:43:36.330 --> 00:43:40.590
Lorenz Private Trustees: Thank you so much Kelly and check out ethics for trustees 2.0 on


00:43:41.100 --> 00:43:41.970
Kelly Paxton: The show notes.


00:43:42.540 --> 00:43:42.960
Lorenz Private Trustees: Thank you.