Ep 71 - 6 Things You Shouldn't Leave To Your Children

Hey everybody. Flippin Danny here, founders of the Freedom Real Estate group family of companies and welcome to another episode of our podcast. And our podcast is called Freedom through passive income. That's right. Nice. I like those like a jingle. Passiveincome.com Anyway, so today is another episode and this episode is called 6 things you shouldn't leave for your children. Now this is like when you die, not like when you go off to vacation, right?

That is correct. Okay, good.

All right, so number one, all your stuff.

If you're watching the video, you'll see flip turning around pointing to a bunch of stuff that he has on his credenza.

This is my prized collection. You should see what I have in boxes. So again, make sure you, you have it sorted out. You're not leaving them all the stuff that they're not going to want, you know, and so it just either just throw it, give it to goodwill, give it to, you know, give it to someone that would appreciate it.

Yes.

So just don't leave it to everybody else.

Yes. Number two on our list is a paperwork mess. So bills and you know, things that you intend to get to. I will get to that. And years go by and you haven't got to that. There was a story I read recently about bills and tax liens. There was taxes not paid and then the children had to take care of it. And yeah, it was just. That's why we're doing this episode because I've had a couple things recently come across my feed like oh, oh my goodness. You know, people needed to prepare more and think about the consequences that they're leaving behind when they do die because we don't know when it's going to happen. We just had a friend that we used to work with. It wasn't Freedom Real estate group at the time, worked with her pre Freedom Real Estate Group but she just had a 21 day battle and ended up passing away. She I'm sure 21 days ago did not expect for a second that that was going to happen. So that's why we're talking about this.

So way back in the day when to do acquisitions, there was more than one time that I talked to somebody. Well, my dad, this was his property and he passed away and we're trying to figure it out and you know, they don't, they didn't know a thing.

Yeah.

So it's make sure that that's all cleared.

Yes.

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Another thing you do not want to leave to your children when you die is a mountain of debt. That's. Boy, that's a. That's not a good present to give. No, I don't think we need to go into that one at all. I think it's self explanatory.

Yeah, yeah. And if you do have debt, of what we did when we had debt, because we treat our business like our family. Our business has to be able to run and be taken care of when we die. And so we got insurance to be able to pay off all debt so that the business would be free and clear and be able to thrive essentially. And that was, you know, kind of our goal. So that's one way to conquer debt. If you know, it's not like you've got a bunch of money, you can just pay it off. Just go get an insurance policy. As one idea, number four is family squabbles. So this could be that. I don't know, you count the nieces and nephews you have on your end and I'll count mine. I believe mine is six. What's yours? I think yours is five.

Six.

It might be six too. Three plus two plus one, I think.

Anyway, it's in that area.

Look, I put them on the spot.

I am horrible.

These podcasts are true, real conversations. We pick a topic, we write a few bullet points and then we just talk, you know, based on six. So the point of that was, is if you're not doing annual updates when you die, it could be possible that you left people out of your will or your trust or something like that. We're actually having a call. This is timely. We're having a call with our estate planning attorney today.

Today?

Yeah, at one o'. Clock. And these are things that we're talking to about is how often, how do we update it? How often do we need to update it? Can there be a clause in there that says do this for anything added and if it's not updated, do this with anything that's left, meaning that split if another newborn, you know, comes along or whatever that looks like. So we're having this conversation too. And that's really kind of avoid the family squabbles because you don't want people fighting over your stuff.

Yes.

And that's another thing we actually did in our estate planning. There's certain things like your musical instruments going to your brother. You've got like a family. Your family rock. Like, there's, like, there's certain things that we said, these aren't going to be meaningful. Nobody's going to care about the rest. The rest we're just going to tell whoever we hire or who is hiring on our behalf to sell and distribute things like that.

So, yes, yes.

Avoid family squabbles.

Yes. Confusion. That's another thing. Don't leave. Don't leave the confusion. Now. The confusion actually kind of goes with all of the other things we just talked about. You know, make sure everything is organized. You know, don't say, oh, I'll get to that next week, you know, or next month or next year or whatever. Make sure everything's organized so that if anything should happen, somebody will be able to go, oh, okay, here's everything. And this all makes sense. So do this. Is that so just being organized.

Yeah. And once you finalize your docs, make sure they know where it's at.

Oh, yeah, that's good. They need to know where they're at.

Or who your attorney is, who has a copy of it, you know, anything like that. Communication is key. And then number six is just to express. And this again was a Facebook post from somebody who her father had just passed. And she said they have spent months going through all of this stuff, all of the bills, all of the. Everything that goes along with it. And she said it became an extra job that she did not have time for, and she never had the opportunity to grieve because it was such an overwhelming amount of stuff to have to do as a result of the death of a parent. And so I was just like that. Just, it's. It just hit home. Like, get this stuff taken care of so that your family doesn't have to do it once you're gone.

Yeah, exactly. Well, we do like to keep these short and sweet. Make sure. If you're watching on YouTube, make sure you hit the subscribe button. If you're watching on Facebook or LinkedIn, hopefully you're on one of our groups. If not facebook.com forward/groups, forward slash.

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