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Episode 19: Brace Yourself, Probate is Coming: Plan Now or Pay Later
22 Plays4 months ago
Tune into this week’s episode where we tackle the inevitable: probate. Like it or not, without a solid estate plan, probate is lurking around the corner, and just having a Will isn't enough to avoid it - WHAT!? We’ll break down the steep costs of dragging your feet and what Texas law has in store if you're unprepared. Learn why professional legal advice is essential and why relying on banks, Google, or even your well-meaning uncle might lead you astray.
Then switch gears with Sam and Sara with a list of ridiculously unnecessary things you definitely should wait to do.
Tune in for some crucial insights in this week's episode!
Join us every Wednesday for new episodes!
Where you can find Burch Law:
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Visit burch-law.com/podcast to reach out!
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Transcript
Introduction to Estate Planning
00:00:03
Speaker
Welcome to another episode of One of Us Knows What They're Talking About. Another one is you. I'm Lori Burch, your host. Join us as we discuss and unpack wills, trust, estate planning, and probate law in a way that's actually informative, interesting, and well, hopefully entertaining. Because if you don't have a will, the state of Texas has one for you. Let's dive in.
Importance of Having a Will
00:00:39
Speaker
So today we're going to talk more about probate. You all know I used to have like this show, we did like three episodes called the Estates and Probates Show. No, I didn't know that. Who'd you do it with? It was me and Matthew.
00:00:59
Speaker
my previous paralegal. And then my buddy Stuart, who did marketing for some time with us, he would he would do the recordings. And the best part was that that large tree that's in my office. We did different locations with the episodes, but we put that tree in every episode. Actually, we did one at my house. And we thought later we should have brought the tree home and put it in the house.
31 Days of Truth Campaign and Probate
00:01:26
Speaker
Anyway, and this is before between two ferns. So I just want to go on the record that like, Zach, Zaphalinakis, wait, how do you say his name? Galifianakis? Galifianakis. Anyway, and he totally stole this idea from me, but um it was pretty good. But we're talking about probate.
00:01:45
Speaker
We've talked about it before. We'll talk about it again. It's kind of the thing we do. And so I wanted to, you know, this, it's August, at least when this is being recorded, not necessarily when you all are listening. But last August, I did this thing. And it's only because I didn't have this podcast, actually. um But it's kind of a precursor to the podcast, because it's the way that I get out my feelings. And so I called it the 31 Days of Truth.
00:02:14
Speaker
Oh, the 31 Days of Truth. And but's every day starting on August 1st, I would post a meme with a message. And so one of the messages that we had, and I use this meme from Game of Thrones, and I'm setting this up because I feel like for Sam and Sarah, it'll be better if you understand that there's somewhat of a Game of Thrones <unk>'s theme going on here. But I had the um Oh my gosh, it's been a long time. I'm forgetting what his name Ned ned Stark. The photo of him where yes, you don't even know Sarah have you even watched Game of Thrones? Nope. Okay. Anyway, ah so race yourself probate is coming.
00:03:06
Speaker
And so that can mean a lot of things. One of the, the way that I talked about this in, um, that particular, I was going to say blog, but rant, I think is's fair siri is Yes. But this particular one to brace yourself probate is coming is that there's a couple of things that people are not always aware of. I have a visitor.
00:03:38
Speaker
disgust Did you hear that? He just asked for Marcel. Good one. Come on.
00:03:52
Speaker
or Brace yourself Memphis is coming. ah But anyway, though have fun editing this, Sarah. ah But one of the things that's important to understand is you know probate and see one of our previous episodes where we talk about what probate is, but it is basically the court process where a judge makes all the decisions for you, or um even if you have a will, which is what I'm getting into, is it still does have to go through a probate process.
Avoiding Probate: Options and Humor
00:04:23
Speaker
ah what Yes, I know that is very off-putting to some people. who know and Now, it's still really good to have a will, um you know but it does have to go through a probate process. and so There's still some additional costs in all of that. and we' We're going to dive into what that might look like.
00:04:45
Speaker
um But the thing that I would say is that there are also options for avoiding probate altogether. And in the blog, I said for those of fans of the movie Airplane, I hope that some of you are saying in unison, there are many options of avoiding probate. But if you have not seen that movie,
00:05:07
Speaker
is pretty much everybody that works at Perch Law, um because they're too young to have seen that classic. And you don't know what I'm saying, but there's this apartment where they're, you know, they're on a plane and everybody gets sick.
Homestead Exemption in Estate Planning
00:05:21
Speaker
And so they're trying to find someone who can fight fly of the plane. And they have someone who flew in the war like single engine prop plane sort of thing. And he's like, I can't fly this plane.
00:05:35
Speaker
it's an entirely different kind of flying altogether. And so that the people he's talking to said, and you said, it's an entirely different kind of flight.
00:05:45
Speaker
So when I say there are many options of avoiding probate altogether, you would say, there are many options to avoiding probate. That was the joke.
00:05:58
Speaker
ah Maybe not so much a joke as a reference, not a literary reference, but a pop culture Gen X reference, right? But then when we were talking about this,
00:06:16
Speaker
There I mean, there's so many different ways and things we could talk about when it comes to brace yourself, probate is coming. But Cynthia had a couple ideas of some specific examples of where people may not realize that probate is coming, but they better brace themselves. What are some of your examples, Cynthia?
00:06:34
Speaker
My favorites. These are, okay, let me, let me start at the top. So whenever we have somebody call in and say, hi, um, I have a relative that recently passed away or like, we're so sorry to hear that because we're human beings and we care. And then after that, we're like, we're like, okay, so there's definitely, there's definitely help with that so all the time. He comes to the office.
00:07:02
Speaker
ah I don't know that he's gonna walk into the office. What'd you say, Sarah? Office cat. Office cat. We did try the office cat, but then I think the office cat ran away. Aw. It was still fuzzy on that story. Not as fuzzy as Memphis, though. so Hard to be.
00:07:20
Speaker
Hard to be, he yeah. Anyway, so they call us. We say we can help after we express our sympathies. And then they're like, well, the bank told me that I can just do a small estate affidavit. And we're like, that's cute. um you We really need to talk to you. They're like- Like but this literally just happened today. Like this happens all the time, but it happens so much. It happened today. It did happen today. And it happened like,
00:07:49
Speaker
Two weeks a day. Not today. Two day. Two, okay, puppy, puppy. Two day. How do you say it, Sam? Today. Today. Today. Today. Well, I did a question mark, so it went up, but today. Today.
Misleading Advice from Non-Probate Attorneys
00:08:07
Speaker
Have you never noticed my voice goes higher? So marketing and that's how the new deal you mean ask to know that way to question that isn't never we we have that here in America, too. oh We have that in Mexico, too. So there is no vow between T and D for you today. No. Yeah. Like, good day. Good day, mate. Like, good day. That's Australian. That's not New Zealand.
00:08:34
Speaker
That's not you. Very important to nobody but Sam that you know that. One time I heard Sam on the phone with her father and he said that she sounded a little Australian and she just said, how dare you? I was like, whoa, shots fired. Did she say how dare you mate? No, I don't think I've ever seriously said mate in my life. I don't think I was old enough. Okay. But anyway, I did, I did the know transition hands there.
00:09:04
Speaker
for people who watch this. Anyway, so these are transition now we all know. Oh, we'll call and say that the bank told them to do this. And we're like, Hey, bud, but but no, hearing more of your specific situation. We you can't do that. You have to have an episode about banks.
00:09:28
Speaker
Go listen to it. My favorite is whenever they say, we have a will, but the bank said we could just do a small estate affidavit. yeah No, you can't. Hey, you can't do that. Why? Because a small estate affidavit is only if there is no will. Oh, here's another thing that getting legal advice from attorneys who are not probate attorneys in the state that the decedent lived in.
00:10:00
Speaker
that that is incorrect, is with a small estate affidavit, the total assets with the exception of a homestead, which we can talk with that about what that means, ah with the exception of the homestead cannot currently in two days because I'm sure this people are going to listen to our podcast decades from now. So in 2024,
00:10:27
Speaker
it cannot exceed 75,000. But what happens is a lot of these financial institutions, they're only looking at the one account and they're like, Oh, you could just, you could just do a small estate affidavit because it's below 75,000. But what if they have a stock account that is worth 50 and then they have another account that's worth 10,000 that like, you can't do that. The other thing is the debts cannot exceed the value of the estate. So if you're under the $75,000 threshold, let's say it's a $30,000 account, but there's debts that are 40,000, a small estate affidavit won't work unless you also pay down those debts. So a lot of issues with that. Now, should we talk about Homestead? Sarah, what is a homestead? What does a homestead mean? This seems fair. This seems fair.
00:11:23
Speaker
Are you googling? I don't even know. ah but I gotta be honest. What does it sound like to you? yeah so Let me do a little spoiler, Sarah. It's not Little House on the Prairie type homestead. So just keep going. Thank you. Well, that's kind of what I was saying. It just sounds like a little house.
00:11:43
Speaker
I'm sorry. that's and any Any other guesses is what it's meaning by. any Have you heard, Sarah, about something called a homestead exemption? all the time and I have no idea what you're referring to. That is awesome. Sam, do you know what a homestead is and what a homestead exemption is? I know a homestead exemption is for people over 65. Well, that would be the over 65 homestead exemption. Yes. Okay. Oh, okay. I didn't know if there was more than one, but it's for property taxes, right? Give them a break.
00:12:20
Speaker
Yes, correct. So what would a homestead exemption be? A property tax exemption on what? The home? I mean, yes. Why are you ever thinking this? ah so Your primary residence. yeah Yes, where you reside, your home.
00:12:45
Speaker
So for all of us, you're dying this is really good. Listen, and there's always a reason I'm wrong. All of us at birch law, us personally, as well as the people we rub elbows with all have multiple properties. So we and yeah totally, you could, yeah you can only reside in one, only one can be your primary residence, your home. And that's the one that you designate as your home stead.
00:13:12
Speaker
where you can get the homestead exemption on it. And it is a break on property taxes. And then if you're over 65, also there's a veterans exemption. There's also a disabled exemption. These are additional exemptions on property taxes that you can get. So with the smallest state affidavit, the value of your homestead does not get included in the 75,000.
00:13:39
Speaker
So let's play out a scenario that will be very interesting to me, Cynthia, maybe 10% interesting to Sam and 0% interesting to Sarah.
00:13:54
Speaker
If you have a married couple that both live in a home and one passes away and they only have $30,000 in a bank account in their house, can you do a small estate affidavit? Zero debt.
00:14:11
Speaker
The answer is yes, because the homestead doesn't get included. Let's say the homestead's worth 250. By that, Sarah, so fancy people like me, were saying, shoot I don't mean $250. I don't mean $250,000. I mean $250,000. Okay.
00:14:33
Speaker
um So let's say that. So let's say it's a single person that has adult children and they die. They've got their home that is their homestead and they have $30,000 in the bank, no other assets, no debt. Can you do a small estate affidavit?
00:14:56
Speaker
What is the number one answer in the law? It depends. It actually depends. um But in general, so part of the answer is no, because it's not a homestead anymore, because the person who would inherit it by law, which by the way, who um elephant in the room is with a small state affidavit, it's only going to go to the heirs as determined by the laws of Texas. So, you know, if you wanted it to go somewhere else or you want to exclude a family member, no go. This is only a way to get it to who your descendant or airship line would be.
00:15:36
Speaker
So let's say it in this case, it's a single adult or a single parent with one adult child. So there's no will. Remember, we already said this is the only scenario where you can use a small estate affidavit. there're The heir by Texas law would be the one adult child.
00:15:56
Speaker
However, they' that's not their homestead. So the 250,000 would be included and it would kick you out of being able to do a small estate affidavit. The reason why it depends is because there is a way to do it because you could do what's called affidavits of ownership or the the real property, the home, and then that has transferred it and it
Complexity of Probate Law
00:16:19
Speaker
takes it out of the calculation, then we're just left with the $30,000 account and you could do a small estate affidavit for it.
00:16:26
Speaker
Here is the most important takeaway from what I just talked about. Do you all know what it is? Do you know what it is? What's the most important takeaway, Sarah?
00:16:38
Speaker
Let me ask a different way. Did did what I just explained seem a little bit complicated, a little bit nuanced? Like there's a lot of steps, a lot of T's to cross and I's to dot 1000%. Okay. ah so So then the takeaway is that in the very rare case in Texas, the things we've described are things that you could actually do without a lawyer.
00:17:07
Speaker
When it comes to probate stuff, there's not many things you can do without a lawyer. But the examples that we've used thus far are typically ones you can't. However, what is the benefit of using a qualified, experienced law firm in doing this stuff for you is to make sure all the little things I just described are done correctly. And when it comes to back to Cintia's point,
00:17:33
Speaker
what banks will tell you what your brother's cousin's ex-wife did 30 years ago in Arizona did, um what your friend's husband, who's a financial planner in California, tells you to do. Oh, oh, and another one. What the this is real good. What the title company tells you to do. Oh, yeah.
00:18:01
Speaker
Those are really banks, title companies, really up there with the advice. And the thing about like banks and title companies or financial institutions is what you have to understand is they're just looking at that one particular asset.
00:18:17
Speaker
They're not looking at the full picture, and when it comes to the probate laws, the probate laws have to do with the full estate, all the assets, the cars, the bank account, the home, um all of the things. It's not just the one particular asset, and that's really why they should not. ah giving you the advice. It's why you should not Google this stuff. It's why if you liked our most recent episode, the robots are not going to replace us. Why this stuff? There's just there's just nothing there short of having to hire a probate firm. but um um Right. So another way, Cynthia, did you have other examples where you see something happen? It's like, oh, probate's coming.
00:19:06
Speaker
I mean, yes. In general, you know, you can't ask me those questions. ah why don't why Why don't you think on that? And I want to give an example of something that we saw recently. So, you know, we've talked a lot and we will continue to talk a lot about, ah you know, not only the dangers of doing nothing, but the dangers of doing it the wrong way. So a lot of the DIY stuff um reduce legal services, but something that else is out there is, and we've talked about this too, is your company-provided benefits that will provide legal services.
00:19:40
Speaker
And um you you know in many ways, it has all the same pitfalls that the DIY stuff has. I mean, yes, you are you're you're working with an actual law firm. They're actually doing this stuff. But we were recently had one that that came into us. And it's interesting because the only reason you know we can't solicit so The only way we see stuff is people who proactively reach out to us. so the interesting One of the interesting parts of this, I should say, because there are so many, a plenty, if you will, is that the person who did this fundamentally must have known that there were, in their words, gaps, that there were issues. Why else would she have you know come to us? so We reviewed what was done.
00:20:33
Speaker
and a couple of really big problems. Now, this was done by a law firm. I really hope it was not done by a law firm that has any experience in estate planning and probate, but this is this was through her company that provided these benefits. So, gosh, the cost is right, except her doing this is gonna cost so much more in the long run, um but we're gonna fix it, that's for sure.
00:21:01
Speaker
But one of the problems is she had a medical power of attorney. And which is where you designate who you want to make medical decisions for yourself if you're if some people miss this part, by the way, if you can't make them for yourself.
00:21:17
Speaker
i've I've had On more than one occasion, people who push back and say, well, wait a minute, I don't want them to be able to, you know, if I want this type of care, I don't want them to be able to say no. I'm like, they can't, this is only if you're unable to speak for yourself. So if you're both sitting in the doctor's office and they're like, if we operate, we can save you. If we don't, you've got six weeks to live. And you say, well, let's operate. And the person you've appointed to make your medical decision says, nah, let's not.
Medical Power of Attorney and HIPAA Release
00:21:47
Speaker
They don't get to override you.
00:21:50
Speaker
that scary you know Let's just see what happens. Let's roll the dice. so Let's just see. Yeah. Let's just see. But um anyway, so i I mean, this i would I would say this is borderline malpractice, but there was no HIPAA release with the medical power returning. And so HIPAA is the Privacy Act for medical records. If you want people to be able to make medical decisions for you, they need to be informed and know what your medical condition is. It seems somewhat implicit, I think. And without having a HIPAA release, then they're not going to be able to get be informed to make your decision. So I can't even believe that there is no HIPAA.
00:22:31
Speaker
The other thing is the directive to physicians, sometimes called the living will, where you're saying yes or no, I don't want to be kept alive artificially if I am in an irreversible or permanent vegetative state, was the format or the statutory language that was required prior to the year of Our Lord 2000.
00:22:55
Speaker
These were done in 2021. So hey the language and the and that was put in there is 21 years out of date because the statute that creates our ability to do this document or statues, Sarah, that creates our ability to do this document very explicitly says, this has to be here, this has to be here, this has to be here. So that's kind of concerning.
00:23:25
Speaker
Right. It would be like a house being built right now and they use um lead paint.
00:23:37
Speaker
Right. Or ah what are the pipes that homes like mine are all having to be cast iron. It would be like building a house right now with cast iron pipes.
00:23:49
Speaker
that it doesn't fly. um Other things, this was really fun, it was a trust. So the trust said they wanted their assets distributed one way, and then they each had their own will that said two different ways to distribute assets. So there are three different ways to distribute assets.
00:24:13
Speaker
You pick. That's fun. You pick. It's been a wheel. It is the worst. It is the worst choose your own adventure ever. Right. And then of course nothing was moved into the trust. There was no deed for the home to the trust. The homestead Sarah to the trust. Um, just so many other things. Oh, and then like, like executives and trustees didn't match. They were different. So how would that work? Um,
00:24:41
Speaker
So yeah, it was and was a little concerned. and This was something done by a law firm through one of these ah HR programs. So guess what? Brace yourself, probate is coming, and it ain't gonna be pretty. Did I buy you enough time to get a think of another? Oh, we're gonna fix that one, so no. You were too captivated by my story. Yes, I was still captivated by your story. That's fair. I don't know how I function otherwise.
00:25:13
Speaker
I can understand that. um So let's talk a little bit and then I can't wait for the Sam Sarah segment. go What's the what's the couple name you guys have? Swag. Couple name? What? Swag? Yes. S-W-A-G. And how did that come about?
00:25:35
Speaker
i Where's the W? Well, it was Walsh. so and many a what is what my My last name before my parents got married and Gibson, which is Sarah. wait Because if we did my middle name, it's going to say slag. And also not a good thing to say, like term over in other places. Yeah. Wait a minute.
00:26:03
Speaker
You had a different last name. Yeah, my parents didn't get married until like 2003. It was her maiden name. Yeah, my my maiden maiden name. When they got married, her name changed too. I went from the bottom of the list or like the bottom of the line to the front of the line. It's great. And now we're here. nore okay I have so many questions about this.
00:26:27
Speaker
That's why if you hear Cynthia angry at me, she'll go... There was air quotes. Samantha Louise and Walsh gives it. Like she'll go on. She'll just add everybody's names. I will add everybody's names. Because I think your family may sometimes listen to this podcast, I'm going to ask my questions offline. I mean, you can ask them.
00:26:52
Speaker
Don't probably find it funny. Because I i always go love you this way. The little nugget of your parents didn't get married until then doesn't necessarily explain the whole story of why your name changed. It doesn't. I mean, I like I had my mother's last name when I was born. And then it changed to my father's last name. So Mary.
00:27:17
Speaker
ah So I don't know if that's more a different country sort of thing because even I should ask them. You should us i actually know because I know many people. But again, this is limited to America. The United States of America. Yeah, that they they could go that route. But typically, I shouldn't say typically often.
00:27:44
Speaker
the They would still use the surname because it's more traditional. Because we were just progressive in 2008. Okay. that would be your part of These are my questions. Yeah, I do. I'll ask. I do really don't know why. Or your mom didn't think it was going to work out.
00:28:04
Speaker
so i just you know that' school I'm not going to say that part. I'm throwing out all the options.
00:28:13
Speaker
but So Tia's like, tells tell Sarah if that needs to be edited out. oh He said I could go there. He said I could go there. Like, I just, I'm curious. I don't know, I'll have to ask. I've never asked him about it. Well, do you ask and then come back in the next episode and solicit?
00:28:34
Speaker
I've always wondered, I just went with it. Okay. So as, sorry, I'm just a curious person. I'm not, I'll have to look at my strengths. Easily distracted. Which one of them would lead to me wanting to know that? ah Because it's certainly not Wu or Harmony. It's not. or i don't I don't think Wu, it would be like the curiosity, would it? Well, it could be because it's like wanting to connect and getting to know somebody. and So they might ask you a lot of questions. You have connectedness as number six.
00:29:12
Speaker
Okay. Okay. maybe That's fine. Maybe. um kind of ah looks like yeah Back to probate is coming. Oh, ah so some other things to be able to, to identify. So right now, if there's no plan, no will, no trust or anything like that, you could be looking at average costs of 7,000 or more dollars per person. So if you're married, that would be what, Sarah?
00:29:44
Speaker
$14,000. The cost of over $14,000 to go through a court process to be able to have assets distributed. And this isn't based on some big estate. ah This could be a house, a bank account card, like that's a life insurance, what have you.
Revocable Living Trust Benefits
00:30:04
Speaker
um And that's in twenty twenty four dollars. I mean imagine what that will be five ten twenty thirty four years from now So if you have a plan now, you're already locking in that kind of um that kind of savings It can take up to nine months before you can even get started. So what does that mean? It means bank accounts are frozen, you cannot sell or transfer a car or a home. um A lot of the times families have to fundraise in order to get the probate process started. And they have to wait all that time. And then the really big downer is everything we talked about this.
00:30:40
Speaker
The decisions about who gets your home, who gets your money, your assets, who takes care of your kids, um at what age is money or assets distributed to your kids. All of that is determined by the state of Texas. Age of 18 is the the age of majority. That's when all assets are thrust upon them. And then everything's a public record. Your marital history, your kids, the ones you may or may not want people to know that you have.
00:31:07
Speaker
your record of your assets, record of your debts, and you got to have two people who knew you who are willing to sign a sworn statement and or testify in court that they knew you, they knew your marital history, they knew what kids you had and did not have, and they knew your assets and debts. So that is what's awaiting people.
00:31:32
Speaker
Now, with a will, like we said, a will does still have to go through probate. However, it reduces things on average. um To probate a will right now is about around 3500 bucks. So if you're a married couple, there's two of you. So Sarah, what would that be like? 7000. Yeah, or more. And that's in 2024 numbers. So again, five, 10, 23 years from now, that's going to be a lot more. And that's presuming there's no issues with the will. Okay, so that's assuming it was done correctly. That's presuming it was signed correctly. All of that question from Cynthia. Well, no, those are just are about our rate dish. And we're below, like a lot of other. but i don't understand what flat that is but Well,
00:32:19
Speaker
We'll have to we'll do SKUs for that. so But yes, so that's what you're kind of looking at. um The time period to get into probate is ah is reduced. It's usually about three months, give or take, so it moves quicker, um but there's still a time delay.
00:32:35
Speaker
where things can be slowed down, you're not able to, again, accounts can be frozen, you're not able to file taxes, you're not able to do a lot of things. The great part of the will, and this is the most important piece, is when it comes to how, who gets your home, how are assets and money distributed, whose garden of your kids, what ages would they receive it, you all get to make that decision. that is That is the beauty of the will. It is still a public record though, just so you know your will and some of your assets.
00:33:03
Speaker
can be subject to um a public record. So there are ways to avoid probate altogether. There are ways to avoid probate. You guys are slow. um Anyway, so one of one of the primary ways to do that is through a revocable living trust. Sounds fancy. Frankly, not easy to say. It's easier than the Latin term, which is inter vivos trust. I don't like that. Oh, that was vivos.
00:33:33
Speaker
or Vivos, if you would like, vivos Bivos, I think it matters. Whatever you prefer. two days So um that's one of the ways it is a very common way. It's the most holistic way for most people. This can, if it's done properly, can eliminate any costs.
00:33:57
Speaker
So there's no probate nada. There's no delay because everything happens according to the trust. You don't have to get approval. You don't have to go through court. You still get all the benefits of a will where you get to decide how things are distributed, who takes care of what, all of that. And it's completely private. There's no public record. So that's kind of a long and short of ways that probate can be coming for you.
00:34:23
Speaker
So brace yourself in ways that you might consider avoiding it and not having to suffer through that. ah any Anything from peanut gallery?
00:34:36
Speaker
so Concur. Yeah. By the way, as the as the youngest child growing up, I often was referred to and put in the category of peanut gallery and I never appreciated that. Yeah. That's not an apology. That's more just a comment.
00:34:52
Speaker
Jordan always says when she's doing the signings, like, we've got the peanut gallery with us, like us coming in for witnessing. All right. Yeah. All right. So what, uh, what did swag, which I really regret where that took us. Um, when we're talking about bracing ourselves, probate is coming. What did you come up with, with for us?
00:35:21
Speaker
Um, so yeah, completely opposite of, you know, not waiting to get your will done. Cause you should do it now. We have a list of things that you should sarah wait to do.
00:35:36
Speaker
I love how whenever you come on, you and Sam, and you know what you're about to do, your voices go higher. Like you've regretted some life decisions. We usually do with these. Okay, cool. Yeah. you Proceed. I just wanted to highlight that. I feel like we should always so point out because you know, we write them out and we show them to Lori and Cynthia usually, except for the signs last week. Um, and Sarah has put sorry in parentheses. Yes.
00:36:04
Speaker
So we're going to do this rapid fire on the list of things you should wait to do. Emphasis on the should. So you want to take it away, Sam? Yeah, murder. Arson. Really any crime? Wage theft. Dying before getting your estate planning done. Buying a house in this economy. And just doing a flash mob in general, not 20, 40.
00:36:33
Speaker
And that is our list. Okay, I have some clarifying questions. Yeah, okay. So you presented this as something that you should wait to do, which implicitly implies that you should do them at some point. ah hu So I need, I need to go back to a few of these, murder, arson, like you should wait really any crime until when?
00:36:58
Speaker
and Until after. Until after what? You can no longer do them because you are no longer with us.
00:37:10
Speaker
You know, sometimes there's like some really like, listen, we that side with a like lie so they just do stuff. This is what you really don't know what you're talking about. But we do um something that piqued my curiosity that as your employer, I would like to have on what exactly is wage theft.
00:37:33
Speaker
but I wouldn't actually know how to do wage fifth, so... i Can you define it? I mean, you just steal money, right? I don't know. ah Sarah, I need you to start looking. I don't know. I'm thinking, like, aren't you the one who came up with this one? orange Most of these I jokingly said, and you just went, oh, murder. yeah thats Because we couldn't think of a joke about murder. Every date line starts with that. We're not killers, I promise. I feel like the false climate. Yes. Well, I tried. Never mind. wow So again, wage theft. What does that mean?
00:38:20
Speaker
You can always say it. Let me Google. OK, yeah. While you're Googling wage theft, I am almost certain, like put my life on the fact that you probably, nobody here heard about the inflation and employment updates, economic updates that we just got today. no no So there's very good news. Inflation is decreasing, wages are increasing, wages are increasing more than inflation. And it also means that housing prices are starting to go down.
00:38:58
Speaker
It's been going down last week. Yeah. I've been looking into it. That's why you should wait. Yeah. Okay. just like murder Right. wage theft Is the failing to pay wages or provide employee benefits owed to an employee by contract or law?
00:39:18
Speaker
Oh, so I could do rage though. I figured it was the opposite. I thought it was more like paying employees to do work, but instead they just jack around all time coming up with ridiculous things to do. So they're like not really earning their salary. So that's the mindset of an employer. But it would be me. Do you womp womp that?
00:39:40
Speaker
um ah um la Do you actually do that, Sarah? I only watch our outtakes or ouchtakes. Ouchtakes. I will end this one. Ooh, hold on. So you just... Some of the most common things... You just like the good times roll? Yeah, I do. Oh, I thought you were doing this. No, I bleep them out. I think the last time I used a duck or no, maybe it was a foghorn. It was one of those. Oh, I love the foghorn. Foghorn, good.
00:40:13
Speaker
but you haven't used the wa wa. Not yet. That's fine. Okay. So wait, let me tell you behind you some of the types of wage theft. It's a Wednesday. It's the 18 plus talks. Okay. So some of the most common types, not paying interns who are entitled to be paid under FLSA.
00:40:41
Speaker
Here at Birch Law, we believe in paid internships because we are- We always pay interns, even when they say they'll work for free. We pay them. We pay them. Misclassifying employees as independent contractors.
00:40:59
Speaker
Ah, yes, big no, no. but Not paying final wages. yeah Something we really don't worry about with holding tips.
00:41:10
Speaker
Um, I do withhold any tips because you guys have not earned them. Damn. Not granting required breaks. Refusing pay for work done during unpaid breaks.
00:41:30
Speaker
So, okay. So I like, I like this. They're really, they're really more things I could do to you guys.
00:41:38
Speaker
Just to spice it up. Just to spice it up. just add because these aren't be myy enough Are we sparkles and spice? Whoa. Something to think about.
00:41:51
Speaker
Ooh, more unnoticeable forms of wage theft like shortening lunch breaks and not allowing workers to fully use their PTO or sick days, refusing to pay over time. Making you intend intake and sales training. Ahh. Categorizing a worker as exempt or non-exempt with holding tips and unlawfully deducting employee pay because of customer complaints.
00:42:16
Speaker
Oh, and then that last one seems legit. And I've actually, it gives me a good suggestion. I've never thought about that.
Podcast Wrap-Up and Call to Action
00:42:23
Speaker
So as we've explained, there are different things you've got to brace yourself because it's coming. Unless you have a properly done estate plan, probate is coming, it's going to be ugly, or it won't be ugly, or you can avoid it altogether. You can avoid it anyway, they're just never going to get this.
00:42:42
Speaker
And for Sarah and Sam, or also called Swag, there are things that you should avoid, or put off, or maybe just not ever do. Correct. Like murder? How about falling in love? Yeah, never do that. Don't kill people. Murder. Thank you.
00:43:05
Speaker
Thanks for listening. And just to cover all our bases about what you just heard, I'm sorry and you're welcome. Make sure you subscribe so you never miss an episode and tell your friends about us. We do webinars and live events.
00:43:21
Speaker
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00:43:50
Speaker
much better. Yeah I thought that had a lot of energy.