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B2B Interview: Why You Need a Trust

Did you know that creating a trust is one of the best things you can do for your family? In this episode of Live, Laugh & Learn With Chris, I talk with Adam Sherry, partner at Spector & Sherry LLP. We’ll learn why trusts are important, how to create one, and the benefits they can bring to both you and your loved ones.

Talking About Trusts

When it comes to trusts, talking about them can be a little scary at the beginning. However, a trust is one of the best things that you can do for your family, your earnings and everything that you’ve worked so hard for. 

Adam Sherry is an attorney—and he’s also a really great guy to talk to about that scary conversation that is great to have once. I put it off for many, many years, but I’m so glad that I had it. Adam is going to guide us through the ins and outs and the whys of trusts so you know exactly what to expect.

Why a Trust Is Important

At Spector & Sherry LLP, Adam and his partner focus on the things that are most important to their clients. They focus on property, loved ones, health and children when they’re part of the picture, too. Taking a holistic approach, they prepare documents that allow you to carry out your wishes at the point that you’ve either passed away or you no longer have the ability to do so. 

Of course, those are all really scary things that are very uncomfortable for people to think about. However, these are also great reasons why people should have a trust. This is especially true because there can be a negative impact if you don’t take care of this before the inevitable happens. 

For example, California has a very interesting law that relates to transferring property from one generation to another. Post-death transfers involve probate. One of the biggest problems for the people that Adam works with is simply the cost associated with probate. 

The Cost Of Probate

I help a lot of people to find wonderful homes, which is a journey in itself. Afterward, though, this can be a different story. If you continue to hold your home in your name as an individual on your death, you’re going to incur additional, court-related costs in order to transfer it—and these are totally unnecessary. 

For instance, if you were to sell a $500,000 home, court-related costs to transfer it to your children or someone else would be $13,000. If it were a million-dollar home, it would be $23,000. That’s not necessary. Rather, it’s just something that happens if you haven’t had a conversation with somebody who can help you do a little bit of planning. 

This planning ensures that those sorts of costs are not imposed upon your loved ones. Probate is like taking that money right out of your pocket. This is money that you worked hard to pass on to somebody whom you love and want to be the beneficiary of your hard work. Additionally, it’s totally preventable. 

Isn’t a Will Enough?

The cost of working with a trust attorney to get all of this set up ahead of time is much cheaper than going through probate. Additionally, a big learning lesson for me was understanding the difference between a will and a trust. I thought that if you had a will, then it just transfers—but I was mistaken.

Adam explains that wills allow you to identify to whom you want your property and monies to go. It can cover everything from your record collection to your new electric bike or skateboard. However, the actual process of transferring it is different. When you rely only on a will, it involves courts and delays—and you incur those costs. 

The will works in that the property goes where you want it to go. However, the process of getting it from your estate to your intended beneficiaries will involve unnecessary costs associated with court process, probate, and more. So while a will works, it’s a very expensive way to get things done. The will also doesn’t stop the fact that it has to go through probate when you pass away. 

How It Works

A trust is the only way to circumvent your property from going through probate. You transfer ownership of your assets into a trust while you’re living. Then, at the point that you pass away, it’s able to go directly to beneficiaries without having to run through the court supervision process referred to as probate. 

That was another huge life-learning moment for me. It really prompted me to have that scary conversation with Adam, who came highly referred to me by a great friend of mine. I’m so glad that I met with Adam, though I was hesitant at first at having to pay a couple of thousand dollars to get everything into a trust. 

Now that I know how much it costs to go through probate, I was happy to pay just a tenth of the potential cost—which could potentially be more. He saved me a bunch of money, which I’m very grateful for.

About Incapacity

Another thing that’s really important when considering these issues is the in-between time. Incapacity means you’re alive, but you lack the ability to direct how your affairs should be carried out. Of course, Adam and his team focus on transferring assets and making it easier for your family. They’re also concerned about keeping things moving and making sure that your wishes are carried out in the in-between time.

For example, let’s say that you’ve lost capacity because of a car crash and you’re in a coma. Or maybe you have something like Alzheimer’s or dementia. We put documents in place to make sure to carry out your wishes and keep your life going in the way that you want. We work on addressing those issues as part of the process. 

This is huge for me personally, as I’ve had family experience with dementia. It’s a growing issue that’s being diagnosed earlier and earlier, which is great. This allows people to plan better and get newer, better medicines to help them live a quality life for longer. 

Securing Your Family’s Future

I hope this gives you a better understanding of what trusts are all about. As you can see, it’s not such a scary scenario when you are dealing with a professional that you can trust, that makes you feel comfortable, that you have confidence in, and that’s going to do a great job for you and your family. 

If you have any questions or need further information, please give me a call at 619-925-2322. It would be my pleasure to put you in touch with Adam Sherry of Spector & Sherry LLP. Don’t forget to subscribe to my channel so you never miss an episode of Live, Laugh & Learn With Chris. Stay tuned to see what I feature next!

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Want To Know What Happened At Our Client Appreciation Party??

Did you know that every year my friends and clients get together for an afternoon of fun, food and prizes? In this episode of Live, Laugh, & Learn With Chris, I’m going to welcome you aboard to my 8th Annual Hyatt and Associates Client Appreciation Party. We’ll cruise around beautiful San Diego and end with an awesome raffle that you don’t want to miss.

Welcome Aboard

I welcomed my friends and clients aboard a special cruise to kick the decade off right (especially because 2020 and 2021 didn’t really count!). This eighth annual client appreciation part is my way to thank everybody for being part of my business as well as part of my life. I’m so grateful to have the chance to thank my guests with a cruise around the waters of San Diego while enjoying drinks, food and fabulous views.

In addition to tasty hors d’oeuvres and refreshing drinks from the bar, the party also included an awesome raffle. The ultimate prize was a helicopter tour of San Diego for two! Before we got to the raffle, though, there were some people I had to thank.

Giving Thanks

The first group I wanted to thank was our awesome sponsors, several of whom could not be on the cruise but whom my clients know by name. This is because they’ve helped them refinance, finance or purchase. These people include Mike Solorio, our lender extraordinaire, who’s the go-to information source when refinancing or purchasing. 

There’s also Helen Samayoa, our incredible transaction coordinator, along with the amazing home inspector Steve Lauriano. I also gave a special thanks to my new assistant Carlos Martinez, who photographed the event. Of course, I had to thank my amazing husband Mark Chen; without him, none of this would be possible.

A Promise Kept

Everyone who knows me knows I’m not very good at asking for help of any kind. However, I made a promise to my mom and my grandma, who are upstairs in heaven. They asked me to always make sure that I tell my clients, family, friends and colleagues that I’m here to help them. 

This means not only here in San Diego but anywhere in North America or the world. For example, I’m working with a client here on a property in France, have referred somebody else to Las Vegas and referred another client who is on the East Coast. I’m happy to say I’ve done my duty to mom and grandma, and I know they’re responsible for the amazing day we had on the cruise.

Raffle Winners Round 1

Everyone was excited for the raffle to begin to see if they would win one of the prizes. Our first prize was two Passport dining cards donated by Mike Solorio. The Passport Dining Membership Plus allows you to save time and money during your everyday life, and there’s an exceptional network of participating restaurants that give you the choice of dining and more. Our lucky winners were Erika and Gloria! 

The next prizes were donated by our amazing home inspector Steve Lauriano, of Flash Home Inspections. An amazing $50 cash was won by Marc and Marysol to spend wherever they wish, while Tim won $50 to Target. City Cruises by Hornblower generously donated Sea Wayfarer passes, good for cruises just like the one we were one. Ouyang and Russ each won two passes to enjoy with their loved ones.

The raffle continued with a $150 gift card to the Marine Room in La Jolla, donated by our transaction coordinator Helen Samayoa. It was won by Tim, an awesome man I met at a Celine Dion concert. This led to a real-estate transaction and ultimately a great friendship with him and his wife Simone. I was wearing socks he won in Las Vegas that he gave to me, so I was definitely happy he won.

Raffle Winners Round 2

As we headed towards the grand prize of the raffle, we first had some great alcohol bottles to give away. The first one was a bottle of Veuve Cliquot Champagne, won by Phil. The second was a bottle of Dom Perignon Champagne, won by Mike. This pair is sure to enjoy a glass of bubbly after the cruise!

Last but certainly not least was the big prize: a helicopter tour of San Diego for two people. Called “The Unforgettable Tour,” this flight features the dramatic North County coastline, including hidden beaches and ocean estates. While skimming the Torrey Pines Golf Course and the Del Mar Racetrack, the winners will catch surfers and gliders along the beach. From this vantage point, they will observe attractive locations at Sunset Cliffs, La Jolla, Mission Bay, SeaWorld and Belmont Park. 

As the flight descends past the architectural beauty of the San Diego skyline, sailboats will dance across the San Diego Bay. They’ll fly gracefully over the Coronado Bridge, the world-famous Petco Park San Diego Zoo and Qualcomm Stadium. This was a prize that I donated, and the winner was the wonderful Lex! There is no one more deserving.

Cheers To The Year Ahead

For all of those who made it to this year’s Client Appreciation Cruise, thank you so much for coming. We had such a great time celebrating, and I look forward to next year’s event.

If you’d like any information on moving to or within San Diego, be sure to reach out to me and I’ll be glad to connect. Make sure you subscribe to my channel so you never miss an episode of Live, Laugh, & Learn With Chris, and stay tuned to see what I feature next!


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Unique Art Show in San Diego: Fluid Art by Gary Bell and Jeffrey Taylor

Are you looking for a new work of art to brighten up your office?  Do you want to collect or commission a one-of-a-kind piece from an up and coming local artist?  On this episode of Live, Laugh and Learn With Chris, we’re introducing you to Artplay® by San Diego painter Gary Bell.  This poet-turned-painter’s love of bright colors and textures has translated into the most amazing paintings, with an upcoming art show you won’t want to miss!
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2019 Hyatt Client and Friend Appreciation Party

Awesome party on the Bay at sunset ?, with cocktails??, gourmet eats????, 80’s music?, incredible raffle prizes and even better company! If you were unable to make it, or for some reason didn’t get the invite, send me a message☎️ and I’ll make sure you get to the next awesome event, likely in April! ?