Let's Talk with Leaha & Rhonda

Unknown Speaker 0:00
The following is a paid program sponsored by Crawford management group and smart time consultants. Please be advised that the voices and opinions you may hear do not necessarily represent the views of K, u and v Las Vegas, the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education.

Unknown Speaker 0:25
Hi, this is Leah Crawford. And

Unknown Speaker 0:26
I'm Rhonda Nolan.

Unknown Speaker 0:27
Welcome to the let's talk with Liam Rhonda show.

Unknown Speaker 0:30
We're here for you and we're ready to go. Let's do it. Good morning. Las Vegas. How are you doing this beautiful, sunny and bright Saturday morning?

Unknown Speaker 0:42
It is beautiful. It is bright. It is funny. Yeah. It is warm. Ooh, finally. Finally, all right, Rhonda, entrepreneurs stuff. You know what I had an interesting conversation this week, I want to jump into something totally different. Something as an entrepreneur, I know I have just started thinking about this. Do you have a will?

Unknown Speaker 1:10
I do not. But I need to get one done.

Unknown Speaker 1:14
having a real conversation. So we were talking about entangled titles webinar the other day, talking about how, wow, you're, I guess, you have property. person that owns property dies, sometimes leaves the will doesn't leave a will. But the will is not properly filed with whoever you say you're supposed to file. A will with. And you have an entangled title. And you have but so we need to bring someone on to talk about that. Because as entrepreneurs, we are you know, we're we're making money, spending money making money spending money? And do you have a plan to retire? Do you have a plan for the things that you are acquiring? To be able to just what is your plan? And the reality of it is one day we all gonna die? That's the truth. But what is the plan? Because the plan is not for you. It's for the people that you leave behind?

Unknown Speaker 2:19
And who and if you have a business, who are you leaving your business to? Are you selling your business? You know what this is just stop this? Yeah, this was does your business still grow? Does someone in your family? Or does your business partner still move forward? Or do when you decide that you don't want to be in business anymore? Do you sell your unprofitable business to somebody else? And have them keep going? I was at an event last week? I think it was yeah, it was an event last week. And it was it was a one day seminar with minority business owners. Okay. And this one, it was two young people there with there were fathers who they their fathers and mothers started companies. Okay, so then the mothers and fathers instead of giving them to business, sold it to them, okay, so that they could take over and run with it. Now, some of them sold it to them for a very, very hefty amount. One was like, Oh, I'm still paying on it. I'm still monthly payments, but it's business, but I believe in the business and the business is profitable. And another one, her father sold it to her for $1. Because he wanted her to have some sweat in the game, you know, some equity in the game to keep it moving forward. And that's

Unknown Speaker 3:25
very, because when I think about that, when you're in a specialized industry, though, so say you are an attorney or an accountant, architect, engineer, you have those types of businesses, your child has to be in that profession, correct in order to take over some of those businesses because they're special, right? But you restaurant owner, you have concession stands. How do we, you know, set up this generational plan as entrepreneurs, because we're working on his business. Now the business is profitable, but how are we planning? What are we doing to ensure the continuity of the business and that it can feed future generations?

Unknown Speaker 4:03
You know, what's interesting is sometimes I see in minority businesses that when the parents are ready to retire, the children do not want to step up. Because it's a lot of hard work. It is or some of those folks end up selling their business. For example, I have a cousin in Detroit. He's in the he's a restaurant here. He has several several restaurants. Detroit was this other restaurant where the folks were ready to retire. The husband and wife and whole family worked in his business for many years, and they're ready to retire and go to Florida. Well, the kids didn't want the business. The kids didn't want it. No one else in the family wanted it so they had to sell it. So he basically bought the business. He kept the non workers who weren't family, they're working and then he put his management team in. So he's building his empire based off of people who are ready to retire and don't have family members that want to keep their business going. And there are a lot of

Unknown Speaker 4:50
options. But I guess when you think about that, like when I think about my children and my business they're not accountant. Right? I have no desire to be accountants actually want to be lawyers. And I'm like, okay, so what do I mean? Unless they want to practice head tax law? What do I do?

Unknown Speaker 5:12
So you would bring in a younger partner, you would train them on the business. And then you would have to be ready to hand the book of business, or you will sell the book of business to them.

Unknown Speaker 5:23
And I think we need to, we need to talk about exit strategy, right? What is the end? What does that look like? Because what does it look like? And when we were going when I was listening to the webinar, and just the entangle, titled and the amount of property that is lost in probate, because we don't have the information, or even know how to maneuver through to ensure that we are maintaining or keeping our properties and that they are transferring from generation to generation? And how do we do that, I think we need to find an attorney that specializes

Unknown Speaker 5:58
to talk to us or should have an attorney come on and tell us the inner workings of that.

Unknown Speaker 6:02
So if you're an attorney out there, and that is what you do, please contact my office at 702-382-5737. Because we want to talk to you, we want to bring you on and we want to talk to you and talk to our listeners because I think estate planning is important because we don't talk about it a lot. It's important to plan so that if something happens, and COVID should have taught us didn't teach us anything else. Life is precious, a lot of people transitioned without wanting or not being ready to transition. But how do we get ready for that? And what are the steps that we need to take, and we need to have

Unknown Speaker 6:39
an insurance broker on to because there's also commercial business insurance, that if you have a business, and they're partners that you take out on each person, so that if somebody perishes, and they are very, you know, the part of their business is very keen, you make your money, you you, you know, you can come back from that.

Unknown Speaker 6:55
So I'm gonna write that down, too. So you want to ask, I will ask, and and that's funny, because we're planning a future show on this show. I love it. Because entrepreneurs, we talk about working on the business working in the business. But more importantly, now, you because you are important to both of those things. That's right. And are you how are you? What is your plan? What is your plan, but I just thought it was very interesting. And like you I don't? Well, the will that I have is very outdated, because my life has changed. And I didn't follow the recommendation of every year. Now I review my insurances and audit other stuff every year, but I have not reviewed the will every year, and I'm getting ready to go on, I'm gonna dig it up, I think it's somewhere in the house, look at it. And

Unknown Speaker 7:43
you should everyone should have a Will you if you own property, if you have assets, you should have a will. And you should, you know, speak to your attorney have the wheel drawn and have everything laid out so that when you leave and go to the next place, everything's in order, and your children and family members don't have to fight over what you may or may not have left them, because that can turn into a huge mess. Well, unless

Unknown Speaker 8:07
Well, the best way I've heard is you talking about your grandmother, and what your grandmother did. And if you could share that because I think that was amplified. Oh my gosh, she just thought about everything.

Unknown Speaker 8:17
So my mother's mother came from a big family of 21 brothers and sisters. And when their parents died, it was a lot of infighting and drama that was going on that was unnecessary. So what my mother's mother did so that there won't be any problems and her family is that she had two children. She had a will. And she had everything equal to both parties. So in other words, she had two separate bank accounts for them where she had been saving money with their names on it with equal amount of money in it on the house and the property she left. She said in her will you will split it 5050 You know if the 50 The property is yours, you can either keep it or you can sell it you can do whatever you want to do, but everything is 5050 when she passed away, she had her burial done. She had her her her outfit picked out. She had her obituary done she had picked the verses and the songs she had paid for her plot. She had done everything all you

Unknown Speaker 9:15
had to do was show up so all we had to do was show up pick the date

Unknown Speaker 9:19
pick the date because she had the flowers paid for I mean she had everything in order because what she saw her other brothers and sisters do the fighting in the inviting and all that stuff. That wasn't fun for her. She was a Christian woman so she was like that's, that's not godly. So guess what? We're not going to do that. When I go everything is gonna be an order and everybody's gonna split everything. 5050

Unknown Speaker 9:39
Now on the other side, how was it for your family? I mean, outside I know sorrowful because your grandmother did transition and that's always hard, right? That's hard enough as it is right? But just the process for your family.

Unknown Speaker 9:51
It was fine. My mother and her brother saw eye to eye you know they kept the property actually for a long time. And then they finally sold it and they split the money you know they paid the taxes. because you know when you have property people, you have to pay taxes on it every year. So they paid the taxes on it every year. I first I think they rent it her house out at first they rented it out and had some renters, and they paid the property taxes. And then when they didn't want to be bothered with going down, they're dealing with that because this was down south and they no longer lived down south. They lived in Michigan in California. So when they decided they don't want to be bothered, they actually want to get it sold, and they split the money. 5050 They never had a problem. Hmm, never had a problem. It was the

Unknown Speaker 10:25
plan. But it was a plan. It was plans. It was a plan in place. It was a plan in place. And what I and I guess if you're listening to us, if you don't have a will get one encourage you to get one. funeral arrangements. I know they do a pre needs and most funeral homes, have it everything have everything laid out because family infighting last a long I know some people that still don't speak to brothers, sisters, cousins, aunts, uncles, just because of what happened at that funeral. That's right, because of what happened at that funeral. And it's just, I think about my two children. And one of them is already a licensed attorney. And the other one is in middle school. And I'm like right now, you know, the license attorney got you. Patchy, even though I believe she's fair, right? She's fair. I just want to make so it's nobody's interpretation. It's my interpretation of what I want you to have. And not someone trying to do something that is not my wishes, because I work for this stuff.

Unknown Speaker 11:25
And my brother is an attorney too. So my mother did not go to my brother to have her wheel drawn up. She went to an outside attorney. Yeah. And had her wheeled

Unknown Speaker 11:33
out attorney said, you

Unknown Speaker 11:34
know, she I don't know what she has in there. I guess she told me everything was 5050. You know, everything show you brother have a good relationship have a great relationship. Yeah. And you know, what, we're in a good space. And what we do for a living, we're very happy and what we do, and we make money. So there's not a need for money. Sometimes you see the infighting and families where there's a need for money, because maybe somebody is struggling, you know, every brother sister might not be doing well, you know, at the time, it might be one or two are struggling. And so, you know, unfortunately, when things happen, they're fighting the hardest because you know, they need the money is all about the money.

Unknown Speaker 12:08
always about the money. I always say it's not about the money, but it is always about the money. It's about the money. It's about the money because I remember when my great grandmother passed away at the time she had maybe one to two children still living. And there was no, my great my great grandmother was real clear in her living and everything was laid out, had no problems. Actually, my sister just sold our fam that that family house maybe about two years ago. And it was more emotional for us. Because it wasn't about the money. It was the emotional attachments to the house right to the house. But the house was in a neighborhood that was undesirable. And she just couldn't keep up with the with the stuff in the house. Right? And we are me and my sister having a conversation now about with my mother, what did you and just encourage my mother, because there are some places that do free wills. I know in Philadelphia, and this is where I was listening to the podcast, it was about Philadelphia, that there are some places that do free wills, and us being able to take advantage of it. So if you're part of a union, now just inquire and ask, do you do free wills? And then after you do the will? What is the next step? Does it need to be filed somewhere? And I don't know the answer to those questions, but does the will need to be filed? And then what is the process? Because who's going to be I think is the executor of the estate. Are there any tax returns that need to be filed? Just have those questions answered. So that the family is grieving, grieving because of the loss of a loved one, if you could take that away, right? Or just plan for that. While you're making money. Yeah, while you're making money, it makes sense for it.

Unknown Speaker 13:54
And if someone like for instance, my brother and I are our parents have property, you know, we both said, We don't want to sell any of it. We want to keep it that we want to rent it out and we want to have it ready for our children or our grandchildren that may need some place to stay in the future. Because property is building well. I'm not selling any property.

Unknown Speaker 14:13
Well, okay, so and we, well, we talked about that. And we talked and we me and my sister because it's just me and my sister and I now we talked about that as far as my parents go because we're even talking about moving them in the next two years to another home that she owns and renting out the house that my grandmother purchased. And you know, just trying to figure out you know, what's the best way because the neighborhood is not again the best neighborhood because I even think about it from my house. One of my children I want to live in Las Vegas, right? And it's my house right? That's what I like. They don't want to live here then what do you do? You know what, what are they going to do with the house but then exposing them to different things, talking about rental property, letting them Know that it's not easy, you know, it's not it's not easy, and there are going to be some challenges. But the value of the house when I died, you know, is the basis that a data died die? Right? And that's another conversation, you know, let's have a real basis conversation and and how do we get evaluations on stuff? So I want to bring an attorney in? And let's have a conversation about that, because I have a bunch of questions that I'm going to ask one because I have to find one. Because I want to know, because when I think about it on from a tax standpoint, I just had a client come in, and they inherited some property while they sold the property, okay. And they got X amount of dollars for the sale of the property and their interpretation, the whole thing was taxable. And I'm like, it's not. And they were like, Huh, you like or not? Because your fair market value is now the date of death because you inherited the property. And they realize, oh, so the fair market value on a day, let's call it 300,000, I sold it for 310. Right? Only 10,000 balance is a taxable gain. Oh, wow. And they were like, I didn't know, right? Because you didn't talk to an accountant. And you didn't have an attorney. Right? So you need to talk to people that understand we keep preaching this, ever talk to the professional, because my job is to understand what you're doing right? How to interpret it. Right? You know, because what you realize is not what you have to recognize, right? And just being able to have those conversations with documentation to back it up. And so that people do know, I don't, I don't like to work in fear. I like to work with information. You know, because I, you know, I tell me the truth. Can't be fear. It has to be information.

Unknown Speaker 16:50
Yeah, absolutely. Yeah. That's why we say you need to have an accountant, a lawyer, a tax that you have to have all those people in your arsenal, you know, so you will be able to talk to them. Yeah,

Unknown Speaker 17:05
I just I don't I don't get it.

Unknown Speaker 17:08
Wow. So yeah, entrepreneurs, if you don't already have those folks on your Rolodex, you probably need to get them on speed. So

Unknown Speaker 17:16
let's talk about it again. So as entrepreneur and someone told me that when you're entrepreneur, you need to have an attorney. And that's in that in that any or not any attorney, make sure it's attorney that can handle contracts, business law, because attorneys practice different things, right, you know, an accountant. Right. Now, with this age, you need to have somebody who knows how to work a website. Right, and some kind of computer tech person. Yeah. Because you need to be able to understand, you know, just to internal, how your business is running. We talked about we haven't talked about this disaster recovery plan.

Unknown Speaker 17:59
Oh, yeah. Also known the emergency fund,

Unknown Speaker 18:03
get out to Rhonda. As time change, things change. And I'm with COVID, I am glad because it pushed me to understand I can work virtually from everywhere, anywhere. And not only can I work virtually, I can be productive, virtually very important as an entrepreneur, because I was able to pivot, change, redo some stuff, and become more efficient and effective. Were was challenging at first because it was scary. It was scary. Didn't know what to do. But when I figured it out, kept on working at it and working at it and working at it and we're still in business. That's still the doors still open, that we're still

Unknown Speaker 18:50
we applaud all the businesses that survived during COVID-19 was

Unknown Speaker 18:54
doing overnights, we're still we're still we're still here, we're still here,

Unknown Speaker 18:57
we applaud you for you know, being creative, or being creative. And, and, and staying open and staying and making it work. Making it Work.

Unknown Speaker 19:05
Thank you to everyone that are supporting our local businesses. And in certain businesses, you even got a broader base, because now you're able to do everything virtually. That's

Unknown Speaker 19:15
true. And the SBA honored outstanding resource partners this week, because this week was National Small Business Week lesson. Yeah. So we had so there were there were businesses from Atlanta, Kentucky, New York, that all won awards, and these are women owned businesses, veteran owned businesses, and rule on small businesses, you know, like farms and things of that nature. So congratulations to those folks who won this small business awards this week from the SBA.

Unknown Speaker 19:45
Now, what's coming up locally here, guys, we have elections coming up. And I know everybody here that's listening to us is registered to vote. Absolutely. But if you are not, please register to vote. Please register to vote because we have a lot to have elections that are coming up for this midterm and I think Election Day is the second Tuesday in June. It is second Tuesday in June. Early voting Nevada is one when I first moved here, I had never heard of early voting. And Nevada is one of the places where there's no excuse of why you don't vote. And people say, Well, my vote doesn't count. Yes, it does. Yes, it does. Every vote counts. We need you to vote. We have an historical election going on in the city of North Las Vegas. We have elections going on in Henderson. There are some I think some county commissioners that are coming up for reelection, guys. And if you understand this valley, especially being a business owner, you learn the hard way, right? That's right, because you learn it. There's the city of North Las Vegas, there's the city of Las Vegas. There's unincorporated Clark County. Yeah. And there's the City of Henderson. Because when you have to go and get those business licenses, you have to know where your address is. So you know where to go to get your business license. That's correct. Well, this year, we're having elections. And I would encourage you, when you see those signs up, we have you have a computer in your hand, look up the people. Go vote, get the information. Let's get out here. And let's get out here. And let's vote.

Unknown Speaker 21:20
And if you're unfamiliar with the candidates, you should probably show up to any one of their many meet and greets, to learn about, you know, why they want to be whatever position they want to be, you know, and what they can do for you and your small business. I know a lot of folks is running for mayor, you know, I've had been out you know, visiting small businesses talking to them, trying to find out what the needs are. So if you have any particular needs that you want to share with anyone running for any seat, really mayor, Congressman, Councilman or whatever Congress is, yeah, have a conversation with them find out you know, what their values are, you know, what things you're trying to accomplish for you, the small business person, because we

Unknown Speaker 21:55
the reality of it is, is that they are running for office in these offices, they make decisions, right, that affect our businesses. That's correct. They make decisions and have a voice Yes, or No, um, like, if you best way I can say is put your address in, figure out who your elected officials are. Get to know those elected officials, and we got state offices Attorney General. I mean, it's a lot of elections. And a lot of seats

Unknown Speaker 22:24
that space at your business, have a meet and greet, invite the candidates to come out, have the come out, have them come speak to your employees to come speak to your community have have have them come out and speak to you, especially if you have space, you know, in your office where you could do a small meeting, you know, for about an hour or so, invite them out, they would love to hear from you.

Unknown Speaker 22:44
I'd love to hear from you. Because I think it's important, we need to get engaged and understand what these different offices do. What. Okay, so what is your job? Right? What do you do? And how is that impactful, and a community and Vegas is big enough where we're a big city, but small enough where you can meet and greet these candidates. That's correct, meet and greet these candidates. But yeah, election election time. So if you are not registered to vote, please register to vote. And there's a lot of ways for you to register to vote. I think the elections office, you can go by there to get an application, you'll see people out and about at different festivals and stuff registering people to vote DMV at the DMV, you can register to vote, but then once you register, vote, you can vote in the grocery store, you can vote in the library,

Unknown Speaker 23:39
or if you're already register, your early ballot is coming it's coming out the first week in May. So if you get your early ballot and you because you can even mail it, you can mail in an exacto it's really

Unknown Speaker 23:49
no excuse to just sit at home. That's right in coloring the dot. That's

Unknown Speaker 23:53
right. That's right, and you can mail your then I think as long as it's postmarked by a particular date, you know, they'll they'll they'll be looking for it and then you know when that second week in June comes and they have that election I think yeah, June 14 is important is the day that we will either go out and vote in person to cast our vote for the next mayor of North Las Vegas and any other positions and or you will already have done your mail in already

Unknown Speaker 24:17
done your mailing so guys, get out and vote get out and vote and when you get the ballot you can sit down you can look at it you can read it you can look up each individual part you know you can look up the people to see what they stand for and

Unknown Speaker 24:33
and check YouTube because a lot of them have videos on YouTube, you know from different speaking engagements. So if you if you can't get out or don't want to go out because you don't feel comfortable enough, check out youtube so you'll be able to see you know, some video from them speaking at different other engagements and you can kind of hear what their platforms are

Unknown Speaker 24:48
here where their platforms are, but it's no excuse nowadays because information is everywhere. It's your information is everywhere. So this midterm elections lot of a lot of a lot of races, get educated on a racist. And I think our next show, we should try to bring some candidates, we should invite just one seat. Okay, and just have some conversations. And as we go along, let's start talking about it. We're not political, but we just want to bring the information to you so we can understand, not what does the Attorney General do? What is what is his job? Right. You know, what does a mayor do? What is their job? What do Councilman do? What is their job? What do US senators do? Why is it important to have US senators, why is it important to have Congress? You know, what does Congress do? They impact their vote in DC, but what are they? What what do they do in our community? Like, if you have a social security issue? Who do you go talk to? Do you go talk to your Congressman? Or do you go talk to your mayor, you know, who handles certain issues, and who can get stuff done? Because everyone has liaisons and liaisons are all over town, doing different things on things that they can impact, you know, just being able to have the information, and just knowing where to go? And what to do the same thing that we talked about those wills? What office handles that,

Unknown Speaker 26:09
right handles

Unknown Speaker 26:10
that, you know, so that we don't have an entangled title, right? That we don't know what to do, we have said property out here. And when we go to sell it, we can't sell it because the title was entangled, right? And there won't sell it if the title is entangled. So just make sure that we have the information and we're not working from fear,

Unknown Speaker 26:31
right. And even in personal life, you should have your paperwork together, as well as business. You know, if you live in a home with someone that you may or may not be married to, and you share equally in the bills, you should make sure your name is on the house, because I had a friend

Unknown Speaker 26:48
that's called a cohabitation agreement. It is I had a real I had

Unknown Speaker 26:53
a friend who was living with a gentleman and they were splitting the bills. 5050 and he passed away. And her name was not on the house. And the kids came and properly put her out. Because they said it was not her house. She did had she had no idea that she needed to put her name on the title to the house, you know, to be able to deal with the business after he left and he left very abruptly. So you know, wasn't a plan. You know, God took him at that time, and she got kicked out of her house. So, again, make sure your paperwork is in order, whether it's personal or business

Unknown Speaker 27:26
on a cohabitation agreement. I learned about that the hard way to know I learned No, honestly, it's it's having your paperwork. Another same situation had a couple couple wasn't married. They had a cohabitation agreement. And when he transition, nobody had a cohabitation agreement and it held up in court. Yeah. Because they were following the letter of the agreement letter the law and she was educated on what she can do. The children thought that they could come and nobody can do this. Right. You know, because we have this an order admit and because we handle our paperwork, that's right. And just know when guys when you're out here doing stuff. Please don't make this stuff up. Don't be my issues, make stuff up as you go along. Right. You know, you want to work on information, documentation that you can back up and more importantly, that can stand up in court. That's right.

Unknown Speaker 28:21
On another note, if you have any high school juniors or seniors or college students, have them sign up for the leadership, the 100 away part to this taking place right on UNLV campus. This is the 100 black men of Las Vegas is leadership. The 100 way is taking place on April the 30th. And you can sign up via Eventbrite. This is for students. If your student is a leader at their school, have them sign up for this workshop. They will love it. Absolutely love it.

Unknown Speaker 28:52
The workshop was absolutely amazing. Can I tell you even as a parent listen in on it with with your children because you might get some nuggets because they're dropping some nuggets and the children get to open up a bank account.

Unknown Speaker 29:05
Well, that's the US economic empowerment class Class leadership program for people who aspire to to be leaders anyway. Yeah, you know what? We have so much going on. Anyway, you've been listening to Let's Talk with Lee and Rhonda.

Unknown Speaker 29:21
I'm Lea Crawford. I'm

Unknown Speaker 29:22
Rhonda Nolan and thank you for listening today. Have a fabulous Saturday and don't forget to exercise. Bye Bye

Unknown Speaker 29:35
You have been listening to a paid program sponsored by Crawford management group and smart time consultants. Please be advised that the voices and opinions you heard do not necessarily represent the views of K u and v Las Vegas, the University of Nevada Las Vegas for the Board of Regents of the Nevada System of Higher Education.

Transcribed by https://otter.ai