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Glenn's Show Prep

What will happen to your assets when you die?

March 28, 2018
Adam Taggart

Peak Prosperity

In the same vein of our recent "news you can use" articles on umbrella insurance and the TreasuryDirect program, today we focus on two important (and under-utilized) estate planning tools: wills and living trusts.

Wills and living trusts make sense for those who are married, have children, own real estate, have financial or other material assets, and/or wish to influence how their estate is distributed after their death. I'm guessing the vast majority of folks reading this fall into at least one of these categories.

Yes, this is morbid territory to tread into. But it's important.

A few months ago, right after I published What Really Matters, a good friend died suddenly of a heart attack at age 42. There was no warning. He was a former college athlete, still-fit, and died on the basketball court during his weekly practice. He left behind a wife and three children, one with life-long special needs.

Fortunately, my friend was a lawyer, and had practiced what he preached professionally. He had put a well-constructed estate plan in place while alive (along with a healthy life insurance policy).

I saw first-hand the great benefits this gave his family upon his sudden passing. They were able to fully focus on dealing with their grief, as the estate plan largely took care of all the legal and financial details in the background.

If you've had an immediate family member or close friend pass away, you're likely aware of the tremendous number of tasks and decisions that need to be dealt with when someone dies. Aside from the obvious treatment of their remains and funerary arrangements, the deceased's estate needs to be settled.

This means an executor needs to be appointed who will manage the process, creditors need to be paid as will any estate taxes, heirs need to be identified and assets distributed among them (which in many cases requires selling/disposition of these assets first), care for minor children needs to be arranged, etc. This process is oftentimes managed by the state (i.e., slowly and often inefficiently).

This is an awful lot to put a surviving spouse through (assuming there is one) during a time of extreme grief. The same goes for children.

And this burden gets compounded if there's no estate plan in place. What assets did the deceased own? Where are they? Whom did he/she want to inherit them? All of these questions need to be answered during the estate settlement process.

Imagine trying to untangle all this right after your spouse, parent, sibling or friend has died. When you're already emotionally traumatized.

Now imagine that the heirs involved don't agree on how the estate should be divided, and infighting ensues. Relationships can easily get permanently damaged and money quickly drained should expensive lawyers get involved to contest the matter. The situation often gets very ugly, very quickly. (Click here for a sampling of horror stories resulting from when folks died without a will.)

Why risk putting your loved ones through this? Especially when it's so easily avoidable, and relatively inexpensive to do so?

Look, every one of us is going to die. That's the only rock-solid guarantee we're given during our time on Earth.

You've worked hard your whole life to take care of those important to you. Don't drop the ball on the 1-yard line. Take care of them in your death, too.

Wills & Living Trusts

The bedrock of a good estate plan involves a will and a living trust. I'll explain the role of each, the differences between the two, and the wisdom of having both.

NOTE: What follows is a summarization. While wills and living trusts are fairly simple conceptually, there are lots of special cases. Many of those are not addressed below so as not to prevent this article from becoming densely encyclopedic. Also, I am not a lawyer -- meaning: take this synopsis as education, not personal legal advice. If you want that, consult an estate lawyer.

OK, with that out of the way, let's proceed.

Will

Most folks are familiar with the concept of a will. Every murder mystery usually has a scene where the family gathers at the lawyer's office to hear the reading of the late victim's will: "Being of sound mind, I hereby bequeath to my nephew, Chauncey, my collection of rare Amazonian butterflies..."

Simply put, a will is a legal document that specifies:

  • how you want your assets distributed upon your death,

  • whom you grant the power to oversee that distribution (i.e., your "executor"), and

  • whom you want to have guardianship of your minor children, should there be any

Sounds like something every responsible adult should have, right? I agree.

But amazingly, 63% of US adults do not have a will. And an additional 9% have a will that's no longer up to date. Even among the more affluent, 45% do not have a will.

So those ugly issues I mentioned above of what can happen when you die without a will? They're very real and actually happen a lot.

Which is criminal, as a will is a straightforward document that shouldn't cost you more than a few hundred dollars (at most) and a few days to create (I'll give more specifics on the will creation process in Part 2). There really aren't any good reasons why the vast majority of us, especially those with minor children, shouldn't have one.

The key downside to note with a will is that it's subject to probate. Probate is the judicial process that determines the validity of the deceased's will. None of the instructions laid out in your will can be undertaken until a court accepts its validity and "grants probate" to your specified executor.

Probate isn't much fun. It takes time: typically a few months, but it can last years in certain cases. It can be costly: expect to pay somewhere between 3-8% of your estate's assets in combined attorney, court and other fees.

Probate can be challenging for real estate, especially investment properties. Until these assets have passed probate, your heirs (including your spouse) cannot manage or dispose of them. They're locked in limbo, which can get quite inconvenient if the probate period stretches for many months or years.

It's also a public process. During the probate period, your will is made available upon request to anyone who asks for it. So the details of your estate and your disposition wishes are not kept private. And your will can be challenged in court during this time by anyone who feels they have a valid claim on your assets.

Which brings us to Living Trusts...

Living Trusts

A trust is a legal arrangement in which one or more people manage or take care of property for someone else's benefit.

There are several major benefits you can enjoy by placing your assets into a trust to manage them while you're alive (that's why it's called a "living" trust). One of them is avoiding probate upon your death.

Once your assets have been placed inside a living trust, they're managed by its Trustees on behalf of clearly-specified Beneficiaries. So with ownership transfer, executorship and distribution are already worked out -- the probate court doesn't need to get involved.

For most couples, this allows the surviving partner to retain seamless control of all Trust assets after the other dies. The assets don't go through the probate process, there are far less fees involved, and the process is private. (The estate still can be contested, though. But the details of the estate's assets don't have to be made available to the public upon request.)

Avoiding probate is just one of the advantages offered by living trusts.

Another big one is (potentially) reducing estate taxes. I'll spare you the wonky details for now, but there are ways for your trust to take advantage of deductions and credits that may materially reduce the estate tax liability on your wealth after you and/or your surviving spouse die. Any estate lawyer or tax accountant worth their salt can walk you through the details.

Your living trust will also enable you to control how your assets flow to your heirs. If you have minor children, most states won't let them own property directly while they're 17 or younger. And if you're passing along a substantial amount of wealth, giving it to all to them at age 18 in a lump sum is a bad idea (unless you want the inheritance squandered in an epic blast of debauchery).

Via your trust, you can specify how you want your assets (and any associated income from them) to be meted out to each heir over time -- based on age milestones, financial need, use (e.g., education), mental competency, or any other conditions important to you.

Similarly, a living trust is helpful in keeping your assets managed the way you want should you become incapacitated (i.e., still living, but not able to mentally or physically manage your affairs). For many of us, living too long may become the bigger risk to our estate vs dying too soon.

Last, the most common form of living Trust is amendable throughout your life. You can change it at anytime, as often as you like. Or you can dissolve it altogether. The bottom line is, you're in full control over everything while you're alive (and mentally competent).

Getting Started

OK, as a refresher:

  • A will is a good idea for pretty much everyone. But it's especially important for people with minor children. A trust does not specify legal guardianship in the event of your death. Only a will does that.

  • A living trust makes sense for anyone with assets and heirs (especially your spouse) they want to pass their wealth along to. Some experts say living trusts make sense if you expect your estate to be worth over $150,000; others go as low as $20,000.

The cost to set these up is pretty trivial compared to the huge benefits they can offer your loved ones. A will costs a few hundred bucks (or less) to set up and can be completed in a matter of days (or less). A living trust will range between several hundred and a few thousand dollars, depending on how sizable/complicated your estate is.

In Part 2: A Primer On The Essentials For Your Will & Living Trust, we walk through in detail the principal legal elements that your will and living trust should address. This includes specific clauses your documents should contain (unless advised otherwise by a professional), as well as helpful context for the most common decisions folks will face when creating/updating these legal vehicles.

If you don't yet have a will and/or a living trust, or it's been a while since you've reviewed the ones you have, read on. Your loved ones will be glad you did.

Click here to read Part 2 of this report (free executive summary, enrollment required for full access)

EXPOSED: Why Eisenhower warned us about endless wars

PAUL J. RICHARDS / Staff | Getty Images

Donald Trump emphasizes peace through strength, reminding the world that the United States is willing to fight to win. That’s beyond ‘defense.’

President Donald Trump made headlines this week by signaling a rebrand of the Defense Department — restoring its original name, the Department of War.

At first, I was skeptical. “Defense” suggests restraint, a principle I consider vital to U.S. foreign policy. “War” suggests aggression. But for the first 158 years of the republic, that was the honest name: the Department of War.

A Department of War recognizes the truth: The military exists to fight and, if necessary, to win decisively.

The founders never intended a permanent standing army. When conflict came — the Revolution, the War of 1812, the trenches of France, the beaches of Normandy — the nation called men to arms, fought, and then sent them home. Each campaign was temporary, targeted, and necessary.

From ‘war’ to ‘military-industrial complex’

Everything changed in 1947. President Harry Truman — facing the new reality of nuclear weapons, global tension, and two world wars within 20 years — established a full-time military and rebranded the Department of War as the Department of Defense. Americans resisted; we had never wanted a permanent army. But Truman convinced the country it was necessary.

Was the name change an early form of political correctness? A way to soften America’s image as a global aggressor? Or was it simply practical? Regardless, the move created a permanent, professional military. But it also set the stage for something Truman’s successor, President Dwight “Ike” Eisenhower, famously warned about: the military-industrial complex.

Ike, the five-star general who commanded Allied forces in World War II and stormed Normandy, delivered a harrowing warning during his farewell address: The military-industrial complex would grow powerful. Left unchecked, it could influence policy and push the nation toward unnecessary wars.

And that’s exactly what happened. The Department of Defense, with its full-time and permanent army, began spending like there was no tomorrow. Weapons were developed, deployed, and sometimes used simply to justify their existence.

Peace through strength

When Donald Trump said this week, “I don’t want to be defense only. We want defense, but we want offense too,” some people freaked out. They called him a warmonger. He isn’t. Trump is channeling a principle older than him: peace through strength. Ronald Reagan preached it; Trump is taking it a step further.

Just this week, Trump also suggested limiting nuclear missiles — hardly the considerations of a warmonger — echoing Reagan, who wanted to remove missiles from silos while keeping them deployable on planes.

The seemingly contradictory move of Trump calling for a Department of War sends a clear message: He wants Americans to recognize that our military exists not just for defense, but to project power when necessary.

Trump has pointed to something critically important: The best way to prevent war is to have a leader who knows exactly who he is and what he will do. Trump signals strength, deterrence, and resolve. You want to negotiate? Great. You don’t? Then we’ll finish the fight decisively.

That’s why the world listens to us. That’s why nations come to the table — not because Trump is reckless, but because he means what he says and says what he means. Peace under weakness invites aggression. Peace under strength commands respect.

Trump is the most anti-war president we’ve had since Jimmy Carter. But unlike Carter, Trump isn’t weak. Carter’s indecision emboldened enemies and made the world less safe. Trump’s strength makes the country stronger. He believes in peace as much as any president. But he knows peace requires readiness for war.

Names matter

When we think of “defense,” we imagine cybersecurity, spy programs, and missile shields. But when we think of “war,” we recall its harsh reality: death, destruction, and national survival. Trump is reminding us what the Department of Defense is really for: war. Not nation-building, not diplomacy disguised as military action, not endless training missions. War — full stop.

Chip Somodevilla / Staff | Getty Images

Names matter. Words matter. They shape identity and character. A Department of Defense implies passivity, a posture of reaction. A Department of War recognizes the truth: The military exists to fight and, if necessary, to win decisively.

So yes, I’ve changed my mind. I’m for the rebranding to the Department of War. It shows strength to the world. It reminds Americans, internally and externally, of the reality we face. The Department of Defense can no longer be a euphemism. Our military exists for war — not without deterrence, but not without strength either. And we need to stop deluding ourselves.

This article originally appeared on TheBlaze.com.

Censorship, spying, lies—The Deep State’s web finally unmasked

Chip Somodevilla / Staff | Getty Images

From surveillance abuse to censorship, the deep state used state power and private institutions to suppress dissent and influence two US elections.

The term “deep state” has long been dismissed as the province of cranks and conspiracists. But the recent declassification of two critical documents — the Durham annex, released by Sen. Chuck Grassley (R-Iowa), and a report publicized by Director of National Intelligence Tulsi Gabbard — has rendered further denial untenable.

These documents lay bare the structure and function of a bureaucratic, semi-autonomous network of agencies, contractors, nonprofits, and media entities that together constitute a parallel government operating alongside — and at times in opposition to — the duly elected one.

The ‘deep state’ is a self-reinforcing institutional machine — a decentralized, global bureaucracy whose members share ideological alignment.

The disclosures do not merely recount past abuses; they offer a schematic of how modern influence operations are conceived, coordinated, and deployed across domestic and international domains.

What they reveal is not a rogue element operating in secret, but a systematized apparatus capable of shaping elections, suppressing dissent, and laundering narratives through a transnational network of intelligence, academia, media, and philanthropic institutions.

Narrative engineering from the top

According to Gabbard’s report, a pivotal moment occurred on December 9, 2016, when the Obama White House convened its national security leadership in the Situation Room. Attendees included CIA Director John Brennan, Director of National Intelligence James Clapper, National Security Agency Director Michael Rogers, FBI Deputy Director Andrew McCabe, Attorney General Loretta Lynch, Secretary of State John Kerry, and others.

During this meeting, the consensus view up to that point — that Russia had not manipulated the election outcome — was subordinated to new instructions.

The record states plainly: The intelligence community was directed to prepare an assessment “per the President’s request” that would frame Russia as the aggressor and then-presidential candidate Donald Trump as its preferred candidate. Notably absent was any claim that new intelligence had emerged. The motivation was political, not evidentiary.

This maneuver became the foundation for the now-discredited 2017 intelligence community assessment on Russian election interference. From that point on, U.S. intelligence agencies became not neutral evaluators of fact but active participants in constructing a public narrative designed to delegitimize the incoming administration.

Institutional and media coordination

The ODNI report and the Durham annex jointly describe a feedback loop in which intelligence is laundered through think tanks and nongovernmental organizations, then cited by media outlets as “independent verification.” At the center of this loop are agencies like the CIA, FBI, and ODNI; law firms such as Perkins Coie; and NGOs such as the Open Society Foundations.

According to the Durham annex, think tanks including the Atlantic Council, the Carnegie Endowment, and the Center for a New American Security were allegedly informed of Clinton’s 2016 plan to link Trump to Russia. These institutions, operating under the veneer of academic independence, helped diffuse the narrative into public discourse.

Media coordination was not incidental. On the very day of the aforementioned White House meeting, the Washington Post published a front-page article headlined “Obama Orders Review of Russian Hacking During Presidential Campaign” — a story that mirrored the internal shift in official narrative. The article marked the beginning of a coordinated media campaign that would amplify the Trump-Russia collusion narrative throughout the transition period.

Surveillance and suppression

Surveillance, once limited to foreign intelligence operations, was turned inward through the abuse of FISA warrants. The Steele dossier — funded by the Clinton campaign via Perkins Coie and Fusion GPS — served as the basis for wiretaps on Trump affiliates, despite being unverified and partially discredited. The FBI even altered emails to facilitate the warrants.

ROBYN BECK / Contributor | Getty Images

This capacity for internal subversion reappeared in 2020, when 51 former intelligence officials signed a letter labeling the Hunter Biden laptop story as “Russian disinformation.” According to polling, 79% of Americans believed truthful coverage of the laptop could have altered the election. The suppression of that story — now confirmed as authentic — was election interference, pure and simple.

A machine, not a ‘conspiracy theory’

The deep state is a self-reinforcing institutional machine — a decentralized, global bureaucracy whose members share ideological alignment and strategic goals.

Each node — law firms, think tanks, newsrooms, federal agencies — operates with plausible deniability. But taken together, they form a matrix of influence capable of undermining electoral legitimacy and redirecting national policy without democratic input.

The ODNI report and the Durham annex mark the first crack in the firewall shielding this machine. They expose more than a political scandal buried in the past. They lay bare a living system of elite coordination — one that demands exposure, confrontation, and ultimately dismantling.

This article originally appeared on TheBlaze.com.

Trump's proposal explained: Ukraine's path to peace without NATO expansion

ANDREW CABALLERO-REYNOLDS / Contributor | Getty Images

Strategic compromise, not absolute victory, often ensures lasting stability.

When has any country been asked to give up land it won in a war? Even if a nation is at fault, the punishment must be measured.

After World War I, Germany, the main aggressor, faced harsh penalties under the Treaty of Versailles. Germans resented the restrictions, and that resentment fueled the rise of Adolf Hitler, ultimately leading to World War II. History teaches that justice for transgressions must avoid creating conditions for future conflict.

Ukraine and Russia must choose to either continue the cycle of bloodshed or make difficult compromises in pursuit of survival and stability.

Russia and Ukraine now stand at a similar crossroads. They can cling to disputed land and prolong a devastating war, or they can make concessions that might secure a lasting peace. The stakes could not be higher: Tens of thousands die each month, and the choice between endless bloodshed and negotiated stability hinges on each side’s willingness to yield.

History offers a guide. In 1967, Israel faced annihilation. Surrounded by hostile armies, the nation fought back and seized large swaths of territory from Jordan, Egypt, and Syria. Yet Israel did not seek an empire. It held only the buffer zones needed for survival and returned most of the land. Security and peace, not conquest, drove its decisions.

Peace requires concessions

Secretary of State Marco Rubio says both Russia and Ukraine will need to “get something” from a peace deal. He’s right. Israel proved that survival outweighs pride. By giving up land in exchange for recognition and an end to hostilities, it stopped the cycle of war. Egypt and Israel have not fought in more than 50 years.

Russia and Ukraine now press opposing security demands. Moscow wants a buffer to block NATO. Kyiv, scarred by invasion, seeks NATO membership — a pledge that any attack would trigger collective defense by the United States and Europe.

President Donald Trump and his allies have floated a middle path: an Article 5-style guarantee without full NATO membership. Article 5, the core of NATO’s charter, declares that an attack on one is an attack on all. For Ukraine, such a pledge would act as a powerful deterrent. For Russia, it might be more palatable than NATO expansion to its border

Andrew Harnik / Staff | Getty Images

Peace requires concessions. The human cost is staggering: U.S. estimates indicate 20,000 Russian soldiers died in a single month — nearly half the total U.S. casualties in Vietnam — and the toll on Ukrainians is also severe. To stop this bloodshed, both sides need to recognize reality on the ground, make difficult choices, and anchor negotiations in security and peace rather than pride.

Peace or bloodshed?

Both Russia and Ukraine claim deep historical grievances. Ukraine arguably has a stronger claim of injustice. But the question is not whose parchment is older or whose deed is more valid. The question is whether either side is willing to trade some land for the lives of thousands of innocent people. True security, not historical vindication, must guide the path forward.

History shows that punitive measures or rigid insistence on territorial claims can perpetuate cycles of war. Germany’s punishment after World War I contributed directly to World War II. By contrast, Israel’s willingness to cede land for security and recognition created enduring peace. Ukraine and Russia now face the same choice: Continue the cycle of bloodshed or make difficult compromises in pursuit of survival and stability.

This article originally appeared on TheBlaze.com.

The loneliness epidemic: Are machines replacing human connection?

NurPhoto / Contributor | Getty Images

Seniors, children, and the isolated increasingly rely on machines for conversation, risking real relationships and the emotional depth that only humans provide.

Jill Smola is 75 years old. She’s a retiree from Orlando, Florida, and she spent her life caring for the elderly. She played games, assembled puzzles, and offered company to those who otherwise would have sat alone.

Now, she sits alone herself. Her husband has died. She has a lung condition. She can’t drive. She can’t leave her home. Weeks can pass without human interaction.

Loneliness is an epidemic. And AI will not fix it. It will only dull the edges and make a diminished life tolerable.

But CBS News reports that she has a new companion. And she likes this companion more than her own daughter.

The companion? Artificial intelligence.

She spends five hours a day talking to her AI friend. They play games, do trivia, and just talk. She says she even prefers it to real people.

My first thought was simple: Stop this. We are losing our humanity.

But as I sat with the story, I realized something uncomfortable. Maybe we’ve already lost some of our humanity — not to AI, but to ourselves.

Outsourcing presence

How often do we know the right thing to do yet fail to act? We know we should visit the lonely. We know we should sit with someone in pain. We know what Jesus would do: Notice the forgotten, touch the untouchable, offer time and attention without outsourcing compassion.

Yet how often do we just … talk about it? On the radio, online, in lectures, in posts. We pontificate, and then we retreat.

I asked myself: What am I actually doing to close the distance between knowing and doing?

Human connection is messy. It’s inconvenient. It takes patience, humility, and endurance. AI doesn’t challenge you. It doesn’t interrupt your day. It doesn’t ask anything of you. Real people do. Real people make us confront our pride, our discomfort, our loneliness.

We’ve built an economy of convenience. We can have groceries delivered, movies streamed, answers instantly. But friendships — real relationships — are slow, inefficient, unpredictable. They happen in the blank spaces of life that we’ve been trained to ignore.

And now we’re replacing that inefficiency with machines.

AI provides comfort without challenge. It eliminates the risk of real intimacy. It’s an elegant coping mechanism for loneliness, but a poor substitute for life. If we’re not careful, the lonely won’t just be alone — they’ll be alone with an anesthetic, a shadow that never asks for anything, never interrupts, never makes them grow.

Reclaiming our humanity

We need to reclaim our humanity. Presence matters. Not theory. Not outrage. Action.

It starts small. Pull up a chair for someone who eats alone. Call a neighbor you haven’t spoken to in months. Visit a nursing home once a month — then once a week. Ask their names, hear their stories. Teach your children how to be present, to sit with someone in grief, without rushing to fix it.

Turn phones off at dinner. Make Sunday afternoons human time. Listen. Ask questions. Don’t post about it afterward. Make the act itself sacred.

Humility is central. We prefer machines because we can control them. Real people are inconvenient. They interrupt our narratives. They demand patience, forgiveness, and endurance. They make us confront ourselves.

A friend will challenge your self-image. A chatbot won’t.

Our homes are quieter. Our streets are emptier. Loneliness is an epidemic. And AI will not fix it. It will only dull the edges and make a diminished life tolerable.

Before we worry about how AI will reshape humanity, we must first practice humanity. It can start with 15 minutes a day of undivided attention, presence, and listening.

Change usually comes when pain finally wins. Let’s not wait for that. Let’s start now. Because real connection restores faster than any machine ever will.

This article originally appeared on TheBlaze.com.