Why Wealthy Families Demand Prenups

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2:37Rashad Bilal:Can we play this clip about prenups are just for marriage? They're crucial for estate planning. Let's do it. I thought this was fascinating. You don't have a prenup you don't take under the will. First, all my children are married. All my children have prenups. in my estate, it works like this. If you don't have a prenup, you don't take under the will. So I become the bad guy. And every time I tell people this, I don't know how old your kids are, you will remember this, believe me. So you don't want your kid to have to be the bad guy. You're the bad guy. So my kids can say, hey, my dad, my dad's my dad.

3:17Now, if you don't want to sign it, we're not getting shit. That's right. And so that's the first thing. The prenups are fairly tough. One lawyer said this is the most egregious document I've ever read. Egregious. Egregious. I'm sure you took it as a compliment. I said by design. But listen, all of my daughter-in-laws, the son-in-law, I love these folks. but I'm not going to have a situation where somebody can come in and, you know, my one son, Matt said, because he was the first one, he's like, well, daddy, maybe I put a clause in there that if I cheat on my wife, that, that is a null and void.

4:02I go, no, no, no, no, no. Cause we don't need to have any litigation. He goes, I'm not going to cheat. I said, I know you're not, you know, he asked that question. We let's just get the documents signed. So I did that years ago in 2008. I had everything appraised, and I gave the big gift to them where you could give up to like$24 million,$25 million. So I did that. I built a company called Litify, which was a software company. And what I did with that, I took Litify, and I just put it all. I put 20 % each one of my children, 20 % for me. We sold it to Besmer at a$600 million valuation. We took 60%.

4:41But when we sold it, all my kids got the money. And then I used my 20 % to toggle off and pay the taxes. So they took it tax-free. But I have been very, that question has been in my mind, you know, even when I didn't have it. In our will, when we die, if our kids have$100 million, they get nothing. They're going to get, if they have$100 million, they get nothing. We have an estate, I mean, a foundation that we hope to have, you know, a billion-dollar foundation. And all of my money is going into the foundation. And so, but some of my kids are already past the$100 million. I mean, some of them are already, they're done.

5:24And they're going to make a lot of money.

5:28Rashad Bilal:Interesting perspective. You only hear a lot of times when people talk about prenups, they usually talk about it for themselves. Yeah. But you only hear it from a parent kind of demanding that their kid get a prenup or else they're left out the will. And you could already know when he once he said that thing about the son said, well, dad, what if I cheat? You know where that came from? Oh, yeah. Her friends. That came from her. That came from her. Yeah, her camp and her friends. Because ain't no man in the right mind going to sit up there and tell his father, hey, dad, what if I cheat? can you null and void i would have slapped the shadow so bad man like look that's his his wife telling him look tell your father that i want a provision that if you cheat this needs to be null and void and is that like no i'm not doing that y 'all think andrew has some arms i'll tell my dad that boy he gonna shoot a missile at me what shout out to top for sending me this clip This is amazing.

6:33Rashad Bilal:But when you're doing generational planning and estate planning, these are some of the things you have to worry about. And if they know that your family is well-to-do, if that provision is in there, she will get together with her friends at brunch, and they'll find the girl who they know that you'll be weak for and pay her to get it so they can get the cash out. Well, this is the House of Gucci. Once again, I hope everybody watched that movie. that's exactly what the house of Gucci is about where the son was going to marry his wife and the father didn't like the wife and wanted to write he wrote him out of the will because of that they later reconciled it but he turned out to be right actually he actually turned out to be right you gotta listen when they get them more inklings of something not being right oh it's love okay you don't know so this goes to a deeper question as far as the financial planning aspect would you is that something that you would do of course i didn't work my you think i got to think of it like this uh my father worked his entire life and gave me everything that he knew about business then my mother and grandmother did the same passed it to me i build this empire and then I should let that net worth go because Xander made a mistake for a girl he thought was cute.

8:04Rashad Bilal:It sounds harsh. What do you do? Do you have to approve of the wife? No, no. He can pick, but just that provision about the prenup mandatory. So you're not going to have to say, okay, I have to approve of who you marry. No, no, no. Because that's a mistake when parents do that because you actually push them more to the person that you're rebelling against. I'll be like, hey, I don't think so, but if that's what you want to do, cool, cool. But paperwork-wise, legacy-wise, when distributions happen, it may have an impact. And it may sound harsh, but these, just like we worked hard to build this, you have builders and takers.

8:49Rashad Bilal:There's a cohort of people who just plan to take away. Zion, I love you. you have to learn they're trying to take from you my brother it's a whole faction of them little girls some of them out here in houston you're on that radar list for who they can get money out of that that sucker list that girls have in them group chat when they be like oh like if all of a sudden your dms get hella popping and it's like 40 girls a week they know you wanted them once so as a builder you have to be careful to stay away from the takers and be able to tell who wants to take away from you. Yeah, I agree. I agree.

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