What is your vision for a happy life for yourself and those you love? In today’s show we will share some ideas that have worked for others to realize a happy, more prosperous life. Probate and Estate Planning attorney, Preston Wilson, shares the answers to frequently asked questions, and warnings for some questions that should have been asked but didn’t get asked.
Host #JoGarner #MortgageLoanOfficer #MortgageExpert 901 482-0354
Co-Host #PrestonWilson #memphisprobateattorney #memphisestateplanning preston@prestonwilsonlaw.com
Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner. Com
#leavingalegacy #livingtrust #probate #estateplanning #homemortgage #cashoutrefinance #reversemortgage
LET’S GET STARTED…(Jo) (Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! . You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. You can connect with me at www.JoGarner.com. Our topic: “Mortgages with a Future: How Your Loan Affects Your Legacy.” Thank you to real estate attorneys, Rob Draughon and Shelley Rothman of Griffin, Clift, Everton and Maschmeyer for sponsoring the episode For your home purchase or refinance, please call Rob Draughon and Shelley Rothman at 901-752-1133. Today is June 28th, 2025 Call in to the live show at 901 535-9732
Introducing Probate & Estate Planning Attorney Preston Wilson
Wampler, Carroll, Wilson, & Sanderson, PLLC
(Jo) In the Real Estate Mortgage Shoppe studio Attorney Preston Wilson of Wampler, Carroll, Wilson and Sanderson Law Firm is back ready to help us make some wise choices affecting our legacy. Preston you have been practicing law since 1978 in the area of probate, estate planning, business law, bankruptcy and asset protection. Attorney, Preston Wilson, take a minute or so to introduce yourself to our listeners and describe some of the services you offer your clients. (Preston has about a minute and a half to introduce himself and talk about the services he offers his clients)
Power of Vision Boards
(example of a vision board)
(Jo) Some famous people have been credited with the saying “Today I will do what others won’t, so tomorrow I can do what others can’t.” What do you want your life to be like next year, five years from now and when you retire? What do you need to do every week or every month to get yourself closer to the life you want? My retired US Navy Line Commander friend helped me create a vision board with pictures representing the type house I want to be my home, vacations I would like to take, hobbies to share with others. The vision board was the start of an investment plan, and accomplishments that would get me ever closer to the life represented on the vision board.
What would the pictures look like on YOUR vision board? What steps can you take today and over the next year to get yourself closer to the life YOU want?
During this show I will be sharing with you some examples of people who started taking steps to get to that life they want. We explored the right mortgage structure to support their plan and they bought a house or several houses. They restructured some finances with a refinance and more.
MIKIA MITLIN LOOKS INTO THE FUTURE TO CHANGE HER FUTURE
(Jo) Here is a perfect example of someone looking into the future and taking action to profit. Mikia Mitlin,(not her real name) a single professional in her late 30’s. She had been renting her whole adult life, stressing at every rent hike. Now it was time for her rent to go up AGAIN. She was already paying more for food and gas and everything else.
Mikia started watching videos and reading online about the real estate market and the forecasts for the future. Home prices, she decided, were going to keep going up and so were the mortgage rates. If she could manage to buy her own home now, she would feel good about paying for something that would go up in value over time. With some help from a realtor friend from her church and her mortgage officer, Mikia was persistent, prepared and had a strong preapproval letter from her mortgage officer. This is what Mikia said, “Just help me own my own home. If I can buy my home, I don’t care what the rates are. I can always refinance later if rates come down one day.”
Carter and Claire Caldwell story– Bounding over Barriers To Be With The Grandbabies
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What about making your home pay YOU back? Have you considered a reverse mortgage if you are over 62 years old?
Here is a brilliant idea from one of my past “rock star” mortgage clients. Carter and Claire Caldwell were both over 62 years old. They loved their home next to the lake and their longstanding neighbors and friends. But, the Caldwell’s yearned to spend time playing with their toddler grandchildren who lived several hundred miles away. These grandparents were motivated to financially mastermind a way to get a second home near their grandkids. Want to know their brilliant idea????
Since the Caldwell’s were over 62 years old and they had paid off their mortgage early, they applied and got a Reverse Mortgage. The Reverse Mortgage on their primary residence was now paying them each month, so they had the income to afford to spend a five whole months at a time playing and making memories with the grandkids. If you want to see STUNNINGLY BRILLIANT strategy, observe what happens when grandparents are determined to spring themselves across the miles to hold their grandbabies in their laps.
What do YOU want to accomplish with YOUR mortgage? Make your plan. Let’s work your plan. If the deal works for you today, let’s do it today. I am help you find the right mortgage and make the mortgage process EASY. Connect with me at JoGarner.com
(Preston Wilson, probate and estate attorney, you have helped so many people, families, and blended families. You have some good probate and estate planning points for us to consider. Please, let’s jump into your topics. (Preston has until 9:14 AM to get started on his topics and return after break) Preston shares a true story about a client who had a sudden health event and almost died. In his early life this client had married his first wife and had two children. The wife left him and took the children. He had not seen or heard from them for over 25 years. He remarried to his second wife and she had two young children. Preston’s client said the joy of his life over the last 20 years was being a husband to his wife and being the loving father to her two children. This client’s health was still in jeopardy. He called Preston to get advice on leaving a will. Just in time this client made out a will and filled out some estate planning papers. He passed away a week later. If he had not met with Preston and executed the will and estate papers, a large portion of the substantial assets he owned would have gone to his estranged children from 25 years ago and nothing would have gone to his step- children he had loved and raised as his own.
OUTRO: You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. What do YOU want to accomplish with YOUR mortgage? I can make the mortgage process EASY for you with the right mortgage. Connect with me at JoGarner.com When we come back, we will be hearing more from probate and estate attorney, Preston Wilson of Wampler, Carroll, Wilson and Sanderson Law Firm. We will see you back in just a moment.
2nd segment 9:18 am – 9:30 am
2nd segment is after 9:15 break from about 9:18Am to 9:30 AM break
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TOPICS COVERED BY ATTORNEY PRESTON WILSON
Preston Wilson
(901) 523-1844 preston@prestonwilsonlaw.com
Probate
1. What happens if I don’t have a will? The state has a certain procedure of who inherits your property. Step children get left out unless there is a valid will or other legal direction in place.
2. Do I need a probate attorney? Simplify probate or small estate options may not need a probate attorney. Regular sized estates and large estates need to go through a probate process with an attorney. Watch out for Do-It-Yourself Kits. There are too many chances to miss a detail and really mess up if you are trying to do it yourself. “A little bit of knowledge can be dangerous.”
3. How much does probate cost? Court cost $100 to $107.50 Attorney fees: $2500 to $7500
4. How long does probate take? 9-12 months
5. How to avoid probate? Using a living trust, joint ownership, beneficiary designations on investments and insurance . (You probably need to go through with a probate process, even with these other documents)
Estate Planning ( focus on Blended Families)
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What is the best way to pass assets to my kids? Trusts, Transfer on Death Deeds, Gifting and Education Savings Plans
How does an estate attorney help? It depends on the parent and child situation.
Preston’s Examples
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Do I still need a will if I have a trust? Yes.
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What happens to my estate if I am in a blended family ? example of an almost horror story
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How do I set up a living trust in 2025? Use an estate planning attorney
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How do I protect my estate from taxes? Federal law: Have an estate less than $14 million dollars. TN no longer has an inheritance tax
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3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
Other Ways To Use Your Real Estate & Mortgage For a Better Life
Buy Right, Buy a Lot, Enjoy a Better Life
(Barry and family)
Barry, Niles, Martina, and others committed to start slow and steady buying real estate investments, and paying the mortgages off early with money paid to them by their tenants. Once the mortgages were gone, the monthly profits allowed them to enjoy more time with their loved ones because they did not have to work a job.
If you want to do the same thing these investors did, call me today and I can show you how they did it.
Sid Stenner Takes Clever Steps to Safeguard His Income and Savings With the Right Mortgage Loan
Sid Stenner has been living alone for the last several years and doing just fine on his fixed retirement income and the money he makes in his small home-based business. A few years ago Sid needed money for his business and he took out a bank loan secured on his home.
This loan was quick and easy when he got it, but now the fixed rate term is ready to switch to a variable interest rate. He used some variable interest rate credit cards and still had unpaid balances lingering. It seemed like a good time to somehow convert the risky variable rate debt to a safer fixed rate. But how?
We looked at several options. Mr. Stenner decided to refinance his home and replace his risky variable rate mortgage with a low, fixed rate mortgage. He decided to roll into this refinance loan the variable credit card balances too. When inflation and higher rates come knocking, Mr. Stenner’s rate will stay low and the high interest, accumulating credit card debt will be paid off with the new mortgage too.
Mr. Stenner said, “I’m going to work another five years, if the good Lord lets me. While I have both my retirement income and my business income, I’m going to pay extra each month to get my mortgage paid down as low as possible. Then when I retire, I might refinance to a lower payment or get a reverse mortgage.” Mr. Stenner was thinking ahead and preparing a good life for himself now and later.
Use a cash-out refinance to upgrade and modify the home-The Franklin’s Story
The Franklin’s decided it would save a lot of money to bring her mother home to live with them. The cash out to a low fixed-rate mortgage gave them the funds they needed to modify the home so her mother and the Franklins could live together but enjoy the privacy of their own space. The money the Franklin’s saved with having their mother in their home was enough to allow them to hire part-time caregivers for their mother when they needed them.
WANT TO BUY A HOME CLOSER TO YOUR FAMILY, BUT CAN’T SELL YOUR CURRENT HOME YET?
Nelly and Nick had been living in the same house for over 20 years. They still owed a little bit on their mortgage but had over $200,000 in equity. For over a year they had been yearning to move out in the country to be closer to their family.
The reason they felt they could not move is because the house needed some repairs that could not be easily completed until the furniture was moved out of the house. Nelly and Nick wanted top dollar when they sold their old house. They also wanted to put down the $200K equity on the new home so they could enjoy a low payment. But, they could not sell the old house and that was where the $200K down payment was tied up—in the equity of the old home.
I suggested they get an equity line of credit secured as a second mortgage on their old home to use for the down payment on the new home, but they did not want to get a 2nd lien on their old home with a variable rate.
“If I can show you a way you could enjoy a very low monthly note as if you were putting down the $200K equity for down payment on the new home, would you buy the home out close to your family now?”
You can buy the new home now and move out of the old home. You can then fix up the old home and list it for top price.
You can put down the smallest amount of down payment to buy the house down the street from your family members. Your note on the house will be higher then you want to be at first. When you old house is fixed up and sells, you can pay the $200,000 profit as a prepayment on the new loan we just did. If the new loan was locked with a “recast” situation, the lender will apply the large $200k prepayment to principal and lower the payment calculated on the much lower loan a balance. The recast would drop Nelley and Nick’s payment on the new home from about $3,000/month to under $1,000/month. They achieved the payment they wanted on the new home, got top dollar for their old home, and now they could afford to spend time and the extra savings making memories with their family.
Let’s you and I talk about YOUR plans to save on your mortgage costs or your plans to build your real estate portfolio. But you have to talk with me personally so I can work with you. You can connect with me at www.JoGarner.com or call me directly at (901) 482-0354. MAKE YOUR PLAN, LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY!
MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY. I can make the mortgage process easy. Connect with me at www.JoGarner.com You can email me at Jo@JoGarner.com or call me at (901) 482-0354
REAL ESTATE TIP OF THE WEEK
Preston Wilson has about a minute and a half to offer a tip to our listeners.
Preston Wilson warns families against trying to take the cheap way out on estate planning with a Do-it-yourself online packet.
If there is no real estate involved and a very small value on other assets, the DIY forms are better than nothing. Remember that you get what you pay for.
But if real estate or other larger investments are involved, there are too many details that can be overlooked that can cost heartache and dollars to the family.
Jo Garner’s tip :
When you buy your home and get a mortgage, set up automatic prepayment of whatever amount is comfortable for you to pay. If you do this in the beginning of the mortgage term, you will be amazed at how fast to you pay off the mortgage (Example: If you pay one extra Principal and Interest note per year, you can knock off about 7 to 8 years off your 30 year mortgage term)
The bigger equity stake you have in your home gives you more options financially. Your budget is free to enjoy other things because you won’t have a mortgage payment. After age 62 you can get a reverse mortgage where the mortgage company pays YOU. You get to decide from more positive options in your life.
What do YOU want to accomplish with YOUR mortgage? I have the knowledge and experience. Let’s look at traditional mortgage products, alternative mortgage products and even combinations of products. I can help you get you what you need and make the mortgage process EASY. Jo Garner, Mortgage Loan Officer 901 482-0354 www.JoGarner.com
ANNOUNCEMENTS:
Talk Shoppe equips with education, engages by offering connection opportunities between business people and empowers businesses in a supportive community. Talk Shoppe meets every Wednesday 9A-10A CT at Independent Planning Group’s conference room 110 at Clark Tower 5100 Poplar Ave 1st floor Memphis, TN
(Thank you Ben Hunter 901 660-2912 outstanding Financial Professional at Independent Planning Group for being Talk Shoppe’s location sponsor)
Talk Shoppe on Wednesday July 2nd, 2025 Come equip, engage and empower YOUR business. Wardell Seals will be helping you with a fun and memorable way to remember how to save a life using CPR. “Your Body is Like a Car-Ways to Remember How to Perform CPR”
Talk Shoppe could not offer the free educational networking events free to our community without some very giving sponsors. Since we are talking about building a legacy today, let’s talk about the legacy of making great holiday memories with family young and old. Thank you to Talk Shoppe sponsor, Chuck Bohannon, booking agent for Santa Claus. Summer Santa has his summer attire packed and ready to visit your get-together or Christmas in July party here in the Memphis area. Make some great memories. Contact Chuck Bohannon to book Santa at your party today 901 619-6436.
The foundation repair company Redeemers Group is sponsoring the The Love Well 5k & Festival which is going on right now. RUN. WALK. CRAWL. SHOP. EAT. LOVE MEMPHIS WELL in raising money for charities and spreading the love around the city of Memphis. The event started before 8AM Semmes Murphey 6325 Humphrey’s Boulevard.
MAKE YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com
SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE DOES NOT ENDORSE 100% OF THE CONTENT ON THIS EPISODE. REAL ESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL, LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ON ANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THE INFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONAL PURPOSES ONLY, AND NOT AN OFFER TO LEND. EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND MOST ARE BASED ON TRUE STORIES BUT WE USE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILS IN ANY OF THE SITUATIONS. JO GARNER IS A LICENSED MORTGAGE LOAN ORIGINATOR. (EQUAL HOUSING OPPORTUNITY)
QUOTE CORNER:
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“Always plan ahead. It wasn’t raining when Noah built the ark.” — Richard Cushing.
REJOINDERS:
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Lynn and Troy McDonald of Erin McDonald Insurance Agency 901 849-7101
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Genell Holloway, Health Insurance Consultant Eagle Hollow Enterprises 901 270-1127
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Tim Flesner with MidSouth Home Helpers 901 414-9696
Transitional Music: “ In the Year 2525” by Zager and Evans; “Welcome to the Future” by Brad Paisley; “A Story Worth Telling” Matthew West
PICK UP YOUR COPY OF “CHOOSING THE BEST MORTGAGE-THE QUICKEST WAY TO THE LIFE YOU WANT” by: JO GARNER
An essential guide for real estate professionals and their customers.
On Amazon and Barnes and Noble
ABOUT PRESTON WILSON, ATTORNEY WITH
WAMPLER, CARROLL, WILSON AND SANDERSON, PLLC
(901) 523-1844 preston@prestonwilsonlaw.com
Preston Wilson has been practicing law in Memphis since 1978. Preston’s practice is concentrated in the areas of probate, estate planning, business law, bankruptcy and asset protection. His extensive experience in consumer and business bankruptcy law, including twelve years as a Chapter 7 Bankruptcy Trustee, enhances his estate planning and business law expertise by giving him greater insight to asset protection strategies, a major concern of many estate planning and business clients.
Preston is enrolled to practice in all Tennessee Courts, the U.S. Bankruptcy Courts and U.S. District Courts for the Western District of Mississippi, and the U.S. Courts of Appeals for the Fifth, Sixth, and Eleventh Circuits. He is a member of the Tennessee Bar Association, the National Network of Estate Planning Attorneys, and the Memphis Estate Planning Council. He has served on the Board of Directors of the Memphis Bar Association.
Preston received his law degree from the University of Mississippi in 1974 and his undergraduate degree from Vanderbilt University in 1971. He was a Captain in the U.S. Army Judge Advocate General’s Corps from 1974 to 1977. He has three grown children, one of which also attended law school.
(901) 523-
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ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@jogarner.com X @jogarner NMLS# 757308
(currently working with Everitt Financial dba Supreme Lending)
ONLINE LOAN APPLICATION : https://jogarner.supremelendingLO.com
“Whatever YOUR personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on hitting your goals .”
As a mortgage loan officer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help you find the financing terms that will help you get to what you want. What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you want to buy or refinance?
Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income.”
Jo Garner is a mortgage officer with extensive knowledge in helping her clients find the right mortgage program and making the refinance or home purchase mortgage process EASY. She offers conventional, FHA, VA or other loan programs for primary residences, second homes and investment properties.
Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.
Jo Garner has been in the real estate/financing business for over 30 years. She grew up in West Tennessee and got her start in real estate in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating
*Wealth and The Challenge.
On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 30 years.
In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com Pick up Jo Garner’s book on Amazon or Barnes Noble “Choosing the Best Mortgage-The Quickest Way to the Life You Want”