532: Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 28 May 2024

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

You’re working hard to build wealth, but without estate planning, your assets could easily land in the wrong hands, causing your family a great deal of trouble. No one likes thinking about their death, but you NEED to tackle this issue head-on if you hope to preserve your legacy! Welcome back to the BiggerPockets Money podcast! Today, we’re tackling two of the most taboo topics—death and money—with estate and elder attorney Jenny Rozelle. If you’re nearly ready to retire, you MUST develop an estate plan. Otherwise, intestate succession laws will determine your fortune’s fate. Even if you’re young and have little to your name, there are basic steps you can take today to ensure that your current and future assets don’t go to the wrong person. In this episode, you’ll learn how to find the BEST estate planning attorney and prepare for your first meeting. Jenny also shares the truth behind probate and why it isn’t nearly as painful as it sounds! Stick around for part two, where we rapid-fire estate planning questions at Jenny as she shares information even we didn't know about! In This Episode We Cover Basic estate planning documents every person needs (regardless of age) What really happens in probate court (and why it’s NOT as scary as it sounds) Intestacy explained, and how to stop your assets from landing in the wrong hands How to make sorting out your estate as easy as possible for your loved ones And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money 404 - How to Build Wealth in Three Simple Steps w/The Money Guy Show BiggerPockets Money 510 - Morgan Housel: Financial Lessons From History Anyone Can Use to Get Rich Grab Brian’s New Book, “Millionaire Mission” Money Guys Show BiggerPockets Money 397 - Estate Planning, Wills, and What to Do NOW to Protect Your Heirs BiggerPockets Money 401 - The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future BiggerPockets Money 503 - How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!) 00:00 Intro 01:27 Why You NEED an Estate Plan 07:52 Finding an Attorney & Probate 101 18:10 First Steps for Early Retirees 24:56 Getting Organized & Estate Planning Costs 37:00 Connect with Jenny! 37:29 Start Planning Today! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-532 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You've worked hard or are working hard towards building your retirement and generational wealth.
0:05.2	So how will your financial legacy carry on after you're going?
0:10.0	Do you have a plan? Who will carry it out?
0:12.4	Hello, hello, hello, and welcome to the BiggerPockets Money
0:14.8	Podcast. My name is Mindy Jensen and with me as always is my four informational and educational purposes
0:21.4	only co-host Scott Ridge.
0:23.0	Hey Mindy, great to be here.
0:24.2	I'm forward to seeing you get into a state of flow talking about your favorite subject today.
0:29.7	As always, BiggerPockets has a goal to make one million millionaires and that starts right here
0:33.2	with us and a strong financial foundation because we truly believe
0:36.4	financial freedom is attainable for everyone you know either win or where you're
0:40.0	starting or where you plan to finish. Today we have an estate and
0:44.3	elder attorney Jenny Roselle who has a decade of working in this type of law here to
0:48.4	share with some levity how important estate planning can be for your
0:52.4	financial legacy.
0:53.4	Jenny Rosel, welcome to the BiggerPockets Money Podcast.
0:56.5	I am so excited to talk to you today.
0:58.8	I know I'm excited to have people that actually have this like same energy as I do so it's very refreshing to be on the same
1:06.1	screen with you guys. This is going to be awesome even though we're talking about
1:09.7	end of life and plans for what happens with your money afterwards.
1:15.0	This is something that I think everybody needs to be thinking of even though nobody wants to
1:19.5	think of it.
	...

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