533: What Even We Didn’t Know About “Protecting” Our Wealth

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 31 May 2024

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are you working towards FIRE or building a financial legacy? Then DON’T skip this episode! What’s the point of creating generational wealth if it will be lost after you’re gone? Jenny Rozelle, estate and elder attorney, is back on the show to answer some of our most pressing questions about wills, trusts, estate planning, and everything in between! She’s got some answers that even personal finance experts Mindy and Scott didn’t know. And if you’re just starting to think about preserving your future wealth, this episode may shock you, too. From “napkin” wills to bad inheritances, protecting your heirs’ wealth from potential future divorce, and whether or not you’re owed millions after your tipsy Aunt promised you her vacation home, Jenny clears up all the misconceptions that most Americans have about inheritance and estate planning. Plus, if you’ve got children or loved ones you’re planning to pass your wealth on to, it’s crucial to follow Jenny’s advice on updating your will. Neglecting to update your estate plans or planning around the wrong people could put your wealth at risk! Check out Jenny’s part one episode here! In This Episode We Cover Whether or not a verbal promise of inheritance will hold up in the future Revocable vs. irrevocable trusts and the ONLY two situations you’d choose an irrevocable one When to update your will and why Jenny DOESN’T keep a set timeline Protecting your heirs from losing their inheritance to divorce What to do when you get an inheritance that brings you more headache than it’s worth Why communication is critical in estate planning and who you should estate plan with 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 532 - Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake w/Jenny Rozelle 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 01:28 Revocable vs. Irrevocable Trusts 02:29 The Estate Planning Timeline 05:35 Verbal Promises and Inheritance 10:21 When to Update Your Will 12:04 Protecting from Divorce 14:58 Who to Estate Plan WITH 18:23 The Downside of Inheritance 22:54 The “Napkin” Will 25:34 Make Your Estate Plan Today! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-533 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	does a will written on a napkin pulled up.
0:04.0	Hello, hello, hello, and welcome to the BiggerPockets Money Podcast.
0:07.5	My name is Mindy Jensen, and with me as always, is my still, for informational and educational purposes only co-host Scott Trench.
0:16.3	BiggerPockets has a goal of making 1 million millionaires and that starts right here with us and
0:22.2	a strong financial foundation because we truly
0:25.0	believe financial freedom is attainable for everyone no matter when or where
0:28.8	you are starting and once you become a millionaire you're going to want to protect your wealth.
0:35.2	So today we're continuing our conversation with elder law and estate planning attorney Jenny Rosal.
0:41.2	Scott and I consider ourselves quite knowledgeable about money and
0:45.0	you've got some questions that even we didn't know the answers to. Like is choosing
0:49.6	your oldest child to be the executor of your will the best option. Or just how binding
0:56.8	is that promise made from your great Uncle Bob after six glasses of wine last
1:00.9	Christmas. If you are new to our show or didn't catch Jenny's first
1:05.2	appearance on episode 532, you might want to press pause on this episode and go back and
1:11.6	listen to 532 first. You definitely do not want to miss
1:15.7	the three legal documents that Jenny says are the most important for your
1:20.0	estate planning no matter what your age. All right Scott I trust you can
1:26.8	handle this question. When do I want a revocable trust versus a non revrevocable trust?
1:33.0	Yeah, usually when you're dancing into irrevocable trust world,
1:36.9	it's usually because of either asset protection purposes
1:40.4	or tax planning purposes. And when I say tax planning purposes.
1:42.6	And when I say tax planning purposes, what I specifically mean are things like
	...

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