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

Episode #533
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: www.biggerpockets.com/blog/mo...
Show Notes at:
link.chtbl.com/Money
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BiggerPockets Money 532 - Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake w/Jenny Rozelle:
www.biggerpockets.com/blog/mo...
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BiggerPockets Money 401 - The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future:
www.biggerpockets.com/blog/mo...
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BiggerPockets Money 503 - How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!):
www.biggerpockets.com/blog/mo...
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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!

[@22video11]

My brother-in-law feels that they don't need a trust until after either he, or my sister passes away. What would you say to him?

[@BrettBayer-gj3uo]

With respect to estate planning, I think it is fair for the children to ask their parents IF they have an estate plan...not the contents. As long as a plan is in place or set up for the children, that is the main point.

[@priestesslucy3299]

23:20 but what if his main heir killed him? Got to write him out of the inheritance if he has the chance 😂