3 Considerations for Your Estate Plan
On this episode, Gino Barbaro sits down with Harry Barth, Founder and Senior Managing Partner for Barth Calderon LLP. Harry is the co-author of the book ‘Planning today for all your tomorrows’.
They talk about the difference in hiring an experienced attorney, versus relying on services like LegalZoom. As Harry says, it’s like self-medicating by picking out your own pills at a pharmacy instead of consulting a doctor. Gino shares a funny but serious quote: “Proper planning prevents piss poor performance!”
Harry and Gino highlight the top three considerations for hiring an estate planning attorney to get your family’s plan in order:
1. Price vs. Value – Don’t be cheap when it comes to ensuring you have peace of mind for the next 30 years. This WILL be worth it in the end.
2. Pain – This planning includes uncomfortable conversations, and there is no way around that fact. You don’t want to wait until it’s too late and you are forced to make decisions in an emotional state.
3. Mentality – Thinking you don’t have enough assets for this to apply to you is a poor person’s mentality. Thinking with a wealthy mentality includes long-term planning. No matter where you are on your journey of building wealth, it’s never too early to get a plan in place.
The proper estate planning attorney can guide you through making the proper choices for your family, using the appropriate tools to achieve your family’s goals.
Don’t spend more time planning your vacation than planning your estate!
Key Moments:
00:00 – Introduction
01:54 – Importance of professional estate planning and asset protection
04:05 – Taking the decisions when you are emotional, is not the financial prudence
08:07 – Take the law into your own hands, instead of letting the state write an estate plan for you
11:26 – Different trusts serve different objectives, so choose wisely
17:00 – State taxes apply to transfer at death, except between spouses
19:27 – Acquisition of life insurance to avoid being subjected to state taxes
24:42 – Even small amounts of equity need an estate plan
30:22 – Pass on legacy skills to your children, not just an inheritance
35:02 – Structuring assets appropriately to withstand legal onslaught and protect against liability
39:13 – Talking to our Team about YOUR options
Connect with Harry at Harry@barthattorneys.com or by visiting his website: https://barthattorneys.com/
To know more about long-term personal financial engineering and options for building legacy wealth, connect with our Team at www.100year.com
Bonus resources: DOWNLOAD our Dual Asset Strategy ebook and learn how YOU can leverage cash value life insurance and become your own source of financing: https://100yearrei.com/ebook-download/
SCHEDULE A Call: https://100yearrei.com/callnow/
^To talk to our Team about adding a Permanent Life Insurance Policy to your financial plan (and even the plan for your children), get in touch with our Team here^
About The 100 Year Real Estate Investor:
The Whole Life Insurance Policies offered by the 100 Year Real Estate Investor are specially-designed. This means they work harder toward achieving your financial objectives, no matter what they may be. Check out this blog for 7 facts about our specially-designed strategies that may not be true about typical whole life policies: https://100yearrei.com/7-facts-about-…
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The contents of this video are for informational and educational purposes only. They should not be considered investment, financial, legal or tax advice. Jake and Gino are not licensed in the insurance or securities industries and is not in the business of selling, soliciting or negotiating the sale of any insurance contract, security or other investment vehicle.