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

BiggerPockets Money Podcast

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!

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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

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