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

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 advertise@biggerpockets.com

Learn more about your ad choices. Visit megaphone.fm/adchoices

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.