BiggerPockets Money Podcast

532: Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake

May 28, 2024

Estate and elder attorney Jenny Rozelle joins to discuss the importance of estate planning to preserve wealth, avoid intestate succession laws, and make probate less daunting. Learn about essential estate planning documents, preventing assets from ending up in the wrong hands, and simplifying the estate process for loved ones.

46:13

Episode guests

Jenny Rozelle

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Quick takeaways

Estate planning safeguards assets and legacy by dictating asset management and distribution.

Trust planning offers tailored asset distribution for specific needs and preferences.

Collaboration with professionals enhances holistic estate planning strategy for comprehensive protection.

Deep dives

The Importance of Estate Planning for Financial Legacy

Estate planning plays a crucial role in ensuring the smooth transfer of financial assets and maintaining a lasting legacy for future generations. By creating a comprehensive plan that includes documents like healthcare directives, power of attorney, and a will, individuals can dictate how their assets are managed and distributed, safeguarding against potential conflicts or uncertainties.

Trust Planning and Fact Dependence

02:52

Understanding the Probate Court Process

03:15

Organizational Tools and Tips for Estate Planning

02:50

Estate Planning for Adults: The Importance for Everyone Over 18

01:33

Introduction

3min

The Importance of Estate Planning and Legal Documentation

4min

Estate Planning for Early Retirees & Sponsor Promotions

3min

Exploring Estate Planning with a Specialized Attorney

13min

Strategic Estate Planning and Financial Tools

12min

Estate Planning and Trusts: Customized Distributions and Asset Protection

10min

Navigating the Complexity of Estate Planning

2min

You’re working hard to build wealth, but without estate planning, your assets could easily land in the wrong hands, causing your family a great deal of trouble. No one likes thinking about their death, but you NEED to tackle this issue head-on if you hope to preserve your legacy!

Welcome back to the BiggerPockets Money podcast! Today, we’re tackling two of the most taboo topics—death and money—with estate and elder attorney Jenny Rozelle. If you’re nearly ready to retire, you MUST develop an estate plan. Otherwise, intestate succession laws will determine your fortune’s fate. Even if you’re young and have little to your name, there are basic steps you can take today to ensure that your current and future assets don’t go to the wrong person.

In this episode, you’ll learn how to find the BEST estate planning attorney and prepare for your first meeting. Jenny also shares the truth behind probate and why it isn’t nearly as painful as it sounds!

Stick around for part two, where we rapid-fire estate planning questions at Jenny as she shares information even we didn't know about!

In This Episode We Cover

Basic estate planning documents every person needs (regardless of age)

What really happens in probate court (and why it’s NOT as scary as it sounds)

Intestacy explained, and how to stop your assets from landing in the wrong hands

How to make sorting out your estate as easy as possible for your loved ones

And So Much More!

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