Alan Gassman, an esteemed estate attorney and founder of Gassman Law Associates, dives into the world of estate planning. He emphasizes the urgent need for proper planning to ensure your assets are distributed according to your wishes. The discussion covers the intricacies of irrevocable vs. revocable trusts and the essential role of estate planning software. Gassman shares insights on retirement preparedness, the challenges beneficiaries face with trusts, and the importance of professional guidance in managing estate taxes. Don't procrastinate; your legacy deserves attention!
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volunteer_activism ADVICE
Use Software For Estate Planning
Run detailed numbers for estate tax planning rather than guessing.
Use software like EstateView to understand impacts of multiple estate strategies together.
volunteer_activism ADVICE
Use Trusts To Protect Estates
Consider using trusts for surviving spouses to protect assets from creditors or remarriage risks.
Trusts can control distributions to beneficiaries, protecting inheritance from poor financial decisions.
insights INSIGHT
Revocable vs Irrevocable Trusts
Revocable trusts avoid probate but do not avoid estate taxes or creditor claims.
Irrevocable trusts avoid estate taxation but usually forgo step-up in basis benefits.
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Gassman and Markham on Florida and Federal Asset Protection Law
Gassman and Markham on Florida and Federal Asset Protection Law
Michael Markham
Alan Gassman
Kacie Hohnadell
Think and Grow Rich
Napoleon Hill
Published in 1937, 'Think and Grow Rich' is a seminal work in the self-help genre. The book is the result of over twenty years of research by Napoleon Hill, who studied the habits and achievements of more than 500 successful individuals, including Andrew Carnegie, Thomas Edison, and Henry Ford. Hill distills their wisdom into thirteen principles that, when practiced with persistence and faith, can transform dreams into reality. These principles include the power of desire, faith, specialized knowledge, organized planning, and the role of the subconscious mind. The book emphasizes the importance of maintaining a positive mental attitude, setting clear and specific goals, and taking consistent action to achieve success. It also explores the concept of the 'Master Mind' alliance and the need to overcome fears and doubts to achieve one's objectives.
Money magic
a novel
Hamlin Garland
Money Magic by Hamlin Garland is a novel set in Sibley Junction, Colorado. The story revolves around Bertha, the daughter of a local hotel owner, and her interactions with Marshall Haney, a gambler who seeks to change his life for her. The novel delves into themes of love, ambition, and the impact of wealth on personal relationships and societal expectations.
As Senator Ernst sweetly reminded us, we're all going to die. But not all of us will be prepared financially to die. Thinking about the afterlife is rather unpleasant for most of us. Yes, there's heaven to look forward to. But who knows if we'll make it. There's lots of religions, different from our own, that are convinced that we'll be rejected before we even apply. So, we put off planning for the end game and then put it off some more. Trouble is, game over can occur when you least expect or deserve it. And when you pass, you'll be passing on an estate, perhaps tiny, perhaps huge. But unless you do proper estate planning, what you leave may not go to the people you wish or in the form you wish.
The morbid moral here is that we all need to do estate planning and, indeed, do it on a routine basis as our finances change. There are a zillion estate attorneys out there to assist you. But it's critical to know the score before engaging anyone. This is why I invited Alan Gassman to talk about estate planning, particularly the value of trusts. Alan, as his bio copied below attests, is a big deal in the field of estate planning. He has a terrific estate, tax, and business law firm, has built outstanding software that handles all manner of estate issues, and is one of the most respected and acclaimed estate attorneys in the country. Do listen to this exciting -- yes, the end game is full of excitement -- discussion with Alan Gassman. He's a magnetic speaker and chock full of essential information and advice.
Economics Matters with Laurence Kotlikoff 
