32 min
Your Estate Plan or The Governments…Which One Do You Want? With Alessandra Messineo Long Perennial Pride
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- Entrepreneurship
Society has come to rely on the government more than ever for benefits, security, financing, etc. Tom and lawyer Alessandra Messineo Long discuss how security has reduced the freedoms we have in life. Think about taxes - they come in so many shapes and sizes. When it comes to Protection vs. Wealth Accumulation, most people want to focus on the latter, but how do you protect them when you obtain them? Tom and Alessandra further discuss Estate Planning (taxation and legacy and the various aspects of an estate plan that can be leveraged while living making it easier/more efficient to pass to the next generation. Tune in to learn the importance of protecting assets now and for legacy planning. How can you protect your assets so your family can keep more for generations to come?
Highlights
01:05 - Alessandra explains the importance of putting one's affairs in order, even when it might be an uncomfortable topic. 06:50 - The importance of having a will and other legal documents in place for individuals over 18, especially those with assets or children. 10:52 - Discussion about guardianship for minor children in case something happens to the parents. 13:34 - The benefits of setting up a living trust or revocable trust to manage assets efficiently and avoid lengthy probate processes. 16:47 - The advantages of starting estate planning early and building it over time to prepare for the inevitable and ensure wealth transfer to family members swiftly and efficiently. 18:07 - Alessandra discusses the benefits of having a revocable trust and a durable power of attorney, which can manage assets and make decisions in case of incapacitation. 18:51 - The importance of estate planning as a gift to one's family to simplify the transfer of wealth and reduce fees, legal costs, and taxes. 19:39 - Discussion on the potential for changes in estate tax exemptions and the use of various documents and trusts to transfer wealth efficiently. 20:08 - The use of life insurance to transfer wealth to the next generation, both term and whole life policies, and the benefits of irrevocable life insurance trusts. 24:58 - Communication with family and advisors is essential for effective estate planning, discussing assets, beneficiaries, and making sure everyone knows where everything is. 27:05 - Preparing heirs for the wealth transfer is just as important as preparing the wealth itself, having open discussions about assets and wishes helps to ensure a smooth transition. 28:14 - Alessandra emphasizes checking beneficiaries on all assets and prioritizing estate planning as minors turn 18 to protect their interests in the future.
Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Connect with Alessandra Messineo Long https://amlonglaw.com/
Call to Action
Schedule a Call with Tom
How to Listen:
Subscribe on Youtube
Listen on Spotify
Society has come to rely on the government more than ever for benefits, security, financing, etc. Tom and lawyer Alessandra Messineo Long discuss how security has reduced the freedoms we have in life. Think about taxes - they come in so many shapes and sizes. When it comes to Protection vs. Wealth Accumulation, most people want to focus on the latter, but how do you protect them when you obtain them? Tom and Alessandra further discuss Estate Planning (taxation and legacy and the various aspects of an estate plan that can be leveraged while living making it easier/more efficient to pass to the next generation. Tune in to learn the importance of protecting assets now and for legacy planning. How can you protect your assets so your family can keep more for generations to come?
Highlights
01:05 - Alessandra explains the importance of putting one's affairs in order, even when it might be an uncomfortable topic. 06:50 - The importance of having a will and other legal documents in place for individuals over 18, especially those with assets or children. 10:52 - Discussion about guardianship for minor children in case something happens to the parents. 13:34 - The benefits of setting up a living trust or revocable trust to manage assets efficiently and avoid lengthy probate processes. 16:47 - The advantages of starting estate planning early and building it over time to prepare for the inevitable and ensure wealth transfer to family members swiftly and efficiently. 18:07 - Alessandra discusses the benefits of having a revocable trust and a durable power of attorney, which can manage assets and make decisions in case of incapacitation. 18:51 - The importance of estate planning as a gift to one's family to simplify the transfer of wealth and reduce fees, legal costs, and taxes. 19:39 - Discussion on the potential for changes in estate tax exemptions and the use of various documents and trusts to transfer wealth efficiently. 20:08 - The use of life insurance to transfer wealth to the next generation, both term and whole life policies, and the benefits of irrevocable life insurance trusts. 24:58 - Communication with family and advisors is essential for effective estate planning, discussing assets, beneficiaries, and making sure everyone knows where everything is. 27:05 - Preparing heirs for the wealth transfer is just as important as preparing the wealth itself, having open discussions about assets and wishes helps to ensure a smooth transition. 28:14 - Alessandra emphasizes checking beneficiaries on all assets and prioritizing estate planning as minors turn 18 to protect their interests in the future.
Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Connect with Alessandra Messineo Long https://amlonglaw.com/
Call to Action
Schedule a Call with Tom
How to Listen:
Subscribe on Youtube
Listen on Spotify
32 min