Ep #08: Generational Wealth Building and Determining your Legacy
Do you have your wills and estate planning complete? According to a recent survey conducted by Caring.com, only 33% of Americans have a will or living trust—despite 50% thinking that estate planning is at least somewhat important. This is an essential step toward determining how your assets are distributed, even if you don’t believe that you have that many assets. So, in this episode, I will be explaining what you need to know about wills and estate planning, including who should ensure these documents are written up and why they are necessary regardless of your financial status.
Listen in as I describe how your will can protect your family in the future, as well as why you should not put off this important component of generational wealth building until later in life. You will learn why you don’t have to be wealthy to write a will, the benefit of reviewing your will frequently (just in case something has changed), and how to use this knowledge to protect your legacy.
Listen to the Full Episode:
What You’ll Learn in Today’s Episode:
The key component to generational wealth building.
Why estate planning is so important.
How your will can protect you and your family in the event of your passing.
Why you shouldn’t leave writing a will until later in life.
What a will is and how it is different from estate planning.
Who should put the effort into writing a will.
What you need to know about assets that are jointly owned.
How to approach estate planning in a blended family.
Ideas Worth Sharing:
“Benjamin Franklin said that there are only two things for certain, and that’s death and taxes. With the right estate planning, we take care of both of those areas.” - Stanley Funches
“[Death] can come to us unexpectedly, and we need to have our financial affairs in order just in case this does happen.” - Stanley Funches
“You don’t have to be as wealthy [as a celebrity] to have a will in place.” - Stanley Funches
Resources Mentioned:
Stanley T. Funches: LinkedIn
Share The Love:
If you like the Dads ‘N Dollars podcast …
Never miss an episode by subscribing via Apple Podcasts, Spotify, Stitcher, Google Podcasts, Amazon Music, or by RSS!