Jake & Gino: Real Estate Investing & Multifamily 3 Considerations for Your Estate Plan
đď¸ On this episode, Gino Barbaro sits down with Harry Barth, Founder and Senior Managing Partner for Barth Calderon LLP. Harry is the co-author of the book âPlanning today for all your tomorrowsâ.
They talk about the difference in hiring an experienced attorney, versus relying on services like LegalZoom. As Harry says, it's like self-medicating by picking out your own pills at a pharmacy instead of consulting a doctor. Gino shares a funny but serious quote: âProper planning prevents piss poor performance!â
Harry and Gino highlight the top three considerations for hiring an estate planning attorney to get your familyâs plan in order:
1. Price vs. Value - Donât be cheap when it comes to ensuring you have peace of mind for the next 30 years. This WILL be worth it in the end. 2. Pain - This planning includes uncomfortable conversations, and there is no way around that fact. You donât want to wait until itâs too late and you are forced to make decisions in an emotional state. 3. Mentality - Thinking you donât have enough assets for this to apply to you is a poor personâs mentality. Thinking with a wealthy mentality includes long-term planning. No matter where you are on your journey of building wealth, itâs never too early to get a plan in place.
The proper estate planning attorney can guide you through making the proper choices for your family, using the appropriate tools to achieve your familyâs goals.
Donât spend more time planning your vacation than planning your estate!
Key Moments: 00:00 Introduction 01:54 - Importance of professional estate planning and asset protection 04:05 - Taking the decisions when you are emotional, is not the financial prudence 08:07 - Take the law into your own hands, instead of letting the state write an estate plan for you 11:26 - Different trusts serve different objectives, so choose wisely 17:00 - State taxes apply to transfer at death, except between spouses 19:27 - Acquisition of life insurance to avoid being subjected to state taxes 24:42 - Even small amounts of equity need an estate plan 30:22 - Pass on legacy skills to your children, not just an inheritance 35:02 - Structuring assets appropriately to withstand legal onslaught and protect against liability 39:13 Talking to our Team about YOUR options
Connect with Harry at Harry@barthattorneys.com or by visiting his website: https://barthattorneys.com/
To know more about long-term personal financial engineering and options for building legacy wealth, connect with our Team at www.100year.com
Bonus resources: DOWNLOAD our Dual Asset Strategy ebook and learn how YOU can leverage cash value life insurance and become your own source of financing: https://100yearrei.com/ebook-download/ SCHEDULE A Call: https://100yearrei.com/callnow/
^To talk to our Team about adding a Permanent Life Insurance Policy to your financial plan (and even the plan for your children), get in touch with our Team here^
About The 100 Year Real Estate Investor:
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#legacywealth #lifeinsurance #financialplanning #personalfinancialengineering #generationalwealth
The contents of this video are for informational and educational purposes only. They should not be considered investment, financial, legal or tax advice. Jake and Gino are not licensed in the insurance or securities industries and is not in the business of selling, soliciting or negotiating the sale of any insurance contract, security or other investment vehicle.
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About Jake & Gino: Jake & Gino are multifamily investors, operators, and owners who have created a vertically integrated real estate company. They control over $350M in assets under management. Connect with Jake & Gino here --> https://jakeandgino.com.
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