Tag: Estate Planning

The Great Wealth Transfer, Part 2: Bridging Generations (Ep. 142)

The Great Wealth Transfer, Part 2: Bridging Generations (Ep. 142)

As we delve deeper into the transformative phenomenon of the Great Wealth Transfer, Part 2 of our series further explores the staggering $68 to $74 trillion destined to cascade down over the next decade.

In “The Great Wealth Transfer, Part 2,” Larry Heller, CFP®, CDFA®, guides us through the intricate dynamics of this wealth transition, offering crucial insights for aging parents and their millennial heirs. Larry sheds light on key aspects, empowering millennials to navigate challenging conversations with their Boomer parents and ensuring a seamless, secure transfer of wealth. This episode is a must-listen for those aiming to redefine their financial legacy in the face of this monumental wealth shift.

Key discussion points include:

  • Strategies for smooth talks about inheritance between the Boomer generation and the Millennial Generation
  • How advisors navigate the emotional and practical sides of wealth transfer
  • Insights into fair wealth sharing in complex family dynamics
  • Essential advice to keep everyone safe from fraud
  • Understanding the importance of Medicaid and trusts in financial plans & estate planning
  • A look at the bigger picture of estate planning beyond finances
  • The uncomfortable but necessary “end-of-life planning” conversation between children and parents
  • How staying organized can improve estate planning
  • And much more!

 

Resources: 

Connect with Larry Heller: 

The Great Wealth Transfer, Part 1: From Boomers to Millennials (Ep. 141)

The Great Wealth Transfer, Part 1: From Boomers to Millennials (Ep. 141)

Ever heard of the Great Wealth Transfer? It’s about to change everything you thought you knew about money.

Imagine a staggering $68 to $74 trillion cascading down over the next decade or so. Could this make millennials the richest age group the U.S. has ever seen?

In this two-part series, Larry Heller, CFP®, CDFA®, offers a glimpse into the psyche of the baby boomers as they navigate this monumental transition of wealth to the millennials. Learn how you can prepare as Larry covers such topics as taxes, Roth conversions, estate planning, and the benefits of being diligent with your record-keeping.

Part 1 of this Great Wealth Transfer series highlights:

  • The intricacies of taxes associated with this massive wealth movement
  • A review of Required Minimum Distributions (RMDs) and Roth conversions
  • How to engage in family tax planning, including the importance of candid conversations 
  • Eyebrow-raising tales like the Miami Dolphins’ sale driven by unforeseen tax burdens
  • The often overshadowed aspects of estate planning, such as safeguarding assets and diligent record-keeping
  • And much more!

 

Resources: 

Connect with Larry Heller: 

Common Errors To Avoid When Passing Money To Your Heirs Upon Death (Ep. 109)

Common Errors To Avoid When Passing Money To Your Heirs Upon Death (Ep. 109)

Will your net worth be transferred to your heirs the way you intend it to? How do you know?  

 In this episode of Life Unlimited, Larry shares some real life stories of major mistakes he has seen with respect to a will, beneficiary or the titling of an asset. Listen in to hear some advice to make sure your estate planning wishes are kept up to date with your current family dynamic.

Larry discusses: 

  • Steps to take to ensure what you want happens after you pass away
  • How to properly distribute money to a minor child
  • Three areas to review to avoid common mistakes
  • The risks of having an outdated will
  • And more

Resources: 

Connect With Larry Heller:

Year-End Planning Recommendations for Retirees (Ep. 98)

Year-End Planning Recommendations for Retirees (Ep. 98)

If you still haven’t started your year-end planning yet, now is the time to start. Planning will help you keep more money in your pocket and less in the government’s pocket.

In this episode, Larry Heller shares year-end planning recommendations for retirees so you don’t miss any of these timely planning opportunities.

Larry discusses: 

  • Why retirees need to take their acquired minimum distributions
  • Ways you can save money from taxes 
  • Roth conversion and cash flow planning strategies 
  • Charitable contribution planning strategies 
  • And more

Connect With Larry Heller:

10 Common Estate Planning Mistakes Made by Divorcees With Keren Birnbaum, Esq. (Ep. 97)

10 Common Estate Planning Mistakes Made by Divorcees With Keren Birnbaum, Esq. (Ep. 97)

You don’t know what you don’t know. Whether you are contemplating divorce or are in the process, you want to protect yourself by having the proper communication and documentation.

In this episode, Larry Heller talks with Keren Birnbaum, Esq. a partner with Schwartz Ettenger, PLLC who focuses on estate planning, trust and estate administration, and elder law. Keren shares 10 common estate planning mistakes that divorcees need to be aware of to retire right.

Keren discusses: 

  • Repercussions of not having estate planning documents
  • The mistake of not updating your estate planning documents
  • Not updating beneficiary designations in your retirement accounts and insurance policies
  • Why it’s critical to educate yourself on the assets you own
  • And more

Connect With Keren G. Birnbaum, Esq:

Connect With Larry Heller:

About Our Guest:

Keren G. Birnbaum, Esq. is a Partner with Schwartz Ettenger, PLLC where she concentrates her practice in the areas of Estate Planning, Trust and Estate Administration and Elder Law. She has over 10 years of experience advising clients on how to protect themselves, their loved ones and their business in the event of death, incapacity or disability. 

Ms. Birnbaum earned her law degree at Hofstra University School of Law and her Bachelor’s Degree at Brandeis University. She is admitted to the New York State Bar, is a member of the New York State Bar Association, Queens County Bar Association, Brandeis Association, and is an active member of the Elder Law and Trusts and Estates Sections of the New York State Bar Association. Ms. Birnbaum has also lectured and published articles on various elder law and estate planning issues.