In this episode, Darol interviews Sarry Ibrahim, a young financial professional from Chicago, and they do just that. Sarry shows listeners can protect their privacy and assets by using a unique investment vehicle.

An investment is a lump sum deposit in exchange for income in the future. A business differs from investment because a business generates immediate income for its employees and dividends for its owners. What if you could have an investment that generated immediate income without demanding time and labor?

Darol chats with Anne-Marie Murzin, a personal and business planning attorney with the Virginia law firm General Counsel, PC., about the history of Probate Law and its origins, the current Supreme Court, and an important tip for business owners.

Estate planning overemphasizes the transfer of asset title to a qualified heir when the asset owner has died. There are three ways in which property transfers when the asset owner dies: 1) probate, 2) operation of law, and 3) transfer on death deeds and beneficiary designations. This episode lays out the ways property transfers at death, the pros and cons of each method, and when to use each.

The best podcasts are conversations between people who are authentic, proficient in their subject matter, and willing to share their knowledge to help others. This episode is just that, a candid conversation between two experienced asset protection attorneys. Join us as Darol interviews James Cunningham, founder and CEO of Cunningham Legal, a California personal and business planning law firm, and author of the Savvy Estate Planner. Jim and Darol hit it off, share stories about their careers, and lay out solid tips to help families grow and protect their families’ wealth.

Coordinating retirement accounts, e.g., an Individual Retirement Account, a 401(k), Self-employed Pension, etc., with your overall estate plan is difficult. Retirement accounts, also known as “qualified accounts”, must be handled with care. Generally, if the account owner designates his or her estate as the primary beneficiary, the non-natural person rule is triggered, and the entire account balance is treated as paid out as income. This causes the distribution of the entire account as income and is taxed at a higher or the highest tax rate possible. Other complications include the fact that retirement accounts are included in the taxable estate when the decedent lives in a state with a separate estate tax. Worst, retirement accounts do not enjoy an adjusted tax basis.

As part of Academy weekly Office Hours, Darol answers the following questions asked by a Family Leader: “what happens once you have everything protected in a trust? Is it readily accessible to the surviving spouse or the person in charge of the estate?”

Darol answers this question in-depth and goes further by explaining why the Spousal Protection Trust is what most couples need, its advantages, and how to fund the trust.

BoomX Academy conducts free masterclasses each month on topics related to asset protection. This episode is the second part of the most recent masterclass. Listen in and learn more about the following topics:

1) Why estate planning has little value as compared to asset protection, which has great value.
2) How safe harbors in the Law are available to protect wealth against the three threats to wealth in America today.
3) The threats to wealth are high unreimbursed medical care costs, unnecessary taxation, and financial mismanagement.
4) The benefits of a Spousal Protection Trust and how it works.
5) Why two recent legal changes wreaked havoc on inherited retirement accounts.
6) How a Retirement Account Trust gives back what these legal changes took away.

When we talk about retirement accounts, we’re talking about all of those accounts related to a statute called ERISA, which has to do with employment, retirement benefits, and risks authorizing more than one type of retirement account. And you all are likely familiar with it.

Estate planning doesn’t kick in until you’re dead while asset protection reaches out and grabs safe harbors in the law that guaranteed that our wealth will not be lost to number one, unreimbursed medical expenses, long-term care costs. Number two, unnecessary taxation, and then even three, can we use asset protection trust to protect against mistakes, family mistakes financial mistakes, stock market risks.

If you implement the strategies that we teach at the BoomX Academy and talk about on the BoomX Show, the probability that you successfully finance your retirement is much higher. But the question remains, how do we pass wealth on to our kids so that it is financially responsible? Today, we will talk about two very important provisions that you’ve probably never even thought about.

One is the trust protector. The second is provisions inside of your estate plan for trust reporting so that all the beneficiaries know what is going on and are emotionally invested in it.