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.

Trusts are used for personal planning and hold personal assets. Business entities such as corporations, partnerships, and limited liability companies hold business assets. Many families own a rental property but fail to view the rental house as a business asset because they do not view themselves as operating a business. This is unfortunate because business entities offer many advantages, which Darol discusses in this episode.

Trusts are similar to limited liability companies because the trust is able to protect assets if drafted correctly. Learn the three most important benefits of trusts that hold your family’s wealth.

One of the missions of the BoomX Show is to help improve people’s legal literacy, their financial literacy. Today, I will answer the questions of a young family leader who is building an estate plan, an asset protection plan, and his questions about tax.

How do I give a gift to my surviving spouse in order to avoid not only estate tax, not only capital gains tax, but also protect the assets against the possibility of high unreimbursed medical expenses? What is a credit shelter trust? How does that differ from a spousal protection trust and what is a QTIP trust?

Do you own a timeshare? Want to know what it is, how to get rid of it, how to transfer it as part of your estate? I’ll answer that question in today’s episode. I will also dive deeper into trust law. We will talk about what a trust is, the job descriptions, advantages and disadvantages, and trust, or trustee beneficiaries involved with a trust. And I will answer a very common question, should I choose a professional trustee or should I choose a family member to be responsible for administering my family trust?

Larger estates face the possibility of paying a death tax. This tax erodes family wealth and the tax rate is much higher than many other types of taxes. Eleven states impose an estate tax of their own and the size of the estate that is taxable under state law is much lower.

Learn what you can do to reduce your estate tax bill and avoid unnecessary taxation completely in many cases. Darol will also describe the most generous provision of the tax code and how you can use it to avoid all capital gains tax.

In this episode, we bring you inside Office Hours as a family leader asks BoomX Show host Darol Tuttle the best way to protect his estate for his children from a prior marriage while providing for his surviving spouse if she should die first. Learn how a Spousal Protection Trust works, reduces estate tax bills, and preserves the estate from Medicaid liens. If you are confused about how trusts work and when they are created, this is the episode for you.

The new year began with a tragic event, which occurs in retirement far too common and is completely avoidable. BoomX Show host Darol Tuttle tells the story of two actual events that occurred to retirees, sets the context by laying out the phases of retirement and alerts listeners to the risks of each phase. It is true that some mistakes have dire consequences and are even life-threatening, but there are ways to mitigate the risk of making this mistake. Join us and learn which legal document is necessary to protect yourself and your family.

Free members of the BoomX Academy are automatically enrolled in the BoomX Show: Laws of Money podcast. The course adds enhanced content to most podcast episodes but in a module-based format sequentially. The first lesson in the companion course defines the often abused term “estate” and its use in the tax, bankruptcy, and probate codes. The second lesson points out the real property is different than real estate. Further, personal property is the only other category and includes tangible and intangible property. Did you know your voice is intangible personal property and may have value?

This episode introduces you to the legal construct of a “trust.” Trusts hold personal assets and business entities, e.g., limited liability companies hold business assets. Darol explains the difference as well as the structure, use, and benefits of a trust. This episode is an example of the companion course’s enhanced content so you can decide if a deeper dive into legal literacy is for you.

Downton Abbey, the PBS show about a British estate in the early 1900s, opens with a complex but fascinating estate planning problem. The owner of the estate, Lord Grantham, wakes up to the usual household activities only to learn that the qualified male heirs to the estate perished with the Titanic. Without lawful heirs, Lord Grantham faces the possibility that the estate, referred to as “Downton”, may revert back to the Crown or convey to distant, unknown family members.

Within the BoomX Academy, members ask estate planning questions in live office hours weekly. Tying the two together, Darol breaks down the archaic asset transfer rule that hindered Lord Grantham and uses it as a backdrop for ways to avoid the problem for the benefit of modern families in the current era. What is a lifetime beneficiary? What is a remaindermen or a “residuary beneficiaries”? These questions originate in British common law but modern trust techniques provide a better way, a way that protects privacy, reduces uncertainty, and even reduces tax erosion.

In this episode, we will be talking about ways to create the family bank, why it’s important, the benefits and the job descriptions attached to the family bank, which is an irrevocable non-grantor trust, which will protect your assets.