“Family Leader” refers to anyone who has pulled the trigger and is actively building an asset protection plan or a generational wealth plan. It does not apply to those building a simple estate transfer plan. This does not mean estate transfer planners love their kids any more or less. It just means that estate transfer does not attempt to preserve their assets during lifetime, let alone for the second generation.

Family Leader also refers to our paid membership level. The general definition certainly applies to our Family Leader members. They have gone beyond the state of denial, endless procrastination, or confusion about planning, and are ready to move forward with a legal plan.

Many BoomX Show episodes have been taken from Office Hours, i.e., weekly Q and A. These meetings are intensely focused on topics relevant to retirees. You can listen to some of these past episodes by seaching through those from Office Hours below.

Family Leaders do more than just listen in on a monologue on estate planning. They share their stories, ask questions relevant to their situatiion, and the group chimes in. If the discussion strays from the legal solution to the posed question, Darol is skilled in bringing it back to the issue at hand. How DOES an outright distribution of a cabin in the mountains bring the family together when all of the heirs are now city slickers, busy with their kids, and never did shovel the snow off the driveway in the winter?

The legal problem is caused by joint tenancies. When four owners of real estate are not married or in a close partnership, conflict occurs more often. If the deed that transfers the parcel indicates a tenancy in common, then each tenant owns an equal share and may do with it as he or she wills. In many cases, the share inherited from the first generation, i.e., you, passes to the third. While about 70% of inherited wealth is blown in the second generation, tenancies in common deadlock the property. If the property had sentimental value, even when the city slickers did not enjoy the remote location in the mountains because there are bugs, the cabin passes onto the third generation. If each of the four heirs have two children, then the third generation problem is doubled. Instread of four owners of the cabin, there are now eight.

There are many legal solutions but the point of this scenario is just to illustrate one of the topics discussed.