135: Estate Planning with Daniel Kesten

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 5 December 2019

⏱️ 76 minutes

🔗️ Recording | iTunes | RSS

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Summary

Daniel Kesten, an estate planning attorney and a speaker at the WCICon 20 in Las Vegas in March, is our guest on this episode. We have a great discussion concerning everything you need to know about getting started with your estate planning. See the full transcription here https://www.whitecoatinvestor.com/classic-blog/ . Do you need a lawyer or can you do it on your own? If you need one, how do you find the right estate planning lawyer? We talk about pros and cons of probate, wills versus revocable trusts, the five fundamental decisions to make when formulating your estate plan, and other ancillary documents you may need. We get into tax topics like gifts taxes, estate taxes, generation-skipping transfer tax, state estate taxes, and inheritance taxes. We discuss whether you need a life insurance trust, reasons to make lifetime gifts, step up in basis, and why repealing of the estate tax could be bad for doctors. Daniel really gives it to us straight. You will know the next step you need to take in your estate planning after listening to this episode. Daniel is going to be a great addition to the White Coat Investor Conference March.

Sponsor
This podcast sponsored by Bob Bhayani at drdisabilityquotes.com. They are an independent provider of disability insurance planning solutions to the medical community in every state and a long-time white coat investor sponsor. They specialize in working with residents and fellows early in their careers to set up sound financial and insurance strategies. He is very responsive to me and to readers having any sort of an issue, so it is no surprise that I get great feedback about him from our readers and listeners. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven't gotten around to getting this critical insurance in place contact Bob at drdisabilityquotes.com today by email [email protected] or by calling (973) 771-9100. Just get it done!

Transcript

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0:00.0	This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street.
0:06.0	We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011.
0:12.0	Here is your host, Dr. Jim Dolly.
0:18.0	This is the White Code Investor Podcast number 135, a state planning with Daniel Keston.
0:23.0	This podcast sponsored by Bob Bionny, at drdisabilityquotes.com.
0:27.0	They're an independent provider of disability insurance planning solutions to the medical community in every state and a long time White Code Investor sponsor.
0:35.0	They specialize in working with residents and fellows earlier in their careers to set up sound, financial, and insurance strategies.
0:40.0	He's very responsive to me and to readers who have any sort of an issue, so it's no surprise that I get great feedback about him from our readers and listeners.
0:48.0	If you need to review your disability insurance coverage to make sure it meets your needs, or if you just haven't gotten around getting this critical insurance in place,
0:55.0	contact Bob at drdisabilityquotes.com today.
0:59.0	By emailing info at drdisabilityquotes.com or by calling 973-771-9100. Just get it done.
1:08.0	Our quote of the day today comes from Stanley and Danko.
1:12.0	You remember they're the authors of the millionaire next door, and they said our research has found that positions in general do not tend to be wealth accumulators.
1:20.0	And that's mostly because we spend too much.
1:23.0	There is a course on sale right now that you should know about, particularly if you have interest in real estate.
1:30.0	This is a course that will teach you how to invest directly in real estate.
1:35.0	This is different from Peter Kim's passive income MD course. That's all about passive income.
1:40.0	This one is called zero to freedom through cash flowing rentals, and it's put together by two docs, Latizia Alto and Kenji Asakura,
1:48.0	who have been extraordinarily successful in investing directly in real estate.
1:53.0	They've got a number of doors that they have purchased and basically replaced their physician incomes and became financially independent very, very quickly through cash flowing rentals.
2:03.0	It was interesting. I met them both at the passive income MD conference a few weeks ago, and was surprised to learn that they pay literally no tax.
2:13.0	No income tax at all the last two or three years because they've covered basically all of her part time clinical income and all of their other income from the real estate with depreciation from the real estate.
	...

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