410: 7 Principles of Estate Planning and Building a Legacy That Lasts with David York
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 ā¢ 564 Ratings
šļø 25 December 2023
ā±ļø 67 minutes
šļø Recording | iTunes | RSS
š§¾ļø Download transcript
Summary
Today, I'm speaking with David York. David is an attorney, a CPA, an author, speaker, and managing partner at York, Howell & Guymon. David has over 26 years of estate planning experience and has helped thousands of clients with their estate and tax planning needs, in addition to businesses and nonprofit entities.
He's the co-creator of the Entrusted Planningā¢ process and the co-author of two books, including Entrusted: Building a Legacy That Lasts, and we'll be diving into his 7 principles of entrusted planning today.
In our conversation, David weighs in on several excellent estate planning questions from our Weekend Reading subscribers on trusts, the difference between legacy and estate planning, and the 3 questions children of any family (especially high net worth families) should know the answers to before you leave your wealth behind and much more!
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In this podcast interview, you'll learn:
- How the baby boomer generation is the largest wealth transfer in history going to half as many people, and why most of them are unprepared.
- David's definition of estate planning and why it's more of a life plan and not a death plan.
- How you can add purpose to your estate planning by creating an opportunity transfer instead of a wealth transfer.
- Defining the 7 principles of Entrusted Planningā¢ and how investors can identify them.
- Three questions that children, especially of high net worth families, should know the answers to before transferring wealth to them.
- Some words of caution for incorporating generosity, foundations and charitable contributions in your estate plan.
- David's thoughts on AI, ChatGPT, online resources, trust accounts and how to use them for various estate planning needs.
Show Notes:Ā Howardbailey.com/410
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Transcript
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| 0:00.2 | So while I think it's important in our estate planning to align purpose with planning, |
| 0:04.7 | I think it's really about a step more than that, which is, okay, let's come up with a life plan. |
| 0:09.6 | Because in all likelihood, you know, if you're in your 30s, 40s, 50s, even 60s, you're going to probably live for the next 20, 30, 40 years. |
| 0:18.1 | So maybe instead of just creating an irrelevant binder that sits in the |
| 0:23.5 | back of your office collecting dust, maybe we come up with a vision and plan for your wealth |
| 0:28.8 | that you incorporate now. And then the estate planning simply becomes an extension of that. |
| 0:34.4 | Thank you. of that. |
| 0:44.1 | Welcome to the Retire with Purpose Podcast. |
| 0:49.0 | My name is Casey Reid, where it is my mission to deliver clarity and purpose and elevate meaning in your life. |
| 0:50.5 | Now, we do that in a couple of different ways here on the Retire with Purpose podcast. |
| 0:53.8 | If you're new to the show, you will see that we do it a little differently. We're not just here to talk about financial topics. We want to talk about some of those more meaningful topics, the softer side of retirement as well. And we do that by doing long-form interviews with you, like we're going to be doing here today, long-form |
| 1:11.3 | interviews with world-class guests that we bring to you every other Monday. And then every Friday, |
| 1:15.6 | we're going to be discussing a trending topic in short form with you. And I hope that you're |
| 1:20.5 | a weekend reading subscriber. If you're a weekend reading subscriber, you are being asked to submit |
| 1:25.5 | questions to us prior to these interviews, and we're going to bring |
| 1:28.3 | those questions here into the interview. You're there to co-architect this interview there with me, |
| 1:33.8 | and we have many questions that I can't wait to get to today. We have questions from Michael, |
| 1:38.3 | Mark, Carolyn, thank you so much for submitting those questions. And if you'd like to have that |
| 1:42.4 | opportunity moving forward, all you have to do is |
| 1:44.8 | subscribe to that weekend reading email that hits your inbox every Friday, keeps you up to date on the latest |
| 1:49.5 | trends, as well as summaries and breakdowns of important articles to read over the weekend, webinars. |
| 1:56.5 | And if you've never subscribed before, we'll also send you a free digital copy of my Wall Street Journal bestselling book, Job Optional. |
... |
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