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Main Street Business

#430 Take Control of Your Legacy, Get Your Trust in Order

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4584 Ratings

🗓️ 25 May 2023

⏱️ 27 minutes

🧾️ Download transcript

Summary

To take advantage of our Annual Estate Plan Special and get $200 OFF your estate plan setup, visit https://kkoslawyers.com/estate-planning-special-2023/ (discount expires June 24th, 2023). On this week's episode, Mark and Mat discuss legacy planning for your business and assets. The topic of legacy planning is HUGE and all the podcast episodes this month will be dedicated to this topic. In this episode, Mat and Mark specifically cover the importance of a Trust and how it is inte...

Transcript

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0:00.0

The core foundation of it is your revocable living trust.

0:04.4

You all need to have one because we will all die someday.

0:08.0

And we want to have a legacy and a plan that carries forward what's going to happen to our business.

0:14.1

Those people that are going to pick up the pieces when you die.

0:17.3

It's not if, it's when.

0:18.3

That legacy piece is making sure that it's not wasted. It's not

0:22.2

lost to taxes or lawyers or disputes or fights. And so you can really craft a really cool

0:29.5

distribution plan for your wealth. Welcome everyone to the Main Street Business Podcast.

0:33.8

This is Matt Sorenton joined by my amazing co-host, Mark J. Kohler, on location,

0:39.2

beautiful Hawaii.

0:40.9

Maui, to be more specific here at the Brandon Turner, a better life event, original host of

0:47.9

Bigger Pockets and a lot of his crowd, tribe community has put together a big real estate event.

0:52.6

So I came here for work. It's miserable, but you know, you got to do what you got to do. Yeah. We had to send somebody. And so Mark drew the short straw. He's out there. You know, of course, Mark rocks the stage. We all know that. So, um, we send our superstar out there. But, hey, we are excited for this

1:13.1

month of podcasts. We're going to be talking about building a legacy. A lot of things that go into that

1:19.6

and one of the core pieces that we don't give a lot of attention to of the trifecta too.

1:24.3

This is a big piece. Many of you know the the trifecta we're going to give a lot of

1:27.5

attention to that this month i don't know how much mystery i want to put into this but that's what

1:32.5

we're going over building a legacy is there anything more important than that no it's it's and uh yeah

1:37.9

i think it's really a month that i want all of you if you're a regular listener if you want to share

1:43.5

this podcast with others or if you're catching regular listener, if you want to share this podcast with

1:44.5

others, or if you're catching this on YouTube, please share it with your friends, family,

1:48.7

business partners that it's not just about making money and this legacy piece is what's

...

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