459: An Estate Planning Alternative: Pros and Cons of a Living Inheritance
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 564 Ratings
🗓️ 27 September 2024
⏱️ 19 minutes
🔗️ Recording | Apple Podcasts | RSS
🧾️ Download transcript
Summary
If you're a parent, do you plan to leave your child/children an inheritance? While generally, this wealth transfers upon your passing, another option to consider is the concept of a living inheritance.
In this episode, we discuss:
- The impact of a living inheritance
- Why you need to have open dialogue about your estate plan with children
- How to strike a balance between transferring wealth today and in the future
- Gifting tax considerations
Today's article is from WealthManagement.com titled, Pros and Cons of a Living Inheritance. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade, breaks down the article and provides thoughtful insights and advice on how it applies to your unique financial situation.
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Show Notes: Howardbailey.com/459
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Transcript
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| 0:00.0 | So you're a parent, and as a parent, you want to help out your children. |
| 0:03.4 | Maybe you don't just want to help out those children once you're gone, but you want to help them out while you're alive as well. |
| 0:08.9 | Today, we discuss the pros and cons of a living inheritance. |
| 0:28.2 | Hey, Casey Weed here, and it is my mission to deliver clarity in purpose and elevate meaning in your life. |
| 0:32.4 | How do we do that here on the show? If you're new to the show, I want you to know what to expect. |
| 0:35.3 | If you've been here for a while, well, you've already heard this before. |
| 0:41.1 | Fast forward 15 seconds. And I think you're going to get the content that you're looking for because the conversations we have, they don't just happen around the financial realm. |
| 0:44.1 | We talk about the non-financial and financial aspects of your life, specifically around |
| 0:48.8 | this time frame of retirement, this retirement transition, things you should be thinking |
| 0:53.4 | about before and after |
| 0:54.9 | this transition, both with having some world-class guests come on the show, discuss their |
| 1:00.9 | unique areas of expertise, but then also we like to bring to you some trending topics, |
| 1:05.9 | trending articles, trending blog posts, and have conversations around those with you |
| 1:09.9 | every single Friday in short form. |
| 1:12.4 | That's what we're going to be doing today. |
| 1:14.2 | So the content today comes from a great article that we're going to be sharing in depth with you. |
| 1:19.6 | And this article was shared with you initially as part of our weekend reading for retirees email series. Now, what is that? That's an email that |
| 1:29.4 | hits your inbox every single Friday, and we curate that email. We go out, we find the best |
| 1:35.8 | trending blog post, news articles, the latest in investment trends, what's going on in the stock |
| 1:42.1 | market, both the non-financial and financial, of course. |
| 1:44.8 | And we put those four articles in your inbox, summaries, takeaways for myself, but you |
| 1:49.5 | have to get this resource not to just stay up to date, make better decisions around your finances, |
... |
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