Today's episode is all about inheritance. How do you think through it, especially if you're going, hey, I don't want to play on it for my retirement, but I also know there's tax implications if I get money a certain period of time, but I know it depends on when I inherit that. And so I'm going to clear up all of this for you guys today. I'm going to start the episode with a story. I always want to make sure that I'm making content that resonates with you guys. As I've mentioned before, I listen to a lot of podcasts.

And I don't like fluff content. And oftentimes if someone who's a podcaster is like, hey, here's our announcements for the week. Like, I know me. And I'm just like, great, let me skip this to get to the content. I want to listen to. So I try as much as possible to not make any skippable content or skippable announcements so that you guys are listening to the whole show.

I want it to be as impactful as possible for you.

So I'm going to start with the story.

Then I'm going to go through the reviews of the week, the hate of the week or the interesting comment of the week, as I mentioned a few weeks ago.

And then I'm going to go through those different laws and changes

that might impact you. So if you have, you know, inheritance that you think might come in next few years, if you think it might be 10, 15 years, if you go, hey, I've got an inherited account right now and I just don't know what I should do. I am going to answer those questions. I just want to tell you this story so you can understand where I'm coming from and how I approach it with clients.

So the way I want you guys to understand. to answer those questions. I just want to tell you this story so you can understand where I'm coming

from and how I approach it with clients. So the way I want you guys to understand this is a child of a

client came to me. They said, Ari, I heard your episode on inheriting accounts before. I did one

a while ago. And they said, I'm really worried because, you know know my father's your client and he's invested

really well and I'm just really worried I said why are you worried and he said well I'm worried

because if I inherit these dollars I think I have to pay taxes on them I go that's partially

true based on the type of account Roth pre-tax, but why are you even telling me this at all?

They go, well, I'm telling you this because I think I'm going to quit my job. I said, why are you going to quit your job? And by the way, guys, I know my clients very well. I know this child very well, it was kind of out of left field kind of a thing. So I said, why are you going to quit your job? They say, well, I'm going to quit my job because I don't love it.

I go, that's not why.

You told me that you really want to be to quit my job because I don't love it.

I go, that's not why. You told me that you really want to be a physician, and so I don't believe you. They said, okay, fine. The reason I'm quitting my job is because you said on the podcast that if something happens, I'm going to be paying taxes on these dollars. I said, okay. They said, well, you know, I'm going to be a physician, and I'm going to

be in a really healthy tax bracket. I'm here in California, just like you, and, you know, we're getting crushed. And so because of that, I don't want everything my father worked so hard for to get taxed at the highest possible tax rate. I said, okay, let's stop right there. Are you telling me, you're no longer going to become a physician because your father invested well? They go, yes, I go, that's not logical. They go, Ari, I know that. I can't imagine this is the first time a client's approach you with something like this. This is not about logic. This is about the fact that my father is not from this country, invested really well, did all the right things, and I don't want him

paying more than he needs to in taxes. I said, okay, I need to think about an example to illustrate this for you. They go, all right, I don't care what logic you tell me. This is, it's not going to resonate. I don't want to be a physician. I said, okay, so the point of this story is not to scare all of you, but there's a risk of investing too well, where now all of a sudden a child

alters their future. Now, we had a long conversation, the child is still going to become a physician, and we're going to be doing good tax planning. This is before we discuss that. So they're going to be fine, and they're not switching their career. But the point here is I say there's the risk of bad planning and the value of good planning. Many of you know this, but my parents were burned by multiple advisors. And that's why I am an advisor. And if you're not doing it well, meaning just financial planning in general, children might take a whole other position that they don't even want to take. They might not work. There's a risk if you invest so well that your children go,

well, I don't need to work. I'm going to be fine. There's another risk where you don't give them enough while they're still alive when you can actually help them. And now you pass away with $20 million. So there's, of course, a balance to be had here. The point of the story is I don't want you to invest so well that you now alter what your children were going to do. Now, it's very

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