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Big Picture Retirement®

Estate Planning Lessons from the Rockefellers and Vanderbilts

Big Picture Retirement®

Devin Carroll

Investing, Business News, News, Business

4.7546 Ratings

🗓️ 13 May 2024

⏱️ 27 minutes

🧾️ Download transcript

Summary

 

Are there lessons we should learn from the comparison of the Rockefellers and the Vanderbilts? In this episode, we look at the contrasting estate planning tactics of two of America's wealthiest dynasties. While both families amassed incredible fortunes, their legacies diverged significantly due to their different approaches to wealth management and succession planning.

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Transcript

Click on a timestamp to play from that location

0:00.0

The Big Picture Retirement Show does not provide tax, legal, or financial advice.

0:04.3

Listeners are encouraged to seek out their own advisors in these areas.

0:11.1

Everyone, welcome to the Big Picture Retirement Show.

0:13.8

I'm your host, Devin, joined today by John Ross, my co-host.

0:18.1

Howdy.

0:25.3

Yeah. We're also my co-host. Howdy. All right, John.

0:26.3

So we were texting back and forth yesterday, and you said, all right, I've got a good one.

0:32.0

We need to record.

0:33.0

Yep.

0:33.3

And so that's kind of how we create topics, right?

0:36.2

That's pretty much how we roll. Yeah. Hey, I got an idea. Let's talk about it. It's not as if we have this marketing director that's saying, here are the most search topics create your content around this. Right. It's just like, hey, this is something we want to talk about. And we think people might enjoy this. So tell me again what it was you were saying in that text message. Yeah. So I was like,

0:56.1

well, I've got a I've got a really cool thing. Uh, I want to talk about related to essentially the,

1:01.7

the, the how, how your efforts in estate planning will affect your legacy over time. And,

1:09.4

and as a, in, in demonstrating that, I think very clearly,

1:14.7

um, we get to do a comparison between John D. Rockefeller and Cornelius Vanderbilt.

1:20.2

Hmm. Two of the old names you think of when you think of the extremely wealthy people.

1:25.9

Well, and you know, it's interesting because we were,

1:29.6

last summer when our son was up in Schenectady, New York, we took a day trip and drove over to

1:37.7

Rhode Island, went to the Breakers. Yeah. Is it Road? Not Rhode Island. Wherever that is. Yeah.

1:43.2

Anyway, where the breakers is.

1:44.6

Yeah.

1:44.8

And that's a, that's, uh, you've got, uh, some of the old, um, the Biltmore estate. Yep. Um, you know, and, and some of those sort of things around there. I think that was their vacation home, uh, there as opposed to the big Biltmore. Right. but pretty opulent.

...

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