Protect Your Family, Mitigate Taxes and Preserve Your Wealth with Patrick Hicks and Mani Mahadevan

All the Hacks with Chris Hutchins

Chris Hutchins

Business, Education, Investing, Society & Culture, Places & Travel, Self-improvement

4.7 • 1.4K Ratings

🗓️ 22 June 2022

⏱️ 92 minutes

🔗️ Recording | iTunes | RSS

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Summary

#62: Estate Planning experts Patrick Hicks from Trust & Will and Mani Mahadevan from Valur join me to discuss all the fundamentals of estate planning and what you need to do to protect yourself and your family. We also dig deeper into advanced tactics commonly used by high net worth families to mitigate taxes, grow their savings and preserve their wealth for the future. Patrick Hicks, J.D. LL.M. is Head of Legal with Trust & Will, serving as their General Counsel overseeing all attorney-related operations, including regulatory efforts and legal affairs. Mani Mahadevan is the Founder and CEO of Valur a company created to help entrepreneurs and investors keep more of their hard-earned gains. Full show notes at: https://allthehacks.com/estate-planning-patrick-hicks-mani-mahadevan Partner Deals Vuori: 20% off the most comfortable performance apparel I've ever worn Athletic Greens: Free 1 year supply of Vitamin D and 5 free travel packs Trustworthy: 20% off The Family Operating System® Daffy: Free $25 to give to the charity of your choice Gelt: Skip the waitlist on personalized tax guidance to maximize your wealth Selected Links From The Episode Connect with Patrick: Twitter | Instagram | LinkedIn | Website Connect with Mani: Twitter | LinkedIn | Website All the Hacks Newsletter: Protecting Your Family with Estate Planning (what you need to know and do) Trust & Will: Get 15% off any estate plan at Trust & Will Valur: Get 3 months of trust administration free when you mention All the Hacks during signup Valur Blog Posts Valur Charitable Remainder Trust Guide Tax Planning Guide for Employees Save on taxes even if you have already realized your income Valur Crypto Tax Planning Guide Trusts 101 Full Show Notes Three core functions of a will and who needs one (1:34) Patrick describes the process that happens when a person passes away without having a will (04:37) Two types of debt and what happens to your liabilities when you pass away (09:00) The core difference between an estate plan and a will (10:53) Common documents found within healthcare documents, the nuances of creating them, and in the case of becoming incapacitated, potential problems of not having one (12:07) Benefits of a revocable living trust and how they compare to a will (16:42) The probate process, time frame, and general expenses involved (19:59) Circumstances to consider when choosing to use a service or online template vs hiring an attorney (25:16) More benefits of choosing to set up a trust (29:10) Administrative and financial responsibilities and requirements of a trustee (30:48) Conversations with the people you’ve chosen to manage your estate plan (37:04) Updating your estate plan (38:58) Trustworthy storage of your important documents (40:09) Patrick’s tips, tricks, and hacks on protecting your family in the event of your death (41:30) Chris shares the deal that Trust & Will has for All the Hacks listeners (44:29) Overview of tax and estate planning (46:20) Explanation of charitable remainder trusts, how they’re beneficial to charities, and how to make the tax benefits work for you (49:43) Two investment restrictions and the downside of investing in charitable remainder trusts (54:48) Minimizing estate taxes by using GRATs (grantor retained annuity trusts) in your estate planning (58:02) Avoiding taxes in a high-income year (1:04:26) Tax opportunities and other benefits of using ILITs (irrevocable life insurance trust) (1:11:30) Chris shares advice about life insurance (1:13:41) Three categories of estate planning tactics (1:16:17) Using stretch IRAs, implications of the Secure Act, and finding and using technology to take advantage of opportunities (1:19:25) Ways that Valur is trying to make estate planning more accessible and affordable (1:25:01) Connect with All the Hacks All the Hacks: Newsletter | Website | Facebook | Email Chris Hutchins: Twitter | Instagram | Website | LinkedIn

Transcript

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1:02.4	Money.
1:05.7	Hello and welcome to another episode of All the Hacks, a show about upgrading your life
1:10.9	money and travel.
1:12.6	I'm your host Chris Hutchins and I'm excited to have my first two interview episode today.
1:17.7	We'll first talk about a state planning with Patrick Hicks, a lawyer who recently became
	...

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