WCI #135: Estate Planning with Daniel Kesten
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.9 • 2.3K Ratings
🗓️ 5 December 2019
⏱️ 77 minutes
🧾️ Download transcript
Summary
Daniel Kesten, an estate planning attorney and a speaker at the WCICon 20 in Las Vegas in March, is our guest on this episode. We have a great discussion concerning everything you need to know about getting started with your estate planning. See the full transcription here https://www.whitecoatinvestor.com/classic-blog/. Do you need a lawyer or can you do it on your own? If you need one, how do you find the right estate planning lawyer? We talk about pros and cons of probate, wills versus revocable trusts, the five fundamental decisions to make when formulating your estate plan, and other ancillary documents you may need. We get into tax topics like gifts taxes, estate taxes, generation-skipping transfer tax, state estate taxes, and inheritance taxes. We discuss whether you need a life insurance trust, reasons to make lifetime gifts, step up in basis, and why repealing of the estate tax could be bad for doctors. Daniel really gives it to us straight. You will know the next step you need to take in your estate planning after listening to this episode. Daniel is going to be a great addition to the White Coat Investor Conference March.
Getting quality disability and life insurance should be the first financial chore for a doctor to complete. Most docs don't have the ideal policy for their gender, specialty, state, or health status and 1 in 7 doctors get disabled at some point during their career. Because these policies can only be purchased through brokers, we have put together a list of vetted agents who are experienced with working with the specific needs of medical professionals and who have your best interest at heart. If you have questions about insurance and what kind of policies would be the best fit for you, check out our insurance recommended list at https://www.whitecoatinvestor.com/insurance and feel the peace of mind that comes with knowing you have the optimal policy in place. You can do this and The White Coat Investor can help.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
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Transcript
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| 0:00.0 | This is the White Coat Investor Podcast, where we help those who wear the white coat get a fair shake on Wall Street. |
| 0:06.0 | We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011. |
| 0:12.0 | Here is your host, Dr. Jim Dolly. |
| 0:15.0 | This is White Coat Investor Podcast number 135 estate planning with Daniel Keston. |
| 0:23.0 | Getting quality disability and life insurance should be the first financial chore for a doctor to complete. |
| 0:28.0 | Most docs don't have the ideal policy for their gender, specialty, state, or health status, and one in seven doctors get disabled at some point during their career. |
| 0:36.0 | Because these policies can only be purchased through brokers, we put together a list of vetted agents who are experienced with working with the specific needs of medical professionals and who have your best interest at heart. |
| 0:47.0 | If you have questions about insurance and what kind of policies would be the best fit for you, |
| 0:51.0 | check out our insurance recommended list at white code investor.com |
| 0:54.3 | slash insurance and feel the peace of mind that comes with knowing you have the |
| 0:58.0 | optimal policy in place. You can do this and the white code investor can help. |
| 1:02.0 | Our quote of the day today comes |
| 1:04.3 | from Stanley and Danko. You remember they're the authors of the millionaire |
| 1:08.4 | next door and they said our research has found that positions in general do not tend to be wealth accumulators. |
| 1:15.1 | And that's mostly because we spend too much. |
| 1:17.8 | There is a course on sale right now that you should know about, particularly if you have interest |
| 1:22.4 | in real estate. This is a course that will teach you |
| 1:26.3 | how to invest directly in real estate. This is different from Peter Kim's Passive Income |
| 1:31.1 | MD course that's all about passive income. This one is called |
| 1:35.1 | zero to freedom through cash flowing rentals and it's put together by two docks |
| 1:39.7 | Latizia Alto and Kenji Asakura who have been extraordinarily successful in investing directly in real estate. They've got a number of doors that they have purchased and basically, you know, replaced their physician incomes and became financially |
| 1:53.9 | independent very, very quickly through cash flowing rentals. |
... |
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