After your death, is it your responsibility to leave everything, your money, and estate to your children?
In the third episode with Dave Zook, he discusses how he approaches building lasting legacy in his family. Additionally, Gary explains the difference between wills and inheritance and how the rich and the famous handle them. He also took some time to demystify trusts as a legacy tool and discuss advice Kim Butler has in her book Perpetual Wealth for discussing money with family.
Highlights
- Attending the Elevate Investor Conference. – 0:20
- What are they?: Wills and trust and how you can put them in place to be successful. – 3:16
- The two kinds of trust. – 9:30
- Are trusts good asset protection vehicles? – 12:03
- Difference between trusts and wills. – 13:01
- Believing Bill Gates and Warren Buffet: The goal of leaving your children with enough to do anything they’d like, but not nothing. – 17:25
- The greatest gift you can give your children is your own independence. – 19:33
- Having a casual and comfortable conversation with your children about money teaches them to be reasonable with their conversations. Not bragging and not making somebody else feel bad. It should not be forbidden to talk about money. – 21:56
- Is it fair for your children to distribute your money to charities? – 22:28
- Your family may or may not have a philanthropic focus. It is something to consider as charitable giving can do so much good, not only in the world but in your family as well. – 23:42
- Legacies go far beyond dollars and far beyond our lifetimes: Kim’s thoughts about preserving legacies in your family. – 26:01
- What wisdom and lessons learned can David pass along to the new generation? – 28:12
- Preparing his children to real-life, entrepreneurship, and capitalism: Raising teenagers that are capable and have the right mindset. 28:51
- Setting up milestones: Encouraging his children to have different goals that they want to achieve. – 31:26
- What five years from now will look like? – 32:59
- How people can reach Dave. – 33:39
Links and Resources from this Episode
- Perpetual Wealth by Kim Butler and Kate Phillips
- The Master Key System
- https://entrustedplanning.com/
- Connect with Gary Pinkerton
- https://www.paradigmlife.net/
- gpinkerton@paradigmlife.net
- https://garypinkerton.com/
- Connect with Dave Zook
- https://www.therealassetinvestor.com/
- info@therealassetinvestor.com