As companies keep beating earnings estate tax bills become larger.
GRATs can be very powerful in removing future appreciation of stocks from your estate.
Blind faith in AI is scary.
If ChatGPT and Claude can’t get a basic mudroom bench cut list and directions correct 100% the first time every time after I tell them exactly what I want, how are you supposed to trust it with someone as complicated as legal issues?
Asset protection should be apart of your investment process. Not sure when or what questions to ask? Check out this podcast I released for some guidance to learn a basic framework.
https://t.co/mQaLxYBvVe
I have noticed a lot of financial professionals talking about estate planning recently.
This is fantastic, and much overdue.
But be careful that it isn' t just a talking point.
If you are an advisor, make sure you practice what you preach!
When I am meeting with higher net worth clients there is often a lot that needs to be done.
It can be overwhelming which is why it is often ignored just to continue to compound.
Knowing what to focus on when is a big part of why my clients work with me.
Going to see this more often.
Just this past month I had a number of my clients run their documents through an AI software.
AI is only as good as your prompt. When you blindly trust AI with bad prompts and no means of verifying the results this will happen
If your lawyer is still putting together Document boards, operating off the hard file, and doesn't have a CRM you should probably fire them immediately.
My kids will be trust fund kids.
And not in the way you might think.
It means when my wife and I pass, they'll receive their inheritance thoughtfully.
With guardrails to keep them on track, and trusted people I've selected to guide them when I'm gone.
Although I hope to be here a long time and to see my kids and grandkids grow . . . I cannot guarantee that.
What I can do, is show them how much I love them and give them the best opportunity for success regardless of what happens tomorrow.