The Inheritance Playbook with Chad Holmes

In this episode, Kelly sits down with Chad Holmes, a certified financial planner and certified public accountant, and author of "The Inheritance Playbook: Helping Your Parents Pass the Torch, Not the Tax." Join them as they delve into actionable steps to help aging family members avoid unnecessary taxes and make their legacies last longer.

Chad provides insights on minimizing taxes and probate, offering case studies to illustrate strategies for tax-efficient inheritance. He emphasizes the importance of open communication between generations and offers practical advice for planning for care to live well. Tune in to gain valuable insights into estate planning and the wealth management process in a multi-generational context.

In this episode they covered:

🔹 Actionable steps to help aging family members avoid unnecessary taxes and make their legacies last longer.

🔹 The need to examine family finances from a multi-generational perspective.

🔹 Contrast between individual-focused financial planning and multi-generational planning for prolonged family legacies.

🔹 The importance of asking family members specific questions to identify critical information related to their estate and finances.

🔹 Emphasis on the need to know assets, debts, ongoing payments, and the existence of essential documents.

🔹 Having a roadmap to access this critical information.

🔹 Practical tips such as keeping cell phones active to facilitate access to important account verification codes.

🔹 The significance of considering the tax bracket and source of income to optimize charitable giving and minimize taxes

Connect with Chad Holmes and for more information on "The Inheritance Playbook: Helping Your Parents Pass the Torch, Not the Tax." message Chad through LinkedIn (https://www.linkedin.com/in/chadholmesformulawealth) or visit: www.FormulaWealth.com
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➡️ Watch to this podcast: https://youtu.be/lOj6Boo0erU

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Come back next time for more helpful guidance!

Chapters

• 0:05 Introduction
• 1:44 Multigenerational Financial Planning
• 3:10 Taxes and Probate are Legacy Wreckers
• 6:26 What questions should we ask our family members to identify critical pieces of information?
• 9:20 Why not turn loved ones cell phone off right now?
• 10:29 You are their estate's representative, and so you have the right to have that cell phone.
• 10:55 The tax solutions that are available to minimize those taxes in probate.
• 11:48 Capital gains taxes, IRA's, how to satisfy the RMD, which is the required minimum distribution, and minimal taxes.
• 13:12 Tax solutions for charitable donations case study wrap up.
• 15:00 Multi-generational lens for financial and tax planning to maximize family wealth retention.
• 16:35 Most people just pay the taxes and do go through probate and aren't even aware that they could have Googled something, or read this book.
• 17:53 People want their investment returns to bring in 15% - 20% and no advisor can guarantee that. But tax planning strategies can do that.
• 18:33 Advice on how people can plan for care to live well.
• 18:39 Open communication between generations as critical for multigenerational wealth preservation.
• 19:48 Conclusion and how to contact Chad Holmes via www.FormulaWealth.com