If you’d like a 43-minute crash course in estate planning, I recently recorded a podcast on “The Head and the Heart of Estate Planning.” Dr. Kirby Rosplock of Tamarind Learning Podcasts interviewed me, and we covered a wide range of topics. To listen to the podcast, click on this link.
The first half of the interview addresses technical and tax concepts. We then shift focus to the heart, or values-based aspects of estate planning. Here’s an overview of the topics we discussed:
“Head” Topics-
- Impact of recent tax legislation, leaving the door wide open (for now) for “squeeze and freeze” tools to avoid paying the 40% estate tax
- Recommendations for those owning complex assets or a family business, including the vital importance of “business succession planning”
- How to move assets out of your estate, yet retain control and preserve flexibility through powers of appointment and trust protectors
- Common mistakes, particularly the failure to update when changes occur, the risks from underplanning, and failure to create a Red File
- How to design an estate plan that will hold up over time, from generation to generation
“Heart” Topics-
- My journey into the “heart” side, especially as impacted by the unexpected death of my brother at age 65 and other wake-up calls I’ve experienced
- Overview of best practices from families who have successfully avoided “shirtsleeves to shirtsleeves in three generations”
- Tips on selecting trustees and executors
- The true story of a favorite family I’ve counseled who is a role model for building and passing down a meaningful legacy
- Single biggest piece of advice to families
We conclude the podcast with a “lightning round” where I answer questions including:
- What’s one book I recommend on estate and legacy planning?
- Biggest myth about estate planning?
- Is legacy something you build or something you leave?
- If you weren’t doing this work, what would your second act be?
I’m honored to report that as a result of my new connection with Dr. Kirby Rosplock, I have now joined the Tamarind Learning Education Council. Tamarind Learning Podcasts are available on Apple, Spotify, Amazon, and YouTube. The goal is to educate families on planning that will produce future generations of successful inheritors and wealth stewards.
After the recording, I thanked Kirby for the opportunity to share wisdom from my 50-year career as an estate attorney and CPA. Kirby kindly expressed surprise at my 70-year-old age and responded with a line that makes my day: “Marvin, you’re a 50-year-old 70.” That’s music to my ears, giving me hope that I have another 20 years of runway to continue doing this meaningful work.
Marvin E. Blum
Marvin Blum was interviewed by Dr. Kirby Rosplock of Tamarind Learning Podcasts about “The Head and the Heart of Estate Planning.”