Did you know that 70% of families lose their wealth by the second generation, and 90% lose wealth by the third?
There are actionable steps you could be taking to avoid this from happening.
In this episode, Malcolm Ethridge sits down with Elsa W. Smith, founder of the Law Offices of Elsa W. Smith, as they discuss the role that proper estate planning plays in maintaining generational wealth. The duo discuss the importance of planning now and keeping your documents up to date.
Elsa discusses:
- What led her to create the Law Offices of Elsa W. Smith and how she found a passion for estate planning
- The differences between a will and a trust, and why you might want to consider having both
- What happens in the probate process and how you can avoid it
- How to make sure your trust is properly funded
- Bringing multiple generations into the estate planning conversation
- And more
Related: How to Save for Retirement as a One Income Household