Ep 112 The Inheritance Playbook with Chad Holmes

Have you heard these inheritance myths? Myth #1: My parents don't need a will because everything will automatically go to me. Myth #2: Inheritance planning is only for wealthy families. Myth #3: I'll figure out the details after my parents pass away. In this episode, Chad Holmes will debunk these myths and reveal the truth about effective inheritance planning for adult children with aging parents. In this episode, you will be able to: Strategize now for smooth inheritance transitions later. Gift thoughtfully to make the most of your wealth. Streamline the transfer of your wealth efficiently. Open up about finances to secure your family's future. Engage long-term with advisors for enduring financial success. My special guest is Chad Holmes. Chad runs a boutique financial planning firm serving multigenerational families from all over the country that seek to minimize taxes and maximize legacies. As an expert in his field, his advice has been published in various outlets, including The Wall Street Journal. At Formula Wealth, Chad offers flat fee engagements as a fiduciary advisor—no products to sell or commissions to earn. Chad enjoys cooking, traveling, and spending time with his wife and daughters outside of work. Click the links below to discover more about Chad and The Inheritance Playbook Facebook: https://www.facebook.com/formulawealth/ Instagram: https://www.instagram.com/formulawealth/ LinkedIn: https://www.linkedin.com/in/chadholmesformulawealth/ Website: www.formulawealth.com The Inheritance Playbook Website: www.theinheritanceplaybook.com The key moments in this episode are: 00:00:02 - Introduction 00:01:11 - Role of a Certified Financial Planner 00:02:30 - Why Chad Wrote "The Inheritance Playbook" 00:04:00 - Understanding Probate 00:06:25 - Finding Important Documents 00:15:44 - Maximizing Wealth for Future Generations 00:16:41 - Why Wait Until Death to Pass on Wealth? 00:18:26 - The Joy of Giving and Receiving 00:19:58 - Disclaiming an Inheritance for Tax Efficiency 00:23:14 - Finding the Right Title for the Book 00:31:31 - Letting the Markets Do Their Thing 00:32:49 - Transitioning to a Stay-at-Home Dad 00:33:41 - Taking a Risk and Pursuing Entrepreneurship 00:34:11 - Unfolding Paths and Authenticity 00:35:22 - The Inheritance Playbook