Richard Durfee. Jr. (Rick), is the senior attorney at Durfee Law Group, PLLC, and has been practicing law since 1988. Based in Mesa, Arizona, the firm represents clients all over the US for all levels of estate planning, asset protection, business and charitable planning, and probate, from simple wills and trusts to complex dynasty planning for the ultra-wealthy. Mr. Durfee has a unique family-centered approach to planning especially focused on growing and preserving multi-generational tax-efficient wealth, and protecting the family. His motto is "Live Well, Leave a Legacy". To that end, the law firm has a 500-year plan so that families with such dynasty planning can have the legal help they need to thrive for generations to come.
Probate is almost never voluntary. It is compelled. Why is probate necessary, asks Rick Durfee, principal and founder, Durfee Law Group, PLLC?
Our nation is on the verge of the largest transfer of wealth from one generation to the next in history. Sadly, only about 50% of the wealth makes it to generation two, and only about 10% makes it to generation three. The wealth either gets hijacked and does not arrive at the intended destination, or it crashes and burns instead of landing safely. Troubles such as divorce, lawsuits, dependency, entitlement, addiction, and dysfunctional relationships are symptoms but not the cause. A crucial part of the wealth transfer mechanism is broken. There is a solution. Tune I to find out what the problem is and how to fix it.
We are on the verge of $30 - $68 trillion dollars passing from one generation to the next over the next few decades. As much as 70% of this wealth is lost at each generation, resulting in only 10% reaching generation three. Where does it go? Who gets it? What happens to the family? What can we do about it? Traditional approaches of divide, distribute, and dissipate don't work. Find out what does work and what you can do about it.
Rick Durfee is a preeminent attorney representing high net worth and high income clients throughout the U.S. and the world. Asset Protection has become increasingly necessary and also hazardous. Done wrong, it can cause more problems that it prevents. Common tools like offshore entities, asset protection trusts, and LLC's can put you in a bind and leave you exposed. You are either the master or the slave, your choice. Learn how to avoid getting hurt while protecting both your wealth and what matters most.