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The Wealth Transfer Crash: Why Traditional Estate Planning Isn't Working
Released on Wednesday, March 17, 2021•ESTATE PLANNING
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.
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.
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