In today's episode, Tom is joined by estate attorney Alessandra Long where they discuss the importance of estate planning for financial security and peace of mind. Joins them as they explore the basics of wills, trusts, and essential roles like executor, trustee, and guardian. Tune in to learn more about estate planning and feel empowered to make informed decisions for your future.

Highlights
01:15 - Importance of Estate Planning
03:40 - Tax Day Coincidence
05:40 - Early Realization about Estate Messes
08:59 - The Hassles of Guardianship After Death
11:25 - Key Elements of an Estate Plan
12:50 - Healthcare Directives and Durable Power of Attorney
15:35 - Importance of a Living Will
19:35 - Comparing Will vs. Revocable Living Trust
22:34 - Mention of Testamentary Trust Pitfalls
26:51 - Benefits of a Pour-Over Will
31:45 - Role of Financial Advisors in Estate Planning
34:00 - Understanding the Important Roles: Executor, Trustee, Guardian
38:49 - Corporate Trustees and Professional Help
43:20 - Reviewing Estate Plan Every 3-5 Years
45:30 - Importance of Elderly Parents’ Estate Plans
51:20 - Emphasis on Getting Started Early with Estate Planning

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Alessandra Long
• aml@amlonglaw.com
• https://amlonglaw.com/

Call to Action
Schedule a Call with Tom

How to Listen:
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Joining Tom in an enlightening conversation with Becca Wilhite, an authorized infinite banking practitioner, as they explore the revolutionary concept of infinite banking. Becca shares her journey from skeptic to believer and delves into the intricacies of using whole life insurance policies to achieve financial freedom. Discover how infinite banking can empower you to take control of your finances, build assets, and unlock new possibilities. Tune in to learn how this unconventional approach to finance can transform your wealth management strategy.

Highlights
04:19 - “Dead on arrival” perception of whole life insurance.
05:46 - Light bulb moments during COVID research.
06:51 - The revelation: whole life insurance benefits.
09:30 - Misconceptions about debt and cash payments.
11:19 - Rethinking debt through the Infinite Banking lens.
16:48 - Skepticism of mainstream financial advice.
19:32 - Personal experience with Roth IRA vs. IBC.
20:55 - The average vs. actual rate of return.
23:39 - Sharing Infinite Banking with clients.
26:16 - Conversations with children about finance.
29:32 - The concept of generational wealth.
32:17 - The story behind "Beaver Bankers"
35:46 - Illustrating financial concepts through beavers.

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Becca Wilhite
• https://www.salientsolutionsibc.com/

Call to Action

• Schedule a Call with Tom

How to Listen:
Subscribe on Youtube
Listen on Spotify

Today, Tom offers a comprehensive exploration of the pros and cons of the Infinite Banking Concept. From tax advantages and guaranteed growth to asset protection and legacy planning, Tom breaks down the complexities of utilizing whole life insurance policies for cash storage and management. Discover how the IBC philosophy can provide stable capital storage, tax advantages, and legacy planning opportunities, while also navigating the upfront costs, qualification process, and potential complexities associated with this unique financial approach. Whether you're new to infinite banking or seeking deeper insights, join Tom as he sheds light on whether this strategy is the right fit for you.

Highlights

• 1:08 - Access to the Cash Value in Policies.
• 1:29 - Legacy Planning and its Impact.
• 9:46 - No Perfect Asset: Everything Has Pros and Cons.
• 10:02 - Cons of the Infinite Banking Concept: Higher Upfront Costs.
• 11:40 - Health Qualifications for Policy Approval.
• 12:45 - Complexity and Understanding Policy Design.
• 14:14 - Misconceptions about Whole Life Insurance as an Investment.
• 15:53 - The Risk of Policy Lapse and Required Discipline.

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

Call to Action
Schedule a Call with Tom

How to Listen:
Subscribe on Youtube

Subscribe on Spotify