Sept. 21, 2022

How to Preserve Generational Wealth


Who would you hand your financial assets to after you’ve passed away? Ever wonder? Perhaps your loved ones. But have you planned it properly?

Explore your options and make the transfer of your wealth as smooth as can be, after life bids you goodbye, in today’s episode of Go Money. Our star topic for today is ‘revocable trusts’, but we’ll also discuss ‘wills’ and the differences between the two. Learn how to create them, the resources you can use for help in doing that, and leveraging them for better flexibility and tax benefits on your legacy wealth.

Since just about 33% of Americans, including celebrities and wealthy superstars, have created their own revocable assets (as per survey), I’m aware of the lack of awareness the majority of us have around it. So, I’ll cover most, if not all, of its benefits (the tax benefits are incredible!), and steps-to-caution to ensure you’ve checked the must-have points before handing over your wealth to the next person. Plus, always remember, a revocable living trust can be changed in the future, so it doesn’t have to be a freezing one-time decision. Stay tuned!

Tablecloth Finance, your hub for all things financial, brings you this informative and adventurous episode. Tune in and take the first step towards making your global dreams a reality!

“It’s unfathomable to think that you work so hard, and then (when) you leave, it’s sort of up to the state to make a decision of what happens to your assets. And ultimately, in some cases, if you don’t have any family members, those funds simply go back to the state. At the very least, you should take that initiative right now, to make that document to create that document to protect both yourself, your assets, and your family.

Listen to “How to Preserve Generational Wealth” on Spreaker.

What we discussed

  • (00:53) What are wills? + Why I’m an advocate of creating wills
  • (01:24) Creating a revocable trust: What’s the intention behind creating a revocable trust? How is it different from a will?
  • (04:33) The tax benefits of revocable trusts + Why it’s hard to create one
  • (05:09) Deciding your trustee for your revocable trust: Who would you delegate the power to make your own decisions? How would you take your trust forward in the absence of one trustee?
  • (09:28) Handing your financial assets over to your children: What is the best age for your children to be able to then have access to your trust?
  • (11:34) Companies/resources to help you with your revocable trust : How to make your revocable trust creation process easier.
  • (15:26) How to decide if a revocable trust is what you need
  • (16:44) Why I recommend having both a will and a revocable trust + why you should get your documents notarized
  • (18:07) The alarming percentage of people who don’t get their documents notarized + why you need to take notice!
  • (19:17) The least money it’ll take for you to create your own trust.

Things to remember:

1. A revocable trust can provide you with more tax benefits than a will. It can also be changed over time.

2. Deciding on a trustee for a revocable trust can be difficult; it’s important to have the estate and assets accounted for, and to choose a trustee who has the best intentions and won’t upset others.

3. A living trust can be created online, but it’s important to consider the ramifications of each decision made and to notarize and store the documents safely.


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