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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

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