Episode 13 - Building Generational Wealth Through Proper Estate Planning

In this episode, Malcolm Ethridge sits down with Elsa W. Smith, founder of the Law Offices of Elsa W. Smith, as they discuss the role that proper estate planning plays in maintaining generational wealth. The duo discuss the importance of planning now and keeping your documents up to date. The pair offer some advice on having the estate planning conversation across generations to make sure that everyone is on the same page.

It’s said that that 70% of families lose their wealth when it’s passed to the second generation, and 90% lose their wealth by the third. Malcolm and Elsa discuss the differences between a will and a trust, why you might want to have both, and what happens when a family does not create a plan and is forced to go through the probate process.

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