Tag: legacy planning

Why the Rich Get Richer: Inside the Hilton Family Office with Mark Hilton (Episode 50)

Why the Rich Get Richer: Inside the Hilton Family Office with Mark Hilton (Episode 50)

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Summary: In this episode of Wealth on the Move, host Will Hoffman speaks with Mark Miller, managing director of the Hilton Family Office, about the strategies and mindsets that have allowed the Hilton family to build and preserve their wealth across generations. They discuss the differences between retail and smart money investing, the importance of a long-term mindset, and the shift from traditional pension plans to 401(k)s. Mark shares insights on legacy planning, the significance of education for future generations, and how to structure investments for safety and growth. The conversation emphasizes the need for individuals to take responsibility for their financial futures and the value of understanding wealth management principles.

Resources: 

Takeaways:

  • The smart money operates with a long-term mindset.
  • Investors should focus on safety and security over chasing returns.
  • Education is crucial for passing wealth to future generations.
  • The average baby boomer is retiring with insufficient savings.
  • Wealth building is a personal responsibility.
  • The Hilton family prioritizes safety in their investment strategies.
  • Long-term thinking can lead to better investment outcomes.
  • Investments should be structured to minimize downside risk.
  • Family education on wealth management is essential.
  • Time is a key factor in building and preserving wealth.

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Mark Miller and Hilton Tax & Wealth Advisors are not affiliated with Hoffman Wealth Management and Private Advisor Group.

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Navigating Estate Planning with Ashley Sharek (Episode 9)

Navigating Estate Planning with Ashley Sharek (Episode 9)

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Summary: In this episode of Wealth on the Move, host Will Hoffman interviews estate attorney Ashley Sharek, who discusses her innovative approach to estate planning. Ashley emphasizes the importance of follow-through in legal processes, the significance of comprehensive planning, and the unique challenges faced by families, especially those with minor children. The conversation also covers the complexities of domicile issues for snowbirds and the probate process, providing valuable insights for listeners seeking to navigate estate planning effectively. In this conversation, Ashley Sharek and Will Hoffman delve into the complexities of estate planning, focusing on the probate process and the advantages of utilizing trusts. They discuss the public nature of probate, the costs associated with it, and the importance of planning ahead to avoid potential pitfalls. The conversation also highlights the significance of community engagement through educational events that aim to demystify estate planning for the public.

Resources:

Takeaways:

  • Ashley Sharek emphasizes a heart-centered approach to estate planning.
  • Many law firms focus on transactional experiences rather than comprehensive planning.
  • Domicile determines where a person is considered a resident for legal purposes.
  • Probate can be avoided with proper planning, not just a will.
  • Flat fee structures can alleviate concerns about unexpected legal costs.
  • Follow-through is crucial for effective estate planning.
  • Families with minor children need a kids protection plan.
  • Medical directives and financial powers of attorney are essential documents.
  • Education is a key part of Ashley’s process with clients.
  • Regular reviews of estate plans are necessary to ensure they remain effective. A will only provides a roadmap for asset distribution through probate.
  • Probate can be a lengthy and costly process, often taking one to two years.
  • Many people have negative experiences with probate, leading them to seek alternatives.
  • Revocable trusts can help avoid probate and provide privacy for families.
  • Irrevocable trusts serve specific purposes, such as protecting assets from nursing home costs.
  • The costs of probate can range from 5% to 7% of the estate’s value.
  • Community events can provide valuable education on estate planning.
  • Planning for the future is essential, even if it seems unexciting.
  • Understanding the differences between revocable and irrevocable trusts is crucial.
  • It’s important to seek professional advice when considering estate planning options.

 

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