The SECURE Act went into effect on January 1, 2020. This changed how IRAs and 401ks and other qualified accounts can be inherited. The tax benefits are still great for retirement, but if you are leaving them to someone other than your spouse (such as if you are the last one to die) then things are very different now. The tax consequences could be huge. The old wisdom of maxing these accounts might not be the best for everyone. We explore this lightly in this podcast. It will be looked at again in detail in another episode.

Many of us are thinking about the New Year and our goals. This often comes with making New Year's resolutions. Sometimes these are successful and sometimes they aren't. We have a resolution for you. It's asset protection related, but fits really well into family governance. That is corporate governance. The business needs its own meetings. This is so the business is a person too. They exist to separate our business from us, but if you don't keep up with this... It won't protect you.

We hope that you had a happy holiday! It is a time when families come together and spend time together. It is also a time to reflect on the past year and to dream of the next one. Did you make your goals? Did your family members make theirs? What about those outside of your nuclear family? How can you help your family reach your goals? How can your family help you?

It might be hard to see what talents can be leveraged. Every family member has valuable talents. We'll talk about how living families can end the year and prepare for a successful next year.

The Family Prosperity Podcast covers the pros (and one con) of taking family oriented decisions seriously. The story of Mason's mom is used to illustrate how making family decisions and having roles gives people meaning and accomplishes important objectives.

Legacy wealth is something that requires the support of everyone involved. This is the only way that you can take care of the people and not just the money. It is a lot like a baby. The youngest child in the family. Everyone comes together to support it and raise it. So that it can take care of you and the others forever. There can never be a done for you solution. That will just save the money. This must be a done -with- you solution. Michael explains how this is done.

Mason talks about a few key variables that predict business transition smoothness and long-term outcomes.

Can you have too much transparency? Transparency is generally thought of as a good thing. We always want more of it. No secrets. We want it in government. We want it in business. We want it at home. But, do we really? Is it all good? Where are the limits? Transparency is a boundary you can see through. But it is still a boundary. How do you respect boundaries and keep information flowing? How can you do this? Are there unique challenges for family businesses and family wealth?

When you start thinking about how to protect your money, one of the first things you'll hear about is trusts. Attorneys and accountants may even go straight to trying to sell you a trust. There are some things that you need to know though. Trusts are not a one size fits all thing.

They are another one of those fictional people. You really can't do a trust without a little estate planning too. That was their original purpose. We'll discuss revocable trusts, self settled trusts, third party settled trusts, and even those foreign trusts. It can be confusing, but the basics will go a long way towards helping you understand where they fit in your plans. It will also help you figure out what fits best when you meet with your advisors.

You can also get a copy of my asset protection book at https://http://reddenlawoffice.com/apbook/

Mason covers 5 mistakes business owners make when making decisions in growing family businesses.

Wealth is the master of the wise man, but the master of the fool -Seneca

This is the heart of most unhappiness in life. It is the cause of most breakups and suffering. Does wealth control you? Wealth should be a tool. It should be something you use to achieve your goals. It is not the goal. If it is? If you are making decisions based on wealth, they often don't turn out the best. You are being foolish. That's why money is the #1 cause of divorce. Thats why you only think about how to control money so it doesn't ruin your kids. Think about experiences. Money provides opportunities. That's how you do it.