Welcome back to another episode of The Richer Geek Podcast! Today, Mike is joined by Paul Deloughery, a seasoned attorney with 25 years of experience in probate and trust law. Paul is the author of Lasting Wealth: A Revolutionary Method of Family Wealth Transfer and Probate Made Simple.

Paul’s journey into the realm of probate law is deeply personal. After facing the challenges of managing an unexpected inheritance without proper guidance, he recognized the profound need for expert legal support during critical times. This experience inspired him to create Probate Made Simple and shaped his philosophy of offering compassionate, clear, and personalized legal assistance.

In this episode, we’re discussing…

• Lessons from Losing Millions: Paul’s journey from inheriting $28M to losing much of it, and the valuable insights he gained along the way.

• The Realities of Probate Litigation: Why even well-drafted trusts and wills can lead to family disputes and court battles.

• Family Wealth Transfer Myths: Understanding the "shirt sleeves to shirt sleeves" phenomenon and why most financial windfalls don’t last.

• Essential Probate Planning Tips:

     - The importance of clear communication with beneficiaries.

     - How to build trust and prevent disputes before they arise.

     - Why documentation is necessary but not sufficient for a smooth wealth transfer.

• Breaking Generational Wealth Cycles: Steps families can take to ensure long-term financial stability and harmony.

Resources from Paul

LinkedIn | Sudden Wealth Protection Law | Lasting Wealth: A Revolutionary Method of Family Wealth Transfer | Probate Made Simple 

Resources from Mike and Nichole

Gateway Private Equity Group |  Nic's guide