In this episode of the Gen X Collective Podcast, host Laurent Truc discusses the crucial topics of estate planning and succession planning with Tony Salgado, founder of AMS Wealth. They explore the importance of controlling your legacy, the differences between estate and succession planning, and the tools available for preserving wealth and minimizing liabilities. Key highlights include the significance of wills, the concept of trusts, the impact of taxes on wealth transfer, and strategies for involving the next generation in succession planning. Tony shares his insights on effective planning, common pitfalls, and best practices for ensuring a smooth transition of assets to future generations.

00:00 Introduction to Gen X Collective Podcast

00:42 Estate Planning and Succession Planning Overview

00:58 Meet Tony Salgado: Expert in Wealth Preservation

04:05 Defining Estate Planning vs. Succession Planning

05:45 The Importance of Control in Financial Planning

06:19 Involving the Next Generation in Planning

07:37 Key Considerations in Estate Planning

10:00 Tax Implications and Strategies

12:53 The Role of Insurance in Wealth Preservation

18:50 Trusts and Their Benefits

24:43 Navigating International Estate Planning

25:59 The Importance of Discussing Estate Planning

27:01 Tax Implications and Emotional Impact

28:09 Real-Life Estate Planning Challenges

29:43 Generational Wealth and Education

33:24 Start part two?

33:24 Starting Succession Planning for Business Owners

35:09 Fair Distribution Among Heirs

37:28 Preparing for Difficult Family Conversations

42:42 Steps to Begin Estate Planning

45:14 Revisiting and Updating Your Estate Plan

46:18 Final Thoughts and Contact Information