June | 2021 | The Tech Money Podcast

Did you know that 70% of families lose their wealth by the second generation, and 90% lose wealth by the third?

There are actionable steps you could be taking to avoid this from happening.

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.

Elsa discusses:

What led her to create the Law Offices of Elsa W. Smith and how she found a passion for estate planning
The differences between a will and a trust, and why you might want to consider having both
What happens in the probate process and how you can avoid it
How to make sure your trust is properly funded
Bringing multiple generations into the estate planning conversation
And more

Connect With Elsa W. Smith:

About Our Guest:

Elsa W. Smith is the founder and principal of the Law Offices of Elsa W. Smith, LLC. Elsa focuses her practice on wills and estate planning and startup business consulting. She counsels individuals, families and business owners in the creation of wills, trusts, financial powers of attorney and advance directives. In addition, Elsa assists small and emerging businesses with contract drafting and review, corporate organization, drafting business policies, expansion and growth consultations, and business succession planning.

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When it comes to your 401(k) plan, you want to keep your hands off for as long as possible. The longer those funds can compound and grow, the better.

In this episode, Malcolm Ethridge speaks about his recent blog that left a few people uneasy about the message he was getting across. Malcolm discusses why he believes that you should not be borrowing from your 401(k) and what could happen if you do.

In this episode, we discuss: