The BoomX Show: Laws of Money

In this episode of The Boom(X) Show: Laws of Money , we explore the myths and realities surrounding one of the most hyped estate planning tools—the living trust. Our guest, a thought leader in planning and the creator of the Planning Profile Builder, shares insights on how many professionals oversell living trusts, particularly for asset protection, and why this approach could be flawed. Join us a...

In this episode of the BoomX Academy podcast, asset protection attorney Darol Tuttle joins Family Leaders to discuss the challenges faced by families with members who struggle with various issues such as addiction, disability, disease, ADHD, bipolar disorder, and autism. These individuals often face unemployment or underemployment, leading to unmet shelter and basic needs without familial support....

In this insightful episode of the BoomX Show Laws of Money Podcast, host Darol Tuttle and special guest Mayra Perez, a licensed sales agent specializing in Medicare Advantage plans with SelectQuote, delve into the intricacies of social security and Medicare retirement benefits. Key Topics Covered: Social Security Claiming Strategies: Mayra clarifies the various options for claiming social security...

The best place to express your desires for health care is within the four corners of a legal document, to wit: a health care power of attorney, advance directive, and a records release. Learn why in this episode and how you can create your own set of documents. You will also learn why care costs are so expensive and what that means for many patients. The reason the medical services industry is the...

Three wealth taxes are estate tax, capital gains tax, and a new concept: a tax on your investments. Regardless of what you call them, they erode your family's wealth. This episode looks at how one state, Washington, has enacted two new wealth taxes at a time when thirty states gave back to taxpayers.(See note below). Learn how federal and state taxes on wealth work, and how to leverage the exempti...

In this episode, I interviewed a great attorney in Minnesota, his name is Andrew Ayers. He is a business planning and personal planning attorney and is also licensed in New York. We will give you great tips on what to look for when you are hiring an attorney in your state, or in your community, like the hidden secrets of picking a good lawyer from the perspective of two lawyers who have no dog in...

The best podcast episodes are those in which two people who sincerely want to help others connect, share stories, and lay out solutions. In this episode, Darol interviews Sarry Ibrahim, a young financial professional from Chicago, and they do just that. Sarry shows listeners can protect their privacy and assets by using a unique investment vehicle. This investment reduces risk, rows...

Legal documents help you grow and protect your wealth, establish family decision-making, and successfully transfer your property to the next generation without unnecessary loss or stress. Illness or advanced old age may render you unable to manage your health and finances alone. In such a case, medical providers require the following legal documents: Health Care Power-of-Attorney HIPPA-compliant m...

An investment is a lump sum deposit in exchange for income in the future. A business differs from investment because a business generates immediate income for its employees and dividends for its owners. The operation of a business is more time and labor-intensive than an investment. What if you could have an investment that generated immediate income without demanding time and labor? In this episo...

Infinite Banking refers to a method of cash management using a carefully designed whole life insurance policy. A whole life policy distributes cash to the beneficiary when the insured dies. The insured, usually the policy owner, does not directly benefit for an obvious reason - they are dead. This begs a question - is there a reason to store cash in a whole life policy other than a tax-free death...

Darol chats with Anne-Marie Murzin, a personal and business planning attorney with the Virginia law firm General Counsel, PC., about the history of probate law and its origins, the current Supreme Court, and an important tip for business owners. To learn more about Anne Marie, check out this article about her, her practice, and her background. https://medium.com/authority-magazine/top-lawyers-ann-...

It is impossible to fully understand some advanced topics merely by listening to one podcast episode. Most listeners have questions about each episode and, possibly, feel frustrated that they cannot clarify specific questions in their minds. Taken from BoomX Academy weekly Office Hours, this episode presents the questions asked during the live session of Episode 38. If you had lingering questions...

Estate planning overemphasizes the transfer of asset title to a qualified heir when the asset owner has died. Estate transfer has value but not to the asset owner while they are alive. Asset protection has a different focus. Asset protection defends wealth against the modern threats to wealth, i.e., 1) unreimbursed medical expenses, 2) unnecessary taxation, 3) mismanagement, and 4) lawsuits and ju...

The best podcasts are conversations between people who are authentic, proficient in their subject matter, and willing to share their knowledge to help others. This episode is just that, a candid conversation between two experienced asset protection attorneys. Join us as Darol interviews James Cunningham, founder and CEO of Cunningham Legal, a California personal and business planning law firm, and...

Coordinating retirement accounts, e.g., an Individual Retirement Account, a 401(k), Self-employed Pension, etc., with your overall estate plan is difficult. Retirement accounts, also known as “qualified accounts”, must be handled with care. Generally, if the account owner designates his or her estate as the primary beneficiary, the non-natural person rule is triggered, and the entire account balan...

S 3 EP 35 The Spousal Protection Trust and How to Fund It As part of Academy weekly Office Hours, Darol answers the following questions asked by a Family Leader: “what happens once you have everything protected in a trust? Is it readily accessible to the surviving spouse or the person in charge of the estate?” Darol answers this question in-depth and goes further by explaining why the Spousal Prot...

Se 2 Ep 34 Asset Protection Masterclass Part 2 BoomX Academy conducts free masterclasses each month on topics related to asset protection. You can learn more about these courses and register by going to www.boomx.biz . This episode is the second part of the most recent masterclass. Listen in and learn more about the following topics: 1) Why estate planning has little value as compared to asset pro...

When we talk about retirement accounts, we're talking about all of those accounts related to a statute called ERISA, which has to do with employment, retirement benefits, and risks authorizing more than one type of retirement account. And you all are likely familiar with it. Estate planning doesn't kick in until you're dead while asset protection reaches out and grabs safe harbors in the law that...

If you implement the strategies that we teach at the BoomX Academy and talk about on the BoomX Show, the probability that you successfully finance your retirement is much higher. And therefore the probability of leaving a higher percentage of your estate to your kids, and leaving a legacy for them also increases. But the question remains, how do we pass wealth on to our kids so that it is financia...

If you are like most people near or in retirement, your biggest fear in terms of financing, the quality and much-deserved retirement of your dreams is unreimbursed medical expenses. We say that we have a nest egg for that rainy day. Let's face it at a certain age, a rainy day is always medical. I receive no more questions with more anxiety than those about Medicaid. We take a deeper dive into Medi...

Trusts are used for personal planning and hold personal assets. Business entities such as corporations, partnerships, and limited liability companies hold business assets. Many families own a rental property but fail to view the rental house as a business asset because they do not view themselves as operating a business. This is unfortunate because business entities offer many advantages, which Da...

One of the missions of the BoomX Show is to help improve people's legal literacy, their financial literacy. Today, I will answer the questions of a young family leader who is building an estate plan, an asset protection plan, and his questions about tax. How do I give a gift to my surviving spouse in order to avoid not only estate tax, not only capital gains tax, but also protect the assets agains...

Do you own a timeshare? Want to know what it is, how to get rid of it, how to transfer it as part of your estate? I'll answer that question in today's episode. I will also dive deeper into trust law. We will talk about what a trust is, the job descriptions, trust, or trustee beneficiaries involved with a trust. We will also talk about the advantages and disadvantages of a trust. And I will answer...

Larger estates face the possibility of paying a death tax. This tax erodes family wealth and the tax rate is much higher than many other types of taxes. Eleven states impose an estate tax of their own and the size of the estate that is taxable under state law is much lower. Learn what you can do to reduce your estate tax bill and avoid unnecessary taxation completely in many cases. Darol will also...

The BoomX Academy hosts office hours weekly, where family leaders gather and ask questions on various topics related to retirement planning, estate planning, and even long-term care planning. In this episode, we bring you inside Office Hours as a family leader asks BoomX Show host Darol Tuttle the best way to protect his estate for his children from a prior marriage while providing for his survivi...