The BoomX Show: Laws of Money

The new year began with a tragic event, which occurs in retirement far too common and is completely avoidable. BoomX Show host Darol Tuttle tells the story of two actual events that occurred to retirees, sets the context by laying out the phases of retirement and alerts listeners to the risks of each phase. It is true that some mistakes have dire consequences and are even life-threatening, but the...

"Free members of the BoomX Academy are automatically enrolled in the BoomX Show: Laws of Money podcast. The course adds enhanced content to most podcast episodes but in a module-based format sequentially. The first lesson in the companion course defines the often abused term ""estate"" and its use in the tax, bankruptcy, and probate codes. The second lesson points out the real property is differen...

Downton Abbey, the PBS show about a British estate in the early 1900s, opens with a complex but fascinating estate planning problem. The owner of the estate, Lord Grantham, wakes up to the usual household activities only to learn that the qualified male heirs to the estate perished with the Titanic. Without lawful heirs, Lord Grantham faces the possibility that the estate, referred to as “Downton”...

In this episode, we will be talking about ways to create the family bank, why it's important, the benefits and the job descriptions attached to the family bank, which is an irrevocable non-grantor trust, which will protect your assets.

Join Darol and special guest Michelle Mendoza and they banter about the purpose of the new tax bill and ways to protect your retirement dollars by investing in a way that leverages the most important deductions. In particular, learn which provisions might impact your wealth and the hidden gem of the estate tax code might save your estate from paying any capital gains tax. You can join BoomX Academ...

There are four types of taxes that are important to all retirees: 1) income tax; 2) capital gains tax; 3) estate tax, and 4) gift tax. New tax proposals may alter three of these types of tax and could decrease your family's overall wealth. If you feel confused by what it all means, do not worry! BoomX Show host Darol Tuttle breaksand offers resources and tips to not only understand but leverage th...

They say there are two certainties in life: death and taxes. While the imposition of tax is certain, the tax rate and even the type of tax are not. This is more true than most years as President Biden's tax proposals are likely to increase tax rates on most fronts. If you feel confused by it all, this episode is for you. Join Darol Tuttle as he interviews financial advisor and BoomX Show sponsor S...

Continuing the conversation with Michelle Mendoza, BoomX Show host Darol Tuttle provides explains further the legal requirements of forming a limited liability company and the annual compliance rules. He also answers Michelle's questions as she reviews the LLC operating agreement Darol drafted for her. Key points include: Limited liabilities are created by state law. Once formed, the LLC owner may...

New entrepreneurs often charge into their business ideas with little thought into established legal requirements of all businesses.  In this episode, Darol interviews one such young business person, Michelle Mendoza, about her business goals and what she needs to do to set her business up for success.   Check out Michelle's podcast, My Michelle Live . This episode lays out the steps...

Most retirees are concerned about long-term care costs. Yet, most people take no steps to mitigate the risk of high costs let alone develop a solid strategy to finance those costs. In this episode, BoomX guest Brian Ott of 525 Advisors explains the ins and outs of long-term care costs and solid tips on making the right choice. Brian Ott  is a  Retirement Income Certified Professional (RI...

Special guest Patrick Palace discusses the state of the legal profession, the ways Covid has changed expectations, and the benefits of a virtual-only law firm. Patrick is the owner of the Palace law firm, located in Tacoma, Washington. He is also a frequent guest on podcasts through the Legal Talk Network, active in his local bar as well as the American Bar Association, and a respected contributor...

In this episode, Darol gives insight, tips, and resources to solve the problem of asset loss due to unplanned care costs. An important resource can be found at the BoomX Academy. Go to www.boomxacademy.com for more information. Financial planning aside, Darol interviews Lisa Doyle, the owner and operator of Cay Care, a care assessment, management, and placement company. A registered nurse, Lisa la...

A decade ago, BoomX Show host Darol Tuttle aired his first radio episode. Unconfident, he took the airwaves by interviewing two of his clients who had found their stubborn, aged mother unconscious in her garden. The weather that day was below freezing and she was near death. At the time, Darol was skilled in elder law but still found himself moved by their story and the lengths to which they were...

Endorsed by Dave Ramsey, Mama Bear Legal Forms is a legal document creation application. In this review, Darol Tuttle walks through the creation of a Last Will and Testament, health care power of attorney and financial power of attorney, and rates the website design, legal/technical, accuracy in representation, asset protection and value of Dave's endorsement. Does Mama Bear Legal Forms live up to...

How does a radio show host stack up against a trained wealth professional who chose a legal profession when advising on topics that matter to your family's wealth? It is a valid question. Should you listen to Dave Ramsey? If so, is his expertise limited? When should his advice be followed and when should it be considered entertainment? In this episode, Darol compares the different professional req...

A legal secret is a principle, construct or strategy that is obscured intentionally or negligently. These legal secrets can make a difference once revealed and, in some cases, mean the difference between wealth erosion or protection.  As part of the asset protection series, asset protection attorney and your host, Darol Tuttle, introduces listeners to the basic purpose and features of a true asset...

This episode marks the first of 30 daily episodes to help listeners build a true asset protection system.  Published on the same date the host's home state issued a quarantine, stay at home order, the episode describes the emphasis on publication of reliable information rather than perfectly produced podcast episodes.   Learn how medieval lawyers devised the first asset protection trust to save th...

This episode introduces young business leaders to the basic requirements of a contract, focusing on the legal requirement that a contract must have a meeting of the minds between the buyer and seller as to material terms. Price is a material term.  Comparing real examples of a sales process when the host solicited advice from two different "business coaches", the episode makes the case that unders...

This episode is a legal update with a higher view of planning to include three necessary philosophies of wealth planning to help you make the appropriate decisions.  The episode describes the 2020 Secure Act but in the context of estate planning law, dating back to British medieval common law, three other important legal changes in the preceding five years and the new reality of planning with reti...

What would you do if, suddenly, you could not buy food.  And you were afraid to sleep inside your home.  Your neighbors decided to leave.  A man who lived a block away committed suicide?  How would you plan for the future if you just lost your job?   A swarm is what geologists call the grouping of earthquakes that have hit Guanica, Puerto Rico.  Swarm is as good a name as any to describe over a th...

What does decision making have to do with the Laws of Money or Lessons of Life for that matter?  Everything.  Effective decision making is a skill. Some people have honed this skill, most have not.  As people age, they become more ensconced in their own particular cognitive biases.  What is a cognitive bias, you ask?  A cognitive bias is a systemic pattern of deviation from rational thinking.  Mr....

Law and money share a common characteristic.  Neither can be found in the material world.    A dollar bill can be touched.  However,  a one dollar is exactly the same as a one hundred dollar bill except for the number 1 and a picture of Washington as compared to the number 100 and a picture of Franklin on it.  The hundred dollar bill represents a much higher degree of some unspoken value but is ph...

In this episode, host Darol Tuttle shares his observations and feelings related to the end-of-life, our attitudes about death and how negative, counter-productive emotions block us from making this critical transition easier and less stressful for your family.  The Law has requirements and they must be met.   This, a constant theme of the show is reinforced as Darol summarizes different real-life...

Six hours after I learned that my father had passed away, I recorded this episode.  I recorded it in one, uninterrupted session and it is unedited.  I then published it to my website.   The next morning, I felt ill at ease.  My feelings were not grief about my father's death.  As you will soon realize, my father and I were not close.  Rather, I worried that I was about to be hit by a bolt of light...

I decided to close my law firm. I am still a lawyer. I will still help people understand and leverage the law. I do not own and operate a law firm and will not practice law as I once did. The legal services industry is archaic. Expensive. Information is often hoarded when it should not be. I came to the Caribbean to attend a business meeting. I was one of twenty-five entrepreneurs who were lucky e...