Wealth Transfer Risks that Can Cost You Big, with Ron Phillips

https://www.youtube.com/watch?v=jFbebed_F78 Want to know what happens to your real estate portfolio after you’re gone? In this episode, we’re talking with Ron Phillips—CEO of RP Capital, a real estate brokerage—about his client who passed away. It turns out, his family didn’t even know what assets he had, or what to do with them, and it almost cost them a fortune in taxes. Tune in to hear what hoops they had to jump through, and how to avoid the same wealth transfer risks, so you and your family can be much better prepared.  Table of contents* In this episode with Ron Phillips, you’ll learn:* Legacy & Wealth Transfer Risks, Conversation Highlights from Ron Phillips* How Mindset Affects Your Real Estate Deals* Ron’s Real Estate Business* Playing to Win* Ron's Clients* Wealth Transfer Risks* Wills and Probate* What is a Legacy?* Who is Ron Philips?* Links and Mentions* Want to Talk About Family Banking with Whole Life Insurance?* Thanks for Tuning In! In this episode with Ron Phillips, you’ll learn: * The importance of managing your mindset in life* The costs of not preparing and communicating your legacy well* How to ensure your assets do the most good for your family even after you’re gone* Why it’s crucial that your heirs know what you have* The wealth transfer risks of putting off your estate planning* How to make leaders in business and in your family Legacy & Wealth Transfer Risks, Conversation Highlights from Ron Phillips How Mindset Affects Your Real Estate Deals Once you figure out how to help others, you’ll begin to reap benefits in your own life. You’ve likely heard, “If you help enough people get what they want, you’ll get what you want.” In practice, you often get 10x that! (7:40) When Ron’s deal was rejected, he felt destroyed. Yet he woke up the next day, he reflected on what he had learned and studied. He knew as long as he could solve the problem at hand, he could make a worthwhile deal. Then, he ended up launching his career, which has only continued in its success.   (10:05) Real estate, life business, relationships—everything throws wrenches into your world. Nothing goes the way it’s supposed to, all the time. You have two choices in how you proceed. You can think that the world is against you, and that you can’t win, or you can figure out a way through it.  Ron’s Real Estate Business (12:38) Until 2005, Ron was in the business of rehabbing houses, until HUD changed the guidelines. So he “went out of business” virtually overnight. He essentially became a landlord, though it was not his goal. So Ron adapted. What he discovered was, many people don’t want to be landlords (much like himself).