Simple Money Wins

Simple Money Wins

Earn and grow your money more easily. With Anthony Park. Join my email list (https://anthonyspark.com/join) to hear about free book giveaways and new book announcements.

Episodes

September 15, 2021 9 min

Death, family, and money are always an emotional mix. And those emotions can lead to headaches and expensive problems during probate.

How to clean out house after death

In general, the clean-out can be an emotional and cathartic process as people journey down memory lane. But in our case, the daughters are from out of state. They had limited time to just tag items for the executor to keep or trash, then leave.

Then, we hired a rea...

Share
Mark as Played

Sometimes the biggest problem in probate is the people, specifically when there are too many people involved.

When there are too many lawyers

You may be wondering: “Why would anyone want too many lawyers involved?” Sometimes there are situations where everyone lawyers-up: the executor has his, the heirs each have their own, and so on.

We recently had a situation where two of the heirs had multiple lawyers. There was a language bar...

Share
Mark as Played

In this episode, we bring you a real-world story of “Ms. H.,” who got a court-appointed stranger guardian instead of her family or her own attorney. This a cautionary tale for anyone who is dragging their feet on getting their planning done.

Why Ms. H. needs a guardian

Ms. H. is a Solo Ager. (For those of you who are new here, a Solo Ager is someone who is getting on in years and is unmarried or has no available immediate family...

Share
Mark as Played

Unlike real estate, most people (including heirs and executors) have never owned a business, let alone sold one. So, when it comes up in an estate probate, understandably, folks are lost. We have a recent estate example, which included a retail business.

1. How to secure the business location

Vacant storefronts can attract crime, vandals, and the homeless. Just like when you go out of town, make sure the lights are on a timer ...

Share
Mark as Played

Casa is really becoming a leader in Bitcoin estate planning and custody solutions. They recently launched their version of beneficiary designations for cryptocurrency, and I’m really hopeful about this. I think this is something that needs to be in place, because there is always the risk of catastrophic loss. So, let’s take a look.

How Casa Beneficiary works

You start by naming a beneficiary on your cryptocurrency, and he or she g...

Share
Mark as Played

Sometimes the estate doesn’t have cash on hand and only has illiquid assets like the home, a business, or artwork. But settling the estate has many ongoing bills and expenses, from court fees to movers to accountants. We’ll discuss 3 ways to deal with cash-poor, illiquid estates.

Can the heirs pay?

Sure - If the heirs have the funds, they can “lend” money to the estate to keep things moving. For example, the estate will be worth $...

Share
Mark as Played

The following are three recent questions from our Solo Ager listeners. Thanks for your questions!

Is a bank as an executor better?

This question comes from a Solo Ager who listened to our previous podcast episode 221, where we discussed whether executors are contractually bound to serve.

Our listener asks, “since professional executors are not contractually bound, aren’t banks better?” The short answer is: No. Banks aren’t contrac...

Share
Mark as Played
Share
Mark as Played
Share
Mark as Played
Share
Mark as Played
July 7, 2021 5 min
Share
Mark as Played

You probably don’t want to burden your kids or family with your debt when you die. Here, we’ll cover the ins and outs of debt and death, including an overview of what happens to your debt when you die and how to handle an estate with debt.

We’ll also cover when heirs do not inherit debt (with some exceptions), and why debt collectors keep calling heirs. Lastly, I’ll explain how your heirs can turn the table and actually increase th...

Share
Mark as Played

When someone passes away and you are in charge, one of the top priorities is securing the house. In order to do this, you need to start with the following five steps.

1. Take care of the lights, mail, etc. to keep criminals from thinking the house is vacant.

Use automatic lights and don’t let mail or newspapers pile up on the porch. Just think about things you might do when going on a long vacation.

2. Change the locks...maybe.

In ...

Share
Mark as Played

America’s favorite billionaire Warren Buffet has said “All things considered, the third best investment I ever made was the purchase of my home…” We’ll compare homeownership to investing, and we need baseline assumptions to understand the comparisons.

Over a lifetime, your mortgage payments, taxes/maintenance (including amortized capital costs) will equal roughly similar housing for free-market rent. If I buy a house right now, the...

Share
Mark as Played

It is helpful to know what happens to your probate vs. non-probate assets when thinking about your estate plan or your future inheritance. Do you really know how assets transfer upon your death? You may think there is a shortcut to use in your estate planning but read below to see what really happens.

First, there are in-court and out-of-court assets. In-court means that there is a type of asset that has to go through the probate c...

Share
Mark as Played

We’ve previously talked about the “F.I.R.E.” movement (Financial Independence and Retire Early). Most people assume that early retirement is a universally good thing. But what are some of the unexpected drawbacks of leaving the workforce early?

1. Not as Happy as You Expected

Generally, retirement makes you happy, but the increase in happiness was already priced in. It’s not like an instant happiness from winning the lottery. Reti...

Share
Mark as Played
May 19, 2021 6 min

What happens if the executor dies during probate? It depends on how far along you are in the probate process.

Probate Court Process Just Started If no one has been officially appointed yet, you either restart the court process or amend your original papers. For example, Matt’s dad died and his mom hired a lawyer to start probate to appoint her as executor. But before it was finalized, she passed away. The court allowed Matt to...
Share
Mark as Played

Bitcoin is getting more mainstream every day. But new bitcoiners need to be aware of the unclaimed funds problem. Hopefully we can contribute to a solution.

How do Unclaimed Funds Work, Generally? The first level of prevention of loss is password recovery. This is not part of unclaimed funds, but for banks and other custodians. If your bank account is dormant (meaning no activity for a long time), then the bank must make attemp...
Share
Mark as Played

A recent example of headaches and costs if you delay probate: Lou’s mom died owning a co-op apartment in New York. Since there was no mortgage, Lou and his sisters didn’t think there was any rush to deal with it. More than a year passed, and the co-op wanted clarity on who the legal owner is. Lou and his sisters each took turns saying they’d handle it, then dropped the ball. Finally, the co-op got tired of waiting and took action.

...

Share
Mark as Played
April 28, 2021 15 min

Let’s review a real-world case study of a client’s plan to transfer his bitcoin upon his death. This looks like an elegant solution, so let us know if you see any major red flags!

Cloned wallets and sharded seeds

The client’s plan focused on clone wallets and sharded seeds.

The plan starts with two clone hardware wallets. A hardware wallet is like a minicomputer that plugs into your USB drive, but it is not fully connected to the i...

Share
Mark as Played

Popular Podcasts

  • Paolo is a smart and handsome surgeon, renowned for his ability to perform surgeries that transform his patients’ lives. When television producer Benita covers him for a story, he’ll transform her life too, but not in the ways she expects. As Benita crosses professional lines to be with him, she learns how far Paolo will go to protect his secrets. And halfway around the world, four doctors at a prestigious medical institute make shocking discoveries of their own that call everything into question. From Wondery comes Season Three of the hit podcast, Dr. Death. MIRACLE MAN tells the story of a globe-trotting surgeon who seduces the medical world, and sweeps one woman off her feet. Hosted by Laura Beil. Dr. Death Season 3: Miracle Man is available now to Wondery+ subscribers early and ad-free. New episodes come out weekly, every Tuesday, for free.

  • The Daily

    This is what the news should sound like. The biggest stories of our time, told by the best journalists in the world. Hosted by Michael Barbaro. Twenty minutes a day, five days a week, ready by 6 a.m.

  • Dateline NBC

    Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations.

  • Crime Junkie

    If you can never get enough true crime... Congratulations, you’ve found your people.

  • Fake Doctors, Real Friends with Zach and Donald

    You know what's long, tedious and boring? Surgery. You know what isn't? This new podcast! Join Scrubs co-stars and real-life best friends Zach Braff and Donald Faison for a weekly comedy podcast where they relive the hit TV show, one episode at a time. Each week, these BFFs will discuss an episode of Scrubs, sharing behind-the-scenes stories and reminiscing on some of their favorite memories from filming. They’ll also connect with Scrubs super fans and feature beloved show cast members for exclusive interviews.

Advertise With Us
Music, radio and podcasts, all free. Listen online or download the iHeartRadio App.

Connect

© 2021 iHeartMedia, Inc.