Why Every Dentist Needs An Estate Plan – Episode #622

Estate planning can be stressful which often can lead to procrastination and avoidance. On this episode of the Dentist Money Show, Ryan and Matt talk about the importance of estate planning, highlighting the need for organization, communication, and proactive planning. They discuss how financial advisors can help guide dentists through the complexities of estate planning, the impact of the great wealth transfer, and how clear conversations can prevent future conflicts among heirs. They review essential estate planning topics like trusts, wills, guardianship designations, life insurance, and asset protection. Tune in to understand why estate planning is important to secure your legacy and protect your loved ones.

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Podcast Transcript

Intro: Hey, everybody. Welcome back to another episode of the Dentist Money Show brought to you by Dentist Advisors. We have another show from the illustrious Nicaragua and the Elevation Association Life Summit that Ryan and I attended last week. today’s show, we do another, episode about what Ryan and I presented on. We did, two presentations down there. We already released the show where we talked about, the physics of money and the philosophy of money, on today’s show, we talk about our second presentation, which is all about estate planning and the things that go into estate planning, and not only the science that the tactical things to consider, but also thinking about the legacy you’re leaving and the things that you’re going to be leaving beyond money. As always, we hope to get something out of the show. We hope you enjoy.

Ryan Isaac: Here we

Matt Mulcock: Here we are Do we want to tell the story of last

Ryan Isaac: Like, these stories. So, we finished

Matt Mulcock: But the story.

Ryan Isaac: Night with a

Matt Mulcock: We had a off the night with a great, discussion, uh, presentation, we’ll say, by, uh, Michael and James. Yeah. With, with, uh I literally had no idea what story you were talking about. Smile trend. Yeah. Two incredible dentists out of Arizona, and we’re going to have them on the

Ryan Isaac: There’s they Okay. Just for two, non sciencey, non-dentist nonclinical dummies. Yeah. I’ll, I’ll call myself a dummy. You’re not a

Matt Mulcock: Dummy as well, yes.

Ryan Isaac: We, we watched an an hour plus presentation on, uh, no prep veneer cases,

Matt Mulcock: So fascinated. It was

Ryan Isaac: Was so fascinated. It was like watching. A presentation from an artist who does something in like marble sculpture or something. Talk about their process and not knowing anything about it. It was still so

Matt Mulcock: It was incredible. so Dr. Michael Allen, Dr. James Heaton, uh, they run smile trend. They both have practices in Arizona.

Ryan Isaac: So cool.

Matt Mulcock: Incredible. We should check them out again. We’re going to have them on the show, but, anyway, we do this. They do this whole hour long presentation. It was amazing. And then we go and hang out after, and we’re sitting there just chatting with them and their wives and. Having a great time. And somehow we got on the topic of, uh, Dr. Brady Smith, if you guys sit on Dr. Brady Smith, he’s hilarious comedian slash dentist.

Ryan Isaac: It is really comedian slash dentist at this point. Uh,

Matt Mulcock: They’re talking about, so Michael and James do basically monthly now courses where you can, they teach dentists all over the country. How to do these no prep veneers. And they have a course next week and they’re saying, oh my gosh, like. Cause I, we were saying how we wanted to go check one out. Cause like, this is so cool. Like you should come next week. Dr. Brady Smith’s coming and we’re talking about Brady Smith.

Ryan Isaac: About how funny

Matt Mulcock: We’re laughing. We’re sharing how Brady was at our summit last year. And he gave, he gave the kind of, he was there entertainment and we were laughing how funny he is all of a sudden. So he, they started talking about one of the videos that Brady did on Instagram that was so funny and like kind of put them on the map. And so he gets, Michael, gets on Instagram. And he’s like, Oh, Dr. Brady Smith is going live right

Ryan Isaac: Right now. And

Matt Mulcock: And so he’s watching his live. He’s like, Oh my gosh, he’s inviting me onto his live. And before we know it, we’re sitting there hanging out and on Instagram live with Dr. Brady Smith, even crazier.

Ryan Isaac: Yeah.

Matt Mulcock: To be wearing a sweatshirt that is branded smile trends. It was like the craziest.

Ryan Isaac: The craziest coincidence

Matt Mulcock: Just like, Oh, we’re now on with Dr. Brady Smith. We’re sitting there like all kind of raptor, our arms wrapped around each other, like in the camera. And Dr. Brady Smith is there live

Ryan Isaac: Cracking some really good jokes. We won’t repeat.

Matt Mulcock: Jokes that are not safe for the

Ryan Isaac: They, they probably weren’t even safe for posting. They were just safe for going live and not recorded ever

Matt Mulcock: And we’ll go DA after hours with

Ryan Isaac: Matt, why are we here by the way? Why are, why are we listening to a SmileTrend presentations at a resort in Nicaragua? What gives? What gives? Well, as people say. People

Matt Mulcock: Say that? Yeah, some

Ryan Isaac: They want to know what gives.

Matt Mulcock: We are here with Elevation Association. Dr. Jared Hill, Dr. Dan Nelson and Ryan Passy, founders of this incredible group. Uh, they are dentists out of Sun Valley. and then they have Elevation Association. They do. mastermind groups, they do coaching. They are honestly incredible. And every year they do this. This is the third year in a row that we’ve been here. That this is their fourth year in a

Ryan Isaac: Yeah. Third

Matt Mulcock: Third year we’ve been here. Um, but every year they do this

Ryan Isaac: Big mastermind

Matt Mulcock: Big mastermind group for the whole week. And we come, we are honored to speak down here with them and have these discussions, and then basically every day is a combination of CE and. Just

Ryan Isaac: Enjoying, enjoying these places.

Matt Mulcock: So it’s amazing. Yeah,

Ryan Isaac: it’s wild. And they keep talking about this and I’ve experienced it already. And, I’ve experienced it already. And a lot of people have here too. I mean, the CE classes, the presentations are top notch. They’re so well done, but it’s the conversations outside of that, there’s already been multiple kind of like aha moments people have had about their practices, their lives, you know, things about parenting, relationships, money, everything, health. Yeah, where you just see side conversations that happen when you get out of your environment. I mean, it’s not a bad environment to get out to,

Matt Mulcock: To get out and do it. I’m

Ryan Isaac: We’re not exactly slumming it this week. But yeah, it’s just, it’s, it’s been a really kind of inspiring week and, and in some unexpected ways. I just want to shout out, Dr. Buck and his wife, Becky. We want to have them on the show

Matt Mulcock: Allen, also out of Sun Valley, retired.

Ryan Isaac: Yeah, retired guy. Um, they both kind of told their story, you know, they’re decades ahead of most of the people, everyone here, they’re decades ahead of everyone here. and just telling a story about what life was like decades down the road, having experienced almost anything you can imagine. and, yeah, just really inspiring people. Cool, cool crew. And the more the days go on, the more everyone’s just like comfortable and pretty vulnerable and personal. And it’s, it’s been cool.

Matt Mulcock: Going to say, that’s probably the coolest part. Like you said, most of the stuff happens outside,

Ryan Isaac: Yeah.

Matt Mulcock: A lot of the value happens outside of the presentations. Obviously a ton of value in the presentations, but I think when you allow yourself, you know, multiple days or like in this case a week, and you’re basically on vacation with these people, I think the word I would use is like, it normalizes, it connects

Ryan Isaac: Your walls come down.

Matt Mulcock: Walls come down. And I think, I think these dentists realize that we all know. I mean, we’re us not being dentists, us being, um, wannabes wannabe dentist. Uh, but it’s cool to see because we observe so often how lonely dentistry can be, how much on an Island you can feel and you, you, when you come to a place like this and you can connect with these, these other doctors obviously when we talk, we can share our collective experience as well. It starts to normalize the struggles you have, the concerns you have. which I think is super powerful.

Ryan Isaac: Totally man. So, one of the presentations we were able to give it was kind of funny. All of both of our presentations were it. Eight or eight 30 at night

Matt Mulcock: 8. 30 at night. After, after a day of playing and then

Ryan Isaac: 12 hours of like sunburns, 100 percent humidity and multiple meals

Matt Mulcock: Yes. What it really was,

Ryan Isaac: Went really well though. So one of them that we, well, the second we ended up doing was on a state planning, which is kind of an interesting topic. I’d love to hear what you think about this, Matt. Obviously we’re not attorneys. We don’t execute the estate plans. We, kind of run point on a lot of things we end up being, really helpful on the front end with estate plans from a perspective of like getting our clients really organized, uh, helping them and helping encourage them to get their estate planning done because no one wants to do it ever and they kind of threw out the process with their attorneys on the back end of helping retitle everything and. Kind of just like quarterbacking that process. But it is interesting to go through something that we don’t actually execute. how do you view our role as an, as a financial advisor in the estate planning process?

Matt Mulcock: Yeah, the first observation is I think it’s kind of funny how we often start most things we do with. Basically, like, don’t listen to us. Like, we don’t know anything, but like, here we are to

Ryan Isaac: Should hire

Matt Mulcock: You should hire someone else for this. Um, no, I think we play a huge role in this. Uh, so, the word you use, quarterback. I mean, the analogy I use all the time when it comes to all of our clients financial lives. And, I think the role of a quality advisor should be playing, again, quarterback is an analogy you could use.

Ryan Isaac: Who would you be, like, if you were the quarterback? Like, who are you as a quarterback?

Matt Mulcock: I mean, I’m going to shout out,

Ryan Isaac: The recent one?

Matt Mulcock: With Jalen Hurts

Ryan Isaac: Jalen Hurts, okay. That’s who you are. Who should I be, by the way? I wouldn’t even know. Can I be, like, Joe Montana?

Matt Mulcock: He’s old

Ryan Isaac: Okay, I want something old.

Matt Mulcock: Joe

Ryan Isaac: Okay, I want to be Joe

Matt Mulcock: There you go. Maybe, maybe Joe Namath.

Ryan Isaac: Ooh, Nameth? Okay, alright.

Matt Mulcock: So the other analogy that I use is the general contractor of

Ryan Isaac: Yeah, oh, that’s a good one. Yeah.

Matt Mulcock: So, this is, I think this actually works where, in this particular case, an estate planning attorney would be a very specialized part of building a home. It’d be the equivalent of, let’s say, again, the electrician or, uh, the finish, you know, the carpenter. Crucial, crucial piece of it. But, again, the role that we play is vital in the sense that we can, A, create accountability because of all of the things of financial planning. Estate planning is like, The worst of them, the most boring, the one that everyone wants to avoid. And so we see a lot of estate plans started, not a ton finished. Yeah. Exactly. the other role that we can play, that we played a lot is that of like translator,

Ryan Isaac: Oh, good call.

Matt Mulcock: Where like. Um, again, we’re not attorneys, but we’ve seen this a ton and we can absolutely help people understand what it all means of what are the components of this. Let’s say you finish one with an attorney, but you still just don’t fully grasp it. Sit down with, you know, I’ve sat down with so many clients and walk them through, here’s what this means. Here’s what this means. Um, kind of put it in normal people terms,

Ryan Isaac: Human

Matt Mulcock: Human terms.

Ryan Isaac: Yeah, that’s a great one. So we we kind of broke this up into three different. Things. And by the way, I was actually surprised at how much estate planning content is on our website when I was going through, because I was like, how much have we done before?

Matt Mulcock: Much have

Ryan Isaac: There’s seven podcasts, which span four or five. Cause there was a couple of repeats of the same attorney, but I think it’s like five different attorneys we’ve interviewed. We have one that you and I have totally from a, from like a high qualification standpoint, you and I did one

Matt Mulcock: And

Ryan Isaac: Dressed in Halloween costumes.

Matt Mulcock: Halloween costume. What were you?

Ryan Isaac: I was in the only Halloween costume I’ve ever purchased in my adult life, uh, for years at least, which is like a zip up onesie of like, it’s like a sunshine and a rainbow. Like the head is a sunshine. I don’t even know what it is.

Matt Mulcock: Yeah, I remember

Ryan Isaac: That’s just me. So yeah, there was that one. And then there’s an article

Matt Mulcock: By the way, The irony of us being in ridiculous costumes talking about

Ryan Isaac: Of all,

Matt Mulcock: Who are we?

Ryan Isaac: I don’t, I’m still trying

Matt Mulcock: Does anyone listen to us?

Ryan Isaac: Why is this happening? It’s still going. And then there was a really good article on there, uh, from Reese actually, telling a story from the famous show Downton Abbey and relating it to estate planning. Anyway, I was surprised if you go to Dentistadvisors.com in the education library, you can filter by topic. So you just use the drop down menu hit legal. I think it’s under legal and, there’s seven podcasts and an article, on just this estate planning topic. So there’s a ton in there. and mostly from attorneys, so

Matt Mulcock: Mostly just us facilitating the conversation of the actual

Ryan Isaac: Yeah. So, uh, this week though, we, and this is what we’re going to talk about today. We kind of broke down just the thought process around estate planning, maybe from a higher level.

Matt Mulcock: Introduce those, but

Ryan Isaac: Uh, into three categories and Matt, maybe you can introduce those, but we, we wanted to just kind of say, here’s, here’s a high level way to think about estate planning the middle of this in our presentation. We had quite a bit of meat. There’s meat on the bone,

Matt Mulcock: There’s meat on the bone, yeah,

Ryan Isaac: So the middle of this had a lot of, content that ended up more like a checklist, estate planning checklist. Very, very informal, but Matt, maybe that’s something we could take some of that stuff, run it past our much smarter marketing and design people. and maybe one of our attorney partners and kind of put together a general, and here’s the thing. Look, uh, estate planning is extremely, situational specific. And state specific. It’s like double specifics.

Matt Mulcock: There’s extra specific nuanced

Ryan Isaac: Specific on specific. Specific squared. Anyway, um, so maybe we could do that. Turn some of this into, cause I’ve had a lot of clients say, Hey, is there a checklist? And the hard thing about that is it is so specific to their situation and state. that it’s hard to say this is exactly what an estate plan should be, but there’s general parts like who’s involved. The general parts of an estate plan that kind of apply to all of them. So that was, you know, so we, um, we have that in the middle and then some higher level stuff. But Matt, what were the three sections we wanted to kind of talk about with people in regards to state planning?

Matt Mulcock: Yeah, I think there’s kind of three broad, categories here. So number one,

Ryan Isaac: Three

Matt Mulcock: A lot of our listeners and a lot of people here, pretty much everyone here, it kind of fits our, our category of, of client and listener to the show, which I’d say is the, in the sandwich part of life, like a ham sandwich part of life. So, what I mean by that is we have aging parents, we’re dealing with the aging parents. and then on the other end of the spectrum. A lot of us have kids, um, kind of that middle age part of life. And so, the first part we wanted to talk about and that we presented on was coming from the perspective of aging parents and being the, perhaps the child that’s inheriting assets or needing to have those conversations. And if we look at this as like at the broad level of the country, you may have heard this term, it’s called the great wealth transfer. I don’t know if people are out there thinking about this a lot, but

Ryan Isaac: You probably remember the stats, but I’m going to pull

Matt Mulcock: 80, 84 trillion dollars are set to be inherited from the baby boomer generation. Um, or at least transferred in some way over the next, you know, 20 years. I think it’s like by 2035, 2045, 72. 6 trillion of that is set.

Ryan Isaac: It’s literally the exact number. Yeah. Good job.

Matt Mulcock: Uh, so 72. 6 trillion of that is set to be inherited by family, by heirs. Directly heirs and 15 percent of it left is set. So it’s like 85 percent ish is set to be inherited by heirs,

Ryan Isaac: Massive transfer of wealth.

Matt Mulcock: Massive

Ryan Isaac: What I don’t know is Oh, we need to look this up. I don’t know how, I don’t even know if it’s available, but I wonder how much of that is liquid versus businesses or real

Matt Mulcock: There’s some

Ryan Isaac: I wonder. Yeah. Maybe I could Google that later while we’re talking about this. There’s some interesting stuff in the data though, because then it breaks it by generation. So baby boomer generation, Gen X and millennial and Gen Z and some data around that. But there’s a lot of data that shows. There’s like the raw numbers of how much wealth is available to transfer and how much is, I guess, likely that 85 percent is likely to go direct to heirs, but a lot of surveys among the baby boomer generation. I don’t like saying baby boomer. It’s too many syllables. I want to say boomer, but then all I think is my kids making fun of me by calling me a

Matt Mulcock: Boomer.

Ryan Isaac: I know it sounds derogatory at this

Matt Mulcock: It

Ryan Isaac: by being like the boomers.

Matt Mulcock: The boomers.

Ryan Isaac: my kids say to me, like, okay, boomer when I can’t, like I swipe the wrong thing for one second or like typo something in my phone. They’re like boomer

Matt Mulcock: Mean, to be fair, I’m pretty sure I’ve been called a boomer by some people on our

Ryan Isaac: On our team who are listening,

Matt Mulcock: Michelle and Sthuti

Ryan Isaac: Editing this podcast right now. Anyway, there’s some interesting, data among the boomers. Sorry. Um, that even though all this wealth is available to transfer, uh, it was like 45 percent of them. Want to spend it instead of give it, and then there’s, maybe you can talk about this disparity in some of the numbers in terms of expectations. Do you remember some of that? You want me to find it? Do you remember it?

Matt Mulcock: to be a gap here. the numbers that we signed, it’s probably this is really difficult. I think to pin down the actual numbers

Ryan Isaac: Yeah. Cause these are just like people’s sentiments and feelings and yeah.

Matt Mulcock: But the one study that we saw showed that about only about 22 percent of boomers said like actually self proclaimed said that they were going to, they were planning on passing on money. And then I think it was 38 percent of millennials.

Ryan Isaac: Expected.

Matt Mulcock: Expect it and it was something like, oh no, sorry. I think it was, I would think it was about a third of millennials and 38 percent of Gen Z. I believe something like that. Either way, there was a pretty decent gap between the older generation saying they plan to give versus the, the younger generation saying they’re expecting to give, um, you know, 15 to 20 percent gap there. So again, the numbers aren’t, aren’t exact probably, but it does show a disparity of. again, plans versus expectations, the call to action I have here, I had here when we talked about this and I would share with the listeners is the, I think that just highlights the importance of the conversation

Ryan Isaac: More than anything. More

Matt Mulcock: Anything and

Ryan Isaac: What the data says. Yeah. Uhhuh,

Matt Mulcock: Like setting expectations properly. I’m living, I’m dealing with this right now,

Ryan Isaac: With your own parents,

Matt Mulcock: With my own, with my own dad and you know, I’m dealing with, I think what a lot of people deal with out there, which is. You know, mom passed away and then my dad got remarried and now we’re dealing with that complication of, you know, age, my dad is aging, he’s had some health issues, he’s now remarried,

Ryan Isaac: An expanded family,

Matt Mulcock: Expanded family, she’s got kids, you know, it becomes more complicated for a lot of people and I just think it’s critical communication being like the number one thing To set proper expectations to understand your parents wishes. What do they want to do with their money? What are they planning to do with their money? I think it’s a, it can be a scary and like, feel like a heavy conversation, which it is, but I think you’ll be amazed at like it can actually like bring you closer and it actually like relieves a lot of anxiety.

Ryan Isaac: Yeah, I’m sure. So while you were talking, I, I, um,

Matt Mulcock: You were staring at the ocean,

Ryan Isaac: Staring in the ocean. I also asked the chat GPT about how the, assets are divided in this great wealth

Matt Mulcock: Yeah.

Ryan Isaac: And it’s hard to pin down as you can imagine, but it’s the estimation is that the bulk majority of that 84 trillion is tied up in businesses and real estate.

Matt Mulcock: Ooh. That, that actually, I mean, it makes

Ryan Isaac: And it makes a, it makes a ton of sense because it just breaks it up in like average liquidity from average boomer generation retirees, uh, compared to. Asset values that are in real estate and businesses, less liquid. So that is really interesting because the transfer of, I mean, think about this. We’re also dealing with a possible sun setting, which we’ll probably get to in a little bit, the sun setting of the estate tax limit, the federal estate tax limit, that’s going to be chopped in half. So far is planned to, I mean, we’re, this is February recording 2025, so it’s supposed to be done and the limits are going to go back. So we have a huge, interesting situation with like the biggest transfer wealth in the history of our recorded history, I guess. And most of it’s illiquid and anything above these thresholds, which are about to go

Matt Mulcock: Be cut

Ryan Isaac: And be much significantly lower, will be taxed at a very high percentage, 40% federally, and then some states on top of that. And then you just wonder, if people aren’t having these conversations like you’re saying, there’s going to be giant chunks of estate tax due by their heirs and estates on assets that you can’t easily and quickly or that you’d even want to liquidate. Like, I always think about, what if you got like a you know, multi million dollar property or business But you have a multi six figure tax bill on that, like you don’t want to sell an entire business to pay a six figure tax bill

Matt Mulcock: In some cases can’t.

Ryan Isaac: You can’t, you wouldn’t want to, you can’t, but then you might also not have the liquidity to pay that bill, which is why planning communication insurance is very, very important. But yeah, this is a really interesting thing. I was also thinking maybe that’s why a lot of boomers surveyed said they want to spend down instead of gift and maybe they’re referring to the liquid part.

Matt Mulcock: Yeah.

Ryan Isaac: They’re sitting on real estate, they’re sitting on businesses that they know are not going to be liquidated and sold by them in their lifetimes. But they’re, I wonder if that they’re just thinking about the minority part of their assets they hold that are, that is

Matt Mulcock: Yeah, I also

Ryan Isaac: To like spend it and enjoy it.

Matt Mulcock: The other thing I thought of as part of that survey that I think is probably a bit flawed is I think it comes back to like expectations that Like if you ask a boomer, so I think back to you mentioned it earlier Dr. Buck Allen and his wife Becky who spoke they’ve been retired for 20 years and he gave his story of like They didn’t fully grasp Cause you really can’t like a lot of it’s just

Ryan Isaac: You don’t

Matt Mulcock: It’s a mixture of art

Ryan Isaac: Your future is going to

Matt Mulcock: How your future, what returns are going to look like your investments and all that. But he mentions how their investments have only grown basically in

Ryan Isaac: Yeah.

Matt Mulcock: Able to like spend it down. And so I think, I wonder if that’s part of it is like a lot of these older people expect to spend it down, but in a lot of cases won’t. Because they just, their spending drops or their investments grow more than they thought. I don’t know if it’s

Ryan Isaac: Yeah. Or, or they have a mentality by the way they were raised or, you know, the way that they built wealth that was very frugal and non spendy, which is the scientific way to put that.

Matt Mulcock: Very

Ryan Isaac: Yeah. And so they, they just like mentally won’t or can’t.

Matt Mulcock: Well, that’s a side note. We won’t go down the road. It’s a whole other show. But we’ve talked about this before where And they talked about this in their talk. But I think one of the most underrated challenges of retirement Is the mental and emotional load that can be put on you that you’re not prepared for when you’re shifting from the accumulation phase of life for 20, 30, 40 years, and then all of a sudden being asked to turn into distribution phase. It’s a whole different mindset.

Ryan Isaac: It’s totally different. So, yeah, what else you want to say about this first kind of, high level thinking about estate planning, thinking about the generation above you, if you’re in our generation audience, anything else you want

Matt Mulcock: It’s I just

Ryan Isaac: The great wealth transfer.

Matt Mulcock: What I’d say earlier is just have the conversation. I think communication is super key on this one. Sit down with your parents. and I’ll just say this, I’m the executor of my dad’s estate. the way I framed it to him is. And I mean this with everything I have, like dad, I don’t care what you do with your money. I don’t care what you do with your assets.

Ryan Isaac: Money. I don’t care what you

Matt Mulcock: Happy. but now you’re of sound mind. Tell me, I want the, the reason I want you to do this and like lay this out is I’m the executive of your estate. So if you don’t do this properly, meaning put it on paper, establish the trust, have the will, while you can still think about it, what you do is you put the pressure on me. and the siblings and you basically create an environment that is going to be more stressful than it needs to be in a moment of grieving that. So I tell them that like, this is an act of love by doing this. And I don’t care if you’re giving your money away to charity. I really don’t care, but we have to figure that out together now. Or you tell me what you want to do and put it on

Ryan Isaac: Yeah. Like we want to honor your wishes. We want to honor what you would

Matt Mulcock: We don’t want to have to

Ryan Isaac: Do. We don’t want to guess it. We don’t want to fight about it, but every, it will

Matt Mulcock: It will.

Ryan Isaac: Fights over family money or, you know, almost unavoidable when there’s not clarity

Matt Mulcock: When, especially when there’s not clarity, you leave any level of ambiguity, it increases the level or the likelihood that you’re going to fight. And I hear this all the time. It’s the same thing as like people partnering with a friend or family member for business. And it’s like, Oh no, it’s all going to be good. Like no big

Ryan Isaac: You, it doesn’t say anything

Matt Mulcock: Promise you it doesn’t say anything about you to say the reality is when money gets involved, emotions run high. Anxiety increases, stress increases, like just, just acknowledge it and make it as clear as you possibly

Ryan Isaac: Well, you don’t know, I mean, even among the best of friends or family members with the greatest relationships, you don’t know down the road who will be facing something so desperate and urgent around money that that will create a conflict. You just, you just don’t. I like how you put that. It is an act of love to try to fulfill their wishes and then not create conflict in friends and families and businesses too. Okay. I like that. I wish, you know, the one part we can’t show because it’s not visual on a podcast is we were able to ask ChatGPT to create us some images

Matt Mulcock: My gosh, that was so

Ryan Isaac: Try to visualize a boomer gifting money to a younger generation. And that was just one of my favorite

Matt Mulcock: The way, we started, I think, perhaps a new tradition with us. Whenever we have a chance to speak together, I think a new tradition we’re going to, so for this, we kind of took turns, right? So our first presentation, I took the lead and then this one, you took the lead, but you decided as we were trying to prep together and you said, you know what? I’m actually not going to let you see

Ryan Isaac: I don’t want you to see this because I want it to be like new to you when you see it, which is not

Matt Mulcock: I stood up there had had not seen the presentation you created as I’m holding a microphone and eating to present on something. I knew generally we were talking about estate planning. I knew the three broad points had not seen one slide, but then we thought the audience, it was really fun. People liked it, but we thought we could do you liked it. I was up there sweating.

Ryan Isaac: I would like to be on the receiving end of that. Here’s what we hope. Okay, I

Matt Mulcock: This is what we thought. So they do this on SNL. And so we thought how funny would this be if whenever we have opportunities like this, the new rule is not a full presentation, but there’s going to be at least one to three slides that we take turns where I put the slides in and then you have to present it and you don’t know what it

Ryan Isaac: I don’t know what it is. I mean, it’s to the audience’s detriment. Um, but we

Matt Mulcock: We have fun.

Ryan Isaac: It’s hilarious. Yeah, I was just thinking, what if, what if I just clicked to the next slide and it just said, now Matt will take the next 50 minutes. And I just sat, I just sat down, you know,

Matt Mulcock: I would, and I don’t think it would be good, but I would.

Ryan Isaac: Could. That’s the beauty of being in a niche. If you’ve been in an inch long enough, you could do that. You could, you could fill hours of like one slide and it’s just your face smiling and it’s like, now it’s Matt’s

Matt Mulcock: And again, we’re not saying it would be

Ryan Isaac: No, but

Matt Mulcock: But I could yap for a couple hours.

Ryan Isaac: We’d hit it at like 67%.

Matt Mulcock: Exactly. Solid.

Ryan Isaac: Right. So, second part of this was kind of the, the nuts and bolts of what is estate planning. And we won’t go in a ton of a ton of detail here, but I thought, Matt, maybe we could hit a few like high level. Like I’m looking at a slide right now that, What are the parts of an estate plan? I’ll read a few of these parts here and then jump in and say anything here. What is an actual estate plan? So I’ve got five pieces here that make up an estate plan. One is a trust. A trust is a legal document, an entity really. A trust is kind of considered like a person. Right? Legally.

Matt Mulcock: Legally a Person

Ryan Isaac: They probably get more respect than like some actual human parts of the population. Yeah. So a trust is, I mean, a lot of people know what a trust is, but it avoids a lot of the probate process. Matt, do you want to describe real fast? What probate is for people? Yeah.

Matt Mulcock: Yeah, I think taking a step back, I think to understand this is, understand The purpose of an estate plan, you need to understand how assets are transferred to the next generation. There’s really three main ways. There’s probate to what you’re highlighting. If you have no estate plan, everything goes through probate. Probate is a legal, process where basically the state, a judge essentially, and the state will. decide who gets what

Ryan Isaac: Which takes a while,

Matt Mulcock: Can be expensive. It’s a, it’s a long process. It’s stressful.

Ryan Isaac: Not urgent. They’re not like, oh, this family needs their money. They’re like, you’re in line in the court system.

Matt Mulcock: Exactly. so that the probate is if you die, what’s called intestate. So you don’t have an estate would go basically little you’re giving, you’re basically giving the, giving control of the state to say, tell me, tell my heirs, what they’re going to get and how, and how it’s

Ryan Isaac: And why.

Matt Mulcock: All that. And what you’re doing there is you’re setting up for. a very drawn out litigious process where kids or cousins or aunts or whatever, like anyone can make a claim on anything at that point and it has to go through the courts at that point. So that’s the first way if you don’t have an estate plan. It can then pass via an estate, let’s say like through a trust. It’s a legal document, like you said, that passes on. It’s basically an instruction manual.

Ryan Isaac: An owner of the assets.

Matt Mulcock: You can own the assets in that trust. You avoid probate completely with the trust. The other way it passes is what’s called by contract. Um, this is, basically having beneficiaries of an

Ryan Isaac: Was gonna say asset titling is one of

Matt Mulcock: Asset. Titling is huge having beneficiaries, let’s say on your IRA, 401k savings account, like all your accounts, if you, when you die,

Ryan Isaac: Current and properly

Matt Mulcock: Current and probably titled when you die, those wouldn’t even, the nothing goes through the courts on that. Let’s say you have an account at Fidelity or Schwab and you’ve got beneficiaries, which are your children and you die. It doesn’t even go anywhere that Fidelity or whoever would just take care of it for you at

Ryan Isaac: Take care of it for you.

Matt Mulcock: Yes. Yep

Ryan Isaac: Another piece is a will, so everyone always heard of trusts and wills. a will is kind of like the instructions, the why behind things, and a will can be anything. You know, like you can will things in your will, if you will.

Matt Mulcock: If you will

Ryan Isaac: You can will things in your will,

Matt Mulcock: Will Gochnour

Ryan Isaac: To will.

Matt Mulcock: you could will things to will Gochnour if

Ryan Isaac: You can will things in your will to will, if you will.

Matt Mulcock: Might love that.

Ryan Isaac: Yeah, he will.

Matt Mulcock: We are so

Ryan Isaac: We’re still like, but if there’s a will, there’s a way. And so, um,

Matt Mulcock: Oh, man. Will you

Ryan Isaac: Will, Yeah, and so these are kind of like the directions and instructions. These are the things that can be more nuanced, right? You can put in your wills, certain, Aspects and how you want things to be distributed and for what reasons of where?

Matt Mulcock: Distributed and for what reason. Yeah, my daughter is here with me on this trip,

Ryan Isaac: daughter’s here with me on this trip by the way, and she’s just casually getting ready to go to the Lily come here really fast the audience needs you to say Say give some some financial advice really fast anything that comes to your mind. Don’t even think about it. What’s your financial advice for? Adults with money questions. I have to say, don’t spend it on like dumb stuff. save your money. Period.

Matt Mulcock: Dumb stuff. Save your money.

Ryan Isaac: It on dumb stuff. Save your money, period.

Matt Mulcock: Okay.

Ryan Isaac: Oh, that’s it. Okay. Thanks for listening everybody. We’ll, retiring. Yeah, thank you. Yeah,

Matt Mulcock: She gets it.

Ryan Isaac: She gets

Matt Mulcock: You raised a good one.

Ryan Isaac: Yeah, she’s raising me sometimes. yeah, those are wills. another, so that’s a third piece of this. A fourth would be a power of attorney. Matt, what’s the power of attorney?

Matt Mulcock: So power of attorney is a couple aspects of this. You’d have a financial power of attorney. Or a medical power of attorney this would be, and this is actually a really good point, I’m glad you brought this up, because most people think of estate planning only for death. Um, like a contingency plan for when you die. But the other aspect of this is what if you become incapacitated? And that’s where power of attorney kicks in, where you have a child or a friend or someone, just someone that’s trusted in your life, that the power of attorney, basically what it states is a legal document that says, if I become incapacitated and cannot make decisions on my own, this person would take over at that point. And again, these can be two different people. One would be for financial, other one would be for medical decisions. Uh, but that would literally only be for when you are incapacitated because the second you die, power of attorney dies with it.

Ryan Isaac: But that would only be for when you are incapacitated because the second you die,

Matt Mulcock: That people worry about, really. Someone was joking around about

Ryan Isaac: Someone was joking around about naming someone without telling

Matt Mulcock: By the way, if you name someone, please have the conversation.

Ryan Isaac: Take him to

Matt Mulcock: At least buy him

Ryan Isaac: Him a nice

Matt Mulcock: Something, yeah.

Ryan Isaac: Wine and dine a little bit. Like, you’re getting all my kids. And they are wild.

Matt Mulcock: I’m faking

Ryan Isaac: I’m faking my death.

Matt Mulcock: Um, so, you

Ryan Isaac: Yeah. And, so. You know, a lot of dentists, I think a lot of people in general feel like estate plans are for only like very, very wealthy people with very complex balance sheets, you’re shaking your head. No. Why? Why? Like people do think that and you’re like, no, no, no. Yeah. Why

Matt Mulcock: This, this course, this is

Ryan Isaac: Like basic

Matt Mulcock: Basic stuff in the sense, like if you have, it’s like insurance, if you have anyone who relies on you, anybody,

Ryan Isaac: Way to put it. Yeah.

Matt Mulcock: Anyone that relies on you, that you love, that you care about, that you want to take care of, should have an estate plan. It’s that simple. So that is going to account for,

Ryan Isaac: Account for,

Matt Mulcock: Say majority of our listeners,

Ryan Isaac: Have

Matt Mulcock: Especially if you have kids, like if you have kids. You need a state plan. It’s not fun, we get it. It’s not lost on us that nobody likes to even think about death. Yeah. Or think about something bad happening. But, this is just one of those things, it’s like, You just gotta eat your vegetables on this one. You just have to do it. Um, yeah, a state plan can be for the most basic. I mean, anyone listening who has children, like you said,

Ryan Isaac: There’s a reason for an estate plan. Anyone who owns a business or a house or has even a little bit of money. I mean, you were saying this earlier about, you know, parents leaving money behind for kids and even if it’s a very simple thing, like a house with a little bit of equity, or even if it’s a house with no equity, but it’s still in their name, people are going to have to deal with it. So even at the most basic level, going back to those five pieces, a will and a trust and a guardianship and a power of attorney at the very least, and then. Beneficiary titling on the things you own, even if it’s just a small IRA, those are pieces of an estate plan that are worth doing. Even if you are at a very basic point in

Matt Mulcock: Yeah, exactly.

Ryan Isaac: Like what you said, if you have anyone that relies on you, a business partner, even,

Matt Mulcock: Oh, absolutely.

Ryan Isaac: Let’s talk about, a part of estate planning that is a little bit more geared towards, I’m going to have to go into this a lot of detail, but a part of estate planning that is geared towards people with higher net worth and more complexity in their balance sheet, meaning they just own more stuff, is asset protection, there’s a few parts of, I think there’s, there’s some specific technical parts to these, you know, trusts, LLCs. the specifics of how to do that, but

Matt Mulcock: That, but. Yeah, totally.

Ryan Isaac: Yeah, totally. Let’s just talk about this for a second. what are your thoughts around the importance of asset, asset protection for a wealthier dentist with a higher net worth with more stuff on the balance

Matt Mulcock: Yeah, I mean, you mentioned this earlier. I think this is critical to understand. We’ll keep an eye on this throughout 2025 because the federal tax exemption, for a state and gift tax that was put in place in 2017 with the tax cuts and jobs act. That was a mouthful. Um,

Ryan Isaac: Okay.

Matt Mulcock: So the 2017 law that was put in place, uh, doubled that exemption and to give some simple. Kind of explanation of this basically every single person has a lifetime exemption for how much they can pass on Either via and this is a big confusing point. It’s either via gift

Ryan Isaac: Yeah. While you’re alive. Yeah. Yeah. Yeah.

Matt Mulcock: So you have a lifetime exemption that is anything under that

Ryan Isaac: Follows you

Matt Mulcock: Not taxed It follows you around. So this is a huge confusing point for people When we talk about gift tax, when you’re giving a gift, you have the, the year to year exclusion, right? I think right now it’s like 18 grand per person, per per kid. if you go above that, people think, oh, I’m gonna get taxed on that. No, you’re not. It actually just goes on your tab. It just, its a tab. It

Ryan Isaac: To deplete your overall exemption.

Matt Mulcock: Like putting it on chapter, so you’ve gotta file this form and all that. The reason I wanted to bring that up is to, to, to your point or to your question of. Where does it get to a point where you’ve got to get into more complex planning? It’s if you have any reason to believe that you will either, you either are or going to be above that federal tax exemption, a state tax exemption. So as of right now, I don’t know the exact numbers. I think right now it’s like 26 million

Ryan Isaac: Back to it, but keep going. Yeah.

Matt Mulcock: 27 million. I think it’s 13. 4 million per person or

Ryan Isaac: Yeah,

Matt Mulcock: Um, so it’s 27

Ryan Isaac: 22, 13.

Matt Mulcock: Okay. So 27. 22 million.

Ryan Isaac: Per person.

Matt Mulcock: Perfect. So 27. 2 million. So what that means is your tab is 27 million plus, as of right now. So if you’re sitting out there as a dentist and you’re like, let’s say you’re 75 years old, retired dentist, and you’re sitting on 30 million in assets, you have exceeded your tab. You have

Ryan Isaac: About 3 million. Yeah. At 40 percent or

Matt Mulcock: 40 percent tax plus your state.

Ryan Isaac: Yeah.

Matt Mulcock: So someone like this, and now let’s say you’re a younger Dentist, let’s say you’re in your fifties, but you based on projections, you’re going to be above that limit. This is where you want to start thinking about these asset protection things like irrevocable trusts, grantor trusts, clats and clut. Like there’s a bunch of stuff. This is where we want to get and crits, crats, cruts, cluts, gluts. so this is where you want to get an attorney involved. We play a, a vital role in this of helping people plan this out. so hopefully that makes sense. It’s just if, and then again, this year, this is why this is so critical. If Trump and his administration, and it’s really Congress that changes this or that can push this out. For the record, Trump’s administration was the one who pushed this through initially. So the incentive there, like there’s a really decent chance this gets extended. But if it doesn’t, it goes from 26 point, 27. 2 million, it gets cut in half to 13. 1 million as a household. So that’s a big,

Ryan Isaac: Gigantic jump. Think if you’re a person at the threshold. It’s 27. 22 and you’ve got 27. You’re like, I won’t be taxed. And then the law doesn’t get changed. Now. 13, 000, 000 of your net worth is now taxable at 40 plus percent and are you sitting on 6, 000, 000 to pay that tax or is that all like in apartment complexes and a build a practice or a business that you’re

Matt Mulcock: Exactly. So there’s a lot

Ryan Isaac: Tax bills huge when you do the math it’s gigantic

Matt Mulcock: Which is where a lot of planning gets put in place for anyone out there right now. That’s in this, this, in this threshold above 13, but below 27, there’s a lot of planning happening right now in the sense of gifting trust, establishment, financial, uh, limited partnerships type stuff. There’s a lot of planning happening right now in anticipation of this. Yeah, I

Ryan Isaac: Yeah. I feel for people who are in that. I mean, I feel for people with millions of dollars, tens of millions of dollars of network. Like my heart doesn’t bleed like that much for you. no, you, I mean, you think

Matt Mulcock: Yeah, uh,

Ryan Isaac: With a 40 million

Matt Mulcock: Tamagotchi. I mean,

Ryan Isaac: Uh, you did build that app in the

Matt Mulcock: The people in that situation, in that age, birth, baby.

Ryan Isaac: Was a lot of money. I mean, think about the people in that situation in that age bracket that are facing these decisions are like, I’m either totally covered by this law or I’m going to owe five or someone’s going to owe 5 million or 10 million in estate taxes. And I have no idea where that’s going to come from. It’s a gigantic planning issue. So. Yeah, that’s, it’s going to be interesting to see how that plays out. Uh, the other part of this is just what we’re saying, which is liquidity. This is, this is okay for all of us, like permanent life insurance buffs out there. This is where permanent life insurance enters the chat. whole life has entered the chat.

Matt Mulcock: Life is entering the chat.

Ryan Isaac: Not even though. Yeah. So when people were like, what, what is the role of permanent life insurance in a dentist’s life? it’s a, there’s, it’s not, there is none. Except for. In estate planning, this is where permanent life insurance and their different types of policies, this is where they actually make a ton of sense.

Matt Mulcock: It could, for sure, depending on how illiquid your estate is.

Ryan Isaac: How illiquid, yeah. Or even like, what if you don’t want your liquid estate to pay out millions of dollars and, you know, or hundreds of thousands of dollars. This is where, this is where the, the right insurance planning. So working with. so the next thing is how, how does someone start? Where do you begin with estate planning? Number one, you have to be very organized. You should have a very complete picture of your net worth, your assets, your debts. probably a good idea and understanding of who you, you want your heirs to be or your charitable recipients to be, a really clear picture of what your insurance is and how liquid all this stuff is going to start with a really clear picture. Next, you need to find an attorney. Um, Matt, how do people find attorneys generally for estate planning? Probably depends on their, their situation, but what are some ways

Matt Mulcock: Yeah, I mean, you In most cases, if you’re going the attorney route, it’s depending on the state, but really it’s like, for example, California, it’s always shout out to your

Ryan Isaac: Shout out to my my state who’s always always hard to work with always makes it difficult

Matt Mulcock: It’s like equal parts amazing when you’re there, but also like when it comes to this kind of stuff, it’s the living

Ryan Isaac: It’s just atrocious

Matt Mulcock: So, but really anywhere you are like you most like you probably would want to work with a. A local attorney, especially the larger, more complicated to your

Ryan Isaac: Yeah, if you start getting close to these thresholds, it means that you have a more complex state, more complex balance sheet, in which case, yeah, a local attorney who knows the local laws will be beneficial.

Matt Mulcock: And now, there are, there are national level attorneys that could probably help you no matter where you are. But, you probably want to try to start with a local attorney. And we do this all the time, right? So, if we get to a level, if we have clients at a level where like, Hey, kind of like this base level estate planning is, is you need to be above this and actually get with an attorney. We, we help with that process all the time. Well, I’ve been on tons of discussions with local attorneys. I go search them, interview them, talk to them, whatever. they’re not super difficult to find wherever you are. Yeah,

Ryan Isaac: You can find them and for people on the less complex end of them. There are some, you can reach out to us if you want to be pointed the right direction. some of it’s on our website too, but there’s, there’s online a little bit more self directed, options, a self direct and people always wonder what does it cost? So if you do something that’s a little bit more tech driven, self directed driven, still under the supervision and actual legal, provisions of attorneys that can actually enact this stuff. The self directed stuff’s going to cost like a thousand bucks or so. Do you like a little

Matt Mulcock: Probably five hundred thousand, maybe fifteen, somewhere in that range.

Ryan Isaac: Yeah. 500 to a

Matt Mulcock: Thousand. Five hundred to, yeah, not five hundred

Ryan Isaac: 500,

Matt Mulcock: 000 to 1, 000, 000

Ryan Isaac: Get a basic estate, yeah, will trust guardianship, power of attorney, that kind of stuff, some asset titling instruction, some insurance instruction, and then into the thousands, for a local, more complex estate

Matt Mulcock: Yeah, you’re

Ryan Isaac: Be tens of thousands of like over a really, like when you’re adding in really complex, uh, asset protection and gifting can

Matt Mulcock: I think. I think working with an attorney, you should expect a base package to probably be somewhere in the range of three grand ish, could be up to five, and then up into the tens of thousands if it’s super

Ryan Isaac: Comp, really

Matt Mulcock: Uh, situation. Our, our clients, uh, for what it’s worth, we, established a partnership with a group, uh, last year, so, uh, if you’re a client listening to this at Dentist Advisors, uh, it is fully included with your

Ryan Isaac: Yeah. And we’ll

Matt Mulcock: We, we’ll, we’ll get you, we can get you set

Ryan Isaac: So it’s, yeah, yeah. It’s organization. It’s find the attorney that’s going to work with you. And then you’re going to work, um, as a group with your attorney, your, financial planner, your CPA. And they’re all, we’re all going to be kind of working on different pieces of this to enact it. And then, uh, I guess let’s kind of, let’s wrap this section and we’re like almost 50 minutes. So, how, when should you revisit your estate plan and why

Matt Mulcock: Yeah, I’d say, generally every three to five years, just as a, you know, just kind of like, A routine check and then anytime a life event happens, so life event being examples being divorce, a new child, business changes, whether that be adding a partner or selling a business, adding, you know, different assets, illiquid assets, real estate, or anything like that, a lot of different reasons. But. Again, three to five years or when there’s a life change. Yeah.

Ryan Isaac: The last section that we put to this, and this would be kind of a good, as you end the podcast, wipe away your tears, you know, do some heavy breathing, journal out your

Matt Mulcock: Some journaling,

Ryan Isaac: And we know this

Matt Mulcock: Turn on some Enya.

Ryan Isaac: Know how the, we know how we impact you at a soul level. So we know you need to recover

Matt Mulcock: We know we really get you in the heart there.

Ryan Isaac: Matt, what was the third part about, this estate planning conversation and mentality that, and this was really something you wanted to emphasize and they really loved it. This was, this was a cool part of the discussion with the group here, but what was this third part you wanted to emphasize?

Matt Mulcock: Yeah, I was just thinking, as we talk about estate planning, a lot of it’s just legacy. and I was thinking, I’ve been thinking about this a lot

Ryan Isaac: Which sorry, by the way, legacy is one of the three pillars from elevation association that they

Matt Mulcock: Fell into this category. Yeah. but I’ve thought about this a lot lately. Is just, what are the things you’re passing on to your kids that are not money? Uh, and I feel like, we talk to a lot of dentists, whether it be on consults or at events or clients, that talk a lot about, like, generational wealth. It’s kind of a big topic for a lot of dentists. And, again, I’ve just thought about it a lot. I’m like, well, they always assume it’s money that creates generational wealth.

Ryan Isaac: Here,

Matt Mulcock: In my opinion, in my experience, I actually think money is the bottom of the list of things to create generational wealth, to leave to your, to your kids. And I guess the, the call to action here for the group and the conversation we had, which is really cool. like you said, I think it resonated really well was just, again, have you ever taken the time to really think about the things you’re passing on that are not money?

Ryan Isaac: Non financial. the study about the boomer generation where 45 percent say they want to spend down their assets and not leave it highlights something. It highlights one part of this, which is some people who have the ability to accumulate that much wealth to pass it on. Don’t want to. And that’s okay too. You don’t have to want to. Gift tons of money to your kids or your heirs or grandkids or anyone. The other side of that too, I think is worth just validating for people. It’s not, everyone can do that. Not everyone’s going to be in a position to like grow a career, own a home, support a family, you know, buy eggs, um, actually have a vacation, you know, live it, live a life. And life is just so expensive nowadays. And then, And have money left over to support themselves after working in retirement years and have millions of dollars to be left over. Not everyone’s going to hit that point, even if you want to, and that’s okay too. So you’re, what you wanted to emphasize, I think becomes even more important, which is what else is there that you want to leave to your family, which takes just as much planning and foresight and, and communication and effort and work to leave that behind. Oh, yeah, whatever the legacy is that you want to leave to your kids, um, and there’s so many things that could be, it’d be a fun, it’d be a fun panel to do

Matt Mulcock: To do. It’d be really fun. Well, and here’s the thing too, it might involve money, but there’s a huge, huge difference in saying, I want to pass on all this money when I’m gone. Versus I want to create memories with this money. I have now with my while I’m here Exactly. Dan brought it up a couple. There was a big discussion around this and Now maybe maybe you’re in a situation where you can do both and cool, but it’s a matter of like, what are you prioritizing? I think that was the main thing is what are you prioritizing? Are you and what’s the trade off of prioritizing one over the other? so again, if you’re only assuming and thinking about this from a standpoint of My priority is to pass on all this money, but the cost of that is maybe not living and building memories with your kids while you’re here. What’s the trade off there? And I can say from my standpoint, this is only my opinion, of having someone who’s lost, lost a parent and just vulnerably speaking, like still recovering from it as an adult man.

Ryan Isaac: As a human.

Matt Mulcock: A human, um, and thinking about my dad still being around. And I can tell you right now, if I only given the choice of saying, dad, you’re going to give me all, you’re going to give us the siblings, the family, all your money, or we’re going to spend the rest of the years that you have left with you building and you, and you literally die with zero. But we’ve built all these memories before you were gone. It’s not even a question. It again, assuming it’s a binary thing, this is more of just like directionally. What, where are you putting your

Ryan Isaac: Love that. Um, yeah, cool. Awesome. Uh, a good invitation here would be go check out Elevation Association. Dan, Matt, and Ryan, or Dan, Jared, and Ryan. Matt, you’re in there too.

Matt Mulcock: I feel like I’ve been adopted. We’ve, we’ve been adopted into this tribe.

Ryan Isaac: Elevation Association, they do tons of events throughout the year. A lot of, a lot of CE. they have a couple big, huge, humanitarian, trips they do in Africa through their humanitarian arm. but this trip they, they do every year. it is very limited. I mean, how many couples are here? They’re 20?

Matt Mulcock: 20 couples, I

Ryan Isaac: Yeah, it’s probably like the max limit. Um, it is just one of the coolest things I do every single year. So go check out Elevation Association and so many thanks to them. So grateful for them.

Matt Mulcock: The way, smooth transition here, Jared, Dr. Jared Hill, his lovely wife, Maren. they are actually speaking at our summit coming up in June. What’s our summit, Ryan?

Ryan Isaac: Well, here’s the thing man

Matt Mulcock: Summit.

Ryan Isaac: The the title is the dentist money summit and so it’s dentists. It’s money and it’s a summit

Matt Mulcock: It’s incredible. You

Ryan Isaac: Last year was living your your rich life this year

Matt Mulcock: Plan for the present.

Ryan Isaac: For the present You know Our audience is always going to dental CE, practice management, clinical stuff, never ending things to learn there. We’re, in our industry, we’re always going to financial things, financial CE. We’ll definitely have a mix of, of those things, but we make it, we make it a point and emphasis, to bring in people outside of those two worlds. So we’re talking about psychologists this year. We have, it’s a Harvard, Harvard educated psychologists and author specializing in burnout in careers. She’ll be speaking to us. She has a book that’s, we’ll be reading as an advisor crew here

Matt Mulcock: We’re going to have her on the show here,

Ryan Isaac: Know, we’ll have her on the, on the show. Um, and then we always end up having some speakers who have accomplished some very, very amazing personal. Achievements through crazy adversity that ended up just being very motivational and inspiring. And, so yeah, it’s just a such a good mix of different topics at these summits, beautiful park city, and

Matt Mulcock: 20th and 21st.

Ryan Isaac: DentistMoneySummit. com can check it out there. huge lineup of really fascinating and awesome speakers and a lot of good friends and partners of ours. So DentistMoneySummit.com stoked on that. Anyway, Matt, we should go get in the water. Thanks for listening, everybody. Catch you next time. Bye bye.

Keywords: estate planning, wealth transfer, communication, legacy, family dynamics, estate tax, inheritance, trusts, wills, guardianship, asset protection, life insurance, estate taxes

 

Estate Planning