By coinnews 
00:00 Speaker A
The great wealth transfer. We’ll see $84 trillion change hands from baby boomers to millennials and Gen X by 2045. That’s according to Cerulli Associates with this massive movement of assets taking place. Our next guest has identified a potential choke point that he calls the great wealth gridlock. With 93% of clients expecting estate planning from their financial advisors, 22% receive it, according to McKinsey. So how do we fix this service gap? Joining us now, we’ve got Dominic DiAndre, who is the Dan Derra Wealth Management financial advisor. Great to have you here with us. Let’s break this down because we often kind of talk about this great wealth transfer and say, oh, it’s going to be amazing and really tracking some of the different types of investment thesis that come forward, the number of women that are going to be able to take on even more wealth as well as part of this transfer. Let’s just take a step back. What are the first three steps that should really be thought about when it comes to estate planning as part of this great wealth transfer?
01:48 Dominic DiAndre
First, you have to realize you have a problem. And you have to sit down and realize, what are your assets? What are your debts? What do you need to transfer to the next generation? Even if it’s your spouse, because there’s ways of doing it that can go in better ways from the spouse to your children or whoever you want it to leave.
02:26 Speaker A
And so, in that planning process, what are the conversations that families need to be having as well?
02:37 Dominic DiAndre
Well, it starts with somebody guiding them. Like, when I sit down with a client and I’m looking at the situation, I can see they’re going to have a problem. And knowing that they’re going to have a problem, I’m going to guide them. Like, look, do you have an estate attorney? If they don’t have an estate attorney or if it’s a simple problem, we use a software program, wealth.com, which I can help facilitate an estate plan for them at a simpler process. If it’s more elaborate, I’m going to recommend they go to an estate attorney, which I have a few that I recommend. I recommend anybody that’s in this industry to have a deck of people that they can recommend because most investors and people in general public, they don’t know who to trust. They don’t know where to go. So, I try to make sure I have assets and partnerships that I can be their quarterback in their financial plan and give them these people that I can recommend comfortably.
03:53 Speaker A
Okay. So, naturally, as you’re starting to work with a professional, there are going to be some documents that you need. What are the top documents that you should have lined up ready to go?
04:08 Dominic DiAndre
When they’re sitting down, anything investment wise, all your investments, life insurance, who your beneficiaries, uh, your Social Security information, anything that you’re going to need that you think you’re going to transfer, if there’s charities you care about because the more you can come prepared to a meeting with, the better the documents are going to be that you’re going to be leaving to your friends and family and charities.
04:49 Speaker A
How how early, what age should people really start to think about estate planning?
05:00 Dominic DiAndre
Um, earlier than most people think. Once you have children, you should start thinking about estate planning because when you have children, the biggest fight in a family is who’s going to get your children? So, you have an idea who you want, but some family members might say, oh, I should get the kids. You don’t want, you know, so you need to have it starting with your babies because you want to you want to know who’s going to get your children. You want to have the discussion. And then, it’s something that should be reviewed on a regular basis because as you’re getting older, you want to make sure your health care proxies are in place. Because you never know when that time is going to happen. I mean, I had my mother passed away in her mid 50s. We didn’t have those documents in place because I didn’t think my mother was going to pass away in her mid 50s. You know, so you need to have them in place so somebody can respect what you want your decision to be. And life changes. In your 50s, you probably want to have every necessary means to save your life. If you’re in your 80s, you might say, you know, I lived a great life. I’m good. Let me, please, go. So, always review your documents with your professional at least on a few year basis.