5: Dealing with Death – A Financial Discussion with CFP Neal Frankle

Planning for death is not a topic a lot of people want to talk about. However, the discussion shouldn’t be avoided because it’s important that we prepare for the sake of our spouses, our children, our relatives, and our close friends. Today on the BiggerPockets Podcast we are talking with Neal Frankle, a Certified Financial Planner with unique insight into the financial side of death. This fascinating discussion will help you look at your death (and near-death) in a different way and give you the tools you need to move forward with the planning of your finances. This interview, like all of our BiggerPockets Podcasts, is full of real-world, actionable content without all the hype. As of today, we are up to 85 Five Star Reviews for the show! If you haven’t yet left us a review and want to help us build our audience, please click here to leave a review in your iTunes player. It also helps us out when you “subscribe” to the podcast in either your iTunes player or on your iPhone. Read the transcript of Episode 5 with Neal Frankle here. In This Week’s Podcast We’ll Explore:How Neal lost both parents before 18 years old and how that experience helped make him smarter financially.A unique technique for helping your spouse carry on your business after you die.How to plan for the sale of your business or your properties after you bite the dust.The benefit of real estate over retail businesses for succession planning.Why a trust is a terrific tool for every real estate investor.What a “Probate” is and how to avoid it with your future estate.Why you DON’T want a typical “Will” – and the one type of will you do need.The true purpose of life insurance… and which one is “evil.”How much insurance you really need.The best advice for investors looking to take control of their financial future.Links from the ShowNeal’s Website: WealthPilgrim.comNeal’s BiggerPockets ProfileProbate – A Primer on ProbateTweetable Topics“When it comes to your personal finances — put your big boy pants on, grow up, and do what’s required.” Tweet This!“Most people don’t “get” that one day – they are going to be gone.” Tweet This!“If you can make your business run without you, it becomes becomes all the more powerful and profitable.” Tweet This!“Everyone dies prematurely.” Tweet This!“The two types of life insurance: good and evil.” Tweet This!“Always have a mentor or accountability partner to bounce ideas off of.” Tweet This!“There is no such thing as impossible – just ‘I don’t wanna do it.'” Tweet This!Books Mentioned in the PodcastMoney Academy for Couples by Neal FrankleThe Total Money Makeover by Dave RamseyE-Myth by Michael GerberAbout Neal Neal Frankle is a Certified Financial Planner in Los Angeles with over 25 years experience. Neal teaches others how to plan for their financial future at WealthPilgrim.com.