3 Interesting Ideas On How to Transfer Wealth to the Next Generation

Passing a real estate portfolio to the next generation is not always straightforward, and if not planned well, it can be a painful point of contention for a family. In this episode, we discus come clever ideas on how to equip your children with the skillsets needed to responsibly manage what you leave them. --- Transcript: Emil:   Hey everyone. Welcome back for another weekend wisdom episode of the remote real estate investor. My name is Emil Shour and I got my co host with me today who are   Tom: Tom Schneider,   Michael: and Michael Albaum.   Emil: And today we're going to be talking about generational wealth. We're gonna be talking specifically about our thoughts on it, what our plans for the future what we want our legacies to look like and even how that's changed over time. So let's hop into this week's episode.   Tom sounds like he's at the motor speedway right now he's…   Tom: …got a little construction going. Like the dentist over this   Emil: Oh, let's just drilling   Michael: Are they still jacking up your house?   Tom: They finish jacking up now they're adding in plywood to strengthen the sides of the walls usually houses have plywood on the side but mine did not so it's kind of scary living in the bay area where it's like a little bit earthquake prone not being as structurally sound but…   Michael: like around just the perimeter above the ground not like the shear walls that are on the foundation.   Tom: So you have the two by fours like the framing and then yeah normally outside the framing there it's common to have plywood and mine My House did not so they're adding in like some plywood and stuff so a lot of stuff going on at the old Casa so that's the dentist noise in the background is plywood going in deck being rebuilt all this all this jazz. So kitchen being redone. Fun Fun, fun,   Michael: Rehab that work.   Tom: Rehab and live in rehab. I yeah, grind through it. Yeah, it's a first world problem. But it's uh it'd be nice to have a kitchen with running water.   Michael: So needy Tom, needing running water, electricity. Gosh, Come off it already, man.   Tom: Yeah, this toughened me up. Sounds good.   Emil: Alright, guys, so back on track. We're talking generational wealth today. This is personally for me, some I have just gone back and forth on like, what do I want to do? There's like, kind of two schools, right? There's some people, there's a lot of different variations. But I think the two main ones are, I want to leave a lot of the assets that I'm buying and owning to my family. And then there's some people who are like, No, I want my, my kids, my family, well, mainly your kids to build for themselves. And you either I don't know, donate to charity, or do something with it where you know.   So I'm curious, like, have you guys thought about the future? What does it look like, for you in terms of passing, will stick to real estate specifically by passing on your portfolio to your kids?   Tom: To be honest, I mean, I haven't really thought too much about the mechanics in a way that I want to do it. But what I what I do know is there's a good amount of lead time, hope that I that I live long, that I can, you know, I don't necessarily have to make that decision today, with real estate and I think is relevant to you know, passing on to kids, there's, there's two things you can never change with real estate, that is the location of the property and the price that you pay for it down the line, if they you know, one thing that I like so much about single family rentals that you have multiple kids, it's it's much easier to kind of break up that kind of disbursement of, versus your you know, your family owns a big apartment complex, you know, it's a little bit trickier have a thinking about passing it on to the next generation.   So that's one thing I'm thinking about with single family is it's a lot easier to slice and dice that type of wealth, you know, some questions that I've been having is, you know,