Estate Planning is Cool! with Mehul Gandhi

11/25/21 • 56 min

Mehul and I met through social media almost a year ago - he is a financial planner and business owner that also believes in the power of collaboration, and promotes the importance of building your "team". He also happens to be a fellow podcaster, and so we decided it would fun to hook up our fancy microphones and record one of our chats!

We recognize that "estate planning" can seem very overwhelming. It is hard to know where to start, and often we just want to rip the bandaid off and get it done as quickly as possible. But we believe that estate planning is "cool", and can actually be an empowering and uplifting process - as long as you are open to the process and willing to ask the tough questions.
In this episode, we break down what you need to know about: (1) foundational estate planning documents (i.e., what is the difference between a Will, a Power of Attorney, and a health care directive, and what should you know about beneficiary designations on life insurance policies and investments) [14:30]; (2) how "fair" does not always mean "equal" in estate planning [31:31]; and (3) a discussion about what retirement planning should really entail, and how collaboration amongst your advisors can make all the difference in getting peace of mind during the planning process [34:17].

Mehul and I have the same goal when working with clients on the estate planning process - we want you to be able to sit down with your friends at the end of our meetings and be able to explain your "plan". You deserve to know what you own, and how those assets can be used for a comfortable retirement!

If you are struggling with how to "start" working on your estate planning, then this episode is for you!

RESOURCES DISCUSSED ON THE EPISODE:

"All-in with Chamath, Jason, Sacks, & Friedberg" Podcast: https://podcasts.apple.com/us/podcast/all-in-with-chamath-jason-sacks-friedberg/id1502871393

MORE FROM MEHUL:

LinkedIn: https://www.linkedin.com/in/mehulgandhicfp/
Mind Your Biz Podcast Website: https://www.mindyourbizpod.com/
Instagram: https://www.instagram.com/mindyourbizpod/
Listen to the "Mind Your Biz Podcast" here: https://open.spotify.com/show/2MXapiWUSNcWUtYH76tYCI?si=3c0b6350982d43d9

MORE FROM AMANDA:

The Tax Chick Blog - https://taxchickca.wordpress.com;
Connect with me by email: [email protected]
LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
Instagram: @tax.chick
Sign up for my newsletter: http://eepurl.com/hNbXcb

If you are struggling with how to "start" working on your estate planning, then this episode is for you!

RESOURCES DISCUSSED ON THE EPISODE:

"All-in with Chamath, Jason, Sacks, & Friedberg" Podcast: https://podcasts.apple.com/us/podcast/all-in-with-chamath-jason-sacks-friedberg/id1502871393

MORE FROM MEHUL:

LinkedIn: https://www.linkedin.com/in/mehulgandhicfp/
Mind Your Biz Podcast Website: https://www.mindyourbizpod.com/
Instagram: https://www.instagram.com/mindyourbizpod/
Listen to the "Mind Your Biz Podcast" here: https://open.spotify.com/show/2MXapiWUSNcWUtYH76tYCI?si=3c0b6350982d43d9

MORE FROM AMANDA:

The Tax Chick Blog - https://taxchickca.wordpress.com;
Connect with me by email: [email protected]
LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
Instagram: @tax.chick
Sign up for my newsletter: http://eepurl.com/hNbXcb

Previous Episode

Cross-Over Episode with Break into Tax!

Tax professionals are a lot of fun. Really, we are! One of the common themes that runs through almost every conversation I have with another tax professional is how much we love what we do. We also have a great sense of humour and are curious about the world around us. This episode of The Tax Chick Podcast is my first ever cross-over episode – and I am excited to introduce you to my special guest, Leandra Lederman – who also happens to be one of two faces behind the amazing YouTube series, “Break into Tax”. She is running Season 2 of that series. Leandra and I chat all about why we love the practice of tax (3:53), what it is like to be a woman in tax (9:14), and we give a sneak peek of what you can expect from The Tax Chick Podcast, and “Break into Tax” as we head into next season (24:15). Check out the Break Into Tax video of this episode at https://youtu.be/KBPhmBr-7Bk.

RESOURCES DISCUSSED ON THE EPISODE:

“Break into Tax”: www.BreakIntoTax.com
American Bar Association (Tax Section): https://www.americanbar.org/groups/taxation/
Canadian Tax Foundation (Young Practitioners’ Group): https://www.ctf.ca/CTFWEB/EN/Young_Practitioners/YoungPractitioners_Events.aspx
Video Tax News: https://www.videotax.com/
"Careers in Tax Law" book: https://www.americanbar.org/products/inv/book/130974286/

Next Episode

A fireside chat with a valuator - featuring special guest, JT Dhoot

Have you ever had to obtain a formal "valuation" for something? Sometimes financial institutions will want a valuation if you are trying to get a mortgage to purchase a property. Other times, you may need to get a formal valuation before you can sell something - like a collection of artwork, or even your business. Sometimes Canada Revenue Agency will disagree with your value, and put their own valuators on the case.

But when you hear the phrase, "You should get a formal valuation" do you know what that means? I know when I first became a lawyer, I had no idea what that meant! Over the years, I have learned more about the valuation process each time I have had to work with a valuator to help one of my clients. So, in this episode of The Tax Chick Podcast I am sharing a conversation that I had with, JT Dhoot of Omnis Valuations and Advisory Ltd. We discuss: (1) the different types of valuations (7:04); (2) the information you should gather if you are looking to get a valuation (14:50); and (3) reasons why you might need to get a valuation (25:27).

RESOURCES DISCUSSED ON THE EPISODE