BiggerPockets Money Podcast 49: Wealth Transfer—How to Financially Prepare for Inheritance Money with Hari Mix

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Hari Mix figured out money in grad school and started saving for his future before he graduated. He became an assistant professor at Santa Clara University—and then, his mother was diagnosed with terminal cancer and his whole focus shifted.

Today, Hari shares his experiences with his mother’s passing and how discussing it before she died made it easier for him to manage her estate afterwards. He shares some REALLY great tips for ways to handle an estate, including having all your documents in order and having a will.

This episode gets pretty deep into topics that no one ever wants to think about, but that everyone will have to deal with, both with their parents and for their children. Having a will is a great first step, but there are lots of other things you can do to ease the financial transfer burden—and things you need to know before making any moves. The more prepared you are, the easier this process will be during one of the most difficult times of your life.

If you’re in a position to inherit wealth from a parent or transfer wealth to heirs upon death, this is an episode you cannot miss.

Click here to listen on iTunes.

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In This Episode We Cover:

  • Hari’s journey with money
  • Why prioritizing saving and long-term goals for retirement is so vital
  • The steps he took to handle his mother and grandfather’s financial affairs
  • How he ended up creating his own estate plan
  • The importance of being open and honest with your family about financial affairs
  • Steps for approaching your loved ones’ financial affairs
  • How to avoid the probate process
  • How he fielded the discussion with the other heirs in his grandfather’s financial affairs
  • The importance of talking to a professional
  • The right time to contact an estate planning attorney
  • Tips for investing an inheritance
  • His written investment policy statement
  • How he came up with his investing plan
  • What he did after his mother died
  • His idea of inflating his lifestyle
  • The checklist you need for when somebody dies
  • Peculiarities of inheriting money and IRAs
  • And SO much more!

Links from the Show

Books Mentioned in this Show

Tweetable Topics:

  • “If you don’t say anything about it, you will actually lose control. You lose control of what you’re wishing for.” (Tweet This!)
  • “Buy-and-hold, long-term, all market-index strategies, implemented at rock bottom cost, are the surest of all routes to the accumulation of wealth.” (Tweet This!)
  • “No one will care more about your money than you do.” (Tweet This!)

Connect with Hari

About Author

The BiggerPockets Money Podcast is for anyone who has money… or want to have more! Join BiggerPockets Community Manager Mindy Jensen and Director of Operations Scott Trench weekly for the BiggerPockets Money Podcast!
Each week, financial experts Mindy and Scott interview unique and powerful thought leaders about how to earn more, keep more, spend smarter, and grow your wealth.
You’ll get tips for getting your financial house in order and actionable advice from guests who have been in your shoes – and found their way out.

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