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HBO and The Ringer's Bill Simmons hosts the most downloaded sports podcast of all time, with a rotating crew of celebrities, athletes, and media staples, as well as mainstays like Cousin Sal, Joe House, and a slew of other friends and family members who always happen to be suspiciously available.
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S4 E9 The Legacy League: Passing on your Superpowers
The Swan Effect - Creating and Sustaining Your Financial Wellbeing
Manage episode 509400734 series 2867755
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Following on the theme of Legacy from the previous episode 8 of this season, Arthi and Malika engage with the idea that legacy isn't just about the money you leave behind—it's about preparing, protecting, and empowering the next generation with thoughtful planning and clear communication. In the current episode the hosts help you armour up with essential tools like wills, estate planning, and the life file to create a meaningful legacy that outlives you.
Listen in as Malika and Arthi discuss how:
• Wills serve as your superhero shield, protecting your family from unnecessary battles and giving you control over inheritance, guardianship, and estate management,
• Without a will, the Interstate Succession Act decides who gets what, potentially causing confusion, disputes, and financial hardship for your loved ones
• Common estate planning mistakes are made, which include outdated wills, insufficient liquidity, conflicting documents, and vague wording that can trigger family disputes,
• A life file (or "pop-off file") should be created and updated, containing everything your loved ones need—will copies, ID documents, bank details, insurance policies, property deeds, passwords, and key contacts,
• Estate taxes can be the villains of legacy planning, with capital gains tax, estate duty (25% on estates over R3.5 million), and executor's fees taking chunks of your estate,
• To use strategic planning tools include properly structured trusts, adequate life cover, diverse asset allocation, and lifetime giving (taxed at 20% vs 25% estate duty),
plus so much more!
🦸 Golden Takeaway:
Legacy is the cape that outlives you — wear it proudly, and pass it on with purpose.
Share 📢and write a review as Arthi and Malika continue on their mission to simplify the complexities of money management to empower you toward financial freedom, becoming your own financial superhero, and passing on your superpowers too!
Freebie: Download our practical legacy planning checklist to get you started today!
This #podcastepisode is proudly sponsored by Old Mutual Wealth.
Chapters
1. Old Mutual Wealth Introduction (00:00:00)
2. Welcome listeners! (00:01:00)
3. The Legacy League episode (00:01:42)
4. Wills: Your Superhero Shield (00:03:35)
5. Common Mistakes and Kryptonite (00:06:26)
6. Common mistake 1 - Not reviewing your will regularly (00:06:49)
7. Common mistake 2 - Not having enough liquidity on hand (00:07:25)
8. Common Mistake 3 - conflicting documents (00:08:40)
9. Common Mistake 4 - Not knowing enough about trusts (00:09:41)
10. Common Mistake 5 - Vague wording loopholes (00:10:24)
11. The Life File: Your Batman Utility Belt (00:13:16)
12. Battling the Villains of your Legacy (00:15:50)
13. Explaining the Taxes applicable (00:16:48)
14. Strategic tools to manage the villians (00:19:24)
15. Legacy as Your Superhero Cape (00:21:27)
16. Recap of the key concepts from the episode (00:22:00)
17. Malika's Parting Shot (00:23:09)
18. Arthi's Parting Shot (00:23:44)
19. Free resource - Legacy Planning checklist (00:23:59)
20. Thank you Listeners! (00:24:30)
21. Swanning out for now! (00:25:14)
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