Trusts, Taxes, and Wealth Preservation Secrets with Andrew L. Howell | Basics of Trust Taxation Building wealth is one thing, but taking steps to protect it and create a lasting legacy is an entirely different challenge many entrepreneurs fail to consider. Imagine not setting up a trust and having your hard-earned wealth stuck in probate – not a pretty picture. And remember, if you're not taking control of this process, someone else will. That’s why I'm excited to be talking with Andrew L. Howell, an expert in estate planning and wealth transfer. Andrew is the Co-Founder and Managing Partner of the law firm York Howell, one of Utah’s 100 Fastest Growing Companies and the only law firm in Utah to receive this award. He has over 21 years of experience assisting ultra-high-net-worth clients in creating tailored estate plans, focusing on helping families increase harmony and purpose in their family planning. A focal point of our discussion is the pivotal role of trusts in building wealth legacies. We unpack how a well-structured trust can serve as a robust vehicle for wealth transfer, aiding in the creation and preservation of generational wealth. Andrew shares his knowledge and insights on how trusts can shape a legacy that's about more than just financial riches. It's about nurturing harmony, purpose, and a sense of stewardship within families. In this episode, you’ll learn: ✅ Tax-efficient strategies for estate planning and asset protection. ✅ Smart strategies for avoiding the mess of asset-related lawsuits. ✅ Techniques to facilitate a smooth multi-generational wealth transfer. Key Takeaways with Andrew L. Howell 00:00 If you’re not doing estate planning, rest assured someone else is doing it for you. 12:00 Why you don’t need a massive net worth to start building your trust. 15:00 Leveraging trusts to shut down lawsuits and avoid family inheritance disputes. 22:00 Optimizing asset protection by leveraging different jurisdictions that align with your specific goals. 29:00 The three pillars of a tax-efficient trust designed to endure for generations. 34:00 Providing your family an amazing life without creating “trust fund babies.” 54:00 The blueprint for your Family Declaration of Independence. Want to listen to the full interview with Andrew L. Howell? Visit http://justindonald.com/142 #andrewhowell #yorkhowell #trust #estateplanning =========================== About Andrew L. Howell =========================== Andrew L. Howell is the Co-Founding and Managing Partner of the law firm York Howell. For more than 21 years, Andrew’s legal practice has focused exclusively on estate planning, asset protection planning, business structuring, tax planning, charitable giving, and estate administration. He assists his high-net-worth clientele in creating tailored estate plans, focusing on what families should consider increasing harmony and purpose in their family planning. He is the co-author of Entrusted: Building a Legacy That Lasts, which has led to speaking engagements throughout the country on the future of estate planning. His follow-up book, Riveted: 44 Values That Change the World achieved the title of #1 Best Seller in Business Ethics on Amazon. In 2015, Andrew was presented with the prestigious “Forty Under 40” award by Utah Business Magazine. York Howell is the fastest-growing law firm in Utah and was celebrated as one of Utah’s Fast 50: Emerging 8 companies in 2016. In 2022, the firm was named one of Utah’s 100 Fastest Growing Companies, the only law firm in Utah to receive this award. =========================== Subscribe & Connect =========================== Subscribe to our channel and receive the latest YouTube interviews! https://www.youtube.com/channel/UCCM-bhk3FxHQRDXXlDU2r2Q The Lifestyle Investor Podcast on: iTunes: https://podcasts.apple.com/us/podcast/the-lifestyle-investor-investing-passive-income-wealth/id1541009357 Spotify: https://open.spotify.com/show/1chSXFlWJ0RtgoYdSlSw9B?si=f6abKqwrRFW92B8ColY5ew Connect with Justin Donald! Facebook: https://www.facebook.com/justin.donald.79 LinkedIn: https://www.linkedin.com/in/justinwdonald/ Instagram: https://www.instagram.com/justindonald/ Twitter: https://twitter.com/JWDonald1