Do you ever find yourself contemplating the complexities of inheritance, property transfer, and estate planning? Well in episode 67 of Building Wealthy Habits, we are tackling common misconceptions surrounding these topics, particularly regarding the implications of putting children on property titles and the tax benefits of inheritance. Randy and Jeremiah emphasize the importance of understanding gifting limits and the necessity of testing financial responsibility in family gifts. Tune in as we also cover the intricacies of estate planning for high-value assets and the significance of comprehensive planning to avoid pitfalls, especially concerning retirement accounts and estate taxes.

In This Episode:

Many clients misunderstand the implications of putting children on property titles.
Inheritance can provide significant tax benefits through a step-up in basis.
Gifting has limits, but exceeding them doesn't necessarily incur taxes.
Testing financial responsibility in children is crucial before large gifts.
Estate planning should be proactive, especially for high-value assets.
Retirement accounts have different rules regarding inheritance and taxation.
Comprehensive estate planning is essential for effective wealth management.
The tax code is complex and requires regular review and planning.
Families often overlook the importance of discussing estate planning openly.
Wealth management involves integrating estate planning with overall financial strategies.

Reach out at contact@tricordadvisors.com

Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.

Episode 67 - Inheriting vs. Gifting

In this episode of Building Wealthy Habits, Randy, Laura and Jeremiah discuss the essential preparations needed for selling a business. They emphasize the importance of planning ahead, structuring the business appropriately, and understanding the personal dynamics involved in the sale. Real-life examples illustrate the consequences of inadequate preparation, while the speakers also touch on the significance of timing and personal financial planning post-sale. The discussion aims to equip business owners with insights to maximize the value of their business and ensure a smooth transition.

Key Takeaways:

Preparation is crucial when planning to sell a business.
Many business owners fail to plan adequately for a sale.
Structuring your business correctly can maximize its value.
Separating business assets from real estate can provide tax advantages.
Reviewing contracts and ensuring long-term agreements can enhance business value.
Intellectual property should be secured before selling a business.
Understanding personal goals is essential when preparing for a sale.
Timing the sale of a business can significantly impact its value.
Retirement planning should not be neglected during the sale process.
Your business should be viewed as a tool for future opportunities.

Reach out at contact@tricordadvisors.com
Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.


Episode 70 - Preparing to Sell Your Company

In episode 71 of Building Wealthy habits, Randy, Laura and Jeremiah discuss essential strategies for entrepreneurs to build and preserve wealth while navigating the complexities of business ownership. They emphasize the importance of diversification, retirement planning, and cash flow management, as well as the need for clear business structures and exit strategies. The discussion also touches on the challenges faced by family businesses and the significance of adapting to generational changes in business management.

In this episode:

Entrepreneurs often focus solely on their business, neglecting personal finance.
Diversification is crucial for long-term financial stability.
Real estate can be a valuable asset for entrepreneurs.
Retirement plans can provide tax benefits and financial security.
Cash flow management is essential for seizing new opportunities.
Structuring a business with clear exit strategies is vital.
Family businesses face unique challenges that require open communication.
Entrepreneurs should seek advice from experienced peers.
Planning for retirement should start early in the entrepreneurial journey.
Listening to the next generation's vision is key for family business success.

Reach out at contact@tricordadvisors.com

Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.

Episode 71 - Strategies for Entrepreneurs to Build & Preserve Wealth

In this week’s episode, we take a decade-by-decade journey through the financial decisions that shape your life. Whether you're just starting out or thinking about legacy, this conversation breaks down the mindsets and strategies that build wealth—and keep it. From building habits in your 20s to making an impact in your 70s, we’ll show you how to align your money with your life goals every step of the way.

What You'll Learn:

Why your 20s are less about getting rich and more about building the right money habits

How to avoid lifestyle creep and stay focused in your 30s

The make-or-break financial moves of your 40s

How to protect your retirement while helping your kids through college

What to prioritize in your 50s to set up a strong retirement

How to shift from growth to giving in your 60s and 70s

---

Reach out at contact@tricordadvisors.com
Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.


Episode 72 - Financial Mindset: What Steps You Should Take Throughout The Decades

Join us as Laura and Jeremiah Lee discuss the critical moments when individuals should consider hiring a financial advisor. They explore the complexities of financial situations, the importance of having a financial team, and the need for holistic financial planning. The discussion emphasizes the value of having a trusted advisor to navigate major financial decisions and support clients through various life stages, ensuring that their financial plans align with their goals and needs.

Key Takeaways:

It's essential to recognize when your financial situation becomes complex.

Hiring a financial advisor can provide clarity and support during significant life changes.

A financial advisor acts as a partner in navigating financial decisions.
Understanding the difference between various financial advisors is crucial.

Holistic financial planning considers all aspects of a client's life.

Diversification is key to managing financial risk effectively.

Clients should feel supported and not alone in their financial journey.

The relationship with a financial advisor should be ongoing and personal.

It's important to prepare your spouse for financial management in case of unforeseen events.

Financial advisors can help clients make informed decisions about their investments.

==========

Reach out at contact@tricordadvisors.com

Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com



Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.

Episode 73 - 5 Signs to Know When You're Ready to Hire a Financial Advisor

In this episode, we explore the deep connection between mindset and money through the lens of Morgan Housel's best-selling book The Psychology of Money. This conversation unpacks the emotional and psychological forces that drive financial behavior and long-term wealth building.

We discuss why wealth isn’t always visible, how compounding works best with time and patience, and why understanding your personal definition of “enough” can be the key to lasting financial freedom. Whether you're an investor, financial professional, or someone seeking more intentionality with your money, this episode offers timeless principles and practical mindset shifts.

💡 Key Takeaways:
Understanding the psychology behind money is essential for smart investing

True wealth is what you don’t see—it’s savings, not spending

Compounding requires patience and a long-term view

Clarity around what “enough” means is a shortcut to financial independence

Your financial mindset is shaped by your background and experiences

Scarcity thinking limits potential; an abundance mindset fuels growth

Investing should align with your personal values and long-term purpose

Contentment and ambition can (and should) coexist in your financial life


📚 Resources Mentioned:
The Psychology of Money by Morgan Housel

---------------

Reach out at contact@tricordadvisors.com

Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.

Episode 74 - The Mindset Behind Money: Insights from 'The Psychology of Money'

In episode 75 of Building Wealthy Habits, hosts Laura, Randy and Jeremiah discuss the the complexities of investor sentiment and the emotional responses that influence investment decisions. They explore the importance of understanding market volatility, the risks associated with concentrated investments, and the necessity of diversification. The discussion also highlights the significance of liquidity for entrepreneurs, emotional responses to market fluctuations, and the need for long-term investment strategies. Ultimately, they emphasize the interplay between psychology and mathematics in successful investing.

In This Episode:
00:00 Understanding Investor Sentiment
03:03 The Risks of Concentrated Investments
05:59 The Importance of Diversification
09:05 Liquidity and Access to Capital
12:11 Emotional Responses to Market Fluctuations
15:09 Long-Term Investment Strategies
17:51 The Role of Psychology in Investing

Reach out at contact@tricordadvisors.com

Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.

Episode 75 - Emotional Responses That Influence Investment Decisions

One of the most common questions we get is around how to plan for the unexpected, and today Laura and Jeremiah are tackling the complexities of navigating unexpected life events from a financial planning perspective. 

They explore how life pivots—whether it’s an unexpected inheritance, business sale, or personal loss—can reshape retirement plans and long-term goals. The conversation underscores the role of financial advisors as thought partners who help clients maintain financial hygiene, revise their strategies, and communicate openly about goals as life changes unfold.

In this episode:

You can’t plan for the unexpected, but you can prepare for it.

Financial advisors should be thought partners, not just money managers.

An unexpected inheritance can significantly shift a retirement plan.

Life pivots often require a revision of life goals and financial strategies.

Open, ongoing conversations about money are essential.

Maintaining financial hygiene—like building an emergency fund—is key.

Clear financial visibility empowers better decision-making during transitions.

Supporting survivor spouses is crucial in times of loss.

Creating a safe space for financial dialogue can strengthen relationships.

===

Reach out at contact@tricordadvisors.com

Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.

Episode 76 - Planning for the Unexpected

This week we are discussing the key highlights of the Big Beautiful Bill, focusing on significant tax changes, implications for estate planning, and the impact on various financial aspects such as deductions and credits. This episode emphasizes the importance of understanding these changes for effective financial planning and the potential benefits for individuals and businesses.

Key Takeaways:

The Big Beautiful Bill is extensive and complex, covering many financial aspects.
Key tax cuts from the previous bill have been made permanent.
The estate tax exemption has been extended, benefiting many families.
Changes to tax brackets will also be permanent, providing stability.
New tax credits and deductions are introduced, including for child tax credits.
The bill impacts overtime and tips, allowing some income to be tax-exempt.
Businesses will see changes that could encourage growth and hiring.
Understanding the bill requires consulting with financial professionals.
Resources are available for deeper insights into the bill's implications.
The conversation highlights the need for proactive financial planning. 

===

Reach out at contact@tricordadvisors.com

Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.


Episode 77 - The Big Beautiful Bill

Join Randy, Laura and Jeremiah as they navigate the complex world of retirement taxes. In this episode, they break down the intricacies of IRMAA (Income Related Monthly Adjustment Amount), RMDs (Required Minimum Distributions), and Roth conversions. Discover how these financial elements impact retirees and learn strategies to manage your tax liabilities effectively.

In This Episode:

Understanding IRMAA and its impact on Medicare premiums.
The importance of planning for RMDs and how they affect your tax bracket.
Exploring Roth conversions as a strategic tax planning tool.
Insights into charitable contributions and their tax benefits.

#RetirementPlanning #TaxStrategy #FinancialAdvice

Don't let retirement taxes catch you off guard. Tune in to gain valuable insights and strategies to ensure smooth sailing into your golden years.

===

Reach out at contact@tricordadvisors.com

Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.

Episode 78 - IRMAA, RMDs, and ROTHs - Oh my!

In this episode, Jeremiah Lee, Laura Lee and Randy Barkley dive into the crucial topic of financial strategy for business owners. They explore the concept of "paying yourself first" and discuss the balance between reinvesting in your business and enjoying personal financial success. Learn from real-life stories and expert advice on how to avoid common pitfalls and make wise financial decisions.

In This Episode:
The importance of setting aside funds for taxes and retirement. 
Strategies for balancing personal and business expenses. 
Insights on building a financial safety net for business owners. 
The role of financial advisors in managing business finances.

If you're a business owner looking for financial guidance, reach out to Trey Court Advisors for expert advice tailored to your needs.

#BusinessFinance #Entrepreneurship #FinancialPlanning

=======

Reach out at contact@tricordadvisors.com
Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.


Episode 79 - Profit First, Not Last: Paying Yourself as a Business Owner

We discuss life's hard financial questions to help you make smart choices with your money. New Episodes each week.

Episode 67 - Inheriting vs. Gifting

TriCord Advisors Podcast

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