The Wealth Elevator Podcast: Real Estate, Taxes, Investing · Lane Kawaoka, PE

Ask an Estate Attorney: Values & Planning with Andrew Howell

·29 min·1 clip

Andrew says the planning starts with core values, not documents, because every family has a different value set.

1. The Wealth Elevator Podcast episode centers on estate planning with Andrew Howell and the question of how families should pass on assets. 2. Lane Surrell hosts Andrew Howell, an estate and tax lawyer who says he has done tax and estate planning for 24 years. 3. The episode asks what a living trust is for when a client wants more than a standard document package. 4. Andrew says most estate plans simply divide assets and hold them in trust until children reach an age like 30 or 35. 5. He says he does not follow that default approach because families need planning based on values and family dynamics. 6. Andrew links modern planning to a generational shift away from the Great Depression mindset and toward purposeful stewardship. 7. He cites the line from his grandfather that “money isn’t everything, but it sure quiets the nerves.” 8. He says older planning aimed to bundle assets tax-free and pass them to the next generation as a safety response to scarcity. 9. Andrew argues that many clients do not want “trust fund babies” and want children to build self-sufficiency. 10. He says wealthy families often keep assets concentrated so the family business and bargaining power do not fragment across descendants. 11. He lays out four erosive effects: division of the estate, estate taxes, creditors, and beneficiary misuse. 12. Andrew gives a numerical example where $100 million split across multiple generations can become about $1.5 million per great-grandchild. 13. He says trust planning can keep assets out of a beneficiary’s taxable estate and preserve generational skipping benefits. 14. He says properly drafted trusts can protect assets from a divorcing spouse, a lawsuit creditor, or a bankruptcy claim. 15. Andrew describes Wyoming purpose trusts as a way to preserve a family business for up to 1,000 years. 16. He says his planning starts by identifying each spouse’s and child’s top five core values, shared values, and communication styles. 17. Andrew describes his process as spending 60 to 90 minutes asking about family goals, children, risk factors, and net worth before choosing legal tools. 18. He contrasts that with the factory-style law-firm model, which he calls a “trust mill.” 19. Listeners who own real estate, operate businesses, or want family-wealth planning should get value from this episode. 20. Listeners looking for entertainment or a short casual conversation may skip it.

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