Well, hello there, ladies and gents.
Great to see you again and welcome back to Wealth Health
and other things you should know Ryan
Ruff here, your moderator.
But as always, I'm joined by Cameron Butell
of Butell Wealth Management Group,
and we're gonna be jumping into another great wealth
management related discussion
as we typically do here on the show today.
We're, uh, as you probably see clicking
or pressing the play button today on the episode,
it's entitled, I've never thought of that before.
That's kind of a line that Cameron
and the team of Butell Wealth Management Group have been hit
in a lot of different ways, shapes
and forms with over the years,
whether it be a specific strategy
or a greater holistic conversation surrounding somebody's
wealth management world.
Uh, today we're gonna dive into really what
that question really means under the surface
and how it can have a serious ripple effect for
so many folks out there.
Before we get into the weeds of it all,
let's go ahead and say hi to the man of the hour.
Cameron, great to see you today. How you doing?
Doing good, Ryan. How are you doing?
I'm good, I'm good. Uh, excited to dive into this one.
I know this is a pretty, you know, all encompassing almost,
uh, line or, or question
or moment that you guys get hit with at,
at Butell Wealth Management.
Uh, why don't we, you know, as we always do with this,
this show, just kind of frame it from the problem
or the pain point that a lot of clients
or a lot of folks out there deal with
inside of their financial world.
What's, what's kind of the, the challenge
or the problem that we're framing today's discussion around?
Sure. I think what I'd like to cover today is,
is pretty common amongst, uh, wealth creators
and wealth inheritors.
So the problem is typically arises from
either you've created a significant amount of wealth
through the sale of your business
or the sale of a closely held asset,
or you've inherited a, a large amount of wealth,
and now you're starting to contemplate building
that wealth strategy, what you should invest in,
why you should invest in certain things.
But very often unforeseen circumstances can
come into play, and those cre can create really unique
challenges to the financial world
and the goals that you intended for this wealth
that you've created or inherited.
Um, and we'll get into this later,
but the, these, these unforeseen circumstances can really
throw a wrench into a very well constructed plan.
Oh, yeah. I mean, hey, let's face it.
Life happens right at the end of the day.
So many different things can, can pop up in your world
that you may have or of course, didn't plan for.
And there's always a ripple effect as to what that means
for your financial world.
So let's, let's get into that, Cameron.
Why would you say those unforeseen circumstances can become
such an issue for folks?
Yeah, I mean, first of all, it's pretty simple.
You don't know what you don't know.
The future is unknowable,
and when it comes to having significant amounts
of wealth coming from a uniquely successful family,
inheriting a large amount of wealth from his,
a uniquely successful family,
having a great wealth plan in place is just one piece
of the overall financial puzzle.
Um, very often we see wealth plans
that are fine on the investment side,
but have not incorporated potential risks
into removing that wealth from the family
or the inheritors who the fam the wealth creator intends
to pass that wealth onto.
You can find yourself in a very, very sticky situation
and a tremendous level of risk if you don't go
through a proper estate planning
and wealth management planning service
through the entire process.
Sure. And, and Cameron, if those risks tend to fester,
which in some instances they can,
what do you guys see the ripple effect being?
What, what can that do to somebody's life
and really their financial world overall?
Sure. Um, well, first
and most importantly, the wealth that you've worked so hard
to create or that your family's worked so hard to create
can ultimately end up in the hands of someone
that you never wanted it to go to
or basically enrich somebody else, somebody else
that you didn't intend it to go to.
So there's a story that I have of a client, uh,
wonderful, wonderful woman.
She was a wealth creator, started a business from scratch,
sold it to a publicly, sold it to a public company
for millions of dollars.
And, um, when she passed,
or when she was getting close to passing, I should say,
she called me and she's like, I really want
to review my estate plan.
And, um, you know, she started talking about how she wanted
to leave, make sure the wealth would last for her kids,
and how put provide for her husband.
And I, I let, I, I, I brought up to her, I said, well,
you know, what happens if your husband decides to remarry?
And she kinda just gave me this look like, what?
It, it was very clear
that you'd never thought of that before.
And I said, you know, very often the the spouse, the preces,
the, the spouse that is, that is alive
after their, their former spouse passed,
oftentimes they do remarry.
And I've seen it before
and even though I've tried to plan a around it,
but I've seen it before, where the, the inheriting spouse
takes the money and then spends the vast majority
of it on the new spouse, and that leaves very little
or minimal wealth left over to the children.
And that can be very, very, very, very ugly when it comes
to discussing that with the heirs and the children.
And all of that can be prevented if you were just to plan
for that ahead of time.
Yeah, yeah. And I know that that's one specific story
that you mentioned, but there's a lot of iterations of
that over your career
and the conversations that you've had
where there's been these moments that
where clients are saying, you know,
I haven't necessarily thought about that.
I mean, that is, sure, it could be a realistic option that
that happens down the road,
but I haven't thought about it that way,
or I've never thought of that before.
So let's, let's flip the script here for a hot second.
If somebody was to think about it, you know,
and to make the proper planning ahead of time,
how could life look so much better for them?
Sure, Ryan. Uh, it, it comes down to really two things.
With the proper financial planning
and the proper estate planning,
working in conjunction together, you're gonna be able
to sleep better at night knowing that your assets are going
to do exactly what you intended for them.
Um, you can be very intentional
and very specific with your entire financial world
and the future you want your wealth to create.
Cameron, there's a lot of folks that jump onto our, our,
you know, podcast episodes here, whether it be just
because of the specific topic that pertains to them,
but we also have some folks that have been, you know,
regularly listening
and watching for those that are new
to the show coming in today, you know, intrigued
by this idea of, I've never thought of that before.
Uh, let's zoom out from the topic for just a hot second
and bring them up to speed on, on your, you
and your team at the Butell Wealth Management Group
and how it is that you guys ultimately operate
for these successful business owners and their families.
Tell me a little bit about yourself, the background,
and of course we'll get back into the topic at hand.
Sure, yeah. What we're known, what, what we're called
to do here at the Butell Wealth Management Group is
to challenge uni uniquely successful families
and individuals and business owners to think bigger
and differently about what's possible surrounding their
life, their wealth, and their significance.
We bring a true commitment to, to lifelong learning,
and we pride ourselves on getting to know our clients deeply
so we can truly assess their, their real financial lives
and deliver the best possible outcomes for 'em.
Yeah, I mean, and let's face it,
everybody's life's different
and as, as wealth continues to,
to accumulate over the years, your goals shift and time.
So having that deeper relationship with your clientele,
I'm sure is, is extremely valuable for them to be able to,
to, to confidently plan with you
and the team for the future. Um,
It sure is Ryan, and, and when we even take it one step
further, um, we actually make it a part of our process
to meet with each
and every one of our clients,
other trusted professionals meeting their CPA
and their estate planning attorney, so
that way we know everybody is working
for the client's best interest,
and they're all on the same page
to eliminate any potential gaps that there may be.
From the financial planning side
to the estate planning side, to the tax planning side,
it's critically important that people do that. I
Love that it's robust.
I mean, as that wealth accumulates a a variety of,
of challenges and levels of exposure exist
and just complexities, frankly.
So I, I love the year that you, you, uh, work with that team
of trusted professionals around, uh, everybody that,
that you, uh, you work with as a client.
Um, look, as, as we always like to do on this show,
we want folks to take away a, a tangible piece
of value from our, our content series.
Uh, let's, let's dive back into the topic now at hand.
This idea of, I've never thought of that before.
These, these life events, these things
that can pop up in everybody's world.
What's the takeaway? What can we really give to folks
with this idea of, I haven't, I mean, you don't know
what you don't know, so how can you prepare?
But you, you
and I both know there is a way to prepare, so what is that?
Sure. And really how to prepare for it is to sit down
with professionals who have dealt with people who are going
through what it is you are going through.
Um, it, it all boils down to a really important conversation
with a team of, of competent professionals, professionals
who are going to bring those unknown ideas or
or possibilities to your attention so
that way you can plan around them.
Um, it, it, that's really the critical component is to,
to sit down and have a meeting
so the professionals can educate you on
all the different outcomes that could be possible
and how you can prevent against some
of those bad outcomes from happening.
And Cameron, you've got a, a story, um, you
and, uh, that you had shared with me,
and I think it'd be a great idea to bring that one back up
of, uh, it was a meeting that you had relatively recently,
actually with a successful business owner
who was getting ready to sell their business,
but proper planning was maybe not done and,
and it had its own ripple effect.
Could you share that story? 'cause I think it sheds a good
light on the overall topic we're talking about today.
Yeah. We just recently met
with an extraordinarily successful business owner,
is in the process of selling his business
for upwards of $50 million.
And, um, we're going through the meeting.
He is telling us how his, how his finances are going
to be structured and a, a glaring outcome just,
just, uh, just appeared.
I, I asked him a question. I said, well,
he has this one child.
And I said, well, there's, well,
there's one thing we can't control,
and that's who our children marry.
And the way he had had his estate plan set up was everything
was to go outright to his child.
And I said, what if your child ends up getting a divorce?
And the, the business owners just looked at me again,
never would've thought of that, never thought about it.
I said there, there's, there's ways we can keep
these assets safe for the benefit of your child
and their children only, so that if they were ever
to get divorced or have anything bad happen
to them in the future, that those assets
and that wealth that they've worked so hard
to create would still be preserved.
Yeah, I, I appreciate that story.
'cause it sheds light on another big topic.
You know, in divorce, the earlier story being remarrying,
these are, these are things that, it's not necessarily
that folks haven't thought of them necessarily before,
but more, more or less.
It's, it's, it's tougher topics to talk about, right?
Everybody, you know, estate planning efforts are, uh,
they're sensitive, right?
We're talking about the next chapter of life
and what happens when you're gone.
I mean, these are sensitive topics, of course.
So I think it's important to call attention to the fact of,
while we're sitting here talking about the story
of remarrying or even divorce, there are other situations
that can pop up like those in life.
And, uh, and,
and while they aren't pleasant necessarily to think about,
they are important to think about.
Yeah, you're absolutely right.
I, there we get, we, we don't know what's gonna happen,
especially when we're dealing
with other individuals entering our lives.
Everyone likes to think, myself included,
that our children are going
to make the best decisions possible.
But when you're dealing with your life's work
and wanting to preserve that wealth for generations,
certain steps should be implemented to make sure that
that wealth will last for generations.
I I couldn't have said it better myself.
Uh, Cameron, for anybody out there, uh, who's thinking
to themselves, uh, you know what, maybe,
maybe I should revisit this idea of,
I don't know what, I don't know.
Uh, what are some of the concepts
and outcomes that I haven't necessarily necessarily sat
down and thought about before?
What would you say to somebody who's, who's chewing on
what we're sharing with, uh, with them today?
Well, Ryan, there's really only two choices.
You can remain complacent, number one or number two.
You can sit down and have a meeting with a group
of competent professionals who will analyze your current,
your financial plan and your current estate plan,
and point out any, any glaring issues that may, may arise.
And Cameron, if anybody out there would like to, to have
that conversation and open up with that dialogue
with your team, what is the best way somebody could reach
out to you guys and, and, and get that ball rolling?
Yeah, absolutely, Ryan.
Uh, they can give me a call directly at
(561) 367-1875,
or email me at cameron dotel@ubs.com.
Awesome. Well, Cameron, look,
I know you've got a busy schedule ahead of you
and clients to serve, so, uh,
we'll let you get back to doing that.
But I appreciate your time today
and diving into this topic that I know, uh,
you may even be having conversations like
this later today even.
Uh, but appreciate your time and,
and looking, looking forward
to seeing you back here on the next one.
Thanks, Ryan. Have a great day. All
Right, you too, Cameron. And
hey, look, folks, we gotta take a final moment
as we always do on this show.
And thank you for making us a part of your day.
If you enjoy the day's discussion, if you learned a thing
or two, make sure you hit the subscribe button on whichever
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that you don't miss out on future conversations
where Cameron, Brian, and myself, we sit down
and we dive into these unique wealth management topics so
that you and yours come out better for it
and assess some of the strategies
that could exist within your own financial world.
But look for Cameron. I'm Ryan.
We're gonna go ahead and say so long now,
but we appreciate you stopping by
and being with us today on wealth, health and other things.
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