Art Steele: Estate Planning is for Everyone

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About our Guest:

Art Steele is a business and intellectual property lawyer for creatives and entrepreneurs. She spent the first years of her legal career helping large corporations with tax law. After an encounter with Oprah Winfrey, she realized that she needed to do work with more purpose and branch out on her own. She started her own law office where she provided affordable, high-quality legal services to entrepreneurs and creatives. She is also the host of the Inksecure podcast and a partner at Creative Genius Law.

Episode Summary:

Today’s episode is about estate planning, and there is no better person to have on the show to talk estate planning than the amazing Art Steele. Her passion for estate planning and just helping us be better as a whole is truly inspiring. One of her passions is helping minorities build wealth through estate planning. We talk about discrepancies with minority estate planning, and the importance of home ownership, having life insurance, and passing on a legacy to generations to come.

CLIFF NOTES

How it’s a myth that personal behavior is one of the biggest things that closes the wealth gap.
We need estate planning to leave a legacy for our children, so they don’t go through the financial hardships that we went through.
The people who really should have life insurance policies are minorities.
There are so many benefits to home ownership including appreciation and having a tax write-off.
Estate planning is an absolute necessity, and the key to generational wealth is to start now.
If you have any intellectual property, you should have a trust that says who is going to manage that property.

Quotes from the show:

[spp-tweet tweet=”[bctt tweet=”“The purpose of the Inksecure podcast is to make people feel more secure about the legal process and understand everything that needs to be put in writing.” – Art Steele” username=”seekwisdompcw”]

“Being given wealth that is passed down from generation to generation is giving a head start.” – Art Steele

“You can’t get ahead if you don’t pass your money down.” – Art Steele

“Every entrepreneur needs Art Steele’s legal expertise and access to the way she communicates.” – Patrice Washington

[spp-tweet tweet=”[bctt tweet=”“When we don’t plan, and when we don’t look generations ahead, and when we don’t take out life insurance policies, we fall behind.” – Art Steele” username=”seekwisdompcw”]

Art’s Redefining Wealth Rapid Wisdom Questions

Define Success:

Success for Art is her son graduating from college and not having any student loan debt, and if he wants to be a teacher and have a $50,000 salary, she can make a down payment on his house for him.

Define Wealth in 3 Words or Less:

Freedom, flexibility, and happiness.

One Book that Has Redefined How You See Wealth:

Real Money Answers for Every Woman: How to Win the Money Game With or Without A Man

Fill-in the Blanks… “My name is ___ and the truth about wealth is ___”:

“My name is Art and the truth about wealth is that we have to pass it down.”