Episode 2: Protecting Family Wealth from Rags to Riches to Rags

Your estate plan is not a one-time transaction, and treating it like one could cost your family everything you built.In this episode of True Wealth with Joel Baker, Joel discusses estate and business planning with Chris Papin, a CPA, attorney, and licensed insurance producer. Chris reveals why the biggest mistake families make is treating their estate plan as a one-time event. He explains how the right structures protect heirs from themselves and keep wealth from vanishing by the third generation. They also dig into the most overlooked decision in any large estate: choosing the right trustee.Key Takeaways:→ An estate plan is a living document that must be revisited as your life, assets, and family change.→ Improperly titled assets and outdated beneficiary designations can quietly undo even the best estate plan.→ Smart trust structures add discipline, accountability, and protection so heirs cannot squander what you built.→ Planning early for taxes on illiquid assets like farms and land can prevent a forced sale when the time comes.→ Your trustee acts as the CEO of your estate, so choosing family just to save on fees can be a costly mistake.Chris Papin is a dual-licensed CPA and attorney with over 20 years of experience guiding entrepreneurs and business owners through every stage of their journey. Licensed as a CPA and attorney, Chris brings a unique perspective that integrates financial strategy with legal expertise through his firms Papin CPA PLLC and Papin Law PLLC. Recently named to Forbes' "Best-in-State CPAs" list and recipient of Thomson Reuters' "Advisory Accelerator Award," Chris has dedicated his career to helping small businesses achieve what he calls "big firm impact" through strategic partnerships and efficient practices. As host of the BLABO (Behave Like A Business Owner) Podcast, Chris shares actionable insights on business growth, leadership, and sustainable success, drawing on his experience serving clients professionally and his unique background as a championship-level soccer coach. His coaching philosophy is simple. You build strong fundamentals and developing players for long-term success. This philosophy translates directly into his business advisory approach, where he helps entrepreneurs maximize their limited time while building values-driven, sustainable ventures. Chris is the author of "168 Hours: A Startup Business Guide That Respects Your Time." His book represents his commitment to helping business owners achieve their goals without sacrificing what matters most in their lives.Connect With Chris Papin:Website: Papincpa.com, Papinlaw.com, Papinspeaks.comInstagram: @PapinspeaksFacebook: Papin CPA, Papin LawLinkedIn: Chris PapinPodcast: BLABO Podcast on Apple Podcasts and Spotify