The Fireweed Capital Podcast
The Fireweed Capital Podcast is a wealth planning podcast for tech professionals, hosted by Dr. Adam Link, CFP®. Each episode breaks down financial strategies, from equity compensation and tax optimization to retirement planning, with data-driven insights and a contrarian perspective that challenges conventional wisdom.
The Fireweed Capital Podcast
Why Your Stock Options Could Bankrupt Your Heirs (Estate Planning for Tech Equity)
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Here's a scenario that'll keep you up at night. You're a senior engineer at a tech company. You've built a$2 million portfolio, mostly company stock and options. You've got ISOs that you exercised last year, RSUs vesting quarterly, maybe some ESPP shares. You feel pretty good about your family's financial future. You've even done the responsible thing, set up a basic, revocable trust, got term life insurance, wrote a will. Then the unthinkable happens. And your spouse discovers that your careful planning just handed them a tax bill that could force them to sell everything at the worst possible time. This isn't some edge case, folks. This is happening to tech families across Silicon Valley, Austin, Seattle, and anywhere else equity compensation dominates. And the worst part? Most people have no idea they're setting up this disaster. They think they're being responsible. They hired an estate planning attorney, they set up trusts, they checked all the boxes. But they miss the one thing that matters most. Tech equity doesn't play by normal estate planning rules. Welcome to Fireweed Capital, wealth planning for tech professionals. I'm Dr. Adam Link, and today we're talking about something that makes even experienced financial planners uncomfortable. How stock options and RSUs can create estate planning nightmares that bankrupt your heirs. Now I know estate planning isn't exactly riveting stuff. Most people would rather debug legacy code than think about what happens after they're gone. But here's the thing the same complexity that makes tech equity compensation so valuable for building wealth, that same complexity creates tax landmines that can blow up your family's financial future if you don't handle them right. And here's what's really frustrating. Most estate planning attorneys don't get this stuff. They understand basic trusts and wills, sure, they can set up a revocable trust for your house and your 401k, but the intersection of AMT carry forwards, ISO exercise timing, vesting schedules, and estate tax, that's where things get dangerous. They'll set you up with a standard revocable trust and call it a day, not realizing they've just created a ticking time bomb. See, traditional estate planning assumes your assets are straightforward. Stocks, bonds, real estate, retirement accounts, but tech equity? It comes with strings attached. Tax obligations that survive your death, AMT credits that might never get used, ISO shares that could trigger massive tax bills if your heirs don't handle them perfectly, RSU vesting events that happen after you're gone, creating income tax obligations for people who didn't even know they were coming. It's like the difference between inheriting a paid-off house versus inheriting a house with a complex mortgage structure, variable interest rates, and balloon payments due at random intervals. The house might be valuable, but if your heirs don't understand the terms, they could lose everything trying to keep it. So today, we're going to break this down into three parts. First, we'll look at exactly how tech equity creates these hidden tax disasters. What's different about stock options and RSUs that makes traditional estate planning blow up in your face? We'll talk about the specific tax attributes that don't die with you, the obligations that get passed down whether your family wants them or not. Second, we'll walk through the specific scenarios where this goes wrong. Real examples of how families get caught off guard. Because understanding the failure modes is how you avoid them. We'll look at the ISO disaster scenario, the AMT carry-forward trap, and the RSU timing nightmare. These aren't theoretical, they're happening to real families right now. And finally, we'll talk about what actually works the trust structures and timing strategies that protect your family instead of destroying them, how to structure your equity compensation so that when something happens to you, your heirs inherit wealth, not tax problems. By the end of this episode, you'll understand why your current estate plan might be a disaster waiting to happen, and what to do about it. Because look, building wealth is hard enough. You've fought through the stock option complexity, navigated the AMT, optimized your RSU timing. The last thing you want is for poor estate planning to hand your family a tax bill that wipes out everything you've worked for. And hey, if you're getting value from these deep dives into the stuff that actually matters for tech professionals, make sure you're subscribed. We release new episodes every Tuesday, and you can find show notes and transcripts at fireweedcapital.com. Alright, let's start with the fundamentals. What makes tech equity so dangerous from an estate planning perspective? So let's start with why tech equity is fundamentally different from regular investments when it comes to estate planning. And the key insight here is this. Most assets you own are what I call clean assets. You buy Apple stock through your brokerage account, it goes up or down, you might owe capital gains when you sell. The tax situation is straightforward. Your heirs inherit the stock at stepped-up basis, they can sell it or hold it, no weird tax complications. But tech equity compensation, it's loaded with what I call tax baggage, obligations, timing requirements, and tax attributes that stick around even after you're gone. And this baggage can turn your carefully planned inheritance into a financial disaster for your family. Let me break down the three main types of tax baggage that create problems. First up, AMT carry forwards. Here's how this works and why it's so dangerous. Say you're a software architect at a pre-IPO company, and last year you exercised$300,000 worth of ISOs. The stock was worth$8 when you exercised, but your strike price was only$2. So you've got a$6 per share spread times$50,000 shares. That's$300,000 in AMT income. You paid alternative minimum tax on that spread, maybe$50,000 in AMT that you wouldn't have owed under regular tax calculations. But the system gives you AMT credits to use in future years when your regular tax exceeds your AMT. So you've got$50,000 in AMT credit carry forwards sitting on your tax return. Now here's the kicker. If you die before using those credits, they don't just disappear. They become part of your estate's tax situation. Your spouse inherits your ISO shares, which is great. The stock has continued to appreciate, so they're sitting on significant wealth. But they also inherit the AMT credit carry forward, which might not be so great. Why? Because AMT credits can only offset regular tax, not capital gains tax. And here's the catch 22. Your spouse probably needs to diversify out of your concentrated company stock position. That's just smart risk management, right? But when they sell those ISO shares, the sale generates capital gains tax. And those AMT credits? Worthless for offsetting capital gains. It's like inheriting a$50,000 store credit that can only be used at a specific retailer. The credit has value in theory, but only if you want to shop at that exact store under specific conditions. If your circumstances change and you need cash instead of store merchandise, that credit becomes worthless paper. But it gets worse. Let's say your spouse does want to use those AMT credits. The only way to generate regular tax that can be offset by AMT credits is to have ordinary income that pushes you into regular tax territory instead of AMT. But if you're dealing with an estate, maybe they've quit their job to settle your affairs, maybe they're living off savings, their ordinary income might be lower, not higher. So those AMT credits just sit there, unused and unusable. Second type of tax baggage, phantom income events. RSUs are the worst offender here, and most people have no idea how dangerous this is. Let's say you've got$500,000 in RSUs ving over the next three years. Standard quarterly vesting schedule seems straightforward, but here's what most people don't realize. Those ving events create taxable income whether you want them to or not. The IRS treats RSU ving as wages, subject to income tax and payroll taxes. And if you die, your heirs inherit both the RSUs and the tax obligation from future vesting events. So picture this scenario. You pass away in January, and you've got RSUs scheduled to vest in March, June, September, and December. Your spouse is dealing with grief, settling your estate, maybe figuring out their own career situation, and every quarter they get hit with a tax bill. March vesting,$40,000 in income, maybe$15,000 in taxes due. June vesting, another$40,000 in income, another$15,000 in taxes. And so on. They didn't sell anything, they didn't make any investment decisions, they just inherited this quarterly tax bomb. Here's the cruel irony. They might need to sell the shares that just vested to pay the tax on those same shares vesting. It's like being forced to pay income tax on money you then have to immediately spend to pay that income tax. And if they sell the shares in a down market, they're selling at a loss to pay taxes calculated on the vesting day value. The third type of baggage is what I call exercise timing pressure. And this one can destroy families. When you die, your heirs typically have 90 days to exercise any vested ISOs or they expire worthless. 90 days? That's not enough time to understand the tax implications, let alone plan around them. Think about what's happening in your spouse's life during those 90 days after you die. They're dealing with funeral arrangements, probate courts, insurance claims, maybe job decisions if they were financially dependent on you. The last thing they need is pressure to make sophisticated tax decisions about ISO exercises under a hard deadline. But here they are, facing this impossible choice. Do they exercise everything immediately and deal with potentially massive AMT obligations? Do they let valuable options expire because they're too overwhelmed to deal with the complexity? Do they exercise some and not others? And how do they possibly know which ones? It's like being handed the controls of a complex system with a countdown timer while you're in the middle of dealing with everything else that comes with losing a spouse. The pressure to make the wrong decision is enormous, and the wrong decision could cost hundreds of thousands of dollars. Now, here's where traditional estate planning falls apart completely. Standard revocable trusts are designed for clean assets. They say, when I die, my assets go to my spouse, or split everything between my kids. They handle houses, bank accounts, regular investment portfolios just fine. But they don't address the tax baggage, they don't provide guidance on AMT carry forward strategy, they don't help with RSU vesting timing. They certainly don't create a framework for making ISO exercise decisions under pressure. So your heirs inherit the assets, along with a tax minefield that could blow up their entire inheritance. And the estate planning attorney who set up your trust, they probably have no idea this is even a problem because this stuff isn't covered in standard estate planning continuing education. This is why I tell tech professionals, if your estate planning attorney can't explain the difference between AMT and regular tax, or doesn't understand how ISO exercise timing affects your heirs, you need a different attorney. The complexity that makes your equity compensation valuable is exactly what makes traditional estate planning dangerous. And here's the really frustrating part. The solutions exist. There are trust structures and planning techniques specifically designed to handle this complexity. But you have to know to ask for them, because most attorneys won't proactively suggest strategies they don't understand. So that's the foundation. Tech equity creates tax baggage that outlives you, and traditional estate planning ignores that baggage entirely. Now let's look at specific scenarios where this plays out in the real world. Now let's walk through three specific scenarios where tech equity estate planning goes catastrophically wrong. These aren't theoretical case studies. I'm describing patterns that happen to real families in every tech hub, and the common thread is always the same. People thought they had sophisticated estate planning, but they missed the unique risks of equity compensation. Scenario one, the ISO exercise deadline disaster. Consider someone who's a principal engineer at a company that went public two years ago. They've got 100,000 ISOs with a strike price of$5, stock trading at$25. That's$2 million in potential value. They've done comprehensive estate planning. Revocable trust,$2 million life insurance, healthcare directives. They worked with a well-regarded attorney, paid appropriate fees. Everything looks responsible and sophisticated. Then something happens, and their spouse faces that brutal 90-day ISO exercise deadline while dealing with grief. Here's the math nightmare. Exercise all$100,000 options? That creates a$2 million AMT income event. At 28% AMT rates, that's$560,000 in taxes due by April 15th. More than half a million in taxes on money they haven't received yet. The spouse, overwhelmed and under deadline pressure, makes what seems reasonable. Exercise$50,000 options, let$50,000 expire. They exercise half, creating a$280,000 AMT obligation. But six months later, disappointing earnings drive the stock from$25 to$15. The$50,000 shares they exercised are now worth$750,000 instead of$1.25 million. But they still owe$280,000 in taxes calculated on the peak value. They've locked in a massive tax bill on phantom gains. Meanwhile, those expired options could have been structured differently. Maybe exercise some immediately, others later to spread AMT impact. Maybe coordinate with existing AMT credit carry forwards. Maybe use charitable remainder trust structures to manage the burden. But under 90-day pressure, with no guidance about equity compensation from their estate attorney, they made desperate decisions that cost hundreds of thousands. Scenario 2. The RSU vesting cascade. Consider a senior product manager with$800,000 in RSU's vesting over four years, plus new grants accumulating annually. Standard compensation for successful tech professionals. They've established sophisticated looking estate planning. Revocable trust, substantial life insurance, everything flows to their spouse. Looks comprehensive. Then they die unexpectedly, and their spouse inherits an RSU time bomb nobody anticipated. Every quarter, RSUs vatically and create taxable income. Q1. Q2, another$50,000, another$20,000. This pattern continues for years across multiple overlapping grants. But nobody planned for this reality. The spouse doesn't have$20,000 in liquid assets every quarter. The deceased spouse's salary stopped immediately. Life insurance paid once, but doesn't cover ongoing quarterly tax obligations. So they're forced into quarterly liquidations, selling RSUs just to pay taxes on RSU vesting. They're dismantling their inheritance to meet tax obligations they never chose. If the stock has declined since Vesting Day, they're selling at losses, but still owe taxes on the higher ving value. Think about the psychological devastation. Every quarter, a tax bill based on decisions your deceased spouse made years ago. You're forced to sell family assets to pay taxes on income you never received in cash. This continues for years, systematically destroying wealth that was supposed to support your future. It's like inheriting a house where someone else decides your monthly rent, and if you can't afford it from other sources, you have to sell pieces of the house to make payments. Eventually, you're left with nothing but tax receipts. But this disaster is completely preventable. Vesting schedules are predictable years in advance. You can model tax obligations precisely. You can establish dedicated cash reserves for post-death payments. You can structure automatic sale programs so liquidation happens systematically without forcing quarterly decisions under pressure. Scenario 3. The AMT credit trap. This affects families who think they're being tax smart. Consider someone who's aggressively exercised ISOs over several years, building up$200,000 in AMT credit carry forwards from previous exercises. In their mental accounting, those credits represent$200,000 in future tax savings, like having money in a special tax refund account. They feel intelligent about this approach, managing AMT exposure, building wealth, optimizing taxes. They die suddenly, and their spouse inherits both the ISO shares and the$200,000 in AMT credits. The spouse, following standard advice about diversifying concentrated positions, sells$1.5 million worth of ISO shares. Seems responsible, reducing risk, creating liquidity. Here's the devastating catch. AMT credits can only offset regular income tax, not capital gains. So when the spouse sells the ISO shares, generating maybe$300,000 in capital gains taxes, they're sitting on$200,000 in AMT credits they can't use for this purpose. It's like having a$200,000 coupon that only works at a specific store and you just spent$300,000 somewhere else. The credits still exist but are worthless for the transaction you needed. Even worse, the spouse might not generate enough ordinary income in future years to ever use those credits. If they've reduced working hours for estate settlement, if they're retired, if they're living off investment income, they might never have sufficient regular tax liability to absorb the credits before expiration. So they've lost$200,000 in tax benefits that seemed guaranteed. The diversification strategy that should have reduced risk instead destroyed tax efficiency. With proper coordination, those credits could have been preserved through charitable giving strategies that generate ordinary income deductions, Roth conversions that create regular tax liability, or timing stock sales with higher ordinary income years. But standard advice is diversify immediately. Great for investment risk, terrible for tax optimization when AMT credits are involved. Here's what makes all three scenarios heartbreaking. These families had sophisticated estate planning. They worked with credentialed attorneys, established proper trust structures, carried appropriate insurance. They checked every conventional box and paid professional fees for quality advice. But they missed what mattered most. Tech equity doesn't follow normal estate planning rules. The complexity that creates wealth during your lifetime becomes a financial weapon that can destroy your family after your death. The failure isn't in the families, it's in estate planning that treats tech equity like regular investments. It's like using general surgery techniques for brain surgery. The basic principles apply, but the specifics matter enormously. This is why I tell tech professionals if your estate planning attorney can't explain ISO exercise timing implications for your heirs, or doesn't understand AMT credit carry forwards, you need someone different. The stakes are too high for generic planning. And here's the really frustrating part. Each of these disasters could have been avoided with proper planning. The ISO exercise deadline could be handled with specific trust provisions and cash reserves for tax payments. The RSU vesting cascade could be managed with automatic liquidation programs and tax reserves. The AMT credit trap could be avoided with coordinated sale timing and income optimization strategies. But you have to know these risks exist. You have to work with professionals who understand equity compensation, not just traditional estate planning. And you have to plan proactively, because once the disaster is in motion, your options become limited. So what actually works when your financial life revolves around stock options and RSUs? How do you structure things so your family inherits wealth instead of tax problems? That's what we're covering next. The specific trust structures and planning techniques that actually protect tech families. So how do you actually protect your family from these tech equity disasters? What estate planning strategies work when stock options and RSUs are central to your wealth? The good news is that solutions exist. The bad news is that most estate planning attorneys don't know about them. Let me break down the key strategies that actually work, starting with the most Important principle. Your estate plan needs to be as sophisticated as your compensation structure. First, let's talk about ISO-specific trust provisions. Remember that 90-day exercise deadline disaster we discussed? That's completely avoidable with proper planning. The solution is what I call decision tree provisions in your trust documents. Here's how this works. Instead of just saying, my assets go to my spouse, your trust includes specific guidance for ISO exercise decisions. It might say, exercise ISOs up to X amount immediately to preserve value. For amounts above that threshold, coordinate with existing AMT credit carry forwards. If AMT liability would exceed Y, consider charitable remainder trust structures. But here's the key. These provisions also establish cash reserves specifically for ISO exercise taxes. Maybe you set aside$100,000 in a money market account that's earmarked for post-death AMT payments. Your spouse doesn't have to scramble for cash under deadline pressure. The money is already there, specifically allocated for this purpose. Even better, sophisticated planning includes what I call exercise laddering provisions. Instead of forcing all or nothing decisions under 90-day pressure, your trust might specify exercise 25% immediately, 25% in year two, 25% in year three, 25% in year four. This spreads the AMT impact over multiple years and gives your heirs time to understand the tax implications. And for really substantial ISO positions, the trust might include provisions for establishing charitable remainder trusts. Here's how this works. Your heirs contribute some of the ISO shares to a CRT, which exercises the options and sells the shares. They get a charitable deduction that offsets some of the AMT, plus they receive income from the trust for life. It's sophisticated, but it can save hundreds of thousands in taxes. Now let's talk about RSU time bomb diffusing. Remember that quarterly tax nightmare? The solution is automatic liquidation provisions combined with tax reserves. Here's the structure. First, you establish a cash reserve account specifically for RSU taxes. Maybe 30% of your expected RSU vesting value over the next five years set aside in a money market account. When RSUs vest after your death, there's already cash available to pay the taxes. Second, your trust includes automatic sale provisions. Maybe it says, when RSUs vest, automatically sell 40% to cover taxes and expenses, hold 60% for long-term growth. Your spouse doesn't have to make quarterly decisions under stress. The system handles it automatically. But here's where it gets really sophisticated. Advanced planning includes what I call vesting coordination provisions. Maybe your trust says, if RSU vesting happens in a down market year, delay non-essential sales until market recovery. Or, if ving creates unusually high tax liability, coordinate with Roth conversion opportunities to optimize the overall tax picture. The key insight is that RSU vesting is completely predictable. You know exactly when shares will vest and approximately what the tax liability will be. So there's no excuse for not planning around it. Third strategy, AMT credit preservation. This is where most advisors fail completely because they don't understand the coordination between estate planning and tax optimization. The solution starts with what I call credit mapping in your estate documents. Your trust should include a detailed analysis of your AMT credit carry forwards and specific instructions for preserving their value. Maybe it says, before selling ISO shares, implement Roth conversion strategies to use up AMT credits. Or coordinate stock sales with charitable giving to generate ordinary income that can absorb credits. Advanced strategies might include establishing donor-advised funds or charitable remainder trusts specifically to create ordinary income deductions that can be offset by AMT credits. The goal is to extract maximum value from those credits before they expire or become unusable. But here's the sophisticated part. Your estate plan should also include provisions for what I call income engineering. Maybe your trust establishes a systematic Roth conversion program that creates regular tax liability your AMT credits can offset. Or maybe it includes guidance for timing Social Security elections or retirement account distributions to optimize credit utilization. Fourth strategy, liquidity management for concentrated positions. This is huge for tech professionals because equity compensation creates natural concentration risk, and traditional diversification advice can trigger massive tax problems. The solution is what I call systematic diversification provisions in your trust. Instead of saying diversify immediately, your trust might specify sell 10% of concentrated positions annually over 10 years, coordinating sales with tax loss harvesting opportunities and AMT credit utilization. Or for really substantial positions, your trust might include provisions for establishing investment management accounts with specific diversification mandates. Professional managers can handle the complexity of coordinating stock sales with tax optimization, taking that burden off your grieving spouse. Advanced strategies include exchange funds or charitable remainder trusts for managing large concentrated positions. These are sophisticated techniques, but they can save enormous amounts in taxes while still achieving diversification goals. Fifth strategy, professional team coordination. Here's something most people miss. Your estate plan should include specific instructions for assembling the right professional team to handle tech equity complexity. Your trust documents should specify that your heirs need to work with a tax professional who understands equity compensation, not just a general CPA. They should include contact information for attorneys who specialize in tech estate planning. They should provide guidance for selecting investment managers who understand concentrated stock positions and tax coordination. Think of this as creating an instruction manual for navigating tech equity complexity. Your spouse shouldn't have to figure out who to trust or what questions to ask while they're dealing with grief. The estate plan should provide that roadmap. Now, here's the reality check. All of these strategies require working with professionals who actually understand tech equity compensation. If your estate planning attorney's eyes glaze over when you mention AMT credits or ISO exercise timing, you're working with the wrong person. Look for attorneys who specialize in tech estate planning or who work extensively with tech professionals. Ask specific questions about how they handle ISO exercise deadlines, RSU vesting coordination, and AMT credit preservation. If they can't give you detailed answers, keep looking. And remember, this isn't just about finding the right attorney. You need a coordinated team. A state planning attorney who understands tech equity, tax professional who specializes in equity compensation, investment manager who can handle concentrated positions. They all need to work together. The good news is that when you get this right, the results are dramatic. Instead of leaving your family with tax disasters, you're leaving them with clear guidance, adequate resources, and professional support to handle the complexity. Instead of forcing desperate decisions under pressure, you're creating systems that work automatically. But you have to be proactive. You can't wait until you're facing health problems or life changes. This planning takes time to implement properly, and the stakes are too high to leave it to chance. Your equity compensation created the wealth. Now you need estate planning that's sophisticated enough to preserve it. Alright, let's wrap this up with the key takeaways that could save your family hundreds of thousands of dollars or more. First takeaway Traditional estate planning is dangerous for tech professionals. If your estate plan treats your stock options and RSUs like regular investments, you're setting up your family for financial disaster. The complexity that makes equity compensation valuable during your lifetime becomes a weapon that can destroy your family after your death. This isn't theoretical, it's happening to real families right now. Second takeaway the three big failure modes are predictable and preventable. The ISO exercise deadline disaster, the RSU vesting cascade, and the AMT credit trap, all of these can be avoided with proper planning. But you have to plan proactively, because once the disaster is in motion, your options become limited. Third takeaway the solutions exist, but they require specialized expertise. Decision tree provisions for ISO exercises, automatic liquidation systems for RSU vesting, AMT credit preservation strategies, systematic diversification programs, these aren't exotic techniques. They're established strategies that work when implemented correctly. But you need professionals who actually understand tech equity, not just generic estate planning. Now, if you're listening to this and realizing your current estate plan might be a problem, don't panic. But do take action. Here's what I recommend. Start by auditing your current estate plan against what we've discussed today. Does your trust include specific guidance for ISO exercise decisions? Does it address RSU vesting tax obligations? Does it include provisions for preserving AMT credit value? If the answer is no, you've got work to do. Next, evaluate your professional team. Can your estate planning attorney explain the difference between AMT and regular tax? Do they understand how ISO exercise timing affects your heirs? Can they coordinate with your tax professional on AMT credit preservation strategies? If they can't, it's time to find someone who can. And look, I get it, this stuff is complex and expensive to fix. But consider the alternative. The families we talked about today, they thought they were being responsible with their estate planning. They paid professional fees, set up trusts, carried life insurance. But they still lost hundreds of thousands of dollars because they missed these tech-specific risks. The cost of proper planning is a fraction of what your family could lose from improper planning. And the peace of mind that comes from knowing your family is protected, that's priceless. For those of you who are just starting to accumulate significant equity compensation, now is the perfect time to plan proactively. Don't wait until you've got millions in stock options before you think about estate planning implications. The earlier you address these issues, the more options you have and the better the outcomes. And for those who are more advanced in your careers, with substantial equity positions, this is urgent. Every day you wait is another day your family is exposed to these risks. The 90-day ISO exercise deadline doesn't care that you were too busy to update your estate plan. RSU vesting schedules don't pause because your trust doesn't include tax reserves. Here's what I want you to do this week. First, schedule a review of your current estate planning documents. Second, contact your estate planning attorney and ask specific questions about how your plan handles tech equity complexity. Third, if you're not satisfied with the answers, start looking for professionals who specialize in tech estate planning. And if you found today's discussion valuable, please share it with other tech professionals in your network. This isn't information that's widely available, and the consequences of not knowing can be catastrophic. The more people understand these risks, the fewer families will fall into these traps. You can find detailed show notes and a full transcript of today's episode at fireweedcapital.com. If you're not already subscribed, make sure you subscribe. We release new episodes every Tuesday covering the financial planning issues that actually matter for tech professionals. And if you're dealing with significant equity compensation and want to explore whether fireweed capital might be the right fit for your planning needs, you can schedule a conversation at fireweedcapital.com slash meet. We specialize in exactly these kinds of complex planning situations. Before we close, the required disclaimer. The information in this podcast is for educational purposes only and does not constitute personalized financial advice. HAS performance is not indicative of future results. All investing involves risk, including possible loss of principle. Please consult a qualified financial professional before making investment decisions. Thanks for listening today. Your equity compensation created incredible wealth building opportunities. Now make sure your estate planning is sophisticated enough to protect what you've built. Until next time, keep building wealth on your terms. Join us next time on the Fireweed Capital Podcast.