Episode 78: The 351 Conversion Breakdown, a 400-Acre Farm Legacy Fight, and Patterns After Seven Years

October 12th, 2026  |  25 mins 5 secs

concentration risk, estate equalization, estate planning, family business, family farm estate planning, financial independence, inheritance planning, irs ruling, retirement planning, section 351, tax planning, wealth planning patterns

Stephan takes three listener questions this week. A listener who ran a Section 351 ETF conversion earlier this year to diversify a $4.2 million concentrated position wants to know what the IRS’s new Revenue Ruling 2026-20 means for him. A 400-acre Pennsylvania family farm has three siblings pulling in three directions. And after seven years at Scholar, Stephan adds a handful more patterns to the ones from the Q3 Advisor Desk letter, including the $10 million complexity trap, the retiring-early myth, and why grandkids ruin financial plans.