When you die, should your investment portfolio be sold off and split among your heirs…or structured to keep producing for generations? It’s a question most investors put off or avoid entirely, but the answer leads to two very different estate plans.

Dustin and Adam explore the philosophical divide between liquidating everything at death versus building a self-sustaining portfolio designed to outlive you. The conversation was sparked by a real exchange Adam had with a fellow investor whose estate could justify a family office – but whose plan was simply to sell it all. It's the kind of default thinking that explains why most family wealth tends to disappear by the third generation.

Beyond the philosophy, they cover practical considerations: how family dynamics shape the right approach, why involving heirs early matters, the role of trust structures in avoiding probate, and when it makes sense to treat your investment portfolio like a business you're handing down.

Whether your estate is a stock portfolio or a collection of private real estate investments, this conversation will help you start defining what you actually want your wealth to do after you're gone.

Episode Release Notes & Resources:

• Estate planning & asset protection attorney referral: send an email to estateplanning@wealthindependencepod.com

Watch episode on YouTube: https://www.youtube.com/watch?v=666ZWT4yGHE

See all Wealth Independence episodes at https://www.wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

What happens when you drill an oil well and oil starts gushing before you’re ready to catch it?

Dustin and Adam walk through their latest oil and gas fund – an 11-well vertical portfolio in Oklahoma that closed for investment at the end of 2025.

For most investors, the draw was the tax benefit: intangible drilling costs created an estimated 90%+ deduction – and as year-end approached, demand surged from investors racing to shelter income before December 31. What started as a six-well fund grew to 11 to meet that demand.

Then the first well came online at nearly 100 barrels per day, flowing under its own pressure without ever being hydraulically fractured – meaning the fund was already cash-flowing before it even finished raising capital.

Dustin and Adam walk through what went right, what surprised them, and what the deal looks like now that more wells are coming online with oil prices up 13%.

Whether you’re evaluating oil and gas as a tax strategy, a cash-flow play, or both, this is a real-time look at how a deal like this actually unfolds.

Watch episode on YouTube: https://www.youtube.com/watch?v=xBQR0XZxYT4

See all Wealth Independence episodes at https://www.wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

Dustin and Adam sit down with Ian Colville, founder and managing partner of Carpathian Capital Management, who oversees roughly $150 million in residential real estate assets.

Ian's path to US real estate started in an unlikely place – running equity sales for Deutsche Bank and Citigroup in Moscow during the early 2000s BRIC boom – and the risk perspective he built there shapes everything about how he evaluates deals today.

The conversation digs into the structural housing shortage that Ian believes still defines the US market. He explains why affordability concerns are real but don't point toward a crash when supply remains as constrained as it is.

Ian also walks through his approach to due diligence – how he uses AI to extract and organize data from PPMs across a 70-item checklist, and where human judgment still matters most. He shares real examples of deal terms he’s reviewed, including egregious examples that favored the sponsor over the investors from day one.

Passive investors will come away with a clearer sense of what to look for in fee structures, waterfall arrangements, and sponsor incentive alignment – and where simplicity crosses the line into misalignment.

Episode Release Notes & Resources:

• Carpathian Capital Management: https://carpathiancapital.com
• 70-point due diligence checklist: https://drive.google.com/file/d/1shEbVZ8m6eDOKyCwYcDbxDTFoKPOoFa7
• Ian’s free deal due diligence course: https://webinar.carpathiancapital.com
• Ian’s LinkedIn: https://www.linkedin.com/in/micolville

Watch episode on YouTube: https://www.youtube.com/watch?v=7mHhArpniHA

See all Wealth Independence episodes at https://www.wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.