Category: Finance

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Upline Planning: What it is & Why You Need to Do it (Ep. 120)

Upline Planning: What it is & Why You Need to Do it (Ep. 120)

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Why is generational planning crucial for protecting your family’s wealth?

Today, John and Michael Parise discuss upline planning with a focus on the importance of generational planning and asset protection. They highlight the potential conflicts within families during asset distribution and the value of trusts. 

John and Michael also explore a strategy to maximize income tax basis and estate planning objectives for families. They emphasize the need for open conversations between generations and the role of advisors in guiding families through complex issues.

Talking points include:

  • What upline planning is, and why it’s crucial for families
  • Potential conflicts within families when distributing assets
  • The value of trusts in asset distribution and protection
  • How to minimize estate tax exposure and protect assets from creditors by “generational skipping”
  • Strategies for approaching conversations with the older generation
  • How to maximize income tax basis and estate planning objectives for families
  • The importance of open and honest conversations between generations
  • Why you should be proactive with your advisor and discuss wealth preservation and protection
  • And more!

Connect with John and Michael Parise:

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Securing Your Family’s Future Wealth Q&A (Ep. 119)

Securing Your Family’s Future Wealth Q&A (Ep. 119)

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How can you secure your family’s future wealth? 

In short, anticipate change, stay informed, and reach out to your advisor.

This week, John and Michael Parise elaborate with a discussion about the importance of proactive wealth management. They highlight the need for individuals to ask questions, educate themselves, and consult with their advisors to secure a better future. John and Michael also briefly talk about the potential benefits of alternative investments in the current market conditions. 

So, listen in as they emphasize the significance of tax efficiency, liquidity, and the need for individuals to focus on asset protection in estate planning.

John and Michael discuss:

  • Some of the concerns and questions they’ve recently received from clients regarding financial plans and estate tax laws
  • Client frustration with other advisors on their financial team not being proactive enough
  • Challenges within the advisor community and the need for awareness of options for high-net-worth individuals
  • Potential benefits of alternative investments such as gold, silver, and oil and gas in the current market
  • The need for diversification in investment portfolios due to current economic and geopolitical uncertainties
  • The importance of tax efficiency and exploring tax planning strategies
  • Some concerns about potential changes in tax laws and the need to focus on asset preservation
  • And more!

Resources:

Connect with John and Michael Parise:

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Nurturing Wealth, Values, and an Entrepreneurial Mindset Across Generations (Ep. 118)

Nurturing Wealth, Values, and an Entrepreneurial Mindset Across Generations (Ep. 118)

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As you transfer your hard-earned assets to your children and groom them to assume control of the family business, you likely want to imbue them with your core family values and an entrepreneurial mindset.

But how do you initiate an open dialogue? When is the best time to do it?

John and Michael Parise answer these questions and help you perpetuate your family’s wealth and values for generations to come. They shed light on eye-opening questions and conversations you should engage in with your children to equip them with the knowledge and entrepreneurial capability to advance your family’s legacy (and build their own).

John and Michael discuss:

  • The importance of fostering an entrepreneurial mindset from a young age
  • Inspiring stories of working with small businesses and private family enterprises
  • Opportunities and challenges in the current environment for new business owners
  • Copper Beech Financial Group’s approach to productive family meetings that assist in effective wealth transfer
  • What it takes to nurture confident future leaders
  • And more!

Resources:

Connect with John and Michael Parise:

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Estate Planning For Younger Families with Chris Ruffino (Ep. 117)

Estate Planning For Younger Families with Chris Ruffino (Ep. 117)

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Why is estate planning crucial for younger families?

Chris Ruffino joins Michael Parise to talk about estate planning and why it’s important not only for older generations but for younger families, too. Together, they go over topics such as guardianship, trusts, asset protection, privacy, and coordination of planning between generations. 

Michael and Chris discuss:

  • Why guardianship is the number one reason young families should have an estate plan
  • The benefits of utilizing trusts to protect assets for the next generation
  • How trusts can help families create wealth and distribute it
  • How trusts can help families keep things private and bypass probate
  • The concept of being “stuck in the middle” and the role of trusts when it comes to addressing the needs of the sandwich generation
  • And more!

Resources:

Connect with Chris Ruffino:

Connect with John and Michael Parise:

About Our Guest: 

Chris Ruffino brings over two decades of financial expertise and a personalized, holistic approach to financial planning. Chris values family, long-term client relationships, and educating clients for generational impact. Starting at Merrill Lynch in 2003, Chris honed his client-centric approach at Lockwood Advisors and Legg Mason, emphasizing aligned interests and disciplined investing. His insights promise valuable takeaways for anyone looking to improve their financial future.

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Unpacking The Complexities of Roth IRAs With Chris Ruffino (Ep. 116)

Unpacking The Complexities of Roth IRAs With Chris Ruffino (Ep. 116)

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There have been recent changes in tax laws for Roth accounts. 

Ready to go over them?

In this episode, Chris Ruffino and Michael Parise go into the basics of Roth accounts and the recent changes in tax laws. 

Chris explains the difference between traditional IRAs, and Roth IRAs while introducing the concepts of a ‘backdoor’ Roth IRA and a ‘garage door’ Roth IRA. He also navigates the impact of the Secure Act on Roth IRAs and the potential benefits of Roth conversions in terms of estate planning.

Michael and Chris discuss:

  • The difference between traditional IRAs and Roth IRAs
  • The benefit of not having required minimum distributions from a Roth IRA accounts
  • Backdoor and garage door Roth IRAs and how they work
  • How the Secure Act has impacted Roth IRAs
  • And more!

Resources:

Connect with Chris Ruffino:

Connect with John and Michael Parise:

About Our Guest: 

Chris Ruffino brings over two decades of financial expertise and a personalized, holistic approach to financial planning. Chris values family, long-term client relationships, and educating clients for generational impact. Starting at Merrill Lynch in 2003, Chris honed his client-centric approach at Lockwood Advisors and Legg Mason, emphasizing aligned interests and disciplined investing. His insights promise valuable takeaways for anyone looking to improve their financial future.

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Navigating Family Dynamics With Family Coaching featuring Alex Kirby (Ep. 115)

Navigating Family Dynamics With Family Coaching featuring Alex Kirby (Ep. 115)

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Every strong family is like a winning team, and just like any successful team, they thrive with the guidance of a dedicated coach. 

Alex Kirby, the Founder and CEO of Total Family Management, joins John and Michael Parise to talk about the concept of family coaching. Alex explains how his company helps families improve their dynamics and communication, particularly in the context of wealth management. 

Listen in as Alex emphasizes the importance of values, goals, and a shared vision in family coaching while covering a case study of a family business and the unique, systematic approach of Total Family Management.

Alex, John, and Michael discuss:

  • An introduction to Total Family Management (TFM) and its services
  • The importance of communication and healthy dynamics within families
  • The customization of TFM’s coaching approach based on each family’s needs and objectives
  • The value of approaching difficult conversations gradually
  • How family coaching helps families establish their values and goals across generations
  • And more!

Resources:

Connect with Alex Kirby:

Connect with John and Michael Parise:

About Our Guest: 

Alex Kirby is the Founder and CEO of Total Family Management (TFM), a pioneering firm specializing in private virtual family coaching within the wealth management sphere. 

With a distinguished career in leadership development across both large and small companies, Alex brings a wealth of experience to TFM. His vision centers around the concept of families as teams, where the principles of leadership development are applied to create harmonious and prosperous family dynamics. 

TFM’s unique approach spans family governance and family dynamics, making a significant impact on the wealth management landscape. Through TFM, Alex is dedicated to helping families achieve their shared vision and build a strong, cohesive unit.

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Estate Planning: Making The Backstage Process Easier (Ep. 114)

Estate Planning: Making The Backstage Process Easier (Ep. 114)

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Do you have a plan for the backstage of generational wealth management? 

If you don’t, it’s never too early to start capturing the history and values of your family founders.

In this episode, John and Michael Parise discuss the importance of planning for the backstage of wealth management, particularly in the event of the passing of a family’s matriarch or patriarch. 

John and Michael also highlight the significance of documenting family business history, the evolving role of wealth advisors, and the challenges of teaching and learning a holistic approach to wealth management.

Throughout this conversation, you will learn:

  • The importance of planning for the backstage of wealth management
  • The lack of plans for financial affairs after the passing of a matriarch or patriarch
  • How creating videos to capture the history of family founders can help preserve their values
  • Why family business owners should document the history and values of the business for future generations
  • How to prepare for the future and the uncertainty of changing values
  • Why a mission statement, strategy, estate plan, and legacy letter are important to creating a family legacy
  • And more!

Resources:

Connect with John and Michael Parise:

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The Hidden World of the U.S. Mint with David J. Ryder (Ep. 113)

The Hidden World of the U.S. Mint with David J. Ryder (Ep. 113)

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Ever wondered about the journey of the coins in your pocket?

This week on The Truth About Wealth, John and Michael Parise from Copper Beech Financial Group dive into this fascinating world with David J. Ryder, who served as the U.S. Mint Director under two different presidents. 

From his early days on Wall Street to modernizing the U.S. Mint, David shares valuable insights into the world of coinage and physical currency.

Key topics covered in the episode include:

  • David’s unique career path and the rigorous process for becoming Mint Director
  • An inside look at the operations of the self-funded U.S. Mint, which contributed over $550 million to the general fund in David’s last year
  • David’s contributions to coin collecting and educational initiatives for the youth
  • The enduring value of physical currency despite digital advancements
  • An exclusive discount code for purchasing coins on GovMint.com
  • And more!

Resources:

Connect with David J. Ryder:

Connect with John and Michael Parise:

About Our Guest: 

David J. Ryder, the 34th and 39th Director of the U.S. Mint. Starting on Wall Street and joining Ronald Reagan’s campaign, David has served under two presidential administrations. Under his leadership, the self-funded Mint contributed over $550 million to the U.S. general fund and launched innovative programs that energized coin collectors of all ages. In addition to being a passionate educator and creator of programs targeting young coin collectors, David remains a vocal advocate for the importance of physical currency in our digital age.

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Taking The Plunge To Build Generational Wealth — The Next Phase of Copper Beech with Chris Ruffino (Ep. 112)

Taking The Plunge To Build Generational Wealth — The Next Phase of Copper Beech with Chris Ruffino (Ep. 112)

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What if your financial advisor cared about the next three generations of your family?

In this episode, Copper Beech’s newest advisor, Chris Ruffino, sits down with hosts John and Michael Parise to answer this pivotal question. Together, they illuminate the multidimensional, generational approach that Copper Beech takes towards financial planning.

John, Michael, and Chris discuss:

  • The Copper Beech Approach: A holistic focus on all aspects of financial planning
  • What you should know about Copper Beech Next Gen and the company’s approach to extending its services to a broader demographic
  • How Copper Beech aims for long-term relationships to adjust and optimize their client’s financial strategies as their life evolves
  • How thoroughness and attention to detail sets the firm apart from other financial advisors
  • Ways the company plans to expand its holistic planning approach to families of all shapes and sizes, recognizing the universal need for such services
  • And more!

Connect with Chris Ruffino:

Connect with John and Michael Parise:

About Our Guest: 

Chris Ruffino brings over two decades of financial expertise and a personalized, holistic approach to financial planning. Chris values family, long-term client relationships, and educating clients for generational impact. Starting at Merrill Lynch in 2003, Chris honed his client-centric approach at Lockwood Advisors and Legg Mason, emphasizing aligned interests and disciplined investing. His insights promise valuable takeaways for anyone looking to improve their financial future.

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Wine Not Three-Peat? Bordeaux Unveiled with the Return of Tim O’Rourke (Ep. 111)

Wine Not Three-Peat? Bordeaux Unveiled with the Return of Tim O’Rourke (Ep. 111)

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Just as true wealth is more than money, the beauty of Bordeaux goes beyond the bottle. 

In this episode, John and Michael Parise welcome back guest Tim O’Rourke (for the third time!) to navigate the captivating world of Bordeaux wines. Listen in as they dive into the history, production, and unique characteristics that make Bordeaux wines stand out on the global stage.

John, Michael, and Tim discuss:

  • The Bordeaux region’s history and its incredible 7,000 wineries
  • The distinction between the left and right bank wines and their unique soil compositions
  • Factors that contribute to Bordeaux’s fame: sun exposure, soil, and climate
  • Differences between Bordeaux and Californian winemaking, focusing on drip farming
  • Exclusive wine-tasting experiences the team at Copper Beech offers to their clients
  • Recommendations for beginners looking to explore Bordeaux wines
  • And more!

Resources:

Connect with Tim O’Rourke:

Connect with John and Michael Parise:

About Our Guest:

Tim O’Rourke established FinServ Consulting & Recruiting with the mission to be an advocates for the retail investment services industry.

Tim is an industry expert in the recruiting arena, including regulatory compliance, the transition process, business structures, various related contracts, negotiating financial packages, and the evaluation of independent broker-dealers and investment advisory custodians. He was formerly Senior Vice President of FSC Securities Corporation in Atlanta, Georgia, and Raymond James Financial Services, Inc. in St. Petersburg, Florida, with prior retail sales experience for a total of over 27 years of industry experience.