Finance – Page 9 – The Truth About Wealth

Episode 49 – Creating and Building a 100-Year Family Vision – Part 1

By thetruthaboutwealth | January 20, 2021

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There’s no greater satisfaction than knowing and seeing that the wealth you built is passing down through the generations correctly.

Would you agree?

In part one of this two-part mini-series, John and Michael Parise explain everything you need to know about correctly handling multigenerational wealth. They highlight the importance of being aligned on the family financial strategy, no matter what generation you are.

In this episode, you will learn:

John’s take on what the “shirtsleeves to shirtsleeves in three generations” proverb means
How generations one, two, and three have taken care of family wealth historically
John and Michael’s insight on generational leadership
The importance of being responsible with your wealth
And more!

Tune in to find out how family values, adaptation, and communication can influence the establishment of a multigenerational wealth vision!

Episode 48 – A Trip Around Italy Examining Wine – With Guest Tim O’Rourke

By thetruthaboutwealth | January 6, 2021

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On this leg of our Wine Adventure, we take a look at the Italian region!

In this episode, John and Michael Parise sit down with Tim O’Rourke to identify the wines that come out of Italy, what sets these wines apart from the rest and how you can choose an Italian wine that pairs with your meal.

In this episode, you will learn:

What wines come out of the different regions of Italy
How you can find quality wines for quality prices
Tools that you can use to find the wine you are looking for
What you can do to find your wine preference
What Italian wines pair with what meals
And more!

Tune in now to add some information to your knowledge on wine and how you can find one that suits you!

Resources: Copper Beech Financial Group | (856) 988-8300 | John Parise | Michael Parise

Episode 47 – A Deep Dive into The French Wine Industry – With Guest Tim O’Rourke

By thetruthaboutwealth | December 23, 2020

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France is one of the world’s largest producers of wine, and is the source of many grape varieties such as Cabernet Sauvignon, Chardonnay, Sauvignon blanc, and Pinot noir.

In this episode, John and Michael Parise sit down with wine investor Tim O’Rourke to examine what sets France apart as a producer of wine and how wine can be a multi-generational business, as well as tips for wine collecting and storage.

In this episode, you will learn:

How and where Cabernet Sauvignon was initially created
Why winemaking is a “freelance” creation that depends on the winemaker
Tim’s take on what determines the cost of wine bottles
Winemaking as a multi-generational business
The importance of being “temperature consistent” when storing wines
And more!

From France to the rest of the world, tune in to find out everything you need to know about the evolution of French wine and champagne!

Resources: Copper Beech Financial Group | (856) 988-8300 | John Parise | Michael Parise

Episode 46 – Measuring Risk In A Family Wealth Plan

By thetruthaboutwealth | December 2, 2020

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To what extent have you involved and taught your family about risk calculation?

In this episode, John and Michael Parise explain the importance of communicating and involving your family in wealth plan risk calculation. They highlight the different risks you and your family should ALWAYS consider when it comes to generational wealth planning.

In this episode, you will learn:

Must-have tax considerations when stepping out of the market
How emotions can impact the amount of risk an individual is willing to take on
How Copper Beech Financial Group prepares clients for potential business risk
The importance of communication when it comes to assessing family risk
And more!

Tune in as John and Michael dive deep into family risk assessment while explaining that the more you can preserve in taxes – the more your account value will grow!

Resources: Copper Beech Financial Group | (856) 988-8300 | John Parise | Michael Parise

Episode 45 – The Financial and Emotional Components of Legacy Letters

By thetruthaboutwealth | November 13, 2020

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In many cases, legacy letters are the main vessel for transferring financial assets down the generational line.

In this episode, John and Michael Parise explain the importance of elaborating and involving your family in legacy letters, and highlight the different considerations you should have when you’re prepared to craft your own.

In this episode, you will learn:

John’s take on using legacy letters as a way to be remembered
The difference between the communicational and emotional sides of legacy letters
The difference between a mission statement and a legacy letter
Tips for using legacy letters as tools to involve grandchildren
The role of language in defining a trustee’s authority level
And more!

Listen in as John and Michael define legacy letters as tools to communicate your wishes to future generations!

Resources: Copper Beech Financial Group | (856) 988-8300 | John Parise | Michael Parise | Family Trusts Book

Episode 44 – Bringing The Next Generation Into The Family Business – Part 2 — With Guest Jeff Savlov

By thetruthaboutwealth | October 28, 2020

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Involving the next generation in your family business can be delicate, and it’s important to have a strategy for approaching the transition.

In part two of this series, John and Michael Parise, along with guest Jeff Savlov, continue navigating the path of skill development and bringing the younger generation into the family businesses.

In this episode, you will learn:

The age when you should start preparing the next generation for work in the family business
What could happen when children aren’t prepared to take over
The importance of practicing meritocracy in a family business
In-law family involvement in pre-established family businesses
The most important attributes leaders should have
And more!

Tune in as John, Michael, and Jeff discuss the considerations you should have when bringing the younger generation into business!

Resources: Copper Beech Financial Group | Jeff Savlov | Blum & Savlov | Part 1

Episode 43 – Raising Children in the Context of Family Financial Success

By thetruthaboutwealth | October 21, 2020

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When is it the right time to start having financial conversations with your children?

Today, John and Michael are joined by Jeff Savlov, founder of Blum & Savlov, LLP. Jeff shares his experiences with families educating their children on financial success. He explains why it’s better to begin having conversations regarding financial matters early in the child’s life.

In this episode, you will learn:

Why Jeff uses the term ‘Success’ instead of ‘Wealth’
How early parents should have conversations with their children regarding financial success
Why Jeff believes children are more capable of understanding complex ideas
And more!

Tune in now to learn more about having tough financial conversations with your young children!

Resources: Copper Beech Financial Group | (865) 988 -8300 | Blum & Savlov, LLP

Episode 42 – Intentionally Defective Grantor Trust Planning in 2020

By thetruthaboutwealth | September 30, 2020

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An intentionally defective grantor trust is an estate-planning tool used to freeze certain assets of an individual for estate-tax purposes. What makes 2020 the perfect time to take advantage of this type of trust?

In this episode, John and Michael Parise dive right into the benefits of intentionally defective grantor trusts and why the best time to take advantage of this plan is right now!

In this episode, you will learn:

What an intentionally defective grantor trust is and how it works
How to unravel these trusts
How it has benefited families
Why 2020 may be the perfect time to utilize this tool
And more!

Tune in now to learn more about intentionally defective grantor trusts!

Resources: Copper Beech Financial Group | (865) 988 -8300 | Episode 36 – Charitable Lead Annuity Trust

Episode 41 – Planning For Special Needs Adults – With Guest Mike Byrne

By thetruthaboutwealth | September 9, 2020

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Special needs planning is critical for families in ensuring children and adults with special needs are protected.

In this episode, John and Michael Parise speak with Michael Byrne, a partner at Lighthouse Planning Consultants. Mike addresses many of the misconceptions surrounding families with a dependent adult with special needs, like SSI eligibility and ABLE accounts.

In this episode, you will learn:

Key benefits that families rely on to care for children with special needs
Why it can be difficult for families with special needs dependents to receive advice
Legal tools you can put in place to protect your adult child with special needs
The value of a special needs trust and how it helps families
What an ABLE account is and how it benefits families with adults with special needs
And more!

Tune in to learn about special needs planning, trusts, ABLE accounts and more that can help families!

Resources: Copper Beech Financial Group | Lighthouse Planning Consultants

Episode 40 – Special Needs Planning And The Issue Of Guardianship

By thetruthaboutwealth | August 26, 2020

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Guardianship is a huge part of special needs planning, as it takes into account what happens to a child if the parents pass away. Finding the right person to care for a special needs child is not necessarily easy.

John and Michael Parise explore the topic of special needs planning for families. John explains his background working with families with special needs children and shares how guardianship is a huge factor in the planning process.

In this episode, you will learn:

What special needs planning looks like at Copper Beech
The three key areas Copper Beech focuses on when helping these families
The various issues guardianship presents for families with special needs children
How to avoid issues caused by inheritance for a special needs child’s Social Security benefits
And more!

Tune in now to learn more about special needs planning!

Resources: Copper Beech Financial Group | Children and Adults with Special Needs and the Planning Gap (MetLife)