Tag: Asset Protection

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The Purpose of a Purpose Trust with David Warren (Ep. 127)

The Purpose of a Purpose Trust with David Warren (Ep. 127)

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Take advantage of the full potential of your estate planning strategy by learning about purpose trusts. This episode, featuring David Warren from Bridgeford Trust, dives deep into innovative ways to protect your wealth for generations.

John and Michael Parise bring back David, co-founder and chairman of Bridgeford Trust Company, to explore the innovative concept of a purpose trust – an underutilized yet powerful tool for estate planning that can provide asset protection, perpetuate family values, and even accommodate unique needs like cryogenics. 

Tune in as this conversation may help you transform your approach to asset protection and long-term financial planning!

John, Michael, and David discuss:

  • An introduction to the purpose trust: its definition and primary functions
  • Real-world examples, including charitable purposes and maintaining lifelong commitments such as taking care of pets or holding a family property
  • The benefits of purpose trusts over traditional trusts, focusing on asset protection and longevity
  • How South Dakota’s favorable trust laws make it an ideal jurisdiction for establishing these trusts
  • And more!

Resources:

Connect with David Warren:

Connect with John and Michael Parise:

About Our Guest: 

David Warren is the co-founder and chairman of the Board of Bridgeford Trust Company. With over 20 years of experience as an attorney in the financial services industry, David has a wealth of knowledge on working with ultra-high-net-worth families across the nation and around the world. As a leader at Bridgeford Trust Company, he shapes the strategic growth and brand development. Outside of his roles at Bridgeford, David often speaks throughout the country and around the world on modern and progressive U.S. trust law, addressing several professional organizations and audiences each year.

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Increasing Tax Efficiency and Asset Protection Through MSOs with Doug Dickey (Ep. 123)

Increasing Tax Efficiency and Asset Protection Through MSOs with Doug Dickey (Ep. 123)

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How can Management Services Organizations (MSOs) enhance tax efficiency and asset protection for businesses?

Today on The Truth About Wealth, John and Michael Parise welcome back Doug Dickey, CPA, CEPA, Manager, and Shareholder at DRDA, PLLC, for a conversation about the intricacies of management services organizations (MSOs). 

Doug provides a comprehensive explanation of MSOs, detailing their origins in asset protection and their evolution to include tax efficiency and increased purchasing power. He also emphasizes the importance of proper entity structuring to safeguard assets and avoid piercing the corporate veil. 

Key points include:

  • What are Management Services Organizations (MSOs)
  • The use of MSOs in tax efficiency and asset protection
  • IRS’s perspective on MSOs and creative ways clients can use MSOs for tax and cash flow advantages
  • Advantages of using a C corporation structure for real estate ownership
  • The importance of working with the right team
  • Estate planning concepts and transfer of wealth for multiple generations using C corporations
  • And more!

Resources:

Connect with Doug Dickey: 

Connect with John and Michael Parise:

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Case Study: How Upline Planning Helps Families Preserve Wealth Through Generations (Ep. 121)

Case Study: How Upline Planning Helps Families Preserve Wealth Through Generations (Ep. 121)

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How can generational planning help secure your family’s wealth for the future?

Today on The Truth About Wealth, John and Michael Parise get together for a follow-up from the previous episode about upline generational planning.

This week, they explore two case studies: the first concerning a family business owner with asset protection needs due to the father’s illness and estate tax exposure, and the second involving a family’s desire to establish a philanthropic foundation.

The discussion covers the importance of estate planning documents, beneficiary designations, charitable trusts, and aligning philanthropic efforts with family values.

Talking points include:

  • Case studies related to estate planning and asset protection
  • The importance of involving multiple generations in the wealth planning process
  • How to minimize tax exposure and protect family assets
  • Charitable planning and the use of charitable remainder trusts
  • The value of educating families about planning strategies and potential impact on taxes and wealth preservation
  • And more!

Resources:

Connect with John and Michael Parise:

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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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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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Case Study: Don’t Let Procrastination Hinder Your Generational Estate Planning (Ep. 94)

Case Study: Don’t Let Procrastination Hinder Your Generational Estate Planning (Ep. 94)

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They say, “an ounce of prevention is worth a pound of cure.”

When families procrastinate with advanced estate planning, it can jeopardize the success of the next generation and their assets.

In this episode of The Truth About Wealth, John and Michael Parise share a case study that illustrates how they’ve been helping one particular family with their estate planning. Listen in as John and Michael describe their process of minimizing generational taxes by 80% and preparing the next generation to inherit the family business.

John and Michael discuss: 

  • Ways Copper Beech approaches this case study and clients focused on estate planning 
  • The estate planning options they suggest for asset protection
  • How families can reduce and protect themselves from estate tax exposure
  • How to effectively prepare the next generation to inherit the family business and/or assets
  • The role of trusts and liquidity when it comes to estate planning
  • And more!

Connect with John and Michael:

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How to Choose the Right Trustee with David Warren (Ep.75)

How to Choose the Right Trustee with David Warren (Ep.75)

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When estate planning, one of the most difficult decisions is choosing the right trustee for your family. But it doesn’t have to be. 

In this episode, John and Michael Parise speak with David Warren, J.D., co-founder, and chairman of Bridgeford Trust Company about the challenges of picking the right trustee and/or trust company, and highlights the things you can do to make a better decision for your family. 

John and Michael discuss:

  • Conflicts of interest in trust planning 
  • Top tier trust jurisdictions
  • Modern trust law
  • Asset protection and its benefits
  • And more

Resources

Connect with David Warren

Connect with John and Michael:

About Our Guest: 

David Warren is the co-founder and chairman of the Board of Bridgeford Trust Company. With over 20 years of experience as an attorney in the financial services industry, David has a wealth of knowledge on working with ultra-high net worth families across the nation and around the world. As a leader at Bridgeford Trust Company he shapes the strategic growth and brand development. Outside of his roles at Bridgeford, David often speaks throughout the country and around the world on modern and progressive U.S. trust law, addressing several professional organizations and audiences each year.