Copper Beech Financial Group – Page 8

59. The Plan For Succession in the Family Business

By thetruthaboutwealth | June 23, 2021

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Do you have a succession plan in place for your family business?

In this episode, Michael Parise shares his personal experience with succession planning as the second generation within his family business. He reveals the importance of communication between generations when developing your business succession plan, and how the expectations of each generation can shape the future of your business.

Michael discusses:

How you can create a sustainable succession plan that will keep your business intact through the generations
How the expectations of each generation impacts the succession planning process
Why you need to have open communication between generations in your planning
The benefit of working with outside sources and experts when creating a plan for your family business
And more

Discover what you need to create a sustainable succession plan with Michael Parise!

Resources:

Copper Beech Financial Group: (856) 988-8300 | John Parise | Michael Parise | Investedge | Episode 57

Episode 58: Approaching Governance Planning – Part 2 – With Jeff Savlov

By thetruthaboutwealth | June 9, 2021

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By now, you should be knowing that governance is all about helping families stay organized and guided within their business. But where can you get started?

In the second part of this two-part series, John and Michael Parise are joined by returning guest, Blum & Savlov, LLP’s Jeff Savlov. This time, Jeff takes a deep dive to explain how families can begin and approach governance planning.

You will learn:

The three areas of focus when families are considering governance planning
Vision and mission statements as two simple methods of governance
How John and Michael deal with meritocracy and governance planning at Copper Beech
Governance planning as a solution for resistant (or opposing) generations
The role of a family council within the governance process
And more!

Listen in and find out the moral and legal components of governance planning!

Resources:

Episode 57: Governance at an Enterprising Family Level – With Jeff Savlov

By thetruthaboutwealth | May 26, 2021

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Family governance refers to the structures and processes families use to organize themselves and guide their relationship with their enterprise.

In the first part of this two-part series, Jeff Savlov, founder of Blum & Savlov, LLP joins John and Michael Parise to explain the family component of governance. Jeff highlights how families and their businesses can build and benefit from their governance plan, while highlighting potential drawbacks of low governance arrangements.

You will learn:

What is so complex about a family governance creation
How a formal governance document plan can avoid what Jeff calls “toxic informality”
The difference between a family business and an enterprising family business
Consequences of poor governance planning
And more!

Join the conversation to discover the crucial role of governance when it comes to picking the next leader for the family business!

Resources: Copper Beech Financial Group: (856) 988-8300 | John Parise | Michael Parise | Jeff Savlov | Blum & Savlov, LLP: T. 732-296-8047 / C. 732-266-7572 / F. 732-284-4257

Episode 56: The Ultimate Episode Guide You MUST Revisit and Listen To

By thetruthaboutwealth | May 12, 2021

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The Copper Beech team is going back to the classics in this highlight reel episode!

In this episode, John and Michael Parise revisit a series of episodes you must listen to in order to help you gain insight to overcome and solve potential concerns about your generational wealth planning.

You will learn:

The importance of estate planning – episodes 14 and 26
All things within the tax world and tax law changes – episodes 27, 36, and 42
Conversations about life insurance – episode 19
Why business owners should revisit their business succession plan – episode 33
Understanding the generational components of trusts – episodes 12 and 13
What you should really know about 1031 exchanges – episode 52
And more!

Listen today and find out why and how all these episodes introduce and talk about things clients are always concerned about!

Resources: Copper Beech Financial Group | John Parise | Michael Parise

Episodes:

Episode 55 – Case Studies: Annuities as Helpful Multi-Generational Planning Tools – Part 2 – With Michael R. Harris, CFP®, ChFC

By thetruthaboutwealth | April 28, 2021

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Annuities can be hugely beneficial for multi-generational planning, but how do you really go about doing that? What are the technical components of including annuities in your plan?

In part two of this two-part series, Mike Harris, senior education advisor at the Alliance for Lifetime Income, once again sits down with John and Michael Parise to explain the use of annuities as multi-generational planning tools, sharing successful case studies and real-life experiences.

In this episode, you will learn:

The emotional components of annuities and planning: Creating legacies as a way to remember loved ones
The eye-opening truth about annuity guarantee and protection policies
How to use annuity structures for special needs children
How and why it’s important to use the correct annuity for your situation within your plan
And more!

Remember, annuities for multigenerational planning need the assistance of a financial advisor. Discover how you can get started today!

Resources: Part 1 | Copper Beech Financial Group: (856) 988-8300 | Michael R. Harris, CFP®, ChFC | The Alliance for Lifetime Income

Episode 54 – Annuities as a Helpful Income Planning Tool – With Michael R. Harris, CFP®, ChFC

By thetruthaboutwealth | April 14, 2021

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The Alliance For Lifetime Income’s Michael R. Harris is all about helping YOU address the risk of outliving your retirement income.

In this episode, John and Michael Parise speak with Mike Harris to discover everything Mike has to say about annuities, and how to creatively use them within your income planning.

You will learn:

An investor-related definition of annuities
Why it is so important to plan for retirement-related income streams
The pros and cons of a traditional annuitization
What does the general public think of annuities: Research done by The Alliance For Lifetime Income
How advisors and clients can approach annuity discussions, cost and value-wise
And more!

No matter if it’s an investment or annuity – they all need planning. Listen in to find out why!

Resources: Copper Beech Financial Group | (856) 988-8300 | Michael R. Harris, CFP, ChFC | The Alliance for Lifetime Income | Cited Source: Risky Business: Living Longer Without Income for Life | Cited Source: CBS News: How to estimate your lifetime retirement paycheck

Episode 52 – A Deep Dive Into the 1031 Exchange – With Guest Gary Callahan

By thetruthaboutwealth | March 3, 2021

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While Section 1031 of the Tax Code provides tax deferral solutions for the nation’s middle-class, it’s also a helpful tool for economic and job growth.

In this episode, John and Michael Parise sit down with Gary Callahan, the senior vice president of Inland Securities Corporation. Today, Gary shares his expertise in the 1031 exchange arena. He refers to this unfamiliar tax benefit for real estate investors, even though it has been in the tax code for a long time.

In this episode, you will learn:

How a 1031 exchange can help you avoid real estate-related taxes
Gary’s role in 1031 exchange education for real estate attorneys, accountants, and CPA’s
The difference between a 1031 exchange transaction and trust structure
Diversification of assets as a Delaware Statutory Trust (DST) benefit
The timeline of a 1031 exchange: What are its deadlines
And more!

Tune in and find out how Gary and his team at Inland can help YOU and your clients in their 1031 exchange!

Episode 51 – Clarke & Cohen: Yet Another Successful Family Business – With Guest Richard Cohen, SPPA

By thetruthaboutwealth | February 17, 2021

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Pennsylvania-based public insurance adjusters firm Clarke & Cohen is a 100-year family business that has already reached the fourth generation.

In this episode, John and Michael Parise sit down with public adjuster and the firm’s CEO, Richard Cohen, SPPA. Today, Richard reviews his family and the business journey that’s closely related to the building and continuous success of Clarke & Cohen.

In this episode, you will learn:

The role of the four generations in positively contributing to Clarke & Cohen’s growth
Helping people out: Richard’s motivation to get into the family business
The “prerequisites” to get into the public insurance adjusting business
How Richard and his family separate family and business conversations
Networking and having an open mind: Traits that have contributed to Richard’s success at the firm
And more!

Listen in to learn about the family, business, logistic components that have helped Clarke & Cohen successfully grow!

Resources: Copper Beech Financial Group | (856) 988-8300 | Clarke & Cohen | Richard Cohen

Episode 50 – How Future Generations Can Maintain Their Family’s 100-Year Vision – Part 2

By thetruthaboutwealth | February 3, 2021

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Are you in your family’s second or third generation, and interested in learning how to carry on your family’s wealth?

In part two of this two part series, John and Michael Parise discuss different considerations second and third generations must have when handling their family’s wealth, highlighting the importance of effective communication and data organization.

In this episode, you will learn:

The role of the second generation in passing down family wealth
Legacy letters and mission statements as generational roadmaps
How culture shift impacts generational wealth
How having a “beginner’s mind” can help when building a family’s future
Easy ways to involve later generations in the family’s wealth
And more!

Listen today to find out the role of the second and third generations when handling and passing down family revenue!

Resources: Copper Beech Financial Group | (856) 988-8300 | John Parise | Michael Parise | Creating and Building a 100-Year Family Vision (Part One)

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!