Estate Planning – The Truth About Wealth

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

By thetruthaboutwealth | February 21, 2024

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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:

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

By thetruthaboutwealth | December 27, 2023

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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:

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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.

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

By thetruthaboutwealth | November 16, 2023

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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:

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

By thetruthaboutwealth | October 18, 2023

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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!

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About Our Guest:

Navigating Blended Families and Estate Taxes: A Case Study Discussion (Ep. 109)

By thetruthaboutwealth | September 6, 2023

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Are you struggling with complex estate planning situations?

In this episode, John and Michael Parise uncover two case studies, one that worked and one that didn’t.

Throughout the two case studies, Michael explains his role in the estate planning process and the challenges of working with a business owner with significant estate tax exposure. Adding to the conversation, John emphasizes the importance of balancing fairness and equality when dealing with multiple beneficiaries in estate planning.

John and Michael discuss:

The challenges of working with a business owner with significant estate tax exposure and a lack of liquidity to pay for it
Why it’s important to balance fairness and equality when dealing with multiple beneficiaries in estate planning
The different challenges that can arise when estate planning with business owners and beneficiaries across multiple generations
How their impact on families’ financial planning is compounded through generations
And more!

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

By thetruthaboutwealth | November 9, 2022

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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!

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How to Pay for Estate Taxes (Ep. 81)

By thetruthaboutwealth | May 4, 2022

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If you are set to have an estate tax, how might that tax get paid? Can we get that tax to zero?

In this episode, John and Michael discuss their approach to estate taxes. In their approach, taxes are voluntary and planning is essential to ensure your loved ones have a plan and the means to pay for estate taxes when the time comes.

John and Michael discuss:

The best and worst ways to pay your estate taxes
Section 6166 for business exclusions on estate taxes
Gregan loans and how they can reduce your estate tax
The importance of starting early when it comes to planning
And more

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

By thetruthaboutwealth | February 9, 2022

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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

Bridgeford: Objective Chart Comparing “Top Tier” Trust Jurisdictions

Connect with David Warren

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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.

73. 10 Concerns On The Minds of Our Clients — Part 2

By thetruthaboutwealth | January 12, 2022

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Who is going to take care of you into your old age? Do you have your estate planning dealings worked out?

In the first part of this two-parter miniseries, John and Michael introduced us to 10 concerns on the minds of their clients. In this episode, they continue the conversation focusing on long-term care planning, estate planning, taxes, and communication between generations.

John and Michael discuss:

Ways to address long-term care
How to ensure your estate planning is correct
Tax code changes to consider
Communication between generations in your family
And more!

Resources:

10 Concerns On The Minds of Our Clients — Part 1

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69. Estate Planning Law Proposals You Should Be Thinking About

By thetruthaboutwealth | November 17, 2021

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There may be changes to estate planning rules in the near future. If you’re a family that looks for advanced planning, you should be preparing for these changes regardless of whether or not they come to pass.

In part two of this two-part series, John and Michael Parise look at potential estate planning changes that could have a massive impact on advanced estate planning.They first look at the potential change in acceleration of the reduction in the gift and estate exemption amount. Plus, Michael speaks on the possible changes to grantor trust rules.

John and Michael discuss:

Why you should be speaking with your advisor about these provisional changes
Potential changes to grantor trust rules
Potential changes to the acceleration of the reduction in estate exemption
Why adding a specialist advisor to your advisory is beneficial
And more

Resources

Income Tax Law Proposals You Should Be Thinking About

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