Family – The Truth About Wealth

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

By thetruthaboutwealth | February 7, 2024

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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:

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

By thetruthaboutwealth | January 24, 2024

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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:

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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Here’s How Copper Beech Helps Business Owners Plan For Generational Wealth (Ep. 102)

By thetruthaboutwealth | May 3, 2023

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Today’s topic is pertinent to business owners. If you’re grappling with unique financial challenges related to entrepreneurship and business ownership, this episode is for you.

This week, John and Michael Parise explore a case study about a client who owns a business. They provide a detailed walkthrough of their process from start to finish while detailing how they helped the client gain a generational wealth mindset by emphasizing education around how he thought about his finances.

John and Michael discuss:

The three key areas the client wanted to focus on and sought help from Copper Beech
Copper Beech’s approach to managing wealth for future generations (long-term instead of short-term planning)
Why family meetings were critical to the planning process
The recommendations their client’s family implemented and why
And more!

Resources:

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Looking To Sell Your Business? Here Are Your Options (Ep. 84)

By thetruthaboutwealth | June 15, 2022

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So you’re looking to sell your business.

Remember, you can’t spell succession without success.

In this episode of The Truth About Wealth, John and Michael Parise cover all the options you have when selling your business. John and Michael detail how to determine the right time, the timelines you should follow, and the pros and cons you should consider when looking to sell a family business.

John and Michael discuss:

The importance of having a succession plan for your business
The value of leadership and generational family conversations when you’re looking to sell your business
How to determine if it’s viable to keep your family business
The truth about selling your company to a strategic purchaser or a competitor
What are the benefits of selling your business to your management team
What you should know about employee stock ownership plans (ESOP) and how they can help your succession
And more!

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60. The Generational Impact Of The SECURE Act — Part One

By thetruthaboutwealth | July 7, 2021

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A recent provision to the SECURE Act could have major implications on how qualified plans, including your IRA, 401(k) and 403(b), are inherited by your children. It’s important that you understand the ramifications of this provision in order to protect your wealth.

In this episode, John and Michael Parise discuss these new provisions of the SECURE Act. They reveal the problems you could face if you don’t prepare properly and the importance of taking future generations into consideration when you’re developing your plan.

John and Michael discuss:

What the SECURE Act is and how new provisions may impact your plan
How to recognize when you may have a problem with your plans—and how to fix it
How your children could be taxed if you don’t take the SECURE Act into account
And more!

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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!

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