How can you create a legacy that spans generations?
Join financial experts John and Michael Parise of Copper Beech Financial Group as they delve into the concept of leveraging assets to build and sustain generational wealth. This episode explores the strategic use of financial instruments like IRA accounts and life insurance to enhance family wealth and legacy planning. Discover how asset leverage can support tax-efficient growth and provide long-term benefits for your family’s financial future.
Key discussion points include:
The role of leverage in real estate and other assets to boost family wealth [00:02:40]
Leveraging IRA assets for generational wealth goals amid changing tax laws [00:04:33]
Strategic gifting and using life insurance for tax-efficient wealth transfer [00:08:00]
Creating an estate bank for future generational use and asset protection [00:17:43]
Employing business strategies for succession and leveraging corporate assets [00:29:26]
What’s the secret to leaving a lasting legacy through philanthropy?
Join John and Michael Parise as they sit down with Marlene Olshan and Ann Figueredo from Momentem Consulting Group. Together, they explore how families can define and achieve meaningful philanthropic goals.
Marlene and Ann share their journeys and discuss Momentem’s mission to help both non-profits and high-net-worth individuals make purposeful impacts. From establishing a ‘Purpose Framework’ to unifying family values through philanthropic endeavors, the conversation is rich with insights for anyone tasked with managing family wealth.
Here’s what you’ll gain insight into:
The unique challenges and joys of intergenerational philanthropy [06:31]
Crafting a Purpose Framework to streamline philanthropic decisions [18:47]
Characteristics of successful philanthropists and how to aspire to that level [13:01]
The role of family dynamics in long-term philanthropic planning [29:18]
Ann Figueredo has over 35 years of experience as a strategy, marketing, new product development, and fundraising expert in the higher education, financial services, and pharmaceutical industries. She has held senior leadership positions to plan and execute successful comprehensive capital campaigns, launch new products and services domestically and internationally, and spearhead market research studies to open new market opportunities.
Ann is a graduate of Haverford College (BA) and Columbia University (MBA). She has held senior leadership roles at Haverford College, Germantown Friends School, SEI Investments, Spectrem Group, Visa International, Bankers Trust, and Pfizer.
Marlene Olshan has over 35 years of experience in executive leadership with functional expertise in strategy, operations, and fund development. Marlene has led organizations in the human services, retail, and financial services sectors, with particular expertise in positioning organizations to scale.
Marlene is a graduate of Temple University ( BA) and has received a Certificate in Public Policy Leadership from Harvard’s Kennedy School. She has held senior leadership positions at Vetri Community Partnership, Big Brothers Big Sisters Southeastern PA, The Department of Human Services for the City of Philadelphia, Spectrem Group, GIII Apparel Group, and Macy Specialty Stores.
The Purpose of a Purpose Trust with David Warren (Ep. 127)
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
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.
Are you certain your family’s financial future is secure for generations to come?
Understanding the true value of your wealth goes beyond numbers; it’s about creating a lasting legacy.
Today on The Truth About Wealth, John and Michael Parise revisit the foundation of Copper Beech Financial Group, explore the unique concept of a family CFO, and discuss strategies to effectively preserve and transfer wealth from the first to the third generation for 100-year families.
Tune in and gain insights into their holistic approach, which incorporates financial planning, education, and maintaining family values to ensure long-term prosperity and unity.
John and Michael cover:
The evolution and vision behind Copper Beech Financial Group
The role and significance of a family CFO
Creating 100-year family plans and the importance of generational involvement
Using legacy videos to bridge value gaps between generations
How do the changing tax provisions impact your financial planning?
Today on The Truth About Wealth, John and Michael Parise discuss the implications of the expiring tax provisions from the Tax Cuts and Jobs Act. They underscore the necessity of proactive tax planning and the importance of consulting with advisors to maximize benefits before these provisions lapse.
Their conversation spans estate planning, business tax laws, individual tax brackets, and charitable planning, highlighting the urgency for families to strategize for their financial future in light of these changes.
Talking points include:
Expiring tax provisions from the Tax Cuts and Jobs Act
The need for proactive tax planning
What tax provisions are expiring, and what provisions are permanent
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
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
As you transfer your hard-earned assets to your children and groom them to assume control of the family business, you likely want to imbue them with your core family values and an entrepreneurial mindset.
But how do you initiate an open dialogue? When is the best time to do it?
John and Michael Parise answer these questions and help you perpetuate your family’s wealth and values for generations to come. They shed light on eye-opening questions and conversations you should engage in with your children to equip them with the knowledge and entrepreneurial capability to advance your family’s legacy (and build their own).
John and Michael discuss:
The importance of fostering an entrepreneurial mindset from a young age
Inspiring stories of working with small businesses and private family enterprises
Opportunities and challenges in the current environment for new business owners
Copper Beech Financial Group’s approach to productive family meetings that assist in effective wealth transfer
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
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.
Navigating Family Dynamics With Family Coaching featuring Alex Kirby (Ep. 115)
Every strong family is like a winning team, and just like any successful team, they thrive with the guidance of a dedicated coach.
Alex Kirby, the Founder and CEO of Total Family Management, joins John and Michael Parise to talk about the concept of family coaching. Alex explains how his company helps families improve their dynamics and communication, particularly in the context of wealth management.
Listen in as Alex emphasizes the importance of values, goals, and a shared vision in family coaching while covering a case study of a family business and the unique, systematic approach of Total Family Management.
Alex, John, and Michael discuss:
An introduction to Total Family Management (TFM) and its services
The importance of communication and healthy dynamics within families
The customization of TFM’s coaching approach based on each family’s needs and objectives
The value of approaching difficult conversations gradually
How family coaching helps families establish their values and goals across generations
Alex Kirby is the Founder and CEO of Total Family Management (TFM), a pioneering firm specializing in private virtual family coaching within the wealth management sphere.
With a distinguished career in leadership development across both large and small companies, Alex brings a wealth of experience to TFM. His vision centers around the concept of families as teams, where the principles of leadership development are applied to create harmonious and prosperous family dynamics.
TFM’s unique approach spans family governance and family dynamics, making a significant impact on the wealth management landscape. Through TFM, Alex is dedicated to helping families achieve their shared vision and build a strong, cohesive unit.
