Tag: Generational Wealth

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Preparing Tax Strategies for the Upcoming Tax Provision Changes (Ep. 124)

Preparing Tax Strategies for the Upcoming Tax Provision Changes (Ep. 124)

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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
  • Considerations in estate planning
  • Updates on business tax laws
  • Changes in individual income tax brackets
  • Strategies for charitable planning
  • And more!

Resources:

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

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

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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:

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Nurturing Wealth, Values, and an Entrepreneurial Mindset Across Generations (Ep. 118)

Nurturing Wealth, Values, and an Entrepreneurial Mindset Across Generations (Ep. 118)

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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
  • What it takes to nurture confident future leaders
  • And more!

Resources:

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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:

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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.

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Navigating Family Dynamics With Family Coaching featuring Alex Kirby (Ep. 115)

Navigating Family Dynamics With Family Coaching featuring Alex Kirby (Ep. 115)

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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
  • And more!

Resources:

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About Our Guest: 

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.

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Preserving Your Family History And Creating A Lasting Legacy (Ep. 110)

Preserving Your Family History And Creating A Lasting Legacy (Ep. 110)

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Do your kids and grandkids know your family’s legacy? 

Make sure they do by creating a video memoir! 🎥

In this episode, John and Michael Parise shed light on the importance of transferring values when transferring wealth to create a lasting legacy. 

They go over some of the questions they ask the families they work with when creating video memoirs to pass down their values to future generations while sharing a case study and talking about how modern technology makes capturing these values and family moments on video more convenient.

John and Michael discuss:

  • The importance of transferring values when transferring wealth to create a lasting legacy
  • Videos as a tool to preserve family history and values
  • The convenience modern technology provides for capturing family moments
  • Why it’s important to preserve family stories and values for future generations
  • A case study: How they helped a family create a video memoir
  • The importance of capturing stories from multiple generations
  • And more!

Resources:

Connect with John and Michael Parise:

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

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

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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!

Connect with John and Michael Parise:

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The Role of Rare Tangible Assets in a Diversified Portfolio for Generational Wealth with Geoff Anandappa (Ep. 108)

The Role of Rare Tangible Assets in a Diversified Portfolio for Generational Wealth with Geoff Anandappa (Ep. 108)

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If you’re looking to diversify your portfolio and try to hedge some of the global inflation investors are seeing today, you might want to consider adding rare tangible assets or collectibles to your portfolio.

In this episode, John and Michael Parise speak with Geoff Anandappa, a specialist in rare tangible assets and the founder of Rare Tangible Assets Ltd., about investing in rare assets such as coins, art, stamps, and other collectibles. 

Geoff starts with his background in the specialty before diving into how investors can get into the rare tangible asset market and why they’re a good long-term investment choice for holding onto and growing generational wealth, even when the stock market goes awry.

Geoff discusses:

  • His background and how he got into rare tangible assets
  • How investors are using rare tangible assets to hedge the current worldwide inflation issue
  • The size of the market for rare asset collectors and investors
  • How big of a risk forgeries are, and what investors can do to avoid them
  • New collectibles emerging in the marketplace
  • And more!

Connect with Geoff Anandappa:

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About Our Guest: 

Geoff Anandappa is a rare asset consultant and the founder of Rare Tangible Assets Ltd. With a background in stamp collecting, Geoff’s career in the industry began in 2005 when he joined Stanley Gibbons, the world’s oldest stamp dealer, to establish their investment department. Over 13 years, he traveled internationally, speaking at investment conferences and bringing in high-net-worth clients interested in rare stamps, coins, art, and first-edition books as alternative investments.

In 2018, Geoff launched his own consultancy firm, Rare Tangible Assets Limited, where he serves as a trusted advisor. As a consultant, Geoff assists clients in building investment portfolios in a diverse range of tangible assets, guiding starting collections, portfolio development, and exit strategies. With his extensive expertise and deep understanding of the market, Geoff offers professional consulting for individuals seeking to incorporate rare tangible assets into their investment strategies.

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

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

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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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