Tag: John and Michael Parise

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

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

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)

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

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:

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

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

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:

Connect with John and Michael Parise:

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

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

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:

Connect with Chris Ruffino:

Connect with John and Michael Parise:

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.

Unpacking The Complexities of Roth IRAs With Chris Ruffino (Ep. 116)

Unpacking The Complexities of Roth IRAs With Chris Ruffino (Ep. 116)

There have been recent changes in tax laws for Roth accounts. 

Ready to go over them?

In this episode, Chris Ruffino and Michael Parise go into the basics of Roth accounts and the recent changes in tax laws. 

Chris explains the difference between traditional IRAs, and Roth IRAs while introducing the concepts of a ‘backdoor’ Roth IRA and a ‘garage door’ Roth IRA. He also navigates the impact of the Secure Act on Roth IRAs and the potential benefits of Roth conversions in terms of estate planning.

Michael and Chris discuss:

  • The difference between traditional IRAs and Roth IRAs
  • The benefit of not having required minimum distributions from a Roth IRA accounts
  • Backdoor and garage door Roth IRAs and how they work
  • How the Secure Act has impacted Roth IRAs
  • And more!

Resources:

Connect with Chris Ruffino:

Connect with John and Michael Parise:

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.

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

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
  • And more!

Resources:

Connect with Alex Kirby:

Connect with John and Michael Parise:

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.

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

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

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:

Connect with John and Michael Parise:

Private Equity Investing 101 — Part 2 with Christopher Graham (Ep.105)

Private Equity Investing 101 — Part 2 with Christopher Graham (Ep.105)

Ready to continue learning about private equity investing?

Welcome back! 

In this episode, John and Michael Parise are joined by returning guest Christopher Graham, the founder and CEO of Crown Capital Investments. 

The last conversation covered how private equity works, what investors should look at, and how it’s structured. 

This time, Christopher continues the lesson, covering what sort of questions investors should ask fund managers, his evaluation process, and how he’s continuing to improve his fund’s processes.

Christopher discusses:

  • What type of questions investors should ask fund managers and advisors about recommendations they receive in the private equity space
  • How he evaluates companies to decide if they’re a good investment
  • How far AI has gotten in the industry, and where it has room to improve
  • The benefits of private credit versus private equity
  • How much risk he would put into a private placement life insurance (PPLI) investment strategy
  • What he’s doing to continue to improve his fund
  • And more!

Resources

Connect with Christopher Graham:

Connect with John and Michael Parise:

About Our Guest: 

Christopher Graham founded Crown Capital in 2014. He leads investment and capital-raising activities and provides strategic and operational support to management teams across the portfolio. 

Prior to Crown, he founded The Private Client Law Group, which focused on tax, business, and asset protection for ultra-high-net-worth family offices. As a Family Office Advisor, Chris advised and directed billions of dollars in the alternative investments space globally. Chris was named to the Georgia Super Lawyers Listing for over a decade and rated as a Five Star Wealth Manager. 

Chris holds a BBA in Accounting from the University of Michigan and a JD from Wake Forest University. He is a member of the American Mensa IQ Society, Beta Alpha Psi national honor accounting society, and the Georgia and North Carolina state bars.

Private Equity Investing 101 — Part 1 with Christopher Graham (Ep. 104)

Private Equity Investing 101 — Part 1 with Christopher Graham (Ep. 104)

It may be tempting to get into the world of private equity investing, but it’s important to get the basics under your belt first.

In this episode, John and Michael Parise bring on Christopher Graham, the founder, CEO, and CIO of Crown Capital Investments, to teach you how private equity works, what investors should look at, and how it’s structured.

Chris discusses:

  • How to access the private equity and alternative investment world
  • His investment thesis and why he doesn’t look at venture capital
  • The risk and reward components of private investments
  • Whether or not accredited investor standard regulations should be changed (making it more accessible to the average investor)
  • The structures of SPAC investments
  • The difference between typical private equity funds and the Berkshire model
  • And more!

Connect with Christopher Graham:

Connect with John and Michael Parise:

About Our Guest: 

Christopher Graham founded Crown Capital in 2014. He leads investment and capital-raising activities and provides strategic and operational support to management teams across the portfolio. 

Prior to Crown, he founded The Private Client Law Group, which focused on tax, business, and asset protection for ultra-high-net-worth family offices. As a Family Office Advisor, Chris advised and directed billions of dollars in the alternative investments space globally. Chris was named to the Georgia Super Lawyers Listing for over a decade and rated as a Five Star Wealth Manager. 

Chris holds a BBA in Accounting from the University of Michigan and a JD from Wake Forest University. He is a member of the American Mensa IQ Society, Beta Alpha Psi national honor accounting society, and the Georgia and North Carolina state bars.

Turning Risk Into Opportunity Via Enterprise Risk Management with Kyle Hanson (Ep. 103)

Turning Risk Into Opportunity Via Enterprise Risk Management with Kyle Hanson (Ep. 103)

You can protect your business against risks while also leveraging them as opportunities for growth.

In this episode, John and Michael Parise are joined by Kyle Hanson, the director of business development at Madison Insurance Group, to talk about enterprise risk management.  

Kyle unveils the firm’s application of SWOT analysis to enterprise risk management while sharing client case studies, highlighting the various risk coverages available.

John, Michael, and Kyle discuss:

  • What’s enterprise risk management, and how it differs from basic risk management
  • How risk can be positive (not just a threat) in a SWOT analysis
  • How Madison Insurance Group integrates strengths, weaknesses, opportunities, and threats (SWOT) into the enterprise risk management they do for clients
  • Some of the different risk coverages Madison Insurance Group offers
  • And more!

Connect with Kyle Hanson:

Connect with John and Michael Parise:

About Our Guest: 

Kyle Hanson is a Director of Business Development who works in close collaboration with the Director and President, Mark Sims, to strategize, organize, and execute new business development and public relations activities. 

With over a decade of public speaking experience and an accomplished academic background, Kyle is a sought-after conference presenter and a former column editor for the American Choral Directors Association’s national journal. 

Before joining MIG, Kyle honed his skills in non-profit development through an internship at the Indianapolis Symphony Orchestra and a clinical workshop in artistic development at the Baltimore Symphony Orchestra. 

Kyle holds a High Distinction degree from Indiana University Jacobs School of Music and two additional Masters degrees from Bowling Green State University and Indiana University.