SECURE Act – The Truth About Wealth

Estate Planning Essentials: Understanding Asset Succession (Ep. 128)

By thetruthaboutwealth | September 11, 2024

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Have you reviewed your beneficiary designations lately? The impact could be more significant than you think. Ensuring your assets are inherited as you intend starts with one critical step: understanding the importance of asset succession and beneficiary designations.

Today on The Truth About Wealth, John and Michael Parise of Copper Beech Financial Group explore the complexities of asset succession in estate planning. From the nuances of beneficiary designations to the effects of the Secure Act, they highlight key information to ensure your wealth transitions smoothly to the next generation. Tune in to learn about protecting your family’s financial future and avoiding common estate planning mistakes.

John and Michael discuss:

Why it’s important to regularly review and update your beneficiary designations to ensure they reflect your current wishes and avoid potential familial conflicts
How the Secure Act impacts the inheritance of IRAs and strategies to minimize tax exposure for your heirs
How different asset titling affects inheritance and the importance of consulting legal advisors for proper asset protection
Why you should regularly meet with financial advisors to revisit your estate plan and accommodate any changes in your life or tax laws
And more

Connect with John and Michael Parise:

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

By thetruthaboutwealth | December 13, 2023

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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.

64. The World of Private Placement Life Insurance With Edward Gordon

By thetruthaboutwealth | September 1, 2021

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The potential of tax rates rising understandably has people concerned about their tax planning situations.

In this episode, John and Michael are joined by Edward Gordon of Preservation Capital Partners. Ed runs a tax efficient program for private placement life insurance, and he’s here to explain everything about the program. Ed shares a real life case study to help better illustrate how the program works.

Edward discusses:

How the strategy of a private placement life insurance policy helps combat the negative effects of the SECURE Act
The cost of the program and what Ed believes will happen with cash value life insurance, and growing tax rates
A real life case study to help better understand how the program works
And more

Connect with Edward Gordon

Connect with John and Michael:

About Our Guest:

Edward W. Gordon, founder and guiding principal, has over 20 years of experience in the field of business and estate planning. Mr. Gordon is a graduate of the State University of New York with a major in Business Economics and Finance. He holds the Series 6, Series 63, Life & Health License, and is a Certified Estate Planner.

Mr. Gordon is an active member of The Study Group, an organization devoted to the promotion of ethics, education, and technical advances in the financial services sector. He is also an active member of the American Society of Certified Estate Planners. In addition, Edward Gordon is an active member of STEP, the Society of Trust and Estate Practitioners. Mr. Gordon is a frequent panelist and speaker at industry events. He has authored several articles and a book covering estate planning and related topics.

61. The Generational Impact Of The SECURE Act Part Two

By thetruthaboutwealth | July 21, 2021

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A new provision in the SECURE Act requires children that inherit an IRA or a qualified plan to essentially withdraw those funds no later than 10 years after the date of death. How can you ensure that your child gains the most from their inheritance after you are gone?

In part two of this series, John and Michael Parise discuss possible solutions for this new provision to the SECURE Act. They reveal the various types of accounts you can utilize and share the importance of keeping future generations in mind.

You will learn:

How you can prepare for your children’s inheritance with the new provisions to the SECURE Act
What type of accounts and investments may be the best fit for you
The importance of taking future generations into account when creating your plan
And more!

Resources:

Episode 19 – Life Insurance as an Asset Class

Connect with Copper Beech

Copper Beech Financial Group: (856) 988-8300
LinkedIn: John Parise
LinkedIn: Michael Parise