Tag: Tax Laws

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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!

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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!

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

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

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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!

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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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Esoteric Tax Planning Strategies For American Businesses with Matthew Kirk (Ep. 95)

Esoteric Tax Planning Strategies For American Businesses with Matthew Kirk (Ep. 95)

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Every business owner wants to save on taxes, and there’s a variety of tax planning strategies available in the US.

In this episode, John and Michael Parise speak with Matthew Kirk from Holland & Knight about an esoteric tax planning strategy that not many American businesses know about. Matthew gives an overview of the tax benefits in Puerto Rico and the Virgin Islands, explains the rationale behind them, and unpacks some of the finer details, cautioning businesses to speak with a proactive financial professional about using this strategy.

Matthew discusses:

  • An overview of the tax benefits in Puerto Rico and the US Virgin Islands and the differences between the two
  • The rationale for the tax benefits in both US territories
  • The importance of discussing the small details and any questions about these jurisdictions with proactive financial professionals
  • And more!

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About Our Guest: 

Matthew Kirk is a private wealth services attorney in the Holland & Knight’s Atlanta office. Matthew focuses his practice on designing and implementing sophisticated wealth planning and transfer strategies for high-net-worth individuals that often combine objectives of tax minimization, wealth preservation, succession planning, and business planning.

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68. Income Tax Law Proposals You Should Be Thinking About

68. Income Tax Law Proposals You Should Be Thinking About

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There are currently tax law proposals being discussed in Congress that if passed, could have a major impact on taxes.

In this episode, John and Michael Parise discuss the most recent tax law proposal put forth by Congress, specifically covering income tax provisions. They emphasize that these are just provisional changes and that they may not come to pass. However, you should plan accordingly with your financial advisors so that nothing comes as a surprise. Also, John shares details about their annual conference they held with their families!

John and Michael discuss:

  • Their annual conference held with their families and guest speakers
  • Tax provisions that may come to fruition
  • Why business owners and high-income earners are moving to states without income tax
  • Why you should be thinking about these tax provisions with your financial advisor
  • And more

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