Tax Planning – The Truth About Wealth

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

By thetruthaboutwealth | April 3, 2024

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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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Increasing Tax Efficiency and Asset Protection Through MSOs with Doug Dickey (Ep. 123)

By thetruthaboutwealth | March 20, 2024

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How can Management Services Organizations (MSOs) enhance tax efficiency and asset protection for businesses?

Today on The Truth About Wealth, John and Michael Parise welcome back Doug Dickey, CPA, CEPA, Manager, and Shareholder at DRDA, PLLC, for a conversation about the intricacies of management services organizations (MSOs).

Doug provides a comprehensive explanation of MSOs, detailing their origins in asset protection and their evolution to include tax efficiency and increased purchasing power. He also emphasizes the importance of proper entity structuring to safeguard assets and avoid piercing the corporate veil.

Key points include:

What are Management Services Organizations (MSOs)
The use of MSOs in tax efficiency and asset protection
IRS’s perspective on MSOs and creative ways clients can use MSOs for tax and cash flow advantages
Advantages of using a C corporation structure for real estate ownership
The importance of working with the right team
Estate planning concepts and transfer of wealth for multiple generations using C corporations
And more!

Resources:

Is a C Corporation Right for You? with Doug Dickey (Ep. 122)

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Is a C Corporation Right for You? with Doug Dickey (Ep. 122)

By thetruthaboutwealth | March 6, 2024

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Is becoming a C Corporation the best tax strategy for your business?

Today on The Truth About Wealth, John and Michael Parise speak with Doug Dickey, CPA, CEPA, Manager, and Shareholder at DRDA, PLLC, about the benefits and tax implications of using C corporations for business structures post Tax Cuts and Jobs Act.

They explore the flat 21% tax rate for C corporations, the potential tax savings compared to flow-through entities, and strategies for managing double taxation on dividends.

So, tune in as Doug highlights the importance of entity choice for asset protection, tax planning, and reinvestment opportunities, emphasizing the flexibility C corporations provide for businesses aiming to maximize after-tax profits and growth.

Talking points include:

What’s a C corporation
The use of C corporations after the Tax Cuts and Jobs Act
Tax implications and benefits of C corporations compared to other entities
Comparing the tax burden between C corporations and flow-through entities
The value of considering a C corporation structure for businesses with significant earnings
Tax efficiency and flexibility of C corporations for business growth and capital accumulation
And more!

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Case Study: How Upline Planning Helps Families Preserve Wealth Through Generations (Ep. 121)

By thetruthaboutwealth | February 21, 2024

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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!

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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:

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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.

Taking The Plunge To Build Generational Wealth — The Next Phase of Copper Beech with Chris Ruffino (Ep. 112)

By thetruthaboutwealth | October 18, 2023

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What if your financial advisor cared about the next three generations of your family?

In this episode, Copper Beech’s newest advisor, Chris Ruffino, sits down with hosts John and Michael Parise to answer this pivotal question. Together, they illuminate the multidimensional, generational approach that Copper Beech takes towards financial planning.

John, Michael, and Chris discuss:

The Copper Beech Approach: A holistic focus on all aspects of financial planning
What you should know about Copper Beech Next Gen and the company’s approach to extending its services to a broader demographic
How Copper Beech aims for long-term relationships to adjust and optimize their client’s financial strategies as their life evolves
How thoroughness and attention to detail sets the firm apart from other financial advisors
Ways the company plans to expand its holistic planning approach to families of all shapes and sizes, recognizing the universal need for such services
And more!

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

By thetruthaboutwealth | November 23, 2022

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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.