Taxes – The Truth About Wealth

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

By thetruthaboutwealth | December 13, 2023

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | Email | TuneIn | RSS | More

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.

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

By thetruthaboutwealth | November 23, 2022

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | Email | TuneIn | RSS | More

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!

Connect with Matthew Kirk:

Connect with John and Michael:

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.

Cost Segregation In Real Estate with Isaac Downing (Ep. 92)

By thetruthaboutwealth | October 5, 2022

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | Email | TuneIn | RSS | More

Cost segregation in real estate has been a taboo subject for many investors.

However, there are several tax benefits to consider when implementing cost segregation within the properties you own.

In this episode of The Truth About Wealth, Michael Parise sits down with Isaac Downing, regional director at Capstan Tax Strategies. Isaac unpacks the ins and outs of cost segregation and its role within your real estate properties. Isaac also details Capstan’s approach to supporting clients with different case studies around the subject.

Isaac discusses:

The advantages of cost segregation
Tax laws affecting cost segregation
What you should know about bonus depreciation
Who qualifies for cost segregation
And more!

Resources:

Cost Segregation Case Studies

Connect with John and Michael Parise:

Connect with Isaac Downing:

About Our Guest:

Over the last decade, Isaac Downing has played every role in the cost segregation industry – he’s been an engineer performing studies, an accountant reviewing studies, and a salesperson selling studies. Now he’s bringing that wealth of experience – and the associated unique perspective — to Capstan Tax Strategies.

It’s not typical for salespeople to have accounting and engineering experience, but Isaac is anything but ordinary. A proud Marine, Isaac spent 4 years as a USMC Engineer, and then earned an additional degree in Accounting and Finance.

73. 10 Concerns On The Minds of Our Clients — Part 2

By thetruthaboutwealth | January 12, 2022

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | Email | TuneIn | RSS | More

Who is going to take care of you into your old age? Do you have your estate planning dealings worked out?

In the first part of this two-parter miniseries, John and Michael introduced us to 10 concerns on the minds of their clients. In this episode, they continue the conversation focusing on long-term care planning, estate planning, taxes, and communication between generations.

John and Michael discuss:

Ways to address long-term care
How to ensure your estate planning is correct
Tax code changes to consider
Communication between generations in your family
And more!

Resources:

10 Concerns On The Minds of Our Clients — Part 1

Connect with John and Michael:

67. Concerns That Are Keeping Everyone Up At Night

By thetruthaboutwealth | October 13, 2021

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | Email | TuneIn | RSS | More

There are a number of questions and concerns that clients ask for clarification about, from inflation, to proposed tax changes, how those will impact their accounts, and more.

In this episode, John and Michael Parise have an open discussion about questions they regularly receive from their clients and aim to answer these frequently asked questions. They explain why you need to stay on top of your financial affairs and get them in order, plus, how businesses may have to approach employee retention in the near future.

John and Michael discuss:

How inflation is affecting everything in our lives
Potential tax code changes being proposed in Washington and how they may impact you
Why you need to be on top of your financial affairs
Why employee retention will become increasingly important in the near future
And more

Resources:

Connect with John and Michael:

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

65. What’s Going On With The Markets And Where Are We Heading? With Peter Andersen

By thetruthaboutwealth | September 15, 2021

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | Email | TuneIn | RSS | More

John and Michael are routinely asked about what’s going on with the markets, with the pandemic and what the expectations are with stocks and bonds and real estate. Today, they look to answer many of these questions.

In this episode, John and Michael speak with Peter Andersen, CFA, of Anderson Capital Management. Peter provides some clarity surrounding the current markets and where the trends are pointing, as Peter shares his optimism for the future.

Peter discusses:

The current state of the market
How your anxieties and fears about the market are played on by the media
Whether he thinks the tax proposals in Washington will pass, and what that could mean for you
Why he’s so confident that we are going to come out of the post-COVID era stronger
And more

Connect with Peter

Connect with John and Michael:

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

About Our Guest:

Peter C. Andersen, CFA, has managed money for a wide range of clients since 1993. He has direct experience managing separate accounts & over 10 mutual funds throughout his career, including IPO’s for two NYSE-listed closed end funds. He has deep experience with stocks of all kinds, junk bonds, and world asset classes.

Peter Andersen earned an MPA degree from Harvard University, where he was designated a Seamans Fellow. He holds an MS in physics from Yale University, where he was named a JD Skinner Fellow. Mr. Andersen received a BS, summa cum laude, from Northeastern University where he graduated first in his major of physics. He is on the board of the Boston Symphony Orchestra, where he is Chairman of the Annual Funds and a member of the Investment & Nominating Committees. Andersen is also an overseer of the Peabody Essex Museum. He was on the investment committee of the Goldhirsh Foundation, several other non-profits, and elected to the executive committee of the Yale Graduate School Alumni Association.

61. The Generational Impact Of The SECURE Act Part Two

By thetruthaboutwealth | July 21, 2021

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | Email | TuneIn | RSS | More

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

Episode 56: The Ultimate Episode Guide You MUST Revisit and Listen To

By thetruthaboutwealth | May 12, 2021

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | Email | TuneIn | RSS | More

The Copper Beech team is going back to the classics in this highlight reel episode!

In this episode, John and Michael Parise revisit a series of episodes you must listen to in order to help you gain insight to overcome and solve potential concerns about your generational wealth planning.

You will learn:

The importance of estate planning – episodes 14 and 26
All things within the tax world and tax law changes – episodes 27, 36, and 42
Conversations about life insurance – episode 19
Why business owners should revisit their business succession plan – episode 33
Understanding the generational components of trusts – episodes 12 and 13
What you should really know about 1031 exchanges – episode 52
And more!

Listen today and find out why and how all these episodes introduce and talk about things clients are always concerned about!

Resources: Copper Beech Financial Group | John Parise | Michael Parise

Episodes:

Episode 52 – A Deep Dive Into the 1031 Exchange – With Guest Gary Callahan

By thetruthaboutwealth | March 3, 2021

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | Email | TuneIn | RSS | More

While Section 1031 of the Tax Code provides tax deferral solutions for the nation’s middle-class, it’s also a helpful tool for economic and job growth.

In this episode, John and Michael Parise sit down with Gary Callahan, the senior vice president of Inland Securities Corporation. Today, Gary shares his expertise in the 1031 exchange arena. He refers to this unfamiliar tax benefit for real estate investors, even though it has been in the tax code for a long time.

In this episode, you will learn:

How a 1031 exchange can help you avoid real estate-related taxes
Gary’s role in 1031 exchange education for real estate attorneys, accountants, and CPA’s
The difference between a 1031 exchange transaction and trust structure
Diversification of assets as a Delaware Statutory Trust (DST) benefit
The timeline of a 1031 exchange: What are its deadlines
And more!

Tune in and find out how Gary and his team at Inland can help YOU and your clients in their 1031 exchange!