Trusts – The Truth About Wealth

The Purpose of a Purpose Trust with David Warren (Ep. 127)

By thetruthaboutwealth | July 31, 2024

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Take advantage of the full potential of your estate planning strategy by learning about purpose trusts. This episode, featuring David Warren from Bridgeford Trust, dives deep into innovative ways to protect your wealth for generations.

John and Michael Parise bring back David, co-founder and chairman of Bridgeford Trust Company, to explore the innovative concept of a purpose trust – an underutilized yet powerful tool for estate planning that can provide asset protection, perpetuate family values, and even accommodate unique needs like cryogenics.

Tune in as this conversation may help you transform your approach to asset protection and long-term financial planning!

John, Michael, and David discuss:

An introduction to the purpose trust: its definition and primary functions
Real-world examples, including charitable purposes and maintaining lifelong commitments such as taking care of pets or holding a family property
The benefits of purpose trusts over traditional trusts, focusing on asset protection and longevity
How South Dakota’s favorable trust laws make it an ideal jurisdiction for establishing these trusts
And more!

Resources:

Connect with David Warren:

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About Our Guest:

David Warren is the co-founder and chairman of the Board of Bridgeford Trust Company. With over 20 years of experience as an attorney in the financial services industry, David has a wealth of knowledge on working with ultra-high-net-worth families across the nation and around the world. As a leader at Bridgeford Trust Company, he shapes the strategic growth and brand development. Outside of his roles at Bridgeford, David often speaks throughout the country and around the world on modern and progressive U.S. trust law, addressing several professional organizations and audiences each year.

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

By thetruthaboutwealth | February 7, 2024

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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!

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

By thetruthaboutwealth | December 27, 2023

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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:

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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.

69. Estate Planning Law Proposals You Should Be Thinking About

By thetruthaboutwealth | November 17, 2021

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There may be changes to estate planning rules in the near future. If you’re a family that looks for advanced planning, you should be preparing for these changes regardless of whether or not they come to pass.

In part two of this two-part series, John and Michael Parise look at potential estate planning changes that could have a massive impact on advanced estate planning.They first look at the potential change in acceleration of the reduction in the gift and estate exemption amount. Plus, Michael speaks on the possible changes to grantor trust rules.

John and Michael discuss:

Why you should be speaking with your advisor about these provisional changes
Potential changes to grantor trust rules
Potential changes to the acceleration of the reduction in estate exemption
Why adding a specialist advisor to your advisory is beneficial
And more

Resources

Income Tax Law Proposals You Should Be Thinking About

Connect with John and Michael:

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

By thetruthaboutwealth | May 12, 2021

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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: