What does it mean to treat all family members fairly in terms of wealth distribution?
John and Michael Parise dive into the complexities of estate equalization within family businesses. In this episode, they unravel a recent case study highlighting the challenges faced when generational wealth intersects with family dynamics.
Listeners are in for a detailed exploration of best practices for ensuring fair treatment, asset protection strategies, and the nuances of managing family businesses across different generations. Discover pragmatic insights on structuring estate plans that both honor family values and preempt potential conflicts.
Other key discussions include:
The difficulties of equalizing estate distribution among children in business contexts (00:02:03)
Real-world examples of handling business ownership transitions (00:03:28)
The role of life insurance in balancing estate values (00:24:43)
The importance of pre-emptive planning in preserving family legacies (00:14:03)
What’s the secret to leaving a lasting legacy through philanthropy?
Join John and Michael Parise as they sit down with Marlene Olshan and Ann Figueredo from Momentem Consulting Group. Together, they explore how families can define and achieve meaningful philanthropic goals.
Marlene and Ann share their journeys and discuss Momentem’s mission to help both non-profits and high-net-worth individuals make purposeful impacts. From establishing a ‘Purpose Framework’ to unifying family values through philanthropic endeavors, the conversation is rich with insights for anyone tasked with managing family wealth.
Here’s what you’ll gain insight into:
The unique challenges and joys of intergenerational philanthropy [06:31]
Crafting a Purpose Framework to streamline philanthropic decisions [18:47]
Characteristics of successful philanthropists and how to aspire to that level [13:01]
The role of family dynamics in long-term philanthropic planning [29:18]
Ann Figueredo has over 35 years of experience as a strategy, marketing, new product development, and fundraising expert in the higher education, financial services, and pharmaceutical industries. She has held senior leadership positions to plan and execute successful comprehensive capital campaigns, launch new products and services domestically and internationally, and spearhead market research studies to open new market opportunities.
Ann is a graduate of Haverford College (BA) and Columbia University (MBA). She has held senior leadership roles at Haverford College, Germantown Friends School, SEI Investments, Spectrem Group, Visa International, Bankers Trust, and Pfizer.
Marlene Olshan has over 35 years of experience in executive leadership with functional expertise in strategy, operations, and fund development. Marlene has led organizations in the human services, retail, and financial services sectors, with particular expertise in positioning organizations to scale.
Marlene is a graduate of Temple University ( BA) and has received a Certificate in Public Policy Leadership from Harvard’s Kennedy School. She has held senior leadership positions at Vetri Community Partnership, Big Brothers Big Sisters Southeastern PA, The Department of Human Services for the City of Philadelphia, Spectrem Group, GIII Apparel Group, and Macy Specialty Stores.
Case Study: How Upline Planning Helps Families Preserve Wealth Through Generations (Ep. 121)
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
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
You can protect your business against risks while also leveraging them as opportunities for growth.
In this episode, John and Michael Parise are joined by Kyle Hanson, the director of business development at Madison Insurance Group, to talk about enterprise risk management.
Kyle unveils the firm’s application of SWOT analysis to enterprise risk management while sharing client case studies, highlighting the various risk coverages available.
John, Michael, and Kyle discuss:
What’s enterprise risk management, and how it differs from basic risk management
How risk can be positive (not just a threat) in a SWOT analysis
How Madison Insurance Group integrates strengths, weaknesses, opportunities, and threats (SWOT) into the enterprise risk management they do for clients
Some of the different risk coverages Madison Insurance Group offers
Kyle Hanson is a Director of Business Development who works in close collaboration with the Director and President, Mark Sims, to strategize, organize, and execute new business development and public relations activities.
With over a decade of public speaking experience and an accomplished academic background, Kyle is a sought-after conference presenter and a former column editor for the American Choral Directors Association’s national journal.
Before joining MIG, Kyle honed his skills in non-profit development through an internship at the Indianapolis Symphony Orchestra and a clinical workshop in artistic development at the Baltimore Symphony Orchestra.
Kyle holds a High Distinction degree from Indiana University Jacobs School of Music and two additional Masters degrees from Bowling Green State University and Indiana University.
