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Brent chats with Griffin Bridgers about how non-residents of Colorado can plan when they own real estate there. They discuss the income and capital gains treatment of the property. They also talk about how to do proper estate planning in that context. Finally, they describe the relevant federal tax issues.
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Brent chats about the many different Charitable Remainder Trusts, from CRATs, CRUTs, NICRUTs, NIMCRUTs, to Flip CRUTs. He explains the taxation, typical ways they are used, and how they function. He also explains some of their technical requirements so you understand what they can and cannot do.
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats about the challenge of large IRAs, especially for wealthy individuals. He discusses how to plan for estate tax on those accounts, the Secure Act changes, and the tax costs to understand. He then explains Roth conversions, when they make sense, and how traditional and … Read more
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Brent chats about the top things he is discussing with clients and projects he is working on currently. He discusses the Corporate Transparency Act, reviewing older trust documents and updating them, and reviewing older family entity documents. He talks about the merits of addressing those issues now. Then he shares projects he is working on currently, including the podcast, an Article being published in April in the Colorado Lawyer, and other articles and speaking engagement he is preparing.
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Brent chats with Alicyn McLeod about all the bad tax advice circulating on social media. They talk about why it is appealing, though ultimately wrong, and what tax professionals can do to counter it.
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Brent chats with Shauna A. Wekherlien (the Tax Goddess) about how to do income tax planning with the possible sunset of the Trump tax cuts in 2026. They discuss their thinking on the possibility of the sunset happening, how to view changing laws, and ways to try to have your cake and eat it too. They talk about the constant need to vigilance in tax planning and the frequency of change that makes it complex.
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Brent discusses how the sunset of the estate tax exemption in 2026 will also effect non-citizen non-residents of the US significantly (NRAs). He explains how the estate tax treaties work and how the math under some of the treaties could change in 2026 in a way that makes an NRA who is currently safe from estate tax exposed to estate tax thereafter. He also gives an estate tax planning framework for US citizens, NRA’s in treaty jurisdictions, and NRA’s in non-treaty jurisdictions.
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If you can only listen to one podcast about crypto currency in estate planning, make it this one. Brent chats with Karin Pragnley and Ross Bruch about the details. They get into how crypto has changed over time, the challenges of managing it and administering it, and specific techniques where it is useful for planning. They also give real life examples and share tips from the trenches.
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Brent chats with John Stephens about how adding equities can de-risk an investment portfolio. They then talk about how that strategy can be used within the goals an investor has for their life. In the end, money is a tool to live, so they discuss how to think about using investing to support the life you want to live. They also talk about John’s unique journey from practicing physician to financial adviser and how to navigate transitions successfully.
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Brent chats with Ashley Francis about artificial intelligence and how it can be used in many ways to improve your business. They talk about its efficiencies, its limitations (so far), and how it can help take emotion out of difficult tasks. Ashley provides use cases and explains the current environment of AI.
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Brent chats with Gary Fletcher about the now effective Corporate Transparency Act. They talk about what the act requires in 2024 for existing reporting companies, how to comply, bugs in the system, and what might be next. They give useful tips on how to understand the Act and make sure you and your clients are fully compliant.
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Brent chats with John Briggs, who returns to the podcast to discuss his upcoming book, The 3.3 Rule: The New Workday Standard of Creating More by Working Less. They discuss how John has grown his team, tips on managing people to be effective operators, and how a more balances day can increase outputs.
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Brent chats with Victoria Richardson about all things art and collectibles. They swap fund stories about clients’ amazing collections, discuss how to properly value these items, and dig into the IRS view of taxing valuable personal property.
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Brent chats with Julian Zebot about why families tend to fight. It isn’t always just about money. They explore the common reasons for fights, how to resolve them, and typical procedures when courts are involved.
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Brent discusses some of the hottest topics in tax and trust planning. He talks about oral arguments before the US Supreme Court in the Moore case, Senator Wyden’s proposed (again) billionaire tax, and trust planning options in light of higher interest rates. He also dispels a few urban legends relating to guessing about other people’s tax, not taking what others do as what you should do, and how to see things with fresh eyes.
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Brent discusses passive foreign investment companies (PFICs). He explains what they are, how they can appear in surprising places, their complex taxation, and gives tactical ideas about how to deal with these assets.
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This is a throw-back to a past episode where Brent and Rachel Sass discuss the history, structure, mechanics, and incredible utility of trusts. They explain where trusts come from, why they are so helpful in our current system, and how they are used in estate planning.
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Brent chats with Amy Vetter about using her Business, Balance & Bliss method to identify, manage, and overcome the negative effects of stress. The conversation is wide ranging and Amy provides specific insight into how these normal human challenges can help anyone–professionals and their clients. The lessons shared reach beyond professional life to give listeners a view of some of the life experience and behavior of their clients so that they can help them find success in their lives.
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Brent talks about crypto and NFTs. He discusses the unique challenges of planning with these assets, including electronic asset laws, document preparation, taxation, valuation, and the fact they are bearer assets. He then discusses what he thinks the future holds, speculating about NFTs for physical things such as real estate rights, private equity, and trusts.
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In an era where the digital transformation has made its mark on every industry, how does it influence the realm of estate planning? This episode delves deep into the technological integration within distributed estate planning practices – those that span across multiple jurisdictions and even internationally.
Remember when you were a kid and you had a special toy. Instead of keeping it in your room, you decide to keep it at your friend’s house across the street or somewhere hidden in your house. Why? Well, maybe it’s safer there because you have little siblings at home who might have played with … Read more
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Brent chats with Jessica Goedtel about the unique challenges faced when doing financial planning for sex workers. They talk about building trust, creating a plan, managing volatile income streams. While focused on sex workers, many of the lessons relate to financial planning for any entrepreneurial individual.
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Brent chats with Matt Schmidt about the causes and cures for stress in professional life. They discuss the factors that are causing you stress and how experts, and they personally, suggest taking action to reduce stress. Of course, there is no cure for stress. They point out how to therefore harness stress to make it more of a tool than a hinderance in your life.
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Brent chats about the sovereign citizen movement and how federal courts reject their arguments. He provides a TikTok example of their arguments and then shares language from federal court cases showing exactly how wrong the sovereign citizens are. Short story: you don’t want to be one and you definitely don’t want to play one in federal court.
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Brent explains how to make good intrafamily loans, especially in a volatile interest rate environment. He discusses the relevant interest rates, how the length of a loan effects the outcomes, and how to use tiered loans for even better results.
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Brent chats with Brad Barrett about the essence of retirement and the art of fostering positive and prosperous relationships with money. They delve into the complexities of redefining retirement in the modern context and provide insights into the strategies for creating meaningful financial relationships. They also talk about setting goals that are meaningful.
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Brent chats with Martin Shenkman about spousal lifetime access trusts (SLATs). The discuss the many variations of these important estate planning options, from irrevocable life insurance trusts (ILITs), traditional SLATs, special power of appointment trusts (SPATs), and domestic asset protection trusts (DAPTs). They explain the pros and cons of each and have lots of laughs in between.
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In this episode, Brent has a compelling conversation with Sam Swift, delving into recent market developments and providing invaluable insights for making well-informed planning decisions amidst market volatility. They discuss the psychological aspects influencing decision-making, learn effective strategies to minimize errors, and discover ways to maintain goal consistency while adapting to the ebb and flow of the markets over time.
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Welcome back to the Wealth and Law Estate Planning Bootcamp!
In this series of five episodes, Brent is joined by guests to discuss the basics of estate planning. In this episode, T.J. Ryan chats with Brent about Wills, the oldest estate planning documents. They discuss what they are, how they work, and why they are important. They also explain how probate works, how Wills are structured, and planning options.
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWelcome back to the Wealth and Law Estate Planning Bootcamp! In this series of five episodes, Brent is joined by guests to discuss the basics of estate planning. In this episode, Jenna Rubin chats with Brent about durable powers of attorney for finances. They discuss what … Read more
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Welcome back to the Wealth and Law Estate Planning Bootcamp! In this series of five episodes, Brent is joined by guests to discuss the basics of estate planning.
In this episode, Emily Kile chats with Brent about possibly the most important estate planning document: the health care power of attorney and living will. They discuss what they are, how they work, and why they are so important, though often overlooked.
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Welcome back to the Wealth and Law Estate Planning Bootcamp! In this series of five episodes, Brent is joined by guests to discuss the basics of estate planning.
In this episode, Deborah Plum chats with Brent about the revocable trusts. She answers the what, how, and why questions relating to these prevalent estate planning tools. Deborah and Brent also discuss practical aspects of revocable trusts and when they are appropriate.
You will learn:
What is a revocable trust?
What is a Trustee?
What is a beneficiary?
How do revocable trusts work?
What are the benefits of revocable trusts?
When do I need a revocable trust?
How are revocable trusts taxed?
Why are revocable trusts used in estate planning?
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Welcome to the 2023 Wealth and Law Estate Planning Bootcamp! In this series of five episodes, Brent is joined by guests to discuss the basics of estate planning.
First up, Rachel Sass chats with Brent about the different fiduciary roles within estate planning, how they work, what they do, and how they interact. You will learn about the difference between a trustee, personal representative, agent under a financial power of attorney, agent under a health care power of attorney, and guardians.
Getting a handle on this different roles will then inform the discussions in the later four episodes about Wills, Revocable Trusts, Financial Powers of Attorney, and Health Care Powers of Attorney.
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Anna N’Jie-Konte and Keith Beverly, owners of Re-Envision Wealth, to discuss the secrets to creating strategic generational wealth. They provide effective strategies essential to helping clients grow and keep their wealth across generations. Anna N’Jie-Konte, MBA, CFP® is the President and Director of … Read more
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In this episode, Brent talks to Darren Case, a partner at Tiffany & Bosco and a Fellow of the American College of Trust and Estate Counsel (ACTEC). They discuss the challenges and opportunities for ultra-high-net-worth (UHNW) families in today’s complex and uncertain environment. Together, they explore intricate financial aspects like the trends around interest rates, the mechanics of Grantor Retained Annuity Trusts (GRATs), Spousal Lifetime Access Trusts (SLATs), and the intricacies of irrevocable trust planning. Their discussion illuminates the complexities of these strategies, providing listeners with a better understanding and actionable advice.
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Brent chats about how discounts abound in transfer tax planning (estate and gift tax)! Although sometimes discounts come from ownership of entities, like FLPs, that is not always the case. Charitable Remainder Trusts, Charitable Lead Trusts, Grantor Retained Annuity Trusts, Private Annuities, and Remainder Purchase Marital Trusts, all use discounts that are required in the Internal Revenue Code and the regulations. These discounts can be substantial and helpful depending on the 7520 rate. Brent discusses how that is so, how the regulatory discounts are calculated, and how they can be used to your or your client’s advantage.
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Brent talks about online estate and trust document services. He explains why it isn’t “planning,” the difference between these online services and actual legal services, and how they are deceptively marketed to the masses. Brent also describes the historical context for the current structure and the need for access to legal services. In a buyer beware world, this is a warning to not equate these document preparation services with planning.
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Brent discusses buy-sell agreements for small or family businesses. He explains how they work, the different versions (buy-sell, cross-purchase, dual), who they should apply to, and how they can be structure for payments. These agreements help preserve generational wealth in small businesses by clearly defining the economics between owners and the owners’ families. They also protect against bad actors, divorce, death, and incapacity–all events that can be detrimental to any small business.
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Brent chats with Ashley Francis about the emergence of ChatGPT and how it can improve your business. They discuss the technology, how to use ChatGPT, where they foresee it going, and whether it will replace professional service providers. They also offer practical tips on how to start integrating it into your business now.
Managing assets and values for clients whose net worth is close to the federal estate tax exemption can be a challenge. Fortunately, there are practical ideas that you can implement to manage volatility and plan for estate tax.
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreIn this episode of our podcast, “How Financial Planning is Like Fly Fishing,” Brent is joined by seasoned financial advisor Doug Nelson. Brent and Doug dive deep into how different asset classes with varying time horizons can be key components of a successful financial plan, and … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreIn this episode, Brent sits down with Kyla Denanyoh, the host of the successful podcast, You Are A Lawyer. Kyla shares her experience on how she built and sustained her audience while working. She provides tips on how to start and grow your own podcast, and … Read more
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Brent discusses the latest topics in international estate planning. As an estate planner, it is crucial to keep in mind that your clients are human, with concerns about managing incapacity and death, regardless of their citizenship or residency status. However, for world travelers, the complexity of estate planning increases significantly. Brent discusses five things to keep in mind when planning for the international client:
Remember you are dealing with a human. Adequate powers of attorney, trusts when appropriate, wills or other testamentary instruments are just as important for non-citizen non-resident clients as they are for citizens and residents.
Don’t assume what works here will work in their home jurisdiction. The world is complex, and foreign legal systems are often sophisticated. It is crucial to consult with a competent professional in the client’s home jurisdiction.
Check if there is a relevant tax treaty for income or transfer taxes. In some cases, tax treaties can rewrite the rules that ordinarily apply.
Carefully review all property your client owns in the US. Some property here is not subject to estate tax for non-residents, while some is. It is important to understand the difference, which can often be illogical.
Don’t forget to ask about where all relevant family members are resident. Estate planning for non-citizen non-resident clients often requires planning for the laws of multiple countries, which may require a team in multiple countries to properly plan and coordinate.
By keeping these five things in mind, estate planners can provide valuable advice to world traveling clients and ensure that their estate planning goals are achieved. As you plan for your clients, remember that estate planning for world travelers requires unique consideration and attention to detail.
If you are enjoying the podcast please SUBSCRIBE and leave a REVIEW, and if you want to learn more about Brent go to https://wealthandlaw.com/team/.
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Brent chats with Geoff Grenert, the founder of Cypress Strategies, about how to optimize your decision making process around personal wealth.
Geoff has been working with affluent families and businesses since 1997, helping them achieve their goals and objectives. He is a nationally-recognized expert in the design and acquisition of large life insurance policies, and he has helped many clients make informed decisions about their personal wealth.
During their conversation, Brent and Geoff discuss how to manage emotions when making decisions, especially around money. They also explore how having an objective investment plan can prevent costly mistakes and ensure long-term success.
Geoff shares his insights on decision-making, based on his many years of experience working with clients. He stresses the importance of understanding one’s goals and objectives, creating a plan to achieve them, and using a team approach to implement that plan.
Throughout the episode, Brent and Geoff offer real-life examples of how they, and their clients, have learned to manage the decision-making process for better outcomes. From success stories to challenges faced along the way, this episode offers valuable insights for anyone looking to optimize their decision-making process around personal wealth.
So, if you’re looking to improve your decision-making skills and achieve your financial goals, be sure to tune in to this episode of Wealth and Law with Geoff Grenert.
In today’s digital age, content creation and marketing are crucial for businesses and individuals alike. However, creating relevant and engaging content can be time-consuming and challenging, especially for those who lack the necessary skills or resources. Fortunately, advances in artificial intelligence (AI) technology have made it possible to streamline this process and generate high-quality content … Read more
As much as we like to think that our money decisions are purely rational, the truth is that emotions can often come into play. Whether it’s fear, greed, or simply the desire for instant gratification, our emotions can cause us to make choices that aren’t always in our best financial interest.
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Join Brent and Mykail James as they discuss the art of being financially savvy. Together, they dive deep into the topic of mastering the art of being financially savvy. Mykail shares her expertise on budgeting and provides valuable insights on how to control your personal finances. Brent and Mykail also explore the psychology of money and the emotional barriers that can hinder financial success. Tune in to learn how to take control of your financial future and become financially savvy.
Estate planning can be complex, but it’s an important part of managing your assets and ensuring your loved ones are taken care of when you’re gone. With the Tax Cuts and Jobs Act (TCJA) set to sunset in the coming years, now is the time to review your existing estate plans and take advantage of the higher exemption amounts while they are still available. In this post, we’ll discuss why timely action is key when it comes to maximizing your estate plan’s benefits.
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Brent chats with Alex Sonkin about building and operating virtual family offices. They talk about how accountants can focus on their largest clients, provide high level planning, and leverage the unique relationships they have to growth strong family office services.
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Brent chats about bias in one’s analysis. He discusses how to spot it, gives reasons for why we all have bias in the way we analyze problems, and how to prevent it.
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Reetu Pepoff about the ins and outs of international tax planning for cross border estate planning clients. They discuss the different income, gift, and estate tax rules and common ways to effectively plan. Reetu Pepoff is an Assistant General Counsel and Senior Vice … Read more
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Brent chats with Rachel Sass about the U.S. Supreme Court case Bittner v. U.S., where the Court decided the non-willfulness penalties for FBARs is $10,000 per filing, not per account. This case changed the IRS’s long-time position. Brent and Rachel discuss the case, the reasoning, what it means for FBARs, and what they expect in the future.
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Brent chats about whether having a podcast is a good idea.
He shares how to think about starting one, the equipment he uses, and generally gives you a how-to guide on hosting and running a podcast.
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Tony Yu about estate planning for Chinese clients. They talk about the culture, what motivates investments in the US, and special considerations from a trust and tax perspective. Tony is the owner of DSG Trust Law. He graduated cum laude from UCLA with … Read more
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Brent discusses some of the less wise “advice” circulating on TikTok recently, including MPI (maximum premium insurance), 401(k)s as a hoax, using trusts to shelter income, and LLCs as the business deduction savior. He digs into each, breaking down how they fall short of their promises.
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Rachel Sass about alternative ways to use family limited partnerships (FLPS) beyond gifting and estate tax planning. They discuss (1) preferred partnerships, (2) holding companies, (3) family business governance, (4) cross-border bridges, and (5) income tax basis planning. Rachel is an attorney at … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Doug Nelson about how financial planning is just like fly fishing. They analogize the two, including picking the correct fly, preparing your gear, and how to remain flexible in changing conditions. All these tools are essential for both activities, and Brent and Doug … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Alex Wells about how to start your new business. They discuss key issues like (1) deciding which business to start, (2) hiring great people, (3) creating good culture, and (4) scaling through marketing and business development. Alex Wells is the Co-Founder of Imprint … Read more
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Brent chats with Ronnie Deaver about how professionals can grow their business through intentional marketing and sales. Though these aren’t skills learned in school, Ronnie explains how they can be learned, how important sales are, and scaling to meet your business goals
Ronnie is CEO of NoBull Marketing, a lawyer-exclusive marketing agency that specializes in generating leads and helping lawyers better convert more potential clients into paid retainers with Google My Business, Google Ads, and Sales Training.
Ronnie can be found here: https://nobullmarketing.co/
If you are enjoying the podcast please SUBSCRIBE and leave a REVIEW, and if you want to learn more about Brent go to https://wealthandlaw.com/team/.
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Now what happens? After the 2022 election split control of Congress, what’s next? Brent chats about possible tax law changes, what to anticipate, and where the most change is likely to happen before 2024.
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Rachel Sass about how to close out 2022 and make 2023 a success. They discuss 401(k) and IRA contributions, charitable giving, loss harvesting, and talking about money and finances with family. Rachel Sass is an experienced estate and tax planning attorney in Arizona. … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week’s episode is a rewind of a popular conversation Brent had with Rachel Sass about planning for vacation homes. With so many people traveling for the holidays, this conversation reminds of the hazards and opportunities available when leaving a vacation home to family. Rachel Sass … Read more
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Brent chats with Jonathon Morrison about how to optimize charitable lead annuity trusts. They talk about the mechanics, running the numbers, and the many tax benefits for charitable clients.
A senior partner and Best Lawyers® honoree, Jonathon Morrison’s practice is focused on tax, business and estate planning for clients with large or complex estates. Jonathon Morrison is licensed in both Arizona and California and is a Certified Specialist in Estate Planning, Trust and Probate Law in California. After a decade practicing with preeminent estate planning law firms in Silicon Valley, Jonathon gained a mastery of virtually every estate and tax planning strategy in existence. With his unique background, Jonathon enjoys a reputation for developing advanced estate planning solutions for high income and high net worth clients whose objectives include income tax and estate tax minimization, charitable and philanthropic giving, business exit and succession planning, and asset protection.
Jonathon is also a frequent speaker and nationally recognized expert with respect to a specific type of charitable vehicle: the “charitable lead annuity trust” (CLAT). Jonathon is routinely engaged by clients, advisors and attorneys around the country to implement and provide advice with respect to CLAT planning.
Before relocating to his hometown of Phoenix in 2015 to raise children near his family, Jonathon worked with Silicon Valley’s two largest estate planning law firms – most notably, the personal tax planning group associated with the preeminent venture capital law firm, Wilson Sonsini, which led IPOs for virtually every major Silicon Valley-based company, including Apple, Google, Amazon, Tesla, Twitter, LinkedIn, Netflix, Pandora, and GoDaddy. During this time, Jonathon served as a trusted advisor to hundreds of the wealthiest individuals in the world, including founders, C-level executives, “Midas List” venture capitalists, and angel investors associated with many of the top tech companies.
Equipped with sophisticated tax and estate planning knowledge that is unique to the Arizona legal community, Jonathon quickly distinguished himself after his return to the Valley as one of the Phoenix area’s premier tax and estate planners.
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Brent chats with Bessi Graham about how businesses can provide meaningful change in the world while making a profit. They discuss finding meaning, working with intention, and building teams around your vision.
Bessi is the co-founder of Benefit Capital and The Difference Incubator (TDi).
As an investor, entrepreneur, business owner, company director, speaker and writer, Bessi’s passion for using business as an agent for change is internationally recognised.
For the past 20 years she has focused on unlocking capital to deliver positive social and environmental outcomes in Australia and the Pacific.
Recognised by the Australian Government with a ministerial appointment to the Committee for the Accelerating Commercialisation and Incubator Support Initiatives (Department of Industry, Innovation and Science); and advisory roles to the Department of Foreign Affairs and Trade (DFAT) for the Emerging Markets Impact Investment Fund (EMIIF) and Pacific RISE. Bessi was also the architect of the first investment readiness fund for the impact investment space in Australia – now run by Impact Investment Australia (IIA) as the Growth Grant.
Bessi has a background in management consulting and training, was a Teaching Fellow at the University of Melbourne, is a graduate of the Harvard Kennedy School and the Australian Institute of Company Directors. Bessi was a finalist in the 2017 Telstra Business Women’s Awards.
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with John Briggs about how companies can grow in a smart way. They discuss cash flow management, paying yourself, hiring, and how to build effective teams. John is the CEO and Founder of Incite Tax and the author of Profit First For Microgyms. His … Read more
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Brent and Tracy Coenen chat about finding fraud in businesses and divorce, helping people in difficult moments, and red flags of fraudulent financial activities.
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Brent and Dror Futter discuss the numerous challenges family offices face when investing in private equity–from lack of understanding typical terms to inadequate measures of potential investments. They suggest ways family offices can improve their PE activities for increased success.
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Stacy Francis about helping women make strategic money decisions after a divorce. They also chat about her charity, Savvy Ladies, that helps underprivileged women with personal finance. Brent and Stacy also focus on strategies to make wise decisions about personal wealth when going … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Randy Crabtree chat about how people can use energy efficiency tax credits that were expanded under the Inflation Reduction Act. Specifically, they focus on Sections 45L and 179D, relating to energy efficient real estate development. They also discuss developing a niche accounting practice and … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Toby Mathis about strategies for business ownership. They cover the difference between corporations, partnerships, and sole proprietorships. They also talk about how trusts can be used to enhance owner protections in a business structure. Toby Mathis is a 25-year tax attorney and founding partner … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Gary Fletcher about the soon-to-be-effective Corporate Transparency Act. The Act requires most business entities (old and new) to report the identity of organizers and beneficial owners to the US Department of Treasury. Once the Act is effective, it will have far reaching affects … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Rachel Sass discuss Patagonia’s founder, Yvon Chouniard, giving away his interest in the company to charity. They talk about gifts to 501(c)(4)s, the income tax implications, and estate tax savings. They also speculate about how to structure transfers of this kind. Rachel Sass is … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Kristopher Flammang about personal finance after the pandemic. They discuss what has changed, what is the same, and how to plan moving forward. They also suggest ideas for staying on course with you money goals. Kris is a co-founder of LPF Financial Advisors. … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Nicholle Overkamp about how to make wise money and business decisions. They focus on creating good habits, implementing systems, and unique issues for women. Nicholle Overkamp, MBA, ChFC, CDFA, is a personal finance expert and business coach for women. She’s the Founder and … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week, Richard Claywell joins the podcast to discuss business valuations. He and Brent chat about the important elements to a good valuation report, how to improve value to sell a company, and ways valuations are manipulated. J. Richard Claywell, CPA, ABV, ASA, CBA, ICVS, CVA, … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Gray Edmonson about business succession planning. They discuss how to plan for a change in ownership, common options, and how to structure a successful transaction from one generation to another. Gray Edmonson is a Partner at Edmondson Sage Allen, PLLC in Oxford, Mississippi. … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Rachel Sass about the Inflation Reduction Act. They discuss the corporate minimum tax, stock buy-back tax, health insurance changes, and tax credits for EVs. They also get into extra funding for the IRS and how tax professionals are excited about it. Rachel Sass … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreAugust is National Make a Will Month! Only 48% of American adults have a will, so this week, Brent chats about the need for people to make a will and resources (even some free ones) that people can take advantage of to get one. If you … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWelcome back to the Wealth and Law Estate Planning Bootcamp! In this series of five episodes, Brent is joined by guests to discuss the basics of estate planning. In this episode, T.J. Ryan chats with Brent about Wills, the oldest estate planning documents. They discuss what … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWelcome back to the Wealth and Law Estate Planning Bootcamp! In this series of five episodes, Brent is joined by guests to discuss the basics of estate planning. In this episode, Jenna Rubin chats with Brent about durable powers of attorney for finances. They discuss what … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWelcome back to the Wealth and Law Estate Planning Bootcamp! In this series of five episodes, Brent is joined by guests to discuss the basics of estate planning. In this episode, Emily Kile chats with Brent about possibly the most important estate planning document: the health … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWelcome back to the Wealth and Law Estate Planning Bootcamp! In this series of five episodes, Brent is joined by guests to discuss the basics of estate planning. In this episode, Deborah Plum chats with Brent about the revocable trusts. She answers the what, how, and … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWelcome to the Wealth and Law Estate Planning Bootcamp! In this series of five episodes, Brent is joined by guests to discuss the basics of estate planning. First up, Rachel Sass chats with Brent about the different fiduciary roles within estate planning, how they work, what … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent talks with Cary Stamp about the ins and outs of life insurance for non-Americans. They talk about special insurability, income tax, and estate tax considerations. They also discuss tips for structuring the ownership and investment options within life insurance. Cary Stamp is the CEO of … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent discusses how inflation is not a death knell to wealth transfer planning. He describes interest rate sensitive techniques, which perform better with higher interest rates, and underlying assumptions during inflationary periods that help planning. If you are enjoying the podcast please SUBSCRIBE and leave a … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with T.J. Ryan about how to choose a trustee in a blended family. They discuss the challenges of those types of families, potential conflict points, and offer ideas to resolve issues before they begin. T.J. Ryan is a trust and probate litigation and estate … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats about estate tax (and some income tax) risks to foreigners owning real estate in the United States. He explains the strange rules about direct ownership, surprising results at death, and some options to avoid estate tax issues. It is common for foreigners to purchase … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Penny Phillips about how she is building the modern registered investment advisory firm, what it takes to prioritize clients, and how advisors can connect with clients. They also rib lawyers and laugh about common excuses to stay off social media. Penny Phillips has … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent rewinds one of our most popular episodes with Kyle Larson and Lily Styrmoe of TCI Wealth Advisors. They go over their top tips for how younger individuals and families can begin building the generational wealth that they’ve dreamed of. Kyle Larson is a a CFP, … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Deborah Plum about techniques to maximize wealth transfers in a low market, low interest environment. They talk about GRATs, sales to IDGTs, intrafamily loans, and CLATs. They also speculate about market volatility and other things. Deborah is an attorney at Rimon, P.C. Deborah … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent discusses the proposed regulations under the SECURE Act. He explains the rules relating to trusts as IRA beneficiaries, how they change existing rules, and what they mean for trust planning.
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Amy K. Kanyuk about trust decanting. They get into the benefits and risks of decanting, how they happen, and how the rules change from State-to-State. Amy K. Kanyuk is a Partner at McDonald & Kanyuk PLLC in Concord, NH. She concentrates her practice … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Joel Revill chat about crypto currencies and trust administrations. They dig into the regulatory environment, how crypto currencies perform in a traditional portfolio, and where DAOs (decentralized autonomous organizations) may change the future of businesses and trusts. Joel is the CEO and co-founder of … Read more
Estate planning can be a daunting, though important, topic. And, it is a topic that matters to almost everyone. Yet, so many people still misunderstand it, despite the fact that the internet is awash with content on point. To get you on the right track, here are five things people consistently get wrong, and how … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Evan Unzelman about rolling over income interests in charitable remainder trusts. They talk about why these transactions can be tax beneficial and create flexibility for the right CRTs. Evan is the President of Sterling Foundation Management. Evan began with Sterling’s Family Office Concierge … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Doug Nelson about what has happened in the markets during the first few months of 2022, how to find the right advisors for young investors, and educating youth about starting and persisting in personal finance. Doug is an advisor and shareholder at TCI … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent discusses the limits of Grantor Retained Annuity Trusts (GRATs). He talks about existing statutory and case law limitations on their use and the IRS view in CCA 202152018 that potentially creates additional risk for practitioners. He also offers practical solutions to plan for these limitations.
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent talks with Gary Fletcher about Arizona’s SALT deduction workaround, how to plan for it, and the life and death of Proposition 208. They also discuss Arizona’s Proposition 208 workarounds that are still the law. Gary Fletcher is an attorney and CPA at the firm Nystedt … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent discusses some of the highlights from the 2022 ACTEC Conference, including Build Back Better, Secure Act, Smaldino, Levine, CCA202152018, Corporate Transparency Act, and racial inequality.
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent discusses the war in Ukraine, some of the issues and arguments that have arisen during the crisis, and how to help refugees from Ukraine and elsewhere. Resources for finding organizations helping refugees can be found at: https://www.unhcr.org/en-us/us-resettlement-partners.html https://rcusa.org/members/ https://www.charitynavigator.org/index.cfm?bay=content.view&cpid=4665#group-331 https://www.globalgiving.org/projects/ukraine-crisis-relief-fund/
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Patricia Annino about special considerations in estate planning for women. They discuss empowering women with education, getting them involved in the planning process, and keys to success. Patricia Annino is a partner in Rimon’s Trust and Estates Group. A nationally recognized authority on … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Reetu Pepoff discuss racial inequities in estate planning in the United States. They talk about the root causes of the issue, the wealth and planning gap, and what advisers can do to actively combat these problems. Reetu Pepoff is an Assistant General Counsel and … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent chats with Frazer Rice about how to preserve generational wealth. They discuss strategies for communicating with clients about money, establishing a solid plan, and things advisors can do to maximize success. As a Regional Director for Pendleton Square Trust Company, Frazer focuses on building relationships … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week, Brent chats with Lily Styrmoe about sustainable investing and ESG (environmental, social, and corporate governance) investing. They discuss what these terms mean, changes in the market, performance of investments in this space, and ways to evaluate funds and companies from a sustainable investing perspective. … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week Brent discusses charitable remainder trusts. He covers how they are structured, what types of assets can be contributed (or not), how they operate, and their taxation. He also discusses different types of CRTs, from plain vanilla to Flip CRTs and net income with makeup … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week on the podcast Brent discusses how volatile markets, combined with low interest rates, can be a terrific time for wealth planning. He explains how asset valuations and interest rates work relative to each other for maximum wealth transfers in GRATs, sales to irrevocable grantor … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWhat’s happening in the markets this year? This week, Brent and Rachel sit down with Doug Nelson on the status of the investment markets over the last quarter and what we may expect in the coming months. Doug gets into rising interest rates, hedging against inflation, … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreA new year calls for tuning up your finances! This week on the Wealth & Law Podcast, Brent and Rachel sit down with Melanie Simons, the CEO of ReFrame Wealth, to discuss her top tips for getting on top of your finances for the new year. … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWith the hot real estate market, we’re constantly hearing from clients about investing in real estate. So this week on the Wealth & Law Podcast, Brent and Rachel bring in Eric Freeman to discuss how to get into real estate investing. We get into acquiring funding, … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week Brent, Rachel, and Deborah get together to share a few New Year’s Resolutions that they suggest for anyone wanting to be better organized financially, personally, and as a company. Their suggestions include learning the importance of “expense ratios,” updating your estate plan, starting to … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreOver the weekend, the Build Back Better Act was dealt a devastating blow when Senator Manchin announced that he would not vote on the Act before the Christmas deadline. So what’s the fate of the Build Back Better Act and will we still see tax changes … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThe Britney Spears conservatorship is finally over…or is it? On this week’s episode of the Wealth & Law Podcast, we’ll catch you up on all that’s happened in the highly publicized conservatorship proceedings and what may still be to come. If you are enjoying the podcast, … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThere’s just a little more than three weeks left before the the end of the year–can you believe it? We know you’ve got a lot on your plate already with holiday shopping, family gatherings, etc., so on this week’s episode of the Wealth & Law Podcast, … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week on the podcast we share a few of our favorite highlights from the past 88 episodes. You will hear about vacation homes, trusts under the SECURE Act, planning in Mexico, Colombia, and Canada, forming a successful financial plan, and crypto currencies.
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week, Brent and Rachel are joined again by Darren Case to discuss how they are planning around the proposed federal tax changes. There have been many changes in the last two months so they break it all down and how they see the year ending. … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Rachel chat with Shauna A. Wekherlien, CPA, MTax, CTC, CTS (aka the Tax Goddess) about some of our favorite tax planning tips to SAVE TAXES before the end of the year. We discuss simple steps (like funding retirement accounts), expensing purchases, and more complex … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreHere we go again–another round of new tax proposals! The House recently released the newest version of the Reconciliation Bill (AKA the Build Back Better Act), which is quite a bit different from the original proposals released back in September. So this week on the Wealth … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week Brent and Rachel chat with the incredible Carolyn McClanahan, M.D., CFP, about how to protect our loved ones and clients from Elder Abuse. We focus on the financial side of things. The conversation gets into discussing the issue, its prevalence, and practical ways it … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Rachel discuss several themes circulating in the media (conventional and social). First, they discuss the proposed Billionaire Tax and how it appears to look a lot like the existing PFIC rules. Second, they discuss the review of GRATs, IDGTs, valuation discounts, and CLATs used … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week, Brent and Rachel chat with Doug Nelson on the status of the investment markets over the last quarter. Doug explains the nature of risk in investing, changes in perceptions of risk, the use of commodities to manage risk, and cryptocurrencies as a portion of … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week Brent catches you up on what is happening in the news relating to the Reconciliation Bill, Democrat negotiations, planning for the year end, and the Pandora Papers. If you are enjoying the podcast, please SUBSCRIBE and leave a REVIEW, and if you want to … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWhile Congress negotiates the terms of the Reconciliation Bill and what tax changes may be made this year, we (along with many other estate planning attorneys) have been burning the midnight oil and implementing plans for clients. On this week’s episode of the Wealth & Law … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreJenna Rubin joins the podcast again to discuss Florida’s new directed trustee statute. She, Brent, and Rachel dig into the new law and talk about using trust protectors, structuring trusts to be effective, issues that can arise with directed trustees or trust protectors, and what the … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week Brent joins John Strohmeyer on John’s show, Tax Talk, to discuss the House Ways & Means Committee tax proposals, changes to estate planning, and what to expect in the future. They cover the proposals on the estate tax exemption, changes to the treatment of … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreIt’s the moment we’ve been waiting for all year! On Monday, September 13, 2021, the House Ways and Means Committee released their proposed tax changes. It’s a lengthy proposal–881 pages long to be exact–and it still has a way to go before Congress votes on it, … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWe’ve talked a lot already about proposed tax law changes in the U.S. later this year. From potential changes to the federal estate and gift tax exemption amounts to capital gains rates, there’s a lot that Congress is debating. Our friends to the North (up in … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreCryptoassets are all the rage in 2021. From Bitcoin to NFTs (non-fungible tokens), many individuals and families now own cryptoassets–and depending on when they acquired the asset, the value could be massive. With cryptoassets still a new topic, there are many questions about how wealth and … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreLinkedIn, Facebook, Instagram, TikTok–there’s so many social media platforms these days, but how do you market yourself and your business on each one? This week on the Wealth & Law Podcast, we bring on Ieva Ernestovska, the Founder of SpurOn Media, to discuss how to best … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week on the Wealth & Law Podcast, Brent and Rachel sit down with Martin Shenkman to discuss how to build a modern estate planning practice in today’s world. They discuss the role of technology in business and marketing and what steps someone should take to … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreHit me baby one more time–it’s another Britney Spears episode! There’s been a lot of movement in the Britney Spears conservatorship since we last spoke about this in March (if you didn’t catch that last episode, you can do so here). Since our last conversation about … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWe love talking about philanthropy and how individuals and families can incorporate charitable giving into their estate plans. As we’ve mentioned previously on the Wealth & Law Podcast, there are numerous ways that individuals and families can give to charity besides simply writing a check. One … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreCan you believe it that the year is already half over? This year, we’ve seen a lot of focus on a few main issues that have been popping up for our clients. So on this week’s episode of the Wealth & Law Podcast, we break down … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWith the world starting to open up, individuals and families are starting to get out and travel again (finally!). So, this week on the Wealth & Law Podcast, Brent and Rachel sit down with Danielle Desir to discuss all things related to personal finance and travel. … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreOn this week’s episode of the Wealth & Law Podcast, Brent and Rachel sit down with Steve Gorin to discuss buy-sell and cross purchase agreements. They get into the similarities and differences between the two types of agreements, why one may be more tax-efficient than the … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MorePlanning for retirement is one thing. But planning during retirement is another. This week on the Wealth & Law Podcast, Brent and Rachel are joined by Trey Andrew to discuss financial planning and retirement. They get into: Ways to bring in income during retirement, Utilizing the … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week, Brent and Rachel bring back Shiraz Ahmed to talk about cross border investing and retirement planning. They discuss the similarities and differences between common U.S. and Canadian retirement vehicles and back-door Roth IRAs. They also get into the Robinhood era of investing and when … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week on the Wealth & Law Podcast, Brent and Rachel are joined by Emily B. Kile to discuss Medicaid and long term care planning. They get into the basic requirements for Medicaid, and in particular, Arizona’s ALTCS program, other social security programs, and how individuals … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week, Rachel and Brent talk with Andrea Carr about tax planning in Hawaii. They cover the basics of Hawaii income tax and talk about the many traps for the unwary. In particular, they get into detail about the Hawaii tax credits for photovoltaic systems, the … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week Brent is joined by special co-host Gary Fletcher to discuss the Biden Administration’s “Green Book” (or budget proposal). They focus in on proposals to increase the capital gains rates, taxing transfers of capital assets, what the spousal and charitable exceptions might mean, and why … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week on the Wealth & Law Podcast, the ladies take over the show! Rachel sits down again with Deborah Plum to talk about our must have estate planning documents. Whether someone is worth $100,000 or $100 million, they go over the foundational documents to any … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week on the Wealth & Law Podcast, Brent and Rachel sit down with Jamie Mendelsohn to discuss life insurance policies and the life settlement market. Many people may be surprised to learn that a life insurance policyholder can sell their existing policy to a third-party … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreSometimes, it just feels good to get something off of your chest. So this week on the Wealth and Law Podcast, Brent and Rachel are going over the things that grind our gears. From billionaire profiling, to “simplified” tax laws, to everyone’s favorite–the IRS, we highlight … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWe hardly ever focus on a particular Internal Revenue Code Section on the Wealth & Law Podcast, but we think that Section 2104(b) deserves to be special. In our opinion, this is one of the most nerve-racking sections in the Code for non-residents and non-citizens. Brent … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThe Biden tax plan has gotten a lot of attention lately as there are quite a few ambitious proposed changes to the tax laws that could have far reaching impacts for individuals and businesses. While the current plans are in the early stages and it is … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWe love talking about charitable giving on the Wealth & Law Podcast. In previous episodes, we’ve discussed how individuals and families can incorporate charitable giving into their estate and investment plans. On this week’s episode, Brent and Rachel bring back Deborah Plum to talk about how … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week on the Wealth & Law Podcast, Brent and Rachel sit down with Deborah Plum to go over the ins and out of New York estate and tax law. They get into New York’s estate tax, the infamous estate “tax cliff”, and income tax rules. … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreOne of the most frequently asked questions we get from clients is: How can I incorporate charitable planning into my investment and estate plan? We love seeing clients with charitable intent and enjoy helping clients create lasting charitable legacies. So on this week’s episode of the … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreGenerational wealth has been a major talking point on the Wealth & Law podcast. In prior episodes, Brent and Rachel have talked about how to preserve generational wealth and how to pass it on to future generations. This week, we dive into how to actually build … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreCan you believe that we are already wrapping up the first quarter of 2021 today? (Neither can we.) This week on the Wealth and Law Podcast, Brent and Rachel bring back Doug Nelson, of TCI Wealth Advisors, to discuss the major events in the first quarter … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week on the Wealth and Law Podcast, Brent and Rachel talk with Matt Schmidt about attorney wellness. The legal and financial fields are infamously known as stressful fields of work, so Matt breaks down his top tips for how to maintain balance, be productive, and … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreCryptocurrency is becoming increasingly more popular with many investors saying that it is the way of the future. So on this week’s episode of the Wealth & Law Podcast, Brent and Rachel sit down with Tyrone Ross Jr. to discuss all things related to cryptocurrency. They … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWith a new stimulus package around the corner, you may be feeling anxious about whether you will receive a stimulus check. So on this week’s episode of the Wealth & Law Podcast, Brent and Rachel breakdown who will qualify for stimulus checks under the current legislation, … Read more
If you are a regular listener of the Wealth & Law Podcast, then you’ve probably heard our special guests in the background—that is, the family pets. Our wonderful dogs and cats wish they could make more of an appearance on the show, but alas, we’ve got to get down to business at some point. But … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreOops, we did it again–we are talking about Britney Spears on the podcast. In the last couple of weeks, Britney Spears’ conservatorship has gained lots of attention after “Framing Britney Spears,” a new documentary by The New York Times, was released on FX and Hulu. With … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreAfter a year of sheltering at home, you are probably just as anxious as we are to get out and travel this summer (hopefully). With low interest rates right now, it is also one of the best times to purchase a vacation home. Although buying a … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week Brent and Rachel answer the basic investment questions they hear from their friends and clients: What is an IRA or 401k? What are the differences between stocks, bonds, mutual funds, ETFs? How does short-term and long-term investing work? What do you think about bitcoin? … Read more
A significant amount of recent commentary has been devoted to Robinhood, the phone app that lets people trade stocks for free. It is heralded as breaking down barriers to entry for marginalized communities. Others criticize that it has targeted under educated individuals and it has been accused of being the cause of at least one … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week, Brent and Rachel chat with Rodrigo Castillo Cottin about US-Colombian cross border planning. Rodrigo explains the basics of Colombian tax and estate planning laws, gives helpful insights into key issues, and chats about how to be flexible in planning. Mr. Castillo Cottin opened the … Read more
One of the Biden tax proposals is actually a two for one deal. Increase ordinary income rates to 39.6% and raise capital gains rates to ordinary income rates on income over $1,000,000. So does this mean well paid taxpayers will immediately pay more tax? Not necessarily. With IRAs (and other defined compensation plans) we already … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week, Brent and Rachel are joined by Anna N’Jie-Konte. Anna has decades of experience in financial planning and was the perfect person to talk to about generational wealth. As a first-generation American, Anna discusses the keys to building generational wealth. The three of them also … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week, Brent and Rachel chat about community property. They explain what it is, how it works, what its tax benefits are, and they explain how one might be able get the tax benefits of community property event for property in a non-community property State. They … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThe SECURE Act (remember that) has been around for one year now. To commemorate its first birthday, Brent and Rachel look back at the SECURE Act and how it has changed the landscape for designating a trust as a beneficiary on an IRA. Brent and Rachel … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreAmericans across the country were shaken up by the assault on the U.S. Capitol on January 6, 2021. On this week’s episode of the Wealth & Law Podcast, Brent and Rachel try to make sense of the whole situation by analyzing the events from a legal … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreIt is probably no surprise to hear that one of the most common New Year’s Resolutions is to save money. To kick off 2021, Brent and Rachel sat down with George Grombacher to discuss how individuals can be better with money. George gives some of his … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week Brent and Rachel give their wrap up of the podcast in 2020. They discuss key events of the year, important topics they covered, starting the podcast, and what they look forward to in 2021. It has been a long year! Thanks for listening to … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreRachel and Brent are again joined by Fernando Barraza for Part 2 of their conversation about planning for families and businesses in the US and Mexico. In Part 2 they dig into specific planning ideas to overcome some of the challenging and penalizing US international tax … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week, Brent and Rachel sit down with Fernando Barraza to discuss challenges and opportunities for US-Mexico cross border families. In Part 1, they discuss the broad international tax rules that apply to these families, their businesses, and their investments. They flag key concerns and foot … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week, Brent and Rachel sit down with T.J. Ryan to discuss the use of penalty clauses in estate planning documents. The three of them explain what a penalty clause is, what they look like, and how they are used in estate planning documents. They also … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Rachel are joined by Olivia Roberts and David Joseph of Knockout Digital Marketing to talk about marketing trends for lawyers and financial advisers, things that don’t work, and their top five things to do to improve marketing efforts. We also discuss targeted advertising, social … Read more
Previously, I wrote about what I called the Secure Stretch Trust as a possible option to stretch IRA distributions beyond 10 years under the SECURE Act. I also previously wrote about how trusts may be the best beneficiaries of IRAs under the SECURE Act. And … And talked about all of that on the Wealth … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week, Brent and Rachel are joined again by Darren Case for Part 2 of their conversation about post-election estate planning. This is a rapid fire session, where we throw ideas for end of year planning at Darren and he gives us his hot takes. We … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week, Brent and Rachel are joined again by Darren Case to talk about post-election estate planning. They dive into what the election results mean for end-of-year tax planning and how Arizona’s Prop. 208 affects high-income families. They also get into a fun Q&A on unique … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWith the 2020 federal elections now completed (well, almost completed), Brent and Rachel go into their three-step plan for how to reconcile after the election and move forward. They also get into Arizona’s Proposition 207, which legalized the recreational use of marijuana, and what the post-election … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Rachel dive into incapacity on this week’s episode of the Wealth and Law podcast. They explain what incapacity is, how Powers of Attorney can help, what happens if there was no planning (or the plan fails), and how a revocable trust provides even better … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week Brent and Rachel introduce family limited partnerships (FLPs). They discuss the basics, how FLPs have been used historically in planning for high net worth families, how they are treated for tax purposes, current law around FLP’s efficacy, and how to use FLPs under the … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Rachel chat about how their business development options have changed due to the pandemic, how they have pivoted, and what seems to work for them. They talk in depth about the podcast, social media, and connecting with their clients and key relationships. Most importantly, … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreOn this week’s episode, Brent and Rachel sit down with Samuel Deane, MBA to discuss equity compensation packages, stock options, and tying it all together with an estate plan. They particularly focus on how millennials in tech and start-up companies can navigate through various types of … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week, Brent and Rachel sit down with Shiraz Ahmed to talk about common cross border tax issues that may arise for Americans moving to Canada, and Canadians moving to the U.S. They discuss passive foreign investment companies, retirement accounts, and more. They also highlight how … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week we discuss the recent New York Times article disclosing what it claims are President Trumps tax returns and tax information. Rachel and Brent peal back the onion of the tax code to break down the net operating losses, tax credits, deductions, payments, and refunds … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Rachel sit down with S. Victoria Kahn to discuss Nevada’s favorable trust laws. They discuss the flexibility and asset protection features of Nevada law, how there’s no state income tax, and how individuals and families are using Nevada trusts to their advantage today. Victoria … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Rachel speak with Doug Nelson, of TCI Wealth Advisors, on this week’s episode about the expected financial picture for the final quarter of 2020. They get into depth on how people should be adjusting, or not, their financial plans and investments, what to expect … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week, Brent and Rachel are joined by A.J. Price, CPA, CFP, to discuss how families can introduce younger generations to family wealth. They discuss the benefits of family-wide meetings, examine the many methods of family investments, and dive into the importance of goal-based investing. A.J. … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week’s episode is the Live recording from Friday, August 28, 2020. Rachel and Brent dive into ways to use the extra estate tax exemption that could expire at the end of 2020, and will expire absent Congressional action in 2026. They talk about Spousal Lifetime … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week Brent and Rachel are joined by Kayla Bernays to talk about what happens before, during and after a divorce and what it does to an estate plan. We get into community property, prenuptial and post-nuptial agreements, and property divisions. We also throw in some … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week Brent is joined by special co-host Darren Case to talk about how Covid-19 has changed estate planning and to prognosticate about the Biden Tax Plan. They dive into how to plan in the current uncertainty, what to expect with a new administration, how to … Read more
Brent joins George Grombacher on the Money Savage Podcast. They talk about the estate and tax planning considerations for people living in or owning assets in more than one country, how a little bit of planning goes a long way, and how to get started. Listen to learn about the tax situation should you decide … Read more
The tax benefit of community property is that at the first spouse’s death, ALL of it receives a new tax basis. This eliminates all accrued but unrealized capital gains (and losses). Even if the property is only in the name of one spouse, the surviving spouse receives this benefit. In contrast, jointly owned (but non-community) … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week’s episode is from the first ever live recording of the Wealth and Law podcast. Brent and Rachel dive into lessons that they’ve learned from their clients and go over their top ten ways on building, preserving, and passing on family wealth. If you are … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreThis week Brent and Rachel are joined by Shawn Garner to talk about using revocable trusts in estate planning. We get into detail about how these important trusts work, and, specifically, how they solve for incapacity, asset management, and probate issues. We also exchange real life … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Rachel are joined by Mykail James to discuss financial planning for Generation Z and Millennials. We have a great conversation about financial literacy at different generations and how technology can be used in teaching personal finance. We get into the distinctions between Gen Z … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Rachel are joined by Eugenie George to discuss money stories, creating a financial wellness plan, and diversity and race in the financial advising and legal industries. We get into how a woman’s background and emotional connection with money from a cultural, race, gender and … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Rachel are joined by Ken Morris, CFA, CFP, to discuss investment management, the differences between financial planning and investment management, and the benefits and pitfalls of each. We also chat about what individuals and families should be looking for when picking an investment advisor. … Read more
As in most difficult economic times, commercial deferred annuities are being shopped as secure sources of long-term investment returns. But are they worthwhile? While there are no bright line rules, and this is in no way an attempt to give investment advice, from a legal perspective, in most instances the answer is “no.” I’ll break … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Rachel sit down with Kim Paskal to discuss how a step-up in basis at death can be used advantageously in partnerships and S-corps. Learn more about how to make a 754 Election and the tax benefits that can ensue. Kim Paskal is the Chief … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Rachel chat with Allison Duffy, the President and CEO of Silverado Technologies, about transitioning to a distributed workforce in the age of COVID-19 and how technology can ease the burdens on employers and employees. They discuss security concerns, training, and how to maintain a … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Rachel speak with the wonderful Nicole Harrigan about significant changes to the retirement account rules, the rules relating to qualified improvement property, and net operating loss rules in the CARES Act. They also talk about the 2020 accounting season, tax preparation software, and showing … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent and Rachel are joined by Doug Nelson, CPA, PFS, to discuss the challenges, strategies, and opportunities of financial planning during COVD-19. We get into how to plan, what makes a good financial plan, tax saving moves, the Pepsi Challenge, and more. Doug Nelson is an … Read more
Even non-US citizens who don’t want to be subject to the US tax system can sometimes be pulled into it. This is largely due to the fact that, based on a mathematical test, being in the US for more days than the US tax system deems appropriate can make that person a US “resident” for … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWith everything that is happening in the wake of the killing of George Floyd, we want to make clear the Wealth and Law Podcast stance: Racism is wrong in all of its forms (direct or indirect) Racism exists in our society and should never be tolerated … Read more
Normally on Wednesday we would publish our new podcast episode, but this week we wanted to mute our personal content to amplify black voices. We hope you will join us in listening and learning so that together we can make steps towards a better future.
After the SECURE Act, most IRA beneficiaries are required to withdraw the balance of the account within 10 years after the owner’s death. The details of those rules can be found in my prior post here. In that post, I also introduced the concept of using an Accumulation Trust (i.e. a trust as beneficiary of … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWant to know what happens after a loved one dies? Brent and Rachel are joined by Kristin Yokomoto to discuss just that–from an estate planning perspective. They cover the probate process, dealing with creditors, tax issues, and trusts. Kristin Yokomoto is a partner in the law … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWe continue our conversation with Isaac Rothschild on Asset Protection planning in Episode 10. Part 1 of that conversation was Episode 9, but the discussion was so substantive and so good that we broke it into two parts so that you could hear the whole thing. … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreIsaac Rothschild joins Brent Nelson and Rachel Sass to talk about asset protection planning. The conversation was so good and so substantive that we broke it into two parts. Part 1 is Episode 9 and Part 2 will be Episode 10. We talk about the different … Read more
We are living in a difficult moment. Businesses, families, and individuals are struggling because of the COVID-19 pandemic. And, the struggles are largely not anyone’s fault. Despite the difficulties, there are rays of light to be found from a planning perspective. I previously wrote about five savings tips when valuations and interest rates are low, … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreJenna Rubin joins Brent Nelson and Rachel Sass to talk about electronic wills, differences between the Arizona and Florida electronic will statutes, how these wills work, the current limitations of electronic wills, and to prognosticate about electronic wills’ future. If you know nothing about electronic wills, … Read more
So you’re an influencer (or wannabe). That’s pretty great. It probably means you have a knack for understanding what people (at least your group) enjoy, you know how to match the audience, make adjustments, think creatively, perform, and, yes, work (not everyone is an overnight sensation). Assuming you have a robust following, you may even … Read more
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Brent Nelson and Rachel Sass are joined by Kevin McMahon, CLU, ChFC, of WealthPoint (https://wealthpoint.net/our-people/), to discuss life insurance. They get into depth on different types of policies, evaluating a client’s needs for life insurance, the tax treatment of the products, and whether life insurance should be viewed as a separate asset class.
The CARES Act, which went into law on March 27, 2020, has several provisions that can supplement charitable giving at almost any level. Largely, this is accomplished by granting a donor a more favorable income tax charitable deduction for gifts to certain charities. A tax deduction then reduces the donor’s taxable income, which in turn … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | More In Episode 6, host Brent Nelson is joined by Rachel Sass and special guest Dave Smitten (https://norterralaw.com/home/firm-profile/) to discuss the challenges of keeping Canadians in America safe from the American tax system. We do a deep dive into the intricate, and sometimes strange, way Canadian … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent Nelson is joined by Rachel Sass to discuss the SECURE Act (remember that). They talk about Brent’s top 5 list of changes and get into the weeds on how trusts as IRA beneficiaries fit into the landscape now.
Although economic downturns, such as the one we are currently experiencing, can have real hardships for many people–there are silver linings for those fortunate to take advantage of them. Reduced values combined with lower interest rates create five (among other) key ways that families can gain advantages in dark economic times. Sell the Family Business … Read more
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent Nelson and Rachel Sass discuss the basics of the Employee Retention Credit, a credit that was enacted as part of the CARES Act, in this Express episode. The basics of the credit are important for many family businesses struggling due to the impact of COVID-19.
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent Nelson and Rachel Sass discuss the basics of the Payroll Protection Program, in an Express episode. The Express episodes will cover critical issues we think folks need to know now, and that cannot wait for our regular episode schedule. Enjoy!
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreBrent Nelson and Rachel Sass discuss trusts: their history, what they look like now, how they are and can be used effectively, and a few technical legal things lawyers will like, but for which other people will reserve massive eye rolls.
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Podcast: Play in new window | DownloadSubscribe: RSS | MoreWelcome to the Wealth and Law Podcast. In Episode 1, your host, Brent Nelson, is joined by Rachel Sass to discuss their estate planning, family wealth, family investments, and business backgrounds, as well as the purposes of the Wealth and Law Podcast.
Many clients are asking about the Payroll Protection Program (PPP). Here’s a slide deck to help out (based on April 3, 2020 guidance). Payroll Protection Program for Family Business from Brent Nelson
The COVID-19 outbreak has shown us that now—more than ever—we need to protect the health and safety of our loved ones. In addition to practicing social distancing and washing your hands, you can also protect yourself, family, and property by creating (or reviewing your current) estate planning documents. For those that haven’t created an estate … Read more
COVID-19 is a public health issue that goes far beyond the bounds of this blog. However, focusing only on the economic side of the equation, it is clear the SARS-COV 2 virus, and the needed response to contain it, have had and will have significant effects on the economy. As reported in the Atlantic on … Read more
As I previously described, in Part 1, under the Delinquent Filing Procedures, a taxpayer with unreported foreign accounts or assets can file the foreign reports late without any penalty. In order to qualify for that treatment, the taxpayer must have had reasonable cause, based on the standards for reasonable cause in various Code provisions and … Read more
Three cases were recently decided against taxpayers that shed light on the hurdles Americans must climb if they have unreported foreign accounts or assets. As I have previously described here (https://www.swlaw.com/publications/legal-alerts/2586), the IRS has three programs available to help taxpayers come clean, and avoid the full force of civil and potentially criminal penalties for failure … Read more
Planning for an estate that spans multiple international jurisdictions is challenging. One of the hardest aspects is to create a structure that allows family members to control the family assets in each jurisdiction without unnecessary disruption from incapacity or death. Not every country recognizes trusts as a legal entity. Even when trusts are recognized in … Read more
I have previously written about the complexity that the Secure Act has introduced to trust beneficiaries here and here. I also previously suggested that under the current rules, naming a trust that can flip between a Conduit Trust and an Accumulation Trust, depending on the age of the IRA owner and the classification of the … Read more
There are two schools of thought on naming at trust as a beneficiary of an IRA: (1) NEVER DO IT, and (2) do it if it meets your goals. The First camp lives and dies on the belief that naming a trust accelerates distributions from the IRA–thus more tax sooner, and that is usually bad. … Read more
The SECURE Act became law on December 20, 2019. It changes quite a few of the rules relating to retirement plans, but there are really FIVE major changes that effect individuals. Here they are: Repeals Age Limit on Traditional IRA Contributions. It used to be that contributions to traditional (non-Roth) IRAs were prohibited after age … Read more
It is easy to complain about control freaks. They cling onto projects, micro manage, don’t trust other people, and can be over bearing. But, being a control freak is a good thing in estate planning. It is one aspect of life in which losing control to those you did not hand pick is a poor … Read more
The 2017 Tax Cuts and Jobs Act changed the rules dramatically with respect to S corporations in one particular: non-citizen non-resident shareholders. Before the change, non-citizen non-residents of the U.S. could not own S corporation stock. Period. Even marrying into S corporation stock, or getting it from a deceased relative, would violate the rule for … Read more
As the year draws closer to an end, many parents will consider making gifts to their adult children. Part of that gift giving conversation should include a discussion of how to manage money and how to responsibly invest. Before making gifts of any significance, parents could consider the following three key elements of successful financial … Read more
There was a time, and there may well be one again (see Bernie’s plan), when each person did not have an $11.4 million (in 2019) federal gift tax exclusion amount. In 1995 the federal gift tax exclusion amount was $600,000. That is significant, because the U.S. Tax Court recently confirmed in William Cavallaro v. Commissioner … Read more
When international estate tax rules are layered onto common errors in Irrevocable Life Insurance Trusts (“ILITs”), the consequences can be dire. PLR201941008 illustrates one common drafting mistake that can cause havoc for cross-border families. ILITs have been a mainstay in U.S. estate planning for decades. The premise of the trust is that it can accomplish … Read more
An estate plan is a snap shot. It takes into account the facts and circumstances that one knows or anticipates at a particular moment in time. Although estate planning professionals preparing documents try to think about what could happen in the future and control for unanticipated circumstances, it is an inexact art. There is no … Read more
Failure to count days. Canadians who spend time in the United States, absent an exception, must be mindful that the number of days they spend in the United States could make them tax residents here. The result of becoming a United States tax resident is that all of the individual’s worldwide income is taxed here … Read more
The rules related to withdrawals of IRA funds (and other funds in defined contribution accounts) are strict and often harsh to the unwary. On September 19, 2019, the U.S. Tax Court issued an Order in Rosenberg v. Commissioner that emphasizes this point. As part of a divorce order, Mr. Rosenberg’s former spouse was ordered to … Read more
Personal and family wealth exist in a vast and complicated legal structure. Laws touch every aspect of wealth, often in ways that are surprising, or, at least, not well understood. From centuries olds laws, like those governing Wills, and modern laws, like the regulation of crypto currencies, the legal structure surrounding wealth is like an … Read more