Category Archives: Financial Planning

Episode 12 – Manage Business Risk with Potential for Financial Upside – With Guest Mark Sims of Captive Alternatives



Businesses of all sizes face risk in the best (and worst) of economic times, and it’s important as a business owner to make sure that you are covered. 

In this episode, Jonathan Freeman is joined by Mark Sims from Captive Alternatives to discuss alternative insurance options for risk management and how business owners and entrepreneurs may leverage alternative insurance structures (Private Insurance) to manage expected or unexpected risks which can also yield financial upside. 

In this episode, you will learn:

  • How business owners can effectively insure against planned and unplanned risks using captive alternative insurance structures (Segregated Asset Plans)
  • How you can use alternative insurance options to provide coverage in business areas that may not have been covered before
  • The most tax-efficient ways to protect your business
  • What the first year of your plan looks like with Captive Alternatives
  • And more!

Tune in to learn how to protect your business with alternative insurance structures!

Resources:  Centura Wealth Advisory | Captive Alternatives | Email: Mark Sims | Private Insurance Overview


Episode 11 – WINGs, NINGs, DINGs. And Other ThINGs – With Mark Morris of Levitzacks



WINGs, NINGs, DINGs and ThINGs — yes, these are all real income tax strategies, but what do all these acronyms really mean, and how can this strategy help save you money in taxes? 

In this episode of Live Life Liberated, Kyle Malmstrom is joined by Levitzacks’ tax strategist Mark Morris to discuss the ING strategy—who it’s for, how it works, considerations, and potential pitfalls.

In this episode, you will learn:

  • How Business Owners in high tax states can benefit if they plan to have a liquidity event
  • In-depth detail regarding the ING strategy, types, design, and applicability
  • The implications of the ING strategy if you plan to sell your business
  • The power of appointment committee and how it factors into the strategy
  • And more!

Tune in now to learn if this unique income tax strategy is right for you!

Resources:  Centura Wealth Advisory | LEVITZACKS Website | Mark Morris 


Episode 10 – Supersized Qualified Retirement Plans and Rethinking Your Distribution Strategy of a Qualified Plan Since the Passage of the SECURE Act – With Guest Mike Zelch



For many high-income earners, the problem they face when it comes to saving for retirement is an inability to save enough money pre-tax to meet their retirement goals. Rather than utilizing an “off-the-shelf” solution, Centura shares how options exist to supersize their deductions in a Defined Benefits Plan. 

In this episode, Derek Myron speaks with Mike Zelch, the COO at Actuarial Data Inc., to discuss Qualified Plan options, opportunities available for high-income earners in the Accumulation Phase of planning, as well as recent changes that will potentially impact your distribution strategy from the passage of the SECURE Act in 2019. 

In this episode, you will learn:

  • What makes a plan qualified by the IRS, and the different types of qualified plans, and the phases of Qualified plans
  • Options outside of Roth Conversions for your Qualified assets
  • The changes from the SECURE Act to Stretch IRAs and RMDs 
  • Potential estate tax outcomes for your beneficiaries if you were to pass away — and why it’s critical to review your plan since the passing of the SECURE Act
  • Different strategies offered by both Centura Wealth Advisory as well as Actuarial Data Inc. 
  • And more!

Tune in to learn how to optimize your retirement plans for a successful future!

Resources:  Centura Wealth Advisory | Actuarial Data Inc. | mzelch@adatainc.com


Episode 9 – CARES Act Considerations for Business Owners and Ultra High-Net-Worth Individuals — With Ken Van Damme of Ernst & Young



The Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, is an economic law designed to address the financial impact of the COVID-19 pandemic.

But how does this act provide support for entrepreneurs and business owners?

Today, Kyle Malmstrom joins Ernst & Young partner Ken Van Damme to provide an update on the CARES Act and what its provisions mean for business owners and ultra high-net-worth individuals.

In this episode, you will learn:

  • Business planning considerations for the Paycheck Protection Program
  • Ways the CARES Act is impacting the real estate industry, owners, and operators 
  • How Net Operating Loss (NOL) carry-back provisions can benefit business owners
  • How the CARES Act is enhancing charitable contributions and retirement plans 
  • And more!

Tune in now for your update on the CARES Act and the provisions that you need to know about!

Resources:  Centura Wealth Advisory | Ken Van Damme | Ernst & Young


Episode 8 – Powerful Strategies for True Asset Protection –– With Siddharth Chhokar



With 20 million lawsuits filed every year, asset protection has proven to be a major concern for wealthy individuals.

In this episode, Derek Myron speaks with Siddharth Chhokar of Chhokar Law Group about how ultra-wealthy individuals can achieve true asset protection. They discuss powerful planning options for people who live in states that don’t have asset protection laws, along with strategies for negotiating and for removing the threat of outrageous litigation.

In this episode, you’ll learn:

  • The difference between the segregation of risk and true asset protection
  • Which three states allow you to create a private trust company 
  • How to protect assets in your child’s trust — even though certain states don’t allow people to create self-settled asset-protection trusts
  • What actions to take before the tax landscape changes
  • And more!

This is an informative episode that you will want to rewind and listen to again! Tune in now to hear powerful planning strategies to help you achieve true asset protection.

Resources:  Centura Wealth Advisory | Chhoker Law Group: (858) 384-5757


Episode 7 — SBA PPP Loans: What “perplexed” business owners need to know! – with guest Dan Yates, CEO of Endeavor Bank



The Treasury Department recently issued new FAQs regarding SBA PPP loans. It addresses many key questions and issues, however, some business owners remain in the dark and are looking for clarity.  

In part three of the PPP loans series, Derek Myron speaks with Dan Yates, CEO at Endeavour Bank, to offer an insight from the banks’ perspective of the SBA PPP loans and the most recent expansion of the program. Together they break down the current funding situation, and what the recent FAQs do to provide more clarity – and in some cases create some unknowns.

In this episode, you’ll learn:

  • How banks are addressing SBA PPP loan applications
  • How internal and federal restrictions on banks may be impacting processing
  • Tips for business owners who feel “stalled” in the process
  • The chances of a third round of PPP funding
  • The loan forgiveness eligibility and process
  • And more!

Tune in now to hear facts and gain clarity about the SBA PPP program.

Resources:   Centura Wealth Advisory | Endeavour Bank

 


Episode 6 — How can small business owners optimize SBA PPP loans? – with Curt Welker, CPA and Tax Partner of PKF San Diego



Congress has recently approved an additional $310 Billion in SBA PPP loans. This aims at supporting small businesses in running their operations and paying their workers. However, it is crucial that business owners gain an in-depth understanding of this program in order to optimize SBA PPP loans.

At Centura Wealth Advisory, we help small business owners by through tax planning and business strategies to maximize their wealth.

Today, Derek Myron joins tax expert Curt Welker, CPA tax partner with PKF San Diego to provide a breakdown of the SBA PPP. Together they offer many key facts about this program and answer your burning questions. 

In this episode, you’ll learn:

  • What should business owners do before and when they have gotten the PPP SBA loan
  • The hurdles business owners need to jump through before receiving complete loan forgiveness
  • Important strategies you can implement to optimize this program for your business
  • Can employers defer social security payroll taxes under the PPP 
  • How can business owners free up additional cash flow in these times
  • And more!

Tune in now to learn all about the SBA PPP program and how it can help keep your business afloat!

Resources:  Centura Wealth Advisory | PKF Accounting San Diego | Email Derek MyronEmail Curt Welker


SPECIAL UPDATE: COVID-19, PART 2



In this follow-up COVID-19 episode, we expand on actions business owners should be taking in response to the  COVID-19 economic shut down, and follow up on some previously shared information. As the circumstances are constantly changing, we want our clients and the community to be well informed.

Dan Yates, CEO of Endeavor Bank, returns for part 2 of our COVID-19 special update. Dan provides advice and an update for business owners regarding the Paycheck Protection Program loans, how to effectively utilize the loan, plus how to best optimize for loan forgiveness and more.

Listen in for these important updates regarding this rapidly developing situation and key advice for business owners. 

Resources: Centura Wealth Advisory | Jonathan Freeman LinkedIn | Endeavor Bank | Dan Yates LinkedIn


Episode 4 — Harnessing the General Power of Appointment for Tax Planning — With David Gebhardt, Esq.



Centura Wealth Advisory believes in sourcing and vetting new strategies that complement traditional money management, allowing the firm to bring only the best value-added solutions to clients. To do so, they often bring in amazing people who share their vision can help clients achieve the best results.

Today, Kyle Malmstrom returns with special guest David Gebhardt of Centara Legal Group. Together, they discuss how they help clients save estate taxes with some extraordinary strategies using the general power of appointment.

In this episode, you’ll learn:

  • What the general power of appointment is and why it was introduced
  • Ways Centura Wealth Advisory gives clients greater flexibility with their estate planning
  • How the power of appointment can impact your tax planning
  • When and why you would use a power of appointment
  • And more!

Tune in now to learn how to use the power of appointment to help you Liberate your wealth!

Resources: Centura Wealth Advisory | Centara Legal Group


SPECIAL UPDATE: COVID-19



In this special episode, we share updates on how we are responding to the COVID-19 situation, how we’re assisting our clients, and what actions we’re advising investors to take during this time of uncertainty. 

Derek Myron of Centura Wealth Advisory speaks with Dan Yates CEO of Endeavor Bank.  Dan shares updates on the ever-evolving processes for the distribution of the SBA’s Paycheck Protection Program funding, from the application process to the timely importance of requesting your loan forgiveness. 

Tune in now to learn how the banks and government are working together in this time of need to keep the small businesses of America afloat.

Resources: Centura Wealth Advisory | Endeavor Bank