Tag Archives: Estate Planning

Preparing for Change: How to Adapt to Economic and Tax Legislation Shifts (Ep. 77)

June 7, 2023Centura Wealth Advisory, Finance, Financial, Financial Planning, UncategorizedCentura Wealth Advisory, Estate Planning, Financial Services, Investments, Kyle Malmstrom, Liberated Wealth™, Live Life Liberated, Matt Griffith, Podcast, Political Environment, Tax Planning, Ultra High Net Worth, US Economy, Wealth Managementlivelifeliberated

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Are you a business owner or high-income executive concerned about recent changes in the economic, political, and tax environment?

In this episode, Kyle Malmstrom and Matt Griffith, CFP®, cover a range of topics, including ways to prepare for a huge liquidity event, tax planning, investment considerations during high interest rates, and an overview of our Liberated Wealth® process.

Kyle and Matt discuss:

Key changes in the past 12 months that can impact your wealth
Tips for business owners either setting up a new entity or planning their exit
What to do if your wealth is tied up in a concentrated stock position
The importance of working with a professional advisory team
And more

Resources:

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Centura Client Experience from the View of a Retired Certified Public Accountant (Ep. 76)

May 24, 2023Centura Wealth Advisory, Finance, Financial, Financial Planning, UncategorizedCentura Wealth Advisory, Client Experience, Derek Myron, Estate Planning, Financial Advisors, Financial Services, Income Tax Planning, Liberated Wealth™, Live Life Liberated, Podcast, Ultra High Net Worth, Wealth Managementlivelifeliberated

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Krista Schmitt, a retired CPA, has spent nearly 30 years working for a Fortune-500 company in the area of accounting and financial information systems.

Despite her financial background, she knew she wanted to lean on an expert and decided to work with Centura Wealth Advisory (Centura) and has been a client of Derek Myron, Managing Director, for nearly two decades!

In this episode, Derek interviews Krista about her experience as Centura’s client moving through the Liberated Wealth® Process.

Derek and Krista discuss:

Why Krista started to feel that investing only in a 401(k) wasn’t enough
Her exposure to alternative investments as Centura’s client (and how it impacted her portfolio)
The benefits of working with a well-coordinated and trusted team of professionals
The best place to start if you do not have a team of advisors yet
And more

Resources:

Centura Wealth Advisory’s Liberated Wealth® Process

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The presented testimonial is from a current Centura client and is for informational purposes only. The statements provided should not be considered as a representation of all client experiences, which may differ substantially.

Private Fiduciaries and Their Role in Estate Planning with David Stapleton (Ep. 74)

April 20, 2023Centura Wealth Advisory, Finance, Financial, Financial Planning, UncategorizedCentura Wealth Advisory, David Stapleton, Derek Myron, Estate, Estate Planning, Liberated Wealth™, Live Life Liberated, Podcast, Private Fiduciary, Stapleton Group Inc, Trust, Trustee, Willlivelifeliberated

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Private fiduciaries can play a critical role in managing and protecting the assets of their clients. They also help ensure that their clients’ wishes are carried out after they are gone and their assets reach their desired beneficiaries.

In this episode, Derek Myron speaks with David Stapleton, President of Stapleton Group, Inc., about private fiduciaries, their role in managing assets and estates, and the benefits they can provide to individuals and families.

Derek and David discuss:

Services and benefits offered by private fiduciaries
How private fiduciaries differ from trust banks
The pros and cons of choosing family members to act as your trustee
Real-world examples of what it’s like to work with a private fiduciary
And more

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About Our Guest:

David P. Stapleton, a nationally-recognized federal receiver, trustee and restructuring expert, resolves complex problems caused by non-performing commercial loans and shareholder disputes. In representing creditors, business owners and legal counsel, David quickly identifies the obstacles between the parties involved and implements actions to overcome impasses. His expertise spans receiverships; assignments for the benefit of creditors (ABCs); bankruptcy plan administration and liquidations; federal equity receiverships; and, financial advisory.

“Above-the-Line” Financial Planning: How to Move the Needle on Your Wealth Management Services (Ep. 66)

December 14, 2022Centura Wealth Advisory, Finance, Financial, Financial Planning, UncategorizedCentura Wealth Advisory, Derek Myron, Estate Planning, Financial Plan, financial planning, Liberated Wealth™, Live Life Liberated, Sean Clark, Tax Planning, Wealth Transferlivelifeliberated

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At Centura, we divide financial planning services into two categories: 1) Steps that make your plan just “good enough” and 2) Steps that actually move the needle and make a measurable difference in your wealth.

In this episode, Derek Myron and Sean Clark unpack the four steps that fall “below-the-line” and three steps that fall “above-the-line” in financial planning. They further explain the impact that each step has on your financial plan.

Derek and Sean discuss:

What sets Centura Wealth Advisory’s Liberated Wealth® Process apart
The importance of adopting a forward-looking approach to tax planning
How Centura professionals collaborate with CPAs and estate planning attorneys to improve the client experience
How balance sheet optimization works (and why it matters)
And more

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40. How To Minimize Estate Taxes Using ILITs With Kristina Hess

October 20, 2021Centura Wealth Advisory, Finance, Financial, Financial Planning, UncategorizedCentura Wealth Advisory, Estate Planning, ILIT, Irrevocable Life Insurance Trust, KR Hess Law, Kristina Hess, Kyle Malmstrom, Liberated Wealth™, Live Life Liberated, Taxeslivelifeliberated

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Estate tax exemptions are expected to decrease in the near future.

However, ILITs (irrevocable life insurance trusts) can help you reduce your estate taxes so that you can maximize your wealth transfer to future generations.

In this episode, Kyle Malmstrom speaks with Kristina Hess, estate planning attorney at KR Hess Law, PC. Join Kyle and Kristina as they explain what ILITs are, how to set them up, the tax benefits, and why they are becoming increasingly relevant among high-net-worth individuals.

Kristina discusses:

How ILITs reduce your net taxable estate
How to move both existing and new life insurance policies into an ILIT
The potential elimination of grantor trusts and its impact on estate planning, if it’s passed
The ideal candidate for setting up an ILIT
And more

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About Our Guest:

Kristina Hess is a Certified Specialist in Estate Planning, Trust and Probate Law by The State Bar of California. At her core, Kristina is a strategic, yet creative thinker who comprehends the legal issues facing you as they relate to your individual life situation. Combine that with her analytical skills, and Kristina will efficiently equip you with the legal instruments to protect your hard earned wealth and, were something ever to happen, ensure that all you have earned throughout your life, stays within your family structure. Prior to establishing her own firm in 2009, Kristina has a proven track record with over 20 years of legal experience, highlighted with San Francisco’s prestigious law firms such as Shearman & Sterling and Pillsbury Winthrop.

37. The Financial Planning Guide for High-Net-Worth Families

September 8, 2021Centura Wealth Advisory, Finance, Financial, Financial Planning, UncategorizedCentura Wealth Advisory, Derek Myron, Estate Planning, financial planning, High Net Worth, Kyle Malmstrom, Liberated Wealth™, Live Life Liberated, Tax Planning, Wealth Managementlivelifeliberated

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Most high-net-worth families work with various professionals, such as CPAs, estate planning attorneys, and valuation experts.

How can you bring them all together and create a holistic financial plan?

Derek Myron and Kyle Malmstrom answer the question in this episode. Join them as they explain strategies to create a forward-looking financial plan, minimize income and estate taxes, and optimize your wealth transfer for future generations. They also walk you through Centura Wealth Advisory’s comprehensive wealth management process that liberates you from financial burdens.

Derek and Kyle discuss:

Ways to know if a particular financial services professional is ideal for you
How to avoid a silo approach to your finances and focus on long-term planning
Tips for building a customized financial strategy based on your unique goals
Best practices to help you prepare for the potential tax changes
And more

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33. Creative Gifting Strategies To Optimize Your Estate Plan With Charles Levun

June 30, 2021Centura Wealth Advisory, Finance, Financial, Financial Planning, UncategorizedCentura Wealth Advisory, Charles Levun, Estate Planning, estate tax, Gift Tax, Kyle Malmstrom, Levun Goodman and Cohen, Liberated Wealth™, Live Life Liberated, Tax Planninglivelifeliberated

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A lot of people are minimizing their estate taxes through current estate tax exemptions. But what if you aren’t ready to transfer your wealth, and want to retain access to your assets?

There are multiple gifting strategies to help you do that.

Join Kyle Malmstrom and Charles Levun, partner at Levun, Goodman & Cohen LLP, as they dive into these tax saving strategies. They explore ways to help you transfer maximum wealth to your beneficiaries in light of the expected tax changes under the Biden Administration.

Charles discusses:

The potential impact of future tax changes on your estate plan
How to use trust funds to transfer wealth while ensuring creditor protection
Ways to enhance your tax exclusions by using various discounting techniques
What to do if your estate is too small to give away
And more

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About Our Guest:

Charles Levun is a partner and one of the founders of Levun, Goodman & Cohen. In addition to his role as a full-time practicing tax and business attorney, Mr. Levun is an author and educator who has developed a national reputation in the field of taxation. Mr. Levun has been practicing law since 1970, focusing on a business and tax practice, with a concentration in the representation of closely held businesses and wealthy individuals, business structuring and estate planning.

32. Key Things You Need To Know About Corporate Valuations With Brent Glova

June 16, 2021Centura Wealth Advisory, Finance, Financial, Financial Planning, UncategorizedBrent Glova, Business Valuations, Centura Wealth Advisory, Derek Myron, Estate Planning, Liberated Wealth™, Live Life Liberated, Mergers and Acquisitions, Valuations, Vantage Point Advisorslivelifeliberated

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For a lot of advisors, attorneys, CPAs, and other professionals, 2020 was one of their busiest years. Now, with hot market conditions and new rules and regulations, 2021 is shaping up to be even busier!

In this episode, Derek Myron is joined by Brent Glova, managing director at Vantage Point Advisors, Inc. They explore the ins and outs of the current valuation landscape for both private and public companies, and share strategies to help you cope with the changing market conditions.

Brent discusses:

The impact of COVID-19 on various valuation methods
Major factors driving the growth of the M&A market and business valuation needs
Tips for efficient and timely estate and gift tax planning to adapt to potential tax changes
Why you should start planning your valuation process as early as possible
And more

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About Our Guest:

Prior to becoming managing director in Vantage Point Advisor’s San Diego office, Brent Glova has been a director and manager with the firm. In his tenure in the valuation field, Mr. Glova has performed business valuations for purchase price allocations, goodwill impairment testing, share based compensation valuations, ESOP transactions, board advisory, shareholder buy-outs, fairness opinions, and for fundraising support. Mr. Glova has served domestic and international clients in an array of industries including: life sciences, technology, real estate and industrials, among others.

Episode 29 – The Potential Impact of New Tax Proposals on Capital Gains Tax and Estate Planning

May 5, 2021Centura Wealth Advisory, Finance, Financial, Financial Planning, UncategorizedBusiness, Capital Gains Tax, Centura Wealth Advisory, Derek Myron, Estate Planning, Financial Advisors, financial planning, Gift Tax, Kyle Malmstrom, Liberated Wealth™, Tax Changes, Tax Proposal, Wealth Transferlivelifeliberated

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With the For The 99.5% Act proposal, estate tax and capital gains tax are expected to rise drastically starting in January 2022. Several tax benefits might also be eliminated.

What can you do now to minimize the impact of this act on your estate planning?

Derek Myron and Kyle Malmstrom answer this question in this episode. They discuss what the new tax proposal entails, the implications if it is passed, and things you can do before the 2021 year-end to minimize your estate taxes and ensure maximum wealth transfer to your beneficiaries.

You will learn:

Tax saving opportunities posed by the current, all-time high benefits
Why you should contact a professional and begin estate planning as early as possible
The benefits of IR-2019-189 regulations for your estate and gift taxes
Strategies to build a blueprint for efficient estate planning
And more!

Tune in now to learn how you can prepare yourself to deal with the expected tax changes!

Resources: Centura Wealth Advisory: (858) 771-9500 | Derek Myron on LinkedIn | Kyle Malmstrom on LinkedIn