Tag: Estate Planning

Effective Use Cases of Life Insurance for Wealth Transfer, Tax Planning, and More (Ep. 91)

Effective Use Cases of Life Insurance for Wealth Transfer, Tax Planning, and More (Ep. 91)

Life insurance is often only viewed as a way to get a death benefit.

But if you look beyond its conventional definition, you’ll see how life insurance has several use cases in tax planning, wealth transfer, and as an alternative investment!

Join Centura Wealth Advisory’s Sean Clark, Wealth Advisor, and Christopher Hyman, Director of Insurance Solutions, for an enlightening conversation about the role of life insurance in comprehensive wealth management — especially for high-net-worth individuals.

Sean and Chris discuss:

  • How life insurance provides the much-needed liquidity to pay off estate taxes
  • Life insurance as an alternative asset class
  • Four tax advantages of life insurance
  • How business owners can effectively utilize insurance in risk management, exit planning, and other scenarios
  • A rapid-fire Q&A session about insurance
  • And more

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How to Plan for the Looming Estate Tax Issue (Ep. 89)

How to Plan for the Looming Estate Tax Issue (Ep. 89)

The once-generous estate and gift tax exemptions set by the Tax Cuts and Jobs Act (TCJA) are due to sunset on December 31, 2025.

Is your estate plan ready for the challenge?

In this episode, Kyle Malmstrom, Managing Director, and Christopher Hyman, Director of Insurance Solutions, refer to strategies to reduce the estate tax liability that may significantly increase for many high-net-worth families after the TCJA expires.

Kyle and Chris discuss:

  • A brief overview of how exemption limits have changed over the years
  • The importance of creating liquidity well before the transfer of estate (especially for business and real estate owners)
  • Tax and liquidity benefits of an irrevocable life insurance trust (ILIT)
  • Why you should seek expert guidance in estate planning and structuring any trusts
  • And more

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

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

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)

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

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:

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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)

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

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)

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

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

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

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

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

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

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

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

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

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.