Tag: Kyle Malmstrom
How Trusts Can Protect Your Wealth (Ep. 103)

How Trusts Can Protect Your Wealth (Ep. 103)

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With tax laws on the brink of change, how can high-net-worth families not only protect their wealth but maximize their tax efficiency? 

This week on Live Life Liberated, Kyle Malmstrom, Managing Director at Centura Wealth Advisory, and Adam Buchwalter, Partner at Wilson Elser, deliver a powerful, must-hear breakdown of the critical differences between grantor and non-grantor trusts—and how each could be a key tool to elevate and optimize your estate plan.

Tune in as they explore the potential impact of upcoming legislation on grantor trusts, revealing why right now is the perfect moment to take action and lock in benefits before it’s too late. 

Talking points include:

  • The difference between grantor trusts, where the grantor pays the taxes, and non-grantor trusts, which file their own returns and face higher tax rates
  • How grantor trusts help assets grow tax-efficiently, and how non-grantor trusts can lower state income taxes by being set up in low-tax states like Nevada or Delaware
  • Why proposed laws, like Senator Warren’s bill, could change the benefits of grantor trusts—and why it’s critical to act quickly
  • How states like New York and California tax trusts differently, and strategies to avoid high state taxes with proper trust planning
  • Why working with professionals is key to navigating the complex rules and keeping your wealth safe for the future
  • And much 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)

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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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How Centura Creates Value for High-Net-Worth Individuals (Ep. 85)

How Centura Creates Value for High-Net-Worth Individuals (Ep. 85)

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As your wealth grows, your financial planning needs become significantly more complex.

At Centura Wealth Advisory (Centura), we specialize in serving high-net-worth and ultra-high-net-worth individuals, helping them lighten the burdens of wealth!

In this episode, Kyle Malmstrom and Sean Clark, MBA, talk about Centura’s Liberated Wealth® process, including an overview of our sophisticated wealth management and tax planning strategies.

Kyle and Sean discuss:

  • Why Centura differs from other wealth management firms
  • How to move the needle with above-the-line planning (income tax, wealth transfer, and balance sheet optimization)
  • Centura’s rigorous due diligence process
  • How Centura taps into 50+ planning strategies to find the right solution for clients
  • And more

Resources:

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ING Trusts: How to Minimize State Income Taxes (Ep. 83)

ING Trusts: How to Minimize State Income Taxes (Ep. 83)

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There is a wide disparity in tax rates between U.S. states. For example, the top tax rate in California is 13.3%, while South Dakota has 0% state tax on trusts!

However, if you live in a high-income-tax state, you can still benefit from lower tax rates without moving physically.

In this episode, Kyle Malmstrom, Managing Director, and Roby Kotcamp, CFP®, Senior Wealth Advisor, explain how to use an Incomplete Non-Grantor (ING) Trust to minimize state income taxes.

Kyle and Roby discuss:

  • Types of assets suitable for an ING Trust
  • The correct sequence of steps to ensure the ING Trust is set up properly
  • An example showcasing the practical application and scope of an ING Trust
  • Potential pitfalls of the ING Trust strategy
  • Alternative strategies for states where an ING Trust is not possible (E.g., California)
  • And more

Resources:

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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)

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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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How To Navigate International Tax Planning With Connor Southwell (Ep. 72)

How To Navigate International Tax Planning With Connor Southwell (Ep. 72)

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Whether you are a U.S. citizen with international sources of income or a foreign national conducting business in the U.S., it is important to understand how international taxation works so that you do not end up overpaying in taxes.

In this episode, Kyle Malmstrom speaks with Connor Southwell, Director of Citrin Cooperman’s International Taxation Services Practice, about how to effectively navigate international tax planning.

Kyle and Connor discuss:

  • Key factors that can affect your “worldwide income tax”
  • How inbound and outbound tax planning works in the U.S.
  • The impact of various tax laws on U.S. citizens, green card holders, resident aliens, and non-resident aliens
  • How business owners can leverage international treaties to optimize their tax situation
  • And more

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About Our Guest:

Connor Southwell is a director in the firm’s International Taxation Services Practice. He has over a decade of experience advising high net worth individuals and closely held businesses in international tax planning and compliance.

Connor works with both U.S. nationals and business entities with activities in foreign jurisdictions, and nonresidential individuals and companies that seek to establish a presence and economic nexus to the U.S. His specialties include the subpart F and GILTI regimes, foreign tax credit planning, FATCA compliance, and the analysis and application of U.S. and OECD model income tax treaties.
Picking The Right Pass-Through Entity For Your Business With Chuck Levun, JD, CPA (Ep. 70)

Picking The Right Pass-Through Entity For Your Business With Chuck Levun, JD, CPA (Ep. 70)

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Pass-through entities are complex, but it’s important to pick the one that’s best for your business needs from the get-go.

In this episode, Kyle Malmstrom speaks with Chuck Levun, a partner at Levun, Goodman & Cohen, LLP, about pass-through entities today. They explain what pass-through entities are, talk about the pros and cons of S corporations, and provide a couple of cautions.

Chuck discusses:

  • How to use partnerships/LLCs to work around the tax constraints of S corporations in a tax-free manner
  • Use of partnership/LLC agreements and shareholder agreements to cover the common business and economic issues between the owners
  • Tax limitations of S corporations compared to partnership/LLCs
  • IRS updates
  • And more

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About Our Guest:

Charles R. Levun, JD, CPA, is a partner in the Chicago-area law firm of Levun, Goodman & Cohen, LLP. He is also the consultant to the CCH Partnership Tax Planning and Practice Guide, for which he was the co-author of the monthly “Partner’s Perspective” column for its entire term of publication (1987-2020), and was an Adjunct Professor of Law at the Illinois Institute of Technology Chicago Kent Graduate Tax Program (1985-2019 program termination) and Editor-in-Chief of the Journal of Passthrough Entities for its entire term of publication (1998-2019). Mr. Levun received a JD from the University of Chicago Law School and a BS in Accounting from the University of Illinois. He is a past chair of the Partnerships and LLCs Committee of the American Bar Association’s Section of Taxation, the Chicago Bar Association’s Federal Taxation Committee and the Federal Taxation Section Council of the Illinois State Bar Association, and is a Fellow and past Regent in the American College of Tax Counsel. Mr. Levun has been chair of the faculty and co-sponsor of the Partnership, LLC & S Corporation Tax Planning Forum and the “Fundamentals of Flow-Through” Tax Seminar since their inception.
Section 1202: How Business Owners Can Save Millions of Dollars in Taxes (Ep. 67)

Section 1202: How Business Owners Can Save Millions of Dollars in Taxes (Ep. 67)

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Section 1202 of the IRS code can potentially save eligible business owners millions of dollars in taxes. However, it is an underutilized section as few business owners know how to successfully implement this strategy.

In this episode, Roby Kotcamp and Kyle Malmstrom explain what Section 1202 entails, the primary eligibility criteria for QSBS (qualified small business stock) transactions, and the major tax benefits involved in the process.

Roby and Kyle discuss:

  • Three types of business owners that can benefit most from QSBS transactions
  • Important dates that affect the extent of your tax exemption
  • How to minimize your federal and state income tax as well as your estate tax
  • Why you should plan at least a year in advance for QSBS transactions
  • And more

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Tax-Efficient Philanthropy With Charitable Remainder Trusts (Ep. 65)

Tax-Efficient Philanthropy With Charitable Remainder Trusts (Ep. 65)

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Historically, many Americans have been quite charitably inclined.

If you are one of them, your philanthropic efforts can be optimized with Charitable Remainder Trusts (CRTs) that help you minimize your taxes when donating to your favorite organizations.

In this episode, Derek Myron and Kyle Malmstrom explain the benefits and risks of Charitable Remainder Trusts (CRTs) and why they are starting to regain their relevance in the current environment.

Derek and Kyle discuss:

  • How to determine if CRTs are ideal for your family
  • The different types of Charitable Remainder Trusts — and how to plan for them
  • How payout rates and duration impact your charitable planning
  • The types of investments that might work best within CRTs
  • And more

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What It’s Like To Sell a Business With Our Client Doug Pate (Ep. 62)

What It’s Like To Sell a Business With Our Client Doug Pate (Ep. 62)

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Selling a business is a complex process. You need to tackle several types of taxes. You need to effectively invest the proceeds. Finally, you also need to overcome the emotions of letting go of your business.

In this episode, Kyle Malmstrom interviews Doug Pate, a client of Centura Wealth Advisory (Centura) who recently sold his business, International Surf Ventures Inc., after growing it for 17 years.

Doug discusses:

  • His personal experience of navigating a business exit
  • How CLATs helped him save seven figures in taxes and achieve his charitable goals
  • Why wealth protection is as important as growing your wealth
  • Centura’s involvement in his wealth management (including alternative investments)
  • And more

Resources:

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About Our Guest:

Doug Pate co-founded ISLE with his best friend, Marc Miller. Doug and Marc share a lifelong passion for the ocean and the sports that surround it. In their first four years of business, they sold surfboards online. At the time, there was no direct-to-consumer surfboard company, and by default, they became the industry’s pioneers. In 2008, they shifted their focus from surfboards to stand up paddle boards as a way to help more people get on the water across the country.

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.

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