Tag: Tax Optimization
Using QTIPs to Save on State Taxes…Even In California! (Ep. 109)

Using QTIPs to Save on State Taxes…Even In California! (Ep. 109)

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QTIPs can do more than just clean your ears. They can provide another option in estate planning and tax strategies.

Join Bryan Schick and estate and trust attorney Daniel Stolfa on “Live Life Liberated” as they unravel the intricacies of Qualified Terminable Interest Property (QTIP) trusts. This episode dives into the world of QTIP trusts, a vital estate planning tool, especially for high-net-worth individuals in states with high taxes like California. Listen as Daniel shares his extensive experience with estate and taxation strategies, offering insights on how to optimize estate and income tax advantages through intelligent planning.

Bryan and Daniel discuss:

  • What exactly is a QTIP trust? [00:01:33]
  • Challenges faced by California residents with state taxes. [00:04:27]
  • How QTIP can aid tax and estate planning. [00:02:56]
  • The role of state domicile in QTIP benefits. [00:13:02]
  • Important considerations and common pitfalls in setting up a QTIP. [00:19:11]

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About Our Team:

Bryan Schick joined Centura in July of 2024 as a Vice President of Insurance & Strategy. A background in accounting and mergers and acquisitions led Bryan to a career in the financial services industry. Prior to joining Centura, Bryan held senior leadership roles in large life insurance distribution groups as well as life insurance companies. Using his knowledge of the drivers in both the finance and insurance sectors, along with my deep experience in risk analysis, design structure and relationship management, he creates planning solutions for families while ensuring alignment between all the parties involved.

Dan Stolfa joined Centura Wealth Advisory in October 2024 as a Senior Wealth Advisor. With a background in law and accounting, Dan transitioned into the financial services industry 20 years ago, building a distinguished career working with families, business owners, executives, foundation leaders, board members, interim CFOs, trust fiduciaries, EOS Implementers, and high-net-worth individuals nationwide. He specializes in identifying and implementing solutions for financial planning, succession planning, and wealth management needs.
Unlock Wealth You Didn’t Know You Had with Eric P Wallace (Ep. 105)

Unlock Wealth You Didn’t Know You Had with Eric P Wallace (Ep. 105)

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Are you leaving money on the table?

If you’re a high-net-worth family or business owner, hidden tax savings could add up to millions in your real estate or business. 

But how do you find them?

This week on Live Life Liberated, Derek Myron sits down with tax professional Eric P Wallace to talk about strategies that unlock significant financial opportunities. They cover everything from speeding up real estate depreciation with cost segregation to revisiting past expenses and finding missed deductions through Tangible Property Regulations (TPRs). 

If you’re looking for practical, powerful ways to maximize your wealth and fine-tune your financial plan, this release is worth a listen!

Talking points include:

  • Cost Segregation: Accelerate depreciation of real estate components to uncover immediate six- or seven-figure deductions
  • Tangible Property Regulations (TPRs): Reclaim missed deductions retroactively by scrubbing your depreciation schedule for improperly capitalized expenses
  • Change in Accounting Methods & Private Letter Rulings (PLRs): Unlock significant tax deferrals with IRS-approved adjustments, ideal for businesses generating $50M+ in revenue
  • Collaboration with CPAs: How niche specialists complement your existing CPA relationship to uncover hidden opportunities
  • Real-Life Success Stories: Learn how clients across industries—from construction to fast food—discovered millions in missed tax savings
  • And much more!

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