Tag Archives: Tax Planning

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



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



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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Centura Client Experience from Retired Executives Point of View (Ep. 64)



Chuck and Mary Ann Cox became clients of Derek Myron, Managing Director of Centura Wealth Advisory (Centura), in 2004. After 18 years of wealth management and financial planning, Derek continues to serve Chuck today (unfortunately, Mary Ann passed away in 2018).

In this episode, Derek Myron interviews Chuck Cox, a retired executive, about his client experience at Centura. Chuck provides insights into the wealth management approach adopted by Centura and how it has improved his financial well-being over the years.

Chuck discusses:

  • The challenges he and Mary Ann faced while managing wealth on their own
  • How Centura advisors helped him in estate planning, tax planning and balance sheet optimization
  • How alternative investments contributed to his financial goals
  • Why he was able to assist in his daughter’s business without taking a hit on his own financial position
  • 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.


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



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.


Centura Client Experience from Retired Executives Point of View (Ep. 60)



Aubrey Serfling and Lori Long have worked with Centura Wealth Advisory (Centura) as clients for over eight years now. Despite being retired executives today, they continue to work on their charitable endeavors.

In this episode, Derek Myron interviews Aubrey and Lori about their client experience at Centura. They share insights into their wealth management journey which includes comprehensive tax planning, estate planning, balance sheet optimization, and cash flow planning.

Aubrey and Lori discuss:

  • Major pain points they uncovered during their discovery process
  • How they have benefited from trusts (e.g. CLATs) and various alternative investments
  • Balance sheet items that caused maximum problems — and how they addressed them
  • Their advice to executives who are trying to manage wealth on their own
  • And more

Resources:

Connect With Centura Wealth Advisory:

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.




44. How To Optimize Retirement Plan Distributions (In Light of Proposed Tax Changes) — Part Two



The Build Back Better Act has recently been passed by the U.S. House of Representatives.

While it is yet to become a law, there are steps you can take today to minimize the legislative proposal’s impact on your wealth transfer, in case it is passed.

In this episode, Derek Myron and Kyle Malmstrom dive into the potential tax implications of the proposal for retirement plan owners. They also share how they are helping clients at Centura Wealth Advisory to prepare for these expected tax changes.

Derek and Kyle discuss:

  • Why they believe the new proposal to be an “assault on the U.S. retirement plans”
  • People who might be severely affected by this potential tax law change
  • How existing wealth transfer strategies might become obsolete under the new proposal
  • Best practices to minimize your estate taxes
  • And more

Resources:

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42. How To Optimize Retirement Plan Distributions (In Light of Proposed Tax Changes)



Over the years, you may have accumulated a large sum of wealth in your retirement accounts.

But withdrawing that money tax-efficiently can feel like a challenge, especially under proposed tax changes currently being discussed.

In this episode, Derek Myron and Kyle Malmstrom discuss how the expected estate tax changes may potentially affect your retirement plan distributions, and share effective strategies to help you transfer your accumulated wealth to your desired beneficiaries in a tax-efficient manner.

Derek and Kyle discusses:

  • A brief overview of the proposed Build Back Better Act
  • Different ways to take your money out of Individual Retirement Accounts (IRAs)
  • “Live-on” assets versus “leave-on” assets — what is better for you
  • Reasons to start planning your wealth transfer as early as possible
  • And more

Resources:

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38. AB-150: What Is It and How Does It Impact Your Taxes? With Ken Van Damme



On July 16th, 2021, California governor Gavin Newsom passed Assembly Bill 150. One of the key components of this bill is the Small Business Relief Act, which has the potential to reduce your taxable income.

In this episode, Kyle Malmstrom speaks with Ken Van Damme, tax partner at Ernst and Young, about what the AB-150 entails. They discuss creative strategies to leverage this new law to optimize your individual taxes, while highlighting the various risks involved.

Ken discusses:

  • The eligibility criteria to qualify for AB-150’s tax provisions
  • How you can start preparing for the new tax law until the federal guidelines are released
  • Tips to avoid overpaying in non-refundable taxes
  • The impact of AB-150 on multi-state entities
  • And more

Connect With Kenneth Van Damme:

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About Our Guest:

Kenneth Van Damme is a California CPA with more than 28 years of tax advisory experience. He is a partner in the San Diego office of Ernst and Young as part of the firm’s Private Client Services group. Prior to rejoining EY in 2018, Ken had co-founded and built a very successful CPA firm in San Diego for 17 years known as RPR Partners. Ken has extensive tax consulting experience with structuring real estate and company transactions as well as income tax and estate tax planning for individuals. He is a member of the American Institute of Certified Public Accountants and has a Bachelor’s degree from Western Michigan University and Masters degree from San Diego State University.


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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