Tag: Tax Planning

Exit Readiness: How to Prepare Your Business for Sale with Andrea Steinbrenner (Ep. 96)

Exit Readiness: How to Prepare Your Business for Sale with Andrea Steinbrenner (Ep. 96)

Most business owners, when asked about their timeline for exiting their business, often say it will take five years.

When you ask the same question again next year, guess what they say? Five years!

Without proper guidance and planning, you may be tempted to kick the can down the road until it’s too late.

Listen in as Zoe Singh, CFP®, Wealth Advisor at Centura Wealth Advisory, and Andrea Steinbrenner, CEO of Exit Consulting Group, share the process for an effective business exit so you can be ever-ready to transition smoothly into the next chapter of your life.

Zoe and Andrea discuss:

  • The ideal time to start your exit planning for significant tax benefits
  • The three stages of exit readiness
  • Latest market trends affecting the M&A space (especially private equity)
  • The sales process and timeline from initial business valuation to the final transaction
  • How do internal sales (family members, partners, key employees, etc.) differ from external sales (strategic buyer, PE firm, etc.)
  • And more

Connect with Zoe Singh:

Connect with Andrea Steinbrenner:

Connect with Centura Wealth Advisory:

About Our Guest:

Andrea Steinbrenner is the Chief Executive Officer at Exit Consulting Group, Inc. (ECG). An experienced, versatile executive who has worked across a multitude of industries throughout her career, Andrea’s objective is to leave businesses better than she finds them and works hard to provide her clients and companies with the best possible outcome.

Andrea began her career in the Midwest, working her way up the managerial ladder in the retail industry. After marrying a naval officer, she attended San Diego State University and earned a Bachelor’s in accounting. She then worked for TGG Accounting, a mid-sized, outsourced accounting firm. And quickly rose through the ranks to become a fractional CFO working in a number of industries, including construction, manufacturing, retail, professional services, financial services, cannabis, hospitality, franchises, and e-commerce sectors, among others. 

Deciding to take her career in a slightly different direction, Andrea became the VP of Operations and grew the company from less than 100 clients to over 250. After receiving an EMBA, Andrea left her position and started Canopy Consulting, a business consulting firm. She was referred to Exit Consulting Group (ECG) as a consultant in 2019 and is transitioning to CEO in October 2022.

How to Lower Your Capital Gains Taxes with Adam Buchwalter (Ep. 94)

How to Lower Your Capital Gains Taxes with Adam Buchwalter (Ep. 94)

Some states (like California, New Jersey, and New York) charge significant capital gains taxes. 

However, there are 8 states that have zero capital gains tax!

This disparity creates some tax planning opportunities for people living in highly taxed states.

Tune in to Derek Myron’s conversation with Adam Buchwalter, Partner at Wilson Elser, about effective tax-saving strategies for high-net-worth individuals, founder-led business owners, and C-level executives who want to reduce their capital gains taxes from a large liquidity event.

Adam and Derek discuss:

  • The benefits of setting up a non-grantor trust in a state with lower tax rates
  • ING Strategies and their tax implications
  • Why the same strategy may not work in New York or California (and what to do instead)
  • Tax advantages of QTIP Trusts
  • And more

Resources:

Connect with Adam Buchwalter:

Connect with Derek Myron:

Connect with Centura Wealth Advisory:

About Our Guest:

Adam Buchwalter is engaged in the practice of estate and tax planning, including developing strategies for limiting estate and income taxes, providing for a disabled child, selecting fiduciaries to manage one’s affairs, and setting up ancillary documents including powers of attorney and advance directives for health care. Adam’s practice also deals with all aspects of estate administration, from probate and gathering assets to preparing estate tax returns and distributing assets to the estate’s beneficiaries.

Our Proprietary Liberated Wealth® Process for Ultra-High-Net-Worth Clients (Ep. 93)

Our Proprietary Liberated Wealth® Process for Ultra-High-Net-Worth Clients (Ep. 93)

Are you ready to dive into the world of proactive and comprehensive wealth management designed to help ultra-high-net-worth individuals achieve exponential results?

In this episode, Sean Clark speaks with Derek Myron, founder, CEO, and managing director of Centura Wealth Advisory (Centura), about the innovative Liberated Wealth® process. Discover the five-step journey Centura’s clients embark on, from uncovering their goals to designing personalized strategies, implementing solutions, and ongoing stewardship to ensure continued success.

Sean and Derek discuss:

  • Sophisticated planning for founder-led business owners and C-level executives
  • Differentiating “above-the-line” planning for exponential results
  • The importance of ongoing stewardship and annual review processes
  • How Centura delivers a white glove treatment at every step
  • Centura’s collaborative approach and referral system for advisors and other professionals
  • And more

Resources:

Connect with Sean Clark:

Connect with Derek Myron:

Connect with Centura Wealth Advisory:

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

Connect with Sean Clark:

Connect with Christopher Hyman:

Connect with Centura Wealth Advisory:

Tax Countdown: Planning for the Expiration of the TCJA (Ep. 90)

Tax Countdown: Planning for the Expiration of the TCJA (Ep. 90)

In 2017, the Tax Cuts and Jobs Act (TCJA) introduced some significant changes to tax laws, both on the income and estate side.

Now, as we approach its expiration on December 31st, 2025, it is important to plan for the looming tax changes!

Join our senior wealth advisors Matt Griffith, CFP®, and Roby Kotcamp, CFP®, as they unpack the potential tax changes and their implications for high-net-worth individuals and business owners.

Matt and Roby discuss:

  • How income tax rates and deductions might be affected
  • Expected changes in the lifetime exemption for estate and gift tax
  • Strategies that may help you take maximum advantage of the prevailing tax laws
  • Why you should act now instead of waiting until 2025
  • And more

Resources: 

Connect with Matt Griffith:

Connect with Roby Kotcamp:

Connect with Centura Wealth Advisory:

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

Connect with Kyle Malmstrom:

Connect with Christopher Hyman:

Connect with Centura Wealth Advisory:

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

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

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:

Connect with Kyle Malmstrom:

Connect With Sean Clark:

Connect With Centura Wealth Advisory:

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

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

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:

Connect with Kyle Malmstrom:

Connect With Roby Kotcamp:

Connect With Centura Wealth Advisory:

The QPRT Strategy: How to Reduce Estate and Gift Taxes (Ep. 82)

The QPRT Strategy: How to Reduce Estate and Gift Taxes (Ep. 82)

While passing on your wealth to future generations, you might want to make it as estate tax-efficient as possible.

If your estate amount exceeds the estate tax exemption limit, a Qualified Personal Residence Trust (QPRT) might be for you.

In this episode, Seth Meisler, CFA, CFP®, CPA/PFS, MBA, Senior Wealth Advisor, and Samantha Lawrence, CFP®, Associate Advisor, discuss how the QPRT strategy can help reduce your wealth transfer taxes.

Seth and Samantha discuss:

  • How a QPRT works and the process for setting it up
  • The major tax benefits involved (estate and gift)
  • Who is the ideal candidate for the QPRT strategy
  • Potential risks related to QPRTs that you should keep in mind
  • And more

Connect with Seth Meisler:

Connect with Samantha Lawrence:

Connect With Centura Wealth Advisory:

How to Achieve Tax Efficiency With Private Placement Life Insurance With Christopher Hyman (Ep. 81)

How to Achieve Tax Efficiency With Private Placement Life Insurance With Christopher Hyman (Ep. 81)

High-net-worth and ultra-high-net-worth individuals are often focused on protecting and growing their wealth while minimizing taxes. However, not all of their assets generate “tax-efficient” income.

This is where private placement life insurance (PPLI) can come into play.

In this episode, Derek Myron interviews Christopher Hyman, Director of Insurance Solutions at Centura Wealth Advisory. They explain how PPLI serves as a tax-efficient way to grow assets from taxes while offering high flexibility and low fees, as well as providing death benefit protection.

Derek and Chris discuss:

  • How PPLI works and who it is best suited for
  • PPLI’s major tax advantages for high-net-worth individuals (net worth above $10 million)
  • Potential risks in PPLI that investors should know about
  • How PPLI can be highly personalized to meet client-specific needs
  • And more

Connect with Derek Myron:

Connect with Christopher Hyman:

Connect With Centura Wealth Advisory:

About Our Guest:

Chris has been in the financial services industry for over fifteen years, nine of those serving ultra-affluent families and privately held businesses. As Director of Insurance Solutions, Chris is responsible for modeling in-depth customized planning solutions that fit the diverse needs and goals of Centura clients, as well as assisting in the ongoing stewardship of those plans. Before joining Centura, Chris served as the sole Case Design specialist for an advisory member firm of M Financial Group, where he developed life insurance solutions for high net worth clients, geared toward estate planning, tax efficiency, and executive compensation.

Chris earned his Bachelor of Science (B.S.) in Accounting from the University of Delaware. He resides in Wilmington, Delaware with his wife Amanda, and their three children. His primary joy is spending time with family and friends. He also enjoys reading, fitness training, outdoor activities, and traveling to the shore.