Tag Archives: Tax Planning

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

Connect With Centura Wealth Advisory:


36. Leveraging Real Estate as Part of Charitable Planning With Wendy Beerbower



Have you ever thought about donating real estate?

Not only can it minimize your capital gains taxes, but also help you amplify the impact of your charitable contributions in the community.

In this episode, Dana Levin, client Relationship Manager at Centura’s Philanthropic Strategies, speaks with Wendy Beerbower, Senior Vice President at Eisenhower Health Foundation. They explore a variety of simple and tax-efficient ways to donate real estate (or other highly appreciated assets) to the charities you care about deeply.

Wendy discusses:

  • Why current market conditions and existing tax laws are optimal to donate real estate
  • How to use charitable remainder trusts (CRUTs) to donate real estate without losing your continuous income stream
  • Ways to leverage retained life estates for a tax deduction for a future gift
  • Tips for nonprofit leaders to attract more real estate donors
  • And more

Connect With Wendy Beerbower:

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About Our Guest:

Wendy Beerbower is the Senior Vice President –– planned and major gifts at Eisenhower Health Foundation, where she has been making an impact for the past four and a half years. Wendy has an interesting background holding a real estate license since 2007, and having worked in real estate at Coldwell Banker and in the FinTech and financing space with EquityKey, in both real estate and nonprofit. She is experienced in all facets of business development process management, including strategic planning, effective people management, and innovative marketing solutions.


34. Minimizing Taxes Through Cost Segregation With Isaac Downing



Are you aware of how cost segregation (Cost Seg) can minimize your taxes? It helps you reduce your tax liability by accelerating depreciation on real estate assets.

In this episode, Sean Clark, Director of Planning, interviews Isaac Downing, Regional Director at Capstan Tax Strategies, and an expert in the cost segregation landscape. Isaac explains how to understand the different components of cost segregation and discusses how you can implement it effectively to optimize your taxes.

Isaac discusses:

  • How to categorize assets into different buckets based on their depreciable lives
  • The ideal time to utilize cost segregation
  • Ways in which the Tax Cuts and Jobs Act affected cost segregation
  • What bonus depreciation is – and the associated tax benefits
  • And more

Connect With Isaac Downing:

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About Our Guest:

Over the last decade, Isaac Downing has played every role in the cost segregation industry – he’s been an engineer performing studies, an accountant reviewing studies, and a salesperson selling studies. A proud Marine, Isaac spent 4 years as a USMC Engineer, and then earned an additional degree in Accounting and Finance. After a stint managing over $3B worth of fixed assets for a luxury hotel REIT, he began performing cost segregation projects in-house. Now he’s bringing that wealth of experience – and the associated unique perspective — to Capstan Tax Strategies.


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

Connect With Charles Levun:

Connect With Centura Wealth Advisory:

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.


Episode 30 – How Peer Advisory Groups Help You Learn From Fellow Business Leaders –– With Joe Phillips of The BEST CEO Group



When business leaders from different industries come together, it can lead to a diverse set of perspectives that challenge you to think differently, and help you make better decisions. 

In this episode, Derek Myron is joined by Joe Phillips, founder and chairman of The BEST CEO Group. With nearly 23 years of experience in running businesses all over the world, Joe shares how he coaches and mentors several CEOs to improve their leadership skills and business acumen through his highly exclusive peer advisory group.

You will learn:

  • What Joe’s three peer groups are all about – and how they serve CEOs and their key employees
  • How a diverse group of businesses can help you broaden your scope of knowledge
  • Why sharing your issues with fellow executives can be highly impactful
  • What differentiates The BEST CEO Group from other peer advisory groups
  • And more!

Tune in now to learn how you can glean insights from fellow business leaders and enhance your leadership skills!

Resources: Centura Wealth Advisory: (858) 771-9500 | Derek Myron on LinkedIn | Joe Phillips on LinkedIn | The BEST CEO Group | Contact Joe Phillips at: Joe@thebestceogroup.com


Episode 28 – Finding the Right Insurance P&C Coverage for Your Business –– With Pamela Holden of Alliant Insurance Services



Insurance is a necessary risk management tool, but many business owners struggle with finding the right coverage, carrier, and riders, to meet their unique business.  But when a claim happens, who is on your side to navigate the complex and often misunderstood claims process?

In this episode, Jonathan Freeman is joined by Pamela Holden, Vice President at Alliant Insurance Services. With experience in law, accounting, and insurance, Pamela shares her expert insights on effective risk management strategies to help business owners get the best coverage for their needs.

You will learn:

  • How failing to focus on small details can cost you millions of dollars
  • Why you, as a business owner, should talk directly to the underwriters about your insurance needs
  • Why you should verify that brokers have a variety of subject matter experts on their team
  • Business risks posed by COVID-19 and ways to deal with them
  • And more!

Tune in now to discover best practices to minimize your business risk through insurance!

Resources: Centura Wealth Advisory | Jonathan Freeman on LinkedIn | Pamela Holden on LinkedIn | Contact Pamela: (858) 692-6945 | Email: pam.holden@alliant.com | Alliant Insurance Services, Inc. | Live Life Liberated, Episode 12 – Manage Business Risk with Potential for Financial Upside – With Guest Mark Sims of Captive Alternatives


Episode 27 – ESOPs as a Powerful Exit Planning Tool –– With Roy Farmer of Business Transition Advisors — Part 1



Selling your business to private equity firms might get you the highest sale value. But, it might not be ideal for your employees.

In part one of this two-part series, join Kyle Malmstrom and Roy Farmer, Managing Director at Business Transition Advisors, as they talk about a highly effective tool for exit planning –– Employee Stock Ownership Plans (ESOPs). They also discuss the key advantages offered by an ESOP and at what point is it the most suitable option for your business exit.

You will learn:

  • How to ensure that your employees are taken care of after you exit the business
  • The major tax benefits of an ESOP that could potentially save you millions in federal and state taxes
  • Ways to maintain control over your business even after you’ve sold 100% of your stock
  • How the benefits of an ESOP outweigh the costs involved
  • How ESOPs often end up with a significant competitive advantage due to tax savings
  • And more!

Tune in now to learn how an ESOP can benefit you, your company, and your employees!

Resources: Centura Wealth Advisory | Kyle Malmstrom on LinkedIn | Roy Farmer on LinkedIn | Contact Roy: (208) 761-3612 | Business Transition Advisors | An Introduction to ESOPs by Scott Rodrick


Episode 26 – Looking at the M&A Landscape Through a Legal Lens –– With Paul Johnson of Procopio



Most business owners don’t realize the importance of compliance until they take their business to the market and are bombarded with questions from prospective buyers.

In part three of our M&A series, Derek Myron joins Paul Johnson, partner at Procopio, to discuss the key legal aspects of every M&A deal. Join them as they address the common complications that may arise, from a legal and compliance standpoint, while selling your business. They also provide several tips to help you get everything in order well before the time of the sale.

You will learn:

  • The expected market trends for 2021 – and various business and legal risks posed by COVID-19
  • How a potential increase in capital gains taxes might affect your business decision
  • Reasons to start preparing at least 12 months prior to the sale
  • How the initial price on a Letter of Intent (LOI) can decrease subject to multiple factors
  • The importance of consulting a lawyer that specializes in M&A instead of your general counsel
  • And more!

Tune in now to gain a deeper understanding of the legal components of M&A!

Resources: Centura Wealth Advisory | Derek Myron on LinkedIn | Paul Johnson on LinkedIn | Procopio