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

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

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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

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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)

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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

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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.
Centura Client Experience from the View of a Retired Business Owner (Ep. 80)

Centura Client Experience from the View of a Retired Business Owner (Ep. 80)

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Are you thinking about selling your business? Do you feel overwhelmed and unsure about the process?

In this episode, Derek Myron interviews Donovan Weber, who recently sold his business to an international conglomerate. Donovan shares the planning process he went through at Centura Wealth Advisory (Centura) before and after selling his business, the things he discovered along the process and how it helped him achieve his goals.

Donovan discusses:

  • What it’s like to move through Centura’s Liberated Wealth® process
  • How Centura helped him navigate charitable planning and tax efficiency
  • How alternative investments have benefited his overall portfolio
  • His advice for business owners who haven’t considered an exit strategy yet
  • 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.
Private Equity Investment Opportunities in India (2023 Edition) With Manu Rikhye (Ep. 79)

Private Equity Investment Opportunities in India (2023 Edition) With Manu Rikhye (Ep. 79)

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With its young population, strong tailwinds, and supportive political regime, India might be the next bright spot for investors.

In this episode, Chris Osmond, Chief Investment Officer speaks with Manu Rikhye, partner at GrowX Venture Management and Merak Ventures, about the Indian investment landscape and how to navigate the risks. Join them to learn about diversifying your portfolio outside of the U.S. markets, especially in private equity.

Chris and Manu discuss:

  • Major trends that are driving private equity investment opportunities in India
  • Sectors in India that are experiencing the most momentum 
  • Increasing interest of US firms in India’s venture capital ecosystem
  • Centura Wealth Advisory’s rigorous approach to due diligence for identifying top-tier asset managers
  • And more

Resources:

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About Our Guest:

An accomplished professional with 16 years of all‐round contribution in financial services, Manu has extensive experience in the offshoring industry and distressed debt management space – with expertise in core business strategy, M&A, and inspirational leadership. A founding member of the Midland Credit Management India Pvt. Ltd, a wholly owned subsidiary of US-based Encore Capital Group, he was responsible for strategy, business plans, budgets, and P&L for the India Debt Recovery Operations for Encore’s US, UK and Australia & New Zealand portfolios. In 2015, Manu led the acquisition of Baycorp, a leading debt purchasing and contingency collections company based in Australia and New Zealand. Prior to Encore, Manu has worked with established brands including Global Vantedge and GE Capital International Services.
Centura Client Experience: Exiting a Business (Ep. 78)

Centura Client Experience: Exiting a Business (Ep. 78)

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The sale of a business represents not only the culmination of years of hard work and dedication but also a unique opportunity to amass considerable wealth.

With so much at stake, having a specialized wealth management team in your corner can make a significant difference!

In this episode, Derek Myron speaks with Jimmy Page, who recently sold his business. Jimmy shares his experience of working with Centura Wealth Advisory (Centura) and how it has benefited his wealth management. 

Jimmy discusses:

  • When is the ideal time to start planning your business exit
  • The importance of having a collaborative team of professionals (financial advisors, CPA, estate planning attorneys, etc.)
  • How Centura helped him navigate alternative investments
  • His advice on what to look for in a professional wealth management team
  • 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.
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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Centura Client Experience from the View of a Retired Certified Public Accountant (Ep. 76)

Centura Client Experience from the View of a Retired Certified Public Accountant (Ep. 76)

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Krista Schmitt, a retired CPA, has spent nearly 30 years working for a Fortune-500 company in the area of accounting and financial information systems.

Despite her financial background, she knew she wanted to lean on an expert and decided to work with Centura Wealth Advisory (Centura) and has been a client of Derek Myron, Managing Director, for nearly two decades!

In this episode, Derek interviews Krista about her experience as Centura’s client moving through the Liberated Wealth® Process.

Derek and Krista discuss:

  • Why Krista started to feel that investing only in a 401(k) wasn’t enough
  • Her exposure to alternative investments as Centura’s client (and how it impacted her portfolio)
  • The benefits of working with a well-coordinated and trusted team of professionals
  • The best place to start if you do not have a team of advisors yet
  • And more

Resources:

Connect with Derek Myron:

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.
Centura Client Experience from the View of a Lifelong Entrepreneur and Business Owner (Ep. 69)

Centura Client Experience from the View of a Lifelong Entrepreneur and Business Owner (Ep. 69)

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After moving from China to the US in 1989 to pursue his Ph.D. in psychology at UCSD, Tony Chen transitioned from an academic in post-doctorate studies to business — becoming a lifelong entrepreneur and business owner.

Fast forward to 2019, when Tony considered exiting his business and became a client of Matt Griffith, CFP®, Senior Wealth Advisor at Centura Wealth Advisory (Centura).

In this episode, Matt interviews Tony about his experience as Centura’s client moving through the Liberated Wealth Process®.

Matt and Tony discuss:

  • Tony’s personal and professional background as a lifelong entrepreneur
  • What pre- and post-LOI planning looked like for Tony’s business sale
  • The importance of having a professional team in place
  • How Centura’s team guided Tony through wealth management (including alternative investments)
  • Tony’s advice for business owners contemplating a future business sale
  • And more

Resources:

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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.
How To Cut Your Tax Bill by Navigating the Cap on SALT Deductions (Ep. 68)

How To Cut Your Tax Bill by Navigating the Cap on SALT Deductions (Ep. 68)

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In 2017, the state and local tax (SALT) deduction was capped. This severely impacted the taxes for many people, especially the high-income earners in high-income-tax states.

In this episode, Roby Kotcamp and Derek Myron talk about the provisions that many states are offering, including California, to help taxpayers minimize the impact of the SALT deduction limit.

Roby and Derek discuss:

  • The evolution of SALT deductions — and the latest changes expected to stay until 2026
  • What type of business owners can benefit most from the deduction
  • Key deadlines you should be aware of to take advantage of the deduction in 2023
  • How Centura works closely with CPAs to help clients navigate the SALT deduction
  • And more

Resources:

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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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Connect With Kyle Malmstrom:

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