Interviews with the Artists, Entrepreneurs, Experts and Commentators in and around NYC.
New York, NY
There are plenty of LESSONS FROM GENE HACKMAN'S ESTATE PLANNING. https://youtu.be/HZI4oiP0ZtM It's a cautionary tale about managing changing circumstances. Proper implementation and monitoring has to be in place. Periodic reviews of the documents, asset titling, and staffing of the fiduciary roles are a must. Finally, understanding the family dynamics and desire for confidentiality are vital in putting the estate plan in place. The disposition of $80 million was at stake here. LAWRENCE D MANDELKER, Partner at the NEW YORK OFFICE OF VENABLE, and I discussed the fact pattern, what could have been avoided, and points to take away in one's own affairs. https://open.spotify.com/episode/1ndlYCQRiAokJ4FyATL9Te Transcription Frazer Rice (00:02)Welcome aboard, Larry. VENABLE ARTICLE ON GENE HACKMAN'S ESTATE Lawrence D. Mandelker (00:04)Thanks for having me, Frazer. Frazer Rice (00:05)This is, I wouldn't say it's fun talking about someone's estate, but this one's particularly interesting. We all remember Gene Hackman from Hoosiers and Superman and Mississippi Burning and all sorts of great movies. Unfortunately, his end was sad and as it turns out, Gene Hackman's Estate was complicated and public. From a planning perspective, we can learn a lot. ⁓ Take us through a little bit about where where Gene's estate kind of went from and ended up as far as a fact pattern. Fact Pattern in Gene Hackman's Estate Planning Lawrence D. Mandelker (00:37)Sure. So, you know, the news sort of surprised all of us when we heard that he had died. And then over the next couple of days and weeks and even months, more more detail came out. And as you said, it was pretty disturbing. But it seems as though Gene Hackman was a very successful ⁓ actor and he engaged in estate planning. Gene worked with attorneys, which is always a good thing to do it to work with people who are experts in the field And he had a you know a normal estate plan. He lived with his wife It seems like he had a little bit of a fractured family. It was not his first marriage. We learned after he signed his estate planning documents sort of things over the next 20 years sort of changed for him he He had some health issues. He was suffering from advanced dementia at the time he died and as we know his wife died from a virus apparently a week before. Then as the details came out we learned that he had the advanced dementia. There was a fractured family the the wife and his kids did not get along so well. It's unclear what the situation was with how much contact he did have with his children. But he had a will, he had signed it 20 years before he died. The facts changed. It looks like he hadn't reviewed it in a while. His attorney died so we have a sad situation here. Frazer Rice (02:12)Many lessons to get from that. Let's start with the first one. He definitely had ⁓ sort of dementia situations, cognitive dysfunction that eroded over the course of time. Maybe take us through a little bit about the scope of that issue. mean, it affects lots of people and a growing number every year and some things that should be in place because of that. Lawrence D. Mandelker (02:38)Yeah, you know, we all think we've got a lot of time and for someone who gets a diagnosis of dementia It's sort of a warning sign as soon as that happens that, you know, we never know when our time is going to come, but the dementia is sort of the warning. You know, maybe you're entering the second half of the game or the fourth quarter of the game. So maybe you should start getting your affairs in order while you still can. So it's a good ⁓ impetus to do that. You know, when we're looking at estate planning, there's, you you can do different types of estate planning, but really think about it as, you know, you can do it for yourself. You can do it- your loved ones and then you know for depending on the nature of your assets you can do it for tax purposes but you know getting ...
US/UK TAX PLANNING with ALEX JONES, Partner at London Tax Firm, RAWLINSON-HUNTER https://youtu.be/UjgQRpfqJ-E Thousands of Americans live and work in the UK and record numbers of them are applying for British citizenship. Planning for taxes for these folks has always been challenging, but in 2024, with the change in the non-DOM rules, it's gotten even more difficult. To help us understand what's happening here and to try to identify some of these issues is ALEX JONES. He's a partner at Rawlinson Hunter, the British tax firm. Enjoy. Outline 00:00 Understanding UK Tax Law Changes for US Citizens07:00 Navigating Residency and Tax Implications11:49 Planning for Inheritance Tax and Trusts19:51 Pre-Immigration Tax Planning Strategies30:03 Managing Double Taxation and Tax Credits https://open.spotify.com/episode/4Hmqaalhjk3NklfMCWNd4X?si=8e45eac2d2f247cc Transcript of US/UK Tax Planning Frazer Rice (00:04) Well, we have certainly had a lot of news with British tax law changing. And for those of us here in America who may or may not be part of getting to Europe in a major way and in the UK in a more permanent way, maybe give us a little overview of ⁓ A, what happened, but more specifically, how the UK thinks of US citizens, which can take different forms. Alex Jones (00:31) Let's start with the back end of that question, how we regard Americans. So from a tax point of view, clearly what we're really saying is how do we regard Americans who are exposed to UK taxes? And typically that means Americans who are here. Like most countries in the world, the UK will tax people on UK sources of income. If somebody has a trade or business operating in the United Kingdom, we're going to try and tax it whether they are here or not. But if the US individuals physically in the United Kingdom, then the UK is going to try and tax them in a number of different ways, which I'll talk about in a second. The pause is really just to emphasize the fact that they're American. So a US citizen or US green card holder is going to be US worldwide taxable, whether they live in America or not. So America is going to look at everything everywhere in an American way in dollars in a calendar year. And at exactly the same moment in time, albeit in the UK we have a different tax year end. Our year end is a rather crazy 5th of April year end. Exactly the same amount of time the UK is going to look at exactly that same person and say, hey, what are we going to tax? And so you're starting with the premise that both countries are fighting over who gets the tax first. And the first thing you have to do is look at the two sets of domestic legislation to see how to start, where the problems are, and then you start looking beyond that. In principle, the UK is going to tax people who are resident in the UK on worldwide income. So anything everywhere under UK rules, UK fiscal year, in sterling, et cetera, et cetera. And somebody who's not resident in the UK on UK-CITUS connected income only. However, the UK has long had a regime which has been known as the domicile regime or the remittance basis regime, which has been pretty well known internationally where we said, Look, if you don't originate from here, if you're a foreigner coming in for a period of time, could be indefinite, could be reasonably long, but not permanently, then we won't necessarily tax all things which are non-UK. We would tax things that you brought into the UK, remitted, but we wouldn't necessarily tax non-UK things that you didn't otherwise bring or use or benefit from in the United Kingdom. So the thing that changed in the budget that was announced at the end of October 2024 that largely came into force on the 6th of April 2025 is that we said, hey, this domicile regime, this remittance basis regime is kind of too beneficial to wealthy individuals. You have neighbors who are paying differential amounts of tax just because one person's kind of fore...
JOHANNA DAVID, Adjunct Faculty Member at Hofstra Law School is with us to talk about three estate planning mistakes and how to avoid them. Johanna is a Trusts and Estates lawyer, and a partner at Forchelli, Deegan, and Terrana. She's also the adjunct professor of law at Hofstra University. We're going to talk a little bit about mistakes that we see in estate planning and the simple things you can do to keep them away from your situation. Enjoy. https://youtu.be/gD_d9J609Vg Three Estate Planning Mistakes Chapters 00:00 The Importance of Estate Planning09:47 Common Mistakes in Estate Planning19:54 Understanding Trusts and Their Benefits24:00 Navigating Elder Care and Estate Planning Outline of "Three Estate Planning Mistakes" Frazer Rice (00:01)Welcome aboard, Joanna. Johanna C. David (00:03) -Three Difficult Planning Stories and What Can We Learn? Hi, thank you. Thank you so much for having me. I appreciate it. Frazer Rice (00:06)Well, happy to have you on because we are now, most people sort of put their estate planning off toward the end of the year, but I have a feeling given where the legislation is going, et cetera, that the crush is going to happen earlier than we think. In the meantime, you and I were talking beforehand about some mistakes that people make from an estate planning perspective and that they're very avoidable. I thought we'd take this opportunity to go into that a little bit. In your practice, maybe let's start with a couple of, or sort of the big ones that you see, ⁓ give us some ideas of some mistakes that people make that really should be avoidable. https://open.spotify.com/episode/57MMskGgp1P3fOVklGt090?si=ISap3Z_YSdqK_zg4-Dlevw Johanna C. David (00:48) - Structure and Other Planning Tactics Sure, absolutely. So the number one mistake that I think that people make is not having the proper estate planning documents. I see this happen time and time again. I don't know if it's because of the stigma. People are afraid to approach estate planning, right? Sometimes it makes your mortality very real. But the biggest estate planning mistake is not having the right documents. Everyone, everyone, I cannot stress, everyone needs to have at least a will, a power of attorney, and a healthcare proxy. And there are people that say, well, you know, I don't really have much, I don't need to do that, or ⁓ everything's gonna go directly to my husband and my children anyway. You know, that's how it works. But that's not exactly the case, right? You and I both know. So, especially if you have young children, young couples definitely want to have those things in place. You want to think about who is going to be the guardian for your child or your children if both of you pass away. And a lot of people don't think about that. And those only cause problems in the long run. I'll give you a quick example if we have time. But ⁓ Frazer Rice (02:02)⁓ please do. Johanna C. David (02:03) - Long Term Planning Issues and Avoiding Problems I remember, this was several years ago. I must have just started practicing and I had been a young attorney. So it was about 15 years ago and a woman came into the office and she and the decedent had been living together for about 30 years. They held themselves out to be married. Now, Frazer, you and I both know that New York does not recognize common law marriage. Frazer Rice (02:30)This is true. Johanna C. David (02:32) - Correcting a Big Will Mistake She was not aware of that. And so they were married for 30 years. Everything was in his name or excuse me, they were not married. They were together for 30 years, held themselves out to be married, not legally married. He owned the co-op apartment. Everything was in his name. Now he had a daughter from a previous marriage, legal marriage that was a strange. And you guessed it, our client did not get along with the daughter. So the father dies and guess who inherits the co-op that ...
We're going to be talking about the current incoherent world of US ENERGY POLICY. ANNA KRAMER joins the podcast to help us get our arms around the future of energy in the United States. Anna is a reporter for NOTUS, a non-partisan longform journalism outlet. She has written a series of stories on the the disconnect and frustration around US Energy Policy and paths forward. We talk about: The chaotic policy at the federal level (and beyond) The huge cost overruns and administrative complexity The role of nuclear The increased energy demand in this country Finally, we muse about what can be done about it going forward. https://youtu.be/3k-N-AGTNfU Outline Section 1: The US Energy Policy Transition: The Goals and the Problem. Discussing Brandon Shores Coal Plant and electricity prices in the Mid-Atlantic Region. https://www.notus.org/policy/biden-clean-energy-coal-maryland-brandon-shores https://www.notus.org/policy/electricity-prices-spiking-biden-clean-energy-transition https://www.notus.org/policy/nuclear-power-energy-crisis-cost Evidence that the transition is happening. Electrifying = efficiency. Cheap wind and solar, look at the free markets in Texas — ballooning wind and solar there The reliability, capacity, and resource problem: Needing certain amounts of energy and voltages at all times of day. Leads to keeping coal plants online past scheduled retirement dates, plus spiking prices How much do emissions and climate change goals matter to the industry? What role does nuclear energy play? Section 2: Interconnection Queues and Permitting Reform. Bipartisan and Industry wish for Permitting Reform: Why is it so hard for US Energy Policy? https://www.notus.org/policy/permitting-reform-bill-manchin-environmentalists https://www.notus.org/policy/solar-farm-culture-war-biden-climate-change Section 3: Trump's US Energy Policy “dominance agenda” disappointing every part of the energy industry. Idea is not aligning with reality. DOGE cutting into the basic functions of energy governance. https://www.notus.org/policy/doge-cuts-trump-drill-baby-drill https://www.notus.org/policy/donald-trump-tariffs-trump-energy-agenda Transcript Frazer Rice (00:01)Welcome aboard, Anna. Anna Kramer (00:03)Thanks for having me, really psyched. Frazer Rice (00:04)I went through a bunch of your articles covering the power industry and energy generation and a lot of things that are happening federally, state level, and it's going to be a lot to get our arms around, but you were the person to do it. So just generally speaking, we're at a point in time with energy and transition ⁓ that policy is moving. Maybe take us through a little bit about the goals and the problem we face. Anna Kramer (00:31)So there are sort of two, I would say, competing problems right now. ⁓ The first one is load growth, which means basically more demand on the electricity grid. And that is something that we haven't seen in this country in decades. for really around 2000 up until maybe a couple of years ago, energy demand on the grid has been fairly constant or even declining slightly. And the reason for that is that everything has become more efficient. Like every appliance you use, every light bulb, your car, everything that could possibly have a demand on the grid is more efficient than it used to be, which is awesome. There's a lot of wonderful benefits that we get from that, including the fact that for a long time utilities and transmission planners and states and the federal government have not really ever had to think about the grid or about like where you get your power aside from these sort of technical conversations that the average person doesn't really pay any attention to. That has really started to change as of the last few years. There's a large number of reasons for that. Basically for the first time in decades we have significant demand expecte...
Family Office AI has become a dominant theme at the fancy dinners where families and their advisors chart a course to incorporate new technologies. As wealthy families grapple with the risks and opportunities of AI, institutional rigor and structure hasn't kept up with the often informal world of family offices. This is a mistake High end governance must play a part in the family office AI space. https://youtu.be/n_KHB_gOc9M We're going to be talking to TIM PLUNKETT, who's the founder and managing partner of Plunkett PLLC. He advise families on structure, governance and the development of procedure around these exciting, but potentially dangerous concepts. We're going to be talking about best practices for family offices as they deal with the artificial intelligence theme. Family Office AI "When looking at AI adoption in family offices it is important to remain true to the culture, operations, reputation and underlying trust among those who built the Office in the first instance. Remain true to your principles and don't get distracted by the new toys." - Tim Plunkett Family Office AI Transcript Frazer Rice (00:01)Welcome aboard, Tim. Tim Plunkett (00:03)Hey Frasier, how are you doing? Thanks for having me. Frazer Rice (00:05)doing terrific. we're in the midst of Trump tariff season, so it's a little crazy, I'm sure for everybody. yeah. so why don't we, we're going to talk a little bit about family offices and artificial intelligence, which I think is a theme. both themes are, you know, big unto themselves, but how family offices integrate with the space. I think it's something where it's a, it's an area where family offices can be very informal and. Tim Plunkett (00:11)We're blessed. Frazer Rice (00:33)Getting some institutional rigor around them is important. And so to that end, you have a lot of broad experiences advising businesses from a governance perspective. Maybe describe your firm for a few minutes and what you do. Tim Plunkett (00:47)Sure, thanks again. I have three pillars in my firm. I can only do certain things well, so I try and limit what I do. My training is as a litigator, and so I consistently think of things always as having to explain them in front of a judge, which helps with a lot of risk, which goes along hand-in-hand with AI and governance. The second part is I've done a lot of government relations work, which is working across disciplines and organizations, trying to advocate for certain outcomes and create business environments that are efficient, compliant, ethical. Again, all that ties back to the same foundations in the world of AI. And the third component of it is, is obviously the AI work I do, which came out of working in data privacy and security over the last 10 years. The natural flow was to move towards this sector. And today my practice is Mostly helping companies learn how to implement strategies that are fair, equitable, just, but also compliant with the laws and keeping in pace with the technological change, is really at breakneck speed and an incredible place to be right now in the world of opportunities in front of all of us. It's very exciting. Frazer Rice (01:57)So when you're canvassing companies and families that are invested in them, what are the use cases that you're seeing? Tim Plunkett (02:04)So use cases are, I mean, they're kind of all over the place. you look at in terms of how do you define the practices, have, there's operational use cases. so you have use cases that are like document intelligence and automation. Sometimes in places there's expense tracking and anomaly detection. There's dashboard creation for organizational purposes. You have investment use cases for deal sourcing. portfolio risk management, alternative data, source and analysis. You have governance use cases for succession planning, philanthropic impact analysis. So there's a lot of different cases that are out there.
BARRY RITHOLTZ's new book "How Not to Invest" has received a warm reception. We talk about investing mistakes, the Trump Tariffs, and curating a good media diet. https://youtu.be/pS4f45v2iRk https://www.amazon.com/dp/1804091197/ "How Not To Invest" Transcript Frazer Rice (00:03)Welcome aboard, Barry. Barry (00:04)Well, thanks so much for having me, Frasier. Frazer Rice (00:06)Well, we are recording in the midst of chaos and disorder. We're basically in day three, trading day three of the tariffs and trying to understand all of that. But back at the matter of hand, your new book, I read it really good. I thought it did a really good job of sort of colloquially putting some process and structure around not making bad investing decisions. Tell me a little bit about the impetus for the book. Barry (00:35)Sure, so the last book, Bailout Nation, was 15 years ago when I've had a lot of friends and family say, when's the next book coming? And, you know, I had a little, like, hey, that was kind of a slog, stuff blowing up and forcing me to rewrite entire sections of the book every time some new company went belly up. And I came home from Christmas break from vacation. You have that dead zone a few days before you're back in the office January 2nd. And I just started thumbing through some old quarterly calls for clients and research notes and market commentaries. You know, I had moved the blog from GeoCities in the nineties to Typepad in the two thousands to WordPress in the 2010s. And so I was looking at some of these old things and like, God, I never revisited this. This is such a great piece of research. I love this academic take on where alpha or even beta comes from. And I'm just kind of mulling it over. I start writing down chapter ideas on three by five cards like these. And I end up using this giant bulletin board on my wall. It just basically I start putting stuff up and I start rearranging them. And pretty soon it becomes obvious. Hey, these ideas, a lot of them are don'ts. Don't do this. Don't do that. Avoid this. Try not to make this bad mistake. And ultimately, I kind of came to the conclusion that, know, we've part of the reason I held off writing a book is there have been tens of thousands of investing books telling people what to do. And we're all pretty mediocre investors still. Maybe it might be useful if we learned what not to do and thus "how not to invest" was born. Frazer Rice (02:35)We found kind of an interesting crucible to test all of this with sort of Trump's tariff initiatives and a bunch of chaos on that front. As you think about what we're living in right now with uncertainty, whether manufactured or not, what are some of the top things that you think about that you tell people, your clients and otherwise? to keep in mind as we sort of weather this storm and try to learn a little bit about what the future is going to look like. Barry (03:06)Right. I had no idea what what the sequel would be named. Maybe it could be how not to run an economy or what we'll play with that. But so so what's happening these days are kind of fascinating because the first third of the book I spent a lot of time talking about how little we really know about about what's happening right now. And we learn even less about the future. And so our Frazer Rice (03:12)Ha Barry (03:34)A hot take on these things is maybe we shouldn't build portfolios based on having to predict where the economy is going to be, what the hot sector is going to be, where the hot geography is going to be, what the best companies are. Maybe we need to be a little more robust and capable of withstanding this. And the tariffs are a perfect example of how little we know. Look, the obvious examples of "How Not to Invest" Nobody had heading into 2020 in their year had forecast global pandemic that shuts the world's economy. And by the way, stocks go straight up. They just after a 34 percent crash,
As the United States acclimates to the "flood the zone" governing style, reasoned discourse around civics has crumbled. https://youtu.be/ngx0GxJjmDM There are many causes. Polarizing media, bombastic claims, and systematized gas-lighting on both sides have created one of the most toxic political environments since the Vietnam War. However, the absence of civics and good citizenship concepts have laid the groundwork for the hysterics of today. LINDSEY CORMACK has a way forward. She is the author of the book "How to Raise a Citizen " https://www.amazon.com/How-Raise-Citizen-Why-Its-ebook/dp/B0DBWYTXJ4/ Outline: Why are Civics Important? Recent stats on the absence of civics Understanding structures Understanding the "why" of structures and civics Knowing what the Constitution says Knowing that the Constitution evolves too Understanding federalism Government funding mechanisms Communication- how to broach inflamed subjects How to raise the next generation What makes a good citizen? Going beyond jury duty and voting Civics and Active participation Intersection with wealthy multi-generational families Joint decision-maling Believing in something greater than self Guardrails of ideals melded with open-mindedness and curiosity Right holder vs Duty bearer (Rights come with obligations) Justice vs compliance Control vs grace Right and wrong in civics Contacting Lindsey Links: www.howtoraiseacitizen.com IG: @howtoraiseacitizen Lindsay discussing civics on Errol Louis' YOU DECIDE Podcast The Intersection of Civics, Money and Presidents Rights and Obligations with David Haass (Civics) Background LINDSEY is an Associate Professor of Political Science at Stevens Institute of Technology. She is the former Director of the Diplomacy Lab. She is the secretary of community board 8 in Manhattan and the co-chair of the Street Life Committee. Lindsey is the creator of DCInbox, a comprehensive digital archive of Congress-to-constituent e-newsletters. Finally, she is also the author of Congress and U.S. Veterans: From the GI Bill to the VA Crisis. Frazer's interest in citizenship and civics: You may be wondering why a show about wealth management (and beyond) would be interested in citizenship and civics. In a nutshell, I get asked three times a day what can be done to raise responsible kids. Because families (and the answers to those questions) are different. The answers should come from within, I ask what they (the parents or grandparents what think it takes to be a "good citizen." The answer to that question can then lead into the discussions I need to have about stewardship and a variety of other concepts. Additionally, good civics is good business. Businesses ignore the politics around them at their own peril. Board dynamics are also the intersection of civics, joint decision-making and constituent accountability for businesses. Executives have to be good at this. The values that make people successful are also the ones that people want to pass down to their kids Personally, politics and civics are ingrained in me. I majored inhHistory and political science major in college. I worked in many NYS campaigns, the NYS Department of Economic Development, and ran the Republican Party in Bedford, NY for a year. More recently, I was on the board of my co-op for 7 years and president of the NYC Estate Planning Council. Civics and participation are a big part of my worldview. Transcript Frazer Rice (00:32.447) As we get acclimated to the new flood the zone component of politics, reason discourse has crumbled. And I think absence of civics in public life is the cause. Lindsay Cormack has a way forward and she's the author of How to Raise a Citizen. Welcome aboard, Lindsay. Lindsey Cormack (00:46.978) Thank you so much for having me. I'm excited to talk with you today.
For those of us who live in New York, mass transit is the norm and traffic is a minor form of apocalypse. In response to this persistent issue, New York City implemented a new congestion pricing plan. https://youtu.be/TeObZEnjmv4?si=fQTxzRCe6b-sGH5F Besides the increased funds for badly-needed infrastructure improvements, the plan made other promises. These also include reduced commute times, better air-quality, and improved safety for all road users. https://www.amazon.com/Movement-Yorks-Long-Take-Streets-ebook/dp/B0CV9FNFWV/ Because the sample size is small, it is an open question of whether congestion pricing has delivered? Can it deliver? And how did we get from the horse and buggy, to the street car, to the train and automobile-based system we have now? Will it apply to other cities in the U.S.? Nicole Gelinas and I took some time to trace New York's transportation history in her new book and analyze the prospects for congestion pricing's effectiveness going forward. (*UPDATE: 20 minutes after we stopped recording on 2/19/25, President Trump announced that the U.S. Department of Transportation was pulling its approval of New York City's congestion pricing plan. Governor Holchul has met, apparently unsuccessfully, with President Trump on the topic. Litigation has already started. STAY TUNED.) NICOLE GELINAS, a Chartered Financial Analyst (CFA) charterholder, is a Manhattan Institute senior fellow and contributing editor to City Journal. She lives in New York City. She is the author of the recent book, Movement: New York's Long War to Take Back Its Streets From the Car. Outline How did you get interested in congestion pricing and the development of transportation in NYC? New York City's Transit History What are some of the "tragedies" (Cross Bronx Expressway / death of streetcar) and "near misses" (The Saving of Washington Square Park and Grand Central Terminal) that we don't know about? How much credit or blame should we give Robert Moses? Congestion pricing- what is it trying to do (and is it trying to do too much)? As a revenue raiser To reduce congestion Help environment Quality of Life What are the early returns on its effectiveness? (Anecdotally, to me it seems like it is having a positive congestion effect in Manhattan) Uber/Taxis? Notwithstanding these initiatives, what about these often empty cars? E-Bikes? Now that the city has addressed cars, what about the safety concerns of motorized bikes? How is the program affecting Westchester, Long Island, New Jersey and Connecticut? As a result of these changes, has the air quality shown any improvement? Meanwhile, is London a Success? Because of its heady reputation of being one of the most forward cities on congestion control, urban planners trot out London as an example for others. Is this warranted? (However, having been there in November, I thought the traffic was insane! ) Did they do other things to screw up a good initiative? Congestion Pricing's Future (*Before Trump's Involvement) I never met an automatic tax that a politician didn't see to expand and the tax is automatically going up by law, Regarding government's growing addiction to revenue, Will the program expand? Will the borders go north? Brooklyn? Queens? Or can it go backward under Trump? Regardless, does the MTA have the will to cut costs? Notwithstanding the controversy, is there any political will to enhance safety? Wish list: What would be your favorite next NYC transportation initiative? If we want to learn more, what's the best way to get the book and keep track of your work? Further Details on NeW York's Congestion Pricing Plan https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
https://youtu.be/xNeFuqsU7A4 Podcast Trailer Welcome to the "Wealth Actually" podcast trailer. I'm FRAZER RICE. After 170 episodes, I thought I'd check in to make sure that everyone understood what to expect from the show going forward, especially if you're new to it. For those newcomers, it was time for a quick podcast trailer. Ultimately, I'll be talking to a lot of different experts in their various fields. By day, I'm a chief operating officer / wealth strategist for large complicated families. This involves wealth management, tax, trustee issues, family dynamics, and the odd business succession story. I'm also a lawyer which means I'm interested in legal issues that surround these concepts. Finally, I enjoy politics and public policy. I grew up in it, and so I like to think about it and its interaction with my day job. Ultimately, this show is paired with a book called Wealth Actually, and the best way to reach me is via www.wealthactually.com. I hope this podcast trailer was helpful. I'm always looking to get it better. If you have guest ideas, topics to explore or or other ways to increase its reach, I'm happy to listen. Finally, if you have other shows that I think are worth experiencing, send them along. (For those repeat listeners, you will notice I changed the theme music too. It's a little more thunder, a lot less synthesizer. Let me know what you think of it.) Enjoy the show and be sure to like, subscribe, and share with your friends. More Episodes Find more episodes in the podcast section HERE Book To buy a copy of the book "Wealth, Actually", see the link below. (There is a great audiobook version that I just produced and is accessible on Amazon too) https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Social Media Linkedin Twitter IG BlueSky (NEW!) Podcast Trailer
The Internal Revenue Service is a massive "Three Letter Agency." It's a bureau of the Department of the Treasury and (believe it or not) one of the world's most efficient tax administrators. In fiscal year 2020, the IRS collected almost $3.5 trillion in revenue and processed more than 240 million tax returns. It has over 90,000 employees. It is also about as popular as Communism and Dog Catchers with most people! This makes running this most public of organizations a challenge for garnering resources and maintaining safety, stability and confidence in the revenue collection that makes this country go. https://youtu.be/mXxwh0IR3Ig Charles “Chuck” Rettig is a Shareholder at Chamberlain Hrdlicka in the Firm's Tax Controversy & Litigation practice and served as Commissioner of the Internal Revenue Service (IRS) from 2018 through 2022. He shares his experience with us and some pointers in dealing with the Service. How the IRS operates and its priorities: The volume of work and responsibility of the Internal Revenue Service The structure of the agency Data Science is the Future What it does that people may not be aware of Other parts of the Treasury opine on tax policy, but the agency provides guidance on workability Chuck as the Commissioner appeared before Congressional Committees 37 times in 4 years. Personality matters both internally and externally The Commissioner has an 11 person security detail and receives 3 credible death threats / week. What to expect in the next years: Legislative Uncertainty Administrative Challenges The Service has almost 400 Million "clients" with huge disparities in sophistication Resources are always a struggle- getting bang for the buck Personnel departures from the Service Prediction: Increased aggressiveness at the state level What best practices in front of the IRS look like. Setting up your affairs with a ling term strategy in mind Interacting with an Examiner Speed and Humanity The 3 headed approach to family office planning High end advisory work with the T&E group The overall context in working with the structure and culture of the IRS - having a backdoor channel Litigation support for those situations that need it. Links With Kelley Miller: The IRS Audits You- What's Next?" Transcript of the Show https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Frazer Rice (00:01)The IRS and taxation in general is in all sorts of tumult with the new administration. How to deal with the IRS, how to file your taxes, how to plan for things going forward. It's something to think about. We have Chuck Redig on and he is a terrific resource for all of our listeners. He's a shareholder at Chamberlain Herdlica. It is in the firm's tax controversy and litigation department. Frazer Rice (00:26)Most importantly, he served as commissioner of the IRS from 2018 through 2022. So we have a little inside baseball here on how the commission works and things to think about in your own practice. So Chuck, welcome aboard. Chuck Rettig (00:32) Thank you for having me. It's a privilege to be out. Frazer Rice (00:42)Well, it's a treat for us to have you and a real great opportunity. First and foremost, look, the three letters IRS are scary to just about anybody who comes in contact with them on a personal basis. Maybe break down a little bit how the IRS operates and what its priorities are. Background Chuck Rettig (01:01)Yeah, you know, when I went on board, somebody high up in Treasury, and I'm basically a kid from Los Angeles and Irish headquarters in Washington, D.C., and somebody from Treasury said to me, you know, congratulations, it's a Senate-confirmed position, and you are one of the five most powerful people in the United States, but you are absolutely the most hated. And I remember shaking his hand going, okay, thank you, you know,
https://youtu.be/h1yo6l7V0Yw Preserving legacies is about more than cataloging "stuff" and keeping a spreadsheet. Done well, it can provide the grounding for intergenerational communication, engagement with outside constituencies and, in certain cases, monetization. https://open.spotify.com/episode/0C9Bost6uihR1Pj8MnsppE?si=aCcLughzRpOTg7kvp86ljw This involves a organized process: Preserving Legacies and Cataloging With the horrible recent storm damage in North Carolina and Florida and the horrible Los Angeles wildfires, the cataloging process is on the forefront of many families' minds. Storytelling Development The artifacts of a family can be the keystone of family narrative building and next-generation education. Fan/Constituency Engagement The building of physical digital museums can be the centerpiece of engagement for internal and external constituencies. From extended families, to customers and extended fan-bases, advanced legacy preservation is more than just "stuff." Monetization In certain situations, these efforts can lead to new forms of business and monetization. For artists, authors and musicians, these museum efforts can add value to IP revenue streams and transactions. Preserving Legacies We talk about case studies with stars like Def Leppard, Chris Paul and Jon Bon Jovi. However, we also go through the importance of preserving legacies with families that aren't filling 50,000 person stadiums. We distinguish "Preserving Legacies" from Estate Settlement (where many families first begin this process). That said, this show pairs well with the Estate Settlement episode with Joel Schoenmeyer. Background BRAD MINDICH is the Founder/CEO of Inveniem which is the leading archiving/fan engagement company that works directly with artists, estates, athletes, brands, and individual celebrities on finding, organizing, preserving, and monetizing their artifacts and history. INVENIUM, and its fan-facing brand Definitive Authentic's, overarching message to its clients is Your Past Is Your Future® and this philosophy sets the tone for how the company holistically and strategically partners with its clients to both preserve and extend legacies and connect clients deeper with their fans. The company's client list is confidential, but it includes some of the world's most iconic creators. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
Estate Settlement is one of the most feared parts of wealth transition. It is where trust and estate planning meet their first real test- usually when a will is put in front of the probate court system. JOEL SCHOENMEYER, Head of the Family Wealth Group at a Major Regional Bank joins us to discuss the ins and outs. https://youtu.be/OwepMwX0uao?si=YKevHbmDrtrRv12b What is Joel's background? I spent the first 15+ years of my career as a trusts and estates attorney. First at a few different law firms, including Sidley Austin – back when they had a T&E group. Then as a solo practitioner for more than a decade. In 2012 I made the transition to working for financial institutions, where I have held a number of roles: Legal department, in the trust counsel group Senior Trust Advisor on an ultra-high net worth team National Head of Estate Settlement Senior Wealth Strategist in a multi-family office group I'm now in charge of the Family Wealth group at Fifth Third, which is an offering for ultra-high net worth clients and families. Just broadly, can you explain what happens from a legal perspective when someone dies? Sure. First, a little terminology: “Estate settlement” is the overall process of wrapping up a deceased person's affairs, a job that's usually handled by an “executor”. That settlement process can include lots of different things, but it can be broken down into a few broad topics: Inventorying and collecting all assets; Identifying and then paying debts and expenses, including taxes (both final income taxes and, if the estate is large enough, estate taxes); and Distributing what remains according to the decedent's estate plan (or if they didn't have one, according to state law). “Probate” can be a part of estate settlement, and involves court supervision of the above process, to make sure that it is handled correctly. I spent some of my time as an attorney drafting Wills and Trusts. However, I spent even more time in court, dealing with probate issues (including litigation). We are going to be talking about messy estate settlement issues and how to avoid them. Why is this important? I will say that, throughout my career, I have met clients (or potential clients) who say, “I don't care what happens when I die – that's someone else's problem.” However, most people do NOT want to cause problems for their loved ones. The death of a parent or spouse or sibling is difficult enough without having to figure out where their stuff is, or what they wanted to do with it.There's also the positive aspect. You have family and friends – and possibly charities – that you hope will thrive after your passing. Why wouldn't you want to set things up so that they actually get your hard- earned money? Do you want to have that money go to the IRS or some probate litigators? How should people start to think about their estate? I break the issues to consider down into four interconnected categories: Assets Debts and expenses (including taxes) Personal Relationships Estate Plan (Will, Trust, etc.) One thing you will notice is that your estate plan is only one category here. A lot of people think that having a Will and/or Trust in place means that they are “done” with planning for their death. That's just not true. So let's start with assets in the estate settlement process. What is the big mistake people make with their assets in the context of planning for death? The main mistake is not paying attention to how your assets are titled. This is especially the case where people have an estate plan but then also have assets with a listed beneficiary, or assets owned jointly. For instance, I once handled an estate where the decedent's Will gave away her interest in a home – but the decedent already owned the home in joint tenancy with her sister! As a result, the gift under her Will was ineffective (but the situation created a lot of litigation as well as conflict)...
This week, "Wealth Actually" meets "THE SOUL OF WEALTH" as I speak with DR. DANIEL CROSBY, Ph.D. about his new book. https://www.amazon.com/Soul-Wealth-reflections-money-meaning-ebook/dp/B0CP625K99 https://youtu.be/Y6dUcW_eQW4 Outline (Soul of Wealth) -Behavioral Finance-Issues with the "research"-Building consensus around money decisions-How our brains trick us into faulty wealth processes-Teaching people to stretch the time horizon of their planning Biography Educated at Brigham Young and Emory Universities, Dr. Daniel Crosby is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. As a leading voice on the impact of behavioral finance, "The Soul of Wealth" isn't Daniel's only writing. Dr. Crosby's first book, Personal Benchmark: Integrating Behavioral Finance and Investment Management, was a New York Times bestseller. His second book, The Laws of Wealth, was named the best investment book of 2017 by the Axiom Business Book Awards and has been translated into Japanese, Chinese, Vietnamese and German. His latest work, The Behavioral Investor, is an in-depth look at how sociology, psychology and neurology all impact investment decision-making. Finally, Daniel publishes the highly respected Standard Deviations podcast- where you can find his personal thoughts on financial psychology and interviews with experts in the wealth management and psychology fields. Money - The Soul of Wealth Daniel's book presents 50 short essays which explore what wealth really is and provides practical suggestions for how to change your thinking and your actions in small, powerful ways, for a wealthier life. Soul of Wealth Topics: How you spend your money reveals your values. That money can buy happiness if spent well. What makes a good financial plan. Why willpower is overrated. How to master delayed gratification for the ultimate wealth hack. Why anything worth doing carries some risk. Contacts: @DANIELCROSBY TWITTER STANDARD DEVIATIONS PODCAST Behavioral Scientist, Brian Portnoy on the 100th Episode of "Wealth Actually" https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
Author and investment expert, JARED DILLIAN, joins the podcast for the second time to discuss his new collection of short stories, NIGHT MOVES. We talk about his talent for moving across formats and between fiction and non fiction. We go into the need for story-telling and the importance of holding an audience. Finally, we look for crossovers in his writing from his personal history, his move to South Carolina and his experiences in the Coast Guard and Lehman Brothers. https://www.amazon.com/Night-Moves-stories-Jared-Dillian-ebook/dp/B0DDLB49X1/ "Night Moves" by Jared Dillian From his military experience and investment experience to his DJ'ing prowess and obvious for multi-faceted talent for writing, Jared is a creator and a Renaissance Man- and a terrific, no nonsense person to speak with about the ins and outs of publishing. https://www.youtube.com/watch?v=c7pratxa3EY Writing across formats and how that led to NIGHT MOVES? Non fiction Novel Short story - is the format a challenge or an opportunity? Newsletter - The daily grind of the Daily Dirtnap How to move between the daily pressure of writing a newsletter to the longer form content in non-fiction? Then, how do you move to the character development and world-building involved with fiction? Themes in NIGHT MOVES Sex, desperation, wistfullness Writing in a women's voice (how do you get into that headspace?) What does research consist of for short stories? Genre Favorites? Where you end the story determines whether it's a comedy or tragedy Do you start knowing where you want to end up? What does the format of a writing day look like? Ie do the newsletters get in the way or help with other projects? Do you get stuck? (Is there where it's convenient to have the newsletters) Music and Writing- The Crossover into NIGHT MOVES DJ'ing composing - what are the similarities in that process? Any crossover to investing? Where do we find the book and how else can people keep track of JARED? JARED'S SUBSTACK DAILY DIRTNAP Jared on "Wealth Actually" talking about his previous book, "NO WORRIES" https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ "Wealth Actually" by Frazer Rice
"How to Retire" (by Christine Benz) deals with a concept full of fear, emotion, math and uncertainty: retirement. Even the wealthiest, who have a margin of safety, run into issues of purpose, time management and legacy. Layer onto that the risks of longevity, dementia, divorce, managing cash and investments in inflationary times, and navigating the byzantine health and elder care systems. No wonder "retirement" is a scary topic. Christine Benz' new book "How to Retire" is here to help get our arms around this topic. With 20 interviews with experts in the field, Christine has written a terrific reference for retirees to get their arms around this stage in life. Her book covers the numbers, the emotion and the structure for people entering the golden years. CHRISTINE BENZ is director of personal finance and retirement planning for Morningstar and senior columnist for Morningstar.com. In that role, she focuses on retirement and portfolio planning for individual investors. She also co-hosts a podcast for Morningstar, "The Long View", which features in-depth interviews with thought leaders in investing and personal finance. https://www.amazon.com/How-Retire-lessons-successful-retirement-ebook/dp/B0CP5X3TYK/ How to Retire How to Retire with Christine Benz The Numbers (Funding Retirement and Resilient Investing) The Transition to Retirement (AKA "The Countdown") With a plan in mind, what is the role a Dry Run with Retirement? The Buy-In: Getting consensus from spouses and family on what life will look like The First 2 years: The Importance of a Detailed Calendar How Are You Going to Use the Time? Having entered the role of caregiving, retirement may be more of a "job" than you think "End of Life": When Should you Give up the Keys and Long Term Care with CAROLYN MCCLANAHAN Estate Planning (with past "Wealth Actually" guest JENNY ROZELLE) With all of this frre time, how do spouses adjust to spending so much time together? https://www.youtube.com/watch?v=IN5C7Ko6XBY https://open.spotify.com/episode/50ZO3JLl4bAdf95b64UQIZ?si=XJEYU2h4ToG8rL_Qkou6eA https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Frazer Rice's "Wealth Actually"
Sports media is decentralizing. However, "Sports Podcasts" are exploding in audience growth. Stephen A. Smith, Pat McAffe and Barstool Sports are household names. Legacy names, like ESPN, are figuring out how to hold on to their audiences and find new ways to expand them. Out of this high profile world, there are many lessons to learn in managing one's own career and how to harness the possibilities of media for your own businesses. BRAM WEINSTEIN (the "Voice of the Washington Commanders") is the founder of Ampire Media and can be heard weekdays from 3-6 PM EST on "The Bram Weinstein Show" on ESPN 630 DC. As part of his 24 year (and counting) on air career, he spent 7 years at ESPN mainly as an anchor of "Sportscenter" and has appeared on a variety of programs including "Like it or Not" on Fox 5 in Washington DC, "The Bram Weinstein Show" on The Team 980, as well as analyst roles on NBC Sports Washington. When not performing, Bram produces for and consults with various content providers in traditional and new media for his firm AMPIRE MEDIA. We also get to nerd out a little on the Washington Commanders and their improbable fast start this year! Bram Weinstein's Background - How did you get into broadcasting? Take us through the route with the career to get back to DC. What does a life in sports media look like? The arc of a broadcaster's career and the need to develop equity. Sports Podcasts (and Beyond) AMPIRE MEDIA- Going from talent, to production, to ownership. Aggregating other voices.Where did the idea for the media company come from? Specific experience or advice that informed the project? Where do you see the path to profit coming from? Bridging Traditional Media and the Sports Podcast Business- How do you manage the time?What are your ultimate ambitions for Ampire?What have been the challenges so far?Lawyer in me asks how you stay in the good graces of everyone, contract and IP-wise? Has the attitude of the Sports Media Companies changed about "talents' other activities?? Lessons from Sports Podcasts for other businesses in their marketing strategies. Joe Gibbs and the Washington Redskins The Washington Commanders (and their fast start!) Finally, I'm duty bound to ask some #Commanders questions. Having been a fan back in the glory days, what is your favorite memory or favorite player? There is so much new with the Commanders in the last two years: Owner, GM, Coach, QB, a lot of the roster! What does this season looks like with this "crazy good" start . . . and Jayden Daniels? Outro- Sports Podcasts How do listeners find and support you.https://www.ampiremedia.com/ AMPIRE on Youtube: https://youtu.be/8jmCnWViN0Y?si=mKy4NPASYiRKfLZ5 MEDIA DISRUPTION and VENTURE CAPITAL https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
The pace, scale and sophistication of RIA marketing has accelerated into hyperspace in the last 10 years. There are new business models in wealth management and, thus, new voices and sources of trust. The speed of content creation and publishing is increasing- especially with newer artificial intelligence tools. Social media has made the scope and reach of marketing efforts enormous -- and required firms to be data scientists as much as financial advisers. Finally, where once the firm drove the branding in the RIA space, there appears to be a move back to the star system - where recognizable names create the light that attracts clients. Enter RICHARD HEFT, President of EXT MARKETING - His firm focuses on marketing for RIA's, asset managers, and other financial institutions. The development and execution of marketing strategies are accelerating well past the leadership of the typical RIA. They have to prove to the market that their inorganic growth efforts are real and sustainable in a crowded (and often bland and undifferentiated) space. Richard tells us what he is seeing in the RIA Marketing space. Background- What does EXT do? Richard Heft EXT Marketing What was the opportunity you saw? What is "Marketing" vs Marketing for Financial Institutions? vs. RIA Marketing? Differences Regulation Other cultural issues Where does RIA Marketing stop and PR start as part of larger strategy? How do you combat the "sea of sameness" and "Lowest common denominator" factors in RIA Marketing? Boats, Piers, Forests Couples at the Beach New demographics, new ideas Measurement - What does marketing success look like from the agency perspective? Is there a difference in the clients' perspective? How do you bridge that gap and make sure there is agreement on metrics? Digital - After putting strategy, into action, what is the importance of data integrity and maintenance? Having established a visibility strategy, how does one convert eyeballs to dollars? How do we get around the "consulting class" fluff? Success stories The new sophistication of the referrer and the consumer / client. https://open.spotify.com/episode/79qDVNuUC0ixgHJIIhVAyD?si=33170e765cc44bdd The art of segmentation? B2B vs B2COI B2B vs B2C? How much can (or what should) be outsourced to an agency vs hiring someone internally? The necessity of 3rd party credibility and how to get it (and get credit for it) "RIA Marketing" Trends going forward? Artificial Intelligence and other tools Social Media (How an UHNW adviser uses podcasts) Will there be a move away from referrals to "legitimate" digital lead generation? Where does traditional media fit in? https://www.youtube.com/watch?v=XuhdR2xJ0bw "RIA Marketing" with Richard Heft Outro: https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ "RIA Marketing" on Wealth Actually
How have our Presidents' money stories affected their lives and trajectories before, during, and after their terms? Have the Presidents' finances affected policy? What stories do they teach the rest of us? As we head into election season, MEGAN GORMAN has released a terrific book on US Presidents and their personal finances. She is a tax attorney and wealth manager – takes readers on a rollicking ride, full of history and personal finance lessons, to understand the intimate money stories of our most famous presidents in her highly anticipated new book, ALL THE PRESIDENTS' MONEY: How the Men who Governed America Governed Their Money Megan Gorman's "All The Presidents' Money" Megan has spent her career advising some of the wealthy. She parlayed her interest in history and politics with her career expertise to analyze our Presidents relationship with money. The stories of our Presidents' personal finances not only give insight into their leadership style, but they teach lessons for the rest of us as well. What inspired you to write about the US presidents' relationship with money? Since I was six, I've always been obsessed with learning about the presidents. There's an archetype that I was drawn to: a man from an ordinary background that through hard work and luck makes his way to the top. We have many presidential examples in our history: Lincoln, Eisenhower, Grant, Johnson, Truman, Ford, Reagan, and on. Could this same story happen now? Maybe, but it's not as easy as it was before. https://www.amazon.com/All-Presidents-Money-Governed-America-ebook/dp/B0D3T7TGMZ/ Megan Gorman's Presidents' Relationship with Money How did you approach researching the book, since financial details are often private? I usually started by reading a book on the president and looking for little items – education, jobs, homes – and then ferreting out primary source documents. But the most useful items are the letters. Letters were where a lot of financial discussions occurred, from Jefferson and his financial challenges to Harry Truman lamenting to his future wife about whether he will ever find financial success. The presidential libraries and museums' archives were also unbelievable. https://www.youtube.com/watch?v=rvMoUuruCzU Did you notice any common themes or patterns in the presidents' financial behaviors and decision-making? A lot of bad financial decision making occurs when emotion controls the situation. For example, President George Washington asked James Monroe to go to France. Monroe agreed even though he had a substantial plantation at home that needed significant management. Monroe got to France and realized that to succeed, he needs gravitas. In 1790s France, that means having the right home to entertain in. So he went out and bought a house for the US with his own money – doesn't ask permission and doesn't think about the obligations back home. His salary doesn't cover half of what he is spending. When Monroe's appointment is over, he sells the house at a loss. Money is emotion – and managing it is very hard for all of us. You write in All The Presidents' Money that "wealth happens at the intersection of opportunity and discipline." What do you mean? We talk a lot about financial literacy and having strong financial skills. But the truth is you could be the greatest budgeter in the world, but if you have no money coming in, it's a moot point. Budgeting, risk tolerance, connecting with your future self – all of those things are the framework of finance – but you need your shot at wealth building, to put it in Hamilton parlance. You need to have the ability to make a living. If you have that, and you use financial literacy, you can build financial resilience. Sounds easy, but in the current stage we are in the US, it's gotten a lot harder. Several presidents had a strong aversion to debt. Do you think this is a valuable mindset for financial success?
With the Supreme Court's recent ruling in the Loper Bright Case, courts no longer have to defer to agency interpretations of ambiguous laws. This is a massive change in the way administrative law is practiced at the federal level. The Loper Bright Case touches almost every area regulated by the Untied States government.
Artificial intelligence is a charged term- one that has been around, but has taken on new meaning in the last couple of years. As the first crossovers of AI and HUMAN RESOURCES emerge, many issues are coming out. People are both excited and afraid of its implications. Employees and their managers are afraid of cultural and measurement shifts (and career arcs in general). Executives are worried about missing out on ways to increase the top and bottom line. Boards are concerned about threats to corporate strategy and new and unseen risks that could put the company (and them) on the front page of the Wall Street Journal However, the news isn't all scary and the world is not becoming Skynet yet! SUSAN YOUNGBLOOD is an expert on the intersection of AI and Human Resources. Equipped with broad executive experience and board expertise, she is the ideal person to help us get our arms around the AI/HR intersection at the employee, manager, executive and board level. I spoke with her on the conundrum that decision-makers face as technology and people collide. SUSAN is a technology CHRO who has launched, acquired, and transformed companies at Fortune 50 and FTSE 100 companies such as IBM, BNY Mellon (BK), and London Stock Exchange Group (LSEG.L) as well as a tech startup, As a leader in the HR field, Susan enabled high growth and faster time to market by navigating teams through the human capital agenda at critical inflection points: New company launches, Rapid scaling, M&A, Global expansion, Digital transformation, and Large-scale cost reduction. Having dealt with company strategic issues, Susan has also managed global crises and assisted companies in mitigating extensive risks. https://open.spotify.com/episode/092y3urUEfDav5JTaraAbI?si=2a6c0eb7905747c2 Wealth Actually on Spotify Susan's Background AI and Human Resources How are companies are leveraging AI today? When implementing AI, what are some of the risks companies take? What are some big mistakes companies have made with AI ? Proper governance: what should it look like within businesses? How are boards responding to the AI and Human Resources implications? Are the scary things about AI for workers? What are the implications for various types of workers: The General Workforce Managers Middle Managers Executives With all of this worry, are there opportunities for the workforce? How do you prepare your workforce to embrace AI? https://youtu.be/HmdN8jL7iOY?si=ALUnFs0lbo0cV38x How do we find Susan? SUSAN YOUNGBLOOD LINKEDIN Additional Background on Susan Susan serves on the Board of Directors for Cornell University's ILR school, is onthe Advisory Council for SUNY College of Optometry, and she is an angel investor. Sheholds a bachelor's degree in psychology from Vassar College and a Master ofIndustrial and Labor Relations (MILR) degree from Cornell University, where shewas also the assistant coach of the women's tennis team. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=&sr=
"Family Office" recruiting is one of the most difficult subsets of wealth management. Loaded with mystery and allure, many wealthy families want to "have" a family office. It's a different story when the family has to determine the ROI of the project, lay out the costs and, ultimately, staff one. This is actual work. Family offices are expensive and require deep strategic thought and long term purpose and budgeting by the family. As we will learn here, family offices call for the identification, acquisition, and support of talent that is not readily available. This new talent can also be risky. A new structure with new people subjects large amounts of personal wealth to the domain of outsiders and public risk. Failure is often embarrassing (and expensive). https://open.spotify.com/episode/5IBc5iTzMNHHSoQqp8Ufhe?si=PUFi51DIR361WrnlEoJyRQ I went to a source with a unique viewpoint. BRIAN C. ADAMS is a Principal at Mack International, a leading executivesearch, and human capital consulting firm that serves the familyoffice/wealth management markets. Along with his background in family office, Brian has co-founded two real estate private equity firms, Excelsior Capital and Priam Properties, and has assembled a portfolio of over $600 million in real estate assets. Brian's Background and Unique Path into Family Office Recruiting The Nuts and Bolts SUCCESSION PLANNING AND NEXT GENERATION DEVELOPMENT TALENT IDENTIFICATION AND ACQUISITION/ STRATEGIES FOR RETAINING KEY TALENT COMPETITIVE COMPENSATION PACKAGES AND HOLISTIC COMPENSATION APPROACHES GLOBAL TRENDS THAT IMPACT THE FUTURE OF FAMILY ENTERPRISES How "fully formed" is the vision for the office by the time they begin actually recruiting? Is this coming from the lawyer? The tax professional? The banker? Or from family office consultants? What is the ROI on a family office? Should it be a profit center? A "break-even" cost of doing business? A loss-leading accomodation? Is the family driving the search or a consultant? Do they often hire a CEO and they run the lower level searches? How do you get a family to think about a family office's linkage with (or separation from) a family business? Should it be funded out of liquidity or operating cash? Complications with Family Office Recruiting What happens if the job mandate doesn't feel right? How much are you dealing with the family and how much is it the consultant? Are the structures already built? Eddie Marshall's 3 x 3 rule "problem" for Family Offices: 3 years / Over 3M and you still don't know what you have? LEARN MORE HERE What are the real costs? Do families understand the expense? Who is developing the budget? Threading a needle- Identifying the talent and skills Cultural Fit Compensation terms - Salary vs Upside The accounting spine VS "the guy to analyze deals" VS a large, full service situation What happens if the fit is bad after 6 months? Searches for new (de novo) family offices Turnover due to retirement vs, turnover due to cultural problems Searches for executives vs. technicians Do searches for positions ever include family members to engender competition Private or Public Company Board experience - is a lack of it a red flag? Technology building and security experience Any major best practices (or worst) for families exploring which functions to internalize and which to outsource? Family offices and the trends toward outsourcing and MFO's How does one deal with "scope creep"? What if the family gets sick of the expense? Do you look for other families to use services and share in the expense? https://youtu.be/O3qFi0YhuFI?si=nu5iQJ_Hnuno0zjX How To Find Brian Adams BRIAN ADAMS LINKEDIN BRIAN ADAMS MACK INTERNATIONAL https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
PROPUBLICA has taken on the role abdicated by most mainstream news organizations. Its long form journalism, while controversial, takes on many special interests that escape public scrutiny. While I often don't agree with the slant that they take, ProPublica represents a new frontier for the fourth column. Traditional news outlets make less and less business sense. I wanted to find out more about how long form journalism is going to work going forward and how it will apply to financial regulation. So I spoke to JUSTIN ELLIOTT, an Investigative Reporter at ProPublica. Justin has won the Gerald Loeb Award for business journalism, the Selden Ring Award for a series on the American Red Cross and, with the “Trump, Inc.” podcast team, a duPont-Columbia Award. He co-wrote the story revealing tech mogul Peter Thiel's multibillion-dollar Roth IRA which we talk about here. Justin's Path to Reporting The Role of PROPUBLICA in Long Form Journalism What are its origins? What is its mandate? How is it funded? What is the Role of Journalism in (Re) Establishing Accountability in Society? What is Congress' (and the other branches of government) role in fixing the issues that journalism uncovers? Peter Thiel's $5 Billion Roth What happened? (How did Thiel get assets into a Roth IRA with a $2K cap?) How did this work? (Funding a Roth IRA with low value Founders' shares) The "Law", the Intent of the "Law" and the Variability around the "Law"? Is this a valuation issue as much as a legal issue? Is it wrong? How should we correct a distortion like this? What's next for Justin and ProPublica and how do we find him? 2024 Election Coverage Justin at ProPublica Justin at Twitter https://www.youtube.com/watch?v=f1YOe9GV0MY https://youtu.be/Ao33oyZJuC8 https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT Buy "Wealth Actually" Paperback, Kindle and Audio
The intersection of Technology and Estate Planning is now a dominant talking point in the wealth management space. The pressure for advisors to deliver more client value is intense. As the wealth management industry wrestles with establishing relevance, value, and control with the next generation, the emergence of Technology and Estate Planning to assist the advisor is a central theme in the RIA space and "Fintech." Combining centuries old "analog" concepts with new "digital" tools is the new silver bullet for reaching and keeping clients. Therein lies one of the biggest challenges in delivering this value. The formulation and communication of estate plans and wealth structures for clients and the next generation is tricky business. It requires experienced practitioners and tools that streamline a labor intensive (and often unprofitable) process. Once the picture of one's plan develops, it now requires ongoing maintenance and detailed administration as life marches on and risks and opportunities emerge. I spoke with DAVID BARNARD to understand the state of the art in creating, presenting and managing personalized trust & estate strategies for complex clients with Luminary's digital collaboration platform. Technology and Estate Planning Issues The challenges in visualizing complicated concepts, Storytelling and the importance of communication in a world of numbers and graphs Helping the advisor have equal footing with other professionals The importance of collaboration (and not competition) with the legal and accounting world in providing coordinated advice Staying on the safe side of unauthorized legal or accounting advice and broader staffing issues The future of administrating wealth. DAVID BARNARD is the CEO and Founder of Luminary- the winner of two awards at the 2024 Family Wealth Awards . He previously led private wealth management for AllianceBernstein, overseeing more than $100 billion in client assets, and has served multiple philanthropic organizations as a director or trustee. Luminary's website is here: https://www.withluminary.com https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT
Artificial intelligence and healthcare have been intertwined for a long time. The public has finally noticed. With the emergence of OpenAI and other Large Language Model platforms, we are on the forefront of more huge changes in the business of health care. Healthcare and elder issues are the major concerns for most families planning for their futures. Artificial intelligence has permanently changed the method and pace of research, the role of privacy, the choice and delivery of treatment, and the way people interact with the healthcare community. To better understand these issues, I spoke with Chris Heye. who is working in the space. Background Dr CHRIS HEYE is the CEO and Founder of both Whealthcare Solutions, Inc. and Whealthcare Planning LLC. He is a proven entrepreneur with extensive experience starting and growing technology companies. After confronting dementia in his own family and witnessing elder financial abuse in friends, Chris decided that older adults needed more protection. Chris and I take a look at this intersection. The advances are exciting. Having surveying the landscape, we marvel at the leaps forward to come and worry about the issues that they create. Artificial Intelligence and Healthcare Against that backdrop, we take on these questions: How is the intersection of artificial intelligence and healthcare changing medical research? Is artificial intelligence shifting the methodology and processes of healthcare and is it for the better? After sharing our experiences with dementia and loved ones, Chris and I wonder about the future of dementia management. Will the intersection assist patients with their day-to-day lives? Is artificial intelligence widening the gap between retirement, late stage health and death? Knowing the pernicious effect of ageism, can the financial planning industry properly account for the length and expense of elder living? What can we expect in the near future and what should we look out for? https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT Further Wealth Actually updates HERE
The transition of wealth between generations has put the spotlight squarely on fiduciary roles. With the rapid changes in the financial services space, directed trustees and independent administrative trust companies have exploded in popularity. The Evolving World of Directed Trustees Most advisors, wealth management firms, and clients under-appreciate the responsibility and risks of proper trusteeship. They remember a culture and business model that existed decades ago. These days, individuals trustees usually can't handle the rigors of the job and law firms are leaving the space for liability reasons. Finally, in an environment where clients want more flexibility and control, the large bank-owned trust departments provide a cumbersome experience and high turnover, With this in mind, modern estate planning has unbundled traditional investment, administrative and distribution trustee roles. There is a huge appetite for jurisdictional planning and best-in-class providers. With all of this change, it is confusing for the advisor to know who is responsible for what and how much it should cost. The Problem for RIAs RIA's do not have the resources to advise or service clients with this complexity. The administration and oversight of these structures is a distraction. Building a trust company to solve this problem does not make business sense in a private equity-backed RIA aggregation environment. Moreover, using conflicted trust providers is out of the question for fear of putting client relationships at risk. An increasingly popular option for RIAs and wealthy families is the use of directed trustees and the independent administrative trust company. CHRISTOPHER HOLTBY is a co-founder of an independent trust company that works specifically with wealth advisors and directed trustees. Not only do we highlight the best practices for identifying and partnering with an administrative trustee, but we also discuss the typical workflow between an RIAs and directed trustees. Chris' Background with Directed Trustees How RIAs work with directed trustees and an independent trust company: 1/ What are the basic requirements of independent trust company? 2/ Accordingly, which "value adds" should RIA firms should look for? 3/ Are there key attributes to spot when deciding to work/partner with an independent trust company? 4/ Lastly, should you be aware of any "Gotchas" in the space? How Do We Stay in Touch with Chris? WEALTH ADVISORS TRUST COMPANY Video of the Podcast: https://www.youtube.com/watch?v=6YyqlULg1GA "Wealth Actually" is now on Video! https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT
Dr. RICHARD HAASS takes us on a tour of The World's Hot Spots. We also discuss the U.S. in 2024 and the concept of citizen ship.
Episode 151 - MARK HOUSE Cryopreservation and wealth was once the purview of science fiction and Hollywood. Freezing one's self to be revived in the future is not just something out of Issac Asimov book or a Ridley Scott movie. The science, estate planning, and economics of this "call option on immortality" are here right now. There are legitimate and current issues with cryopreservation and wealth- fascinating ones at that! Science, estate planning, ethics, governance, economics and good old-fashioned drafting are in focus as I speak with Scottsdale-based attorney MARK HOUSE. We're going to get our arms around the misconceptions of the freezing process and what that means legally and practically. With that background, we'll dive into the structuring and drafting considerations to effectuate this amazing concept. Finally, we have some fun by guessing at what the world may look like with revived citizens hundreds of years from now. INTRODUCTION BACKGROUND -How did Mark get into estate planning and how did he get into cryonics? CRYONICS -Let's define freezing "pre-death" vs "post-death." -Behind the Science: GREG FAHY'S WORK and BIO -What is the legal and funding process? ESTATE PLANNING AROUND CRYOPRESERVATION AND WEALTH -Usually when people die (and the being's existence terminates), the assets transfer to beneficiaries. However, here something different happens. -Is there a difference between being kept alive but in "suspended animation" and dying? -Does having various features including DNA maps serve as the basis for a new being? DIRECTED TRUSTS -Ownership in a trust should be able to provide the structure that allows the Grantor to be resuscitated when the science catches up. -Trusts have a Grantor, Trustee, Corpus (literally in this case) and beneficiaries. -Trustees must administer, invest and distribute. -How does a directed trust allow the Grantor's intent to persist? TRUST REQUIREMENTS -Perpetuity and a Good Trust Protector Structure are vital. -With that in place, trustees must have distribution flexibility and discretion around "beneficiary determination" -Why is it important to have broad Trustee choice? -If we're making guesses about the future, why is nimble decision-making process around "science determinations" important? -When talking about investment flexibility, is endowing a future being a "prudent investment'? If so, how does a trustee sign off on that? CRYOPRESERVATION AND WEALTH ISSUES -Who pays the freezer? How much does this cost? -Once we know that, how does the trust pay for it? -When should a person use life insurance? When employed, does the presumption of death change anything? -What happens if you run out of funds? -Does it make sense to (also) endow the future persons' lifestyle? If not, how will they function in the future? -Should other the trust not include future beneficiaries to reduce a potential future conflict -How do you staff this? (See here for an interview with Betsy Brown on Corporate Trustees designed to deal with tricky situations: https://frazerrice.com/ep-63-betsy-brown/) -What if the individual or corporate trustees cease to exist? (Trust protector) -Is there liability for the science committee if they unfreeze too soon? Can other beneficiaries then be added? Should they be? -Are private trust companies common in these situations? BEST PRACTICES AROUND CRYOPRESERVATION AND WEALTH -What's the best way to get started? OUTRO - How do listeners find Mark House? MARK HOUSE CONTACT INFORMATION ARTICLE ON CRYONICS TIM URBAN'S ARTICLE OUR TRUST AND ESTATES PROFESSOR, JEFFERY PENNELL Firms that do this ALCOR- https://www.alcor.org/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
Episode 150 DAVID LESPERANCE AND MELVIN WARSHAW In this 150th Episode, we revisit the topic of citizenship and expatriation and try to answer the question, "Should I expatriate?." Establishing a life outside the friendly confines of the United States is a popular wealth conversation.. In the last few years, fueled by local dissatisfaction, political polarization, wealth divide animosity and positive "working abroad" experiences, "Expatriation" is now a big word in the cocktail party circuit. It's a word that shouldn't be taken lightly. Done correctly, it is a multi-year decision and planning process with significant consequences. Long-time friend of the podcast, DAVID LESPERANCE and fellow cross-border tax expert, MELVIN WARSHAW, share their expertise on the three levels of "detachment" from the USA. They will set out the administrative and tax consequences of moving up the ladder of recission from the United States. (David's previous interview here EP-76 Citizenship Diversification) What factors have caused a dramatic increase in Wealthy Families seeking second citizenships and residence as "Fire Insurance"? Tax the Rich proposals, Rising racism and anti-semitism, political polarization, mass shootings etc. What are the tax consequences of being a United States citizen? How does one obtain a second residence? What factors to consider? How does one obtain a second citizenship? What factors to consider? What are the types of "Fire Escape Plans"? (i.e. Go Bag option, American Living Abroad, Expatriation) What are the Tax consequences of leaving the United States vs a full "Expatriation"? What are possible factors that may cause one to trigger their Fire Escape Plan? (SCOTUS decision in Moore, Election mayhem, natural disasters, election results etc.) What is the impact on the US of Wealthy Americans triggering Fire Escape Plans? Should I Expatriate? Contact David Lesperance on Linkedin Melvin Warshaw on Linkedin https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
Episode 148: Aon's Latanya Simmons Aon's LaTanya Simmons on Florida and California Property Insurance The challenging Florida and California property insurance environment is a huge topic of conversation. Anyone looking to insure a property knows that this has become tricky business in the last five years. Floods, hurricanes, wildfires and mold have are major problems for successful families' homes. These and other conditions have driven up premiums if you can find insurance at all. Add into the mix the complexity around the liability and the long term viability of the insurers. It becomes obvious that you need an expert to help navigate these risks. LATANYA SIMMONS is an Atlanta native and 2nd generation risk management professional. As the National Sports Practice Director and Private Risk Advisor with AON Private Risk Management, LaTanya provides expert personal property and casualty insurance advice and advocacy for successful individuals. executives, entrepreneurs, athletes, entertainers and family offices nationwide count among the people that she serves. We discuss the Florida and California phenomenon and what she sees as the future of the property and casualty insurance market in the high net worth space. The Florida and California Property Insurance Challenge Tell us what is going on in the Florida and California property insurance markets? What is the impact on customers? Are Florida and California (and New York) just the beginning for the risk markets? What strategies should those and others contemplating moves or purchases in other states consider beforehand? How has the insurance market changed over the last 5 years (and specifically in the last 2)? Where do you see it going? Will states like Texas, Colorado and Georgia feel this? Where do you identify the biggest insurance risks for highly successful individuals? How often should insurance policies and programs be reviewed, including the health of their insurer? Many clients are high profile due to their or their family's success and involvement in the community. This puts them in the spotlight often – in the news, on social media, front page of their company website. What risks do higher profile people need to be thinking about? What other guidance you can share for successful individuals and families when it comes to managing the risk around their homes, autos, collections, and other property? Contact LaTanya LaTanya Simmons LINKEDIN AON Other "Wealth Actually" insurance discussions: https://frazerrice.com/ep-106-ahmet-bidav/ For More . . . https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ The new audio version is out now!
EP-148 LALIT PANDA, Supply Chain and Digital Transformation Expert, on the Complexity of Global Supply Chains and the Steps to Protect and Improve Company Operations Defining the term "supply chain" and understanding what a company should control and what to outsource has never been more important to a business. Strategists at the executive and board level face: Major global flare ups that threaten inputs Huge pools of data to analyze, and Increased complexity of logistics as customer preferences develop (almost to the point of irrationality). LALIT PANDA has spent his career safeguarding, managing, de-risking and optimizing supply chains. He has worked with major companies like Sony and Altria on these problems and joins us today to discuss the challenges and opportunities of in today's supply chain framework. Lalit Panda is an Operations and Technology executive with leadership experience across 7 different industries at companies of all sizes that were Public, PE and VC backed. As a Chief Operations Officer or a Chief Information/Digital Officer in global companies he has led digital and operational transformations at scale. Companies where he had roles range from large public companies like Sony and Altria to mid-size firms like Harman, Denon, Tronox etc. and has also been in late stage startups, ranging from consumer products to industrial chemicals and medical devices. He is a blogger and thought leader on supply chain and digital transformation topics which are increasingly becoming important in a world of rapidly changing technology and geopolitical risks. He holds degrees from Massachusetts Institute of Technology, Indian Institute of Management, Ahmedabad and the National Institute of Technology. He co-chairs the programs committee of the Private Directors Association NY/NJ and also of the Technology and Industrial SIGs of The Executive Forum. He lives in Princeton, NJ. Intro Background Supply Chain Definition Development Planning, Sourcing, Delivery Execution Making of the Product Delivery of the Product Traditional Notions and Recent Shocks Impact of recent geopolitical Impact of transportation advances Impact of recent information technology / logistics management (last mile) Impact of Covid / Work From Home What do companies traditionally get wrong? Strategic Perspective (and Oversight) Lack of Board Representation Looking into your crystal ball How do listeners find you? LALIT PANDA LINKEDIN LALIT PANDA TWITTER - @latitpanda PRIVATE DIRECTOR ASSOCIATION https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
Episode 147 DAVID WASSERMAN of the COOK POLITICAL REPORT on the Landscape of the 2024 Elections Coming off of the Iowa Caucuses and with almost a week before the New Hampshire Primary, The United States is in full swing for one of the craziest election cycles in memory. With histrionics coming from both sides, it's hard to separate the signal from the noise. Enter David Wasserman. David is Senior Editor & Elections Analyst for The Cook Political Report with Amy Walter. Recognized as one of the nation's top election forecasters, David leads the development of key data visualizations and new product development. He manages CPR's coverage of the US House of Representatives and redistricting developments. Founded in 1984, The Cook Political Report provides analyses of Presidential, U.S. Senate, House and gubernatorial races. The New York Times has called the Report "a newsletter both parties regard as authoritative." Polling- What is involved and what are their limitations? What is the current state for the presidential candidates, congress and major state races? What are the things we should look for during primary season? What are the battle ground states and counties? How much does Gerrymandering fit into the outcome this cycle (NY case- esp with congress) What are the Six States We Should Focus on? Arizona Georgia Nevada Michigan Pennsylvania Wisconsin Dark Horses and Predictions Where do we find you? COOK REPORT WEBSITE TWITTER (@redistrict) https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
Episode 145 - Roles and Responsibilities in Trust and Estate Documents with Jenny Rozelle "What you should know if you are named in an estate planning document." In the world of estate planning, many people who are written into important roles don't know they are mentioned in documents or what is expected of them. These roles can be a lot of work, thankless and carry significant liability. What happens if you are part of someone's estate plan? JENNY ROZELLE helps us get a handle on the roles and responsibilities that are out there. Jenny is the founder and owner of the Indiana Estate and Elder Law. We talk about the role of executor, trustee and beneficiary and the pluses and minuses of each. Jenny's Background Terms Executor -What does executing a will mean? How long does it take?-What do executors have to do? Do I have to accept the role?-What type of people are good with this?-Are you paid? -Are there risks (can people sue me)?-Whom do you hire to help with this? (lawyer, accountant valuation expert) Trustee -What does a trustee do? Administer/safeguard assets, invest assets, distribute assets-What type of people are good with this?-Are you paid? Are there risks (can people sue me)?-Whom do you hire to help with this? (lawyer, accountant valuation expert) Beneficiary -If I'm a beneficiary, what should I ask from the trustee?-What provisions should I focus on? (Distributions (mandatory vs discretionary etc . . )-When asking for something from the trust, what is a good process for that?-Do I have recourse if I think things are being managed poorly? Summary of other roles -Successor Executor-Successor Trustee-Trust Protector How do we find Jenny? Firm: INDIANA ESTATE AND ELDER LAW Twitter: JENNY ROZELLE (@jennyrozelle) https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
The municipal bond market has been long-prized as a stable, tax advantaged income generator for individuals, After years of a low interest rate environment, the asset class is getting renewed attention . . . And it's not just from investors! Tech disruptors are eyeing the space and they see a massive, disjointed uncoordinated market in need of modernization. I spoke with STEPHEN WINTERSTEIN on the state of the municipal bond market. He has a 360 degree view of the muni bond space. Steve is the Founder of SP Winterstein and Associates which advises dealers and buy-side firms on municipal fixed income data and technology procurement, vendor engagement, workflow, and market structure. He has over 35 years experience in municipal SMA and mutual fund management, electronic trading, fintech. Most recently, he was head of municipal fixed income at MarketAxess and head of Capital Markets at Alphaledger. We'll tackle his view of thoughtful municipal fixed income management, the size, delivery and fractionalization of the market and the technological challenges faced. Finally, we'll get some input on where Steve thinks AI, Blockchain, LLM's and some of the other buzzy words out there may have some real world impact on the asset class. Background Take us through your career . . . and your start in the Municipal Bond space Portfolio Manager - Meridian Asset Management Managing Director & Senior Vice President, Head of Municipal Fixed Income - PNC Head of Municipal Fixed Income Strategy & Research - Wilmington Trust Head of Municipal Fixed Income - MarketAxess Head of Capital Markets - Alphaledger Managing Partner - SP Winterstein & Associates, LLC Investing Process Discussing the two pillars of Muni Investing - Credit and Duration Fallacy of being able to predict interest rates Spending Calories on Credit Research "Bus Map"- incorporating client input in the design/choice of investment constraints The Municipal Bond Market The Size of the Muni Market and the challenges that causes The fractionalized nature of muni market Typical means tf transacting Brokerage vs SMA vs fund Problems with indexing Where can technology help? Pipe-building, blockchain, AI review of docs, what else? Where are the initiatives of improvement? What is holding things back? In your mind What is the solvable low-hanging fruit? What isn't? Where does this help the municipality? Where does this help the market participant? Where does this help the investor? Going Forward With interest rates normalizing- any glimpses into Steve's crystal ball? Getting rid of tax exemption solves the paradox of the heterogenous borrowing base (institutions of all flavors and sizes) and the homogenous lending base (individuals) by broadening the lending base. While removing the tax favored status would raise borrowing costs, it would improve liquidity - which problem do you want to solve in a world where infrastructure so desperately needs funding? How do listeners reach out to you to find out more? STEPHEN WINTERSTEIN ON LINKEDIN https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
The CORPORATE TRANSPARENCY ACT is less than a month away from going live and the wealth management industry doesn't seem to be too worried about it. That worries me because it affects at least 32 million entities according to FinCen- including most small businesses in this country. States like New York may be enacting laws to mirror the disclosure requirements at the state level. Non-compliance is expensive and could lead to jail. How to manage these reporting responsibilities is going to be a big issue in the wealth space. I covered the general framework in June with attorney Stephen Liss here: EPISODE 134. Today, we're going to speak with friend of the podcast, JOHN WILLIAMS on the CTA and 2024. He is the President of the Williams Law Firm in Delaware and President of INCNOW.COM, a corporate formation firm. We're going to talk about taking on this responsibility as an advisor and what businesses (big and small) might expect in 2024 and beyond with this new mandate. Corporate Transparency Act- A Quick Review 1) Whom does it apply to and how big is this lift? 2) What needs to be reported? Do we know how at this point?3) By whom exactly? Client? Advisor? Paralegal?4) What is the timing for reporting? How long do you have to report changes? Can you correct mistakes?5) What are the penalties for getting this wrong? For Advisers, RIA's, Lawyers, CPA's and MFO's 6) How much time should compliance take? Who is responsible? Simple ownership (90min) vs complex ownership Change in ownership If something goes wrong, who is liable (i.e. who goes to jail)? Paralegal liability 7) What are best practices for compliance? For clients? For advisors suggesting entities? For Administrators? 8) Who should be in this business? Headcount? Is there liability insurance for advisors/admins? Are Law firms ready for this? RIA's and MFO's? CPA's looking to "help"? 9) What is a realistic cost for this? Especially given ongoing service and liability? Will clients understand what they are paying for and why? Can this be AI'ed away? 10) How are you thinking about it (for your business)? Is it a profit center? Is this for the "Faint of heart" or the tourist? Is there a danger in treating this as an accommodation? 11) Practical questions- Who is a control officer? senior officers / directors / others (trustees)? An incorporator? Series LLC's = multiple reports? Information sharing between FINCEN, IRS, DOJ others? Is Privacy over? Should everyone get a FINCEN number? Are we entering a new era of corporate governance and record keeping for clients and their businesses? (I.e. is corporate governance going to be a "real thing" going forward?) How to Find John Williams and his firm. INCNOW.COM TWITTER THE WILLIAMS LAW FIRM https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
While all families in the U.S. should have an estate plan, a comprehensive plan is particularly important when your family ties and assets span more than one country. Estate planning can be a challenging task for anyone, but add multiple citizenships and foreign assets into the mix, and it can become formidable. That said, failing to have a plan in place can leave your family at risk. To help us navigate these issues, we have estate planning attorney SHANNON MCNULTY with us to talk about how to protect your family when you cross borders. Biography Shannon McNulty is an estate planning attorney and Founder of THE VILLAGE LAW FIRM in New York City, She provides comprehensive tax and estate planning for New Yorkers and their families. Shannon has a particular focus on global families with young children. Shannon has earned the CFP® designation from the Certified Financial Planner Board of Standards. And she is on the Board of Directors of the Estate Planning Council of New York City (with me). Shannon is host of the GLOBAL VILLAGE LAW AND MONEY PODCAST- a resource to help foreign nationals make smart legal and financial decisions. Outline Tell us how you came to work with global families in your practice. Why is it so important to for global families to have an estate plan in place? What are the basic things that an estate plan for these families should address? Guardianship for kids; Arrange for the fast, easy transfer of your assets; Incapacity planning; Minimize taxes Can a parent designate a guardian for their children who does not live in the U.S.? What happens if no guardian is designated? Can you explain how to make sure your assets quickly go to the people who you want to have them if you pass away? If your kids are minors, who will manage the assets for them? What is incapacity planning? Why is it important? What do global families need to know about taxes in the estate planning context? Review Before we finish, maybe you can give us a recap of the essential documents that global families living in the U.S. should have in place? Some comments on Shannon's Podcast https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
JARED DILLIAN is one of the authentic unfiltered voices in finance and trading. He is also a true polymath. His newsletters include The Daily Dirtnap, a daily market newsletter for investment professionals, and We're Gonna Get Those Bastards, which is about everything “depraved”, especially finance, culture, music and sex. He has a new book coming out in early 2024 called “No Worries” which brings his unique perspective to personal finance topics with the goal of helping people reduce anxiety around the wealth building process. https://www.amazon.com/No-Worries-live-stress-financial-ebook/dp/B0BZZFQPBG/ Back to the polymath part . . . In his spare time, Jared is a progressive house DJ, a short story writer, and speaks frequently on mental health issues at financial institutions. It's Jared's ability to cultivate his creative side that sets him apart from the rest of the noise in the financial world. JARED'S BACKGROUND - Early Life and the Coast Guard Lehman Brothers- The Experience and the Newsletter South Carolina HOW DID JARED GET INTO THE WRITING? (HE STARTED EARLY!) THE NEWSLETTERS - THE DAILY DIRTNAP and THEN "BASTARDS" THE TWO RECENT BOOKS - WE"RE GONNA GET THOSE BASTARDS https://www.amazon.com/Those-Bastards-essays-creativity-meaning-ebook/dp/B0BZST4Z5P/ - NO WORRIES -HOW DOES WHAT YOU DO INVESTMENT-WISE CONTRAST WITH THE CONVENTIONAL WISDOM OUT THERE? TRADITONAL vs SOCIAL MEDIA DJ / MUSIC / FICTION - HOW DO THESE ENDEAVORS HELP YOUR WRITING? WHAT ARE YOU WORRIED ABOUT CURRENTLY (MARKETS OR OTHERWISE?) HOW DO WE FIND JARED? WWW.JAREDDILLIAN.COM https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
https://open.spotify.com/show/51hVAo0WB8Lp1ECeyCWZhC "September 29, 1913: the steamship Dresden is halfway between Belgium and England. On board is one of the most famous men in the world, Rudolf Diesel, whose new internal combustion engine is on the verge of revolutionizing global industry forever. But Diesel never arrives at his destination. He vanishes during the night and headlines around the world wonder if it was an accident, suicide, or murder." Author, DOUG BRUNT, takes us on a journey into the life of this modern day Tesla. We talk about his latest book, "The Mysterious Case of Rudolf Diesel." In this wide-ranging discussion, we get into the world of writing, the entrepreneurism of being an author, the differences between fiction and non-fiction and his "Dedicated" podcast with the leading lights in the publishing world. It's a great listen for budding authors, readers and entrepreneurs. https://www.amazon.com/Mysterious-Case-Rudolf-Diesel-Deception-ebook/dp/B0BV123PC8/ref=sr_1_2?crid=34B7KZ2Y3XBDE&keywords=doug+brunt&qid=1694454066&s=digital-text&sprefix=brunt+%2Cdigital-text%2C128&sr=1-2 Doug's Background From Entrepreneur to Writer Fiction to Non-Fiction- What is different? How did you research the book?Whom do you lean on for advice/notes as you go through the process? The Mysterious Case of Rudolf Diesel What did you learn about the man in your research?The device to interject Rockefeller and Wilhelm for context Diesel's seismic impact- why has he been forgotten? Where do you place him in the pantheon of inventors? The Dedicated Podcast What do you learn in those discussions?How do we keep track of your podcast?When does the book come out and where do we buy it? THE MYSTERIOUS CASE OF RUDOLF DIESEL DEDICATED PODCAST https://open.spotify.com/show/30nZjASHZdffdfDanIaAgz DOUG BRUNT TWITTER (@dougbrunt) https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
Philanthropy is one of the most important tools for families to strengthen their communities, establish their legacy and communicate their values - both inwardly and outwardly. What happens when the organizations that receive family resources don't fulfill the donor's intent? What if the charities mean well, but aren't effective? What if the charities use the resources for something else entirely? Well, these issues came up in a big way when the Robertson Family of A&P Supermarket fame disagreed with the way Princeton handled the proceeds of a $35 million gift. Author, DOUG WHITE is going to lay out the case, explain where it went wrong, and give us some lessons on how to avoid future quagmires around donor intent. https://open.spotify.com/show/51hVAo0WB8Lp1ECeyCWZhC DOUG WHITE, a long-time leader in the nation's philanthropic community, is a 5-time author, teacher, and an advisor to nonprofit organizations and philanthropists. He is Co-Chair of the FoolProof Foundation's Walter Cronkite Project Committee and a governing board member of the Secular Coalition of America. He is the former director of Columbia University's Master of Science in Fundraising Management program, where, in addition to his extensive management responsibilities, he taught board governance, ethics and fundraising. He is also the former academic director of New York University's Heyman Center for Philanthropy and Fundraising. He has also been an advisor to BoardSource, the nation's leading organization dedicated to “building exceptional nonprofit boards and inspiring board service.” Doug has written five books: “Wounded Charity” (Paragon House, 2019) “Abusing Donor Intent” (Paragon House, 2014) “The Nonprofit Challenge: Integrating Ethics into the Purpose and Promise of Our Nation's Charities” (Palgrave Macmillan, 2010), “Charity on Trial: What You Need to Know Before You Give” (Barricade Books, 2007), “The Art of Planned Giving: Understanding Donors and the Culture of Giving” (John Wiley & Sons, 1997) His expertise includes fundraising strategy, board governance, improving organizational processes, and ethical decision-making. Introduction and Doug's Background The Role of Philanthropy Help for Donors Help for Charities Donor Intent - The Robertson / Princeton Case The Robertsons (Descendants of Charles and Marie Robertson) Source of Wealth (A&P Supermarket Fortune) The Desire to Build the Woodrow Wilson School After JFK in 1961 The Gift- $35 Million in 1961 (Robertson Foundation: > $900mm in 2008) The Mistake in Structuring (and codifying) the Gift Where did Princeton veer off course? Funds used for other purposes The Conflict between Charity and Family when the Patriarch Died The Expense ($45mm in legal fees by both sides!) Princeton's Explanation: Good practices for families making the gift (and monitoring it) Establishing and Codifying Donor Intent Balancing Rigidity and Flexibility around terms and uses of the gift Drawing up a Binding Agreement Communication (Oversight at the Charity and the Family) Performance Metrics Accountability Structures and Procedures https://www.amazon.com/Abusing-Donor-Intent-Robertson-University/dp/1557789096 DOUG's CONTACT INFORMATION https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
This episode is a little different. I'm going to talk about the importance of balance and health. This time I'm the example. I'm hitting the half century mark this year. After 3 years of COVID disrepair and neglect, I knew I needed a change. In this episode, I'm going to describe those changes and what it's done for me. I'll also be commenting on the significant gap between health, fitness and the wealth management industrial complex. In brief, I think the industry has a huge blind spot around the intersection of health and wealth and is dangerously ignorant about the widening time and expense divide between one's late career and death. To help me make sense of this is, noted expert, Phil Pearlman. DR. PHIL PEARLMAN, is the founder of THE PEARL INSTITUTE. He is an expert in the areas of personal health, human change processes, and systems integration. Phil and I didn't work together. However, I hope his unique perspective on balancing career, fitness, mental health and other facets help put my experience into context and give the audience some lessons from my journey. About Phil DR. PHIL PEARLMAN, is the founder of THE PEARL INSTITUTE. He is an expert in the areas of personal health, human change processes, and systems integration. Phil is the author of The Primecuts Newsletter, which focuses on cultivating a healthy lifestyle, mindset, and identity through the powers of creativity, reinvention, and grit. Phil is an advisor to and investor in social/digital media companies across stages of development. Previously, he served as CBO and CMO at Osprey Funds, EVP at Bank OZK, Executive Editor at Stocktwits, and Interactive Editor at Yahoo Finance. Phil earned a doctor of psychology degree from Argosy University. He lives with his wife and two boys in Montebello, New York. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
"Venture Capital" is a small subset of private equity surrounded in mystique and fable. In reality, the world of start-ups is filled with the highs and lows of hard work, loneliness, crushing disappointment and, sometimes, unbelievable success. The bold founders usually have a vision to disrupt the status quo and build a new world around that idea. The VC community is a unique culture that understands the founders' motivations. It provides the resources, support and discipline to help them prove their idea, grow, survive, adapt and thrive in the face of the longest odds. They say "it takes a village." In "Venture Capital", the hope is that these mavericks are surrounded by an ecosystem of investors that understand the disruption they feed and have the patience to let them manifest their vision. JULIE FREDRICKSON is the Managing Partner of CHAOTIC CAPITAL. She will help us understand what it takes to survive and thrive in this space and skewer some sacred cows along the way. Julie's Background "I'm a founder with experience in retail and e-com businesses across all stages. I've raised from venture, PE, and crazy people. for everything from cosmetics to online advertising. A couple of my companies even exited and are still around. My first company was Coutorture Media, a luxury affiliate publishing and e-commerce network acquired by Sugar Inc. I then founded playAPI, a developer tool kit and SaaS platform for digital brand marketers. Most recently I went physical with Stowaway Cosmetics a direct to consumer cosmetics brand, which is now part of WIN Brands Group." Venture Capital Generally- What does success of individual investment look like?What does success of portfolio look like? Differentiation 1. Underwriting Businesses: Asset-Light & Equity-Efficient: "We focus on ventures fitting the VC mold, prioritizing scalable, asset-light companies that require minimal equity financing. Two of our most successful seed investments raised
Real Estate investing is seen as the holy grail of passive income and wealth independence. One of the popular facets of real estate investing is the tax advantage that much of the IRS code provides to the owner/operator. High on the list of cocktail party chatter topics is the concept of COST SEGREGATION. It is a way to deconstruct the components of real estate developments, depreciate them faster than the normal life of a building and net the deductions against other income. To explain this concept, MITCHELL BALDRIDGE joins the podcast. The Texas-based CPA and CFP will take us through the ins and outs of Cost Segregation Studies and discuss the importance of solid bookkeeping and delegation for entrepreneurs and other business operators Cost Segregation -Describing the concept - accelerated depreciation and deductions-Potential benefits in numbers-Types of projects where it works (Who is it for?)-Process- getting study, dotting i's, building in documentation now and forward-Traps for the unwary- Sloppiness, Passive vs Active income, Full-Time Real Estate Occupation, -Recapture- what it is and how to manage it Bookkeeping and Bulletproofing your Business for Future Sale -Importance of dotting i's-Looking for tax savings-Delegating intensive work-Coordinating with advisors https://www.betterbookkeeping.com/ How do we find you? https://twitter.com/baldridgecpa Links https://www.recostseg.com/ https://baldridgefinancial.com/services/cost-segregation/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
One of America's best (and most quotable) judges, Learned Hand said, "Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes." What happens when the IRS disagrees with the way you've arranged your affairs? What do you do when you receive “fan mail” from the IRS (or the State Taxing authority) KELLEY C. MILLER, ACTEC Fellow and Partner at Reed Smith in Washington DC. helps us understand the process of an IRS audit, good practices in dealing with an audit, and inside knowledge of how the process works at the agency. This episode is full of good information on an uncomfortable, but vital, topic for families that are pursuing complicated planning that may catch the attention of the taxman. Background and Good Conduct Rules of Thumb Be Honest Be Prompt Be Complete Be Clear/Organized Be Consistent and coordinated with other tax and gov't authorities Be Quick to Alert the IRS if issues come up What is the IRS / State looking for? In a word, UNDERPAYMENT . . . or "more revenue." Listed Transactions (ex. syndicated conservation easements) Unreported income Mischaracterization of gain vs income Filing status (ex. Domicile / Residence - esp. at state level) and Dependents Itemized deductions (Business vs Personal) Eligibility for credits / treatment Sources of “referrals”: Data (Demographics, Internal Data, HNW, UHNW patterns, Social Media, AI in the future?) News, Spouses, Other Agencies (Corporate Transparency Act Implications) Past conduct How is the IRS to deal with? Other states? They are professional and sophisticated but under-resourced Whom are they looking for? Improvements? Potential new staffing and technological investments Is not incorporating your advice team ever a good idea? Civil vs. Criminal vs Collections Departments Process 1) Open the Letter! (Not a good time to stick your head in the sand) Is it an audit or a request for additional information? What person or entity is being audited? What is the focus of the audit? What documentation is being requested? What kind of audit? Correspondence Audit: The IRS requests additional information regarding a part of your tax return, such as receipts or canceled checks. Office Audit: The IRS requests that you bring specific documentation into your local IRS office- the audit happens there. Field Audit: An IRS agent shows up at your place of business to conduct a face-to-face audit. Taxpayer Compliance Measurement Program Audit: The mother of all audits- one that requires full documentation down to birth certificates to test the Agency's scoring systems. 2) Notify the team and decide on the response strategy Who is quarterbacking the response and the interaction? Accountant / Attorney / Wealth Manager / COO When should the tax preparer run things vs an attorney? Do you need other expertise? Should you have Attorney / Client Privilege? Very likely. Who is compiling the information? 3) Responding to the request You should respond to the IRS/State within 30 days of receipt How should that occur? Call / letter? Crafting the response letter Supplying the requested information 4) No Action or additional payment? If it's determined I owe more, what is the process of appeal? What if I don't have it? Payment plans? 5) Closing the file Documenting the outcome Post-mortem – What practices were audited? Should we do anything different in tax planning Any other storm clouds on the horizon? Lessons Learned- Updating documentation and administration process going forward How Do We Stay In Touch with Kelley? KELLEY MILLER at REED SMITH KELLEY MILLER on LINKEDIN https://www.amazon.
"Behavioral Finance" is all the rage. BeFi (as the not-so-cool kids in the financial world call it) is the next phase in guiding individuals, teams, boards, companies, and leaders to better decision-making. There is plenty of material telling us where people get it wrong. Even the best brains get deceived by a litany of behavioral biases. These biases cause people to fall off the track of economic rationality. However, even with all of these labels, there is little guidance on how to identify and use this context. Until now . . . PETER ATWATER argues in his new book "THE CONFIDENCE MAP" that there is a straight forward mental model. https://www.amazon.com/Confidence-Map-Charting-Chaos-Clarity/dp/0593539559/ It can diagnose an individual's emotion and confidence, its directionality and its relationship to group and social mood. Further, Peter asserts that people (and their advisors) can use this information to pull decision-makers out of the own limitations of their own silos. People will be able to recognize what is occurring in their surroundings, mitigate risk and maximize opportunity. We'll discuss Peter's findings, the mental model he's developed and, finally, the process of writing the book. Outline Quick background- The Confidence Map- central tenet of the book The context of one's place on the confidence map has as much to do with the decision making process as data and logic. Rationale behind the book - what was the problem that you were seeing? What was your research showing? Examples Johnson and Johnson Tylenol Case Boeing 737 Dreamliner Bud Light Defining the axis- Toggling between "Certainty and Control" Toggling between "Confidence and vulnerability" (not price! Are humans innumerate?) Mapping human confidence (and using it in a forward looking manner) Individuals and recognizing their own position in the chart Leaders looking at group confidence and mood "at scale" to mark strategic shifts Collective mood vs individual mood Defining the group (which group is the individual following) Recognizing where one is on the map personally vs the group vs the masses Augmenting "behavioral finance" Behavioral economics tries to give us the tools and bias catalogues of where human beings fall off the train of rationality How do we think about the confidence map to help people predict (and avoid) their own frailties - especially around big decisions? What is the "equipment" you need to use these tools effectively to help me to understand their decision contexts and make better decisions (potentially in times of maximum stress)? Is there a danger that this is giving a loaded gun to the financial services industrial complex? What was the book writing process like? Turning a box of ornaments into a Christmas Tree Using a Coach What were the struggles? How do we stay in touch? https://peteratwater.com/ Linkedin: Peter AtwaterTwitter: @peter_atwater Amazon: THE CONFIDENCE MAP https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
The Corporate Transparency Act is legislation that is going to touch all high net worth clients in 2024. This is like KYC procedures on steroids and investors need to be aware of it. Attorney, STEPHEN LISS helps us understand the scope of the developing new regime. The financial reporting system currently makes it cumbersome for regulators and law enforcement to track the asset ownership and cash flows. Lessons learned from the Panama Papers and Pandora Papers disclosures signaled the need for a change. Congress passed the CTA legislation in 2022 to combat money laundering, tax evasion and other illegalities. After public input, final rules were recently promulgated. There are significant reporting responsibilities and criminal and financial penalties for non-compliance. The impact of these initiatives takes hold in 2024- It's becoming a point of emphasis for the legal, accounting and financial services communities. It will be significant part of the estate planning process for HNW clients going forward. With the expected “2026 avalanche of estate planning. Clients are in a for a surprising change in the standard procedures around standard techniques. The concept of “Putting it in an LLC” or “putting it in a trust” is about to become more expensive, complicated and time-consuming- particularly in dealing with the law firms and especially financial institutions. STEPHEN LISS is a partner at Dungey and Dougherty and is on the forefront of this legislation and its impact on clients. We're going to talk about the scope of the CTA, it's impact and why it's important for HNW clients to start early and get ahead of these requirements when the planning avalanche comes. Background Congress enacted the Corporate Transparency Act (“CTA”) under the Fiscal Year 2021 National Defense Authorization Act on January 1, 2021. The requirements of the CTA are being implemented “to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, while minimizing the burden on reporting entities.” That said, even FinCEN acknowledges the enormous reporting burden imposed by the CTA, which it most recently estimated to be over 118 million hours in 2024, with an annual burden of over 18 million hours thereafter. The CTA added 31 USC §5336 to the Bank Secrecy Act with the title, “Beneficial ownership information reporting requirements”. The CTA has three core elements: Reports to FinCEN The CTA requires certain entities (each a “reporting company”) to identify itself, its primary owners and officers (each a “beneficial owner”), and certain professionals who helped to form or register the reporting company (each a “company applicant”). The reporting company must then report to the Financial Crimes Enforcement Network (“FinCEN”) information sufficient to identify the reporting company, its beneficial owners, and any company applicants (“beneficial owner information” or “BOI”). Control Access to Information FinCEN will provide BOI to government regulatory and investigatory bodies, but it will not be made available to the general public. In addition, there are specific procedural requirements for government actors to access this information, along with civil and criminal penalties for improperly accessing or using such information. Revised Due Diligence Requirements The Secretary of the Treasury is required to revise Customer Due Diligence requirements for financial institutions to conform to the CTA, and account for the ability of financial institutions to access beneficial ownership information. Outline What is the Corporate Transparency Act? The purpose of the Act is to Set a clear federal standard for incorporation practices Protect U.S. national security and commerce Enhance national security, intelligence, and law enforcement efforts to combat money laundering, terrorism financing, and other illicit activities Bring the U.
State Estate Taxes - State Estate taxes can be a nasty surprise- especially with the disconnect between State and Federal Exclusions. Currently, the Federal Exemption stands at $12.92mm per person. 17 states have and estate or inheritance tax and it's often uncoupled from the Federal exemptions. In New York, the state estate tax exclusion stands at $6.58mm per person- and that exclusion isn't portable with a spouse. With state estate tax rates reaching 16%, this could lead to a potentially big number. However, planning around this tax can be complicated. Estate Planning Attorney, GEORGE BISCHOF is here to define the problem and the clients it affects, provide some context for planning and give us some ideas on how to deal with it. George is an Estate Planning Attorney here in New York City at the WILLS AND TRUSTS FIRM (https://thewillsfirm.com/). He focuses on clients between $4 and $20mm in net worth. Estate Tax Federal ($12,920,000 per person) vs NYS ($6,580,000 per person) More New Yorkers can be caught in this than they think Real Estate can be a big issue Linkage to Gift Tax (NYS has no gift tax) Rates (40% Federal vs 16% State) NYS Cliff - Established in 2014 105% Estate Tax Exclusion is where the cliff kicks in. Graduated Tax Calculation Goes back to dollar zero and can be a $250K+ mistake Calculated on NYS property NYS has floated a longer phase-out range, no progress yet Being a City vs State Resident is irrelevant (as opposed to an income tax situation) Portability – Federal: Yes, NYS: NO!!! (but, Credit Shelter Trusts can be a solution) Ways to Reduce / Minimize This Tax Using Charity and a drafting Santa Clause (a conditional formula bequest that leaves money to your preferred charity (or one chosen by your executor or trustee), but only if doing so will result in a higher after-tax estate for your beneficiaries). Changing your residence AND domicile (and cutting NY linkages!) - See an in depth discussion on this topic with attorney MARK KLEIN - (SNOWBIRD PLANNING EPISODE) Using Gifting to get "under the cliff amount" (but beware of 3 year look back). Moving wealth to non-NY jurisdiction Maximizing “portability” with Disclaimer or Credit Shelter Trust structures Disclaimer language in wills and/or trusts Make sure you have an independent co-trustee BONUS: I wrote about this topic back in 2019 and it gives some context around the planning. (The numbers have not been updated): https://frazerrice.com/blog/the-return-of-the-nys-estate-tax-cliff/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ "Frazer Rice is an employee of Next Capital Management, LLC. This podcast is not investment, legal, or tax advice, nor does it reflect the opinions of Next Capital Management. Any opinions represented in the show are Frazer's individually and not an endorsement of the guest. This podcast is for educational and entertainment purposes. It is neither investment, legal, nor tax advice and does not represent the opinions of any employers of the host or guest."
Crisis Management in the Wealth Space Lawyers, Accountants, Wealth Advisers and other advisers – are used to dealing with difficult situations all at the heart of their specialty. But often, the advice the clients need goes past the wealth arena . . . . How do you help them when you hear situations like this? My son shows no drive and won't get up from bed- My daughter is cutting herself- My brother just got his second DUI this year and is running the business into the ground- The trustee of my trust has missed filing taxes and is making mistakes- What do you do when you are the first point of contact, but out of your expertise? What happens when the family is in crisis and devastating wealth impacts are in view? What happens when it's not in your business model or expertise to deal with this part of the family's issues? How do you do the right thing by your client and yourself? JANE MINTZ is the person to help us deal with this gaping hole in the wealth management industry. Jane is an internationally respected pioneer who has spent 20 years working with individuals and families around crises related to addictive illness, mental health, and life concerns. Best known for her work as a concierge strategist guiding clinically complex individuals and their families through extraordinary challenges, she is also a noted thought leader, industry consultant, educator, and speaker who has garnered international recognition. Jane has extensive experience working with family businesses and private family wealth offices so that the dysfunctions of today do not destroy the legacies of tomorrow. Jane is a Licensed Professional Counselor with multiple dimension training credentials in high acuity clinical clients. She is a Laurel School graduate (Cleveland, OH) with degrees from Washington University (St. Louis, MO) and John Carroll University (Cleveland, OH). https://open.spotify.com/episode/6s4CX5W9qxMtXwRRbBOtUi?si=zvatryXoRUadZirFtJJO4w Outline Jane, in a couple of sentences, what do you do as Professional Counselor- How is your expertise applied to the wealth space? (Family Businesses and Wealth Offices/Trustees) Crisis What constitutes a crisis? What is the difference between a crisis and a mistake (or “growing pains”)? How does a financial advisor, coworker, wealth manager know when to intervene? What are we looking for signs and symptoms that someone needs help: Misspending Not showing up for appointments Missed deadlines Disruption in workplace Missed work Inability to participate in large planning matters The Intersection of Being a "Fiduciary" and Getting a Client the Help They Need? What is a fiduciary relationship? vs. Human Ethics? When do human ethics supersede fiduciary ethics? How can a clinical strategist be a key collaborator in bridging the gap between the two? What does a professional counselor do? What happens when a client is introduced to to a Counselor? What are reasonable expectations? For the family? For the Adviser? What does progress look like? How do you set up the structures for long term success? Where does the Adviser fit in that process? How do we stay in touch and how do listeners find you? JANEMINTZ.COM Books Mentioned . . . . https://www.amazon.com/Four-Agreements-Practical-Personal-Freedom/dp/1878424319 "Frazer Rice is an employee of Next Capital Management, LLC. This podcast is not investment, legal, or tax advice, nor does it reflect the opinions of Next Capital Management. Any opinions represented in the show are Frazer's individually and not an endorsement of the guest." https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
Why Do You Podcast? And How Does It Help in the Wealth/Law Space? Why do I do it? What's involved? How does it interact with your career? Should I do it? (YES- At least try it) How did you get started and how much does it cost? Do you make money on it? Is your ROI on the show different? Do you use it for research or marketing (or both)? Do you enjoy it? Two Advisor Podcast Experiences I thought I would have BRENT NELSON on the show, so we could trade our two podcasting experiences. Brent is the host of the successful and entertaining Wealth and Law podcast and heavily involved in the wealth management space. This is his second visit to the Wealth Actually Podcast. He is an ACTEC Fellow and a partner of the Tucson-based RIMON LAW FIRM and focuses on international and domestic estate planning. For those curious about the world of podcasting and where it can fit into your business or practice, this should be a useful listen from two people who have done it. I liked the idea of two people, who have demanding day jobs, describing their podcasting experiences and how they make it fit within a demanding schedule- Why we did it? Why do we continue to do it? What do you listen to and what did you take for inspiration? What's your process? What started off poorly and has gotten better? How much time / resources / workflow does it take? What functions do you keep / what do you delegate? How do you measure success? How do you "monetize?" Business model? Advertising? What do you wish you had? Struggles with audience building- Weird stuff like music / disclaimers? The Wealth and Law Podcast: https://open.spotify.com/show/3bQK3jsLsacNqryQKQuSRG I am also adding this excellent primer on "HOW TO PODCAST" from my friend, Jason Cilo of Meeting House Productions- it goes into some depth on the "Who, What, Where, When, Why and How" of the process from a person who does an extremely professional job on his show. It is well researched and serves as an ode to his passions in the TV and Film world. Well worth the listen: FULL CAST AND CREW: HOW TO PODCAST https://open.spotify.com/show/1UTZzSo2oPXBxn94UrIjO1 Some of the Podcasts Mentioned: Errol Louis ("You Decide" NYS Political Podcast), Various Horror Podcasts, John Keim (Washington Commanders Beat Writer for ESPN), Full Cast and Crew, Infinite Loops, Penny Philips, Griffin Bridgers, Morgan Housel, Ritholtz Wealth's stable of podcasts, Invest Like the Best with Patrick O'Shaughnessy https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ "This podcast is for educational and entertainment purposes. It is neither investment, legal, nor tax advice and does not represent the opinions of the employers of the host or guest."
In this episode, I recount my experience in taking the plunge and jumping from a stable, large bank job to swim in some different waters. "Funding the Pivot" was written a few years ago as I was doing the post-mortem on my post-book experience. I think the lessons I learned can help a lot of people. This format a bit of an experiment for me in non-interview podcasting- let me know what you think of it. The transcript of the essay is below- thanks for listening! Follow me on TWITTER LINKEDIN YOUTUBE and INSTAGRAM, Don't forget to SUBSCRIBE/like/rate the show and feel free to send along to your friends. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Funding The Pivot We live in a world where we are bombarded with advice to “follow your passion” and stories of people who wonder about the road not taken. In fact, more people in their prime earning years are taking steps to fulfill their “dreams” before they reach the brass ring of retirement- a time normally associated with doing all of the things you didn't have time to do. What happens when you aren't close to retirement and want to make a career switch or start up a new business? What is realistic? How should you think about the risks so that you avoid a crippling financial decision? As clients and friends have come to me with this issue, I have taken my personal experience and some financial planning concepts to put structure around what can be a high risk, but high reward decision. The Assessment and the Plan Many of us daydream about a better tomorrow . . . better finances, more control of time, health and family happiness, a clearer path to professional or extracurricular achievement and establishing a legacy. These things don't come without costs and the risk of failure. Therefore, you need a plan. The first step is to assess the situation at hand. Are you running from something or running to something? Do you have an idea that will change an industry (or the world)? Do you want to start a business (and the hell that being an entrepreneur can bring) or do you just want to enjoy the trappings of a well-oiled business machine (already put in place)? For those making career decisions because of an unpleasant work environment, I would think twice about running headlong into entrepreneurism. It is a long and lonely road. You have to “really want it” and be prepared for sacrifice both personal and financial. Can the same itches be scratched while being traditionally employed? If your current situation is dissatisfying, could the correct change be a move to a firm that is more in keeping with your goals and principles? I had a little of both in my life and used parts of the creative process, the entrepreneurial experience and a corporate situation to move my situation ahead. My situation at my previous employer was suffocating. I enjoyed working with clients, solving problems, identifying opportunities and being relevant to successful people. However, while enjoying success, I was not participating in the equity or direction of the business and I was not developing. My career trajectory was flattening and the principles by which I worked were shifted by new management priorities. It was time to go no matter what. I also had a nagging feeling that I had more to bring to my clients, my firm, the industry . . . and myself. I became involved in podcasting and speaking- two things that I enjoyed. On the strength of that and my extracurricular interest in writing screenplays and essays, I felt like I had a book in me. Change is good, right? Change brings growth. Generally speaking, that's true, but change also occurs when you are laid off or when a company closes down. To that end, change is effective when you are the architect of the change. When you are driving new circumstances, you have more control over its effects. In my case, I spent a year writing the book,
The FAMILY OFFICE – a term that is surrounded by mystique. It conjures notions of massive wealth, mahogany infused offices, private jets and money that has reached escape velocity. When one probes deeper, it connotes secrecy, exotic opportunities and risks, mixed with rigid control and discretion. But what is the reality behind the term “family office”? At what level of wealth do families bring it all in house? What functions do they actually perform? How much do they cost? For families that are intrigued, what questions should they ask before going down that process and what should they focus on? We're going to speak with EDWARD MARSHALL, Head of the Global Family Office at Dentons, the international law firm. Ed has deep experience in the space and is a terrific starting point for families looking to engage the process of developing their own structure. Ed and his white papers and research can be found at DENTONS' site here: ED MARSHALL and his twitter account is here: ED MARSHALL TWITTER. A link is here for his informative book (with Bill Woodson): FAMILY OFFICES: A COMPREHENSIVE GUIDE FOR ADVISORS, PRACTITIONERS, AND STUDENTS Here are some of the areas we hit on: When a client comes to you looking for a family office, what problems are they trying to solve? What is your process for helping them define what they need? Why not outsource everything? How do you make this a digestible process? Build, Buy, or Partner? Cost Talent Confidentiality Regulation Scope Creep The Rule of 3: It's could take 3 years to build It could costs $3 Million You will probably want to shut it down 3 times before it's up and running Below is a brief summary of the question and answer process from Dentons to help families get their bearings around the family office process: Focus areas Getting started General Investing Investing and owning real estate Venture capital and private equity The Lender Management strategy (US-based family offices) Taxes Litigation Operations and governance Employment Impact investing and philanthropy Trusts, estates and wealth preservation Public policy Risks and threats Specialty areas Getting started What experience do you have working with family offices and family businesses? Is your experience local, national or global? What are the legal services that you typically provide to family offices that look like ours? Does your experience with different family offices provide you with best practices that you can share with us? What are the key legal issues to consider before, during and after a liquidity event? Are all of your legal services billed hourly or can you deliver work on a flat-fee-per-project basis? How would you build a team to handle the legal and non-legal matters relating to my family office? Do you (or your firm) have access to a network of family office general counsels? Are the business entities currently affiliated with our family office optimally structured across all areas that we should consider, such as income tax, estate tax, securities regulation, privacy, etc.? What legal considerations and potential pitfalls exist with respect to embedded family offices (i.e., where employees of the family business perform the same function as a single-family office)? If members of the family are investing together and/or separately, what legal structuring should we consider? Would our family office benefit from a holding-company structure? Should one or more trusts own the family office legal entity? What is a family office management company? Should we consider using a holding company for our investments? What are the advantages and disadvantages of using a family limited liability company (FLLC) or a family limited partnership (FLP) in our family office or family business? How can we exercise optimal control of a family office or family busine...
We are now into 2023 and it's turning into is a unique wealth planning environment Families are dealing with volatility and depressed asset values. We have extremely generous Federal Estate Tax Exemption levels for the next couple of years (we think!)- Most intriguingly, we are witnessing rising interest rates which are bouncing hard off of generational interest rate low. Since interest rates are an important driver of many strategies, the effectiveness of many popular estate planning tools is up for review. Furthermore, some “out of season” techniques are getting a new look. To help survey the landscape is MATTHEW HOCHSTETLER. Matt is a Partner at David J Simmons and Associates which based in Canton, Ohio and Naples FL Matt is an ACTEC Fellow and well qualified to help us think about the current environment Welcome Aboard Matthew- Matt's Background and Practice The Rising Interest Environment- What rate are we using? AFR and 7520 Rates How does it work? Monthly reset? Where were we (From 2010 to 2021 historic lows that went under 1%) and where are we now (Near 6%)? Strategies for a low-interest-rate environment Lending to transfer wealth with little or no gift tax. The interest rate reflects the hurdle that appreciating assets must beat to be effective for some estate planning techniques to be effective. Intrafamily-loan Installment Sale to an Intentionally Defective Grantor Trust (IDGT) Grantor Retained Annuity Trust (GRAT) Charitable Lead Trust (CLT) Strategies for a high-interest-rate environment You may be able to capitalize on strategies whose benefits hinge on using higher interest rates to reduce the actuarial value of a taxable gift. The higher the rate, the more beneficial these strategies will be. Qualified Personal Residence Trust (QPRT): Charitable Remainder Trust (CRT): This is the reverse of a CLT; the grantor receives an annual payment from the CRT for a term of years, and charity receives whatever remains at the end of the term. Any other thoughts around planning in 2023 and 2024 with the sunset provisions looming at the end of 2025? Start Your Thinking Early! Law Firm and Valuation Firm Capacity may get stretched thin by 2025 as people delay It is easier to top up previously implemented strategies than establish new ones on the fly. HOW DO WE STAY IN TOUCH? TWITTER: @MRHesq LINKEDIN https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
© 2020-2025 Ivy Podcast Discovery LLC
