Strategies for Growing | Protecting | Selling | and the inevitable What's Next? How to utilize your wealth team before and after you sell your business.
Many experts advocate starting succession planning three to five years before retirement, but it is never too early to start. Knowing how your business will transition, who will take over, and how heirs and partners will be rewarded are all important steps toward decreasing future stress in the case of an owner's unexpected exit.
What's change for Estate and Gift Tax Laws for 2022? Watch the full video to know more.
The 5 Best Strategies To Minimize Taxes In Retirement.
High income business owners can lower income taxes and build significant retirement wealth for yourself as well as your family through defined benefit plans.
It's often asked, “What will you do on Day One of your retirement?” Most people have a clear image of Day One. Maybe even Day 1,001. But few can imagine 8,000 days of golf, and even fewer have a vision of what they will be doing on any given day—such as Day 4,567. But getting started on the right foot can be crucial.Instead of planning for ‘retirement' as a single state, it may be beneficial to reframe the conversation to reflect a four-phased concept of retirement. Each is characterized by the tasks and issues individuals are most likely to be managing. The four retirement phases enable a clear vision to plan and to anticipate what is likely to come.The Four Phases of Retirement1 The Honeymoon Phase2 The Big Decision Phase3 The Navigating Longevity Phase4 The Solo Journey Phase
The concept of the step-up is that, when an individual dies, the basis of the assets that they owned is increased (or “stepped up”) to their value as of the date of the individual's death. This is often utilized with passing assets to children. The concept is fairly straightforward for assets owned solely by the decedent and passing to a child. It can become more complicated when the assets are owned jointly with a spouse (or even passing between spouses).
Over the years as an investor, you don't set out with the goal of losing money. But part of having a well-diversified investment portfolio is embracing the reality that while some assets and investments perform well, others may not perform as you had intended. Sometimes an investment that has lost value can still help your portfolio.
What's in store for the U.S. markets and economy in 2022?It's the new year, but same old issues?The COVID-19 pandemic has had a lasting and significant impact on the economy these past two years, and that's likely to be the case in 2022 as well. And new legislation from Congress could bring big changes to taxes and retirement plans.How will the market react to the omicron variant? How will rising inflation affect the global economy? How do these events affect you?2021 was a continuation of term “messy.” With debt ceiling debates, Delta and now Omicron variants, supply chains, and housing all causing havoc. In this Master Class, we lay out our three essential Macro Themes we believe will drive market returns in the coming year.Join us as Lion's Wealth Management's founder Nathan Krampe, CFP®, CPWA® hosts our highly anticipated 2022 Market Outlook presentation.Here are a couple key themes for the coming year:Changing US EconomyInflation and the FedPlanning Opportunities
Right now, the Rate of Change is telling us that the first half of the year won't be as good as the second half of the year. So while we expect growth in the economy, it won't happen all at once. And to make things more confusing, all this growth depends on a lot of assumptions about variants, spending, hiring, inflation, and more. We'll see just how rosy those assumptions are as the year progresses.
Peter Theil used simple strategies to great a multibillion dollar Roth IRA. You can do the same following these techniques.
Business owners are unique. Social Security is not a one size fits all. What will work for you? Nathan Krampe will dive into claiming Social Security for the business owner.
If passed, the 'Secure Act 2.0' would significantly alter the retirement landscape. - ForbesThe SECURE Act made sweeping changes to stretch IRAs and retirement plans. The SECURE Act 2.0 would be just as impactful on required minimum distributions, taxes, catch-up contributions, as well as company 401(k)s.These changes most certainly can benefit your business if you know where to turn.⚑ SUBSCRIBE TO MY YOUTUBE CHANNEL ⚑If you want to do great things you need to have a great wealth plan. Understand more by subbing and watching. https://www.youtube.com/channel/UCOwL241RxHnGUlSITwZ0rog?sub_confirmation=1¿ COMMON QUESTIONS ¿• How do I contact the Lion's Wealth team? https://lionswealth.com/contact/ツ CONNECT WITH ME ツYou m connect with me on different social platforms as well as our website:• LinkedIn: https://www.linkedin.com/in/natekrampe/• Twitter: https://twitter.com/lionswealthmgmt• Facebook: https://www.facebook.com/lionswealthmgmt• Website: https://lionswealth.com• Email: info@lionswealth.com
Record spending is going to bring about new taxes. Remember, great planning doesn't just look at what you earn or how much your assets grew, it takes into account how much you keep!In this episode are a couple strategies to legally avoid taxes on certain portions of your assets, but more so, discusses the need for tax planning!
Passed by Congress in December 2019, the “Setting Every Community Up For Retirement Enhancement (SECURE) Act” introduced substantial updates to long-standing retirement account rules. One of the most notable changes was the removal of the ‘stretch’ provision for certain non-spouse designated beneficiaries of inherited retirement accounts and the introduction of a “10-Year Rule” requiring those beneficiaries to deplete the entire balance of their inherited retirement account within ten years after the original owner’s death.What should you do next?
With the potential for tax increases looming in the future, tax mitigation activities take on increased importance.What are proving more valuable and consequently more appealing to business owners are defined benefit plans.The benefit-focused plan enables key employees, principals and their families to benefit most from the invested money in the plan.⚑ SUBSCRIBE TO MY YOUTUBE CHANNEL ⚑If you want to do great things you need to have a great wealth plan. Understand more by subbing and watching. https://www.youtube.com/channel/UCOwL241RxHnGUlSITwZ0rog?sub_confirmation=1¿ COMMON QUESTIONS ¿• How do I contact the Lion's Wealth team? https://lionswealth.com/contact/ツ CONNECT WITH ME ツYou m connect with me on different social platforms as well as our website:• LinkedIn: https://www.linkedin.com/company/lions-wealth-management/• Twitter: https://twitter.com/lionswealthmgmt• Facebook: https://www.facebook.com/lionswealthmgmt• Website: https://lionswealth.com• Email: info@lionswealth.com
How does a SEP work?Jed works for the Rambling RV Company. Rambling RV decides to establish a SEP for its employees. Rambling RV has chosen a SEP because the RV industry is cyclical in nature, with good times and down times. In good years, Rambling RV can make larger contributions for its employees and in down times it can reduce the amount. Rambling RV’s contribution rate (whether large or small) must be uniform for all employees. The financial institution that Rambling RV has chosen for its SEP has several investment funds from which to choose. Jed decides to divide the contribution to his SEP-IRA among three of the available funds. Jed, an employee, cannot contribute because SEPs only permit employer contributions.Pros and Cons:Easy to set up and operateLow administrative costsFlexible annual contributions – good plan if cash flow is an issueEmployer must contribute equally for all eligible employeesWho Contributes: Employer contributions onlyContribution Limits: Total contributions to each employee’s SEP-IRA are limited.Filing Requirements: An employer generally has no filing requirements.Participant Loans: Not permitted. The assets may not be used as collateral.In-Service Withdrawals: Yes, but includible in income and subject to a 10% additional tax if under age 59 1/2.Learn More:email us at info@lionswealth.com for more information!
Join us as Lion's Wealth Management's founder Nathan Krampe, CFP® wraps up 2020 and explain his market outlook for 2021.WHAT TO EXPECT IN THE YEAR AHEAD?2020 is history. In the past twelve months we have seen more significant, world-changing developments than anyone could have imagined.The start of 2021 promises to be eventful, as the U.S. prepares for a presidential transition amid the ongoing battle with COVID-19. Many investors are wondering if the new year will be challenged by more uncertainty and volatility stemming from the effects of the pandemic. Others wonder about the future direction of policy with a new presidential administration and the potential implications for the U.S. economy.Join us as Lion's Wealth Management's founder Nathan Krampe, CFP® wraps up 2020 and explain his market outlook for 2021.KEY HIGHLIGHTS♦ The business cycle, liquidity, valuations, and other factors likely to influence asset prices.♦ What the Georgia Senate runoffs and the presidential transition could mean for the economy.♦ How monetary policy, the economic reopening, and inflation could affect the outlook for markets in 2021.
KEY TAKEAWAYSDon’t let the tax torpedo eat your retirement savings. Without proper planning, your tax liabilities could far exceed what you anticipated, depleting your retirement income and the plans for your golden years. Learn how retirement planning must include avoiding the tax torpedo for the best outcome.Join Nathan Krampe, CFP® from Lion's Wealth Management as he discusses ways to withdraw funds in retirement to avoid the tax torpedo.https://lionswealth.com/four-ways-to-avoid-the-tax-torpedo-in-retirement/
Acting as executor of an estate comes with a great deal of responsibility and requires a broad range of skills. It can be time consuming and often requires working with a number of professionals including lawyers, accountants and investment professionals. The good news: You can make that moment easier on your heirs by taking a few simple steps. One of the best ways, financially, to prepare now for that time is to choose a person to be the executor of your estate.
Over the past several years, the rise of the Federal estate tax exemption has dramatically reduced traditional estate planning. Today, it is less about estate tax planning and more about simply ensuring that the correct legal documents are in place to transfer assets correctly. The new estate planning that is often left behind deals with all of your “digital” assets.
One likely major driver of your company’s success is your ability and that of your team to anticipate likely future events and develop plans for dealing with themOf course, as recent history has demonstrated all too well, the future can be highly uncertain. There is rarely, if ever, perfect clarity as to how different factors and events will play out—or how they’ll impact your company’s future.
It is quite easy for affluent families to make big mistakes with one of their largest assets: theirhomes. That means it makes sense to examine your own situation to determine whether there are issues that you need to address before they become problems that can’t be solved.In some cases, there are important issues that simply get overlooked. Often, however, the problems stem from an improper assessment of how much insurance you need—the result being insufficient coverage. That might be your fault, or it might be the fault of a property and casualty agent you work with. Regardless, you will end up being the loser if something bad happens and you are underinsured.
Nathan Krampe is the Founder and CEO of Lion's Wealth Management. He discusses the outlook for the markets over the next 4-6 months.
Join Nathan Krampe, CFP®, founder of Lion’s Wealth Management and Nathan Nelson, Attorney, co-founder of Virtus Law for a conversation on how to handle the new tax laws with your business. As owners, the world is going to change dramatically tax wise and preparing now will help to mitigate unnecessary tax burdens in the future.Under a President Biden, some tax strategies will stay the same, however, many are going to change.Now is the time to make the necessary tax changes before year end for you and your business.Disastrous Consequences of a Proposed Step-Up in Basis law changeComing Long-Term Capital Gains ChangesChanges to Estate Taxes Could Affect Your FamilyNew Ordinary Income Tax Brackets (Hint: They May Go Up)How to Handle Tax Laws with Your BusinessQualified Business Income DeductionsWatch this targeted presentation on how to navigate the new tax regime and what to do about it with your wealth.
What ever way to slice it, we need a stimulus package, clarity, and for COVID-19 to dissipate. What could year end do for your coming taxes? That's another matter.
KEY TAKEAWAYSBoth conventional and asset protection trusts potentially can help to safeguard wealthAn asset protection trust can be domestic or offshoreConsider taking a comprehensive approach to asset protection planning based on your risk profile. The unfortunate fact is that wealth can make you a target for unfounded lawsuits and immoral litigants. This report will examine key asset protection strategies that can potentially be important components of your overall wealth management plan.
Are your heirs ready to deal with wealth you may be planning to pass on to them someday? Inheritors often struggle with their windfalls in ways that can be hazardous to their health and their wealth. Find out how the Super Rich prep their heirs for their inheritance.
Lion’s Wealth Management’s Nathan Krampe discusses:Jerome Powell’s 60 Minutes talk and what that means for the economy. See his full interview hereThe Consumer Getting back to normal?Roth Conversions Should you do a Roth Conversion in 2020?
The Game Plan to What’s NextWe are moving in the right direction with the virus and can see great strides in the economy to recover.Counting drugs approved for other diseases, there are 254 clinical trials testing treatments or vaccines for the virus, many spearheaded by universities and government research agencies, with hundreds more trials planned. Researchers have squeezed timelines that usually total months into weeks or even days.“We have never gone so fast with so many resources in such a short time frame,” said Paul Stoffels, chief scientific officer of Johnson & Johnson.Joseph Walker, Peter Loftus and Jared S. Hopkins WSJ
The Game Plan to What’s NextWhat a week-and-a-half it’s been! With unprecedented monetary and fiscal stimulus and coordination, we have rallied back from the depths of being down around 35% in the matter of a little more than a month. Is this a sign of all clear or just a short rebound?Answering the “what’s next” question is going to be vital for the future of our stock market and economy.This week’s video highlights some thoughts on the future.
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