What About Wealth?
Rich & Rick will discuss the many ways wealth touches our lives – how to make
it, grow it , preserve it, donate it, invest it, protect it from unnecessary taxation
or pass it on to the next generation without creating problems, through effective
planning and value based leadership. This holistic, value based approach to
applying tax, financial, asset protection and investment concepts to long term
wealth provides a framework for listeners to deal effectively with wealth issues.
The ability to explain tax, legal and financial issues surrounding wealth in an
everyday, conversational way using pertinent stories and experiences set Rich
and Rick apart and will provide direction you can understand and apply.
Topics will include wealth and asset preservation/protection structures and
techniques, business and estate structuring and planning, income tax planning,
retirement and retirement income planning. What About Wealth? airs live
Tuesdays at 7 AM Pacific Time on VoiceAmerica Business.
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What About Wealth?
What About Wealth?
What About Wealth?
Captive Insurance Basics
What is a captive insurance company and why might someone want to form one? This morning we have a wonderful guest, Dana Sheridan, and we will separate the discussion of why someone might want to form a captive into two segments, one from the insurance and risk management perspective and the second to discuss tax and wealth management benefits. Since Dana is the general counsel and Chief Compliance Office for her captive management company, we will focus mainly on the captive as a risk management and insurance tool.
Business Limited Partnerships
Limited partnerships have long been used as a tool for business ventures, estate planning, and asset protection. In today’s program, Rich has an excused absence, and Rick explore the history, uses, pros and cons, benefits and pitfalls, and some of the many powerful applications of a Limited Partnership.
Five Essential Moves
There are so many different things people may do to protect themselves and their assets. Today’s program focuses on five moves that are essential to maximize success. Join Rick and Rich as they explore the Five Essential Asset Protection and Estate Planning Moves no one else will tell you.
The Ultimate Farm Succession Plan
Farm families have special planning concerns and needs. This show is devoted to the questions and issues that arise in designing a plan for farm families, and the ideal planning elements.
Tilsit Orphan Education Fund
Our clients and listeners are among the most generous and good people in the world.
Integrated Planning from A to Z
What is included in a typical plan?. What should a person should bring to the planning process? What are the unique factors that affect a plan? What are the key elements typically included in most plans? Join Rick and Rich as they review a typical plan from A to Z.
The “Morning After” Tax Day
The “Morning After” Tax Day ought to be when elections are held. The outcome might change if voters were paying attention to their tax bill.
Stoopid Tax Tricks -- clever attempts resulting in trouble
The best intentions in tax planning can backfire. Complicated rules combined with unpredictable courts and revenue hungry taxing authorities make perilous gambles out of what ought to be simple straightforward decisions.
Life insurance is revered or hated across the spectrum. If you have been the recipient of an award from a prematurely deceased parent or spouse you probably think differently about it than others. Rick & Rich believe that the more savvy you are about it the more you realize it has many obvious and significant uses in life planning. However, it is used inappropriately or the wrong type of product is often used so using the right kind for the right purpose is key. Keith Jacobson is our guest today to discuss how to do it right and with the right products.
The 8 Big Asset Protection Mistakes
A lawsuit is filed every 30 seconds in the US and 100 million lawsuits are pending right now. If an asset protection planner also tells you you will save income taxes then you know you are in trouble - the two are not related
The Ideal Plan for a Dental Professional
Dentists as medical professionals have unique planning needs and opportunities. This show is devoted to exploring the concerns and planning needs specific to the dental profession. What is the best choice of entity for a dental practice? How should equipment and the office building be owned? What is the most tax efficient retirement plan for dentists? How can a dentist minimize their tax burden? What about asset protection, succession planning, and family integration? How does paying off student loans factor into the plan? What if your spouse is the dentist, and they think they know it all and won’t listen to you (or anyone else)? How will the plan for dentists differ from what others do? Join Rick and Rich as they explore the ideal plan for dentist.
Eight Big Wealth Mistakes for Families
Weath is best created in families. Marriage has a greater impact on the creation of wealth than anything. Families are under assault from every direction. The pocket books is just one. How we manage or fail to manage our wealth has a significant impact on our family’s ability to meet everyday needs survive the crisis which always seem to come along. Today’s program is focused on some of the most common goof ups we see happen in families.
Trust vs. Will
Is a Will enough, or do I need a Trust? What is a “living trust”? Why should I care?
What we Wish People Knew about Planning
It is astonishing how many people have done no planning at all. Even highly successful people who have amassed great fortunes have done nothing.
Marriage and Family Wealth
Want to get out of poverty - then get an education and get married. Marriage and education are becoming the dividing lines of an economically split America. Being raised in a married family reduces a child’s likelihood of living in poverty by over 80%! The higher the education level the lower the likelihood of having a child outside of marriage. In fact for women under 30 having babies as a whole 53% are unwed. For those with a college education 95% of those having babies are married.
Estate Planning Apocalypse
The single worst thing that can happen in the administration of an estate is litigation.
Futures and Options with Nell Sloane
Many savvy investors have come to the painful realization over the past decade that the stock markets are too volatile and unfriendly to expect retirement or savings assets to grow and be protected and available when needed. Consequently, most are looking for alternatives to the stock market, particularly investments that are not correlated with the market that can reduce volatility and increase returns. Capital Trading Group, or “CTG,” is a Chicago-based investment firm focusing on alternative investment opportunities in futures and options markets around the globe. Nell Sloane is a Principal at CTG and will be a guest on our show to discuss and answer questions about this often overlooked alternative to the stock market.
What are managed futures and who should use them? What has been the driver behind the growth of managed futures? Can you invest funds from your IRA in this market? Find out by tuning in to "What About Wealth?" at 10:00am ET, 7:00am PT, Tuesday February 5, 2013 as Rick and Rich discuss these and other pertinent questions with Nell Sloane. A little knowledge could make 2013 a banner year for your investments!
"Past performance is not indicative of future results."
The Secrets No One Else Will Tell You
• The Five Essential Asset Protection and Estate Planning Moves No One Else Will Tell You About
1. Understand the World We Live In.
2. Plan for Life, Not Just Death.
3. If We Don't Protect the People, What we Do With The Stuff Won't Matter.
4. Plan for Real Life vs. Some Fictional Future.
5. Don't Eat Your Seed Corn.
The “Charitable Relief” Act
The recent American Taxpayer Relief Act raised, among other things, the capital gains rates for higher income individuals. If history is any indication the charitable giving tools available in the tax law will become more used in structuring capital gains transactions to avoid paying the capital gains on large transactions. Rich & Rick discuss these tools and how they can be employed in todays environment to lower taxes, provide for retirement and benefit family and charitable interests.
American Tax Relief Act - Part 2
Why do we call tax increases “tax relief”? Why do we call the expiration of a “tax holiday” a “tax increase”? When politicians promise to reduce and simplify taxes, what are they doing? Rick and Rich explore these and other instances of Orwellian “double speak” as they review the latest political manipulation of the tax code. Taxes are going up for everyone. There is no sign that the politicians are going to be able to cut spending.
What about the new tax bill?
The politicians have been at play. “Palace intrigue” and insider drama have produced a new round of changes in the tax code. In typical Orwelian double speak, the "American Taxpayer Relief Act" raises taxes. We are able to call it tax relief because it makes “permanent” certain tax laws that were previously temporary. In today’s program we explore the effect of the new tax code.
New Outlook for New Year - Wealth Will Find A Way
In spite of all the bad news that continues to bombard us, we see a bright new future ahead. Join with us to hear why we ought to look forward to a new year with hope and great expectations. In spite of the great negative forces from political insiders and enemies of liberty throughout the world, the human spirit and the impulse to grow, learn and build will prevail, and “wealth will find a way.” Where there is volatility, there is opportunity. Listen and find out why and how it will happen.
Dynasty Planning - Money & Sex
Building a “dynasty” requires looking far beyond the life of any individual. Dynasty’s are the fruit of seeds planted by one, tended by another, and harvested long after the founders are gone.
Answers to Listener Questions
Our listeners are some of the smartest people in the world. We know this by the questions they ask. This might also be a clue about how we can improve our discussions. Today we are focusing on answers to some of the most commonly asked questions. Why are we doing this radio program anyway?
Setting Up a New Business
The many barriers to success when have a great business idea are complicated by the legal and accounting issues associated with forming your business entity. There are many choices: sole proprietorship, partnership, joint venture, C corporation, S corporation, LLC, business trust, and others. Which is best? What are the tax consequences of the choice? What are the liabilities? Which is most flexible? Which offers the most protection? What is easiest to set up? What are the maintenance costs? Which is easiest to get out of? Which can be “integrated” into other planning? What are some of the traps to avoid? Can you do-it-yourself or do you need legal and accounting expertise in selecting and setting up a business entity? Rick and Rich explore these ideas from the perspective of the new entrepreneur.
Special Guest - Jay Taylor
Our guest, Jay Taylor, is the editor and founder of the Gold Energy & Tech Stock’s Newsletter, which is now in its 31st year. He is a renowned speaker, author, and host of Turning Hard Times into Good Times which airs Every Tuesday at 3 PM Eastern time, the most listened to show on VoiceAmerica Radio Business network. Jay is a former banker and value investor whose picks have greatly outperformed the S&P 500 since 2000. Jay is also a frequent guest on CNBC, Fox, Bloomberg and BNN and guest speaker at various mining conferences in the U.S., Canada, Switzerland and Asia.
What is the Fiscal Cliff and what is at the bottom of it?
The election is over. Now what? We are beginning our election news addiction recovery program. There are those who want to take your wealth, and who are willing and in a position to use the government to help them take it from you. How do you protect yourself?
Avoiding and Resolving Conflict
From the dawn of time, humans have fought over wealth. The oldest recorded events in written history are about such conflicts. When the violence escalates between individuals it results in murder. Between nations it results in war. In “civil” society, where at least in theory the Rule of Law prevails, it results in lawsuits. Litigation is the institutionalized use of collective force to divide up property. Lawyers are the surrogate mercenary warriors who go to battle on our behalf, for a share of the spoils. In addition to picking winners and losers when property is divided, litigation has catastrophic social and emotional costs. Nowhere is the cost of litigation more severe than among family members. Join Rick and Rich as they discuss private contractual alternatives to government intervention in dispute avoidance and resolution.
Year End Tax Planning 2012 - Back to the Brink
For more than a decade our tax laws have been temporary. Two years ago, with no agreement on a long term fix, many tax laws were expiring. Income tax rates would rise; estate taxes would have more bite; and many other tax provisions would end. At the very end of 2010, a lame duck Congress extended most of the tax provisions for two more years through 2012. In theory, this was enough time for the politicians to give us a permanent solution. Now the time is up. The political climate in Washington is even more contentious. Presidential as well as congressional elections are up for grabs. Congress is divided. Some say they will act to pass a tax law by year-end. Others say they won’t. Some say they will raise rates. Other say they will lower rates. Even if Congress acts, a new law may be effective this year, or next. The uncertainty makes year-end tax planning more difficult than ever before. What if Congress “kicks the can down the road” again?
Marital Deduction Planning
We have all heard of A/B trusts. Why do we have them? What do they mean? How do they work? Why should I care? Learn the essentials necessary to understand the issues. Does it make a difference where I live? Must I set it up while living, or can this kind of planning be implemented at death? What about non-married and non-traditional couples?
Stupid Wealth Tricks
Most of us have done something we regret doing with our money. The trick is to figure out what we are going to regret before we do it rather than after. Rick and Rich have a wealth of examples of financial moves lacking in judgement - some they have observed with clients and some sadly autobiographical. Join Rick and Rich as they talk about really stupid things to avoid doing with money, and perhaps you can be smarter than the people who don’t listen to our show.
Decrease Risk - Increase Return? Guest Larry Farris
Interview with Larry Farris. Larry began his career in International banking working with Banco Continental in Guayaquil Ecuador. He founded Capital Group Ltd in 1993 and since then has been advising private equity funds and investors. Larry prefers to deploy investments in the form of senior secured debt and outright ownership of cash flow producing assets. He has served twice as a presidential elector and is a homeschool dad to his three boys. Today we are discussing decreasing risk and increasing return with non-correlated assets.
What About Wealth? with Special Guest Dr. Richard London
Year-End Action Plan
As year-end approaches, we will cross a tax deadline. The rules will change. . . Again. What is permitted this year, may not be allowed next. With major changes happening, an election, and a world economy in turmoil, perhaps more than ever before this year it is critical to take action before year end. What matters and what can we ignore? Year end decisions affect both our income tax exposure and our estate tax risks. Whatever else may be said about the tax rules, they are complicated and volatile. Join Rick and Rich as they sort out important year-end tax planning issues and give timely advice on what to do.
The Deceitfulness of Riches
Is wealth a blessing or a curse? Does it help us or hurt us? Is leaving a financial inheritance for our children good or bad? What would happen if we received as much wealth as we wanted? Are there unintended consequences of wealth? What things can wealth allow us to focus on that will be a help or a blessing to others? Public service, humanitarian issues, public health, social problems are all areas needing focus, intellectual capital and investment.
What are the Politicians going to do with our money
The presidential and congressional election cycle is in its final turn. Big decisions hang in the balance for our nation that will affect everyone’s finances. The tax policies, fiscal policies, monetary policies, social policies, foreign policies, and the political philosophy of the candidates will have an enormous impact on our ability to create wealth, preserve wealth, and pass wealth on to future generations. Planning is a matter of navigating the conditions based on the rules of the road. When we don’t know what the rules are, or what they are going to be, it is difficult if not impossible to make meaningful plans. Navigating the issues requires looking beyond the political rhetoric to separate superficial posturing from real world consequences of our choices. Join Rick and Rich as they take a candid look at the issues facing the electorate, and the effects of the ballot box on our wealth.
Case Study in Estate & Asset Protection Planning
How do the laws affecting estates work in real life? How are probate and estate taxes going to affect my property and family? What will happen if I do nothing? Rick and Rich use a case study to make the theoretical real.
The Land Rich & Cash Poor Succession Plan
Those with land, but no cash, such as farmers, face a terrible dilemma. They have little or no ability to pay taxes, and yet they will be taxed heavily at death. Transfer taxes at death, sometimes called estate taxes or death taxes, are based on the net value of all assets including land, not just cash. So a farmer living hand to mouth with no cash in the bank but with millions of dollars in real estate, may be faced with millions of dollars of taxes at death, and no way to pay. A partial solution is to look for liquidity to pay the taxes. A more complete solution will also look for ways to prevent the taxes. Such taxes are as old as time. With proper planning, they can also be optional. Rick and Rich share the secrets of the ideal legal structure for the land rich, cash poor.
Section 79 Plans
Navigating the world of retirement plans and employee benefit plans can be highly intimidating. Even among professionals who work in the industry, there are great differences of opinion about the best way to prepare for retirement. Section 79 plans offer business owners and their employees a number of unique options for purchasing life insurance with pre-tax dollars. Rick and Rich will be discussing when this plan is a good idea, and when it should be avoided.
Retirement Plan vs. Pension Plan How to turn your 401(k) into a pension at no Cost
In 1981 over 80% of American workers were covered by a defined benefit plan (pension plan) sponsored by their employer. This meant they had guaranteed income in retirement. Today that number has fallen into the low teens and is dropping fast as employers deftly shift the burden for retirement income to the employee and off the company balance sheet. Employers simply found this benefit to be prohibitively expensive and now offer a defined contribution plan (401(k), SEP, Profit Sharing, DB) instead. This relieves them of the liability of paying income to their employees in retirement and simply allows them to contribute to the plan when and if they wish to. The employee has the burden of making it last through retirement. What if an employer could offer a pension plan at little or no cost and with no effect on the balance sheet? Would it increase the ability to recruit talent? Would employees be happier and more focused on work?
To Gift or Not to Gift
Gifting and valuation issues are front and center in the political contests of today. In this segment Rick and Rich bring in a guest valuation expert, Gary Ringel of Henry and Horne, to discuss the controversy related to the possible repeal of estate taxes on December 31, 2012 and the opportunities available to those who wish to make gifts of assets in their estate prior to the end of the year. Learn gifting strategies such as leveraging through discounting and other techniques employed by the wealth to minimize taxes. Hear how the industry views proposed changes to the law, and the best way to navigate an uncertain future.
10 Most Common Estate Planning Mistakes
Everyone has an estate plan whether they know it or not. Dead people have no natural defences, so they are easy to rip off. No one understands this better than plaintiff’s attorneys and politicians. Litigation involving people’s estates is required without the right kind of planning, and so common it is cliche. The dead don’t vote, so they are an easy target to tax. Making a mistake in an estate plan is expensive and frustrating, and hard to avoid. Rick and Rich discuss not only what the mistakes and their consequences are, but how to intelligently avoid them.
The Ideal Plan for Farmers
Farmers and Ranchers have special concerns in planning for estate taxes. More than any other group, they tend to be “land rich and cash poor.” This means that when transfer taxes are due, there is no cash to pay the taxes. This makes it even more important to prevent the tax through appropriate planning where possible, and to provide for liquidity to pay the taxes where prevention is not possible. Rick and Rich explore the planning options and opportunities for farmers and ranchers, and share the way they have helped their clients save the proverbial farm from confiscatory taxes.
The 4 C’s of Retirement Planning
If you don’t have a retirement plan, don’t worry, the government has one for you. If you don’t know how the government plan works, or if you are not comfortable with the government plan, it would be wise to develop a plan of your own. In designing your retirement plan there are government created options such as an IRA, 401(k), and various pension plans, and there are private contractual options such as annuities and other financial products. For clarity, comfort, cost of living and certainty sake, it is important to remember that whoever creates the rules, can change the rules, which is why the government’s attempt to compete with private options are often a tax trap. Find out why entering in to your own private contracts to plan your retirement will result in the most financially certain and secure retirement.
What About Managing Change?
You are the owner of a successful closely held company. Do you have a succession plan in place? Will the business survive without you? What will your family do the business? What will the business do to your family? What have you done to be sure management and management processes are in place? Tim Clark is a world renowned consultant, author and speaker on change management and shares insights about how to prepare for and effect changes that will inevitably happen in any closely held business or in the family of the business owner.
When is an Irrevocable Dynasty Trust Needed
Irrevocable Trusts are often misunderstood even though they are a powerful tool in estate planning and asset protection. Why Irrevocable instead of Revocable? When is an irrevocable trust the right vehicle? What are the options with an Irrevocable Trust? Who should be Trustee of an Irrevocable Trust? How much liability does the Trustee assume? How can an Irrevocable Trust protect assets? Can I keep control with an Irrevocable Trust? Should your Irrevocable Trust be an Intentionally Defective Grantor Trust (IDGT)? WHat is an IDGT anyway?
Demystifying The Irrevocable Trust
Trusts may be revocable or irrevocable. Many people find the very name "irrevocable trust" intimidating. Why would anyone want an irrevocable trust? What if you need to make a change? What if a surviving spouse needs money and a life insurance policy pays out to an Irrevocable Trust? Rich & Rick answer these questions and discuss this incredible planning tool and demystify it in terms you can understand and incorporate into your planning picture.
The Ultimate Legal Plan for Medical Professionals
Medical professionals have unique needs and concerns in their legal planning. . . .Rick & Rich will discuss the number one risk to wealth accumulation for medical professionals, and how to avoid it. The answer to this will save you millions of dollars.
Summer Travel Checklist - Legal, Tax and Accounting
Travel is a time when we think about what would happen if . . . In addition to turning off the iron and packing the toothbrush, there are significant legal, tax and accounting matters that ought to be taken care of before we leave home for summer holiday. Travel is a time of elevated risk, and increased preparation. Rick and Rich will explore what all of us need to do, including the pitfalls of doing nothing. As an added bonus they will discuss three things you must do before traveling that could save you half-a-million to two-and-a-half-million dollars . . . 1)
Half Time in the $5 Million Gifting Game
The clock is ticking. It is half time for the Congressional deadline to take the $5 million gift. Missing this opportunity can cost estates millions of dollars. Making gifts does not necessarily mean losing control. “It’s not what you own, it’s what you control” is often said but rarely understood. In this show we will reveal the secret used by wealthy families for generations that enables you to stay in control of what you give away. Your gifts won’t be subject to transfer taxes or taken from you by litigation because you don’t own it, but you can still control it.
Will Congress Nationalize Retirement Plans?
Are the politicians going to nationalize retirement plans? Rumors have been flying that they may. It may be more valid to ask, have they already done so? Is your money safe from government control in an IRA or 401k? Is that your only option? Politicians in several countries around the world have already nationalized their retirement plans. Do you want politicians managing your retirement money and telling you how much you get to use and when? Rich & Rick will discuss a powerful private alternative that is not created by the politicians, has no contribution limits, no employee matching contribution requirements, tax free growth, tax free use of the money, and tax free transfer to heirs. Tune in and find out the moves to make so you don't have to worry about what Congress decides before you can feel secure about your retirement funds.
What About Wealth?
Seven Strategies To Protect Your Wealth From Creditors, Predators, and the IRS
Rich Bloomfield will interview Rick Durfee about his seven strategies for protecting wealth from creditors, predators and the IRS. Rick Durfee has been an attorney working in this arena of the law for 28 years and has honed in on seven important things for everyone to do to protect themselves and their assets. In addition, the Rick and Rich will disclose how to pass a potential $5.5 million additional amount to your heirs at death by taking simple steps before the end of 2012. Tune in to learn what you should be doing now!
Wealth Issues in the News
The current political and tax situation is volatile. Politicians have little restraint and less accountability for their spending. It is hard to predict what the taxing authorities are going to do. Both federal and state governments are experience record revenue shortfalls. The probability of tax increases is high. How do we use these key indicators to map a strategy for our wealth creation and preservation? Also, we have discussed several times on this show that a move to a fixed or indexed retirement product would make sense. Later in the show we will tell you why moving out of the stock market and into these products makes even more sense today.
IRA’s - Tax Trap or Opportunity?
Under the right conditions, retirement planning with qualified tax deferred vehicles like an IRA or 401k is highly beneficial. Under the wrong circumstances, it is a tax disaster. The rules for qualified retirement accounts are complicated and constantly changing. It is easy to feel like we may be doing something wrong, or that there is some critical detail that we might be missing. Who needs an IRA, and who does not? Should I put more in my IRA, or stop funding it? What kind of IRA is best, traditional, Roth, or some other kind? What if I have the wrong kind? What is the best way to convert my traditional IRA to a Roth IRA? When can I take money out? When must I take money out? What if I don’t expect to use my IRA for retirement and just want it to go to my children? What are the best ways to do that? What if I just don’t need it at all? How do I get out? What if my IRA has lost money? Join Rick and Rich as they explore IRA funding, conversion, investment, and exit Strategies.
Life Insurance as an Asset Class
Is life insurance just an expense, or can it be an investment or an asset? If it is an asset, what kind of asset is it? How can it be an asset when the benefit is not realized until after someone dies? How does the cash value in certain life insurance policies compare to other cash holding alternatives? Can we get cash out of a life insurance policy while living? What are the tax advantages of cash based insurance policies? How do businesses use life insurance as a cash management tool and hedge against other risks? What questions do we ask to shop insurance so we get the best deal for our particular need? How do we integrate life insurance into our investment and legal planning? Join Rick and Rich and their guest, Jerry Borrowman, as they explore life insurance as an asset class.
Wealth Planning Mistakes
Why do otherwise smart people sometimes do dumb things with their money? Have you ever done something with your finances that seemed like a good idea at the time, only to discover when it was too late that the decision had unintended and unpleasant consequences? When wealth is lost or destroyed, more often than not the cause is poor choices. If we understand the choices that put wealth at risk, the loss of wealth becomes preventable. Rick and Rich explore some of the smart things you can do to avoid some of the dumb things they have seen others do over the years.
Care for Life
How do we measure the meaning of wealth beyond its spending power? Have you noticed that wealth will expose who we really are - that it brings out both the best and the worst in us? If we are effective at building, protecting and preserving wealth, we must then ask the “so-what?” question. Did we really help anyone or make the world a better place? Come join Rick and Rich as they interview one of the best among us. Their guest, Cindy Packard, is the co-founder of Care for Life. Her organization is effectively helping to end poverty and preserve families through sustainability and self reliance. Find out how. See an example of what we can do to turn wealth into a blessing rather than a curse. Discover how those with the least in worldly possessions can teach us the most about what really matters. In a time full of bad news about money, tune in to hear about something good for a change.
What is a Captive Insurance Company anyway, and why would I want one?
Every business has risk, and every risk has a cost. The question is, how do we pay that cost? Most business owners ignore the cost or assume it is not there. As a result, we pay taxes on such costs. This means we incur the cost of risk twice, once as a risk, and again as a tax. Such taxes are voluntary and optional. With appropriate planning, the tax code permits us to pay for such risk only once, as a risk, and not again as a tax on risk. The point is not to reduce taxes, but to efficiently recognize and manage the actual cost of risk. This benefits business in many ways, only one of which is tax efficiency. A growing best business practice is to manage the cost of such risk with a captive insurance company. For decades Fred Turner of Active Captive Management has helped hundreds of companies, large and small, through this process. Come join Rick and Rich and their guest Fred Turner, as they explore the pros and cons of using captive insurance companies to manage business risk.
Fix is In -- Guaranteed Retirement Income Vehicles
In a recent study, of those aged 44 to 49 who are married with dependents, those who fear outliving retirement assets more than death is 82%! Do you wish you had income for retirement that was guaranteed? Is there such a thing as guaranteed lifetime income - and what about indexing for inflation so you can stay even during retirement? Given the choice, why would 80% of baby boomers today choose an investment with a 4% return and a guarantee against losses over one that paid 8% but was subject to market downturns? Did you realize that your retirement will likely last 30 years or longer? How will you have adequate income during those years without running out of money? What if your retirement nest egg went up with the market but never went down? What if you could lock in gains, but never experience losses? In the first of several shows on this topic, Rich and Rick answer these questions and introduce some must know retirement income strategies that will surprise you. Tune in!
Basic Income Tax Planning
Given that April 17th is coming right up (Yep - its April 17th this year since the 15th is a Sunday and the 16th is D.C. Emancipation Day- huh?) - Rich and Rick will discuss all kinds of income tax planning ideas . While we are all thinking about it the idea is to give you smart things to do during 2012 to reduce your 2012 tax bill come next April. If you own a small business, what are some planning ideas? What if you have a great year and find yourself with a huge taxable income - is there something you can do? Should you contribute to your traditional IRA or are you better off to set up a Roth? What about a Health Savings Account? Is all interest deductible? Are you better off to have a mortgage so you can deduct the interest or should you pay your house off? Will itemized deductions like interest, taxes, medical and charitable deductions benefit you in 2012? What itemized deductions are phased out? How do you avoid the Alternative Minimum Tax? What is AMT anyway?
Entry Level Estate Planning
What about ordinary people like me who don’t have millions and millions of dollars? What kind of planning is appropriate and necessary? I want to be responsible and do enough, but not too much. If I don’t have an “estate” do I need to do “estate planning”? Do I have a potential probate problem? What is probate anyway? If I’m not married and don’t have children, what do I need to worry about? If my family is small, what are my choices? What documents if any do I really need? If I’m not going to pay estate taxes, do I need life insurance? What about an IRA, 401(k) or other retirement plan - are they going to work for me? Should I even consider annuities or other investment vehicles? If I don’t have enough money for myself, why should I be concerned about charitable planning? If I don’t have a lot of assets, do I need to be concerned about asset protection? Tune in to hear Rick and Rich answer these and other questions about entry level planning that every adult should have.
Sale to a Defective Grantor Trust
The Sale to a “Grantor Defective Trust” has become a classic tactic in better built estate plans. It can be highly effective in rescuing assets from taxation at death. But the defective trust is shrouded in mystery. Why would anyone want a “defective” trust? What kind of “defects” cause it to be a “grantor trust”? What is a “Grantor Trust”? How is it taxed? How will it effect my tax liability? Will I pay more or less in taxes? Why would I want to sell something to it? What would I sell? How can a defective trust buy anything if it has no money? How does this fit into the lifetime gift exclusion which is set to expire at the end of 2012? Is this a good time or a bad time to make this move? Who benefits by a sale to a defective trust? What is the down side? What are the consequences for the family and the family assets and business interests? Tune in to What About Wealth? to hear Rick and Rich give a simple explanation for a complex and powerful tax saving strategy.
Why Do Billionaires Buy Life Insurance?
WHY DO BILLIONAIRES BUY LIFE INSURANCE? Don’t they have enough money already to protect their heirs? What do they know that we don’t? Why do estate planners always talk about life insurance? Are they just trying to sell us something? Even the lawyers and CPA’s who don’t sell life insurance seem to talk about it. Why does life insurance seem to be so controversial? Why do some people talk about it like it’s a religion (I don’t believe in life insurance!)? Is life insurance a scam or an effective tool, or both? How can we tell the difference? How can we know if we have enough or too much? How can we know if we own it properly or in a way it will be taxed? Join Rick and Rich and their guest Jerry Borrowman to explore the many ways to benefit from life insurance in life - and death and in dynasty planning.
Business Partnerships - Landmines and Opportunities
Rick & Rich explore Business Partnerships and the critical role they play in Family, Business, and Dynasty Estate planning. There are many myths and misconceptions about partnerships. Limited partnership have been under assault by the IRS and Congress. Are LP’s dead or are they still useful? What about discounting and valuation? What is a business purpose and why should I care? What about the “new kid on the block” - the LLC? Find out the differences between LLC, LP, LLP, LLLP, and LLLLP. What do all the “L”s mean anyway? What is the difference between General and Limited partnerships? How do we use Business Partnerships for gifting, succession planning, or asset protection? How do we navigate the dangers and the opportunities? Join Rick and RIch to find out what still works, what to watch out for, where the most powerful and effective planning opportunities lie, and how to integrate Business Partnerships into your Dynasty Planning.
Estate Planning vs. Dynasty Planning
Rick and Rich explore the difference between “Estate Planning” and “Dynasty Planning.” Traditional Estate Planning is focused on the financial consequences of death. Effective Estate Planning can prevent or minimize a number of unpleasant consequences such as probate, litigation and certain taxes. An Estate Plan typically ends at the immediate aftermath of passing. Dynasty Planning, on the other hand, looks farther down the road by making long term preparations for your family to have a positive relationship with wealth. It requires leadership and a value based perspective. It is giving your family powerful tools to protect wealth and to have a healthy relationship with wealth so it will be a blessing rather than a curse. Dynasty Planning is doing what lies within our power to bring about positive outcome, and to give our wealth meaning beyond its spending power. Join Rick and Rich to find out how to turn your Estate, great or small, into a Dynasty.
Did you know that you can set up a type of family foundation in just a few minutes and for very little cost and that contributions to this entity are fully deductible? Did you know that a significant percentage of all business sale transactions involve a charitable component? Why are many people naming a charity or a family foundation as the beneficiary of their IRA? Did you realize that you can give appreciated stock to charity and not pay tax on the gains but still get a charitable deduction for the current value of the stock? What are the incentives that drive these decisions? What charitable incentives exist and how do they work? Rick and Rich will illustrate with real life examples and discuss the myriad of vehicles and strategies that can be used to transfer charitable capital in a tax efficient manner including Private Foundations, Donor Advised Funds, Support Organizations, Split Interest Trusts.
Estate Planning 101 – What We Wish Every Client Knew Before they Walk in the Door.
What is estate planning? Who needs it? How do you know where to start? How do you know when you’re finished? When do you need a trust? When is a Last Will and Testament enough? What are powers of attorney? Is probate good or bad? Do you want to avoid it? If my estate is small enough that I will not owe federal taxes, do I still need to plan? What’s the difference between estate planning and asset protection? Will someone plan for me if I don’t do it? What if my children or grandchildren are not good with money? What if I have no children? Is estate planning the same as dynasty planning? Why do most of us try to avoid estate planning? These are questions Rick Durfee and Rich Bloomfield will be tackling in this week’s edition of What About Wealth?.
What About This $5 Million “Gift” From Congress?
Did you know the amount of money you can transfer tax free to your heirs is the highest it has ever been in history -($5,120,000)? Rick and Rich will explore the best time and the best ways to transfer wealth to your heirs. Is this the moment? Will waiting cost you? Is this window going to close? Will you ever have this opportunity again? Is it possible to give away wealth and retain some degree of control? Can gifts be protected from the creditors, bad marriages, medical disasters, substance abuse, poor decisions, and business liabilities of future generations? How can you make gifts and make sure they are used in keeping with family values and long range objectives? The law is changing. We are either going to have an election season decision based on the politicians’ perspective of what will buy them the most re-election votes, or a lame duck post-election decision by politicians with nothing to lose. Tune in and find out why you should make (or take) your $5 million gift now!
What About Wealth?
What About Wealth? During this inaugural show Rich and Rick will explore a myriad of questions about wealth – how to make it, protect it, invest it, pass it on effectively, and leave a legacy. Wealth or its absence affects every aspect of our lives, and yet what we know about it is often either wrong or incomplete.
If you want answers, start with questions. Drawing from decades of unique practical and professional experience, you will hear questions you need to have answered or which trigger other questions. These initial inquiries will launch discussions that provide you insights and guidance you won’t find anywhere else. To get the right answers, you must ask the right questions.
Let us know what questions and topics are important to you. Your input will guide us in upcoming shows as we explore answers you can work with.
What About Wealth? What does it mean? Join us and find out.