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'...
Mar 05, 2024•37 min
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...
Feb 20, 2024•21 min
EP-148 LALIT PANDA on Optimizing Supply Chains in a Chaotic World 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. Optimizing supply chains in a chaotic world is a huge challenge. 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 a...
Jan 25, 2024•31 min
Episode 147 DAVID WASSERMAN of the COOK POLITICAL REPORT on Analyzing the Crazy 2024 Elections How should we be analyzing the crazy 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 zaniest election cycles in memory. With histrionics coming from both sides, it's hard to separate the signal from the noise. The stakes for the 2024 election cycle couldn't be higher, but the confusion and distrus...
Jan 18, 2024•26 min
Episode 146 - Roles and Responsibilities in Trust and Estate Documents with Jenny Rozelle What if you are named in a will or a trust? 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? What If you are named in a will or trust? JENNY ROZELLE helps us get a handle on...
Jan 10, 2024•26 min
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 F...
Nov 28, 2023•46 min
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 b...
Nov 15, 2023•38 min
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 ...
Oct 26, 2023•19 min
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 ar...
Oct 17, 2023
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 i...
Sep 12, 2023•29 min
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 disag...
Aug 31, 2023•39 min
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 t...
Aug 24, 2023•42 min
"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...
Aug 13, 2023•56 min
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 con...
Aug 02, 2023•32 min
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...
Jul 14, 2023•53 min
"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 an...
Jul 04, 2023•39 min
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...
Jun 13, 2023•45 min
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 n...
May 30, 2023•22 min
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 ...
May 11, 2023•30 min
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 ...
Apr 27, 2023•47 min
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 YOUT...
Apr 13, 2023•13 min
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...
Apr 03, 2023•27 min
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 u...
Feb 24, 2023•24 min
Casual investors understand that states approach taxation of its citizens differently and can have different approaches to raising revenue. However, in the last month, there has been a shift in the directionality of state tax policy. Seven states (including NY and CA) released aggressive (and interrelated) proposals to increase taxes. Some of these proposals center around forms of the controversial “wealth tax” – a tax that would raise revenue from unrealized gains. JARED WALCZAK will explore th...
Feb 13, 2023•25 min
We are all familiar with the labyrinth of the healthcare system: The paperwork, the confusion and the cost can be overwhelming. One of the blind spots in wealth management at all levels is the advice for the most significant liability most families will face: healthcare. I spoke to JOHN SAMUELS, founder of Better Health Advisors, to get smarter on the topic of how to better advise people around this thorny issue. For more than 20 years, JOHN served as a senior healthcare leader in top New York C...
Feb 02, 2023•27 min
With the end of the year approaching, the focus of HNW and Family Office Space has turned to intergenerational planning. One of the ideas on the minds of many families is providing for future generations. It would be natural to make gifts to future generations to avoid the estate tax. However, Congress figured that out and implemented the Generation Skipping Transfer Tax back in 1976. It’s not easy to understand, implement or track especially across generations. MICHAEL GROSSMAN is here to help ...
Nov 23, 2022•31 min
Dating apps combine many controversial concepts: technology, sex, societal change, economic intrigue . . . and the law. We are in the early stages of understanding how dating apps are affecting the way people interact. Our legal system is just now grappling with how to deal with bad actors in a world where accountability is scarce. To lay the ground work on these concepts is Irina Manta. IRINA D. MANTA is a Professor of Law and the Founding Director of the Center for Intellectual Property Law (C...
Oct 26, 2022•31 min
If you are a casual sports fan, the emergence of the Saudi-backed LIV Golf Tour and its enormous sums of money has been a major story. It has all the elements of a classic drama: Famous Athletes Outsized PersonalitiesBig, almost infinite, moneyInternational IntrigueInternal workings and politics of powerful organizations We are lucky to hear from Joe Ogilvie, a PGA Tour Player for 15 years, about the impact of LIV Golf on the PGA Tour and the golf world in general. Based in Austin, TX, JOE OGILV...
Oct 18, 2022•41 min
Private Jets are on the minds of all successful people. The time savings, security, convenience and prestige appeal to the everyone. However private aviation is so much more. It can be complicated and it’s definitely expensive. To help us survey the issues around flying private, I spoke with DAVID CLARK. David has developed expertise from over 30 years in the private aviation industry through several key roles working with international corporations and Family Offices. He is the Principal of the...
Oct 03, 2022•31 min
MARQUES OGDEN is a former NFL Lineman who has parlayed his football experience, lessons learned in the rise and fall of his construction company into a growing public speaking and media career. His podcast recently featured Brett Favre: PODCAST We talk about his background, his playing days and his career path. But we really focus on the perils of success, the importance of teamwork, delegation, and the power of persistence Background Identifying when you were great at footballPlaying with/ Iden...
Aug 25, 2022•28 min
