The Long Game

Blake McKibbin, an expert in charitable giving strategies, dives into the intricate world of philanthropy. He discusses recent tax law changes that affect charitable contributions and explains the benefits of donor advised funds versus private foundations. Listeners will learn how to 'bunch' gifts to maximize tax deductions and the intricacies of charitable remainder trusts. McKibbin also offers valuable strategies for business owners, ensuring that every philanthropic effort aligns with personal values and financial advantages.

Blake shares his insights on why SLATs are often viewed as the go-to tool for estate tax planning, but also highlights the important considerations and potential downsides that many overlook. From the irrevocable nature of these trusts to the implications of divorce and early death, this episode dives deep into the complexities of estate planning for high net worth individuals. Key topics include: -What a SLAT is and how it works -The benefits and risks associated with SLATs -The importance of financial flexibility and growth -When it makes sense to consider a SLAT based on age and asset value -The significance of understanding your personal goals in estate planning

In this episode, we dive deep with Daniel Crosby (author of The Soul of Wealth) into the multifaceted relationship between wealth, happiness, and fulfillment. Here are three key takeaways that I believe will resonate with many of you: Wealth is Not Just a Number 💰 Daniel shares a powerful story about Alexander the Great, illustrating that despite his immense wealth and power, he was ultimately undone by personal loss. This serves as a reminder that true wealth encompasses more than just financial metrics; it includes our relationships, experiences, and emotional well-being. As we navigate our financial journeys, we must remember to prioritize what truly matters in life. The Importance of Meaningful Work 🛠️ We discuss the paradox of work and happiness. While many people find fulfillment in meaningful work, they often get caught up in the pursuit of money, leading to regret later in life. Daniel emphasizes the need to optimize for fulfillment rather than just a paycheck. It’s crucial to find work that aligns with our passions and values, as this is what ultimately contributes to our happiness and sense of purpose. The Power of Perspective 🔍 One of the most enlightening parts of our conversation revolves around the concept of subjective wealth. Daniel explains how our happiness is often influenced by who we compare ourselves to. By being mindful of our reference classes and practicing gratitude, we can shift our perspective and find contentment in our current circumstances. It’s a reminder that happiness is not solely determined by our financial status but also by our mindset and the way we view our lives. View the Soul of Wealth on Amazon: https://www.amazon.com/Soul-Wealth-reflections-money-meaning/dp/1804090441

As the year wraps up, optimize your tax situation with strategic insights. Understand your financial numbers and maximize deductions like the Qualified Business Income deduction. Discover effective use of retirement accounts, including 401(k)s and Roth options. Learn about donor-advised funds for charitable giving and strategies for tax loss harvesting. Explore the benefits of Health Savings Accounts and 529 plans, and evaluate your business structure for potential tax savings. Start planning early to ensure a beneficial financial end to the year!

Delve into the world of tax strategies with insights on the Qualified Business Income Deduction. Discover who qualifies for this crucial deduction and why business owners need to be proactive with tax planning. Explore effective strategies to maximize your QBID, including salary considerations and year-end payroll tips. Real-life examples highlight how thoughtful planning can lead to substantial savings. Whether you're new to entrepreneurship or an experienced owner, this discussion is packed with invaluable advice to optimize your financial outcomes.

In this episode, we're joined by Broc Buckles as we break down the essentials of disability insurance, discussing its importance, the different types available, and how it can serve as a crucial safety net for your income. We explore group vs. individual policies, the significance of definitions like "own occupation," and the various riders that can enhance your coverage. Whether you're a financial advisor looking to expand your knowledge or someone seeking to understand how disability insurance fits into your financial plan, this episode is packed with valuable insights. Key Topics Covered: What is disability insurance? Group vs. individual disability policies Understanding elimination and benefit periods The importance of riders like cost of living adjustments and guaranteed purchase options Real-life scenarios and considerations for different professions

In this episode, hosts Thomas Kopelman and Jacob Turner are joined by returning guest Broc Buckles, an expert in the insurance space. Together, they dive deep into the world of life insurance, breaking down the different types, including term and permanent insurance, and discussing when and why you might need them. Key Topics Covered: Overview of life insurance: term vs. permanent How to determine how much life insurance you need The importance of reevaluating your life insurance needs during major life changes Common misconceptions about whole life and indexed universal life insurance Use cases for term and permanent life insurance, including family protection, business agreements, and estate planning Whether you're new to the world of insurance or looking to refine your understanding, this episode is packed with valuable insights and practical advice. Timestamps:00:00 - Introduction00:18 - Disclaimer00:33 - Guest Introduction: Broc Buckles02:03 - Overview of Life Insurance Types02:22 - How Much Life Insurance Do You Need?04:25 - Reevaluating Your Life Insurance Needs11:07 - Common Misconceptions in the Insurance Industry15:10 - Use Cases for Term Life Insurance20:26 - Use Cases for Permanent Life Insurance29:40 - Conclusion

In this episode of the Long Game podcast, Thomas Kopelman and Jacob Turner dive into the often-overlooked topic of umbrella insurance coverage. Aimed primarily at high net worth individuals and those on their way, the discussion highlights the critical importance of understanding this type of insurance and how it can serve as a safety net in the face of unforeseen circumstances. Here are three key takeaways from this episode that you won't want to miss: What is Umbrella Insurance and Why You Need It: Umbrella insurance acts as an additional layer of protection on top of your existing auto and homeowners insurance. It’s designed to cover you in the event of a major liability claim, which can be financially devastating. We discuss a real-life scenario where a car accident could lead to a $3 million payout, and how umbrella insurance can help mitigate that risk. If you have assets to protect, this coverage is essential! Affordability vs. Value: Many people assume that comprehensive insurance coverage comes with a hefty price tag. However, we break down the costs and reveal that umbrella insurance can be surprisingly affordable—often ranging from $150 to $500 a year per million in coverage. When you consider the potential financial ruin from a single lawsuit, this investment is a no-brainer! Understanding Exclusions and Risks: Not all umbrella policies are created equal. It’s vital to understand the nuances of your policy, including any exclusions that may apply. We share a cautionary tale about a client whose umbrella policy didn’t cover a dog bite incident because the breed was excluded. Always consult with your insurance professional to clarify what your policy covers and what it doesn’t. In this episode, we aim to explain umbrella insurance and empower you with the knowledge to make informed decisions about your financial protection.

In this episode, co-hosts Thomas Kopelman and Jacob Turner dive deep into the world of homeowners insurance, especially for high-income and high-net-worth individuals. With recent events like hurricanes affecting many, understanding the nuances of homeowners insurance has never been more critical. Thomas and Jacob discuss the importance of having the right coverage, what to look for in your policy, and how to avoid common pitfalls that could leave you underinsured. Key topics covered in this episode include: The significance of dwelling coverage and how to determine the right amount. Understanding other structures and personal property coverage. The importance of loss of use coverage and what it entails. Personal liability and medical payments: what you need to know. Tips for optimizing your insurance structure to save money while ensuring adequate protection. Whether you're a homeowner or just starting to think about insurance, this episode is packed with valuable insights to help you protect your most significant assets.

Most high net worth people think insurance is less important for them, but that could not be further from the truth. Insurance is so important for high net worth people but the way you structure policies is very different. This is part 1 of an insurance series where we go over auto, what to look out for, what you want in your policy, etc.