Wealth Actually

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/ 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.

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 the new proposals, the likelihood of passage and their broader impact.  Jared Walczak is Vice President of State Projects at the Tax Foundation. He is the lead researcher on the annual State Business Tax Climate Index and Location Matters, and has authored or coauthored tax reform guides on Alaska, Iowa, Kansas, Louisiana, Nevada, New  York, Pennsylvania, South Carolina, West Virginia, and Wisconsin. Jared’s work is regularly cited in The New York Times, The Wall Street Journal, The Washington Post, Los Angeles Times, Politico, AP, and many other prominent national and state outlets. He previously served as legislative director to a member of the Senate of Virginia and as policy director for a statewide campaign, and consulted on research and policy development for a number of candidates and elected officials. He has been recently quoted extensively on this topic in the Wall Street Journal, the New York Post, and MarketWatch. Trying to predict tax legislation can be folly. However, states are known to be the laboratory for broader national tax legislation. These state proposals can provide interesting data points on the mood of legislatures and the directionality of tax policy across the nation. It’s important to know about them. Enjoy the conversation with Jared Walczak. Jared's Background  The Tax Landscape Context around Income Taxes Capital Gains Taxes Estate Taxes Wealth Taxes State Taxes vs Federal Taxes "Raising Revenue" vs "Wealth Redistribution" What is new in 2023 that has 7 states looking to raise taxes? Which states are we looking at here? California Connecticut Hawaii Illinois Maryland New York Washington What about the passage of Massachusetts' Millionaire Tax? What is the likelihood of passage? What does this tell us about the "Diverging Directionality" of State Tax Policy? Wealth taxes? We're already used to the concept of taxing unrealized gains with property taxes- Not popular- Haven't these been tried worldwide and often discarded? Administratively difficult?  Invest in valuation firms! Forced liquidations? Lower Business Valuations? Reduced Returns for Shareholders? Fairness?  Do you get a carry forward if there is a loss? Is the Wealth Tax Constitutional?  Is it a Taking? Is this a Business Climate to be Encouraged? Tax increase Directionality What do the tea leaves look like? What political points can be scored in such a divided environment? Any big crystal ball predictions here? How do we keep track of Jared and the Tax Foundation? JARED WALCZAK JARED'S WEALTH TAX ARTICLE @JaredWalczak ON TWITTER https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

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 City hospitals, including Northwell Health and Mount Sinai Beth Israel. In 2016, John founded Better Health Advisors, an independent healthcare advisory firm, to share the expertise he developed as a healthcare insider with members of the public. He brings a unique viewpoint on the intersection between healthcare and wealth planning. After listening, I hope you better understand the landscape around helping families deal with this imprecise, paperwork heavy, massively expensive and emotionally taxing issue.  OUTLINE Talk about your background in emergency medicine and how that led to the founding of your company Why do you consider a person's health their greatest asset? Why is health management as important as wealth management  Do wealthy people usually get better healthcare? What do you wish more people understood about the intersection of health and wealth? What are the biggest mistakes you see people make related to health care?  In the United States, a healthcare crisis often comes with a big bill. What steps do you recommend people take to protect their wealth before an emergency arises? How is health insurance related to financial planning? Having health insurance options once you've sold or left a company in a W2 environment Bridging the gap to Medicare Elder Care (and my rule of thumb of 1 Tuition / parent / year as a way to flesh out costs) Managing (or outsourcing) the paperwork Finding the right instiutions and the right people in the institutions to get the correct care What is the definition of "concierge medicine" How do you manage HIPAA and privacy concerns? How does one build a team of advisors to deal with the legal and financial impacts around these issues? The importance of having a centralized repository for one's medical information. HOW DO WE STAY IN TOUCH WITH JOHN? BETTER HEALTH ADVISORS JOHN SAMUELS LINKEDIN HEALTH ADVICE RESOURCES FOR ADVISORS ADVISOR ISSUE SPOTTING GUIDE HEALTH VS WEALTH FUNCTIONS **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. 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 or the guest’s individually. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

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 us understand the GST, Michael is Tax Manager/Fiduciary Specialist from the firm of Adelman Katz & Mond LLP (www.akmcpa.com) He has Extensive experience working as a tax manager, fiduciary accountant and trust and estate administrator for the past 27 years and manages all aspects of ‘High Net Worth’ individuals and family tax issues. The Background on the US Tax Regime: What are ‘Lifetime Exemptions’ Income Tax vs Capital Gains Tax vs the Estate/Gift Tax vs GST What is a ‘Taxable Gift’ What is a (GST) – Generation Skipping Transfer Tax? Gift and GST – two separate lifetime exemptions · 2022 Estate/Gift Lifetime Exemption - $12,060,000 per person ($24,120,000/couple)· 2022 GST Lifetime exemption - $12,060,000 per person ($24,120,000/couple) GST – gifts to an individual vs. gifts to a trust· What is the difference between a ‘GST Trust’ and a ‘Non-GST Trust’· What happens when gifts are allocated to GST – or not Annual Exclusions – One size does not fit all· Crummey Power· Annual exclusion for ‘Gift Tax’· Annual exclusion for ‘GST Tax’ Mistakes: Not including or discussing gift to a Trust in overall estate plan· Conversations with family/trust and estate attorney Direct vs. Indirect (GST) Gifts· What is the difference· Reporting difference on Gift Tax Return Allocation of GST - Elections· Automatic Allocation· Opt in vs. Opt out Annual Exclusions· Follow up and connect to item #6 above Best Practices: Be clear in understanding how the trust works· Does the gift made align with overall estate plan· Does it accomplish your goals Make sure you discuss current and past gifts with attorney drafting trust· Review prior gift tax returns· Make sure preparer of gift tax return knows what they are doing WAYS TO FIND MICHAEL GROSSMAN Adelman Katz & Mond mgrossman@akmcpa.com **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. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

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 (CIPL) at the Maurice A. Deane School of Law at Hofstra University. Professor Manta's research spans legal issues involving intellectual property, torts, the Internet, privacy, national security, and immigration. A graduate of Yale Law School and Yale University, she co-hosts the dating podcast "Strangers on the Internet". Dating apps- what is the problem? A quick survey of the dating app scene: Hinge, Tinder, Bumble, Facebook?Bad incentives that apps send especially to men:  Technology and Incel culture . . . and scaleLegal problems - contract law, misrepresentation, privacy, torts etc . . . overlay of digital record-keeping on traditionally human interactionIntroducing accountability into the world of digital datingLegal and extralegal measures (including cultural changes) need to be put in place. Why hasn't the free market solved some of these issues?What are the collective action problems involved? How (or who) should regulate this?How does this drive a law professor to write a book and have a podcast around this? Outro- Strangers on the Internet Links: PODCAST AND WEBSITE: www.strangersoninternet.com Apple Podcasts: https://podcasts.apple.com/us/podcast/strangers-on-the-internet/id1632743749 Spotify: https://open.spotify.com/show/24vap5ENIfNXnKrHXluZ3W IG: @swipestrangers Twitter: @swipestrangers Facebook: http://www.facebook.com/groups/strangersontheinternet/ LinkedIn: https://www.linkedin.com/company/strangers-on-the-internet/ Faculty Profile: https://law.hofstra.edu/irina-d-manta/  "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 and does not represent the opinions of any employers of the host or guest. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

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 OGILVIE is a former touring professional golfer with five professional wins including the 2007 U.S. Bank Championship. He was an All-American and All-ACC college golfer at Duke University where he majored in economics. Joe founded Ogilvie Capital in 2007, an investment advisory firm and later joined Wallace Capital Management as a long-only value manager in September 2014. Joe is uniquely qualified to opine on the state of golf as we guess at its future. He also gives us some background on his development as a world class player and his transition to asset management in his 40's when he retired from touring. This podcast was a blast for me! BACKGROUND How did you find your way into golf?Describe the process of going from amateur to pro to PGA Tour Pro?What is the economic reality of getting to the PGAT and being a tour pro?With numerous high finishes and a win, what changes after that?With your deep background in economics and interest in business, what were you doing in parallel to your golf career?The role of Pro-Ams and having access to the best and brightest in all fieldsLearning from the best and using your alone time to maximum effect: "Don't Eat Dinner with Bad Putters."Transitioning from playing to investments full time and getting to Wallace CapitalHow did you make the decision and what were the steps? LIV GOLF and the PGA TOUR What is the state of the golf union as you see it?How does the "grow the game" sentiment work with the money flying around? Does the LIV pose a threat to the PGA with the young college talent?Is there room for common ground?Will the Official World Golf Rankings Points catch up?Where do you think this goes in five years?Has the sport really grappled with what a post-Tiger money environment looks like? Is there a "next Tiger?"If chairing the board of the PGA what big initiatives would you be thinking about?  GOLF NERD-DOM Take us through a couple of the important shots in your career- the chip-in on 16 at the US Bank OpenFavorite courses?  Maybe some under the radar ones?What are your thoughts on the explosion of length in the game? JOE OGILVIE TWITTER: @OgilvieJ *This podcast is for educational and entertainment purposes. 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/

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 Integris Aviation Consultancy Fluent in Portuguese and English, he divides his time between North and South America working with Family Offices and flight departments OUTLINE What are some of the main reasons family offices choose to start using private aviation? The Value of Time - and the appeal of Private Jets What are the distinct options that exist for accessing private aviation? Break that down for us. On Demand Charter Jet Cards – package of hours Fractional Ownership- depreciable asset Whole Ownership- control; own or lease What kind of methodology exists from a financial standpoint when it comes to private aviation? Walk me through that. 5K/Hr + taxes and fees Jet card- 25, 50 or 100hr increments Fractional Share- retail cost of plane divided by share Whole Ownership- buy the whole thing You talk about a best-practices approach a lot - what do you mean by that? Over 60 yrs- lots of lessons, safety, operational, risk, financial- knowing how the industry workflows and "supply chains" work is key. What is the state of the private aviation market today? Is this a good time to get in? Covid lockdown Opening up- boom – People discover how addictive it is. The billionaires crack, kids go back to public school before going back to private- Pilots? What is the best advice you can give a family office wanting to use private aviation but don't know where to start? Build a Team: Avaition Consultant Aviation Attorney Tax Technical ESG Security **Disclosure: 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. Frazer Rice is an employee of Next Capital Management, LLC. This podcast is a property of Wealth Actually LLC and does not 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/

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/ Identifying with your brother JonathanFrom Howard to the NFL NFL experience- Jacksonville Jaguars Toughest matchups The biggest misconception people have about the NFL: "That it’s only physical- the mental importance can’t be overstated." Transitioning out of NFL- how do you know when it’s time to hang it up? Describing the difficulties- 6 months of partying Running a business and challenges you faced- Early success- the perils of ego Trusting . . . but not verifying. How did you come out the other side? "8 Figures to 8.25/hr" The role the NFL played in getting back on his feet.What are the lessons you are teaching people? Resilience, Teamwork, Persistence, Delegation Story About The Greatness of Ray Lewis Marques Ogden in Action STAYING IN TOUCH: How do our listeners find you? LINKTREE https://marquesogden.com/ TWITTER "GET AUTHENTIC WITH MARQUES OGDEN" PODCAST https://www.amazon.com/Success-Cycle-Achieving-Goals-Business-ebook/dp/B081DC17D1/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

It is a common saying that wealth in families is built and lost in three generations.However, this “shirtsleeves to shirtsleeves” phenomenon is on the minds of most wealthy families.There is constant demand for advice from families of wealth on how to raise productive and kind children.However, there is also a sentiment that the education and preparation of wealthy kids solely stays within the realm of money discussions OR that the interactions should only happen when older.That may not be the case- JEFF SAVLOV is here to talk about the benefits of having these discussions - many times earlier than people think is possible. Jeff is the Founder of Blum & Savlov, LLP He consults with business families, legacy wealth families and the advisors who serve them. He brings more than 30 years of unique experience in sales and marketing, business ownership including business succession within his own family, and family dynamics/psychological training.We will get into what he sees as the benefits of deep early involvement with kids and the establishment of a productive culture to help kids become productive, thoughtful and community oriented. Outline • Jeff's Background • So, raising kids in the context of family wealth is an area of particular interest? 5:25• Is your work about talking to kids about money at really young ages? • How has communication about family wealth changed over time? • I’ve often heard you talk about proactive and reactive in this context. Can you say more about these ideas? • How young can you start? 10:50• What are some practical tips for parents in this context? 14:00• Can you describe an ideal proactive situation you were involved in? 23:00• Do these ideas apply to poor and working-class folks? • Is it ever too late?27:45 How Do We Stay in Touch with Jeff? JEFF SAVLOV LINKEDIN https://www.youtube.com/watch?v=k5iZDrYil3U https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Golf legend, JAY SIGEL joins us on this episode of "Wealth Actually." In United States Amateur Golf, there are three names: Bobby Jones, Tiger Woods and Jay Sigel. Jay is one of the most accomplished amateur golfers in American history. After growing in Pennsylvania, Jay played his college golf at Wake Forest. Afterwards, he embarked on a successful career in insurance and focused on the amateur side of the game-And focus on it he did . . . Jay won: The US Amateur twice (Including his win at the Country Club in Brookline in 1982)The US Mid AmateurThe British Amateurand he played in 9 Walker Cups (captaining two of them). Jay later turned professional at age 50 and played on the Senior tour where he won 10 times. https://www.youtube.com/watch?v=5weEssiMjgM While it’s an amazing story of golf accomplishment, many of the lessons from Jay’s life come from his insurance business, his lessons in mentorship from Arnold Palmer and Jack Nicklaus, his charity work and the importance of family. OUTLINE (Transcript is below . . . .) Jay’s early golf and rise to prominence, -Junior Golf-The role of Wake Forest-His arm injury, the decision to forgo professional golf and the economics of the Tour "back then" The start and story of Jay’s successful insurance business in Pennsylvania -The factors that went into his long-term success in business (and golf’s role in business)-The role of family-The decision to compete on the Senior Tour (and the role of Jack Nicklaus)-Winning as a pro Jay’s charitable endeavors and what is happening now? -THE JAY SIGEL INVITATIONALGolf questions -What made Jay a terrific player?-Was anything missing? -What is the difference between the top .01% and the top .0001%?-Mindset of Stroke vs Match Play -The match with Rick Fehr at Brookline and the aftermath-The great players and lessons learned in Jay’s career The State of the Game -What he thinks of the state of the game after a whirlwind of news in the world of golf:-Impact of length and power on the game -How did Brookline hold up with the modern game? How Do We Stay In Touch? WWW.JAYSIGEL.COM THE 2022 JAY SIGEL INVITATIONAL Jay's Golf Resume https://www.jaysigel.com/new-page https://www.amateurgolf.com/golf-tournament-news/27871/Catching-up-with-Jay-Sigel https://www.youtube.com/watch?v=yhLj8EMCok0 TRANSCRIPT Intro: Welcome back to the Wealth, Actually podcast. The show that features artists, entrepreneurs, experts, and commentators that will give you the right knowledge, planning, and guidance so you can preserve your assets and enjoy your wealth. Learn more and subscribe today at WealthActually.com. And now, here's your host, Frazer Rice. Frazer Rice: Welcome back to the Wealth Actually podcast, I'm Frazer Rice. Today we have an extra special edition of the show. We get to speak with Jay Sigel, who's one of the most accomplished amateur golfers in American history. Frazer Rice: After growing up in Pennsylvania, Jay played his college golf at Wake Forest. Soon afterwards, he embarked on a successful career in insurance and focused on the amateur side of the sport. And focus on it, he did. Frazer Rice: He won the US Amateur twice, the U.S. Mid-Amateur, the British Amateur and he played in nine Walker Cups, captaining the side twice. He later turned professional at age 50 and played on the Senior tour where he won 10 times. Frazer Rice: While it's an amazing story of golf accomplishment, many of the lessons from Jay's life come from his insurance business, mentorship, charity, and the importance of family. Welcome aboard, Jay. Jay Sigel: Thank you. Good to be here and good to be able to speak with you. Frazer Rice: Well, this is a real treat for me. I had Rob Labritz on before talking about his foray into the Senior Open and senior golf in general on the PGA Senior tour. But,