Wealth and Law

Brent discusses how the sunset of the estate tax exemption in 2026 will also effect non-citizen non-residents of the US significantly (NRAs). He explains how the estate tax treaties work and how the math under some of the treaties could change in 2026 in a way that makes an NRA who is currently safe from estate tax exposed to estate tax thereafter. He also gives an estate tax planning framework for US citizens, NRA’s in treaty jurisdictions, and NRA’s in non-treaty jurisdictions. The math under the estate tax treaties is illustrated under the following hypothetical: If a non-resident has a worldwide estate of $8M and $1M is their condo in Miami, and the 2026 exemption is $7M, their 2026 exemption is going to be $875,000 (1/8 x 7 = .875). Today they have plenty of exemption (1/8 x 13.61 = 1.7) under the treaty. This material is for informational purposes only. The views expressed are those of the speaker as of the date noted and not necessarily of the speaker’s firm or its affiliates. If you are enjoying the podcast please SUBSCRIBE and leave a REVIEW, and if you want to learn more about Brent go to https://wealthandlaw.com/team/. Legal Disclaimer: https://wealthandlaw.com/legal-disclaimer/

Brent chats with Karin Prangley and Ross Bruch about the details of crypto currencies in estate planning. They get into how crypto has changed over time, the challenges of managing it and administering it, and specific techniques where it is useful for planning. They also give real life examples and share tips from the trenches. Karin Prangley is a Senior Wealth Planner in the Chicago Private Banking office of Brown Brothers Harriman. She has spent her entire career advising successful individuals and business owners on the preservation of wealth. Karin’s particular expertise ranges from saving income and estate taxes on the sale of a business, to assisting clients with the achievement of their philanthropic goals, to preparing the next generation to inherit liquid wealth or a going-concern family business. Karin also serves as a valued member of her clients’ advisory teams by coordinating the legal and tax structure of her clients’ assets and family offices. Prior to joining the firm in 2014, Karin was a Partner in private legal practice at the estate planning and administration group of Krasnow Saunders LLP and an Associate in the trusts and estates groups of Arnold & Porter LLP and Winston & Strawn LLP. Karin is a fellow of the American College of Trust and Estate Counsel, an elite trusts and estates organization where admission is based on professional reputation, expertise in tax law, and contribution to the legal field. She received a B.A. (summa cum laude) from Mount St. Mary’s University and a J.D. from the University of Virginia School of Law, where she was elected to the Order of the Coif and was published in the Virginia Tax Review. Ross Bruch is a Senior Wealth Planner in the Philadelphia office of Brown Brothers Harriman, where he works with and advises successful individuals and business owners on the preservation, growth and transfer of wealth. Prior to joining the firm in 2017, Ross was in private legal practice at a large Philadelphia law firm where he focused on estate and gift tax planning, tax-exempt organizations and closely held business succession planning. In an effort to enhance his ability to help his clients and their families thrive, Ross recently obtained a master’s degree in applied positive psychology from the University of Pennsylvania. Additionally, he received his B.A. from the University of Pennsylvania, where he graduated cum laude, an LL.M. in taxation from the Temple University Beasley School of Law, and a J.D. from the University of Pennsylvania Law School. Karin can be found here Karin Prangley (bbh.com) Ross can be found here Ross Bruch (bbh.com) This material is for informational purposes only. The views expressed are those of the speaker as of the date noted and not necessarily of the speaker’s firm or its affiliates. If you are enjoying the podcast please SUBSCRIBE and leave a REVIEW, and if you want to learn more about Brent go to https://wealthandlaw.com/team/. Legal Disclaimer: https://wealthandlaw.com/legal-disclaimer/

Brent chats with John Stephens about how adding equities can de-risk an investment portfolio. They then talk about how that strategy can be used within the goals an investor has for their life. In the end, money is a tool to live, so they discuss how to think about using investing to support the life you want to live. They also talk about John’s unique journey from practicing physician to financial adviser and how to navigate transitions successfully. John Stephens, MBA, CFA, CFP® is a Shareholder of TCI Wealth Advisers where he specializes in helping other doctors and senior level executives build and maintain their wealth, independent from their businesses, by providing the same professional quality of financial advice to his clients today as he did for his patients back when he was a physician. He can be reached at https://tciwealth.com/advisor/john-stephens/ This material is for informational purposes only. The views expressed are those of the speaker as of the date noted and not necessarily of the speaker’s firm or its affiliates. If you are enjoying the podcast please SUBSCRIBE and leave a REVIEW, and if you want to learn more about Brent go to https://wealthandlaw.com/team/. Legal Disclaimer: https://wealthandlaw.com/legal-disclaimer/

Brent chats with Ashley Francis about artificial intelligence and how it can be used to improve your business. They talk about its efficiencies, its limitations (so far), and how it can help take emotion out of difficult tasks. Ashley provides use cases and explains the current environment of AI. Ashley Francis is the owner of the Francis Group, PLLC, a CPA firm that offers sophisticated, personalized tax and accounting services tailored to your needs. Its team of highly qualified experts will guide you on an individualized journey toward preserving your assets for future generations. Whether your goal is to protect your wealth for your family or make a positive impact through charitable giving, we can help you achieve it. The Francis Group can be found here https://francisgroupsea.com/ Ashley can be found on Twitter @seattle_tax You can also subscribe to Ashley’s newsletter about AI and ChatGPT here: http://Kitchentableautomations.Substack.com This material is for informational purposes only. The views expressed are those of the speaker as of the date noted and not necessarily of the speaker’s firm or its affiliates. If you are enjoying the podcast please SUBSCRIBE and leave a REVIEW, and if you want to learn more about Brent go to https://wealthandlaw.com/team/. Legal Disclaimer: https://wealthandlaw.com/legal-disclaimer/

Brent chats with Gary Fletcher about the now effective Corporate Transparency Act. They talk about what the act requires in 2024 for existing reporting companies, how to comply, bugs in the system, and what might be next. They give useful tips on how to understand the Act and make sure you and your clients are fully compliant. Gary Fletcher is an attorney and CPA at the firm Nystedt & Fletcher, PLLC in Tucson, Arizona. Gary practices tax accounting and estate planning, and is a Fellow in the American College of Trust and Estate Counsel (ACTEC). Gary can be reached at (520) 881-3900, gfletcher@nflegal.com. This material is for informational purposes only. The views expressed are those of the speaker as of the date noted and not necessarily of the speaker’s firm or its affiliates. If you are enjoying the podcast please SUBSCRIBE and leave a REVIEW, and if you want to learn more about Brent go to https://wealthandlaw.com/team/. Legal Disclaimer: https://wealthandlaw.com/legal-disclaimer/

Brent chats with John Briggs, who returns to the podcast to discuss his upcoming book, The 3.3 Rule: The New Workday Standard of Creating More by Working Less. They discuss how John has grown his team, tips on managing people to be effective operators, and how a more balanced day can increase outputs. John Briggs, CPA, is the founder and CEO of Incite Tax and Accounting in Draper, UT. John graduated from Brigham Young University with a Master of Accountancy in Tax. He worked on corporate taxes and trusts in Orange County, CA with Deloitte & Touche, one of the four largest national accounting firms. With his educational background and work experience at Deloitte, John took a position as Controller for a Dish Network door to door sales company located in Provo, UT. John’s new book can be found here https://33rulebook.com/#1002, and is available on Amazon here https://www.amazon.com/3-3-Rule-John-Briggs/dp/173317902X This material is for informational purposes only. The views expressed are those of the speaker as of the date noted and not necessarily of the speaker’s firm or its affiliates. If you are enjoying the podcast please SUBSCRIBE and leave a REVIEW, and if you want to learn more about Brent go to https://wealthandlaw.com/team/. Legal Disclaimer: https://wealthandlaw.com/legal-disclaimer/

Brent chats with Victoria Richardson about all things art and collectibles. They swap fun stories about clients’ amazing collections, discuss how to properly value and handle these items, and dig into the IRS view of taxing valuable personal property. Victoria is the Deputy Chairman, Americas Senior Vice President for Trusts and Estates at Bonhams. Bonhams Trusts & Estates team assists fiduciaries with a variety of services including appraisals, auction sales, collection management. Bonhams is a privately owned international auction house. Founded in 1793, it is one of the world’s largest and most renowned auctioneers of fine art and antiques, motor cars and jewellery. Bonhams has a heritage and reputation for connoisseurship and bespoke service known throughout the world. Founded in London in 1793, we are the sole remaining international auction house that is privately owned and in British hands. We hold more than 400 specialist sales a year in 60 different categories at our flagship salerooms in London, New York, Los Angeles, and Hong Kong. The breadth of our reach means that Bonhams can offer items for sale wherever the works will attract the strongest interest and keenest bidding. Matching the item to the sale is an art in itself – and Bonhams has become a master at it. With specialists in every major area of art, antiques, jewellery, motor cars and collectables, the depth of knowledge at Bonhams makes us a natural choice as the place to buy and sell. You can find Victoria Richardson here https://www.bonhams.com/specialists/2660/victoria-r-gray/ This material is for informational purposes only. The views expressed are those of the speaker as of the date noted and not necessarily of the speaker’s firm or its affiliates. If you are enjoying the podcast please SUBSCRIBE and leave a REVIEW, and if you want to learn more about Brent go to https://wealthandlaw.com/team/. Legal Disclaimer: https://wealthandlaw.com/legal-disclaimer/

Brent chats with Julian Zebot about why families tend to fight. It isn’t always just about money. They explore the common reasons for fights, how to resolve them, and typical procedures when courts are involved. Julian Zebot is a Partner at Maslon LLP. He focuses his legal practice on probate, fiduciary, and trust litigation as well as business and commercial litigation, and he chairs Maslon’s Trust & Estate Litigation Group. He has counseled and represented individual and business clients in both federal and state courts as well as arbitration proceedings, and he has handled matters for clients at all stages of the litigation process, including mediation, trials, and appeals. Julian’s probate, fiduciary, and trust litigation practice has involved many different types of contested estate, trust, probate, and elder law matters, including will/trust contests (including claims of undue influence and diminished capacity), construction/interpretation disputes, accounting actions, breach of fiduciary duty claims, fiduciary removal actions, trust instruction proceedings, financial elder abuse claims, and creditor claims against estates. He has also developed a niche practice representing and counseling parties involved in complicated multijurisdictional trust litigation, often involving parallel lawsuits in different states, and has familiarity with associated trust situs, venue, and jurisdictional issues. Within his practice, Julian has represented both institutions and individuals in a variety of contexts, including corporate and individual trustees, personal representatives, attorneys-in-fact, beneficiaries, heirs, and creditors. With respect to his business and commercial litigation practice, Julian has broad experience litigating and resolving claims of unfair business practices and competition, including breach of contract claims, business torts, breach of restrictive covenant claims, ownership disputes, litigation under the Minnesota Termination ofSales Representatives Act (MTSRA), Lanham Act claims, class actions, and other complex commercial litigation, including litigation involving financial service businesses, manufacturers, companies with sales forces, and family and other closely held companies. Julian is a fellow in The American College of Trust and Estate Counsel (ACTEC), and when not litigating and resolving disputes, he is a frequent author and speaker on topics relating to probate, fiduciary, and trust litigation, fiduciary risk management, and professional ethics. Among other board and bar committee responsibilities, he is president of the National Academy of Elder Law Attorneys Minnesota chapter and serves as cochair of the Ethics and Malpractice Committee of the ABA’s Real Property, Trust and Estate Law Section. Julian has been recognized on the Minnesota Super Lawyers® list each year since 2018, and he was on the Minnesota Rising Stars list from 2010 to 2017. Julian can be found here https://www.maslon.com/jzebot This material is for informational purposes only. The views expressed are those of the speaker as of the date noted and not necessarily of the speaker’s firm or its affiliates. If you are enjoying the podcast please SUBSCRIBE and leave a REVIEW, and if you want to learn more about Brent go to https://wealthandlaw.com/team/. Legal Disclaimer: https://wealthandlaw.com/legal-disclaimer/

Brent discusses some of the hottest topics in tax and trust planning. He talks about oral arguments before the US Supreme Court in the Moore case, Senator Wyden’s proposed (again) billionaire tax, and trust planning options in light of higher interest rates. He also dispels a few urban legends relating to guessing about other people’s tax, not taking what others do as what you should do, and how to see things with fresh eyes. This material is for informational purposes only. The views expressed are those of the speaker as of the date noted and not necessarily of the speaker’s firm or its affiliates. If you are enjoying the podcast please SUBSCRIBE and leave a REVIEW, and if you want to learn more about Brent go to https://wealthandlaw.com/team/. Legal Disclaimer: https://wealthandlaw.com/legal-disclaimer/

Brent discusses passive foreign investment companies (PFICs). He explains what they are, how they can appear in surprising places, their complex taxation, and gives tactical ideas about how to deal with these assets. This material is for informational purposes only. The views expressed are those of the speaker as of the date noted and not necessarily of the speaker’s firm or its affiliates. If you are enjoying the podcast please SUBSCRIBE and leave a REVIEW, and if you want to learn more about Brent go to https://wealthandlaw.com/team/. Legal Disclaimer: https://wealthandlaw.com/legal-disclaimer/