Wealth Actually

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 intrigued, what questions should they ask before going down that process and what should they focus on?  We’re going to speak with EDWARD MARSHALL, Head of the Global Family Office at Dentons, the international law firm.  Ed has deep experience in the space and is a terrific starting point for families looking to engage the process of developing their own structure. Ed and his white papers and research can be found at DENTONS’ site here: ED MARSHALL and his twitter account is here: ED MARSHALL TWITTER. A link is here for his informative book (with Bill Woodson): FAMILY OFFICES: A COMPREHENSIVE GUIDE FOR ADVISORS, PRACTITIONERS, AND STUDENTS Here are some of the areas we hit on: When a client comes to you looking for a family office, what problems are they trying to solve? What is your process for helping them define what they need? Why not outsource everything? How do you make this a digestible process? Build, Buy, or Partner? Cost Talent Confidentiality Regulation Scope Creep The Rule of 3: It’s could take 3 years to build It could costs $3 Million You will probably want to shut it down 3 times before it’s up and running Below is a brief summary of the question and answer process from Dentons to help families get their bearings around the family office process: Focus areas Getting started General Investing Investing and owning real estate Venture capital and private equity The Lender Management strategy (US-based family offices) Taxes Litigation Operations and governance Employment Impact investing and philanthropy Trusts, estates and wealth preservation Public policy Risks and threats Specialty areas Getting started What experience do you have working with family offices and family businesses? Is your experience local, national or global? What are the legal services that you typically provide to family offices that look like ours? Does your experience with different family offices provide you with best practices that you can share with us? What are the key legal issues to consider before, during and after a liquidity event? Are all of your legal services billed hourly or can you deliver work on a flat-fee-per-project basis? How would you build a team to handle the legal and non-legal matters relating to my family office? Do you (or your firm) have access to a network of family office general counsels? Are the business entities currently affiliated with our family office optimally structured across all areas that we should consider, such as income tax, estate tax, securities regulation, privacy, etc.? What legal considerations and potential pitfalls exist with respect to embedded family offices (i.e., where employees of the family business perform the same function as a single-family office)? If members of the family are investing together and/or separately, what legal structuring should we consider? Would our family office benefit from a holding-company structure? Should one or more trusts own the family office legal entity? What is a family office management company? Should we consider using a holding company for our investments? What are the advantages and disadvantages of using a family limited liability company (FLLC) or a family limited partnership (FLP) in our family office or family business? How can we exercise optimal control of a family office or family business through the use of legal entities and strategies? How can we build governance strategies into our family office to ensure alignment of family interests, values, goals and succession plans? What is the regulatory environment in the jurisdiction where our family office will be located? If the family office provides services to family members who are located in multiple jurisdictions, does that raise any regulatory issues? What are the local jurisdiction requirements for advisors to the family office? What would be the best jurisdiction for all concerned? Have we titled all assets owned by the family effectively and efficiently? What are the legal issues to consider when (a) outsourcing or (b) bringing family office services in-house? What shareholder and operating agreements should we create to support the family office operations? How will such agreements define the relationship between the family office and related entities? In what jurisdiction should we form the family office, and why? General Investing If we are considering direct investment strategies, what specialized entities should we create and why? What are the legal considerations if we participate in club deals with other family offices? Can you provide legal and non-legal due diligence prior to an acquisition or disposition? How can we properly structure profits interest structures? What are the decision points around creating special purpose vehicles (SPVs) for individual investments? Should the SPVs be owned by a trust or a holding company, and why? How do we evaluate all of our investment activities to ensure we are following applicable securities laws? Based on our current and/or planned activities, does the family need to register or make other filings with relevant securities regulators (e.g., in the US, the Securities and Exchange Commission (SEC) or in Singapore, the Monetary Authority of Singapore (MAS))? What are the legal considerations to insourcing rather than outsourcing our investing activities? If our SFO wants to transition to an MFO or RIA (registered investment advisor) model, what are the legal and non-legal considerations to keep in mind? What legal considerations are there for family offices that invest in cryptocurrency or blockchain-related assets (e.g., NFTs)? How do we properly structure cross-border investments? What do we do if we have family members investing together and they have different citizenships and/or places of residence? How can we conduct a red-flag review of illiquid investments (e.g., private equity, hedge funds, direct investments, etc.)? How can we use investment policy statements (IPSs) to help guide and interact with the family’s investment advisors (in-house or outsourced)? If we invest successfully, does the family office team get compensated? How are such arrangements designed to align the family office team with the family? What securities regulations should one be mindful of when considering a family office?  Investing and owning real estate What is your shared family capital vision? What structuring considerations are there with respect to personal real estate owned by individual family members? What structuring considerations are there with respect to real estate owned by the family business or the family office? What are the structuring considerations if the family office wants to invest in real estate, or to finance (or refinance) its existing real estate investments? What if only some members of a family want to invest or participate in a real estate financing? What special considerations exist for specialty real estate asset classes, such as multi-family housing, hotels and hospitality assets? Venture capital and private equity Should we have a standard form of side letter ready to provide to the manager of any fund into which we are investing? How do we ensure that our interests and those of other investors are aligned with those of the fund manager? Do we need any specific reports prepared for our investment e.g., on the ESG status of underlying investments made by the fund? How much legal due diligence should we undertake as an investor or co-investor in an early-stage investment? What are the risks associated with SAFEs (simple agreements for future equity) and similar convertible instruments? Which warranties should we give and which should we avoid when making direct investments? What minimum rights should we seek to negotiate as a minority investor, and why? How can we take advantage of double taxation treaties when structuring our investments? How does one mitigate one’s risks when serving on the board of a portfolio company? How can we use insurance to address these risks? How do our rights differ when investing in a club deal as opposed to a fund? What co-investment and other rights should we negotiate when investing into a fund? What are the pros and cons of investing in secondaries? Where are the legal risks of paying finders fees for deals? What are registration rights and why do we need them? The Lender Management strategy (US-based family offices) What are the facts and circumstances of the 2017 case of Lender Management, LLC v. Commissioner of Internal Revenue, and are they relevant to my family office? What is the difference between Internal Revenue Code Sections 212 and 162, and is this relevant to my family office? What are the factual differences between the Lender case and Hellmann v. Commissioner of Internal Revenue, and are they relevant to my family office? If my family office is organized in a Lender Management-type fashion, do we need to or can we manage investments for non-related other families? Taxes Have we optimized our family office entities and investment strategies to minimize adverse tax consequences? How should we best interface with the family office’s accounting advisors to optimize tax planning and compliance? In preparing for an audit, what steps should we take to ensure our family office is in compliance with all applicable laws? Litigation To avoid conflicts of interest, should family members whose interests are or may differ from other family members retain separate counsel? If separate counsel is retained, how will the family office share information with family members without waiving attorney-client privilege or raising the issue of possible partisanship? How should we prepare for and what are ways we can avoid potential litigation on behalf of the interests of the family? Have we considered that our that actions of individuals or entities are invariably challenged after the fact and judged in hindsight? Are we doing everything by the book? Are we observing all corporate formalities? Are we acting in a procedurally correct fashion? Are we ticking all the boxes? Have we considered that attacking the substance of a deal is difficult and uncertain and that it is often easier to challenge whether the correct form was followed (e.g., a flaw in the process that be argued to make the substance suspect.)? Have we considered potential outcomes of a decision in a manner that allows us to consider broader outcomes and avoid tunnel vision or overly optimistic/pessimistic outcomes (e.g., reasonably optimistic best case, reasonably pessimistic best case, reasonably optimistic worst case, reasonably pessimistic worst case, etc.)? Operations and governance If we decide to hire an in-house GC for the family office, what experience, qualifications, compensation and other factors should we consider in doing so? Is it better to hire a generalist or someone who specializes in a particular legal discipline? What should we have as a process for establishing a board of directors/advisors to help manage the family office? How can we consider the use of and hiring of independent directors? How do we select the staff that will run the family office? What characteristics and backgrounds are important in general and for their specific roles? How do we go about developing and testing a business continuity plan for the family office? How do we pay for the operations of the family office and what are the legal implications of the various funding sources? Does the technology our family office uses for operations meet all local, regional and global laws, policies and regulatory standards? Employment What kind of pre-hiring evaluation should we be doing (and are allowed to do) for potential family office staff? How can we create an effective staff screening system? How can we create effective security and risk management policies that govern staff after they are hired? What arrangements should we use to employ/engage staff (i.e., should they be employees, consultants, etc.) and who should employ/engage them? How can we create effective employment/ engagement agreements and compensation strategies? Should we include severance provisions in our agreements? How can we ensure that our employment manual complies with all federal and local labor laws? What non-disclosure agreements, non-competes, non-solicitation and related provisions can we require of family office staff? Do we need any immigration permissions for family office staff to work in the desired location? What are the tax implications of how we operate family office staff? What legal and compliance obligations do we need to be aware of and adhere to once we have employed/engaged family office staff? Are we following all of the local, state, federal and international laws, policies and regulations with respect to our family office staff? (e.g., wage-andhour laws, drug testing and substance abuse management, etc.) Are we in compliance with ERISA and any state/local laws and regulations applicable to our benefit plans? Are we compliant with local, regional, national and global rules around qualified/non-qualified retirement plans, executive compensation, and perks and fringe benefits (e.g., use of private aircraft, corporate cars, etc.) for family office staff? How can we manage exit strategies from the family office or family business for inactive family members, and what legal risks do we need to be aware of? Impact investing and philanthropy How can we optimize our charitable-giving strategy? What legal entities, tax considerations and related strategies should we consider to optimize our philanthropic impact? What are the important legal structuring and tax considerations with respect to impact-investing? What are the tax and legal considerations of such philanthropic vehicles as charitable lead trusts, charitable remainder trusts, donor-advised funds, scholarships and private foundations? What are B corporations and what is their potential relevance to our family office? Trusts, estates and wealth preservation Should we be using pre- or post-nuptial agreements in our family? What about agreements specific to citizens or residents of different countries? What are the trusts-and-estates law considerations for each member of the family? If family members are subject to multiple jurisdictions, what are the local, national and global legal structuring and planning considerations? How should family members evaluate both on- and off-shore life insurance requirements and navigate life insurance planning? When and how should we consider the pros and cons of irrevocable life insurance trusts, offshore life insurance, split-dollar life insurance, private placement life insurance and insurance-dedicated funds? How should we create wills and trusts for families in multi-jurisdictional situations? How can we plan for liquidity to satisfy estate taxes that will be due after the death of a principal? What legal considerations are there for the administration of estates with specialty assets (e.g., art, collectibles, wines and spirits)? How can we educate the next generation on legal matters and best practices pertaining to the family office, their expected obligations to the family and their potential inheritance? Should our family office consider establishing a private trust company (PTC)? What are the legal and tax consequences of using a family bank strategy? Do our legal entities allow for the sale, gifting or transfer of family office ownership among family members? Should agents of family members, such as investment advisors, trustees, attorneys, etc., be required to sign non-disclosure agreements for the family office? How can we support family members with issues concerning trustees? How can we plan around the cash flow needs and general financial planning concerns of family members? Should the family office hold regular meetings with the members of the family? Should there be meetings between the beneficiaries/each of the family members and the trustees? Are the conflict-of-interest policies up to date? What’s in place to assure full disclosure? What should we implement regarding practices and policies for maintain confidentiality and continuity in the event of the divorce, death or incapacity of a family member who is in the bloodline of the matriarch or patriarch who established the family office wealth? Public policy Should we take a proactive stance and attempt to influence the public policy dialogue with respect to the scope of the family office exemption and related issues? Will our family office be subject to additional regulation should the SEC act on its stated desire to produce amendments to the Family Office Rule? If our family office wishes to engage politically and at the public policy levels, should we try to achieve our goals independently or as part of a coalition of likeminded, similarly-situated family offices? How can we measure return on an investment in political and public policy engagement? Risks and threats How can we set up a family office to maximize the family’s privacy? How can we protect ourselves in the event of a breach of privacy (e.g., stalking, blackmailing, public disclosure, theft, etc.)? Have we structured the family office to maximize our liability protections? If our family office is not subject to specific regulatory oversight, how can we implement our own compliance processes and policies to prevent risks and prepare for future potential requirements? How do we establish controls and procedures to prevent fraud? How do we ensure that our legal and non-legal questions are covered under legal privilege? Are there steps we can take to ensure that communications and advice from third-party advisors (e.g., security companies, accountants, banks, etc.) are protected under attorney-client privilege? What legal agreements and strategies should we have in place prior to the death of a matriarch or patriarch? Does the family office need director-and-officer as well as comprehensive general liability policies with respect to the performance of duties by family members and employees, as well as coverage in connection with those serving on boards and in officer positions of portfolio companies to protect family office assets from third-party exposure? What legal and non-legal strategies can we implement to avoid family feuds and litigation after the death of a principal? How can we handle intergenerational conflicts, especially where family members are located in different jurisdictions? What legal and non-legal strategies should we have in place to help protect us against risks and threats (e.g., cyber, physical, fraud, lawsuits, natural disasters)? How can we conduct a thorough risk-and-threat audit of our family office? How can we build a system for responding to medical emergencies and do we have adequate preventative health care measures in place? Should we consider having a social media policy for family members and the family office? What type of internal compliance policies do we need to avoid transactions involving restricted/ denied parties, or structures susceptible to money laundering? How can we prepare for inquiries from the media? What is our communication policy on public events? Specialty areas How can we ensure that our private aircraft meet local, regional, national and global regulations (e.g., FAA in the US; International Civil Aviation Organization (ICAO) on an international scale)? How do we properly structure private aircraft acquisitions, dispositions, insurance, finance, leases, tax issues, use policies and ownership entities? How can we ensure that our active-investor trading policies comply with local, national and global laws and regulations? How can we ensure that we are following anticorruption laws (e.g., Foreign Corrupt Practices Act (FCPA)) in our home country and other countries where we operate and invest? How can we properly structure sports and entertainment investments (e.g., team ownership and control vs. non-control/passive investment)? How do we properly protect intellectual property assets? What steps should we take in responding to requests for information to satisfy Know Your Client (KYC) requirements from third-party vendors for the family members and the family office? https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ DISCLOSURE: 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.

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 scale Legal problems – contract law, misrepresentation, privacy, torts etc . . . overlay of digital record-keeping on traditionally human interaction Introducing accountability into the world of digital dating Legal 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 Personalities Big, almost infinite, money International Intrigue Internal 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 fields Learning 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 Capital How 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 Open Favorite 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/