Wealth and Law

Brent discusses the latest topics in international estate planning. As an estate planner, it is crucial to keep in mind that your clients are human, with concerns about managing incapacity and death, regardless of their citizenship or residency status. However, for world travelers, the complexity of estate planning increases significantly. Brent discusses five things to keep in mind when planning for the international client: Remember you are dealing with a human. Adequate powers of attorney, trusts when appropriate, wills or other testamentary instruments are just as important for non-citizen non-resident clients as they are for citizens and residents. Don’t assume what works here will work in their home jurisdiction. The world is complex, and foreign legal systems are often sophisticated. It is crucial to consult with a competent professional in the client’s home jurisdiction. Check if there is a relevant tax treaty for income or transfer taxes. In some cases, tax treaties can rewrite the rules that ordinarily apply. Carefully review all property your client owns in the US. Some property here is not subject to estate tax for non-residents, while some is. It is important to understand the difference, which can often be illogical. Don’t forget to ask about where all relevant family members are resident. Estate planning for non-citizen non-resident clients often requires planning for the laws of multiple countries, which may require a team in multiple countries to properly plan and coordinate. By keeping these five things in mind, estate planners can provide valuable advice to world traveling clients and ensure that their estate planning goals are achieved. As you plan for your clients, remember that estate planning for world travelers requires unique consideration and attention to detail. 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/.

Brent chats with Geoff Grenert, the founder of Cypress Strategies, about how to optimize your decision making process around personal wealth. Geoff has been working with affluent families and businesses since 1997, helping them achieve their goals and objectives. He is a nationally-recognized expert in the design and acquisition of large life insurance policies, and he has helped many clients make informed decisions about their personal wealth. During their conversation, Brent and Geoff discuss how to manage emotions when making decisions, especially around money. They also explore how having an objective investment plan can prevent costly mistakes and ensure long-term success. Geoff shares his insights on decision-making, based on his many years of experience working with clients. He stresses the importance of understanding one’s goals and objectives, creating a plan to achieve them, and using a team approach to implement that plan. Throughout the episode, Brent and Geoff offer real-life examples of how they, and their clients, have learned to manage the decision-making process for better outcomes. From success stories to challenges faced along the way, this episode offers valuable insights for anyone looking to optimize their decision-making process around personal wealth. So, if you’re looking to improve your decision-making skills and achieve your financial goals, be sure to tune in to this episode of Wealth and Law with Geoff Grenert. Geoff can be found here: https://cypressnv.com/ 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/.

Join Brent and Mykail James as they discuss the art of being financially savvy. Together, they dive deep into the topic of mastering the art of being financially savvy. Mykail shares her expertise on budgeting and provides valuable insights on how to control your personal finances. Brent and Mykail also explore the psychology of money and the emotional barriers that can hinder financial success. Tune in to learn how to take control of your financial future and become financially savvy. Being financially savvy is an essential skill that can help you achieve your financial goals and lead a more comfortable life. It’s all about making smart decisions with your money, and Mykail James is an expert at helping people do just that. Brent and Mykail start their conversation by discussing the basics of budgeting. Mykail provides useful tips and tricks for creating a budget that works for you. She explains how to track your spending, identify areas where you can cut back, and set realistic financial goals. Next, Brent and Mykail delve into the psychology of money. Brent and Mykail explore the emotional barriers that can hinder financial success, such as fear, anxiety, and uncertainty. They discuss how to overcome these barriers and develop a positive mindset that will help you achieve your financial goals. Throughout the conversation, Brent and Mykail emphasize the importance of taking control of your financial future. Whether it’s starting to invest in a 401(k) or beginning the process of estate planning, we encourage listeners to take action and make smart decisions with their money. In summary, being financially savvy is a critical skill for anyone looking to achieve financial freedom and stability. In this podcast, Brent and Mykail James provide valuable insights and practical tips to help listeners take control of their finances and achieve their financial goals. Tune in to learn how to become financially savvy and take control of your financial future. Mykail and her blog can be found at https://www.boujiebudgets.com/about She is on Youtube: https://www.youtube.com/@BoujieBudgeter She can also be found on Instagram at https://www.instagram.com/theboujiebudgeter/ and Twitter @BoujieBudgeter Her Facebook Group “Young, Rich & Responsible” is here https://www.facebook.com/groups/yrrcommunity/ 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/.

Brent chats with Alex Sonkin about building and operating virtual family offices. They talk about how accountants can focus on their largest clients, provide high level planning, and leverage the unique relationships they have to grow strong family office services. Brent and Alex discuss family offices and the Due Diligence Project. Family offices are private wealth management firms that manage the financial and personal affairs of high-net-worth families. The Due Diligence Project brings these services to accounting firms, vetting key service providers, and acting as the Amazon of family office resources. Brent and Alex discuss how accountants, with their close client relationships and tax expertise, are uniquely positioned to offer valuable family office services through a virtual family office structure. They dive into the key aspects of services that accountants need to bolster their family office offerings, including conducting background checks, reviewing financial statements and projections, assessing risk management practices, choosing proven tax strategies, and finding experts in the legal, investing, and business arenas. Maintaining a strong network of trusted advisors and service providers, such as attorneys, accountants, and consultants, is also crucial. Tune in to learn more about family offices, the Due Diligence Project, and how they can help high-net-worth families, investors, and their advisors make informed decisions. Alex Sonkin is the founder of The Due Diligence (DDP) Project and The Virtual Family Office (VFO) Hub, a revolutionary platform of vetted resources that supports hundreds of leading Tax-Focused CPA firms and the Family Offices around the country. Mr. Sonkin has authored a book, called “The Due Diligence Project” and has been published in “Money Matters Volume #2”, both available on Amazon. Alex has been quoted in a number of articles regarding the evolution of the CPA industry published in “Accounting Today” and has been interviewed on popular radio programs, including “It’s Your Money and Your Life!” Alex also hosts The Due Diligence Project Podcast. Highly sought after, Mr. Sonkin has been invited to provide thought leadership throughout the United States, Canada, Germany, Switzerland, United Arab Emirates, and Norway. Mr. Sonkin began his career as a derivatives (options) trader and market maker as a member of the Chicago Board of Trade (CBOT), Chicago Mercantile Exchange (CME), and the Chicago Board of Options Exchange (CBOE). Mr. Sonkin is a partner in San Diego Social Venture Partners, and actively supports a number of other charitable organizations around the country. Mr. Sonkin lives in San Diego with his wife Jola and their four children. Mr. Sonkin is a graduate of University of Michigan Business School, in Ann Arbor, where he received a Degree in Finance and the Branstrom Award, a prestigious designation assigned to the top 5% of each graduating class. Alex can be found here: https://duediligenceproject.com/ 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/.

Brent chats about bias in one’s analysis. He discusses how to spot it, gives reasons for why we all have bias in the way we analyze problems, and how to prevent it. Brent discusses an important topic that affects all of us: bias in our analysis. Bias can cloud our judgment, distort our perceptions, and lead us to incorrect conclusions. Brent explains how to spot bias in your own analysis, and why it’s so difficult to eliminate it entirely. He gives examples of common biases and offers practical tips for overcoming them. To prevent bias in your analysis, Brent recommends taking a systematic approach. He emphasizes the importance of being aware of your own biases, and actively seeking out feedback and alternative viewpoints. Tune in to learn more about how to spot and prevent bias in your analysis, and become a more effective and objective problem solver. 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/.

Brent chats with Reetu Pepoff about the ins and outs of international tax planning for cross border estate planning clients. They discuss the different income, gift, and estate tax rules and common ways to effectively plan. Reetu Pepoff is an Assistant General Counsel and Senior Vice President within the Legal Department at Northern Trust Chicago. Her role includes all aspects of advising Northern’s fiduciary practice, with particular focus on avoiding conflicts of interest, supervising litigation involving Northern in its fiduciary capacity, and administering foreign and directed trusts.  Reetu also dedicates a significant portion of her time to supporting Northern’s international fiduciary practice, working with partners to administer offshore trusts and deliver fiduciary services through Northern’s affiliate in the Cayman Islands, Northern Trust Cayman International, Ltd. She is also an adjunct professor of law at the Northwestern Pritzker School of Law. She can be found at rp176@ntrs.com, and (312) 444-4977. This material is for informational purposes only. The views expressed are those of the speaker as of the date noted and not necessarily of Northern Trust 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/.

Brent chats with Rachel Sass about the U.S. Supreme Court case Bittner v. U.S., where the Court decided the non-willfulness penalties for FBARs is $10,000 per filing, not per account. This case changed the IRS’s long-time position. Brent and Rachel discuss the case, the reasoning, what it means for FBARs, and what they expect in the future. Rachel Sass is an experienced estate and tax planning attorney in Arizona.  Ms. Sass has helped clients throughout Arizona establish their individualized estate plans to ensure peace of mind for their families. Her practice is concentrated in estate and tax planning, probate and trust administration, guardianship and conservatorship matters, and business law.  Ms. Sass is well-versed and enjoys helping her clients prepare estate plans in a wide variety of circumstances, from simple plans to complex plans for high net worth individuals and families.  She understands that the big picture must be looked at for long-term planning—including assisting business owners with developing succession plans, incorporating established charitable giving plans into an estate plan, and creating lasting family structures for generational wealth. Ms. Sass is committed to helping her clients create a straightforward estate plan for their loved ones, plan for potential incapacity, understand and plan for federal estate and gift tax, and establish their legacies. She is a distinguished speaker on estate planning.  Ms. Sass appears regularly as a guest on the popular Wealth & Law Podcast, and frequently speaks and writes on estate and tax developments. Ms. Sass is a Tucson-native and double Wildcat.  She graduated summa cum laude and with honors from the University of Arizona in 2013 with her bachelor’s in political science, and later graduated cum laude from the University of Arizona, James E. Rogers College of Law in 2018.  Rachel additionally graduated in 2021 from the Greater Tucson Leadership program.  She is a former Miss Arizona United States and enjoys serving her local community.  In her spare time, she and her husband and can be found hiking around Southern Arizona with their son and three dogs. You can find Rachel here: https://www.rimonlaw.com/team/rachel-sass/ 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/.

Brent chats about whether having a podcast is a good idea. He shares how to think about starting one, the equipment he uses, and generally gives you a how-to guide on hosting and running a podcast. 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/.

Brent chats with Tony Yu about estate planning for Chinese clients. They talk about the culture, what motivates investments in the US, and special considerations from a trust and tax perspective. Tony is the owner of DSG Trust Law. He graduated cum laude from UCLA with degrees in Business–Economic, Communications, and Accounting. Tony is fluent in English, Mandarin, Spanish and Taiwanese. Tony was a Trust Attorney at Holland & Knight LLP,  the largest trust law firm in the US and a former clerk at the Los Angeles Probate Court. ​In 2008 and 2012, the Southern California Super Lawyers Magazine recognized Tony Yu as a “Rising Star” in law (top 2.5% of attorneys). Tony is also the 2nd Generation Owner of DSG Insurance, which was founded in 1986 by his father, Castor Yu. Utilizing Tony’s diverse legal, accounting, and financial planning background, DSG specializes in Business Protection, Tax & Business Planning, and Wealth Transfer. Tony can be found here: http://www.dsgtrustlaw.com/ And here: https://www.dsgpcins.com/president/ 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/.

Brent discusses some of the less wise “advice” circulating on TikTok recently, including MPI (maximum premium insurance), 401(k)s as a hoax, using trusts to shelter income, and LLCs as the business deduction savior. He digs into each, breaking down how they fall short of their promises. 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/.