Wealth and Law

Brent discusses how inflation is not a death knell to wealth transfer planning. He describes interest rate sensitive techniques, which perform better with higher interest rates, and underlying assumptions during inflationary periods that help planning. 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 T.J. Ryan about how to choose a trustee in a blended family. They discuss the challenges of those types of families, potential conflict points, and offer ideas to resolve issues before they begin. T.J. Ryan is a trust and probate litigation and estate planning attorney at Frazer Ryan Goldberg & Arnold LLP. T.J. is a Fellow of the prestigious American College of Trust and Estate Counsel (ACTEC). He focuses his practice on personal and business planning, including estate planning, estate administration, business entity formation, and trust and probate litigation. T.J.’s contact information can be found at: https://www.frgalaw.com/attorneys/ryant. 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 estate tax (and some income tax) risks to foreigners owning real estate in the United States. He explains the strange rules about direct ownership, surprising results at death, and some options to avoid estate tax issues. It is common for foreigners to purchase real estate in the United States. Once they do, they contend with a host of special tax rules, from FIRPTA, to withholding tax on rental income, to gift tax on gifts to family and non-citizen spouses, to the estate tax. Non-citizen non-residents (for estate tax purposes) also only benefit from a $60,000 exemption from estate tax on their United States real estate. Needless to say, foreigners can be surprised to learn about these taxes after the excitement of owning a home or investment property in the United States wears off. While this episode focuses on the estate tax considerations, important income tax considerations exist as well. 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 Penny Phillips about how she is building the modern registered investment advisory firm, what it takes to prioritize clients, and how advisors can connect with clients. They also rib lawyers and laugh about common excuses to stay off social media. Penny Phillips has spent most of her career coaching and consulting financial advisors, business owners and wealth management institutions. She is the co-founder and President of Journey Strategic Wealth, a Registered Investment Adviser built for advisors seeking independence and full-fledged practice management support. Prior to founding Journey, Penny ran a consulting and coaching firm called Thrivos Consulting, and prior to that worked in various leadership positions across the financial services industry. She has authored multiple practice management training programs focused on helping financial advisors prepare for the next generation of wealth holder and has coached hundreds of financial advisors. As an industry speaker, she has spoken at financial services conferences across the US and Canada. She currently runs a weekly YouTube series called “Practice Management with Penny” available at https://www.youtube.com/channel/UCWVDdtyWwj61yKLm0unERjw. Penny can be found and contacted here https://journeyswadvisor.com/who-we-are/penny-phillips/ and on Twitter @ThrivosLLC. 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 rewinds one of our most popular episodes with Kyle Larson and Lily Styrmoe of TCI Wealth Advisors. They go over their top tips for how younger individuals and families can begin building the generational wealth that they’ve dreamed of. Kyle Larson is a a CFP, Financial Advisor, and Shareholder at TCI Wealth Advisors. Kyle graduated from the University of Arizona before attending medical school and later becoming a financial planner.  While Kyle enjoys working with all clients, he specializes in planning for doctors, nurses, and others who work in medicine, namely new and resident physicians. You can find Kyle at https://tciwealth.com/employee-directory/kyle-larson/ and can contact him at kyle.larson@tciwealth.com. Lily Styrmoe is a CFP, CSRIC, and Financial Advisor at TCI Wealth Advisors. Lily graduated Magna Cum Laude from Northern Arizona University with a degree in Environmental Studies. Her particular area of expertise is in sustainable, responsible, and impact investing. Lily enjoys aligning clients’ long term investment strategy and overarching financial plan with their core values, specifically environmental and socially responsible focused goals. You can find Lily at https://tciwealth.com/employee-directory/lily-styrmoe/ and can contact her at lily.styrmoe@tciwealth.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 with Deborah Plum about techniques to maximize wealth transfers in a low market, low interest environment. They talk about GRATs, sales to IDGTs, intrafamily loans, and CLATs. They also speculate about market volatility and other things. Deborah is an attorney at Rimon, P.C. Deborah is an experienced trusts and estates associate with a background in corporate tax.  Deborah has extensive knowledge of charitable foundations and not-for-profit organizations.  Prior to joining Rimon, Deborah worked as a tax associate at Simpson Thacher & Bartlett LLP, where she worked on matters involving private equity funds, Real Estate Investment Trusts (REITs), and other investment vehicles, in the context of mergers and acquisitions (M&A) and tax-free reorganizations.   After gaining additional experience in tax controversy while working at Kostelanetz & Fink LLP, Deborah joined the trusts and estates group at Patterson Belknap Webb & Tyler LLP.  In shifting her focus to individual and family business tax planning, Deborah has advised clients on a variety of estate and gift tax questions, charitable endeavors, and succession planning. While not practicing law, Deborah works as the CEO of BaseCamp for Veterans, Inc. (“BCI”).  BCI is a 501(c)3 non-profit organization serving veterans and their families, which Deborah co-founded in 2018. BCI offers the veteran community a variety of reintegration services, with a particular focus on equine therapy with mustangs (wild horses that have had little to no human contact). For more information about BCI please visit www.bcampinc.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 discusses the proposed regulations under the SECURE Act. He explains the rules relating to trusts as IRA beneficiaries, how they change existing rules, and what they mean for trust planning.

Brent chats with Amy K. Kanyuk about trust decanting. They get into the benefits and risks of decanting, how they happen, and how the rules change from State-to-State. Amy K. Kanyuk is a Partner at McDonald & Kanyuk PLLC in Concord, NH. She concentrates her practice on estate, gift and generation-skipping planning for individuals and families of high net worth, as well as estate and trust administration. She holds the highest rating of A-V from Martindale Hubbell, and is a Fellow of the American College of Trust and Estate Counsel (ACTEC), where she serves on the Board of Regents (ACTEC’s governing board), the National Membership Selection Committee, the Tax Policy Study Committee, and the Asset Protection Committee (where she also serves on the State Laws Subcommittee). Amy can be reached at akanyuk@mckan.com, and https://www.mckan.com/attorneys/amy-k.-kanyuk. 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 and Joel Revill chat about crypto currencies and trust administrations. They dig into the regulatory environment, how crypto currencies perform in a traditional portfolio, and where DAOs (decentralized autonomous organizations) may change the future of businesses and trusts. Joel is the CEO and co-founder of Two Ocean Trust. Prior to co-founding Two Ocean Trust, Joel spent 15 years in investment management, most recently as a Portfolio Manager at Citadel. Previously Joel worked in investment banking, beginning his career at J.P. Morgan. ​ Joel has served on numerous boards including First Bank of Wyoming, Community Foundation of Jackson Hole, Jackson Hole Land Trust, and the Myotonic Dystrophy Foundation. In addition, Joel was appointed by Governor Mark Gordon to the Wyoming Blockchain Select Committee.   Joel earned bachelor’s degrees from the University of Oregon in Finance and Japanese Language and Literature and studied abroad at Obirin University in Japan. Joel also studied in the Master of Liberal Arts program at Stanford University. You can reach Joel at https://www.twoocean.com/team, and (307) 200-8430. If you are enjoying the podcast please SUBSCRIBE and leave a REVIEW, and if you want to learn more about Brent and Rachel go to https://wealthandlaw.com/team/.

Brent chats with Evan Unzelman about rolling over income interests in charitable remainder trusts. They talk about why these transactions can be tax beneficial and create flexibility for the right CRTs. Evan is the President of Sterling Foundation Management. Evan began with Sterling’s Family Office Concierge Services in 2004, where he provided comprehensive solutions to the unique challenges faced by affluent families. In 2006, he became responsible for overseeing the administration of the company’s charitable clients. In 2008, he was tasked with the expansion of the firm’s Charitable Remainder Trust (CRT) Secondary Planning Services. Evan graduated from Pacific Lutheran University (summa cum laude) in Tacoma, Washington, where he earned degrees in Finance and Economics. Evan can be contacted at: eunzelman@sterlingfoundations.com, 703-677-8747, https://www.sterlingfoundations.com/.