Wealth and Law

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/

This is a throw-back to a past episode where Brent and Rachel Sass discuss the history, structure, mechanics, and incredible utility of trusts. They explain where trusts come from, why they are so helpful in our current system, and how they are used in estate planning. Rachel is a Vice President and Trust Advisor in the Tucson office at Northern Trust. Rachel is a member of the Southern Arizona Estate Planning Council, the Morris K. Udall Inn of Court, and State Bar of Arizona. Rachel is a former Miss Arizona United States and enjoys serving her community. She is a graduate of the Greater Tucson Leadership LEAD program, Class of 2021, and serves on the Board of Directors of the Roots & Roads Community Hospice Foundation. Rachel can be found here https://locations.northerntrust.com/us/az/tucson/3450-east-sunrise-drive/rachel-sass 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/. Legal Disclaimer: https://wealthandlaw.com/legal-disclaimer/

Brent chats with Amy Vetter about using her Business, Balance & Bliss method to identify, manage, and overcome the negative effects of stress. The conversation is wide ranging and Amy provides specific insight into how these normal human challenges can help anyone–professionals and their clients. The lessons shared reach beyond professional life to give listeners a view of some of the life experience and behavior of their clients so that they can help them find success in their lives. Amy Vetter, CPA, CITP, CGMA, is the CEO of the B3 Method Institute and an inspiring keynote speaker, yogi, technologist, accounting tech business executive, serial entrepreneur, and a well-known influencer and published author in the accounting and finance industry. Amy is also the host of her podcast called Breaking Beliefs. Amy has been named repeatedly as one of the Most Powerful Women in Accounting by the AICPA and CPA Practice Advisor and one of the Top 100 Most Influential People in Accounting by Accounting Today and named to the global Innovate Finance’s Women in FinTech Powerlist in the Senior Leaders Category. Amy is a key influencer who regularly shares her business and accounting insights via AICPA’s Journal of Accountancy, Accounting Today, CPA Practice Advisor as well as Inc. and Entrepreneur.com. Amy is the creator of the B3 Method for Work-Life Harmony and author of the book Business, Balance & Bliss: How the B3 Method Can Transform Your Career and Life. In this book, Amy created a methodology, backed by scientific research on the brain, on how to live a more authentic life and achieve work–life harmony based on her own career journey as a CPA, entrepreneur, and corporate executive of 25+ years and the experiences of other successful business leaders. To share her work–life balance message more broadly, Amy presented the popular TEDx Talk, “Disconnect to Connect: The Path to Work-Life Harmony.” Learn more at http://www.amyvetter.com and follow @amyvettercpa on Facebook, Instagram, LinkedIn, and Twitter. 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 talks about crypto and NFTs. He discusses the unique challenges of planning with these assets, including electronic asset laws, document preparation, taxation, valuation, and the fact they are bearer assets. He then discusses what he thinks the future holds, speculating about NFTs for physical things such as real estate rights, private equity, and trusts. For extra reading, check out Stacy Singer and Fred Weber’s excellent article written for Bloomberg Tax here: https://www.northerntrust.com/united-states/content/dam/northerntrust/pws/nt/documents/wealth-management/2023/bloomberg-tax.pdf Also, reacquaint yourself with my prior episode with Matt McClintock https://wealthandlaw.com/2021/09/01/wealth-planning-cryptoassets/ And, my episode with Joel Revill https://wealthandlaw.com/2022/04/20/crypto-currencies-and-trusts/ 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/.

In an era where the digital transformation has made its mark on every industry, how does it influence the realm of estate planning? This episode delves deep into the technological integration within distributed estate planning practices – those that span across multiple jurisdictions and even internationally. What’s Inside: Expanding Client Reach: Discover how technology makes it easier than ever to cater to both multijurisdictional and international clients. We’ll explore tools that offer digital signatures, virtual notaries, and a breakdown of how to navigate varying estate laws across the globe. Economic Efficiency & Growing Your Practice: Understand how the digital shift can drastically reduce overhead costs and how cloud-based solutions can be a game-changer for scalability. Harnessing Global Talent: In the hunt for the best talent, geographical boundaries no longer limit us. Learn how distributed practices are tapping into global talent pools and ensuring effective collaboration. But it’s not all smooth sailing. We also address some of the challenges, including: Ensuring utmost security and compliance, especially with sensitive client information. Navigating the complexities of communication in a digital age. Overcoming the learning curve and potential resistance to change. Join us as we take a comprehensive look at the future of estate planning, understanding both its promising opportunities and the hurdles technology brings with it. Whether you’re an estate planning lawyer, accountant, or financial adviser, this episode promises insights that will help you navigate the digital frontier of your profession. Stay ahead of the curve. Dive into the digital transformation of estate planning with us today! 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