Being a successful CFO starts with asking yourself questions that will give your family a better life now and for generations to come. In this podcast, financial professionals John and Michael, from Copper Beech Financial Group, guide you through eye-opening questions to help you discover the truth about your wealth.
Do you need help to hire and retain top talent for your business?
In this episode, John and Michael Parise are joined by Max Hansen, CEO and co-founder of Y Scouts, the first-ever purpose-based leadership search firm. Together, they dive into the importance of hiring with purpose and discuss strategies for recruiting and retaining top talent to accelerate business growth and success.
From aligning values to developing key leaders, they also share valuable insights on how businesses can unlock their full potential through strategic hiring practices.
Talking points include:
Resources:
Connect with Max Hansen:
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About Our Guest:
Max Hansen, co-founder and COO of Y Scouts dedicated the last two decades to providing the best hiring practices in leadership search and consulting. Max was fortunate that his first job after graduating with a Bachelor’s Degree from Northern Arizona in Business Administration was with the Fortune 50 Recruiting firm Allegis Group / Aerotek. This experience gave him a solid foundation for understanding best-in-class business systems and selection processes.
In January of 2002, Max founded his first recruiting/search firm, Job Brokers, Inc. Together with his team, they went on to hire more than 30,000 people across a wide swath of industries including engineering, manufacturing, education, healthcare, distribution, mining, finance, technology, and apparel. They proudly grew their annual revenues to over $35 million and expanded into other divisions and brands. The most notable being Y Scouts in 2012.
How do the changing tax provisions impact your financial planning?
Today on The Truth About Wealth, John and Michael Parise discuss the implications of the expiring tax provisions from the Tax Cuts and Jobs Act. They underscore the necessity of proactive tax planning and the importance of consulting with advisors to maximize benefits before these provisions lapse.
Their conversation spans estate planning, business tax laws, individual tax brackets, and charitable planning, highlighting the urgency for families to strategize for their financial future in light of these changes.
Talking points include:
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How can Management Services Organizations (MSOs) enhance tax efficiency and asset protection for businesses?
Today on The Truth About Wealth, John and Michael Parise welcome back Doug Dickey, CPA, CEPA, Manager, and Shareholder at DRDA, PLLC, for a conversation about the intricacies of management services organizations (MSOs).
Doug provides a comprehensive explanation of MSOs, detailing their origins in asset protection and their evolution to include tax efficiency and increased purchasing power. He also emphasizes the importance of proper entity structuring to safeguard assets and avoid piercing the corporate veil.
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Is becoming a C Corporation the best tax strategy for your business?
Today on The Truth About Wealth, John and Michael Parise speak with Doug Dickey, CPA, CEPA, Manager, and Shareholder at DRDA, PLLC, about the benefits and tax implications of using C corporations for business structures post Tax Cuts and Jobs Act.
They explore the flat 21% tax rate for C corporations, the potential tax savings compared to flow-through entities, and strategies for managing double taxation on dividends.
So, tune in as Doug highlights the importance of entity choice for asset protection, tax planning, and reinvestment opportunities, emphasizing the flexibility C corporations provide for businesses aiming to maximize after-tax profits and growth.
Talking points include:
Connect with Doug Dickey:
Connect with John and Michael Parise:
How can generational planning help secure your family’s wealth for the future?
Today on The Truth About Wealth, John and Michael Parise get together for a follow-up from the previous episode about upline generational planning.
This week, they explore two case studies: the first concerning a family business owner with asset protection needs due to the father’s illness and estate tax exposure, and the second involving a family’s desire to establish a philanthropic foundation.
The discussion covers the importance of estate planning documents, beneficiary designations, charitable trusts, and aligning philanthropic efforts with family values.
Talking points include:
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Why is generational planning crucial for protecting your family’s wealth?
Today, John and Michael Parise discuss upline planning with a focus on the importance of generational planning and asset protection. They highlight the potential conflicts within families during asset distribution and the value of trusts.
John and Michael also explore a strategy to maximize income tax basis and estate planning objectives for families. They emphasize the need for open conversations between generations and the role of advisors in guiding families through complex issues.
Talking points include:
Connect with John and Michael Parise:
How can you secure your family’s future wealth?
In short, anticipate change, stay informed, and reach out to your advisor.
This week, John and Michael Parise elaborate with a discussion about the importance of proactive wealth management. They highlight the need for individuals to ask questions, educate themselves, and consult with their advisors to secure a better future. John and Michael also briefly talk about the potential benefits of alternative investments in the current market conditions.
So, listen in as they emphasize the significance of tax efficiency, liquidity, and the need for individuals to focus on asset protection in estate planning.
John and Michael discuss:
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As you transfer your hard-earned assets to your children and groom them to assume control of the family business, you likely want to imbue them with your core family values and an entrepreneurial mindset.
But how do you initiate an open dialogue? When is the best time to do it?
John and Michael Parise answer these questions and help you perpetuate your family’s wealth and values for generations to come. They shed light on eye-opening questions and conversations you should engage in with your children to equip them with the knowledge and entrepreneurial capability to advance your family’s legacy (and build their own).
John and Michael discuss:
Resources:
Connect with John and Michael Parise:
Why is estate planning crucial for younger families?
Chris Ruffino joins Michael Parise to talk about estate planning and why it’s important not only for older generations but for younger families, too. Together, they go over topics such as guardianship, trusts, asset protection, privacy, and coordination of planning between generations.
Michael and Chris discuss:
Resources:
Connect with Chris Ruffino:
Connect with John and Michael Parise:
About Our Guest:
Chris Ruffino brings over two decades of financial expertise and a personalized, holistic approach to financial planning. Chris values family, long-term client relationships, and educating clients for generational impact. Starting at Merrill Lynch in 2003, Chris honed his client-centric approach at Lockwood Advisors and Legg Mason, emphasizing aligned interests and disciplined investing. His insights promise valuable takeaways for anyone looking to improve their financial future.
There have been recent changes in tax laws for Roth accounts.
Ready to go over them?
In this episode, Chris Ruffino and Michael Parise go into the basics of Roth accounts and the recent changes in tax laws.
Chris explains the difference between traditional IRAs, and Roth IRAs while introducing the concepts of a ‘backdoor’ Roth IRA and a ‘garage door’ Roth IRA. He also navigates the impact of the Secure Act on Roth IRAs and the potential benefits of Roth conversions in terms of estate planning.
Michael and Chris discuss:
Resources:
Connect with Chris Ruffino:
Connect with John and Michael Parise:
About Our Guest:
Chris Ruffino brings over two decades of financial expertise and a personalized, holistic approach to financial planning. Chris values family, long-term client relationships, and educating clients for generational impact. Starting at Merrill Lynch in 2003, Chris honed his client-centric approach at Lockwood Advisors and Legg Mason, emphasizing aligned interests and disciplined investing. His insights promise valuable takeaways for anyone looking to improve their financial future.
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