Enriching Wealth

KEY TAKEAWAYS

Join Nathan Krampe, CFP​® from Lion's Wealth Management as he discusses ways to withdraw funds in retirement to avoid the tax torpedo.

https://lionswealth.com/four-ways-to-avoid-the-tax-torpedo-in-retirement/

Acting as executor of an estate comes with a great deal of responsibility and requires a broad range of skills. 

It can be time consuming and often requires working with a number of professionals including lawyers, accountants and investment professionals. 

The good news: You can make that moment easier on your heirs by taking a few simple steps. One of the best ways, financially, to prepare now for that time is to choose a person to be the executor of your estate.

Over the past several years, the rise of the Federal estate tax exemption has dramatically reduced traditional estate planning.  Today, it is less about estate tax planning and more about simply ensuring that the correct legal documents are in place to transfer assets correctly.  The new estate planning that is often left behind deals with all of your “digital” assets.

One likely major driver of your company’s success is your ability and that of your team to anticipate likely future events and develop plans for dealing with them

Of course, as recent history has demonstrated all too well, the future can be highly uncertain.  There is rarely, if ever, perfect clarity as to how different factors and events will play out—or how they’ll impact your company’s future. 

It is quite easy for affluent families to make big mistakes with one of their largest assets: their
homes. That means it makes sense to examine your own situation to determine whether there are issues that you need to address before they become problems that can’t be solved.

In some cases, there are important issues that simply get overlooked. Often, however, the problems stem from an improper assessment of how much insurance you need—the result being insufficient coverage. That might be your fault, or it might be the fault of a property and casualty agent you work with. Regardless, you will end up being the loser if something bad happens and you are underinsured. 
 

Nathan Krampe is the Founder and CEO of Lion's Wealth Management.  He discusses the outlook for the markets over the next 4-6 months.

Join Nathan Krampe, CFP®, founder of Lion’s Wealth Management and Nathan Nelson, Attorney, co-founder of Virtus Law for a conversation on how to handle the new tax laws with your business.  

As owners, the world is going to change dramatically tax wise and preparing now will help to mitigate unnecessary tax burdens in the future.

Under a President Biden, some tax strategies will stay the same, however, many are going to change.

Now is the time to make the necessary tax changes before year end for you and your business.

• Disastrous Consequences of a Proposed Step-Up in Basis law change
• Coming Long-Term Capital Gains Changes
• Changes to Estate Taxes Could Affect Your Family
• New Ordinary Income Tax Brackets (Hint: They May Go Up)
• How to Handle Tax Laws with Your Business
• Qualified Business Income Deductions

Watch this targeted presentation on how to navigate the new tax regime and what to do about it with your wealth.

What ever way to slice it, we need a stimulus package, clarity, and for COVID-19 to dissipate.  What could year end do for your coming taxes?  That's another matter.

KEY TAKEAWAYS

• Both conventional and asset protection trusts potentially can help to safeguard wealth
• An asset protection trust can be domestic or offshore
• Consider taking a comprehensive approach to asset protection planning based on your risk profile.

 The unfortunate fact is that wealth can make you a target for unfounded lawsuits and immoral litigants. This report will examine key asset protection strategies that can potentially be important components of your overall wealth management plan.

Are your heirs ready to deal with wealth you may be planning to pass on to them someday? Inheritors often struggle with their windfalls in ways that can be hazardous to their health and their wealth. 

Find out how the Super Rich prep their heirs for their inheritance.