Jet Setting Wealth Advisory

Larry Morales, founder and owner of Skywater Group, has built a Fort Lauderdale-based conglomerate that excels in high-value asset trades, including aircraft, yachts, and real estate. His journey into this niche business began while flying corporate jets, leading him to study corporate aviation at the University of Virginia Darden School of Business, inspired by a mentor who managed corporate jets. Morales emphasizes the importance of seamless brokerage services and cultivating strong client relationships, leveraging his diverse background as a licensed realtor, yacht broker, and professional pilot. By integrating cutting-edge technology and personalized communication, Skywater Group ensures efficient and ethical transactions, appealing to high-net-worth individuals who seek expertise and trustworthiness in their asset dealings.

Here’s what to expect this episode:

• Larry Morales emphasizes the value of relationships in enhancing client success across various industries

• Building strong relationships with clients has led to word-of-mouth referrals and repeat business

• The Skywater Exchange concept involves trading high-value assets like airplanes, boats, and real estate

• Larry Morales stresses the importance of effective communication and technology adoption in creating personalized experiences for clients

• Investing in high-value assets like Gulfstream jets requires careful consideration and financial planning

• Financial planning, especially with the involvement of CFOs, is crucial in facilitating transactions of luxury assets like jets and yachts

• Larry Morales discusses the use of technology and social media in luxury asset transactions, specifically in the aviation industry

Connect with Larry Morales:

https://www.linkedin.com/in/larry-morales-0612b88/

Connect with David T. Yu:

https://www.dtywealthplanningsolutions.com/

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Jill Brickel is a distinguished certified public accountant and personal financial specialist who currently serves as the president of Brickell and Company, PA CPAs and consultants. Reflecting on her career journey, Jill acknowledges that her focus on running her practice and raising her children has limited her involvement in philanthropic activities, though she has participated in professional organizations and scholarship funds in the past. She emphasizes her current work in the entertainment industry, where she supports clients in dealing with unions and provides crucial financial guidance. Despite not taking on leadership roles in community initiatives, Jill expresses a willingness to support good causes and help others give back, demonstrating a career marked by a balance between professional responsibilities, family commitments, and a desire to guide and support her clients.

Here's What to Expect This Episode:

• Jill transitioned from marketing to accounting at the University of Florida and later earned a Master of Science in accounting with a focus on taxation.

• How to customize business management services for high-net-worth clients in the entertainment industry.

• Addressing the complexities of entertainment finance, highlighting the unique financial challenges faced by entertainers, especially those dealing with various states for tax purposes.

• Cases of successful financial stability achieved through a holistic approach and collaboration with financial experts.

• Working with athletes in football and basketball, providing financial planning services to clients in the entertainment industry, helping them make informed decisions about their finances.

• Jill Brickel's tradition of supporting scholarship funds to help students enter the field of accounting and her work with unions like the Screen Actors Guild and the Directors Guild.

Connect with Jill Brickel:

https://www.linkedin.com/in/jill-brickel-5222b0b/

Connect with David T. Yu:

https://www.dtywealthplanningsolutions.com/

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KJ McCarter is a certified public accountant specializing in aviation tax consulting, bringing a wealth of expertise in tax analysis, business development, and client management to the table. A distinguished graduate of Indiana University's Kelley School of Business, KJ began his career at a big four public accounting firm before joining Aviation Tax Consultants in 2021, a firm founded by his father. McCarter's main focus is on aiding business owners in maximizing income tax benefits from aircraft ownership, emphasizing the importance of early and proactive tax planning, particularly for sales and use tax. Offering complimentary consultations, KJ is dedicated to helping clients navigate the complexities of aviation tax law, ensuring compliance while optimizing financial outcomes.

Here’s what to expect this episode:  

• Tax planning for aircraft purchases requires a unique coaching process due to unfamiliarity compared to traditional tax matters.

• Strategies to minimize or eliminate sales tax on aircraft purchases are crucial, emphasizing planning around sales tax liabilities and use tax liabilities.

• Early tax planning discussions are essential for potential aircraft owners to maximize tax benefits and ensure compliance with IRS rules.

• Discussing tax implications early on with tax advisors can help potential aircraft purchasers mitigate taxes and plan for compliance.

• Constantly evolving federal income tax and state sales and use tax laws regarding aircraft ownership require proactive planning and awareness.

• Aviation Tax Consulting specializes in maximizing financial benefits of aircraft ownership, helping clients with sales and use tax planning, income tax planning, and FAA compliance.

Connect with KJ McCarter:

https://www.linkedin.com/in/kjmccarter/

Connect with David T. Yu:

https://www.dtywealthplanningsolutions.com/

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Dylan Caldwell is an experienced FAA certified aviation medical examiner dedicated to maintaining pilot health. With a background in emergency medicine and a passion for flying, Caldwell transitioned to aviation medicine five years ago and understands the critical importance of keeping pilots healthy. He emphasizes the significance of weight management and lifestyle changes such as healthy eating and regular exercise to prevent conditions like high blood pressure and diabetes, which are crucial for passing medical exams. Caldwell adeptly navigates the FAA bureaucracy to help pilots manage their health issues and return to the skies, ensuring that they can continue to fly safely and maintain their aviation licenses.

Here’s what to expect this episode:

• Different classes of medical certificates are required based on the type of pilot, such as third class for private pilots and first class for airline transport pilots.

• Pilots with certain medical conditions like hypothyroidism or high blood pressure need to provide detailed progress notes from their doctors to maintain their medical certificates.

• Dr. Caldwell emphasizes the importance of weight management, regular exercise, and healthy eating habits for pilots' well-being.

• FAA updates aviation medical standards regularly, including recent changes in handling pilots with past episodes of depression or anxiety.

• Aviation Medical Examiners (AMEs) play a crucial role in guiding pilots with medical conditions that do not meet regulatory standards to specialists.

Connect with Dylan Caldwell, M.D.

https://www.linkedin.com/in/aviatorsclinic/

Connect with David T. Yu:

https://www.dtywealthplanningsolutions.com/

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Welcome to Jet Setting Wealth Advisory, where your financial journey takes flight with David T. Yu. With over 20 years in financial services and as an active airline pilot, David, founder of DTY Wealth Planning Solutions, will be your financial co-pilot, navigating wealth and tax management in today's fast-paced complex and dynamic financial world.

Jet Setting Wealth Advisory features gripping tales and expert insights for aviation aficionados and business enthusiasts alike. Each episode covers the challenges of wealth building, tax planning, and retirement preparation in this new global environment.

Buckle up as David brings in aviation all-stars, including Aviation Medical Examiners, specialized CPAs, and Aviation & Tax Attorneys, sharing their personal and professional experiences.

Jet Setting Wealth Advisory is more than a podcast; it’s an enlightening flight through the fiscal skies, blending personal stories with expert financial advice.

Ready for takeoff? Join us on this enlightening voyage where financial empowerment soars beyond the clouds.

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