Planning Reimagined

If you would like to sell your business at some point, how far in advance should you be preparing for the exit?

In today's episode of Planning Reimagined, the team at Robin Glen are diving

into the world of business exit and succession planning. Celeste, Chris and Mike all share insights on ensuring robust estate and tax planning while thinking about how you would like to exit your business.

They discuss the critical aspects of business sale planning and its impact on both direct and indirect beneficiaries, like employees, ensuring that businesses remain stable and secure. From the importance of liquidity during estate tax payments to the strategic role of life insurance in maintaining financial flexibility, they cover it all. They also break down key strategies such as valuation discounts, charitable planning, and the significance of pre-sale preparations.

They offer real-life examples about the consequences of poor planning versus well-executed strategies and discuss the emotional complexities tied to family businesses, the tactical use of buy-sell agreements, and the many benefits of key person insurance. Additionally, the offer ideas about exit strategies, ownership structuring, and the importance of early and transparent planning.

To schedule an appt with the Robin Glen team, visit: www.calendly.com/ccmoya

To learn more about Robin Glen, visit: https://www.robinglen.com/

Key Topics Discussed:

• Estate Planning and Business Stability
• Life Insurance and Flexibility in Business Sales
• Exit Strategy Considerations
• Market Readiness
• Valuation Discounts
• Succession Planning
• Tax Mitigation Strategies
• Deferred Compensation Plans
• Buy-Sell Agreements
• Presale Strategy Benefits
• Ownership Structuring
• Planning for Changing Circumstances
• QSBS (Qualified Small Business Stock) Exemptions

In this episode, we dive deep into the critical aspects of estate and business transition planning. Celeste welcomes experts Oliver Cohn and Israel Miller to discuss the necessity of a well-thought-out exit strategy for business owners.

The conversation covers everything from ensuring business stability and proper due diligence to the emotional and financial complexities involved in successfully passing down or selling a business. They also talk about importance of having the right advisers and detailed preparation to ensure smooth transitions, whether through a third-party sale or family succession.

Oliver and Israel provide real-world examples and practical advice on mitigating risks, maintaining business value, and preparing for unforeseen circumstances.

For more information and to connect with Oliver, visit:

https://bulkleycapital.com/team-member/oliver-cone/

And to connect with Isreal: https://www.lockelord.com/professionals/m/miller-isreal

To schedule an appt with the Robin Glen team, visit: www.calendly.com/ccmoya

To learn more about Robin Glen, visit: https://www.robinglen.com/

Key Topics Discussed:

• Importance of demonstrating stability in business
• Retention of owners post-sale for smooth transitions
• Due diligence and discovery of hidden liabilities
• Common issues impacting business sales
• Dynamics of negotiation and relationship preservation
• Role of experts in successful business transitions
• Realistic market expectations and professional valuations
• Formation and management of LLCs
• Updating buy-sell agreements and insurance policies
• Emotional and financial complexities in family business transitions
• Steps for preparing a business for future sale or succession

Have you surrounded yourself with the right business advisors to help you correctly navigate the ups and downs?

In this episode of Planning Reimagine, Celeste welcomes Susan Bryant, CEO and founder of Unboxed Advisors, who brings over 20 years of experience in CPA, tax planning, and investment advising. They dive deep into a critical yet often overlooked aspect of business management: insurance and risk mitigation. Susan and Celeste will share insights on the significance of proper insurance and the strategic steps needed to ensure long-term business stability.

They discuss how 80% of businesses lack adequate insurance for their key persons, often focusing solely on bank-required policies. Susan talks about the vital role of term policies, buy-sell agreements, and disability insurance in maintaining business operations when unexpected events occur. They also talk about the devastating effects of losing a key person, not just on business value but also on employees and stakeholders.

They also discuss working with a team of expert advisors to navigate these complexities, the challenges entrepreneurs face, and the necessity of continuous and proactive planning.

To learn more about Susan, visit: https://unboxedadvisors.com/

To schedule an appt with the Robin Glen team, visit: www.calendly.com/ccmoya

To learn more about Robin Glen, visit: https://www.robinglen.com/

Key Topics Discussed:

• Life Insurance for Key Persons and its Importance
• Lack of Proper Insurance and its Consequences
• Business Continuity and Value Preservation
• Funding Buy-Sell Agreements for Liquidity
• Importance of Diversified Investments and Proper Business Risk Management
• Need for Disability Insurance to Safeguard Revenue
• Role of Advisors in Comprehensive Risk Management
• Continuous Planning and the Importance of Revisiting Decisions
• Cybersecurity as an Emerging Risk for Small Businesses

In a world of AI investments and large financial firms, is there a secret that high-net-worth investors know about when it comes to holistically looking at opportunities?

In this episode of Planning Reimagined, Celeste and Kris welcome Phil Pilibosian, Senior Managing Director at US Capital Wealth Advisors, for an in-depth discussion on the critical importance of personalized, holistic advisory services in wealth management. Phil discusses the distinct limitations large financial firms like Goldman Sachs face when handling small, tailored deals and how boutique firms provide a more flexible, client-focused approach. The conversation moves into the intricacies of tax planning, employee contract negotiations, and estate planning, emphasizing the need for expert advice that's both comprehensive and customized.

Throughout the episode, the trio talks about the collaborative benefits of partnering with specialized firms and the invaluable human touch in providing financial guidance—something robo-advisors cannot replicate. Phil shares real-life examples, including uncovering $250,000 in unclaimed property for a client and demonstrating the tangible advantage of personalized service. They also talk about the importance of holistic financial planning to address the unique needs and goals of clients.

To learn more and connect with Phil, visit: https://www.uscallc.com/

To schedule an appt with the Robin Glen team, visit: www.calendly.com/ccmoya

To learn more about Robin Glen, visit: https://www.robinglen.com/

Key Topics Covered:

• The limitations of large financial firms in small, personalized deals
• The need for specialized advisory services in wealth management
• Collaboration between boutique firms and specialists to provide comprehensive solutions
• Real-life examples showcasing the impact of personalized financial services
• Importance of holistic planning and the human touch in financial advisory
• Tax-efficient management and structuring assets for long-term benefits
• Challenges and benefits of robo-advisors in the wealth management space

Hosts Kris Stegall and Celeste Moya are joined by International Wealth specialists Robert Smith and Steve Hare to discuss financial and estate planning in a globalized world. The conversation covers what companies and individuals need to know when investing in other countries. They discuss various tax-related issues, including capital gains tax hikes, expatriation during election years, and the nuanced tax obligations for non-US citizens owning property or investments in the US.

The episode also explores estate tax complexities, the taxation of foreign trusts, and the critical need for proper planning and professional counsel when dealing with cross-border financial matters. Steve and Robert share real-life examples to highlight the importance of strategic structuring, whether for business purposes or personal investments, to avoid unforeseen tax liabilities and ensure compliance on multiple fronts.

To connect with Robert Smith, visit: https://savillecpa.com/

To connect with Steve Hare, visit: https://www.ydklaw.com/

To schedule an appt with the Robin Glen team, visit: www.calendly.com/ccmoya

To learn more about Robin Glen, visit: https://www.robinglen.com/

Key Topics Covered:

• Impact of the 2009 Swiss bank scandal on financial disclosure
• Effects of the Corporate Transparency Act on financial privacy
• Pros and cons of increased financial transparency in the US
• Capital gains tax changes in Canada
• Tax obligations for non-US citizens owning US property or investments
• Estate and gift taxation nuances for US residents and non-residents
• Importance of thorough planning for cross-border business and real estate investments
• Tax implications for foreign trusts benefiting US persons
• Examples of real-world tax planning challenges and solutions
• Necessity of professional advice for global tax compliance

How do high-networth families use life insurance as a wealth-building tool?

In this episode of Planning Reimagined, we continue the series of the family office and welcome Jay Judas to discuss the intricacies of using life insurance in estate planning for affluent families. This discussion covers the strategic implementation of irrevocable trusts to fund life insurance policies, highlighting the substantial gifting limits available for married couples. They explore the versatility of life insurance, especially Private Placement Life Insurance (PPLI), to offer tax-efficient solutions tailored for high net-worth individuals and families. They share various examples, stressing the importance of comprehensive planning, professional management, and the necessity of not viewing life insurance as a one-size-fits-all product.

They also talk about how life insurance provides liquidity, ensures harmony within family businesses, and supports generational wealth transfers. The conversation also touches on premium financing as a means to enhance cash flow, the potential of life insurance as a stable asset class, and the importance of avoiding common pitfalls like investor control issues with private placement policies.

To connect with Jay, visit: https://www.lifeinsurancestrategiesgroup.com/

To schedule an appt, visit: www.calendly.com/ccmoya

To learn more about Robin Glen, visit: https://www.robinglen.com/

Key Topics Discussed:

• Advantages of using irrevocable trusts to fund life insurance policies
• Gifting limits for funding life insurance in trusts
• Premium financing options for maximizing cash flow
• Overview of Private Placement Life Insurance (PPLI)
• Importance of estate planning, financial planning, and tax planning
• Tax-efficiency and stability of life insurance as an asset class
• Role of life insurance in liquidity and generational wealth transfer
• Case studies illustrating comprehensive planning before determining life insurance needs
• Avoiding investor control issues in private placement policies

How protected is your wealth?

Celeste welcomes Yadira Anzueto to dive into the intricate world of risk management and insurance for affluent families. Yadira, a licensed insurance expert, discusses the vital role of risk management in family planning, revealing how proper insurance can be a family's primary defense against unexpected catastrophic losses, and how the risk completely changes as wealth grows.

They also discuss how family offices integrate with wealth management, by defining their function and importance for affluent families. Yadira shares real-life scenarios that bring these complex themes to light, and why standard insurance just doesn't take into consideration the complexity of various assets and wealth. They wrap up by emphasizing the importance of regular insurance reviews and educating the next generation on social media risks.

To learn more about Robin Glen, visit: RobinGlen.com

To connect with Yadira, visit: https://www.linkedin.com/in/yadira-anzueto

Key Topics Covered:

• Importance of educating younger generations about family plans and risk management
• Comprehensive insurance reviews and asset protection
• Role of family offices in wealth and lifestyle management
• Specific insurance coverages like mechanical breakdown and cyber protection
• Determining appropriate umbrella limits for high-net-worth individuals
• Emerging threats such as cyber-attacks, kidnap and ransom coverage
• Customized insurance strategies for multiple state properties and high-end assets
• Advocacy at the time of a claim and real-life scenarios of substantial losses
• Educating the next generation about social media and potential risk exposure

In the latest episode of Planning Reimagined, Celeste and Kris are joined by Charmaine Tang, President of Orca, to explore the evolving landscape of family offices and the pivotal role of technology in enhancing their efficiency and effectiveness. Charmaine brings her expertise to the table, discussing issues such as succession, transitioning within family offices, and key person risk. They talk about how technology can facilitate a smooth transition to the next generation, mitigating risks and providing equal access to essential information for better decision-making.

They also emphasize the necessity of incorporating technology to professionalize and operationalize family office operations and discuss topics such as the importance of compliance, managing nonbankable assets, and understanding complex ownership structures. The conversation underscores the potential of technological solutions, like Orca ARC, which offers robust tools for managing family office assets and compliance requirements, thus helping family offices navigate the increasingly complex regulatory landscape.

To learn more about Orca, visit: https://www.withorca.com/en/

To learn more about Robin Glen, visit: RobinGlen.com

To schedule an appt, visit: www.calendly.com/ccmoya

Key Topics Covered:

• Importance of efficiency in family offices for risk mitigation
• Role of technology in keeping family office teams small yet efficient
• Anticipated wealth transfer over the next 25 years and its impacts
• Hard conversations around estate planning and wealth management aided by technology
• The importance of human understanding complemented by technology in advising
• Technology's role in providing transparency and organizational efficiency
• Introduction of Orca ARC and its functionality
• Compliance with international and local regulatory requirements
• Balancing technology and human capabilities in family office operations

Celeste and Kris are joined in the episode of Planning Reimagined by David Friedman, Partner at Forbes Banister International. David talks about the evolving landscape of family offices, the role of technology in managing family wealth, and the shifting paradigms in investment strategies. He also talks about how technology revolutionizes ownership transparency in investments and long-term asset management. Celeste discusses the importance of experiential investing for newer generations and how it creates new demand for flexibility and new investments. 

The episode also discusses the challenges of intergenerational wealth transfer, highlighting the critical necessity of preparing the next generation to manage family assets effectively. They also touch on new investment opportunities, such as music as an asset class and the tokenization of real assets via blockchain. They also talk about the difficulty that family offices can face in a lack of technology in managing assets, and other gaps in how they are run.

Key Topics Covered:

• Connect technology platform for managing family data
• The friction in educating family members about risk
• Emotional decision-making in family offices
• Music and assets as new investment classes
• Blockchain's role in asset ownership transparency
• Risk management across family balance sheets
• Intergenerational struggles in wealth and leadership transfer
• The trend toward experiential investing and flexible living arrangements
• Cybersecurity and the risks of single-point failure in family offices

To connect with David, visit: https://www.linkedin.com/in/uhnw/

To learn more about Robin Glen, visit: RobinGlen.com

To schedule an appt, visit: www.calendly.com/ccmoya

In this episode, Celeste is joined by Courtney Joyner Gage and Michael Mazzone to dive even deeper into the world of family wealth management, estate planning, and business succession. They explore the critical importance of communication and thoughtful planning in ensuring that family legacies are preserved and enhanced through generations. They discuss how families can effectively prepare heirs for responsibilities that come with inheriting a business or wealth, emphasizing the need to align their interests with financial education and impart essential values of hard work and responsibility.

Their conversation tackles various dimensions of estate planning, from choosing the right trustee who aligns with family goals to the intricacies of crafting a fair asset distribution among heirs. They also offer real-life examples of families facing challenges due to inadequate planning or lack of transparency, highlighting the urgency and importance of these discussions.

To connect with Courtney, visit: https://www.linkedin.com/company/mariposa-advisers/

To learn more about Robin Glen, visit: RobinGlen.com

To schedule an appt, visit: www.calendly.com/ccmoya

Key Topics:

• Selecting an appropriate trustee and the challenges of family members in this role
• Preparing the next generation for business inheritance
• Strategies for tax-efficient business sales and maximizing after-tax proceeds
• Importance of family dynamics and managing expectations in business succession
• The role of charitable planning and donor-advised funds in wealth management
• Effective communication strategies for discussing wealth and legacy within families
• Real-life examples demonstrating the impact of poor planning and conflict resolution