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The Truth About Wealth
The Truth About Wealth episodes
- Episode 15 – Private Insurance Structure — With Mark Sims: Part 1
Risk management is key, both on the business side and on the personal finance side.
In this episode, John and Michael Parise sit down with guest Mark Sims. Mark discusses his work at Captive Alternatives, specifically his expertise in risk management with private insurance structure within the family office structure.
In this episode, you will learn:
- Which risk management sectors Mark and the Captive Alternatives team specialize in, specifically within the family office structure
- Various benefits of the private insurance structure, but why you may not have heard about them before
- How the private insurance structure compares to more typical insurance policies and the motivation to use a private insurance structure
- How to access the surplus on a private insurance structure policy
- And more!
Tune in to learn about Mark Sims’ expertise in private insurance structure as a means of risk management within the family office structure!
Resources: Copper Beech Financial Group | Captive Alternatives
27 min - Episode 14 – 10 Strategies for Estate Planning
For high-income families, estate planning is a critical part of planning for their financial future. However, sometimes the logistics of estate planning can get complicated.
In this episode of The Truth About Wealth Podcast, Michael Parise shares his legal expertise with 10 strategies and ideas for estate planning.
In this episode, you will learn:
- The importance of finding and retaining key talent for your financial team
- How to use various trusts in your estate planning to aid in your charitable planning
- The benefits of using an ESOP to protect your business culture after a sale of the company — and save money in taxes
- How to use life insurance to benefit long-term cash flow
- Why you might need to pay a little more to save more in the long-term
- And more!
Tune into this teaser episode and hear Michael’s introduction to the Copper Beech strategies for estate planning!
Resources: Copper Beech Financial Group
36 min - Episode 13 – 7 Common Objections to Trusts: Part 2
Trusts can be highly beneficial tools for generating and conserving wealth through multiple generations. However, it’s common for individuals and families to have objections to establishing trusts.
In this second part of a two-part series, John and Michael Parise explain — and debunk — some of those common objections and share their expertise on the benefits of trusts.
In this episode, you will learn:
- How John and Michael educate their clients through family meetings on the usefulness of trusts
- How trusts can support beneficiaries’ natural desires to be self-sufficient
- The value of a legacy letter when establishing trusts
- How to balance wealth preservation with the ability to enjoy family wealth
- How Michael works with other attorneys to establish flexibility and exit strategies with trustees in documents
- And more!
Tune in to hear the final four objections to trusts in this episode of The Truth About Wealth Podcast with John and Michael Parise!
Resources: Copper Beech Financial Group | 7 Common Objections to Trusts: Part 1
33 min - Episode 12 – 7 Common Objections to Trusts: Part 1
Trusts are the backbone of estate plans, and yet many families are objecting to having one. What’s going on?
Too often, families believe misconceptions about trusts or feel too intimidated. In this episode, John and Michael Parise explain how they help families overcome seven common objections and discover the truth about trusts.
In this episode, you will learn:
- What trusts really are, how they work, and why families use them
- How you can use trusts to protect your assets from lawsuits or creditors
- Why every family, regardless of their net worth, can use trusts
- How to simplify trusts to make them work to your advantage
- How a will compares to a trust in the way that it functions over a longer timeframe
- And more!
Tune in now to learn the truth about trusts!
Resources: Copper Beech Financial Group
33 min - Episode 11 – Align Your Tribe
A strong team is the backbone of a business. Without cohesive teamwork, a business cannot and will not be successful.
In this episode of The Truth About Wealth Podcast, John and Michael Parise discuss the importance of “aligning your tribe”: working with your family and partners to accomplish the shared goal of building and managing wealth.
In this episode, you will learn:
- Why the Copper Beech team sometimes acts as family counselors and psychologists as well as financial advisors
- The importance of determining a designated individual who will take on the financial responsibility with each new generation
- Which processes Copper Beech uses to build relationships with other advisors who are working with the same family
- And more!
Check out this episode of The Truth About Wealth Podcast to learn the importance of building a strong team to achieve your goals!
Resources: Copper Beech Financial Group
28 min - Episode 10 – It’s Not What You Make, It’s What You Keep
Do you know what your net rate of return is on your investment portfolio? How much money are you actually taking home at the end of the day?
In this episode, John and Michael Parise discuss the importance of understanding that it’s not about what you make, it’s about what you keep.
In this episode, you will learn:
- What your financial advisor means when they talk about your “net composite rate of return”
- Why it’s so important to know the difference between taxable income vs. tax-free income
- Which investment portfolio fees you might not be aware of
- How different types of investment income are taxed
- Why you should meet with your advisor quarterly rather than annually
- And more!
Tune in and learn how to keep more of your money!
Resources: Copper Beech Financial Group | “10 Eye-Opening Questions” Whitepaper
28 min - Episode 9 – How to Keep Top Management in a Competitive Job Market
In a highly competitive job market, retaining high-level executives can be a challenge for privately held companies. In this episode of The Truth About Wealth Podcast, John and Michael Parise discuss ways that companies can offer their top executives competitive benefits for continued service.
In this episode, you will learn:
- The importance of having a plan in place for your company if you were to die tomorrow
- How to use different forms of compensation to make your company stand out
- What an employee stock option plan (ESOP) is and how it can benefit employees and your company
- Why structuring your company properly is the most effective way to protect wealth generationally
- And more!
Tune in to this episode and learn about keeping top management in a competitive job market!
Resources: Copper Beech Financial Group
29 min - Episode 8 – The Importance of Family Meetings
To building lasting wealth, it’s essential for families to hold multigenerational meetings that cultivate honesty and transparency. In this episode, John and Michael Parise discuss the importance of family meetings as part of their process at Copper Beech Financial Group.
In this episode, you will learn:
- How family meetings can help to prevent loss of wealth through multiple generations
- Why it’s especially important to include younger generations in family meetings
- How Copper Beech facilitates personal “x-party” communication within families
- And more!
Every family needs better communication, especially when it comes to protecting wealth . . . listen to this episode to learn more!
Resources: Copper Beech Financial Group
27 min - Episode 7 – The Copper Beech Process Case Study
So far, father-son duo John and Michael Parise have discussed many specific topics about generational wealth planning. Today, they’re taking a different approach.
In this episode of The Truth About Wealth Podcast, John and Michael share a case study that gives you a full start-to-finish picture of how they help families with their planning.
In this episode, you will learn:
- How your assets can expose you to unique taxes, especially if your trust expires while you are still living
- How Copper Beech works to ensure that their clients’ assets are given to family and charity, before taxes, when clients pass away
- How John and Michael use a cash flow analysis to save clients as much as possible in taxes
- How families can benefit from working with a family-office structured firm
- And more!
Tune in now and get a complete picture of Copper Beech’s planning process!
Resources: Copper Beech Financial Group | Episode 3 – Audits Don’t Need to Be Scary
30 min - Episode 6 – Using Trusts to Avoid Asset Protection Risks: Part 2
Are your assets protected?
This question is highly relevant to high-net-worth families and individuals, and it involves delving into emotional topics. In the second part of their mini-series, John and Michael Parise guide you with compassion and expertise through the final three asset protection risks and how to avoid them.
In this episode, you will learn:
- The impact of premature death and spousal remarriage on assets after the passing of the first spouse
- Examples of scenarios in which a prenuptial agreement may not protect all assets
- What incorrect trust planning really is and why it’s critical to choose the right type of trust for your situation
- How to overcome a lack of financial knowledge (and why it’s important)
- About the importance of educating your children and grandchildren in financial literacy to protect your assets in the long term
- And more!
Tune in now and learn how to protect your assets from three major risks!
Resources: Copper Beech Financial Group | Using Trusts to Avoid Asset Protection Risks: Part 1
28 min
About The Truth About Wealth
From the publisher's feed
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.