Your Active Wealth

Start with a breakthrough idea, stir in hard work, add some perseverance, quality service, a positive culture and mix. The result: a tasty business that rises to 450 locations. On the final episode of the Your Active Wealth business owner podcast series, Dena Tripp, an entrepreneur and co-founder of Nothing Bundt Cakes, discusses how a business she started with a friend in her kitchen grew into a thriving nationwide venture. Dena reveals the power of quality, the importance of ambiance, the value of branding and how she’s giving back to her community in meaningful ways. 

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How can a business build a winning corporate culture that empowers employees, helps clients thrive and drives profitability? In the third episode of our business owner series, Paul Spiegelman, an entrepreneur, author, and philanthropist, discusses how a business he started with his brothers in his parents’ garage grew into a successful healthcare enterprise that was acquired by Stericycle. Paul reveals the power of culture, the three things every employee wants and how he’s giving back to his community in meaningful ways. 

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In the second episode of our business owner series, Varish Goyal, president and CEO of Vintners Distributors, Au Energy and Loop Neighborhood Markets joins the podcast to explain why he turned away from a career in medicine and joined his family’s business. He then took the company in a different direction through his interest in technology and service, and today directs the largest gas service operation in California, as well as the bold new convenience store chain Loop Neighborhood. Varish discusses his family’s inspiring immigrant story, how he’s laying the groundwork for future generations, and the three things you need in life in order to succeed.

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In the first episode of our business owner series, healthcare entrepreneur Arnie Burchianti shares his story of starting a home-based healthcare company in his native state of Pennsylvania. Leveraging scale and technology, Arnie was able to reduce the cost of care while delivering a higher standard of care. Over time, Arnie led the company through significant expansion and a series of mergers and acquisitions. Arnie discusses the significance of culture, the three drivers of success, the importance of philanthropy and the value of having a team of advisors. 

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In this episode of Your Active Wealth, Lee-ford Tritt, professor of law and director of the center for estate planning at the University of Florida College of Law, discusses some of the key wealth planning issues facing LGBTQ+ couples today.  The conversation sheds light on the benefits of different types of trusts, how second-parent adoption and blended families factor into estate planning, why changing pronouns may call for more flexible wills and more. According to Lee-ford, while many LGBTQ+ couples have intricate estate planning tools like GRATs, GRUTS and IDGTs, they tend to overlook essentialities like health care proxies, living wills and durable power of attorney. Lee-ford also shares helpful tips and tools that can make their estate plans more efficient, regardless of marital status.

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Gone are the days when investors can expect a traditional 60/40 allocation to bonds and stocks will meet their financial goals. In this episode, Joanna Berg, senior alternative investments strategist, joins the podcast to explain how the world of investing has changed, and why exposure to alternative investments, like private equity and real estate, is critical in today’s environment.

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When you have a substantial amount of wealth, it makes sense to think about your balance sheet like an institution. This means reviewing your expenditures periodically to account for personal spending habits, as well as external factors like market performance and inflation. According to Terry Sylvester Charron, head of investment advisory and planning solutions at BNY Wealth, it’s the small items like travel, entertainment and gifts to charitable entities that tend to add up. It’s important to be aware of what you typically spend during a calendar year to ensure the longevity of your wealth. Listen to this episode of Your Active Wealth to find out how an efficient spending plan draws from realistic needs, conservative market expectations and long-term goals.

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On International Women’s Day, we focus on the importance of women to financial markets, and the importance of financial markets to women.  According to Catherine Keating, Global Head of BNY Wealth, financial health should be approached like physical health, with good day-to-day disciplines and guidance from experts.  Drawing on years of collective experience, in this episode of Your Active Wealth, Catherine and award-winning journalist Veronica Dagher discuss practices for successful wealth management and for making the industry welcoming to all. They share stories and secrets of successful women — including their own. Tune in for a timely conversation on women in wealth. 

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Last year saw the emergence of several proposals under the Build Back Better Act that would impact U.S. taxpayers if signed into law. However, at this time, they have not come to fruition. According to Belinda Herzig, senior wealth strategist at BNY Wealth, other near-term developments could still lead to higher taxes. In this episode, Belinda covers expiring federal tax provisions, the prospect of higher gift and estate taxes, and using strategic borrowing to meet tax liabilities while still remaining invested. 

Below is a list of terms and acronyms discussed in this episode:

ESBT – Electing small business trust: A single trust for administrative purposes, such as having one taxpayer identification number and filing one tax return. 

AFR – Applicable federal rates: The minimum interest rate that the IRS allows for private loans. 

SLAT – Spousal lifetime access trust: An irrevocable trust where one spouse makes a gift into a trust to benefit the other spouse (and potentially other family members) while removing the assets from their combined estates. 

GRAT – Grantor retained annuity trust: A financial instrument used in estate planning to minimize taxes on large financial gifts to family members.

IDGT – Intentionally defective grantor trust: An estate planning tool that is used to freeze certain assets of an individual for estate tax purposes, but not for income tax purposes. 

CLAT – Charitable lead annuity trust: A charitable trust where a charity, donor advised fund or foundation of the grantor’s choosing received annual payments, either for a term or the grantor’s lifetime. 

ICL – Investment credit line: A loan backed by assets in your portfolio, which can offer substantial loans at relatively lower rates. 

ILIT – Irrevocable life insurance trust: A type of trust funded during your lifetime with one or more life insurance policies. 

SALT deduction – State and local tax deduction: Allows taxpayers who itemize their deductions to reduce their taxable income by the amount of state and local taxes they paid that year, up to $10,000.

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Ever wondered how some billionaires fund such lavish lifestyles while paying little to no tax? It comes down to strategic borrowing: the use of leverage to fund spending and investing. Billionaires derive most of their income from asset appreciation rather than salaries or bonuses. Unlike ordinary income, asset appreciation isn’t taxed until a gain is realized through the sale of an asset. Borrowing to meet expenses, rather than selling off invested assets, has helped some wealthy individuals increase their overall net worth, especially in an environment of historically low interest rates and relatively strong equity markets. In this episode of Your Active Wealth, Rick Calero, head of banking and lending at BNY Wealth, explains this wealth building technique and more.

For additional insights on the subjects that matter most to you, visit bny.com/wealth. 

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