Business Owner – Page 2 – Life Unlimited

The Great Wealth Transfer, Part 2: Bridging Generations (Ep. 142)

By Life Unlimited | December 13, 2023

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As we delve deeper into the transformative phenomenon of the Great Wealth Transfer, Part 2 of our series further explores the staggering $68 to $74 trillion destined to cascade down over the next decade.

In “The Great Wealth Transfer, Part 2,” Larry Heller, CFP®, CDFA®, guides us through the intricate dynamics of this wealth transition, offering crucial insights for aging parents and their millennial heirs. Larry sheds light on key aspects, empowering millennials to navigate challenging conversations with their Boomer parents and ensuring a seamless, secure transfer of wealth. This episode is a must-listen for those aiming to redefine their financial legacy in the face of this monumental wealth shift.

Key discussion points include:

Strategies for smooth talks about inheritance between the Boomer generation and the Millennial Generation
How advisors navigate the emotional and practical sides of wealth transfer
Insights into fair wealth sharing in complex family dynamics
Essential advice to keep everyone safe from fraud
Understanding the importance of Medicaid and trusts in financial plans & estate planning
A look at the bigger picture of estate planning beyond finances
The uncomfortable but necessary “end-of-life planning” conversation between children and parents
How staying organized can improve estate planning
And much more!

Resources:

Connect with Larry Heller:

The Great Wealth Transfer, Part 1: From Boomers to Millennials (Ep. 141)

By Life Unlimited | November 21, 2023

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Ever heard of the Great Wealth Transfer? It’s about to change everything you thought you knew about money.

Imagine a staggering $68 to $74 trillion cascading down over the next decade or so. Could this make millennials the richest age group the U.S. has ever seen?

In this two-part series, Larry Heller, CFP®, CDFA®, offers a glimpse into the psyche of the baby boomers as they navigate this monumental transition of wealth to the millennials. Learn how you can prepare as Larry covers such topics as taxes, Roth conversions, estate planning, and the benefits of being diligent with your record-keeping.

Part 1 of this Great Wealth Transfer series highlights:

The intricacies of taxes associated with this massive wealth movement
A review of Required Minimum Distributions (RMDs) and Roth conversions
How to engage in family tax planning, including the importance of candid conversations
Eyebrow-raising tales like the Miami Dolphins’ sale driven by unforeseen tax burdens
The often overshadowed aspects of estate planning, such as safeguarding assets and diligent record-keeping
And much more!

Resources:

Connect with Larry Heller:

Investment Insights: Embracing Asset Class Strategies with Apollo Lupescu (Ep. 140)

By Life Unlimited | November 8, 2023

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“Swimming with a school of fish”, that’s how Apollo from Dimensional Fund Advisors describes asset class investing in this episode of Life Unlimited.

Larry Heller, CFP®, CDFA ® welcomes Apollo Lupescu, Vice President of Dimensional Fund Advisors, a prominent global investment management firm to discuss the emotional and logical thought process associated with investing. Listen as Apollo delves into the distinctive investment approaches employed by Dimensional Fund Advisors, placing significant emphasis on their meticulous data analysis and their commitment to asset-class investing. The conversation also touches on the significance of effectively managing your investment expectations, the merits of diversification, and gaining a deep understanding of market probabilities.

Key takeaways from this episode include:

The importance of asset class investing and understanding stock behavior
Why managing your expectations is beneficial to your investment strategy, and your sanity
Differences between a Bear and Bull market and how they can often be predicted
Understanding that investing is mainly about grasping the concept of statistics and probabilities
Why limiting how often you check the markets can produce a better outcome
And more

Resources:

Connect with Larry Heller:

Connect with Apollo Lupescu:

About Apollo Lupescu:

Apollo Lupescu is a Vice President at Dimensional Fund Advisors, where he started in 2004 after finishing his Ph.D. in economics and finance at the University of California, Santa Barbara. During his tenure at the firm, Apollo has gained experience in a wide variety of practical subject matters. He was part of the Dimensional Investment Strategies group, worked directly with financial advisors in the Northeast area to assist in the development of their business, managed the internal Client Services team that provides broad analytical support, and then oversaw the firm’s national advisor retirement business. He is currently Dimensional’s “secretary of explaining stuff.” In this role, he frequently presents around the country and the world at financial advisor professional conferences and individual investor events.

Prior to joining Dimensional, Apollo had his own consulting firm, which provided services to the US Department of State and the White House on a variety of projects. His interests in finance and investments led him to teaching engagements at the University of California, Santa Barbara. In addition to his Ph.D. from UCSB, Apollo has a BA from Michigan State University, where he competed in and coached water polo.

Year-End Tax Planning Unveiled: 10 Tips to Implement Before Year-End (Ep. 139)

By Life Unlimited | October 25, 2023

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Tax loss harvesting – ever heard of it? It’s a strategy where you sell investments that have decreased in value to offset any gains and save on taxes.

In this episode, Larry Heller, CFP®, CDFA® overviews ten savings and tax planning tips to implement before the end of the year. He goes into detail on topics such as maximizing savings in retirement plans, choosing the right type of IRA or 401(k), doing backdoor Roth or Roth conversions, understanding changes in inherited IRA rules, and seeking professional advice for overall tax planning.

Larry discusses:

Tips on maximizing itemized deductions, using a donor-advised fund, tax loss harvesting, utilizing flexible savings accounts, and contributing to a 529 plan for education savings
New law allowing business owners to put a retirement plan in place retroactively
Choosing the right type of IRA or 401(k) based on individual circumstances and tax deductions
Backdoor Roth or Roth conversions for potential tax savings
Changes in inherited IRA rules and required minimum distributions
And more

Resources:

Connect with Larry Heller:

Life Beyond Divorce: Focusing on the Future with Gabrielle Clemens (Ep. 138)

By Life Unlimited | October 11, 2023

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Juggling the various aspects of your life can not only be tricky, it can be very overwhelming. And then, just when you think you’ve got a handle on it all, a ball comes crashing down. No matter your financial situation, you deserve to come out happy and secure after a divorce.

In this episode of Life Unlimited, host Larry Heller, CFP®, CDFA® focuses on helping women through the divorce process with guidance and expertise from Gabrielle Clemens, an award-winning attorney, and CDFA®. Listen as she shares her knowledge in divorce taxation, estate planning, and finance so women can focus on their future and set concrete goals. She also talks about her book, “Marriage is About Love, Divorce is About Money,” which sheds light on understanding the three levels of divorce, and how to make logical decisions pertaining to your post-divorce life.

Gain insight as Larry and Gabrielle discuss:

How to focus on the future and set concrete goals
Which professionals to include in your “divorce team”
A cost-benefit analysis in decision-making during divorce
The importance of aligning your interests with those of your attorney
Finding happiness
And more

Resources:

“Marriage is About Love Divorce Is About Money” by Gabrielle Clemens
The Gray Divorce Phenomenon: Redefining Your Life and Retirement with Andrew Hatherley (Ep. 133)
Mastering Divorce: Protecting Your Assets and Future with Lisa Zeiderman (Ep. 134)

Connect with Gabrielle Clemens:

Connect with Larry Heller:

Navigating the Founder Exit Paradox with Jerome Meyers

By Life Unlimited | September 27, 2023

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What happens after you retire or sell your business?

Today’s guest, Jerome Myers is certain that you will fall victim to the ‘founder exit paradox’ and experience feelings of uncertainty and loss of purpose.

In this episode, Larry Heller, CFP®, CDFA ® chats with Jerome about why many business owners suffer an existential crisis after selling their business or retiring from a leadership role. Listen as he explains the ‘eight exits of a founder’ and how you can emotionally prepare for your next phase.

Jerome discusses:

The importance of focusing on the human element of a profession rather than the financial benefits
How he helps clients gain clarity and formulate a strategy for their next phase of life
Uncovering the ‘six centers of doubt’ and how to build clarity
How his framework helps individuals successfully transition away from corporate America
And more

Resources:

Retirement Heaven or Hell: 9 Principles for Designing Your Ideal Post-Career Lifestyle by Mike Drak

Connect with Larry Heller:

Connect with Jerome Myers:

About Our Guest:

Jerome Myers is an award-winning engineer, investor, mentor, and business strategist who helps founders navigate their Exit Paradox through his masterminds and coaching programs.

Prior to leaving his corporate leadership position, Jerome built a $20 million, 175-person division of a Fortune 550 company from scratch. He now uses his project management, engineering, and business expertise to advise business leaders on key areas such as: leadership strategy, process improvement, sales and data analytics in real estate, financial services, business services, and health care to help his clients double their revenue, time off and charitable giving.

Jerome is also a general partner in a multifamily real estate portfolio and serves on the North Carolina Agricultural and Technical State University Entrepreneurship Advisory Board.

In 2022, Jerome won the prestigious alumni achievement award for the North Carolina A and T State University College of Engineering where a fully endowed scholarship has been created in his family’s name. A noted media expert, Jerome has been featured in Business Insider, Black Enterprise, Entrepreneur, Biznow, CBS, ABC, and Fox.

Jerome has interviewed numerous newly exited operators (NEOs) on his top-ranked Dreamcatchers podcast which provides inspiration, education, and direction to his audience of founders who are building companies to sell after they exit the “Matrix”.

What Business Owners Need to Know About Their Commercial Insurance Coverage –– With Ron Rugolo (Ep. 76)

By Life Unlimited | January 5, 2021

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Insurance is an ever-changing industry. As a business owner, is it possible that you’re compromising coverage in order to pay the lowest price? Or, perhaps you’re lacking proper coverage without even realizing it.

Today, Ron Rugolo, vice president of Bradley & Parker, joins Larry Heller to discuss the top oversights that business owners tend to make when choosing a commercial insurance provider. Get ready for an information-packed episode that will help you make the best decision possible for your business.

You will learn:

Three important coverages that business owners are not required by law or contract to have
How to deal with cyber security attacks and ransoms
Why price isn’t the main factor to consider when shopping for commercial insurance
What type of industries are best candidates when it comes to the view of their insurance policy
And more!

Listen now to learn more about commercial insurance for business owners!

Resources: Heller Wealth Management: (631) 293-2806 | Bradley & Parker : (631) 650-4014

The Business Case for Workplace Cultures of Accountability –– With Christine Ippolito (Ep. 67)

By Life Unlimited | August 17, 2020

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By creating a culture of accountability in your company, you can give your employees clearer expectations and a better sense of purpose. This shift is particularly helpful as employees are feeling more stressed and anxious during the pandemic.

In this episode, Larry Heller talks to Christine Ippolito, the founder and president of Compass Workforce Solutions. Christine helps small businesses succeed in a challenging regulatory environment and has built a strong reputation as an expert and leading voice in the area of human resources. Christine explains how to establish a culture of accountability in your workplace and why this culture empowers every person in your organization to own their tasks and ask questions.

In this episode, you will learn:

Why having a culture of accountability saves time, energy, and effort at work
How to get buy-in from new employees without micro-managing them
Examples of how to set clear expectations for your team
Questions to ask yourself before you delegate a task to an employee
How to give your team permission to hold you accountable as a leader
Four tools that you can give employees to help them achieve accountability
How to tell if your company has achieved a culture of accountability
And more!

Tune in now to learn what changes you can make right away to shift to a culture of accountability.

Resources: Heller Wealth Management: (631) 293-2806 | Compass Workforce Solutions: (631) 794-7400 | Measure What Matters by John Doerr

5 Common Legal Issues That Affect Business Owners in NY State — With Lee Schwartz (Ep. 63)

By Life Unlimited | April 22, 2020

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If you own a business in New York State, there are five common legal issues you could easily run into if you’re unaware of certain state and federal laws.

Today, Larry Heller speaks with Lee Schwartz, the managing and founding partner of Schwartz Ettenger, PLLC, a business law firm located in Melville, New York. Together, they unpack the five most common legal issues that New York State business owners face: employee-related issues, owner-to-owner issues, real-estate issues, not having proper agreements in place, and the protection of intellectual property.

In this episode, you’ll learn:

The disadvantages of having independent contractors instead of employees
Whether business owners are legally required to pay interns
What responsibilities are set out in shareholder agreements and operating agreements
A cautionary tale about what can go wrong if you don’t have a buy-sell agreement
The number one question that most business owners can’t answer about their lease
And more!

Tune in now to learn the five common legal issues business owners face so that you can avoid them!

Resources: Heller Wealth Management | Schwartz Ettenger PLLC

How to Make Your Business Sellable — With Albert Hakim (Ep. 43)

By Life Unlimited | June 17, 2019

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Your business is likely the largest illiquid asset you own. Have you considered how you will turn it into a liquid asset so you can use it for retirement planning?

Here to shed light on selling your business is Albert Hakim, a Certified Merger and Acquisitions Advisor with Kensington Company. Today, Albert speaks with host Larry Heller about what business owners can do to become exit-ready and how they can make their businesses attractive to buyers.

In this episode, you’ll learn:

And more!

Tune in now to learn how to make a smooth business exit so you can retire right!

Resources: Heller Wealth Management | Kensington Company | Albert@Kensingtoncompany.com: (516) 626-2211