Category: Financial Strategies

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Unlocking Real Estate Wealth: 1031 Exchanges and DSTs with Stephen Davis [Ep. 157]

Unlocking Real Estate Wealth: 1031 Exchanges and DSTs with Stephen Davis [Ep. 157]

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Ready to transform your real estate assets into a tax-efficient retirement plan?

Want to maximize your real estate wealth without the headache of property management?

Join host Larry Heller, CFP®, CDFA®, as he explores the world of 1031 exchanges with Stephen K. Davis, President and CEO of Safe Harbor Asset Management. With over 40 years of experience in financial services, Davis discusses the benefits and intricacies of 1031 exchanges and DSTs, offering valuable insights for property owners and investors.

Key Points Covered:

  • Understanding 1031 exchanges and their role in deferring capital gains taxes
  • Significant tax advantages of 1031 exchanges, including indefinite deferral of taxes
  • How 1031 exchanges reduce property management responsibilities
  • The benefits of Delaware Statutory Trusts (DSTs) for diversifying investments
  • Practical success stories illustrating the benefits of DSTs
  • The importance of tailoring DST investments to meet specific liquidity needs
  • The expected wealth transfer in the real estate market over the next 15 years
  • And much more!

 

Resources:

Connect with Stephen K. Davis:

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About Our Guest:

Stephen Davis, President and CEO of Safe Harbor Asset Management, specializes in tax avoidance strategies, particularly 1031 exchanges. With extensive experience in financial services, Davis provides guidance on transitioning to passive investments and maximizing tax deferral benefits through DSTs. His deep knowledge and practical insights help clients navigate complex real estate transactions and achieve financial security.

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Corporate Benefits to Cash Management Plans: A Deep Dive Into How We Work with Business Owners (Ep. 156)

Corporate Benefits to Cash Management Plans: A Deep Dive Into How We Work with Business Owners (Ep. 156)

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How can business owners keep their financial strategies effective for long-term success?

In this informative episode of Life Unlimited, host Larry Heller, CFP®, CDFA®, reveals the intricacies of corporate benefits and cash management tailored for business owners. Learn how regularly updating 401k plans, optimizing cash reserves, and leveraging professional networks can alter your business. Obtain actionable insights on attracting and retaining employees, maximizing tax advantages, and implementing successful financial planning strategies.

Key Points Covered:

  • Enhancing employee retention and tax benefits by updating 401k plans
  • Ensuring a robust, tax-advantaged retirement plan to provide the business significant savings while attracting and retaining top talent
  • Simplifying employee investment decisions with model portfolios
  • Optimizing cash management and utilizing high-yield strategies for better returns
  • Saving additional funds through strategic cash balance plans
  • Leveraging a network of experts for comprehensive business support
  • Larry’s hands-on experience and credible advice for business owners
  • And More!

Tune in to transform your business’s financial strategy and achieve long-term success.

 

Resources: 

► Services Triangle

► Our Approach 

Connect with Larry Heller: 

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ESOPs Explained: Bridging the Wealth Gap with Chris Coates [Ep. 155]

ESOPs Explained: Bridging the Wealth Gap with Chris Coates [Ep. 155]

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What if your employees could help drive your business to new heights while investing in their own financial futures? 

Uncover the power of ESOPs now!

Join host Larry Heller, CFP®, CDFA®, as he discusses the intricacies of ESOPs with Chris Coates, a skilled professional in business transition strategies. With over 30 years of experience, Coates offers an in-depth look at how ESOPs work, the benefits they provide, and why they are a compelling option for many business owners. 

Key Points Covered:

  • Understanding ESOPs, including their basics and role as retirement benefits for employees
  • Significant tax advantages of ESOPs for both C and S corporations, including potential legislative changes
  • Ways ESOPs foster employee loyalty and incentivize employees to act like owners
  • The role of ESOPs in leadership succession and long-term business sustainability
  • How ESOPs enhance employee retirement benefits alongside existing 401k plans
  • A balanced look at the pros and cons of ESOPs for business owners and employees
  • Plus, additional insights into maximizing the benefits of ESOPs!

 

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About Chris Coates:

In his role as Vice President, Chris advises companies, owners and other stakeholders on business transition strategies, with a particular focus on ESOP ownership transactions. He has extensive deal shaping, negotiation and operational management experience that provide him with a unique perspective on the opportunities and challenges of companies seeking to implement employee ownership.

Prior to joining SES ESOP Strategies, Chris was a Managing Director with Accenture, a global consulting firm. During his 30-year career he has worked with various industries, including life sciences, utilities, consumer products, financial services and health and public service. In his most recent role as Commercial Director, Chris oversaw all operational aspects of sales and delivery to large, complex and global clients. This included oversight for the financial, legal, human resources and business operations aspects of the relationship.

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From Planning to Investments: A Deep Dive Into Our Services (Ep. 154)

From Planning to Investments: A Deep Dive Into Our Services (Ep. 154)

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Beyond managing your investments and portfolio, have you ever wondered what else financial advisors do?

Understanding the full scope of financial advisory services is essential to maximizing the benefits of your financial plan.

In this enlightening episode of Life Unlimited, host Larry Heller, CFP®, CDFA® explores the multifaceted role of financial advisors. He addresses common misconceptions and emphasizes that effective financial advising extends well beyond investment decisions.This episode provides a deep dive into how we create personalized financial plans for clients, addressing all aspects of their financial lives to ensure future preparedness. Tune in to learn how we can help you achieve financial security and peace of mind through our comprehensive financial planning and detailed strategies.

Key Points Covered:

  • Larry’s dedication to educating clients and alleviating financial anxieties
  • Clarifying the comprehensive role of financial advisors beyond just investments
  • The critical importance of financial planning before making investment decisions
  • Detailed financial planning processes: goals, time horizons, and financial needs
  • Components of financial planning: cash flow analysis, risk management, tax planning, investment management, estate planning, and retirement planning
  • Differentiating traditional investments (stocks, bonds, mutual funds) from alternative investments (private equity, private credit)
  • The importance of regular financial monitoring to adapt to life changes
  • Addressing client concerns: inheritances, safe retirement strategies, and account consolidation
  • Highlighting the transparency of fee structures and the importance of fiduciary duty
  • And More!

 

Resources:

► Services Triangle: https://acrobat.adobe.com/id/urn:aaid:sc:VA6C2:cfe5a4d5-2384-4a62-b76a-2921735e4cbf

► Our Approach: https://docs.google.com/document/d/1Qp3B-6EQsTptfRZT5792CIVvvo9yrXKrwBVLFZvJBj8/edit?usp=sharing

►  Is Your Portfolio Missing Out? With Alona Gornick [Ep. 143]: https://hellerwealthmanagement.com/is-your-portfolio-missing-out-the-rise-of-private-credit-with-alona-gornick-ep-143/

Connect with Larry Heller: 

00:00 Introduction to Life Unlimited Podcast

00:20 Reflecting on 150 Episodes

00:33 Understanding Financial Advisory Services

01:59 The Importance of Financial Planning

03:18 Diving into Investment Strategies

13:13 Exploring Alternative Investments

16:23 Who We Work With and Our Fee Structure

20:35 The Fiduciary Standard Explained

22:06 Conclusion and Contact Information

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Financial Health for Your Business: Top Mistakes to Steer Clear Of with Tricia M. Taitt (Ep. 153)

Financial Health for Your Business: Top Mistakes to Steer Clear Of with Tricia M. Taitt (Ep. 153)

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Financial missteps can derail even the most promising businesses. 

In this impactful episode of Life Unlimited, host Larry Heller, CFP®, CDFA®, is joined by Tricia M. Taitt, CEO of Fincore and skilled fractional CFO. They dive into the top five financial mistakes that businesses often make and offer practical advice on how to avoid them. Focused on strategic financial management, this episode is especially beneficial for women entrepreneurs seeking to strengthen their cash flow management and overall business performance.

Key Points Covered:

  • Understanding the distinct roles of fractional CFOs, CPAs, and bookkeepers
  • The critical importance of strategic financial management in fostering business growth
  • A deep dive into essential financial ratios and metrics for maintaining healthy business growth
  • Case study: How suboptimal product performance can overshadow substantial sales
  • Effective cash flow management strategies and the risks of inadequate financial policies
  • The importance of budgeting and forecasting in strategic business planning
  • Strategies to prevent fraud through effective separation of duties
  • Insights from Tricia’s book, “Dancing with Numbers,” making financial management approachable through dance
  • Plus, plenty more tips for smart financial decisions!

 

Connect with Tricia M. Taitt:

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About Our Guest:

Tricia M. Taitt has been an impactful figure in financial management, particularly for women-led businesses, leveraging her expertise as a fractional CFO to guide companies through growth and transitions. Her book “Dancing with Numbers” creatively blends her finance expertise with her passion for dance, making financial concepts accessible and engaging.

 

00:00 Introduction to Life Unlimited Podcast

00:37 Meet Tricia Tate: Empowering Small Business Financial Health

01:32 Understanding the Role of a Fractional CFO

07:13 Top Five Financial Mistakes Businesses Make

07:29 Deep Dive into Cash Flow Management

10:49 The Importance of Tracking Business Performance

15:45 Systems, Policies, and Procedures for Business Success

20:17 Planning for the Future: Budgets and Forecasts

24:15 Leveraging Financial Expertise for Business Growth

26:00 Tricia Tate’s Book: Dancing with Numbers

30:57 Closing Thoughts and Contact Information

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Unlocking Tax Strategies to Optimize Your Retirement (Ep. 152)

Unlocking Tax Strategies to Optimize Your Retirement (Ep. 152)

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Are you effectively using tax strategies to boost your retirement investments?

Explore this insightful episode of the Life Unlimited Podcast featuring Larry Heller, CFP®, CDFA®. Larry delves into strategic tax planning and investment strategies designed to optimize retirement savings both during your working years and in retirement. Drawing from his experience as a former CPA, he underscores the significance of not only what you earn but also what you retain after taxes. Tune in as Larry highlights key strategies like capital gains management, tax loss harvesting, and the advantages of ETFs over mutual funds for tax efficiency. The episode emphasizes the importance of proactive tax planning for a secure and financially efficient retirement.

Larry Discusses:

  • The importance of understanding the advantages of ETFs for minimizing capital gains taxes
  • How and when to implement this strategy to reduce taxes by offsetting gains with losses
  • Insights on deciding which retirement account fits best depending on your current and future tax brackets
  • Maximizing tax benefits by converting during lower-income years, benefiting both the account holder and heirs
  • The necessity for a coordinated approach between financial advisors and tax professionals to optimize retirement strategies
  • And more!

 

Resources: 

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Navigating the Medicare Maze with Craig Smith (Ep. 151)

Navigating the Medicare Maze with Craig Smith (Ep. 151)

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There is no secret to Medicare, you just need the proper guidance.

In this insightful episode of Life Unlimited, host Larry Heller, CFP®, CDFA®, welcomes Craig Smith, Medicare professional. With a focus on senior healthcare since 2013, Craig has become a go-to advisor for baby boomers managing healthcare and insurance financials, especially Medicare. The episode delves deeply into the layers of Medicare, shedding light on its various sections, eligibility nuances, and pivotal decisions for those approaching their golden years.

Key Points Covered:

  • Exploring Medicare Parts A and B, along with drug plan details
  • Clarity on Medicare eligibility starting at age 65 and special condition considerations
  • Insights on how employer healthcare plans interact with Medicare choices at 65, including spousal coverage implications
  • Highlighting Medicare’s automatic enrollment, penalties, and drug plan selection
  • Differentiating between Medicare Advantage and Medicare Supplement Plans
  • Guidance on Medicare’s annual enrollment and state-specific plan variations
  • Plus, more tips for making well-informed Medicare decisions!

 

Connect with Craig Smith:

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About Craig Smith:

Craig Smith has been an instrumental figure in the senior healthcare market since becoming an insurance agent in 2013. His expertise in Medicare and commitment to offering unbiased, affordable healthcare plans have significantly impacted retirees and those nearing retirement age. With a deep understanding of the intricacies of Medicare, Craig provides tailored advice to his clients, helping them make informed decisions about their healthcare and financial security.

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An Employer’s Guide to 401(k) Plans: A Four-Part Series (Part IV) (Ep. 150)

An Employer’s Guide to 401(k) Plans: A Four-Part Series (Part IV) (Ep. 150)

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Are your 401(k) offerings impacting employee wellness and engagement?

Join Larry Heller, CFP®, CDFA®, in the concluding episode of our four-part series, “An Employer’s Guide to 401k Plans.” This final segment focuses on the broader impact of 401(k) plans in terms of employee well-being and corporate culture. Larry explores how these plans transcend traditional retirement savings and play a pivotal role in fostering financial literacy, engagement, and loyalty among employees.

Larry Discusses:

  • The vital role of 401(k) plans in attracting and retaining talent and the extensive benefits for employers
  • Clarifying contributions, fund choices, and Roth options in 401(k) plans to support informed decision-making
  • Providing easily accessible resources and dedicated support for navigating 401(k) plans effectively
  • The importance of comparing model portfolios with target date funds for diverse financial needs and personalized investment approaches
  • The need for showcasing an employer’s commitment to employee well-being through comprehensive financial wellness programs
  • The necessity of continuous communication and regular educational meetings to engage employees in their 401(k) plans
  • And much more!

 

Resources: 

Connect with Larry Heller: 

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Breaking Down Employment Law Myths with Doug Rowe (Ep. 149)

Breaking Down Employment Law Myths with Doug Rowe (Ep. 149)

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Is your business at risk due to employment law misunderstandings?

In this captivating episode of Life Unlimited, host Larry Heller, CFP®, CDFA®, is joined by Doug Rowe, an acclaimed labor and employment law partner at Certilman Balin, and a New York Metro Super Lawyer and The Legal Eagle award recipient. Doug delves into the critical aspects of employment law, offering indispensable insights for business owners. He also discusses new employment laws that have been implemented and how they can affect employers in dealing with their current employees as well as new hires.

Key Points Covered:

  • The importance of adhering to employment laws in all industries
  • Dispelling overtime myths for salaried employees and explaining exemption qualifications
  • The importance of expert HR guidance in complex legal landscapes
  • The necessity of self-audits for legal compliance in larger firms
  • Navigating the intricacies of modern workplace dynamics, including hybrid work models
  • The evolving role of AI in HR and the need for unbiased hiring practices
  • Plus, additional strategies for mastering employment law!

 

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About Doug Rowe:

Douglas E. Rowe is a Partner in our Labor and Employment Group.

His broad range of expertise includes claims alleging discrimination based upon race, sex, religion, national origin, age and disability, as well as sexual harassment, wage and hour issues, labor arbitrations, and defense of employment-related claims under federal and state statutes. He is frequently quoted in the media about the #MeToo movement and legislation affecting employers and employees.

He counsels on and litigates issues relating to restrictive covenants and trade secrets. By initiating preventive counseling on company policies and other personnel matters, Mr. Rowe helps clients keep costs down and avoid litigation. He also prepares and negotiates employment agreements.

A seasoned litigator at the state and federal level, Mr. Rowe has significant appellate experience. He is admitted to practice in the State of New York, United States District Court, Eastern and Southern Districts, and the U.S. Court of Appeals, Second Circuit.

Mr. Rowe was first named to the New York Metro Super Lawyers list in 2011 and has earned the distinction consecutively from 2013 until 2018. Only five percent of lawyers in the New York Metro are honored each year.   

He was awarded a “Legal Eagle” by Long Island Pulse Magazine.

He serves on the Board of Directors at Rock and Wrap it Up, an anti-poverty think tank based in New York.

He graduated from Brooklyn Law School and earned his Bachelor of Science in Accounting from the University of Maryland. He is a member of the New York and Nassau County Bar Associations.

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An Employer’s Guide to 401k Plans: A Four-Part Series (Part III) (Ep. 148)

An Employer’s Guide to 401k Plans: A Four-Part Series (Part III) (Ep. 148)

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Are you managing your 401(k) effectively?

Dive into the intricate world of 401(k) investment strategies with Larry Heller, CFP®, CDFA®, in this informative third installment of the “Employer’s Guide to 401k Plans“ series. This episode delves into crucial aspects such as fiduciary duties, investment selection, and fund diversity, offering valuable insights for trustees and plan participants alike.

Larry Discusses:

  • Emphasis on the vital role of fiduciary duties within 401(k) plans, spotlighting the frequently neglected responsibilities that plan participants hold as trustees
  • Detailed exploration of various investment types in 401(k) plans, including mutual funds and ETFs, highlighting those with clear objectives and transparency
  • The superior benefits of model portfolios compared to target date funds, tailored to diverse risk tolerances and investment goals
  • Introducing features like automatic rebalancing to aid participants in maintaining their desired asset allocation over time
  • The critical practice of regular benchmarking in 401k plans to ensure fee competitiveness and to raise awareness of hidden costs
  • And much more!

 

Resources: 

Connect with Larry Heller: