Tag: Asset Protection

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Risky Business: The Hidden Risks of Handshake Agreements with Rachel Partain [Ep. 163]

Risky Business: The Hidden Risks of Handshake Agreements with Rachel Partain [Ep. 163]

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Handshake deals might seem convenient, but they could put your business at serious risk. Discover how to protect your company from these hidden dangers and build a reliable foundation.

Larry Heller, CFP®, CDFA®, is joined by Rachel Partain, a leading tax attorney and partner at Forchelli Law, to break down the risks of running a business without formal agreements. 

Whether you’re launching a startup, managing growth, or exploring new partnerships, Rachel provides actionable insights to help you understand the risks of inadequate documentation and strengthen your business with essential agreements and expert legal guidance.

Key Points Covered:

  • The widespread use of handshake agreements and the risks they pose to businesses
  • The impact on business management from operational turmoil caused by unclear leadership succession plans to disputes over roles, voting rights, and profit distribution
  • Barriers to securing loans and attracting investors due to informal business structures
  • Tax complications, such as IRS audits and challenges related to shareholder contributions
  • Legal exposure, including the risk of litigation and potential personal asset vulnerability
  • And much more!

Actionable Takeaway: Assess your current business agreements today and consult a professional to protect yourself against potential financial and legal challenges.

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About Our Guest:

Rachel L. Partain is a Partner at Forchelli Law concentrating her practice on complex tax advisory and tax controversy services for low to middle-market businesses and high-net-worth individuals. Rachel advises businesses on how to structure transactions in a tax-efficient manner and handles general corporate and transactional matters.

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

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

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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!

 

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

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

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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!

 

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