Tag: CFP

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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!

 

Resources: 

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

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

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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:

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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.

 

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

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

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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: 

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

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

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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: 

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Navigating the Founder Exit Paradox with Jerome Meyers

Navigating the Founder Exit Paradox with Jerome Meyers

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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:

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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”.

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Retirement Reality Check: Are You Spending Enough?

Retirement Reality Check: Are You Spending Enough?

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Many people are afraid to spend money during retirement because they worry they will run out, but in actuality, many people aren’t spending enough!

In this episode, Larry Heller, CFP®, CDFA® provides insight and education surrounding how much you can afford to spend once you retire. Listen as he highlights what you need to consider when determining your financial plan, and the different variables surrounding your age, health, expenses, investments, and income streams.

Learn along with Larry as he discusses: 

  • The importance of having a sound financial plan before you approach retirement 
  • Why you need to be familiar with your expenses and anticipated lifestyle 
  • How the Reservoir Strategy helps you prepare your time horizon while considering market fluctuations
  • The benefits of working with a Certified Financial Planner® 
  • And more

Resources: 

Connect with Larry Heller: 

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When Poor Customer Service Leaves a Bad Taste in Your Mouth (Ep. 135)

When Poor Customer Service Leaves a Bad Taste in Your Mouth (Ep. 135)

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Life happens – plans get changed, good weather turns to bad, and luggage gets lost.

In this episode of Life Unlimited, Larry Heller, CFP®, CDFA shares his story about his experience with a notable airline company and how his situation could have been made better with one simple thing: communication.

Larry chats with his long-time producer and friend, Aric about his turbulent encounter, and how the simple act of keeping customers in the know can make all the difference when navigating unexpected situations or unfamiliar terrain.

Fasten your seatbelt, and listen as Larry discusses:

  • The importance of consistent client communication, especially during times of change
  • How his poor customer service experience left him baffled that a business with so many systems in place couldn’t effectively communicate with their paying customers
  • The value of proactive planning, personalized attention, and building loyalty 
  • How following up and asking questions after a bad experience can benefit how you conduct business
  • Plus, a special sign-off from Aric Johnson, Larry’s long-time producer, and friend

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Mastering Divorce: Protecting Your Assets and Future with Lisa Zeiderman (Ep.134)

Mastering Divorce: Protecting Your Assets and Future with Lisa Zeiderman (Ep.134)

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In today’s episode, Lisa Zeiderman, Esq., CDFA®, CFL™, and Managing Partner at Miller Zeiderman LLP, sheds light on the complexities and processes of divorce, particularly when it occurs later in life. This episode offers essential guidance to effectively navigate the challenges that may arise when dealing with shared assets and liabilities, the emotional strain of divorce, or intricate matters related to business ownership and tax implications.

Listen as Larry Heller, CFP®, CDFA®, and Lisa share valuable insights on critical questions to ask when searching for a divorce attorney. They also discuss why divorce proceedings can differ when you own a business and delve into other significant issues, such as imputation of income, division of assets and liabilities, and maintenance laws.

Throughout this episode, you will gain useful insight surrounding divorce including:

  • Who to seek for help when dealing with assets, liabilities, and equitable distribution.
  • The emotional toll that divorce can have on your physical and mental well-being.
  • Tax implications surrounding the sale of the matrimonial home.
  • Considerations to keep in mind when divorcing with children, especially concerning custody arrangements.
  • How to address separate property claims, such as inherited assets or pre-marital property.

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Connect with Larry Heller: 

About Our Guest:

Lisa Ziderman is a highly respected managing partner at Miller Ziderman LLP in New York. As a matrimonial attorney, CFL™ and certified divorce financial analyst, she specializes in complex financial and custody divorce cases for high net-worth individuals with multiple prestigious awards and memberships, including being named a notable woman attorney.

And a notable diverse lawyer by Cranes, New York. Lisa is a trusted expert in her field. She has been featured in renowned publications like Psychology Today and Financial Advisor Magazine.

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The Gray Divorce Phenomenon: Redefining Your Life and Retirement with Andrew Hatherley (Ep. 133)

The Gray Divorce Phenomenon: Redefining Your Life and Retirement with Andrew Hatherley (Ep. 133)

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Today’s guest, Andrew Hatherley, CDFA®, CRPC® is the founder and CEO of Wiser Divorce Solutions, LLC and Transcend Retirement, LLC. After going through a divorce at 52, Andrew realized that there was a niche that wasn’t fully being attended to; people who are divorcing later in life.

In this episode, Larry Heller, CFP®, CDFA® gets candid with Andrew as they share their similar experiences of getting divorced after 50, how their practices (on either side of the US) help clients navigate their divorce, and why “gray divorce” is a growing phenomenon.

Listen as they list some of the things they wish they had known during their separations, as well as what their clients are experiencing as gray divorcees. Gain valuable insight into the importance of being knowledgeable in divorce proceedings and your options, how best to plan your financials, and why adapting your mindset is so beneficial to live your life with purpose and fulfillment.

Larry and Andrew discuss: 

  • The special concerns of someone getting divorced later in life including how it impacts retirement
  • Why it’s important to work with trusted professionals like attorneys, therapists, and financial advisors
  • The emotional and psychological components involved and how you can better cope
  • How to rebuild your life and approach retirement with a positive mindset
  • And more

Resources:

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Connect with Larry Heller: 

 

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Navigating Loss: 4 Essential Steps to Take as the Surviving Spouse (Ep. 132)

Navigating Loss: 4 Essential Steps to Take as the Surviving Spouse (Ep. 132)

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Unfortunately, none of us truly anticipates the possibility of being thrust into the realm of widowhood. Join host Larry Heller, CFP®, CDFA® as he guides widows and widowers through the essential steps you should be taking as the surviving spouse. 

In this episode of Life Unlimited, Larry discusses crucial steps to effectively manage your inherited assets. From reviewing the step-up basis for calculating capital gains tax to updating custodian accounts, he provides valuable insights to empower widows and widowers during this challenging time. Larry also delves into the topic of Required Minimum Distributions (RMD) and recognizing the importance of notifying the Social Security Administration. Don’t miss this episode as Larry equips widows and widowers with expert advice on navigating estate taxes and managing inherited assets with confidence.

Larry discusses: 

  • How to go about setting up a plan for your inherited assets and what a step-up in basis is
  • Planning processes to implement based on your retirement plan
  • Reminders about RMDs and things to consider 
  • What to know about social security measures when becoming a new widow
  • And more

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