Could your children or grandchildren’s 529 plan be the key to their future retirement success?
In this insightful episode of Life Unlimited, host Larry Heller, CFP®, CDFA®, explores the new provisions of the Secure 2.0 Act that allow 529 plan rollovers to Roth IRAs. Larry outlines the conditions and strategic benefits of this new rule, offering listeners practical advice on optimizing retirement strategies.
Key Points Covered:
Understanding the traditional benefits of 529 plans for tax-free educational savings
Exploring the new rules for 529 plan rollovers to Roth IRAs:
Strategic benefits of overfunding 529 plans to maximize retirement savings for beneficiaries
Illustrating potential growth of rolled-over funds with examples showing substantial retirement savings growth
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
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.
Corporate Benefits to Cash Management Plans: A Deep Dive Into How We Work with Business Owners (Ep. 156)
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.
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!
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.
From Planning to Investments: A Deep Dive Into Our Services (Ep. 154)
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
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!
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
Unlocking Tax Strategies to Optimize Your Retirement (Ep. 152)
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
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!
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.
An Employer’s Guide to 401(k) Plans: A Four-Part Series (Part IV) (Ep. 150)
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
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
