Portfolio Management – Life Unlimited

7 Costly Financial Planning Mistakes You’re Making (And How to Avoid Them!) [Ep. 167]

By Life Unlimited | December 18, 2024

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How well do you truly know your tax bracket? Did you know that not knowing enough could cost you thousands?

Get ready to learn some critical financial planning mistakes that might secretly derail your financial security.

This week on the Life Unlimited podcast, Larry Heller identifies the seven most common financial mistakes people make and how to avoid them—such as lacking knowledge about their tax bracket and neglecting estate planning updates.

Key conversations include:

Understanding Your Tax Bracket: Learn why knowing your tax bracket is essential for maximizing opportunities like Roth conversions and minimizing overpayments.
Zero Capital Gain Brackets: Discover how to take advantage of tax-free gains to grow your wealth.
Investment Pitfalls: Avoid the dangers of chasing past investment performance and align your strategy with your goals.
Estate Planning Essentials: Ensure your estate planning documents are up to date and reflect life’s changes.
Liability Insurance: Protect yourself and your family with adequate coverage, including an umbrella policy for uninsured motorist protection.
Heir and Spouse Preparedness: Steps to prepare your loved ones, including non-financial spouses, for managing wealth.
Spending and Withdrawal Strategies in Retirement: Avoid overspending while ensuring your savings last throughout your lifetime.

Actionable Takeaway: Through practical examples and insightful advice, Larry highlights the importance of staying informed and proactive with your finances.

Connect with Larry Heller:

Divorce Without Drama: Understanding Collaborative & Mediation Options with Andrea Vacca [Ep. 159]

By Life Unlimited | August 21, 2024

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Divorce is rarely easy, but what if there were alternatives to the adversarial process of litigation that could lead to more peaceful resolutions?

In this episode of the Life Unlimited podcast, host Larry Heller, CFP®, CDFA® is joined by Andrea Vacca, Founder of Vacca Family Law Group, to define and explore two powerful divorce alternatives: mediation and collaborative law.

From choosing the right attorney to the importance of strong communication skills, Andrea provides tips and resources for transitioning between mediation and collaborative law, ensuring you have the support you need every step of the way. If you’re facing a divorce or simply curious about your options, this conversation could be the key to finding a less stressful, cost effective, and more collaborative path forward.

Key Points Covered:

The definitions and differences between Mediation and Collaborative Law and how these processes address both the emotional and practical needs of both people
How these methods give couples more control over their own divorce process, often leading to clearer agreements and fewer post-divorce regrets
The positive mindset these methods reinforce with their focus on problem-solving and mutual agreement
Practical tips such as choosing the right attorney and emphasizing clear communication between spouses
The benefits of having a team working on your case versus a solo attorney
And much more!

Resources:

Connect with Andrea Vacca:

Connect with Larry Heller:

About Our Guest:

Andrea Vacca graduated from SUNY College at Buffalo with a B.A. in Journalism and received her J.D. from Albany Law School of Union University. Andrea was admitted to the New York State Bar in 1993 and to the Federal Bar, N.D.N.Y. in 1994. She earned a Certificate in Positive Psychology in 2013.

Whether you are ending a relationship or trying to prevent potential problems in your current relationship, Andrea wants to help you reach your goals with minimal conflict. Andrea gets to know her clients, their concerns, and their goals for their future so that she can assist them by crafting solutions to meet specific needs before, during, or at the end of a marriage.

As an attorney in the collaborative process, Andrea is a strong advocate for her clients without being adversarial, and without inflaming the strong emotions that can arise during divorce. When serving as a mediator, she helps both parties understand each other’s concerns, bridge their differences, and arrive at an agreement that works for both.

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

By Life Unlimited | July 24, 2024

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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:

LinkedIn: Stephen K. Davis
Website: SafeHarborAssetManagement.com

Connect with Larry Heller:

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.

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

By Life Unlimited | July 10, 2024

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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:

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

By Life Unlimited | June 19, 2024

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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!

Connect with Chris Coates:

Connect with Larry Heller:

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.

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

By Life Unlimited | May 31, 2024

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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

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

By Life Unlimited | May 14, 2024

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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:

Connect with Larry Heller:

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

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

By Life Unlimited | April 30, 2024

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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:

Connect with Larry Heller:

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

By Life Unlimited | April 16, 2024

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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:

Connect with Larry Heller:

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.

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

By Life Unlimited | April 3, 2024

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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: