Wealth Actually

The transition of wealth between generations has put the spotlight squarely on fiduciary roles. With the rapid changes in the financial services space, directed trustees and independent administrative trust companies have exploded in popularity. The Evolving World of Directed Trustees Most advisors, wealth management firms, and clients under-appreciate the responsibility and risks of proper trusteeship. They remember a culture and business model that existed decades ago. These days, individuals trustees usually can't handle the rigors of the job and law firms are leaving the space for liability reasons. Finally, in an environment where clients want more flexibility and control, the large bank-owned trust departments provide a cumbersome experience and high turnover, With this in mind, modern estate planning has unbundled traditional investment, administrative and distribution trustee roles. There is a huge appetite for jurisdictional planning and best-in-class providers. With all of this change, it is confusing for the advisor to know who is responsible for what and how much it should cost. The Problem for RIAs RIA's do not have the resources to advise or service clients with this complexity. The administration and oversight of these structures is a distraction. Building a trust company to solve this problem does not make business sense in a private equity-backed RIA aggregation environment. Moreover, using conflicted trust providers is out of the question for fear of putting client relationships at risk. An increasingly popular option for RIAs and wealthy families is the use of directed trustees and the independent administrative trust company. CHRISTOPHER HOLTBY is a co-founder of an independent trust company that works specifically with wealth advisors and directed trustees. Not only do we highlight the best practices for identifying and partnering with an administrative trustee, but we also discuss the typical workflow between an RIAs and directed trustees. Chris' Background with Directed Trustees How RIAs work with directed trustees and an independent trust company: 1/ What are the basic requirements of independent trust company? 2/ Accordingly, which "value adds" should RIA firms should look for? 3/ Are there key attributes to spot when deciding to work/partner with an independent trust company? 4/ Lastly, should you be aware of any "Gotchas" in the space? How Do We Stay in Touch with Chris? WEALTH ADVISORS TRUST COMPANY Video of the Podcast: https://www.youtube.com/watch?v=6YyqlULg1GA "Wealth Actually" is now on Video! https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT

Dr. RICHARD HAASS takes us on a tour of The World's Hot Spots. We also discuss the U.S. in 2024 and the concept of citizen ship.

Episode 151 - MARK HOUSE Cryopreservation and wealth was once the purview of science fiction and Hollywood. Freezing one's self to be revived in the future is not just something out of Issac Asimov book or a Ridley Scott movie. The science, estate planning, and economics of this "call option on immortality" are here right now. There are legitimate and current issues with cryopreservation and wealth- fascinating ones at that! Science, estate planning, ethics, governance, economics and good old-fashioned drafting are in focus as I speak with Scottsdale-based attorney MARK HOUSE. We're going to get our arms around the misconceptions of the freezing process and what that means legally and practically. With that background, we'll dive into the structuring and drafting considerations to effectuate this amazing concept. Finally, we have some fun by guessing at what the world may look like with revived citizens hundreds of years from now. INTRODUCTION BACKGROUND -How did Mark get into estate planning and how did he get into cryonics? CRYONICS -Let's define freezing "pre-death" vs "post-death." -Behind the Science: GREG FAHY'S WORK and BIO -What is the legal and funding process? ESTATE PLANNING AROUND CRYOPRESERVATION AND WEALTH -Usually when people die (and the being's existence terminates), the assets transfer to beneficiaries. However, here something different happens. -Is there a difference between being kept alive but in "suspended animation" and dying? -Does having various features including DNA maps serve as the basis for a new being? DIRECTED TRUSTS -Ownership in a trust should be able to provide the structure that allows the Grantor to be resuscitated when the science catches up. -Trusts have a Grantor, Trustee, Corpus (literally in this case) and beneficiaries. -Trustees must administer, invest and distribute. -How does a directed trust allow the Grantor's intent to persist? TRUST REQUIREMENTS -Perpetuity and a Good Trust Protector Structure are vital. -With that in place, trustees must have distribution flexibility and discretion around "beneficiary determination" -Why is it important to have broad Trustee choice? -If we're making guesses about the future, why is nimble decision-making process around "science determinations" important? -When talking about investment flexibility, is endowing a future being a "prudent investment'? If so, how does a trustee sign off on that? CRYOPRESERVATION AND WEALTH ISSUES -Who pays the freezer? How much does this cost? -Once we know that, how does the trust pay for it? -When should a person use life insurance? When employed, does the presumption of death change anything? -What happens if you run out of funds? -Does it make sense to (also) endow the future persons' lifestyle? If not, how will they function in the future? -Should other the trust not include future beneficiaries to reduce a potential future conflict -How do you staff this? (See here for an interview with Betsy Brown on Corporate Trustees designed to deal with tricky situations: https://frazerrice.com/ep-63-betsy-brown/) -What if the individual or corporate trustees cease to exist? (Trust protector) -Is there liability for the science committee if they unfreeze too soon? Can other beneficiaries then be added? Should they be? -Are private trust companies common in these situations? BEST PRACTICES AROUND CRYOPRESERVATION AND WEALTH -What’s the best way to get started? OUTRO - How do listeners find Mark House? MARK HOUSE CONTACT INFORMATION ARTICLE ON CRYONICS TIM URBAN'S ARTICLE OUR TRUST AND ESTATES PROFESSOR, JEFFERY PENNELL Firms that do this ALCOR- https://www.alcor.org/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Episode 150 DAVID LESPERANCE AND MELVIN WARSHAW In this 150th Episode, we revisit the topic of citizenship and expatriation and try to answer the question, "Should I expatriate?." Establishing a life outside the friendly confines of the United States is a popular wealth conversation.. In the last few years, fueled by local dissatisfaction, political polarization, wealth divide animosity and positive "working abroad" experiences, "Expatriation" is now a big word in the cocktail party circuit. It's a word that shouldn't be taken lightly. Done correctly, it is a multi-year decision and planning process with significant consequences. Long-time friend of the podcast, DAVID LESPERANCE and fellow cross-border tax expert, MELVIN WARSHAW, share their expertise on the three levels of "detachment" from the USA. They will set out the administrative and tax consequences of moving up the ladder of recission from the United States. (David's previous interview here EP-76 Citizenship Diversification) What factors have caused a dramatic increase in Wealthy Families seeking second citizenships and residence as "Fire Insurance"? Tax the Rich proposals, Rising racism and anti-semitism, political polarization, mass shootings etc. What are the tax consequences of being a United States citizen? How does one obtain a second residence? What factors to consider? How does one obtain a second citizenship? What factors to consider? What are the types of "Fire Escape Plans"? (i.e. Go Bag option, American Living Abroad, Expatriation) What are the Tax consequences of leaving the United States vs a full "Expatriation"? What are possible factors that may cause one to trigger their Fire Escape Plan? (SCOTUS decision in Moore, Election mayhem, natural disasters, election results etc.) What is the impact on the US of Wealthy Americans triggering Fire Escape Plans? Should I Expatriate? Contact David Lesperance on Linkedin Melvin Warshaw on Linkedin https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Episode 148: Aon's Latanya Simmons Aon's LaTanya Simmons on Florida and California Property Insurance The challenging Florida and California property insurance environment is a huge topic of conversation. Anyone looking to insure a property knows that this has become tricky business in the last five years. Floods, hurricanes, wildfires and mold have are major problems for successful families' homes. These and other conditions have driven up premiums if you can find insurance at all. Add into the mix the complexity around the liability and the long term viability of the insurers. It becomes obvious that you need an expert to help navigate these risks. LATANYA SIMMONS is an Atlanta native and 2nd generation risk management professional. As the National Sports Practice Director and Private Risk Advisor with AON Private Risk Management, LaTanya provides expert personal property and casualty insurance advice and advocacy for successful individuals. executives, entrepreneurs, athletes, entertainers and family offices nationwide count among the people that she serves. We discuss the Florida and California phenomenon and what she sees as the future of the property and casualty insurance market in the high net worth space. The Florida and California Property Insurance Challenge Tell us what is going on in the Florida and California property insurance markets? What is the impact on customers? Are Florida and California (and New York) just the beginning for the risk markets? What strategies should those and others contemplating moves or purchases in other states consider beforehand? How has the insurance market changed over the last 5 years (and specifically in the last 2)? Where do you see it going? Will states like Texas, Colorado and Georgia feel this? Where do you identify the biggest insurance risks for highly successful individuals? How often should insurance policies and programs be reviewed, including the health of their insurer? Many clients are high profile due to their or their family’s success and involvement in the community. This puts them in the spotlight often – in the news, on social media, front page of their company website. What risks do higher profile people need to be thinking about? What other guidance you can share for successful individuals and families when it comes to managing the risk around their homes, autos, collections, and other property? Contact LaTanya LaTanya Simmons LINKEDIN AON Other "Wealth Actually" insurance discussions: https://frazerrice.com/ep-106-ahmet-bidav/ For More . . . https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ The new audio version is out now!

EP-148 LALIT PANDA on Optimizing Supply Chains in a Chaotic World and the Steps to Protect and Improve Company Operations Defining the term "supply chain" and understanding what a company should control and what to outsource has never been more important to a business. Optimizing supply chains in a chaotic world is a huge challenge. Strategists at the executive and board level face: Major global flare ups that threaten inputs Huge pools of data to analyze, and Increased complexity of logistics as customer preferences develop (almost to the point of irrationality). LALIT PANDA has spent his career safeguarding, managing, de-risking and optimizing supply chains. Having worked with major companies like Sony and Altria on these problems, he joins us today to discuss the challenges and opportunities of in today's supply chain framework. Lalit is an Operations and Technology executive with leadership experience across 7 different industries at companies of all sizes that were Public, PE and VC backed. As a Chief Operations Officer or a Chief Information/Digital Officer in global companies, he has led digital and operational transformations at scale. Companies where he had roles range from large public companies like Sony and Altria to mid-size firms like Harman, Denon, Tronox etc. He has also been in late stage startups, ranging from consumer products to industrial chemicals and medical devices. He is a blogger and thought leader on supply chain and digital transformation topics. These are increasingly important in a world of rapidly changing technology and geopolitical risks. Latit holds degrees from Massachusetts Institute of Technology, Indian Institute of Management, Ahmedabad and the National Institute of Technology. Based in Princeton, he co-chairs the programs committee of the Private Directors Association NY/NJ and the Technology and Industrial SIGs of The Executive Forum. Intro Background Supply Chain Definition What is the definition of Development? How do we categorize Planning, Sourcing, and Delivery? What is the importance of Execution? What goes into the Making of the Product? Finally, what are the complications around the Delivery of the Product? Traditional Notions and Recent Shocks With Recent geopolitical impacts, how are companies mitigating risk? What are the opportunities with recent Transportation advances? Are companies taking advantage of recent Advances in information technology and logistics management (last mile) What has been the impact of Covid / Work From Home (WFH)? What do companies traditionally get wrong when optimizing supply chains in a chaotic world ? Where is Strategic Perspective (and Oversight)? How can there be a Lack of Board Representation ? Looking into your crystal ball- what are the ways to improve supply chains amidst instability? How do listeners find you? LALIT PANDA LINKEDIN LALIT PANDA TWITTER - @latitpanda PRIVATE DIRECTOR ASSOCIATION https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Episode 147 DAVID WASSERMAN of the COOK POLITICAL REPORT on Analyzing the Crazy 2024 Elections How should we be analyzing the crazy 2024 elections? Coming off of the Iowa Caucuses and with almost a week before the New Hampshire Primary, the United States is in full swing for one of the zaniest election cycles in memory. With histrionics coming from both sides, it's hard to separate the signal from the noise. The stakes for the 2024 election cycle couldn't be higher, but the confusion and distrust around the process is at its all-time highs. Enter David Wasserman. David is Senior Editor & Elections Analyst for The Cook Political Report with Amy Walter. Recognized as one of the nation's top election forecasters, David leads the development of key data visualizations and new product development. He manages CPR’s coverage of the US House of Representatives and redistricting developments. Founded in 1984, The Cook Political Report provides analyses of Presidential, U.S. Senate, House and gubernatorial races. The New York Times has called the Report "a newsletter both parties regard as authoritative." Polling- ANALYZING THE CRAZY 2024 ELECTIONS Polling is an intimate look at the mindset of the population (or at least a certain part of it). However, it is far from a perfect science. What is involved in polling and what are the common poll limitations? Are there significant changes with technology in the way polling has been conducted or are the questions different? The current state for the presidential candidates, congress and major state races What are the things we should look for during primary season? With that in mind, what are the battle ground states and counties? How much does Gerrymandering fit into the outcome this cycle (NY case- especially with Congress)? What are the Six States We Should Focus on? Arizona Georgia Nevada Michigan Pennsylvania Wisconsin Who are some of the Dark Horses? Against this backdrop, do you have any Crazy Predictions? To stay on top of this, where do we find David Wasserman? COOK REPORT WEBSITE TWITTER (@redistrict) https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ NEW Audiobook version out now!

Episode 146 - Roles and Responsibilities in Trust and Estate Documents with Jenny Rozelle What if you are named in a will or a trust? In the world of estate planning, many people who are written into important roles don't know they are mentioned in documents or what is expected of them. These roles can be a lot of work, thankless and carry significant liability. What happens if you are part of someone's estate plan? What If you are named in a will or trust? JENNY ROZELLE helps us get a handle on the roles and responsibilities that are out there. Jenny is the founder and owner of the Indiana Estate and Elder Law. We talk about the role of executor, trustee and beneficiary and the pluses and minuses of each. (More on being an individual trustee here: https://frazerrice.com/ep-75-marguerite-lorenz/) Jenny's Background Terms Executor -What does executing a will mean? How long does it take?-What do executors have to do? Do I have to accept the role?-What type of people are good with this?-Are you paid? -Are there risks (can people sue me)?-Whom do you hire to help with this? (lawyer, accountant valuation expert) Trustee -What does a trustee do? Administer/safeguard assets, invest assets, distribute assets-What type of people are good with this?-Are you paid? Are there risks (can people sue me)?-Whom do you hire to help with this? (lawyer, accountant valuation expert) Beneficiary -If I'm a beneficiary, what should I ask from the trustee?-What provisions should I focus on? (Distributions (mandatory vs discretionary etc . . )-When asking for something from the trust, what is a good process for that?-Do I have recourse if I think things are being managed poorly? Summary of other roles -Successor Executor-Successor Trustee-Trust Protector How do we find Jenny? Firm: INDIANA ESTATE AND ELDER LAW Twitter: JENNY ROZELLE (@jennyrozelle) https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

The municipal bond market has been long-prized as a stable, tax advantaged income generator for individuals, After years of a low interest rate environment, the asset class is getting renewed attention . . . And it’s not just from investors! Tech disruptors are eyeing the space and they see a massive, disjointed uncoordinated market in need of modernization. I spoke with STEPHEN WINTERSTEIN on the state of the municipal bond market. He has a 360 degree view of the muni bond space. Steve is the Founder of SP Winterstein and Associates which advises dealers and buy-side firms on municipal fixed income data and technology procurement, vendor engagement, workflow, and market structure. He has over 35 years experience in municipal SMA and mutual fund management, electronic trading, fintech. Most recently, he was head of municipal fixed income at MarketAxess and head of Capital Markets at Alphaledger. We’ll tackle his view of thoughtful municipal fixed income management, the size, delivery and fractionalization of the market and the technological challenges faced. Finally, we’ll get some input on where Steve thinks AI, Blockchain, LLM's and some of the other buzzy words out there may have some real world impact on the asset class. Background Take us through your career . . . and your start in the Municipal Bond space Portfolio Manager - Meridian Asset Management Managing Director & Senior Vice President, Head of Municipal Fixed Income - PNC Head of Municipal Fixed Income Strategy & Research - Wilmington Trust Head of Municipal Fixed Income - MarketAxess Head of Capital Markets - Alphaledger Managing Partner - SP Winterstein & Associates, LLC Investing Process Discussing the two pillars of Muni Investing - Credit and Duration Fallacy of being able to predict interest rates Spending Calories on Credit Research "Bus Map"- incorporating client input in the design/choice of investment constraints The Municipal Bond Market The Size of the Muni Market and the challenges that causes The fractionalized nature of muni market Typical means tf transacting Brokerage vs SMA vs fund Problems with indexing Where can technology help? Pipe-building, blockchain, AI review of docs, what else? Where are the initiatives of improvement? What is holding things back? In your mind What is the solvable low-hanging fruit? What isn't? Where does this help the municipality? Where does this help the market participant? Where does this help the investor? Going Forward With interest rates normalizing- any glimpses into Steve's crystal ball? Getting rid of tax exemption solves the paradox of the heterogenous borrowing base (institutions of all flavors and sizes) and the homogenous lending base (individuals) by broadening the lending base. While removing the tax favored status would raise borrowing costs, it would improve liquidity - which problem do you want to solve in a world where infrastructure so desperately needs funding? How do listeners reach out to you to find out more? STEPHEN WINTERSTEIN ON LINKEDIN https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

The CORPORATE TRANSPARENCY ACT is less than a month away from going live and the wealth management industry doesn't seem to be too worried about it. That worries me because it affects at least 32 million entities according to FinCen- including most small businesses in this country. States like New York may be enacting laws to mirror the disclosure requirements at the state level. Non-compliance is expensive and could lead to jail. How to manage these reporting responsibilities is going to be a big issue in the wealth space. I covered the general framework in June with attorney Stephen Liss here: EPISODE 134. Today, we're going to speak with friend of the podcast, JOHN WILLIAMS on the CTA and 2024. He is the President of the Williams Law Firm in Delaware and President of INCNOW.COM, a corporate formation firm. We're going to talk about taking on this responsibility as an advisor and what businesses (big and small) might expect in 2024 and beyond with this new mandate. Corporate Transparency Act- A Quick Review 1) Whom does it apply to and how big is this lift? 2) What needs to be reported? Do we know how at this point?3) By whom exactly? Client? Advisor? Paralegal?4) What is the timing for reporting? How long do you have to report changes? Can you correct mistakes?5) What are the penalties for getting this wrong? For Advisers, RIA's, Lawyers, CPA's and MFO's 6) How much time should compliance take? Who is responsible? Simple ownership (90min) vs complex ownership Change in ownership If something goes wrong, who is liable (i.e. who goes to jail)? Paralegal liability 7) What are best practices for compliance? For clients? For advisors suggesting entities? For Administrators? 8) Who should be in this business? Headcount? Is there liability insurance for advisors/admins? Are Law firms ready for this? RIA's and MFO's? CPA's looking to "help"? 9) What is a realistic cost for this? Especially given ongoing service and liability? Will clients understand what they are paying for and why? Can this be AI'ed away? 10) How are you thinking about it (for your business)? Is it a profit center? Is this for the "Faint of heart" or the tourist? Is there a danger in treating this as an accommodation? 11) Practical questions- Who is a control officer? senior officers / directors / others (trustees)? An incorporator? Series LLC's = multiple reports? Information sharing between FINCEN, IRS, DOJ others? Is Privacy over? Should everyone get a FINCEN number? Are we entering a new era of corporate governance and record keeping for clients and their businesses? (I.e. is corporate governance going to be a "real thing" going forward?) How to Find John Williams and his firm. INCNOW.COM TWITTER THE WILLIAMS LAW FIRM https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

While all families in the U.S. should have an estate plan, a comprehensive plan is particularly important when your family ties and assets span more than one country. Estate planning can be a challenging task for anyone, but add multiple citizenships and foreign assets into the mix, and it can become formidable. That said, failing to have a plan in place can leave your family at risk. To help us navigate these issues, we have estate planning attorney SHANNON MCNULTY with us to talk about how to protect your family when you cross borders. Biography Shannon McNulty is an estate planning attorney and Founder of THE VILLAGE LAW FIRM in New York City, She provides comprehensive tax and estate planning for New Yorkers and their families. Shannon has a particular focus on global families with young children. Shannon has earned the CFP® designation from the Certified Financial Planner Board of Standards. And she is on the Board of Directors of the Estate Planning Council of New York City (with me). Shannon is host of the GLOBAL VILLAGE LAW AND MONEY PODCAST- a resource to help foreign nationals make smart legal and financial decisions. Outline Tell us how you came to work with global families in your practice. Why is it so important to for global families to have an estate plan in place? What are the basic things that an estate plan for these families should address? Guardianship for kids; Arrange for the fast, easy transfer of your assets; Incapacity planning; Minimize taxes Can a parent designate a guardian for their children who does not live in the U.S.? What happens if no guardian is designated? Can you explain how to make sure your assets quickly go to the people who you want to have them if you pass away? If your kids are minors, who will manage the assets for them? What is incapacity planning? Why is it important? What do global families need to know about taxes in the estate planning context? Review Before we finish, maybe you can give us a recap of the essential documents that global families living in the U.S. should have in place? Some comments on Shannon's Podcast https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

JARED DILLIAN is one of the authentic unfiltered voices in finance and trading. He is also a true polymath. His newsletters include The Daily Dirtnap, a daily market newsletter for investment professionals, and We’re Gonna Get Those Bastards, which is about everything “depraved”, especially finance, culture, music and sex. He has a new book coming out in early 2024 called “No Worries” which brings his unique perspective to personal finance topics with the goal of helping people reduce anxiety around the wealth building process. https://www.amazon.com/No-Worries-live-stress-financial-ebook/dp/B0BZZFQPBG/ Back to the polymath part . . . In his spare time, Jared is a progressive house DJ, a short story writer, and speaks frequently on mental health issues at financial institutions. It’s Jared’s ability to cultivate his creative side that sets him apart from the rest of the noise in the financial world. JARED'S BACKGROUND - Early Life and the Coast Guard Lehman Brothers- The Experience and the Newsletter South Carolina HOW DID JARED GET INTO THE WRITING? (HE STARTED EARLY!) THE NEWSLETTERS - THE DAILY DIRTNAP and THEN "BASTARDS" THE TWO RECENT BOOKS - WE"RE GONNA GET THOSE BASTARDS https://www.amazon.com/Those-Bastards-essays-creativity-meaning-ebook/dp/B0BZST4Z5P/ - NO WORRIES -HOW DOES WHAT YOU DO INVESTMENT-WISE CONTRAST WITH THE CONVENTIONAL WISDOM OUT THERE? TRADITONAL vs SOCIAL MEDIA DJ / MUSIC / FICTION - HOW DO THESE ENDEAVORS HELP YOUR WRITING? WHAT ARE YOU WORRIED ABOUT CURRENTLY (MARKETS OR OTHERWISE?) HOW DO WE FIND JARED? WWW.JAREDDILLIAN.COM https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

https://open.spotify.com/show/51hVAo0WB8Lp1ECeyCWZhC "September 29, 1913: the steamship Dresden is halfway between Belgium and England. On board is one of the most famous men in the world, Rudolf Diesel, whose new internal combustion engine is on the verge of revolutionizing global industry forever. But Diesel never arrives at his destination. He vanishes during the night and headlines around the world wonder if it was an accident, suicide, or murder." Author, DOUG BRUNT, takes us on a journey into the life of this modern day Tesla. We talk about his latest book, "The Mysterious Case of Rudolf Diesel." In this wide-ranging discussion, we get into the world of writing, the entrepreneurism of being an author, the differences between fiction and non-fiction and his "Dedicated" podcast with the leading lights in the publishing world. It's a great listen for budding authors, readers and entrepreneurs. https://www.amazon.com/Mysterious-Case-Rudolf-Diesel-Deception-ebook/dp/B0BV123PC8/ref=sr_1_2?crid=34B7KZ2Y3XBDE&keywords=doug+brunt&qid=1694454066&s=digital-text&sprefix=brunt+%2Cdigital-text%2C128&sr=1-2 Doug's Background From Entrepreneur to Writer Fiction to Non-Fiction- What is different? How did you research the book?Whom do you lean on for advice/notes as you go through the process? The Mysterious Case of Rudolf Diesel What did you learn about the man in your research?The device to interject Rockefeller and Wilhelm for context Diesel's seismic impact- why has he been forgotten? Where do you place him in the pantheon of inventors? The Dedicated Podcast What do you learn in those discussions?How do we keep track of your podcast?When does the book come out and where do we buy it? THE MYSTERIOUS CASE OF RUDOLF DIESEL DEDICATED PODCAST https://open.spotify.com/show/30nZjASHZdffdfDanIaAgz DOUG BRUNT TWITTER (@dougbrunt) https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Philanthropy is one of the most important tools for families to strengthen their communities, establish their legacy and communicate their values - both inwardly and outwardly. What happens when the organizations that receive family resources don't fulfill the donor's intent? What if the charities mean well, but aren't effective? What if the charities use the resources for something else entirely? Well, these issues came up in a big way when the Robertson Family of A&P Supermarket fame disagreed with the way Princeton handled the proceeds of a $35 million gift. Author, DOUG WHITE is going to lay out the case, explain where it went wrong, and give us some lessons on how to avoid future quagmires around donor intent. https://open.spotify.com/episode/4H0MEi1bLT697JKlX5Qquj?si=zculG00TSL6n_Og5eT8jQw DOUG WHITE, a long-time leader in the nation’s philanthropic community, is a 5-time author, teacher, and an advisor to nonprofit organizations and philanthropists. He is Co-Chair of the FoolProof Foundation’s Walter Cronkite Project Committee and a governing board member of the Secular Coalition of America. He is the former director of Columbia University’s Master of Science in Fundraising Management program, where, in addition to his extensive management responsibilities, he taught board governance, ethics and fundraising. He is also the former academic director of New York University’s Heyman Center for Philanthropy and Fundraising. He has also been an advisor to BoardSource, the nation’s leading organization dedicated to “building exceptional nonprofit boards and inspiring board service.” Doug has written five books: “Wounded Charity” (Paragon House, 2019) “Abusing Donor Intent” (Paragon House, 2014) “The Nonprofit Challenge: Integrating Ethics into the Purpose and Promise of Our Nation’s Charities” (Palgrave Macmillan, 2010), “Charity on Trial: What You Need to Know Before You Give” (Barricade Books, 2007), “The Art of Planned Giving: Understanding Donors and the Culture of Giving” (John Wiley & Sons, 1997) His expertise includes fundraising strategy, board governance, improving organizational processes, and ethical decision-making. Introduction and Doug's Background The Role of Philanthropy Help for Donors Help for Charities Donor Intent - The Robertson / Princeton Case The Robertsons (Descendants of Charles and Marie Robertson) Source of Wealth (A&P Supermarket Fortune) The Desire to Build the Woodrow Wilson School After JFK in 1961 The Gift- $35 Million in 1961 (Robertson Foundation: > $900mm in 2008) The Mistake in Structuring (and codifying) the Gift Where did Princeton veer off course? Funds used for other purposes The Conflict between Charity and Family when the Patriarch Died The Expense ($45mm in legal fees by both sides!) Princeton's Explanation: Good practices for families making the gift (and monitoring it) Establishing and Codifying Donor Intent Balancing Rigidity and Flexibility around terms and uses of the gift Drawing up a Binding Agreement Communication (Oversight at the Charity and the Family) Performance Metrics Accountability Structures and Procedures https://www.amazon.com/Abusing-Donor-Intent-Robertson-University/dp/1557789096 DOUG's CONTACT INFORMATION https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

This episode is a little different. I'm going to talk about the importance of balance and health. This time I'm the example. I'm hitting the half century mark this year. After 3 years of COVID disrepair and neglect, I knew I needed a change. In this episode, I'm going to describe those changes and what it's done for me. I'll also be commenting on the significant gap between health, fitness and the wealth management industrial complex. In brief, I think the industry has a huge blind spot around the intersection of health and wealth and is dangerously ignorant about the widening time and expense divide between one's late career and death. To help me make sense of this is, noted expert, Phil Pearlman. DR. PHIL PEARLMAN, is the founder of THE PEARL INSTITUTE. He is an expert in the areas of personal health, human change processes, and systems integration. Phil and I didn't work together. However, I hope his unique perspective on balancing career, fitness, mental health and other facets help put my experience into context and give the audience some lessons from my journey. About Phil DR. PHIL PEARLMAN, is the founder of THE PEARL INSTITUTE. He is an expert in the areas of personal health, human change processes, and systems integration. Phil is the author of The Primecuts Newsletter, which focuses on cultivating a healthy lifestyle, mindset, and identity through the powers of creativity, reinvention, and grit. Phil is an advisor to and investor in social/digital media companies across stages of development. Previously, he served as CBO and CMO at Osprey Funds, EVP at Bank OZK, Executive Editor at Stocktwits, and Interactive Editor at Yahoo Finance. Phil earned a doctor of psychology degree from Argosy University. He lives with his wife and two boys in Montebello, New York. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

"Venture Capital" is a small subset of private equity surrounded in mystique and fable. In reality, the world of start-ups is filled with the highs and lows of hard work, loneliness, crushing disappointment and, sometimes, unbelievable success. The bold founders usually have a vision to disrupt the status quo and build a new world around that idea. The VC community is a unique culture that understands the founders' motivations. It provides the resources, support and discipline to help them prove their idea, grow, survive, adapt and thrive in the face of the longest odds. They say "it takes a village." In "Venture Capital", the hope is that these mavericks are surrounded by an ecosystem of investors that understand the disruption they feed and have the patience to let them manifest their vision. JULIE FREDRICKSON is the Managing Partner of CHAOTIC CAPITAL. She will help us understand what it takes to survive and thrive in this space and skewer some sacred cows along the way. Julie's Background "I’m a founder with experience in retail and e-com businesses across all stages. I’ve raised from venture, PE, and crazy people. for everything from cosmetics to online advertising. A couple of my companies even exited and are still around. My first company was Coutorture Media, a luxury affiliate publishing and e-commerce network acquired by Sugar Inc. I then founded playAPI, a developer tool kit and SaaS platform for digital brand marketers. Most recently I went physical with Stowaway Cosmetics a direct to consumer cosmetics brand, which is now part of WIN Brands Group." Venture Capital Generally- What does success of individual investment look like?What does success of portfolio look like? Differentiation 1. Underwriting Businesses: Asset-Light & Equity-Efficient: "We focus on ventures fitting the VC mold, prioritizing scalable, asset-light companies that require minimal equity financing. Two of our most successful seed investments raised <$50 million to achieve unicorn status while earning hundreds of millions of dollars in revenue and tens of millions of dollars in profits per year."2. Founder's Unique Point Of Leverage: "Every successful startup has a unique point of leverage that allows them to gain escape velocity going from 0 to 1. We seek startups that possess a proprietary advantage such as Pre-existing customer relationships, Proprietary community driven distribution channels, or Innovative technology, to propel their initial growth and achieve escape velocity." 3. Resilient to Competition: "We invest in companies whose products and solutions would be painful for incumbents to replicate. We look for those that: Cannibalize existing profit centers, Disintermediate legacy distribution models, or Require replatforming to create an insurmountable competitive edge." 4. "Avoiding Over-Complexity: Great startups must maintain maniacal focus while they scale.Acknowledging the high failure rate of startups, we steer clear of those with multiple dependencies, instead concentrating on businesses with a single, transformative opportunity for success" CURRENT CONDITIONS Raising Capital Deploying Capital Macro Environment and its effect on allocators - how much do you stay focused on your mission vs pay attention to what's happening in the world- how does that work LIGHTNING ROUND QUESTIONS First over the wall vs let others make rookie mistakes Do you diversify investments around and idea? How real is the East Coast / West Coast Capital Culture schism? International? How do you avoid "Jangly key syndrome?" Without giving away the secret sauce, how do you evaluate founders / leadership? Any post-COVID lessons or trends to focus on? Location, WFH, trends in Gen-Z etc?) DISCLAIMER: THIS PODCAST IS FOR EDUCATIONAL PURPOSES AND DOES NOT REPRESENT AN ENDORSEMENT OF CHAOTIC CAPITAL AS AN INVESTMENT. HOW DO WE STAY IN TOUCH?

Real Estate investing is seen as the holy grail of passive income and wealth independence. One of the popular facets of real estate investing is the tax advantage that much of the IRS code provides to the owner/operator. High on the list of cocktail party chatter topics is the concept of COST SEGREGATION. It is a way to deconstruct the components of real estate developments, depreciate them faster than the normal life of a building and net the deductions against other income. To explain this concept, MITCHELL BALDRIDGE joins the podcast. The Texas-based CPA and CFP will take us through the ins and outs of Cost Segregation Studies and discuss the importance of solid bookkeeping and delegation for entrepreneurs and other business operators Cost Segregation -Describing the concept - accelerated depreciation and deductions-Potential benefits in numbers-Types of projects where it works (Who is it for?)-Process- getting study, dotting i's, building in documentation now and forward-Traps for the unwary- Sloppiness, Passive vs Active income, Full-Time Real Estate Occupation, -Recapture- what it is and how to manage it Bookkeeping and Bulletproofing your Business for Future Sale -Importance of dotting i's-Looking for tax savings-Delegating intensive work-Coordinating with advisors https://www.betterbookkeeping.com/ How do we find you? https://twitter.com/baldridgecpa Links https://www.recostseg.com/ https://baldridgefinancial.com/services/cost-segregation/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

One of America's best (and most quotable) judges, Learned Hand said, "Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes." What happens when the IRS disagrees with the way you’ve arranged your affairs? What do you do when you receive “fan mail” from the IRS (or the State Taxing authority) KELLEY C. MILLER, ACTEC Fellow and Partner at Reed Smith in Washington DC. helps us understand the process of an IRS audit, good practices in dealing with an audit, and inside knowledge of how the process works at the agency. This episode is full of good information on an uncomfortable, but vital, topic for families that are pursuing complicated planning that may catch the attention of the taxman. Background and Good Conduct Rules of Thumb Be Honest Be Prompt Be Complete Be Clear/Organized Be Consistent and coordinated with other tax and gov’t authorities Be Quick to Alert the IRS if issues come up What is the IRS / State looking for? In a word, UNDERPAYMENT . . . or "more revenue." Listed Transactions (ex. syndicated conservation easements) Unreported income Mischaracterization of gain vs income Filing status (ex. Domicile / Residence - esp. at state level) and Dependents Itemized deductions (Business vs Personal) Eligibility for credits / treatment Sources of “referrals”: Data (Demographics, Internal Data, HNW, UHNW patterns, Social Media, AI in the future?) News, Spouses, Other Agencies (Corporate Transparency Act Implications) Past conduct How is the IRS to deal with? Other states? They are professional and sophisticated but under-resourced Whom are they looking for? Improvements? Potential new staffing and technological investments Is not incorporating your advice team ever a good idea? Civil vs. Criminal vs Collections Departments Process 1) Open the Letter! (Not a good time to stick your head in the sand) Is it an audit or a request for additional information? What person or entity is being audited? What is the focus of the audit? What documentation is being requested? What kind of audit? Correspondence Audit: The IRS requests additional information regarding a part of your tax return, such as receipts or canceled checks. Office Audit: The IRS requests that you bring specific documentation into your local IRS office- the audit happens there. Field Audit: An IRS agent shows up at your place of business to conduct a face-to-face audit. Taxpayer Compliance Measurement Program Audit: The mother of all audits- one that requires full documentation down to birth certificates to test the Agency's scoring systems. 2) Notify the team and decide on the response strategy Who is quarterbacking the response and the interaction? Accountant / Attorney / Wealth Manager / COO When should the tax preparer run things vs an attorney? Do you need other expertise? Should you have Attorney / Client Privilege? Very likely. Who is compiling the information? 3) Responding to the request You should respond to the IRS/State within 30 days of receipt How should that occur? Call / letter? Crafting the response letter Supplying the requested information 4) No Action or additional payment? If it’s determined I owe more, what is the process of appeal? What if I don’t have it? Payment plans? 5) Closing the file Documenting the outcome Post-mortem – What practices were audited? Should we do anything different in tax planning Any other storm clouds on the horizon? Lessons Learned- Updating documentation and administration process going forward How Do We Stay In Touch with Kelley? KELLEY MILLER at REED SMITH KELLEY MILLER on LINKEDIN https://www.amazon.

"Behavioral Finance" is all the rage. BeFi (as the not-so-cool kids in the financial world call it) is the next phase in guiding individuals, teams, boards, companies, and leaders to better decision-making. There is plenty of material telling us where people get it wrong. Even the best brains get deceived by a litany of behavioral biases. These biases cause people to fall off the track of economic rationality. However, even with all of these labels, there is little guidance on how to identify and use this context. Until now . . . PETER ATWATER argues in his new book "THE CONFIDENCE MAP" that there is a straight forward mental model. https://www.amazon.com/Confidence-Map-Charting-Chaos-Clarity/dp/0593539559/ It can diagnose an individual's emotion and confidence, its directionality and its relationship to group and social mood. Further, Peter asserts that people (and their advisors) can use this information to pull decision-makers out of the own limitations of their own silos. People will be able to recognize what is occurring in their surroundings, mitigate risk and maximize opportunity. We'll discuss Peter's findings, the mental model he's developed and, finally, the process of writing the book. Outline Quick background- The Confidence Map- central tenet of the book The context of one's place on the confidence map has as much to do with the decision making process as data and logic. Rationale behind the book - what was the problem that you were seeing? What was your research showing? Examples Johnson and Johnson Tylenol Case Boeing 737 Dreamliner Bud Light Defining the axis- Toggling between "Certainty and Control" Toggling between "Confidence and vulnerability" (not price! Are humans innumerate?) Mapping human confidence (and using it in a forward looking manner) Individuals and recognizing their own position in the chart Leaders looking at group confidence and mood "at scale" to mark strategic shifts Collective mood vs individual mood Defining the group (which group is the individual following) Recognizing where one is on the map personally vs the group vs the masses Augmenting "behavioral finance" Behavioral economics tries to give us the tools and bias catalogues of where human beings fall off the train of rationality How do we think about the confidence map to help people predict (and avoid) their own frailties - especially around big decisions? What is the "equipment" you need to use these tools effectively to help me to understand their decision contexts and make better decisions (potentially in times of maximum stress)? Is there a danger that this is giving a loaded gun to the financial services industrial complex? What was the book writing process like? Turning a box of ornaments into a Christmas Tree Using a Coach What were the struggles? How do we stay in touch? https://peteratwater.com/ Linkedin: Peter AtwaterTwitter: @peter_atwater Amazon: THE CONFIDENCE MAP https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

The Corporate Transparency Act is legislation that is going to touch all high net worth clients in 2024. This is like KYC procedures on steroids and investors need to be aware of it. Attorney, STEPHEN LISS helps us understand the scope of the developing new regime. The financial reporting system currently makes it cumbersome for regulators and law enforcement to track the asset ownership and cash flows. Lessons learned from the Panama Papers and Pandora Papers disclosures signaled the need for a change. Congress passed the CTA legislation in 2022 to combat money laundering, tax evasion and other illegalities. After public input, final rules were recently promulgated. There are significant reporting responsibilities and criminal and financial penalties for non-compliance. The impact of these initiatives takes hold in 2024- It’s becoming a point of emphasis for the legal, accounting and financial services communities. It will be significant part of the estate planning process for HNW clients going forward. With the expected “2026 avalanche of estate planning. Clients are in a for a surprising change in the standard procedures around standard techniques. The concept of “Putting it in an LLC” or “putting it in a trust” is about to become more expensive, complicated and time-consuming- particularly in dealing with the law firms and especially financial institutions. STEPHEN LISS is a partner at Dungey and Dougherty and is on the forefront of this legislation and its impact on clients. We’re going to talk about the scope of the CTA, it’s impact and why it’s important for HNW clients to start early and get ahead of these requirements when the planning avalanche comes. Background Congress enacted the Corporate Transparency Act (“CTA”) under the Fiscal Year 2021 National Defense Authorization Act on January 1, 2021. The requirements of the CTA are being implemented “to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, while minimizing the burden on reporting entities.” That said, even FinCEN acknowledges the enormous reporting burden imposed by the CTA, which it most recently estimated to be over 118 million hours in 2024, with an annual burden of over 18 million hours thereafter. The CTA added 31 USC §5336 to the Bank Secrecy Act with the title, “Beneficial ownership information reporting requirements”. The CTA has three core elements: Reports to FinCEN The CTA requires certain entities (each a “reporting company”) to identify itself, its primary owners and officers (each a “beneficial owner”), and certain professionals who helped to form or register the reporting company (each a “company applicant”). The reporting company must then report to the Financial Crimes Enforcement Network (“FinCEN”) information sufficient to identify the reporting company, its beneficial owners, and any company applicants (“beneficial owner information” or “BOI”). Control Access to Information FinCEN will provide BOI to government regulatory and investigatory bodies, but it will not be made available to the general public. In addition, there are specific procedural requirements for government actors to access this information, along with civil and criminal penalties for improperly accessing or using such information. Revised Due Diligence Requirements The Secretary of the Treasury is required to revise Customer Due Diligence requirements for financial institutions to conform to the CTA, and account for the ability of financial institutions to access beneficial ownership information. Outline What is the Corporate Transparency Act? The purpose of the Act is to Set a clear federal standard for incorporation practices Protect U.S. national security and commerce Enhance national security, intelligence, and law enforcement efforts to combat money laundering, terrorism financing, and other illicit activities Bring the U.