personal financial planning

transferring business interests to optimize estate taxes

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couple sitting across desk from advisorstrategic estate planning could save your clients millions.

by anthony venette, cpa/abv

we stand at the precipice of the largest wealth transfer in american history. millions of business owners are struggling to write the next chapter of their companies and their legacies. prudent gift and estate tax planning can be the difference between creating generational wealth and squandering it. gifting privately held business interests to a child or children can be an effective and tax-efficient way to maximize wealth transfer and achieve legacy planning goals.

more:enhance wealth by mitigating taxes|your client’s instincts are wrong|preserving wealth is a different mindset|three approaches to investment consulting|2022世界杯32强赛程表时间
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that being said, many business owners are unaware of the benefits of gifting interests in their businesses rather than cash. here are four important reasons why gifting business interests can be advantageous:

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where to next? we have apps for that.

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use these apps to plan your next vacation on the cheap.

by beth ziesenis
app of the week

has going back to work after the holidays already got you in the mood to take off work? the last tuesday of january isnational plan for vacation day, so it’s a perfect time to plan the perfect trip.

more apps of the week:make your computer a clean slate|recycle and repurpose old devices|enlist ai for more productive meetings|keep teams on task with project management apps|apps to put your affairs in order|app of the week: celebrate black business month|app of the week: cheap flights|help your clients save money|time to upgrade your spreadsheets|app of the week: secretly stash cash|easy apps for increasing client engagement with video|app of the week: grow your business knowledge and career skill sets|app of the week: upgrade your resume|app of the week: end procrastination|
see all:apps of the week here|
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actually, those of us with wanderlust probably spend a fair amount of time on travel apps, specifically hoping to find that too-good-to-be-true dream trip. here are two of my favorites.

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the life insurance that your firm needs

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//www.g005e.com/2020/04/06/accountants-are-emergency-responders-who-will-help-us-recover-from-the-covid-19-crisis/

guarantee funding when your business needs it the most.

by russ alan prince
your $5 million high-net-worth practice

there are times because of death when key people in a company are lost. key person life insurance provides funds to a business to address the financial losses that can occur when a key person dies.

more:why you need a team of experts|why a virtual family office? why now?|is your client’s umbrella big enough?|your client’s instincts are wrong|preserving wealth is a different mindset|three approaches to investment consulting
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revenue losses can be offset, and money can be tapped to help ensure the business remains viable and doesn’t fail – for example, to find a replacement or train someone to take the job of the key person who died.

this is almost always the most cost-effective approach. additionally, key person life insurance pretty much guarantees the money required will be available when needed.

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stop selling and start discovering

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woman shaking hands with a man as another man looks on

discover how not selling produces better business.

by russ alan prince
your $5 million high-net-worth practice

selling is persuasion. it’s convincing someone – prospects and clients – that they should engage you for your services.

more:create family dynasties and add value, roi|four core principles for elite wealth management|is elite wealth management right for you?|wanna know what clients say about you?|why accountants fail at wealth management
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as an accountant, you have a set of expertise and selling is about getting others to hire you for your expertise. however, a much more powerful way for you to grow your accounting practice is bynotselling.

allow me to explain.

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build your high-performing family office practice

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make your firm indispensable to elite clients.

by russ alan prince

if you have an elite wealth management practice, you might want to “upgrade” to a family office practice.

more:enhance wealth by mitigating taxes|your client’s instincts are wrong|preserving wealth is a different mindset|three approaches to investment consulting|2022世界杯32强赛程表时间
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self-proclaimed family office practices are multiplying at an incredible rate. for a great many financial and legal professionals, professing to have family office practices is nothing more than a marketing ploy.

as there is no “official” definition of a family office practice, anyone can say they have a family office practice irrespective of the expertise they can deliver. today, family offices are being described in all sorts of ways.

but, when you get right down to it, a family office is a very simple concept: “a family office is an expert coordinator of expertise that optimizes the lives of family members.”

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estate plans: can you ask clients these eight questions?

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businesswoman sitting across desk from woman and mandifficult conversations: it’s tough to talk about wealth transfer, but it’s vital.

by anthony glomski
the personal cfo

many accomplished entrepreneurs are looking beyond their own financial needs. they want to ensure that their heirs, parents, children and grandchildren are well taken care of in accordance with their wishes – with minimal difficulty and cost.

more:enhance wealth by mitigating taxes|your client’s instincts are wrong|preserving wealth is a different mindset|three approaches to investment consulting|2022世界杯32强赛程表时间
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according to vanguard, more than half of affluent americans say they are highly concerned about their kids’ (and grandkids’) financial situations. and yet, too many successful entrepreneurs have outdated estate plans or charitable giving plans that are not in sync with their current life circumstances and needs.
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accelerate your success by becoming a thought leader

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distinguish yourself from the competition by being the go-to pro.

by russ alan prince

accounting services are commoditized. however, this does not mean that all accountants can deliver the same level of expertise, but it does mean that better accountants can provide better expertise. what is more telling is that clients—both individual and corporate clients—are usually unable to discern the quality of the accounting services they receive. for most clients, it can be tough to differentiate between accountants when it comes to filing tax forms or providing tax advice.

more:what level of advice do entrepreneurs need?|three approaches to investment consulting|the role of the personal cfo|three components of collaborative wealth management|2022世界杯32强赛程表时间
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for higher-margin practices, the competition for clients is intense. for example, one of the most significant growth areas for accounting firms is having a family office practice. the wealthy—especially the ultra-wealthy—are regularly choosing to work with family office practices over other providers. furthermore, the profitability of a well-run accounting firm’s family office practice is significantly better than most other practice areas. with so many accountants positioning themselves to provide family office services, even with exploding demand, some will seriously underperform.

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