PODCAST

Designating a Trust as the Beneficiary of an IRA in the Age of the SECURE ACT

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreThe SECURE Act (remember that) has been around for one year now. To commemorate its first birthday, Brent and Rachel look back at the SECURE Act and how it has changed the landscape for designating a trust as a beneficiary on an IRA.

A Lawyer’s Perspective on the Assault on the Capitol

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreAmericans across the country were shaken up by the assault on the U.S. Capitol on January 6, 2021. On this week’s episode of the Wealth & Law Podcast, Brent and Rachel try to make sense of the whole situation by analyzing the events

Improving Money Habits

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreIt is probably no surprise to hear that one of the most common New Year’s Resolutions is to save money. To kick off 2021, Brent and Rachel sat down with George Grombacher to discuss how individuals can be better with money. George gives

2020 Wrap Up

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreThis week Brent and Rachel give their wrap up of the podcast in 2020. They discuss key events of the year, important topics they covered, starting the podcast, and what they look forward to in 2021. It has been a long year! Thanks

US-Mexico Cross Border Planning (Part 2)

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreRachel and Brent are again joined by Fernando Barraza for Part 2 of their conversation about planning for families and businesses in the US and Mexico. In Part 2 they dig into specific planning ideas to overcome some of the challenging and penalizing

US-Mexico Cross Border Planning (Part 1)

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreThis week, Brent and Rachel sit down with Fernando Barraza to discuss challenges and opportunities for US-Mexico cross border families. In Part 1, they discuss the broad international tax rules that apply to these families, their businesses, and their investments. They flag key

Penalty Clauses

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreThis week, Brent and Rachel sit down with T.J. Ryan to discuss the use of penalty clauses in estate planning documents. The three of them explain what a penalty clause is, what they look like, and how they are used in estate planning

Digital Marketing For Lawyers and Financial Advisors

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreBrent and Rachel are joined by Olivia Roberts and David Joseph of Knockout Digital Marketing to talk about marketing trends for lawyers and financial advisers, things that don’t work, and their top five things to do to improve marketing efforts. We also discuss

Post-Election Planning (Part 2)

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreThis week, Brent and Rachel are joined again by Darren Case for Part 2 of their conversation about post-election estate planning. This is a rapid fire session, where we throw ideas for end of year planning at Darren and he gives us his

Post-Election Estate Planning (Part 1)

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreThis week, Brent and Rachel are joined again by Darren Case to talk about post-election estate planning. They dive into what the election results mean for end-of-year tax planning and how Arizona’s Prop. 208 affects high-income families. They also get into a fun

Reconciling after the Election

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreWith the 2020 federal elections now completed (well, almost completed), Brent and Rachel go into their three-step plan for how to reconcile after the election and move forward. They also get into Arizona’s Proposition 207, which legalized the recreational use of marijuana, and

Incapacity Planning

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreBrent and Rachel dive into incapacity on this week’s episode of the Wealth and Law podcast. They explain what incapacity is, how Powers of Attorney can help, what happens if there was no planning (or the plan fails), and how a revocable trust

Family Limited Partnerships

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreThis week Brent and Rachel introduce family limited partnerships (FLPs). They discuss the basics, how FLPs have been used historically in planning for high net worth families, how they are treated for tax purposes, current law around FLP’s efficacy, and how to use

Business Development in a Pandemic

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreBrent and Rachel chat about how their business development options have changed due to the pandemic, how they have pivoted, and what seems to work for them. They talk in depth about the podcast, social media, and connecting with their clients and key

Navigating Equity Compensation packages

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreOn this week’s episode, Brent and Rachel sit down with Samuel Deane, MBA to discuss equity compensation packages, stock options, and tying it all together with an estate plan. They particularly focus on how millennials in tech and start-up companies can navigate through

Common Cross Border Tax Surprises

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreThis week, Brent and Rachel sit down with Shiraz Ahmed to talk about common cross border tax issues that may arise for Americans moving to Canada, and Canadians moving to the U.S. They discuss passive foreign investment companies, retirement accounts, and more. They

Lessons From The Trump Tax Returns

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreThis week we discuss the recent New York Times article disclosing what it claims are President Trumps tax returns and tax information. Rachel and Brent peal back the onion of the tax code to break down the net operating losses, tax credits, deductions,

Nevada Trust Law

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreBrent and Rachel sit down with S. Victoria Kahn to discuss Nevada’s favorable trust laws. They discuss the flexibility and asset protection features of Nevada law, how there’s no state income tax, and how individuals and families are using Nevada trusts to their

Final Quarter Financial Review

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreBrent and Rachel speak with Doug Nelson, of TCI Wealth Advisors, on this week’s episode about the expected financial picture for the final quarter of 2020. They get into depth on how people should be adjusting, or not, their financial plans and investments,

Easing Into the Knowledge of Wealth

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreThis week, Brent and Rachel are joined by A.J. Price, CPA, CFP, to discuss how families can introduce younger generations to family wealth. They discuss the benefits of family-wide meetings, examine the many methods of family investments, and dive into the importance of

LIVE! Using Extra Estate Tax Exemption

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreThis week’s episode is the Live recording from Friday, August 28, 2020. Rachel and Brent dive into ways to use the extra estate tax exemption that could expire at the end of 2020, and will expire absent Congressional action in 2026. They talk

Estate Planning Before and After Divorce

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreThis week Brent and Rachel are joined by Kayla Bernays to talk about what happens before, during and after a divorce and what it does to an estate plan. We get into community property, prenuptial and post-nuptial agreements, and property divisions. We also

Covid, the Biden Tax Plan, and Estate Planning

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreThis week Brent is joined by special co-host Darren Case to talk about how Covid-19 has changed estate planning and to prognosticate about the Biden Tax Plan. They dive into how to plan in the current uncertainty, what to expect with a new

Money Savage Podcast: International Tax and Estate Planning

Brent joins George Grombacher on the Money Savage Podcast. They talk about the estate and tax planning considerations for people living in or owning assets in more than one country, how a little bit of planning goes a long way, and how to get started.  Listen to learn about the tax situation should you decide

Is everything Community Property (Basis)?

The tax benefit of community property is that at the first spouse’s death, ALL of it receives a new tax basis. This eliminates all accrued but unrealized capital gains (and losses). Even if the property is only in the name of one spouse, the surviving spouse receives this benefit. In contrast, jointly owned (but non-community)

LIVE: Top Ten Ways to Build Family Wealth

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreThis week’s episode is from the first ever live recording of the Wealth and Law podcast. Brent and Rachel dive into lessons that they’ve learned from their clients and go over their top ten ways on building, preserving, and passing on family wealth.

Using Revocable Trusts

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreThis week Brent and Rachel are joined by Shawn Garner to talk about using revocable trusts in estate planning. We get into detail about how these important trusts work, and, specifically, how they solve for incapacity, asset management, and probate issues. We also

Fintech and Financial Literacy

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreBrent and Rachel are joined by Mykail James to discuss financial planning for Generation Z and Millennials. We have a great conversation about financial literacy at different generations and how technology can be used in teaching personal finance. We get into the distinctions

Money Stories

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreBrent and Rachel are joined by Eugenie George to discuss money stories, creating a financial wellness plan, and diversity and race in the financial advising and legal industries. We get into how a woman’s background and emotional connection with money from a cultural,

The Insiders Take on Investment Management

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreBrent and Rachel are joined by Ken Morris, CFA, CFP, to discuss investment management, the differences between financial planning and investment management, and the benefits and pitfalls of each. We also chat about what individuals and families should be looking for when picking

Deferred Annuities Don’t Build Legacy Wealth

As in most difficult economic times, commercial deferred annuities are being shopped as secure sources of long-term investment returns. But are they worthwhile? While there are no bright line rules, and this is in no way an attempt to give investment advice, from a legal perspective, in most instances the answer is “no.” I’ll break

Episode 16: The Power of the Step-Up in Basis

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreBrent and Rachel sit down with Kim Paskal to discuss how a step-up in basis at death can be used advantageously in partnerships and S-corps. Learn more about how to make a 754 Election and the tax benefits that can ensue. Kim Paskal

Episode 15: The Role of Technology in A Distributed Workforce

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreBrent and Rachel chat with Allison Duffy, the President and CEO of Silverado Technologies, about transitioning to a distributed workforce in the age of COVID-19 and how technology can ease the burdens on employers and employees. They discuss security concerns, training, and how

Episode 14: CARES Act Retirement, Qualified Improvement Property, and NOL Changes

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreBrent and Rachel speak with the wonderful Nicole Harrigan about significant changes to the retirement account rules, the rules relating to qualified improvement property, and net operating loss rules in the CARES Act. They also talk about the 2020 accounting season, tax preparation

Episode 13: Financial Planning During COVID-19

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreBrent and Rachel are joined by Doug Nelson, CPA, PFS, to discuss the challenges, strategies, and opportunities of financial planning during COVD-19. We get into how to plan, what makes a good financial plan, tax saving moves, the Pepsi Challenge, and more. Doug

Accidental Americans

Even non-US citizens who don’t want to be subject to the US tax system can sometimes be pulled into it. This is largely due to the fact that, based on a mathematical test, being in the US for more days than the US tax system deems appropriate can make that person a US “resident” for

Episode 12 (Express): We Are Anti-RACIST

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreWith everything that is happening in the wake of the killing of George Floyd, we want to make clear the Wealth and Law Podcast stance: Racism is wrong in all of its forms (direct or indirect) Racism exists in our society and should

We are Muted.

Normally on Wednesday we would publish our new podcast episode, but this week we wanted to mute our personal content to amplify black voices. We hope you will join us in listening and learning so that together we can make steps towards a better future.

Two Special Trusts to “Stretch” IRAs

After the SECURE Act, most IRA beneficiaries are required to withdraw the balance of the account within 10 years after the owner’s death. The details of those rules can be found in my prior post here. In that post, I also introduced the concept of using an Accumulation Trust (i.e. a trust as beneficiary of

Episode 11: Mom Died, Now What?

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreWant to know what happens after a loved one dies? Brent and Rachel are joined by Kristin Yokomoto to discuss just that–from an estate planning perspective. They cover the probate process, dealing with creditors, tax issues, and trusts. Kristin Yokomoto is a partner

Episode 10: Asset Protection (Part 2)

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreWe continue our conversation with Isaac Rothschild on Asset Protection planning in Episode 10. Part 1 of that conversation was Episode 9, but the discussion was so substantive and so good that we broke it into two parts so that you could hear

Episode 9: Asset Protection (Part 1)

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreIsaac Rothschild joins Brent Nelson and Rachel Sass to talk about asset protection planning. The conversation was so good and so substantive that we broke it into two parts. Part 1 is Episode 9 and Part 2 will be Episode 10. We talk

Other Tax-Saving Moves in a Low Interest/Value Time

We are living in a difficult moment. Businesses, families, and individuals are struggling because of the COVID-19 pandemic. And, the struggles are largely not anyone’s fault. Despite the difficulties, there are rays of light to be found from a planning perspective. I previously wrote about five savings tips when valuations and interest rates are low,

Episode 8: Electronic Wills

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreJenna Rubin joins Brent Nelson and Rachel Sass to talk about electronic wills, differences between the Arizona and Florida electronic will statutes, how these wills work, the current limitations of electronic wills, and to prognosticate about electronic wills’ future. If you know nothing

The Legal Sins of Influencers

So you’re an influencer (or wannabe). That’s pretty great. It probably means you have a knack for understanding what people (at least your group) enjoy, you know how to match the audience, make adjustments, think creatively, perform, and, yes, work (not everyone is an overnight sensation). Assuming you have a robust following, you may even

Episode 7: What You Need To Know About Life Insurance

Brent Nelson and Rachel Sass are joined by Kevin McMahon, CLU, ChFC, of WealthPoint (https://wealthpoint.net/our-people/), to discuss life insurance. They get into depth on different types of policies, evaluating a client’s needs for life insurance, the tax treatment of the products, and whether life insurance should be viewed as a separate asset class.

CARES Act Supplements Charitable Giving

The CARES Act, which went into law on March 27, 2020, has several provisions that can supplement charitable giving at almost any level. Largely, this is accomplished by granting a donor a more favorable income tax charitable deduction for gifts to certain charities. A tax deduction then reduces the donor’s taxable income, which in turn

Episode 6: Is America Safe For Canadians?

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | More In Episode 6, host Brent Nelson is joined by Rachel Sass and special guest Dave Smitten (https://norterralaw.com/home/firm-profile/) to discuss the challenges of keeping Canadians in America safe from the American tax system. We do a deep dive into the intricate, and sometimes

Episode 5: SECURE Act Top 5 + Trusts

Podcast: Play in new window | DownloadSubscribe: Google Podcasts | RSS | MoreBrent Nelson is joined by Rachel Sass to discuss the SECURE Act (remember that). They talk about Brent’s top 5 list of changes and get into the weeds on how trusts as IRA beneficiaries fit into the landscape now.

5 Ways to Secure Wealth in a Downturn

Although economic downturns, such as the one we are currently experiencing, can have real hardships for many people–there are silver linings for those fortunate to take advantage of them. Reduced values combined with lower interest rates create five (among other) key ways that families can gain advantages in dark economic times. Sell the Family Business


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