Asset Protection – Maximizing Outcomes

Understanding Wealth Erosion Factors: The Hidden Forces at Play (Ep. 48)

By MaximizingOutcomes | June 17, 2024

What is wealth erosion, and how does it silently put you on a financial treadmill?

Discover how seemingly small factors can amount to a massive impact on long-term success.

Listen in as Jim McGovern explains why money and math don’t always align and how various factors, such as taxes, inflation, and certain choices, can gradually erode wealth over time. Using relatable analogies, like the slow formation of the Grand Canyon and the lifecycle of apples, Jim illustrates how small, seemingly insignificant elements can significantly impact your financial future. Tune in to learn actionable strategies for protecting and growing your wealth, the importance of understanding opportunity costs, and why the process of managing money is more critical than where you invest it.

Key Highlights:

Math vs Money: Why math and money don’t always work align and how this misconception can be costing you.
Erosion Factors: Discover how taxes, inflation, and lifestyle changes can subtly drain your wealth over time
Opportunity Cost: Understand the importance of opportunity cost in making sound financial decisions
Process vs Products: Learn why the process of managing money matters more than the specific financial products chosen.
Proactive Planning Today: Why taking action now is so critical.
Plus, so much more!

Connect with McGovern Wealth Group:

Podcast: Play in new window | Download (Duration: 26:59 — 24.7MB) | Embed

Subscribe: RSS | More

Trust Companies vs. Individual Trustees: Which Is Right for Your Special Needs Trust? Discussion with Dan Ehrmentraut of Capital First Trust (Ep. 30)

By MaximizingOutcomes | September 12, 2023

Supplemental Needs Trust is an often-underrated game-changer, paramount for enhancing the quality of life for individuals with special needs.

In this episode, Jim McGovern talks with Dan Ehrmentraut, Senior Vice President of Business Development at Capital First Trust, about the ins and outs of Supplemental Needs Trusts. Together, they dive into the world of trust management, debunking common misconceptions, and shedding light on how these tools can protect assets and qualify individuals for essential government benefits.

Throughout this episode, Jim and Dan discuss:

The definition of Supplemental Needs Trusts, their key benefits, and who can benefit from them
How a trust can qualify an individual for government benefits while protecting other assets
The crucial role of estate planning in preserving the beneficiary’s access to resources and eligibility for benefits
The reluctance of many corporate trustees to administer special needs trusts, and how Capital First Trust fills this gap
And more!

Resources:

Connect with Dan Ehrmentraut:

Connect with McGovern Wealth Group:

About our guest:

Dan Ehrmentraut is a seasoned expert in trust management with an illustrious career in both law and finance. Holding a J.D. from the University of New York at Buffalo and admitted to the New York Bar in 1984, Dan carries a wealth of experience and knowledge. Over two decades, Dan worked his magic in traditional bank trust departments, navigating roles as Trust Officer, Regional Trust Manager, Supervisor of Trust Tax and IRA, Sales Manager, and Department Head. His journey took him further to the doors of several large financial service companies, playing significant roles in business development.

In 2013, Dan joined Capital First Trust Company, expanding its directed trustee presence across various financial and legal landscapes. His vast experience and knack for details have led him to successfully work with numerous financial advisors on complex estate plans, integrating the benefits of a directed trust structure for wealthy clients.

Podcast: Play in new window | Download (Duration: 39:42 — 36.4MB) | Embed

Subscribe: RSS | More