Tag: Estate Planning
Philanthropy Unboxed: Smarter Ways to Make a Lasting Difference with Kate McKenzie, CAP® (Ep. 36)

Philanthropy Unboxed: Smarter Ways to Make a Lasting Difference with Kate McKenzie, CAP® (Ep. 36)

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How can you make a lasting impact on the causes you care about most? Find out how to create a philanthropic plan that can span generations while also helping to pass on your values to your kids and grandkids. 

Join host Jim McGovern as he sits down with Kate McKenzie, the Senior Director of Development at The Pittsburgh Foundation. They open the charitable giving toolbox and unveil lesser-known paths to philanthropy. From simply writing checks to establishing a donor-advised fund, a charitable trust, or a private foundation, this episode will reshape how you view giving.

In this engaging episode, Jim and Kate discuss:

  • Why higher income and higher net worth families are motivated to be philanthropic.
  • How to incorporate charitable giving strategies as your net worth grows.
  • The transformative potential of Donor-Advised Funds (DAFs) in legacy planning
  • How to optimize tax benefits and retirement planning for greater charitable influence
  • Innovative ways to use your IRA or life insurance for charitable causes
  • Why philanthropic planning should involve your team of professionals
  • And plenty more insights!

Connect with McGovern Wealth Group:

Connect with Kate McKenzie:

About Kate McKenzie:

Kate has cultivated relationships with donors and their advisors, understanding how important the value of trust is when individuals and families are making current gifts or setting up legacy plans. She is trained in the 21/64 methodology for facilitating multigenerational meetings with families to define and implement their philanthropic goals. Kate works with trusted advisors to help donors meet their charitable goals and has spoken at numerous national and regional conferences about innovative methods for bringing professional advisors and clients together to develop charitable giving strategies.

Before joining the Foundation, Kate worked in higher education, with part of her focus on raising major gifts, specifically endowed scholarships. She earned her doctorate in information systems and communications. Her research explored fundraisers’ perceptions of social and professional media for prospect research purposes. She has a Master of Science in organizational leadership from Robert Morris University and a Bachelor of Arts in public relations from Westminster College. Kate is a graduate of Leadership Pittsburgh Inc.’s Leadership Development Initiative Class XXIII and is also a member of boards of HEARTH and the Estate Planning Council of Pittsburgh. Kate is a life-long athlete, a five-time marathoner and a mom.

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

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

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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.

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How Much Life Insurance Can You Own? (Ep. 22)

How Much Life Insurance Can You Own? (Ep. 22)

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It’s impossible to measure the value of a human life. Who you are as a person, and what you mean to your family, friends, and your community, cannot be measured or a dollar value placed upon it. If you suddenly died, such a loss would be permanent, profound, and irreplaceable. Your future earnings potential is about the only thing that is replaceable through proper life insurance protection.

In this episode, we discuss the different mindset people tend to have when insuring material possessions vs. their own life. We also discuss how much life insurance you may be able to acquire based on your age and income, and why trying to figure out coverage amounts based on a needs analysis is the opposite of what most people truly want.

By the end of this episode, you’ll gain a deeper understanding of how life insurance companies can determine the amount of coverage you’re eligible for, and what you can do to help protect the lifestyle you and your family worked so hard to create.

Jim discusses:

  • The importance of life insurance to help ensure that your family can maintain their lifestyle and financial security in the event of your death
  • Why insurance companies won’t allow someone to over-insure their property, income, or life
  • How trying to take a needs approach to determining your life insurance coverage is the opposite of how you treat your career
  • Life Insurance coverage amounts for business owners vs non-business owners
  • And a lot more!

Resources:

Connect with McGovern Wealth Group:

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Estate Planning Built On Dynasty Trusts with Jerry Wegley (Ep. 18)

Estate Planning Built On Dynasty Trusts with Jerry Wegley (Ep. 18)

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You want to make sure your protection in your estate plan is complete and it’s engineered with extreme conditions in mind. Yet many people have wills and trust with safety features that expire when the beneficiaries at a certain age.

In this episode, Jim McGovern talks with Jerry Wegley, an attorney with KnoxLaw about why dynasty trusts should be the centerpiece of a family estate plan. He explains where some of the traditional approaches to estate planning fall short and assets may be unnecessarily exposed to creditors, divorcing spouses, transfer taxes and other issues.

Jerry discusses:

  • The misconceptions with trusts
  • How trusts have evolved over the last 20 years
  • The specifics of creating a trust and the rules each position is to follow
  • Why efficient tax planning is built into a dynasty trust
  • And more

Connect With McGovern Wealth Group:

Connect With Jerry Wegley:

About Our Guest:

Jerry Wegley’s practice focuses on asset protection and business succession planning. He helps people protect their assets from taxes, creditors, future ex-spouses and ex-in-laws, and nursing homes, so they may choose who benefits from their assets (themselves, their children, charities, etc.). His previous experience as a CPA helps him advise business owners wishing to keep their business operating after their exit; whether it be by their child or other family member, their employees or another party that will carry on their legacy. He is available to speak on business and tax topics, sophisticated estate planning strategies, asset protection, wealth preservation, long-term care planning, business succession and special needs planning. He also serves as Vice President on Knox Law’s Board of Directors.

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The Importance Of A Will, Trust, and Power of Attorney with Brooke McMorrow (Ep.8)

The Importance Of A Will, Trust, and Power of Attorney with Brooke McMorrow (Ep.8)

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What would happen to your estate if you were to pass away tomorrow?

Do you have a will in place for your family? States such as Pennsylvania cannot guarantee that the spouse of a deceased person will inherit 100% of the money when there isn’t a will in place.

In this episode, Jim McGovern talks with Brooke McMorrow, a business owner and attorney from McMorrow Law, LLC. They explore why you should develop a will and establish your power of attorney no matter what age you are.

Brooke discusses:

  • What an estate plan is and how you can start creating yours
  • Why you should have a power of attorney no matter your age
  • What happens when you or one of your family members passes away without a will
  • What a revocable living trust is and how it benefits you and your family
  • And more

Resources:

Connect with McGovern Wealth Group:

Connect with Brooke McMorrow:

About Our Guest:

Attorney McMorrow strives to change the stereotypes that people have about attorneys by returning phone calls in a timely manner and above all, listening to the client and providing affordable and knowledgeable legal advice in a comfortable setting.  Brooke McMorrow is licensed to practice law in both Pennsylvania and New York. As a member of the Collaborative Law Association of Southwestern Pennsylvania, Attorney McMorrow is trained in collaborative law.

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Protecting Your Child’s Future (Ep.4)

Protecting Your Child’s Future (Ep.4)

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What’s at stake when setting your child up for a successful financial future? What specific goals do you have in mind for your child?

In this episode, Jim McGovern will give you practical insights and an overview of life planning, building a sustainable wealth for you and your children, and caring for your child’s future. 

Jim discusses:

  • His philosophies of planning for your child’s financial future
  • Planning your financial timeline and how to properly incorporate your children’s financial inheritance
  • The financial planning process when caring for a child that has special needs
  • How to plan for your financial well-being
  • And more

Connect With McGovern Wealth Group:

 

Podcast: Play in new window | Download (Duration: 36:50 — 33.7MB) | Embed

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