Tag: Financial Planning
Estate Planning Strategies in Uncertain Times with Nick Sasso (Ep. 57)

Estate Planning Strategies in Uncertain Times with Nick Sasso (Ep. 57)

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Are you ready to safeguard your wealth for generations to come? In volatile times, understanding advanced estate planning has never been more essential.

In this episode of Maximizing Outcomes, Jim McGovern is joined by Nick Sasso, estate planning attorney at Porter Wright Morris & Arthur LLP, to dive into the complexities of estate tax exemptions and strategic planning using trusts. 

With current laws set to change, don’t leave your assets exposed. Nick shares insights on the risks of relying solely on today’s high estate tax exemptions and how sophisticated trusts can provide flexibility and control over your assets.

Jim and Nick discuss:

  • The history and future of estate tax exemptions
  • Dangers of complacency in estate planning
  • The role and benefits of irrevocable trusts like SLATs and ILITs
  • Innovative trust solutions such as the Beneficiary Defective Inheritors Trust (BDIT)
  • And more!

Connect with McGovern Wealth Group:

Connect with Nick Sasso:

About our guest:

Nick Sasso serves as counsel in the firm’s Estate Planning and Wealth Preservation practice group.  He brings a depth of experience with a focus in the areas of estate planning, tax planning, high-net-worth planning, business succession planning, charitable giving, special needs planning, and trust and estate administration. 

Most of Nick’s practice is centered around efficient tax planning strategies for individuals, families and family owned businesses. Specifically, Nick has successfully navigated complex qualified fund planning allocations for clients after the limitation of lifetime stretch IRAs post the 2020 Secure Act through the utilization of charitable planning. He has also successfully assisted numerous family businesses through strategic tax generational lifetime transfers. Nick advises clients in regard to inter vivos and testamentary planning techniques with a special focus on generation skipping transfer tax planning, timed defective trust funding, complex and rolling grantor retained annuity trust plans, and beneficiary deemed owner trust toggle provisions based on a balance of estate, gift and income tax scenarios.

Nick also safeguards the privacy of athletes, business owners, media personalities, and other high profile clients by employing blind trust ownership strategies.

Known for his dedication to pro bono work, Nick received the Ohio Northern Pro Bono Service Recognition Award in 2011. He also received the Volunteer Attorney of the Year for the 18th Judicial District of Arkansas in 2013 and the Legal Aid of Arkansas Pro Bono Service Award in 2017.

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Business Exit Planning: A Value Management Process to Harvest Business Wealth (Ep. 55)

Business Exit Planning: A Value Management Process to Harvest Business Wealth (Ep. 55)

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Most business owners have over 80% of their wealth tied up in their business, yet few are fully prepared to unlock that wealth when it’s time to exit.

In this episode, Jim McGovern dives into the transformative world of exit planning, emphasizing how smart planning today can position an owner to maximize and harvest their business’s value later.

With 75% of business owners aiming to exit in the next decade, understanding the essence of exit planning is critical. It’s not a task to save for the future—it’s a strategic approach you can use now to build, protect, and secure your business’s value on your terms.

Jim discusses:

  • Why exit planning and business strategy go hand in hand
  • The 5 stages of value maturity: Identify, Protect, Build, Harvest and Manage
  • Guarding against the “Five D’s” that threaten business value: Death, Disability, Divorce, Distress, Disagreement
  • Building Value and Business Attractiveness through your “4 C’s”
  • Why aligning personal, financial and business readiness is essential for a smooth exit.
  • And more!

Resources:

Connect with McGovern Wealth Group:

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Business Uses of Life Insurance: The Untold Stories Behind Iconic American Brands (Ep. 53)

Business Uses of Life Insurance: The Untold Stories Behind Iconic American Brands (Ep. 53)

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In this episode, Jim McGovern dives into the surprising and crucial role life insurance has played in building and saving some of the world’s most iconic brands. From Walt Disney using his life insurance to fund Disneyland to Ray Kroc leveraging his policy to grow McDonald’s, we uncover how life insurance goes beyond providing death benefits—it’s a powerful tool for business growth, risk management, and ensuring continuity. Jim shares the fascinating stories of Disney, McDonald’s, JCPenney, and Pampered Chef, showing how business owners can protect their companies, fund opportunities, and protect key employees with the strategic use of life insurance. Tune in to learn how this financial tool can transform your business!

Jim discusses:

  • Real-life examples: Learn how Walt Disney, Ray Kroc (McDonald’s), and James Cash Penney (JCPenney) used life insurance to fund their businesses during critical times.
  • Beyond the death benefit: Explore the versatile uses of life insurance for business growth, risk management, and protecting key employees.
  • Key person insurance: Understand how insuring key individuals can help safeguard a company’s value and ensure continuity in times of crisis.
  • Strategic financial tool: Discover how life insurance can provide tax-efficient, liquid cash reserves that business owners can tap into for opportunities or emergencies

Resources:

Connect with McGovern Wealth Group:

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Building a Financial Fortress: Robust Planning for an Uncertain World (Ep. 51)

Building a Financial Fortress: Robust Planning for an Uncertain World (Ep. 51)

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The world can be a very tough and unforgiving place. Your finances should be designed to be even tougher and provide the forgiveness, flexibility, and resilience required to stand strong in a world full of uncertainties.

In this episode, Jim McGovern discusses the importance of building a resilient financial plan that can handle the uncertainties of life and stand the test of time. He shares his vision for clients to achieve financial freedom and multi-generational wealth through holistic financial planning. Key topics include overcoming barriers to financial planning, the importance of following a planning process, and the difference between financial freedom and financial security. Jim also highlights the dangers of needs-based planning and offers practical strategies to simplify and optimize your financial life. Tune in for actionable advice to maximize your financial outcomes.

Key Highlights:

  • Building Financial Resilience: Learn the importance of creating a financial plan that can withstand life’s uncertainties, ensuring flexibility, forgiveness, and resilience.
  • Achieving Financial Freedom: Emphasis on the goal of financial freedom where passive income from assets covers living expenses, providing independence from regular income.
  • Holistic Financial Planning: The need for a comprehensive approach to financial planning that goes beyond just investments, including protection planning and cash flow management, and debt and tax reduction.
  • Overcoming Planning Barriers: Common reasons people avoid financial planning, such as intimidation or lack of time, and how overcoming these barriers can lead to a more secure financial future.
  • Dangers of Needs-Based Planning: Explanation of the pitfalls of needs-based planning and the importance of embracing uncertainty to build a plan that stands the test of time.
  • And much more!

Resources:

Connect with McGovern Wealth Group:

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Wall Street Clichés: Insights or Illusions (Ep. 49)

Wall Street Clichés: Insights or Illusions (Ep. 49)

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In this episode of Maximizing Outcomes®, we dissect some of Wall Street’s most famous investing clichés. From “Don’t fight the Fed” to “Cash is king,” Jim McGovern explores the reality of famous investing sayings. Are they timeless wisdom or just catchy phrases? Learn which adages hold valuable insights and which ones are merely financial folklore. Tune in to gain a clearer understanding of how these sayings can influence your investment strategies and decisions.

Highlights:

  • There’s No Such Thing as a Free Lunch – Understanding the full costs and risks decisions.
  • Sell in May and Go Away – Does this seasonal strategy hold up today?
  • Don’t Fight the Fed – How the Federal Reserve actions can impact your investments.
  • A Penny Saved is a Penny Earned – Does the timeless phrase still hold true?
  • Bulls Make Money, Bears Make Money, Pigs Get Slaughtered – Is greed good or bad?
  • Never Catch a Falling Knife – Are declining investments a bargain buy or buyer beware?
  • And more…

 

Connect with McGovern Wealth Group:

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

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

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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:

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Jumpstarting your Child’s Financial Future (Ep. 47)

Jumpstarting your Child’s Financial Future (Ep. 47)

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Many parents want to help their children get a head start on building wealth and achieving financial independence. Are you one of them? 

Are you curious about the options available to help secure their financial future?

Join host Jim McGovern in this episode of Maximizing Outcomes, as he shares steps parents can take to help their children succeed financially. Through practical advice and insightful discussion, Jim covers various tools and strategies to optimize financial outcomes for your family.

Key Highlights:

  • What Motivates Parents: Understand why many parents are eager to get started while their kids are young.
  • Account types for kids: From simple savings accounts to investment portfolios and trusts, the tools available to kids are vast.
  • Parental Stability: Why parents should prioritize their financial health first before concentrating too much on wealth building for their children.
  • Parental Control: How parents can retain or turn over control of assets when kids become adults.
  • Roth IRAs, Brokerage Accounts and Life Insurance: Understand the pro’s and con’s, tax treatment, and additional considerations to make with each account type.
  • Trust Accounts: How trusts can be used to further protect multi-generational wealth.
  • Plus more insightful tips and strategies!

Connect with McGovern Wealth Group:

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Inside the Investor’s Brain: Biases That Cost You (Ep. 39)

Inside the Investor’s Brain: Biases That Cost You (Ep. 39)

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Ever wondered how your mind affects your investments? Is your brain wired to work against you as you make financial decisions?

Join Jim McGovern of McGovern Wealth Group in the latest episode of ‘Maximizing Outcomes,’ as he teams up with Phil McGinnis, Chief Investment Strategist at Avantis Investors. Together, they navigate the intricate intersection of human psychology and financial decision-making, uncovering its profound impact on investment outcomes. This episode is a must-listen for anyone wanting to understand the basics of behavioral finance, and how to recognize when emotions and biases may be working against you.

Key Discussion Points:

  • The Psychology of Investing: Learn how emotional and cognitive biases can derail even the most carefully laid investment plans
  • Brain and Money Choices: Understand how innate biases affect our financial decisions and the crucial role of self-awareness and critical thinking
  • Debunking Investment Myths: Discover why conventional market wisdom might not always hold true and the importance of a comprehensive understanding of financial concepts
  • Emotions and Investment Decisions: Gain insights into how our feelings and past experiences influence our financial choices and the significance of setting realistic expectations
  • Navigating Market Volatility: Strategies for staying steady through market highs and lows, focusing on long-term investment gains
  • Recognizing Personal Biases: Learn the importance of understanding your own predispositions and using data and technology for smarter investing
  • Seeking Expert Financial Advice: Hear Jim McGovern’s perspective on the value of professional guidance in navigating complex investment landscapes
  • And much more!

Resources:

Connect with McGovern Wealth Group:

Connect with Philip McInnis:

About Philip McInnis:

Phil McGinnis, as Chief Investment Strategist at Avantis Investors, brings a wealth of knowledge in combining data-driven strategies with an understanding of behavioral finance. His expertise is pivotal in guiding investors through the maze of market complexities, ensuring a clear understanding of investment strategies and their performance across various market conditions.

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The Art of College Planning (Pt. 2) (Ep. 38)

The Art of College Planning (Pt. 2) (Ep. 38)

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Ever wondered how the FAFSA form could unlock hidden college funding?

Chart the unknown territories of college funding where host Jim McGovern unlocks the mysteries of the FAFSA form and beyond. Tailored for families on the journey of college financial planning, Jim reveals expert tactics for leveraging the FAFSA and unveils a treasure trove of funding strategies.

Key discussion points include:

  • Discover the latest shifts, key filing dates, eligibility secrets, and annual must-dos
  • Learn precise reporting, understand financial changes, and harness the Data Retrieval Tool
  • Insights on assets exempt from FAFSA and why all families should apply
  • Strategies for diverse family structures, including divorced parents and business owners
  • Insider tips on asset positioning and FAFSA reporting essentials
  • Dive into 529 plans, permanent life insurance, and Roth IRAs for college financing
  • And much more!

Resources:

Connect with McGovern Wealth Group:

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High Earners, Low Coverage: Solving the Income Protection Gap with Tasha Jo Hill (Ep. 33)

High Earners, Low Coverage: Solving the Income Protection Gap with Tasha Jo Hill (Ep. 33)

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Higher earning individuals are often left underinsured and shocked by the limitations of group disability policies. How confident are you that your income is optimally protected in the event of a disability?

In this episode, Jim McGovern welcomes Tasha Jo Hill, a seasoned expert in disability income planning and the Director of Income Protection Strategies at Lifetime Financial Growth, LLC. Together, they shed light on misconceptions with common group disability insurance policies, and identify the gaps that widen as income levels increase. 

In this episode, Jim and Tasha will:

  • Uncover often-overlooked misconceptions about disability insurance
  • Discover whether or not your current disability insurance truly covers your full compensation
  • Learn what constitutes a partial disability and reveal the essential role of supplemental insurance in bolstering this coverage
  • Explore how owning a disability insurance policy can be a safeguard to financial stability, particularly during employment transitions
  • Discover simple yet powerful strategies that can provide high quality coverage at a steep discount, without the typical medical underwriting challenges.
  • Explore specialized strategies for higher-income earners to ensure comprehensive protection
  • And more!

Resources:

Connect with McGovern Wealth Group:

Connect with Tasha Jo Hill:

About our guest:

Tasha Jo Hill serves as the Director of Income Protection Strategies at Lifetime Financial Growth, boasting over two decades of expertise in disability income planning. Dedicated to safeguarding individuals’ ability to earn, Tasha crafts personalized protection strategies, whether complementing existing benefits or as stand-alone safeguards. She is steadfast in her commitment to client excellence, educating and empowering a diverse clientele to secure their financial futures against unforeseen life events.

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