Tag: Financial Advisor
Use Roth Conversions to Reduce your Lifetime Taxes: Turning Financial Lemons into Lemonade (Ep. 17)

Use Roth Conversions to Reduce your Lifetime Taxes: Turning Financial Lemons into Lemonade (Ep. 17)

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There are many benefits to  Roth conversions. But beware! Don’t step on a land mine when implementing that can blow your finances up! 

In this episode, Adam introduces his new co-host, Patrice Sikora, before discussing the benefits of Roth conversions. They highlight how these conversions can help reduce taxable income and potentially avoid higher taxes and higher Medicare premiums in retirement. Adam also discusses the impact of Roth conversions on financial aid for college and the importance of considering state taxes. The conversation concludes with an important reminder to not jump into Roth conversions alone and to avoid common mistakes by consulting a financial professional.

Adam discusses: 

  • An explanation of Roth conversions and their benefits
  • A story about a client who benefited from a Roth conversion during a low-income year
  • What the widow’s penalty is and how Roth conversions can help mitigate it
  • Why it’s important to plan carefully and consult a financial professional for Roth conversions
  • Benefits of doing Roth conversions during the “golden decade” of retirement (ages 60-70)
  • Potential impact of Roth conversions on financial aid for college
  • Why keeping state taxes in mind when planning Roth conversions is important
  • Tax arbitrage and the benefits of having different investment buckets (pre-tax IRAs and Roth IRAs) for managing taxes during retirement
  • And more

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The Downtown Real Estate Armageddon (and What it Means for You) (Ep. 16)

The Downtown Real Estate Armageddon (and What it Means for You) (Ep. 16)

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We’re not here to spread alarm but to unravel the intricate web of challenges and transformations reshaping the commercial real estate sector. Join us for an in-depth exploration of what’s causing the downtown commercial real estate Armageddon and what it means for the future of these urban landscapes.

In this episode, Adam Scott, CFP® discusses the current real estate environment and potential challenges in the market. As the conversation weaves through these market dynamics, Adam reflects on the broader implications for companies. With a substantial amount of empty office space ranging from 50% to possibly 70%, businesses are confronted with the need to renegotiate leases in a landscape where real estate owners grapple with mounting challenges. He also touches on mortgage rates, decreasing demand, and increasing apartment building supply.

Adam discusses: 

  • Current real estate environment and potential challenges in the market
  • The importance of thorough calculations and understanding carrying costs in real estate investments
  • How his wife lost money through a failing real estate investment
  • The challenges of financing commercial real estate properties
  • And more

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Don’t Be Fooled By This Dirty Little Secret (Ep. 15)

Don’t Be Fooled By This Dirty Little Secret (Ep. 15)

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When it comes to financial advisory, finding the right balance between innovation and caution is crucial. 

With the rise of data and technology, risk analysis software has become a popular tool for guiding investment strategies.

But should we rely on this software? What are the risks of doing so?

In this episode, Adam Scott explores the world of risk analysis software in the financial advisory industry. He uncovers the misuse of the software by some advisors who manipulate them to present past performance and cherry-pick investments, emphasizing the importance of combining it with wisdom and knowledge.

Adam discusses: 

  • The frustrations and limitations of risk analysis software used in investment strategies
  • How advisors can cherry-pick investments using risk analysis software to show better returns and lower risk to potential clients
  • A clear example of how the risk analysis software can provide misleading information, missing important market events
  • How stress tests can be used to compare portfolio performance during the financial crisis and other events
  • The story of Long-Term Capital, a hedge fund that relied on mathematical models and efficient market theory but ultimately failed
  • And more!

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Real Estate Part 2: The Future May Be Different (Ep. 14)

Real Estate Part 2: The Future May Be Different (Ep. 14)

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Real Estate values always go up, right?

In this episode, Adam provides an in-depth analysis of the future of rental properties. They dismantle the perception of real estate as a guaranteed win, exploring the pros and cons, tax implications, financial intricacies, and potential challenges of managing rental properties.

Throughout the episode, Adam covers:

  • The key benefits of real estate investment, such as cash flow, appreciation, leverage, and tax advantages
  • The benefits of the 1031 Exchange and the potential to defer capital gains tax
  • The ‘step-up in basis’ law that allows heirs to avoid estate taxes
  • Challenges associated with dealing with tenants, eviction proceedings, high maintenance costs
  • Adam’s personal experiences and the looming ‘commercial real estate Armageddon’
  • Potential for a Part 3?
  • And more!

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Real Estate Part 1: What Is the Future for Home Prices? (Ep. 13)

Real Estate Part 1: What Is the Future for Home Prices? (Ep. 13)

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We’ve received a lot of questions about real estate and Adam Scott addresses them in this two-part real state series.

In this episode, Adam talks about real estate across America and how the future may differ from what we’ve seen happen historically. He goes over what’s going on with the housing market, whether it’s a good time to buy or sell, how taxes can affect the housing market, and what tax strategies you can use to minimize your real estate taxes.

Adam discusses: 

  • The current state of the housing market
  • Why buying a home might not be the wealth builder it once was
  • How taxes can help you, and how they can hurt you when buying and selling property
  • Tax planning strategies to get around taxes when it’s time to sell
  • And more

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Is Long Term Care Insurance Right For You? 10 Questions To Ask with Jennifer Burnham-Grubbs (Ep. 12)

Is Long Term Care Insurance Right For You? 10 Questions To Ask with Jennifer Burnham-Grubbs (Ep. 12)

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Medicare doesn’t cover long-term care. If you thought it did or haven’t purchased long-term care insurance for any other reason, Adam has 10 things for you to think about before you make your final decision.

In this episode, Adam Scott, CFP®, introduces a dear friend of his, Jennifer Burnham-Grubbs, Founder of Quantum Insurance Services and Women Of Wealth, to go over 10 things you should know about long-term care insurance. 

Adam introduces the list with a personal story about his family’s experiences with needing long-term care before diving into the ins and outs of long-term care, unravelling the crucial factors determining whether it’s right for you. From understanding the amount of coverage you need, to discovering who can benefit from long-term care insurance.

Adam and Jennifer discuss: 

  • Adam’s personal experience about his mother and mother-in-law, one who had long-term care insurance and one who didn’t
  • What long-term care insurance is and why you may or may not need it
  • The different kinds of long-term care solutions
  • Why long-term care insurance is pricey but worth the cost
  • What the best age is to get long-term care insurance
  • How much coverage you may need
  • Who long-term care insurance works best for
  • Why even the wealthy may need long-term care insurance
  • And more

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Connect with Jennifer Burnham-Grubbs:

About our Guest: 

Within the business, entertainment and high-net-worth circles of Southern California, Jennifer

Burnham-Grubbs, Founder and CEO of Quantum Insurance Services and senior wealth advisor,

is renowned for her strategic insights into A-rated insurance products that build wealth, financial

freedom and security.

Rather than as just a bill to pay, Jennifer sees insurance as a gateway to wealth and well-being.

Her unique background, expertise, and perspective on insurance, tax and financial strategies

shift the approach to guiding businesses and individuals who want to protect themselves, their

families and employees while growing assets and savings. This approach has catapulted

Jennifer into the spotlight as a leading female in the insurance sector and positioned Quantum

Insurance Services as an award-winning, innovative, client-focused financial well-being

brokerage firm for health and wealth protection and growth.

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How To Choose A Great CPA (Ep. 11)

How To Choose A Great CPA (Ep. 11)

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Why did the CPA cross the road?

To get to the other side of the balance sheet.

In this episode, Adam sheds light on a crucial topic that concerns many individuals and businesses: how to find a GREAT CPA. Adam discusses the questions you should be asking and takes you through eight essential steps that will help you identify and select the right tax professional for you. 

Adam discusses: 

  • The 8 steps you should take to find a great CPA
  • Why it’s difficult to find a great CPA 
  • Why price shouldn’t be your first priority. 
  • How to judge their technical expertise
  • What credentials to look for in a good CPA
  • Why you should know which of the 4 different levels of philosophy your CPA falls under
  • The importance of asking your CPA about their contingency plan
  • And more

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Top 5 Strategies for Business Owners and Freelancers to Build Wealth (Ep. 10)

Top 5 Strategies for Business Owners and Freelancers to Build Wealth (Ep. 10)

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For business owners and freelancers in entertainment, this is an episode you won’t want to miss! CPAs look through the rearview mirror at where you have been. Good Financial Planners help you navigate the route ahead. 

In this episode, Adam Scott, CFP®, provides 5 valuable wealth-building insights and practical tax-saving strategies that CPAs often don’t know or overlook. Listen in as Adam unpacks these strategies to help you achieve greater financial flexibility to pursue your dreams and enjoy your hard-earned money.

Adam discusses: 

  • Four tax-saving strategies for self-employed business people
  • How self-employed individuals can minimize their self-employment tax by electing to be taxed as an S-Corp and paying themselves a lower salary
  • Maximizing the 199 A deduction for business owners, which provides a 20% tax break on profit for S Corporation owners
  • What is a Hollywood Loan Out Corporation
  • What is and what are the benefits of defined benefit pension plans for high-earning individuals in the entertainment industry
  • Examples of how clients were able to reduce their tax liability and achieve financial flexibility through the use of defined benefit plans
  • The California Pass-through entity (PTE) elective tax allows individuals to pay their California taxes through their corporation and receive a federal tax deduction
  • And more!

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The Top 10 Sexiest Benefits Of The Secure Act 2.0 (Ep. 9)

The Top 10 Sexiest Benefits Of The Secure Act 2.0 (Ep. 9)

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Spice up your retirement planning with the Secure Act 2.0’s hottest benefit strategies.

Retirement planning may not sound like the sexiest topic, but the Secure Act 2.0 is changing that. In this episode, Adam discusses several benefit strategies that employers, retirees, pre-retirees, and even younger employees can take advantage of, and they’re anything but boring.

Adam discusses: 

  • The benefit strategies that retirees and pre-retirees can take advantage of
  • How business owners can take advantage of the secure act 2.0
  • What the benefits are for employees of all ages, not just pre-retirement employees
  • The benefits of 529 plans
  • And more

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The 10 Biggest Estate Planning Mistakes (Ep. 8)

The 10 Biggest Estate Planning Mistakes (Ep. 8)

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Estate planning isn’t a fun topic of conversation, but it’s more important than you might think. Don’t miss these 10 common mistakes.

In this episode, Adam Scott shares 10 of the most significant estate planning mistakes. He explains what they are and how to avoid them! He also drives the lessons home with a few stories about instances of these snafus.

Adam discusses: 

  • What the 10 biggest estate planning mistakes are
  • Why some of these mistakes are easily overlooked
  • Why the most important mistake to avoid is not having a trust
  • The pros and cons of B trusts
  • And more

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