In this episode, Matt Nelson, Matthew Finley, and Jacob LaRue review the year’s highlights for Perspective 6 Group. They discuss transformative client outcomes, tax-saving strategies, and tailored financial planning approaches. Packed with insights, this episode showcases the value of personalized advice in achieving long-term goals.
You’ll hear:
Reflections on client achievements, including 256 review meetings, onboarding 11 new clients, and impactful case studies
Effective tax strategies, such as reviewing 143 returns and executing $1.3 million in Roth IRA conversions to secure long-term benefits
Estate planning triumphs, including designing strategies to shield millions from taxation for generational wealth
Portfolio performance and market strategies, leading to strong returns and reduced internal fees for clients
Team growth, innovation, and the use of technology to improve client experiences and streamline operations
Life insurance might not be the most exciting topic, but it’s crucial for safeguarding your financial future.
And the golden question is: How much life insurance is enough?
We’ve got the answer this week on The MedTech Wealth Advisor Podcast. Matt Nelson and Jacob LaRue talk about how to determine the appropriate amount of life insurance coverage to meet your needs.
They guide you through the purpose of life insurance, the various frameworks to determine the necessary coverage for you, and how to select the right type of policies based on individual needs.
They discuss:
The purpose of life insurance and its role in financial planning
Different frameworks for calculating the necessary amount of coverage
The distinction between group and personal life insurance policies
How to tailor life insurance plans to unique family and financial situations.
Roth conversions offer a powerful way to provide tax-free growth and withdrawals in retirement, but success depends on careful planning.
By transferring funds from traditional IRAs or 401(k)s into a Roth IRA, you can manage taxes upfront. Allowing your investments to grow without future tax obligations. The key to maximizing these benefits lies in timing and understanding how tax brackets, estate planning, and asset allocation all play a role.
Matt Nelson, CFP® and Jacob LaRue, CFP® provide insights on how to leverage Roth conversions effectively, ensuring your financial decisions align with your long-term goals. Whether you’re in your working years or nearing retirement, this episode helps you avoid common pitfalls, reduce tax burdens, and set up a strategy that benefits both you and your heirs.
Key Highlights:
Roth Conversion Basics: Understand the differences between conversions and contributions, and the key tax implications to look out for
Tax Bracket Optimization: Learn how to time your conversions during low-income years and avoid higher taxes during your peak earning periods
Asset Allocation Strategies: Discover why Roth IRAs are ideal for high-growth investments, maximizing your tax-free gains
Estate Planning Benefits: Learn how Roth conversions can lower the tax burden for your heirs, especially if they are in higher tax brackets
Mistakes to Avoid: Plan for estimated tax payments, and stay up to date on recent rule changes for inherited IRAs
Charitable Giving Considerations: Find out why Roth conversions may not be ideal if your IRA is intended for charitable donations
Wondering how Roth IRAs give you a tax advantage? Curious about non-retirement uses like college and buying a home? This episode dives deep into the strategic advantages of Roth IRAs and their role in preparing you for your financial future.
For working professionals, navigating retirement planning is critical. This episode reveals how Roth IRAs can be pivotal tools in your financial arsenal, offering benefits beyond retirement savings. Whether you’re a young investor or a high earner, understanding the nuances of Roth IRAs can lead to significant long-term gains.
Join host Matt Nelson, CFP®, Managing Partner at Perspective 6 Group, and Jacob LaRue, CFP®, Head of Financial Planning, as they discuss the most effective strategies for optimizing Roth IRAs. Discover how these accounts can be leveraged not just for retirement, but also for estate planning, emergency funds, and even home purchases.
Key Highlights:
Roth IRA Basics: Learn how Roth IRAs differ from traditional retirement accounts, with after-tax contributions and tax-free withdrawals in retirement
Strategic Contributions: Explore optimal strategies based on your lifetime tax bracket and income fluctuations to decide between Roth and traditional IRAs
High Earner Strategies: Learn about Backdoor and Mega Backdoor Roth IRAs, designed to help high-income earners maximize their savings into retirement
Estate Planning: Discover the benefits of using Roth IRAs in estate planning, including tax-free inheritance and the absence of required minimum distributions
Non-Retirement Benefits: Uncover how Roth IRAs can fund emergencies, facilitate home purchases, and reallocate excess 529 plan funds for education
Have you planned how your assets will be handled after you’re gone?
Building on foundational estate planning strategies, this episode of the MedTech Wealth Advisor Podcast, hosted by Matt Nelson, CFP® with guest Jen Santini, J.D. gets into advanced estate planning strategies for MedTech professionals and entrepreneurs. They explore the critical roles of wills and trusts for asset distribution after death and incapacity planning. With a breakdown of the three types of trusts and what might be the best option for you. This conversation aims to simplify estate planning as an integral part of both professional and personal financial management.
Key Highlights:
Wills and Trusts: Matt and Jen emphasize the key roles of wills and trusts in avoiding state-enforced asset distribution and in managing assets effectively after death or during incapacity
Living Revocable Trusts: The episode underscores the importance of living revocable trusts for property owners across multiple states or those with complex family situations like blended families, ensuring adaptive asset control
Trust Types Explained: Jen distinguishes between revocable and irrevocable trusts, highlighting their advantages and limits with a focus on asset protection and tax implications
Tax Planning with Trusts: They explore strategic tax planning with trusts to maximize tax benefits and preserve estate value, particularly effective in high-tax states
Elder Care and Asset Protection: The significance of early planning for elder care and asset protection is discussed, aiming to solve asset transfer issues and maintain eligibility for public benefits
Planning for Minor Children and Heirless Estates: The necessity of appointing trustworthy guardians and trustees is highlighted, focusing on protecting the financial futures of minors and managing estates without direct heirs
And much more!
Tune in to gain actionable advice and ensure your estate planning aligns with your wishes, safeguarding your legacy for the future.
Do you have a topic you’d like to learn more about on this podcast? Send us an email at mwapodcast@focusfinancial.com to let us know. We look forward to hearing from you!
From an early age, Jen knew she wanted to go to law school. Not because she came from a family of attorneys but because she enjoyed solving problems and helping others. Being a lawyer was a way to combine her passions. However, she did not expect that she’d ultimately practice primarily as a trusts & estates attorney.
Prior to forming Sykora & Santini PLLC, Jen spent the majority of her professional career in the financial services industry in Boston. During law school, Jen worked in the legal department at Putnam Investments and then transitioned to MFS Investment Management. At both companies, she focused on legal matters complying with SEC, FINRA and state regulations. In addition, Jen has worked on corporate governance matters, such as reorganization of departments, rebranding of products, and mergers and acquisitions.
Upon graduation from law school, Jen moved to the Twin Cities. She did not intend to start her own firm but partnering with Jayne to do so has been one of her best decisions. She loves working with people and enjoys learning about her clients’ life stories – both personally and professionally.
Did you know you have an estate plan whether you know it or not?
Uncover the critical importance of choosing the right proxies in estate planning with professional guidance on this episode of the MedTech Wealth Advisor Podcast. Matt Nelson discusses the fundamentals of estate planning with Jen Santini, an esteemed leader within the Minnesota State Bar Association. Throughout the episode, Santini unravels the complexities of estate planning, providing structured strategies and emphasizing its necessity for everyone, not just the wealthy.
Key Highlights:
Estate Planning Essentials: Santini stresses the broad scope of estate planning, including vital preparations for unexpected incapacitation
Choosing the Right Proxies: The discussion spotlights typical mistakes in proxy selection, advocating for choices that reflect personal values instead of defaulting to family hierarchies
Understanding Power of Attorney: Santini dispels common myths surrounding POA, focusing on spousal rights and the scope of responsibilities
Complexities of Guardianships and Beneficiaries: Insights into the delicate issues of nominating guardians and beneficiaries underscore the critical role of wills
Call to Proactive Planning: The episode wraps up with a persuasive call to action for listeners to actively engage in their estate planning to avoid legal and familial complications
And much more!
Tune in to gain actionable advice and ensure your estate planning aligns perfectly with your wishes, safeguarding your legacy for the future.
Resources:
Do you have a topic you’d like to learn more about on this podcast? Send us an email at mwapodcast@focusfinancial.com to let us know. We look forward to hearing from you!
From an early age, Jen knew she wanted to go to law school. Not because she came from a family of attorneys but because she enjoyed solving problems and helping others. Being a lawyer was a way to combine her passions. However, she did not expect that she’d ultimately practice primarily as a trusts & estates attorney.
Prior to forming Sykora & Santini PLLC, Jen spent the majority of her professional career in the financial services industry in Boston. During law school, Jen worked in the legal department at Putnam Investments and then transitioned to MFS Investment Management. At both companies, she focused on legal matters complying with SEC, FINRA and state regulations. In addition, Jen has worked on corporate governance matters, such as reorganization of departments, rebranding of products, and mergers and acquisitions.
Upon graduation from law school, Jen moved to the Twin Cities. She did not intend to start her own firm but partnering with Jayne to do so has been one of her best decisions. She loves working with people and enjoys learning about her clients’ life stories – both personally and professionally.
Is there more to wealth than just the digits in your bank account?
Join CERTIFIED FINANCIAL PLANNER™ professional, Matthew Nelson, as he digs beneath the surface of what we know as financial independence. While financial independence means living without depending on generating continuous income, Matthew provides a different goal to aspire to: achieving ‘financial freedom’ by aligning your wealth with your core values.
Listen in as Matthew unveils:
The difference between financial independence and financial freedom
Life’s money stages: enjoying now, planning for surprises, and leaving something behind
Discovering the deeper role of a financial advisor beyond merely investments
The path to financial independence: income, taxes, and investing. Which is most important?
Rethinking retirement: Is it only about the money?
Thinking about money, family, and hard conversations while planning your estate
