Expert Network Team: Recent Episodes
Karl Frank, Nathan Merrill, Jeff Krommendyk, Mike Miller
Almost All In on Political Civility and Why Delaware May be DangerousRecorded June 19, 2024Podcast All In Episode 183 is the subject our experts engage in today. All In is a popular podcast run by four successful tech executives in Silicon Valley; some of them are politically progressive, some of them conservatives. The Silicon Valley guys, in a traditionally liberal progressive political haven, hosted Donald Trump into their home and had some insights. So that led two of our experts, Nate and Jeff, to engage in a civil discourse with our guest, Chris Schmidt, about politics. They challenge all our listeners to get to know the candidates beyond the posturing and the messages that pummel us with negativity.Also on the docket, the lawyers discussed the importance of jurisdiction for business owners. Tesla is a prime example of what can go wrong. Learn some of the drama going on and what you may want to discuss with your own expert team. Finally, the economy is looking pretty good…or is it? The experts deliver their opinions and what they are hearing from their clients.— The Expert Network Team provides a free consultation.Our guest today:Chris SchmidtLawyerGoodspeed, Merrill(720) 473-7644cschmidt@goodspeedmerrill.comwww.goodspeedmerrill.com Nathan MerrillLawyer and Legal ExpertGoodspeed, Merrill(720) 473-7644nmerrill@goodspeedmerrill.comwww.goodspeedmerrill.com Jeff KrommendykInsurance Agent and ExpertOne Digital Insurance Agency(303) 730-2327jeff.krommendyk@onedigital.com Karl FrankCERTIFIED FINANCIAL PLANNER™A&I Wealth Management(303) 690.5070karl@assetsandincome.comExpert Network team provides free consultations. Just mention that youlistened to the podcast. Nathan Merrill, attorneyWorking with affluent families and entrepreneurs in implementingtax-efficient strategies and wealth preservationGoodspeed, Merrill(720) 473-7644nmerrill@goodspeedmerrill.comwww.goodspeedmerrill.com Jeff Krommendyk, Insurance ExpertWorking with business owners and successful families in transferringriskOne Digital Insurance Agency(303) 730-2327jeff.krommendyk@onedigital.com Karl FrankFinancial planner helping a small number of successful families grow andprotect their wealth and choose how they want to be taxedCERTIFIED FINANCIAL PLANNER™A&I Wealth Management(303) 690.5070karl@assetsandincome.com
Importantly, since the date of recording, a Supreme Court ruling may invalidate the entire "non-compete" argument entirely as executive branch over-reach. Make sure to talk with your attorney or one of our experts for up-to-date information!Are noncompete agreements now Federally illegal? A recent law has been issued by the Federal Government that makes it impossible for employers to limit their former employees from competing with them. John Sauer, expert attorney at Goodspeed and Merrill, gives it about a 10 percent chance of not being overturned in court. But employers need to know what is happening now, before the court cases go through. And in today’s world, who knows what is really going to happen?As a quick reminder, the Expert Network Team provides free consultations. We would love the opportunity to be of service to you or someone you care about. Just scroll the liner notes to contact one of our experts or today’s guest. And please share this podcast with anyone who you think might find it interesting.As always, it is good to have an expert on your side.Expert Network team provides free consultations. Just mention that youlistened to the podcast. Nathan Merrill, attorneyWorking with affluent families and entrepreneurs in implementingtax-efficient strategies and wealth preservationGoodspeed, Merrill(720) 473-7644nmerrill@goodspeedmerrill.comwww.goodspeedmerrill.com Jeff Krommendyk, Insurance ExpertWorking with business owners and successful families in transferringriskOne Digital Insurance Agency(303) 730-2327jeff.krommendyk@onedigital.com Karl FrankFinancial planner helping a small number of successful families grow andprotect their wealth and choose how they want to be taxedCERTIFIED FINANCIAL PLANNER™A&I Wealth Management(303) 690.5070karl@assetsandincome.com
Today the experts talk artificial intelligence. We are making it real.In the All In Podcast number 179, the guys discuss topics that affect all of us. We are on the verge of remarkable achievements that are on the cusp of breaking through. And, as small business owners ourselves, we are most interested in making it real. Learn some creative ideas we have about how we may implement AI in our own businesses. And learn why we are confident.Expert Network team provides free consultations. Just mention that youlistened to the podcast. Nathan Merrill, attorneyWorking with affluent families and entrepreneurs in implementingtax-efficient strategies and wealth preservationGoodspeed, Merrill(720) 473-7644nmerrill@goodspeedmerrill.comwww.goodspeedmerrill.com Jeff Krommendyk, Insurance ExpertWorking with business owners and successful families in transferringriskOne Digital Insurance Agency(303) 730-2327jeff.krommendyk@onedigital.com Karl FrankFinancial planner helping a small number of successful families grow andprotect their wealth and choose how they want to be taxedCERTIFIED FINANCIAL PLANNER™A&I Wealth Management(303) 690.5070karl@assetsandincome.com
Today the experts talk back to the guys in the All In podcast. All In is one of the most popular podcasts in America The four hosts are each successful big, technology business founders, funders, and executives in California. Our perspective is from the POV of small business owners in Colorado, and we think a lot more people think more like we do. Decide for yourself. In the All In Podcast number 175, they discuss topics that affect small business owners. First on the docket, a tax increase which is being ignored by many people but could hurt a lot of companies, particularly small technology companies. Next, we give our take on the firings of 28 Google employees who are protesting their employer’s involvement with Israel. Are they just entitled and naive? Nate takes us on a tour of Mideast history and we take issue with one of the points made in All In, which is that maybe Gaza is to Israel as the 1960’s and 70’s Vietnam War was to the USA. We respectfully disagree.Expert Network team provides free consultations. Just mention that youlistened to the podcast. Nathan Merrill, attorneyWorking with affluent families and entrepreneurs in implementingtax-efficient strategies and wealth preservationGoodspeed, Merrill(720) 473-7644nmerrill@goodspeedmerrill.comwww.goodspeedmerrill.com Jeff Krommendyk, Insurance ExpertWorking with business owners and successful families in transferringriskOne Digital Insurance Agency(303) 730-2327jeff.krommendyk@onedigital.com Karl FrankFinancial planner helping a small number of successful families grow andprotect their wealth and choose how they want to be taxedCERTIFIED FINANCIAL PLANNER™A&I Wealth Management(303) 690.5070karl@assetsandincome.com
The experts discuss the importance of dreams. We are all of a similar age, in a similar life stage, which is to say, not young anymore! We open up and share dreams about what we want to do now. As adults, we do safe things. Having put aside, delayed, dropped or otherwise ignored our dreams for decades while we raised children and built businesses gave us an opportunity today. Now we have a little more time, talent and financial assets to achieve even more than what we used to dream about. But in some ways, we are afraid. Why? What next? What next! It’s an exciting and fun conversation we are having now.Expert Network team provides free consultations. Just mention that youlistened to the podcast. Nathan Merrill, attorneyWorking with affluent families and entrepreneurs in implementingtax-efficient strategies and wealth preservationGoodspeed, Merrill(720) 473-7644nmerrill@goodspeedmerrill.comwww.goodspeedmerrill.com Jeff Krommendyk, Insurance ExpertWorking with business owners and successful families in transferringriskOne Digital Insurance Agency(303) 730-2327jeff.krommendyk@onedigital.com Karl FrankFinancial planner helping a small number of successful families grow andprotect their wealth and choose how they want to be taxedCERTIFIED FINANCIAL PLANNER™A&I Wealth Management(303) 690.5070karl@assetsandincome.com
Learn some of the specifics of Annalee’s advice. Take, for example, a driving plan. What if mom and dad cannot drive anymore? Are they even safe to drive? Learn about some of the things to do to make a home senior safe. Learn about technologies that can help our elderly loved ones. Learn about ways to keep our bodies and brains healthy. Also hear some real-life stories of things gone wrong.
The Expert Network Team consists of Karl Frank CFP®, financial planner at A&I Wealth Management, Nathan Merrill, attorney at Goodspeed and Merrill, and Jeff Krommendyk, managing principal at OneDigital insurance.
Expert Network team provides free consultations. Just mention that you listened to the podcast.
Today’s guest:
Annlee Kruger
1-800-741-0302
WeCare@CareRightInc.com
https://www.linkedin.com/in/annaleekruger
www.carerightinc.com
Facebook: @carerightincorp https://www.facebook.com/carerightincorp
Instagram: @carerightinc https://www.instagram.com/carerightinc/
LinkedIn: @care-right-inc https://www.linkedin.com/company/care-right-inc/
YouTube: @caregivercrisis https://www.youtube.com/@caregivercrisis
Expert Network team provides free consultations. Just mention that you listened to the podcast.
Nathan Merrill, attorney
Working with affluent families and entrepreneurs in implementing tax-efficient strategies and wealth preservation
Goodspeed, Merrill
(720) 473-7644
nmerrill@goodspeedmerrill.com
www.goodspeedmerrill.com
Jeff Krommendyk, Insurance Expert
Working with business owners and successful families in transferring risk
One Digital Insurance Agency
(303) 730-2327
jeff.krommendyk@onedigital.com
Karl Frank
Financial planner helping a small number of successful families grow and protect their wealth and choose how they want to be taxed
CERTIFIED FINANCIAL PLANNER™
A&I Wealth Management
(303) 690.5070
karl@assetsandincome.com
Nathan Merrill, Karl Frank CFP®
The majority of families who hire Annalee or one of her team members are in crisis. Their loved one, an elder, has had a decline in health and they are not ready. The communication between family members is struggling. And all of us, at some point in time, will not be able to speak up for ourselves when we need to. So it is good to find a guide, and this podcast provides some practical ways to choose one.
The Expert Network Team consists of Karl Frank CFP®, financial planner at A&I Wealth Management, Nathan Merrill, attorney at Goodspeed and Merrill, and Jeff Krommendyk, managing principal at OneDigital insurance.
Expert Network team provides free consultations. Just mention that you listened to the podcast.
Today’s guest:
Annlee Kruger
1-800-741-0302
https://www.linkedin.com/in/annaleekruger
wecare@carerightinc.com
www.carerightinc.com
Facebook: @carerightincorp https://www.facebook.com/carerightincorp
Instagram: @carerightinc https://www.instagram.com/carerightinc/
LinkedIn: @care-right-inc https://www.linkedin.com/company/care-right-inc/
YouTube: @caregivercrisis https://www.youtube.com/@caregivercrisis
Expert Network team provides free consultations. Just mention that you listened to the podcast.
Nathan Merrill, attorney
Working with affluent families and entrepreneurs in implementing tax-efficient strategies and wealth preservation
Goodspeed, Merrill
(720) 473-7644
nmerrill@goodspeedmerrill.com
www.goodspeedmerrill.com
Jeff Krommendyk, Insurance Expert
Working with business owners and successful families in transferring risk
One Digital Insurance Agency
(303) 730-2327
jeff.krommendyk@onedigital.com
Karl Frank
Financial planner helping a small number of successful families grow and protect their wealth and choose how they want to be taxed
CERTIFIED FINANCIAL PLANNER™
A&I Wealth Management
(303) 690.5070
karl@assetsandincome.com
Learn enough details about the CTA so that you can take action. Learn about the exceptions to the Corporate Transparency Act, and see if you can avoid completing the requirements. Learn about the affected people, called company applicants. Learn about company applicants, learn about how one complies–the application process. Learn about risk management considerations, and put it all in perspective and make it real.
The Expert Network Team consists of Karl Frank CFP®, financial planner at A&I Wealth Management, Nathan Merrill, attorney at Goodspeed and Merrill, and Jeff Krommendyk, managing principal at OneDigital insurance.
Expert Network team provides free consultations. Just mention that you listened to the podcast.
Nathan Merrill, attorney
Working with affluent families and entrepreneurs in implementing tax-efficient strategies and wealth preservation
Goodspeed, Merrill
(720) 473-7644
nmerrill@goodspeedmerrill.com
www.goodspeedmerrill.com
Jeff Krommendyk, Insurance Expert
Working with business owners and successful families in transferring risk
One Digital Insurance Agency
(303) 730-2327
jeff.krommendyk@onedigital.com
Karl Frank
Financial planner helping a small number of successful families grow and protect their wealth and choose how they want to be taxed
CERTIFIED FINANCIAL PLANNER™
A&I Wealth Management
(303) 690.5070
karl@assetsandincome.com
Sweeping new laws affect every business owner of nearly every size business in the USA. Nathan and Karl interview Charlston “Chase” DeGrood, an attorney at Goodspeed and Merrill, about the CTA: Corporate Transparency Act. All of us have to give up a lot of privacy and keep our information up to date or we face stiff fines. In a new Federal government database, the Feds are collecting ownership of companies, holding companies, and other legal entities, even if they have no financial affect. Even the person doing the work, regardless of their position in the company, must provide personal private information to complete the filing. Learn about your requirements, the risks you face and some ways to stay compliant in the first of two podcasts.
The Expert Network Team consists of Karl Frank CFP®, financial planner at A&I Wealth Management, Nathan Merrill, attorney at Goodspeed and Merrill, and Jeff Krommendyk, managing principal at OneDigital insurance.
Expert Network team provides free consultations. Just mention that you listened to the podcast.
Today’s guest:
Charlston “Chase” De Grood
(720) 531-4031
cdegrood@goodspeedmerrill.com
Expert Network team provides free consultations. Just mention that you listened to the podcast.
Nathan Merrill, attorney
Working with affluent families and entrepreneurs in implementing tax-efficient strategies and wealth preservation
Goodspeed, Merrill
(720) 473-7644
nmerrill@goodspeedmerrill.com
www.goodspeedmerrill.com
Jeff Krommendyk, Insurance Expert
Working with business owners and successful families in transferring risk
One Digital Insurance Agency
(303) 730-2327
jeff.krommendyk@onedigital.com
Karl Frank
Financial planner helping a small number of successful families grow and protect their wealth and choose how they want to be taxed
CERTIFIED FINANCIAL PLANNER™
A&I Wealth Management
(303) 690.5070
karl@assetsandincome.com
Join Nathan Merrill and Karl Frank CFP® as they share ideas about tax harvesting. First, learn what it means to harvest a tax loss and how it benefits you. Then, learn about some risks you might not have thought about when you choose to do it. Plus, learn some good strategies and when this benefits you the most. After that, Karl and Nate flip the topic on its head and give you what could be a great idea you might not have thought about: harvesting the gains of your favorite investments!
For more information, visit us at www.expertnetworkteam.com or shoot us an email for an initial free discovery meeting, info@expertnetworkteam.com. Happy holidays from the ENT!
Expert Network team provides free consultations. Just mention that you listened to the podcast.
Nathan Merrill, attorney
Working with affluent families and entrepreneurs in implementing tax-efficient strategies and wealth preservation
Goodspeed, Merrill
(720) 473-7644
nmerrill@goodspeedmerrill.com
www.goodspeedmerrill.com
Jeff Krommendyk, Insurance Expert
Working with business owners and successful families in transferring risk
One Digital Insurance Agency
(303) 730-2327
jeff.krommendyk@onedigital.com
Karl Frank
Financial planner helping a small number of successful families grow and protect their wealth and choose how they want to be taxed
CERTIFIED FINANCIAL PLANNER™
A&I Wealth Management
(303) 690.5070
karl@assetsandincome.com
Jeff Krommendyk, Nathan Merrill and Karl Frank discuss practical ways for business owners–and anyone!--can reduce stress. Drawing on personal experience, as well as all of our network, we tell you what we do–and what we would like to do! Keeping it real!
- Exercise, including practical advice like NOT GOING TO THE GYM
- Spiritual, including prayer, meditation and mindfulness
- Community, in all of its ways we do not get isolated
- Hug therapy, need I say more!
Other ideas include gratitude, charity, time management, sleep, water, and cold plunging! Remember what is true and take 15 minutes to reduce a little stress.
Expert Network team provides free consultations. Just mention that you listened to the podcast.
Nathan Merrill, attorney
Working with affluent families and entrepreneurs in implementing tax-efficient strategies and wealth preservation
Goodspeed, Merrill
(720) 473-7644
nmerrill@goodspeedmerrill.com
www.goodspeedmerrill.com
Jeff Krommendyk, Insurance Expert
Working with business owners and successful families in transferring risk
One Digital Insurance Agency
(303) 730-2327
jeff.krommendyk@onedigital.com
Karl Frank
Financial planner helping a small number of successful families grow and protect their wealth and choose how they want to be taxed
CERTIFIED FINANCIAL PLANNER™
A&I Wealth Management
(303) 690.5070
karl@assetsandincome.com
Expert Network team provides free consultations. Just mention that youlistened to the podcast. Nathan Merrill, attorneyWorking with affluent families and entrepreneurs in implementingtax-efficient strategies and wealth preservationGoodspeed, Merrill(720) 473-7644nmerrill@goodspeedmerrill.comwww.goodspeedmerrill.com Jeff Krommendyk, Insurance ExpertWorking with business owners and successful families in transferringriskOne Digital Insurance Agency(303) 730-2327jeff.krommendyk@onedigital.com Karl FrankFinancial planner helping a small number of successful families grow andprotect their wealth and choose how they want to be taxedCERTIFIED FINANCIAL PLANNER™A&I Wealth Management(303) 690.5070karl@assetsandincome.com
Expert Network team provides free consultations. Just mention that youlistened to the podcast. Nathan Merrill, attorneyWorking with affluent families and entrepreneurs in implementingtax-efficient strategies and wealth preservationGoodspeed, Merrill(720) 473-7644nmerrill@goodspeedmerrill.comwww.goodspeedmerrill.com Jeff Krommendyk, Insurance ExpertWorking with business owners and successful families in transferringriskOne Digital Insurance Agency(303) 730-2327jeff.krommendyk@onedigital.com Karl FrankFinancial planner helping a small number of successful families grow andprotect their wealth and choose how they want to be taxedCERTIFIED FINANCIAL PLANNER™A&I Wealth Management(303) 690.5070karl@assetsandincome.com
In this episode Nathan Merrill and Jeff Krommendyk interview Monroe "Roey" Diefendorf, who is a member of a 5 generational family legacy business. Roey discusses many of the challenges which multi-generational families (or those desiring to transmit family business and wealth among multiple generations) face. He talks about the challenges his family had to overcome to make it to 5 generations, and observations he made of the counsel that affluent families are receiving which is not necessarily in harmony with their concerns and goals, specifically "how to prepare the family for the money". From this he pioneered a "3D" portfolio management approach to advising clients, as well as being instrumental in developing the "Fam Tec" foundation for More Than Money 360, which is his admitted final career but utmost passion. Part 2 of a 2 part series with Roey.
Expert Network team provides free consultations. Just mention that you listened to the podcast.
Nathan Merrill, attorney
Working with affluent families and entrepreneurs in implementing tax-efficient strategies and wealth preservation
Goodspeed, Merrill
(720) 473-7644
nmerrill@goodspeedmerrill.com
www.goodspeedmerrill.com
Jeff Krommendyk, Insurance Expert
Working with business owners and successful families in transferring risk
One Digital Insurance Agency
(303) 730-2327
jeff.krommendyk@onedigital.com
Karl Frank
Financial planner helping a small number of successful families grow and protect their wealth and choose how they want to be taxed
CERTIFIED FINANCIAL PLANNER™
A&I Wealth Management
(303) 690.5070
karl@assetsandincome.com
In this episode Nathan Merrill and Jeff Krommendyk interview Monroe "Roey" Diefendorf, who is a member of a 5 generational family legacy business. Roey discusses many of the challenges which multi-generational families (or those desiring to transmit family business and wealth among multiple generations) face. He talks about the challenges his family had to overcome to make it to 5 generations, and observations he made of the counsel that affluent families are receiving which is not necessarily in harmony with their concerns and goals, specifically "how to prepare the family for the money". From this he pioneered a "3D" portfolio management approach to advising clients, as well as being instrumental in developing the "Fam Tec" foundation for More Than Money 360, which is his admitted final career but utmost passion. Part 1 of a 2 part series with Roey.
A Family Reunion Can Help Prepare Your Heirs
Nathan Merrill and Karl Frank, CFP talk about a fun way to help prepare the heirs–the family reunion! Here are a handful of fun and practical ideas to turn an event that has been the butt of many jokes, and funny movies, and turn it into something that could be impactful. Plus, it could prepare the heirs by giving them the stories and sharing the legacy of your family.
- First, ask why? Why do we have a family reunion?
- Get the buy-in from younger generations. Everyone needs to bring something to the reunion to make it work.
- Story-time.
- Fun events.
- Symbols can be a big part of legacy; and they could be as small as a cuff-link!
- Consider a book; here is a way that everyone can contribute something they want to remember.
- Make sure everyone is invited and feels safe.
- Bring in the spouse’s stories too!
Sometimes the elder generations are saddled with putting on this event. The younger generations have a lot at stake. Importantly, the expert team offers a free discovery meeting. Contact any one of us at
www.expertnetworkteam.com
or email
info@expertnetworkteam.com
A Good Inheritor of Wealth
Nathan Merrill and Karl Frank, CFP discuss how to prepare an inheritor of wealth. Building off previous podcasts, we discuss some practical and fun actions we can take to help the next generations become the best versions of themselves they can be.
- Like training your kids to be good at golf, do you want them to start learning to play golf when young or old? Young!
- Similarly, do you want to prepare your heirs for their inheritance when they are young or old? Young!
- Financial education is important.
- Values, stories, ethics–these are more important than financial education to prepare your heirs.
- Think about the items, the symbols, in your family. Learn how to turn them into a catalyst for creating a multi-generational legacy.
- Native peoples have oral traditions that we can learn from.
- Learn how to help the future generations you will never meet, and help them understand your ancestors’ stories as well.
In this podcast, we discuss previous podcasts about estate planning. Make sure to listen to them! Importantly, the expert team offers a free discovery meeting. Contact any one of us at
www.expertnetworkteam.com
or email
info@expertnetworkteam.com
Wealth is a Disruptor
Nathan Merrill and Karl Frank, CFP say wealth is a disruptor. It could be a force for good or bad!
- First principles, how is money a disruptor?
- Help define the benefactor’s goals
- Think about it from the inheritor’s side
- Now think about it four generations out, what will they value? Likely not the money…
- Hear a story about a ranch in the family and another story that goes all the way back to Colonial Virginia. What do the relatives most value today?
- Learn the importance and usefulness of having a guide
- Learn a few techniques to navigate important conversations safely.
In this podcast, we discuss the book,
Cycle of a Gift
by James Hughes etc. Importantly, the expert team offers a free discovery meeting. Contact any one of us at
www.expertnetworkteam.com
or email
info@expertnetworkteam.com
Karl Frank, CFP and Nathan Merrill go back to first principles and discuss something that means the most to most of us: family. How do you transfer significant money to people who may or may not be part of your biological family?
- Learn how a “relational family” and a “family of affinity” are different.
- Learn some questions a financially successful person can ask.
- How do we get closer to our family? How do we keep them close?
- When you leave the money out of the conversation, you sometimes get closer to what is most important.
- On the other hand, avoiding the money conversation can make things even worse.
- Learn a few techniques to navigate important conversations safely.
As always, the expert team offers a free discovery meeting. Contact any one of us at www.expertnetworkteam.com or email info@expertnetworkteam.com
Karl Frank, CFP, Jeff Krommendyk and Nathan Merrill continue to interview Shawn Barberis, JD, who is an expert on facilitating important family conversations about legacy. Legacy is often discussed but rarely acted upon. Shawn shares some of the history of legacy conversations:
- How Shawn got into the business, and created the technology and processes.
- What the process looks like for new clients. This includes 30 minutes of homework for each and every family member, each and every month, for the first six months.
- The research on families who have successfully transferred the financial and non financial assets over generations.
Shawn shares practical advice and offers a way to facilitate communications about the topics that are most important to many people. What does this money mean? What stories do you want to share? What are the values?
By creating a shared values list, Shawn’s team helps families create a family values mission statement. And make sure to listen to the end of the podcast when we discuss how Shawn can help disinterested, intimidated (bored?) new generations get interested, involved and feel like they are making a difference. He also offers advice about how to get an older patriarch who wants to maintain control involved, and willing to be vulnerable.
Learn more about Shawn and his company, More than Money 360, at his website, www.morethanmoney360.com , or email him at shawn@mtm360.com. Make sure to schedule a free discovery meeting, here: https://www.assetsandincome.com/our-process-our-promise/
Karl Frank, CFP, Jeff Krommendyk and Nathan Merrill interview Shawn Barberis, JD, who is an expert on facilitating important family conversations about legacy. As Shawn says, legacy is often discussed but rarely acted upon. Shawn shares:
- How legacy is not quantitative, it is not measured in dollars. A legacy is qualitative. Shawn shares what he means by this and how he helps people find meaning.
- Why everyone, even the young people in a family, deserve a seat at the table during a family conversation about legacy.
- Everything goes wrong when the family goes wrong, the money, the businesses, health and wealth. All of it depends upon transparent conversations.
Shawn and his team have developed processes and technology to make conversations productive and families feel confident and safe. He says there are three stages to the financial legacy, first you have to make it. Then you have to prepare the money for the family. These are where many people stop–this is the traditional estate plan for a financially successful family. But a wealthy family, says Shawn, takes the next step: prepare the family for the money.
Learn more about Shawn and his company, More than Money 360, at his website, www.morethanmoney360.com or email him at
shawn@mtm360.com . Make sure to schedule a free discovery meeting, here: https://www.assetsandincome.com/our-process-our-promise/
In Die With Zero, Bill Perkins makes the case that people are saving too much money and not spending enough money to create memories with their loved ones. While we are alive, we should do things with the people we love, and help the people we love financially, so that we can enjoy “memory dividends” later in life.
The experts discuss this intriguing idea and also criticize some of the shortcomings. In the first of a multi-part podcast series on legacy, Die with Zero starts an interesting conversation, to say the least!
Learn more about legacy, and schedule a free set of discovery meetings, here:
https://www.assetsandincome.com/our-process-our-promise/
When Silicon Valley Bank (SVB) failed, it was dramatic. An “A” rated financial company has never disappeared with a few clicks on a cell phone–until SVB in March, 2023.
The experts discuss this fearful and precarious news and put it into perspective. Now we have more uncertainty, and more confidence, at the same time! We are more uncertain about the possible short-term paths–the range of short-term outcomes is huge–from very good to very bad. And that causes uncertainty! On the other had, with the heavy-handed and quick reaction from the Federal Government, in particular the FDIC and Federal Reserve, bank depositors have more certainty that their deposits are secure–more so than in the past.
Learn more about and schedule a free set of discovery meetings, here:
https://www.assetsandincome.com/our-process-our-promise/
Karl Frank, CFP and Nathan Merrill quiz our insurance expert, Jeff Krommendyk, about how much insurance rates are rising, why and what can we do about it?
- What is happening with insurance rates and why?
- What can we do about it?
- Hard markets and soft markets
- Putting it all into perspective, and some optimism that this might not last very long.
- Catastrophe: this is the primary reason rates are higher—we have had a number of catastrophes, this and…
- Low investment returns. Insurance companies have had lower investment returns, but that might be changing!
For more information about these, check out our previous podcasts:
Episode 45: Episode 45: Marshall Fire in Boulder and How All of Us Can Protect Ourselves in the Future: https://www.assetsandincome.com/podcast/marshall-fire-in-boulder-and-how-all-of-us-can-protect-ourselves-in-the-future/
Jeff Krommendyk and Nathan Merrill ask Karl Frank, CFP about how rising interest rates affect the investment planning he recommends.
- What is happening with rates and why?
- Opportunities for growth and income
- Expected returns and how they matter for advanced tax planning
- A little bit about mutual funds and taxes and returns
- Sequence of returns
- Inflation, interest rates and…
- What recession? Who said we were having a recession anyway?
In all seriousness, we discuss timely and timeless topics that may help put perspective on the craziness of our modern world.
For more information about these topics, check out all our podcasts on Apple Podcasts, Spotify, or wherever you get your podcasts. Also, visit the podcast website at
www.expertnetworkteam.com
Karl Frank, CFP and Jeff Krommendyk, ask Nathan Merrill about how rising interest rates affect advanced financial planning tools that he recommends.
- What is happening with rates and why?
- How do various charitable plans affected by rising rates?
- Which tax and charitable strategies are better today?
- What about changes in the US Federal Government and how does they affect my financial plans?
We discuss charitable lead and charitable remainder trusts. For more information about these, check out our previous podcast:
- Podcast 39: Introduction to charitable giving
Karl Frank, CFP and Nathan Merrill discuss the tax law changes that are most likely to affect business owners and other employers. At the end of 2022, Congress passed more than 90 changes to the tax laws and many of these affect employers, especially with retirement plans.
- Roth-a-mania, many new rules around after-tax retirement plans, most of them provide a long-term benefit of the tax-payer
- Cinnamon roll: instead of a donut hole, which is a phrase used to describe a problem with Medicare, the cinnamon roll benefits folks aged 60 to 63
- Bribery, how employers can use low-dollar gift cards to incentivize workers to contribute to their 401k plans
- Tax credits for starting retirement plans
- Catch-up contributions must go into Roth IRAs for folks who earn $145,000 or more
- Multiple Employer Plans and Pooled Employer Plans are a little easier to work with
- Emergency savings accounts, allowing employees to get money out of their retirement plans, regardless of age
- 529 plans can roll into Roth IRAs
The experts discuss these changes, and more, and crack a few jokes as well.
At the end of 2022, Congress passed more than 90 changes to the tax laws. This podcast will cover the biggest changes that affect the largest number of individuals and families. Nathan Merrill tax attorney, interviews Karl Frank, CFP and discuss:
- New rules around required distributions
- IRAs and 401k plan changes
- Tax brackets and deductions
- New benefits for education plans—you can roll left over money into your own Roth IRA
- New types of Roth accounts
Most of the changes at the end of 2022 are good news; they actually benefit taxpayers! We discuss some of the reasons Congress made changes, including changing demographics, politics and more. During the podcast, we discuss the child tax credit. For 2023, the child tax credit is lower. In 2021, Congress expanded the child tax credit to $3,600 for children under six and $3,000 for children six to 18. That credit has dropped back to $2,000. The tax credit for child and dependent care has also dropped from up to $8,000 back to just over $2,100.
Source: https://www.irs.gov/credits-deductions/individuals/child-tax-credit
Karl Frank, Nathan Merrill, and other team members discuss the latest legislation on the various forms of marijuana use and its regulations, the limitations of drug testing, and other things employers need to know about how the legislation can affect their workplace policies.
Learn more about Loren’s services and get your free start up kit at https://www.businesssuccesssolution.com/package/
Learn more about Loren’s services and get your free start up kit at https://www.businesssuccesssolution.com/package/
Bios for Karl Frank, CFP, Jeff Krommendyk and Nathan Merrill.
Learn more about the Expert Network Team’s process and free discovery meeting.
Karl Frank, CFP, and Nathan Merrill discuss the recession. It is important for business owners, executives and managers to remain positive. Here are some reasons why and how!
- What makes the news is not what matters
- Recessions are usually mild
- Business owners have more choice and control than many people about how the recession affects them, their business and their stakeholders
- Often, these are times when employees become more loyal and hiring becomes easier
- A healthy company may be able to gain market share during a recession
Here are some risks that good managers, executives and other employers can turn into opportunities!
Karl Frank, CFP and Nathan Merrill discuss a couple of real-life horror stories for employers: the underappreciated risks of payroll and payroll taxes!
- Learn what risks you face as a fiduciary for the Federal and State governments
- Listen to a story about how Karl’s company had payroll, and three months of taxes, stolen…never to be recovered.
- Learn from Nathan as he shares a horror story from a person he cares about
Avoid these big risks that business owners, executives and other fiduciaries face and how to avoid them!
Learn more about John Sauer’s free discovery meeting here:
https://www.goodspeedmerrill.com/attorney/sauer-john-paul/
Learn more about John Sauer’s free discovery meeting here:
https://www.goodspeedmerrill.com/attorney/sauer-john-paul/
Exit Planning Intake Questionnaire
Karl Frank, CFP, Jeff Krommendyk, and Nathan Merrill discuss exit planning. How can you exit your business in style? Answer these seven questions, and you will be off to a good start.
- Do you know your exact retirement goals and what it should take, in cash, to reach them?
- Do you know how much your business is worth today, in cash?
- Do you know the best way to maximize the income stream generated by your ownership interest?
- Do you know how to sell your business to a third party and pay the least possible taxes?
- Do you know how to sell your business to family members, co-owners or employees while paying the least possible taxes and enjoying maximum financial security?
- Do you have a continuity plan for your business if the unexpected happens to you?
- Does your family have financial contingency plans if the unexpected happens to you?
Each one of the questions, opens a series of other questions. Jeff, who recently transitioned his business, says the answering these questions would have helped him achieve even better results, with a lot less stress and hassle.
For a free exit planning intake questionnaire, visit the Assets & Income website:
Exit Planning Intake Questionnaire
All of our experts offer a complimentary conversation.
Karl Frank, CFP answers questions from Nathan Merrill about the economy and brings a positive perspective to the events of the world. We discuss inflation, interest rates, slowing economy, low unemployment, energy costs and more. With a little different perspective, one can see many of the challenges in today’s world as opportunities. In sum, pessimists may sound smart but optimists make money.
Learn more about Karl’s free discovery meeting here: https://www.assetsandincome.com/our-process-our-promise/
Learn more about Nathan Merrill here: https://www.goodspeedmerrill.com/attorney/merrill-nathan/
Karl Frank, CFP listens as Nathan Merrill opens up about some huge challenges he and his company are facing. Business owners of all walks of life face similar challenges, and may benefit from a conversation about: Circumstances and events that are slowing us down Catalysts–how big change is often masked as failure. Management changes, how to part ways and everyone wins. Redundancy, making ourselves less vulnerable to personnel changes. Embrace patience How a healthy culture of “not complaining” and “get stuff done” has a dark flip side…and how to avoid it! *How to be ambitiously lazy
Learn more about Karl’s free discovery meeting here: https://www.assetsandincome.com/our-process-our-promise/
Learn more about Nate’s services here: https://www.goodspeedmerrill.com/attorney/merrill-nathan/
There is no such thing as “one-size-fits all.” In this lively conversation, we provide some practical tips and tricks to motivate the next gen to succeed! In particular, Jeff offers skills and knowledge from his years as a business coach, some of which include:
- Challenges and advice finding people
- Testing, training, standardizing are just the start
- Customizing, making things exciting, and still getting stuff done
- Teamwork–culture-fit–inspiration, these are important for the next generation and how can we speak a language that fits their values?
Learn more about Jeff’s free discovery meeting here:
https://www.securityfirstia.com/staff/name/jeff-krommendyk/
We start with the definitions, where they come into play, then move onto the bigger questions like:
- How can we help protect ourselves?
- What are powers of attorney? How can they help?
- How can we help our aging parents?
- How do we get things going if our parents never visited with an attorney?
- What do we do if we think there is some abuse? Or if we are worried there is a chance of abuse someday?
- When should we be worried and what can we do to be confident?
Get some practical advice to reduce conflict, increase success and keep you and your loved ones safe.
Learn more about Leia’s free discovery meeting here:
https://www.goodspeedmerrill.com/trust-and-estate-services/
If you have not had the opportunity to take an estate through probate, you likely dread the process like you might dread the Department of Motor Vehicles. But Leia Ursery will teach us that sometimes, it is just the best way to go!
- What is probate and how does it help our survivors?
- What do we need to know about common law marriage?
- The 7 year rule myth–the truth is you can be married very quickly!
- The 10 year rule truth–how a spouse’s interests in property “vests” over time.
- How can probate resolve disputes over common law marriage, disputes between children and other survivors, and more?
- How can we avoid probate? And when should we avoid it vs going through probate?
No such thing as a common law divorce! Learn the first three steps Leia recommends we take when we are the person in charge of a decedent’s estate. And learn about how to handle legally-controlled items like fire-arms, driving the decedent’s cars and what to do with drugs and substances (some of which may be illegal!).
Learn more about Leia’s free discovery meeting here:
https://www.goodspeedmerrill.com/trust-and-estate-services/
In this 20 minute episode, we continue our conversations about investments other than equities and bonds:
- Real estate–and how we can be rewarded and take on concentrated risk.
- We talk about leverage, as in, do we want more debt? Pros and cons.
- We talk about recession, but it’s not depressing!
We discuss a recent Zoominar A&I Financial Services held with a China expert,
here is the link
For more information, visit the websites of any of the expert network team members.
In this 20 minute episode, we discuss what we can do:
- What we can do when we have the jitters.
- Why we feel skepticism, doubt, and why it seems like things are rigged against us.
- We talk about Ukraine chaos, or commotion, as Nate calls it.
- We talk about gold…for goodness sakes!
- And finally, we learn the best strategies to use in the game of Risk.
We discuss a recent Zoominar A&I Financial Services held with a China expert, here is the link. For more information, visit the websites of any of the expert network team members.
In this 20 minute episode, we discuss what we can do about inflation:
Reasons we have inflation. Are they just monetary? Are they policy related?
How the Federal Reserve can help and likely has not helped, but hindered, inflation over the previous decade.
We take a special look at mortgage rates and make a prediction—it may not be like the past. In fact, in the past, after a mortgage increase, the next few quarters have seen a decline in mortgage rates. Is this time different?
And finally, learn three things we can do in an inflationary world.
This is a time to recalibrate our lives. As Nate Merrill says, to “go wherever our heart is.” For more information, visit the websites of any of the expert network team members.
In this 20 minute episode, we discuss the absolutes:
- Inflation is the loss of purchasing power; emotionally and economically affective.
- Comparison of today’s rates with the past and how that may affect us—in particular, we discuss gasoline prices
- What types of products are we spending more on, and buying less of. Where are businesses making more money and selling less?
- And finally, learn some interesting recent statistics about today’s inflation environment.
For more information, visit the websites of any of the expert network team members.
Jeff Krommendyk, Karl Frank, CFP and Nathan Merrill dive into a conversation about death and come out feeling inspired. No, really.
- Start with the legal documents.
- Move into the soft stuff which is WAY more important anyway.
- Provide some links and recommendations for practical planning and conversation starters.
Learn the three fundamentals of an AMD (Advanced Medical Directive). We briefly cover the medical power of attorney too so that you can safely go into a conversation with an attorney, and not have your head spinning. We talk a little about the differences between state laws, and how important (and easy) it is to keep your legal documents up-to-date.
Then, we talk about what happens when we talk about death. I mean, it is not always a downer. And ultimately, it is an incredible, powerful and amazing gift we give ourselves and our loved ones when we do it the way we want to do it–which is different for each and every one of us.
For more information, visit the websites of any of the expert network team members. And if you would like a copy of the EOL planning booklet, email or call any one of our offices.
Jeff Krommendyk, Karl Frank, CFP and Nathan Merrill are still experiencing panic at the office. Or rather, with all the heightened tensions around the world, we are noticing that we, our team members, our partners, clients, vendors are on edge.
In the second of a two part series, we are getting real and provide practical advice to keep ourselves, and our teams, on track in “a time in our lives like no other.” How do we provide counsel to our team, family and friends?
- Recognize that the information we, and our team, takes in determines a great deal of our happiness.
- Our stress level is directly associated with the media intake level. The more you plug in, the more you are likely to check out. So take it seriously!
- Coping mechanisms include exercise, prayer, music, service, eating and hydration, and “disciplines”.
- We can talk with our team about their bucket–leaky bucket–and how we each need to fill it, over and over again, with good stuff.
- Help our team, and ourselves, to manage expectations.
- And finally, learn the prayer that just provides us solace–the serenity prayer–as we go through these trying times.
For more information, visit the websites of any of the expert network team members.
In this two part series, we are going to discuss ways to reduce the stress and increase the happiness of our team.
- Recognize the causes of heightened emotion.
- Self-assessment–you cannot lead if you cannot heal yourself.
- Pay special attention to the media you consume. Identify the sources of stress are usually news, social media and more.
- Like being on a diet, measure the amount of media/news we take in.
- Prioritize your news and media consumption into three buckets, good, better and best. Ignore the sensationalism. And discard the rest!
- And turn to slower information sources, like books.
“When I was your age, television was called books” says the wise grandfather in Princess Bride. We recommend slowing down our thinking to help us frame today’s situation with a healthy, long-term perspective. One of the books we both recommend is Accidental Superpower. And, finally, laughter. You might enjoy this link to Countries playing Risk.
- We don’t want imagine a retirement like our parents’ retirement. Their employer said something like, “give us the best 40 years of your life and we will give you what is left over.” Is there something better?
- We don’t “remove ourselves from service” like we “retire” an old piece of equipment. No, instead we want to reboot!
- Go back to the first day you started your business. Remember the challenges you overcame, and likely you think of these things fondly. Similarly, starting retirement today is like that–a new journey with challenges you can enjoy!
- Review the stages of business. Today’s conversation is about the final two stages, 6 and 7. In Stage 6, you are the visionary and provide guidance. For stage 7, you are passing on the legacy, perhaps while you are still there!
- There is such a thing as an ideal work lifestyle that may be more fulfilling than a flat-out quit everything and then figure-it-out way to go!
We discuss some of the key attributes that a successful “figurehead” leader has and wants to cultivate. These qualities include an abundance mindset, creativity, flexibility, and the ability and desire to engage the next generations and stay engaged. In fact, we believe that this last point–staying engaged–is a key to a healthy life.
Learn more about the process with a free discovery meeting with our coach, Jeff Krommendyk here: https://securityfirstinsurance.com
Business Owners Get Off the Treadmill
Karl Frank, CFP, Jeff Krommendyk, and Nathan Merrill get together and talk about getting burnt out making money.
- Is there some way we can work less hard and still make a living?
- Am I ready to retire?
- Can we re-imagine retirement?
- What about a way to build a business you never want to leave?
- What questions do you ask and what steps can you take to get your life back on track, and not just the business.
- Get out of the boxes you don’t belong in, and back into the boxes where you do your best work. Learn about what Nate and the ENT mean by the three big boxes.
Making money is killing your business, says Chuck Blakeman. Learn more about the process with a free discovery meeting here: https://www.assetsandincome.com/our-process-our-promise/
Karl Frank, CFP and Nathan Merrill discuss the state of small business at the beginning of 2022. The biggest trend of our time is Covid 19 and what will happen next?
- Will this be a pivot year–when we return to something more normal?
- Discuss the statistics around Covid 19 and how, in the macro scheme, things look better than they have in years. We also discuss why some numbers we may not trust.
- Risks we are tolerant of, and people, actions and other things we are less tolerant of, now that we have lived with Covid for a few years.
- We discuss how this can be a year to improve ourselves, jettison the old and unnecessary, and focus on what is meaningful.
- We discuss some big trends outside of our control, like China and inflation.
- We can move from success to significance.
Make this year a reboot! We can reboot our lives just like we reboot a computer after it is feeling ill. Well, the new covid endemic is an opportunity for everyone to focus on what we enjoy–and start enjoying it!
Retirement Income Planning: How You Can Make Withdrawals from Your Investment Accounts in Retirement
Special guest Francois Giguere joins Karl Frank, CFP and Nathan Merrill to discuss the way that A&I Financial Services helps their clients set up a safe way to set up a steady retirement income from investment accounts.
Many people cannot retire without a substantial investment portfolio. Many people depend upon those investments to provide the income they need during retirement.
Listen and learn:
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When should we start to plan for making withdrawals from our investment accounts?
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How does Covid change retirement?
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3 key risks about using investment accounts for retirement income, and how to avoid them.
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How to set up income “guardrails,” or policies that you can live by and that provide confidence.
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What are the primary drivers of risks, like spending too much?
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What about inflation and how does that affect my retirement income?
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What about the risk that something may happen to my health?
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Who is at greater risk for retirement income problems? The husband or the wife? The healthy person or the less-healthy spouse? It might not be who you think!
And hear a real-world story, making it real for our listeners. Francois Giguere, CFP(R) is a former General Manager of an NHL hockey club and a knowledgeable professional who is generous with his advice. Learn from a pro!
Learn more about the retirement income planning here:
https://www.assetsandincome.com/who-we-serve/retirement-planning
Special guest Francois Giguere joins Nathan Merrill, Karl Frank, CFP, Jeff Krommendyk, and Mike Miller, CPA to discuss an important and timely topic: how to make a career change.
Francois is the former General Manager of the Colorado Avalanche. During his more than twenty year career, he helped move the franchise from Canada to Colorado, and then rose in the ranks to become the GM. He was with the team when they won the Stanley Cup twice!
Francois was also fired from his job, and he is open about the devastating, but short-term impact of that turning point in his life. Francois tells his story and gives us insight into how professional athletes make a career change. Learn how to to recover from the lows, and keep your head when you are at the absolute peak of your performance.
And hear a real-world story, making it real for our listeners. Francois Giguere, CFP(R) is a humble, humorous and knowledgeable professional who is generous with his advice. Learn from a pro!
Learn more about retirement income planning here:
https://www.assetsandincome.com/who-we-serve/retirement-planning/
Jeff Krommendyk, our home and auto insurance expert, teaches Karl Frank, CFP and Nathan Merrill about the Marshall Fire. Jeff has clients among the more than 1,000 homeowners who were devastated by the fires near Boulder at the end of 2021. Learn:
- What happens to the homeowners whose home were underinsured? Or who had no insurance at all?
- Who pays the mortgage and the car payment for a burnt-down home?
- How does the government help?
- What will insurance companies pay for?
- What about a total loss–what happens to the more than 900 homes burned to the ground?
- What are the three or four things we can all do today to get ourselves prepared just in case.
The Marshall fires hit a suburban area similar to where many Americans live. In Colorado, we hear about forest fires but not grass fires–and certainly not a fire of this size. This podcast provides practical information to help us protect against a rare, but powerful threat.
Learn more about Jeff’s free discovery meeting here: https://www.securityfirstia.com/
Special guest Cameron Morgan joins Karl Frank, CFP, Jeff Krommendyk, Mike Miller, CPA and Nathan Merrill and gain useful and informative insights into today’s investment markets. Is it a good time to be investing in equities when the SP500 is at an all-time high? How much of the market’s rise is driven by the US Federal Reserve? And is it safe? If I am worried about inflation, should I pay off debt? Warren Buffet says I should be contrarian. If everyone says it is a good time to be in equities, should I wait until the markets crash? What about the US Federal Government spending so much money? How does that affect my investments? Learn more about Cameron’s free discovery meeting here: https://www.assetsandincome.com/our-process-our-promise/
Special guest Cameron Morgan joins Karl Frank, CFP, Jeff Krommendyk, Mike Miller, CPA and Nathan Merrill and gain a couple of great ideas to save money, or just plain old get free money, to pay for college.
Colorado families lose the unlimited State income tax deduction for contributions to 529 plans in 2021. However, there are two little-known secret ways to get free money from the State of Colorado to help pay for college. One helps parents and grandparents with younger age kids or grandkids, and the other helps pay for kids already in college.
First, learn about the $1,000 matching grant from Colorado for kids 8 and under. Learn how this can become up to $5,000!
Second, learn about a $2,000 annual scholarship for current college students. This can be repeated up to four times, for a total $8,000 possible gift! Here is the link for the scholarship Cameron discusses during the podcast: https://www.collegeinvest.org/collegeinvest-529-scholarship-colorado/collegeinvest-529-scholarship-program-terms-conditions/
Learn more about Cameron’s free consultation on the website here: https://www.assetsandincome.com/who-we-serve/paying-for-college/
Real Estate for Retirement Income Liner Notes
Join Karl Frank, CFP as he interviews Mike Miller, CPA and Nathan Merrill to talk about a very popular retirement income strategy: real estate. Today we are talking about the pros and cons and the ins and out of passive rental income. Karl is a rookie at owning commercial real estate and asks the experts, both of whom are income-producing real estate owners and have decades of experience counseling real estate investors. Here are just a few of the questions you can get answers to: Should I own it or try to fix and flip the real estate? Pros and cons for different real estate strategies, especially during retirement. How do I transfer it to another real estate--the 1031? And some advanced questions and answers about these tax rules. What is the deal with long-term capital gains? What is “boot” and why do I care? Pros and cons of hiring a property management company compared to doing it myself. And what is this talk about trusts--and other complicated ways to own real estate?
Real estate has particular risks and offers potential rewards for the investor. Learn more about Real Estate Investment Planning.
Retirement Income Primer
Join Mike Miller, CPA, Karl Frank, CFP and Nathan Merrill, attorney as they discuss retirement income. In today’s podcast, Nathan and Mike ask Karl questions about how to turn your retirement assets into retirement income. Some of the questions Karl answers include: Should I invest using a 401k or a Roth and what is the difference? What is my retirement number--how much do I need? What happens to real estate, like my home, in retirement? What about the sale of a business, a home or other large asset? How do we plan for Medicare? What are the tax effects of various sources of retirement income? Oh my goodness! How to avoid the “torpedo” of the Social Security Retirement Income tax. And charities, including ways to make a tax-free gift directly out of a retirement account.
This primer covers a lot of ground and opens the door to many other podcasts and resources for retirees and pre-retirees. Learn more here Retirement Income Planning.
Jeff Krommendyk discusses the right way to purchase insurance to protect your assets. With over 20 years of experience, Jeff makes it easy to understand what you do and do not want to buy. He reveals some risks that you might not know you have and ways to cover them. He discusses some of the ways that you can sleep better at night. Plus, the experts ask him some advanced questions for business owners and real estate owners that make it real.
Join Nathan Merrill, attorney, Mike Miller CPA and Karl Frank CFP as they lay out the fundamentals about retirement accounts. Learn the different ways that the money can be invested. Learn the different taxes, tax benefits. Learn why a retirement account eliminates the worry over capital gains tax. Learn the lingo and the law. In the podcast, we discuss the eligibility limits and make reference to this IRS web page:
https://www.irs.gov/newsroom/new-income-ranges-for-ira-eligibility-in-2021
Additionally, learn about the Roth conversion and whether you do or do not want to do one of these things. Learn about what happens to your retirement when you pass away. On the other hand, learn what you need to do when you inherit a retirement account. This is an introductory podcast full of essential information.
Join Karl Frank CFP, Mike Miller CPA and Nathan Merrill, attorney, as they discuss charitable giving in a language all of us can understand. Learn about giving to people and giving to charities. Learn about the tax advantages and the estate tax advantages. Learn some practical advice about non-cash contributions. Learn how to maximize what you are already doing and not run into trouble with the IRS. Learn how to make a gift out of love and affection, and also be safe from trouble with the IRS. Finally, learn some of the lingo, like the DAF: donor advised fund. You will come out of this short podcast with confidence and enough knowledge to make a good plan that is right for your situation.
Shelly Doan, a banker with Keywest Bank, specializes in lending to doctor and dentist practices. Shelly brings her decades of experience, and degree in entrepreneurship, to the podcast. Doctors who want to get loans need to get a few things right with their financials. Learn where the value of the practice actually lies. Learn how banks rank the types of doctors depending upon their specialty. Shelly describes the Covid-19 crisis on doctor’s financials, both the best of times and the absolute worst. PPP loans can actually hurt a doctor’s prospects at getting a new loan—learn more about this and what to do about it. Real estate loans for medical practices are common. Exit planning loans are common. Learn about the loan process, what lenders look for and how to improve your situation. Finally, learn about some of the unique benefits of working with an expert like Shelly.
“Be very afraid,” says Shelly Doan, a banker with Keywest Bank. Shelly brings her decades of experience, and experience working with doctors and dentists, to the podcast. She discusses cyber security and tells the story of a particularly vicious crime. Learn how easy it is to be fooled by criminals and some ways to fight fraud. Learn the security protocols of your bank. Learn what crimes the bank will, and will not, protect you from. Learn why you should minimize check-writing. Learn about the pros and cons (and dangers!) of sending money electronically, including some of the popular apps you can download for your phone. Learn some straight-forward techniques to protect yourself. And, learn some advanced techniques, including a “ghost card” that you may want to use to protect yourself.
Join all four members of the Expert Team: Nathan Merrill, Karl Frank CFP, Mike Miller CPA and Jeff Krommendyk. We discuss the recent tax plan and how this may affect regular people, not just the billionaires.
Importantly, the proposal has not yet passed Congress so everything is subject to change.
We discuss a few of the tax increases and losses for individuals. Some of the lost tax benefits include the after-tax Roth contribution, and subsequent Roth conversion. This way to go tax free is made illegal for all people regardless of income by the American Families tax proposal. Most of the rest of the changes affect individuals who make $400,000 or more or families who make $450,000 or more. Income taxes, long-term capital gains both go up. If you make more than $5 million in a year—even if it is from a one-time transaction like selling your family business, farm or the estate—you could face over a 50% tax burden. We talk about the government’s plan to monitor all transactions over a certain dollar amount. We talk about how small business owners face paying the biggest portion of the taxes. The possible loss of the 199A deduction and a 3.8% surtax for small-business owners are two notable examples. We talk about what a person can do at the end of the year to deal with these possible tax increases!
Mike Miller CPA and Nathan Merrill, attorney with Goodspeed and Merrill, dive into even more advanced financial planning topics. Learn about small business rules, taxation, and asset protection strategies.
Mike Miller CPA and Nathan Merrill, attorney with Goodspeed and Merrill, discuss advanced financial planning topics. Learn about small business rules, taxation, and asset protection strategies.
Nathan Merrill and Karl Frank CFP discuss some books they have read that have made an out-size impact on their business and personal lives. With the obvious exclusion of the religious and political categories, we dive into educational and historical books that make an impact. Learn and laugh along side of two of our experts as we discuss some books you may have heard about, and others you may not. Some of the books are famous, like the Stephen Covey books, 7 Habits and First Things First and Principle Centered Leadership. Some are less than famous, like Executive’s Compass by James O’Toole. Learn about our “book for the ages” which made a huge impact on Nate’s life, and the Frank family’s life as well: Viktor Frankl’s Man’s Search for Meaning. Plus, we talk about some fun books. Nate discusses historical books that gave him hope and inspiration for his company, Goodspeed & Merrill, and our country! Karl discusses two engaging military history books that helped Karl build A&I Financial Services LLC. In a wide-ranging discussion, these two experts make reading real and fun for the business owner.
In the second of the two-part podcast, Karl Frank and Nathan Merrill discuss practical ideas for keeping a company together when we are physically kept apart. We discuss fun twists on easy things like lunches, happy hours and fun Zoom meetings. We discuss going all the way and hiring a Company Culture Officer. We talk about technology we are using to keep people close. Napoleon Hill famously said, every challenge is an opportunity! With honesty, humility, transparency, and a focus on core values, business owners we know have been successful holding their teams together during the pandemic and keeping them close as the economy recovers. Two big take-aways: we are evolving and we are expressly caring about our teams.
Learn from the expert network team in a podcast or an online movie. Karl Frank, Nathan Merrill, Mike Miller and Jeff Krommendyk about ways to protect your assets during these crazy times!
There are four types of asset protection. We help you protect: 1. Financial assets 2. Property 3. Confidential information 4. Personal security in the conversation with the expert network team, the gentlemen discuss the various ways we can protect our financial and property assets. First and foremost, insurance is the best defense. Having the right amount of insurance and knowing what it does and does not cover is paramount to a successful asset protection strategy.
In this brief but informative podcast, Karl Frank, CFP, Mike Miller, CPA and Nathan Merrill, JD, discuss the QCD: Qualified Charitable Distribution. Learn the benefits and drawbacks of pulling money out of a retirement account and giving it to a charity. The Qualified Charitable Distribution (QCD) is a great way for someone to give money directly to a charity and avoid taxes. For people who file a Simple 1040 tax return, the QCD is often a great decision. It saves having to file a more complicated tax return and then itemize your tax deductions. Learn why wealthy people also enjoy the QCD, including some benefits to their beneficiaries. Learn about the annual gifting limit, the types of charities, and more. Get some good ideas about how you might implement this in your financial plan.
Karl Frank CFP® interview Nathan Merrill and Jeff Krommendyk about how to build and strengthen company culture during the Covid-19 era. Before Covid—BC—culture was one thing. Now that we are in the Covid-19 era, everything is different. From handling working remotely to new technology, Jeff and Nate find opportunities and challenges. Come out of the podcast with 4 or 5 handy one-liners and good ideas to help you shape your company culture. Learn how to build community—and how it is different from culture. Learn why culture is a devotion. Challenges build identity. Identity helps you focus your efforts and find new and ideal clients.
Karl Frank CFP® and Nathan Merrill discuss Biden’s proposed estate tax plan changes. We describe what the President proposed and what this means for Americans. The increase may affect more people than ever before. The tax rate may be higher. And the loss of a benefit called the step-up in basis could be very expensive for families who have real estate, a family business, farm, or other assets. Nathan will talk in some detail about what we can do before the laws take effect. Learn about the risks that the laws will not change. And learn about ways to reduce the risks in these uncertain times. Ideas include sales, gifts, trusts, companies, foundations and more. Plus, you will learn about how a dollar may be worth a dollar when it goes into a trust. These legal strategies have been around for decades and will become more popular if tax rates go up. See also the blog post: https://www.assetsandincome.com/blog/what-biden-tax-increases-mean/
Karl Frank CFP® and Nathan Merrill discuss Biden’s proposed tax plan changes. This is the largest tax increase in US history, in dollar terms, and the second largest in history by percentage terms. Learn about the increased income tax. The long-term capital gains tax increased by the largest percentage in history. Learn about the estate tax increase and possible decrease in the estate tax exemption. This means a lot more people will be taxed a lot more upon death. Learn about the loss of a tax break called the step-up in cost basis. This tax, plus the others, could be more expensive than many people realize. Learn about the hidden “gotcha” in a real estate tax. We briefly discuss the increased corporate tax. We discuss some of the biggest winners and losers and we offer some planning ideas to help. See also the blog post: https://www.assetsandincome.com/blog/what-biden-tax-increases-mean/
So you have intellectual property, what do you do now? Learn the steps to get your property protected. Learn how to keep your property protected. Learn about the USPTO and ways to avoid problems, like abandonment. Learn about the cease and desist letter. Learn how to protect your brand, learn about consumer protection. What does intellectual property have to do with a shoe? How can insurance protect a business owner. Learn about licensing, both as a user and an issuer of intellectual property. And learn about copyrights, what is and is not a copyright. Finally, learn the most common ways to protect your intellectual property. Learn some tips about how to write a good confidentiality agreement. Learn about the non-competition agreement. Learn why consultants are dangerous. Learn how to protect yourself in consulting engagements.
Lauren Cammarata Snow, attorney with Goodspeed and Merrill, teaches the experts about intellectual property. Learn the two types of IP and the differences between hard and soft IP. Learn the value and the purpose of patents, trademarks and copyrights. Laugh as you learn about why a patent is more than a feeling. Learn about what you can and cannot patent. Learn how to protect yourself and your company when developing an idea. Learn about trade dress, trademarks and trade names. Learn about the limits to common law protections. Learn about the differences, the advantages and costs of filing at the State and Federal levels. Finally, learn about Crayons, Coke, Kleenex and different ways to protect your brand.
You might run in front of a bus for your kids but have no clue how you are going to pay for college. Want to learn how we are really paying for college? Cameron Morgan with A&I Financial Services and the experts share our own stories. Learn how we are paying, or already paid for, our kids’ college educations. Hear our out-of-the-box ideas. What do parents and grandparents need to know in today’s college environment? The costs seem so high—yet you may have heard there are a lot of scholarships and other ways to reduce costs. What is real? How can you improve your chances to get a financial award? How do you teach a kid to live off within the means of their new lifestyle? Plus, check out the show-notes with “Having the College Money Talk with Your Kids” and a link for a free consultation.
How do you pay for college? Cameron Morgan with A&I Financial Services explains to the experts some great info about how 529 plans really work. Make sure the IRS doesn't charge you taxes or penalties—hint 1009Q and 1098T. Learn about how much people actually receive from outside resources including scholarships, merit aid, grants, the Colorado Opportunity Fund and more. Learn why it is often better to apply to a lower-ranked school than the best school—be strategic! Learn about the pros and cons of using a Roth IRA for college—and whose Roth IRA, kid’s, parents or grandparents. Learn about how even $50 in a kid’s college fund might be able to increase their chances of going to college. Learn how you can get your money out of a 529 plan if your student gets a scholarship or other financial aid. Learn about how being eccentric and not well-rounded can help you. And make sure to hang out for the Holy Cow! moment with Cameron as she shares a great secret. Plus, check out the show-notes with “Having the College Money Talk with Your Kids” and a link for a free consultation.
The experts continue their conversation with Rich Ericson and Nathan Merrill about captive insurance companies. Learn alongside Jeff Krommendyk and Mike Miller about the big benefits, and key risks, of setting up a privately-owned insurance company. Continuing the conversation, Rich dives into more details about the three matrices of captive insurance: revenues, employees and current commercial insurance premiums. He discusses the big tax advantages and some of the legal details business owners want to know as they consider these advanced planning strategies. Learn about self-funded health insurance plans, and some of the benefits including increased transparency and lower costs. Learn also about some risks, and how to mitigate them (hint: a stop-loss policy). Integrating a captive policy with health insurance can reduce the risks and reduce the taxes and benefit the business owner. And how do you wind-down, exit, the captive insurance company? And what are the tax consequences? Learn how to gain more control and flexibilty over when and how much to pay in taxes.
To get a free copy of Rich’s white paper, Good, Better, Best, email info@expertnetworkteam.com.
Jeff Krommendyk, Mike Miller, the experts, interview Rich Ericson from ALINK and Nathan Merrill with Goodspeed and Merrill to learn how to set up an insurance policy that covers risks not covered by traditional business insurance. Plus, the tax advantages can be huge. The perils of a pandemic can be covered by captive insurance, and that could have provided companies a lot of protection. Learn how a business owner can set up a captive insurance company of their own. Learn about the benefits. Learn about the tax benefits. Learn about the two fundamentals required by any insurance company. Learn about pooling risk with a group captive, series captives, single parent captives. Learn about sections of the IRS code, including 831a and 831b. Learn about low-frequency, high-severity risks we all face, and how we can form a company specifically to cover these risks. And, if the risks never occur, how the owners of the captive company can still get access to the premiums paid to cover that risks. Some of the risks include coverage for a pandemic, loss of business income, supply chain interruption, bed bug coverage, earthquake coverage, loss of a license, key account loss, accounts receivable losses, and cyber security threats. Most companies do not want to pay premiums for insurance. But if the business owner was a recipient of these premiums, by owning a captive insurance company, then what was informally insured before might become a profitable endeavor instead. Learn about how the IRS tax code is an incentive system, and how it gives tacit approval to an insurance company, like this. Many business owners want to know the maximum tax-deductible contributions to captive insurance companies. Learn about the companies that benefit most from this planning idea: how much in revenues, how many employees, in what industries, and more.
Mike Miller, CPA, explains how today's economic shutdown can actually help a business owner find new and profitable opportunities. In his own company, Mike is pivoting towards providing business owner advice. Many companies were overwhelmed with the work required to maintain their businesses during the economic shutdown. Some business owners lacked financial statement literacy. Many owners want a financial dashboard, so they can pull the right levers and get the biggest return on their invested dollars. Mike's team provides consultation that explains things in an easy-to-understand way. His goal is to help owners make business financial planning enjoyable and productive as opposed to tax preparation, after the fact, when it is too late. Learn about the new ways he is doing business, including managing people remotely, and new service packages Mike provides--saving taxes across state lines. Learn how Mike hired a coach, and some advice for hiring a business coach. As the economy recovers, some businesses will come out roaring! Perhaps your company could benefit too!
Mike Miller CPA tells a story about a friend who made it through the economic shutdown from the pandemic because of his strong balance sheet. Mike shares questions to ask yourself as you think about your finances. Learn a practical idea about planning for what to do when business income declines. Mike shares the four elements of a strong balance sheet. Learn rules of thumb for a "rainy day fund" and what lenders look for in companies. Learn about "negative net worth" and how to keep a forward focus when you're looking at financial statements.
John Sauer, employment law attorney, talks with Nathan Merrill, Mike Miller and Karl Frank about the $1.4 billion or more in fraudulent claims of unemployment. All three of our companies are victims, and so are some of our employees. Learn what to do to protect yourself and see if you are a victim of identity theft too!
Karl Frank and Nathan Merrill discuss practical plans for owners of stock options, restricted stock and other types of concentrated equity. Learn three big rules for owners of concentrated equity, and Karl's favorite "go tax free" idea for owners of concentrated equity. Other ideas include nonqualified deferred compensation, employee stock purchase plans, net unrealized appreciation and more. Learn the first thing and most important to do when you receive a concentrated equity plan. We also discuss how to build a secure financial plan if you are going to keep a large amount of money in the equity of a single company. Know that you are in good company. Many people have struggled with the same issues!
Karl Frank and Nathan Merrill discuss what to do when a large amount of your net worth is tied up in a single company's stock. This is called having concentrated equity. Learn investment and tax strategies to reduce the tax-load and increase the after-tax money you have. Learn about costs, complexity and safety for different strategies. Learn about two different types of charitable trust strategies. For the newly-minted wealthy, these decisions are complicated and important.
Jeff Krommendyk, Nathan Merrill and Karl Frank discuss the advantages and downsides to an ESOP: Employee Stock Ownership Plan. Learn from Jeff as he begins the path towards a graceful exit from his business, even if it may be many years away for him.
Securities provided through Geneos Wealth Management, member FINRA, SIPC. Advisory services provided through A&I Financial Services LLC.
Consolidated Appropriations Act of 2021 and What it Means for YouKarl and Nathan Merrill, attorney at Goodspeed and Merrill, discuss the most recent HUGE tax reform passed through Congress at the end of 2020. Many people know about the $600 sent to families. But we discuss other details that may not have made the news. Some of the highlights include:
- Business expenses paid with PPP loan are deductible : For business owners who used their PPP loan properly, the loan is not taxable. This had been in doubt until this act passed. There are also four new types of expenses that qualify.
- PPP loan part 2 : Business owners who have a downturn in revenues may be able to apply for a second loan.
- PPS loan simplified forgiveness : If the loan was less than $150,000, a one-page simplified forgiveness document is all that is necessary now.
- $600 charitable deduction instead of $300. Married people who do not itemize their tax returns may claim $300 each for their charitable deductions. In 2020, it was only $300.
- Medical expenses above 7.5% of adjusted gross income (AGI) are now deductible, for all future years.
- Lifetime learning credit instead of a deduction : Going forward, tuition and related expenses will no longer be tax-deductible. However, the lifetime learning credit helps people with higher incomes, up to $180,000 income for a married couple.
Securities provided through Geneos Wealth Management, member FINRA, SIPC. Investment advisory services provided by A&I Financial Services LLC.
Jeff Krommendyk, Nathan Merrill and Karl Frank discuss the advantages of different business legal structures. In a world of changing laws and taxes, some of the old thinking is out of date. Learn more about the LLC, the S cooperation, the partnership and their pros and cons.
The experts interview Karan Safran, attorney, about the additional risks businesses face during the Covid-19 pandemic. Learn what business owners can and should do about it.
Karl Frank and Nathan Merrill discuss their least favorite words of 2020 in a light-hearted discussion to end this "unprecendented" year.
Karl Frank and Nathan Merrill discuss the key information you need to know about the Roth 401k. Learn why you may want to invest in one today.
The experts interview Karan Safran, attorney, about the additional risks businesses face during the Covid-19 pandemic. Learn what business owners can and should do about it.
The experts interview John Sauer about COVID-19 and the changes on employment law and new obligations and risks for employers.
Please join Nathan S. Merrill, Esq., of the law firm Goodspeed & Merrill, as he discussions with Jeff Krommendyk of Security First Insurance Agency the in's and out's of personal insurance coverages, including auto, home, and umbrella insurance policies and the specific uses and applications.
Please join Karl Frank, of A&I Financial, and Nathan Merrill, of the law firm Goodspeed & Merrill, as interview Jeff Krommendyk of Security First Insurance Agency of Denver, Colorado, and discuss how business insurance coverage and risk assessment has been affected by COVID and workforce displacements and accommodations that have resulted from the response to the pandemic.
Join Karl Frank as he discusses with Nathan S. Merrill, Esq., as they go in depth in discussing powers of attorney for financial and medical purposes and important considerations for each.
Join Nathan Merrill as he talks with Karl Frank to look back on one of the most remarkable markets in modern history, the COVID Market.
Join Karl Frank and Nathan Merrill, Esq., as they discuss basic estate planning concepts and their practical application.
Join our professionals as they discuss ideas for you to consider given the sweeping changes resulting from COVID 19 and its repercussions, including Captive Insurance, ROTH Conversions, and Insurance Reviews, particularly considering Cyber Security coverage.