Finance – Page 5 – The Wealth Stream Podcast

74. How to Secure a Future For Your Special Needs Child With Keith Wolak

By thewealthstreampodcast | October 6, 2021

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Setting up a special needs trust for your child with special needs is always a tough conversation to have. But having that conversation in the first place goes a long way in easing stress about the future.

In this episode, Tim Scannell is joined by Keith Wolak, an attorney and Certified Public Accountant at Hoeppner Wagner & Evans LLP for a conversation around special needs trusts. Keith speaks about both trusts and special needs trusts, and examines the risks and benefits of each, and how they work.

Keith discusses:

The difference between a trust and a special needs trust
The variance in special needs laws in different states, and why it’s important to speak with someone in your state about the laws
The process of setting up a special needs trust
Why creating a plan and having a conversation about special needs trusts is important
And more

Resources:

Advanced Planning Part 2 – Asset Protection for Special Needs Beneficiaries

Connect With Tim Scannell:

Connect With Keith Wolak:

About Our Guest:

Keith Wolak, an attorney and Certified Public Accountant, focuses his practice on estate and tax matters, which includes matters relating to minimizing estate taxes through wealth transfer contingency planning, as well as addressing fiduciary appointment. Mr. Wolak is a Board Certified Indiana Trust and Estate Lawyer, certified by the Trust and Estate Specialty Board. He has counseled clients on the various ways to effectively transfer wealth, including the use of Irrevocable Life Insurance Trusts, Testamentary Trusts, and Revocable Trusts. Mr. Wolak also prepares gift and estate tax returns. His work also includes representing estates in probate.

73. Five Key Financial Concerns for The Wealthy

By thewealthstreampodcast | September 22, 2021

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Many people share similar concerns about their finances, like ensuring you have enough money to meet all your monthly needs, and ensuring you have enough money to retire comfortably. But what about the wealthy? Are there specific financial concerns that only pertain to them?

In this episode, Tim Scannell looks at five financial concerns he regularly hears people are concerned about. Tim discusses wealth preservation, wealth enhancement, wealth transfer, wealth protection, and giving to charity as key concerns for the wealthy, and shares his insight about how to approach each concern.

Tim discusses:

Why “wealth” is more than just the amount of money in your bank account
Why clients are so concerned about wealth transfer
Why, as a business owner, you need to be concerned about wealth protection
How you can create a more impactful gift to charity
And more

Resources:

62. How to Minimize the Tax Impact of Your Business Sale

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72. It’s Never Too Early To Build Your Business’s Succession Plan

By thewealthstreampodcast | September 8, 2021

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Are you busy serving clients, managing operations, and growing your business?

It’s time for you to take a step back and think about your exit strategy—even if it’s still years away.

In this episode, Tim Scannell discusses why it is never too early to start your succession planning. Using a detailed client example, Tim explains ways to ensure a fair wealth distribution to all of your successors, and how you can optimize the cash flow for your own dream retirement.

Tim discusses:

How Hightower Great Lakes’ Pathfinder helps you transition to a work optional lifestyle
Tips for dealing with the emotional elements of succession planning
Important topics you must discuss with your family before your exit business
Strategies that enable you to exit on your terms, and with confidence
And more

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71. Meet Donald Stellin of Hightower Great Lakes

By thewealthstreampodcast | August 25, 2021

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When experiencing economic downturns or just shifts in the market, it’s important to not allow emotions to run your decision making.

In this episode, Tim Scannell introduces listeners to Donald Stellin, a financial advisor for Hightower Great Lakes. Don shares his love for not only helping his clients achieve their financial goals, but also his love of skiing and deep involvement in the sport. Don explains how he tries to keep clients focused on their long-term goals and not allow emotions to influence their investment decisions.

Don discusses:

How he helps clients articulate and achieve their goals
What he sees differently in serving clients today compared to when he first started
The biggest personal finance mistakes he sees people make
Why he emphasises keeping emotion out of investing
And more

Connect With Tim Scannell:

Connect With Donald Stellin:

About Our Guest:

Donald Stellin is a Financial Advisor with Hightower Great Lakes. He develops financial plans, manages investment portfolios, and works collaboratively with clients to create retirement income plans. He enjoys helping individuals, families, and business owners plan for a comfortable retirement by carefully listening to their needs and goals prior to developing a customized financial plan.

70. 3 Critical Wealth Planning Mistakes Family Business Owners Make

By thewealthstreampodcast | August 11, 2021

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Running a family business is complex—it’s easy to overlook simple things and then find your business in a complicated scenario.

In this episode, Tim Scannell shares three critical wealth planning mistakes he sees family business owners make. Tim walks you through each mistake and provides an example that showcases the types of issues that may arise.

Tim discusses:

Why your team may be working with the wrong advisor
Why focusing too much on tax minimization is a mistake
Family business owners failing to keep their wealth plans accurate
Why sometimes in our lives, we’re better off hiring specialists
And more

Resources:

Episode 46 – Finding Your Advisor Glass Slipper

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69. Meet Wesley Barnes of Hightower Great Lakes – With Wesley Barnes

By thewealthstreampodcast | July 28, 2021

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Samantha Pietruszynski is in the hot seat today, she’s kicked Tim out of the interview chair! She is an associate wealth advisor for Hightower Great Lakes and she has brought along Wesley Barnes, Chief Operating Officer of Hightower Great Lakes.

In this episode, Samantha introduces us to Wes, we learn about his journey to becoming a CERTIFIED FINANCIAL PLANNER™ professional and more. Wes shares the challenging side of helping people with their financial needs, and how being a CFP® professional has helped him grow professionally.

Wes discusses:

The most challenging aspect of being a financial advisor
How he has developed as a professional, and why he’s constantly focused on improving his communication skills
His advice for next gen advisors looking to work in an ensemble firm
His perfect, ideal client
And more

Connect With Samantha Pietruszynski:

Connect With Wesley Barnes:

About Our Guest:

As Chief Operating Officer, Partner at Hightower Great Lakes, Wes Barnes oversees operations for the firm and provides comprehensive advice and support for professionals, business owners, and their families including investment, retirement, college funding, estate and life insurance planning, and tax planning.

68. Meet Blair Anderson of Hightower Great Lakes – With Blair Anderson

By thewealthstreampodcast | July 14, 2021

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Policy changes can affect numerous things, and for Blair Anderson, knowing everything there is to know is something he strives to be on top of when those changes happen.

In this episode, Tim Scannell introduces listeners to Blair Anderson, CEO and partner at Hightower Great Lakes. Blair shares a bit about his history as an advisor, how he approaches his work, especially when policy changes arise, and what it was like creating Hightower Great Lakes as part of a merger between Tim’s company and his own.

Blair discusses:

Why he became a financial advisor
Why he focuses on staying on top of policy changes and how he adapts
The biggest benefits Blair has found in merging with Tim to create Hightower Great Lakes
What he likes to do outside of work
And more!

Connect With Blair Anderson:

Connect With Tim Scannell:

About Our Guest:

Blair Anderson is CEO and Partner at Hightower Great Lakes. He brings more than 25 years of industry experience to the team, and focuses on developing comprehensive, goals-based wealth management strategies for clients.

Episode 67 – Why Mastermind Groups are Great for Business Owners

By thewealthstreampodcast | June 30, 2021

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Being a business owner can get lonely. When you want to talk about ideas, it’s better to discuss with your peers.

In this episode, Tim Scannell talks all about mastermind groups, shares details about a group he is running, and how mastermind groups come to fruition. Tim explains the process of forming a mastermind group and why he sees so much value in them.

Tim discusses:

Four things Tim considers when creating a mastermind group
Why commitment & confidentiality are so important within the group
Why female CEOs & entrepreneurs often have more issues finding peers they can bounce ideas off
The discovery process of a mastermind group
And more

Resources:

The Wealth Stream Podcast Episode 39 – Using Mastermind Groups to Leverage Your Success

Connect With Tim Scannell:

Episode 66 – How To Secure Your Financial Future as a Young Person – With Justin McCurdy

By thewealthstreampodcast | June 16, 2021

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Financial planning is important, no matter what stage of life you are in.

So as a youth who has just begun accumulating wealth, what are some key financial decisions you need to think about?

In this episode, Tim Scannell and Justin McCurdy, associate wealth advisor at Hightower Great Lakes, answer this question. Going through the investment management and advanced planning process, Tim and Justin address the challenges that the next generation might face in managing their finances, and how to deal with them.

You will learn:

Risk management strategies to suit your unique investment goals
The importance of early estate planning to make things easier for your beneficiaries
Ways to keep all your financial documents secure and organized
Questions you can ask advisors to see if they are the right fit for you
And more!

Tune in now to learn wealth management strategies to secure your financial future as a youth!

Episode 65 – Explore, Learn, and Interact From the Comfort of Your Home

By thewealthstreampodcast | June 2, 2021

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At a year under lockdown, new and innovative virtual platforms have now made several opportunities accessible from the comfort of your home.

We believe that this virtual trend is here to stay.

In this episode, Tim Scannell takes a break from the financial planning side of things. Instead, he shares exciting virtual opportunities that he has either experienced firsthand or learned from his clients. Whether it’s traveling, learning, exploring nature, or attending various eating and drinking events – the virtual world has a variety of amazing things to offer.

You will learn:

How modern VR technology provides an unbelievably realistic travel tours
Interesting online events that you can attend to enrich your eating & drinking experience
Why virtual kid-friendly programs are a great way to instill curiosity and a passion for learning in your children
How globally renowned universities are extending useful e-learning resources
And more!

Tune in to learn how you can pursue your passion or hobbies through the new virtual world!