Category: Wealth

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Episode 34 – 10 Questions Every Business Owner Should Be Asking

Episode 34 – 10 Questions Every Business Owner Should Be Asking

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What is your plan for retirement? Will you lock the doors and close your business on your last day? Have you considered a successor to carry on your legacy?

In this episode, Tim Scannell takes us through the top 10 questions as a business owner; your financial team should be asking you, especially as you move closer to retirement. You need to surround yourself with the right team that through advanced planning will ensure you get the most out of your years of blood sweat and tears from building your business.

In this episode, you will learn:

  • How to address things like wealth enhancement, wealth transfer, wealth protection and charitable giving
  • It is never too early to start thinking about your exit strategy
  • Do you know the actual value of your business
  • And more!

Tune in and learn what steps you can take to make sure you are taking a good look at your business and succession planning!

Resources:   HighTower Great Lakes: (219) 246-5370

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Episode 33 – Review Your Accounts The SECURE Act is Now Law!

Episode 33 – Review Your Accounts The SECURE Act is Now Law!

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Have you considered what kind of impact the SECURE Act is having on your current financial plan?

In this episode, Tim Scannell discusses specific areas of the newly approved SECURE Act that may affect you and your portfolio. This is a timely and informative conversation that addresses four areas of concern: wealth enhancement, wealth transfer, wealth protection, and charitable giving. 

In this episode, you will learn:

  • What the new requirements are for heirs of inherited IRAs
  • How and why a Roth may protect your wealth
  • Why Tim is focused on reviewings plans that involve dependents with special needs 
  • What’s new for 529 plan contributors
  • And more!

Tune in for expert guidance on what actions to take in light of the changes brought on by the SECURE Act. 

Resources:  HighTower Great Lakes: (219) 246-5370 | 5 Wealth Management Challenges Facing Construction Industry Family-Owned Businesses 

 

C11 case number 9433310

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Episode 32 – Answering the Top Questions About Advanced Planning for Your Estate — With John Wiktor

Episode 32 – Answering the Top Questions About Advanced Planning for Your Estate — With John Wiktor

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When you eventually pass on your estate to the next generation, do you know if your loved ones will be protected from creditors? 

In this episode, Tim Scannell is joined by John Wiktor from HMB Legal Counsel to answer the most common questions about advanced planning for estates. Together, Tim and John share experiences and examples from the client accounts they mutually work on.

In this episode, you will learn:

  • What the threshold for the “death tax” is
  • How to make your asset transfer more meaningful
  • What to consider before moving to a no-income-tax state 
  • The importance of having creditor protection
  • What the big advantage is to giving your kids money through a trust rather than as an outright gift
  • And more!

Tune in now to get the answers you’ve been looking for about advanced planning for your estate. 

Resources:  HighTower Great Lakes: (219) 246-5370 | John Wiktor’s Email | John Wiktor: (312) 242-3305

C11 number 9373206

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Episode 31 – How to Be Tax-Efficient With Your Charitable Giving

Episode 31 – How to Be Tax-Efficient With Your Charitable Giving

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Are you hoping to give more to your favorite charities and save money in taxes at the same time?

In this episode, Tim Scannell uncovers strategies that may allow you and the recipients of your generosity to get the best bang for the buck. Contributing straight from your required minimum distribution (RMD) or even donating an asset are just two of the many options that you will hear about in this informative episode.

In this episode, you will learn:

  • About one of the most tax-efficient strategies you can do
  • How to use appreciated stock to avoid capital gains tax
  • At what age you can start making donations from your RMD
  • What features and tax strategies donor-advised funds offer
  • And more!

Tune in to learn tax-efficient strategies for your charitable giving. Think before you write that check!

Resources: HighTower Great Lakes: (219) 246-5370 | 5 Wealth Management Challenges Facing Construction Industry Family-Owned Businesses 

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Episode 30 – Exploring the Top Concerns of Commercial-Industry Business Owners

Episode 30 – Exploring the Top Concerns of Commercial-Industry Business Owners

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Tim Scannell’s clients generally have five primary concerns around wealth preservation, wealth enhancement, wealth protection, charitable giving, and transferring wealth. As it turns out, business owners in the commercial industry are no exception. 

In this episode, Tim Scannell shares the takeaways from his study that identifies the biggest concerns of family business owners in the commercial industry. In addition to interviewing the owners, Tim captures the perspective of children who work in these businesses as well as CPAs and an attorney. This conversation will give you insight into how these individuals are thinking about finances, what challenges they’re having, and what you can learn from them. 

In this episode, you will learn:

  • About the rapidly changing aspects of the construction industry
  • How changes in technology are shifting how business is done
  • How to take advantage of CEO groups
  • What “role drift” is
  • The importance of working ON the business as well as IN the business
  • And more!

Tune in to hear the takeaways from Tim’s study about the biggest concerns of business owners in the commercial industry.  

Resources:  HighTower Great Lakes: (219) 246-5370 | White paper

 

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Episode 29 – 6 Signs That Your Kids Are Entrepreneurial

Episode 29 – 6 Signs That Your Kids Are Entrepreneurial

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Are your children — your heirs — clearly passionate about your business? Do they express their vision for the future? Will they problem-solve their way to prosperity?

In this episode, Tim Scannell uncovers six traits that entrepreneurial kids tend to possess. Using examples from his own life and that of his clients, Tim shows you how to prepare your children for success, especially if they are showing the true traits of being entrepreneurial. 

In this episode, you will learn:

  • How to properly prepare your heirs to receive wealth
  • What the six traits of an entrepreneur are and how to develop them
  • Who might be best to talk to your kids about the future (it might not be you!)
  • And more!

Tune in now and learn how to get a sense of whether your kids are entrepreneurial!

Resources:   HighTower Great Lakes: (219) 246-5370 

 

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Episode 28 – Start Living in Your Optimal Financial World

Episode 28 – Start Living in Your Optimal Financial World

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Wouldn’t it be great to have the confidence of knowing your wealth is preserved, your assets are protected, or even that the next generation is equipped to manage their wealth?

In this episode, Tim Scannell discusses how entrepreneurial business owners, even with the most complicated financial situations, can achieve their optimal financial world. Listen in as Tim walks you through questions that will test your knowledge of your business and personal finances with the purpose of uncovering how you can improve and live more optimally.

In this episode, you will learn:

  • How the services from a virtual family office can help you stay on track 
  • What level of service entrepreneurs of all stages (i.e. super wealthy or on their way) could use from a family office
  • Keys to building your professional team
  • And more!

Tune in now and learn what changes you could make to achieve your optimal financial world. 

Resources:  HighTower Great Lakes: (219) 246-5370 

 

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Episode 27 – 3 Keys to Wealth Protection That Every High-Earner Should Know

Episode 27 – 3 Keys to Wealth Protection That Every High-Earner Should Know

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Everyone wants to protect their wealth, no question about it. But have you considered that if you’re a high-income earner, you’re more vulnerable to litigation?

In this episode, Tim Scannell unwraps strategies for shielding your wealth, with a special focus on asset protection strategies. This is a must-listen conversation in which Tim walks you through three takeaways that not enough high-earners know while sharing client-examples along the way. 

In this episode, you will learn:

  • Which question Tim asks his clients first about their risk and why
  • Who to include in your team of professionals
  • What Tim does to help clients avoid lawsuits and motivate creditors to settle
  • Why insurance can be a low-cost, high-benefit way to protect yourself
  • Why transparency is a critical part of asset protection
  • And more!

Tune in now and gain clarity on how you can protect your assets! 

Resources:   HighTower Great Lakes: (219) 246-5370 

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Episode 26 – 4 Ways the Super Rich Manage Their Wealth

Episode 26 – 4 Ways the Super Rich Manage Their Wealth

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What separates the rich from the not-so-rich? 

In this episode, Tim Scannell uncovers the answers by sharing four major things the super-rich do to manage, grow, and protect their wealth. He also shares how the HighTower Great Lakes team helps their clients address the primary concerns that inspire these four habits.

In this episode, you will learn:

  • About the five concerns that people tend to have about their wealth 
  • What the HighTower Great Lakes team does to help clients address these concerns
  • How the super-rich go about finding and working with top experts 
  • What it means to work with advisors that focus on the human element 
  • The importance of paying attention and knowing what you’re agreeing to
  • And more!

Tune in now and learn how to start managing your wealth like the super-rich!

Resources:   HighTower Great Lakes: (219) 246-5370

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Episode 25 — How to Stay One Step Ahead With Cybersecurity — With Sarah Khan

Episode 25 — How to Stay One Step Ahead With Cybersecurity — With Sarah Khan

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Protecting client data is of great importance to the HighTower Great Lakes team. That’s why they’ve enlisted Sarah Khan to help protect clients and advisors from digital threats.

Today, Tim Scannell is joined by Sarah, HighTower’s chief information and security officer, to explore how she works behind the scenes to protect clients. Sarah also shares steps you can take today to keep yourself and your information safe.

In this episode, you’ll learn:

  • About Sarah’s role at HighTower Great Lakes and how it benefits clients
  • How Sarah and her team ensure that clients’ information is kept safe
  • The value in using two-factor authentication
  • Sarah’s tips and tricks for protecting your data from hackers
  • And more!

Join Tim and Sarah now for an information-packed episode on how you can stay safe with cybersecurity!

Resources:  HighTower Great Lakes