Tag: Finance

FEATURE
Episode 37 — Tax Avoidance vs. Tax Evasion

Episode 37 — Tax Avoidance vs. Tax Evasion

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Did you know that there is a way to avoid paying taxes that can help you to enhance your wealth and generate cash flow that is supported by the government?

In this episode of The Wealth Stream Podcast, Tim Scannell shares his insight into the world of tax planning, including tax avoidance. You’ll be surprised to know how much money you could potentially be saving.

In this episode, you will learn:

  • What tax avoidance is and how it differs from tax evasion
  • What an opportunity zone credit is
  • Why having a Roth IRA may be particularly beneficial for younger people
  • New tax laws and how those changes may affect you.
  • And much more!

Join us now to learn about tax avoidance and the ways you can utilize it to protect your wealth.

Resources:  HighTower Great Lakes

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Episode 36: The Importance of Understanding Your Value — Part Two

Episode 36: The Importance of Understanding Your Value — Part Two

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As a business owner, it’s important to understand what drives the value of your business.

In this episode of the Wealth Stream Podcast, Tim Scannell returns with part two of his series on value drivers to share how to get the most out of your business when you exit. 

In this episode, you will learn:

  • The final six value drivers to be aware of when exiting your business
  • Why having great internal management helps improve the overall value of your business
  • How having a proven growth strategy can help you once you’re ready to sell
  • Why business scalability drives value
  • And much more!

Join us now to learn about the different value drivers and how you can make sure you’re getting the most out of your money.

Resources:  HighTower Great Lakes: (219) 246-5370 | Episode 35: The Importance of Understanding Your Value — Part 1

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Episode 35: The Importance of Knowing Your Value — Part 1

Episode 35: The Importance of Knowing Your Value — Part 1

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Do you know what drives the value of your business?

In part one of this miniseries, Tim Scannell explains what value drivers are, and shares how understanding them may be of benefit to you should you choose to sell your business. 

In this episode, you will learn:

  • The first three value drivers to be aware of
  • Why making the business successful without you increases its value
  • Why having scalable and repeatable processes is crucial
  • And more!

Join us now to learn about value drivers and how they can help you get the most out of your business.

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

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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