Discovery

Don’t hire a financial advisor unless he/she understands these SEVEN aspects of your life.

There are seven steps to achieving your goals

The one we will focus on today is Discovery

  • Understanding your values
  • Exploring your goals
  • Exploring your relationships (Are there any relationships you have that you are or soon will be financially responsible for? (Kids, Parents, etc.))
  • Financials (What is your real net worth?)
  • Professional Advisors
  • Process (How often are you going to be reviewing your goals, relationships, financials, etc.)
  • Interests

In order to view all of this, we use the total client model.

Want to ensure you don’t have any gaps or missed opportunities in your wealth planning? Click here to “Stress-Test” your current plan FREE.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Gold Family Wealth, LLC), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Gold Family Wealth, LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Gold Family Wealth, LLC is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of the Gold Family Wealth, LLC’s current written disclosure statement discussing our advisory services and fees is available upon request. If you are an Gold Family Wealth, LLC client, please remember to contact Gold Family Wealth, LLC, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services.

Professional Team

What is the SIX STEP PROCESS you should expect from your financial advisor or wealth manager?

The six step process:

Discovery

  • Getting information on your financials

Building your team

  • Team of professionals that will help advise you
  • Should work together with your advisors and other members of the team

Comprehensive Objective Assessment

Framing the recommended course of action

  • You must be able to receive it in plain english, not technical terms

Implementation

  • Putting the recommended course of action into place

Ongoing monitoring, review and progress

  • Things change in your life, the markets, tax code, etc.
  • What’s relevant now, should not be carved in stone

Want to ensure you don’t have any gaps or missed opportunities in your wealth planning? Click here to “Stress-Test” your current plan FREE.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Gold Family Wealth, LLC), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Gold Family Wealth, LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Gold Family Wealth, LLC is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of the Gold Family Wealth, LLC’s current written disclosure statement discussing our advisory services and fees is available upon request. If you are an Gold Family Wealth, LLC client, please remember to contact Gold Family Wealth, LLC, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services.

Financial Planner vs Wealth Manager

What is the difference between a Financial Advisor and Wealth Manager?

Financial Advisor

Investment Consulting

  • Financial Advisors normally stop here
  • They’ll ask for your portfolio and recommend based on that.

Wealth Manager

Investment Consulting

  • Wealth Managers will look at your entire financial life, and build out a team from that.

Wealth Enhancement

  • All about boosting cash flow by tax mitigation and debt restructuring
  • For example, When I looked at my student loans, I realized I could restructure my student loans and it saved me almost $50,000.

Legacy Planning

  • Taking care of your heirs.
  • Wills should be drafted about every 3–5 years.
  • Wealth managers look at everything holistically.

Charitable Giving

  • If you convert your money to an IRA, you’re susceptible to taxes.
  • If you convert your money to a ROTH IRA, it will let you mitigate taxes and also be able to donate to charity.
  • Wealth Managers will help you do this

Wealth/Asset Protection

  • No matter what’s happening in your world, wealth managers will help you protect your wealth.
  • They will help protect your assets from people coming into your world, lawsuits, etc.

Team

  • Wealth Managers will help build your team to cohesively deliver the results you want.

Want to ensure you don’t have any gaps or missed opportunities in your wealth planning? Click here to “Stress-Test” your current plan FREE.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Gold Family Wealth, LLC), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Gold Family Wealth, LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Gold Family Wealth, LLC is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of the Gold Family Wealth, LLC’s current written disclosure statement discussing our advisory services and fees is available upon request. If you are an Gold Family Wealth, LLC client, please remember to contact Gold Family Wealth, LLC, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services.

Why work with a wealth manager

Why work with a Wealth Manager?

Five reasons why people work with a wealth manager?

Complexity

  • Your life becomes increasingly complex as you go throughout life. (Mortgages, kids, businesses, etc.)

Change

  • If you were to get married, you’re focus would change.
  • There are going to be changes in tax codes, the market, your business, etc.

Time

  • Most people simply don’t have the time to become an expert and organize their wealth properly.

Evaluate

  • Wealth managers evaluate their new clients.
  • If you question whether the pieces you have in place now are going to deliver what you want, people would hire a “top-tier” wealth manager.

Reassurance

  • Having someone reassure you can often help your mindset.
  • If you are on a plane and you hit a rough patch, the pilot often reassures people that they are going to get out of the turbulence and land safely. Or, they will reassure you that they need to change course and stray away from the turbulence.

Want to ensure you don’t have any gaps or missed opportunities in your wealth planning? Click here to “Stress-Test” your current plan FREE.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Gold Family Wealth, LLC), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Gold Family Wealth, LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Gold Family Wealth, LLC is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of the Gold Family Wealth, LLC’s current written disclosure statement discussing our advisory services and fees is available upon request. If you are an Gold Family Wealth, LLC client, please remember to contact Gold Family Wealth, LLC, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services.

Trusts in Estate Planning

How are Trusts used in Estate Plans?

Have you ever wondered about your estate and whether you should set up a trust?

How trusts are used in Estate Planning

What is a trust?

  • Vehicle that you transfer assets into

Who do trusts benefit?

  • Whoever you want

What is a trustee and what is their role?

  • A trustee is in charge of and enforces your wishes

If you have a trust, do you still need a will?

  • EVERYONE SHOULD HAVE A WILL!!!

Types of Trusts

Testamentary

Living

  • Avoid Probate
  • Creditor Protection
  • Immediate
  • No Probate Costs

How do you know if trust is right for you?

  • Are your heirs able to handle outright gifts? (spending, managing investments etc.)
  • Do you want your wealth and your distribution wishes public knowledge?
  • Do you want your heirs to spend freely with zero RESTRICTIONS?
  • Do you want your wealth potentially exposed to current and future creditors?
  • Do you want to pay more estate taxes than you have to?
  • If you answered no to any of these questions, you may want to look into setting up a trust.

Want to ensure you don’t have any gaps or missed opportunities in your wealth planning? Click here to “Stress-Test” your current plan FREE.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Gold Family Wealth, LLC), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Gold Family Wealth, LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Gold Family Wealth, LLC is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of the Gold Family Wealth, LLC’s current written disclosure statement discussing our advisory services and fees is available upon request. If you are an Gold Family Wealth, LLC client, please remember to contact Gold Family Wealth, LLC, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services.

3 Advisors to Avoid

What are the THREE types of financial advisors you should avoid?

There are three types of advisors you should avoid at all costs

Pretenders

  • Advisors who have good intentions
  • Advisors who do not serve their clients well due to incompetence
  • Advisors who do not serve their clients well due to limited expertise

Predators

  • Advisors who engage in illegal behavior to cheat and swindle people

Exploiters

  • Advisors who are technically savvy
  • Behave dishonorably by aggressively pushing the envelope

Advisors you should look for

Elite Professional Advisors

  • Technically State of the Art
  • Human Element (Care about your success and well being and Can create a strategy based on you)

Want to ensure you don’t have any gaps or missed opportunities in your wealth planning? Click here to “Stress-Test” your current plan FREE.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Gold Family Wealth, LLC), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Gold Family Wealth, LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Gold Family Wealth, LLC is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of the Gold Family Wealth, LLC’s current written disclosure statement discussing our advisory services and fees is available upon request. If you are an Gold Family Wealth, LLC client, please remember to contact Gold Family Wealth, LLC, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services.

Life insurance

Three types of life insurance to protect your wealth, which should you choose?

What Life Insurance to choose?

What is Life Insurance?

Having life insurance typically makes sense if you LACK the financial resources to fill a financial gap if you were to die.

Examples of Financial Gaps

  • Estate Taxes
  • Family Obligations
  • Business Interests (Only really pertains to business owners who have a partner)
  • Charitable Impact

What are the types of insurance to choose from?

  • Term Insurance (Life Insurance for a period of time)
  • Permanent
  • Variable

Exercise

How do you choose which fits your plan?

  • First, you must determine exactly what you want to accomplish.
  • Write down the reasons you want life insurance
  • Carefully and Critically think through the outcomes

If you wrote down that you want to safeguard your family if something happens to you?

Term Life Insurance

  • Pro’s: Cost Effective
  • Con’s: Coverage Expiration/ New Coverage $$/ Health

If you wrote down that you want to Maximize your legacy?

  • PERMANENT Life Insurance
  • Pro’s: Permanent/ Cash Value Build Up
  • Con’s: Pricey!

If you wrote down you wish to Maximize your legacy and Minimize your taxes?

  • Permanent Life Insurance held in an Irrevocable Life Insurance Trust
  • Pro’s: Proceeds are Estate Tax and Income Tax Fee
  • Con’s: Legal Cost and annual maintenance/ costs

If you wrote down you want to Build wealth and minimize taxes?

  • Variable Life Insurance
  • Pro’s: Exposure to invest in markets through sub-accounts
  • Con’s: Bogged down with fees, high commissions, and high surrender charges if you want to get out.

Key Takeaway

Clarity on your goals

  • Your goals should be the driving force

Term

  • Inexpensive and good to safeguard your family

Permanent

  • Expensive and good for Legacy/ Estate Planning

Variable

  • Very Expensive good to invest cash value tax efficiently

Want to ensure you don’t have any gaps or missed opportunities in your wealth planning? Click here to “Stress-Test” your current plan FREE.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Gold Family Wealth, LLC), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Gold Family Wealth, LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Gold Family Wealth, LLC is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of the Gold Family Wealth, LLC’s current written disclosure statement discussing our advisory services and fees is available upon request. If you are an Gold Family Wealth, LLC client, please remember to contact Gold Family Wealth, LLC, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services.

Build personal wealth

How PPLI can help mitigate tax to build serious personal wealth.

What if you could do this?

With this you’re able to

  • Select the investment professional to manage your money
  • Your money grows tax-deferred
  • Your funds can be accessed tax free (if structures properly)
  • There is a financial benefit if you pass-away

The Rich Man’s ROTH

Maximize portfolio returns by eliminating the tax drag

  • You can have the most amazing investment strategy in the world, but if it’s not tax-effective it is pretty mediocre.

Provide a minimized death benefit

Death and (not) Taxes

Establish a Private Placement Life Insurance (PPLI) Policy

Premium Invested

  • Least amount of death benefit
  • Funds are invested tailored to your needs

Tax-Deferred Growth (Rich Man’s ROTH)

Tax Free Distributions (IF structured properly)

Hypothetical Assumption

Four Year Rule

  • Premium over 4 years Ex: $20MM Premium four years, $5MM per year
  • $20MM grows over time to $80MM
  • Pull your initial premium out $20MM TAX FREE
  • Take a loan up to 90% of what remains ($60M @ 90%: $54MM Tax FRee distribution via loan)

Case Study

  • My friend Jim is 50 years old. He has $5MM invested @ 8% net of fees
  • Tax rate assumption of 35% (Cap. Gains, State Tax, Fed ACA)
  • 10 years, we estimate Jim’s Portfolio value at $8MM and in 20 years $14MM
  • SAME STRATEGY Designed in a PPLI (10 years=$9.6MM and 20 years=$19MM)

Do’s and Don’t

Additional Costs for Mortality and Administration as well as State premium Tax

Projections of any investment performance will most likely be inaccurate

Including Assumptions from:

  • Investment Portfolio Management
  • Traditional Life Insurance/VUL Policy
  • PPLI

Government Policy Changes ex: tax code change in the future

Must be Accredited Investors AND Qualified Purchaser

Key Takeaways

  • If you want to build serious wealth the key is to address your taxes and how NOT to pay them LEGALLY!
  • PPLI is one strategy to help do this, it is not right for everyone, but when it’s a fit it can be a gamechanger!

Want to ensure you don’t have any gaps or missed opportunities in your wealth planning? Click here to “Stress-Test” your current plan FREE.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Gold Family Wealth, LLC), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Gold Family Wealth, LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Gold Family Wealth, LLC is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of the Gold Family Wealth, LLC’s current written disclosure statement discussing our advisory services and fees is available upon request. If you are an Gold Family Wealth, LLC client, please remember to contact Gold Family Wealth, LLC, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services.

Financial Planning

How To Know If Your Financial Plan Will Work

Have you ever felt that you’re not 100 percent sure the financial strategies you have in place will deliver?

– Learn the process known as “Stress-Testing” used by some of the most successful entrepreneurs and wealthy families

– Learn how you can implement this process at every level of wealth, it doesn’t matter if you are a billionaire or just starting out

– Learn step by step if your plans are aligned with your goals, if the underlying assumptions used are accurate and if everything is cost effective

The stress test process will play out one of two ways:

1. Everything was designed correctly, and you are in good shape!

2. Things or off and either some minor tweaks or modifications are needed OR its system failure…meaning you may not achieve the results you expect and need to restructure your plan or wealth building strategies.

Want me to stress test your plan? Click here now to sign up for your FREE stress test.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Gold Family Wealth, LLC), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Gold Family Wealth, LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Gold Family Wealth, LLC is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of the Gold Family Wealth, LLC’s current written disclosure statement discussing our advisory services and fees is available upon request. If you are an Gold Family Wealth, LLC client, please remember to contact Gold Family Wealth, LLC, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services.

Professional Experts for your Team

Learn the Five KEY professional experts you should get financial advice from!

The financial EXPERTS you should be getting advice from

  • Getting professional financial advice can be life changing, for the better or the worse.
  • For example, in 2008, I was meeting with a client of mine. She said she had a friend that was getting 10% returns year-after-year. I told it seems unlikely and even if that was the case the level of risk associated to generate returns like that must be enormous. After reviewing the conservative nature of her goals and objectives we confirmed her current strategy was aligned. Turns out, 6 months later, her friend was working with Madoff, and she lost everything.

Who do you need on your team?

  • Tax and administrative professionals (the people who will address your tax exposure and help you try to fix it)
  • Investment specialists
  • A Consultative insurance provider
  • Trust and Estate Lawyers
  • Asset Protection authorities (these people will help you with making sure you’re assets are protected from creditors if you are sued)

Coordination is key among your team.

  • An elite wealth planner is the coordinator among the team and will know other specialists who will be able to meet your needs.

Want to ensure you don’t have any gaps or missed opportunities in your wealth planning? Click here to “Stress-Test” your current plan FREE.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Gold Family Wealth, LLC), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Gold Family Wealth, LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Gold Family Wealth, LLC is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of the Gold Family Wealth, LLC’s current written disclosure statement discussing our advisory services and fees is available upon request. If you are an Gold Family Wealth, LLC client, please remember to contact Gold Family Wealth, LLC, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services.

Stress Testing: Are you 100 percent sure everything in your financial and wealth plans will deliver as promised?

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