Joe Walters, a second-generation Financial Advisor, leads Legacy Wealth Management in asset growth and preservation for 20 years. Actively involved in his community, Joe resides in Sacramento with his wife, Sue, and their four sons. CA Insurance Producer License Number: 0D56261. Legacy Wealth Management operates independently of Raymond James Financial Services.
Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC, with investment advisory services provided by Raymond James Financial Services Advisors, Inc.
Episode Highlights Here:
Brett
Joe certified financial planner, let’s just dive into the big challenge that you see a lot of ultra high net worth clients of yours that have and, and others that might be listening, talk about the challenges when it comes to estate tax death tax and overall state planning, before we dive into the solution.
Joe
Yeah, you know, as a certified financial planner, part of the big picture is the multi generational planning.And so when we talk about how to properly pass assets down generationally, how to do that efficiently, and in a way that leaves a legacy, which I’m passionate about. There’s family members, there’s charities, there’s the transition of business, if you’re still owning that business, and how that business can continue to function as you pass it down. These are all things that we help clients discuss. And the deferred sales trust is a major part of that discussion when it comes to Exit Planning. And as we run into business owners that have an acquisition price at transaction price that’s above the five $10 million mark, we start talking about that they’re interested in deferring. We started talking about the deferred sales trust 2.0. And how does that function? And and how does that help them with the state taxes in the future? Because at this point, it’s fairly generous, you know, we can have about $22 million of estate net estate passed down without any taxes. However, that is set to sunset here very soon. So the question at that point is what will happen? Well, that come back down to, you know, $2 million levels $3 million levels, as our national debt has moved up tremendously in the last few years, you would think that they would look for ways to capture more tax revenue. So we want to think ahead of that. And having partners that think strategically like yourself, how do we use the deferred sales trust, to reduce estate tax or prepare a client who they might be in an exit plan now? While there’s a very high number of $22 million, but we don’t know the future so what can we do to prepare him for the worst case scenario?
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About Joe Walters
Joe is a second-generation Financial Advisor, managing and directing Legacy Wealth Management. Over the last 20 years, he has been successful in assisting families and businesses in developing a sound plan that might help to grow and preserve their assets. He is active in the community serving his church and mentoring youth. Joe lives in Sacramento with his wife, Sue, and his four sons; Mason, Ethan, Gideon, and Titus.
CA Insurance Producer License Number 0D56261
Legacy Wealth Management is not a registered broker/dealer, and is independent of Raymond James Financial Services.
“Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc.”
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