Wealth With No Regrets Co-Creator Barry Spencer

Wealth With No Regrets Co-Creator Barry Spencer

He is one of the CO creators of the wealth with no regrets planning process that allows a process that shows financially successful professionals, executives, business owners, and independent women how to live more confidently by having a custom-tailored financial plan, income plan, tax plan, legacy plan, and legal plan.

He is a registered investment advisor of a boom fish wealth Group LLC, where he’s been a co-founder since 2010. They act in the best interest of their clients. He acts as one of the best inches of the clients as a fiduciary for there for his clients.

 

Watch the episode here:

 

Listen to the podcast here:

Wealth With No Regrets Co-Creator Barry Spencer

 

Brett:

I’m excited about our next guest. He is one of the CO creators of the wealth with no regrets planning process that allows a process that shows financially successful professionals, executives, business owners, and independent women how to live more confidently by having a custom-tailored financial plan, income plan, tax plan, legacy plan, and legal plan. He is a registered investment advisor of a boom fish wealth Group LLC, where he’s been a co-founder since 2010. They act in the best interest of their clients. He acts as one of the best inches of the clients as a fiduciary for there for his clients. Please welcome the show with me, Barry Spencer. Barry, how are you doing today?

Barry:

Great Brett, good to be with you. Thanks for having me on.

Brett:

Absolutely. And for listeners getting to know you for the first time. Would you give us a little bit more about your story and your current focus?

Barry:

So the story of how I got into the business and why I’m doing what I do. Is that what you want Brett?

Brett:

That sounds great.

Barry:

Yeah. So I don’t know, maybe other people can relate to me in this way. Brett, I was entering middle school. And if I go way back, I was entering middle school, I was the new kid on the block, I had gone to a different school. So I didn’t know anyone going into sixth grade. And my parents thought that was a really good idea in hindsight, not really. And I was also smaller than the other kids, I now stand six foot one inch tall. But back then I was really small. I was what you call a late bloomer. And so as a result of that I got picked on and pushed around a lot was not a great experience. So when I, what I didn’t realize until later in my life, what was growing in my heart was a desire to help people who are getting picked on and pushed around, people who didn’t have options, and no one helped them with them. So fast forward into my adult life. And my dad was losing his battle with cancer. He’s losing his battle with cancer. He’s done all he is supposed to do financially. He’s been an entrepreneur, business owner, very successful, financially great family. And then, did what most people do, reach out to friends of his that were broke in the brokerage firm brokerage business and turn over, their money to these different brokerage folks. And then he was supposed to be all set. Well, no one helped him with a plan a financial plan for him, my mom, should they have a long life together or if she was on her own, and no one helped him with a tax plan, either. And my dad was also really generous, and no one helped him with a charitable plan. And after my dad passed away, I woke up executor and trustee of his estate. And I thought, Oh, this is why and I was thinking back to a conversation he and my dad had with my dad, and he said, Barry, you’re going to take care of mom. I thought, why would he say that? Why would he feel the need to say that? I thought he had done everything right. He had a will. He had his, friends that were in the brokerage business. And I thought, why would he say that? Well come to find out very quickly, that there are a lot of things that weren’t handled, that wasn’t considered, from taxes to charitable planning to income planning to exit strategies in you know, his real estate, his business and the like, it was, it was a convoluted mess because the only thing that brokers people really care about is assets under management. If I can just assets under management and make you feel good about the return I’m giving you each year, then that’s fine, but for those that have, more than half a million dollars, there’s a lot more you can usually do and a lot more you really need to do. And that took me a few years to figure out share that story with some folks and people wanted to start hiring myself and my partner is the CPA, he’s the numbers guy and he’s a former auditor so we have audited plans and then act in the best interest of our clients doing a lot of planning tax planning and the like so you know that’s what really drove us in because we other people had the same experience we do and they didn’t have many options and they know who to look to.

Brett:

Beautiful Barry amazing love that desire to help others who perhaps either don’t know or might be taken advantage of and not having a tax plan or charitable plan or financial legacy passing basically passing plan. So, yes, we’re gonna have fun talking about all of that. by the way, Wealth With No Regrets with CO creator Barry Spencer. So you can find Barry Spencer at wealthwithnoregrets.com, bear before we dive into some of these secrets and some of these things that are that you help your clients with. I want to take one other step back, I want to go back to your high school days, and even your college days. I believe we’ve all been given certain gifts in this life. And these gifts have been given to us to be a blessing and help to others. Some people call them superpowers, I think their God-given abilities and gifts. So I’m curious, what are those one or two gifts that you believe you were given? it? Has that helped how you help and bless people today?

Barry:

Yeah, I love how you say that, by the way, because we’ve all been given talents or gifts, the Bible talks about talents, and we talk about gifts all the time. And, and it is right. It’s not for us, it’s for the benefit of others. So for me, I think what grew in my heart was to look out for people. And I way that I do that, I think that was unique gifted is from two points. perspective, number one is just leadership, because I believe what’s really missing in the industry is helping people get clear about what they want, and where they are now. And that’s really a leadership thing, whether you’re in the financial industry, whether you’re running a business, or what have you, vision drives everything. And so that vision and getting clarity, about vision about the future, and what you want, I think is number one, and then secondly, is to think strategically. So those are the second gift, really, I feel like God’s given me. And that is to think strategically, about how these things work, how they fit together, why they matter for you, and how they kind of interact and really interrelate and how it puts you in a better spot, whatever that is. And so those two things, I think are where I spend most of my time and also where it ends up being beneficial for, for clients. And I think also being smart enough to know, I don’t know everything, and I can’t be an expert in everything. And so that’s where my business partner, Scott Noble comes in because he’s super smart, super savvy, auditor, CPA, CFO. So when it comes to running the numbers and making sure they work, he’s just really super fantastic at that. So I just let him handle all of that stuff. And we work really well together. So I guess if you have superpowers, no, the ones you don’t have. And partner with those that have the other ones.

Brett:

Very well said. Absolutely. Let us know. Let’s dive right into it. We’ll focus on tax this time a tax plan, right. So capital gains tax solutions are the podcast is the company. So what’s the number one best secret that you found for helping your clients create a rock-solid tax plan?

Barry:

Well, I wish there was only one thing, but we can focus on one thing here. And I think the first thing is to recognize that you have a tax problem potentially. And so the first would be to focus on the fact that there might be some tax opportunities and solutions and look at your assets. So one of the things that we come in contact with all the time is precisely for your show, in particular, is people with a low basis in a highly appreciated asset, whether it’s real estate or some type of stock or equity, we find it’s often a concentrated position in a large publicly traded stock or real estate that people have worked for a really long time. So either way, there’s a low-cost low, a low base that has high gain. And where we find the sweet spot really, is someone who has also charitably inclined, because whether people realize it or not, you’re charitably inclined, that’s what taxes heart, it’s your social good back, you get to either choose how you get to do that, or you don’t. And so for us, that sweet spot is you find that high gain, and then you find the charitable intent. And you put those two together. And so we use, essentially capital gains, which we call the capital gains avoidance strategy. And essentially, you avoid the capital gain on the sale upfront. But you also fulfill some visionary ideas at the same time from a giving standpoint. And it can be a real lever, it can be a real leverage a leverage point, if you will, for people to be able to accomplish the tax saving, as well as, income as well as the charitable giving piece. So it’s a multi-tier ability for them to do that. Of course, you can make them work, people aren’t very charitably inclined. I mean, there are many different ways to do that. But that’s where we’ve seen a magical connection and a big lever for folks.

Brett:

Excellent. And so we’re referring to is maybe the charitable remainder trust, is that what you use Barry?

Barry:

So I always withhold the name until I help explain what it is because if you can take an asset, you can sell the asset, you can avoid the capital gain on the sale of the asset, you can diversify that asset converted into an income stream, and then you can also create charitable gifts and get a tax deduction all in the same transaction with the same asset in the same vehicle. Is that appealing? Yes, it happens to be a charitable trust. It can be a charitable remainder trust charitable annuity trust. charitable unit trust. There are lots of different variations of that, as I’m sure you’re aware, Brett, but the idea I love to get people connected to is the ability to do those things. And if you can do that, then let’s talk about what we can call it by its technical name. A lot of people get confused by the technical names I find.

Brett:

That’s great. And you’re absolutely right. And it’s a nuance there. And there might be some, a little bit variation of the one you might use, but very good. So the biggest tax problem, the biggest secret to help and have a tax plan is to recognize you have a tax problem. What the biggest expense in your life is taxes. And so the problem, so a recognize that, and it’s getting worse. And people don’t realize. Mr. Biden is in the administration is proposing some really, really kind of, I think punitive, 20 to 40%, on the federal 39.6. On the capital gains tax rate, which is huge. I’m in California, we’re just touring a wine, a winery house, and it was an $18 million sale, they have a $10 million gain. And they bought it for eight, they’re selling for 18. And looking at a $10 million dollar gain. So that’s 33%. In California, as a primary that’s 3.3 million with the 20 gets added. That’s another $2 million. Right. So it’s pretty, pretty incredible what’s happening right now. As well as potentially taking away them or limiting the 1031 exchange. Right, which is another thing that a lot of folks like to use for investment, real estate trading right to defer the tax. But before we go too much back into that, on the CRTs. I’m curious, what’s the biggest objection to any of the charitable tax deferral strategies that you’ve used, that you found very,

Barry:

The biggest objective that the client has to those, I think is understanding for them? How much do they use during their lifetime? And how much is the remaining amount to the charity at the end? And I think that’s a delicate balance between how many deductions do I want to get now, right, because not only do I avoid the capital gain in the sale of the asset, but I also get a tax deduction. Well, that tax deduction is interwoven with the income stream, you’re going to take off the asset. That’s the connection point. So there’s a difference there’s a lot of math calculations that we go through with folks between how many deductions do you want to need? And how much income stream Do you want to pull off at the same time? So I’ll give you for example, like if someone is really interested in the deduction, right, because that’s their biggest bogey is the deduction, then we’re going to, we’re going to, we’re going to reduce the cash flow coming off of the trust, to amp up the deduction part, because maybe they have a whole lot of other income over here somewhere. And if they have a lot of income over here, they’re better off to offset that. Does that make sense? So the bigger deduction matters to them. And they can let the remaining asset value be the terrible giving piece down the road that they want to do anyway. If someone’s not as interested in that, they said, well, we’re really doing it for cash flow, that we minimize the deduction, because they’re avoiding the capital gain in the sale anyway. So we minimize the deductible part and increase the cash flow part. So they’re avoiding the gain, which is what they really want to do anyway. And then we’re just really driving down the value of it through the means of the trust by having increased cash flow, instead of minimizing the duction. 

 

Wealth With No Regrets Co-Creator Barry Spencer

Wealth With No Regrets Co-Creator: “In any market, in any country, there are developers who make money. So I say all of this doom and gloom, but there will always be people who make money, because people always want homes.” – Sarah Beeny

 

Brett:

Excellent. So the key is obviously, customized to the individual. And if I’m hearing you correctly, you’re saying, How much will you use in your lifetime? And really understanding that what are you gonna spend, what are you gonna invest? What do you want to do with it, versus giving it to the charity at the end? Right from hearing. And then, either way, you’re gonna be, in your words, avoiding tax capital gains tax. And you’re gonna either say heavier deduction upfront. Or set it up in a way where you’re getting a heavy deduction out or heavier cash flow. And then, based upon those two things, that’s how you would design Is that a fair summary Barry?

Barry:

That is about the strategy itself. I think if you come back out strategically, and look big picture, it’s very, very important to not design these in a vacuum. They’ve got to come out the big picture and say, what are all the other assets you have? What are what is all the other income you have? How is that going to play out over the next 20 years? And what are all the other what are the other dangers you’re trying, to deal with at the same time? And so if someone has a whole lot of income over here, then we’re really trying to go after a deduction because so we can offer setback. So you actually have more income, not specifically from this strategy, but from the other money at the same time. So I find the danger all the time that I see and the attorneys do it like crazy, that I have seen over and over again, which is why we do all this. And we are not attorneys. So I am not giving legal advice. And I’m not giving any tax advice. But what I’m saying is, they get stuck in the strategy. And they get stuck and calling it a charitable remainder trust and talking about how it works. And people get too focused on the thing, instead of looking at how it interacts and how it interplays with the overall picture. And that to me, is where people get over the hurdle of understanding what’s in it for them, is winning it within the big picture. Does that make sense? 

Brett:

Makes perfect sense So let’s talk about those other things. One of them, which is one of the bigger ones is the estate tax. So many people get so caught up in the Capital Gains Tax Deferral or avoidance with the TRT and the stepped-up basis, which by the way, Biden is considering taking that away, as well believes that kind of mind-blowing mind passes is still just a proposal. But it’s literally taking the wealth from baby boomers. But by the way, it’s the largest wealth transfer in the history of the planet. And what’s happening is they want to take that wealth, if it goes what they’re saying on paper and what the math is they want to give it all to the government, right? That’s basically what they’re proposing here, which is pretty daunting to think about I did a study for a client $100 million clients, and we’re looking at all the inside of his taxable state and what would happen upon passing, not only would the kids not get the stepped-up basis, but then they’d have the 40% estate tax. So this is the part where you’re going to look at Howard Howard, this strategy of what you’re doing interacting with the state tax. So let’s dive into that right now. Barry, how are you helping your clients when it comes to estate tax? And or how are the variations of the CRT helping to move that outside of the taxable estate?

Barry:

First of all, the CRT can move it outside of the estate, so it is outside your taxable estate for state tax purposes. And we always call those we call it the potential double tax because you can also use it with a retirement account, you can use a term trust with a retirement account, and you can upon death, and then you can also get a lot out, you can read put back into place the stretch provision that was taken away with the security act. But you’re also by creating the turtle Rainer Trust, you’re also getting creditor protection. So you’re getting credit protection, you’re moving the asset outside of the estate, and for state tax purposes, then the next thing would be well waiting a minute, if I’m moving the asset outside of the state for state tax purposes, and I put it out there, and the remaining benefit is the charity. Then the the the grand tour or trust creator, the wealth creator says what I want my kids to get so that’s where I want my kids to get money. So then you look at the total situation and say what other assets are there that they could get? Will they get stepped-up basis analysts? And are those protected or not? So then the rain, then the idea then goes down the road of this and say, Well, if that’s the case, why don’t we create more wealth outside of the estate. So when you pair up the charitable remainder trusts, and you pair it with another trust outside of the estate, and you fund it with other assets outside the estate, now you have an asset outside of the estate that the charity is going to get, but you’re going to get the benefit of during lifetime. And then you create another asset outside the estate. That is a state and income tax-free that now the kids can get. And it becomes a lever, which then you take the assets left in the state. And you say to the parents the welfare and say, So spend those down as much and as fast as you can. Because you’ve already set up a charitable legacy, you’ve already set up a family legacy. So now you can just not worry about what you spend, give to the kids take them on trips. I mean, do all those other things that should be a part of their goals anyway, and do those during life and not worry about a remainder benefit because you’ve already secured those in a tax-efficient way. The state and income tax purpose which I think is coming back into play. I know you mentioned an $18 million deal and a $100 million deal but this is coming into play for even people say with 3 million-plus, to be honest with you. That’s that is what this administration is bringing back into play.

Brett:

Absolutely. Just to clarify what Barry’s referring to that right now the exemptions are 22 million 212 million single, right for let’s say you’re worth $52 million, and we’ll go back down to 3 million and all 22 is in you’re married and all 52 is inside your taxable estate. Well, that leaves 30 million that’s subject to the 40% death or estate tax which is $12 million. Now, those limits are set to expire in 2025. However, Biden ministration is even talking about potentially proposing Going even lower than the expiration set to go 12 million married 6 million single, he’s talking about even 7 million married three and a half million singles. So this is literally a lot of wealth that that if it’s growing today, where is it going to be, which is part of the modeling you want to be doing as a high net worth individual or for as a business professional helping your clients model and cash flow this out, what’s your net worth today? What’s your life expectancy? What potentially could that grow with over the next, 5 10 15 20 years? And what does that mean for your estate tax is no longer a cash flow type of equation. It’s a tax flow type of equation. And we want to know where and how are these taxes because the game has shifted to that, and you want to have solutions for your clients. And this leads me into the next part of this thing, Barry. So we specialize in a thing called a Deferred Sales Tax here. Its kind of like a CRT except no see is required. But what’s unique about it is it can also move funds outside the taxable estate works or public-private stock cryptocurrency real estate, you can save a failed 1031 exchange. It’s based upon IRC 453. And it’s kind of nuanced. It’s kind of new. In fact, I saw that we had a common I guess, friend if you will pipe better friend for you than is me so far. But his name is Kevin Harrington. He came to my show. And he goes, Brett, I bought a stock at 26 cents or I got some shares based upon ownership. And now the thing’s worth over $20 a share. He goes, are you telling me that you can defer capital gains tax on the sale of highly, highly, highly appreciated public stock? And the answer is yes. With the deferred sales trust. And I’m just curious, have you heard about but before? It’s by the way, it’s not a Delaware Statutory Trust is not 1031. Have you heard about it before? I’m curious what your thoughts are on that?

Barry:

Yeah, I think it’s a great idea. I have heard of it before I’ve seen it in use. I haven’t personally used it. But I have seen it before. And that’s a great strategy, especially if people are very charitably inclined, we’ve gravitated towards that area so that we can get the deduction plus the deferral and the avoidance of it. But for those that are not, by the way, Kevin has told me that story because we worked on a book together called Build Wealth Like a Shark. And so we that just came out this year. So we worked on that book together. And Kevin shares that exact story with me, and I think it’s funny, he’s always on the prowl. He is a great guy.

Brett:

He’s just, he’s still looking at and Kevin if you’re hearing the show. Come on, where I the attorneys are ready, the CPAs are ready, let’s get Barry in the room to ask some tough questions with us. And let’s figure this thing out. That works. Yeah, we didn’t know the cost of due diligence and all that. Now, let’s talk about the deduction point here, Barry. So this is interesting, right? So part of when I hear deduction, I think about depreciation. If you buy real estate, one of the best ways to get a deduction on the cash flow, if you will, is to take depreciation from the asset. And that’s to be one of the top three reasons to own investment real estate. Now, if you’ve owned it for 27 and a half years, let’s say multifamily, you have no basis. If you own a commercial for 39. It’s no basis. Or you’ve done 1031 exchanges, your old depreciation schedule travels. So the intent is to get a brand new depreciation schedule the challenge that 1031 to me, it’s the blockbuster way of doing things, right, because of the old depreciation schedule. The deferred sales trust, though, you can partner with the trust, buy real estate, in fact, you’re doing a deal right now on an Alabama client sold a $2.6 million business had no basis to fret about 600,000 of tax. Now he’s building with a partnership with the trust 70 units in Tennessee, ground-up development in the project might cost him somewhere around 656 7 million bucks. And then he’ll be able to sell but he’ll get all of that accelerate depreciation to get that deduction, if you will, right. So when you’re saying deduction, are you referring to stuff like depreciation?

Barry:

No, it’s actually a deduction, so just like a charitable deduction. So you say, Well, I’m in the 35 40% tax bracket, that’s, think about what that’s worth. And so, so the time to do this, is when you’re in your highest income brackets, right? Because then that deduction counts against that highest tax bracket. And so so what we always say is do before you retired, do away have a lot of income coming in? Because the benefit can be even bigger. It’s massive. So I mean, I love what you’re saying. I mean, you’re brilliant and smart. Brett, you’re absolutely killing it with what you’re doing. And for those in the real estate, I mean, hands down, what you’re talking about is spot on, and it’s brilliant. And Kevin should come back to the tail. We’ll talk about a stock but at the same time, I mean, we should what people need to look at is, if they’re done with that right, and they want to do and they’re moving towards retirement age, then some of these other things should be considered like I’ve been talking about.

Brett:

And we’re waiting for Barry to come back. I’m not sure if you can still hear us or not. Yeah, yeah. Can you not hear me hear us? We’re I think we’re caught in the middle of the internet. Can you hear me? Give me thumbs up? You can hear me? He cannot. Yes. So, yes, yes, I can hear you here. And we hear your depreciation.

Brett:

And while we are waiting, you can go to capitalgainstaxsolutions.com to learn about the deferred sales trust. So deduction, great. You can literally, look, look, take it off your income, right, which is phenomenal. By the way, if you’re a real estate professional, and if you can do cost segue, and you’re an active GP on a deal, Trump gave us an amazing break to be able to offset some even W-2 income, which is pretty cool, too, as a deduction. Just a little side note to that. The other thing is the time flow of the cash. So if you can delay the income from something, what would that mean Berry? In other words, someone has an ultra-high net worth, they’re taking on all this income if they can park it in a different vehicle. And perhaps that’s to do with the CRT as well. If you don’t need as much cash flow, you let it all build up over there, and then take income later on. Talk to us about the time value of that as it pertains to income tax brackets.

Barry:

Sure, absolutely. So I think in those scenarios, I think what we do is we wire it for the deduction upfront get a huge big deduction, and you take the smallest amount of cash flow coming out, because you do have to take some cash flow out of that asset out of that turtle, arranger trust, but we dial it in to take very, very little. And so we’re getting max up the word max up the deduction upfront. And I think the other thing that people haven’t and I didn’t I, we talked about, and I didn’t want people in this is the reality that people need to think not only about a state tax but double taxation. And what people don’t realize is they have spent their working life building up these retirement assets, IRA vs 401k’s, and then they’re going to get that estate tax exclusion list brought down I’ve even I mean, there’s been a group that’s talked about getting it down to a million. But they’ve talked about going all the way to a million for an individual or 2 million as a couple. And you’re going to take and put a 401k or IRA balance, plus that’s double taxation, where people will leave maybe half to 40%. As a result, to their family through that means. So looking at these strategies is super important, and probably only become more and more important, but the time to act is as sooner than later for that stuff.

Brett:

It’s right now. So if you’re listening in for your parents. For any friends. And for yourself, right? You gotta know what the rules are. And if you don’t know what the rules are, there’s a lot of wealth that’s that that can just, go out the window, and just go out of the family legacy. And we believe that money is always best kept and our families, our clients, our communities, because we can hold that money accountable to the charitable causes we believe in. But when the money goes to the government, guess what, no matter what side you’re on, they’re going to waste so much of that. I think that’s the one thing I think most of us can agree to. So if we can keep this tax, the highest thing that is an expense, probably your lifetime. And this biggest wealth transfer in history, the planet, according to the American Bankers Association, the baby boomers, have a chance to help a lot of people. So if you’re a business professional, it’s not just an opportunity, it’s your responsibility to really get this information out and help your clients make great decisions today. So that being said, Are you ready for the lightning round?

Barry:

Lightning round it is and can I add to that?

Brett:

Yeah, please.

Barry:

If you’re a business owner, a real estate person, if you are an executive, and you have individual stock holdings, you have individual asset and real estate holdings, the things that we’re talking about here, Brett, you cannot pay lip service to you have to explore them. As you said, it’s your stewardship responsibility to know what’s available to you to do this right. Because you need it. Your family needs it, the social causes you care about deserve it. And certainly, Washington doesn’t because they’re terrible stewards of our money, your money, and our money. It’s our money. They think it’s theirs, but it’s our money and they’re terrible stewards.

Brett:

Amen. Amen. Mary, I’m with you and with your love. I love it. I love it. I love it. With that are you ready for the lightning round? So I was just saying amen. I love it, brother. That sounds great. And we’re on a mission. To spread the message of that. So, the first question is a lightning round, knowing what you know now Barry if you go back to your 25-year-old self, what’s the one Golden Nugget? Sure one Golden Nugget Make sure to tell yourself what to do.

Barry:

Be curious more often.

 

Wealth With No Regrets Co-Creator Barry Spencer

 

Brett:

Perfect, great answer. Second, what’s the number one book you recommended or give the most in the past year. And by the way, you can also plug in your book again I love that.

 

 

Wealth With No Regrets Co-Creator Barry Spencer

Barry:

Well, of course, in every book I’ve written, the first book I wrote was The Secret of Wealth With No Regrets. The most recent one has been with Kevin Harrington bill Wolf, like a shark. I love the writer because he’s simple. Andy Andrews, The Seven Decisions of Success. Really great book of modern reading. And of course, my dad had me read when I was a kid.

 

 

 

Brett:

Rich Dad, Poor Dad? 

Barry:

Think and Grow Rich.

Brett:

Beautiful. Love it. Next question. What’s the biggest challenge facing your industry right now? 

Barry:

Finding advisors, I’d be honest with you.

Brett:

Good answer. Next question, what are you most curious about right now?

Barry:

How to be the best father and husband that I can possibly be in? When we have so much come at us? I have two kids. I’ve been married for 21 years. And just how do I do that? How do I do that? Well, and manage, being a business owner, entrepreneur, and advisor all the same time. 

Brett:

Excellent. Two more questions. This one’s on the 1031 exchange, I got to ask it, what’s the biggest frustration you are client’s family friend member has had when it comes to the 1031 exchange.

Barry:

It’s not realizing what it means. Because as they do it, they defer it differently not realizing that the Piper is gonna get paid down the road. And they deferred it without having an exit strategy.

Brett:

Or they just defer it and overpay for a property and take on too much debt and don’t diversify, right. And then like in 2008, crash when I was in Sacramento, a lot of people lose half or all their wealth. And they knew they were overpaying but they felt trapped by the I call it the shotgun wedding, right? You get engaged in 45 days 180. But now you can you don’t have to do that anymore. You can do a CRT, you can do deferred sales trust, right and you can infer all the tax pay off all your debt and then diversify and stocks, bonds, mutual funds, businesses, hard money lending all kinds of different things. Okay, so go to capitalgainstaxsolutions.com and remember that Okay, last question. So Barry after all the people you’ve helped, I mean, amazing. You got a book with Kevin and that’s a whole nother podcast we could probably have after all the success all the people you’re helping I’m curious how do you stay centered in your values? And how do you stay encouraged to reach for new heights? Well, sir, my

Barry:

Values are very important to have the right people around you and I’m in you know different groups of Bible studies and stuff and that helps me spiritually stay grounded and my wife helps me stay grounded as far as shooting for the stars with new things. I think that’s where coaches come in mentors and coaches that help you expand what you can do beyond what you ever thought was possible.

Brett:

Amazing answer and for our listeners who want to get in touch with you Barry what would you remind them one last time how they can find you?

Barry:

Absolutely wealthwithnoregrets.com. They can email me barry@wealthwithnoregrets.com and find me that way or call me at 6782789632.

Brett:

Barry Spencer, everybody out of Atlanta, Georgia. Check out his book with Kevin Harrington and Barry I want to encourage you to keep using your gifts of leadership and helping people have the vision to clarify what they want and where they are now and just use your gift of thinking strategically to help them map all of this stuff out with tax and finances and, and legacy right with their financial plan. I so appreciate you being on the show. And thank you so much for being here and also want to thank our listeners for listening to the episode of the Capital Gains Tax Solutions Podcast as always, we believe the highest net worth individuals and those who help them struggle with clarifying their Capital Gains Tax Deferral Options not having a clear plan is the enemy and using a proven tax deferral strategy, such as the CRT with Barry Spencer, or the deferred sales trust with us is the best way for you to exit your highly appreciated assets cryptocurrency highly appreciated public or private stock primary homes investment real estate got a capitalgainstaxsolutions.com to learn more about that or reach out to Barry he can help you as well we so appreciate you watching or listening to the show please rate review subscribe to the show it shows sure helps us get the message out of helping people escape feeling trapped by Capital Gains Tax. Thank you, everybody. Have a good day.

 

Important Links:

 

About Barry Spencer

Wealth With No Regrets Co-Creator Barry Spencer

As an author, financial educator, tax and retirement specialist, charitable legacy motivator and planned giving consultant to leading charities, you may have seen Barry H Spencer on or in Forbes, CBS MoneyWatch, Bloomberg, Worth, MoneyShow, ABC, NBC, CBS, Fox, biz1190, among others.

Financial Educator, Tax and Retirement Specialist, and Legacy Giving Consultant & Motivator.

One of the region’s top tax reduction and retirement income specialist planned giving specialist, and Donor Motivation Georgia Consultant/Author of; The Secret of Wealth With No Regrets; Giving Transforms You!: 52 Ways Giving Transforms You, Your Family, Your Community; Serving Leader/Creator of Wealth With No Regrets®,

 

Love the show? Subscribe, rate, review, and share!
Join the Capital Gains Tax Solutions Community today:

By Brett

Related Articles

Auto Filings and Auto Payments with Charles Read

Auto Filings and Auto Payments with Charles Read

He has 50 years of financial leadership experience in a broad range of industries including being a licensed certified public accountant. His background stretches across accounting tax manufacturing, construction, information technology, marketing, transportation,...

read more

0 Comments

Learn Our 9.Step Framework

"How To Sell Your Real Estate Or Business Or Any Highly Appreciated Assets Smarter"

Check your email for the Deferred Sales Trust Guide

Secured By miniOrange