Financial Planning – Page 3 – Dollars and Sense

Key Changes in the Secure Act 2.0 With Laurie Kaplan (Ep. 35)

By Dollar$ and $ense | January 10, 2024

The Secure Act 2.0 is ever-evolving and has brought up some important questions recently, so let’s go over them!

Laurie Kaplan, CPA, partner at Michael Silver, joins Nicole for her second time on the show to continue their discussion about the Secure Act 2.0. Laurie goes over what has been finalized in the act for 2023 and looks ahead to 2024 and 2025. She clears up confusion around various topics including the Required Minimum Distributions when inheriting an IRA, changes in retirement plans, the rules and implications of annuities and IRAs, and the importance of tax planning. Laurie also discusses the new Roth IRA rollover option, the penalty reduction for missed RMDs, and the benefits of having both Roth and traditional IRAs.

Laurie discusses:

The Secure Act 2.0 provisions and potential impact on retirement plans
What has been finalized in the act for 2023 and what we can anticipate for 2024 and 2025
Changes to required minimum distributions, Roth IRA rollover option for 529 plans, and penalty reduction for missed RMDs
Explanation of annuities and IRAs, including single life expectancy and joint annuity options
Designation of beneficiaries for retirement plans and consequences of not having one or if the designated beneficiary is deceased or not updated
Premiums and surcharges associated with Medicare based on adjusted gross income (AGI)
And more

Resources:

Highlighting The Key Changes In Secure Act 2.0 With Laurie Kaplan (Ep. 16)

Connect with Nicole Romito:

Connect with Laurie Kaplan:

About Our Guest:

Laurie Kaplan, CPA, has been serving as a trusted advisor to clients for over 25 years, expertly managing and addressing tax and accounting issues within various industries, including manufacturing and distribution, retail, restaurants, real estate, automobile dealerships, and professional service providers. Her background in both accounting and tax, as well as her consultative approach, allows her to partner with clients and develop innovative solutions to address their personal and business needs. She specializes in employee benefit plans, estate and gift tax, like-kind exchanges, and small business start-ups.

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Estate Planning for the Sandwich Generation With Jeff Toner (Ep. 34)

By Dollars-and-Sense | December 27, 2023

Estate planning is important for everyone, but why is it especially important for the sandwich generation?

In this episode, Nicole introduces fellow Private Vista colleague, Jeff Toner, CHFC®, RICP®, Partner at Private Vista, to talk about estate planning. While it’s important to get your documents in order before you need them, Nicole and Jeff point out that there are many layers to estate planning and discuss the impact it can have on multiple parts of our lives. They delve into the complexities of managing aging parents’ affairs, the importance of open communication within families, and the need for estate planning documents. Jeff emphasizes the benefits of proactive estate planning, including providing clarity for families, reducing tax burdens, and ensuring wealth preservation for future generations.

Nicole and Jeff go over:

The importance of estate planning, especially for the sandwich generation
The challenges that come with managing aging parents’ affairs and the reversal of roles
Why estate planning isn’t just a checklist, it’s a lifelong process
What key documents are needed for estate planning, in addition to a will
The challenges faced by the sandwich generation in estate planning for aging parents and themselves
An explanation of power of attorney, wills, trusts, and their importance in estate planning
The various benefits of proactive estate planning, including control over decisions, educating and providing clarity for families, and tax reduction
And more

Connect with Nicole Romito:

Connect with Jeff Toner:

About our Guest:

Jeff Toner, Partner at Private Vista, now almost 40 years into his career, has the luxury of looking backward and reflecting on the journey he has been on. Back in 1984, he didn’t know what a fiduciary was or what a financial planner did. What he did know was he wanted to help people with their finances and achieve their goals in life. He wanted to do it in a way that he wasn’t selling them a product but rather walking side by side with them as they moved toward their dreams. Jeff has been with them in moments of great joy and cried with them during their times of sadness. He has taught and educated them, but more importantly, he has been taught and learned from them as well.

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Finding Calmness During the Holidays With Brendan Cournane (Ep. 33)

By Dollars-and-Sense | December 13, 2023

The year-end holidays can be the most stressful time of the year, from family gatherings and tensions to tight deadlines at work.

But what if we told you they don’t have to be?

In this episode, Nicole speaks with professional development coach Brendan Cournane about stress management. They focus on managing the stress that comes with the holiday season and the pressures of closing business deals by year-end. Coach Brendan shares strategies for managing stress, such as practicing mindfulness, meditation, and curiosity. He also emphasizes the importance of open communication and taking pauses in conversations for reflection.

Brendan discusses:

How to manage stress revolving around family and during year-end at work, in preparation for the holidays
The benefits of practicing calming exercises like meditation and mindfulness
How to approach challenging situations with curiosity
How to communicate about pressures at work with family members
Techniques for finding calmness and acceptance during the holidays
Why silence is okay and the role it plays in healthy open communication
How the ribbon method helps him through tough moments why harnessing happy memories
And more

Connect with Nicole Romito:

Connect with Brendan Cournane:

About our Guest:

Brendan Cournane has served as a partner in a national law firm and various roles in the public sector, including general counsel of the Illinois finance authority. He has seen the malaise and burnout effects of what happens when one’s core values do not align with one’s profession. As a recovering lawyer, he is now a professional development coach helping his clients understand why they do what they do in life, and he helps them align their core values with how they work and live a happier life. Brendan is a certified professional coach and leadership dynamic specialist, as well as a long-time practitioner of mindfulness and meditation, and is a firm believer that happiness is a present attitude, not a future condition.

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Giving Tuesday: Time to Inspire Change with Lorena Lopez and Matt Currier (Ep. 32)

By Dollars-and-Sense | November 22, 2023

Are you passionate about changing lives, uplifting those around you, and creating a better world? Join us in celebrating Giving Tuesday, a global movement to unleash the power of radical generosity.

In this episode, Nicole Romito invites colleagues Lorena Lopez and Matt Currier. Taking a break from the usual financial topics, they shed light on the beauty of Giving Tuesday and the joy of giving. You’ll hear about their personal stories of giving back to the community, both individually and as part of the Private Vista team — a conversation aimed at inspiring positive change.

Nicole, Lorena, and Matt discuss:

Private Vista’s fundraising events that are both fun and impactful
Their personal involvement in various organizations and causes
Why the act of giving isn’t limited to financial donations
How companies can amplify their charitable impact with firm-wide initiatives
Reasons to integrate charitable giving into your financial plan
And more

Resources:

Connect with Nicole Romito:

Connect with Lorena Lopez:

LinkedIn: Lorena Lopez

Connect with Matt Currier:

LinkedIn: Matt Currier

About our Guests:

Lorena Lopez has been in the financial services industry for some time now, and in her position, she handles tasks that vary from ordering supplies to completing paperwork and billing via spreadsheets to help the office run more efficiently. Lorena also provides customer service to the clients and prioritizes tasks to improve efficiencies. Her greatest satisfaction comes from the role she plays in helping clients realize their dreams.

Matt Currier’s career in the financial services industry began in 2015, as he kick-started his career in commercial banking. He transitioned from a loan production team, where he facilitated financing for businesses, to the bank’s private wealth management division, enabling him to work closely with clients and offer personalized financial solutions that unlock wealth within their companies. Matt joined the Private Vista team in 2019 after earning his CFP® designation. What truly resonates with Matt is the opportunity to contribute to the success of individuals in both their business ventures and their pursuit of financial independence.

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Year-End Financial Planning With Jim Weil (Ep. 31)

By Dollars-and-Sense | November 8, 2023

How can you optimize your year-end financial planning?

With the end of the year nearing, it’s a good idea to review our financial plans and look at what we have set up for the long-term.

In this episode of Dollar$ and $ense, Jim Weil CFP®, CIMA®, managing partner at Private Vista, joins Nicole Romito to talk about year-end planning strategies. They discuss managing income and taxes, including accelerating or deferring income based on tax brackets, bunching deductions, and timing bonuses for business owners. Nicole and Jim also touch on funding retirement plans and leveraging tax brackets through family member payroll additions while exploring the importance of proactive planning and consulting with financial advisors and CPAs to navigate changing tax laws.

Nicole and Jim discuss:

Year-end planning strategies for managing income and taxes
Flexibility in income and compensation plans for business owners and executives
Tax loss harvesting and timing considerations
The benefits and drawbacks of interest rate increases
Reviewing estimated tax payments and maximizing deductions
And more

Resources:

How Can Donor Advised Funds Be Used for Estate Planning? with Sean Julian (Ep. 27)

Connect with Nicole Romito:

Connect with Jim Weil:

About our Guest:

Jim Weil is a seasoned financial planning professional with over 30 years of dedicated expertise in the field. His career began in the late eighties after graduating with a financial planning degree from Purdue University. Jim’s commitment to excellence is demonstrated through his possession of the prestigious CFP (Certified Financial Planner) and CIMA (Certified Investment Management Analyst) designations. Jim’s professional journey has been marked by his passion for client success, and he has undertaken the role of managing partner for Private Vista for the past five years. Beyond his client-focused responsibilities, Jim’s influence extends to the board of directors of Hightower Advisors, Private Vista’s parent company. His exceptional leadership and financial acumen have made him an invaluable asset to the industry and a respected colleague for nearly two decades.

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Hacker-Proofing Your Finances This Cybersecurity Month with Sarah Khan (Ep. 30)

By Dollars-and-Sense | October 25, 2023

Are you prepared to face the digital phantoms lurking in your inbox? This Cybersecurity Awareness Month, arm yourself with knowledge. Just as we take precautions during Halloween, it’s essential to be vigilant about phishing attacks in the financial services sector.

In this episode, Nicole speaks with Sarah Khan, Chief Information Security Officer for Hightower Advisors, about cybersecurity and online safety when it comes to your finances. They discuss the prevalence of phishing attacks in the financial services sector, providing tips on how to identify and prevent them. Sarah Khan emphasizes the importance of secure online practices, such as using strong passcodes, avoiding public Wi-Fi, and being cautious with personal information on social media. Their conversation also covers real estate fraud, the importance of data protection laws, and the use of password managers.

Sarah discusses:

The importance of raising awareness and educating clients on cybersecurity
Phishing attacks as a common cybersecurity threat in the financial services sector
Tips on identifying phishing attempts and verifying email addresses
Why we should be cautious when conducting financial transactions on mobile devices and avoiding public Wi-Fi networks
The importance of strong passcodes on mobile devices and avoiding easily guessable passwords
What social engineering is and why we need to protect personal information shared online
Recommended websites and resources for staying updated on cyber threats and protecting devices
Why we should avoid engaging with scammers
How she and her team are working to help protect our clients’ money
And more

Resources:

Connect with Nicole Romito:

Connect with Sarah Khan:

LinkedIn: Sarah Khan

About our Guest:

Sarah Khan is the Chief Information Security Officer for Hightower Advisors with a demonstrated history of working in the financial services industry. She is skilled in IT Strategy, Management, Business Intelligence, Business Process Improvement, and Financial Services. She is a strong information technology professional with a professional and academic background focused in technology in Financial Services.

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Co-Parenting Strategies Amidst Divorce With Beth McCormack and Jason Sposeep – Part 2 (Ep. 29)

By Dollars-and-Sense | October 11, 2023

Divorce can be a challenging journey for many, and it requires careful consideration and planning, especially during the holiday season.

In this episode, Nicole Romito continues the conversation with family law attorneys Beth McCormack and Jason Sposeep. This time, they unravel the complexities of divorce, focusing on co-parenting during the holidays and financial considerations.

Beth and Jason provide valuable advice on early planning, effective communication, and involving children in the holiday planning process. Additionally, they highlight the significance of tax planning during divorce and the impact on social security benefits.

They discuss:

Strategies and conversations to have with your spouse to ensure smooth co-parenting during the holiday season
How to involve children in the decision-making process and considering their opinions in co-parenting during the holidays
The importance of open and transparent communication between co-parents
The impact of the calendar year on financial decisions and tax implications in divorce settlements
The importance of being married for ten years to receive social security benefits and the process of claiming spousal benefits after divorce
And more!

Resources:

Love’s Detour: Navigating Divorce With Beth McCormack and Jason Sposeep (Ep. 28)

Connect with Nicole Romito:

Connect with Beth McCormack:

Connect with Jason Sposeep:

About our Guests:

Beth McCormick practices exclusively in family law matters for high net worth families, and she is experienced in complex litigation, mediation, and collaborative law. She is an equity partner at Bierman, which is located here in Chicago, Illinois. She has been repeatedly nominated by her peers as a leading lawyer and best lawyer, as well as top 50 women’s super lawyer and top 100 super lawyers. Her focus on compassion and empathy led Crane’s Chicago media to name her most influential women lawyer.

Jason Sposeep is an equity partner at Schiller, DeCanto, and Fleck, headquartered in the Chicagoland area. He authoritatively advocates for high net worth professionals. and their spouses who want fair and equitable results. Jason’s extensive background in business and finance as well as his compassion and understanding enables him to sensibly resolve complicated divorce and custody disputes both in and out of the courtroom. Jason strenuously believes in putting the children first in every divorce situation. And he too has been repeatedly nominated and named to the top super lawyer lists and super lawyer lists as well.

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Love’s Detour: Navigating Divorce With Beth McCormack and Jason Sposeep (Ep. 28)

By Dollars-and-Sense | September 27, 2023

What are the best alternatives to litigation in divorce? Let’s ask family law attorneys.

In this episode, Nicole Romito welcomes family law attorneys Beth McCormack and Jason Sposeep to talk about the different options that are available when considering divorce. They emphasize the importance of educating the public about alternative dispute resolution processes such as mediation and collaborative divorce, which focus on problem-solving and preserving relationships. Beth and Jason highlight the benefits of collaborative divorce, including the involvement of a full team of professionals, and stress the importance of finding the right professionals for the process. They also share their advice on how to approach the topic of collaborative divorce with a spouse and encourage listeners to do their research before making any decisions on who to work with.

Nicole, Beth and Jason discuss:

What they wish the public knew more about when considering getting a divorce
What alternative dispute resolution processes are and their benefits
The importance of having a full team in the divorce process
Some examples of alternative dispute resolutions giving individuals more control
The key differences between collaborative divorce and mediation
Why discernment counseling is important to attend before deciding to divorce
How to find the right professionals for collaborative divorce or mediation
And more

Resources:

The War of the Roses

Connect with Nicole Romito:

Connect with Beth McCormack:

Connect with Jason Sposeep:

About our Guests:

Beth McCormick practices exclusively in family law matters for high net worth families, and she is experiencing complex litigation, mediation, and collaborative law. She is an equity partner at Bierman, which is located here in Chicago, Illinois. She has been repeatedly nominated by her peers as a leading lawyer and best lawyer, as well as top 50 women’s super lawyer and top 100 super lawyers. Her focus on compassion and empathy led Crane’s Chicago media to name her most influential women lawyer.

Jason Sposeep is an equity partner at Schiller, DeCanto, and Fleck, headquartered in the Chicagoland area. He authoritatively advocates for high net worth professionals. and their spouses who want fair and equitable results. Jason’s extensive background in business and finance as well as his compassion and understanding enables him to sensibly resolve complicated divorce and custody disputes both in and out of the courtroom. Jason strenuously believes in putting the children first in every divorce situation. And he too has been repeatedly nominated and named to, the top super lawyer lists and super lawyer lists as well.

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How Can Donor Advised Funds Be Used For Estate Planning? With Sean Julian (Ep. 27)

By Dollars-and-Sense | September 13, 2023

Did you know you can set up a Donor Advised Fund during your lifetime or as part of your estate planning?

In this episode, Nicole is joined by Private Vista’s very own Sean Julian to discuss the concept of donor-advised funds (DAFs), which are charitable giving vehicles. Sean explains how DAFs work, the flexibility they offer, and the benefits of using them for charitable giving. They also touch on tax strategies, such as using appreciated securities and “bunching” charitable gifts. The speakers emphasize the importance of working with a CPA and starting the process early.

Sean discusses:

Sean’s background in financial planning and expertise in helping clients achieve their financial goals
Some exciting news for Sean and her family this year
The benefits of using DAFs, such as tax deductions and the strategy of “bunching” charitable gifts
And more

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Connect with Sean Julian:

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Becoming a Financial Advisor with Mahogany Person (Ep. 26)

By Dollars-and-Sense | August 30, 2023

Sometimes, the path to a fulfilling career is far from straightforward.

In today’s episode, Nicole Romito from Private Vista dives into the career journey of Mahogany Person, an emerging talent in the field of financial advising. Mahogany began her professional life as a math teacher but transitioned into financial planning after personal experiences opened her eyes to the generational gaps in financial education.

Throughout the episode, Nicole and Mahogany discuss:

How the ‘aha moments’ keep Mahogany passionate about education
Key strategies Mahogany employs to help both students and clients achieve their own ‘aha moments’
The art of productive struggle in career and life transitions
Navigating career changes and the power of asking the right questions
The rewards and challenges of career transitions, and why persistence and continual learning are vital
And more!

Resources:

Connect with Nicole Romito:

Connect with Mahogany Person:

LinkedIn: Mahogany Person

About our Guest:

Mahogany Person bridges the worlds of education and finance. Originally a math teacher in her hometown of Dayton, Ohio, she transitioned to financial advising after pursuing an MBA in Finance. Now close to becoming a Certified Financial Planner (CFP), Mahogany has combined her love for teaching with her passion for personal finance. Her unique background allows her to simplify complex financial matters for her clients, proving that career detours can lead to unexpected, but fulfilling, destinations.

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