Tag: Tax Planning
Building Your Financial Dream Team with Greg Bogdan (Ep.54)

Building Your Financial Dream Team with Greg Bogdan (Ep.54)

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Assembling a smart financial team could be the key to your long-term financial success. 

Financial planning isn’t just about the numbers; it’s about orchestrating a professional team that grows with you, helping further secure your financial future and peace of mind.

Nicole Romito sits down with Greg Bogdan, Senior Advisor at Private Vista, to discuss why having a well-rounded financial team is crucial. Learn the importance of avoiding a “team of one,” how to integrate your financial, legal, and tax advisors, and real-life stories illustrating the impact of a coordinated approach.  

  • The importance of a complete team: Understand why a single advisor may not be enough to cover complex financial needs.
  • The value of proactive planning and why regular updates are essential
  • Examples of how a coordinated team has simplified estate settlement and major financial decisions 
  • How to start building your financial team today

Connect with Nicole Romito: 

Connect with Greg Bogdan:

About Our Guest: 

Greg Bogdan enjoys creating lasting relationships as a trusted advisor to clients. He finds it most rewarding to help his clients think through their financial situations in developing a customized plan and path to achieving their goals. After walking clients through his process, Greg hopes that they come away feeling empowered to make informed financial decisions with the confidence of knowing how to achieve their vision of ‘financial independence’ while living a more enriched and fulfilling life.

With a busy, young family, outside of work and in between shuttling their girls (ages 7, 5, and 1) between activities, Greg, and his wife, Christi, enjoy cookouts and entertaining with their friends and family. During the summer months, they’re often found at nearby parks, going on walks with their dog, Clancy, or riding bikes as a family. They most enjoy summer vacations on the beaches of Cape Cod and the shores of Michigan. In the future, My Private Vista is to explore the country and instill their love of traveling in their girls.

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

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

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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:

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

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

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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:

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

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

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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:

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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Preparing For 2023 After A Year Of Market Volatility With Bob Westrick (Ep. #10)

Preparing For 2023 After A Year Of Market Volatility With Bob Westrick (Ep. #10)

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After a year of market ups and downs, investors are looking for an opportunity to pull ahead in the new year. How can they start off 2023 on the right foot?

Welcome back to another episode of Dollar$ and $ense! In this episode, Nicole Romito speaks with Bob Westrick, Partner at Private Vista, on how market volatility has impacted investors in 2022 and where they should focus their attention into the New Year. Bob shares key takeaways from this past year and how those experiences will change investment strategies moving forward.

Bob discusses: 

  • The difference in opportune environments between stocks and bonds and why neither has been safe in the 2022 market
  • How tax loss harvesting can create returns from capital loss in investments
  • What is the current view of 2023 and possibly 2024 of advisors and economists
  • What can be controlled during market volatility and where advisors should focus their attention
  • And more

Connect with Nicole Romito: 

Connect with Bob Westrick:

About our Guest: 

In 1983, Bob Westrick left a “Big Eight” public accounting firm to work for one of his audit clients. Eight years later, his entrepreneurial itch was scratched as he started a partnership in the financial services industry. Two years later, Bob co-founded WNA Wealth Advisors, one of the precursor firms to Private Vista. He is a frequent speaker and he is often interviewed on subjects ranging from economic conditions to wealth management. His experience as an accountant, business owner and financial advisor gives Bob a unique perspective to offer his clients.

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