015 | How to Deduct Life Insurance Premiums with Ken Crabb

Have you ever thought about the tax implications of your life insurance plan? Ken Crabb, the mind behind Restricted Property Trust, did and created a groundbreaking solution.

In this episode we welcome Ken Crabb, the visionary creator of the Restricted Property Trust (RPT). Over 25 years ago, Ken embarked on a quest to find a structure for tax-deductible life insurance and ended up creating one of the most innovative solutions in the field. 

In this discussion, Ken shares the essence of the RPT, emphasizing the importance of structuring life insurance plans with a sound business purpose. Learn about the trust’s selective nature, attaching to a single entity and impacting entrepreneurs with multiple businesses. Ken explains the intricacies of maximizing deductions, lowering tax bills, and how RPTs facilitate family transitions. Discover the affordability, liquidity, and flexibility of these structures, making this episode a must-listen for those seeking strategic financial planning insights.

Key Takeaways:

  • Selectivity of RPT
  • Structuring Life Insurance Plans
  • Audit Resilience

Resources:

Visit www.vitalstrategies.com to download FREE resources  

Listen to the podcast on your favorite app: https://link.chtbl.com/vitalstrategies 

Follow on Instagram at https://www.instagram.com/vital.strategies   

Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast  

Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/  

 

Credits: 

Sponsored by Vital Wealth 

Music by Cephas 

Audio, video, and show notes produced by Podcast Abundance

Research and copywriting by Victoria O’Brien 

 

000 | Welcome to Vital Strategies

In a world where tax laws are constantly changing, staying ahead of the game is crucial. That’s why we’ve created the Vital Strategies Podcast, your go-to resource for cutting-edge insights, expert advice, and practical tips to navigate the complex world of taxes and financial planning.

Whether you’re an established entrepreneur or just starting out, our podcast is tailored to meet the needs of business owners like you who are seeking to save on taxes, build wealth, and achieve long-term financial success.

Vital Strategies host Patrick Lonergan has been helping entrepreneurs navigate the complexities of business finance for over 20 years.

Tune in each week for a new episode packed with actionable information on the latest tax regulations, how to manage cash flow and how you can effectively plan for the future.

If you’re ready to take your financial game to the next level, subscribe to the Vital Strategies Podcast today.

Resources: 

Read the Transcript

Submit questions to the podcast

Credits:

Sponsored by Vital Wealth

Music by Cephas

Produced by BrightBell Creative

Research and copywriting by Victoria O’Brien

 

001 | An Introduction to Proactive Tax Planning for Entrepreneurs

How much quicker could you be financially free if you didn’t have to give so much money to the IRS?  Imagine paying up to 40% less in taxes and using those savings to create cherished family memories, supercharge your business growth, or invest in real estate.   

In this opening episode, Vital Strategies founder Patrick Lonergan challenges the status quo of accepting a large tax bill and discusses the importance of proactive tax planning.  

Over the past two years, Patrick’s proactive tax planning service has successfully saved our clients a remarkable $8.5 million, with an average annual savings of $280,000. Tune in to kick start your journey toward financial freedom, take control of your taxes and gain the tools to live a great life.  

Key Takeaways include:  

  • Proactive steps to minimize taxes
  • Aligning your tax strategy with your financial goals
  • Four Levels of Tax Planning

Resources: 

Read the Transcript

Submit questions to the podcast

Credits:

Sponsored by Vital Wealth

Music by Cephas

Produced by BrightBell Creative

Research and copywriting by Victoria O’Brien

 

 

002 | Level 1 Tax Planning: Opportunities Every Entrepreneur Should Consider

Are you interested in discovering how to legally pay less taxes and keep more of your income? In this episode, we’ll help you understand how.

Senior Financial Advisor, Patrick Lonergan explains Level 1 tax strategies and the importance of proper documentation. He offers practical write-off examples and discusses five straightforward strategies that anyone can implement immediately.

Key Takeaways:
• Write off examples for tax savings 
• Real estate deductions 
• How to include your kids on the payroll 

Resources: 

Read the Transcript

Submit questions to the podcast

Credits:

Sponsored by Vital Wealth

Music by Cephas

Produced by BrightBell Creative

Research and copywriting by Victoria O’Brien

 

003 | Level Up You Tax Planning: In-Depth with Level 1 Tax Expert Walt Dallas

Are you maximizing the potential of business development corporations, retirement plans, and stock ownership in your financial strategy?

In this episode, we take a look at how these can help you build a solid financial foundation.

Joining us for the discussion is Level 1 tax expert, Walt Dallas. Walt’s areas of expertise span income tax planning, estate tax planning, business succession planning, trust administration, estates, probate, estate planning, corporations, partnerships, limited liability companies, asset protection, and tax litigation.

Tune in to empower your tax planning and embark on a journey towards financial empowerment. 

Key takeaways: 

• Business development corporations 
• Retirement plans and stock ownership 
• Audit defense 

Resources: 

Read the Transcript

Submit questions to the podcast

Credits:

Sponsored by Vital Wealth

Music by Cephas

Produced by BrightBell Creative

Research and copywriting by Victoria O’Brien

 

004 | Mastering Level 2 Tax Strategies: Rarely Used Tax Strategies for the Business Owner

Discover the untapped potential of Tax Planning Strategies for tax deferral and financial security.

In today’s episode of the Vital Strategies Podcast, we explore Level 2 Tax Planning strategies that, when implemented with investment, can potentially save you over $150,000 in taxes. From understanding the intricacies of Traditional and ROTH IRAs to exploring advanced techniques like the Backdoor ROTH conversion and funding ROTH IRAs for your kids, we’ve got you covered. We’ll crunch the numbers, offering real-world examples to illustrate how these strategies can work for you.

Don’t miss out on this comprehensive guide to advanced tax planning and retirement strategies. We’ll equip you with the knowledge to navigate potential pitfalls and leverage these strategies to secure your financial future.

Key Takeaways:

· Unlock over $150,000 in tax savings

· Master ROTH IRAs and other plans

· Tailor Retirement plans to maximize impact

Resources:

Read the Transcript

Submit questions to the podcast

Credits:

Sponsored by Vital Wealth

Music by Cephas

Produced by BrightBell Creative

Research and copywriting by Victoria O’Brien

005 | $10,000.00 Tax Savings Challenge

Don’t miss out on the limited-time opportunity to save $10,000.00 by accessing our exclusive free resources at 5minutetaxmakeover.com.

In this episode of the Vital Strategies Podcast, your host, Patrick Lonergan, announces a time-sensitive opportunity for listeners to save $10,000.00 in taxes. Covering topics like home office deductions and short-term rentals, adding your family on the payroll and fringe benefits, Lonergan not only highlights key deductions but also guides listeners on proper implementation.

Additionally, he introduces the REACH acronym for living a great life, breaking down strategies beyond finances. Tune in before the year-end deadline for practical insights and financial strategy.

COMPLETE THIS CHALLENGE BY DEC.31st, 2023 TO SAVE UP TO $10,000.00 OR MORE!!!

Key Takeaways:

  • Save big with our free resources
  • REACH for a great life
  • Maximize your deductions effectively

Resources:

Read the Transcript

Submit questions to the podcast

GET THE FIVE MINUTE TAX MAKEOVER

Credits:

Sponsored by Vital Wealth

Music by Cephas

Produced by BrightBell Creative

Research and copywriting by Victoria O’Brien

006 | Business Owner Retirement Plans: A Deep Dive into Level 2 Tax Planning with Bruce Gendein

Have you ever wondered how a Cash Balance Plan can help reduce your tax burden while supercharging your retirement savings?

In this episode of the Vital Strategies podcast, we welcome Bruce Gendein, an expert in maximizing retirement plans for business owners. Bruce’s decades of experience in level 2 tax planning shine through as he explores the flexibility of Cash Balance Plans.

In our conversation, Bruce provides innovative solutions for business owners, aiming to both minimize tax liabilities and build wealth efficiently. This episode is a valuable resource for business owners and those interested in tax-efficient financial planning, offering insights that could potentially save hundreds of thousands of dollars in taxes.

Key Takeaways:

  • Utilizing a cash balance plan
  • Running calculations to demonstrate the workings of cash balance plans
  • Asset protection
  • Reaching the maximum benefits within a plan

Resources:

Read the Transcript

Submit questions to the podcast

GET THE FIVE MINUTE TAX MAKEOVER

Credits:

Sponsored by Vital Wealth

Music by Cephas

Produced by BrightBell Creative

Research and copywriting by Victoria O’Brien

007 | Utilizing Employee Stock Ownership Program (ESOP) to Maximum Benefit with Brad Ethridge

Ever thought about how successful entrepreneurs prepare for selling or transitioning their businesses? Today, we’re discussing the benefits of selling to an Employee Stock Ownership Plan (ESOP) with podcast host, Patrick Lonergan and seasoned business professional, Brad Ethridge.

Brad Ethridge is well known in the business landscape with a career spanning back to 1985. With experience in individual financial planning, leading international sales and marketing, and launching several successful businesses, including multiple Insurance Marketing Organizations (IMOs), Brad’s entrepreneurial prowess is unparalleled. He is recognized for his expertise in Business Exit Strategies, particularly with a focus on ESOPs. Brad’s dedication lies in structuring ESOPs aggressively in the best interest of the owner.

In this conversation, Patrick and Brad unravel the intricacies of Employee Stock Ownership Plans (ESOPs) and the art of crafting effective exit strategies for business owners.

Key takeaways:

  • Strategic exit options
  • Tax benefits of ESOPs
  • Employee involvement and retention

Resources:

Read the Transcript

Submit questions to the podcast

GET THE FIVE MINUTE TAX MAKEOVER

Credits:

Sponsored by Vital Wealth

Music by Cephas

Produced by BrightBell Creative

Research and copywriting by Victoria O’Brien

 

008 | Planning for Success: A Roadmap to Your Best Year Yet

Let’s make 2024 your best year yet!

In this episode, podcast host Patrick Lonergan digs into key strategies to ensure you are set on course for success in the new year.

Learn the importance of working on the business, not just in it, developing a long-term success strategy, identifying limiting beliefs, setting goals, establishing primary objectives, and crafting a compelling vision.

Packed with resources and tools, this episode provides a roadmap for listeners to navigate towards their most successful year.

Key takeaways:

  • Develop a robust strategy for long-term success
  • Set clear and achievable goals for personal and professional growth
  • Access a wealth of resources and tools to support your journey

Resources:

2024 Planning Resources

Read the Transcript

Submit questions to the podcast

Credits:

Sponsored by Vital Wealth

Music by Cephas

Produced by BrightBell Creative

Research and copywriting by Victoria O’Brien