Nov 1, 2021
Topic: Taxes Are Going Up - How to Grow Your Wealth using the Right Tax Buckets
Nowicz, President - Wealth For Life
5 Things We Learned This Week:
Denver Nowicz is an advisor with nearly 20 years experience working with clients in investments and insurance, designing retirement plans with a combo of both. He takes us through different strategies for clients to get the best allocations for their money over the long term. It is the Combo Strategy of both Offense and Defense, the synergy of the mix, not ‘All or Nothing’.
He discusses the proposal for the Biden Tax Plan and how it will affect people, business, and real estate investors. Corporate rates, Estate Exemptions, and Real Estate rules are all on the table.
Defense – Why defense is so important, and how Insurance strategies can help. 3 to 1 Matching – one of Denver’s favorite strategies thru insurance, more for upper level earners who have a long term horizon
Tax Protection – Tax Buckets, broken into 3 categories of taxed (income), tax deferred (401K), tax free (Roth), understanding the differences, and where your funds are currently, and options thru insurance products to move more $ to a tax free position.
We also talk about Executives, and what strategies can they use to handle taxes, investments, & retirement. The standard retirement plans (IRA, Roth IRA, 401K), what is a 401K, and the deferred tax setup in the plan (and recs take company match on 401K). We shift to why business owners have more options and benefits and what are they (Acquire assets, stocks, real estate, invest in business).
The 3 Tax Buckets – income, tax deferred, tax free, and understanding the 3, and tax protection – move more $ to the tax free position. When you have Assets – rental real estate, cash flowing business, IUL, you can use them for tax benefits. Create your own Exit Strategy as if you sold the biz you worked for, and get the benefits of 3 to 1 Linder Match. What is the strategy of Elon Musk or Jeff Bezos with Tax Free Loans?
Previous BRT Shows w/ Denver Nowicz:
Link to Taxes Show on 10/31/2021 w/ Denver: Here
Link to Offense / Defense Show on 6/6/2021 w/ Denver: Here
Link to Shows, Denver was a Guest: Here
BRT S02 EP23 (70) 6-6-2021 – Why You Need Both Offense and Defense in Your Financial Strategy
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