Hi, everyone, I'm Andrew Altfest, Chair of NAFA New York City. It's nice to be here with my fellow NAFA colleagues. And very briefly, I'm going to introduce the session and then turn it over to Bob. Before I do that, I want to mention that for those of you who are listening from our NAFA New York City group, we have another great program coming up in July by Wade Pfau on July 19th at 4 p.m. Wade Pfau is going to talk about retirement planning, and I think that's going to be a good session. So more to come with that session, but we have some definitely some exciting programs in front of us for the rest of the year. So this meeting was made possible due to generous support from NAFA New York City as well as NAFA NEMA, and so I want to thank Russ Weiss and Graham Ewing for getting us that support for NAFA NEMA and expanding the audience so that we could all be here today. We were still a little short, even with all the additional funds, we were still a little short, so FP Alpha stepped in, and FP Alpha will be doing a short demo at the end of the session, and I encourage everyone to tune in. If you have seen FP Alpha in the past, then you're going to like to see some very new and first-of-its-kind features that were recently added. And for those of you who haven't seen FP Alpha before, you're in for a real treat. So stick around for FP Alpha, which is the company that I started, and Ian Finnerty will be giving the demo. So Bob Kiebler is a great educator. I first got to know of Bob because 15 years ago, we had a very complicated tax matter, and we felt that the smart tax advisors we knew, even though they were smart and experienced that this was above their pay grade. And so we talked internally, and our director of financial planning at that time said, you got to go to Bob Kiebler. So Bob is a tax guru, and I think we're all going to get a lot out of his session and learn from his insights. Any questions that you have today, feel free to ask them on the Q&A feature, and hopefully Bob will get to them. And you will also be getting one CFP and FSE for today's event based on registering. So on that note, let me turn it over to Bob. Well, thank you, Andrew. Good afternoon, everyone. It's my honor to be here with you. Today we're going to talk about critical planning ideas for the mass affluence. So the easy things are bracket management, which undoubtedly all of you are fairly skilled at. So I'm not going to spend a lot of time there, along with itemized deduction planning, blocking and tackling. We'll spend some time though on gain harvesting and loss harvesting. And then we'll look at another set of opportunities, namely, where I want to spend a fair amount of time is on retirement funding. Okay, so we'll talk about that conceptually. That's changing. And remember, secure 2.0, turn that upside down. So that's been turned upside down by secure 2.0. And then we'll talk a little bit about Roth conversions. I want to spend some time there. I think that's a very big thing, especially for practitioners with clients that used to live in New York or New Jersey, who have now moved or Connecticut, who have now moved back to or down to Florida. Because you have to ask yourself the question, should grandma and grandpa be doing Roth conversions while they're living in Florida before the property goes back to their children who live in New York City and recognize that there's a good 11% arbitrage when you eliminate that state income tax. You also, when you're doing Roth conversions, you have to take into account the New York estate tax, which makes a Roth conversion very, very attractive, especially for somebody that's on that edge where you need to make your estate smaller by another 50 or $100,000. So those are all things that we need to think about. Education planning, the big news here is 529s can now be rolled over into Roth IRAs at the end of the 529 period. That is a big deal. On the executive planning, your skill level, my skill level on ISOs has definitely waned because we haven't had to deal with the AMT associated with ISOs since the tax cuts and jobs actor, except for very, very wealthy people. Most people wouldn't have AMT anymore, but I think now we have to focus in on that AMT. We'll talk about concentrated positions. There is nothing scarier than what happened to a friend of mine. He was worth $30 million one day and about six, eight weeks later, he was worth less than a million. So it can happen very quickly and the concentrated positions are just a very dangerous thing. Especially when somebody retires, you need to work with them very quickly to get enough money out of harm's way so that if everything goes wrong, they'll be fine. Now the charitable giving side of things, the big thing out there is of course QCDs and gifting away appreciated assets. Donor advised funds have never been hotter. Virtually every one of your clients should have a donor advised fund if they're not using some type of private foundation. Very rarely do our clients use private foundations, they're just too expensive. Now do we have clients with foundations? Of course we do. But most people, if you're worth less than $50 million, a foundation is probably just not a viable choice. Now and the reason I say that is just because the expense of keeping it up. On the estate tax planning side of things, it's sunset, sunset, sunset. Those are the key words and keep that very much in mind that we want to focus in on what's going to happen on January 1st, 2026. So we talk about estimated tax payments. Those are easy. That's just on your annual checklist. And then really understanding what's going on in your client's life of what they're going to need next year. Now the top planning ideas, opportunity zones are a big deal, 1202 and 1060 and its corollary 1045 are big things. And that is my ability not to pay income tax when I sell a C corporation. Undoubtedly those of you in New York are familiar with this. The thing to recognize is that people stack up the 1202 deduction or exemption. Talk a little bit about installment sales, gain and loss harvesting, Roth conversions. I'll spend a little time on charitable remainder trust. Keep in mind President Biden's bill would force a recognition event with charitable remainder trust. We'll talk about oil and gas investments and why they currently work. And then we'll look at the 529 plans a little bit and we'll end with some estate planning. And thinking about this, as you take this to heart, I need you to ponder three things that have happened in the last 10 or 15 years, A, shortage of CPAs. Absent the shortage of CPAs, this work would be done in the CPA firms, not in the financial planning firms. Just the way it is. It's the shortage of CPAs that is creating this opportunity for the financial advisors. An opportunity that you're seizing, taking on with great zeal. That's a good thing. Now, the second thing is technology. The more technology there is surrounding and supporting these ideas, not AI, but just regular technology like we had from 1990 through 2010 or 2015, you're going to see that the work doesn't have to be done by someone with an accounting degree or a master's degree in tax because the software can help you with the difficult calculations, programs like Vince Lackner's Number Cruncher. And then finally, we get into, and we're just at the beginning. We are at the bottom of this mountain, but this mountain will be climbed very quickly of AI. And AI is going to change the world, obviously. And the thing about AI is it can make a practitioner in the 50th percentile. So somebody, a middle of the road practitioner, good solid practitioner, it can take you to the 95th percentile in 20 minutes. Just the most amazing thing. I've seen how these programs are beginning to work. They will get better over time, but they're already doing great things. So three things, shortage of CPAs, advent of more technology in the area, and the advent of AI. Now, on the opportunity zone thing, all we're saying is you incur a capital gain. Now, this could be a capital gain in the stock market, and then you invest it in an opportunity zone. You're able to defer the gain until 2026, which obviously is a very short period of time. And then what's going to happen, though, is when you eventually sell the project, you are not going to have any gain on the project taken as a whole. Clients of mine are in a project very close to Lambeau Field, and a beautiful project. I've been in the building. And when they eventually sell, they will not pay capital gain on that, because they rolled in using opportunity zones. Now, there are many syndicated opportunity zones, but there are many private opportunities for your more sophisticated clients. And basically, once you've held it for 10 years, 100% of the gain attributable to the OZ is not going to be taxed. So basically, where you are here is you have the effective date of when the legislation came in, and then you look at all the different dates you could make the investments. I think opportunity zones have lost a little bit of their sizzle, because when my clients were doing them in 2018, they were getting eight years of deferral. But you still have that deferral. We know that. And the big one is, which everybody does not properly embrace, is the exclusion of all gain attributable to the performance of the opportunity zone when you eventually sell. So that's, in a nutshell, a thumbnail sketch of the opportunity zone. Now, what you want to be on your toes for is 1202. I come to you and I say, I'm going to sell my company. I need somebody to help me manage the money once I've sold. And you start asking questions, and you find out that I have a C corporation that I created, say, in 2010, well, or 2011. You're suddenly going to find that if I qualify, and you can have an accountant look at the requirements on page 10, they can go through that due diligence. But if you find that they clearly qualify, 100% of the gain is going to be excluded up to $10 million. But that's not the whole story. Because you can make gifts to children, or grandchildren, or trust for children and grandchildren, and you can stack up these exclusions. So somebody came to you with $30 million worth of gain, you could actually, husband could move $10 million, wife could move $10 million, and then they would have $10 million themselves. All of a sudden, they have $30 million of exclusion. So that's a very powerful thing. Now going a little bit further, there are some AMT issues, but those only apply after 2010. Okay, so those only apply after 2010. Or I'm sorry, before 2010. Now, let's say in year one, you sold $2 million worth of stock, had a $2 million gain, you'd have to reduce your $10 million exemption by what you already sold. So you'd have to reduce that by what you already sold. Qualified trade or business requirement, you have to go through the checklist. If they're in any of these poison businesses, you're not going to be allowed to make those investments. So you're just not going to be allowed to make those investments. Section 1045, here's the interesting thing. Let's say somebody had an even bigger 1202 gain than they can shelter, they are allowed to roll that 1202 gain into a new business. So the law says, if I sell today, I can reinvest within 60 days. Now the interesting thing is, here's what's happening, and pay very close attention to this. I spoke to a gentleman last week, and one of the services his business offers is they will take 1245 gains, and they will find a home for them in their existing business portfolio. In other words, they have ventures that are ready to receive more rollover gain and get more deferral. And as long as there's good due diligence there, that's something that's just very interesting. Now under the tax law, when you sell property and you receive the payments over more than one year, you automatically fall into what's called installment sale treatment. You're going to pick up that gain over time. So today, you'd pick up the cash you received up front, and then later when the rest of the cash rolls in is when you pick that up and pay the taxes. So keep in mind, if somebody's selling their business, and they're going to have to pay tax on the sale, take a look at, especially an inter-family sale, can an installment sale help them? And looking at this, parents sell highly appreciated assets to a non-grantor trust. Now here's a technique, put this in the back of your mind. Your client, mom and dad, they create a trust, and then they sell stock to that trust. They are going to have a gain on that transaction, but they'll pick up that gain under the installment method of accounting. That's a beautiful thing because they won't pay tax until they're actually repaid, until the money rolls in. But in the meantime, that trust gets a step up in basis. They get an immediate basis equal not to what they paid, but what they promised to pay. So if the sale price was a million dollars, and they've only paid 50,000, their basis is still a million dollars. Now here's the thing, later, when that trust sells the property, that can be a second disposition. And that second disposition can accelerate the income tax on the original sale. But if you wait two years and one day, you don't have to worry about the second disposition rules, and that's powerful. Now on the bracket management side of things, transitioning to bracket management, watch out for what's going to happen with the debt ceiling. There could be some tax legislation that comes out of there. No one knows. I'm not going to waste too much time speculating. But keep in mind, at some point in time, we will go back to that 39.6% rate. If it's not in 24 or 25, it almost certainly will be in 2026 when we sunset. Now going further and looking at this, this is where you need to be thinking about how to do Roth conversions. You're going to think about how to do Roth conversions, because you see, if I know my rate is going up, why wouldn't I do a Roth conversion sooner than later? But you also have to look at the breadth of the brackets. I think that's what we're failing to understand, is that today, that 35% bracket goes up over $600,000, where once we sunset, you're probably going to see that cutting off right around $500,000. So the old rule was to accelerate deductions. The new rule is to time deductions. For the next couple of years, most of your clients will be basically taking itemized deductions every other year. I'll jump over, Art and Alice, we'll go right to the donor advised fund. The one thing that I really liked about the donor advised fund and the private foundation is that after I die, my children will run my donor advised fund. Now just ponder that for a moment, please. After I die, my children will run my donor advised fund. So that's a beautiful thing. We can tie a lot of money up in there. It can give our family prestige, if that's what they're looking for. If with through their donor advised fund, they can be very effective with charity in their community. And of course, there's no estate tax on that transfer. Again, most of your charitable giving should be done using appreciated securities. Sometimes we'll use QCDs, but the vast majority of what you'll do is with appreciated property. Now let's transition into talking about long-term capital gain. So keep in mind, if you're in the lowest federal tax bracket, your capital gain rate is zero. So if you have somebody, we'll call them Arden-Ellis. Arden-Ellis aren't quite to the top of that first bracket. And if they had a capital gain, they'd pay zero tax on that. Of course you'd fill up that bracket, okay? That is low-hanging fruit. You're either gonna do a Roth conversion or you're gonna harvest some capital gains. And you just have to understand the efficacy of both of these strategies and determine which one fits your client better. But if I can pay tax at a 0% rate, that is very powerful. Now, part of the problem with capital gain harvesting is eventually you're gonna get a step-up in basis under the law today. So you're not gonna be doing a lot of capital gain harvesting for 95-year-olds. But you're definitely be looking at capital gain harvesting for 55 or 65-year-olds who are retired that have room in their brackets. So on the surface, it appears that taxpayers should always harvest capital gains. However, harvesting gains introduces a trade-off between lower tax rates versus the loss of deferral. Tax is paid at a lower rate, but it is paid sooner. So let me say that again. Tax is paid at a lower rate, but it's paid sooner. And you need to determine a crossover point at which selling sooner makes more sense. And we can conceptualize that by running ROI-type numbers. And we built a little calculator to do this. At the end of the day, if you're in a three or four-year period of time, this makes a lot of sense. As you move out further, the sensibility of everything goes down, okay? So you have to look at what is the rate of return by aggressively harvesting capital gains. Now, capital losses, keep in mind, every portfolio is gonna have losses. Now, many of you right now are handling the states of people that died. Those are states who almost invariably, a month after I die, I'm gonna have both gains and losses, even though I got a step up. But if I had 50 stocks in my portfolio, 2% each, you can be sure some will be up and some will be down. And you can help the family with that by helping to harvest losses when appropriate, okay? And so what you have to watch out for is what will the losses offset? Now, if you harvest a short-term loss to offset a long-term capital gain, that very rarely makes sense, hardly ever. However, if you already have a short-term gain and you harvest a long-term loss to offset that, that is gonna work very, very well. So the wash sale rule prevents taxpayers from repurchasing a substantially similar security within 90 days of selling of the loss. As I say 90, it should be obviously 30, okay. Now, keep in mind there's a big loophole right now with cryptocurrency. The wash sale rules do not apply to cryptocurrency. Now let's jump over and spend a little bit of time talking about Roth conversions. Okay, so in your quiver of tax arrows, if you will, you're gonna have all these great tax plan ideas. The one idea that transcends almost everyone, unless somebody wants to leave their IRA to charity is some level of Roth conversion. Now, the first thing you need to know is almost everybody you represent should put $1,000 into a Roth IRA in the next month. And that is to make sure that they start the five-year clock. We'll talk about that a little bit. You might have a client with favorable tax attributes such as a really high basis or a charity auction carry forward, all very exciting. Now, the client expected the converted amount to grow significantly. I mean, for example, let's say that you had invested, I'm gonna pick a stock called CMA, Co-America. It was at over, it was at $90 a share when the last year. Today it traded below 40. Your client might say to you, you know, I had 900,000 in my IRA in Co-America, it's now worth 400,000. I feel strongly that it's gonna come back. Let's do a Roth conversion. And that could make some sense. Now, we're also gonna look at the current marginal income tax rate. Keeping in mind, once we hit the sunset, everything changes. My guess is that we will sunset January 1st, 2026. And what you're gonna see is absolute craziness in Roth conversions in October, November, December of 2025. Now, the thing is we should really accelerate the pace of those Roth conversions, anticipating this. The other thing you wanna do is, anybody that might wanna do a Roth conversion, get them to move a little bit of money in so that the account is set up and you don't have to deal with any approval in some type of corporate bureaucracy. Because we've had people burned by that. They couldn't get their conversions done because the people that were supposed to press a button to approve the Roth account weren't working that day. Disaster. Now, do we have cash outside the qualified account to... It comes to you and says, I have 100,000 in my IRA, I'll never need it. And I have $40,000 of cash, I'll never need it. Should I do a Roth conversion? And your answer is probably, but we're gonna do it over a couple of years because we wanna manage our brackets. Now, you wanna convert funds that won't be required for living expenses. And you also wanna make sure for the most part, your clients are gonna be able to outlive their assets. Now, in New York, I'm gonna say this very slowly. In New York, a Roth conversion may not be as efficacious as actually taking money out of the IRA, paying the tax and putting that money into an irrevocable life insurance trust. And that's because if you expect to owe a state tax, that's what would drive that. So what are we thinking about? Now, when we're looking at Roth conversions, we generally wanna stay in the same bracket or not move very much. We would never jump from the 12% bracket up to 37% bracket. That's like a foolish journey. When someone comes into our office and says, should I do a Roth conversion? The first thing we do is a projection going out 15 years under current law and figuring out what tax bracket will they be in? What will be their RMDs once they reach their required beginning date? And you can take a jump from 22 to 24 or 32 to 35. You just can't take those big jumps. Now, but when you're determining the jump, I want you to remember, you represent Gary and Barb, they've been great clients. Their children all live in New York. Their son is a neurosurgeon and their daughter is a cosmetic dentist. And you say, do you know what your kids make? And you just say, I know my daughter has her own practice and the Brinks truck comes every night to pick up the cash. So she's making good money, $2, $3 million a year. If she receives her mom and dad's IRA, she'll be taxed at the highest rate. Now you're saying, oh, 37%, maybe. That's certainly what the federal rate is today. Could go up to 39.6. Remember the Biden administration has proposed that it would even go higher when you're over a million dollars. And then, of course you have to deal with New York. Now, if mom and dad do a Roth conversion while they're living at bonafide Florida residence, there's no New York tax on that, of course. So that is a big, big deal. Now, one technique that all of you should get very smart on is the charitable remainder trust. For most clients, it's simple. And for some clients, it's very complex. But for most people, it's gonna be simple. I have a publicly traded piece of property, call it Coca-Cola stock, or I have a piece of raw land in the Bronx that there's no offers on it, it's not for sale. I drop the property into a charitable remainder trust. Later when I sell it, I pay no income tax. I do not pay the income tax until the income comes out of the charitable trust. And why is this so powerful? Why is this such a beautiful thing? Because we get bracket management and we get deferral, bracket management and deferral. So we're trying to spread out the income over time. Now, when you talk about charitable trust, there are two different animals we wanna discuss. The charitable remainder annuity trust and the charitable remainder unit trust. Those are the two things that we need to think about. At the end of the day, we believe the charitable trust is a great way to diversify a concentrated portfolio. We also believe it's a powerful way to avoid income tax on selling something. Now, who should do this? You have to have a client that's charitably inclined. I don't care if you have a PhD in math from MIT, you can not make the CRT math work that someone with a heart this small, so small that you can't see it under an electronic microscope, is going to benefit from a CRT. You have to have somebody that says, I want this money to go to charity at the end of the CRT term. Now that CRT term can be my life. So for example, if my wife did a CRT today and she lived to be 98 years old, she would get distributions from the CRT until she turned 98, simple as that. In the meantime, she's never paid tax on the corpus, okay? If she's not taking that back out, the tax on that is perpetually deferred. Now, remember, when you transfer property into the trust, you will not recognize gain. You have to watch out for debt greater than basis. Now, what's going to happen is if you have somebody who wants to do this, you have to find a CPA and a lawyer that are familiar with Charitable Ranger Trusts, and they will help you with the structure. But the financial advisor is the person out there in the trenches with clients, and you want to have all these ideas in the palm of your hand. You want to understand these ideas to the point where, well, if somebody wants to diversify, but they don't want to pay tax, this might be a strategy. Now, when we work through all this, keep in mind we're dealing with the character of the income. You can keep your capital gain. The beauty of the CRT is you can get diversification while retaining your capital gain, okay? And everything's taxed under what are called the tier rules. I have a picture coming up, I'll show you what those are. But basically, ordinary income comes out first, the ordinary income comes out first, followed by capital gain. Now, if you're hired to manage, engaged to manage a portfolio with a CRT, you want to do that very adroitly, because you're gonna be wanting to look at how to put together that portfolio to avoid ordinary income and focus on capital gain. You would almost never buy the short-term option fund that generates all ordinary income, or all capital, short-term capital gain. That's a fool's errand. You'd be buying very boring things like ETFs, and just letting the gains accrue and accrue and accrue, but not paying taxes on them along the way. So basically, the CRT is a great transaction for somebody that's gonna sell something anyway to diversify. And what you're looking at here is the donor transfers property into the CRT, and takes back income for their life or distributions. We call those unit trust distributions. And then when they die, it goes to the CRT, and then when they die, it goes to charity. Now, what if I say to you, but my wife, hey, I can do this, but if I die tomorrow, what's my wife gonna live on? You can say, no problem, we'll include your wife as a beneficiary of the CRT. So you can do a lot of great things. What's happening here is your friends in the CPA firms are totally overwhelmed with the pace and complexity of tax filing responsibilities. And we're not seeing tremendous great ideas coming out of CPA firms like we were 20, 30 years ago. So we've seen this, are there CRT CPAs that do the same thing you're doing every day? Absolutely. But many of the firms have had to pivot to C corporations, S corporations, partnerships, the places that their clients are demanding so much attention. And then this set of skills, of course, goes down. Now that's your CRT. Let's talk about another interesting thing, oil and gas. Back in 1986, don't Google him now, but Google him later, a gentleman named Lloyd Benson was chairman of Senate Finance. Senator Benson was from Texas, very prestigious type of guy that basically garners attention in a room full of people. He'll be the one people pay attention to. And he basically, as the tax cuts or as the tax reform act of 86 came into play, he negotiated a special provision for oil and gas. And investors were able, even though they introduced the passive loss rules, oil and gas was excluded from the passive loss rules. And at the end of the day, when you invest in oil and gas partnership, if you invest a general partner, you can deduct your intangible drilling costs. And that's what gives people a big deduction upfront. I could invest a hundred thousand, I'd get a $70,000 deduction. And that is exempt from the passive activity loss limitations. And percentage depletion deductions are allowed after the well is producing. That means for every dollar of cash flow, you only pay tax on 85 cents. This is very, very powerful. Now, President Biden has repeatedly proposed curtailing the tax on this benefit. So be very careful with this, but I think it's out there. This is a very good technique in a couple of places. One is I have a lot of ordinary income in one year, or two, I do a Roth conversion. I represented a gentleman, he was a petroleum engineer by training, and he had worked for one of the majors. And in the year he did a three or $4 million Roth conversion, he did mega oil and gas investments. And just to a great extent, they offset each other. Okay, on the retirement plan side of things, we're gonna go about another five minutes or so, six minutes, and then we will jump to Q&A. Now, define benefit, define contribution plans. There's a lot of action here. Secure 2.0 made some important changes. You'll have to get your mind around. Keep in mind, your clients can do DB and DC plans. And they can combine those. I have an architect friend, he's about my age, and he's somewhere around $5 million in his plan right now. And why does he care? He cares because that's protected from the claims of his creditors. Not just the tax side, what he's really excited about is that ERISA protection. Keep in mind, craziness in the world of the required beginning date. You need a scorecard to keep track of this, but it keeps changing over time. And look at how much a 60-year-old can potentially put into a defined benefit plan. Sometimes it's literally hundreds of thousands of dollars. Big ordinary deduction in the year where your income is peaking. And then when you take it out, hopefully you're in a much lower tax bracket. It's just amazing what can happen here. Now let's jump into 529 plans. Okay, so the first thing you have to understand is that virtually impossible for a child to make a meaningful dent in their college education. So it's the whole, you know, can I get scholarships? Can I get grants? Can I borrow the money? And then can my parents and grandparents help me? Now, clearly a lot of help from parents and grandparents, it just varies greatly depending where you are, you know, what social economic strata you fall in. Some of your clients, people you tend to represent are gonna be able to help more. And very often they're college educated themselves, so their generosity, they understand the importance of a good solid education. Now, parents and grandparents will put money into 529 plans, and then that 529 plan can be used for tuition payments. Keep in mind, you can combine this also with the gift tax exclusion for education, okay? So let's talk about this. Now, you're able to put for 2023, I could put if I wanted to 85,000 in a 529 plan for a grandchild, and my wife can do the same. You can file a gift tax return, you can make all these special elections. And that's a wonderful thing. Now, if there's too much money in there when my grandchild finishes college, then over time under the new law, we can roll that into an individual retirement account. Keep in mind, when you take money out of a 529 plan, not subject to income tax, if they go for tuition or room and board, books or supplies, and certain computer expenses. Now, if you're not within those four corners of that definition, you'll have to pay income tax when the money comes out. Non-qualified withdrawals are subject to tax and penalty, so it can get pretty ugly on this. Now, keep in mind, I can't use my gift tax annual exclusion for room and board, or my gift tax educational exclusion for room and board. I'd pay the education directly to the school, and then on the room and board side, pay it out of my 529 plan. As financial advisors, you need to know this. Your clients desperately need your help and guidance in addressing the cost of college education, whether it's for their children or their grandchildren. Keep in mind, under Secure 2.0, we're gonna see some changes where after my grandchild is done with college, or child is done with college, that money can be rolled into an IRA for their benefit. So these are powerful things. You need to wrap your mind around this. And I just think there's been a big sea change in where this investment, where this type of advice is coming from. Meaning, used to come from the CPAs, now it's just as likely to come from sophisticated financial advisors. Now, again, the EARN Act, Secure 2.0, is where we picked up the whole idea of the 529 plan. And I kind of laid that out for you. All we're talking about here is, if you have a 529 plan for 15 years, you are gonna be able to roll that over into an IRA account. It's a Roth IRA account. That is very simple. There's limitations on how much you can do each year. But if there's one area to wrap your mind around quickly, it's this, because when I say to you, I'm not putting any money in a 529 plan, my two-year-old grandchild is gonna get both an academic and athletic scholarship. And you just kind of quietly roll your eyes, but that's where I am. I mean, I'm totally convinced that this child's incredible. Well, fast forward 16 years, reality hits, right? So, but you'd say to me, Bob, let's put the money in the 529 plan. If indeed all those scholarships come to fruition, then we'll just move it into an IRA later. Okay, keep in mind for very, very large, wealthy families, states, some states allow trusts to own 529 plans. Let's talk about estate planning. Let's talk about 2026. On January 1st, 2026, the exemption falls, we know that. And in order for someone to use their heightened exemption right now, they actually have to give away all $12,920,000. Well, how can they do that? Pretty hard, right? So what I've been telling the lawyers and my lecturers and lawyers is, A, is you have to plant these seeds with clients right now today to get them thinking about that I may have to make a big gift. Start the site. The psychology of that is not a three month endeavor. It's a much longer endeavor. And we still have over 30 months. Now, the other thing is what I've been telling the lawyers is this planning doesn't start with you as the lawyer. It starts with the financial advisor determining how much core CORE capital the clients need. So along come Randy and Connie, they've been very successful. They have a $40 million net worth and they're living on $100,000 a year. Can they give away $26 million? Well, they have 14 million extra, 40 minus 26 and that would last them at 100,000 a year. If they buried it in their backyard, that would last them 140 years, maybe 110 with inflation, okay? So certainly they can afford to give that away. You don't have to run a lot of numbers for them. Mostly gonna focus on what to gift and gifting away high basis property. However, along comes one of their friends and their friends aren't nearly as wealthy. Their friends are worth only $26 million. How can they give away 26 million, right? You can't, okay? They can't. But you as the financial planner could run numbers to determine maybe husband gives away his entire exemption to a trust for wife, okay? Those could be all things that you decide to do. And I think we have to lead with the numbers, with the financial planning. The other thing you have to do on all this estate planning is line up lawyers for your clients for two years from now, line them up this fall. Have the clients go see them, check their base estate plan, start the conversation. There simply are not enough lawyers in the United States to do all the drafting that's gonna be required in October, November, December of 2025. The math doesn't work, okay? Keep in mind, anyone that graduated from law school or most people that graduated from law school after say 2010, when the estate tax exemptions started going up, never learned the core skills in estate planning, estate tax planning like a lawyer would have learned in 2000, okay? When the exemption was much, much lower. Now, keep in mind, you're probably gonna create dynasty trusts that are for children, grandchildren and great-grandchildren. The biggest thing out there are these spousal limited access trusts where I create a trust for my wife. Number of other great techniques you can use, I've kind of laid those out, maybe that's another day. Keep in mind, it's use it or lose it. If you don't use your whole exemption, you're not later. If I only gave away half my exemption, I'm deemed to give away my original exemption first. I give my old exemption away first and then my new exemption disappears in 2026. So these are big things that we have to focus on. Now, the last thing you wanna do and I'll end right here and then we're gonna go to questions is when people are setting up trusts, I want you to think about whether you leave New York and set those trusts up out of state. You may not save New York income tax because of this in the short run, but you will pick up a longer perpetuities period and potentially at some point in time in the future, if the Supreme Court ever finds out, finds that New York can't chase you to the edge of the universe and beyond, then maybe those trusts wouldn't be subject to New York tax. We have covered a ton of ground today, Andrew. Hopefully I've given everyone a couple of little ideas of what they might be able to do to help their clients. Andrew, back to you. Bob, that was great. You definitely did. And I think there was tremendous insight throughout the presentation. And so why don't I go to the questions now and start with the five, there are a couple that came in about the 529 plans. Now, one question is for the 529 plan rollover to a Roth IRA, will the IRS attribute distributions to old contributions that are greater than five years old or to current contributions? Well, we're going to have to wait for regs on this, okay? So I don't think we're going to know that till the IRS issues regs. But when I've taught this before, this is, these are the questions. Joanne's asking a great question there. And I think we'll have regs hopefully by the end of the year. Okay, and there's another 529 plan question. I don't know if this is known yet, but for a 529 Roth conversion option, is it available to Coverdale accounts? You know, that I don't know. I'd have to read the statute. Okay, yeah, that's once in a while, they still come up. All right, and for the CRT, how many beneficiaries can you add to the CRT? Can you add your spouse, children, grandchildren? If that's what you want to do, you can, but you do have a restriction under the CRT that remember, present value wise, 10% of the CRT has to be allocated to charity upfront. So if the CRT was a million dollars and the payments to the beneficiaries actuarially came to 899,000, you'd be fine because 101,000, 10% would be going, or 10.1% would be going to charity. But if the beneficiaries took a 98% life estate, you wouldn't be able to do that. Great question. Tracy just submitted a question. Can you explain why you think the exemption is going to sunset in 2026? Well, here's what you have. Simple, if you flip a coin three times, you end up with a 12 and a half probability of having all heads, 12 and a half percent all tails, right? And to have an extension of the current exemption, of the current exemption, you have to have the following scenario, a Republican president and a Republican house and a Republican Senate. And remember the way the country is divided, each of those is a coin flip. And I know Karl Rove would take us to task and tell us in each county, you know, he can tell you how people voted on your block, Andrew, but for the most part, it's a 50, 50 thing. And I think you have to have Republicans controlling everything for there not to be, for the sunset not to occur. And the democratic side of the aisle from the president through the key congressional leaders are all very enthusiastic about raising taxes. AJ, for oil and gas investments, you get a large deduction upfront against income, but the cashflow comes on heavy in immediate years, that's raising your income in peak earning years. Unless you keep making oil and gas investments larger than the previous year to account for this additional income distribution, you end up in a high tax bracket in the immediate years following the investment anyway around this, without having to add even more to the oil and gas investments. No, not really. And, you know, I use oil and gas investments for like physicians or lawyers that are consistently earning a million dollars plus. It's not a good idea like when somebody sells a business, because A is you never wanna use oil and gas to offset capital gain. And B is you do have that phenomena. Typically oil and gas, oil and gas, well, all of us did this when we were a kid, right? You take the leader of sewed out on the driveway and you open it up, right? And it explodes. That's like an oil and gas. Well, your first three or four or five years are the good ones. And then you're down to a trickle. So the point's well taken that you have to really understand the stream to make this work. Now, maybe what you, but if you're consistently investing, that makes sense. It's, you have to be consistent with small, well thought through investments. So if somebody is making a million dollars a year, maybe they put, you tell me you're the financial expert, maybe they put 40, 50, 60,000 into oil and gas, but they're not gonna put 250 or something like that. Next question. All right, well, the only other question we had was just that I think a clarification around the beginning of the presentation, you mentioned concentrated positions and strategies to manage. What do you consider to be a concentrated position? Like what, and when something like that, when a strategy around concentrated positions would make sense? It's when, if that position fell by half or more where it would affect your client's day-to-day life. So if somebody came to see me back long time ago, I was representing all these Procter & Gamble engineers when they retired. And some of these guys would come to see me and they'd have $3 million of Procter & Gamble stock, a house in Green Bay that was maybe in today's dollars a $300,000 house. And that was it, that's all they had. And they had no defined benefit pension, social security of course. And we had to get enough money diversified that we could go X number of years if Procter & Gamble failed. And you can look it up, but there was one day where Procter & Gamble I think fell by a third in one day or maybe half. And that's when this really came home of how important it was because everyone thought Procter & Gamble was just the perfect stock. And so I think it's a financial planning equation. So I'll give you one guy, we'll call him Abel. Abel came to see me and Abel's wife, she was really smart. She taught calculus at one of the high schools. And so Abel could afford to have more risk than his friend Baker because Baker's wife never worked. I think they had nine kids and she never worked outside the home. And so all he had was P&G stock. He had a much more dangerous situation than his friend Abel, whose wife was getting a really good pension. So you kind of got to look at it holistically. I wish I had a straight answer, but if you have two or three or four stocks to make up over half your portfolio, I think what a professor, a finance professor would tell us is that you need, that's a concentrated position. Okay, any other questions? No, that does it for questions. So Bob, thank you very much. This was great. We're now going to go to the next part, which is a short demo from FP Alpha and turn it over to Ian who, and you'll be able to see, I think a lot of what Bob discussed today is actually within FP Alpha. And you can, these strategies are identified and personalized to the client so that you can know when they apply and FP Alpha will help you along that process. So go ahead, Ian. Great, thanks, Andrew. Thanks, Bob. Your presentation laid out some really great opportunities for clients, many of which, as you mentioned, Andrew, have great synergy with FP Alpha. So I'm really excited to provide a brief overview here of FP Alpha and how it can be a resource to assist you potentially identifying these strategies and even quantifying the impact that they can have for your clients. So let's dive in. I'll start with a brief overview, a general overview of FP Alpha and what we do, right? So we're an advanced planning solution for advisors that really help in areas such as tax planning. So we do a lot of different things such as estate planning, insurance reviews. In total, there's 16 different financial planning disciplines that FP Alpha can assist with. And I will show you that list of 16 here shortly. But really the way it operates is you start by taking client documents such as a tax return, wills, their trusts, POAs, healthcare POAs, various types of insurance policies. And rather than manually trying to comb through these documents to consume that information you can upload these to FP Alpha. We apply artificial intelligence to read these documents, pull out key information. And with that key information, we start by producing a summary, a visual summary of the client's tax situation, a visual summary and overview of the client's estate plan. The second thing FP Alpha can help with is identifying a lot of these strategies, a bunch of which were mentioned here by Bob, right? And then last but not least, providing access to resources that are really focused on helping you quantify a lot of these strategies, right? So let's dive in. I'll share my screen at this point. And again, just show you for starts, the list of the 16 different disciplines that FP Alpha touches on. So again, a lot of the big areas include tax, estate, we cover all of insurance, which includes property and casualty, as you see here, diving into areas like disability, medical, life, long-term care, and rounding out the list of 16 are a handful of other topics that can be a resource for when and if they come up in conversations with your clients. In terms of creating clients, we do have a handful of integration partners, which really helps minimize data entry on your part. So integrations with CRMs, with other financial planning tools, again, can really be an asset for utilizing FP Alpha. In terms of once the client is created, you start by uploading these documents. And where that happens is in these questionnaires. So for example, if you wanted to take a client's tax return to upload it for analysis, you navigate to what's called the tax planning questionnaire and you very simply select the year of the tax return, the filing status of the client, and then here's where you upload that PDF. The last step of this process, and one of my favorite features, is the ability to pick a type of analysis. You can approach this two ways. One is called the instant tax analysis. The other is called the in-depth analysis. So in the instant tax analysis, these planning insights and strategies that FP Alpha can uncover for you will be generated by only focusing on the client's tax return. So it requires no other steps. It's very quick. It's very efficient. If you're working with the higher end of the mass affluent or your higher net worth clients who may expect their situation to look different this year than it does on last year's tax return, for example, if their client's income is going to be higher or lower, or they're a business owner and in a volatile industry, you can actually use this in-depth analysis, which still takes into consideration the client's tax return, but allows you this questionnaire below that allows you to plug in some more forward-looking information. So for example, does the client expect his or her taxable income to increase or decrease next year? How much do they expect it to be? A questionnaire for business owner clients trying to uncover opportunities that may be available for them that can't be found by just analyzing the tax return, right? So this is a fully optional questionnaire. If you provide an answer to any of these questions, it will be taken into consideration when generating those planning insights and strategies. If it is left blank, it is discarded. And I'll back up a second here because we've talked about some estate planning strategies as well. And we also do a lot of similar features on the estate planning side of things. And you start by navigating to the estate planning questionnaire. Here's where you have the ability to upload wills, upload the revocable trust here, and then in this third section, all other documents. That includes irrevocable trusts, POAs, healthcare directors, even amendments. If you wanna generate a visual summary of these documents, which we refer to as snapshots, you would navigate to the estate snapshot request and turn it on. And then last but not least, just like the tax side of things, I won't go there in the interest of time, but just like the tax side of things, you can approach estate planning two ways. You can run an instant estate analysis, just taking into consideration the uploads or opt for an in-depth estate analysis and going through an additional discovery questionnaire to provide more complete information. Once you submit this is when we create these snapshots. And again, snapshots are the visual summaries of the extractions pulled out of these documents. So on the tax side of things, we're going to produce a tax snapshot that identifies things in this summary section like the filing status, capital gains or losses, marginal and effective federal, as well as state tax bracket and rates, the client's income, as well as the sources of their income. Beyond this top summary, really like to incorporate visuals to help your clients digest this matter quicker. So we include charts and graphs and even colors to depict things like the client's tax bracket and rate at the federal level, at the state level. We show you their itemized deductions, where that falls in relation to the standard deduction, any charitable contributions that they have made. In this section here, MAGI tiers, identifying whether or not your client is in, over, or under phase out for these topics that you see going across the screen in white. For business owners that you work with, a brief QBI analysis pinpointing where their income sits in relation to the QBI deduction phase out. On the Roth conversion, how much room do they have remaining in their current tax bracket to fill up, right? Another topic heavily discussed here. And this button here at the top of this section does take you to one of those additional resources that can help you quantify a Roth conversion for your clients and your client's beneficiaries as well. We look at Medicare premiums, estimated taxes, and pull information out of Schedule B, which identifies where the client has sources of interest in dividends. If you comb through this from time to time, you might uncover some held away assets that you're not managing. Hopefully you can use this as a quick and easy conversation starter with your clients to try and bring them in-house. We provide a list of state tax credits, rules and information around topics like LTC deduction limits, HSAs, social security, and then some legislation topics as well. So one of the things we covered here earlier was the Secure Act 2.0. You can use this in a proactive manner with your prospects, with your clients, to educate them and make them familiar with what's coming and what's changing as a result. You can take this, customize it by utilizing the hide button in the upper right of any section, and ultimately creating that white label of client deliverable that has your logo replacing FP alphas with custom disclaimer language and taking what we just saw and turning it into, again, that client deliverable that you can use with existing clients or to impress prospects that you're trying to get in front of. That's the tax snapshot. We do the same thing with those estate planning documents, right? So wills, trusts, POAs, amendments, healthcare POAs. We're gonna identify and summarize for you individuals like the grantor, trustees, successor trustees, executor, successor executor, and legal guardians. Any individual named in these documents will create a family tree. And then we get into summarizing documents like the power of attorney, which includes the data assigned, the agent, successive agent, key provisions, the state, looks very similar for the healthcare directive or POA. And then ultimately providing you the flow chart, visual overview of where the clients will distribute assets in the different scenarios or where the clients trust distribute assets upon the different scenarios. And we do that for all types of trusts. And this with the functionality of this download the PDF button can also be turned into a white label client-friendly deliverable, facilitating that estate planning review conversation that Bob encouraged given the timeliness of the sunset in the next couple of years, right? That's the tax and the estate snapshots. I know this wasn't the focus of Bob's presentation, but one thing we actually have coming soon is the addition of the insurance snapshot, starting with property and casualty. So here's an example of what we will be providing here in the coming months across home insurance, summarizing items like the provider, the premium, the deductible, the coverage the clients have. We're gonna do the same thing with the auto side of things. And then last but not least, excuse me, umbrella, right? For a quick and efficient summary of the client's insurance. Beyond that was the identification of different recommendations or strategy that you may wanna consider discussing with your clients. So as a reminder, this is the component of FP Alpha where the instant versus in-depth analysis comes into play, right? It doesn't change anything on the snapshots. It doesn't change anything on the simulators. It's really just providing additional information or the software to utilize when analyzing the client situation to come up with strategies. So again, I can come in and choose tax planning, see the different tax planning topics, a lot of which have synergy with Bob's presentation, as I mentioned, and hit view all and get a long list of different tax planning ideas. You'll notice I use this functionality over the right already for a handful of strategies, which is the ability to add things into a task manager. It's the ability to really cherry pick the high priority items that you do wanna discuss with clients. And I'll show you that functionality here in a second, but again, we have it across the state planning or any of the 16 different topics that I showed you. So that when I ultimately do navigate to this task manager, which again is my high priority list of items that I wanna discuss with my clients, you can see some insights, right? Again, a lot of these are gonna have overlap with topics that Bob was presenting earlier around helping your business owner clients navigate QBI deduction, or whether or not a Roth conversion makes sense or capital gains management, right? Clients in one of the lower income tax brackets gives them the ability to realize long-term gains this year at 0%, right? Deferring charitable contributions until next year. This is obviously a result of me going through that in-depth analysis and indicating that I expect my client to have a higher taxable income next year than this year. And it would be more beneficial for my client who makes charitable contributions to take the deduction in the higher bracket, right? Or Roth IRA conversions, donor advised funds. We even touch on some estate planning strategies. So if your clients in New York, for example, like this sample client, you're well aware that New York has a state exemption that is below the federal exemption. So if you have clients who are subject to state or federal estate taxes, FPAPA will identify that for reference, provide the state rules since a lot of the states have different rules. So you can see New York has a $6.58 million exemption, and they also have a provision where once the taxable estate exceeds 105% of the exemption amount, it all becomes taxable, right? Not only that, but suggesting a strategy that you consider discussing with the client in order to try and minimize the client's estate tax. As you see here, creating an irrevocable life insurance trust might be worth considering, right? So again, you can get these ideas, funnel them into the task manager, customize them. You can even create your own custom recommendations as well, if you'd like. Now, what you can do with these is take it to the last section of FPAPA, which are these simulators where you can take these ideas and model these scenarios out and try to quantify them. So let's stay with the estate planning topic for now. Maybe you want to discuss or explore the island, the irrevocable life insurance trust, and the impact it may have on your client's situation. Well, we have a tool called the Estate Planning Lab, where when you navigate to the Estate Planning Lab, it will pull in and show you the client's assets. Total estate, $9 million. Here's the assets the client has named in their will. Here's the assets that are passing by a contract or beneficiary designation form. And then here are the assets they have in a trust. In this column here, it's the estate tax exposure. Again, both at the federal level, as well as the state level. So with a $9 million total estate, this client does not pay any federal estate taxes. They are below the $12.92 million exemption. But in New York, with the state exemption of 6.58, not only that, but the rule, where if your total estate exceeds 105% of that exemption, it's all taxed, right? So for this particular client, it's a $9 million taxable estate at the 10.2% rate, which results in over $916,000 of estate tax exposure. The software identified an ILLIT as a solution. Here's the client's life insurance. He's got a $3 million death benefit passing by contract. Now, what that means is it's a beneficiary designation form in the policy paperwork, right? That's included in his taxable estate if he passes away. Now, I'll throw this caveat out there. This is really for illustrative purposes because strategies like an ILLIT have a three-year look back. But for illustrative purposes, what you can do is come down here where it says create a trust and model it out. When I click that button, you're gonna have a lot of the strategies that Bob discussed in his presentation, right? You have donor advised funds, you have the charitable remainder trusts, the IGITs, the Spousal Lifetime Access Trusts, in addition to the ILLIT, right? So for this, I will select the ILLIT. I will add the life insurance and name a beneficiary. And when I hit save, you'll see it's no longer passing by contract, but instead funneling into that trust. Therefore, for illustrative purposes, removing $3 million from a $9 million total estate, which gets the client down to $6 million, which is below the state exemption in New York. So the value of an irrevocable life insurance trust for this particular client is that it saves over $916,000 of state taxes. We also have a couple of simulators on the tax side of things, where if you wanted to model out Roth conversions or realize capital gains and see the impact they can have, you can go to what's called this tax projection tool, where we will pull out all the extractions from your client's tax return, automatically populate this column. It's gonna identify information for you, like the year, the client's filing status, dependents, the client's gross income details, AGI, deductions, federal taxes, any payments they've made throughout the year. We incorporate state taxes, Medicare premiums, AMT, and then another Magi-Tiers chart, identifying whether or not the client is in, under, or over phase out for these topics on the left. Let's say you wanna run a scenario. Client comes to you and asks about a topic or wants you to further explain and quantify a strategy that you've suggested. I can come in here and create a new scenario, and now I have this entire column to manipulate. I can name this scenario, save it for future reference. I can tweak any of the information. Clients move from New York to Florida. Now it's 2022. Maybe the client gets married, gets divorced. I wanna tweak the client's income, right? You can plug in any of these fields, hit performance save calculations, and see the impact that these new strategies would have from a federal tax perspective, a state tax perspective, what it might do to the client's Medicare premiums, whether or not they're now phased out of certain credits or deductions or just planning opportunities as a result of what you changed. Last but not least, I can also turn this into a deliverable for easy discussions with the client. Again, I can name these strategies, create multiple strategies, and pull them into a report for easy discussion and presentation. And the last tool I'll show you here is the Roth conversion capabilities. We have a pretty in-depth Roth conversion simulator that, again, can not only help you quantify the value from the client's perspective, but pull in the perspective of the heirs, the beneficiaries, and the impact it can have on them as well. So to navigate to the Roth conversion simulator, I start by plugging in some assumptions. Assumptions include items like the client's filing status, their current age, when they anticipate retiring if they're not already retired, life expectancy. I plug in traditional IRA balance, Roth IRA balance, rate of return for growth of these assets. And if my client needs additional distributions from that traditional IRA to fund their retirement after this retirement age, I plug that dollar amount in here. We wanna know the client's current income, which again, we actually have on the client's tax return, the retirement income, and then you do have some options below. Namely, you have the ability to turn on or off the sunset of the Tax Cuts and Jobs Act, as well as dictate where conversion taxes are paid from. And then as I mentioned a couple of times, the ability to plug in a tax rate for the beneficiaries in order to try and quantify the impact it can have on them as well. Once you're in a good spot with these assumptions, you hit continue. And the first thing I'll show you is the ability to custom build a Roth conversion strategy. Whether it be a one-time conversion or a multi-year strategy, you can dictate how much the client converts on a yearly basis. This maximize button with a click of it allows me to identify exactly how much room or space the client has in their current tax bracket. And then this kickoff age allows me to pick the age at which the Roth conversion strategy starts. In these boxes below, I have items like the total conversion amount, the taxes required for the conversions alone, plus the taxes required for any future distributions or RMDs, which we automatically calculate so that we can quantify the total taxes paid through the client's lifetime, which you specify in the assumptions. We show you the benefits of the client as well as the error on the right. Some additional functionality, the ability to edit the income on a year-over-year basis. So if you know, for whatever reason, at age 70, the client's income is going to look very different, you can plug that in, have it be taken into consideration. And then last but not least, my favorite functionality of this tool is the ability to optimize. But before I hit the optimize button, I actually have the ability to try and optimize three different things. I can try and solve for the scenario that creates the largest client benefit as a result of a Roth conversion, the largest benefit for the client's beneficiaries as a result of a Roth conversion, or to create the strategy that produces the least amount in taxes. Once I select what I want to solve for, if I'm trying to solve for the client's max benefit, I select that, I hit optimize scenario, and it really removes the guesswork out of Roth conversions for you. Rather than manually creating a strategy and wondering if there's a better one out there, you click optimize, and it will actually tell you the optimal number of years to convert, how much to convert, and when to start. So when I do that, it says that I can increase the value of a Roth conversion to nearly $210,000, and that is in comparison to not doing a Roth conversion. And the final feature I'll show you is if I hit continue one more time, we provide the year-over-year side-by-side analysis, year-over-year meaning current age all the way through the client's lifetime, and year-over-year meaning for all of this information, showing you the blue numbers, which represent what it would look like under a Roth conversion scenario relative to the orange numbers, which represents what it would look like without a Roth conversion. And this chart changes based on the topic I click. So here's the total after-tax portfolio balance. I have the traditional IRA balance, Roth IRA balance, right, taxes paid under a nine-year conversion strategy. I'm obviously going to pay more in taxes for those nine years, but then you see the crossover point. For the rest of the client's life from age 75 onward, they pay less in taxes as a result of that Roth conversion strategy. And again, I can turn this into a PDF as well. Obviously, each tool has the ability to download itself into its own PDF. If you would be interested in generating a more comprehensive report, combining multiple aspects of FP Alpha into one deliverable, you can use this functionality here in the bottom on the left-hand panel is a reports button where you can pick and choose from a template or customize which components of FP Alpha go into a comprehensive report. And this comprehensive report can be customized with your logo, your color scheme, and disclaimers. So I will pause there, turn it back over to you at this point, Andrew, and I appreciate the opportunity. Thank you, Ian, very great presentation. And at this point, I think we should wrap up. And if you wanna get in touch with, learn more about FP Alpha, you're welcome to schedule a demo, fpalpha.com backslash demo, we'll do it. Or go to fpalpha.com and you'll be able to click through the site. So thank you for joining us today. Thank you for joining us today. And I hope you found the session valuable. And for Napa New York City members, we're back on in July. Okay, take care, bye.

Andrew Altfest

Bob Kiebler

mass affluence

Roth conversions

estate tax

education planning

charitable giving

opportunity zones

1202 deductions

estate planning

tax strategies

FP Alpha