Paul Stawinski discusses maximizing inheritance: tax considerations and financial strategies.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-paul-stawinski-founder-of-clu-wealth-advisors-discussing-inheritance-positioning/
Inheritance planning is a critical aspect of financial planning that ensures assets are distributed according to people’s wishes and helps avoid potential pitfalls such as probate and unintended beneficiaries. The guest in the podcast episode emphasizes the importance of having a comprehensive plan in place to address these issues.
Paul Stawinski, CLU, CFF founder of CLU Wealth Advisors, shares his personal experience of witnessing the consequences of inadequate inheritance planning when his father went blind and lost his entire business. This event drove home the importance of proactive planning to ensure that assets are protected and distributed as intended.
Stawinski highlights the significance of initiating conversations with family members, friends, and business associates about what should happen to assets upon death. He stresses the need to have a will in place to prevent assets from going through probate, a lengthy and costly process where the government decides how assets are distributed.
Moreover, Stawinski discusses the complexity of assets and the importance of considering the tax implications of different types of assets, such as qualified versus non-qualified money. He advises on the need to involve professionals like attorneys, CPAs, and financial advisors to navigate the intricacies of inheritance planning effectively.
The episode underscores the act of love and care involved in inheritance planning, where individuals take the time to ensure that their assets are passed on thoughtfully and responsibly. By engaging in detailed discussions, setting up meetings with professionals, and involving heirs in the process, individuals can create a comprehensive plan that aligns with their wishes and minimizes potential challenges in asset distribution.
Paul explained: “Each asset that a person owns has different complexions, both tax complexion, investment complexion, use of money complexion. So, what you must do is determine which buckets of these assets you want to turn over.”
Paul also shared: “I am in the financial services business with a unique approach. I help people find money they are currently losing unknowingly and unnecessarily. I then reallocate those funds to enhance their retirement and net worth.”
Video Link: https://www.youtube.com/embed/pgKaz0yo6fU
About Paul Stawinski, CLU, CFF
CLU Wealth Advisors is a full-service wealth management firm that specializes in personal and corporate financial planning including comprehensive wealth accumulation and estate planning. Their focus includes clients in the entertainment, fashion, and music industries, high net-worth individuals, and businesses. Their objective is to provide stellar service by communicating with their clients regarding all aspects of their financial lives.
Founded by Paul Stawinski CFF, CLU Wealth Advisors has maintained relationships with clients in ways only a boutique business can, acknowledging and focusing on the individual needs and solutions specific only to them. Their practice centers its Financial Planning strategies around each individual’s investment and Insurance objectives, wealth management needs, and risk tolerance, providing a complete financial platform for their client’s lives. Paul is a Certified Financial Fiduciary.
Learn More: http://CLUWealthAdvisors.com
Securities are offered through Garden State Securities, Inc., (GSS). Member FINRA, SIPC. 328 Newman Springs Road, Red Bank, NJ 07701. 732-280-6886. Advisory services are offered through Garden State Investment Advisory Services, LLC, an SEC-registered Investment advisor. CLU Wealth Advisors is an independent branch office affiliate of GSS and GSIAS.
