PERSONAL FINANCIAL PLANNING

David Spence: Build a Tax-Free Retirement | The Concierge CPA

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Explore the rising threat of national debt, future tax hikes, and how Americans can prepare.

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The Concierge CPA
With Jackie Meyer
For CPA Trendlines

The U.S. is hurtling toward an economic reckoning, and most Americans are dangerously unprepared. That’s the warning delivered in the latest episode of The Concierge CPA podcast, where host Jackie Meyer sits down with financial planning expert David Spence, CPA, CFP, CLU, PFS, to unpack how today’s economic decisions could impact tomorrow’s taxpayers.

More Jackie Meyer

Spence’s message is clear: history shows that skyrocketing national debt leads to one inevitable outcome—higher taxes. “After World War II, with debt at 120% of GDP, top tax rates soared to 94%,” Spence explains. “Today, we’re at 130% of GDP, and we’re already paying massive interest on our debt—more than we spend on defense.”

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It’s Time to Fix the Problem of QTIPs and LLCs

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Goldberg urges the IRS to address new state laws that pose a threat to the QTIP marital decuction.

By Seymour Goldberg, CPA, MBA (Taxation), JD
The Practitioner’s Guide to the IRA Distribution Rules under the SECURE Act

Lately, some clients and others have inquired about transferring their ownership in limited liability companies to trusts for estate planning and asset protection. I cautioned them that doing so could lead to complex tax and legal problems. To address this, I recently made a formal request to the IRS for guidance on a unique situation.

Read Goldberg’s Revenue Ruling Request Here (PDF, 5 pages.)

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Be the Flywheel to Increase Revenue

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“This will be the largest transfer of wealth the nation has ever seen in such a short period of time.”

By Rory Henry, CFP®, BFA

Henry

Rory Henry is a Director at Arrowroot Family Office and host of the Wealth Management Forward podcast. He can be reached to discuss ways to integrate financial planning into your practice through the CPA Partnership program at (310) 566-5865 or at rory@arrowrootfamilyoffice.com.

The financial advice business is undergoing significant change, particularly in the accounting and wealth management sectors. The arrival of private equity firms, combined with the rise of M&A and rapid advancements in technology, has shifted the landscape considerably. While these changes are unsettling to some practitioners, I view them as opportunities.

MORE: Four Core Principles for Elite Wealth Management | Why You Need a Team of Experts | Why a Virtual Family Office? Why Now? | Is Your Client’s Umbrella Big Enough? | Your Client’s Instincts Are Wrong | Preserving Wealth Is a Different Mindset | Three Approaches to Investment Consulting
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In many ways, a CPA is a flywheel at the center of the financial advisory engine. All the other providers and advisors rotate around the CPA, and together they build momentum as the firm expands its offerings and as the advice engine gains speed and confidence.

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