Family Office Security with EDWARD MARSHALL, CEO of PRESAGE GLOBAL




https://youtu.be/uLbbZg52ABg




In this conversation, Frazer Rice and Edward Marshall delve into the complexities of security within family offices, emphasizing the importance of understanding risk as a multifaceted concept. They discuss the vulnerabilities unique to family offices, the interconnected nature of various risks, and the necessity of a comprehensive approach to security that encompasses governance, internal threats, and physical safety. The dialogue highlights the need for families to engage with security experts who prioritize diagnosis over fear-based marketing, ultimately aiming to enhance the quality of life for families through effective risk management.



Transcript



Frazer Rice (00:01.173)Welcome aboard, Eddie.



Edward Marshall (00:03.074)Hey Fraser, how are you?



Frazer Rice (00:04.375)Great. Thanks. You are now a member of the two episode club. We've got a few of them out there. We one of my favorite ones was with you talking about there is no such thing as the family office, which I thought was a terrific bromide that I bring out every once in a while. It can be controversial depending on who you're talking to.



Edward Marshall (00:23.15)So some people like that and some people hate when I say that, but it's all good. I mean, it speaks to the whole issues around family offices and I think some of the things that we'll probably talk about today around security is if you're defining it so many different ways, we've to look at it more as a process than some actual thing that we can put our finger up.



Frazer Rice (00:46.421)Well, so security and whether it's family office or regular high net worth or people generally is foremost in the headlines these days. We had the United Health Care executive who got shot. We've got different scenarios of global conflict out there. The theft around financial assets is everywhere. The urgency in the family office space, though, it seems like it's really taken on a new thing. What is your experience with it?



Edward Marshall (01:17.612)Well, mean, I think we could take a look at it from the perspective and start out with this, is risk is really what we deem it and how families and companies…



offices and investors are looking at risk, they can perceive it in a lot of different ways. But I think one of the things that are important for high net-worth individuals or family offices is that some parts of their just organizational DNA create these engineered vulnerabilities. So what they are makes them more susceptible. And if you think of it just from the Willie Sutton effect, right?



Why do you rob banks? Because that's where the money is. It's kind of myopic. Because you have to look at the other factors. What does the family office typically have as characteristics? You tend to have a very lean operation. There tend to be sources of time, line, agnostic capital. They have a lot of trusted relationships. Their customer is the family.



And they're pretty agile. So a lot of those factors come together and make them attractive for bad actors in a lot of different aspects. They could also be politically outspoken, which attracts a different kind of attention to them. And so it is…



It's really an ability to understand the nature of family offices and what makes them attractive for them because they have enterprise level wealth and oftentimes amateur or retail level security and risk management practices and processes in place.



Frazer Rice (03:08.009)So how do you get your arms around it? When I hear risk, think, my gosh,

RICHARD HAASS returns to the podcast to talk about the US FOREIGN POLICY implications of Trump's Tariffs and other initiatives. We take another tour of the world's hotspots after the recent UN conference here in New York. Finally, we weave in an analogy of the recent crowd misbehavior at the Ryder Cup as a symptom of America's current mood.




https://youtu.be/z4FlnrXl8tE




US FOREIGN POLICY: INTRO



Frazer Rice (00:01.277)



Welcome aboard, Richard. We are past our technology glitch, I think. The next big thing here is to try to figure out what the US looks like. We're on the heels of the UN week and also the Ryder Cup. I'm not sure which one was more chaotic, but as you look at the US's standing after the UN, what do you take from the events that took place last week?



Richard Haass (00:02.744) on US FOREIGN POLICY



Great to be back.



THE US MOOD (AND THE RYDER CUP)



Richard Haass (00:28.172)



It was not a great week for what Joe and I, may he rest in peace, called soft power. What happened at Beth Page, the terrible manners, the coarseness, vulgarity, choose your word, the lack of sportsmanship, we could go on, but you get the point, was really poorly received in Europe, as it should have been. And I thought the PGA here just showed a blind spot would be generous. So it was not good. I felt somewhat between embarrassed and ashamed and also just overshadowed some unbelievable golf on both sides.



Frazer Rice (01:11.069)Kind of where I came out on it. And it just felt bad watching some really good players doing their thing and then all of a sudden, again, overshadowed by pretty boorish behavior.



Richard Haass (01:22.51)



Particularly golf, because golf's a game of rules and norms. I think it was Rory Mclroy who used the word etiquette, and what we saw was anything but. I really wondered at times whether some of those people ever played golf. And then the UN. Look, it didn't happen in isolation. The President's US Foreign Policy speech was…at times just, it was seen, it was taken badly by Europeans. It was for understandable reasons, seen by them as something of an attack on them. The comments like about Sharia law in London were over the top. The criticism of immigration policy, some of which, for the record, deserve some criticism, I would say. The total denial of climate change was badly received.



So it was not good, even though, and I think the president detracted for some of his legitimate criticisms of the UN. My own sense, though, is the UN's got bigger problems than Donald Trump's speech. The UN has basically made itself increasingly irrelevant. It's no longer a place for serious diplomacy. At most, it's a venue for side meetings. And since then, you've had the announcement of a "peace" plan for Gaza and so forth.



So the world's moved on. quite honestly, what matters is not what happened during a few days of traffic in New York, but rather what happens more broadly. So we'll see what, if anything, comes of this Middle East announcement. We'll see what happens next, if anything, diplomatically with Ukraine. President Trump's about to meet his Chinese counterpart in less than a month in South Korea. So there's a lot going on.



And not to mention domestically, there's a lot going on we can discuss. So the fact that the Ryder Cup or the UN were not great in and of themselves, they're more data points. And I think what matters is more the larger story for better and for worse.



US Foreign Policy: Russia and the Ukraine



Frazer Rice (03:32.

In this conversation on "TAX ALPHA", Frazer Rice and BRENT SULLIVAN (of TAX ALPHA INSIDER) delve into the complexities of tax awareness in investing, focusing on capital gains, income tax, and various strategies for tax efficiency. They discuss the importance of tax loss harvesting, the challenges of managing concentrated portfolios, and the implications of estate planning. The conversation emphasizes the need for advisors and trustees to understand these strategies to optimize tax outcomes for their clients.




https://youtu.be/pCIXFq4YoS0




Outline of Tax Alpha



Quick Overview of Tax Rates




Ordinary vs Capital Gain (Usually Income vs Asset based taxation)



Short Term vs Long Term (Long Term Treatment)



(we’ll talk about Estate Later)



Federal vs State (Can be important!)



Netting Losses/Deductions vs Gains and Income



Owning assets Taxable vs Non-Taxable vehicles





https://open.spotify.com/episode/3uL924aOlPd2hgmC9s7KCI?si=hBS09OKDTd-uHhT8PAj7aA




Tax Alpha in stock investing (Universe)




Long Only

Concentrated Positions

Timing – Getting LT Capital Gain treatment



Basis – increasing basis

Exchange / 351 Funds to defer and diversify



Dramatic foreshadowing with step-up later in estate context



Blind Trusts for political appointees







Diversified Positions

Passive (Lower Cost, acceptable returns, “lower risk/tracking error”)



Active (Now frowned upon – except in the after tax world w/ TLH)





Deferral Carve-Outs like QOZ’s





Tax Lost Harvesting

Owning an index vs owning a sample of the index



Buying Coke and selling pepsi



Wash Rules



Loss Carry Forwards



Capital Losses / Not Ordiany Losses





Amplified Tax Loss Harvesting

Own the sample of Index AND



Borrow off those holdings to create long and short positions to generate capital losses while having beta of 1






Trends:




Pre-Liquidity Event planning

Storing Losses for the bulky sale



Timing the event(s) to have the losses line up with the gains





Pre-Diversification planning



Pre Death Planning

Integrating the Estate Planning with the Income/ Cap Gains Planning

Step-Up



Avoiding Estate Tax, But Prolonging the Cap Gains Tax exposure (and concentration risk?)



Grantor Tax status and he swap power



How does turbo charged loss creation look in an estate environment?



Trustee/ Executor and Fiduciary / Beneficiary risk issues







Vehicle evolution

Funds



SMA’s



351 and other ETF vehicles (+/-‘s)



PPLI,PPVA






How did you develop this expertise?



How do we find you?



Transcript of Tax Alpha



Frazer Rice (00:01.122)Welcome aboard, Brent.



Brent Sullivan (00:03.035)Well,

In this conversation, Frazer Rice and PAUL HOOD delve into the evolving role of trustees, particularly in the context of Delaware's new Well-Being Trust Statute. They discuss the broader responsibilities of trustees beyond mere asset management, emphasizing the importance of understanding beneficiaries' needs and the implications of well-being provisions. The dialogue highlights the challenges trustees face in balancing the interests of multiple beneficiaries, the potential liabilities associated with well-being services, and the necessity of having clear processes in place. The conversation concludes with reflections on the complexities of trust management and the importance of careful drafting in trust documents.




https://youtu.be/9LFt6HsjpWM





https://open.spotify.com/episode/4uqhoeXtfaIIWLbKhd62ej?si=nDTf-09bRSWjT0O_YKX49g




Takeaways




Trustees have a broader role than just managing assets.



The well-being statute in Delaware is an opt-in provision.



Balancing the needs of multiple beneficiaries is challenging.



A clear process is essential for trustees to navigate their duties.



Well-being provisions can complicate traditional trust structures.



Trustees must be cautious about the liabilities they assume.



Decanting trusts can lead to unintended consequences.



The intent of the settlor is paramount in trust management.



Trustees should document their decision-making processes.



Effective communication with beneficiaries is crucial.




Sound bites



"I would never opt into 3345.""Decanting is not that easy."



Well Being Trust Chapters



00:00 Understanding the Role of Trustees04:45 The Concept of Well-Being in Trusts10:33 Balancing Beneficiary Needs17:53 Navigating Well-Being Responsibilities24:30 Challenges and Considerations in Trust Management



Well Being Trust Transcript



Frazer Rice (00:01.078)Welcome aboard, Pop.



Paul Hood (00:02.648)Great to be with you today.



Frazer Rice (00:04.598)The Delaware legislature has tried to give us some new tools to give us a holistic approach to planning for trustees and for beneficiaries. Help us sort of think through first from a function perspective what trustees do. I always thought of it as, you know, they held assets for the benefit of beneficiaries and then with that they have to administer them, they have to invest them, and then they have to distribute them. Have we got that about right?



Paul Hood (00:35.34)Well, I've always had a broader view of trustees. Jay Hughes, a good friend and fellow pilgrim in this field, he talks about the trustee as a persons with confidence and like a trainer, an elder, and for a lot of beneficiaries, and I believe trustees, especially in discretionary trusts,



The trustee needs to be that. There needs to be some attention to the person of the beneficiary, not just the finances. Send us a budget. The distributions committee who's in secret will meet, and we'll decide how much we'll give you.



Well, I think a trustee's duty is broader than that. Or let's say this, you can meet the minimum requirements of being a trustee by doing what you said, but I think the very, very best trustees are persons with confidence.



Frazer Rice (01:41.17)I agree with that. The problem is identifying the people who mix the temperament and the talent and then paying for them.

We go inside the the enormity, complication, and notoriety of the BEZOS PRE-NUP AGREEMENT with divorce attorney, MARILYN CHINITZ of BLANK ROME.




https://youtu.be/nMMp6He056Y





https://open.spotify.com/episode/39KMPMRhwGfYbdZVMJHEan?si=36c5c8a927bf4a6f




Outline of the ISSUES INSIDE the BEZOS PRE-NUP




General Concepts



What happens without a pre-nup?



Process for disclosing assets



Previous marriages and those pre/post-nups?



Community vs Equitable Distribution (Does the Pre-Nup contract this away?)



Separate property



Outside trusts?  Estate Planning?



Pre-nup vs ultra high net worth pre-nup



Financial Considerations (and Complication)



Non-Financial- NDA, media activity, scope of negotiations, data and tech issues



Let's go through the General Fact Pattern



High Profile



Asymmetric Net Worths



Kids?



Which state is used for choice of law? Portability? 



How do you make sure this has teeth?  (Coercion penalties)



Spousal support / alimony?



Escalator or sunset clauses?



Disqualifying or  "infidelity" or "weight gain" clauses?



What happens if children?



Other constituencies - charities, businesses, political causes etc 



Integration with estate documents, life insurance, other vehicles



Is there a check-in every five years?



What else can we learn from what is inside the Bezos Pre-Nup?




Transcript



Frazer Rice (00:02.07) - Inside the Bezos Pre-Nup



Welcome aboard, Marilyn.



Marilyn Chinitz (00:04.088)



Thank you, really nice to be here and nice to talk to you about what's inside the Bezos Pre-Nup.



Frazer Rice (00:07.541)



We sort of regaled ourselves with a mutual friend and we're already, I feel like we're already related. That's right. So we're going to talk a little bit about probably one of the highest profile marriages in the world that just happened with the Bezos Sanchez union and get inside the Bezos pre-Nup. But for just for a little bit here, let's talk about what happens in a sort of family law divorce setting.



Marilyn Chinitz (00:13.39)



Your best and glorious buddies are ready.



Frazer Rice (00:35.232)



With general concepts because we're going to be diving into some specifics with the case study here. What happens when something goes wrong and we have a divorce that happens without a prenup?



Marilyn Chinitz (00:46.734)



So it depends what state you're in. If you're in a state like New York, then we have equitable distribution laws. If you're in a state like community property in California, then those laws are very different. So if you have no prenup, and a lot of people don't because they start their marriage with very little assets, and everything that you acquired during your marriage is now subject to a division.



Frazer Rice (00:49.569)



Of course.



Marilyn Chinitz (01:15.918)



And what happens is you start to trace the assets and you look...

NICK MAGGIULLI, successful author of "Just Keep Buying" has a new book out called "THE WEALTH LADDER." It's a well done framework on how one's relationship with money has to change as they move up the different strata of money and spending. We get into the book, how major life changes can shape our views, and the writing process.




https://youtu.be/pFmWTHlPTUY









https://www.amazon.com/Wealth-Ladder-Proven-Strategies-Financial-ebook/dp/B0DKMPFTR3/




OUTLINE




What does this book seek to accomplish?



How was the experience different from the last book?



Surprises in your findings?



Has getting engaged and married change your lens on any of these topics?




THE SIX LEVELS OF THE WEALTH LADDER




Level 1: Less Than $10,000



Level 2: $10,000 - $100,000



Level 3: $100,000- $1M



Level 4: $1M-$10M



Level 5: $10M-$100M



Level 6: $100M and beyond




TRANSCRIPT



Frazer Rice (00:02.178)Welcome aboard, Nick.



Nick Maggiulli (00:04.138)Thanks for having me back, Frazer. Appreciate it.



Frazer Rice (00:04.911)Easy to have you back and congratulations on two fronts. You just got married and you've also in a sense given birth to a new publication here. Tell us about the last few months and what it's been like.



Nick Maggiulli (00:14.41)It's just been very busy, lots of things. We were doing wedding planning. We got engaged late last year and so wedding planning did that, had a few small celebrations. And now it's book launch time. We're delaying our honeymoon until the end of August because the book's coming out now and the book's out, so going from there. So it's been fun.



Frazer Rice (00:38.094)Big things happen in three, so it's all coming together in a couple of months there. So I've been watching this book getting written over the course of last, I guess, two years now. What was the gist of the book for the audience here? What got you into the wealth ladder concept, having written Just Keep Buying?



Nick Maggiulli (00:41.374)Yeah. So the gist of the book is that your financial strategy needs to change over time. I think it's very easy to get caught in a certain set of habits and you can follow those to their logical conclusion. But if you're trying to kind of go to the next level, so to speak, as I say in the wealth ladder, you might need to change your strategy. And there's a ton of examples of this and it really depends where you want to go, how much wealth you want to accumulate, etc. Knowing all those things will help you better determine which strategy you should follow. That's the high level of the wealth ladder.



Frazer Rice (01:30.574)So as you were sort of getting into the research on it and you take a lot from your personal experiences, you've moved up the wealth ladder and have had to have a little self-discovery on that. What would have been the interesting findings in your own experience and in the research that you've had and maybe things that were surprising?



Nick Maggiulli (01:51.338) the Origins of the Wealth LadderI think this is something that I'm hoping a lot of people who have built wealth have come to the same conclusions, which is like as you build more wealth and have more money, like money doesn't mean the same thing to you anymore. It doesn't have the same value. Like I remember still being a, you know, semi-broke college student, you know,

BRANDON RAINS from the Denver-based Rains Law Firm and I discuss estate planning in an era of artificial intelligence, scalability, the democratization of advice being delivered by non-lawyers and the fun and games that exist when people die and plans go into action.

https://youtu.be/p3VtFCVpp8o




IS THE CIO DRAGGING DOWN THE FAMILY OFFICE'S PERFORMANCE? The Family Office CIO job involves a delicate high wire act. The position can be a fraught intersection of:




Asset Allocation (& collision of "endowment" vs "family adjacent" strategy)



Cash Management



Deal Sourcer/Vetter



Club Deal Gatekeeper



Risk & FOMO mitigater



Overall One-Man Band




ADAM SMITH advises families around deal and investment structure via RAS CAPITAL PARTNERS. We discuss the evolving CIO in family offices, We go over the importance of expectation-setting on both sides. We get into what the families can do to understand their own needs (and why they might be the problem!). The goal is to help both sides unlock potential and get out of the way of performance.



Adam Smith's Background (2–3 min)




Adam gives a brief personal background and current work with family offices



Set up the problem: Many family offices operate with misaligned or underperforming CIO structures



Mention growing tension between opportunistic deal flow vs. structured allocation frameworks




CIO Dragging: Defining the“Non-Functioning CIO” (3–4 min)




Describe what a non-functioning or misaligned CIO looks like in a family office



Common traits: reactive, relationship-driven over process-driven, lacking risk discipline



The consequences: inconsistent returns, governance confusion, lack of accountability




Deal-Driven vs. Allocation-Based Models (4–5 min)




Explain the difference between a deal-centric CIO vs. one focused on institutional-style allocation



Why the dealmaker mindset often prevails in emerging family offices



Tradeoffs: speed and access vs. diversification, scalability, and defensibility



Challenges when there’s no clear investment policy statement (IPS)




Why Do Families Tolerate This? (2–3 min)




Emotional and trust-based dynamics—families often default to familiarity over structure



Over-indexing on "access" as value



Underestimating the long-term risks of ad hoc strategies




What CIO Institutionalization Looks Like (3–4 min)




What a functional, institutional CIO framework looks like (clear mandate, reporting, delegation, rebalancing discipline)



Role of governance in supporting this structure



When and how to make the transition—triggers and best practices




Cultural and Generational Resistance (2–3 min)




Why some families resist institutionalization



How generational shifts are challenging legacy CIO models



Importance of aligning values and objectives—not just tactics




Closing Thoughts THE CIO DRAGGING ON THE FAMILY OFFICE PERFORMANCE (2 min)




Tie back to broader themes of sustainability, legacy, and governance in family offices



Call to action: revisit your CIO model—does it reflect your goals or just your past?



Emphasize the importance of aligning investment leadership with broader family vision




Other CIO Dragging Considerations-

https://youtu.be/UizVi4fJzPs?si=MeLp0txegEzBkVLl




CIVIC ENGAGEMENT: The Secret to Revitalizing Communities- this is how we improve our neighborhoods. It's a great way to teach the next generation about citizenship and how to be a part of something bigger than themselves.



But what is involved in getting involved? Politics has an ugly reputation. How does one participate, get meaningful results, and keep ones sanity?



Friend of the show, BLAIR DUQUESNAY, takes us through her experience navigating levee governance and politics in her hometown of New Orleans after Hurricane Katrina. She explains why civic activity is important to her and the example she wants to set for others. It's a great example of citizenship that we can all learn from.




https://open.spotify.com/episode/3BjQeTf3nz5mgt6UD2pgpy?si=ntfqCSR1S2aCQvmVxSNQoA




Summary



In this conversation, Frazer Rice and Blair discuss the importance of community engagement and civic responsibility, particularly in the context of New Orleans post-Hurricane Katrina. Blair shares her journey into civic activism, the challenges faced in flood protection governance, and the grassroots efforts to raise awareness and advocate for reforms. They emphasize the significance of being informed and active citizens, the lessons learned from local democracy, and the need for ongoing engagement in community issues.



Takeaways




Civic engagement is crucial for community well-being.



Personal experiences shape one's commitment to volunteerism.



Grassroots advocacy can influence local governance.



Awareness of local issues is essential for effective activism.



Democracy requires active participation from citizens.



Building relationships with elected officials is important.



Researching issues enhances advocacy effectiveness.



Community coalitions can broaden outreach efforts.



Caring about local issues is a fundamental aspect of citizenship.



Voting is a critical component of civic responsibility.




The Secret to Sound Bites



"We're all just humans in this process.""It's important to research the issues.""You have to vote to have a voice."



Civic Engagement Chapters



00:00 Community Engagement and Civic Responsibility05:59 Political Challenges in Flood Management12:11 Lessons in Local Democracy?



Titles



Reinvigorating Our Communities Navigating Governance After Hurricane Katrina



Other CIVIC ENGAGEMENT EPISODES




https://frazerrice.com/civics/




WHAT IS CIVICS?



https://frazerrice.com/all-the-presidents-money/




https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/




Keywords



community engagement, civic responsibility, Hurricane Katrina, governance reforms, flood protection, grassroots advocacy, local democracy, civic engagement, informed citizen, activism, belle curve, blair duquesnay, ritholtz wealth, next capital, next vantage, frazer rice

The massive costs of caregiving can be a big surprise to most people. It is an expensive undertaking in the best of circumstances and can be a full time job. BETH PINSKER, a columnist at Marketwatch and the author of the new book, "My Mother's Money- A Finanical Guide to Caregiving" takes us through her experience. There are many great tips to help get support for this difficult experience.




https://youtu.be/WNYLOR_Pvw8?si=8dS2LPG3vfe1FWIX





https://www.amazon.com/My-Mothers-Money-Financial-Caregiving-ebook/dp/B0DW3RLJSF/





https://open.spotify.com/episode/120pb9198YPecMzPir7RyC?si=mqlnY7XmRA-gtRzfJemq_w




Outline




00:00 Introduction to Caregiving and Aging



02:15 The Importance of Planning Ahead



08:28 Navigating Legal and Financial Caregiving



10:33 Understanding the Emotional and Physical Toll



14:29 Making Informed Decisions for Loved Ones



19:40 Financial Planning for End-of-Life Care



25:28 Essential Documents and Digital Access




Transcript



Introduction to Caregiving and Aging



Frazer Rice (00:04)This is a real treat for me in the sense that I have had personal experience around this. Your book, which we'll get into in just a second, is going to be coming out in November. I think it's going to be an important resource for pretty much anyone who has ⁓ any exposure to aging or anything like that or any sort of caregiving. Give us a little bit of a sense of the timing of the book first and we'll get that out of the way, far away.



Beth Pinsker (00:35)Great, you know what, we're all in this together and nobody's gonna escape any of this. You will either need to care for somebody or you're gonna need to be cared for yourself at some point in time. Like it's inescapable. you ⁓ know, we're all, we all need this information.



The reason I put it together was because I couldn't find it out there when I went looking for it. When my mom got sick, there wasn't a resource that told me how to deal with the things that I had to deal with. Being a CFP and being a retirement columnist and a journalist, I got the caregiving information. Then I wanted to put it out there for other people to benefit from it so they could plan a little bit better or get through whatever they were stuck in the middle of.



I pulled together a bunch of columns I had written and brought in them out. I interviewed a lot of people, like almost 100 people, especially for this book. Over the years as a journalist, I've interviewed probably, you a thousand people about, you know, planning and estate planning and all of that stuff that goes into it. This book is coming out November 4th from a Penguin Random House imprint. You can pre-order it on bethpinsker.com or through the publishers portal. Hopefully you'll see it everywhere and every bookstore you go to.



Frazer Rice (01:51)One of the concepts of the book that I think is vital is that it's important to have these steps. This caregiving analysis, this process established while everyone is at least a little bit on the top of their game. That you're not making decisions under maximum stress, either emotional, financial or otherwise. Maybe take us through a little bit about how you came to that realization and how you articulated that.



The Importance of Planning Ahead for Caregiving



Beth Pinsker (02:06)



Yeah, so I got a call from my mom ⁓ one day. You know, she's perfectly fine, 76 year old, and she's like,

There are plenty of LESSONS FROM GENE HACKMAN'S ESTATE PLANNING.




https://youtu.be/HZI4oiP0ZtM




It's a cautionary tale about managing changing circumstances. Proper implementation and monitoring has to be in place. Periodic reviews of the documents, asset titling, and staffing of the fiduciary roles are a must. Finally, understanding the family dynamics and desire for confidentiality are vital in putting the estate plan in place. The disposition of $80 million was at stake here.



LAWRENCE D MANDELKER, Partner at the NEW YORK OFFICE OF VENABLE, and I discussed the fact pattern, what could have been avoided, and points to take away in one's own affairs.




https://open.spotify.com/episode/1ndlYCQRiAokJ4FyATL9Te




Transcription



Frazer Rice (00:02)Welcome aboard, Larry. VENABLE ARTICLE ON GENE HACKMAN'S ESTATE



Lawrence D. Mandelker (00:04)Thanks for having me, Frazer.



Frazer Rice (00:05)This is, I wouldn't say it's fun talking about someone's estate, but this one's particularly interesting. We all remember Gene Hackman from Hoosiers and Superman and Mississippi Burning and all sorts of great movies. Unfortunately, his end was sad and as it turns out, Gene Hackman's Estate was complicated and public. From a planning perspective, we can learn a lot. ⁓ Take us through a little bit about where where Gene's estate kind of went from and ended up as far as a fact pattern.



Fact Pattern in Gene Hackman's Estate Planning



Lawrence D. Mandelker (00:37)Sure. So, you know, the news sort of surprised all of us when we heard that he had died. And then over the next couple of days and weeks and even months, more more detail came out. And as you said, it was pretty disturbing. But it seems as though Gene Hackman was a very successful ⁓ actor and he engaged in estate planning.



Gene worked with attorneys, which is always a good thing to do it to work with people who are experts in the field And he had a you know a normal estate plan. He lived with his wife It seems like he had a little bit of a fractured family. It was not his first marriage. We learned after he signed his estate planning documents sort of things over the next 20 years sort of changed for him he He had some health issues.



He was suffering from advanced dementia at the time he died and as we know his wife died from a virus apparently a week before. Then as the details came out we learned that he had the advanced dementia. There was a fractured family the the wife and his kids did not get along so well. It's unclear what the situation was with how much contact he did have with his children. But he had a will, he had signed it 20 years before he died. The facts changed. It looks like he hadn't reviewed it in a while. His attorney died so we have a sad situation here.



Frazer Rice (02:12)Many lessons to get from that. Let's start with the first one. He definitely had ⁓ sort of dementia situations, cognitive dysfunction that eroded over the course of time. Maybe take us through a little bit about the scope of that issue. mean, it affects lots of people and a growing number every year and some things that should be in place because of that.



Lawrence D. Mandelker (02:38)Yeah, you know, we all think we've got a lot of time and for someone who gets a diagnosis of dementia



It's sort of a warning sign as soon as that happens that, you know, we never know when our time is going to come, but the dementia is sort of the warning. You know, maybe you're entering the second half of the game or the fourth quarter of the game. So maybe you should start getting your affairs in order...

US/UK TAX PLANNING with ALEX JONES, Partner at London Tax Firm, RAWLINSON-HUNTER




https://youtu.be/UjgQRpfqJ-E




Thousands of Americans live and work in the UK and record numbers of them are applying for British citizenship. Planning for taxes for these folks has always been challenging, but in 2024, with the change in the non-DOM rules, it's gotten even more difficult. To help us understand what's happening here and to try to identify some of these issues is ALEX JONES. He's a partner at Rawlinson Hunter, the British tax firm. Enjoy.







Outline



00:00 Understanding UK Tax Law Changes for US Citizens07:00 Navigating Residency and Tax Implications11:49 Planning for Inheritance Tax and Trusts19:51 Pre-Immigration Tax Planning Strategies30:03 Managing Double Taxation and Tax Credits




https://open.spotify.com/episode/4Hmqaalhjk3NklfMCWNd4X?si=8e45eac2d2f247cc




Transcript of US/UK Tax Planning



Frazer Rice (00:04)



Well, we have certainly had a lot of news with British tax law changing. And for those of us here in America who may or may not be part of getting to Europe in a major way and in the UK in a more permanent way, maybe give us a little overview of ⁓ A, what happened, but more specifically, how the UK thinks of US citizens, which can take different forms.



Alex Jones (00:31)



Let's start with the back end of that question, how we regard Americans. So from a tax point of view, clearly what we're really saying is how do we regard Americans who are exposed to UK taxes? And typically that means Americans who are here. Like most countries in the world, the UK will tax people on UK sources of income.



If somebody has a trade or business operating in the United Kingdom, we're going to try and tax it whether they are here or not. But if the US individuals physically in the United Kingdom, then the UK is going to try and tax them in a number of different ways, which I'll talk about in a second.



The pause is really just to emphasize the fact that they're American. So a US citizen or US green card holder is going to be US worldwide taxable, whether they live in America or not. So America is going to look at everything everywhere in an American way in dollars in a calendar year. And at exactly the same moment in time, albeit in the UK we have a different tax year end. Our year end is a rather crazy 5th of April year end.



Exactly the same amount of time the UK is going to look at exactly that same person and say, hey, what are we going to tax? And so you're starting with the premise that both countries are fighting over who gets the tax first. And the first thing you have to do is look at the two sets of domestic legislation to see how to start, where the problems are, and then you start looking beyond that.



In principle, the UK is going to tax people who are resident in the UK on worldwide income. So anything everywhere under UK rules, UK fiscal year, in sterling, et cetera, et cetera. And somebody who's not resident in the UK on UK-CITUS connected income only. However, the UK has long had a regime which has been known as the domicile regime or the remittance basis regime, which has been pretty well known internationally where we said,



Look, if you don't originate from here, if you're a foreigner coming in for a period of time, could be indefinite, could be reasonably long, but not permanently, then we won't necessarily tax all things which are non-UK. We would tax things that you brought into the UK, remitted, but we wouldn't necessarily tax non-UK things that you didn't otherwise bring or u...

JOHANNA DAVID, Faculty Member at Hofstra Law School is with us to talk about three estate planning mistakes and how to avoid them.



Johanna is a Trust and Eetates lawyer, and a partner at Fruchelli, Deegan, and Toronto. She's also the adjunct professor of law at Hofstra University. We're going to talk a little bit about mistakes that we see in state planning and the simple things you can do to keep them away from your situation. Enjoy.




https://youtu.be/gD_d9J609Vg




Three Estate Planning Mistakes Chapters



00:00 The Importance of Estate Planning09:47 Common Mistakes in Estate Planning19:54 Understanding Trusts and Their Benefits24:00 Navigating Elder Care and Estate Planning



Outline of "Three Estate Planning Mistakes"



Frazer Rice (00:01)Welcome aboard, Joanna.



Johanna C. David (00:03) -Three Difficult Planning Stories and What Can We Learn?



Hi, thank you. Thank you so much for having me. I appreciate it.



Frazer Rice (00:06)Well, happy to have you on because we are now, most people sort of put their estate planning off toward the end of the year, but I have a feeling given where the legislation is going, et cetera, that the crush is going to happen earlier than we think. In the meantime, you and I were talking beforehand about some mistakes that people make from an estate planning perspective and that they're very avoidable. I thought we'd take this opportunity to go into that a little bit.



In your practice, maybe let's start with a couple of, or sort of the big ones that you see, ⁓ give us some ideas of some mistakes that people make that really should be avoidable.



Johanna C. David (00:48) - Structure and Other Planning Tactics



Sure, absolutely. So the number one mistake that I think that people make is not having the proper estate planning documents. I see this happen time and time again. I don't know if it's because of the stigma. People are afraid to approach estate planning, right? Sometimes it makes your mortality very real. But the biggest estate planning mistake is not having the right documents.



Everyone, everyone, I cannot stress, everyone needs to have at least a will, a power of attorney, and a healthcare proxy. And there are people that say, well, you know, I don't really have much, I don't need to do that, or ⁓ everything's gonna go directly to my husband and my children anyway. You know, that's how it works. But that's not exactly the case, right? You and I both know.



So, especially if you have young children, young couples definitely want to have those things in place. You want to think about who is going to be the guardian for your child or your children if both of you pass away. And a lot of people don't think about that. And those only cause problems in the long run. I'll give you a quick example if we have time. But ⁓



Frazer Rice (02:02)⁓ please do.



Johanna C. David (02:03) - Long Term Planning Issues and Avoiding Problems



I remember, this was several years ago. I must have just started practicing and I had been a young attorney. So it was about 15 years ago and a woman came into the office and she and the decedent had been living together for about 30 years. They held themselves out to be married. Now, Frazer, you and I both know that New York does not recognize common law marriage.



Frazer Rice (02:30)This is true.



Johanna C. David (02:32) - Correcting a Big Will Mistake



She was not aware of that. And so they were married for 30 years.

We're going to be talking about the current incoherent world of US ENERGY POLICY.



ANNA KRAMER joins the podcast to help us get our arms around the future of energy in the United States. Anna is a reporter for NOTUS, a non-partisan longform journalism outlet. She has written a series of stories on the the disconnect and frustration around US Energy Policy and paths forward.



We talk about:




The chaotic policy at the federal level (and beyond)



The huge cost overruns and administrative complexity



The role of nuclear



The increased energy demand in this country



Finally, we muse about what can be done about it going forward.





https://youtu.be/3k-N-AGTNfU




Outline



Section 1: The US Energy Policy Transition:



The Goals and the Problem. Discussing Brandon Shores Coal Plant and electricity prices in the Mid-Atlantic Region.



https://www.notus.org/policy/biden-clean-energy-coal-maryland-brandon-shores



https://www.notus.org/policy/electricity-prices-spiking-biden-clean-energy-transition



https://www.notus.org/policy/nuclear-power-energy-crisis-cost




Evidence that the transition is happening. Electrifying = efficiency. Cheap wind and solar, look at the free markets in Texas — ballooning wind and solar there



The reliability, capacity, and resource problem: Needing certain amounts of energy and voltages at all times of day. Leads to keeping coal plants online past scheduled retirement dates, plus spiking prices



How much do emissions and climate change goals matter to the industry? What role does nuclear energy play?




Section 2: Interconnection Queues and Permitting Reform. Bipartisan and Industry wish for Permitting Reform: Why is it so hard for US Energy Policy? 



https://www.notus.org/policy/permitting-reform-bill-manchin-environmentalists



https://www.notus.org/policy/solar-farm-culture-war-biden-climate-change



Section 3: Trump’s US Energy Policy “dominance agenda” disappointing every part of the energy industry.



Idea is not aligning with reality.



DOGE cutting into the basic functions of energy governance.



https://www.notus.org/policy/doge-cuts-trump-drill-baby-drill



https://www.notus.org/policy/donald-trump-tariffs-trump-energy-agenda



Transcript



Frazer Rice (00:01)Welcome aboard, Anna.



Anna Kramer (00:03)Thanks for having me, really psyched.



Frazer Rice (00:04)I went through a bunch of your articles covering the power industry and energy generation and a lot of things that are happening federally, state level, and it's going to be a lot to get our arms around, but you were the person to do it. So just generally speaking, we're at a point in time with energy and transition ⁓ that policy is moving. Maybe take us through a little bit about the goals and the problem we face.



Anna Kramer (00:31)So there are sort of two, I would say, competing problems right now. ⁓ The first one is load growth, which means basically more demand on the electricity grid.



And that is something that we haven't seen in this country in decades. for really around 2000 up until maybe a couple of years ago, energy demand on the grid has been fairly constant or even declining slightly.

Family Office AI has become a dominant theme at the fancy dinners where families and their advisors chart a course to incorporate new technologies. As wealthy families grapple with the risks and opportunities of AI, institutional rigor and structure hasn't kept up with the often informal world of family offices. This is a mistake High end governance must play a part in the family office AI space.




https://youtu.be/n_KHB_gOc9M




We're going to be talking to TIM PLUNKETT, who's the founder and managing partner of Plunkett PLLC. He advise families on structure, governance and the development of procedure around these exciting, but potentially dangerous concepts. We're going to be talking about best practices for family offices as they deal with the artificial intelligence theme.



Family Office AI



"When looking at AI adoption in family offices it is important to remain true to the culture, operations, reputation and underlying trust among those who built the Office in the first instance. Remain true to your principles and don't get distracted by the new toys." - Tim Plunkett



Family Office AI Transcript



Frazer Rice (00:01)Welcome aboard, Tim.



Tim Plunkett (00:03)Hey Frasier, how are you doing? Thanks for having me.



Frazer Rice (00:05)doing terrific. we're in the midst of Trump tariff season, so it's a little crazy, I'm sure for everybody. yeah. so why don't we, we're going to talk a little bit about family offices and artificial intelligence, which I think is a theme. both themes are, you know, big unto themselves, but how family offices integrate with the space. I think it's something where it's a, it's an area where family offices can be very informal and.



Tim Plunkett (00:11)We're blessed.



Frazer Rice (00:33)Getting some institutional rigor around them is important. And so to that end, you have a lot of broad experiences advising businesses from a governance perspective. Maybe describe your firm for a few minutes and what you do.



Tim Plunkett (00:47)Sure, thanks again. I have three pillars in my firm. I can only do certain things well, so I try and limit what I do. My training is as a litigator, and so I consistently think of things always as having to explain them in front of a judge, which helps with a lot of risk, which goes along hand-in-hand with AI and governance.



The second part is I've done a lot of government relations work, which is working across disciplines and organizations, trying to advocate for certain outcomes and create business environments that are efficient, compliant, ethical. Again, all that ties back to the same foundations in the world of AI. And the third component of it is, is obviously the AI work I do, which came out of working in data privacy and security over the last 10 years. The natural flow was to move towards this sector. And today my practice is



Mostly helping companies learn how to implement strategies that are fair, equitable, just, but also compliant with the laws and keeping in pace with the technological change, is really at breakneck speed and an incredible place to be right now in the world of opportunities in front of all of us. It's very exciting.



Frazer Rice (01:57)So when you're canvassing companies and families that are invested in them, what are the use cases that you're seeing?



Tim Plunkett (02:04)So use cases are, I mean, they're kind of all over the place. you look at in terms of how do you define the practices, have, there's operational use cases. so you have use cases that are like document intelligence and automation.

BARRY RITHOLTZ's new book "How Not to Invest" has received a warm reception. We talk about investing mistakes, the Trump Tariffs, and curating a good media diet.




https://youtu.be/pS4f45v2iRk





https://www.amazon.com/dp/1804091197/




"How Not To Invest" Transcript



Frazer Rice (00:03)Welcome aboard, Barry.



Barry (00:04)Well, thanks so much for having me, Frasier.



Frazer Rice (00:06)Well, we are recording in the midst of chaos and disorder. We're basically in day three, trading day three of the tariffs and trying to understand all of that. But back at the matter of hand, your new book, I read it really good. I thought it did a really good job of sort of colloquially putting some process and structure around not making bad investing decisions. Tell me a little bit about the impetus for the book.



Barry (00:35)Sure, so the last book, Bailout Nation, was 15 years ago when I've had a lot of friends and family say, when's the next book coming? And, you know, I had a little, like, hey, that was kind of a slog, stuff blowing up and forcing me to rewrite entire sections of the book every time some new company went belly up. And I came home from Christmas break from vacation.



You have that dead zone a few days before you're back in the office January 2nd. And I just started thumbing through some old quarterly calls for clients and research notes and market commentaries. You know, I had moved the blog from GeoCities in the nineties to Typepad in the two thousands to WordPress in the 2010s. And so I was looking at some of these old things and like, God, I never revisited this.



This is such a great piece of research. I love this academic take on where alpha or even beta comes from. And I'm just kind of mulling it over. I start writing down chapter ideas on three by five cards like these. And I end up using this giant bulletin board on my wall. It just basically I start putting stuff up and I start rearranging them.



And pretty soon it becomes obvious. Hey, these ideas, a lot of them are don'ts. Don't do this. Don't do that. Avoid this. Try not to make this bad mistake. And ultimately, I kind of came to the conclusion that, know, we've part of the reason I held off writing a book is there have been tens of thousands of investing books telling people what to do. And we're all pretty mediocre investors still.



Maybe it might be useful if we learned what not to do and thus "how not to invest" was born.



Frazer Rice (02:35)We found kind of an interesting crucible to test all of this with sort of Trump's tariff initiatives and a bunch of chaos on that front. As you think about what we're living in right now with uncertainty, whether manufactured or not, what are some of the top things that you think about that you tell people, your clients and otherwise?



to keep in mind as we sort of weather this storm and try to learn a little bit about what the future is going to look like.



Barry (03:06)Right. I had no idea what what the sequel would be named. Maybe it could be how not to run an economy or what we'll play with that. But so so what's happening these days are kind of fascinating because the first third of the book I spent a lot of time talking about how little we really know about about what's happening right now. And we learn even less about the future. And so our



Frazer Rice (03:12)Ha



Barry (03:34)A hot take on these things is maybe we shouldn't build portfolios based on having to predict where the economy is going to be, what the hot sector is going to be, where the hot geography is going to be,

As the United States acclimates to the "flood the zone" governing style, reasoned discourse around civics has crumbled.




https://youtu.be/ngx0GxJjmDM




There are many causes. Polarizing media, bombastic claims, and systematized gas-lighting on both sides have created one of the most toxic political environments since the Vietnam War.



However, the absence of civics and good citizenship concepts have laid the groundwork for the hysterics of today.



LINDSEY CORMACK has a way forward. She is the author of the book "How to Raise a Citizen "




https://www.amazon.com/How-Raise-Citizen-Why-Its-ebook/dp/B0DBWYTXJ4/




Outline:




Why are Civics Important?



Recent stats on the absence of civics



Understanding structures



Understanding the "why" of structures and civics



Knowing what the Constitution says



Knowing that the Constitution evolves too



Understanding federalism



Government funding mechanisms



Communication- how to broach inflamed subjects




How to raise the next generation




What makes a good citizen? 



Going beyond jury duty and voting



Civics and Active participation



Intersection with wealthy multi-generational families



Joint decision-maling



Believing in something greater than self



Guardrails of ideals melded with open-mindedness and curiosity



Right holder vs Duty bearer (Rights come with obligations)



Justice vs compliance 



Control vs grace



Right and wrong in civics




Contacting Lindsey



Links: www.howtoraiseacitizen.com



IG: @howtoraiseacitizen



Lindsay discussing civics on Errol Louis' YOU DECIDE Podcast



The Intersection of Civics, Money and Presidents



Rights and Obligations with David Haass (Civics)



Background



LINDSEY is an Associate Professor of Political Science at Stevens Institute of Technology. She is the former Director of the Diplomacy Lab. She is the secretary of community board 8 in Manhattan and the co-chair of the Street Life Committee. Lindsey is the creator of DCInbox, a comprehensive digital archive of Congress-to-constituent e-newsletters.  Finally, she is also the author of Congress and U.S. Veterans: From the GI Bill to the VA Crisis.



Frazer's interest in citizenship and civics:



You may be wondering why a show about wealth management (and beyond) would be interested in citizenship and civics.  



In a nutshell, I get asked three times a day what can be done to raise responsible kids.  Because families (and the answers to those questions) are different. The answers should come from within, I ask what they (the parents or grandparents what think it takes to be a "good citizen." 



The answer to that question can then lead into the discussions I need to have about stewardship and a variety of other concepts.



Additionally, good civics is good business. Businesses ignore the politics around them at their own peril. Board dynamics are also the intersection of civics, joint decision-making and constituent accountability for...

For those of us who live in New York, mass transit is the norm and traffic is a minor form of apocalypse. In response to this persistent issue, New York City implemented a new congestion pricing plan.




https://youtu.be/TeObZEnjmv4?si=fQTxzRCe6b-sGH5F




Besides the increased funds for badly-needed infrastructure improvements, the plan made other promises. These also include reduced commute times, better air-quality, and improved safety for all road users.




https://www.amazon.com/Movement-Yorks-Long-Take-Streets-ebook/dp/B0CV9FNFWV/




Because the sample size is small, it is an open question of whether congestion pricing has delivered? Can it deliver? And how did we get from the horse and buggy, to the street car, to the train and automobile-based system we have now? Will it apply to other cities in the U.S.?



Nicole Gelinas and I took some time to trace New York's transportation history in her new book and analyze the prospects for congestion pricing's effectiveness going forward.



(*UPDATE: 20 minutes after we stopped recording on 2/19/25, President Trump announced that the U.S. Department of Transportation was pulling its approval of New York City's congestion pricing plan. Governor Holchul has met, apparently unsuccessfully, with President Trump on the topic. Litigation has already started. STAY TUNED.)



NICOLE GELINAS, a Chartered Financial Analyst (CFA) charterholder, is a Manhattan Institute senior fellow and contributing editor to City Journal. She lives in New York City. She is the author of the recent book, Movement: New York's Long War to Take Back Its Streets From the Car.



Outline



How did you get interested in congestion pricing and the development of transportation in NYC?



New York City's Transit History



What are some of the "tragedies" (Cross Bronx Expressway / death of streetcar) and "near misses" (The Saving of Washington Square Park and Grand Central Terminal) that we don't know about?



How much credit or blame should we give Robert Moses?



Congestion pricing- what is it trying to do (and is it trying to do too much)?




As a revenue raiser



To reduce congestion



Help environment



Quality of Life




What are the early returns on its effectiveness? 



(Anecdotally, to me it seems like it is having a positive congestion effect in Manhattan) 




Uber/Taxis?  Notwithstanding these initiatives, what about these often empty cars?



E-Bikes? Now that the city has addressed cars, what about the safety concerns of motorized bikes?



How is the program affecting Westchester, Long Island, New Jersey and Connecticut?  



As a result of these changes, has the air quality shown any improvement?




Meanwhile, is London a Success? 



Because of its heady reputation of being one of the most forward cities on congestion control, urban planners trot out London as an example for others. Is this warranted?



(However, having been there in November, I thought the traffic was insane! )



Did they do other things to screw up a good initiative?



Congestion Pricing's Future (*Before Trump's Involvement)



I never met an automatic tax that a politician didn't see to expand and the tax is automatically going up by law,

https://youtu.be/xNeFuqsU7A4




Podcast Trailer



Welcome to the "Wealth Actually" podcast trailer. I'm FRAZER RICE. After 170 episodes, I thought I'd check in to make sure that everyone understood what to expect from the show going forward, especially if you're new to it. For those newcomers, it was time for a quick podcast trailer.



Ultimately, I'll be talking to a lot of different experts in their various fields.



By day, I'm a chief operating officer / wealth strategist for large complicated families. This involves wealth management, tax, trustee issues, family dynamics, and the odd business succession story.



I'm also a lawyer which means I'm interested in legal issues that surround these concepts.



Finally, I enjoy politics and public policy. I grew up in it, and so I like to think about it and its interaction with my day job.



Ultimately, this show is paired with a book called Wealth Actually, and the best way to reach me is via www.wealthactually.com.



I hope this podcast trailer was helpful. I'm always looking to get it better. If you have guest ideas, topics to explore or or other ways to increase its reach, I'm happy to listen. Finally, if you have other shows that I think are worth experiencing, send them along.



(For those repeat listeners, you will notice I changed the theme music too. It's a little more thunder, a lot less synthesizer. Let me know what you think of it.)



Enjoy the show and be sure to like, subscribe, and share with your friends.



More Episodes



Find more episodes in the podcast section HERE



Book



To buy a copy of the book "Wealth, Actually", see the link below. (There is a great audiobook version that I just produced and is accessible on Amazon too)




https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/




Social Media



Linkedin



Twitter



IG



BlueSky (NEW!)



Podcast Trailer

The Internal Revenue Service is a massive "Three Letter Agency." It's a bureau of the Department of the Treasury and (believe it or not) one of the world's most efficient tax administrators. In fiscal year 2020, the IRS collected almost $3.5 trillion in revenue and processed more than 240 million tax returns. It has over 90,000 employees.



It is also about as popular as Communism and Dog Catchers with most people! This makes running this most public of organizations a challenge for garnering resources and maintaining safety, stability and confidence in the revenue collection that makes this country go.




https://youtu.be/mXxwh0IR3Ig




Charles “Chuck” Rettig is a Shareholder at Chamberlain Hrdlicka in the Firm's Tax Controversy & Litigation practice and served as Commissioner of the Internal Revenue Service (IRS) from 2018 through 2022. He shares his experience with us and some pointers in dealing with the Service.



How the IRS operates and its priorities:



The volume of work and responsibility of the Internal Revenue Service



The structure of the agency



Data Science is the Future



What it does that people may not be aware of




Other parts of the Treasury opine on tax policy, but the agency provides guidance on workability



Chuck as the Commissioner appeared before Congressional Committees 37 times in 4 years.



Personality matters both internally and externally



The Commissioner has an 11 person security detail and receives 3 credible death threats / week.




What to expect in the next years:



Legislative Uncertainty



Administrative Challenges




The Service has almost 400 Million "clients" with huge disparities in sophistication



Resources are always a struggle- getting bang for the buck



Personnel departures from the Service




Prediction: Increased aggressiveness at the state level



What best practices in front of the IRS look like.



Setting up your affairs with a ling term strategy in mind



Interacting with an Examiner



Speed and Humanity



The 3 headed approach to family office planning



High end advisory work with the T&E group



The overall context in working with the structure and culture of the IRS - having a backdoor channel



Litigation support for those situations that need it.



Links



With Kelley Miller: The IRS Audits You- What's Next?"



Transcript of the Show




https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/




Frazer Rice (00:01)The IRS and taxation in general is in all sorts of tumult with the new administration. How to deal with the IRS, how to file your taxes, how to plan for things going forward. It's something to think about. We have Chuck Redig on and he is a terrific resource for all of our listeners. He's a shareholder at Chamberlain Herdlica. It is in the firm's tax controversy and litigation department.



Frazer Rice (00:26)Most importantly, he served as commissioner of the IRS from 2018 through 2022. So we have a little inside baseball here on how the commission works and things to think about in your own practice. So Chuck, welcome aboard.