Sunwook Jin

Understanding advanced trust strategies can be an important part of effective estate planning. In our latest Legacy Lessons blog post, Jay Oppenheim explores spousal lifetime access non-grantor trusts (SLANTs); an irrevocable trust structure that can remove assets from a donor’s taxable estate while treating the trust itself as the taxpayer.   To read the full blog, visit ➡️ https://lnkd.in/eJ9VtHuM

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What do clients really need when selling their business? 🤝 In Part 2 of this conversation, host Dave Alison, CFP®, EA, BPC sits down with Stan Milovancev CPA CEO of C2P and Prosperity Capital Advisors, to break down how advisors can be your clients “economic quarterback.” This Bucket Plan On-Demand episode dives into: • Managing deal fatigue and seller regret • Assembling the right M&A team • Evaluating cultural fit with buyers • Creating personal term sheets that align wealth, lifestyle, and purpose If you advise business owners through mergers, acquisitions, or exits, this episode is for you. 🎧 https://c2pe.info/3YOlB2k 💻https://c2pe.info/4bHlwVG #FinancialAdvisors #BusinessOwnerPlanning #MergersAndAcquisitions #ExitPlanning #WealthManagement #C2P #ProsperityCapitalAdvisors

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With Making Tax Digital for Income Tax launching this April, now’s the time to check if it actually applies to your clients 🤔 It’s not one-size-fits-all and some of your clients may be exempt 👏🏼 You could be automatically exempt if: 🟢 Your qualifying income is £20,000 or less 🟢 You do not have a National Insurance number 🟢 You’re in certain roles (e.g. trustee or personal representative) You may also be able to apply for an exemption for them if they are digitally excluded, for example due to age, disability, location, or religious beliefs. ❗Important: HMRC won’t accept applications based on cost, time, or lack of familiarity with software. Before April arrives, it’s worth checking where they stand ⤵️ https://youra.at/YqmPmW #AAT #MTDForITSA #MTD #MakingTaxDigital #Accounting

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Client Relationship Manager Matthew Sheets, CFP, shares aspects of the One Big Beautiful Bill Act and how it may impact clients.   #financialplanning #taxcutsandspendingpackage #OBBBA #IRS #taxplanning #visioncapitalpdx 

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Our CFP friends need more visibility into what the owner is taking out of the business: wages, benefits, distributions. We help make their planning process easier. CPAs, on the other hand, are focused on net income for the tax return. As practices move toward valuation and exit planning, having clean books makes everything more straightforward. We're better when we get input from both CPAs and CFPs, whether it's how something should be reported or booked, so they can do their best work. For the member, this collaboration creates a seamless experience. They’re not chasing down information because the professionals supporting them know each other, communicate well, and can coordinate directly, always with the member’s permission. The 2024 Optometry Benchmarks Report is here to help you see that big picture more clearly. Now in its second year, it offers deeper insights into the financial performance of independent practices so you can see how your practice stacks up. Profitability in optometry can be complex, but this report breaks it down, giving you the clarity to understand your position and uncover opportunities for sustainable growth. Download our report now at https://bit.ly/45rCwM6

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The most impactful client outcomes we see are the result of early, coordinated planning across advisors. This is a solid discussion on strategies that require collaboration—not last-minute execution. Sharing for those who are looking to elevate the planning conversation for the clients we collectively serve.

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Are you losing tax efficiency because of an unnoticed error? It's more common than you think... We recently did a rollover for a client of an old 401k which had multiple types of contributions. We were moving these into a new Solo401k plan, and we create tailored Solo401k plans for clients specifically to have separate Pre-tax, Roth, and After-tax buckets. This allows for optimal tax flexibility/optimization. During the rollover process, an unnamed 401k custodian accidentally commingled the checks into a single check. They noted that some of the funds were "non-taxable," but that note doesn't really matter if the funds are all deposited into a single pre-tax account. Once deposited, undoing this would be a nightmare, if even possible. We caught the error immediately when the client told us he received "a check" and asked us for instructions. We had identified that it should have been multiple checks from the get-go, and told the client that something was wrong right away. We told him not to do anything, and immediately called the custodian to confirm/resolve the error. After a FULL HOUR on the phone (and someone trying to tell us it was fine as is), they finally told us this was an error and that they would reissue this correctly as multiple checks. Thousands of dollars in CURRENT tax liability saved by knowing the intricacies of a situation and the potential pitfalls along the way, and making sure each step was completed appropriately. No step is too small when a client's hard-earned money is on the line...

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The Senate Finance Committee released its version of the tax package this week. FPA's two priority issues -- expanding and making permanent the 199A Qualified Business Income Deduction and expanding the eligible uses for 529 Plan funds to cover the costs of private certifications (including the CFP) — are included. We're continuing to analyze the language, but here are a couple of key takeaways we've noted: • House and Senate versions make the 199A deduction permanent. • Senate version leaves the 199A deduction at 20%, while House version increased the deduction to 23%. • Senate version increases the income level at which limitations to taking the deduction are phased in, but the House version is more generous to financial planners, whose deductions are generally limited by being in the "SSTB" category. • House and Senate versions adopt the Freedom to Invest in Tomorrow's Workforce Act. View the package: https://hubs.li/Q03sZvJg0

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Organize Your Financial Records. Importance of Accurate Records Maintaining detailed logs of income, expenses, invoices, and receipts is critical for effective tax planning and avoiding costly errors. Benefits of Accounting Software Using accounting software streamlines bookkeeping, reduces manual errors, and improves record accuracy throughout the year. Separating Personal and Business Finances Keeping personal and business finances separate simplifies financial tracking and helps ensure compliance during tax preparation

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“My accountant takes care of my taxes.” For many owners, that assumption can lead to missed planning opportunities. There is an important difference between tax preparation and proactive tax planning, especially if you plan to sell your business one day. Reporting what you owe is not the same as exploring how your exit could be structured in a more tax-efficient way. If your projected sale proceeds may not support your income needs after taxes, it is worth evaluating your options early. In this episode, Edward Lyon shares how business owners approach tax planning in advance of a potential sale, and why timing can influence flexibility. 📺 YouTube: https://bit.ly/4lea46X 🎧 Spotify: https://bit.ly/4fL7yBe 🍎 Apple: https://apple.co/4fbHm1Z #ScaleToSell #BusinessExit #TaxPlanning #Entrepreneurship #BusinessOwner #ExitStrategy #CapitalGain

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