A warehouse representing successful business owners and the speaker in this podcast Charlie Neer
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Ep. 97 Working With Centura: Candid Feedback From Our Client Charlie Neer

A Personal Wealth Management Journey

Charlie Neer, Chief Revenue Officer (US) at MiQ, has navigated a transformative financial journey over the past two years as a client of Centura Wealth Advisory. In a candid conversation with Centura’s Managing Director, Derek Myron, Charlie shares his experiences, lessons learned, and how his financial strategy is now more aligned with his long-term goals.

Why Seek Professional Wealth Advisory?

Coming from a humble background and experiencing financial uncertainty early in life, Charlie reached a point where he realized he needed structured guidance.

“I’ve always been a ‘stuff money under the couch cushions’ guy,” he admits. “I had investments scattered across different apps, and it was disorganized. I was losing buying power, missing tax advantages, and not optimizing my wealth.”

The Centura Process: A Holistic Approach

Centura’s Liberated Wealth® process provided Charlie with a structured and strategic approach to wealth management, including investments, estate planning, and tax strategies.

Key phases of the process include:

  • Uncover: Understanding the client’s personal and financial goals, entity structures, and balance sheets.
  • Unlock: Identifying tax planning and investment strategies to optimize wealth.
  • Implement & Monitor: Ensuring execution aligns with long-term objectives.

“The depth of discovery blew me away,” Charlie says. “Centura took the time to understand my family’s goals, including my desire to retire in Mallorca, Spain, and built a plan around that.”

Trust and Transparency in Wealth Management

One of Charlie’s initial hesitations was trust.

“I don’t trust easily,” he admits. “I was waiting for the moment where the background falls down, and I realize I’m sending my money to people in The Bahamas. But Centura earned my trust by being transparent at every step.”

He appreciated Centura’s ability to provide expert coordination across different financial disciplines. “I’ve never had to chase third parties. Every lawyer, tax advisor, or estate planner they introduced me to was already prepped and aligned with my needs.”

The Value of Learning and Mastery

Beyond just financial management, Charlie found tremendous value in the educational aspect of working with Centura. “I enjoy learning, and Centura has helped me understand things I never knew—tax planning, entity structures, estate strategies. Now, I can have informed conversations with my peers about financial decisions.”

Final Thoughts: A Relationship Built on Alignment

Charlie highlights three key factors that have made his experience with Centura invaluable:

  1. Autonomy: “I always have the final say. Centura advises, but I make the decisions.”
  2. Purpose: “They don’t just manage wealth; they align it with my goals.”
  3. Mastery: “I’ve learned so much, and I know I’m in the hands of true experts.”

For those hesitant to take the next step in financial planning, Charlie offers this advice:

“It took me a year and a half to commit. My biggest hurdle was my own ego. But once I realized I wasn’t the expert in this field, I was able to embrace Centura’s guidance and truly optimize my wealth.”

Connect With Centura

At Centura Wealth Advisory, we go beyond a traditional multi-family office wealth management firm to offer advanced tax and estate planning solutions which traditional wealth managers often lack in expertise, knowledge, or resources to offer their clients.

We invest heavily into technology and systems to provide our clients with fully transparent reporting and tools to make informed decisions around their wealth plan.

Connect with our team today to learn how we can help you navigate complex financial decisions and secure your financial future with confidence.

Disclosures

Centura Wealth does not make any representations as to the accuracy, timeliness, suitability, or completeness of any information prepared by any unaffiliated third party, whether linked to or incorporated herein.  All such information is provided solely for convenience purposes and all users thereof should be guided accordingly.

We are neither your attorneys nor your accountants and no portion of this material should be interpreted by you as legal, accounting, or tax advice.  We recommend that you seek the advice of a qualified attorney and accountant.

For additional information about Centura, please request our disclosure brochure as set forth on Form ADV using the contact information set forth herein, or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov).  Please read the disclosure statement carefully before you engage our firm for advisory services.

Exit negotiations in a board room through a plate glass window
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Ep. 96 Exit Readiness: How to Prepare Your Business for Sale

Many business owners assume they are five years away from selling their company. The problem? That five-year window often remains constant, year after year. Without proper planning, the timeline for exit can keep getting pushed back until it’s too late to maximize value and ensure a smooth transition.

In a recent episode of the Live Life Liberated podcast, Centura Wealth Advisory’s Zoe Singh sat down with Andrea Steinbrenner, CEO of Exit Consulting Group (ECG), to discuss what it truly takes to prepare for an effective business exit. Listen to the full episode here:

The Three Stages of Exit Readiness

Exit Consulting Group has developed a structured approach to exit readiness that evaluates a business across three core areas:

  1. Business Readiness: Can the company operate smoothly without the owner? If the business owner stepped away tomorrow, who would run sales, finance, vendor relationships, and daily operations?
    “Is the business ready to operate without that owner or leader?” – Andrea Steinbrenner
  2. Market Readiness: Does the business have market value? What are similar companies selling for? What financing conditions will potential buyers face?
    “We run a valuation on the firm and we say, okay, here’s where we think the fair market value is laying up. Are there buyers out there who will pay this for your company?” – Andrea Steinbrenner
  3. Owner Readiness: Is the business owner mentally prepared to transition? What will they do once they step away from their company?
    “A lot of people will tell us, ‘Oh, we’ll go golfing, we’ll go fishing.’ Well, I guarantee there’s only so many days you can do that before you need to do something else.” – Andrea Steinbrenner

Understanding the Exit Timeline and Sales Process

Selling a business is not an overnight decision—it requires strategic planning and execution. Andrea outlined the key steps in the process:

  • Business Valuation & Market Research: Determining a fair market price based on industry trends and financial performance.
  • Confidential Information Memorandum (CIM): Creating a detailed marketing document to attract potential buyers.
  • Buyer Vetting & Indications of Interest (IOIs): Screening potential buyers and negotiating initial terms.
  • Letter of Intent (LOI): Once a preferred buyer is identified, an LOI is signed to enter an exclusive negotiation period.
  • Due Diligence: The buyer reviews financial records, legal agreements, and operational details.
  • Final Negotiations & Closing: Legal documents are finalized, funds are transferred, and ownership transitions.

“Most companies get a minimum of a hundred NDAs, but you can get hundreds of them. From there, we collect what’s called IOIs—Indications of Interest—so we can begin narrowing down the right buyer.” – Andrea Steinbrenner

Internal vs. External Business Sales

Business owners often sell to either an external buyer (such as a private equity firm or strategic buyer) or an internal buyer (such as a family member, key employee, or business partner). Each approach has distinct challenges and benefits.

For internal transitions, emotions and expectations must be carefully managed. Employees or family members may not fully grasp the complexities of ownership.

“First, we have to bring them up to speed… These are now people who have access to information that before they didn’t.” – Andrea Steinbrenner

Meanwhile, external sales involve finding the right buyer, structuring the deal properly, and optimizing the tax implications of the sale.

The Role of Tax Planning in Business Exits

Centura Wealth Advisory emphasizes that the best time to start tax planning is before signing an LOI. According to Zoe Singh, business owners fall into three categories:

  • Gold Period: Before signing an LOI—this is when the most tax strategies are available.
  • Silver Period: After signing an LOI but before December 31 of the tax year—some strategies are still possible.
  • Bronze Period: After the tax year of sale—minimal tax strategies remain, and most tax liabilities are locked in.

“The best time to start tax planning is two to three years before an exit. That gives business owners the flexibility to optimize their tax strategy and ensure their wealth is preserved.” – Zoe Singh

The Bottom Line: Start Preparing Early

Business exits are complex, but the earlier you start preparing, the smoother the transition will be. Whether you’re planning to sell in one year or five, taking proactive steps today can maximize your business’s value and secure your financial future.

For business owners considering an exit, working with experienced professionals—like Centura Wealth Advisory for tax planning and Exit Consulting Group for transaction guidance—can make all the difference.

“The worst outcome is splitting up partnerships and families. Our goal is to find a path that everybody can agree with.” – Andrea Steinbrenner

Connect with Zoe Singh:

Connect with Andrea Steinbrenner:

Connect With Centura

At Centura Wealth Advisory, we go beyond a traditional multi-family office wealth management firm to offer advanced tax and estate planning solutions which traditional wealth managers often lack in expertise, knowledge, or resources to offer their clients.

We invest heavily into technology and systems to provide our clients with fully transparent reporting and tools to make informed decisions around their wealth plan.

Connect with our team today to learn how we can help you navigate complex financial decisions and secure your financial future with confidence.

Disclosures

Centura Wealth does not make any representations as to the accuracy, timeliness, suitability, or completeness of any information prepared by any unaffiliated third party, whether linked to or incorporated herein.  All such information is provided solely for convenience purposes and all users thereof should be guided accordingly.

We are neither your attorneys nor your accountants and no portion of this material should be interpreted by you as legal, accounting, or tax advice.  We recommend that you seek the advice of a qualified attorney and accountant.

For additional information about Centura, please request our disclosure brochure as set forth on Form ADV using the contact information set forth herein, or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov).  Please read the disclosure statement carefully before you engage our firm for advisory services.

a stock line in gold representing understanding alternative investments
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Ep. 95 Understanding Alternative Investments: Why You Should Look Beyond Stocks and Bonds

Expanding Your Investment Horizons

Alternative investments offer significant opportunities for superior risk-adjusted returns and portfolio diversification. Yet, many high-net-worth investors find their portfolios under-allocated to these assets. In Episode 95 of the Live Life Liberated podcast, Chris Osmond, CFA, CAIA®, CFP®, Chief Investment Officer at Centura Wealth Advisory, shares insights on the role of alternative investments and how Centura approaches them.

What Are Alternative Investments?

“If you just look at the standard textbook definition, it would say any investment that is non-traditional like stocks, bonds, or cash. But I would extend that to emphasize the public versus private market distinction—one of the largest differentiating factors between traditional and alternative investments.”

Alternative investments include asset classes such as private equity, private credit, hedge funds, venture capital, and real estate, among others. Unlike publicly traded stocks and bonds, these investments are often illiquid and require extensive due diligence but can offer significant upside and risk mitigation when used effectively.

Why Alternative Investments Matter for High-Net-Worth Investors

While institutional investors, such as pensions and endowments, have leveraged alternative investments for decades, individual high-net-worth investors remain under-allocated in these assets.

“The average high-net-worth investor has only about a 5% allocation to alternative investments. Compare that to institutional investors like endowments and pensions, and you see a significant gap that presents a tremendous opportunity.”

For qualified investors, alternative investments can enhance returns, reduce volatility, and improve overall portfolio efficiency. By incorporating private market investments, investors can achieve superior after-tax, risk-adjusted returns.

Centura’s Investment Philosophy: A Four-Pillar Approach

Centura Wealth Advisory adheres to a structured approach based on four time-tested investment principles:

  1. Portfolio Optimization – Minimizing drawdowns and maximizing return through strategic diversification.
  2. Institutional Asset Allocation – Implementing an endowment-style approach to increase alternative investment exposure.
  3. Tax Efficiency & Asset Location Optimization – Structuring investments for the best after-tax outcomes.
  4. Market Efficiency Optimization – Leveraging active management in inefficient markets while utilizing passive strategies for efficient markets.

The Role of Alternative Investments in a Diversified Portfolio

“Alternatives tend to have little to no—or even negative—correlation to traditional stocks and bonds. This can generate significant alpha while lowering overall portfolio risk.”

Centura employs a core-satellite strategy when incorporating alternatives.

  • Core: Stable, lower-risk assets like leveraged buyouts (LBOs) and core-plus real estate.
  • Satellite: Higher-risk, higher-return strategies like venture capital, CLOs (collateralized loan obligations), and niche private credit opportunities.

This structure allows investors to capture upside while mitigating risk through diversification and strategic allocation.

Overcoming the Challenges of Alternative Investments

Despite the advantages, alternative investments come with unique risks, such as illiquidity and lack of transparency.

“At Centura, we conduct an institutional-level due diligence process to uncover and mitigate risks. Our goal is to ensure we select the best opportunities for our clients.”

Centura’s five-stage due diligence process includes:

  1. Identifying the Right Investment Criteria – Refining search parameters to narrow down viable opportunities.
  2. Sourcing – Utilizing proprietary research, industry contacts, and platforms like PitchBook.
  3. Initial Investment Screening – Conducting manager interviews, reviewing strategy alignment, and ensuring interests are aligned.
  4. Full Due Diligence – Performing deep dives into fund structure, financials, legal contracts, reference checks, and operational risks.
  5. Ongoing Monitoring – Engaging in regular manager meetings and performance reviews to ensure continued alignment with investment goals.

Where Centura Adds Value

Centura differentiates itself from large RIAs, wirehouses, and private banks by offering access to boutique, high-quality asset managers. Many large financial institutions are limited to well-known firms like Blackstone or KKR due to scale requirements. Centura’s independent approach allows access to both industry giants and smaller, high-performing niche managers.

Additionally, Centura actively negotiates favorable economic terms on behalf of its clients, including:

  • Lower management fees and carried interest
  • Elimination of performance “catch-up” provisions
  • Minimum investment reductions for accessibility
  • Most Favored Nations clauses ensuring clients receive the best available terms

“When we negotiate, it’s not just about reducing fees—it’s about optimizing return structures and securing the best possible terms for our clients. That’s where we add significant value.”

Final Thoughts

Alternative investments are powerful tools for wealth optimization, but they require careful selection and expert oversight. Through rigorous due diligence, strategic portfolio construction, and a focus on tax efficiency, Centura Wealth Advisory helps investors unlock the full potential of alternative investments.

For more information on alternative investments and how they can enhance your portfolio, contact Chris Osmond, CFA, CAIA®, CFP®, at Centura Wealth Advisory.

DISCLAIMER:

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Centura Wealth Advisory. The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.

Centura Wealth Advisory is an SEC-registered Investment Advisor with its principal place of business in San Diego, California. Centura and its representatives are in compliance with the current registration and notice filing requirements imposed on SEC-registered investment advisors in which Centura maintains clients. Centura may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements. Past performance is no guarantee of future results. Tax relief varies based on clients’ circumstances, and all clients do not achieve the same results.

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Ep. 94 How to Lower Your Capital Gains Taxes with Adam Buchwalter

Navigating State Taxes on Capital Gains

For high-net-worth individuals, founder-led business owners, and C-level executives, managing capital gains taxes is a crucial component of wealth preservation. In this episode of Live Life Liberated, Centura Wealth Advisory’s Managing Director, Derek Myron, speaks with Adam Buchwalter, Partner at Wilson Elser, about the intricacies of state-level capital gains taxes and strategies to mitigate them. Listen to the full episode here:

The Challenge: High State Capital Gains Taxes

Some states, like California, New York, and New Jersey, impose significant capital gains taxes—reaching up to 14.4% in California. Meanwhile, there are eight states with zero capital gains tax, including Alaska, Florida, Nevada, South Dakota, Texas, and Wyoming.

“For state tax to be imposed, there has to be nexus to the state. That’s where tax planning becomes an opportunity.” — Adam Buchwalter

So how can individuals in high-tax states legally reduce or eliminate their capital gains taxes? Adam and Derek dive into key strategies.

Strategy 1: Setting Up a Non-Grantor Trust

One of the most effective ways to mitigate state capital gains taxes is by setting up a non-grantor trust in a tax-friendly jurisdiction.

  • A non-grantor trust is its own tax-paying entity, domiciled in a state with no capital gains tax.
  • The trust, rather than the individual, sells the asset, eliminating state-level taxation.
  • Popular states for these trusts include Nevada, South Dakota, and Delaware.

“Conceptually, if a trust is set up in Nevada and sells the asset, there simply should be no state income tax.” — Adam Buchwalter

Strategy 2: ING Trusts—And Why They No Longer Work in Some States

Incomplete Non-Grantor (ING) Trusts, including NINGs (Nevada) and DINGs (Delaware), were once a go-to strategy. However, in 2014, New York eliminated ING trust benefits by taxing them as grantor trusts. In 2023, California followed suit with SB 131, making them ineffective for California residents.

“Governor Newsom decided to follow New York’s lead, and as of 2023, California residents can no longer use INGs to avoid state capital gains taxes.” — Adam Buchwalter

For individuals already holding assets in ING trusts in these states, options include:

  • Converting the trust into a completed gift non-grantor trust.
  • Using the assets to fund private placement life insurance (PPLI).
  • Relocating to a tax-friendly state before liquidation.

Strategy 3: The QTIP Trust Approach

For married couples, a Qualified Terminable Interest Property (QTIP) Trust presents another viable option. This structure allows one spouse to transfer assets into a trust that benefits the other spouse, effectively shielding capital gains from state taxation.

  • The trust must be structured as a non-grantor trust.
  • Capital gains allocated to principal remain untaxed at the state level.
  • The income generated must be distributed to the spouse, subject to state tax.

“With a QTIP trust, the capital gains portion stays in the trust and remains state tax-free, while income is distributed to the spouse.” — Adam Buchwalter

Key Considerations for Capital Gains Planning

While these strategies offer significant tax-saving potential, they require careful execution.

  • Trustee Selection Matters: The trustee must reside in a tax-friendly state.
  • Legal & Compliance Risks: Taxing authorities may challenge aggressive tax planning.
  • Opinion Letters for Protection: A legal tax opinion can help defend against state audits and eliminate penalties in case of disputes.

“Having an opinion letter from a top law firm can provide protection against penalties in the event of an audit.” — Derek Myron

Final Thoughts: Act Before the Exit

The best tax planning happens before a liquidity event. Business owners planning a sale or individuals with highly appreciated assets should explore options early.

“Anyone with a business, a stock portfolio, or other highly appreciated assets in high-tax states should consider these strategies before their exit.” — Adam Buchwalter

Contact Information

  • Adam Buchwalter – Partner, Wilson Elser
    📞 (973) 735-5784 | ✉️ [email protected]
  • Derek Myron – Managing Director, Centura Wealth Advisory
    ✉️ [email protected]
  • Centura Wealth Advisory
    📞 (858) 771-9500 | 🌐 Centura Wealth Advisory

DISCLAIMER

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Centura Wealth Advisory. The content has been made available for informational and educational purposes only and is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions regarding your investment planning.

Centura Wealth Advisory (Centura) is an SEC-registered Investment Advisor with its principal place of business in San Diego, California. Centura and its representatives comply with current registration and notice filing requirements imposed on SEC-registered investment advisors in states where Centura maintains clients. Centura may only transact business in states where it is notice filed or qualifies for an exemption or exclusion from notice filing requirements. Past performance is no guarantee of future results. Tax relief varies based on clients’ circumstances, and all clients do not achieve the same results.

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Ep. 93 Our Proprietary Liberated Wealth® Process for Ultra-High-Net-Worth Clients

Unlocking Exponential Results with Centura Wealth Advisory

Navigating wealth management as an ultra-high-net-worth individual requires a sophisticated, proactive approach that delivers exponential financial results. Centura Wealth Advisory’s Liberated Wealth® Process is a five-step, structured journey designed to help founder-led business owners, C-level executives, and other high-net-worth individuals optimize their financial strategies while preserving and growing their wealth.

In this episode of Live Life Liberated, Sean Clark sits down with Derek Myron, founder, CEO, and managing director of Centura, to discuss how this proprietary process provides clarity, efficiency, and exponential value for clients.

The Five-Step Liberated Wealth® Process

1. Uncover: Discovery Phase

The journey begins with an in-depth discovery process that gathers facts, assumptions, and client goals. The focus is on understanding a client’s financial landscape, objectives, and pain points to build a customized strategy.

“People can see very early in the process—month 2, 3, or 4—that this will yield fantastic results for them and their family.” — Derek Myron

2. Unlock: Identifying Strategic Opportunities

Once the discovery phase is complete, Centura identifies key planning solutions categorized into four areas:

  • Identified Strategies – Ranked in priority order
  • Work in Progress – Strategies under consideration
  • Completed Strategies – Implemented solutions
  • Disqualified Strategies – Solutions that do not apply

At this stage, clients are introduced to a collaborative team of CPAs, estate planning attorneys, and other professionals to refine and validate these strategies.

3. Design: Blueprint for Financial Success

The third step involves modeling out the identified strategies and integrating them into a cohesive plan. Each strategy is evaluated for:

  • Potential tax savings
  • Cost of implementation
  • Long-term financial impact
  • Associated risks

With a clear blueprint in place, Centura coordinates with professionals to ensure alignment before moving forward.

“The planning now dictates the investments.” — Derek Myron

4. Liberate: Implementing the Plan

With a strategy finalized, Centura facilitates the execution of tax, estate, and investment strategies. This phase ensures seamless implementation and eliminates inefficiencies, allowing clients to experience white-glove service at every step.

5. Stewardship: Ongoing Review and Optimization

The process doesn’t end with implementation. Centura provides ongoing stewardship, including:

  • Annual report cards tracking financial benefits
  • Adjustments based on tax law changes
  • Coordination with legal and financial teams for continued optimization

“Clients get a structured report card showing the exponential value created, ensuring transparency and accountability.” — Sean Clark

Who Benefits from the Liberated Wealth® Process?

The process is tailored for:

  • Founder-led business owners with $20M+ equity anticipating a liquidity event
  • C-level executives with $2M+ annual income and $20M+ net worth
  • Individuals seeking immediate solutions to complex financial challenges

Collaboration with Elite Advisors

Centura’s Elite Advisor Collaboration Program (EACP) ensures top-tier financial professionals work together to deliver holistic wealth management solutions. Unlike traditional models where advisors work in silos, Centura fosters a transparent, highly coordinated approach that benefits both clients and advisors.

“Our philosophy is that we get better when we collaborate. We believe the willingness to share the secret sauce will inspire others to share theirs, creating win-win relationships.” — Derek Myron

Conclusion: Transforming Wealth Management

The Liberated Wealth® Process is not just about financial planning; it is about creating exponential value through meticulous strategy and execution. By integrating sophisticated tax planning, wealth transfer strategies, and balance sheet optimization, Centura Wealth Advisory helps clients navigate complexities with confidence and clarity.

Ready to take control of your financial future? Contact Centura Wealth Advisory to explore how the Liberated Wealth® Process can help you achieve sustainable, long-term financial success.

Cottage life - Sunrise on two empty Adirondack chairs sitting on a dock on a lake in Muskoka, Ontario Canada. The sun rays create long shadows on the wooden pier.
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Ep. 92 How High-Income Business Owners Can Supercharge Their Retirement Savings 

How Can High-Income Business Owners Supercharge Their Retirement Savings?

Business owners with significant surplus cash flow often seek ways to maximize their retirement savings while minimizing tax burdens. Traditional retirement plans like 401(k)s and SEP IRAs offer tax deferral, but they come with contribution limits that may not fully utilize the financial potential of high-income earners.

However, there is a solution: Defined Benefit Plans designed specifically for high-earning business owners. In this episode of the Live Life Liberated podcast, Centura Wealth Advisory’s Sean Clark, Wealth Advisor, and Christopher Hyman, Director of Insurance Solutions, discuss how these plans work, their benefits, and key considerations for implementation.

What Are Defined Benefit Plans?

Defined Benefit Plans differ from Defined Contribution Plans (such as 401(k)s) in that they establish a set benefit to be received in the future, rather than limiting contributions based on annual IRS limits. This allows for significantly larger contributions—potentially millions of dollars per year—providing a powerful tax deferral strategy for business owners.

Key Benefits of Defined Benefit Plans

  • Higher Contribution Limits – Unlike a 401(k) or SEP IRA, Defined Benefit Plans allow business owners to set aside significantly more pre-tax income for retirement.
  • Tax Efficiency – Contributions reduce taxable income in the current year, providing immediate tax relief while deferring income taxation until retirement.
  • Customization – Plans can be tailored to suit the needs of business owners and select employees.
  • Life Insurance Integration – Incorporating life insurance into the plan structure can enhance tax advantages and provide additional security.

Who Benefits Most from Defined Benefit Plans?

These plans are best suited for:

  • Business owners with annual incomes exceeding $2 million.
  • Companies with a small, select group of highly compensated employees.
  • Business owners looking to maximize retirement contributions before an upcoming business sale.
  • Individuals interested in deferring large sums of income for tax planning purposes.

How Does the Process Work?

1. Plan Design & Setup

The process begins with an actuarial analysis to determine contribution limits based on business financials and employee census data. The plan is then structured to maximize benefits for the owner and selected employees.

2. Maintenance & Ongoing Contributions

Each year, contributions must align with the plan’s funding range, ensuring compliance while optimizing tax benefits. Investment strategies are designed to manage risk and align with plan liabilities.

3. Plan Termination & Rollout

When a business is sold or the owner transitions to retirement, the plan is rolled out to individual IRAs, allowing continued tax-deferred growth. If structured correctly, the plan can avoid excise taxes on overfunding and provide additional financial flexibility.

Why Consider Life Insurance in a Defined Benefit Plan?

  • Increases Contribution Limits – The IRS permits higher contributions when life insurance is part of the plan.
  • Provides a Discounted Payout – The policy can often be distributed at a fraction of its actual value, creating additional tax efficiencies.
  • Offers an Additional Retirement Asset – Policies can be converted into tax-free income sources upon distribution.

Final Thoughts

For high-income business owners, a Defined Benefit Plan offers an opportunity to significantly increase retirement savings, optimize tax planning, and enhance long-term financial security. However, these plans require careful structuring and ongoing management to ensure compliance and maximize benefits.

If you’re a business owner with surplus cash flow and looking for ways to supercharge your retirement savings, reach out to Centura Wealth Advisory to explore how a Defined Benefit Plan might work for you.

Disclaimer

The information covered in this blog represents the views and opinions of the speakers and does not necessarily reflect the views of Centura Wealth Advisory. This content is for informational and educational purposes only and is not intended as financial, tax, or investment advice. Always consult with a qualified financial professional before making any investment decisions.

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Ep. 91 Effective Use Cases of Life Insurance for Wealth Transfer, Tax Planning, and More 

Life insurance is often viewed as a way to provide a death benefit. However, for high-net-worth individuals and business owners, life insurance can serve as a strategic financial tool for tax planning, and wealth transfer, and even as an alternative investment.

In this episode of the Live Life Liberated podcast, Centura Wealth Advisory’s Sean Clark, Wealth Advisor, and Christopher Hyman, Director of Insurance Solutions, discuss the broader applications of life insurance.

Key Takeaways

1. Life Insurance as a Wealth Transfer Tool

For high-net-worth individuals, estate taxes can pose a significant burden, often requiring liquidity that may not be readily available. Life insurance provides a tax-free death benefit that can be used to offset estate taxes, preventing the forced liquidation of valuable assets such as real estate or business holdings.

“Wealthy individuals utilize life insurance as a tool to offset tax liability. It provides liquidity at a critical moment, allowing beneficiaries to maintain ownership and control over assets.” – Christopher Hyman

2. Life Insurance as an Alternative Asset Class

Beyond its traditional role, life insurance can serve as a tax-efficient investment vehicle. Certain policies allow for cash accumulation with tax-deferred growth and tax-free withdrawals, making it a compelling option for individuals looking to diversify their portfolio.

“In some cases, we design policies with minimal death benefits to maximize cash accumulation, creating a tax-efficient investment vehicle.” – Sean Clark

3. Business Owners and Life Insurance Planning

Business owners face unique challenges, from succession planning to risk management. Life insurance can be leveraged in several ways:

  • Key Person Insurance: Protects businesses from financial loss in case of the death of a crucial team member.
  • Buy-Sell Agreements: Ensures a smooth ownership transition if a business partner passes away.
  • Defined Benefit Plans: Helps business owners maximize pre-tax retirement savings.

“A buy-sell agreement funded with life insurance ensures that business shares transition smoothly, protecting the company and the remaining owners.” – Christopher Hyman

4. Tax Advantages of Life Insurance

Life insurance offers several tax benefits:

  • Tax-deferred growth of policy cash value
  • Tax-free withdrawals up to the basis amount
  • Policy loans that do not trigger taxable income
  • Tax-free death benefits for beneficiaries

“There are four key tax advantages to life insurance: tax-deferred growth, tax-free withdrawals, tax-free loans, and a tax-free death benefit. When structured correctly, it’s a powerful tool for wealth preservation.” – Sean Clark

By strategically incorporating life insurance into a financial plan, individuals can optimize tax efficiency while securing financial stability for their heirs.

5. Exit Planning and Life Insurance

For business owners preparing for a sale or transition, life insurance strategies like Private Placement Life Insurance (PPLI) can enhance the efficiency of wealth transfer and minimize tax liability.

“PPLI provides a tax-efficient wrapper for tax-inefficient assets, making it a smart choice for business owners planning an exit.” – Sean Clark

Final Thoughts

While life insurance is often overlooked beyond its traditional death benefit use, it remains a powerful tool in financial and estate planning. By integrating life insurance into a comprehensive wealth strategy, high-net-worth individuals and business owners can mitigate risks, enhance liquidity, and optimize tax outcomes.

For more insights, connect with Sean Clark at [email protected] or Christopher Hyman at [email protected].

Disclaimer

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Centura Wealth Advisory. The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.

Centura Wealth Advisory (Centura) is an SEC-registered investment advisor with its principal place of business in San Diego, California. Centura and its representatives are in compliance with the current registration and notice filing requirements imposed on SEC-registered investment advisors in which Centura maintains clients. Centura may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements. Past performance is no guarantee of future results. Tax relief varies based on client circumstances, and all clients do not achieve the same results.

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Ep. 90 Tax Countdown: Planning for the Expiration of the TCJA

In 2017, the Tax Cuts and Jobs Act (TCJA) introduced major changes to income and estate tax laws, offering tax cuts and adjustments that have shaped financial planning for high-net-worth individuals and business owners. However, these provisions are set to expire on December 31, 2025, which could result in higher tax rates and reduced exemptions.

In this episode of Live Life Liberated, Matt Griffith, CFP®, and Roby Kotcamp, CFP®, discuss what these changes mean and how individuals and businesses can prepare for the transition

Key Takeaways on the TCJA Sunset

1. What Happens When the TCJA Expires?

The expiration of the TCJA means a return to pre-2017 tax laws, leading to higher tax rates and reduced deductions for many taxpayers. Congress has the power to modify or extend certain provisions, but as of now, the law is set to sunset automatically.

“The reality is, if we want to continue spending at the current level, we will need to raise revenue. Higher tax rates are almost inevitable.” – Roby Kotcamp

2. Income Tax Rate Increases

If the TCJA expires as planned, most income tax brackets will increase by an average of 9.4%, affecting high earners the most. Notably:

  • The top income tax bracket will rise from 37% to 39.6%
  • The 22% bracket will jump to 25%, and the 24% bracket will increase to 28%
  • The qualified business income (QBI) deduction—a crucial benefit for pass-through entities—will be eliminated

“High-income earners could see an 8-9% increase in their tax bill. If you’re already paying $2 million in taxes, that’s not small change.” – Matt Griffith

3. Estate and Gift Tax Exemptions Will Be Cut in Half

For those with significant wealth, one of the most impactful changes will be the reduction of the estate and gift tax exemption.

  • In 2024, the exemption is approximately $27 million for married couples
  • After the sunset, it will drop to around $13.5 million for couples and $6.75 million for individuals
  • The estate tax rate will remain at 40%, making proactive planning essential

“If your net worth is between $7 million and $25 million, you may think estate taxes don’t affect you—but in 2026, they will.” – Roby Kotcamp

4. Tax Planning Strategies Before 2026

With just under two years before the changes take effect, now is the time to implement strategies to minimize tax exposure.

  • Income Tax Planning:
    • Consider accelerating income before 2026 while rates are lower
    • Plan for deductions and credits that will be phased out
    • Optimize qualified business income (QBI) deductions while available
  • Estate and Gift Tax Strategies:
    • Use irrevocable trusts, such as spousal lifetime access trusts (SLATs)
    • Leverage charitable lead trusts (CLTs) and qualified personal residence trusts (QPRTs)
    • Strategically gift assets now to lock in the current exemption levels

5. Why You Should Act Now

Waiting until 2025 to take action could lead to missed opportunities. By then, estate attorneys and tax professionals will be overwhelmed with last-minute planning requests.

“If you wait until 2025, estate planning attorneys may be fully booked. The best time to act is now.” – Matt Griffith

Final Thoughts

The sunset of the TCJA will bring sweeping tax changes that could significantly impact high-net-worth individuals and business owners. Whether it’s planning for higher income tax rates, estate tax implications, or taking advantage of the current tax code, proactive planning is crucial.

To discuss how these changes affect your financial strategy, contact Matt Griffith at [email protected] or Roby Kotcamp at [email protected].

Disclaimer

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Centura Wealth Advisory. The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.

Centura Wealth Advisory (Centura) is an SEC-registered investment advisor with its principal place of business in San Diego, California. Centura and its representatives are in compliance with the current registration and notice filing requirements imposed on SEC-registered investment advisors in which Centura maintains clients. Centura may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements. Past performance is no guarantee of future results. Tax relief varies based on client circumstances, and all clients do not achieve the same results.

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Ep. 89 How to Plan for the Looming Estate Tax Issue

The Tax Cuts and Jobs Act (TCJA) significantly increased estate and gift tax exemptions, offering relief for high-net-worth families. However, with the law set to sunset on December 31, 2025, the exemption will be cut in half—exposing many more estates to a 40% tax rate on assets above the threshold.

In this episode of Live Life Liberated, Kyle Malmstrom, Managing Director, and Christopher Hyman, Director of Insurance Solutions, break down what’s changing and how to plan ahead to protect your wealth.

The Estate Tax Exemption: What’s Changing?

A Brief History of the Estate Tax

The federal estate tax has been in place since 1916, with 14 major changes to exemption levels and tax rates over time. Under the TCJA:

  • The individual estate tax exemption doubled from $6 million to over $12 million
  • For married couples, the exemption rose to $26 million in 2023
  • If no changes are made, the exemption will drop back to around $6-7 million per person in 2026

“Many families who had no estate tax concerns before will now find themselves facing a massive tax bill.” – Christopher Hyman

The Estate Tax Sunset: Who Will Be Affected?

If you have a net worth above $13 million as a married couple (or $6.75 million individually) in 2026, your estate could be taxed at 40% upon your passing.

“We were just one vote away from a proposal to drop the exemption even further—to $3.5 million per person. This issue is not going away.” – Kyle Malmstrom

Why Liquidity Planning is Critical

Many high-net-worth individuals hold illiquid assets such as:

  • Businesses
  • Real estate portfolios
  • Alternative investments
  • Collectibles or private equity holdings

The estate tax must be paid within nine months of death. If your wealth is tied up in a business or real estate, your heirs may be forced to sell assets at an inopportune time just to cover the tax bill.

“Imagine needing to sell real estate in 2009 at rock-bottom prices just to pay estate taxes—that’s what we want to avoid.” – Kyle Malmstrom

Three Ways to Transfer Wealth

When planning for estate taxes, assets can go to:

  • Heirs (family, friends, etc.)
  • Charity
  • The government (via estate taxes)

“Most families want their wealth to go to their heirs or a cause they believe in—not the IRS.” – Christopher Hyman

Estate Tax Strategies: What You Can Do Now

1. Squeeze, Freeze, and Burn Strategy

One widely used estate planning approach includes:

  • Squeeze: Reduce the valuation of assets through discounting techniques
  • Freeze: Transfer assets to trusts or other structures to cap their taxable value
  • Burn: Use income tax strategies to further reduce estate size over time

This method helps minimize estate tax liability but requires early and careful structuring.

2. The Role of an Irrevocable Life Insurance Trust (ILIT)

For many high-net-worth families, a properly structured life insurance policy inside an ILIT is one of the most effective tools to:

  • Create liquidity upon death (tax-free cash to cover estate taxes)
  • Avoid forced asset sales
  • Provide flexibility for business owners and real estate investors

“Life insurance provides immediate, tax-free liquidity right when you need it most.” – Christopher Hyman

Why Expert Guidance Matters

Estate planning is complex—especially when navigating trust structures, business ownership, and tax law changes. Working with specialists who understand both estate planning and life insurance is key to building a strategy that:

  • Preserves control over assets
  • Minimizes tax exposure
  • Ensures a seamless wealth transfer

“Our firm specializes in integrating life insurance into estate plans in a way that maximizes flexibility and minimizes costs.” – Kyle Malmstrom

Final Thoughts: Take Action Now

If you wait until late 2025, finding an estate planning attorney who isn’t fully booked will be a challenge. Now is the time to assess your estate tax exposure and explore proven strategies to protect your wealth.

To discuss your estate planning options, contact Kyle Malmstrom at [email protected] or Christopher Hyman at [email protected].

Disclaimer

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Centura Wealth Advisory. The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.

Centura Wealth Advisory (Centura) is an SEC-registered investment advisor with its principal place of business in San Diego, California. Centura and its representatives are in compliance with the current registration and notice filing requirements imposed on SEC-registered investment advisors in which Centura maintains clients. Centura may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements. Past performance is no guarantee of future results. Tax relief varies based on client circumstances, and all clients do not achieve the same results.

Mechanical background of parts and mechanisms, 3d render. Flat layout of the flatlay of gears and bearings, with an empty space.
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Ep. 88 Unbundling Financial Services and Maximizing Value for High-Net-Worth Individuals

The financial services industry has undergone a major transformation, shifting from commission-based models to fee-based Registered Investment Advisors (RIAs). While this change aimed to align client and advisor interests, it also led to the bundling of investment management with financial planning—raising the question:

Are clients actually getting maximum value from bundled services?

In this episode of Live Life Liberated, Derek Myron, CFP®, Managing Director, and Sean Clark, Director of Financial Planning, discuss:

  • The rise of the fee-based RIA model
  • Above-the-line vs. below-the-line planning—what truly moves the needle
  • How high-net-worth individuals can optimize income tax, wealth transfer, and balance sheet management
  • Steps to take if you feel underserved by your current financial team

The Evolution of Financial Services: From Commissions to RIAs

How Did We Get Here? A Brief History

Financial services have evolved dramatically, from commission-based brokers to fiduciary-focused RIAs:

  • Pre-1980s: Trust and estate planning was primarily for Rockefeller-level wealth
  • 1980s-1990s: Stockbrokers dominated the market, earning commissions on trades
  • 1990s-2000s: Discount brokers and online trading changed the game, leading to fee-based models
  • 2000s-Present: RIAs grew significantly, emphasizing fee transparency and fiduciary responsibility

“The RIA industry didn’t really take hold until the 2000s, when access to information and online trading made commissions obsolete.” – Derek Myron

What Does It Mean to Be a Fiduciary?

Unlike brokers who follow a suitability standard (recommending acceptable products), RIAs must adhere to a fiduciary standard—meaning they are legally obligated to act in the best interest of the client.

“Being a fiduciary means finding the best-in-class solutions—not just the products our firm endorses.” – Sean Clark

However, as RIAs expanded, many firms began bundling services, raising concerns about whether clients were receiving tailored, high-value financial planning or simply a one-size-fits-all approach.

Above-the-Line vs. Below-the-Line Planning: Where’s the Value?

At Centura Wealth Advisory, planning is categorized into two levels:

Below-the-Line Planning: Necessary but Incremental

These services support investment management but don’t necessarily drive exponential financial outcomes:

❏ Cash flow planning
❏ Asset allocation and location
❏ Basic stress testing

“Below-the-line planning is helpful, but it’s not what transforms a client’s financial future.” – Derek Myron

Above-the-Line Planning: Where the Real Impact Happens

For high-net-worth individuals, true financial impact comes from above-the-line services:

❏ Income tax planning – Forward-looking strategies to reduce lifetime tax burden
❏ Wealth transfer planning – Structuring assets to maximize intergenerational wealth
❏ Balance sheet optimization – Managing debt, asset structuring, and liquidity events

“Income tax planning isn’t just about this year—it’s about the next 5, 10, or even 20 years.” – Sean Clark

While most financial firms offer planning, it’s often bundled with investment management, making it difficult for clients to measure true value.

The Problem with Bundled Financial Services

Why Do Firms Bundle?

Many firms bundle planning with investment management to:

  • Increase client retention by adding perceived value
  • Differentiate themselves in a competitive investment management space
  • Create a “sticky” client relationship where it’s harder to separate services

But for high-income earners and ultra-high-net-worth families, bundled services often result in surface-level planning that lacks depth and customization.

“Bundled planning often does just enough to justify an AUM fee, but not enough to deliver transformative results.” – Derek Myron

The Case for Unbundling: Paying for What You Need

Why Separating Services Matters

Unbundling financial services provides greater transparency and accountability. Clients can:

❏ Clearly define what they are paying for in investment management vs. financial planning
❏ Measure value by comparing services and outcomes
❏ Ensure planning is proactive, not reactive

“A clear, delineated value proposition ensures that clients know exactly what they’re paying for and what results they should expect.” – Sean Clark

Who Benefits Most from Unbundling?

For individuals with $20M+ in net worth and $2M+ in annual income, specialized tax and wealth transfer planning can yield significant financial advantages.

“When you reach a certain level of wealth, incremental planning isn’t enough—you need strategic, proactive financial guidance.” – Derek Myron

How to Assess Your Financial Team: Are You Getting Maximum Value?

If you’re unsure whether you’re getting the best financial advice, consider these steps:

Step 1: Self-Assessment

❏ Am I paying for bundled services without understanding their value?
❏ Do I have income tax pain and need forward-looking strategies?
❏ Is my estate structured for efficient wealth transfer?

Step 2: Ask Your Professionals the Right Questions

✔ CPA: Do you provide forward-looking tax consulting, or just compliance?
✔ Estate Attorney: Are you considering my entire financial picture, or just drafting documents?
✔ Financial Advisor: What is your process for proactive income tax and balance sheet optimization?

“If your financial team can’t articulate their process, it’s a red flag.” – Sean Clark

Step 3: Consider a Second Opinion

If you suspect you’re underserved, it’s worth consulting with a fiduciary advisor who offers specialized planning and a clear fee structure.

Final Thoughts: Is It Time to Unbundle?

For many high-net-worth individuals and business owners, unbundling financial services leads to:

❏ Greater clarity on where fees are going
❏ Higher-quality financial planning tailored to complex needs
❏ More control over wealth, taxes, and long-term strategy

If you’re ready to explore an unbundled, results-driven approach to financial planning, connect with Derek Myron at [email protected] or Sean Clark at [email protected].

Disclaimer

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Centura Wealth Advisory. The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.

Centura Wealth Advisory (Centura) is an SEC-registered investment advisor with its principal place of business in San Diego, California. Centura and its representatives are in compliance with the current registration and notice filing requirements imposed on SEC-registered investment advisors in which Centura maintains clients. Centura may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements. Past performance is no guarantee of future results. Tax relief varies based on client circumstances, and all clients do not achieve the same results.

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Our planning fee pricing for income tax planning services is determined using a standardized matrix based on Net Worth, Income, and Meeting Frequency. This base planning fee price may be adjusted to account for increased complexity or the occurrence of a future income event. To project tax savings, we analyze prior year tax returns to determine their past tax liability to project out the following year’s tax liability. Based on facts collected and confirmed by the client, we then identify and evaluate applicable tax strategies and the estimated annual tax savings they would produce if implemented. The estimated annual tax savings are then divided by the annual engagement price proposed to/agreed to by the client to determine the multiple on estimated annual tax savings generated as it relates to the planning fees paid. Please note, these initial projections are preliminary and based on our current understanding of the client’s situation. Outcomes may vary based on client’s decisions or chosen course of action regarding the implementation of recommended strategies, their specific goals, and risk tolerance.

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