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Tax Planning vs Tax Preparation: Meet Rachel Richards, CPA · The Wealth Cafe

• 0:16
  SPEAKER_00: Hi everyone, welcome back for this week's episode of The Wealth Cafe.
• 0:20
  SPEAKER_00: And we have an amazing coffee conversation with Rachel Richards, who is a CPA over at GELT.
• 0:26
  SPEAKER_00: And to give you a little more insight before we dive into our conversation, Rachel is a highly experienced CPA with over a decade of experience in public accounting, specializing in guiding clients through the intricacies of tax laws to achieve optimal financial outcomes.
• 0:43
  SPEAKER_00: Prior to joining GELT in 2021, she built her career on delivering tailored solutions to complex tax strategies with precision and care.
• 0:51
  SPEAKER_00: We're going to dive into a lot of that today.
• 0:53
  SPEAKER_00: Motivated by her desire to bring exceptional tax services to a broader audience, Rachel now leads her team at GELT in creating personalized, efficient, and fully compliant tax strategies, always very important for her clients.
• 1:05
  SPEAKER_00: Beyond client work, she is dedicated to empowering tax professionals through the integration of innovative, cutting edge technology and ensuring that they are equipped to deliver exceptional results.
• 1:16
  SPEAKER_00: Welcome, Rachel.
• 1:16
  SPEAKER_00: I'm so excited to have you.
• 1:18
  SPEAKER_00: Thanks for having me.
• 1:19
  SPEAKER_00: I'm so happy to be here.
• 1:21
  SPEAKER_00: Of course, I think this is also such an important conversation after the last two episodes we've had talking about the great wealth transfer, which you and I are going to dive into a lot more today.
• 1:32
  SPEAKER_00: But so people can get to know you and GELT a little better.
• 1:35
  SPEAKER_00: You had spent a decade in the public accounting space.
• 1:39
  SPEAKER_00: What made you make the transition and head over to GELT?
• 1:44
  SPEAKER_01: Yeah, I think there's kind of two sides to that.
• 1:47
  SPEAKER_01: There's like what made me leave the traditional CPA firm model, and then what really attracted me to Gelt.
• 1:54
  SPEAKER_01: And in the kind of traditional CPA firm model, um, I had reached a point where it had either been, you know, I I need to be, I want to become a partner and take over the firm, or it was really time to look for something else.
• 2:10
  SPEAKER_01: Um and I love talking with clients, I love working with clients, I love delivering the service.
• 2:16
  SPEAKER_01: Um, but going into the, you know, the HR and all those managerial sides of the business wasn't something that I was super passionate about.
• 2:25
  SPEAKER_01: Um so I knew that I wanted to make a transition.
• 2:28
  SPEAKER_01: Um, and then something that's always been really challenging to be in that traditional CPA firm space is, you know, I'm I've always been such a big advocate of change.
• 2:40
  SPEAKER_01: And when it's coming to having new processes or questioning how we're doing things, the answer is always, well, you know, we do it this way because that's how we've always done it.
• 2:51
  SPEAKER_00: It's the way it's always been done, yeah.
• 2:53
  SPEAKER_01: And like that, that like hurts me to my core.
• 2:58
  SPEAKER_01: Um, but just I I'm so passionate about challenging processes and challenging how things are done.
• 3:06
  SPEAKER_01: Um, and it was so attractive to me to go to a place where you know, we are building everything from scratch.
• 3:13
  SPEAKER_01: We are able to try new things and do things differently, and change can happen so much faster um than at a regular CPA firm.
• 3:23
  SPEAKER_01: Um, so that was really exciting about Gelt and also the idea that you know, if I had started my own firm or owned my own firm, the reach that I would have is really it's so personal.
• 3:34
  SPEAKER_01: So I might be able to give great service, but I can only manage 100, 150 clients a year.
• 3:41
  SPEAKER_01: And so, yes, you can build a team, but you're still it's so personal and the ability to scale is just limited to the capacity of your people.
• 3:52
  SPEAKER_01: Um, so I was really excited to join somewhere where we're passionate about building things where we can deliver great service at scale.
• 4:01
  SPEAKER_01: And you don't have to rely as much on, you know, who you're talking to and get a consistent level of service across all different types of people.
• 4:11
  SPEAKER_00: Well, and especially what I think is so interesting in today's world of accounting, I have so many clients that will come to me and they're like, Caroline, I need an accountant.
• 4:18
  SPEAKER_00: Can you give me a referral for an accountant?
• 4:20
  SPEAKER_00: And it is so hard to find one.
• 4:22
  SPEAKER_00: And it's also hard to find one that will be there for you year round versus just at, you know, if you want to call it like end of January, start of February, when all the forms start to come in, they're like, hey, it's time to file your taxes.
• 4:35
  SPEAKER_00: And you have this whole year where you're not having conversations and prepping and preparing, which is one of the other questions that I um have for you, is that on LinkedIn, you have shared some content that I really love around planning versus preparing.
• 4:52
  SPEAKER_00: So I would love to unpack and dive into what that looks like in your opinion.
• 4:57
  SPEAKER_01: Yeah.
• 4:58
  SPEAKER_01: I mean, everyone I feel like has this dark cloud over tax season and it's like, oh, I have to file my taxes, you know, I'm they, you know, you're procrastinating, you don't want to think about it.
• 5:11
  SPEAKER_01: I had a client that came in one year and was like, you know, I'm always so nervous to come, I'm always, I always get so nervous to come in.
• 5:19
  SPEAKER_01: Um, but if you're only doing your taxes once a year, you're really missing out on the magic.
• 5:25
  SPEAKER_01: And when you're filing your taxes, you're reporting everything that happened last year.
• 5:31
  SPEAKER_01: So when you're filing your 2025 tax return in March or April or June of 2026, everything that you're putting on that tax form is already happened.
• 5:41
  SPEAKER_01: So your opportunities to make a difference are really limited.
• 5:45
  SPEAKER_01: If you are able to think about your taxes more often, if you're actually able to plan your taxes during the year, it not only helps you save money, but it helps eliminate a lot of that fear at tax time because you already know what your outcome is going to be.
• 6:01
  SPEAKER_01: You already have an idea of what you're gonna owe, what you're gonna get back, you've already thought about how you can make that number better.
• 6:08
  SPEAKER_01: And so you really have a lot more opportunities.
• 6:11
  SPEAKER_01: And then filing your taxes all of a sudden isn't as scary anymore.
• 6:15
  SPEAKER_01: So it's really like inspiring to be able to transition people from that once a year, I'm filing my taxes, I'm always getting surprises, I'm never how I'm paying too much money into the more proactive model, um, where you're you are thinking about your taxes more often.
• 6:34
  SPEAKER_01: Um, but in doing that, you're making it a lot easier to digest, a lot less scary.
• 6:40
  SPEAKER_00: And I love that you talk about the dark cloud because it really feels like when people, I think they they almost like whisper to me, they're like, what can you tell me about?
• 6:48
  SPEAKER_00: And they like lean in and they're like, taxes.
• 6:50
  SPEAKER_00: And I'm like, it's like we can say it, it's okay.
• 6:54
  SPEAKER_00: And you make such a good point where it's funny because people in like March or April of the year will be like, all right, it's time to start looking at taxes.
• 7:02
  SPEAKER_00: And I'm like, Yeah, it's time to start looking at, you know, in March of 2026 your taxes for 2026 rather than looking back.
• 7:08
  SPEAKER_00: And you make such a good point as well that it's a surprise.
• 7:13
  SPEAKER_00: Like so many people walk into tax season and they're like, I don't know, am I gonna owe?
• 7:17
  SPEAKER_00: And they're in this, I don't know if you see this, but in that like analysis paralysis of like, well, can't go out and spend money or do anything or invest because I don't know what my life is gonna look like after April 15th.
• 7:27
  SPEAKER_00: And I'm like, it should not be this much of a surprise.
• 7:30
  SPEAKER_01: Yeah, yeah.
• 7:31
  SPEAKER_01: Or you're getting your tax bill and you're like, oh my gosh, I'm paying way too much.
• 7:37
  SPEAKER_01: And honestly, maybe you are, but there's not so much that you can do about it at this point because you can't go back in time and make less money.
• 7:46
  SPEAKER_01: Um, so you're so yeah, there could have been opportunities, but oftentimes it's just too late to move the needle that much.
• 7:55
  SPEAKER_00: When during the year do you recommend clients start having conversations about their taxes and doing that that time frame for actually being able to plan and prepare versus looking backwards?
• 8:09
  SPEAKER_00: Like when is a good time to start having that conversation?
• 8:12
  SPEAKER_01: Yeah, I think it depends on how often you're willing to have those conversations.
• 8:18
  SPEAKER_01: Um, ideally, I would love to talk to someone once a quarter, but as the year progresses, it becomes more and more important.
• 8:26
  SPEAKER_01: In the beginning of the year, you can talk conceptually about um, this is where I think I'm going, or talk more long term about this is where I want to be at retirement, this is what I want to do in five, 10 years, this is how my kids are gonna be going to school.
• 8:41
  SPEAKER_01: How can I, how can I plan or what can I do around those things?
• 8:46
  SPEAKER_01: So those conversations are good to have in the beginning of the year because oftentimes people will say, Oh, I'm gonna make a million dollars this year, and then things don't necessarily pan out the same way that they thought they were going to in February or March.
• 9:00
  SPEAKER_01: So we we really want to be kind of getting an idea of where you are and where you want to be in the beginning of the year.
• 9:07
  SPEAKER_01: And then as the year goes on and you get into Q2, Q3, and then especially Q4, um, that's where you can really iron down, you know, this is where you expect to be for the year.
• 9:19
  SPEAKER_01: When you're in Q4, you can even get down to the details of this is the tax bracket you might be in, and and really get close to a number, but you're kind of building on that throughout the year.
• 9:31
  SPEAKER_01: Um, so it depends.
• 9:33
  SPEAKER_01: Um, it depends on how often you are open to having those conversations because I totally understand that taxes aren't something that you know everyone I love to talk about taxes.
• 9:44
  SPEAKER_01: Yeah, yeah.
• 9:48
  SPEAKER_01: Um, but and the more often you do it, the better it gets.
• 9:52
  SPEAKER_01: You get to really, there are so many strategies available and so many things that you can do to really make your taxes work for you and customize your tax plan to fit into what you like to do instead of you know making your world revolve around taxes.
• 10:11
  SPEAKER_01: Um, but that takes that takes planning and it takes understanding and and matching expectations between you know what's important to you and and making sure your advisor has the right tools to give you the right advice.
• 10:24
  SPEAKER_01: Like an example that we like to use all the time is there are really cool strategies around real estate.
• 10:32
  SPEAKER_01: You could, you know, you could become a real estate professional or have short-term rental loopholes and all of those things, um, which can be really powerful tax-wise, but they do involve you being pretty heavily invested in and involved in real estate.
• 10:50
  SPEAKER_01: So if you don't want to be a landlord and you don't want to be doing those things, like even though you can save money, that might not be a good strategy for you.
• 11:00
  SPEAKER_01: And if you're into, you know, really into charitable giving or something like that, there are like whatever your thing is, there's probably a way to optimize your taxes to help you do more of that thing.
• 11:14
  SPEAKER_01: It's just finding alignment between you and your professional so we can help you identify the things to unlock.
• 11:21
  SPEAKER_00: I'll also add to that two pieces is number one, you have to be willing to share both where you are now and where you want to be in terms of your finances.
• 11:30
  SPEAKER_00: Like the real estate one is a great example that you shared.
• 11:32
  SPEAKER_00: And I actually had this conversation just two hours ago with a client, actually, and we were talking about, and she's like, well, maybe we'll keep this as a rental property because it just makes sense on paper to keep it.
• 11:42
  SPEAKER_00: And I asked the question, like, well, do you want to be a landlord?
• 11:46
  SPEAKER_00: Like taxes aside, um, you know, finances aside, do you actually want to do this?
• 11:52
  SPEAKER_00: And like she sat with it for a second and she's like, no.
• 11:54
  SPEAKER_00: And I was like, This is a good indicator.
• 11:59
  SPEAKER_00: And so it's you have to be though comfortable sharing with your accountants, your financial advisor, your estate attorney, all of those different things of, yeah, that makes sense on paper, but maybe I don't want it.
• 12:10
  SPEAKER_00: Or also, like, hey, we're really charitably inclined and we love to give, you're the charities we love to give to.
• 12:16
  SPEAKER_00: What can we do with all of these things?
• 12:18
  SPEAKER_00: Yeah.
• 12:19
  SPEAKER_00: And the second piece of that is just knowing and having the resources of who to ask.
• 12:23
  SPEAKER_00: I think a lot of clients come in and they think, I need to know the tax code.
• 12:27
  SPEAKER_00: I need to know and understand like the beta and the standard deviation of an investment.
• 12:32
  SPEAKER_00: And I'm like, I don't need you to know those things.
• 12:34
  SPEAKER_00: I just need you to feel comfortable listening and talking about your money and your taxes and your finances.
• 12:39
  SPEAKER_01: Yeah.
• 12:40
  SPEAKER_01: It's really like, I need to know what you're interested in so that I can I can bring up things that are going to be relevant to you and things that you'll actually be interested in doing, versus I could just go through a laundry list of strategies that that will save you money, but might not really be a good fit for you.
• 13:00
  SPEAKER_01: And like even further on that, sometimes, depending on your goal, it does make sense to pay more taxes now to save more money later.
• 13:11
  SPEAKER_01: So we we like to look at the long term.
• 13:14
  SPEAKER_01: Like you might be paying, you might pay more tax now, but in a lower tax bracket and create tax-free income during retirement.
• 13:23
  SPEAKER_01: Um so, really, depending on your situation, it's so personal what what this right strategy is for you.
• 13:32
  SPEAKER_00: Which I love that you are looking at the long-term side of things because so many people are like, I just want an accountant that's going to decrease my tax bill.
• 13:39
  SPEAKER_00: And I'm like, no, I want them to decrease your lifetime tax bill.
• 13:43
  SPEAKER_00: Yeah.
• 13:44
  SPEAKER_00: It's saying, like, hey, in some years we might pay more, in some years we might pay less, but over our lifetime, what strategy makes the most sense?
• 13:51
  SPEAKER_00: And I literally said, I'm like, you might hate me April 15th of this year, but at 65 or 67 or 70 of April 15th, you're gonna sit back and go, dang it, she was right.
• 14:02
  SPEAKER_01: Yeah.
• 14:03
  SPEAKER_00: Speaking of which, one of the big strategies and things that we are seeing right now, especially amongst women, which is primarily our listeners, is the great wealth transfer that is happening.
• 14:13
  SPEAKER_00: And this is part three in our great wealth transfer series.
• 14:16
  SPEAKER_00: So if you missed the other two episodes, you can go back and listen to them on if you are first we're seeing the big transfer happening from spouse to spouse, and then the second part of that transfer from spouse to children.
• 14:27
  SPEAKER_00: And so I'm curious if you've been, and if so, what conversations you have been having around preparing for that great wealth transfer because that impacts that lifetime tax bill that we're talking about.
• 14:39
  SPEAKER_01: Yeah.
• 14:40
  SPEAKER_01: I mean, it really comes down to just having conversations about what you expect your future to look like.
• 14:47
  SPEAKER_01: Um, and and how you plan, how you plan, you know, what would your ideal situation be and making sure that you're financially set up so that, you know, asset-wise, tax-wise, um, you're in a position where you know what to expect and you're not gonna be having any surprises.
• 15:06
  SPEAKER_01: And you can there are things that you can do now, like doing Roth conversions potentially, or there are definitely strategies now where you might end up paying a little more tax, um, but then down the line, it'll pay back five, tenfold.
• 15:22
  SPEAKER_00: I love that.
• 15:23
  SPEAKER_00: And it's one of those things where you sit there and you have to weigh the con pros and cons of okay, when are we paying things?
• 15:30
  SPEAKER_00: And also what does it look like, not just over our generation, but also the next generation, because those are a lot of the conversations that I've been seeing now.
• 15:38
  SPEAKER_00: And especially like, let's just address the elephant in the room.
• 15:41
  SPEAKER_00: As women, we live longer.
• 15:42
  SPEAKER_00: And so for a good portion of us, we are gonna be the ones inheriting the money from our spouses or from aging parents.
• 15:49
  SPEAKER_00: And so having these conversations now has just been it's been coming up a lot and really it's been highlighted, especially as the baby boomers are retiring, if not already retired, and it just looks really different.
• 16:04
  SPEAKER_00: And so I'm curious when should people start having these conversations with their spouse?
• 16:10
  SPEAKER_00: And then a second question with their adult children or whoever they plan on leaving the money to.
• 16:15
  SPEAKER_01: Yeah, I think it's important to have, I mean, have the conversations as soon as possible.
• 16:20
  SPEAKER_01: It's a lot easier to have the conversations when you don't need to, um, versus when if you put it off, then then you can be, you can be in a more emotional state, or you know, it it just gets harder as time goes on.
• 16:36
  SPEAKER_01: So it's a lot easier if you can set up a plan as early as possible and then you know, check in, check in every few years and see if, you know, if you have a big life event, or as things change, you can modify that, but at least you have even a very basic plan of what you would expect to happen and align with your partner on that.
• 16:57
  SPEAKER_01: And also if you have a team like you're working with attorneys, financial advisors, your tax advisors, make sure that they're all on the same page and that they can all talk to each other so that they're all working off the same source of truth about you.
• 17:12
  SPEAKER_01: Um, and and everyone's working towards the same goals.
• 17:16
  SPEAKER_01: Um, because everyone, you know, the reason that you have a team is to serve your interests.
• 17:20
  SPEAKER_01: So you want to make sure that those interests are are known and that everyone's able to support you in a way that's productive.
• 17:28
  SPEAKER_00: From a tax perspective, where do you even begin in having those conversations?
• 17:32
  SPEAKER_00: Where do you say, you know, let's say as a woman, you're sitting there and thinking, okay, odds are now I'm going to live longer than my spouse.
• 17:40
  SPEAKER_00: Like how do you even begin?
• 17:43
  SPEAKER_00: And where do you begin in your professional opinion to have those conversations?
• 17:48
  SPEAKER_01: Yeah, usually for complex situations, we will work with uh, we will work with an attorney to make plans like that.
• 17:56
  SPEAKER_01: Um, but from a basic tax perspective, um, we'll usually look at your structure and if you're holding assets, how are those held?
• 18:04
  SPEAKER_01: Um, we'll often work with people to set up um revocable living trusts just to make, in the event that something happened, make the transition of assets a little bit smoother.
• 18:16
  SPEAKER_01: Um and just do kind of some simple things to help them plan that way.
• 18:20
  SPEAKER_01: And then as we get more complex, we'll we'll work with attorneys and you know, sometimes different trusts will be set up depending on what your intentions are for your for your you know wealth transfer.
• 18:35
  SPEAKER_00: Love it.
• 18:36
  SPEAKER_00: And so from then building out, you start making the plan.
• 18:41
  SPEAKER_00: How does GELT then come into the whole financial team and everybody who is a CPA there?
• 18:46
  SPEAKER_00: How does that fit into the building out your financial team piece and also in the way of then sharing information?
• 18:52
  SPEAKER_00: Because I know that's one of the things that with some of my clients, their CPAs or their attorneys, it can be so, and especially in today's world with so much data and AI and breaches, we're always trying to be mindful of like, well, how do we share things securely?
• 19:05
  SPEAKER_00: How do we trans, you know, translate things to each other so it's not just this constant back and forth?
• 19:10
  SPEAKER_00: Like, how does guilt fit into the piece of that puzzle?
• 19:13
  SPEAKER_01: Yeah.
• 19:14
  SPEAKER_01: So as tax advisors, we'll we'll work to help, you know, whatever, whatever plan ends up being the right one for you, um, we'll work with your team to make sure everyone understands the tax implications of that plan.
• 19:27
  SPEAKER_01: Um, for example, we had someone uh many years ago um that they were planning on giving everything to their grandchildren.
• 19:36
  SPEAKER_01: Um, but there's a special generation skipping tax that comes into play if you if you are planning to kind of skip a generation and you're in your giving, and they were completely unaware of that.
• 19:48
  SPEAKER_01: So um coming in and just kind of checking to make sure that everyone's on board with what the tax implications of any plan that you would have in place would be, um, just so you can be prepared for that.
• 19:59
  SPEAKER_01: And then we also in our platform, we have access to, we can give access to your wealth managers or your whole team.
• 20:06
  SPEAKER_01: So we can all be on the same page in terms of that source of truth and what your financial situation looks like, what your tax situation looks like, um, and what your plan is now, and then looking into the future.
• 20:20
  SPEAKER_00: Which is really important to, I think some people try to like piecemeal it together and they're like, Oh, I'm gonna go run over to the attorney and then I'll have and like they're the ones translating it.
• 20:30
  SPEAKER_00: And I find that when clients are often the ones translating things, I had someone who came in two weeks ago and she's like, Well, they mentioned something about this, and it was literally like one word, and she's like, something about international trust.
• 20:42
  SPEAKER_00: And I was like, Okay, what about it?
• 20:46
  SPEAKER_00: And I'm like, Okay, tell me more.
• 20:47
  SPEAKER_00: And she goes, Oh, I don't know.
• 20:48
  SPEAKER_00: That's the only word I wrote down.
• 20:50
  SPEAKER_00: And then we're playing this like game of telephone, and so being able to share the information and also to give your financial team access to have those conversations as well.
• 20:59
  SPEAKER_00: I'll even add, like, throughout the year.
• 21:02
  SPEAKER_00: Um, because then that way, as you mentioned before, like talking to clients quarterly and being able for your entire team to have those touch points, especially in the more complex situations like you deal with at GELT, it allows for the actual planning and preparing.
• 21:15
  SPEAKER_00: I know it always comes back to this, but that's where it actually happens and reducing that lifetime tax bill.
• 21:22
  SPEAKER_00: Like I will have people that come to me, and I'm sure you see this too, either like the last week of December or into January, and they're like, So what can we do?
• 21:30
  SPEAKER_00: And I'm like, not much.
• 21:34
  SPEAKER_00: So it's having all of those pieces together.
• 21:37
  SPEAKER_00: So I'd love to then um transition a little bit into having tax and financial conversations multi-generation generationally here.
• 21:51
  SPEAKER_00: So I know I touched on before, okay, what does it look like between a husband and a wife or your spouses to have that conversation?
• 21:57
  SPEAKER_00: But it's interesting with the great wealth transformation.
• 22:00
  SPEAKER_00: For happening, we also see a lot of wealth lost from one generation to the next.
• 22:04
  SPEAKER_00: And so from a tax perspective, how are you helping guide people through these conversations to also preserve wealth from a tax perspective, legacy perspective, all of those things from one generation to the next?
• 22:17
  SPEAKER_01: Yeah.
• 22:18
  SPEAKER_01: Um, I mean, every situation, it's so hard to, you know, give advice on a general level because every situation is so specific.
• 22:27
  SPEAKER_01: Um, really, what we try to do is understand, understand your goals and then try to help you achieve that in a way that's gonna result in the least amount of tax possible.
• 22:37
  SPEAKER_01: Um and and the solution isn't, you know, there's not a one size fits all.
• 22:43
  SPEAKER_01: Um, so it depends on how much wealth you're transferring, um, who you want to transfer the wealth to, and what things, what's important to you.
• 22:55
  SPEAKER_01: Um for people who are really into charitable giving, um, sometimes, sometimes charitable trusts are a good solution.
• 23:04
  SPEAKER_01: Um, but everything, you know, an answer that I am always giving is it depends, um, because it really does um depend on your situation.
• 23:15
  SPEAKER_00: And I think that's people struggle with that answer of like, well, it depends.
• 23:18
  SPEAKER_00: It's very individualized, and I'll post, you know, different content and episodes like this.
• 23:23
  SPEAKER_00: And it's more just to give people the option that, hey, these resources exist and like these are people you can use to build out your financial team.
• 23:31
  SPEAKER_00: And I think a lot of us want that just like quick fix, one size fits all.
• 23:35
  SPEAKER_00: But it really goes back to the point before of, okay, how do we have these conversations and know who to contact and be able to share like the charitable intentions and things like that?
• 23:47
  SPEAKER_00: Because there is no one size fits all when it comes to financial recommendations or education or whatever it might be, because you could have one tiny change in your tax bill that'll look completely different from the person next to you, even if everything is the same.
• 24:03
  SPEAKER_00: Like one tiny could change it all.
• 24:05
  SPEAKER_01: Even even the type of assets you have, if you're sitting on a lot of cash versus a lot of stock versus a lot of a business, you know, all of those are taxed very differently.
• 24:18
  SPEAKER_01: Um, so so there are all types of factors that are gonna come into play.
• 24:23
  SPEAKER_01: Um, and the best solution for you is really gonna be personal.
• 24:27
  SPEAKER_00: And there's also different complexities.
• 24:30
  SPEAKER_00: Like we've a lot of listeners who will have K1s, they will have different partnerships that they're in.
• 24:35
  SPEAKER_00: Real estate has become incredibly popular because of the interest rates and people wanting to hang on to appreciate homes.
• 24:41
  SPEAKER_00: And so things have gotten more complex.
• 24:43
  SPEAKER_00: And so you really make a really good point that no two portfolios are created equal because you could have a ton of real estate, a ton of stock, different partnerships.
• 24:52
  SPEAKER_00: Um, like I have a client of mine who has multiple K1s, multiple properties, all of these different things going on.
• 24:59
  SPEAKER_00: And when we take a step back, it's okay, one strategy is not gonna work across everything.
• 25:04
  SPEAKER_00: It needs to be so custom to even just the the individual holdings that are in there.
• 25:10
  SPEAKER_01: Yeah, absolutely.
• 25:11
  SPEAKER_01: And what you what you plan to do with it?
• 25:13
  SPEAKER_01: You know, is it something that's gonna be liquidated?
• 25:15
  SPEAKER_01: Is it something that you wanna, is it a business that you want to preserve and be able to pass down to the next generation?
• 25:22
  SPEAKER_01: All of those things result in different solutions.
• 25:26
  SPEAKER_01: Yeah.
• 25:27
  SPEAKER_00: Are you and the team also able to help clients navigate?
• 25:30
  SPEAKER_00: And I'm thinking of a couple of situations that I've come across too as an advisor.
• 25:34
  SPEAKER_00: Is it's so funny when you see a family business because you have people who are like, nope, my kids are gonna inherit it.
• 25:40
  SPEAKER_00: This is how they're gonna take over, and other people who are like, no, my kids don't want anything to do with it.
• 25:45
  SPEAKER_00: Like that dynamic has really shifted.
• 25:46
  SPEAKER_00: So I'm curious about it.
• 25:47
  SPEAKER_01: Family businesses are interesting.
• 25:53
  SPEAKER_01: They're um, they're you know, very everyone's unique.
• 25:58
  SPEAKER_01: Um they're very interesting.
• 26:01
  SPEAKER_01: Coming from uh, my husband is part of a family business, so coming first first hand and working with clients.
• 26:09
  SPEAKER_01: Um they're they're a whole ballpark of their own.
• 26:14
  unknown: Yeah.
• 26:15
  unknown: Yeah.
• 26:16
  SPEAKER_00: And it comes back to having the conversations with everybody on what their expectations are financially and what they want to do with the money or the business or the assets, whatever it might be, is the biggest part is having a lot of these conversations and reaching out to professionals to build your team like Rachel, like people at Gelts, like, you know, an estate attorney, an advisor, to have everyone work together to build the financial picture rather than to be passive.
• 26:43
  SPEAKER_00: And I think as you mentioned before, it's having these conversations sooner rather than later.
• 26:48
  SPEAKER_00: Um, and also thinking back to when you said to meet with them quarterly, we have the best laid plans and intentions at the start of the year, but things could change.
• 26:56
  SPEAKER_00: Like you could be a beneficial, a beneficiary of the great wealth transfer and have a lot of money come your way.
• 27:02
  SPEAKER_00: Um, or you could, you know, decide, hey, it's time for me to set up my legacy and really start planning.
• 27:07
  SPEAKER_00: How do I do it in a tax efficient manner?
• 27:10
  SPEAKER_01: Yeah, absolutely.
• 27:12
  SPEAKER_00: This has been wonderful.
• 27:13
  SPEAKER_00: Um, if people want to get in touch with you or the team at Gelt, what is the best way for them to reach out to you and talk more about tax planning rather than just simply filing away and passing things off for another year?
• 27:26
  SPEAKER_01: Yeah.
• 27:27
  SPEAKER_01: Um, you can always reach out to me at on LinkedIn.
• 27:30
  SPEAKER_01: And then uh if you want to learn more about GELT, um, if you go to our website, joingelt.com.
• 27:36
  SPEAKER_01: That's j-o-i-n-g-e-l-t.com.
• 27:41
  SPEAKER_01: Um, you can learn more and also schedule a call directly on our website.
• 27:45
  SPEAKER_01: And we also have some calculators there to help you understand um some different strategies and how they might benefit from you.
• 27:52
  SPEAKER_00: Awesome.
• 27:53
  SPEAKER_00: I'll be sure to link all of those down into our bio here so you can reach out, check out a bunch of those calculators too, which are so helpful to have access to.
• 28:02
  SPEAKER_00: So I appreciate you sharing that resource.
• 28:04
  SPEAKER_00: And I like to end every episode with one question.
• 28:06
  SPEAKER_00: Are you ready for it?
• 28:08
  SPEAKER_00: Yes.
• 28:09
  SPEAKER_00: What is one thing that you do every day that makes you feel wealthy?
• 28:16
  SPEAKER_01: Um, but I make a really fancy coffee every morning.
• 28:21
  SPEAKER_00: You're in good company.
• 28:23
  SPEAKER_00: Okay, what's your order or what's your what do you put into it?
• 28:26
  SPEAKER_01: Um, so it changes, but lately I've been doing an oat milk chai latte.
• 28:34
  SPEAKER_01: Or dirty chai, I guess.
• 28:36
  SPEAKER_00: Love it.
• 28:37
  SPEAKER_00: Okay, very cool.
• 28:38
  SPEAKER_00: That's awesome.
• 28:39
  SPEAKER_00: Yeah.
• 28:40
  SPEAKER_00: And you know what?
• 28:40
  SPEAKER_00: Sometimes a good coffee can just be the best start to your day.
• 28:44
  SPEAKER_00: Yeah.
• 28:44
  SPEAKER_00: I love it.
• 28:45
  SPEAKER_00: Well, Rachel, thank you so much for joining us on today's episode.
• 28:48
  SPEAKER_00: And to everyone for tuning in.
• 28:50
  SPEAKER_00: If you want to connect with Rachel or the team over at Gelt, you can go to joinGelt.com.
• 28:54
  SPEAKER_00: We'll have those resources listed below.
• 28:55
  SPEAKER_00: And I will see you again next time on another episode of the Wealth Cafe.
• 28:59
  SPEAKER_00: Bye.