Always FreyDay

Thursday, February 23, 2023
Facebook Live Video from 2023/02/24 - Maximizing Value and Minimizing Risk

Facebook Live Video from 2023/02/24 - Maximizing Value and Minimizing Risk


2023/02/24 - Maximizing Value and Minimizing Risk

[NEW EPISODE] Maximizing Value and Minimizing Risk

Fridays 11:00am - 12:00pm (EDT)


Entrepreneurs take lots of risks, which is why they get to reap certain rewards.  SMB owners devote significant time, energy, and resources into building organizations.  However, business leaders will often avoid planning for two guarantees in this life – death and taxes.


Most people would like to retire on their terms, as opposed to being retired on someone else’s terms…especially if that someone else is the grim reaper!


When it comes to exit strategies for entrepreneurs, or planning for anything unforeseen happening to the leadership, there is no one-size-fits-all solution.  The best strategies for each SMB depend on specific circumstances and it is crucial to have the right counsel to customize the plan.


We are joined by Jason Marx, Partner at Mandelbaum Barrett PC.  As a member of the tax and corporate law team, Jason works closely with entrepreneurs and their advisors to evaluate all options and create a plan that maximizes the value for all parties involved.


Phone:  (973) 607-1271




Tune in for this sensible conversation at

Show Notes

Segment 1

Steve is back with a new episode of Always Freyday. He talks about his trip to the West Coast recently at places like San Francisco and Las Vegas. He welcomes his guest, Jason Marx. Today's topic revolves around having one's affairs in order; estate planning. The goal is to see this in a positive mindset, and maximizing your value while minimizing your risk. This is especially important for SMB owners who devote significant time, energy, and resources into building organizations. Jason is a Tax, Trusts, Estates and Business Planning Partner at Mandelbaum Barrett PC. Jason says that law was his second career as he started after he got out of college. He started out in the financial services industry working for JP Morgan as a financial advisor. Realizing this wasn't what he wanted to do, he went into law school to finish what he really wanted to do. Out of law school, he got a job at an accounting firm doing trust and estates work. After leaving this job, he worked at a law firm and also went back to school to earn his Master of Laws in Taxation at NYU. Jason also talks about loving to help protect people and their families through his work. Jason and Steve mention how business owners should at least have the thought of exit planning from the moment they start their business. Whether through succession, a sale, asset sale, merger with another entity, there is going to be an end and it's important to recognize this.

Segment 2

Jason emphasizes how planning needs to happen now. It doesn't have to be as complicated or only focused on if you're a business owner. Even for a couple, it can be something simple and basic. He mentions advising his clients to update your financial planning from time to time as family circumstances change, laws change and more. If unplanned, the cost to fix issues can cost much more. Steve mentions how many people tend to shy away from these topics. Jason mentions that in an initial conversation with a client, he sends them a confidential estate planning questionnaire where he advises them to put in as much information as they can. The more information and detail given, the better he can guide them to put together a proper plan. It's all about building the relationship and getting to know his clients and letting them know that he is there to help them. One advantage Jason mentions is that being with a firm like Mandelbaum Barrett PC is that he has 100+ other attorneys with other areas of expertise like employment law for example. This is important as every person, family and business is different. Jason emphasizes that he builds trust with his clients and is always there for them being flexible on a day to day basis. He mentions how deals with special lifetime access trust, insurance trust and a variety of others as no two people are alike.

Segment 3

Jason talks with Steve about working with serial entrepreneurs when it comes to his work revolving around tax planning. He talks about helping clients save a lot of money in taxes. He mentions being able to set up trusts that have allowed his clients to sell their business or have a capital transaction and avoid the gain at the state level. One important factor he mentions when planning is to not wait too long because planning takes time. Jason also tells Steve a story that when he started practicing as an attorney, he was asked to do accounting for a trust that was terminating. The owner passed away and everything was being left for their two kids who at the time were minors. In this very complex and wild true story that he tells, he had to work on protecting the owner's assets and the kids who were entitled to their mother’s money. This case continues to resonate with him because it reminds him but also for him to remind others that you have to plan for the “what ifs” scenarios. Steve mentions that being a good financial advisor and attorney like Jason requires asking the questions: Where are you right now? Where are you looking to go? How are you going to get there?

Segment 4

Jason talks about some of the philanthropic work that he does with Mandelbaum Barrett PC. he's a member of their charitable planning committee. This month, they did a clothing and food drive for the local area. As a very successful firm, they realize that in the end, helping people is one of the best things they do. Jason also goes over the various important topics he helps clients with such as proper trust planning and making sure assets that are left for children for example are done in the most protective manner possible. He also mentions prenuptial agreements. To get in touch with the firm, visit where you can find great articles dealing with his topic of having an exit strategy. You can also connect with Jason Marx on Linkedin and through email at Before closing the show, Steve shares Jason’s answers to some of his fun questions about who is his favorite movie or tv show character, his favorite movie or tv show, favorite musical instrument and who is the artist he’d like to hear play it!


00:00:42.810 --> 00:00:56.970 Well, hell0 0ut there, planet Earth and Happy Friday. I've been on the road for most of February, but i'm back Baby Great to be back on the East Coast. Great to be back on the airwaves. It's Friday, and it's always Friday with me. Stephen Fry your Smb guy.

00:00:56.970 --> 00:01:16.510 Steven Frey @alwaysfreyday @smbguy: I in case you missed it. Smb stands for small and medium sized business. For the last 20 years I've been a consultant for SMS. A voice on a sounding board for business leaders advocating on their behalf. Their employees, too, I believe, very strongly in sharing stories, providing perspective and creating connection.

00:01:16.510 --> 00:01:29.210 Steven Frey @alwaysfreyday @smbguy: S0 0n Fridays you can find me right here on talk radio, Myc doing just that lending what's left of my mind and my voice to this live radio show where I interview Smb leaders as well as their trusted advisors.

00:01:29.210 --> 00:01:48.160 Steven Frey @alwaysfreyday @smbguy: One thing that I've seen consistently over the years is some of the best thought. Leadership for business actually happens on Friday, just about that time we feel the freedom of the weekend coming. However, we're also anxious to start the weekend. These crucial pearls of wisdom They're often overlooked. They're forgotten. They're ease aside in favor of our fun activities

00:01:48.160 --> 00:02:03.910 Steven Frey @alwaysfreyday @smbguy: and our freedom from work here on the show, we take advantage of that weekend freedom and clarity, and we discuss popular topics that are on the minds of Smb leaders and their advisors. The name of the show, not just to play on words. My last name needs free and German little food for thought for everyone.

00:02:03.910 --> 00:02:21.020 I just got back from the West Coast San Francisco Bay area. I had a chance to meet my buddy in person. 2 time always. Friday's special Guest Mission Machin Mcdonald. Thanks again for the sweatshair brother had a great time. A Grass Valley brewing company with you complements my in and out burger hat very nicely.

00:02:21.020 --> 00:02:34.690 I got to see some friends. I got to drive towards some beautiful sunsets, and obviously gorge myself on some of the West Coast favorites food wise. I also spent some time in Vegas with my colleagues from Engaged Peo, which was a blast.

00:02:34.690 --> 00:02:42.070 Aside from the additional donations that were made to the wind, Casino, a beautiful hotel would definitely go back there in a heartbeat.

00:02:42.110 --> 00:02:59.490 I started my travels at the beginning of February, at the Disney World parks in sunny Orlando, Florida, running t0 4 different parks after my daughters, my young niece and nephew definitely, not for the faint of heart. Quite possibly one of the most exhausting and expensive experiences of my life.

00:02:59.530 --> 00:03:18.170 Steven Frey @alwaysfreyday @smbguy: Lots of amazing pictures, lots of memories, including my daughter Sloane, removing the sword from the stone, scared me a little bit. She has threatened my life before, so you know, really got to be careful around her. But I have been feeling like I'm going to croak all week. That's aside from me being completely broke from Disney.

00:03:18.170 --> 00:03:31.560 Steven Frey @alwaysfreyday @smbguy: Really got me thinking that I need to make sure all. I have all my affairs in order not always the most pleasant conversation. When you are looking at this personally, it falls in the category of estate planning.

00:03:31.920 --> 00:03:51.010 Steven Frey @alwaysfreyday @smbguy: But when you're talking about the Smb. World, it's not just the state planning. It's succession, planning smb owners. They want to make sure that their families and their wealth are protected. However, they don't always take the necessary steps to make that happen. The goal here is not to scare the hell out of everybody today. Not but gloom and doom.

00:03:51.150 --> 00:04:01.810 Steven Frey @alwaysfreyday @smbguy: But this can be a very positive mindset, and a lot of it revolves around maximizing your value and minimizing your risk. Entrepreneurs take lots of risks.

00:04:02.140 --> 00:04:11.540 Steven Frey @alwaysfreyday @smbguy: which is why they get to reap certain rewards. Right? Let's face the facts. Smb owners devote significant time, energy, resources into building their organizations.

00:04:11.550 --> 00:04:28.860 Steven Frey @alwaysfreyday @smbguy: However, business leaders they'll often fall down on planning for 2 guarantees in life. Those 2 guarantees are death and taxes. We've talked about them before. Most people would like to retire on their terms as opposed to being retired on someone else's terms, especially if that someone else is the grim reaper.

00:04:28.860 --> 00:04:45.680 Steven Frey @alwaysfreyday @smbguy: When it comes to exit strategies for entrepreneurs or planning for anything unforeseen. Happening to the business leadership which let's face it. Things pop up right. I'll use some of my pictures from Disney to to add some, some, some color to that. Yeah, there's n0 0ne size. Fits all solution.

00:04:45.680 --> 00:05:05.300 Steven Frey @alwaysfreyday @smbguy: The best strategies for each Smb. They really depend on specific circumstances, and it's crucial to have the right council around you to customize the plan. Our special guest today works closely with entrepreneurs and their advisors to evaluate all options and create a plan that maximizes the value for all the parties involved.

00:05:05.300 --> 00:05:06.650 Talk is cheap.

00:05:06.850 --> 00:05:23.550 Steven Frey @alwaysfreyday @smbguy: Well, not always when you're talking to an attorney, so make sure you listen close today. So you don't have to pay for these types of thoughts. We're on that talk radio and Nyc. We don't want it to just be talk. The goal here is, let's use the business insight that we get on the landscape here and create more impact on Monday morning.

00:05:23.550 --> 00:05:36.750 Steven Frey @alwaysfreyday @smbguy: Right? Get some sound bites over the weekend and put them into action on Monday. Far t00 0ften the businesses I've spoken to. They're focused on the product that's gonna solve all of their problems. The magic wand, the shiny new mouse trap, whatever you want to call it

00:05:36.880 --> 00:05:52.120 products change every single day in everything that we do. Business, personal, doesn't really matter. Everything begins with the people right? So in the spirit of surrounding yourself with the right people very excited for the conversation. Today

00:05:52.120 --> 00:06:11.410 Steven Frey @alwaysfreyday @smbguy: we are here with Jason Marx, partner at Mandelbaum, Barrett, PC. So Jason focuses on a State planning a State administration wills and trusts, tax and business planning for individuals, corporations, partnerships, and limited liability companies. He serves as a strategic advisor to individuals, families.

00:06:11.410 --> 00:06:27.630 Steven Frey @alwaysfreyday @smbguy: Again, Smb. Owners, executors, trustees, counselling clients on a comprehensive range of issues in the world of tax trust and a State law. If you need a State planning documents such as wills, living wills, powers of eternity, trust agreements, and special needs, trusts. He is your man

00:06:27.630 --> 00:06:42.760 Steven Frey @alwaysfreyday @smbguy: as a trusted adviser, Jason counsels, executives and trustees on the practical and successful administration of the States and Trusts, including the minimisation of income and estate tax liability, and will gladly oversee the will probate process.

00:06:43.390 --> 00:07:01.080 Steven Frey @alwaysfreyday @smbguy: He assist clients in the formation of corporations, limited liability companies, and other business entities the preparation of b-cell agreements. The orderly transfer of business interest from one generation to another, and the structuring of real estate transactions and the preparation of Federal and State estate inheritance tax returns.

00:07:01.080 --> 00:07:20.000 He's a glutton for punishment, which is why he also represents clients and tax controversy matters before the Irs and the New Jersey Department of Taxation as an elder care and special needs. Attorney Jason is committed to protecting and advocating for the legal rights of the elderly and the disabled to ensure that the unique needs that these individual individuals and their families are met.

00:07:20.000 --> 00:07:28.040 Steven Frey @alwaysfreyday @smbguy: He has an extremely holistic approach, which is always great to hear guides clients through the challenges associated with aging in place, but

00:07:28.040 --> 00:07:45.470 planning for nursing home or other long term care needs guardianship issues, and the facilitation of client eligibility for Medicaid and related government programs and benefits. He's a member of the National Academy of Elder Law attorneys, also a member of the Board of Trustees and Treasurer of the New Jersey, Chapter of the National Academy of Elder Law Attorneys

00:07:45.470 --> 00:07:51.210 serves as a member of the Board of Trustees and chair of the Legal Committee of the Jewish Community Housing Corporation

00:07:51.870 --> 00:08:10.730 Steven Frey @alwaysfreyday @smbguy: attorneys always have rough bios to read. Man Jason is doing some great work, has great perspective, very excited to hear about it today, as always, we're going to discuss my favorite questions around movies, TV and music, joining the party this morning from sunny Northern New Jersey before he gets back to the legal world. Jason. Welcome to always Friday, Brother Great to see you.

00:08:10.730 --> 00:08:26.500 Jason Marx: Thank you very much, man. I appreciate being here so that any better myself. Thank you. Appreciate that. So love the philosophy of the firm love, the idea of a holistic approach. Again, we're all people first, you know, especially when you're talking about a state and succession planning.

00:08:26.500 --> 00:08:39.039 Steven Frey @alwaysfreyday @smbguy: You really have to consider the people involved, and have all these businesses are comprised of people and families and whatnot. It has to come first before we before we get into the method behind the madness. Give us a little bit about your journey. How'd you get where you are today?

00:08:39.580 --> 00:08:51.050 Well, I'm. I'm what you call a reach red. So law is my second career. I actually started out when I first got out of college. You know I

00:08:51.740 --> 00:08:57.570 Jason Marx: college in the Eightys was the the time of Wall Street. It was the Gordon gecko time Reed is good so

00:08:58.370 --> 00:09:19.770 Jason Marx: well, and behold, I I went that direction. First I I started out in the financial services industry. I was at Jp. Morgan, working with their mortgage back security straighter. They went from the back office to the front office as a financial advisor for a while. So about 6 years doing that, and realized this is not what I want to do. I'd always plan on going back to law school and and becoming an attorney. So

00:09:21.210 --> 00:09:23.030 Jason Marx: 1,995 I

00:09:23.130 --> 00:09:26.110 Jason Marx: left financial services left Wall Street.

00:09:26.270 --> 00:09:32.060 Jason Marx: got married in July, started law school in August. My wife became a law school widow very quickly.

00:09:32.270 --> 00:09:40.710 but for 3 years she she put up with me, constantly working and studying. and then

00:09:41.020 --> 00:09:53.230 Jason Marx: immediately out of out of law school. I got my first job, and ironically was with an accounting firm, one of the larger regional accounting firms in in Northern New Jersey, and

00:09:53.930 --> 00:09:58.090 Jason Marx: got my first taste of doing trust in the State's work there.

00:09:58.260 --> 00:10:12.770 Jason Marx: and you know, I, taking my trust in States classes. When I was in law school I really liked it. It it kind of fit with the work. I've been doing one as a financial advisor. So it

00:10:12.880 --> 00:10:27.830 Jason Marx: and that's what I I tell my clients. You know I have that background. I understand I can talk to talking with the wealth advisors, but i'm coming to it from a different perspective. I'm not coming to it from selling product or pushing product that a lot of these, the the larger firms try to do, although it's it.

00:10:27.880 --> 00:10:32.860 Jason Marx: I I think the the focus is a little bit different now than it was

00:10:32.950 --> 00:10:36.640 Jason Marx: 30 years ago almost, but

00:10:37.030 --> 00:10:45.660 Jason Marx: I enjoy helping people and working with people and helping them achieve their goals and making sure they're comfortable, and their families are protected. And so I went.

00:10:45.860 --> 00:10:58.620 Jason Marx: I finished law school, started working, got my first law firm job a couple of years after leaving the accounting firm, and then went back to school again. Got my llm in tax at Nyu.

00:10:58.650 --> 00:11:06.460 Jason Marx: so I am not just in the State planning attorney. I am a tax attorney as well, and it's funny because I I remember

00:11:06.790 --> 00:11:20.020 Jason Marx: one of my first jobs when I was at Merrill Lynch. I was an insistent to a couple of the financial planners who I work with, and I had a conversation with the with the client, and mentioned something about tax

00:11:20.430 --> 00:11:26.610 Jason Marx: so long. I don't remember what it was, but what I do remember is that as soon as I come up the phone, the

00:11:26.780 --> 00:11:37.080 Jason Marx: gentlemen who I worked for came out of his office, and for me r me a new one and said, You don't you're not a taxes expert. You don't get tax advice.

00:11:37.230 --> 00:11:58.150 Jason Marx: so lo and behold, if i'm going to be give tax advice. I better become a tax expert. That's why I went back and got my my tax degree, so I consider myself a tax expert. I can give tax advice now, not just on individuals, but corporations, partnerships, channel planning, whatever it may be, that a client needs to achieve their goals. I'm. I'm.

00:11:58.510 --> 00:12:03.100 Jason Marx: I'm. Able to do that now, and I feel very grateful that I have that background

00:12:03.190 --> 00:12:15.560 Steven Frey @alwaysfreyday @smbguy: absolutely. And I know we're gonna get deeper into this. But those 2 guarantees in life of death and taxes. Let's face it. A lot of people don't want to talk about it, especially on the you know, like death is a tough one, no matter what, but taxes

00:12:15.560 --> 00:12:30.510 Steven Frey @alwaysfreyday @smbguy: a lot of times people just put it in like this is something that's like a necessary Evil needs to be done every year, like they look at it very operationally an obligation oriented where, in fact, if you're a business owner being as proactive as possible to plan for.

00:12:30.520 --> 00:12:48.340 Steven Frey @alwaysfreyday @smbguy: not only if anything unforeseen should happen to you, but if you just want to hang it up one day, instead of just saying, when I hang it up. I'm going to sell my business. That's my retirement plan. It's like this: this is stuff that you kind of need to take into account. Years before you anything might happen, Would you agree? Oh, absolutely. I mean.

00:12:48.490 --> 00:12:56.580 Jason Marx: I tell people especially, you know, small and medium business owners, or any business owner. For that matter. You start thinking about your exit strategy when you

00:12:56.720 --> 00:13:07.040 Jason Marx: file that certificate and formation, or that certificate of the corporation as soon as you start the business You don't have to have the exit plan in place, but you need to start thinking about it. Where is it going to go?

00:13:07.250 --> 00:13:18.200 Steven Frey @alwaysfreyday @smbguy: And that's a lot of the reason why I always like to maintain the the notion of begin with the end in mind not not to think of doomsday scenarios not always to play devil's advocate. But

00:13:18.200 --> 00:13:27.830 Steven Frey @alwaysfreyday @smbguy: just so you have a clear vision of where you're trying to go. A lot of people don't even have that. They're just doing what they gotta d0 0n a daily basis. You're right. They they don't have it, and and

00:13:27.880 --> 00:13:31.100 Jason Marx: that in point that that finish line.

00:13:31.110 --> 00:13:36.840 Steven Frey @alwaysfreyday @smbguy: It's going to change that over the years it's going to change it's going to look different. It may be in a different place.

00:13:36.860 --> 00:13:41.320 but you need to adjust. You need to keep up with that and and keep that in mind, because

00:13:41.420 --> 00:14:00.510 Jason Marx: ultimately, whether it's going to be a a succession to the next generation, or it's going to be some type of M. And a sale, a stock sale and asset sale, a merger, consolidation with another entity, there's going to be an end. The last thing that I tell clients that they should think about doing is just walking away from their business.

00:14:00.550 --> 00:14:04.940 Jason Marx: because that's that. That's just It's it's the

00:14:06.720 --> 00:14:13.270 Jason Marx: if it's the end. It's it's it's really the the finite and and there's no benefit to the family at that point.

00:14:13.290 --> 00:14:20.020 Steven Frey @alwaysfreyday @smbguy: Absolutely. We gotta take a quick break, but we'll be right back with Jason Mark's partner at mantelbound Barrett, PC. Stay with us.

00:14:23.190 --> 00:14:42.620 Are you a business owner? Do you want to be a business owner. Do you work with business owners. Hi! I'm, Stephen Fry, your small and medium-sized business or smb guide, and i'm the host of the New Show always Friday, while I love to have fun on my show, we take those Friday feelings of freedom and clarity to discuss popular topics on the minds of Smbs today.

00:14:42.760 --> 00:14:48.970 Please join me and my various special guests on Friday at 11 am. On talk, radio and Nyc.

00:14:51.410 --> 00:15:21.720 Are you a conscious co-creator? Are you on a quest to raise your vibration and your consciousness. I'm. Sam Leibowitz, your conscious consultant. and on my show, the conscious consultant hour awakening humanity. We will touch upon all these topics and more. Listen. Live at our new time on Thursdays at 12, noon, Eastern time. That's the conscious consultant hour awakening humanity. Thursday's 12 noon on talk. Radio. Nyc.

00:15:26.960 --> 00:15:55.510 Are you on edge, hey? We live in challenging edgy times. So let's lean in. I'm Sander, Bargeman, the host of the edge of every day, which airs each Monday at 7 P. M. Eastern time on talk, radio and Nyc. Tune in Live with me and my friends and colleagues as we share stories and perspectives about pushing boundaries and exploring our rough edges. That's the edge of every day on Mondays at 7 P. M. Eastern time on top radio and Nyc

00:15:55.630 --> 00:15:56.600 Christian.

00:15:57.140 --> 00:15:58.260 the

00:15:58.430 --> 00:16:03.910 you're listening to talk radio, Nyc: uplift, educate and power

00:16:05.080 --> 00:16:06.270 the

00:16:16.340 --> 00:16:17.290 You

00:16:36.060 --> 00:16:39.540 Steven Frey @alwaysfreyday @smbguy: welcome back everybody. It's Friday. It's always Friday.

00:16:39.540 --> 00:16:56.960 Steven Frey @alwaysfreyday @smbguy: and it's me, Stephen Fry, your Smb. Guy, we are chatting with Jason Mark's partner at Mendelbaum, Barrett, PC. Tax and corporate law estate planning attorney. He does a lot big resume here. So you guys need to listen close before we dive into the method behind the madness in Jason's world.

00:16:56.960 --> 00:17:11.010 I wanted to just sit out by the fire pit for a moment and kick around a few ideas. You know, Jason, I have a whole bunch of pictures from Disney that I could pepper in here and joke around about. This one was with my nephew sitting sitting in front of

00:17:11.010 --> 00:17:25.530 Steven Frey @alwaysfreyday @smbguy: it, says, Here lieth is loving wives, 7 winsome wives, some fat something. 6 0f them were faithful, but the seventh did him in. I just. I couldn't stop thinking about us getting together on the air to chat when I saw this.

00:17:25.540 --> 00:17:32.390 but you know, just to kick things off. It's not a pleasant topic. There's 2 guarantees in life, death and taxes.

00:17:32.440 --> 00:17:55.840 Steven Frey @alwaysfreyday @smbguy: Many still get shocked by by unexpected death, right? It even happens to some estate planning attorneys right. I have a friend who is an estate planning attorney locally here in New Jersey, and he had a partner who passed away very unexpectedly last year. They were more prepared than others, but but still things were very unexpected, and there were definitely some hardships that needed to be navigated and dealt with that.

00:17:56.090 --> 00:18:15.120 Steven Frey @alwaysfreyday @smbguy: You know it's let's face it. If you, If you proactively plan for these types of things, even in the endgame of just trying to make sure that your business is worth as much as possible, and that if anything weird happens, someone can pick up the ball and run with it and revenues don't miss a beat. They can keep growing a lot of times. That's a sign of a successful business. Anyway.

00:18:15.170 --> 00:18:34.600 Steven Frey @alwaysfreyday @smbguy: You know, these are some really positive mindset thoughts. It doesn't have to be negativity around death and taxes. You know I've mentioned this before. I have a friend who's a Cpa who sold a business, and where the normal tax liability on the sale of this particular entity would have been about 7 million dollars because of the

00:18:34.600 --> 00:18:38.170 Steven Frey @alwaysfreyday @smbguy: the the planning and proactiveness around the topic.

00:18:38.200 --> 00:18:54.360 Steven Frey @alwaysfreyday @smbguy: The the tax liability was 4 million dollars. So again, you know, death and taxes. Don't need to be the most unpleasant of conversations. You know they are guarantees in this life. We have to pay taxes, and we have to die. But if you plan for your life to g0 0n, and your family to be.

00:18:54.360 --> 00:19:10.760 Steven Frey @alwaysfreyday @smbguy: you know, taking care of, protected your money to be taken care of and protected, and it's funny. When I was talking to you, Jason, before Head, you said, Well, I guess a serious title of all this could be around, you know, protecting your your family and your assets, your wealth.

00:19:10.760 --> 00:19:26.820 Steven Frey @alwaysfreyday @smbguy: And then the the comedic side could be more of just Lego Myego, which I I love that thought like from the you know, commercial back in the day. But, Jason, this is the method part of the show, the part where we talk about the science behind what you do. What you do is very detailed, and there's a lot of meat behind it. But

00:19:26.820 --> 00:19:32.870 give everybody a sense of exactly what you're doing these days, how you're doing it, and how you're going to market for it. We want to know.

00:19:33.440 --> 00:19:39.890 Jason Marx: Steve. Yeah, I mean, just getting back to what you were saying before about. You know the guarantees of death and taxes.

00:19:40.410 --> 00:19:50.500 Jason Marx: We all we all have to die the it it's nobody in science has come up with the you know, the the ultimate way of

00:19:50.530 --> 00:19:53.220 Jason Marx: maintaining life in perpetuity.

00:19:54.240 --> 00:19:56.470 Jason Marx: and and I always tell my clients, you know

00:19:56.700 --> 00:20:06.560 Jason Marx: it's going to happen when I don't know my crystal ball has been back in the shop for years, and it hasn't come out, so I don't know when people are going to die. But I tell everybody

00:20:06.600 --> 00:20:15.690 Jason Marx: the time to start planning is now, and it can be, you know, if if you're young couples it can be a simple plan. It could be something basic, nothing

00:20:15.760 --> 00:20:17.280 Jason Marx: really sophisticated.

00:20:17.290 --> 00:20:22.300 Jason Marx: but just something, so that there is some to take over the estate

00:20:22.340 --> 00:20:41.840 Jason Marx: and to deal with the the the successors and the survivors dealing with, You know, children who are who are left, and they need a guardian and update that plan regularly. You update your financial plan from time to time. Look at your documents, your life, you know clients lives, change, wealth, changes.

00:20:41.840 --> 00:20:51.950 Jason Marx: family circumstances change. Those are opportunities for the client to come back and say, hey, I need to update my documents. Laws change! That's when I reach out to the client, and I say

00:20:51.960 --> 00:20:53.160 Jason Marx: we need to

00:20:53.380 --> 00:20:59.240 Jason Marx: revisit the planning, because now there's a new, long place, and this is the impact that it's going to have.

00:20:59.330 --> 00:21:05.870 Jason Marx: You know the documents that I draft from my clients usually are flexible enough that they will withstand a lot of

00:21:06.700 --> 00:21:17.830 Jason Marx: background changes in in my clients lives, but it still needs every once in a while, every 3 0r 4 years. Just sit down and look at the documents. Review them because

00:21:18.130 --> 00:21:21.220 Jason Marx: if you don't plan, or if you have not planned Well.

00:21:21.760 --> 00:21:29.130 Jason Marx: the cost to fix a problem far exceeds multiples

00:21:29.370 --> 00:21:36.350 Jason Marx: what it would cost to put a proper plan in place in the first place, so it really can can save a family a lot of a lot of grief.

00:21:36.350 --> 00:21:55.180 Steven Frey @alwaysfreyday @smbguy: you know. Most most entrepreneurs realize that it's not always sunshine and rainbows like they portray everything at Disney World that I just got back. No, it's not. But it's it's still like, when it gets around the topic of death and taxes. It's always like, yeah, you have to pay taxes, and you have to die. When it happens, it happens, I feel like that's a lot of times the attitude. But

00:21:55.180 --> 00:22:08.730 Steven Frey @alwaysfreyday @smbguy: even just knowing that that is, you know, coming down the road at some point it's like, do you want to be retired? Or do you want to retire on your terms like these are things that I've I've talked to business owners about for years, and

00:22:08.790 --> 00:22:21.620 Jason Marx: you know, after years of doing it. I'm still astounded at how many folks kind of shy away from these topics they do, they do, and and a lot of times I'll have an initial conversation with clients who will be introduced to me.

00:22:21.790 --> 00:22:22.560 Jason Marx: and I'll

00:22:22.910 --> 00:22:33.840 Jason Marx: I'll send them you you talk about. You know the the background, the method of of how I I work, you know I gather information, so I may send them my confidential estate planning questionnaire. And I say, please

00:22:34.030 --> 00:22:37.360 Jason Marx: put as much of the information as you can into this, because

00:22:37.480 --> 00:22:54.230 Jason Marx: the more information that I have, the more detail I have, the better plan I can put in, You know there's a. There's a a phrase, guide, go, garbage and garden.

00:22:54.230 --> 00:23:01.920 Jason Marx: and s0 0ften i'll meet with clients, and we'll start down a road, and they say, oh, by the way I forgot to tell you about Xyz.

00:23:02.410 --> 00:23:03.410 Jason Marx: and that

00:23:03.700 --> 00:23:15.210 Jason Marx: now forces me to take a turn to. Now deal with this other asset, to deal with this other situation that I may not have known about, and I didn't plan for it and direct for accordingly.

00:23:15.220 --> 00:23:28.850 Jason Marx: So you know, i'd rather know everything upfront, and we can have these conversations, but it's all about building the relationship. It's about getting to know my clients to that, getting them to understand that I'm here to help them.

00:23:28.900 --> 00:23:33.400 Jason Marx: I'm not. I'm not against them. I am their their adversary.

00:23:33.670 --> 00:23:36.620 Jason Marx: I I I refer to myself as the family consecutiary.

00:23:36.670 --> 00:23:48.090 Jason Marx: I I I I'm. The State planning attorney, I'm. The tax attorney. I'm the corporate attorney. I do some of the real estate transactions. I do some lending transactions and backing work for them. But

00:23:48.230 --> 00:24:06.400 Jason Marx: you know the the nice thing about being with a firm like Mantle down, Barrett, is that I have also a 100 plus other attorneys around me to who have other areas of expertise. So when it comes to employment or issues or it funds to environmental issues, I have the tools at my disposal

00:24:06.630 --> 00:24:12.990 Jason Marx: that I can bring in other talent to say, hey, I need to bring you in on a matter because we have a situation

00:24:13.120 --> 00:24:29.510 Steven Frey @alwaysfreyday @smbguy: it's so great. It's so great to hear that type of stuff, because you you know, you say, and this is a retreat for you, being an attorney like coming from the financial services world, which I've spent some time in as well, very, very egotistical, like type of world, and, you know, being a lawyer absolutely as well, but

00:24:29.510 --> 00:24:42.580 the collaborative type of approach and mentality, not just with you and the clients, but you and their trusted advisors, but internally at the firm like. If you look at the practice areas for just business services alone.

00:24:42.580 --> 00:25:11.430 Steven Frey @alwaysfreyday @smbguy: it's it's very extensive. So for for, like you to have that high level, there's this subcategories that you don't see there. I have which 1 0ne question in 27 parts. Yes, but it's it I guess, like you, you, you have. There's a ridiculous, and this isn't even the personal side. The personal side was a was a separate menu in the business world. This is, you know, this speaks volumes to me, just because there's a lot of freakin moving parts in business. So you have these like 30 0r so practice areas, and then there's subsets and everything.

00:25:11.580 --> 00:25:27.490 Steven Frey @alwaysfreyday @smbguy: It just further. You know proof out there that n0 0ne person is alike so, even doing an estate plan for a one person and their family. They have different needs than the family next door down the street, etc., but especially especially in the business world. Every business is different.

00:25:27.740 --> 00:25:36.020 Jason Marx: every business is unique. Every business has its own location, so where I may have 2 businesses that are that are selling at the same time.

00:25:36.720 --> 00:25:44.800 Jason Marx: one may be selling property that's got an environmental issue that I've got to address. One may have a lean against some of the assets that I've got to deal with. So

00:25:45.360 --> 00:25:50.870 Jason Marx: every single one of them, every single transaction has to take. It has its own unique features.

00:25:51.360 --> 00:25:59.460 Jason Marx: and it's important that I understand what those features are, and and that the clients trust me to be able to share all of that information with me.

00:25:59.710 --> 00:26:04.970 Jason Marx: because until the clients feel comfortable sharing information with me, I can't do my job.

00:26:05.210 --> 00:26:17.190 Jason Marx: you know. Absolutely Fence attorney is not going to go to court without being able without knowing and and having done his due diligence. A buyer is not going to buy a company without having done their due diligence.

00:26:17.280 --> 00:26:29.700 Jason Marx: I need to do my due diligence and know my client. My client has to trust me, and it's really about trust.

00:26:29.730 --> 00:26:39.340 Jason Marx: I usually don't shut down until 9 0r 10 0'clock at night from answering calls, but i'll respond to emails.

00:26:39.430 --> 00:26:49.570 Jason Marx: clients will text me, and if it's really urgent, I will get on a call at 1130 at night, or at 7 30 in the morning on a Saturday, and i'll pull the client. I'll say.

00:26:50.240 --> 00:26:52.070 Jason Marx: what's the problem? How can I help

00:26:52.920 --> 00:27:11.180 Steven Frey @alwaysfreyday @smbguy: you know having a holistic type of approach and being relationship-centric is so helpful with areas of of legal matters that pertain to like what you do right. It's not it it's very hard to look at it through a a product-based lens, which is how I see a lot of businesses kind of treating everything these days, which

00:27:11.190 --> 00:27:17.840 Jason Marx: again, it's about the people. First you execute a good process together, You'll You'll arrive at the right endgame, and you

00:27:17.960 --> 00:27:22.500 Jason Marx: and you talk about product based approaches. Yes, I draft wills. I draft trusts.

00:27:22.690 --> 00:27:31.100 Jason Marx: I don't pull something off the shelf and say, here you will, and I've changed the name and the address, and say, here's your document. Every single document starts

00:27:31.250 --> 00:27:32.840 Jason Marx: from a blank

00:27:32.890 --> 00:27:37.420 Jason Marx: format. And I customize because, like anything else, you may have

00:27:37.660 --> 00:27:40.520 Jason Marx: blended families and

00:27:40.670 --> 00:27:52.780 Jason Marx: children from separate relationships, and maybe children also from that union, that all I mean that that's extremely unique drafting that that requires careful attention to.

00:27:52.780 --> 00:28:01.770 Jason Marx: How is everybody going to be treated? How are the set? The children from the separate relationships going to be treated as it relates to the children, from the from the marital union

00:28:01.920 --> 00:28:04.830 Jason Marx: you know I deal with.

00:28:05.060 --> 00:28:17.110 Jason Marx: We trust I mean. There are variety of trust, insurance, trust, special lifetime Access trusts, special needs, trust children stress. And again, every single one of them takes on its own unique

00:28:18.660 --> 00:28:23.270 Jason Marx: design, because n0 2 people are alike right?

00:28:23.300 --> 00:28:38.450 Steven Frey @alwaysfreyday @smbguy: Right? I I love a great blend of science and art, which is why we love talking about the method before the madness which we're we're going to get into shortly the more artistic observational view. But even the fact that you have financial services, advisory type of background.

00:28:38.450 --> 00:29:05.570 It's almost like looking at things through the quantitative lens. First, the more scientific data driven lens where they have to fit certain criteria to even have particular conversations with them, but everybody has to have that qualitative approach to, and you said it. You know it's about trust. Yes, in order to do business people have to like you. They have to trust you. They have to think you know what you're talking about, but being able to add the qualitative type of lens to some some other data driven stuff out there, which

00:29:05.570 --> 00:29:22.910 Steven Frey @alwaysfreyday @smbguy: you know a lot of times people will kind of put a lot of stock into data without giving a a qualitative lens over it. You know this is this is some. This is some great context that you have like. If you've done it in the financial services world, and you've seen things operate that way, being able to take that knowledge base and apply it in places here. That's

00:29:22.910 --> 00:29:34.310 Steven Frey @alwaysfreyday @smbguy: it's very powerful. You can really look at people's individual set ups whether they are looking at them personally, or looking at them as an owner of a business, and somebody who needs a succession plan

00:29:34.310 --> 00:29:57.070 Steven Frey @alwaysfreyday @smbguy: with a little bit more open eyes. And I love it. I love the idea of a holistic approach with something like this. There's no way you could possibly pull something off the shelf and have it be as effective as the custom tailored suit that you're able to design for your clients. We've got to take a quick break, but we'll be right back with the madness of Jason's world with Jason Marks partner at Mandelbaum, Barrett, PC. Stay with us.

00:29:58.500 --> 00:30:12.810 Are you passionate about the conversation around racism? Hi! I'm Reverend Dr. Tlc. Host of the dismantle racism show which airs every Thursday at 11 a. M. Eastern on talk, Radio and Nyc

00:30:12.810 --> 00:30:25.400 join me and my amazing guest. As we discuss ways to uncover dismantle and eradicate racism. That's Thursdays at 11 0'clock a. M. On talk radio and Nyc.

00:30:28.010 --> 00:30:55.810 In a Post- movement world. You may have many unanswered questions regarding your health. Are you looking to live a healthier lifestyle. Do you have a desire to learn more about mental health, and enhance your quality of life? Or do you just want to participate in self-understanding and awareness. I'm Frank R. Harrison, host of Frank about health and each Thursday I will tackle these questions and work to enlighten you tune in every Thursday 5 P. M. On talk radio and Nyc. And I will be frank about help to advocate for all of us.

00:31:01.060 --> 00:31:25.160 Hey, everybody! It's Tommy Dee, the nonprofit sector connector, coming at you from my attic each week here on talk radio and Nyc, I hosted program for Lambda in focus. Nonprofits impact us each and every day, and it's my focus to help them amplify their message and tell their story. Listen each week at 10 a. M. Eastern Standard time until 11. A. M. Is from standing time right here on talk radio and Myc.

00:31:26.180 --> 00:31:36.640 You're listening to talk radio and Yc. At Www: talk, radio and live, c. Now broadcasting 24 h a day.

00:31:37.150 --> 00:31:38.120 The

00:32:00.740 --> 00:32:09.130 Steven Frey @alwaysfreyday @smbguy: welcome back to always Friday with me. Stephen Fry, your Smb. Guy, we are chatting with Jason Mark's partner at Mandelbaum, Barrett, PC.

00:32:09.130 --> 00:32:27.210 Steven Frey @alwaysfreyday @smbguy: Tax and corporate law, State planning. He does it for people, individuals. He does it for business owners. A trusted adviser among other trusted advisors where he can really differentiate himself as as the glue. The linchpin that holds together where a business is looking to go in the end. Right? You gotta begin with the end in mind.

00:32:27.270 --> 00:32:40.080 Steven Frey @alwaysfreyday @smbguy: Jason. This is the madness part of the show, and after Disney I feel like I have a little bit of flair for the dramatic. So a curtain is about to go up here. This is where we like to talk about the artistic, observational view man. The stories that you have from the field.

00:32:40.080 --> 00:32:49.690 No subject to taboo anything goes. Obviously, I know your position. We don't want to compromise client confidentiality. We won't. Do that, but I just to kick it off like

00:32:49.740 --> 00:33:08.750 Steven Frey @alwaysfreyday @smbguy: I. I have a bunch of clients and friends myself, who are serial entrepreneurs, and it's it's always a fun a fun dichotomy to deal with like I've always been in some ways a serial entrepreneur, a serial networker. But you know, especially with folks who have their their fingers and a bunch of different pies.

00:33:08.750 --> 00:33:20.610 Steven Frey @alwaysfreyday @smbguy: They They probably need some of this discussion more than a lot of folks out there, because they have so many different things running at the same time, but enough babbling out of me. Let's hear from you. Tell us about some of the the war stories you have in the field.

00:33:20.650 --> 00:33:31.620 Jason Marx: Oh, yeah, well, you know, doing material entrepreneurs. I mean one of the things that they're constantly doing is they're buying, and they're selling businesses. and

00:33:31.750 --> 00:33:36.030 Jason Marx: the one question that I get every single time. And I've got a couple of

00:33:36.080 --> 00:33:47.500 Jason Marx: really great clients. We're constantly doing this, and and the question I get always from that is all right. I've got a buyer. I'm selling my business. We're closing in 6 months.

00:33:47.630 --> 00:33:52.480 Jason Marx: That's you know. That's the expected closing 6 months. How can I avoid taxes?

00:33:53.270 --> 00:34:08.139 Jason Marx: And I was saying, My, my my clients is that there are very limited ways of avoiding taxes minimize the taxes based on the type of transaction they need it need. It may be that they are going to

00:34:08.520 --> 00:34:17.510 Jason Marx: merge or have some kind of reorganization that might be a tax reorganization, and we defer the taxes until later date. But those who just say i'm selling

00:34:17.550 --> 00:34:39.659 Jason Marx: it's tough, because that's a capital transaction, and that usually triggers some type of tax liability. At the end of the day there are mechanisms. There are certain provisions in the truck in the internal revenue code for small businesses, if they need certain requirements that will allow the avoidance of some Federal taxes, but it's it's. It's a very, very

00:34:39.659 --> 00:34:53.159 Jason Marx: difficult threshold to to to reach. I I kind of figured the first comment would be, do you have a time machine because some of it you might need to go back a few years for yeah, yeah, exactly. Yeah, You get the flux capacitor and let's get going.

00:34:54.780 --> 00:34:56.170 Jason Marx: There are

00:34:56.280 --> 00:35:02.660 Jason Marx: for for a couple of my clients that I've had great success. With this there are certain types of trust that will allow

00:35:03.110 --> 00:35:10.880 Jason Marx: the you know. Allow us to sell a business, or have a capital transaction, and avoid the gain at the State level.

00:35:10.900 --> 00:35:13.710 Jason Marx: Maybe not necessarily the Federal level. But

00:35:14.030 --> 00:35:15.400 Jason Marx: lo and behold, you can

00:35:15.440 --> 00:35:20.820 Jason Marx: save a lot of money on taxes, and we've done this a few times over the years.

00:35:21.350 --> 00:35:40.440 Jason Marx: We set up a special type of trust in a jurisdiction that has no state tax, no income tax. And you know, in in one instance we we put in stock in a corporation that had very little bases being sold for tens of millions of dollars. It would have triggered a a

00:35:40.740 --> 00:35:55.790 Jason Marx: easily. the 1015000000dollar capital gate at the State level. and we were able to to avoid having to to recognize again the state level. I've done this for another one of my clients. We set up another trust, and in the last.

00:35:56.410 --> 00:36:07.410 Jason Marx: I think, 4 0r 5 years between 2 0r 3 transactions that he's used the same trust, for I've saved him over a 1 million dollars in in in state taxes. So it's the strategies are there.

00:36:07.450 --> 00:36:09.300 Jason Marx: You have to be willing to

00:36:11.210 --> 00:36:13.050 Jason Marx: put the strategy in place.

00:36:13.070 --> 00:36:18.860 Jason Marx: Don't wait for the last minute, and it's exactly the the you know. If if there is a

00:36:20.090 --> 00:36:22.680 Jason Marx: a theme about planning

00:36:22.830 --> 00:36:23.810 Jason Marx: don't wait.

00:36:24.040 --> 00:36:28.950 Jason Marx: because if you wait it yeah, if you wait, you you

00:36:29.120 --> 00:36:33.330 Jason Marx: pretty much, you know. Put the nail on the cough, and that it may be too late.

00:36:33.630 --> 00:36:37.130 Jason Marx: You know planning takes time planning

00:36:37.730 --> 00:36:48.990 Jason Marx: that especially involves tax minimization or tax avoidance, not evasion, invasion parts illegal.

00:36:49.090 --> 00:36:54.360 Jason Marx: But if a transaction is put in place simply to avoid tax.

00:36:54.540 --> 00:36:58.770 Jason Marx: that's not going to be respected in the and the government's going to come back and say, No, no good.

00:36:58.910 --> 00:37:15.840 Steven Frey @alwaysfreyday @smbguy: You know this a lot of this also. A lot of this thought come stems from something that deep down a lot of individuals and business owners know it's not so much how much you make it's how much you keep and going for going towards, you know, back to the the product based lens that a lot of people look through

00:37:15.920 --> 00:37:23.120 a lot of times if they're looking about looking at, you know, at the end like oh, i'll work until i'm ready to die like, and i'll. I'll sell my business when i'm ready.

00:37:23.120 --> 00:37:41.760 Jason Marx: so like again, if they waited till the last minute like you said it could be too late if you sell your business for 10 million bucks. Oh, I got 10 million bucks. It's like a big number out there, and you pay 7 million dollars in taxes.

00:37:41.760 --> 00:37:44.720 Jason Marx: Let's say, say your business for 20 for 20 million dollars.

00:37:45.340 --> 00:37:48.000 Jason Marx: How much debt do you have on the business that has to be paid off.

00:37:48.040 --> 00:37:55.470 Jason Marx: How much taxes are you going to have to pay? So at the end of the day that 20 million dollars transaction may net you

00:37:55.670 --> 00:37:58.580 Jason Marx: 12 0r 13 million. Okay?

00:37:58.650 --> 00:38:04.090 Jason Marx: And then what are you gonna do? How old are you? How much time You know? How much longer do you need to have this money

00:38:04.140 --> 00:38:16.200 Jason Marx: around to sustain your lifestyle? What are you going to do with it next? Are you going to position yourself? And so all of these things are considerations when it comes to selling a business

00:38:16.410 --> 00:38:34.390 Jason Marx: I wanted to. You know you talked about method to the abandoned, the war stories, and and I always get aside from the the business planning. I I always love to tell the story when I first started practicing as an attorney.

00:38:34.770 --> 00:38:38.450 Jason Marx: and it's it. It it really set me up for my career

00:38:38.630 --> 00:38:41.520 about really planning the right way.

00:38:46.480 --> 00:38:57.880 Jason Marx: It was I. I was at a different firm at the time, and I was asked to work on a a matter for you know, just doing an accounting for for a trust

00:38:57.930 --> 00:39:07.340 Jason Marx: that was terminating, and we were representing a bank at the time

00:39:07.370 --> 00:39:13.320 Jason Marx: died. and everything was being left to the 2 kids out right, who were minors.

00:39:13.770 --> 00:39:15.600 Steven Frey @alwaysfreyday @smbguy: There's no guardianship in place

00:39:25.570 --> 00:39:38.030 Jason Marx: using the assets in the estate for personal use. This is in a different state. I found out that the mother died because she killed herself. Minute suicide in front of her kids.

00:39:40.140 --> 00:39:45.870 Jason Marx: It's brutal all of this, all of this STEM, from the fact that also both of her kids who are minors.

00:39:46.050 --> 00:39:51.320 Jason Marx: were either under house arrest or in juvenile detention because they had killed their father.

00:39:52.380 --> 00:39:57.770 Jason Marx: Now you have a trust that was going to pass to these 2 kids.

00:39:59.440 --> 00:40:03.870 Jason Marx: and who would have thought that some a situation like this would have occurred

00:40:04.400 --> 00:40:05.120 Steven Frey @alwaysfreyday @smbguy: that

00:40:05.510 --> 00:40:07.620 Jason Marx: kids are in basically in jail.

00:40:08.940 --> 00:40:18.170 Jason Marx: Mom kills yourself. The assets in the trust go to these kids. And all the time this is happening out in the in the woods in in North Carolina.

00:40:18.380 --> 00:40:33.730 Jason Marx: The court here had to point to Attorneys New Jersey to go represent the kids, and they go and meet with them and and find out the the story and the situation. They both came back to me and said, this is the stuff that Christian novels are made of

00:40:33.780 --> 00:40:38.460 Jason Marx: funky and craziest scenario. but I was

00:40:38.760 --> 00:40:48.430 Jason Marx: t with having to deal, not just with dealing with the bank. But how do we pass the assets on to these kids? How do we protect the essence? Who's going to help them? They had virtually no family.

00:40:48.600 --> 00:40:57.920 Jason Marx: But we have to go to court. We had to figure out a way to help protect these kids because they were entitled to the money, at least at some point. They had nothing to do with

00:40:58.860 --> 00:40:59.870 Jason Marx: Mom.

00:41:00.190 --> 00:41:04.610 Jason Marx: They had more to do with Dad's death and than Moms. But

00:41:05.600 --> 00:41:17.950 Jason Marx: I I tell this story, and I go back to the story, and and we're talking 24 years ago that I handled this case. But it resonates with me every single time I I get into a situation with a client, because.

00:41:18.500 --> 00:41:28.850 Jason Marx: like like anything else, you plan for the end. You need to know. You don't know when the end is going to happen. You don't know how the end is going to happen. but if you Haven't planned for if you don't have

00:41:29.560 --> 00:41:33.150 Jason Marx: documents that deal with the what if scenarios.

00:41:34.490 --> 00:41:45.570 Jason Marx: Then you may find a situation where it's more difficult to try to fix and clean up. Then, if it then, if the

00:41:46.210 --> 00:41:49.020 Jason Marx: little extra time was taken to do this right.

00:41:49.390 --> 00:41:57.470 Jason Marx: I I'd always rather be the bomb diffuser than the clean up crew right. You don't want to get there after everything's gone off, and you're just cleaning up a mess. Yeah, you're right.

00:41:57.980 --> 00:42:17.050 Steven Frey @alwaysfreyday @smbguy: But yeah, this this is something as yeah. Who the hell would have ever. Yeah envisioned the the scenario that you just said. But while you were talking about it my head went straight to John Grish and went to the client. I guess it's like, so I won't spoil it for you. If you guys haven't seen it out there. But a whole bunch of what you said reminded me of that movie and book. Oh, yes.

00:42:17.230 --> 00:42:18.070 but

00:42:18.070 --> 00:42:47.930 Steven Frey @alwaysfreyday @smbguy: but yeah, it's again. It it doesn't always have to be like any sort of negativity, right? Like, yeah, you begin with the end in mind like you start some type of business like you, even if you buy a piece of real estate. Are you holding it for a year? You're holding it for 5 years. You're holding it for 10 years, like everything that you do might have a little bit of a different strategy, right? But

00:42:47.930 --> 00:43:00.690 focus on the destination focus on where you're trying to get to, you know, being a good financial advisor, being a good attorney in your shoes. And again I I love that. That's part of your background. It's asking a couple of really simple questions. Is.

00:43:00.820 --> 00:43:02.460 Steven Frey @alwaysfreyday @smbguy: where are you right now?

00:43:02.470 --> 00:43:11.470 Steven Frey @alwaysfreyday @smbguy: Where are you looking to go? And how are you going to get there? Yeah, a lot of and a lot of that in. But in both worlds. You're talking finance. You talk, the legal world is

00:43:11.610 --> 00:43:14.120 Steven Frey @alwaysfreyday @smbguy: There's a lot of different ways to go.

00:43:14.170 --> 00:43:21.670 Steven Frey @alwaysfreyday @smbguy: but you want to do the one that's going to have the greatest impact, and that's going to exhibit best practice. Yes, that's it. That's right.

00:43:22.110 --> 00:43:38.630 Steven Frey @alwaysfreyday @smbguy: So a lot of those concepts tend to get blown way out of proportion, especially if people have a little bit of a product focused mindset, and it's all about the top dollar. But this is great stuff. Have to be more more proactive than reactive. I can think of any number of sayings out there that people are probably sick of hearing. But

00:43:38.630 --> 00:43:50.000 Steven Frey @alwaysfreyday @smbguy: you know you got to begin with the end in mind, you got to take the necessary steps to plan for it in order to protect your family and protect your money. We got to take a break, but we will be right back with Jason Mark's partner at mantlebound Barrett, PC. Stay with us, everybody.

00:43:52.940 --> 00:44:17.050 Hey, everybody! It's Tommy Deed a nonprofit sector connector coming at you from my attic each week here on talk radio and Nyc: I hosted program for lambda game focus nonprofits impact us each and every day, and it's my focus to help them amplify their message and tell their story. Listen: each week at 10 a. M. Eastern standard time until 11. A. M. Is from standing time right here on talk radio, Dot Nyc.

00:44:17.870 --> 00:44:45.640 you know most proven boil. You may have many unanswered questions regarding your health. Are you looking to live a healthier lifestyle? Do you have a desire to learn more about mental health, and enhance your quality of life. Or do you just want to participate in self-understanding and awareness? I'm. Frank R. Harrison host of Frank about health, and each Thursday I will tackle these questions and work to enlighten you. Tune in every 35 P. M. On talk radio and Nyc. And I will be frank about how to advocate, for all of us.

00:44:49.190 --> 00:45:19.480 Are you a conscious co-creator? Are you on a quest to raise your vibration and your consciousness. I'm Sam Lebridge, your conscious consultant. and on my show the conscious consultant hour awakening humanity. We will touch upon all these topics and more. Listen. Live at our new time on Thursdays, at 12 noon Eastern time. That's the conscious consultant hour awakening humanity. Thursday's 12 noon on talk. Radio Nyc.

00:45:23.850 --> 00:45:33.790 Need to talk radio. Nyc: at Www. Top radio and yc now broadcasting 24 h a day.

00:45:56.950 --> 00:46:13.680 Steven Frey @alwaysfreyday @smbguy: Welcome back to always Friday with me, Stephen Fry your Smb. Guy. We are chatting with Jason Mark's partner at Mandelbaum Barrett, PC. Some great pearls of wisdom from Jason here today, most of them revolving around the idea of Be proactive. Don't wait if you wait, might be too late.

00:46:13.680 --> 00:46:30.900 but I Won't Take the words out of his mouth. Jason, this is the message part of the show here. The whole idea from weekend insight to Monday impact. We want to be able to leave the audience with some sound bites that they can actually ponder over the weekend as they are enjoying their cocktails and come back to work on Monday, and

00:46:30.900 --> 00:46:46.870 Steven Frey @alwaysfreyday @smbguy: actually kick their butts into action so definitely want to get some sound bites from you. But also I know that that Mandel bound Barrett does a fair amount of philanthropic work I've seen. I've seen a whole bunch of pictures and some commentary on some of the work that they do definitely tell us a little bit about that, too.

00:46:46.890 --> 00:46:52.120 Jason Marx: Yeah. So actually, I'm: i'm one of the members of the firms charitable planning committee

00:46:52.210 --> 00:46:54.450 Jason Marx: every month.

00:46:54.730 --> 00:47:04.730 Jason Marx: There is something that we're doing to benefit some community or other organization this month. It was about.

00:47:05.280 --> 00:47:18.230 Jason Marx: It was a a clothing and and and shoe drive for some of the the local charities in in in my area. Here it it varies month to month. There there are

00:47:18.350 --> 00:47:20.080 Jason Marx: events that we do

00:47:20.350 --> 00:47:24.190 Jason Marx: just to give back to the communities. Because

00:47:24.800 --> 00:47:29.650 Jason Marx: we are. We're very successful firm. but we're nothing. If we don't.

00:47:29.820 --> 00:47:38.920 Jason Marx: give back. If we don't think about where we come from, and the people who who we can help, because in in the end helping people is really what we're about as well.

00:47:39.860 --> 00:47:56.940 Steven Frey @alwaysfreyday @smbguy: Yeah, definitely. And it's a good spirits on talk radio that Myc: because my buddy, Tommy D. Does a show right before me called Philanthropy and focus, so might want to consider spending some time with Tommy D. On the air as well.

00:47:56.940 --> 00:48:20.970 We've talked about some concepts, you know, protecting your loved ones, your family, your money. you know it really like making sure that people who shouldn't be taxing, taxing the money again. You can't evade taxes. I love the way you put that everyone. How do I avoid paying taxes? You don't avoid paying taxes. There's 2 guarantees in life. You have to die, and you have to pay taxes, but you can mitigate some of it, you can reduce some of it. It's all comes with careful planning.

00:48:20.970 --> 00:48:34.340 Jason Marx: So you know definitely, be more proactive than reactive. But what what other types of pearls of wisdom can you give everybody? If so, that they can take action with this on Monday morning, and really give you a call.

00:48:34.410 --> 00:48:36.890 Jason Marx: Let's go back to the Lego Allego.

00:48:37.070 --> 00:48:40.150 Steven Frey @alwaysfreyday @smbguy: It's not always about taxes.

00:48:40.330 --> 00:48:43.810 Jason Marx: We have a Federal estate tax exemption

00:48:43.950 --> 00:48:46.020 Jason Marx: that everybody has right now

00:48:46.060 --> 00:48:51.970 Jason Marx: of almost 13 million dollars per person. So married couple Think about this. A married couple can

00:48:52.000 --> 00:48:55.440 Jason Marx: effectively passed currently in 2,023

00:48:56.280 --> 00:49:01.680 Jason Marx: up to almost 26 million dollars. Federally State tax-free.

00:49:02.150 --> 00:49:13.540 Jason Marx: New Jersey effectively has no inherent, no estate tax and depending on depending upon who the beneficiaries are of the estate. The New Jersey inheritance tax could be als0 0.

00:49:13.820 --> 00:49:18.220 Jason Marx: So sometimes tax planning just happens on its own

00:49:18.550 --> 00:49:19.430 Steven Frey @alwaysfreyday @smbguy: right.

00:49:19.900 --> 00:49:22.930 Jason Marx: The other people want to get their hands on

00:49:23.060 --> 00:49:25.940 Jason Marx: your money on your assets, on your wealth.

00:49:26.360 --> 00:49:27.400 Jason Marx: creditors.

00:49:28.270 --> 00:49:31.700 Jason Marx: judgment, creditors. You get into a car accident.

00:49:31.800 --> 00:49:38.390 Jason Marx: you get sued. You want to make sure that your assets are well protected. You're forcing spouses.

00:49:38.660 --> 00:49:44.820 Jason Marx: Okay, the one thing I tell clients, especially those who have gone through divorce before, and it resonates so

00:49:44.870 --> 00:49:49.480 Jason Marx: so strongly with them. You have spent your entire life developing

00:49:49.500 --> 00:49:53.030 Jason Marx: a portfolio, a a a a

00:49:53.480 --> 00:49:57.070 Jason Marx: massive wealth. You're going to pass to your children

00:49:58.660 --> 00:50:05.110 Jason Marx: if they get married, and that marriage doesn't work out. Do you want their divorcing spouse to take

00:50:05.120 --> 00:50:09.900 Jason Marx: half of what you've left for them? The answer to that question is No.

00:50:10.180 --> 00:50:24.310 Jason Marx: no. So I've talked to them about about proper trust, planning, making sure that those the assets that they leave to before their kids are done in the most protective manner possible. I talk to them about

00:50:24.470 --> 00:50:31.620 Jason Marx: pre-nuptial agreements, especially for those who have the significant wealth. have a prenuptial agreement for your kids. Make sure they get that done.

00:50:31.710 --> 00:50:39.360 Jason Marx: I represent a family right now. 2 0f their kids are getting married. I'm handling the prenups for both of their kids.

00:50:39.510 --> 00:50:41.940 Jason Marx: you know. You want to make sure you've

00:50:42.340 --> 00:50:43.780 Jason Marx: identified

00:50:43.900 --> 00:50:56.990 Jason Marx: what assets belong. And even if the assets are in trust, and they don't technically belong to the child, they belong to the trust you want to make sure that there is a recitation somewhere that says there's a trust out there that this person's a beneficiary of

00:50:57.350 --> 00:50:59.480 Jason Marx: those prop those assets, no matter

00:50:59.550 --> 00:51:03.520 Jason Marx: what they are, what gets distributed out, how much they grow to.

00:51:03.630 --> 00:51:04.920 Jason Marx: how they've grown

00:51:05.080 --> 00:51:18.430 Jason Marx: all that is separate property. You want to protect your wealth for your descendants for the generation. Now the planning that I do for a lot of clients, especially the the the business owners, and the high net Worth clients that I deal with is multi-generational planning.

00:51:18.470 --> 00:51:26.010 Jason Marx: and you want to make sure I want to make sure that i'm doing it in a way that we avoid tax, generation after generation.

00:51:26.090 --> 00:51:42.490 Jason Marx: So not only the estate tax, but what's called the generation skipping transfer tax, that's a whole. Another lesson to be had lead on the whole other show. We'll do later. Yeah, we we could spend hours on the generation skipping transfer tax. I don't want to borrow you. I should have asked you beforehand. But do you have any special strategies to protect your portfolio from the Disney Corporation?

00:51:42.640 --> 00:52:00.750 Jason Marx: Yeah, Don't Go

00:52:00.750 --> 00:52:29.760 Steven Frey @alwaysfreyday @smbguy: Mandel bound Barrett. The website is MB. Law There's some great content on there, some great articles, one of them about navigating exit strategies for businesses, you know, maximizing the value and minimizing the risk. We're going to have a link to that in the show notes. So you guys could check it out. It does review some like this the 7 big ways of of transferring a business, and some of the pros and cons attached to it. I personally love that article. It's something that's very prevalent in my world right now. So yeah, I thought I thought it was a really great summary of it. But

00:52:29.760 --> 00:52:52.170 Steven Frey @alwaysfreyday @smbguy: you know, long story short, is, you need somebody to guide you through this wilderness, and Jason is definitely that somebody. So look him up. He's Jason Marx, Arx. He's on the website J. J. He's got a direct dial. If you guys don't have any of this basic stuff in place, get on the horn with him. If you have more complex needs, he can deal with that, too. So don't be shy.

00:52:52.240 --> 00:53:00.390 Jason Marx: Anything else you want to say to everybody before I let let the audience know about your answers to my questions.

00:53:00.590 --> 00:53:07.720 Jason Marx: Look, I I had a great time chat with you today like you said it's it is a process.

00:53:07.840 --> 00:53:22.010 Jason Marx: State planning takes time. It is. It is about trust and relationship all about making sure that I have that trust, and and and my clients have that trust in me because they need to know They've got a guy on their side.

00:53:22.090 --> 00:53:33.280 Steven Frey @alwaysfreyday @smbguy: Don't. Treat your family and your business and your future as Vegas, especially my trip to Vegas, was not profitable whatsoever at things unforeseen can happen. I don't know about your kids getting eaten by a shark, but

00:53:33.280 --> 00:53:48.560 you know, definitely like even for people like my friend, the other estate planning attorney. He had a partner unexpectedly pass away on him. So it can happen to anybody. Don't think of it as doom and gloom. Think of it as maximising the world around you. So, before I let you go, Jason.

00:53:48.600 --> 00:54:05.210 Steven Frey @alwaysfreyday @smbguy: i'm gonna give everyone the answers to the questions again. Who is your favorite movie, your TV show character? What's your favorite movie, your TV show? What's your favorite musical instrument. And who's the artist? You'd like to hear play it. You're a big norm, Peterson fan, which hard to not be right.

00:54:22.850 --> 00:54:33.780 Jason Marx: Guy walks into the cheers Haven't Hasn't been in there for for 10 years. He's been in Alaska or somewhere in the wilderness, and he and he makes some comment about, you know something having been moving, he goes. Oh, yeah, they're right behind Norm.

00:54:33.780 --> 00:54:51.870 Steven Frey @alwaysfreyday @smbguy: So he Hasn't, moved from that spot. I asked you your favorite movie, your TV show you immediately, said Seinfeld, in addition to cheers. So it's good, all woody, or being sophisticated humor. I am, as soon as you said that all I could think of was Kramer trying to spout off some legal Mumbo Jumbo, which is great.

00:54:52.020 --> 00:55:10.240 Steven Frey @alwaysfreyday @smbguy: But yeah, the show show about nothing. A lot of times it. The people treat these issues like it's nothing. It's not nothing. It's a lot more detailed than nothing. Just like the Seidfeld Episodes are a lot more detailed than nothing. But you know. Then you started spouting off some of my favorite 80 S. Movies. You said Caddy Shack terrific. You said, Fletch.

00:55:10.240 --> 00:55:21.250 Steven Frey @alwaysfreyday @smbguy: that that that Moon river joke. I've used the couple of the last couple of weeks, Major League. I'm excited because softball season is almost starting again, so i'll have the opportunity to whip out all kinds of major League quotes.

00:55:21.250 --> 00:55:40.610 Steven Frey @alwaysfreyday @smbguy: But you said your favourite musical instrument was the saxophone, which is one of my favorites. I started playing it when I was 9, and you like David Sanborn and the big man himself, Clarence Clemens. So so there you have it a little, a little peak behind the character. Some peek into the method behind the madness. Jason, appreciate you being with with me here today.

00:55:40.900 --> 00:55:42.160 Jason Marx: Thanks for having me, Steve.

00:55:43.030 --> 00:55:57.450 Steven Frey @alwaysfreyday @smbguy: Absolutely. We will be back with more always. Friday. I'm traveling later in March again, but I will be around for a couple weeks. We'll be back next Friday, 11 a M. Eastern time right here on talk, radio and Nyc. Until then have a great weekend. Everyone.

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