Noah Rosenfarb explores Bob Marley’s estate planning challenges and modern solutions.

When Bob Marley passed away in 1981, he left behind a musical legacy, but no estate plan. Due to his religious beliefs, Marley didn’t create a will, and what followed was a legal firestorm: forged documents, disputed signatures and a tangled web of allegations involving his wife, attorney and accountant.

In this episode, David Lenok is joined by Noah Rosenfarb, CPA, founder of Wealthrive, to explore what happens when traditional estate planning tools, like wills, are off the table. Noah discusses:

• 
  The vital differences between wills and trusts 
• Strategies like the Spousal Lifetime Access Trust 
• Navigating estate versus revocable trusts 
• The misunderstood role of communication in wealth preservation
• Overcoming familial challenges in estate planning 
• And more

Resources:

• Listen to the latest episodes of Celebrity Estates
• Trust and Estates Magazine

Connect With David Lenok:

• david.lenok@informa.com 
• WealthManagement.com
• LinkedIn: David Lenok
• LinkedIn: Informa
• LinkedIn: WealthManagement

Related:Celebrity Estates: Chuck Norris, Royalties and Family Expectations with Scott Rahn

Connect With Noah Rosenfarb:

• connect@wealthrive.com
• Talkabouttax.com 
• LinkedIn: Noah Rosenfarb, CPA
• LinkedIn: Wealthrive Inc.
• (855) 540-0400

About Our Guest:

Noah Rosenfarb is a third-generation CPA who learned early in life that becoming tax-efficient could accelerate the journey toward achieving financial goals. After attaining financial independence and stepping away from operating businesses, Noah began sharing his expertise with members of EO and YPO. The response was immediate—people started asking him for help.

Determined not to return to a traditional job, Noah assembled a team of accountants, lawyers, and financial planners. He personally trained them in the strategies he used to become Rich Beyond Money. One of his proudest accomplishments is knowing that entrepreneurs working with his team achieve better results than he could have delivered alone.

Noah openly shares the tools, resources, and strategies that created his own version of true freedom. With a track record that includes selling eight companies, taking one public, and completing more than 50 real estate investments valued at nearly $1 billion, he brings more than technical expertise—he brings lived experience. He serves high-performing families who seek to balance qualitative life goals with quantitative financial strategies.

Based in Parkland, Florida, Noah lives with his wife, Amanda, and their two children. A passionate traveler, he’s visited over 70 countries across five continents.

Listen to the podcast

Source: https://www.wealthmanagement.com/estate-planning/celebrity-estates-how-bob-marley-s-estate-took-30-years-to-settle

Wealthrive has been recognized by Evergreen Awards as the Best Tax Strategy Firm in the United States of 2026, a prestigious honor that underscores the company’s leadership in the field of proactive tax planning. This award highlights Wealthrive’s ability to help elite entrepreneurs reduce their tax liabilities while building and preserving wealth, ultimately driving long-term financial success.

A Holistic Approach to Tax Strategy

Wealthrive sets itself apart from other firms by taking a comprehensive, proactive approach to tax strategy. Unlike traditional firms that treat tax planning as a one-time annual task, Wealthrive integrates tax efficiency into every financial decision, ensuring that each move is strategically designed to minimize tax exposure and maximize wealth. From income tax planning to estate tax strategies and capital gains reduction, Wealthrive ensures clients benefit from tailored, year-round tax solutions.

This holistic approach allows Wealthrive to provide bespoke tax strategies that are specifically designed for each client’s unique financial landscape. By proactively addressing potential tax challenges, the firm helps clients navigate the complexities of tax law and optimize their financial decisions at every stage.

Expertise That Makes a Difference

At the heart of Wealthrive’s success is its team of highly skilled professionals. Recently, Wealthrive welcomed Richard Huynh as a tax strategist, bringing more than 12 years of experience in top-tier firms such as Ernst & Young and PricewaterhouseCoopers. His extensive background in tax law, estate planning, and business succession strategies makes him an invaluable asset to Wealthrive and its clients.

Richard’s client-centered approach ensures that tax planning is not just about compliance but about strategic decision-making that helps clients reduce their tax liabilities while building wealth for future generations.

A Reputation Built on Trust and Success

Wealthrive has built a reputation for delivering tangible results to its clients. Through a combination of expertise, innovation, and a strong commitment to customer satisfaction, Wealthrive has earned the trust of its clients, many of whom have seen significant reductions in their tax burdens and noticeable improvements in their wealth-building strategies.

Clients consistently praise the firm for its transparency, dedication, and ability to simplify complex financial decisions. As one client shared, “Wealthrive has completely transformed our financial strategy. We feel confident and secure knowing that our tax plan is continuously optimized to help us achieve our long-term goals.”

Why Wealthrive Stands Out

Several factors contributed to Wealthrive being named the Best Tax Strategy Firm in the United States of 2026:

• Expertise in tax reduction across all areas of personal and business finance
• Tailored, proactive strategies that evolve with clients’ changing needs
• A focus on long-term financial freedom and wealth preservation
• Strong leadership and strategic direction, particularly from tax strategist Richard Huynh
• A client-first philosophy, ensuring transparency and ongoing support
• Proven results with clients seeing significant tax savings and wealth growth
• A reputation for authenticity and trustworthiness in every interaction

The Future of Wealth Management with Wealthrive

Wealthrive continues to set the bar for excellence in tax strategy. With its innovative approach to tax reduction and wealth building, and a team of experienced professionals, Wealthrive is positioned to help clients navigate the complexities of financial planning for years to come. The addition of experts like Richard Huynh further solidifies the firm’s commitment to delivering exceptional value to its clients.

Wealthrive’s mission remains clear: to help clients unlock the full potential of their wealth, live a life of abundance, and secure long-term financial freedom by providing cutting-edge tax strategies.

Contact Wealthrive Today

To learn more about how Wealthrive can help minimize tax exposure and optimize wealth-building strategies, visit their website at Wealthrive. The Wealthrive team is ready to assist in achieving financial success and long-term prosperity.

Source: https://evergreenawards.com/awards/wealthrive-best-tax-strategy-firm-in-the-united-states-of-2026

For Jeff Socha, illegal tax shelters are just a hazard of the job.

A financial adviser catering to entrepreneurs and other wealthy people, Socha is keyed into tax strategies that could help them save money. But he’s constantly dodging arrangements that are either bad deals or flat-out sketchy.

“We maybe come across one new thing a year” worth recommending to clients, said Socha, founder and CEO of Austin, Texas-based Socha Capital. “And I probably get pitched something once a week. The ratio is terrible.”

Selling tax shelters is a lucrative business. Promoters who pitch these strategies take between 5% to 30% of a client’s expected tax savings, wealth advisers said.

But promoters, unlike tax preparers, aren’t named on the tax returns of their customers. And whether the tax-cutting strategy they recommend is allowable can be an open question until the IRS weighs in, which can take years, even when the agency is at full strength.

Today, headcount at the IRS is down roughly 25% since President Donald Trump returned to the White House. Republicans in Congress have clawed back billions of dollars earmarked for the IRS to improve enforcement. And the Justice Department has dissolved its specialized Tax Division responsible for civil tax litigation and criminal tax enforcement, shifting its functions to other areas.

A Treasury official said the IRS will remain tough on tax crime. And former IRS Commissioner Chuck Rettig said a big investment in AI could help the agency. But some former tax enforcement personnel said the time is ripe for those willing to test the government’s ability to prosecute tax scams.

“Most practitioners, if they are being candid, anticipate a significant dropoff in tax compliance,” said Rod Rosenstein, former principal deputy assistant Attorney General for tax enforcement in the Justice Department.

The ‘Audit Lottery’

Last year, IRS criminal investigations into abusive tax schemes referred to the Justice Department for prosecution dipped to a 10-year low.

“Tax shelter promoters are watching,” Democratic senators warned in January, asking the IRS to explain the sharp drop.

But by some measures a shift in enforcement was underway even before Trump’s return. Between 2022 and 2024, when President Joe Biden was in office, federal prosecutors filed the fewest number of criminal tax-related cases in at least 25 years, according to a Bloomberg Tax analysis of Justice Department data.

Historically, the threat of such criminal summons from the Justice Department has been the government’s strongest deterrent to prevent taxpayers from pushing the boundaries of the law.

“You need some significant risk so that people understand that when they violate the law, they will be prosecuted,” Rosenstein, now a Baker McKenzie partner, said in an interview. “Otherwise, people are willing to play a game called the ‘audit lottery.’”

The IRS didn’t respond to multiple requests for comment.

IRS Response to Tax Schemes Slowed by Years-Long Investigations

The agency weighs at each step whether it has the resources and evidence to continue a case.

Lifecycle of a Shelter

Many Americans work with tax experts and money managers to navigate IRS rules and keep as much of their income as legally allowed. But those with a higher tolerance for risk can easily find promoters to recommend newer, often untested strategies that promise bigger savings.

Promoters advertise through wealth advisers and social media, but word of mouth is also a big driver, said Noah Rosenfarb, an accountant and founder of the wealth management firm Wealthrive.

“They’re telling their friends, ‘Hey, I did this thing. It worked out great, and you should do it,’” said Rosenfarb. “That’s how some of these seeds get marketed by the people that use them. It had the outcome they wanted at the outset.”

The IRS as of 2022 was investigating more than 40 illegal tax schemes pushed by some promoters, including improper claims of business research credits, syndicated conservation easements, and some micro-captive insurance arrangements.

It also publishes an annual “Dirty Dozen” list of emerging strategies or schemes taxpayers should avoid.

But many more strategies circulate beneath the radar of law enforcement, with new plans emerging every year, wealth advisers and former government officials told Bloomberg Tax.

“By the time the IRS is first able to launch a coordinated compliance effort aimed at certain transactions, thousands of returns have already been filed,” said Rettig, who ran the agency during the first Trump administration.

For tax shelter promoters, the ideal target to invest in a new strategy has a high tax liability but not enough wealth to hire a sophisticated team of tax planners, a client generally making a few hundred thousand to $1 million a year, according to wealth consultants. Many are in the economic range of doctors, dentists, and entrepreneurs.

Wealth advisers said taxpayers should avoid any strategy where promoters can’t point to a tax code section that authorizes the planning technique they’re advocating. Rushing taxpayers to buy, refusing to put details in writing, and requiring buyers to sign nondisclosure agreements are other red flags.

Tax shelters that cross the legal line tend to follow a pattern:

You’re Busted … Sometimes

Federal criminal prosecutions of promoters are rare, and generally reserved for the most audacious and egregious schemes.

In 2024, accountant Jack Fisher and tax attorney James Sinnott were sentenced to 25 years and 23 years in prison, respectively, for their roles promoting illegal tax shelters that caused $450 million in federal tax losses. The pair pitched investors on a syndicated conservation easement strategy, which sold stakes in shell companies that acquired land with restrictions on the development rights. The parcels were later donated to charity at inflated values to yield $1.3 billion in fraudulent charitable tax deductions.

Other notable examples include the accounting giant KPMG, which entered a deferred prosecution agreement with the Justice Department for its sales of a suite of illegal tax products to wealthy clients in the late 1990s and early 2000s. Several senior tax managers of the accounting firm were convicted on criminal tax evasion charges and the firm agreed to pay $456 million in penalties.

In 2014, tax attorney and accountant Paul Daugerdas was sentenced to 15 years in prison for directing a fraudulent tax scheme that helped wealthy clients evade more than $1.6 billion in federal taxes. The convictions of Daugerdas and several co-conspirators led to the collapse of Jenkens & Gilchrist PC, a once-prominent Dallas-based law firm with more than 600 attorneys.

But typically it’s taxpayers, not promoters, who pay a price.

A Texas-based technology sales manager is facing IRS penalties for using so-called sovereign tribal tax credits, a nonexistent break that his accountant of four years recommended. The sales manager took out an $80,000 loan to buy the credits, thinking he’d pay it back with the tax refund.

“All I think about every waking hour is how much money I’m out,” said the sales manager, who was granted anonymity because of his intention to bring legal action. “It’s life-changing, the amount of money I’m out here. I think there’s a lot of other victims affected by this exact scheme out there.” 

His accountant was part of a network of distributors for the sovereign tribal tax credits, which are sponsored by White River Energy Corp., and the subject of a criminal investigation. Greenspoon Marder LLP, which filed a suit against White River and its network, has been contacted by nearly 40 people who collectively paid tens of millions of dollars for the credits, said partner Brant Kuehn. More people reach out every week.

“While some could be considered high-net-worth individuals, most are ordinary families—small-business owners, doctors, salespeople,” Kuehn said. “The folks who have reached out to us so far come from more than a dozen states and worked with dozens of different accountants.”

The taxpayer bought the tribal tax credits after the Treasury Department told Bloomberg Tax the credits didn’t exist. But the IRS didn’t put the credit on its “Dirty Dozen” list that warns taxpayers of questionable transactions. And it didn’t seek authority to make the credits a “listed transaction” that would impose special reporting duties on the participating taxpayers.

The listed transaction reporting requirements intend to help with promoter enforcement, said Carolyn Schenck, a Caplin & Drysdale member who served as the national fraud counsel at the IRS until last year. Other tools include special reporting rules for material advisers and audits or injunctions focused specifically on promoters. But those cases are complex, and IRS criminal investigations historically focus on areas that have the highest deterrent impact.

“Our tax system is designed to assess taxpayers first, then investigate third parties separately if needed, after the fact,” Schenck said. “Not every outside influence is clearly a promoter in an abusive scheme-sense.”

Promoters can survive even when their clients are audited or targeted for prosecution. A constant across the industry holds that the next scheme is just around the corner.

“Promoters thrive in the gaps between civil enforcement and criminal investigation,” Schenck said. “When those gaps widen, compliance erodes.”

— With assistance from Andrew Wallender.

To contact the reporters on this story: Erin Schilling in Washington at eschilling@bloombergindustry.com; Michael J. Bologna in Chicago at mbologna@bloombergindustry.com

To contact the editors responsible for this story: Gregory Henderson at ghenderson@bloombergindustry.com; Martha Mueller Neff at mmuellerneff@bloomberglaw.com; Kim Dixon at kdixon@bloombergindustry.com

Source: https://news.bloombergtax.com/daily-tax-report/theres-never-been-a-better-time-to-play-the-tax-shelter-game By Erin Schilling and Michael J. Bologna

United States , March 26, 2026 — Wealthrive, the sister company of Freedom Family Office, today announced the successful completion of its first year in operation, marked by strong client demand and the continued expansion of its tax strategy capabilities.

Launched in 2025 to address the growing need for proactive tax planning, Wealthrive serves high-income individuals, entrepreneurs, and executives earning $1 million or more in taxable income, as well as business owners preparing for or executing liquidity events of $10 million or more. In its first year, the firm delivered a median tax savings of approximately $265,000 per client, based on internal client results.

“We created Wealthrive to address a consistent gap we saw among high earners and business owners, tax strategy was often reactive and disconnected from major financial decisions,” said Noah Rosenfarb, Founder of Freedom Family Office and Wealthrive. “Our focus is to design tax strategy proactively, in coordination with the broader wealth plan, so clients can make better decisions before taxable events occur.”

Built Alongside a Family Office

Wealthrive operates as a sister company to Freedom Family Office, a fully integrated multi-family office serving successful entrepreneurs and families since 2019.

While the firms operate independently, they coordinate to align tax strategy with broader financial planning, including business ownership structuring, investment strategy, real estate decisions, liquidity events, and estate planning.

This structure supports a more integrated approach, where tax considerations are addressed as part of ongoing decision-making rather than in an isolated year-end conversation.

Recognition for Tax Strategy Excellence

Wealthrive has been named Best Tax Strategy Firm in the United States of 2026 by the Evergreen Awards, recognizing its focus on proactive planning and its work with high-income individuals and business owners.

Addition of Senior Tax Strategist Richard Huynh

As part of its continued growth, Wealthrive announced the hiring of Richard Huynh, J.D., LL.M., as our Senior Tax Strategist.

Huynh brings experience in advanced tax planning with a particular focus on entity structuring and ownership design. His work includes structuring operating businesses and investment entities, supporting pre-liquidity planning, and aligning tax strategy with estate and succession goals.

“Entity structuring is often one of the most impactful, but underutilized, areas of tax planning,” said Huynh. “When designed correctly, it can create long-term efficiency and flexibility across a client’s broader financial picture.”

Huynh works closely with clients and advisory teams to ensure tax strategies are both technically sound and practically implementable.

Focus on Proactive Planning

Wealthrive emphasizes forward-looking tax planning integrated into key financial decisions, including business structuring, liquidity and exit preparation, investment and real estate alignment, and estate planning.

This approach is designed to help clients evaluate tax implications in advance, rather than after transactions have occurred.

Continued Expansion in 2026

Following its first year of success, Wealthrive is evaluating additional strategies and capabilities to expand its offering in 2026. Areas under consideration include Opportunity Zone investments, film and production tax incentives, and other advanced planning structures.

All potential strategies are reviewed with an emphasis on compliance, economic substance, and alignment with client objectives.

About Wealthrive

Wealthrive is a tax strategy firm serving high-income individuals, entrepreneurs, and executives. Launched in 2025, the firm focuses on proactive, year-round tax planning designed to integrate with broader financial decision-making.

Media Contact
Sameer Sawaqed
Director, Wealthrive
Email: sameer@wealthrive.com
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Source: https://www.barchart.com/story/news/960309/wealthrive-reports-strong-first-year-expands-tax-strategy-capabilities-and-achieves-median-client-tax-savings-of-265-000

Huynh’s extensive background spans prestigious global firms, including Ernst & Young (EY) and PricewaterhouseCoopers (PwC), as well as specialized boutique law practices and the dynamic startup environment. With a diverse skill set that includes tax-efficient entity structuring, income tax planning, and business succession strategies, Huynh is poised to significantly enhance Wealthrive’s ability to provide proactive, forward-thinking tax solutions to clients.

A Unique Opportunity to Elevate Wealthrive’s Proactive Approach

Wealthrive’s approach to tax planning is anything but conventional. Rather than treating tax strategy as a once-a-year task, the firm integrates tax planning into every decision its clients make, year-round. By offering tailored tax solutions before liabilities arise, Wealthrive enables clients to maximize their wealth-building potential, minimize tax exposure, and protect their assets across generations.

The addition of Richard Huynh bolsters this approach, ensuring that Wealthrive’s clients continue to receive the most sophisticated, proactive tax strategies available. Huynh’s expertise will help Wealthrive deliver an even more refined, hands-on approach to tax planning, ensuring that each client’s unique financial landscape is fully understood and optimized.

From Large Firms to Dynamic Startups: A Diverse Career Path

Richard Huynh brings a wealth of experience that spans both large multinational firms and fast-paced startup environments. His work at Ernst & Young and PwC provided him with a solid foundation in traditional tax strategy, while his experience as an in-house tax attorney at a startup offered him firsthand knowledge of the specific needs of growing businesses.

Huynh’s ability to navigate both the complexities of large-scale tax strategy and the nimble, high-impact needs of entrepreneurs makes him uniquely qualified to support Wealthrive’s mission. His experience will be pivotal in providing clients with innovative solutions to tax challenges, tailored to their evolving needs.

Huynh earned his bachelor’s degree from Santa Clara University, followed by an LL.M. in Taxation from Golden Gate University. His academic credentials, paired with his diverse industry experience, make him an ideal fit for Wealthrive’s forward-thinking team.

Strengthening Wealthrive’s Commitment to Comprehensive Wealth-Building

By integrating thoughtful tax planning with investment, business, and estate considerations, Wealthrive helps clients improve efficiency and strengthen both their personal and business wealth. Wealthrive’s proactive tax strategy approach is designed to reduce taxes year after year.

As Wealthrive continues to grow, the firm remains committed to staying at the forefront of proactive, innovative tax strategy. With Richard Huynh joining the team, Wealthrive is better equipped than ever to support its clients in building wealth, reducing tax liabilities, and preparing for future financial success.

A Future-Oriented Tax Strategy for Entrepreneurs

With Huynh’s addition, Wealthrive is even better positioned to provide entrepreneurs with a future-oriented tax strategy that goes beyond mere compliance. Wealthrive’s proactive planning ensures that every decision a client makes is aligned with long-term goals — from structuring their businesses to planning for the next generation or an exit.

“Richard’s addition to our team represents an exciting step forward for Wealthrive and the clients we serve,” said Jenna Kozodoy, president of Wealthrive. “His expertise in tax strategy will allow us to deliver even more effective, tailored solutions to our clients, helping them protect their wealth and maximize their success for years to come.”

About Wealthrive

Wealthrive is a tax strategy firm that helps entrepreneurs and high-net-worth individuals optimize their tax strategy. Founded by Noah Rosenfarb, Peter Culver, and Jenna Kozodoy, Wealthrive focuses on advanced tax planning, asset protection, and long-term wealth-building strategies that minimize tax liabilities and maximize growth. With a commitment to holistic planning, Wealthrive empowers its clients to achieve financial freedom and build legacies that last for generations. Wealthrive’s focus is simple: less tax, more abundance. Wealthrive is the sister company of Freedom Family Office- a multi-family office RIA that helps entrepreneurs manage their wealth.

Media Contact

Sameer Sawaqed
Director
Wealthrive
Email: sameer@wealthrive.com
Phone: +17087050697
Website
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Contact Info:
Name: Sameer Sawaqed
Email: Send Email
Organization: Wealthrive
Website: https://wealthrive.com/

Source: https://www.barchart.com/story/news/171710/wealthrive-announces-strategic-addition-of-tax-strategist-richard-huynh-to-its-growing-team

Key Takeaways

• The Tax Cuts and Jobs Act of 2017 sunsets in 2025, and a new overhaul is expected.
• The Trump administration hopes to make key tax policy changes for both individuals and corporations, including eliminating income tax. 
• Certain tax changes will have a positive effect, experts say, like putting more money in people’s pockets. 
• There could be negative implications to some of Trump’s tax policies too, including inflation.

Among the many changes President Donald Trump proposed during his second presidential campaign was modifying the way individuals and corporations are taxed. In his first term in office, Trump enacted sweeping tax changes with the Tax Cuts and Jobs Act (TCJA) of 2017.

Now the Trump administration has the opportunity to continue making adjustments to the tax code. Many of the TCJA tax provisions are set to expire at the end of 2025, opening the door to more extensive changes.

There are a number of elements to Trump’s tax plan that, if enacted, would radically alter the system of taxation. Here are six things some of the country’s top tax professionals and economists say may happen next.

1. Extending the Tax Cuts and Jobs Act

Among the TCJA’s many overhauls, it created a single flat corporate tax rate of 21%, raised the standard deduction for individuals and couples, increased the child tax credit and capped the deduction for state and local taxes at $10,000 (known as the SALT cap).

“If Congress doesn’t pass new legislation, tax rates will increase and the standard deduction will decrease,” says Spencer Carroll, a certified public accountant and account executive at Gelt Financial, headquartered in Miami. “With Trump now in office, we predict a lot of the provisions in the TCJA will be extended.”

There was no SALT cap before the TCJA, but now Trump backs its repeal. The limitation has been especially problematic for high earners in high-tax states, Carroll says, since it made it harder for people to itemize their deductions.

According to Richard McWhorter, certified financial planner and managing partner with SRM Private Wealth in Beverly Hills, California, extending the tax cuts may have negative consequences, such as continued inflation

“The hope is as we cut taxes it will spur growth and everyone will be happier,” McWhorter says.

“But there could be a heightened amount of national debt. The more debt we take on, the more buyers we need. That’s an issue. Interest compounds, so that expense gets bigger and bigger, resulting in higher inflation. Unless wages keep up, people can buy less product,” he adds.

2. Exempting Certain Types of Income From Taxation

If you’re an hourly employee or depend on gratuity to meet your expenses, Trump’s plan to exempt overtime pay and tips from taxation may sound appealing to you

“I can understand wanting to help lower income people,” Romeo Razi, CPA and founder of TaxedRight in Las Vegas, says. “People who receive tips and overtime wages are usually nonsalaried individuals, and they don’t make much money as it currently stands.”

All Social Security benefits, too, would be free from income taxes under Trump’s proposal

“For Social Security, if it’s the only income you receive there is already no tax,” Razi says. However, the Social Security Administration reports that about 40% of people do pay federal income taxes on their benefits because they have other substantial income.

In Trump’s plan, income earners would also gain the tax-free benefit, a change that could destabilize the Social Security trust funds that pay out the benefits. Therefore, Razi believes a more prudent approach would be to impose a means test to qualify for the Social Security tax exemption instead of eliminating it entirely.

3. Reducing Corporate Taxes

Should businesses enjoy a steeper tax break? Trump says yes, and so does Mark Pingle, professor of economics at the University of Nevada.

“This is a very good idea,” Pingle says. “A tax to any business is a cost that the business must cover by either charging a higher product price, by paying labor less or by paying less for some other productive input.”

Pingle acknowledges that taxing businesses at a higher rate is politically popular, so this part of the plan may be rejected.

“It preys upon economic ignorance,” he says. “Politicians can pretend they’re not taxing their voters by taxing business, but business taxation is taxing voters.”

Because the downstream effect of a high corporate tax tends to lead to more expensive products and a higher cost of living, Pingle says it disproportionately impacts the poorest people. Therefore, in the long run, reducing business taxes can make it easier for low-income people to make ends meet.

“We should entirely eliminate corporate taxation and all direct taxes on business because there are better ways to collect tax dollars,” says Pringle, who believes in taxing consumption rather than work or business.

4. Eliminating Federal Income Tax in Favor of Tariffs

Trump has suggested ending the federal income tax. The impact of replacing that income tax with higher tariffs on imported goods would be enormous and may not even be feasible.

“Tariffs on countries and products should be viewed strategically, not so much as a revenue source,” Pingle says, explaining that it can be wise when the U.S. wants certain products to be produced domestically, or to avoid enriching countries viewed as adversaries.

5. Potentially Less Aggressive Auditing and Enforcement 

If filing your taxes frays your nerves because you’re worried about an audit, Noah Rosenfarb, CPA and founder of Wealthrive, a tax strategy firm in Parkland, Florida, says Trump’s proposed tax changes can offer relief.

“I expect audit rates and enforcement actions to decline under the Trump administration,” Rosenfarb says. “His return to office order for federal employees may result in people quitting their jobs, too, which includes IRS employees. So, maybe the IRS won’t come knocking.”

That doesn’t mean taxpayers should take advantage of the potentially less aggressive auditing process, Rosenfarb says. Just reevaluate the strategies you’re willing to implement to reduce or eliminate tax.

6. Simplifying the Tax Code 

Christina Taylor, vice president of tax development for April, a New York-based tax software platform, would like to see Trump’s promise to simplify the tax code come to fruition.

“It would be immensely helpful for taxpayers and even tax professionals who attempt to be good stewards by complying with IRS guidelines and instructions but may not be in full compliance due to the complicated way much of the tax code is written,” Taylor says.

During his first term as president, Trump attempted to simplify taxes by making Form 1040 a single page.

“That just resulted in three new schedules being added to account for the one- page 1040,” Taylor says. “It didn’t simplify the code, it just shifted lines from one form to three new ones, which have since grown larger and more complex.”

Actual simplification of the code would be ideal. “Taxpayers are inherently nervous, it would help them understand and be more confident about filing,” Taylor says. “I’m not confident it’s coming but I am hopeful.”

How Likely Is It Trump’s Complete Tax Plan Will Be Enacted?

“With a thin majority in Congress, I think Trump will have a tough time preserving all of his 2017 Tax Cuts and Jobs Act, which sunset this year,” says Lou Barberini, a San Francisco-based CPA and journalist with an MBA in taxation.

Barberini points out the increasing national debt, which is now at $36 trillion and counting, as an argument for Trump hitting significant roadblocks in his quest to greatly lower taxes.

“Our borrowers are going to want higher interest income to compensate for our status as a highly leveraged debtor,” Barberini says. “All we need is one bad Treasury auction.”

Although the odds of Trump’s entire tax plan being enacted are slim, at least some significant changes are most likely on the horizon.

“I’m skeptically optimistic that the policies will work,” McWhorter says. “I believe we all are hopeful that whatever policies are implemented will better our country. We all benefit if it does.”

Source: https://money.usnews.com/money/personal-finance/taxes/articles/trumps-2025-tax-plans-experts-weigh-in-on-what-could-happen

Brimming with actionable ideas, the book is aimed at people contemplating selling, floating or transitioning their business and the steps they should take, mistakes to avoid, and goals to aim for.

Of all the liquidity events that mint new cohorts of high net worth and ultra-high net worth individuals, the sale, transfer and flotation of a business is the most common. It presents a series of complex challenges that can be daunting. There is also the emotional wrench of letting go, of stepping back from a firm one has built over the decades and planning for the next stage of life.

There are a few books out there that talk about intergenerational wealth these days, and some are very general in the advice, such as stressing the need to plan ahead and the importance of communicating with clients. That’s fine as far as it goes, although to anyone reading such studies over the years, it is hard to discern much that would not be familiar to someone reading in the age of Rockefeller or before. 

What’s needed is practical advice on the dos and don’ts of how to prepare a business for sale, the sort of advisors one needs around, how to improve the valuation of a firm being sold, and the due diligence steps that are involved. 

This is where Exit Rich Beyond Money: Cashing Out on Your Life’s Work and Living Your Ideal Life, by Noah B Rosenfarb and Peter Culver, fills a gap. The authors are the founders of Wealthrive. The 243-page book, comprising 16 chapters and a range of references and resources for readers, goes through the exit process in more detail than your correspondent has seen before. And while pitched at a North American audience, there are plenty of lessons for readers in other parts of the world. 

The first 14 chapters spell out the main steps and considerations for exiting a business, how to plan for it, investment of proceeds, liquidity management, handling employees and family members, and more. The 14th chapter – “Insights from Buying and Selling Companies” – by Ron Mehta, gives a firsthand account of how a business owner exited a business. And chapter 16 from the book’s authors spells out no fewer than 53 ways for business owners to make what they have to sell/transfer more valuable, with checklists and suggestions. 

As they say in scuba diving, if you fail to plan, then plan to fail. The book kicks off by talking about the five “Big Ds” to be considered: Death, Divorce, Disability, Disputes, and Distress. It poses 11 critical questions that should be answered before an owner exits; it explains that exit plans are crucial; debunks myths about company valuations and runs through all kinds of mistakes that are made as owners exit their firms. Finally, it talks about how owners can build a legacy for their business and add enduring value, not just monetary, for their family and communities.

This is a very “actionable” book; it is brimming with specific advice and suggestions. Each chapter concludes with “questions to consider”, inviting readers to write down their thoughts about what the exit from a business involves. In some ways this resembles a textbook with lots of reader engagement, rather than a treatise. And that’s good: HNW business owners want solutions they can put to work and flourish as they move on from running a firm. 

Rosenfarb, Wealthrive co-founder, is a third generation CPA and entrepreneur; he has sold eight companies, took one public, completed over 50 real estate investments valued near $1 billion, the author of several books, and a thought leader in the space. Peter Culver, JD, is co-founder and chief wealth strategist of Wealthrive, which builds custom wealth plans for clients. A qualified lawyer, he has 25+ years in wealth management. He was a co-founder and president of Sachem Trust (Greenwich, Connecticut), and president of State Street Bank and Trust Company of Connecticut. He was also senior wealth director at BNY Mellon in New York City.

The book is published by Better Life Books, Inc.

Source: https://www.familywealthreport.com/article.php/BOOK-REVIEW%3A-Exit-Rich-Beyond-Money%2C-By-Noah-Rosenfarb-and-Peter-Culver

Noah, appreciate you joining us today. Do you take vacations? How do you keep things going – any advice for entrepreneurs who feel like they can’t step away from their business for a short vacation?

I take 12 weeks out of the office each year. Freedom Family Office runs on EOS, which helps the team stay focused on the goals we are working to achieve. Having people I trust to deliver on our brand promise – whether or not I’m involved in the day to day – is the key to being an owner that can detach from operations.

Noah, before we move on to more of these sorts of questions, can you take some time to bring our readers up to speed on you and what you do?

Entrepreneurs connect with me most often because: 

They want to pay less in taxes;
They want to create passive income through real estate;
They want guidance about selling their company; or
They want to upgrade their financial team.

Based on my own needs, I built Freedom Family Office to help entrepreneurs produce predictable income, create their ideal life and build their legacy. I believe entrepreneurs are the true heroes of our time and I’m very passionate about serving them so they can expand their contributions to the world.

I openly share the tools, resources and strategies I’ve used to create my own true freedom. I’ve sold eight companies, took one public, and completed over 50 real estate investments valued near $1 billion. I bring personal experience beyond being a technical expert to high performing families that want to balance qualitative and quantitative financial advice.

I live in Parkland, Florida with my wife, Amanda and our two children. I’m passionate about travel and fortunate to have visited 71 countries on 5 continents.

Any insights you can share with us about how you built up your social media presence?

I used Facebook and LinkedIn to share articles I found of interest, always adding my own takeaways from what I shared for those that didn’t want to read/consume the content themselves. I never got many comments, likes or shares. However, I’d show up to a party and inevitably people would say they really liked what I was sharing!

In everything I post, I try to speak from my own personal perspective. I share my own experience and don’t attempt to share content unrelated to my expertise.

Where do you think you get most of your clients from?

During COVID, I began volunteering to teach classes to entrepreneurs over Zoom. It was very rewarding to get positive feedback on my content. It also led to an influx of new leads. We have a variety of lead magnets that have email drip campaigns after downloading a free ebook or resource and that funnel has worked very effectively.

Contact Info:

• Website: www.freedomfamilyoffice.com
• Facebook: https://www.facebook.com/profile.php?id=61550190405326
• Linkedin: https://www.linkedin.com/in/noahrosenfarb/
• Youtube: https://www.youtube.com/channel/UC6A7Jpi_y0doD95-C5ArqTw

Source: https://canvasrebel.com/meet-noah-rosenfarb/