Legacy Leaders Podcast

Mitigating Tax Rate Risk: Our Approach and Strategies We Use The majority of U.S. retirement savings are in pre-tax accounts. However, excessive savings in tax-deferred accounts can lead to costly hidden interactions during retirement. In this episode, Chip discusses who is most affected by this risk and shares valuable insights and strategies to mitigate tax rate risk.

Planning for Retirement:The 7 Retirement Risks Planning for retirement involves many considerations. In this episode, Chip highlights the seven most common retirement risks and shares his approach to managing them effectively. Tune in for valuable insights and strategies to secure your financial future.

Meet Chip. Join us as we introduce Chip Bloch, the newest member of our financial planning team at Ascent Advisors. Discover more about Chip's experience and how he helps our clients through a comprehensive financial planning process.

Market Update: Livestock Facilities Adam will talk through factors that impact value on livestock facilities. Compeer Website: www.compeer.com/appraisal Compeer Monthly Newsletter Signup: https://pages.compeer.com/AppraisalEnewsletteroptin.html?_gl=1*1hl96l1*_gcl_au*ODczNDA1NjM5LjE3MzEzNDk3ODY.

Appraisal and Assessed values are oftentimes misconstrued as synonymous terms. However, that is certainly not the case and Adam will explain the differences. Compeer Website: www.compeer.com/appraisal Compeer Monthly Newsletter Signup: https://pages.compeer.com/AppraisalEnewsletteroptin.html?_gl=1*1hl96l1*_gcl_au*ODczNDA1NjM5LjE3MzEzNDk3ODY.

There are several different types of valuation products available. Adam will discuss how these products differ and share some tips on how to select the appropriate product to ensure you are getting the desired results you are looking for. Compeer Website: www.compeer.com/appraisal Compeer Monthly Newsletter Signup: https://pages.compeer.com/AppraisalEnewsletteroptin.html?_gl=1*1hl96l1*_gcl_au*ODczNDA1NjM5LjE3MzEzNDk3ODY.

We will take look at historical land value trends, what the market is doing today and what to watch for going forward. Compeer Website: www.compeer.com/appraisal Compeer Newsletter Signup.

Tina will provide examples and scenarios that be relate to a similar situation you are in and it may uncover an area where it may be of benefit for you to have a life coach. Tina will also talk through what an engagement might look in connecting with Tina and Discover You Coaching.

Tina will discuss how assessments, for example the enneagram in particular, impact coaching, and allows you to take it one step further in your personal growth and understanding.

We know we have access to an abundance of professionals who can aid us in many different aspects of our life, Tina will provide more context in comparing how coaching differs from counseling, mentoring and consulting. Tune in as we explore the differences and further define what coaching truly is.

Tina has partnered with Ascent to offer Life and Leadership coaching. Have you ver felt like you need help getting unstuck on something? A good life coach is similar to having a great mentor, but taking it one step further in working alongside you to discovery your own answers and developing an action plan to uncover your true potential.

With family business there can be challenges that may feel insurmountable. If you are open to exploring solutions you can always find a way to overcome family differences and struggles.

Considerations for when it makes sense to get a full appraisal and when to consider a Broker Price Opinion (BPO) to explore land values.

Outside of business investments, how to think about diversifying your savings options.

An overview of 1031 exchanges and the options that you may be able to utilize outside of land purchases.

An introduction to our perspective of artificial intelligence.

Discussing the importance of being aware of your mental health state and outlining a simple breathing technique that can be done anywhere to reframe your mind.

As we build on the previous two sessions regarding Estate Planning, in this episode we cover what it means to be "over the limit". We will introduce options you may consider exploring to limit your Federal Estate tax exposure.

As a follow up to the kickoff Estate Planning Limits session, in this episode we discuss where the Federal Estate limit is and what it might mean for you if you fall under the limit.

As you think about your Estate there may be some considerations depending on how much personal wealth you accumulate during your lifetime. We will set the stage for what you should be considering as you think about Estate Planning.

An overview of historical farmland returns and considerations for purchasing farmland.

There are continuous seasons in a business’ cycle, and the season in which your business starts the process of transitioning to another generation is something that takes time. Not only will it be important for each member to consider what this all means for them, we also need to be sure we are also evaluating the state of readiness for the business, to be sure the business is set up for success and can support this next phase in transitioning the business.

Legacy, is something that is passed on, however it can take many forms. A legacy may be of one's faith, ethics and core values, it is not only monetary of assets. A Legacy may come from one's character, reputation and the life you lead, setting an example for others and to guide their futures.

Discussion around knowing our limitations and finding ways to rejuvenation. We all have parts of our work life that we do not enjoy or just have to do, but how do we find ways to do more of what we love and that fills us with the energy to get through the rest of our work load.

Discussion surrounding organizing revenue and expenses in order to extract more information for the team. Highlights to include subgrouping under current chart of accounts and level of details including unit costs to help team members better negotiate prices, act on risk management, and understand margins. Further discussion surrounding evaluation of invoices and statements and when to capitalize vs expense an item.

Strategic Planning is a process in which an organization's leaders engage in long term planning. It will be crucial to define the vision for the future in keeping in mind their organizations goals and objectives today, and then determine how that might change or look 20 years down the road. We often times become reactive in our business and pivot day to day, and don't always have a clear vision for whats next. The decisioning process of which we make decisions will get easier as long as we have a road map to follow with a vision where our business is going and identify the sequence of events that may occur along the way.

Routine Meetings can feel redundant, and as a result stop after a few months. Most often this is due to not being intentional with that time, and instead just becoming someone you check off the list. It's important to be deliberate with your time together as decision makers, leaders & individual contributors within your teams. We will share 3 simple steps ensure your meetings feel impactful for everyone, rather than a vain attempt.

Identifying key motivating factors is key for any transition plan. Knowing what is truly most important to you and all your family members will allow us to clearly define your goals and objectives in order to best transition your business.

For many leaders, letting go can be challenging. Shifting from a hands-on-approach to identifying the best-suited individual for a task is key. Effective delegation involves a mental shift, acknowledging that your time is better spend on high-impact activities than day-to-day tasks, however successful delegation involves understanding team strengths, CLEAR expectations and consistent communication.

Using the capital budget quadrant to help clients and operations organize their thoughts surrounding capital investments.

Repairs are at an all-time high. Should we repair, should we purchase or lease new equipment, what are the best options for us? Discussion regarding considerations and strategies. May have a slide to show on this.

Similar to farmstead planning, but more focused on labor. While farming requires a lot of labor, we can be more efficient if we think about constraints to daily activities, unproductive time, and setting up working conditions that are conducive to limited stress and greater focus on task management.

As farming operations grow, it is critical to understand that the hierarchy of management will need to increase or grow vertically. Discussion should include how owners and current managers can delegate responsibilities without giving up control. Additionally, what actions are producers employing to train and develop existing employees and attracting new ones.

Discussion regarding long-term farmstead planning including how to go about doing this, simple strategies like using arial maps, who should be around the table, and how to structure the conversation so that a longer-term physical version of the farming operation can be perceived by all who are part of the ownership and management teams.

Discussion about how budgets are looking in 2024, key areas of focus for profitable margins, and improvements that can pay in 2024.

Discussion surrounding trends we saw in 2023 dairy operations and key factors impacting margins.

Often times our clients come to the realization that they didn't start to plan for retirement soon enough. Allow your long term plan to aid in putting together a strategy that you can follow to be sure your business will be in a good financial position for you to retire as well as set up the next generation for success.

There will always be things you would have done differently; Jared will share his key learnings and how he has not let his mishaps or mistakes derail his future goals for the Business.

As a business owner, staying competitive is crucial, Jared will share his experiences as well address things to consider in propelling your business forward.

How do you attract, maintain and scale your talent as your business grows.

Jared, the CEO and Co-Founder of Ascent will share tips and insight on Building a Business and focus on the main criteria to ensure your Business is on the right path for future success.

With a January 1, 2025 sunset date approaching, and a estate tax rollback, we will share how this could impact you from a future estate planning perspective.

As we start a new calendar year, the first few months are the perfect time to analyze the previous year, and to set goals and targets for the current year. We will discuss all things pertaining to business development, financial analysis and goal setting.

Introducing our "Ask Us Anything" epidode airing once a month answering your questions. Today we will answer the Question: "What are some things to consider just rolling into a new year?" Jared, will talk about some new policies/regulations in place effective 1/1/24 as well as how utilizing cash balance plans may be a good option to consider to assist in some additional tax deferral opportunities.

A key to transition planning is ensuring the financials and the people involved are in a state of readiness. We will provide more details on how to get your operation ready.

We will share more on the statistics for successful business transitions and why transitions tend to fail.

We work with people from all seasons of life within throughout their transition journey.  Our goal is to aid you in the process to create a plan that ensures your family and financial goals are being met.  

Rachel 's path has led her back to her farming roots. Hear more about her background and how she helps clients with their transition planning needs.

Cassie has a wealth of knowledge in the industry.  Tune in as she shares more about her background, paths she took and things she has learned along the way. This episode will only scratch the surface but ready to start sharing her experiences that have led her to where she is today.    

Learn more about who Ascent Financial is, where they are located and what services they provide.  Cassie & Rachel will also talk more about why you may call Ascent, and what is it that we hear most from our clients?