Tax Loopholes of the Rich: Defined Benefit plans- Brent Henningson

Money Tree Investing

Money Tree Investing Podcast

Stockmarket, Valuestocks, Investing, Finance, Passiveincome, Wealth, Business, Personalfinance

4.6 • 658 Ratings

🗓️ 13 December 2019

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Do you make high 6 or even 7 figure income and are frustrated with the limitations of your 401k plan? This week we discuss the defined benefit plan, a secret retirement saving strategy that is used by wealthy families to put away up to 6 figures annually in their retirement plan.

Want to know why your financial advisor never told you about it? We discuss that too.

For more information, visit the show notes at https://moneytreepodcast.com/274

Transcript

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0:00.0	Welcome to the Money Tree Investing Podcast.
0:04.0	Stock market, wealth, personal finance, value stocks, invest in your life.
0:10.0	Welcome to this week's episode of Money Tree Investing Podcast.
0:13.0	My name is Kurt Chisholm and I will be your host today.
0:16.0	So today we have Brent Henningson.
0:18.0	How are you doing today, Brett?
0:19.0	I'm doing well.
0:20.0	Good. Well,
0:21.7	this is an exciting show for all you listeners. This is another one of our tax loopholes of the rich
0:27.7	episodes. These are episodes where we try to bring you some really cool and interesting stuff from
0:33.0	the deep, dark bowels of the tax and financial industry where really only the very, very wealthy
0:39.4	1% are able to take advantage of some of these, which is not necessarily the case all the time,
0:45.0	but this is the type of people that typically invest in these strategies and we are bringing them
0:49.9	to you so that you can do the same. So we're talking with Brent Henningson, who is the CEO of
0:55.5	Sabre Pension and actuarial services. Brent is a CPA, and he primarily works with Define Benefit
1:00.7	Plans. So how's it going, Brent? It's going great, Kirk. I'm actually TPA, which is a common
1:06.6	misconception, but a third-party administrator,, like you said, on defined benefit plans.
1:11.7	It's not the first time I've made that mistake, and I'm sure other people are wondering the
1:15.7	difference, but what's the difference between a CPA and a TPA?
1:19.5	So, CPA, you know, somebody who obviously specializes in taxes, a TPA is a third-party
1:25.8	administrator, and they generally help with employee benefit plans
1:30.5	like health plans, 4-1K plans, and in my case, define benefit plans.
	...

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