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The Roth Conversion: Unlocking Tax Free Wealth (Ep. 93)

The Roth Conversion: Unlocking Tax Free Wealth (Ep. 93)

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As a dedicated law firm owner, you’ve invested countless hours into building your practice and planning for a secure retirement. But what if, just when you expect to enjoy the fruits of your labor, you’re confronted with a substantial and unexpected tax burden? This scenario is all too common for those who haven’t factored Roth conversions into their financial strategy.

On this episode of The Lawyer Millionaire Podcast, host Darren Wurz delves into the critical importance of Roth conversions, offering a detailed guide on how law firm owners can bypass crippling tax liabilities and safeguard their financial futures.

 

Darren discusses:

  • The benefits of Roth conversions.
  • How to avoid the “widows penalty” and strategic timing tips.
  • Best time to consider a conversion.
  • The tax consequences of Roth conversions and how to plan your cash flow to cover these costs.
  • Why Roth IRAs are perfect for estate planning.
  • How to leverage low-income and high-deduction years for conversions,

 

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Tax Free Wealth: Using IRAs and Roth IRAs to Build a Secure Future (Ep. 92)

Tax Free Wealth: Using IRAs and Roth IRAs to Build a Secure Future (Ep. 92)

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As a law firm owner, you face unique financial challenges and opportunities. Without the traditional employer-sponsored retirement plans, securing your financial future rests firmly in your hands. What if you had a foolproof method to shield a portion of your retirement income from taxes?

On this episode of The Lawyer Millionaire podcast, Darren Wurz delivers a comprehensive guide to using Individual Retirement Accounts (IRAs) and Roth IRAs for long-term wealth and tax optimization.

Darren discusses:

  • The fundamental differences between Traditional IRA and Roth IRA.
  • How contributions and withdrawals from these accounts affect your taxes now and during your retirement years.
  • The income thresholds and eligibility requirements for contributing to both types of accounts.
  • Insightful examples illustrating the power of compound growth in retirement accounts.
  • How to decide whether to contribute to a traditional IRA or a Roth IRA, considering their current and future tax situations?

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Turn Losses Into Savings: Tax Loss Harvesting Can Slash Your Tax Bill (Ep. 91)

Turn Losses Into Savings: Tax Loss Harvesting Can Slash Your Tax Bill (Ep. 91)

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Imagine a strategy that can turn your underperforming investments into powerful tax-saving tools. On this episode of The Lawyer Millionaire Podcast, host Darren Wurz explore tax loss harvesting—a method that can significantly reduce your tax liability while keeping your financial plan intact.

Darren discusses:

  • Tax loss harvesting and its application for taxable accounts.
  • A step-by-step process to effectively implement tax loss harvesting within your investment strategy.
  • Real life examples of clients that have successfully utilized tax loss harvesting to mitigate their tax burdens.
  • The optimal time of the year to review your portfolio and make tactical adjustments.
  • Understanding the IRS wash sale rule to avoid penalties.

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The Corporate Transparency Act: What Every Law Firm Owner Must Do Before December 31st (Ep. 90)

The Corporate Transparency Act: What Every Law Firm Owner Must Do Before December 31st (Ep. 90)

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On this episode of The Lawyer Millionaire Podcast, Darren Wurz presents a comprehensive guide to the Corporate Transparency Act, an imperative piece of legislation designed to combat financial crimes. Law firms, particularly those structured as LLCs, partnerships, or sole proprietorships, must disclose beneficial ownership information to FinCEN. As a law firm owner, failing to comply with the Corporate Transparency Act (CTA) could result in severe legal and financial consequences. The clock is ticking, with a mandatory deadline looming on December 31st, 2024.

Darren outlines the exact information required, elucidates the filing process, and highlights the grave penalties for non-compliance. By addressing potential pitfalls and providing actionable advice, Darren ensures your law firm can navigate this federal mandate effectively.

Darren discusses:

  • How to discover if your law firm meets the CTA’s reporting criteria.
  • The beneficial ownership information that must be collected and disclosed.
  • How to submit your report accurately and promptly via Fincen secure online portal.
  • Effective ways of resolving disputes regarding beneficial ownership.
  • How to protect your sensitive information when filing your report.

 

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Save Big Before Year-End: Essential Tax Moves for Law Firm Owners (Ep. 89)

Save Big Before Year-End: Essential Tax Moves for Law Firm Owners (Ep. 89)

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On this episode of The Lawyer Millionaire Podcast, host Darren Wurz provides an in-depth analysis of year-end tax planning for law firm owners. Darren covers a range of strategies from maximizing retirement contributions to effectively managing income fluctuations and making charitable donations. He also highlights the importance of avoiding common tax pitfalls, ensuring that listeners are fully equipped to reduce their tax liabilities and enhance their wealth accumulation efforts.

Are you prepared to take full advantage of every potential deduction and tax-saving opportunity?
This episode is a must-listen for any law firm owner aiming to fortify their financial strategy before the year’s end.

Darren discusses:

  • Top retirement contribution tactics to reduce taxable income.
  • The secrets behind strategic Roth conversions.
  • Strategies for deferring income or accelerating expenses based on your yearly financial performance.
  • How to optimize your high-income years with donor-advised funds and qualified charitable distributions.
  • Commonly overlooked deductions like home office expenses and health insurance premiums.

 

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Is AI Ruining Your SEO? What Every Law Firm Owner Needs to Know with Kevin Daisey (Ep. 88)

Is AI Ruining Your SEO? What Every Law Firm Owner Needs to Know with Kevin Daisey (Ep. 88)

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In today’s fiercely competitive legal industry, maintaining a robust online presence is crucial. However, with the rapid introduction of AI technologies, your SEO strategies might be at risk.

On this episode of The Lawyer Millionaire Podcast, host Darren Wurz and digital marketing expert Kevin Daisey uncover how AI could potentially harm your law firm’s SEO efforts and the steps you need to take to protect your digital footprint.

Kevin discusses:

  • Why law firms need a specialized, user-friendly web presence.
  • Effective strategies for targeting specific client demographics.
  • The evolution of content marketing in 2025 and beyond.
  • Balancing organic SEO and paid strategies
  • Google’s latest algorithm updates and their impact on your digital strategies.
  • Real-world case studies on the risk of excessively relying on AI generated content.

 

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Scaling with EOS How Jon Groth Delegated Trial Skills and Built a Thriving Law Firm (Ep. 87)

Scaling with EOS How Jon Groth Delegated Trial Skills and Built a Thriving Law Firm (Ep. 87)

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Are you struggling to manage your law firm’s growth amidst the chaos of daily operations and client demands? In our latest episode of “The Lawyer Millionaire Podcast,” we uncover the secrets to building a thriving law practice with Jon Groth, owner of Groth Law Firm. Discover how Jon transformed his firm from a solo practice to a 30-person powerhouse using the Entrepreneurial Operating System (EOS).

In this episode, Jon Groth sits down with host Darren Wurz to discuss his journey from a basement start-up to an expanding law firm looking for new office space. Jon shares how implementing the EOS has revolutionized his business, enabling better delegation, efficient processes, and a supportive team structure. He dives deep into the day-to-day operations of running a 30-person law firm, emphasizing the importance of structured meetings, regular performance reviews, and proactive case management.

 

Jon discusses:

  • His strategic approach to planning and delegating operational tasks.
  • The power of weekly EOS meetings and scorecards to track key performance indicators.
  • His shift from financial targets to actionable steps that boost revenue.
  • Insights on managing cash flow in personal injury law and improving case handling efficiency.
  • Key strategies for building trust within his team while avoiding micromanagement.

 

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5 Reasons Law Firm Owners Don’t Hire Us: And Why It’s Costing You (Ep. 86)

5 Reasons Law Firm Owners Don’t Hire Us: And Why It’s Costing You (Ep. 86)

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As a busy law firm owner, do you find yourself constantly putting off financial planning? Maybe you already have an advisor, or you think you’ll dive into the nitty-gritty of your finances “when the time is right.” These well-intentioned delays might be costing your firm more than you think. Join us on this eye-opening episode of The Lawyer Millionaire podcast, where host Darren Wurz breaks down the top excuses law firm owners use to avoid hiring a financial planner—and why those excuses are hurting your bottom line.

Darren discusses:

  • Why integrating a new financial planner with your existing advisors can enhance and streamline your wealth strategy.

  • How his flat monthly fee offers unparalleled value compared to industry standards.

  • Overcoming the myth that comprehensive financial planning requires an enormous time investment from you.

  • How automated systems and expert oversight can take the heavy lifting off your shoulders.

  • Why waiting for the “perfect” time to start financial planning is a trap, and what early adoption can do for your financial health and peace of mind.

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Why Law Firm Owners Deserve Better: My Journey to Creating a Financial Model That Works (Ep. 85)

Why Law Firm Owners Deserve Better: My Journey to Creating a Financial Model That Works (Ep. 85)

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Are you a law firm owner struggling with financial planning that just doesn’t seem to fit?

On this episode of the podcast, host Darren Wurz takes listeners through his personal story—leaving a stable teaching career to embrace the rocky road of entrepreneurship in financial planning. But he didn’t stop at just building a business; Darren found his niche working solely with law firm owners, who, he realized, were severely underserved by traditional financial planning methods.

Filled with anecdotes, hard-learned lessons, and industry insights, this episode delivers a compelling argument for why law firm owners deserve bespoke financial services.

 

Darren discusses:

  • His transition from education to financial planning and the lessons learned along the way.
  • The common financial challenges law firm owners face.
  • Why traditional financing models fail law firm owners.
  • The benefits of a flat-fee, value-driven monthly membership model designed specifically for law firm owners.
  • Success stories of law firm owners who’ve transformed their financial landscapes.
  • Actionable financial strategies tailored to your specific needs.

 

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Politics vs. Profits: Why Your Portfolio Should Ignore the Headlines (Ep. 84)

Politics vs. Profits: Why Your Portfolio Should Ignore the Headlines (Ep. 84)

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As election season approaches, the inclination to let political developments sway your investment decisions becomes almost irresistible. However, the consequences of doing so could be financially detrimental. In the latest episode of The Lawyer Millionaire Podcast, host Darren Wurz unpacks why keeping political considerations out of your portfolio strategy is imperative for long-term financial success.

Darren discusses:

  • The startling difference in returns if you had only invested during Republican or Democratic presidencies versus ignoring politics altogether.
  • Emotional biases that lead to poor financial decisions.
  • Real-life examples showing the resilience of the market despite political turmoil.
  • The importance of diversification, long-term focus, and rebalancing your portfolio.
  • Why market fundamentals like corporate earnings and global economic trends matter more than who is sitting in the Oval Office.

 

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