Vital Wealth Strategies

Patrick Lonergan
  • 5.0 (26)
  • Entrepreneurship
  • Weekly

Welcome to Vital Wealth Strategies Podcast, where financial and tax expertise meets entrepreneurial success. Join us as we dive deep into the world of high-level entrepreneurship, bringing you top authorities who specialize in cutting-edge financial and tax strategies. Our podcast is your go-to resource for staying ahead in the financial game, offering insights and advice that can optimize your wealth, reduce tax liabilities, and supercharge your business growth. Tune in to gain a competitive edge and unlock the secrets to financial success in the world of high-level entrepreneurship.

  1. 3d ago

    155 | The $500K Family Feud That Good Estate Planning Could Have Prevented with Lauren Klein

    Does your will keep your family out of probate? For most entrepreneurs, the answer is no, and that misunderstanding can cost their families time, money, and privacy. On this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Lauren A. Klein, Esq., LL.M., an estate planning and tax attorney, founder of Flourish Law Group, and adjunct law professor of wills and trusts. Pat and Lauren break down estate planning for entrepreneurs in plain language. They cover the foundational documents every adult needs, the difference between revocable and irrevocable trusts, and the trust-funding mistake Lauren calls the industry’s “dirty secret.” Pat also shares a personal story of a family that burned through roughly half a million dollars in legal fees because the hard conversations never happened. For business owners approaching an exit or building significant wealth, this episode is a masterclass in proactive estate tax planning. Lauren explains how moving business interests into an irrevocable trust before a liquidity event can keep future growth permanently outside the 40% federal estate tax. She also covers how valuation discounts and spousal lifetime access trusts (SLATs) work, and how to structure a trust so it builds wisdom in the next generation instead of entitlement. With the 2026 federal exemption at $15 million per person, and its future tied to politics, Pat and Lauren make the case that the best time to start planning is now. For more tools on tax strategy and wealth building, visit the resource vault at vitalwealth.com/resources, and submit your own questions for future episodes at vitalwealth.com/questions. Key Takeaways A will does not avoid probate. Assets avoid probate only when they are titled to a trust, have a named beneficiary, or are held with a joint owner. Every adult 18 and older needs a financial power of attorney and healthcare documents, and most entrepreneurs need at least a revocable trust. Signing the trust is only step one. Assets must be retitled into it, or they can still go through probate. Most people have three estate plans: the one they want, the one they think they have, and the one they actually have. Regular reviews bring them back into alignment. In 2026, the federal estate and gift tax exemption is $15 million per person ($30 million per married couple), and the annual gift exclusion is $19,000 per recipient. Moving business interests into an irrevocable trust before an exit can shift all future appreciation outside the taxable estate. Valuation discounts for lack of control and lack of marketability can stretch your exemption further when supported by a qualified appraisal and a properly filed Form 709. Couples creating SLATs for each other need meaningful differences between the two trusts to avoid the IRS reciprocal trust doctrine. Equal is not always fair. Equalization clauses, letters of wishes, family constitutions, and corporate trustees help preserve both wealth and family relationships. Lauren’s single best piece of advice is to just get started. Learn More About Lauren: Flourish Law Group: flourishlawgroup.com Lauren Klein on Instagram: instagram.com/lawyerlaurenklein Lauren Klein on LinkedIn: Lauren A. Klein, Esq., LL.M. | LinkedIn Resources:    Visit vitalwealth.com/resources to download FREE resources      Follow on Instagram at https://www.instagram.com/vitalwealthstrategies Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/ Credits:     Sponsored by Vital Wealth Music by Cephas Audio, video, research and copywriting by Victoria O'Brien

    155 | The $500K Family Feud That Good Estate Planning Could Have Prevented with Lauren Klein

  2. Oct 20

    154 | Your Business Isn't Worth What You Think It Is with David Barnett

    Do you know what your business is actually worth to a buyer, or just what it’s worth to you? On this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan welcomes back David C. Barnett, one of the show’s very first guests, to unpack one of the most important questions every entrepreneur eventually faces: “What is my business worth?” David is a business consultant, author, and equipment appraiser who has sold 36 businesses as a broker, spent years as a banker, and has advised on more than a thousand deals. In his new book, Business and Asset Values, he explains why business valuation is never a single number but a conclusion tied to a decision, and why owners, buyers, lenders, and advisors can all arrive at different, defensible answers for the same company. Patrick and David dig into why a business can be highly profitable for its current owner yet worth far less to the next one, what goodwill really means, how lenders evaluate a deal through debt service coverage and SBA guidelines, and how machinery and equipment values can shift overnight. David also shares what he calls the most lucrative exit strategy available to business owners, and the exact steps an entrepreneur should take today to position a company for a sale ten years from now. Whether you plan to sell, buy, or simply build a stronger and more transferable business, this conversation will change how you think about enterprise value and exit planning. For more tax strategy and wealth-building tools, explore the resource vault at vitalwealth.com/resources, and share the questions you want answered on future episodes at vitalwealth.com/questions. Key Takeaways: Value is a conclusion, not a number. What a business is worth depends on who is asking, for what purpose, and under what assumptions and terms. Buyers ask two questions. First, what is the demonstrable, provable cash flow? Second, will that cash flow continue under new ownership? Profitability is not transferability. A business that depends on its owner shrinks its pool of buyers and lowers its price. Goodwill has to be proven. Real goodwill shows up as higher margins than competitors, not as years of history or a well-known name. Volatile businesses shouldn’t carry debt. Lumpy, project-based cash flow usually calls for equity, seller financing, or staged transactions instead. Lenders look for strong debt service coverage. 1.25x is the minimum, many banks want 1.5x, and David prefers 2.0x for smaller Main Street deals. Four of the top five reasons owners sell are unplanned. Burnout, divorce, and poor health rank ahead of retirement, so being sale-ready protects your options. The most lucrative exit is retiring to ownership. Build the systems, team, and reporting so the business runs without you while you keep the cash flow. Exit tax planning takes years. Many strategies to reduce tax on a sale require multiple years of advance preparation. Learn More About David: Business and Asset Values: How Owners, Buyers, Sellers, Lenders and Advisors Should Think About Small Business and Equipment Value: Amazon.com: Business and Asset Values: How Owners, Buyers, Sellers, Lenders, and Advisors Should Think About Small Business & Equipment Value eBook : Barnett, David: Kindle Store David YouTube channel: David C Barnett Small Biz and Deal Making Channel Intro David’s website: BookDavidCBarnett.com - BookDavidCBarnett.com Resources:    Visit vitalwealth.com/resources to download FREE resources      Follow on Instagram at https://www.instagram.com/vitalwealthstrategies Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/ Credits:     Sponsored by Vital Wealth Music by Cephas Audio, video, research and copywriting by Victoria O'Brien

    154 | Your Business Isn't Worth What You Think It Is with David Barnett

  3. Oct 13

    153 | The Charitable Tax Mistake That Could Cost You Millions with Phoenix Hafen

    Is your business exit on the horizon, and have you already decided that some of your wealth will one day go to causes you care about? On this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan, founder of Vital Wealth and advisor to high-level entrepreneurs, sits down with Phoenix Hafen, Director of Advisor Solutions at UI Charitable. UI Charitable manages more than $550 million in donor-advised funds for high-net-worth individuals and families. Together they break down why cash is the least tax-efficient asset you can give, and how entrepreneurs can donate appreciated stock, private business interests, real estate, and even venture fund stakes to a donor-advised fund to avoid capital gains tax and capture a charitable deduction. Pat and Phoenix walk through the real mechanics of charitable planning before a liquidity event. They cover why the IRS wants the deal “still at risk” when you give, how qualified appraisals work, the AGI deduction limits that can catch donors off guard, and when a private foundation makes more sense than a donor-advised fund. Phoenix also shares a creative example of a venture investor who turned illiquid LP interests into a charitable deduction, and he explains how families use donor-advised funds to bring the next generation into philanthropy. If you’re charitably minded and expecting a significant sale in the next few years, this episode shows you how to give more intentionally and more tax-efficiently. For more on tax strategy and wealth building, visit vitalwealth.com/resources, and send your own questions for future episodes to vitalwealth.com/questions. Key Takeaways Never donate cash. Appreciated assets with large capital gains are usually the most tax-efficient gifts. Donate appreciated stock and use the cash you would have given to buy it back. You keep your exposure and reset your cost basis. Almost anything that can be appraised can go into a donor-advised fund, including private business interests, real estate, precious metals, and LP interests. Give before the sale, not after. The IRS wants the deal to still be at risk when you make the gift. For a charitable gift, you want the appraisal as high as possible, the opposite of estate planning, where you often seek discounts. AGI limits apply to charitable deductions, but unused deductions can carry forward up to five years. A donor-advised fund fits most donors. A private foundation is mainly needed to pay staff or give grants directly to individuals. Measure charitable impact by outcomes, not outputs. Resources to Link UI Charitable: uicharitable.org Resources:    Visit vitalwealth.com/resources to download FREE resources      Follow on Instagram at https://www.instagram.com/vitalwealthstrategies Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/ Credits:     Sponsored by Vital Wealth Music by Cephas Audio, video, research and copywriting by Victoria O'Brien

    153 | The Charitable Tax Mistake That Could Cost You Millions with Phoenix Hafen

  4. Oct 6

    152 | The Exit Plan Nobody Tells You About with Sarah Friedell O'Connell

    Why do 75% of business owners who successfully sell their company feel profound regret within the first year? In this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Sarah Friedell O'Connell, founder and president of ChangePoint Advisors, to unpack the side of exit planning most entrepreneurs never prepare for: life after the sale. Sarah is a certified retirement coach and executive transition coach, a former Fidelity Investments executive, and a former spokeswoman for the president of Harvard University. She has guided hundreds of business owners and senior executives through one of life's most stressful transitions. Together, Patrick and Sarah explore why selling a business or retiring can leave even financially secure entrepreneurs without identity, purpose, and connection, and what to do about it before the deal closes. Whether you're five years from exiting your business or just starting to think about succession planning, this conversation offers a practical roadmap for a fulfilling next chapter. Sarah walks through the four phases of retirement and how to skip the painful one. She explains why your spouse needs to be part of your exit strategy from day one, and why turning a hobby into a business often backfires. Patrick shares Vital Wealth's REACH framework for building wealth around what matters most, and Sarah closes with a simple self-reflection exercise any entrepreneur can start today. If you're building wealth with an eventual exit in mind, this episode will help you make sure your life is as ready as your balance sheet. Key Takeaways Exit planning has three legs: business, financial, and personal. The personal plan is the one most often ignored. Post-sale regret rarely comes from the deal terms. It comes from losing identity, purpose, structure, and community. Retirement ranks among the top 10 most stressful life events, alongside divorce and the death of a loved one. Most people move through four phases after they stop working: vacation, loss, experimentation, and a new life. With a plan, you can skip the loss phase. Bring your spouse into the conversation early. Mismatched expectations are part of why "gray divorce" is rising among people over 50. Test new pursuits in small ways before committing. Don't buy the gym just because you love working out. A life planner should be at the table alongside your financial and tax advisors, ideally about five years before an exit. Start now: audit how you spend your time, notice what energizes you, and invest in your life outside the business. Learn More About Sarah: ChangePoint Advisors: changepointadvisors.com Sarah's email: sarah@changepointadvisors.com Sarah Friedell O'Connell on LinkedIn: Sarah Friedell O'Connell | LinkedIn ChangePoint Readiness Wheel Tool: changepoint-advisors-vital-wealth-tool.subscribepage.io Books: From Strength to Strength by Arthur C. Brooks Designing Your Life by Bill Burnett and Dave Evans Die With Zero by Bill Perkins The Good Life by Robert Waldinger and Marc Schulz The Monk and the Riddle by Randy Komisar Wild at Heart by John Eldredge Transitions by William Bridges Happier Hour by Cassie Holmes Resources:    Visit vitalwealth.com/resources to download FREE resources      Follow on Instagram at https://www.instagram.com/vitalwealthstrategies Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/ Credits:     Sponsored by Vital Wealth Music by Cephas Audio, video, research and copywriting by Victoria O'Brien

    152 | The Exit Plan Nobody Tells You About with Sarah Friedell O'Connell

  5. Sep 29

    151 | The Future of Tax Strategy: AI, the IRS, and What Entrepreneurs Need to Know

    Should entrepreneurs trust AI with their tax strategy, or is that a risk too big to take? On this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Ricky Lavina, a CPA and the founder of TaxFyle, to separate the hype from the reality of AI in tax filing. Lavina started his career at PricewaterhouseCoopers before founding TaxFyle in 2015, and today serves on the IRS's Electronic Tax Administration Advisory Committee (ETAC), giving him a rare, inside perspective on how both the private sector and the federal government are approaching the future of tax technology. Throughout the conversation, Lonergan and Lavina dig into what AI can realistically do for tax preparation today, why human accountability remains essential even as accuracy improves, and how the IRS itself is deploying AI to close a tax gap worth tens of billions of dollars. The episode also tackles the difference between legitimate tax strategy and the kind of aggressive tax gimmicks that can land entrepreneurs in serious trouble, along with a practical framework for thinking through which tax moves require IRS guidance versus real investment versus sophisticated entity structuring. Entrepreneurs and financial advisors alike will walk away with a sharper understanding of where AI genuinely adds value in tax planning, and where it falls dangerously short. Key Takeaways: AI is highly accurate at document reading, calculations, and data aggregation, but remains fundamentally predictive in nature and cannot be wholly relied upon for tax filing decisions The IRS's known tax gap sits at roughly $90 billion or more, and the agency is leaning on AI to reconcile 1099s and flag discrepancies amid staffing shortages Accountability, meaning a licensed professional with "skin in the game," remains the key differentiator between AI-assisted tax prep and simply outsourcing to AI or offshore labor Tax strategy exists on a spectrum: from IRS-guided moves requiring no investment (like optimizing the QBI deduction), to moves requiring capital (401(k)s, SEP IRAs, cash balance plans), to advanced strategies that combine multiple sections of the tax code Documentation is increasingly critical as AI makes it easier for the IRS to flag returns for review, particularly around gray-area claims like real estate professional status The line between smart tax strategy and tax gimmicks matters, since not every deduction an AI surfaces is one an entrepreneur should actually take Financial advisory and tax preparation are converging, as entrepreneurs increasingly want one trusted partner managing tax, investment, and wealth strategy together Learn More About Ricky: TaxFyle Resources:    Visit vitalwealth.com/resources to download FREE resources      Follow on Instagram at https://www.instagram.com/vitalwealthstrategies Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/ Credits:     Sponsored by Vital Wealth Music by Cephas Audio, video, research and copywriting by Victoria O'Brien

    151 | The Future of Tax Strategy: AI, the IRS, and What Entrepreneurs Need to Know

  6. Sep 22

    150 | Why Getting Uncomfortable Might Be Your Greatest Competitive Advantage

    What if the very thing you've spent your career trying to eliminate, discomfort, is actually the thing driving your growth? On this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Darshan "Dave" Patel, co-founder of BuildRite, a healthcare billing company he has run alongside his business partner Soren for nearly three decades. Dave's story starts in a lower middle class household in India, where he repeated two grades in school before finding his footing not in a classroom, but with his hands, fixing broken equipment in his father's small service business. That early spark set off a winding path through Canada, several failed and successful ventures in Florida, and eventually a company built on client trust that grew into an international, India-based team. Throughout the conversation, Dave and Patrick unpack what it really takes to build a business that lasts two decades and beyond. They dig into how Dave and Soren figured out scaling without a playbook, why they brought in outside consultants even when results were strong, and the real distinction between outsourcing work overseas versus building a genuinely owned and operated team abroad. Dave also opens up about raising financially secure kids without raising entitled ones, why he intentionally spent a month living without air conditioning in India with his entire family, and what he believes AI means for the next generation of entrepreneurs and their sense of purpose. Entrepreneurs looking to scale past themselves, build international teams the right way, or simply rethink their relationship with comfort will find plenty to take away from this episode. Key Takeaways: Growth often requires choosing discomfort on purpose rather than optimizing for ease Scaling a business means shifting from being "in" the business to being "on" the business Building an owned team overseas is fundamentally different from simply outsourcing work Bringing in outside consultants, even during success, can reveal blind spots founders can't see themselves Raising financially secure kids requires intentional boundaries to avoid entitlement AI is changing the value of traditional education, making purpose more important than credentials Long-term business partnerships thrive on radical, no-sugarcoating communication Credits:     Sponsored by Vital Wealth Music by Cephas Audio, video, research and copywriting by Victoria O'Brien

    150 | Why Getting Uncomfortable Might Be Your Greatest Competitive Advantage

  7. Sep 15

    149 | How Entrepreneurs Are Using Airbnbs to Legally Wipe Out a Six-Figure Tax Bill with Nick Korom

    What if the same Airbnb everyone scrolls past on vacation could be the reason your next tax bill drops by six figures? On this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Nick Korom, CEO of MyBnBAccelerator.com, to break down exactly how entrepreneurs are using short-term rentals to legally slash their tax liability without becoming a full-time real estate professional. Nick has helped close over 500 short-term rental properties for more than 300 clients, and in this conversation he pulls back the curtain on the strategy, the numbers, and the mistakes that turn a promising deal into a costly one. Patrick and Nick walk through the mechanics of the short-term rental loophole, how a cost segregation study can accelerate hundreds of thousands of dollars in depreciation into year one, and the three non-negotiables - market, property type, and design, that separate a cash-flowing investment from a regretted purchase. Listeners will also hear real underwriting numbers, which markets are quietly heating back up, and the red flags that should make any investor walk away from a deal. Whether you're actively building a real estate portfolio or just tired of watching your tax bill climb every year, this episode lays out a clear, actionable framework for turning real estate into one of the most powerful wealth-building and tax-saving tools available to entrepreneurs. Key Takeaways: The short-term rental loophole lets entrepreneurs unlock major tax benefits without qualifying as a full-time real estate professional (no 750-hour requirement) A cost segregation study can accelerate a large percentage of a property's value into year-one depreciation, creating significant upfront tax savings Success in short-term rentals comes down to three factors: the right market, the right property type, and the right design and design is the most commonly underestimated Target underwriting benchmarks include 8–15% cash-on-cash return and 50%+ ROI on tax savings Foundation issues are the number one reason deals get killed during inspection Not every market or every entrepreneur is a fit, this strategy works best for high income earners with liquidity and a longer-term investment mindset Local design and property management teams consistently outperform large national firms on quality and attention to detail Resources Mentioned: MyBnBAccelerator.com Nick Korom's short-term rental investment company AirDNA short-term rental market data and analytics Rabbu short-term rental data and underwriting tool Mashvisor real estate and STR market data platform Furnished Finder medium-term rental platform Padsplit medium-term/room rental platform Purple Cow by Seth Godin Resources:    Visit vitalwealth.com/resources to download FREE resources      Credits:     Sponsored by Vital Wealth Music by Cephas Audio, video, research and copywriting by Victoria O'Brien

    149 | How Entrepreneurs Are Using Airbnbs to Legally Wipe Out a Six-Figure Tax Bill with Nick Korom

  8. Sep 8

    148 | Why This Real Estate Investor Is Taking His Wealth International with Mike Stohler

    What if the best real estate deal in Europe cost a fraction of what the same property would run in Sedona or Santa Barbara? On this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Mike Stohler of Gateway Private Equity to unpack why he's moving beyond the traditional US real estate playbook and into international hotel investing, specifically historic boutique properties in Spain. Stohler shares his journey from financing his first units on a credit card in the pre-Google era to building a portfolio that spans multifamily, senior housing, and hotels across the US and Europe. Throughout the conversation, Stohler breaks down exactly what separates a hotel from a typical real estate investment, why it functions as both a business and an asset, and what that means for financing, tax treatment, and long-term returns. He and Lonergan dig into the due diligence mistakes that sink deals, the surprising economics behind buying a centuries-old Spanish property for a fraction of its US equivalent, and how currency diversification, favorable interest rates, and cross-border tax treaties are reshaping how entrepreneurs think about protecting and growing their wealth outside the United States. For entrepreneurs sitting on free cash flow and looking for a way to diversify beyond the usual multifamily deal or stock portfolio, this episode offers a rare look at an opportunity most investors have never considered. Key Takeaways: A hotel is not just real estate. It's an operating business layered on top of real estate, which changes financing options, tax treatment, and risk profile. Post-COVID, the strongest hotel investments have at least three independent demand drivers rather than relying on a single source of traffic. Reconciling a property's P&L against its actual tax returns is one of the most overlooked and most important due diligence steps in any real estate acquisition. Historic boutique hotels in Spain can be acquired for a fraction of the cost of comparable properties in the US, with favorable financing rates and a US-Spain tax treaty that prevents double taxation. International real estate offers entrepreneurs a way to diversify their wealth outside typical US concentration risk while gaining a genuine lifestyle benefit. Choosing the right due diligence team, including local expertise, is essential when investing in an unfamiliar market. Learn More About Mike: Gateway Private Equity: gatewaype.com International Opportunity: https://gatewaype.portal.agorareal.com/#/public/brochure/1/efe09f68-c50c-4526-b729-06a94715c665 Resources:    Visit vitalwealth.com/resources to download FREE resources      Credits:     Sponsored by Vital Wealth Music by Cephas Audio, video, research and copywriting by Victoria O'Brien

    148 | Why This Real Estate Investor Is Taking His Wealth International with Mike Stohler
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About

Welcome to Vital Wealth Strategies Podcast, where financial and tax expertise meets entrepreneurial success. Join us as we dive deep into the world of high-level entrepreneurship, bringing you top authorities who specialize in cutting-edge financial and tax strategies. Our podcast is your go-to resource for staying ahead in the financial game, offering insights and advice that can optimize your wealth, reduce tax liabilities, and supercharge your business growth. Tune in to gain a competitive edge and unlock the secrets to financial success in the world of high-level entrepreneurship.

Information

  • Creator
    Patrick Lonergan
  • Years Active
    2023 - 2026
  • Episodes
    100
  • Rating
    Clean
  • Copyright
    © Copyright 2023 All rights reserved.
  • Show Website
    Vital Wealth Strategies

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