True Wealth with Joel Baker

Billionaires pay taxes, but they refuse to overpay them.

In this episode of True Wealth with Joel Baker, Joel discusses tax strategy and wealth protection with CFA and CPA Douglas Carpenter. Doug explains why most high net worth families leave real money on the table. He reveals where business problems hide and why every owner needs an exit strategy. You will also learn the simple monthly habit that keeps you in control of your assets.

Key Takeaways:
→ Billionaires pay taxes, but they refuse to overpay them.
→ Small missed tax strategies can add up to around $50,000 in savings every year.
→ Hidden business problems live on the balance sheet, not the P&L.
→ Every owner needs an exit strategy planned in advance, or the family pays more tax than it should.
→ A disciplined monthly review of every account keeps you in control of your wealth.

Douglas Carpenter is President of Comprehensive Hospitality Solutions (CHS), an accounting firm in Melville, NY built specifically for hotels, restaurants, and hospitality businesses. A CFA and CPA and Hofstra University alum, Doug takes accounting beyond compliance — helping clients plan for growth, uncover hidden capital, and even recruit, using tools like Toast, Xtra Chef, and Plate IQ.

The results speak for themselves: one client grew from 3 to 13 locations in two years; another cleared $58K in back taxes through smart tax-credit use; a third uncovered $2MM in uncashed checks and has since doubled to 15 locations. And through the pandemic, all ~160 of CHS's client locations stayed in business.

Doug's specialties include hotel and restaurant bookkeeping, tax preparation, payroll support, COVID-era relief credits, and growth strategy.

Connect With Douglas Carpenter:
Website: https://www.books4hospitality.com/

Your estate plan is not a one-time transaction, and treating it like one could cost your family everything you built.

In this episode of True Wealth with Joel Baker, Joel discusses estate and business planning with Chris Papin, a CPA, attorney, and licensed insurance producer. Chris reveals why the biggest mistake families make is treating their estate plan as a one-time event. He explains how the right structures protect heirs from themselves and keep wealth from vanishing by the third generation. They also dig into the most overlooked decision in any large estate: choosing the right trustee.

Key Takeaways:
→ An estate plan is a living document that must be revisited as your life, assets, and family change.
→ Improperly titled assets and outdated beneficiary designations can quietly undo even the best estate plan.
→ Smart trust structures add discipline, accountability, and protection so heirs cannot squander what you built.
→ Planning early for taxes on illiquid assets like farms and land can prevent a forced sale when the time comes.
→ Your trustee acts as the CEO of your estate, so choosing family just to save on fees can be a costly mistake.

Chris Papin is a dual-licensed CPA and attorney with over 20 years of experience guiding entrepreneurs and business owners through every stage of their journey. Licensed as a CPA and attorney, Chris brings a unique perspective that integrates financial strategy with legal expertise through his firms Papin CPA PLLC and Papin Law PLLC. Recently named to Forbes' "Best-in-State CPAs" list and recipient of Thomson Reuters' "Advisory Accelerator Award," Chris has dedicated his career to helping small businesses achieve what he calls "big firm impact" through strategic partnerships and efficient practices. As host of the BLABO (Behave Like A Business Owner) Podcast, Chris shares actionable insights on business growth, leadership, and sustainable success, drawing on his experience serving clients professionally and his unique background as a championship-level soccer coach. His coaching philosophy is simple. You build strong fundamentals and developing players for long-term success. This philosophy translates directly into his business advisory approach, where he helps entrepreneurs maximize their limited time while building values-driven, sustainable ventures. Chris is the author of "168 Hours: A Startup Business Guide That Respects Your Time." His book represents his commitment to helping business owners achieve their goals without sacrificing what matters most in their lives.

Connect With Chris Papin:
Website: Papincpa.com, Papinlaw.com, Papinspeaks.com
Instagram: @Papinspeaks
Facebook: Papin CPA, Papin Law
LinkedIn: Chris Papin
Podcast: BLABO Podcast on Apple Podcasts and Spotify

The tax you owe on your real estate sale could become the fuel for your next investment.

In this episode of True Wealth with Joel Baker, Joel discusses the power of the 1031 exchange with Dave Foster, Qualified Intermediary and founder of The 1031 Investor. Dave explains how investors can sell and buy real estate throughout their lives without paying capital gains or depreciation recapture tax. He walks through the strict 45-day and 180-day deadlines, the rules for reinvesting, and why a QI must be in place before you close. The result is compounding wealth that can pass to your heirs completely tax-free.

Key Takeaways:
→ A 1031 exchange lets you defer capital gains and depreciation recapture tax every time you sell and reinvest in investment real estate.
→ Start with your "why" before selling, whether it's trapped equity, a declining neighborhood, consolidation, or an aging property.
→ You must have a Qualified Intermediary in place before closing, and you can never touch the sale proceeds.
→ You have just 45 days to identify replacement property and 180 days to close, so planning ahead is the key to success.
→ To defer all tax, buy at least as much as your net sale and reinvest all proceeds, because the IRS treats anything you take out as profit.

Dave Foster is a Qualified Intermediary (QI) for 1031 exchanges and Founder of The 1031 Investor. As a multi-industry visionary, he has over 30 years of experience working in all phases of real estate investing and brings his clients a fresh perspective and clear vision for strategic development using tools in the tax code such as the 1031 exchange and the Sec 121 Primary residence exclusion. As an investor himself, he views each investment as a unique opportunity to maximize returns. A degreed accountant with a Master's in Management, Dave has also just released a best selling book, Lifetime Tax-Free Wealth: The Real Estate Investor's Guide to the 1031 Exchange.

Connect With Dave Foster:
Website: https://www.the1031investor.com/
YouTube: https://www.youtube.com/c/The1031Investor