David Baker - Phoenix Private Wealth

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David Baker - Phoenix Private Wealth Currently a CERTIFIED FINANCIAL PLANNER™ professional and Senior Partner of Phoenix Private Wealth, I Equal Opportunity Employer M/F/D/V.

Phoenix Private Wealth is not owned or operated by Equitable Advisors or Equitable Network

NOTE - All InMail, e-mail and other electronic individual and group communications sent to and received from this SOCIAL MEDIA page are subject to capture, review and archive by Equitable Advisors, LLC and to possible production upon regulator request for review. Duly registered and licensed representatives offer securities through Equitable Advisors, LLC (NY, NY (212) 314- 4600), member FINRA, SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuities and insurance through Equitable Network, LLC, (Equitable Network Insurance Agency of California, LLC; Equitable Network Insurance Agency of Utah, LLC; Equitable Network of Puerto Rico, LLC). All companies are affiliated and do not provide tax or legal advice. For financial professionals conducting business in the state of New York who hold one or more of the following designations and title respectively, please see Important Information Disclosures in the link below: CASL, RICP, and CRPC professional designations, and RETIREMENT PLANNING SPECIALIST title. Important Information Disclosures: http://bit.ly/2f98X9d

🏠 Investments. A business. Real estate. Life insurance.Together, these assets may add more to an estate than a family re...
10/20/2026

🏠 Investments. A business. Real estate. Life insurance.

Together, these assets may add more to an estate than a family realizes.

Although life insurance proceeds are generally income tax-free to beneficiaries, the death benefit may still be included in the taxable estate when the insured personally owns the policy.

💡 In our latest Quick Tip Tuesday episode, now available, we explain this complex planning tool in simple terms.

An irrevocable life insurance trust, commonly called an ILIT, may offer another approach.

🎧 Listen to learn about the potential benefits, how it works, and the important trade-offs.

Spotify 🔗- https://open.spotify.com/show/4Bu8IcKnBqRz1x6wpYjRwb?si=1y8Nt3HJTiWEbJ056kh3Pw

As always, if this topic resonates with you, please reach out to Greg Foster, Director of Marketin and Client Engagement. He will set a meeting with me or another advisor on the team!

📧 [email protected]
📞(410) 309-3675

The December 31st deadline you really don't want to miss. 🗓️If you are of RMD age (currently 73+), Uncle Sam requires yo...
10/19/2026

The December 31st deadline you really don't want to miss. 🗓️

If you are of RMD age (currently 73+), Uncle Sam requires you to take a portion out of your pre-tax retirement accounts by the end of the year.

The penalty for missing this? A whopping 25% excise tax on the amount you should have taken.
But smart tax planning isn't just about taking the money out; it's about how you take it out.

Are we taking it in cash and paying the full income tax? Or, if you don't need the income, should we explore a Qualified Charitable Distribution (QCD)? A QCD allows you to send funds directly from your IRA to a charity, satisfying your RMD without adding a dime to your taxable income.

Let's ensure your RMD is handled efficiently before the holiday season begins.

The one night the whole world opens its doors. 🎃🚪Forget the candy for a second. My favorite thing about Halloween isn't ...
10/18/2026

The one night the whole world opens its doors. 🎃🚪

Forget the candy for a second. My favorite thing about Halloween isn't the sugar; it's the doors.
In a world where we often stick to our own bubbles, looking at phones and rushing inside, this is the one night where the unspoken rule is "Come say hi."

Porch lights are on. Neighbors are sitting in driveways. Kids are running across lawns. For a few hours, the neighborhood actually feels like a neighborhood.

Whether you are handing out candy or walking with the little ghosts and goblins, take a moment to look around at the community coming alive. It’s pretty magical.

I was watching the Ohio State vs. Indiana game, when a commercial had a line that stuck with me: the company becomes the...
10/18/2026

I was watching the Ohio State vs. Indiana game, when a commercial had a line that stuck with me: the company becomes the customer.

It describes where our firm has been heading for years.

**Surviving.** Early on, building a firm meant focusing on the next client, the next meeting, and the next month.

**Helping.** Over time, the focus moved from what we offer to what the person across the table needs, whether that is a retirement income plan, a business sale, or legacy planning.

**Thriving.** Today, every decision starts with the client. For us, the firm's growth has followed from that focus.

Here is what that looks like day to day:

→ Our firm has no incentive to favor one company's products over another's, so the conversation stays centered on the client's goals.

→ Plans are custom to the individual, their portfolio, and current market conditions.

→ We work alongside CPAs and estate attorneys so the pieces fit together.

→ For founders, business owners, and executives, the plan often has to account for a business, a family, and a long-term legacy at the same time.

The shift from surviving to helping to thriving did not happen in one decision. It happened through years of putting the client first in each one.

We help founders, executives, and high-net-worth families with decisions like these every day.

Follow for more on wealth management, client fit, and business strategy.

🔍 Life insurance may be income tax-free, but is it estate tax-free?Many families assume a life insurance benefit will pa...
10/18/2026

🔍 Life insurance may be income tax-free, but is it estate tax-free?

Many families assume a life insurance benefit will pass completely outside their taxable estate. However, if you personally own the policy, its death benefit may still be included when your estate is calculated.

An irrevocable life insurance trust, or ILIT, may help address that exposure. But the strategy also involves trade-offs, including giving up control and maintaining ongoing administrative requirements.

🎧 In our next Quick Tip Tuesday episode, available Tuesday, October 20th, we make this topic easier to understand and explain:

✅ What an ILIT does
✅ Why policy ownership matters
✅ The potential estate-planning benefit
✅ The control, paperwork, and timing considerations

🎧Listen to this and other episodes ⬇️

Spotify 🔗- https://open.spotify.com/show/4Bu8IcKnBqRz1x6wpYjRwb?si=1y8Nt3HJTiWEbJ056kh3Pw

If you have a sizable life insurance policy or estate, this may be a conversation worth having with your financial, legal, and tax professionals. Reach out to Greg Foster, Director of Marketing and Client Engagement. He is happy to set time for you to meet with me or an advisor on our team.

📧 [email protected] 📞(410) 309-3675

10/18/2026

A logistics founder walked away from a strong offer. Within six months, the business sold for roughly half the original value.

The founder had an 8-figure offer from a strategic corporate buyer. Most of it was cash at closing, with the remainder in an earnout tied to keeping two large legacy contracts for 24 months.

He declined. After twenty years of running the company his way, a buyer holding back part of the price to confirm performance without him felt like a statement about his legacy.

A few months later, a primary vendor went bankrupt and his supply chain was disrupted. Earnings dropped meaningfully in a single quarter. He went back to the original buyer, but the leverage had shifted, and the business sold at a much lower price.

Here is what we take from situations like this:

**Both paths carry trade-offs.** An earnout adds performance risk and ties part of the proceeds to the next two years. Walking away keeps control and can be the right call when terms don't fit. It also leaves the business exposed to events no one can schedule, such as a supplier failure or a shift in the market.

**Decisions look different with a trusted person beside you.** We often see founders and business owners make major exit decisions while the business feels personal. Having someone to walk through the numbers, the risks, and the reasons for each option can change the narrative around the decision, and the reasons it may or may not make sense to act.

**Every situation is custom.** The right structure depends on the individual, their portfolio, their family's goals, and current market conditions.

We help founders, CEOs, and executives think through liquidity events, including how the proceeds fit into a long-term legacy planning picture, every day.

Follow for more on exit planning, wealth management, and business strategy.

The simplest estate planning tool expires on New Year's Eve. 🎁When people hear "estate planning," they think of complex ...
10/16/2026

The simplest estate planning tool expires on New Year's Eve. 🎁

When people hear "estate planning," they think of complex trusts and lawyers. But one of the most effective ways to reduce your future taxable estate is simple, annual gifting.

Every taxpayer has an "annual gift exclusion" amount that they can give to any individual, tax-free, every single year without tapping into their lifetime exemption.

Here is the catch: It does not carry over. If you don't use your 2026 exclusion by December 31st, that opportunity is gone forever.

Whether you want to help an adult child buy a home, fund a grandchild's 529 plan, or just reduce the size of your estate, October is the time to plan these gifts so the checks clear before year-end.

Let's talk about a giving strategy that benefits your family now and your estate later.

10/16/2026

A business owner may spend 25 or 30 years building a company and sometimes only a few months preparing to exit it.

Think about that.

It is like playing an entire football season, reaching the fourth quarter of the final game, and only then deciding which offense to run. 🏈

In today’s episode of Overtime Earnings, we explain what business owners should consider now, even when an exit still feels years away.

An eventual exit can affect:
💰 Cash flow and income planning
📊 Investment decisions
🧾 Taxes
📜 Estate and succession planning
🎁 Charitable goals
👨‍👩‍👧‍👦 Family and legacy decisions

Those conversations are difficult to coordinate at the last minute.

And an “exit” does not always mean selling. Every owner eventually sells, transfers, closes, or leaves the business behind.

🎧 Spotify 🔗- https://open.spotify.com/show/4Bu8IcKnBqRz1x6wpYjRwb?si=1y8Nt3HJTiWEbJ056kh3Pw

What is one question every owner should ask today?
Do all of my advisors understand the outcome I am trying to create? If you're not sure, we welcome a conversation. Please reach out to Greg Foster and he can connect you with me or an advisor on the team for a conversation.
📧 [email protected]
📞 410-309-3675

10/15/2026

Most founders spend 20 years building enterprise value. We often see very little time go toward planning how to replace the company paycheck after the sale.

A business owner preparing for an exit recently shared that stepping down wasn't his hesitation. Moving from predictable company cash flow to living off a portfolio was. After decades of reinvesting in the business, we often see founders view any dollar outside the company as less certain.

That feeling makes sense. It also helps to look at the other side: when most of a net worth sits in one operating company, it is concentrated in a single outcome.

Here is how we approach the bridge from operator to investor:

1. Time-based buckets
We organize post-sale proceeds by when the money will be needed. Near-term living expenses sit in highly liquid reserves, so a market decline doesn't dictate lifestyle. Money for the middle years is positioned to generate income. Money not planned for use soon is positioned for long-term growth.

2. Growth for the long term
For money a client doesn't plan to use, or to keep pace with inflation, we use growth stocks. Over the long term, a business compounding earnings faster than cash can gives more room to grow, even though the short term is nearly impossible to predict. Valuation matters here too, and buying at attractive prices is part of the process.

3. Tax planning after the liquidity event
While the CPA prepares the transaction filings, we coordinate multi-year tax planning for the years that follow.

4. Putting the legacy plan to work
The estate planning attorney drafts the trusts. We focus on how assets are invested within them, so the plan works in practice.

Every decision involves tradeoffs. Selling part of a business means stepping back from its future upside, while staying concentrated means the outcome rests on one company. Markets can also keep falling or rising after a decision is made. Decisions are custom to the individual, their portfolio, and current world and market conditions. We see executives and owners benefit from walking through these decisions with a trusted person, which can change the narrative and the reasons behind why it may or may not make sense to act.

Reducing concentration can be a way to buy back time while there is still energy to enjoy it.

Follow along for more on wealth management and business exits.

10/15/2026

Municipal bonds are often linked to schools and toll roads. A small share of new issuance is now tied to the power and water systems behind AI data centers.¹

For founders, executives, and business owners with high incomes, taxes can shape how much investment income is actually kept. We often see clients compare pre-tax yield first and after-tax income second.

Here is what BlackRock's September 2026 research outlines:

▪️ Municipal issuers may finance power, grid, water, and wastewater systems that support data centers¹
▪️ AI-related municipal issuance may reach up to $11 billion in 2026, which is less than 2% of expected annual municipal issuance¹
▪️ Most capital for AI development is expected to come from outside the tax-exempt market¹
▪️ Credit outcomes depend on who pays, contract protections, and execution¹

Interest from many municipal bonds is exempt from federal income tax, and in some cases state tax, depending on where the investor lives and where the bond is issued. Whether that matters depends on the investor's full tax picture.

There are pros and cons. Tax-exempt income may improve after-tax cash flow. Municipal bonds also carry credit risk and interest rate risk, and the research notes that long-term agreements reserved for a single private user can raise tax-treatment questions.¹

Every decision is made custom to the individual, their portfolio, and current market and world conditions. We help executives and business owners work through these decisions daily. Having a trusted person to walk through the details can change the narrative around why it may or may not make sense to act, and over time that can shape the long-term trajectory of short-term decisions.

Follow along for more on wealth management and legacy planning for founders and executives.



¹ James Schwartz, CFA, and Patrick Haskell, "Municipal Bonds and AI Data Center Financing," Fixed Income, BlackRock, Inc., published September 29, 2026 (estimates as of August 31, 2026). blackrock.com/us/individual/insights/munis-ai-data-center-financing

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