Fall/Winter 2018-2019 | BWD 9
Advisors often have a broad view of your financial situation,
including all of the moving parts and the people working together
to make it happen. Many people solicit advice from multiple
advisors; yet, few utilize one advisor to coordinate the entire team.
It’s important to have an integrated approach when it comes to your
finances.
Your team may consist of your CPA, investment advisor, attorney,
banking advisors, and/or estate planners, just to name a few. An
integrated strategy can utilize advisors from a single firm but is often
most needed when working with advisors across several different
disciplines and firms. Once established, ensure all advisors are
putting their strengths to work — relying on the individual team
members to do their part to implement a holistic plan to help you
reach your financial goals. Some of the areas that must be considered
in the overall objectives are:
Wealth Management – Analyzing current cash flow objectives
and assessing the impact on long-term investment and
retirement goals.
Tax Implications and Planning – Understanding your
unique tax situation and applying the ever-changing tax laws to
maximize your after-tax returns.
Estate planning – Recent estate tax changes have refocused
planning for many individuals to ensure that transferred assets
qualify for a step up in basis. The current rules sunset at the end
of 2025, which may seem like a long time away. However, your
documents need to be flexible to provide for future changes.
Inherent in sound estate planning is the minimization of estate
taxes, as well as the avoidance of probate via properly drafted will
and trust documents.
Insurance needs – Beneficiary designations can have
significant tax and financial implications. Properly planning and
designating the appropriate beneficiaries is critical.
The benefits of having a financial team are numerous; perhaps
most importantly, it enables you to save time by directly
coordinating with one advisor and allows you to approach your
financial goals more holistically with an experienced team.
Football and the financial industry have many similarities. It may
seem challenging to meet all of your objectives, but with the right
lineup in place, you can put the right plays in motion, move toward
your goals and limit the number of fumbles along the way.
ABOUT THE AUTHORS
Jeff Brogley leads Rehmann’s family office initiative, working closely with high
and ultra high-net-worth families, closely held businesses, real estate and
investment partnerships to achieve their strategic goals. Contact him today
at [email protected].
Doug Kelly leads Rehmann’s private household industry practice, primarily
focusing on serving high-net-worth individuals and their corresponding family
offices, closely held businesses and real estate partnerships. Contact him
today at [email protected].