13 wealth management essentials

1. Investments

Define a disciplined investment strategy that is supportive of growing, maintaining and distributing your assets in a manner appropriate for your life objectives and risk preference.

2. Qualified retirement plans

Develop a strategy for tax deferred assets to include maximizing tax deferral, income strategies, beneficiary designations, and gifting RMDs.

3. Stock compensation

Evaluate potential challenges associated with concentrated positions, including diversification risk and taxation. Review and identify liquidity opportunities and potential tax strategies.

4. Insurance

Identify and evaluate insurance coverages for income replacement in case of death or disability. Provide larger inheritance and/or liquidity for heirs in light of estate taxes.

5. Liabilities/liquidity needs

Develop suitable lending solutions for maintaining cash flow during unforeseen circumstances and residential and commercial debt financing via flexible secured lines of credit or other types of lending.

6. Business owner interests

Analyze and develop a tax efficient business succession plan to help you gain liquidity and transfer ownership or monetize value during your lifetime.

7. Titling of assets

Title assets appropriately based upon a comprehensive estate plan to better manage transfer and tax issues.

8. Durable power of attorney and medical directives

Establish formal direction for financial and health affairs, in case of incapacitation. Keep families educated and informed.

9. Executor/trustee

The role of executor or trustee is complex and the responsibilities are demanding. Establish suitable structure, choose appropriate executor and successor trustees.

10. Gifting to children/descendants/others during life

Develop an optimal gifting strategy for children and grandchildren.

11. Charitable gifting during life

Identify strategies that are appropriate to support your favorite charities during your lifetime with direct giving or through the formation of a foundation or donor advised fund. Involve family members as appropriate.

12. Distribution of inheritance

Develop appropriate end of life strategies to minimize estate tax burdens on your estate, while maximizing the size of your heirs’ inheritance.

13. Charitable inclinations at death

Develop optimal strategy to benefit the causes that matter to you, and to help keep your memory alive in the public – utilizing direct gifts, donor advisor funds, private foundations and trusts. Involve family members as appropriate.

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