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You may have started with a dream, a passion, and a smart business plan. You devoted your time and energy, made countless sacrifices, and nailed down the investments that helped you grow. Your business has taken off and is doing well. Congratulations — you’ve arrived! With such an intense focus on your business, you may have delayed making plans or decisions around your personal financial situation. Here’s how we can help you catch up:
Your personal bottom line is as critical as the one for your business. We can help manage your cash needs by tracking inflows and outflows and helping you develop a realistic budget. We can also develop your net worth statement to document your assets and liabilities, providing you with a clear picture of your net worth.
You have worked hard to build your business and make it a success. Now it’s time to help protect that success and your personal wealth. We will help you develop or revise estate plans to help minimize estate taxes. We will work with your trust and estate attorneys to implement wills, trust documents, power of attorney documents, and health care proxies. With our intimate knowledge of your assets and goals, we can recommend more sophisticated planning strategies and organize your assets to help maximize family wealth.
As your business and personal income grows, your tax situation can change significantly. We will work with you to develop tax efficiencies in your investment portfolios and estate plans. We will also help you plan and manage potential issues related to the Alternative Minimum Tax (AMT).
Once we explore and understand your financial goals, we will evaluate your current investments. We will develop a suitable portfolio asset mix that can help meet your needs over time, select the appropriate investment managers and manager structures, and coordinate custody and brokerage services. We will help keep you on track with regular reporting and monitoring, making portfolio adjustments as needed.
You took a calculated risk when you launched your business and you put protections in place. We believe that risk management should also be an integral element of your personal financial plan. We can work with you and your insurance advisor to periodically review your insurance plans. Our review will help ensure that your coverage levels — for life, property and casualty, disability, and umbrella liability — make sense for your specific situation. For any new coverage you may need, we will assess the appropriate level and structure to meet your needs. We will also periodically review your beneficiary designations to make sure they’re up to date.
Now that your business is off the ground and you have accumulated some funds, you may be thinking about purchasing your first home, car, or boat. You may be considering a second home or a vacation property. Or perhaps a friend suggested a new investment opportunity. Before risking a substantial sum, you may want to get a second opinion. We can help you evaluate large purchases and investment opportunities to ensure these decisions fit into your long-term plan. We will examine your available cash and financing options, reviewing the risks, and comparing alternatives.
Life doesn’t stand still. Your personal or family situation may change over time and we can help you plan for those changes. If you or another family member are preparing for marriage, we can work with you and your family law attorneys to structure and implement pre-nuptial agreements, and other estate planning documents, to help protect your family and business assets. For children born or adopted into your family, we can evaluate college savings vehicles and review/update your insurance and estate plans to ensure that the children are provided for according to your wishes. If you’re still saving for retirement, we will work with you to design a retirement portfolio to help meet your goals and help preserve your wealth in retirement. If you are close to retirement, we can help you develop a plan to manage your income, spending, and assets in retirement.
As a reflection of your business success, you may want to give back to your community and leave a personal legacy. We will help you evaluate the various charitable giving vehicles such as donor-advised funds, private foundations, charitable trusts, charitable gift annuities, as well as socially responsible/impact investing opportunities. We will help you develop charitable mission statements and develop portfolios to support your charitable giving goals.
At some point you may consider selling your business to start another venture, or retire to pursue other passions. We can serve as a consultant and resource for you during the sales process. We can help you identify any income tax and estate tax impact before the event happens. For proceeds from the event, we will help you implement any income tax or estate tax strategies and review investment management opportunities.