How will the younger attorneys afford to purchase her partnership shares for a fair value given all of the goodwill she has built up over the years?
How much income can their assets reasonably generate for the balance of their lives?
When should she and her husband start their social security?
If she works part time will she still qualify for her firms benefits including health care coverage before Medicare kicks in?
Can they afford to take 4 vacations per year?
What is the best way to help their grandchildren directly?
We helped Rebecca establish a buy/sell agreement with a retirement trigger. Then we worked with the other attorneys at the firm on their financial plans, which included a method to fund the buy/sell without sacrificing their current living standard.
Our team evaluated their four main buckets of assets, which totaled $2,500,000. They had 401(k)s, Roth IRAs, a taxable investment account, and a rental property.
We ran a Riskalyze on their portfolio and established their tolerance for risk. The results showed them that their portfolio was not aligned with their expectations.
The planning and cash flow management reports gave them the ability to do what-if planning to see how their choices affected their overall retirement projections before they were executed.
We installed an employer sponsored 529 college savings plan so they could gift to their grandchildren and still maintain control of the assets.
After reviewing their estate planning documents they understood that none of their assets utilized the language in their estate planning documents at the first death and that their intent to directly gift to their children would not come to fruition. We then assisted them in changing some beneficiary designations to more closely match their stated intent.
We changed the timing of their charitable contributions using a bunching method to qualify for charitable deductions due to the new tax laws.
Executed a plan to cover long term care costs without having to pay an annual premium. They re-purposed some cash value built up in some older life insurance policies to pay for this.