Case Study

Assembling a Winning Team

A recently retired couple had a multitude of planning issues, financial, estate and tax.  They had previously been ‘managing’ on their own without much success; they finally sought help from us with their initial focus on investment management.  Working through our discovery process we quickly identified a multitude of issues that we needed to confront and began to assemble a team of experts to assist.

Goals

  • Finish designing and implementing their own estate plan
  • Address  a recent IRS inquiry
  • Manage their assets in a more prudent holistic manner
  • Consider Charitable and Familial Giving plans

Simplify their lives financially and emotionally

Unknown Issues

  • While retired they were actually in their ‘peak earning years’ as they were still working part-time
  • Tax and Charitable planning became a front burner issue

Consultation Process

We introduced our clients to a CPA that we knew had the expertise, the bandwidth and a sense of urgency to deal with their tax concerns immediately.  FBB simultaneously worked with the clients and the insurance and annuity companies to identify the terms, costs, and penalties of the various defined benefit plans, annuities, and defined contribution plans.

Alternatives/Solution

  • Identified and suggested a gifting strategy through a Donor Advised Fund and 529’s for their grandchildren and saving income taxes in the process
  • Simultaneously the CPA was able to address and mitigate the IRS inquiry to a much more reasonable outcome
  • Our team was able to guide our clients through the often daunting task of understanding and consolidating the multiple retirement plans
  • FBB Continues to monitor all aspects of the client’s financial plan and coordinates with the other team members to ensure that the clients stay on track to reach their financial goals.