Case Study: EASING A CLIENT'S CONCERNS DURING A PERIOD OF TRANSITION

Case Study: EASING A CLIENT'S CONCERNS DURING A PERIOD OF TRANSITION

The Challenge

We were introduced to a potential client by a local CPA. This woman, in her mid-forties, is a successful business professional and inherited a significant sum of assets from a family member. These assets were spread out across twelve different accounts (real estate, brokerage, life insurance, annuities…) and the client was overwhelmed with what needed to be done to get the assets in her name, take the appropriate required minimum withdrawals, and re-allocating the portfolio in an appropriate manner.

Our Solution

We provided ongoing, in-person and phone consultations for a period of nine months, teaching her step-by-step, what needed to be done, what paperwork needed to be filled out, and what titling and changes needed to occur. We discussed which assets received a step-up-in-basis for a favorable tax outcome and could be sold immediately. We also identified which assets needed to be rolled into a beneficiary IRA and required minimum withdrawals each year. Required Minimum Distributions (RMD) had not been completed for the decedent, so we made sure to avoid an IRS penalty by taking the previous year and current year required minimum withdrawal for our new client. All-in-all, we analyzed all of the client’s needs, made certain improvements to her tax diversification, asset allocation, and overall financial plan, implemented a required withdrawal plan.


*Actual performance and results will vary. This case study does not constitute a recommendation as to the suitability of any investment or investment strategy for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation.

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