Providing creative tax solutions
Our clients, age 60 and 58, are self-employed, running a very successful small business for many years. They have two grown children who have finished college. One has moved out and is working. Their younger son hasn’t found a job and is still living at home, which was a concern to them.
When we first met them, they had gotten a serious offer to sell their business. That was likely to produce a significant amount of money for them, which they needed since they had significant real estate and stock losses after 2008. Both of them were at a point in their lives where they needed to focus on funding their retirement. They also were paying high amounts of taxes every year, so considering a business sale, it was a priority to focus on tax strategies.
They found us since they were looking for a firm that could provide creative tax solutions along with retirement planning and investing.
Here’s what we did for this couple. First, we needed to build a framework so we spent time listening to them: what were their goals, and how did they want their future to look? Then we helped gather all their information so we could start building a retirement plan for them.
Once the foundation was in place, we helped them analyze the offer that came in for their business. We proposed a different structure that could enable them to save tax money over time and use the proceeds to fund their retirement.
We took over their tax preparation and also began managing their investments. We also worked with them to create an estate plan so that their money would be efficiently transferred to their heirs.
Once that was done, we continued fine-tuning other parts of their financial lives and continued to find new ways to keep reducing their tax burden. We also helped them with family financial issues, which included meeting with the couple and their son to start to lay some boundaries so that he would move toward financial independence.
Actual performance and results will vary. These case studies do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted regarding your specific situation.