John & Eileen

Primary Concerns:

• Putting a plan in place to sell his company.
• Reducing the tax burden from the proceeds of the business sale.

Questions & Concerns:

• What steps do I need to take in order to plan for the sale of my company?
• How do I ensure I get a fair price for the business?
• How do I ensure the sale of the business is done so in a manner that minimizes my taxes?

Solutions:

• All-inclusive Financial Planning
• Construction of a Comprehensive Retirement Plan
• Investment Management
• Social Security Timing Analysis
• Estate Planning and Advanced Trust Analysis
• Tax Planning
• Health Insurance Needs Analysis
• Long-term Care Needs Analysis
• Philanthropic Financial Planning

John & Eileen’s Story:

John is a physician and we were referred to their family by a friend of his in the medical field who has worked with us for years. While the they possessed the desire to pass on their legacy to the next generation, the pressing, immediate issue at hand was the imminent sale of John’s practice at the time they were introduced to us.

They had saved extremely well over the years and accumulated an impressive nest-egg. Their health was good (and still is), but John had pushed himself as far as he could and was beyond the point of being ready to walk away from his career. He just didn’t want to make any financial mistakes in the process of selling to a willing buyer.

We gathered the necessary information to construct an all-inclusive financial plan and determined that, with the assets they had amassed, combined with both individuals’ social security income (even utilizing an earlier commencement of income), that they were in great shape with regard to selling the company and retiring, even if they received a much lower-than-expected sum of money for the business. Through a exhaustive collaboration with their business consultant and CPA to arrive at an optimal strategy for the sale of John’s practice. This plan included a transition that resulted in preferential capital gains treatment, which was precisely what he was hoping to achieve.

Since John was retiring a bit earlier than most, he and Eileen not only required privately-owned health insurance, but they also had concerns regarding long-term care (Eileen’s mother had experienced dementia at an early age and passed away after an extended stay in a memory care facility). With the assistance of a trusted health insurance professional, as well as a specialist in long-term care insurance, we were able to efficiently navigate through these insurance-related concerns, acquiring adequate coverage at a reasonable cost for the two of them.

While it wasn’t originally a big priority of theirs, we were also able to work with one of our trusted attorneys to build an estate plan that further decreased their current and future income tax burden through the creation of a trust and donor-advised fund.

Today, the couple has enjoyed their early retirement in two geographical locations, all while meeting with us on a semi-annual basis to update their financial plan as their lifestyle has evolved over the years.