Putting Smart Tax and Estate Planning Strategies to Work

John (55) and Maria (51) are both high income, busy professionals.  They have two kids. They were referred to Opus Wealth Management by their accountant.

John is a partner at a law firm and Maria is a successful realtor.  The couple has a very high income, but with active kids, a house, a boat, and two vacation homes, they have a very complex financial life.  With their busy lives, they don’t feel in control of their finances.

They previously had worked with a financial advisor who they both liked personally, but her primary focus was on their investments.  She was very responsive, but when they asked about estate planning and tax planning she just handed them business cards.  With their extremely busy schedules, they didn’t like the idea of them having to coordinate everything and act as the go-between.  In fact, they doubted they could find the time.

Their accountant referred them to Opus Wealth.  They liked the idea of getting all their financial help from one main source, especially since Opus had the backing of a family office.

The couple signed up for a free assessment.  We met with them and reviewed their financial situation, which helped them get a fresh perspective on things they could do to better diversify, reduce their tax load, and feel more in control.

After that meeting, we started working together.  The first step was to begin building a financial plan that took into account all of their assets and liabilities.  We gathered everything and began looking for ways they could save taxes and better protect their family’s wealth.

The previous advisor had never asked about their retirement accounts, so as a result, their investments were not very diversified.  So one step we took was to restructure their holdings and diversify them further, so they could better withstand market volatility. We also helped them adjust the investments in their retirement accounts, even though those were not held with our firm.

We spent significant time analyzing tax and estate planning strategies to meet their goals.  After coming up with a few options, we presented them to the couple and explained the pros and cons of each.  After they decided we worked directly with their attorney and accountant to get their wishes successfully implemented.

Today, the couple is mostly retired and focused on family and supporting charitable organizations they feel passionate about.  Recently we prepared a charitable giving plan to help them maximize their efforts.  We also helped them with the sale of one of their homes.  We continue to meet frequently to review their plan and address any current needs.

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