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Establishing a Secure Base - Case Study

Overview

Jay, a retired union worker with a desire to create a small business and wanted to leave a legacy to his family and community, but didn’t quite know-how. Reducing taxes on rental properties was a significant concern to him.  I worked with Jay to create small steps in his financial plan; first protecting his assets; next, minimizing his taxes by using advantaged solutions and focusing on growth. Later, I introduced Jay to estate planning, where I helped him find an estate attorney.  Once Jay felt that he established a base of financial security, he was able to advance his nonprofit activity and was able to make bolder choices in unique alternative investment opportunities, something that made him more excited about his financial planning, as he was not able to pursue these opportunities before.

The Problem

Jay had retired from his union job, but there was a lot more he wanted to accomplish in life. He wanted to run his own business. He wanted to make sure that he provided for his family’s future without him someday, and he wanted to leave a lasting mark on his community. However, he did not have a clear picture of how to achieve his objectives

The Challenge

Jay wasn’t sure where to start to make sure that he could fund his dreams. He knew it would be smart to find a way to reduce the tax liability on his rental properties. Beyond that, he knew that he would need the help of a good financial advisor to reach his objectives.

The Goal

Jay had two big goals for using the assets he had accumulated during his long career: to kick off the small business that he wanted to start, and to leave a legacy for his family and his community that would live on after him.

The Path

I worked with Jay to build a financial plan one step at a time. First, we would protect his assets. Next, we hammered out a way to minimize Jay’s taxes by using tax-advantaged solutions and focusing on growth. Later, I introduced Jay to estate planning and helped him find an estate attorney for more focused help in that area.

The Frontier Wealth Strategies Benefit

Once Jay had established a secure financial foundation for his business and his family, he was able to make progress with his community nonprofit activity. The confidence he gained from the security of having a solid plan was exciting. It enabled him to pursue bolder choices in some unique investment opportunities, something he had not been able to do before.