REAL CASES

BUSINESS OWNER

RETIRED COUPLE

TEACHER

GENERATIONS OF A FAMILY

SUCCESSFUL SALESMAN
Tim and Jill Taylor* were each in their late 50's when they first called us. As a financially successful pair, they realized that they wanted a more thorough financial planning perspective to their financial affairs than their then investment representative was providing. They had also heard of the Family Bank program we developed and were intrigued with the concept. You see, like a lot of successful people, they were proud of their professional and financial accomplishments, but they recognized that they had sacrificed valuable time with their children as they had built their careers. As Tim and Jill looked into the future, they found themselves thinking about the legacy they'd leave when they were gone. 

What the Taylor's wanted from us were three things: (1) a comprehensive financial plan, with a focus on retirement, (2) a program that would more deeply connect members of the family with each other and the community, and (3) a system that would allow them to transfer their values to their children and grandchildren that worked in conjunction with their financial wealth. 

​What We Did

Ultimately, we created a comprehensive plan that gave them clear direction on all three points. As we meet with Jill and Tim several times a year, we are pleased to report that the Taylor's are following through with our recommendations and seeing its benefits.
  • Comprehensive Financial Plan - With retirement still a few years away, we found new deductions for Jill and Tim using non-qualified retirement plans through their employers and health savings accounts (HSAs). We also showed them how they could greatly reduce the tax bill on a significant part of their qualified retirement plan assets that held Jill's employer's stock. After reviewing their pension and Social Security benefits, we advise them on how best to maximize them both. We also modeled distributions from their taxable and non-taxable investment assets to determine the optimal manner that distributions should be taken to lower their future tax liabilities.  
  • Values - With their goal of developing closer relationships with their children, grandchildren and community; we took the Taylor's through a process of identify their values as individuals and as a family. They then shared those values with their children and grandchildren. In the process, Tim and Jill also walked their children through the high and low points in their lives and what they learned from them. Tim, Jill, and their two married children and their spouses then each took a personality profile test and shared the results over a family meal. Those personality profiles provided a great bridge for family members to laugh, as well as to gently admit to some of their faults and conflicts. 
  • Family Bank - With the values of the Taylor's firmly established, we helped them implement a family driven approach to charitable giving. The tradition of helping others brought the entire family together. It also encouraged them to be more involved in the community. Tim and Jill also created a pool of money - the financial Family Bank - that family members could borrow (as teenagers through adulthood). Approval required the applicant to prove that he/she was abiding by the family values and would benefit the family in some way. Because the money lent was to be paid back - usually, at interest - it meant that capital would be available for the benefit of future generations. By linking their values to access to family financial wealth - in a system that made sense - the Taylor's were exceptionally pleased with how their legacy was being carried forward.

Contact us to learn more. 

*Tim and Jill Taylor are fictional names that represent real clients. 
Strategic Wealth, LLC | 5957 Shiloh Rd, Suite 114 | Alpharetta, GA 30005 | (678) 456-5060