Retirement & Aging Planning Services
Retirement Income Distribution Plan
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As you approach retirement and the end of receiving your employment income, a tax-efficient plan to distribute your retirement assets becomes crucial. Together, we will work to create a sustainable and flexible plan that meets your unique income and lifestyle needs. In our experience, having this plan in place provides considerable peace of mind knowing that your accumulated wealth will be distributed in the most efficient way.
Pension & Social Security Strategies
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The multitude of options when starting your pension and/or Social Security income can be overwhelming. Evaluating your options requires a thorough understanding of your long-term income needs and financial goals.
Annuities Evaluation
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Holding assets in an annuity provides unique and often complex challenges and opportunities. Evaluating all options for your funds held in annuities requires thorough due diligence to determine the most advantageous and tax-efficient course of action, ensuring that any assets held in annuities fit into your ever-evolving financial plan.
Retirement Account Assessment
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There are various types of retirement accounts with differing tax advantages, necessitating an in-depth analysis of all your available options. We take a proactive approach to developing a strategy for contributing to, distributing from, and converting between retirement accounts and plans with a strong focus on tax-efficiency. By staying up to date on regularly evolving legislation regarding retirement plans and accounts, we can employ often under-utilized planning strategies.
Healthcare & Medicare Planning
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An unforeseen medical event with extended healthcare considerations can drastically undermine the most well thought-out financial plan. Having the proper healthcare coverage in place, whether through private health insurance (pre-Medicare) or Medicare with appropriate supplemental policies, helps ensure long-term financial well-being. By utilizing Baird resources as well as external health insurance partners, we work diligently to guide clients to the most suitable solutions.
Housing Options & Continuity of Care
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While it is most everyone's desire to live in their own home for as long as possible, circumstances often dictate an alternative path. From downsizing your home to moving into a skilled-care facility, there are more senior living options now than ever before. Having the conversation about future living arrangements before being forced to make a decision in a time of heightened stress helps ease this potential transition. We work alongside our clients and their families to find a suitable living solution that is aligned with their overall financial objectives.
Insurance Assessment
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Appropriately and cost-effectively transferring risk requires an in-depth evaluation of your insurable needs identified during the financial planning process. Relying heavily on Baird's Insured Solutions department and trusted external insurance partners, we have capabilities to review existing policies and uncover the potential need for new or additional coverages.
Business Succession Planning
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Preparing for business succession involves creating a roadmap that addresses the various details and issues associated with transferring control, ensuring that the business continues to operate smoothly after the current owner steps down or passes away. This crucial financial planning component often represents one of the most significant financial decisions a business owner will make in their lifetime. Alongside Baird's Business Owner Solutions group, we help business owners identify and prepare future leaders of the organization, structure the transfer of ownership, and assess the business's valuation.
Tax Planning Services
Short-Term Charitable Giving Strategies
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The multitude of tax-advantaged giving strategies provide opportunities for charitably inclined clients to experience the meaningful impact their gifts make alongside the non-profit organizations they are most passionate about. We help clients evaluate their unique tax and financial situation and provide creative solutions to maximize the benefit to both them and the charity. Whether advising the use of Donor Advised Funds, donating highly appreciated securities, Qualified Charitable Distributions, etc., we employ tax review and financial planning software to determine the most beneficial solutions.
Tax Reviews & Coordination with CPA
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Baird's investment in innovative tax planning software allows us to identify advanced strategies focused on minimizing both short- and long-term taxes. By streamlining communication with our clients' CPAs and tax professionals, we strive to establish a collaborative relationship to aid in building a holistic approach to tax mitigation.
Legislative Updates
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By design, the tax code of the United States remains flexible, and changes are implemented on a regular basis. Staying informed on pending amendments allows you to update your tax and financial plan accordingly. We are committed to on-going monitoring and communication of tax legislation updates through multiple outlets, including tax planning experts at Baird's home office, as well as the Washington Policy team at Strategas, a Baird Company.
Tax-Efficient Portfolio Management
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Through our experience, we know that taxes have a dramatic impact on the success of clients' financial plans. Tax-efficient portfolio management strategies help minimize tax liabilities while maximizing after-tax returns for investors. We work alongside clients to develop a personalized investment plan that aligns with their long-term objectives and risk tolerance, ensuring tax considerations are integrated into the investment strategy.
Executive Compensation Management
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Companies today are using equity compensation as a powerful way to attract high-quality employees and to cultivate an engaged and productive workforce. This type of compensation can take many forms, including Stock Options, Restricted Stock, and Performance Shares and each come with unique rules, tax implications and liquidity challenges. By utilizing our financial planning software, as well as consulting Baird's executive compensation resources and subject-matter experts, we assess and ensure maximization of these important benefits and integrate the results into clients' wealth management plans.
Estate & Legacy Planning Services
Estate Documents Review
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Proper estate planning and the appropriate use of trusts help ensure that subsequent generations are able to enjoy the legacy you've worked so hard to provide. Whether you have already worked with an attorney to draft your estate planning documents or seek guidance in starting the estate planning process, we have the resources and expertise available to provide clients the assurance their wealth transfer wishes are accomplished.
Long-Term Charitable Giving Strategies
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For many people, legacy planning involves providing support for the charitable organizations and causes most important to them well beyond their own lives. We proactively work with our clients, their families, their estate attorney, as well as the charitable organizations they seek to impact. Focusing on long-term planned giving by advising on the use of strategies such as charitable trusts, private foundations, charitable gift annuities, etc., helps safeguard your legacy of generational philanthropy.
Education Planning
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With more students graduating from college with thousands of dollars in student loan debt, funding an education can be one of the most impactful investments you can make. No matter how much time you have before the first tuition payment is due, we can help you plan for funding education in a way that makes the most sense for you and your family. We know the variables at play and help our clients create an education plan that mirrors their values.
Trust Needs Analysis
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Trusts provide customized solutions tailored to your unique estate distribution wishes, while factoring in family dynamics and your financial circumstances. Through our thorough discovery process, we work with clients to identify needs for tax-efficiency, privacy, asset protection, control over distribution, and support for beneficiaries. Our experience in working with many trust professionals and trust companies provides us with extensive insight into discerning trust needs.
Generational Asset Transfer
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Generational asset transfer refers to the process of positioning assets to pass them to heirs in a tax-efficient manner, either during one's lifetime or upon death. This planning aims to minimize or eliminate transfer taxes, such as gift and estate taxes, ensuring that more wealth is preserved for the next generation.
Special Needs Planning
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Planning for loved ones with special needs involves creating a strategy to address long-term financial needs while preserving government benefits. By working with family members and their attorneys, we help navigate complex regulations that can affect eligibility for public assistance programs like Supplemental Security Income (SSI) and Medicaid.
Facilitating Family Meetings
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Research indicates that 90% of wealth transfers do not survive past the third generation, often due to poor communication and lack of preparation among heirs. Conducting family meetings has gained significance as they help address unresolved issues that can jeopardize family unity and the successful transfer of wealth across generations. Utilizing our training and experience, we actively work with families to provide a platform for decision-making, problem-solving, education, and encouragement.
Estate Organization & Accountability
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Organizing and maintaining family and financial records can be a challenge. However daunting it may seem, having this information readily accessible could be vital, especially in an emergency involving a loved one. Our extensive experience in working with clients over several decades has helped us identify best practices to reduce the administrative burden and aid in establishing a comprehensive plan to efficiently manage and settle estates.
