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Are you considering ALL the moving parts of your financial strategy?

November 2, 2022

Contributors: Douglas A. Kelly, CPA, Jeff Brogley, CPA

For many people, the best time of the year is football season. Although it officially kicks off in September, a successful season involves a year-round commitment to prep work—training camps, analyzing the game tape, developing the playbook and getting the right players in place.

As a fan, you may admire the game days, big plays and winning streaks. But something that cannot go unnoticed is the relationship of the team. With an eye on the prize, they work together to get the right player in the game, coordinate the next play, and not only work together to move down the field but back up all the hard work with diligent defense once points are on the board. Strong football teams and your trusted business advisor have more in common than one would think. Is it time to review your strategy?

Including all of the moving parts and the people working together to make it happen. Many people solicit advice from multiple advisors; yet, few utilize one advisor to coordinate the entire team. It’s important to have an integrated approach when it comes to your finances.

Your team may consist of your CPA, investment advisor, attorney, banking advisors, and/or estate planners, just to name a few. An integrated strategy can utilize advisors from a single firm but is often most needed when working with advisors across several different disciplines and firms. Once established, ensure all advisors are putting their strengths to work — relying on the individual team members to do their part to implement a holistic plan to help you reach your financial goals. Some of the areas that must be considered in the overall objectives are:

  • Wealth Management – Analyzing current cash flow objectives and assessing the impact on long-term investment and retirement goals.
  • Tax Implications and Planning – Understanding your unique tax situation and applying the ever-changing tax laws to maximize your after-tax returns.
  • Estate planning – Recent estate tax changes have refocused planning for many individuals to ensure that transferred assets qualify for a step up in basis. The current rules sunset at the end of 2025, which may seem like a long time away. However, your documents need to be flexible to provide for future changes. Inherent in sound estate planning is the minimization of estate taxes, as well as the avoidance of probate via properly drafted will and trust documents.
  • Insurance needs – Beneficiary designations can have significant tax and financial implications. Properly planning and designating the appropriate beneficiaries is critical. The benefits of having a financial team are numerous; perhaps most importantly, it enables you to save time by directly coordinating with one advisor and allows you to approach your financial goals more holistically with an experienced team.

Football and the financial industry have many similarities. It may seem challenging to meet all of your objectives, but with the right lineup in place, you can put the right plays in motion, move toward your goals and limit the number of fumbles along the way.

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