Helping grow and preserve the wealth you worked hard to achieve
Medical, legal, accounting and other professionals often face considerable time constraints, which impacts their ability to prioritize making their own crucial decisions, thus impacting long-term financial health.
Hightower Wealth Advisors | St. Louis collaborates with professionals like you to customize solutions for situations like these:
We are a one-income household. How do we protect against death or disability?
I want to save for my children’s college. Where should I start?
How can I minimize the tax impact from my partnership distribution?
I’m getting ready to retire. When should I consider adjusting my savings plan?
Working with Professionals
The Dilemma
Peter, who is a dentist, and his wife Linda who is surgeon, both are in their 40s and have successful medical practices. They have three pre-teen children and know they should be more aggressively saving for college, but also know that retirement isn’t that far away either. Peter and Linda want to make sure they are financially positioned to pay for their kids to attend college, but also that they can live a very comfortable retirement. They also want to be prepared to handle something unforeseen, such as if one of them were to become disabled or even unexpectedly pass away.
Each are putting money into their own 401(k) plans, but they feel like they need help choosing investments within their plans to make sure their portfolios are diversified. Peter also suspects there are more tax efficient ways they could be saving for their goals.
On top of everything else, Linda needs to buy into the surgery center she works with over the next few years, and neither of them know how to best fund that expense.
The Solution
Hightower Wealth Advisors | St. Louis first determined how much the couple needs to have saved for each child as they turn 18. Assuming they’ll fund four years of college for each, and adjusted for inflation, we helped the couple allocate the right amount each month in tax advantaged 529 plans.
Next, we constructed a retirement plan framework for them to begin working towards. The plan, which incorporates our professional 401(k) management and includes back door Roth IRA contributions, is flexible. It allows for changes in variables like retirement age, annual spending goals and legacy plans, because we recognize that sometimes things change as this transition time grows closer. We also developed a plan for Linda to buy into the surgery center using current assets and financing available through Hightower.
Finally, we helped the family implement an estate plan and proper insurance solutions to protect the children and each other in the event of unexpected death or disability. Working with the couple’s estate attorney, we helped the couple develop an estate plan with all the proper documents and coordinated with their tax accountant to maximize lifetime tax efficiency.
This is a fictional situation. Specific financial advice references provided herein are for illustrative purposes only and are not representative of decisions that have been made since the case study was published nor of decisions that would be made in the future. Advisors’ services, investment strategies and conditions for accepting accounts may vary.
8308 Eager Rd
St Louis, MO 63144
Office: (314) 598-4060
Fax: (314) 754-9132
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