We were working with a husband and wife who were looking at retirement sometime within the next five years. After going through our initial discussions and fit meetings we decided to collaborate and built out a full financial plan for them to determine the most suitable path to get them to retirement. After gathering all their information and putting the pieces of the puzzle together they were thrilled to find out that they had the option to retire early, and not just a year or two earlier than expected – a full five years earlier than expected. We worked with them to get their retirement plans and current investments in line with this goal as well as discussing the different aspects of their risk management and estate, and tax planning. Once everything was laid out by the end of the summer, they were able to give their notice to their employers that they would be retiring at the end of that year – five years earlier than they thought they could retire. Since retirement they have been able to spend more time helping with their grandkids as well as taking multiple golfing trips around the country and down in Mexico where they spend a portion of almost every winter.
A prospective collaborative partner came to us concerned about their investments and a lack of contact from their current advisor. After initial fit meetings and discussions around their whole situation it was determined that they were at a stage in life where only a minimal amount of planning was needed but in order to accomplish their goals and provide for their family they would need a massive shift in their investments and savings structure. We collaborated together and came up with a plan to increase their monthly savings as well as a debt paydown plan. We also reviewed their current investments and created a roadmap that would allow for investment growth with a defensive positioning to mitigate losses in down markets. After just two years they paid off their debts and were putting the money that they had been using to pay down debts toward their investments for their future retirement needs. A regular contact and meeting schedule was utilized to ensure they were staying on track and did not run into a situation again where they were left on their own to figure out their investments and their future.
In one planning meeting we evaluated a collaborative partner’s taxes, who participates in several businesses. After a particularly difficult tax year due to a large amount of investment capital gains as well as capital gains due to a sale of a portion of one of the businesses, we helped them determine that there were a few additional levers they could pull to reduce their tax burden. One of those levers on its own would allow them to save over $4,000 in taxes after filing their amendment for the year. We were also able to put together a future tax plan in which there would be communication around business sales or restructurings as well as tax loss harvesting in order to mitigate future capital gains. They were also able to adjust how they filed their taxes in order to even out their tax payments over the course of the year and reduce the chance of running into a situation where they ended up with a large tax bill at the end of the year.
After a few friends of a collaborative partner had passed away suddenly, they wanted to update their estate planning and be sure everything was in order in the event of their passing. In the process of helping them organize their finances and resources for their meeting with the estate attorney we evaluated the beneficiaries on all of their accounts held both with our firm as well as outside our firm. They had done some planning previously and had set up an Irrevocable Life Insurance Trust (ILIT) for the benefit of their four children (two each from previous marriages). Though this Life Insurance policy was held outside of our firm, we were able to work with the collaborative partners to determine that when it was created an error was made in filing the paperwork and two of the children had not been added as beneficiaries. Had they passed suddenly these two beneficiaries would have been out over $600,000 of their inheritance from the trust. We were able to rectify this filing error, get all four children added as beneficiaries to the policy, as well as become agent of record on the policy so that the underlying investments could be updated since they had not been looked at or adjusted since the initial creation of the ILIT.
After the passing of a collaborative partner who owned a business, apartments, and other investments, we met with his five children who stood to inherit the business as well as a substantial trust that had been set up. We worked collaboratively with the children to lay out a plan for them and their children that would work for each individual and their family. We also collaborated with the estate attorney so everything was set up properly and everyone was taken care of. We were able to utilize a portion of the trust assets to pay the estate taxes and divided the estate so that the children who wanted to continue running the business could do so while the children who did not want a part of the business were allocated other assets as their inheritance. All 5 children were able to work together and stay close in spite of the complications that arose from time to time with our and the estate attorney’s guidance. The estate is now settled and trusts have been set up for each of the beneficiaries so that their father’s wishes can be met and they will be taken care of when they retire and their children and grandchildren will be helped with certain large purchases in their lives as well as any educational needs they have. The family still all gets along and enjoys spending time together.
Big Sky Wealth Advisors, LLC is a Registered Investment Adviser in the state of Montana. Big Sky did not provide any cash or non-cash compensation in return for these testimonials and endorsements by existing clients. Big Sky is also not aware of any material conflicts of interest on the part of the person(s) giving the testimonial or endorsement resulting from the person’s relationship with Big Sky Wealth Advisors, which could result in an incentive to recommend the adviser.
The client experience story is considered an “Endorsement” by the SEC and is intended to provide a narrated example of the services and solutions provided by Big Sky Wealth Advisors to its clients. The endorsement is provided by an actual client of Big Sky Wealth Advisors. The storylines illustrate real-life scenarios and challenges that our clients face and how we can serve as your investment and planning guide. Our firm does not compensate our clients for endorsements, nor do we believe there are any reportable conflicts of interest between the client and the firm with this endorsement.
