BUSINESS OWNER

Very successful business owners that have recently transferred much of the interest in the business to their children and have started exploring the freedom of post-work life. Home base is in Florida, but also has a home in Wyoming and an apartment in New York City. Active lifestyle, traveling and visiting family across the country. 

CONCERNS

  • Finally able to slow down, but managing the finances feels like a full-time job with ten different bosses – the accountant, the attorney, the insurance agent, the money managers – and none of them talk to each other.
  • Does not have a reporting structure for their personal wealth enterprise. They are used to reviewing Income Statements and Balance Sheets, but they just don’t have that structure in place personally.
  • Taxes are a weight that seems to hang around 9 months out of the year. Gathering all of the information is time consuming and complicated, and the worry of missing something is always present.
  • Realize there is “enough” money, but unsure how much additional capacity exists to gift and/or spend.
  • The estate plan is 15 years old and there are new family members and charitable interests have changed and grown.
  • Monitoring the utilities, taxes, and mortgages from multiple households have become a drain on time and energy.
  • It feels like tracking the money dictates life. Are the bills correct? Are the paid on time? Was something missed?

HOW FAIRWAY HELPS

  • Coordinates and acts as the main touchpoint for professionals involved in every entry on the client’s personal balance sheet.
  • Develops a holistic investment strategy, in consideration of the client’s remaining interest in the business.
  • Manages the tax return process for the individual returns as well as trusts and other entities. This ensures that tax projections are up to date, all tax documents are compiled, ensures deadlines are met and that necessary tax payments are made.
  • Developing long-term wealth projections help provide comfort to enhance family and philanthropic gifting strategies.
  • Leadership in the estate planning process to help ensure  the client is aware of and utilizing appropriate strategies involving children’s trusts, GRATs, and Defective Grantor Trusts. Ensure that the assets are titled correctly for estate purposes.
  • Fairway’s Family Office can setup comprehensive bill payment and management.
  • Collaborates with client’s insurance experts (or introduces as needed) to further wealth preservation and risk management of business endeavors.
  • Manages client’s charitable giving and foundations.

RESULTS

  • Client has a proactive, reliable team of professionals/experts handling financial life.
  • Can now live personal life with the convenience of having their personal CFO a phone call or email away.
  • Instead of spending multiple hours per week handling money issues as they appear, Fairway proactively recognizes and manages finances.
  • Meeting or call with Fairway each quarter for a review.
  • What used to be a cause of stress now provides peace of mind.
  • Instead of money dictating life, wealth now facilitates lifestyle.

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