Evaluating the opportunities for value maximization and tax-efficiency associated with the available executive compensation.

Sample Action Steps

Stock Option Planning:
Develop a strategy for the timing of exercising stock options based on market conditions, tax considerations, and personal financial goals.

Deferred Compensation Plans:
Analyze the benefits of Jessica's deferred compensation plans and develop a strategy for the timing and structure of withdrawals to align with her financial needs and goals.

Assessing the current coverage and evaluating whether adjustments should be made to more effectively protect the family from unforeseen events and financial loss.

Sample Action Steps

Insurance Review:
Conduct a comprehensive review of existing insurance policies, including life and property & casualty insurance.

Gap Analysis:
Identify coverage gaps and evaluate the family's risk profile. Consider potential additions or replacements that better suit the Taylor Family's current and future needs.

Aligning the financial strategies with legal/tax documents in coordination with the family's outside legal and tax advisors.

Sample Action Steps

Integrate Financial and Legal/Tax Plans:
Develop on-going communication between the team of advisors to ensure that all documents and strategies are aligned. This includes reviewing wills, trusts, and financial plans for consistency and legal compliance.

Annual Reviews:
Conduct yearly meetings between your financial and tax/legal advisors to update and adjust plans based on changes in laws, financial situation, and family dynamics.

Ensuring the efficient transfer of wealth to the next generation while minimizing tax liabilities and preserving the family’s financial legacy.

Sample Action Steps

Establish a Comprehensive Estate Plan:
Work with an estate planning attorney to create wills, trusts, and other necessary documents. The intention is assets are distributed according to Jessica and Michael's wishes and potential disputes among heirs are minimized.

Regular Estate Plan Reviews:
Schedule annual reviews to update the estate plan for any changes in family circumstances, tax laws, and financial goals to help keep the plan current and effective.

Developing a comprehensive retirement plan for Jessica & Michael, focused on maintaining their lifestyle and meeting their aspirational goals.

Sample Action Steps

Retirement What-If Scenario Planning:
Create and assess projections of future retirement scenarios (such as long term care needs, changes in market performance, or home relocation) to provide Jessica & Michael with an understanding of the impact certain decisions could have on their retirement outcomes.

Retirement Income Strategy:
Develop a strategy to fund retirement goals that includes diverse sources, such as social security, pensions, and portfolio income.

Preparing next-gen family members for financial independence and responsibility of managing and growing their inheritance.

Sample Action Steps

Create a Family Financial Handbook:
Develop a comprehensive guide that outlines the family’s financial philosophies, strategies, and expectations. This serves as a valuable resource for Olivia and Ethan, helping them understand the family’s financial framework and responsibilities.

Personalized Financial Workshops:
Organize regular workshops tailored to Olivia and Ethan’s needs, covering topics like budgeting, investing, and estate planning. These sessions provide practical knowledge and encourage active participation.

Aligning Michael's investment portfolio with his values by prioritizing the environmental, social, & governance (ESG) criteria with a sustainability focus in the investment selection process.

Sample Action Steps

ESG-Focused Portfolio Design:
Build a portfolio with the desired ESG criteria that is aligned with Rebecca's sustainability and ethical concerns.

Regular Portfolio Reviews:
Conduct portfolio reviews focused on confirming that the investment portfolio remains aligned with the desired criteria and personal values.

Developing a long-term plan to create tax-efficient income streams for Jessica and Michael to maintain their lifestyle in retirement.

Sample Action Steps

Tax-Advantaged Accounts:
Maximize contributions to IRAs, 401(k)s, and other tax-advantaged accounts to ensure tax-efficient growth of retirement savings.

Income-Focused Portfolio Design:
Focus on building a tax-efficient portfolio that generates steady dividend and interest income to provide reliable cash flow.

Planning for potential healthcare and long-term care expenses for Robert and Linda (as well as Jessica & Michael) to ensure they are covered without depleting the family’s wealth.

Sample Action Steps

Long-term Care Insurance:
Evaluate long-term care insurance policies for Richard and Elizabeth. These can provide financial protection against the high costs of long-term care services.

Scenario Planning for Healthcare Costs:
Develop and regularly update scenario plans to prepare for various significant healthcare and long-term care costs.

Creating a lasting philanthropic plan & structure that involves the entire family in charitable activities.

Sample Action Steps

Set Up Donor-Advised Funds (DAFs):
Establish DAFs to manage charitable donations efficiently, allowing Jason & Sophia to make significant contributions to important charitable causes while receiving immediate tax benefits.

Family Philanthropy Meetings:
Hold regular meetings to discuss and plan charitable activities, ensuring the entire family is engaged and aligned in their philanthropic efforts.

Implementing strategies to minimize tax liabilities across various financial activities, including estate planning, investments, and charitable giving.

Sample Action Steps

Tax-Efficient Investment Options:
Implement strategies that help preserve wealth and reduce tax liabilities.

Direct Indexing: Use direct indexing to capture tax losses while maintaining the overall market exposure.
Tax-Loss Harvesting: Regularly sell securities at a loss to offset gains and reduce taxable income.

Strategic Gifting:
Utilize the annual gift tax exclusion to transfer assets to heirs without incurring gift taxes. This reduces the taxable estate and allows for the gradual transfer of wealth.

Safeguarding the family's financial information from fraud and cyber threats and protecting the custody of investment assets.

Sample Action Steps

Major Custodian for Asset Protection:
Use a major custodian like LPL Financial to safeguard assets. LPL offers a Cyber Fraud Guarantee that reimburses you for 100% of realized losses in your impacted LPL accounts, which were incurred directly as a result of unauthorized access to an LPL system.*

Educate Family Members:
Provide training on best practices for safeguarding personal and financial information. This includes recognizing phishing attempts, using strong passwords, and securing personal devices.

*Visit for more details: https://www.lpl.com/disclosures/privacy-security/lpl-cyber-security/cyber-fraud-guarantee.html