Summit transforms financial futures with personalized strategies that help boost income, cut tax burdens, and build a lasting legacy.
THE CHALLENGE:
When a grieving widow sought help after losing her long-time financial advisor and husband, she faced challenges with transitioning assets and securing financial stability. Her primary goals were clear: steady income that accounted for inflation, minimal tax impact, and a lasting legacy for her children.
However, an initial assessment revealed a misaligned financial plan that included high-fee annuities and a tax burden exceeding $300,000.
Recognizing the need for a more effective strategy, our team stepped in to provide a solution tailored to her long- term needs.
WHAT WE DID:
We implemented a tailored wealth management plan to meet her goals, starting with a customized income strategy that replaced high-fee annuities with more efficient options. To ensure accuracy, we partnered with a third-party firm to benchmark and validate our projected results.
The outcome was a $35,000 increase in her annual income, helping provide a stronger foundation for her financial future.
Next, we restructured her assets to defer taxation on her annuity income, reducing her immediate tax burden while maintaining compliance. For legacy planning, we collaborated with her son to design a strategy securing her lifetime income while passing the remaining assets seamlessly to her children. Together, these steps optimized her income, reduced tax liabilities, and addressed her long-term financial concerns.
THE RESULT:
Our client now enjoys a 42% higher income, saving over $300,000 in taxes and helps maintain a sustainable legacy for her family.
The increased income allowed her to downsize comfortably and invest proceeds for additional financial stability. Her family now has peace of mind knowing her financial needs are fully met without affecting their resources.
