Personal Financial Planning
"Financial planning" is often simply used as a tool to sell investments and insurance products, or tax advice, or wills and trusts. That is not necessarily a bad thing; without knowledgeable advice, these products and services would be a waste of money. True financial planning, however, does not look at these matters in isolation. Good planning requires that we consider the way that all of these issues interact. At our firm, we start by considering where you are today. We listen to your goals and expectations for the future. Then we stand ready to assist you, to whatever extent you desire, in all disciplines of personal financial planning, including:
- Estate planning
- Insurance consulting
- Trust design
- Charitable planning
- Business valuation & appraisal
- Family office & business management
- Executive financial planning
- Cross-border planning
As of 2016, U.S. taxes reached 40 percent for estates of more than $5.45 million. Rates may be even higher when additional factors, such as state death taxes or generation-skipping bequests, are considered. These taxes can have a tremendous impact on a family’s long-term financial position. Tax-saving strategies must be balanced, however, with the needs of the family.
We favor estate plans that promote family harmony, provide for the support of heirs without discouraging the heirs’ own enterprise, and anticipate future contingencies such as a spouse’s remarriage, a child’s divorce or a family member’s bankruptcy. We have years of experience helping families establish charitable trusts, family investment entities, and other vehicles that transfer assets while minimizing income, gift, estate and generation-skipping transfer taxes. In 2009, the Estate Planning Council of New York City, Inc., presented our president, Larry Elkin, with their first ever Lifetime Achievement Award, citing him as a "consummate estate planning professional."