Client Stories

Client Story 1 – Middle Market Millionaire

This first story I would like to share is about a particular client who came in to see us and was devastated when they found out that they would have to pay the government $5 million dollars if they were to pass away at that time. They were working with a trust company, brokerage firm, CPA firm & estate planning attorney – All who were not communicating with each other.

The client brought their statements brought us to review and said “We have around $5 or 6 million dollars.” We gathered their information and created their personal financial statement using Advisor Forever showing their true net worth of $11 million dollars!

Right now the estate gifting rules could protect up to $5 million under the current estate tax exemption, but back then it was only $1 million. They also did not realize they had an aggressively managed portfolio with a huge market risk. We could see that planning needed to be done. The client decided to protect their wealth while alive, or if they passed away.

In the end, this client no longer worries about the government getting their money & has peace of mind.

Client Story 2 – Entrepreneur

The next story I would like to share with you is about a high net worth family who had their CPA firm complete their personal financial statement. The well-respected CPA firm had their net worth at $19 million, but after our firm took the time to complete a new personal financial statement and a detailed list of questions. We found out that they were really worth $31 million! How could they have calculated their worth to be off by $12 million?!

Through a serious of questions we realized that the land had been valued at cost for one of their entities that was purchased in the 1940s, but in 2005 it was valued at $12 million higher than the original valuation!

In addition, most advisors do not complete personal financial statements, including CPAs and estate planning attorneys. This can be very criterial in the future for so many reasons, including estate planning.

This particular client 5 years later made the largest donation ever of $7 million to a local university.

The Advisor Forever software is a financial tool to utilize no matter who your Advisor may be.

Client Story 3 – Retiree

The last story I would like to share with you just happened this past month, October 2015.

We completed a client’s personal financial statement utilizing the Advisor Forever software, and found that they had a net worth of $1.3 million - Much higher than they had ever anticipated! They had qualified and non-qualified plans and had just never added it all up to see their true net worth.

We then discovered, the client’s wife will be inheriting about $600,000 from her mother. After completing her mother’s personal financial statement we found that she had a net worth of $1.5 million. We were able to complete income planning and gifting to the daughter while protecting the mother’s estate. The future estate of the client and his wife is $2.8 million and using the rule of 72 could double to $5.6 million after they received the assets from her mother. Additional planning strategies were put into place the children’s estate for potential estate taxes utilizing a gifting strategy.

The Advisor Forever software allows you to update your information at any time and to be your own advisor, or pass on the information to your trusted advisor.

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