Mike was referred to us by a CPA who prepared Mike’s father’s tax return. Mike’s father was diagnosed with early onset of dementia and Mike had been given Power of attorney over his father’s affairs.

Our first step was to sit down and work with Mike to review all aspects of his dad’s retirement situation. During the review process it became clear that there were assets in various brokerage accounts, no clear investing strategy, no income strategy, and in most cases, no beneficiary designation. Mike was overwhelmed with the task of simplifying his dad’s affairs and managing his dad’s retirement income.

We were able to help Mike consolidate his dad’s assets into one custodian and provide portfolio recommendations for Mike to implement with the new custodian. Working closely with Mike, we were able to determine the amount of income his dad would need from the portfolio for living and health expenses and to leave a legacy to his family. As part of this process, we were able to analyze tax consequences for reallocating the assets in the portfolio, locate the proper account to place assets for tax efficiency, and make sure there were proper beneficiary designations.