Who Are Our Clients?
At Soaring Wealth, we serve several types of clients, but the underlying common factor is a focus on creating an integrated financial plan with strategic tax planning, and many clients also have international planning needs. Below are a few case studies that capture the essence of who we work with.
Foreign Executives Moving to the US
Karl and Helena moved to the US from Sweden two years ago for Karl’s job, along with their two young children. He has been posted here for a three-year assignment, but now has the opportunity to localize to the US, apply for a green card, and remain indefinitely. Karl and Helena need to understand the potential implications of this decision, and potentially need support to transfer assets to the US and guidance about how to best invest for the long-term.
We guided them through the tax implications of getting a green card and the various US savings vehicles that are available to them (for retirement, education and healthcare), and helped review their foreign investment and pension accounts to improve their taxation and streamline reporting.
Hayward and Vivian are in their mid-40s with three kids. Hayward is a teacher, and Vivian works virtually for a tech company in Silicon Valley. While they have high combined incomes, they are nonetheless challenged with competing financial goals: saving for their kids’ college, saving for their own retirement, and facing the reality that they may need to provide support for Vivian’s parents as they age. In addition, Vivian has significant variable income for which they could use some tax planning – bonuses, ESPPs, RSUs, and stock options, and moreover she is interested in diversifying those funds into socially responsible investments. Finally, she has recently accepted a two-year secondment to Germany with her family and needs to understand the long-term financial and tax consequences of doing so.
We first discussed the tax implications of working abroad and prepared a sample cash flow to understand what kind of lifestyle they could lead, factoring in a different compensation structure, costs of living, US and German tax liabilities, and the fact that Hayward would give up his salary temporarily to become a stay-at-home parent. We also worked to set goals for their children’s college savings, mapped out a plan for their retirement, and created an investment strategy that included a long-term plan for managing Vivian’s corporate stock holdings.
Retirement Planning for Pre-Retirees
Adam and Hannah are almost ready to retire, but they want to make sure to manage the transition in a financially strategic way, as well as maximize their Social Security income and plan for future medical expenses and potential long-term care needs. They have a variety of taxable and retirement accounts (including annuities) that they’ve accumulated over the years, and they need help simplifying and determining the best way to start taking money out of these various accounts. To complicate matters, Adam is Canadian and has both retirement and taxable accounts there, and will be receiving both pension and social security income from Canada. Overall, they’re looking forward to enjoying their hobbies in retirement, but find the financial choices daunting.
We helped Adam and Hannah dig into their retirement income strategy to determine the best way to fund their lifestyle, simplify their financial matters and streamline their tax reporting. In addition, we talked about the kind of legacy they want to start building and came up with a plan to prioritize their values and build an estate plan that would provide for both their grandchildren and favorite charities over the long term.