Saving and investing opportunities should start early to fund future objectives such as education. Once a career begins, a oordinated approach to saving, investing, risk-management, and tax can set foundation for smooth transition into retirement.
Transitioning from the accumulation phase to generating a sustainable income is critical to long-term client success. The objectives of this phase are to design a strategy that minimizes tax liability over the long term -- not just the current years.
Optimizing income from all sources -- including investments --in a tax efficient way can increase the longevity of the plan. Smart rebalancing and distributions can increase philanthropic impact while preparing for legacy objectives.
As assets are transferred between spouses and ultimately heirs, the team can coordinate income requirements, tax considerations, and other intensions. The phase's goal is to positively impact the client's wealth on the lives of others -- either heirs or charity.