Just five years from retirement, our clients, both senior executives, faced some pretty weighty issues. Both husband and wife owned a great deal of stock in their respective companies. The stock concentration put them at risk, and the time had come to diversify. They were also interested in sitting down with an expert on retirement and estate planning.
Customized, integrated solutions
Working with us, the couple was able to clarify and prioritize their goals and gain a detailed understanding of their compensation, benefits and overall personal financial picture. Using this information, we developed a wealth plan intended to:
- Maximize their corporate benefits while minimizing tax implications
- Address their single-stock exposure and divest these concentrated holdings in a tax-advantaged manner
- Use some of the proceeds to implement a customized asset allocation strategy designed to meet their long-term retirement income requirements
- Fund a tax-efficient charitable trust using low-basis company stock and working with Northern Trust’s philanthropic services team
Northern Trust was able to offer the clients an integrated experience by bringing together multi-disciplined specialists who understood their goals, developed an appropriate plan and customized solutions. In addition, we collaborated with the couple’s external advisors to help implement and manage their plan.