A forty-year-old doctor and his wife came to us with several questions. He had for a long time handled his own investments, and had accumulated over $1 million. He enjoyed the process of choosing mutual funds and individual stocks, but found himself with less and less time to devote to that process. He also wondered if he might be neglecting issues concerning his overall financial picture, including taking care of his family if something were to happen to him; planning for his retirement; the legacy he would leave for his children and grandchildren; and whether he was handling his money with the best possible tax efficiency.

We first conducted a financial planning exercise to flesh out his and his wife’s goals and to pinpoint all of the issues that required consideration. We then prepared an asset allocation appropriate to his and his wife’s tolerance of risk, especially in light of current investment conditions. After performing a further tax analysis, we were able to establish the best way for the couple to access their funds with maximum tax efficiency. We also referred the couple to an experienced Trusts and Estates attorney to begin work on a comprehensive estate plan to fit their financial picture.