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Wealth Control Advisors, LLC
60 William Street, Suite 200
Wellesley, MA 02481
781-235-8891 MA telephone
781-235-8890 private fax
866-235-8991 outside Mass.
10781 Waterford Place
West Palm Beach, FL 33412
561-691-1380 FL telephone
info@wealthcontrol.com
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Case Study 1: Prominent Physician And His Mature Family
Ten years ago, a prominent physician and spouse had designed a comprehensive charitable estate planning strategy that used the proceeds of life insurance as the primary asset for inheritance distribution to their children. The majority of the balance was to be distributed to charity via a charitable lead trust. When we initially meet, the clients had not reviewed the overall plan since the original plan was created. In the Wealth Control System Audit, we performed a Life Insurance Survival Audit, a Long Term Care Economic Impact Study, and a IRA & Retirement Plan - Distribution Planning Audit.
As part of our Wealth Control System Audit, we learned the following,
- Assets had not been transferred properly and some not at all, creating potentially higher fees and taxes.
- The current life insurance policies were Variable Universal Life insurance which had relied on high investment returns as part of their internal funding. As a result of volatility in those internal investments, the insurance plans were now under funded and in jeopardy of lapsing in the near future unless the clients increased the amount of the annual premiums considerably
- Personal retirement investments were not integrated to one platform, used multiple advisors and the fees were too high
We worked with the client's attorneys to make sure that their legal documents were updated to include HIPPA language, correct and complete the asset transfers, consolidate and rewrite their life insurance to plans not reliant on investment returns (and which had a guaranteed and finite payment schedule) that, and finally all of the investments were consolidated to a single active management firm.
We became the “Chief Operating Organizers” for the client’s family wealth planning, collaborating with legal, investment and other advisors. We are currently working with the client and spouse to capture their family histories to help memorialize that information with their family financial philosophy and personal vision statements, utilizing recorded archival information along with written Ethical Wills and perhaps videography.
You can read about our comprehensive Tailored Services, Our Clients, or How We Work, or Contact us to get started today.
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