Client Stories 2016: The Importance of a Financial Dream Team


Although some people prefer to have their trusted advisors work independently from one another, amazing things can happen when professionals come together for the well-being of their client. Allowing your financial advisor, accountant, and estate planning attorney to collaborate can often lead to a stronger support system and additional money saved. Such was the case recently for a new client.

In 2014 we received a referral from one of our long-time clients. This referral immediately came on board with our company, but it was sadly just as her husband had passed. The first thing we did was help her find an accountant who could prepare an estate tax return, which was necessary following her husband’s death. We assisted by keeping her apprised of all deadlines, and worked with her newly appointed accountant in gathering information as it related to her investments to ensure the return was filed on time.

We reminded her that we had sold some of her stock in 2015 and she incurred capital gains. We advised her to make sure that her accountant – who was in the process of preparing her income tax return – was aware of the “step up in basis” available to these shares. “Step up in basis” is the readjustment of the cost basis for tax purposes upon the inheritance of an asset.

She asked if we could speak with her accountant directly to ensure everything was taken care of, and we were happy to contact him.

The accountant was all set to file her tax return based on the cost basis in the brokerage firms 1099 Internal Revenue Service tax report that had been issued by the brokerage firm. That report did not include the step up in basis. Our due diligence and professional collaboration with the accountant led to a net reduction in taxable income of $94,000. As a result, the client saved almost $40,000 in taxes.

We have a service called The Professional Teamwork System® that allows us to seamlessly work with professionals that our clients have chosen as part of their family’s financial team. This provides our clients with the comfort of knowing that they have a clear and well-coordinated long-term vision and plan in place.

Because we are deeply involved in our client’s financial lives from the start of our relationship, we have the unique opportunity to uncover and identify significant tax breaks and can help clients avoid potential oversights. Authorizing collaboration with professionals such as your estate planning attorney, accountant and trusted financial advisor allows you to build your “financial dream team.”

To discuss your financial future with a knowledgeable senior wealth advisor, please contact us and schedule a complimentary consultation at 631.218.0077 or at

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