Joe is the CEO of a successful business in the local area.  He started the business 25 years ago and profits have increased substantially over the years.  Joe’s son Mark is involved in the business and has expressed a desire to take over the CEO role someday. The other two children are not involved in the business.  Joe doesn’t have plans to retire but is interested in creating a plan that protects his business, allows him to retire someday and create a fair distribution plan for his children. 

Joe and Susan have accumulated assets in different retirement savings accounts over the years but don’t have a clear picture of what Joe’s business is really worth and what they can spend in retirement.  They currently spend $15,000 a month.

The Smiths would like to leave a legacy behind for their children.  They have grandchildren and enjoy spending time with them every chance they get. 

They work with a CPA and an estate plan attorney – their estate plan is 10 years old.

How did Moneta Help?

Working side by side with Joe, the Duff team was able to create a succession plan for the business that allowed Mark to slowly take on more leadership over the years and eventually purchase the business from Joe.  It was important to build a plan that allowed Mark to purchase the business while lowering the gains that Joe would have to pay.  In addition, a plan was created to ensure that the transfer resulted in zero estate tax.

The Duff team created a financial action plan that allowed Joe to retire at a time of his choosing and spend $15,000 a month in retirement while leaving a substantial legacy for their children and setting up a charitable fund to give back to the organizations they care for most during their lifetimes.  They also gift to their grandchildren’s education fund each year.

Joe and Susan revisit their plan frequently with the team and are looking forward to confidently entering retirement.


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