Michael R. Albillar, CFP^®

This is a long time away, likely 20 years or so.

I always coordinate with a client’s outside professionals like CPAs and Estate Planning Attorneys. One good example of this was to ensure that a family did not have a big tax liability when one of the spouses passes away. They had been sold an annuity by an insurance professional who did not know tax law very well. They were advised to make their trust the owner of the annuity. The details of their case is very complex but when one of the two passed away it would have triggered a taxable event to the trust which has tax rates that are much higher than an individual. By working with their attorney, we were able to save nearly $250,000 in additional taxes by ensuring specific language in their estate documents regarding that asset.

I love to be outdoors and away from the city. I snowboard in the winter and go camping in the summer. When I am not outside I am typically in my garage working on a classic Mustang that I have been rebuilding with my son and nephew.

Teaching people about money and how it can help them achieve their goals. All of us living in America should get some training about financial literacy but this is poorly lacking in society. When clients come to us, they typically have some sort of money problem they don’t know how to solve. They may be nearing retirement and need help making sure they are on track. They may have just inherited money, or a loved one passed away and they need help getting their financial lives under control. It is our job to take an objective look at their situation and offer ideas and solutions to their problem. It takes time to build trust but when you can teach clients why you are recommending something and the impact it can have that really shows people we are working in their best interest and not just trying to sell them something.

When a client passes away. I have worked with many clients for a long time and really get to know them and their families. It is emotional to lose someone you have known for years and then we must step in to ensure that their financial assets pass to loved ones. It is a true test of our financial planning to see that a client’s objectives are met, and that their family is taken care of.