In 2015, we were introduced to Greg. At the time, he was in his late 30’s and became a paraplegic as a teenager. Greg’s original injury settlement had grown substantially over the years, and he had worked to accumulate wealth from his career in the technology industry. Greg also had a degree in finance from a prestigious university. Over the years, he had worked with two other local wealth management firms but was unsatisfied with the results. He was in the process of considering terminating his Special Needs Trust to reduce cost and shift solely to self-investing.
Here are the ways Coldstream’s Disability Advisory Services became an advocate for Greg and assisted him in achieving better outcomes.
Special Needs Trust: We assisted Greg in engaging a drafting attorney to gauge the risks and rewards associated with terminating his Special Needs Trust. After this investigation, he decided to adjust his trust by moving it to Nevada for greater asset protection. He also transitioned trustee services to a family member as a means to reduce annual costs. Preserving the Special Needs Trust retained future options to use government benefits if his health ever declines and provide significant peace of mind in terms of legal protection.
Financial Planning: Greg had considered transitioning to a second career in education. Our team assisted him with creating a financial plan and running various scenarios that incorporated switching careers from tech to education. We wanted to ensure his long-term retirement goals could be achieved. Greg gained comfort and confidence in his ability to safely shift to a lower paying job while maintaining the quality of life he desired.
Tax Planning: Greg needed help with creating an effective tax strategy for two major events in his life. The first was selling his house and the second was rebalancing his investment portfolio. Greg wanted to shift the asset allocation to a more conservative investment objective but wanted to keep his tax bill reasonable. Effective tax planning can impact return performance in large portfolios, so we were happy to help create a plan suited to both his needs.
Alternative Investments: When Greg came to Coldstream, he was attracted to our alternative investment options. He valued Coldstream’s investment philosophy toward creating customized and diversified portfolios. He felt that our approach was broader than his previous wealth managers’. Given Greg’s risk tolerance profile and long-term financial goals, Greg took part in several alternative investments.
Insurance Solutions: Early in our onboarding process we wanted to connect Greg with Fit Insurance, an affiliate of Coldstream Wealth Management, for a comprehensive insurance review to identify gaps in coverage. Greg decided to postpone the introduction with Fit and continue with his personal insurance provider. Unfortunately, Greg experienced a house fire before his introduction to Fit, which left him liable with approximately $75k in non-covered damages. The gap between his insurance at the time of the fire and the High-Net-Worth Coverage he shifted to through Fit Insurance post-fire was real. Although it was an unfortunate event, he is now protected from risk associated with disasters like the fire.
How We Can Help You
Every client is unique. That is why our approach to comprehensive wealth management and disability services is customized to your needs. Our experienced team is here to help you and connect you to service providers to facilitate any projects you need help with. Get in touch with Coldstream today and let us help you reach better outcomes.
Disclaimer: While the stories in these examples are true, names and some identifying details have been changed to protect the privacy of the people involved.