60+ Ways LifePoint Planning Helped Clients in 2024 (Outside of Just Investment Portfolios)

For many years, one of the primary ways financial advisors added value to their clients' lives was by picking mutual fund managers, stocks, or simply putting their clients into a model portfolio (the classic "overcharge and underdeliver" business models).

Clients often begin to question what other areas an advisor might provide value for them.

At LifePoint Planning, we pride ourselves on offering tailored solutions to navigate the complexities of financial planning. In addition to answering the classic questions like, "Do I have enough money to retire?" or "How should I be invested during retirement?", we started compiling a list of different ways we've helped clients so far in 2024 that go beyond our standard service offering found here.

Below is a running list of 60+ ways we've helped clients so far this year, categorized into key areas of planning:

Investment Planning

TIPs ladder construction and implementation for income in retirement
Account consolidation to simplify household financials
Optimizing large cash positions held in investment accounts (Roth IRA in some cases) at a previous advisor
Recommendation to not purchase an annuity due to client’s income, risk, and legacy preferences
Recommendation to purchase an annuity for a client with a “safety first” income preference
Reverse mortgage planning for a client with a large home equity value
“Rescuing” a client from a portfolio with 280+ positions at a previous advisor
Reallocated bonds into other accounts than Roth IRAs (aka Asset Location)
Implemented a 401(k) roll-in to isolate after-tax basis in a Traditional IRA for Roth conversion (tax efficiency strategy)
Employer stock sale to fund home building (tax planning and investment planning)
Navigating the payoff of a large margin loan opened by the client's previous advisor

Tax Planning

Reviewing annual tax return
Navigating and creating a plan for realizing large capital gains over multiple tax years
Unwinding an annuity that turned capital gains taxes into ordinary income taxes
Starting Roth conversions
Stopping Roth conversions
Capital gains tax budgeting for highly appreciated stock
Income planning when retiring before 59.5
Tax bracket management for income purposes when withdrawing from taxable accounts
Tax-gain harvest for clients without high taxable income
Tax planning for the sale of family business
Navigating large capital gains and “trimming the winners” (triggering additional taxes) due to single stock concentration
Set up and funded mega backdoor Roth 401(k)
Donor-advised fund planning
Navigating net unrealized appreciation (NUA) decisions for company stock held in 401(k)
Navigating a non-qualified annuity inheritance and strategies to offset taxes on gains
Roth IRA recharacterization back to Traditional IRA due to current year’s high income relative to other years (tax savings strategy)
ACA vs COBRA for tax planning and health insurance planning
Dependent care FSA strategy for tax savings on daycare costs
Strategies for gifting between spouses for quicker step-up in basis

Estate Planning

Planning for a special needs beneficiary
Trusted contact communication rules for a widowed client with no other beneficiaries
Funding of trusts/re-titling of assets
Successor trustee vetting process with client and corporate trustee
Gifting to beneficiaries while alive vs. after death
Analysis of second-to-die life insurance strategy
Planning for inheritances after the death of a parent
Estate planning goals for a client with 80% of their assets tied up in annuities purchased before we met them
Confirmed, changed, and added the correct beneficiary titling

Retirement Planning

Pension decisions: lump sum vs. annuity option
Coordinating income with tax-sensitive items (e.g. Medicare Premiums/IRMAA)
Helping lifelong savers give themselves the "permission" to spend in retirement
Social Security claiming strategy planning
Navigating tradeoffs of semi-retiring and earning less vs. staying at a job the client dislikes for the next few years
Going back to work after a sabbatical
Career change/job change after 25+ years with one company
Navigating a 2-year sabbatical from work
Analysis of purchasing water rights and additional land

Cash Flow/Income Planning

Paystub analysis (current or final paystub analysis for planning decisions)
Logistics of purchasing a home using assets vs. financing
RV purchase decisions
Hip replacement surgery funding
Best account to withdraw from for home remodel
Major purchase decisions when only accounts were pre-tax assets
Benefits elections at new company and/or open enrollment
Securities-backed line of credit opening and logistics
Wedding funding for a client's child
Navigating the purchase/sale of a business over multiple of years
Emergency fund advice for clients who prefer large cash balances
Planning for windfalls from injury settlement

Insurance Planning

Health insurance decisions (with employer, before Medicare, and enrolling in Medicare)
Facilitating the payout of life insurance death benefits
Analysis and recommendations for liability insurance and umbrella insurance
Analysis of perpetual homeowners insurance only available in Maryland
Long-term care insurance/plan funding
Disability insurance claim negotiation with insurance carrier
Purchase and/or surrender decisions for permanent life insurance

Other Specialized Planning

Psychological and money advice for a recent divorcée

This list demonstrates the breadth and depth of services we offer to address a wide range of financial needs. LifePoint Planning's expertise ensures that every unique financial situation is handled with care and precision, allowing our clients to make informed, confident decisions about their futures.