Smolin Wealth Advisors

In today’s ever evolving economy, managing wealth requires expertise, professionalism and a team of professionals who are focused on your specific needs. Smolin’s panel of wealth advisors and finance professionals include Certified Public Accountants, Certified Financial Planners, Personal Finance Specialists and Registered Investment Advisors. These individuals have the certification, experience and knowledge to manage your wealth to allow you to focus on your business.

By tailoring financial solutions to the specific needs of each client, Smolin’s qualified advisor is able to manage your assets in order to meet your financial goals. Smolin wealth advisors are dedicated to providing excellent service, open communication and portfolio management that maximizes growth, while adhering to your requested risk level.

Our wealth advisors provide a number of services including:

 

Cash Flow Management

Cash Flow Management seeks to manage your personal liquid assets as they would be in a business setting. Rather than seeing cash as simply a way to pay for things, Cash Flow Management looks at money management strategically in order to meet both short term and long term financial goals. This management view allows you to see how payments now can affect your liquid assets in the future. This management style is more than just a budget, which typically outlines income and expenses without creation of a system to facilitate savings and growth.

Many people forgo this step, believing that a simple budget is sufficient to meet their cash flow needs. However, a managed cash flow system, when used correctly and on a consistent basis, can strengthen your financial position. Cash management can put you in a position where large bills and savings goals, both short term and long term, are addressed in an effective way.

 

Household Payroll Management

Household employee include housekeepers, cooks, nannies, valets and others who do work in and around your home. Individuals who are contractors and provide services to more than one individual under their own business license are typically viewed as independent contractors and household employees.

In order to meet federal, state and local requirements, individuals are required to withhold and pay taxes, including social security, Medicare and unemployment taxes. Ever changing tax laws can dramatically affect the amount of withhold that is required and what payments you are required to make as an employer.

Our concierge team can manage payroll for your household employees including tracking, reporting and payment of all required taxes. Professional management of household payroll ensures that you are meeting all federal and local requirements and avoid costly penalties and fees.

Additionally, payroll management allows you to focus on other, more important issues with the comfort in knowing that your home’s obligations are being taken care of.

 

Charitable Foundations and Fundraising

Giving back to causes that are important to you and your family is personally rewarding. In order to maximize tax savings and adhere to government regulations, the Smolin team of wealth advisors can help establish an individualized solution for charitable efforts that suit your unique needs.

Depending on the needs of your family and your charitable goals, a private foundation, charitable trust or charitable endowment may work best for your needs. The Smolin team can be instrumental in establishing your charitable donation and ensuring that it is kept in compliance with local laws, state laws and IRS regulations. Our team handles all details so that you may focus on the charitable work that is important to you.

 

Monthly Reporting

Open communication is at the crux of wealth management. To that end, reporting on your portfolio and discussion about your financial position is available on demand at any time. Regular monthly reporting allows you to see all activity, transactions and performance over that time period. Account summaries include:

  • Beginning and ending balances.
  • Consolidation statements for all managed accounts
  • Profit and loss statements.
  • Investment performance.

Monthly reporting is automatic and can be assessed in a manner that is most convenient for you, be it by the internet, email, post or fax. Further reporting is provided quarterly and annually to provide an accurate overview of your entire portfolio.

 

Asset Protection Planning

Asset protection is a strategic way of evaluating and protecting your assets. Individuals with wealth, particularly business owners, are at constant risk financially. Lawsuits, claims, taxes and accidents can jeopardize your assets and overall well-being. A qualified wealth advisor can develop a plan based on the particulars of your situation that protect your assets. This is done in a way that makes assets difficult to reach in the event of a claim, but does not attempt to hide assets.

Attempting to self-manage asset protection could result in violating fraudulent transfer laws. Transferring assets in a manner that is not legally accepted can be viewed as fraud and may have considerable legal and financial repercussions. Therefore, asset protection is best left to professionals.

Unexpected liability can come from a number of sources including:

  • Tax liability at the state, federal or local level.
  • Accident claims at your home or place of business.
  • Business creditors.
  • Individual creditors.
  • Medical expenses.
  • Marriage dissolution.
  • Litigation.

Generally, there are three primary methods for protecting assets legally and ethically:

  • Insurance: This is the easiest way to protect your assets and wealth in case of a catastrophic event.  Reviewing all policies, including life insurance, disability insurance, medical insurance, long term care insurance, property insurance and general liability insurance, is important to know if your current level of insurance is sufficient to address your needs. If insufficient, our team of wealth advisors will provide a course of action for obtaining or increasing insurance levels.
  • Statutory Protection: Laws exist at both the federal and state level that outline what assets are excluded from lien in the event of a judgment. Commonly excluded assets include:
    • Principal residence.
    • Personal vehicle.
    • Prepaid tuition plans for dependents.
    • Life insurance benefits, including any cash value.
    • Wages.
    • Annuities.
    • Qualified Plans
    • IRAs
    • Certain Trusts.
  • Asset Placement: Asset placement means that assets are transferred to a trust, person or other legal entity. If you are held personally liable, creditors are only able to come after assets that you own. Assets that are held by another entity are outside of the reach of a creditor. There are a number of legal issues with asset placement which must be carefully considered with the assistance of a legal counsel.

Smolin Wealth Advisors are able to customize a financial solution that meets your unique needs while minimizing costs and maximizing growth.

Premier Lifestyle Services

What began as a simple bookkeeping service for Smolin’s wealthiest clients evolved into Premier Lifestyle Services, developed specifically with the needs of our high-net-worth clients in the front of our minds. We understand that you lead a busy life without nearly enough time in the day, which is where we come in.

With Premier Lifestyle Services, you have access to a full suite of services. As your accountant, we have your financial best interests in mind. It only makes sense for the day-to-day management and allocation to be handled by someone with an already strong understanding of your monetary assets.