Special Situations Planning

Planning for the Unforeseen

If there is one certainty in life, it is that life is uncertain.  Regardless of how well you plan for the unforeseen, it is impossible to know how the storybook of your life will play out.  As these situations occur, it is important that you have a qualified team to help you make the best decision.  At Baker Retirement & Wealth Management, P.C., we have years of experience in helping you manage diverse situations.  Planning for bankruptcy, disabled relatives, and the sale of the business are just a few of the “special situations” we help with everyday.

Planning for Bankruptcy

Unfortunately, in these times, it is sometimes necessary to seek protection from creditors.  Advanced planning can many times help clients avoid the “easy solution.”  If bankruptcy is necessary, our team can work with attorneys to insure that the client understands what financial options exist and what protections they have.

Planning for Change In Employment

When individuals look at changing employment, they must analyze whether that move will have a positive wealth effect or not.  Although this is not the only reason to make a change, proper planning requires the individual to weigh all of the factors.  Factors such as compensation, benefits, and advancement potential must all be considered before making the final decision.

The Baker team can help evaluate changes in employment by making an apples-to-apples comparison between your current and potential benefit packages.  We will also help you consider the costs of relocating and how they affect the decision.  In addition, we help clients understand the new retirement plan that is being offered and how best to use it.  We can also help you develop a game plan for retirement plan assets from prior employment.

Financial Planning for Opening a Business

Clients starting a business must make many decisions that could result in the success or failure of the business.  Many entrepreneurs overlook assets or sources of funds to start their business.  Our approach is to help educate clients on the tax consequences of withdrawing funds from retirement plans or taking out loans against 401K assets.  We can also provide support in the development of a good business plan, taking into consideration account cash flow as well as tax planning.  With three decades of industry experience, our business insights can help provide a strategic foundation for your business’ success.

Financial Planning for the Sale of a Business

Clients looking to sell a business and investment assets have two main issues:  how to minimize taxes and what to do with the money.  We start by helping clients understand the tax consequences of the sale.  Then, we look for tax tools using IRS code sections 1031, 1033, and 722 to defer the gain.  Many times we can help clients reduce their current and long-term tax bill and find investments that provide attractive rates of return.

Financial Planning for Aging Family Members

As our loved ones age, family members must make decisions about how to best care for relatives.  How will you handle finances and deal with tax laws relating to services being provided?   Have you considered gifting strategies to insure that the IRS is not the only beneficiary?  How do we transfer assets to protect them and compensate caregivers?  Baker Retirement & Wealth Management, P.C. can help you think through all of these situations and make an informed decision.

Need To Talk?

If you or a loved one are going through any of the “special situations” we discussed on this page, please reach out to our team at Baker Retirement & Wealth Management.  We can help you develop an effective game plan for virtually any financial situation.  Call us today at (812) 842-2254.