While we serve clients of all ages and walks of life at Solid Rock Wealth Management, much of our work is dedicated to people who are facing a transition or liquidity event in their life such as selling property and/or a business or retiring and rolling over a 401(k) plan. To help you understand the services we provide, here are a few examples.
Selling a farm or ranch often creates significant tax consequences and important retirement and estate planning considerations. I help families that are selling a farm or ranch to save tax on the sale, create passive income for retirement and preserve their assets for their children and grandchildren. The two most popular tools we use with these families are the 1031 tax-deferred exchange and the charitable remainder trust. As someone who grew up working on ranches in central Montana, I have a deep respect for the hardworking agricultural family and I understand the challenges and opportunities these families face when it comes time to sell. For more information on how I serve families selling a farm or ranch, see the Wealth Guides under the Resources page.
Much of my work is with people who are already in or who are nearing retirement. These people are often rolling over a 401k plan and/or consolidating investment accounts for convenience, cost savings and overall efficiency purposes. Many retirees are concerned about whether they will outlive their money and in seeking ways to ensure that this does not happen. They want investments that don’t subject themselves to too much risk while producing returns sufficient to cover their living expenses. Through the use of our MoneyGuidePro financial planning software, we help retirees answer questions such as:
- With rising health care costs and inflation, how much money can I safely withdraw from my portfolio each year without running out of money before I die?
- Which investment portfolio will give me the highest probability of reaching my retirement income goals?
- At what age should I start taking Social Security?
- What affect will health care costs have on my retirement?
- And much more.
The Business Owner
Business owners face a unique situation, as they not only have to manage their personal finances, but also those of their business. As a small business owner myself, I understand the challenges and opportunities business owners face and enjoy helping these people plan for a successful retirement. Planning services for business owners typically includes setting up a retirement plan to maximize income tax savings and provide benefits to attract and retain good employees. Because one’s business is often their largest asset, it also involves establishing a succession plan to help maximize the sale of their business and provide a secure retirement. When it comes time to sell the business, careful planning is done to help minimize the tax consequences of the sale and maximize income for retirement. The popular tools we use with business owners selling appreciated property are the 1031 tax-deferred exchange and the charitable remainder trust.
Men are often the ones responsible for managing money in the home. When the male spouse dies, it can leave the surviving spouse in a difficult position of having to deal with areas they are not familiar or comfortable with. Such was the case with my mom when my father passed away. Having witnessed the devastating impact of my father’s death on my mom, I have a keen sensitivity and appreciation for helping a widower make smart decisions with her money so she can enjoy a comfortable retirement without having to worry about running out of money.
Foundations & Endowment Plans
Whether yours is a small or mid-size organization, foundation, endowment or association, we can provide the expertise you need to manage your assets, whether your need is to produce additional current income or grow your assets for future use. Your board members and executive staff are entrusted with the management and stewardship of the organization’s reputation and finances. As a Registered Investment Advisor, we have a fiduciary duty, which means we are obligated to work in your best interests at all times. We help to ensure that your investments are in accordance with your organizations investment objectives and liquidity needs and will help to ensure the continuation of your organization’s mission in perpetuity.