June 14, 2023: A Note from Marguerita Cheng, CFP® Pro — I invite you to tune in for this week’s episode of my podcast and video show, Margaritas with Marguerita, where for 15 minutes each Friday, we start the weekend off by learning from industry experts how to flex our financial muscles.
Today’s Topic: Risk Management for clients new to being in the high-net-worth category
Rita asks Terrell:
- From women receiving a large inheritance to ensuring a financial legacy continues with the next generation, tell us about your clients and the situations they face
- You also help your clients work with their children so they can be prepared for an inheritance but not reliant on it. What advice do you give them?
- Risk management is your specialty. How do you respond if your clients say they have a risk management plan in place — but do their children have to worry about having their plan?
- What happens when clients receive their inheritance at the height of their careers? Should they be concerned that the investment portfolio is going to cause tax inefficiencies in the plan? What are some strategies for helping them mitigate this risk?
About our guest: A Connecticut native and graduate of Western New England University and Springfield College, Terrell says he puts his passion at the forefront of his practice. He has helped numerous business owners find solutions to their financial concerns and implement strategies to grow their businesses. His personal planning practice focuses primarily on educators.
As the spouse of a teacher and an adjunct professor at Elm’s College, Terrell understands the struggle teachers face balancing their workload and personal lives. Terrell believes proper planning and understanding one’s goals can help overcome financial restraints. As a member of the LGBT community and a founding member of the MA LGBT Chamber of Western Mass, Terrell is a champion for equality and social justice. His belief that the needs of his clients are best served through diverse perspectives and skill sets inspires him to teach minority- and women-owned business leaders how to run their businesses like true corporations.
Terrell’s charitable interests directly reflect his professional passion: He teaches financial literacy to students and adults and serves on numerous boards and advisory committees. In his spare time, he loves to garden, golf, barbeque, and brew homemade wine. Learn more here: charteroakfinancial.com
Disclaimer: The information provided today is not intended as specific tax or legal advice. MassMutual, its employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel.