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The Client Experience

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Your Path Guides Us.

Getting to know you is not only one of the greatest rewards of the work we do. Our journey together begins with a deep dive Mutual Discovery meeting designed to uncover what’s most important to you and your family. Unsurprisingly, in our more than four decades of service we’ve found that many common themes emerge during our discovery sessions and across the lifespans of our client relationships. These experiences give us valuable insight that informs the short- and long-term strategies we develop together with you. In essence, we tap into the “The Power of We” to help make the most of your wealth.

Who We Serve.

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Senior
Executives

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Newly Independent

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Entrepreneurs

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High Net Worth
Families

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Technology
Executives

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Law Firm Partners

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Professional
Athletes

120 West 45th Street      Suite 3800     New York, NY 10036       212-867-7647

© 2024 Klingman & Associates

Disclosures  |  Privacy Policy  |  Form CRS  |  ADV Part 2A

TELL US ABOUT YOU
120 West 45th Street   Suite 3800  New York, NY 10036   212-867-7647
TELL US ABOUT YOU

© 2024 Klingman & Associates

Disclosures  |  Privacy Policy  |  Form CRS  |  ADV Part 2A

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Senior Executive

How do you balance your strong beliefs that your company will continue to thrive with the desire to ensure your own financial independence?

A Fortune 500 executive had amassed a significant amount of company stock. As this concentrated equity position represented an outsized portion of their net worth, they were appropriately concerned about addressing various long-term planning objectives, while considering the practical limitations of being a senior executive.

Outcomes :

  • Educated them about the importance of diversifying their equity position in achieving their long-term financial goals
  • Researched the relative sales history of their colleagues to help alleviate concerns about the optics of selling shares
  • Developed and managed their 10b5-1 plan with their employer
  • Established GRATs to mitigate the estate tax implications of the continued appreciation of their company’s stock
  • Created and funded a Donor Advised Fund to allow them to tax efficiently fund future charitable giving while further diversifying their concentrated position

Newly Independent

Your spouse used to handle all of your financial matters. What do you do now?

A client’s spouse suddenly passed away. Beyond the emotional trauma associated with this tragedy, they were faced with the need to take over all their finances – with little or no knowledge of how to do so.

Outcomes :

  • Identified and organized all the client’s accounts to help them understand their total financial situation
  • Established an ongoing bill pay plan and simplified bank account details to make the process easier
  • Revisited and updated their estate planning documents giving consideration to their unfortunate new circumstances
  • Identified investment planning opportunities related to the step-up in basis resulting from their spouse’s passing
  • Engaged their adult children on multi-generational planning opportunities, including funding 529s for their grandchildren and a donor advised fund for family charitable causes

Entrepreneur

How do you manage the increased financial complexity from owning — and selling — your business?

A couple invested in a consumer services business and became managing partners of the company. As the business grew over the course of a decade, a liquidity event seemed likely (in this case, a series of liquidity events). The clients wanted to consider how best to pass wealth to their children and future generations, while mitigating future estate taxes.

Outcomes :

  • Helped them understand their long-term financial needs and determine “what’s our number?”
  • Established a series of “rolling” GRATs with lifespans matching the anticipated liquidity event timeframes
  • Developed an investment/financial plan to ensure they maintained access to sufficient liquidity during their lifetimes
  • Funded “dynasty” 529 accounts for future generations to leverage tax-free growth
  • Created a $20,000,000+ charitable fund to facilitate their philanthropic giving and create a vehicle for bringing the next generation(s) into their charitable pursuits

High Net Worth Family

How you can live the life you desire while creating generational wealth and building a charitable legacy for your family?

A couple who had been building substantial wealth for decades began to realize that they had done minimal wealth-related planning. They wanted to identify who they should help… and how. They also came to recognize that reducing taxes would be integral to their strategy.

Outcomes :

  • Illustrated potential scenarios to help the client understand how much money they needed to “endow” their family’s needs during their lifetime
  • Developed a strategy to leverage their annual and lifetime gift exclusions to pass current and future wealth to their children and broader family in a tax efficient way
  • Established a family foundation and a Charitable Remainder Trust as tools to help them achieve their goal of having a positive impact on the world around them
  • Created and managed an ongoing investment plan to further diversify their investment portfolio and broaden the use of private equity and private credit funds

Technology Executive

You have a combination of founders’ shares, restricted stock, and options in your company. How do you balance maintaining sufficient liquidity while achieving a desirable after-tax outcome?

A senior executive at a tech company had accumulated a significant amount of paper wealth. As their company’s success grew and a liquidity event became more likely, they realized they needed to carefully think through the cash flow, income tax, and estate tax implications for a variety of possible outcomes.

Outcomes :

  • Created a detailed tool to analyze their various stock holdings and forecast the after- tax implications of a variety of potential decisions in different liquidity windows
  • Determined a strategy for exercising options to ensure they maintained sufficient liquidity to support their lifestyle
  • Evaluated scenarios for increasing the potential value of their QSBS eligible shares
  • Following their departure from the company post IPO, managed a series of options strategies to mitigate the continuing concentration risk of their equity holdings.

Law Firm Partner

You know what it takes to be a trusted advisor to your own clients, but what do you need in a trusted advisor to your family?

As a successful partner at a large law firm began accumulating meaningful levels of wealth, they faced an increasingly complex financial picture. What questions should they be asking and answering – and how could they find time to do so given how busy they were?

Outcomes :

  • Helped client articulate their goals and understand the long-term spending/saving plan to achieve financial independence
  • Created monthly cash flow plans to ease their anxiety given “lumpy” nature of firm distributions as well as quarterly tax estimates and ongoing investment funding
  • Educated them on the nuances around various retirement plans offered by their firm and developed a strategy for leveraging these plans (401k, defined benefit plan, a tenure-based pension, and life insurance-based savings plans)
  • Developed and managed an ongoing strategy to effectively take advantage of private fund investment opportunities arising from their firm’s relationships

Professional Athlete

You are on the cusp of achieving your dream of playing professional sports. What should you be thinking about to set yourself (and your family) up for financial success?

A client that was picked in the 1st Round of the NFL Draft realized that their life was about to completely change. In addition to establishing their presence on the team and building a life in a new city, they needed to be responsible with their newfound wealth.

Outcomes :

  • Determined a monthly budget with the client, including sending monthly cash to their bank account and establishing an ongoing bill-pay plan
  • Set up a marketing LLC to collect any off-field endorsement (or NIL) proceeds and advised how best to manage this from a tax perspective
  • Educated him on the Principles of Investing, a critical tool in becoming financially responsible throughout (and beyond) life in the NFL
  • Discussed sustainable ways to help their parents and siblings (including working with his parents even though they did not fit our traditional client profile)
  • Introduced him to both an accountant an estate attorney to make sure tax estimates and returns are filed on a timely basis and that he created his core estate planning documents
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