2024 Q1 Chesser Report

Paula R. Chesser, CSA
Senior Vice President & Senior Investment Consultant

Hi there,

I don't know about you but I'm super happy it's only a few more months until we can trade the winter coats for sundresses, shorts and sun hats!

My goal is to always share valuable insights and this quarter I'd like to share a conversation about women in widowhood between Jackie Russell, Baird Trust Officer, who focuses on implementing and educating high net worth clients on estate and financial planning strategies and Jaleigh White, Director of Baird Family Wealth, who helps business owners, executives and multigenerational client families navigate life's major transitions. Click the image below to watch their insightful conversation.

Pre-planning is always a step in the right direction, gathering information and educating ourselves about our own financial and personal situation is a must to avoid surprises in a time that may be challenging and difficult. To assist in this effort, I have created an in-depth two-part Personal Information Guide for gathering important information. Part I is designed to help gather all personal, business, and financial information. Part II provides guidance in consolidating digital assets securely.

In addition, this valuable tool can foster open communication among family members facilitating productive and comprehensive dialogue prior to a family emergency. The Guide can also assist your loved ones in locating pertinent information, reduce confusion and stress, and decrease the likelihood of unclaimed assets for your heirs when appropriate.

If you are interested in discussing widowhood further or the Personal Information Guide, feel free to send me an email as I'm happy chat.

I hope this year brings you good health, high spirits, and surrounds you with great people. 😊

Warm Regards,

Paula

Advanced Planning Thought Leadership

Your Guide to Inflation Adjustments for 2024 Taxes

What you need to know about recently increased gifting limits, retirement contributions, and more.

What to Do After Losing a Loved One

Executing a loved one's estate can be overwhelming. Here are some important tasks to keep you on track.

Make the Most of Your Required Minimum Distributions

New regulations around RMDs can help you get even more out of your assets.

Ask Paula

Hi Paula,

Hope you are doing well! I have a quick question for you:

My parents are in their mid-80's, in decent health, and have all their estate documents up to date. While I am glad they are healthy and have all their estate documents in place, I worry about some of the important information not covered in those documents that I would need to know if something were to happen to them. This includes information about their healthcare providers, investment accounts, mortgage and loans, professional relationships (attorney, CPA, financial advisor), etc.

Do you have anything I could use with my parents to help them organize their important information?

Thank you!

Don

Hi Don,

You ask a very good question as there are many other items outside of the traditional estate planning documents that are related to Life Management that require attention once a loved one has passed, such as:

Where do their pensions come from and who do we contact?
Does the pension income offer a spousal benefit of 100% or something less?
Where are all the important documents as related to their financial situation?
What is the combination to their personal safe and where do I locate it?
Who are the trusted professionals I need to reach out to?
What are the outstanding bills?
How do I gain access to electronic receipt of invoices?

And the questions go on and on. Luckily, we have a Personal Information Guide that assists in gathering pertinent information to keep everyone aware of their current situation and a guide for when the time is appropriate.

I recommend reaching out to your parents to assist them through such a process. Perhaps their current wealth manager can be of assistance.

Let me know if you would like to discuss further.

Warm Regards,
Paula

Meet the Team

Paula R Chesser, CSA
Sr Vice President & Sr Investment Consultant
pchesser@rwbaird.com

Dean Brennan

Sr Client Specialist

dbrennan@rwbaird.com

Team Paula’s successful wealth management practice assists Very High-Net-Worth Yacht Owners, Successful Business Owners, and Multi-Generational Families in navigating 5 key areas: 1) wealth preservation, 2) tax mitigation, 3) taking care of heirs, 4) protecting assets, and 5) analyzing charitable options. Professional licenses include Series 7, 66 and life & long-term care insurance.

Team Updates

Paula, her Sister and Brother-in-Law celebrating New Years at the Port Clinton Walleye Drop!