2024 Q2 Chesser Report

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

Hi Friends,

The boat is afloat and I am looking forward to another great boating season on the lake! I hope you find some time to relax with family and friends during our fabulous summer weather!

The summer is a great time to reflect upon if you have a comprehensive Estate Plan in place. In addition to providing a means of passing assets to your loved ones after your death, estate planning can address other important issues that are meaningful during your lifetime, such as incapacity planning and asset protection planning. A good estate plan also mitigates the impact of federal and state taxes that can diminish the amount of wealth available for distribution to your family upon your death.

Baird clients have access to an Estate Planning Discovery Workbook which is designed to gather information needed to review your current estate plan or guide you if you do not have one in place. It is important to understand where you currently are in the estate planning process and if any updates may be needed.

Upon scheduling an estate planning attorney appointment, take your workbook with you as it can be a useful tool in facilitating your conversation. I have found it is beneficial to accompany you to your appointment to support you or your attorney in any way possible. 😊

Warm Regards,

Paula

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Ask Paula

Dear Paula,

My husband and I were discussing our finances recently and the topic of wealth succession came up. We own a successful business together and have done quite well for ourselves in our 22 years together.

Regarding wealth succession, our main concern is ensuring our two teenage children are taken care of in the event we both were to pass away suddenly. We also want have a plan in place in case one of us passes away unexpectedly. We have $1,000,000 life insurance policies on each other and have some basic estate documents in place, but they were put together over 15 years ago.

It is so easy to forget to plan for life's "what if's" when you're focused on your day-to-day lives. Any expertise you could provide us would be much appreciated!

Kind Regards,

Diane

Hi Diane,

There are always items on life's "to-do" list, the question is whether or not you choose to plan for them. Congratulations on choosing to plan!

As business owners, risk management, business succession and estate planning are interconnected. It's important your planning efforts are cohesive to ensure your short term and long term goals come together as seamlessly as possible.

Your Wealth Manager should be able to handle your life insurance needs and also spearhead a team of professionals to put together a durable plan in all areas to compliment each other and meet your objectives.

If you would like to chat further, I'd be happy to discuss as these items take time to put in place but are a huge part of successfully passing along your wealth to the next generation with thought and purpose.

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 celebrating her birthday in Grand Cayman!