Financial Advisor: Sara Gelsheimer on Helping Clients Reduce Taxes And Fears

Tax Planning | InspireHer: Plancorp Women’s Initiative

 Sara Gelsheimer By: Sara Gelsheimer

Sara Gelsheimer, Senior Wealth Manager out of our St. Louis office had the opportunity to sit down with Jerilyn Klein Bier, of Financial Advisor. Sara shared her experience helping a client organize their financial life, save money on taxes, and have meaningful conversations about passing on wealth to the next generation.  An excerpt can be found below, click the link below to read the article in it's entirety.

A widow now in her mid-70s was in this situation when she first met several years ago with Plancorp, a St. Louis-based RIA firm that manages $4.2 billion of assets. Another client of the firm whom she knew personally had referred her because he thought she could benefit from additional assistance shortly after her husband died. The bulk of her $15 million in net worth was split between farmland and liquid investments parked with multiple advisors at multiple firms.

The client thought spreading her assets among different advisors was reducing her risk, but the advisors were focused on buying and selling, and no one was helping her do comprehensive planning. She was headed toward what could have become a fiscal train wreck.

“When we showed her how we could look at the entire picture and do full financial planning—review estate documents, insurance, tax planning, etc.—as opposed to just investing her assets, it sold her,” says Sara Gelsheimer, a CFP and senior wealth manager at Plancorp. They also explained to her the benefits of having a well-diversified portfolio.

One of the first steps Gelsheimer and her colleagues advised the client to take was to file a Form 706 estate tax return for her deceased husband in order to elect portability for his unused exclusion, which was $5.25 million at the time of his death. By combining her estate tax exclusion ($11.58 million in 2020) and the exclusion captured from her husband, the client’s estate would pass tax-free to her heirs should she die before the estate tax exemption sunsets in 2025.

Read the full article here.

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Sara came to Plancorp in 2013 with a strong financial background and an even stronger commitment to financial education—particularly for women. A Wealth Manager and Founder of InspireHer (Plancorp's Women's Initiative), Sara is also a new mom. More »

Disclosure

For informational purposes only; should not be used as investment tax, legal or accounting advice. Plancorp LLC is an SEC-registered investment adviser. Registration does not imply a certain level of skill or training nor does it imply endorsement by the SEC. All investing involves risk, including the loss of principal. Past performance does not guarantee future results. Plancorp's marketing material should not be construed by any existing or prospective client as a guarantee that they will experience a certain level of results if they engage our services, and may include lists or rankings published by magazines and other sources which are generally based exclusively on information prepared and submitted by the recognized advisor. Plancorp is a registered trademark of Plancorp LLC, registered in the U.S. Patent and Trademark Office.

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