When it comes to building, managing and preserving your wealth, The Wealth Center at Meaden & Moore provides the tools needed to reach your goals. The company provides a wide variety of financial planning services, including estate and family, retirement and investment planning; asset preservation; disability; income preservation; charitable and non-charitable gift planning; and business succession planning; among others.
“Our approach is values based and client focused,” Joseph M. Mentrek, vice president and director of wealth management services, says of the 90-year-old company. “We spend a lot of time getting to know our clients and their goals, which are often as varied as the clients themselves. We’re not looking for clients to tell us what to do, we’re looking to see what they ultimately want to achieve.”
Mentrek says one of the most important things to consider when approaching the estate planning process is that it is a process, not an event. “I see many of my clients go to their lawyer and get documents prepared and walk out of the office and think they’re done,” he says. “But that is only the beginning. The way to title your assets can have a major effect on your loved ones’ inheritance. You also need to make certain that the beneficiary designation on things such as retirement accounts and life insurance policies are appropriate so they complement the estate plan and allow the terms of that plan to be carried out.”
Estate planning essentially boils down to the type of legacy you want to leave behind for your family, business and even your community, Mentrek says.
“Of course providing for your family is a priority, but many people also give back to the community. For many it is important to redirect the wealth they were able to accumulate while they were living there in the form of charitable donations,” he says. “Wealth is a great privilege, but it’s also a great responsibility.”
And if you’re a business owner, you can’t create an estate plan without addressing your business transition plan. To avoid complications, Mentrek advises having a buy-sell agreement in place, which gives the other parties involved in the business the right to offer to buy all of the owner’s shares in the event of death, retirement or a disagreement.
“Estate planning and business succession planning are so intertwined and owners have much more to consider,” says Mentrek. “[Business owners] need to address issues such as how the company will be valued; how the transition will be paid for; if they have adequate cash flow to fund the transition or whether they need to look for outside investors.”
As a full-service public accounting firm, Meaden & Moore strives to create value in everything it does. “Our clients know they’re working with professionals who have the core competencies and abilities to provide solutions for every situation,” Mentrek says. “We’re a firm that practices with integrity, takes pride in our work and has a great sense of accomplishment in working alongside our clients to help them achieve their goals.”