Anthony Pellegrino, Founder & CEO
Anthony Pellegrino, the founder and CEO of Goldstone, articulates the firm’s philosophy: “While it is undeniable that proficient management of assets and investments is undeniably pivotal, we recognize that true financial security entails a broader spectrum of strategies.”
Goldstone distinguishes itself in the competitive market through its unwavering commitment to tax planning—a crucial yet often neglected or insufficiently addressed component by numerous firms. The firm’s specialized in-house tax team, led by industry experts, adopts a forward-looking perspective, implementing proactive tax planning measures to minimize clients’ tax burdens while ensuring compliance with new tax legislation.
Serving a broad spectrum of clients and managing assets that range from $500,000 to over $5 million, Goldstone provides attention to each individual. The firm’s emphasis on aligning tax planning with individual objectives underscores its commitment to personalized service.
Goldstone also recognizes the growing challenges and intricacies of healthcare costs. In response, it seamlessly integrates healthcare planning into its financial strategies, protecting clients’ financial well-being against unexpected medical expenditures. This holistic approach is further enhanced by its partnership with Medicare specialists and long-term care professionals, ensuring tailored solutions for healthcare needs.
Goldstone’s philosophy revolves around the Goldstone Retirement Roadmap, a proprietary process that emphasizes estate planning and legacy preservation. This strategy not only aims to secure a financially comfortable retirement but also focuses on the tax-efficient transfer of wealth to future generations, thereby protecting and perpetuating clients’ legacies.
A Holistic Approach to Personalized Financial Planning
Goldstone’s experts thoroughly review clients’ finances, goals, and risk tolerance by engaging in comprehensive discussions, particularly focusing on tax planning aspects.
“ We don’t just manage wealth; we curate experiences to ensure our clients enter retirement with a sense of abundance and possibility,” says Liz Esarey, director of tax planning (CPA) at Goldstone.
“Our tax planning strategies extend beyond mere returns; it’s about empowering clients through analysis, proactive strategies like Roth conversions, and comprehensive support from our expert team,” adds Brian Korienek, partner and vice president of wealth management at Goldstone.
We don’t just manage wealth; we curate experiences to ensure our clients enter retirement with a sense of abundance and possibility
Many clients, especially those nearing retirement, tend to concentrate their assets in taxable accounts rather than prioritizing tax-deferred savings like IRAs and 401(k)s. This reliance on tax-deferred accounts can result in up to 95 percent of assets being subject to taxation, leading to unexpectedly high tax liabilities due to required minimum distributions (RMDs) and taxation on reinvested surplus funds.
From advisors who work directly with clients to tax specialists, investment managers, and estate planning attorneys, the firm’s collaborative culture ensures that clients benefit from its services aimed at achieving their financial objectives. Jessica DeBold, CFP, EA and director of advanced planning, echoes this collaborative ethos, saying, “Despite our individual areas of expertise, we operate as a cohesive unit, leveraging each team member’s skills to provide holistic financial solutions.”
Impact of Meticulous Tax Planning and Tailored Financial Strategies
The success of Goldstone’s approach is exemplified by instances where meticulous tax planning and tailored financial strategies have led to substantial savings and refunds for clients. In one such scenario, an agricultural commodities trader who dealt with products like corn, wheat, and soybeans scheduled a tax review with the firm by providing his 2022 tax return for examination. Upon analysis, it was discovered that his return was filed incorrectly, as he was not classified as a trader for tax purposes, a significant oversight from his accountant. Further investigation discovered inaccuracies in his tax filings for previous years. The team arranged a conference call with the client, his CPA, and the firm’s tax experts to discuss the necessary steps to rectify the issue by amending the past returns. Subsequently, the client was owed a substantial refund of $260,000 from the IRS, highlighting the importance of meticulous tax planning and expertise in identifying and resolving costly errors in tax filings.
Similarly, Goldstone recently assisted a couple facing a complex situation involving an inherited IRA from one of their parents. The couple initially planned to evenly spread out the withdrawals over a period of 10 years to manage their tax liabilities. However, the firm proposed an alternative strategy of withdrawing a significant portion of the funds within the first three years to optimize their tax situation. By front-loading the withdrawals, they strategically utilized their tax brackets and saved $60,000 in taxes. These examples highlight the importance of devising tailored strategies for financial planning to maximize tax efficiency.
By transcending conventional boundaries and adopting a holistic approach that encompasses investments, income strategies, tax optimization, healthcare planning, and legacy preservation, Goldstone empowers clients to navigate complex financial landscapes with clarity. Through its team of dedicated professionals, a commitment to fiduciary duty, and a client-centric approach to service, it redefines wealth management as a journey toward financial security and legacy continuity for future generations.
