For some, racing vintage sports cars is an incurable passion. Nobody knows this better than Jeff Porasik, a vintage car racer and owner for almost 20 years. Being a financial advisor as well, he knows how to address the financial needs and concerns of his fellow enthusiasts.
You have many things to plan for now, soon and well into the future. It’s why Jeff and his team also look at financial planning through a wide lens. Financial planning is not an investment product, but rather an ongoing process designed to help you achieve your goals by making smart decisions. We’d like to talk about the goals you have and the future you envision so we can personalize a plan to map it all out.
Estate planning naturally should be part of your plan. You may want to bequeath your collection of vintage autos to your family, or you may see the advantage of selling the whole lot off as a tax mitigation strategy. There are smart ways to handle it to limit how much the tax man gets. We can offer financial strategies designed to efficiently manage the transfer of wealth from one generation to the next, and mitigate related tax issues.
Obviously, indulging in such a hobby requires a great commitment of time and careful considerations about money. For instance, when you have your eye on your next dream car, questions come to mind. How are you going to pay for it? Sure, you may have the cash on hand, but do you really want to drain your cash reserves or cash out your investments? We can show you some smart borrowing options you may want to consider.
Another area you may want to look at is the inherent risks that accompany owning and racing vintage sports cars. You may think of yourself as a risk taker, but that’s no reason to needlessly subject your family and portfolio to such risks. We can help prepare you and your family for the unexpected by ensuring you have the right types and amounts of insurance.
If you are a car collector, what if someone claims damages against you? How your investment accounts are structured can be essential in shielding your assets. Working with your attorney, liability protection is another area we can help you with.
These are all issues that require personal discussions, not cookie-cutter answers. Just like all the parts in a well-tuned car work together, the same is true of your financial plan. Let’s have a conversation about what strategies may be right for your individual situation.
After all, why spend time tackling these issues on your own, when you can spend it doing what you truly love, whether it’s tinkering under the hood of your 1965 Cobra or climbing into the cockpit on race day.
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