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Attorneys and CPAs - Michael M. McDonough, Inc.
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Attorneys and CPAs

We help attorneys and CPAs slay complexity, save time, and better understand the financial products their clients own, so they serve clients more broadly, efficiently, and professionally.  We help these and other professionals meet fiduciary duties, anticipate developments, avoid mistakes, and inoculate themselves from risk.

Leveraging Advanced Markets

We leverage the “Advanced Markets” tax, estate and financial planning specialists of major insurance companies for consultation and research.  This access, our experience and acumen, and digital research tools have allowed us to construct a data base of compelling planning ideas and approaches beyond the summary provided here.  We freely share these illustrated concepts and resources, including specimen documents as warranted, with collaborators in the local professional community.  See our professional library in “Resources“.

In addition to this repository of well-vetted ideas, our team provides a broad range of services to help professionals better serve clients and/or benefit themselves and their practices.  Some of this is expounded upon elsewhere on this site.  A few examples:

Summarizing - for professionals and clients - life, disability, long-term care insurance coverage; case design and implementation for the same.

Explaining various annuity costs, benefits, and contract provisions – including rider functionality.

Enhancing investment portfolio tax-efficiency, including tax loss harvesting, basis management, Roth strategies, asset location, HSAs, 529 Plans, product selection, bracket management, and compelling approaches for non-grantor trusts.

Income planning for those in – or approaching – retirement.

Helping business owners consider and coordinate the many facets of Succession-Exit-Transition planning, including financing retirement and spousal protection.

Non-qualified defined benefit plans and other approaches for addressing the retention imperative (continuity as strategic advantage) while efficiently funding partner buyouts.

Providing your practice with well-designed ancillary group benefits, including efficient “carve out” plans for key contributors, including ``guarantee issue” life and disability insurance with definitions superior to Association contracts.

Strategic beneficiary designation reviews for life and annuity contracts and all manner of tax-qualified retirement assets

Designing executive compensation and employer-sponsored retirement plans & benefits.

Accessing valuable investment and insurance products and strategic approaches, such as lump-sum disability benefits as a way to fund buy-sell agreements.

Illuminating the holy trinity of tax treatment available to you and other business owners in managing the clear – but not yet present – peril of a long-term care need.

Uncommon Diligence

Several years as a practicing CPA has underscored something eluding others in our field: the importance of diligence. The attorneys and CPAs we assist benefit from the predictability of a proven process, and the comfort of knowing what they will get: integrity, diligence, professionalism, and elegant solutions targeting favorable risk-adjusted, after-tax economics. We’re a “go to” resource for a reason; we help professionals deliver more value – in areas clients value.