“Clients choose us for our uncompromising integrity and ability to deliver high-quality services and impactful results.”
Concierge CFO was launched by Elizabeth after honing her skills as President and CFO of a 30 year tax and business consulting enterprise helping high- net- worth clients and small closely held businesses increase their efficiency, reduce their taxable estates, and preserve their generational wealth.
As a certified life coach and financial literacy instructor she facilitated a circle titled “Women, Fear & Money” serving as a catalyst towards women having more balance, joy, and ease, dealing with their finances. Recognizing a need in the high-net-worth arena for a holistic approach to personalized CFO services, she currently specializes in working with individuals dealing with the complexities of managing large estates or navigating wealth after a significant life event, such as divorce, the loss of a spouse, or an inheritance. Elizabeth also works with small businesses providing full spectrum accounting support, as well as, spend & expense advisory services.
Elizabeth graduated magna cum laude with a B.S. degree from Mercy University in Dobbs Ferry, N.Y. where she not only received a four-year academic scholarship, but also paved the way for subsequent students, as one of the first Mercy graduates to be recruited by a Big Eight accounting firm, then Peat Marwick Mitchell & Co., now KPMG. She spent three years with Peat Marwick auditing such fortune 500 companies as Nestle and General Electric, and served as part of the audit team for the State of New York audit. It was during these three years that she obtained her New York State license as a CPA.
Elizabeth is a native New Yorker who loves travel and living in the Lower Hudson Valley. She enjoys the beauty of hiking in all seasons, the proximity to ocean beaches, visiting great music venues, biking, yoga, and enjoying the wide variety of ethnic restaurants. She considers herself to be a student of life. Her education comes from each encounter.
CREDENTIALS
Mercy University in Dobbs Ferry, NY
BS Accounting
NY CPA license, 1987.
Certified Personal Empowerment Coach, 2010
The Empowerment Institute, West Hurley, NY
PROFESSIONAL AFFILATIONS
American Institute of Certified Accountants
National Association of CPA Practitioners,
Westchester Chapter
VOLUNTEER WORK
Instructor of Financial Literacy
My Money Workshop
Their mission is to educate people to manage their finances wisely and to make a lifetime of informed decisions.
Tax Preparer
Open Arms For Refugees
Prepares tax returns for newly arriving government sponsored immigrants.
ORGANIZATIONS I SUPPORT
Hudson Link for Higher Education in Prison
The Ossining Micro Fund
Croton Caring Committee
Mercy University
Elizabeth's unique skillset has made an impact in the lives and financial confidence of her clients.
CASE STUDY
46.6M was Sheltered from Federal EstateTax
Client Objective:
To use Elizabeth as their financial liaison, alleviating this burden from the client.
Process:
Elizabeth was introduced to the financial team, and nurtured a relationship of open communication for the client’s benefit.
Outcome:
46.6M was sheltered from the federal taxable estate.
Narrative:
Husband/wife clients had a 46.6million estate. The husband became ill in 2010, a year in which there was no federal estate tax due to lawmaker’s inability to agree to new plan before the 2001 legislation expired. Due to my regular contact with this client I learned that the husband went into hospice with a prognosis of only two weeks to live. I immediately reached out to the estate attorney, who was unaware of the husband’s illness and hospice status. Together we quickly worked with the family’s financial advisor to move all of the joint assets and all of the wife’s assets, into the husband’s sole name. As a result, upon the husband’s death, all of the assets were included in his estate, but there was no federal estate tax due. The husband’s will left the bulk of the assets to the wife outright. But in order to avoid application of the marital deduction, which would have caused that property to be included in the wife’s taxable estate at her later death, we had the wife renounce her right to receive any outright assets. Under the husband’s will, the wife’s renunciation of the outright bequest resulted in the assets being held in a trust for the wife’s benefit, for her lifetime. Because we did not make an election in the husband’s estate to qualify the wife’s trust for the marital deduction (because no tax was due anyway), the trust worked to give the wife access to all of the assets for the remainder of her life, but also removed the assets from the federal taxable estate at the wife’s later death.
Conclusion:
Elizabeth’s quick thinking and natural liaison skills resulted in preserving this family’s generational wealth.
Navigating Financial Independence Post-Divorce
Background: After her recent divorce, a young woman found herself navigating the overwhelming world of financial independence. Having never managed her own finances; she faced uncertainty and anxiety. When she inherited an estate, the complexity of her new financial reality became even more apparent. I had the privilege of helping her transform that uncertainty into confidence.
Challenge: The client, recently divorced and unfamiliar with financial management, was overwhelmed with her new reality. She had no experience with budgeting, saving, or managing investments, and was unsure how to protect and grow her post- divorce wealth. Her primary concerns included securing a reliable income stream to maintain her lifestyle, while understanding the intricacies of her estate.
Approach: I worked with her to tackle these challenges through a structured and personalized approach:
-
- Income Identification and Consolidation: Together, we identified all her sources of income and consolidated her accounts under one trusted wealth manager. This step ensured that her financial landscape was simplified and easy to manage.
-
- Comprehensive Budget and Income Stream: I helped her create a comprehensive budget, factoring in her income and tax projections. This enabled her wealth manager to create a tailored income stream to easily support her lifestyle.
-
- Robust Estate Planning: Collaborating with an estate attorney, we designed a comprehensive estate plan to protect and preserve her generational wealth. This plan provided security and peace of mind for her future.
Results: The client transformation was nothing short of remarkable. With a clear understanding of her financial situation and a sustainable income stream in place, she gained confidence in managing her wealth. The comprehensive estate plan ensured the preservation of her legacy for future generations. This journey from uncertainty to empowerment highlights the profound impact that personalized financial guidance can have on someone’s life.
Conclusion: This case underscores the critical importance of tailored financial guidance for individuals navigating major life changes. By providing personalized support and empowering the client with the tools and knowledge needed to manage her finances, I helped her achieve financial independence and long-term security. The lasting impact of this transformation is a testament to the power of expert advice and financial planning in times of uncertainty.
Bringing Clarity and Peace of Mind:
Comprehensive Financial Management for an Elderly Client
Comprehensive Financial Management for an Elderly Client
Background: After the passing of his wife of 55 years, an 80 year old man found himself facing an overwhelming financial situation. Having relied on his wife to manage their finances, he now had to navigate the complexities of an estate exceeding $45 million, a task he felt unprepared for.
Challenge: The client, overwhelmed and unfamiliar with his financial affairs, was facing the dual challenge of grieving the loss of his spouse and managing a complex financial portfolio. His immediate need was to reconstruct his lifestyle expenditures and cash flow and to gain clarity on his estate, which was previously managed by his late wife.
Approach: Working closely with the client’s daughter, I undertook a detailed review of the personal checkbook to reconstruct lifestyle expenditures. Having already prepared the client’s tax returns, I already had a clear understanding of his income sources. My approach included the following key steps:
- Net Worth Statement Preparation:I worked with the client’s broker and estate attorney to create a comprehensive net worth statement. This not only gave the client a clear snapshot of his assets but also identified key areas for potential estate planning and philanthropic efforts.
- Centralized Bill Paying System: I set up a centralized bill paying system to streamline the client’s financial management. This system worked efficiently, alleviating stress and making his bill paying easier to manage.
- Account Consolidation: To simplify the client’s financial landscape, I streamlined his bank accounts and consolidated all broker accounts under a single wealth manager. This ensured he had a holistic view of his finances, reducing complexity.
- Income Management: We set up three primary accounts for income receipt, making transactions automatic and ensuring that funds flowed smoothly without the need for frequent transfers.
Results: The client experienced a dramatic reduction in financial stress. The clear and comprehensive financial reporting provided him with confidence and peace of mind. For his daughter, this process provided a sense of relief, knowing her father’s financial life was in order. This clarity also gave her an early understanding of the estate she would inherit, fostering peace of mind for both father and daughter.
Conclusion: This case highlights the critical need for personal comprehensive financial management, particularly for elderly clients, who are navigating significant life transitions. By providing tailored support and ensuring transparent financial reporting, I was able to bring comfort and peace of mind to both the client and his family, ensuring the continued prosperity of their estate.
Are you ready to elevate your financial management journey?
Reach out today for a free consultation.
Your peace of mind awaits!
