A serial entrepreneur who has created five extremely successful companies. Rick has the background, reputation and creativity that brings so much more to the table than other advisors, he understands the challenges of running a business, as he is the brains behind recognizable names like SRX Pharmacy Benefits Company, Rexall International, WealthMax, Major League Mortgage, plus one of Northeast Ohio’s most successful insurance firms. This is Rick Kluchin…this is Encore Wealth Planning, an entire new way to see the future.
SAM: Why did you name the company Encore Wealth Planning?
RICK: Last January it dawned on me that my 60th birthday was approaching, here I am in the financial business and didn’t have enough to retire. All the funds that I had went to things that were important to me; investing in my business, the family and educating my sons. I’ve been very successful, started five profitable companies. While talking with clients and friends, all Baby Boomers…nearly all of us were burnt out on our jobs. We discussed how we were in better health than our parents at this age, had years left, and if we could do something with passion and a paycheck…maybe there could be a new career for us, Encore Wealth Planning, this is my encore
SAM: And what if you want to transition, or pass on the business you have built?
RICK: Sam, the Browns had the Inner Circle, so do we. A strategic partnership, a team of the area’s leading attorneys, investment bankers, accountants, estate planners and certified financial service professionals. Each expert has been dealing with closely held family businesses for over 20 years.
But, you must plan far in advance…not when the Kardiac Kids come knocking at your door! We specialize in transitioning small to midsize family business owners and executives faced with retirement and passing on their businesses. These Baby Boomers’ businesses may or may not have successors interested running the business. There are a number of planning tools that must be set in place from legal and management standpoints to oversee the transition to either family or outside parties.
SAM: What if you want to contribute something more than a job…to give back?
RICK: We’re planning a series of workshops with the top non-profits in Ohio. From University Hospitals, to Y Haven, the Autism Society, the Jewish National Fund, Israel Bonds and many, many more. This is the time to give back, philanthropy…big word, big deed and we all need to give back. Encore assists our clients to not only give for today, but set up funds for eternal endowments. A life insurance endowment can actually multiply your gifts, two, three, four…even six times more over the years, long after you’re gone. A unique means of using tax deductions today to fund your favorite charity tomorrow. My clients’ have donated millions upon millions to everyone from the Cleveland Clinic to University Hospitals, the Cleveland Orchestra and countless others. Many are making gifts of life insurance…this is the passion, this is the give back, this is what Encore Wealth Planning is all about.
SAM: How does Encore assist clients in conserving their elderly parents’ estates?
RICK: Gifting, the gift laws are much more lenient today than even a few years ago. If properly planned, a husband and wife can pass on to $10 million…without estate taxes. Simply stated, put assets in the name of the non-working spouse. Anything over $10 million can be taxed at 30 or 40%. That’s where life insurance comes into play. Give us a call; in fact…call me directly. The entire team is at your beck and call 24/7.