What We Do

Lake Street provides holistic financial advice and administration to families with significant wealth.

Our team oversees and implements coordinated strategies across all aspects of our clients’ financial lives. Actions are aligned with long-term objectives and no detail is overlooked. Clients receive the peace of mind that comes from knowing their Lake Street team delivers sound strategy and solid execution.

Our days are spent collaborating with clients to proactively address questions such as:

Estate Planning & Wealth Transfer
Estate Planning

  • How can I maximize what I transfer to my descendants and/or charity?
  • How much should I leave to/for my children?
  • What is the best way to leave wealth for my children and grandchildren so that it provides opportunity and is not a burden or a crutch?
  • How do I think about my Will versus setting up Trusts, and how do I ensure they protect my personal needs, as well as my wishes for my descendants and/or charity?
  • How do I ensure that my business agreements are optimally aligned with my estate plan?
  • Should life insurance or charity play a role in my estate plan?

We partner with your estate attorney, or recommend one if needed, in order to create a holistic plan to protect and preserve your family’s wealth for generations to come. Whether through trusts, gifting, life insurance, or other tools, we drive a strategy that is customized to your goals and needs.

Cash, Debt & Expense Management
Cash, Debt & Expense Management

  • How much can I spend without risk of running out of money?
  • Am I getting the highest yield I can on my cash?
  • Is all of my cash FDIC-insured?
  • How should I balance the need for cash with the desire to minimize taxes on investment gains?
  • How much cash do I need to meet short- and long-term obligations? Where is the best place to hold it?
  • Should I get a mortgage or pay cash?
  • What amount of debt is prudent for my balance sheet?

We help you manage your balance sheet, determine supportable spending levels, and proactively manage liquidity while minimizing administrative friction and taxes, ensuring the desired results for your unique situation.

Philanthropic Strategy
Estate Gift and Charity

  • How do I maximize my impact on the causes and organizations I care about, while minimizing personal taxes?
  • Should I create a foundation or a donor-advised fund? How are they different?
  • How do I identify a mission, vision, and grant-making strategy?
  • How will I measure success?

Creating a philanthropic legacy matters to you, and we know the most efficient ways to help you maximize the impact of your generosity.

Family Legacy & Governance
Family Governance

  • Should we have a family mission statement to guide future generations?
  • How do I help my kids understand the value of money and learn smart ways to save and invest?
  • How do I talk to my children and grandchildren about their inheritance and the responsibility that comes with receiving this money?
  • Should I insist on a prenuptial agreement for my kids?

We take a hands-on approach to working with the multiple generations involved in legacy planning. From helping a teenager learn about investments to identifying the most robust legal structure to preserve a legacy for generations to come, we care about the whole family picture and have the knowledge to customize an approach around your family’s goals and needs.

Insurance Consultation
Insurance Consultation

  • Are all of my risks adequately covered?
  • How much liability coverage do I need?
  • Do I need life insurance?
  • Will my children be forced to sell assets at the least opportune time to fund estate tax liability?

We do not sell or take commissions on insurance; our job is to ensure you have the right coverages with a top quality carrier. We partner with insurance agents, review what coverage you have, and make recommendations for what you need. It’s all part of an integrated planning strategy.

Tax Planning
Tax Planning

  • Am I taking advantage of all tax reduction opportunities?
  • Does my CPA have everything they need, and have I made all of the right tax payments at the right times?
  • What is the difference between estate tax and generation-skipping tax, and how does my estate plan address them?
  • Should intra-family loans be part of my tax strategy?
  • Do I need to file a gift tax return?

No planning strategy is effective without keen attention to tax implications. We partner with skilled tax advisors to ensure the proper planning and execution are implemented in order to achieve your goals.

Portfolio Management
Portfolio Management

  • What investment strategy is best for my family?
  • To reach my long-term goals, what should I consider now and how should I allocate for long-term needs?
  • Should alternative investments play a role in my portfolio?
  • When should I use active managers instead of index funds?
  • Should the investment strategy differ between me, my children, and my foundation?
  • What is the best way to incorporate my desire for socially responsible investing within my portfolio?

We create individualized investment portfolios designed to support your lifestyle, grow with inflation, and meet your long-term goals. We focus on after-tax, after-fee performance. Portfolios are built and managed with your estate planning, tax, insurance, and cash flow needs in mind.

Our Investment Strategy

Bookkeeping & Bill Pay
Bookkeeping & Bill Pay
(optional)

  • What if I don’t have time to review bills, manage vendors, and track payments?
  • How will my CPA know all of my deductible expenses to consider for tax purposes?
  • Where can I see each of my expenses in one report?

We handle bill payments and deliver the detailed reporting necessary to track and manage your expenses.