What is lifestyle creep?
It is the gradual rise in spending as income rises, without a matching rise in saving. For high earners it often shows up as a larger house, private school, nicer travel, and a stack of “small” upgrades that each felt reasonable. Together they crowd out the savings rate. The fix is deciding what gets funded first, then spending from what remains.
Who does Chris Krzus typically work with?
Most of Chris’s clients are professionals and executives in their late thirties to mid-forties — people who are earning well, have equity compensation or RSUs they’re not sure they’re handling optimally, and feel like their finances have gotten more complicated than their current plan accounts for. They’re busy. They’re paying more in taxes than they’d like. They haven’t updated their estate documents in years. And somewhere in the back of their mind is the question: am I actually on track for where I want to be? Chris also works with clients navigating bigger transitions, including death in the family, business…
What happens in the first meeting with Wolfstone Wealth?
The first meeting is a brief introductory call, typically by Zoom, with no agenda beyond getting to know each other. There’s no paperwork, no commitment, and no obligation. The purpose is to determine whether Chris’s approach is a good fit for your situation. Most calls are 20–30 minutes.
Does Chris work with clients’ existing CPAs and attorneys?
For clients with complex tax or estate situations, Chris coordinates directly with their existing CPA and estate attorney to make sure the financial plan, tax strategy, and estate documents are aligned. He also maintains a network of CPAs, estate attorneys, and other specialists for clients who need a referral.
How is Wolfstone Wealth compensated?
Wolfstone Wealth is a fee-only registered investment adviser. Most clients pay a quarterly advisory fee based on assets under management. Clients who want financial planning without investment management pay a flat fee. Clients looking for an ongoing financial planning relationship have additional flexibility with an ongoing retainer. There are no commissions and no product sales, which means that Chris will never try to sell you something you don’t need.
Is Chris Krzus a fiduciary?
Yes. As a CERTIFIED FINANCIAL PLANNER® and registered investment adviser, Chris is held to a fiduciary standard — meaning he is required to act in your best interest at all times, not some of the time.
What is the pro rata rule and how do I avoid it with a backdoor Roth?
If you have any pre-tax money in traditional IRAs, the pro rata rule treats all your IRA funds as one blended pool. This can turn a backdoor Roth conversion into a partially taxable event. Common solutions include rolling pre-tax IRA funds into a current employer’s 401(k) before converting, or using a mega backdoor Roth strategy inside a 401(k) if your plan allows it. The right approach depends on your plan rules and overall IRA situation.
How much does working with a fee-only CFP on tax planning actually cost?
At Wolfstone Wealth, we are compensated solely by our clients on a fee-only basis. Tax planning is included as part of our comprehensive financial planning service rather than billed separately. The first conversation is a 20-minute call with no obligation and no paperwork. We’ll discuss your situation and whether it makes sense to work together.
My RSU income pushed me over the threshold this year. Will I owe the 3.8% Net Investment Income Tax?
You may. The 3.8% NIIT applies to net investment income once your modified adjusted gross income exceeds certain thresholds. Large RSU vesting years can trigger this tax even if you don’t have significant investment income otherwise. We model your full-year income early and identify strategies to manage or reduce exposure where possible. Learn more about our High-Income Roth & NIIT Coordination work here.
How do RSUs get taxed when they vest — and what should I do before vesting?
Restricted stock units are taxed as ordinary income at vesting, based on the fair market value of the shares on the vesting date. Because the standard withholding rate (usually 22%) is often lower than your actual tax rate, planning before vesting is critical. Depending on your situation, this can include adjusting estimated tax payments, timing other income or deductions, or coordinating with Roth conversion planning. Learn more about Understanding RSU Vesting Schedules here.
What estate planning does a business owner with young children actually need?
A current will, succession plan, key person insurance positioned outside the estate, trusts matched to heir maturity, and regular beneficiary reviews. Life moves fast—your documents need to keep up.
What is inheritance tax planning and who needs it?
It involves structuring gifts, trusts, and asset transfers to reduce the tax burden on heirs. It’s especially relevant for estates nearing or exceeding the federal exemption or for business owners whose company value is significant. Even with the current $15M exemption, proactive steps preserve more for your family.
Do beneficiary designations override a will?
Yes – on retirement accounts, life insurance, and similar assets. This is one of the most frequent (and expensive) oversights we catch. We have more on the specifics in Beneficiary Designations: Why This Small Detail Can Override Your Entire Estate Plan.
How do you, as a financial advisor, work with an estate attorney?
The attorney drafts the legal documents. We ensure those documents are properly funded, aligned with your full financial picture, and coordinated with tax and investment strategy. The two roles complement each other; coordination is where real value is created.
What does the financial planning process look like at Wolfstone Wealth?
Chris Krzus, CFP®, works through five steps with new clients: an introductory call to assess fit, a deep discovery meeting to understand your full financial picture, a plan delivery meeting with recommendations, an implementation phase where the plan is put into action, and an ongoing review relationship that adapts as your life changes. The process is designed for busy executives and professionals who want comprehensive planning — investment strategy, tax planning, estate coordination — managed in one integrated relationship.
Is a CERTIFIED FINANCIAL PLANNER™ (CFP®) different from a Financial Advisor?
CFPs often call themselves financial advisors but it’s important to point out that not all financial advisors are CFPs. There isn’t a specific license or certification process required to become a financial advisor. Usually the financial adivsor would have passed a licensing exam to buy and sell you a securities or an insurance product. Regardless, anyone can become a financial advisor and help you manage your money. Most important, financial advisors may or may not be a fiduciary depending on the product they are discussing with you. In other words, they might be a fiduciary one minute and the next…
What’s different about a registered investment advisor?
Registered Investment Advisors are held to a “fiduciary standard” while brokerage firms are held to a “suitability standard”. Brokers are employed by and loyal to a company, while Investment Advisors are loyal to the client. Our duty is to be a steward of your funds and place your needs ahead of our own, not to make money for a company by selling you financial products.
Is employer life and disability coverage enough?
It can be a foundation. For many executives it does not cover total compensation, it may be capped, and it may not travel with you if you leave the company. The plan documents are what tell you what you actually have.
How is this different from talking to an insurance agent?
The starting point is the plan, not a product. We review coverage against your broader financial picture and identify gaps. If something needs to be added or changed, implementation is handled through a specialist or, when you want help placing it, through an independent agency.
How does life insurance interact with an estate plan?
Who owns the policy and who is named as beneficiary often controls where the money goes. Personal ownership can pull the death benefit into the taxable estate. An ILIT is one structure used to change that result. This needs to be coordinated with an estate planning attorney. Ownership and beneficiary coordination is something we cover directly in our Estate Planning work, including ILIT structures.)
What is an umbrella policy?
It is extra liability coverage above your auto and homeowners limits. It is often inexpensive relative to the exposure. Whether it belongs in your plan depends on your assets and current limits.
Is there a typical order for funding accounts?
A common starting point for many W-2 executives is: capture the full employer 401(k) match, fund an HSA if eligible, work toward maxing the 401(k), consider a backdoor Roth if income is above the direct-contribution limit, then use a taxable account for additional savings. That order changes if your plan allows mega backdoor Roth contributions, if you have a cash-flow crunch this year, or if debt, college, or a business is in the mix. The sequence should follow your situation, not a template
How do I handle college and retirement at the same time?
They compete for the same dollars. Retirement generally needs to stay funded because you cannot borrow for it later the way a student can use a mix of savings, aid, work, and loans. We model both together so the allocation reflects your actual priorities and constraints. See this on funding competing milestones for more
How does cash-flow connect to the rest of planning?
Cash flow is what funds everything else; retirement accounts, tax strategy, college, insurance premiums, estate funding. If the allocation is accidental, the rest of the plan is working with leftovers.
Why would I choose a small independent firm over a larger well-established bank or wire-house?
Smaller firms like us, are able to focus on clients much more effectively than large banks or other firms. Since we have very little overhead to pay for, we can charge lower fees and provide a higher level of service. At a large firm, you really are just another account. With us, you will likely become a friend. We would much rather give great service to 50 clients, than poor service to 500. Additionally, we’ve partnered with Charles Schwab as our custodian so we can be the boutique firm you might expect from a small independent firm but access to…
Where can we meet?
Although most of our clients find it most convenient to meet by Zoom, we can meet in person as well. The first meeting is a brief introductory call, typically by Zoom. For later meetings, if you prefer not to meet online, we can arrange it. Our headquarters are located in the Chicagoland area and we’d be happy to meet in the office, your home or a coffeeshop. If you’re not located nearby, we also have access to an office network nationwide.
What types of investments do you recommend?
We have access to over 25,000 securities, but with most of our accounts, portfolios consist mainly of stocks, exchange traded funds (ETF’s), CD’s, No-Load Mutual Funds, and Corporate/Municipal Bonds.
But I don’t pay fees at my broker, bank or investment firm!
It’s likely that you weren’t told what you paid, how you paid and probably don’t understand the investments you were sold. Nobody works for free, so if you bought a bond, mutual fund annuity or stock, YOU PAID. We would be happy to evaluate your account to determine how much it’s costing you each year.
Why should I pay you a fee?
If you have the time and can manage your investments better than us, then you shouldn’t. Successful people pay us to manage their money for a variety of reasons. Some would like to reduce their stress of emotional investing, free up their time for other activities, desire for someone to help with a spouse if they pass, or just don’t want to do the work involved. The fee is approximately 1 tenth of 1 percent per month, so for the fee to be worth it, we need to earn you or save you that much each month over time.
How much do you charge?
Most clients pay .20%-.30% per quarter, but this amount varies based on the total assets that are managed. Additionally, some of our clients choose to just utilize us for just financial planning and in this case, we don’t charge a cost on your investments but rather a flat fee for a financial plan. Contact us for more information.
FAQs
Have a question?
Below you will find a list of frequently asked questions and answers. If you can’t find the answer to your question, please feel free to contact us.
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