If you’re visiting this page, you probably love boats, the water, fishing, or just all of it in general. Or maybe you work at the marina or in the boatyard. No matter how you found us here, the good news is you are in the right place.
I’m Tim Boyle, founder of The Boyle Group Wealth Management and Seattle area boater. I think that makes our firm a little unique because we understand the challenges and the opportunities that boaters have as they navigate through a financial plan, whether its accumulating assets, retiring or developing an estate plan.
It’s been jokingly said that I might be the only financial advisor who says that a boat is a good idea. And while that’s not true 100% of the time, I do think that everyone that wants to deserves to be floating. That could be a SUP or a kayak, it could be a fishing boat, or it could be a motoryacht. It really depends on you and your situation. Regardless of your chosen vessel, you will never hear from me that a boat is a bad idea.
We can help develop a cash flow plan for boating basics such as fuel, moorage, routine maintenance, cleaning, divers… the easy stuff. If there are bigger expenses to plan for like new electronics or engine rebuilds, they should be built into a financial plan as well.
Another aspect of boat ownership to consider is what happens to the boat if the boat’s primary owner can no longer manage the boat. If you as the boat owner have a long-term health issue or pass away unexpectedly, is there a plan for your family to maintain the boat? To sell the boat? To make sure the boat doesn’t sit in the slip, unmaintained, losing value?
The goal is to help you develop a Financial Float Plan, so to speak. We understand your boat is an invaluable part of your life, and we can help you understand how your boat fits into your cash flow structure, into your retirement plan and your family’s overall estate plan, and what to consider in terms of risk management and tax-efficiency.
If you have any questions or just want to talk boats, please feel free to reach out.
Click here to read Tim’s interview, “Ask the Experts: Boat Finances,” published in the May 2019 issue of Northwest Yachting Magazine.
First day of crabbing season 2018.