Questions & Concerns:
Brian and Emily came into our office already retired. Emily had been extremely successful in news/media and Brian was a long-time, accomplished consultant. Both were previously married and they were not only looking to ensure they could stay retired, but they were also extremely anxious about the stock market and whether or not they could withstand the next, inevitable market crash (or the one after that, and so on…). In addition, since they both had children from previous marriages, they wanted to ensure they were each taken care of if something where to happen to one or the other – and they also wanted to keep their own personal retirement savings flowing down each respective bloodline.
We first constructed a comprehensive retirement income plan for them, recommending the appropriate investment model that made sense, according to their financial plan as well as their personal endurance for volatility and risk. As part of the all-inclusive financial planning process, we implemented a “what-if” analysis and stress-tested their financial plan for a premature death, based on a few different hypothetical ages.
After going through the life and long-term care insurance analysis, it was determined that Brian and Emily were not interested in spending the money required to pay for these costs, considering their age, risk, lineage with regard to both their parents and grandparents, as well as their personal health assessments.
However, when it came to tax and estate planning, there was much to do. We introduced them to one of our trusted attorneys, who we met with behind-the-scenes, building an estate and tax-planning strategy that not only ensured both spouses were cared for in the case that one or the other passed… but the plan put in place ensured that each spouse’s personal savings ultimately passed down through their respective bloodlines when the second spouse passed.
We continue to monitor their spending, retirement income plan, and re-visit their lifestyle goals to confirm any changes as time passes by.