Kevin has two children from a previous marriage and Eva wants children when they marry. Kevin is an entrepreneurial attorney and Eva, also an attorney, manages their growing practice which has developed into a flourishing small business. Are they okay for now, limiting their wealth planning to the funding of their 401(k) retirement plans? After all, they are only forty years old.
Probably not. For example, the financial needs of this couple go beyond the need for superb portfolio results and include their desires to:
- Save for full funding of all the children’s college educations.
- Minimize income tax consequences.
- Provide financial assistance for Kevin’s elderly mother who may need skilled nursing care in the next year or two.
- Protect the wealth they have accumulated from the reach of creditors, especially as their business reputation and success grows.
Serving as the personal CFO for Kevin and Eva, our Entrust team coordinates not only the firm 401(k) plan to ensure their retirement savings are on track, but also enlists the assistance of their estate planning attorney, insurance agent and CPA to ensure the planning in other disciplines delivers the results they need.
Kevin and Eva are thrilled to delegate all that complexity. After all, they prefer to focus on their family and on their business, in that order. But they work too hard to leave their financial situation to chance.