Success Story

Physician Needing Full Financial Review

Situation:

A physician from a large nationally recognizable private concierge medicine group came to My Financial Coach for a full financial review. As part of this process, we were able to offer a comprehensive goal and cash flow-based financial plan that explored all of the various challenges and opportunities that Dr and Mrs. ______ faced. Here are a few areas we were able to explore.

Up until this point, Dr. And Mrs. ______ were living paycheck to paycheck and coming into a year where they would be making more income and finally be in a position to make some significant financial changes for their future. They wanted to know how the increased income would help them better prepare for retirement and work towards their legacy and planning goals. Dr. ______ also recently inherited land abroad and was concerned about the taxes he would incur to repatriate the funds, and lastly, he was also concerned about the possible cost of long-term care.

Gaps Identified and Analysis presented:

• Upon review of the client’s current Variable Universal Life (VUL) policy, it was recommended that he have it reviewed for pricing and coverage.
• That he found an individual to assist him in repatriation of funds to the US.
• If he wanted long-term care, to look at the cost of adding a rider to a VUL policy vs a stand-alone product.
• That he should connect with someone to determine if charitable trusts would be a good option to help with tax liability in the future.
• The client needed to update and implement additional estate planning documents.

Result:

Because Dr. and Mrs. _________ did not currently have an expert on hand, we were able to connect them with a Subject Matter Expert via My Financial Coach that could assist him in the movement of foreign assets and an insurance policy review. He also was able to connect with an experienced professional to discuss the benefits and drawbacks of family charitable trusts. This allowed the client to walk away increasing their potential future net worth and decreasing their potential future tax liability. Our Subject Matter Expert in both cases were able to identify and present possible solutions that gave Dr. and Mrs. ______ the peace of mind in knowing that they were on track and doing better after their meetings.