CASE STUDY

Financial Freedom for a Busy Surgeon

CLIENT PROFILE

  • Age 43

  • Married with two kids: ages 7 and 9

  • Annual Income $1,000,000

  • Investable assets $500,000

The doctor and his wife recently purchased the family home of their dreams. Almost half of their income goes to pay taxes, and they still manage to save over $100,000 each year. At this point, their goals are pretty simple: pay for college for their kids and enjoy the rest of their money in a comfortable retirement. The doctor is sophisticated enough to handle many of his own investment decisions, but a demanding work schedule and an active young family make it difficult to find the time to do so.

ACTION

A financial advisor reviewed current insurance policies, including life, disability, home, and auto. Recommended a $3M umbrella insurance policy be added for asset protection purposes. We suggested purchasing the policy through the client’s’ current home and auto carrier to take advantage of a multi-policy discount.

CFP® coordinated with CPA and pension administrator to set-up and fund retirement accounts each year.

Recommended tax-inefficient investments be owned inside retirement accounts to reduce client’s taxable income, while maximizing after-tax investment returns.

RESULT

By working with a CPA financial planner, this doctor made $150,000 in pre-tax deferrals to a newly established retirement plan reducing their current year tax liability by over $75,000.

Clients immediately benefited from increased asset protection via the umbrella policy and retirement plan.

A family charitable fund was established to donate to charities more tax efficiently.

Both spouses expressed greater peace of mind and clarity around financial decision-making. They enjoyed making informed decisions and then delegating action to our RIA firm.

MORE CASE STUDIES

  • Family Trustee’s Peace of Mind

    How we helped a family trustee navigates complex estate management, ensuring a secure future for her family.

    Learn More

  • Securing Retirement for a Corporate Executive

    Helping a corporate executive reduce risk and maximize retirement benefits with strategic guidance.

    Learn More

  • Exit for an Entrepreneur

    How we helped a successful entrepreneur evaluate the sale of his business, ensuring his family’s financial goals were secured for generations.

    Learn More