The focus of the meeting was to plan for the future, most likely without him, and the appropriate use of the life insurance proceeds that would be received into trust.
Sadly, the husband succumbed to the disease, whereupon the wife chose to shift her focus from practicing medicine to being an at-home mother. SYM created a plan to invest and use the life insurance proceeds to supplement her income, which allowed her to work on a part-time basis and spend more time with her daughter. As time went on, Lisa would increase the number of hours she worked as her daughter became older and more self-sufficient.
This wealth planning strategy also included allocating part of the life insurance proceeds to pay for the child’s eventual college expenses. Twenty years have now passed. The daughter graduated from college without any debt and Lisa returned to work.
For Marcus and Lisa, SYM’s wealth management team became their partners through a time of transition and made an unbearable situation a little bit easier.
Disclosure: The above scenario is for illustrative purposes only and is not intended to depict an actual client or circumstances. This material is not financial advice, an offer to sell, or a solicitation of an offer to purchase any security managed by SYM Financial Corporation (“SYM”). The opinions and assumptions expressed herein are those of SYM Financial Corporation (“SYM”) and are subject to change without notice. SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees, and objectives can be found in our ADV Part 2, which is available upon request.