A RECENT WIDOW ASKS SYM,
“How do I secure my child’s future?”
“We must not only give what we have; we must also give what we are.” – Desire Joseph Cardinal Mercier
Peace of mind can also be a financial goal. A common misconception of the financial planning industry is that firms like SYM work either with clients who are saving and investing for retirement, or clients who are already enjoying retirement. The fact is, all clients come with unique situations, goals and objectives.
One couple, each in their 40s, approached a SYM advisor to discuss their estate and wealth planning needs. The husband and wife, Marcus and Lisa, were both working professionals with an eleven-year old daughter, and Marcus had recently been diagnosed with a terminal disease. 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.