FAMILY PROTECTION

Years ago, Julian and Maya came to us to ensure they were on track with saving for retirement. At the time, they were both in their mid-30s, earning six-figure incomes, and raising two young children, ages 6 and 8. Their primary concerns were saving appropriately for retirement while also setting aside funds for their children’s future.

As part of our comprehensive review of their financial picture, we identified a significant need for life insurance on both Julian and Maya. Our concern was whether the surviving spouse could maintain their lifestyle and continue providing for their children as planned if something unexpected were to happen. Based on that analysis, they chose to purchase substantial level term life insurance policies on both lives.

Sadly, six years later, Julian was killed in a devastating car accident while driving home from work. He passed away before emergency services arrived, leaving Maya and their children facing an unimaginable loss and many difficult questions about the future.

Maya took a leave of absence from work to focus on her children during this time. We immediately stepped in to support her, helping transfer Julian’s assets into her name, as he had designated her as the beneficiary on his retirement accounts and life insurance policy. We set up periodic distributions from the investment accounts to help cover living expenses while she considered her next steps.

At Maya’s request, we also helped coordinate with a tax preparer by providing the appropriate investment tax documents directly, easing some of the administrative burden during an already overwhelming time.

After a few months, when Maya felt more settled, we met to update her financial plan. Because the life insurance coverage had been thoughtfully designed years earlier, she was able to maintain her standard of living despite the loss of Julian’s income. In fact, she was able to reduce her work hours, giving her more time to support her children as they navigated their grief.

Over the years, Maya has been able to put both children through college, pay for her daughter’s wedding, and maintain financial stability despite the profound disruption to her life and family. While no plan can lessen the emotional impact of such a loss, careful and proactive planning helped provide financial security during an incredibly difficult chapter.

The scenario described is hypothetical and is intended solely to illustrate the types of financial planning services that may be provided. It does not represent the experience of any specific client. Actual client experiences and outcomes will vary depending on individual circumstances and it should not be interpreted as a guarantee of future results or client experience.