When Brian and Emily learned that were expecting their first child, their excitement was soon tempered by the realization that they now had to plan for a family of three. Both Brian and Emily were busy young professionals; between work, travel, and preparation for their first child, both realized that they did not have the time to devote to managing the complexities of their day-to-day financial affairs. After meeting with CJM, it was evident that neither Brian nor Emily had group life insurance coverage that was sufficient to protect their current lifestyle, and they did not have an estate plan in place. Providing for a college education was also important to them, but they were unsure of what options were available and where to start.
Brian and Emily were able to obtain sufficient, cost-effective life insurance coverage through the help of CJM’s insurance team. This ensured that they would be able to maintain the lifestyle they have worked hard to build in the event something happened to one or both spouse(s).
Their CJM advisor also discussed the various documents needed to establish a comprehensive estate plan and connected Brian and Emily with an experienced estate planning attorney to help draft the appropriate documents, which included a trust to proactively ensure that their child will receive any wealth at a pre-determined and appropriate age. With Brian’s and Emily’s permission, CJM was able work with their attorney to provide organized financial documents to ensure a timely, seamless process.
Unsure of how to begin saving for college, their CJM advisor walked them through the various funding strategies and techniques available to them. By having this discussion, the CJM team was able to run projections to create a clear, manageable plan of action for Brian and Emily to meet their objective. CJM also established separate 529 college savings plans for both Brian and Emily, maximizing the current tax advantages for funding their state’s 529 plan.
Brian and Emily now how the piece of mind that the building blocks are in place to provide an education for their child and the appropriate legal measures have been taken to protect and preserve their wealth should happen to either of them. Funding their child’s college education is now a much less daunting goal and they have been able to incorporate excited family members into their planning. The CJM professionals were able to help Brian and Emily prioritize and lay the foundation towards achieving their goals, while protecting them from unforeseen risks.
At CJM we understand that no two clients are alike and real world problems require practical and timely solutions. The CJM team brings together the best and the brightest in the areas of investment, tax, insurance, financial planning & wealth management to resolve each client’s particular issue(s).