CASE STUDY: Busy Professional
An executive and spouse came to Boardwalk when they realized that, like so many others, in the midst of a busy work schedule and family life, saving and planning for their future had taken a back seat. Boardwalk quickly got up to speed on their situation and helped get their financial house in order with the following initiatives:
- Helped to clarify financial goals and set annual savings targets putting them on a trajectory to meet those goals.
- Performed a detailed analysis of spending of the prior year to help identify where their money was going and highlight areas where they could cut back to help increase savings.
- Consolidated several old retirement plans and other accounts to simplify recordkeeping and reduce transaction fees.
- Recommended shifting spending from debit cards to cash back rewards credit cards to save thousands of dollars via rewards.
- Streamlined cash flow and introduced auto-payments to avoid late payment penalties, interest charges, and credit card cash advances.
- Made a referral to a qualified CPA to outsource tax return preparation.
- Helped design and implement wills, revocable trusts, powers of attorney, and an irrevocable life insurance trust to ensure that assets could be efficiently handled, avoid taxation, and be protected from creditors upon their death.
- Calculated sufficient levels of life insurance and brought in an outside insurance broker to establish additional life insurance coverage to provide for the family in the event of one or both spouses death.
- Uncovered missing beneficiaries on several retirement accounts and corrected the issue.
- Established college savings targets and assisted with establishing 529 college savings plan accounts for tax efficient saving.