All posts by Centerline
Background
Serena and her husband were married for over 20 years. Unfortunately, they decided to divorce in 2023, and she was understandably devastated by this turn of events. The many big decisions began to mount and she started to feel overwhelmed by the associated financial uncertainty. We helped answer her questions like “What is my husband’s medical practice worth?”, “What am I entitled to?”, “Will I be able to keep my expensive house?”, and “Will I be okay financially and how will I make my resources last?”.
Challenges
- Needed a new estate plan to reflect her post-divorce status
- Assets tied up in her and her ex-husband’s names
- No financial plan
- Difficult to value assets
Benefits
- Built a comprehensive financial plan
- Helped establish a budget for her family
- Established an estate plan for her post-divorce
- Worked as an advocate for her to receive her fair share of assests
How We Helped
We were able to help Serena pre-divorce in several different ways. First, we took her through our Roadmap to Divorce, educating her on the complexities of the divorce process and how to best move forward. We assisted her by developing a detailed budget for her and her family. We also developed a game plan by finding her the right divorce attorney and coordinating every step. Next, we created a comprehensive financial plan and explored alternative settlement scenarios. We also assisted in the creation of a post-divorce estate plan for her.
Financial Plan
Serena now feels empowered about her future as she is knowledgable about her finances and financial plan.
Estate Planning
She feels confident knowing she has a set estate plan in place that protects her assets and children.
Tax Planning
Serena knows the tax situation is optimized as Centerline coordinates with her CPA and prepares a tax plan every year.
Asset Division
Serena feels at peace with the divorce settlement because we helped her navigate complex issues. Having the medical practice valued, understanding “hidden” taxes in certain assets, and negotiating debt repayments were all opaque areas where she needed guidance.
Contact us to see how we can help you!
Email us at info@centerlinewealth.com or give us a call at (502)-242-1561 to learn more.
*Names have been changed to ensure privacy.
Background
Connor and Brenda decided to work with us in their mid 30’s. They had completed medical school and fellowships but were swimming in student loan debt. They had no savings strategy, no emergency fund, and no estate plan. They had no idea where to begin to get their finances in order. They were both making considerable income but were unsure of the best way to create a strategy for their young family’s financial future.
Challenges
- Massive student loan debt
- No savings strategy
- No emergency fund
- No plan to protect young children
Benefits
- Constructed a comprehensive financial plan
- Coordinated and established an estate plan
- Placed appropriate amounts of LTD and life insurance to protect earnings and family members
How We Helped
First, we developed a plan to help them pay off their student loan debt, while simultaneously taking advantage of other strategies to grow wealth. We created an emergency fund to prepare for unexpected expenses. The last piece of the puzzle that came into place was the creation of an estate plan. We wanted to ensure their assets and children were protected so we collaborated with an estate attorney to establish a plan that provided these protections. The comprehensive financial plan we created together helped them envision a future free of financial pressures.
Financial Plan
Brenda & Connor now feel comfortable they have an actual strategy to pay down their medical school debt and also save for their future.
Estate Planning
They have an established estate plan in place that protects their assets and their children.
Insurance
Placed affordable Long Term Disability and Life Insurance coverage that suited their needs. Brenda & Connor were happy to avoid overzealous insurance salespeople.
Education Savings
Connor and Brenda are content knowing they have a savings strategy in place to ensure their childrens’ education will be funded.
Contact us to see how we can help you build your own unique plan!
Email us at info@centerlinewealth.com or give us a call at (502)-242-1561 to learn more.
*Names have been changed to ensure privacy.
Background
Jordan is in her late 50s and was a partial owner in her late husband’s business. She came to us when she was facing many challenges following the passings of her husband and mother. As a young, recent widow, she turned to us to help make sense of all the pieces and work with her, her CPA, and her estate attorney. Her financial and tax situation was very complex as she was involved in a family-owned business and had inherited assets that she didn’t know how to manage.
Challenges
- Recently widowed
- No estate plan
- Family-owned business
- Complex financial and tax situation
Benefits
- Built a comprehensive financial plan
- Helped obtain affordable health insurance
- Helped minimize capital gains taxes
How We Helped
We were able to assist Jordan in a multitude of ways. First, Jordan began to feel more comfortable after we created a financial plan. The plan illustrated how much she could afford to spend without worrying about running out of assets. We conducted a comprehensive analysis which allowed us to help minimize her taxes by reducing capital gains. Next, we recommended a series of steps so her high-earning child could minimize the taxes he would pay in the future. We assisted her with a strategy for claiming social security and helped source affordable healthcare until she qualifies for Medicare. We worked with her CPA & estate attorney to ensure all facets of her situation were accounted for as well as developed a strategy that allows her to engage in charitable gifting & other initiatives.
Financial Plan
She now feels at ease, knowing she has a well-defined plan in place and can spend without constant concern of depleting her assets.
Tax Planning
Reduced taxes for the present and the future for Jordan and her son who is in a high marginal tax bracket.
Insurance
We helped her find affordable coverage that suited her needs until she reaches Medicare age.
Charitable Gifting
Jordan is happy she is able to give back to charitable organizations close to her heart.
Contact us to see how we can help you!
Email us at info@centerlinewealth.com or give us a call at (502)-242-1561 to learn more.
*Names have been changed to ensure privacy.
