Financial Advice For Attorneys In Virginia Beach
Meet Brad
Brad is an attorney who just became partner at his firm. He’s excited about this significant accomplishment, but is also aware of the extra responsibilities he now has. He needs to make sure payroll can be met by focusing his time and energy on finding new clients. That’s why he hired us to take financial planning off of his plate.
Here is How We Helped:
Established a lower-cost college savings plan at the firm level. Brad also learned that saving for college may negatively impact his son’s ability to receive a grant or a scholarship.
Reviewed his 401(k) and helped him choose better investments that match his risk tolerance. We did the same for his wife.
Reduced his tax bill by focusing on asset location. We placed tax efficient investments in his joint account and high taxation investments in his IRA. This saved about $3500 per year in unnecessary taxation, something his accountant missed.
Increased his deductible to one year on his disability insurance policy and added a rider to cover any long-term care costs, all while keeping his premium down.
Replaced his expensive whole life insurance policy with a term policy and used the cash to help pay the firm buy-in. This saved over $4000 in insurance premiums.
Met with his attorney to make sure the proceeds of his term life policy accurately reflects his desires and the needs of his family.
Set Brad up with a digital dashboard so he could easily keep track of his 8 investment accounts held at different places. Yes, we have an app for that.
Provided on-demand performance reporting. We instructed Brad to smile when the markets were up and not to look when they were down.
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