Seven scenarios and solutions illustrating our approach:

Debt Management

SCENARIO:
A young surgical resident is thrilled to be through with school and working in the hospital. He is newly married with a working spouse. They purchased their first home with a mortgage and lease two cars. He has about $120,000 of medical school debt and they want to start a family soon. He is considering the implications of entering private practice or working for the hospital. He knows his choice will impact his loan repayment schedule, but he does not fully understand his options. He is worried about all the debt and is not sure what to pay down first or how long it will take.

SOLUTION:
Our team creates a net worth statement and cash flow projections based on relevant scenarios for each client and their spouse, incorporating their goals and analyzing loan repayment options in consideration of the ‘big picture’.

Tax Planning

SCENARIO:
A young doctor has two young children and a working spouse. She is finally in her career, out of residency, with a good salary and things are starting to normalize for their family. However, neither she nor her husband have time to worry about tax planning and the work of completing returns. She knows they are capable of filing returns on their own, but she knows that an expert could help them limit taxes paid and save more money for their outstanding loans over time.

SOLUTION:
Our tax strategies minimize taxes paid and implement an efficient multi-year tax plan based on client’s entire financial picture. We also offer to file individual returns.

Understanding Benefits and Planning for Retirement

SCENARIO:
A physician just got his dream job offer. When he gets his benefits package, he feels overwhelmed.
He knows that since he has been
in school so long he is behind on retirement savings and feels he needs to play some catchup. However, he does not fully understand the detailed differences between the plans being offered. To make things more confusing, he still has some debt to pay off. With so many options and variables, he is not sure who to turn to or how to proceed.

SOLUTION:
Our retirement planning team explains the intricacies of retirement plan options and hospital benefit packages. We layout the obvious and subtle differences and help clients select the plan that is right for today and further down the road. Decisions are based on each individual’s specific retirement goals.

College Savings

SCENARIO:
A physician has three young children and a stay-at-home spouse. She and her spouse have been saving for retirement, but also know it is never too early to start saving for her children’s college education. Even with a bit of school debt still to be paid off, she is earning a very comfortable salary. She recognizes that her children would probably not get much, if any, financial aid down the road. She is stressed about how to reach these education funding goals alongside her other financial priorities.

SOLUTION:
We will facilitate the setup, funding and portfolio construction of various types of college savings plans.
We will discuss the parameters and the best way to accomplish funding those accounts over an extended period of time. We even help facilitate conversations and contributions from family and friends when appropriate.