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Financial Literacy - Planning for your heirs
MONEY MAKEOVER
Preparing for a life event
Jennifer faces several important financial decisions, especially those pertaining to her estate plan.
Planning for your heirs
 
Profile:
Jennifer Haeselich
The problem:
Jennifer faces a life event and needs to revise her estate plan.
The plan:
Update her will, contracts and other ancillary documents.
 
  Profile
Jennifer Haeselich

Jennifer works for an insurance company and has a 4-year-old son. She is proceeding with a divorce and wants to know what she should do for estate planning purposes. Other financial issues need to be addressed.

We discussed several key components of Jennifer's current financial status, including cash flow, son's education funding, risks, retirement planning and her estate plan. All these components must be addressed to ensure that Jennifer begins her new life on the right track.

 
  The problem

Overview

Like many Americans, Jennifer and her first husband, Bob, have agreed they want a divorce. Facing the reality she will be a single mother to her 4-year old son, Jennifer wants to get her financial house in order.

Jennifer earns a moderate income working for an insurance company. She and her husband jointly own their home, valued at $169,000, with a monthly payment of $1,056 including principal, interest, taxes and insurance. The mortgage has a 6.375 percent fixed rate and a 30-year term. The balance is $114,000.

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John E. Saunders II
This report was prepared by John E. Saunders II, a certified senior adviser and wealth adviser with Cornerstone Advisors in Hagerstown, Md. He is a registered representative with Linsco/Private Ledger, Member FINRA/SIPC.

Key issues

Is house affordable with one income?
Assess insurance coverage.
Address education needs of son.
Analyze status of retirement plan.
Identify estate planning needs.
Address child and financial support.
Jump these money hurdles




TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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