In 2017 we were introduced to “Greg”, a man in his late 30’s who had become a paraplegic as a teenager. Greg had grown his original injury settlement substantially over the years and combined it with savings from a successful career in the technology industry.
Greg had a degree from a prestigious university in Finance. He had had worked with two other financial management firms over the years, but they had failed to provide him satisfactory value. He was considering terminating his Special Needs Trust as he looked to reduce cost and shift solely to self-investing.
The following are a representation of the projects that we have conducted on behalf of Greg and his family:
- We assisted Greg in engaging with drafting attorneys to gauge the risks/rewards associated with terminating his Special Needs Trust. After this investigation, he decided to adjust his trust, moving it to Nevada to create more asset protection. He also transitioned to a family member as a trustee to reduce annual costs. Preserving the Special Needs Trust retained future options to use Medicare if his health ever declines and provided significant peace of mind in terms of legal protection.
- Greg is considering a transition to a second career in education. We have run “retirement” planning scenarios generated by our financial planning software to help him gain comfort in his ability to safely shift to a lower paying career while maintaining the quality of life he desires.
- We helped Greg create a tax strategy for his potential house sales and major asset rebalancing efforts as he shifted to a more conservative investment objective. Effective tax planning can greatly impact return performance in large portfolios.
- Greg valued our alternative investment options given his view of current market conditions and lowered his Beta (correlation to market volatility) by investing in an alternative investment dealing with commercial development loans.
- When we met Greg, he had a mainstream personal insurance provider. Sadly, he has since had a house fire. Although we had offered meetings with Fit Insurance, an affiliate of Coldstream Wealth Management, Greg did not pursue those conversations until after the fire. The gap between his insurance at the time of the fire and the High Net Wealth Coverage he shifted to through Fit Insurance post-fire was real. Had he switched prior to the fire, he would have saved ~$75k. Although it was unfortunate, he is now much better protected from risk associated with disasters like this.
The Coldstream team members responsible for implementing Disability Advisory Services’ activities have significant expertise and background within the disabled community. We have established key strategic relationships with other service providers to facilitate any projects or initiatives required by our client. We are extremely proud to blend our financial service expertise with our knowledge and appreciation for the needs of the disabled community.