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Mock Trials

Whatever stage of your legal career you are in, we are ready to help you design, implement, and maintain your financial future. Explore these Mock Trials to learn more.

*Note: These scenarios are hypotheticals, do not involve a Maycomb Wealth Member/Client, and should not be construed as advice or a guarantee of any results.*

Associate

Robert

Age: 28

Areas of Concern: Budgeting, Insurance, and Estate Planning

Robert is a high-earner, but doesn’t know what he’s spending each month or on what. His only disability insurance is provided by his law firm. His uninsured motorist coverage is insufficient. Robert keeps all his earnings in a bank account that isn’t earning much interest. He doesn’t have a budget and likes the idea of focusing more on cash flow and better defining his goals, but isn’t sure how to find the right advisor to help.

 
How We Can Help

Work with Robert to identify what money is coming in, going out, and being saved each month. Recommend goals tied to cash flow projections. Help him redeploy cash from low interest accounts to higher-yield accounts and potentially, short term treasury fund(s). Organize his accounts into a personal website he can access on a smart phone at any time. Review his benefits, including those provided by his law firm. Refer Robert to a licensed insurance broker and estate planning attorney who can address his exposure in these areas and help him consider appropriate policies and documents to protect what’s important to him.

Income Partner

Sarah

Age: 34

Areas of Concern: Investment Management and Education Planning

Sarah has a dozen accounts (some at her law firm, and some outside of it) but isn’t sure what investments are contained in them. She doesn’t know how much her funds or other investments cost or whether they are properly diversified. She has two young children and wants to start saving for their education, but also wants to pay down her own student loans and save for retirement.

How We Can Help

Help Sarah evaluate her tolerance for risk, but as importantly, help her decide how much risk she may need to take to reach her goals. Help her consolidate her accounts and adjust them so they function as part of one global portfolio she rebalances and otherwise maintains in keeping with a written Financial Plan. Discuss the pros and cons of 529 plans and other tax-advantaged ways to save for education goals. Help her plan for these goals while keeping in mind other goals that require considerable attention and funding as well, such as addressing her student loan debt.

Income Partner

Sarah

Age: 34

Areas of Concern: Investment Management and Education Planning

Sarah has a dozen accounts (some at her law firm, and some outside of it) but isn’t sure what investments are contained in them. She doesn’t know how much her funds or other investments cost or whether they are properly diversified. She has two young children and wants to start saving for their education, but also wants to pay down her own student loans and save for retirement.

How We Can Help

Help Sarah evaluate her tolerance for risk, but as importantly, help her decide how much risk she may need to take to reach her goals. Help her consolidate her accounts and adjust them so they function as part of one global portfolio she rebalances and otherwise maintains in keeping with a written Financial Plan. Discuss the pros and cons of 529 plans and other tax-advantaged ways to save for education goals. Help her plan for these goals while keeping in mind other goals that require considerable attention and funding as well, such as addressing her student loan debt.

In Transition

Kathy

Age: 44

Areas of Concern: Investment Management and Retirement Planning

Several years after making partner, Kathy took a break from practicing law to start a family. She is evaluating going in-house verses returning to her firm. She doesn’t care about stock tips. Kathy wants advice on which she can rely because these next steps matter, personally and professionally.  

How We Can Help

Kathy needs to understand more about how much she needs in order to have the kind of retirement she desires. We will help her analyze what she has saved, how much can she expect to make going forward, what is a reasonable potential rate of return over the long term for her risk tolerance, and what are her expenses now and expected in retirement. Like many attorneys, Kathy doesn’t have the desire or time to adequately determine this herself. We can help design a targeted financial plan that should be delivered in 90 days or less. If Kathy wants us to continue to help her implement the plan after we deliver it we can do that. If not, she can implement the plan herself.

Equity Partner

Mike

Age: 46

Areas of Concern: Investment Management, Tax Planning, and Real Estate

The juggle of life is even more real than it was 10 years ago. Mike and his wife have 20 accounts, receive K1s, own two residential properties, an investment property, and are routinely in the highest federal and state tax brackets. A husband, son, father, lawyer, and trainer of a new Boykin Spaniel named Lucy, the last thing Mike wants to do is spend time monitoring and optimizing his investments and financial plan. He is also curious about the potential risks associated with the family having 15% of its net worth invested in the stock of one publicly traded company for whom his wife used to work.

 
How We Can Help

Analyze accounts and help consolidate and optimize them. Focus on eliminating higher-cost actively managed funds and replacing with lower-cost and more diversified index funds. Discuss concentration risk associated with having such a significant portion of the family’s portfolio invested in one company’s stock and potential benefits of diversifying away some of this risk. Help Mike determine if and to what extent municipal bonds may be appropriate from a tax perspective, while balancing risk of overconcentrating in these investments as well. Help him assess whether his real estate holdings make sense as part of his Financial Plan. 

Equity Partner

Mike

Age: 46

Areas of Concern: Investment Management, Tax Planning, and Real Estate

The juggle of life is even more real than it was 10 years ago. Mike and his wife have 20 accounts, receive K1s, own two residential properties, an investment property, and are routinely in the highest federal and state tax brackets. A husband, son, father, lawyer, and trainer of a new Boykin Spaniel named Lucy, the last thing Mike wants to do is spend time monitoring and optimizing his investments and financial plan. He is also curious about the potential risks associated with the family having 15% of its net worth invested in the stock of one publicly traded company for whom his wife used to work.

 
How We Can Help

Analyze accounts and help consolidate and optimize them. Focus on eliminating higher-cost actively managed funds and replacing with lower-cost and more diversified index funds. Discuss concentration risk associated with having such a significant portion of the family’s portfolio invested in one company’s stock and potential benefits of diversifying away some of this risk. Help Mike determine if and to what extent municipal bonds may be appropriate from a tax perspective, while balancing risk of overconcentrating in these investments as well. Help him assess whether his real estate holdings make sense as part of his Financial Plan. 

Nearing Retirement

Evelyn

Age: 59

Areas of Concern: Retirement Planning, Charitable and Legacy Planning, and Social Security

Evelyn is starting to realize that while there is a significant balance in her 401(k) and cash balance accounts at her firm for whom she’s worked for 30 years, she’s not done any deliberate planning on when and in what amounts to take distributions. She’s also not sure how to analyze the optimal age for her to claim social security benefits. She heard someone at a party talk about how it was surprising to see how much they paid in taxes when taking money from their 401(k) and there was something about the cost of Medicare, but she didn’t quite catch it.

How We Can Help

Evelyn has significant opportunities to optimize her tax liability if she plans accordingly over the next 5-10 years. We can help her understand the difference between taking social security at 70, versus taking it earlier. She might be able to retire earlier and take lower-taxed distributions from her 401k. She may also benefit from discussing longer term planning with her children and thinking about estate and legacy planning.

Retired

Dan

Age: 68

Areas of Concern: Retirement Planning, Insurance, and Tax Planning

Dan had a great career and has recently left his firm. He is not sure how much money he can spend per year in retirement. He is about to purchase an annuity from a fellow member of his golf club, and wants a second opinion before doing so. He’s interested in focusing more on some charitable interests and wants to involve the next two generations of his family in that process. With a blended family where his wife is not related to his children by blood, he thinks it would be a good idea if he started to be more clear with his family about his long-term plans and desires, but isn’t sure how to start those sensitive discussions.

How We Can Help

Dan could benefit from a financial plan that shows him a cash flow projection for his retirement. The financial website we build for our planning Members/clients can show Dan how an annuity or other solution might help him achieve his goals. It can also help him decide if he even wants or needs the annuity and otherwise assist him in evaluating what a reasonable withdrawal rate might be during retirement. Additionally, Dan needs to keep in mind that he will be required to take Required Minimum Distributions (RMDs) from some of his accounts in a few years. Smart planning on this now can help consolidate his interests in charitable, tax, legacy, and estate planning. We can also help Dan make sure his loved ones understand the parts of his estate plan and financial affairs Dan wants them to appreciate so that there are less questions later. This will likely require careful coordination among his accountant, estate planning attorney, insurance professionals, and ourselves.

Retired

Dan

Age: 68

Areas of Concern: Retirement Planning, Insurance, and Tax Planning

Dan had a great career and has recently left his firm. He is not sure how much money he can spend per year in retirement. He is about to purchase an annuity from a fellow member of his golf club, and wants a second opinion before doing so. He’s interested in focusing more on some charitable interests and wants to involve the next two generations of his family in that process. With a blended family where his wife is not related to his children by blood, he thinks it would be a good idea if he started to be more clear with his family about his long-term plans and desires, but isn’t sure how to start those sensitive discussions.

How We Can Help

Dan could benefit from a financial plan that shows him a cash flow projection for his retirement. The financial website we build for our planning Members/clients can show Dan how an annuity or other solution might help him achieve his goals. It can also help him decide if he even wants or needs the annuity and otherwise assist him in evaluating what a reasonable withdrawal rate might be during retirement. Additionally, Dan needs to keep in mind that he will be required to take Required Minimum Distributions (RMDs) from some of his accounts in a few years. Smart planning on this now can help consolidate his interests in charitable, tax, legacy, and estate planning. We can also help Dan make sure his loved ones understand the parts of his estate plan and financial affairs Dan wants them to appreciate so that there are less questions later. This will likely require careful coordination among his accountant, estate planning attorney, insurance professionals, and ourselves.

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