Young Family/Inheritance Case Study

Dan and Emma are a young couple in their early 40s. In addition to balancing their careers, they have three young children at home. Dan works in sales for a medical device company and Emma is a 4th grade teacher at the local elementary school. The kids all play soccer, so they are also part-time soccer coaches on the weekend. Dan’s father passed away recently and left his estate to Dan. The inheritance process has been much more complicated than Dan was prepared for. They know that saving money is important but they feel that they are missing planning opportunities because they “don’t know what they don’t know.” 

After meeting with the Oakwood Wealth Partners team, Dan and Emma were able to determine their priorities:

1. Save and invest an adequate amount of money to fund their current family expenses and eventual retirement
2. Protect the family in the event that one of them is unable to work or passes away too early
3. Create proper estate planning documents that administer their assets according to their wishes in the event they were to pass away
4. Understand and execute the administration of Dan’s father’s estate

The Oakwood Wealth Partners team worked with Dan and Emma to create their family financial plan. After the planning process, Dan and Emma felt like they had a clear plan in place that allowed them to establish a foundation and proactively manage their family’s financial situation in the future.

This case study is for illustrative and educational purposes only.