Couple in their mid-40’s, International

This client interviewed us along with 2 other local advisors and chose to work with us. They are a couple in their early 40s with 3 pre-teen kids. One spouse is not a US citizen. The husband is the breadwinner and he is a rising executive in a multinational company with significant wealth tied into stock-based executive compensation plans at work with stock options and restricted stock grants. We reviewed in depth his benefits at work and determined he was significantly underinsured for life insurance and his disability insurance coverage was lacking as well. We connected him with a life insurance broker to help them fill the gaps.

United States laws, and for who can inherit assets, are very restrictive for anyone that is not a citizen. The client was not aware of this issue, so we made sure they properly organized the ownership of their assets and had proper beneficiary arrangements. We also connected this couple with a good estate attorney that knew how to address non-citizen issues. Lastly, we put together a college savings and investing plan utilizing tax favored 529 College savings accounts. They set as their goal 100% funding of a Rutgers education as a starting point.