March 28, 2018
No Pro-Con List Required: Planning for Spousal Survivor Support
Sean has always been a planner. His family likes to joke that his first word might as well have been “plan,” and that he could draft a solid pro-con list before he could write a full sentence. Family jokes aside, Sean’s desire to thoroughly weigh his options, keep a meticulous calendar, and strategize one or two moves ahead have all been an important part of his success.
Happily married with one child at the neighborhood preschool, Sean loves his job at Amazon and earns $250,000 a year with great stock options. Since the birth of their son Malik, Sean’s wife Nia has chosen to stay at home to care for him; and given Sean’s salary, they’ve been able to comfortably maintain their lifestyle without Nia in the workforce. While she hopes to one day open her own Interior Design firm once Malik’s in school full time, Sean’s income provides stable support for their family of three.
However, Sean’s propensity for thinking ahead had him concerned about income protection for Nia and private school expenses for Malik should something ever happen to him, or his stock options. Without a runway of planning time, Nia doesn’t have great options for easily getting back in the workforce and private schooling for Malik has always been important to them.
Thinking ahead, Sean sat down with us to acquire a tax-favored Life Insurance policy that would provide income to support Nia in his absence, along with additional financial support if it would be needed for Malik’s private school education. Natural born planner or not, we believe setting your family up for the future is always a good decision; no pro-con list required.
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