Risk Management and Insurance Case Study

Risk Management and Insuranc

Today is January 1, 2017. Nicholas and Whitney Clement have come to you, a financial planner, to help in developing a plan to accomplish their financial goals. From your initial meeting together, you have gathered the following information.

Personal Background and Information

Nicholas Clement (Age 27)

Nicholas is an assistant in the marketing department for Energy Tech, Inc., a small company with 15 employees. His annual salary is $39,000.

Whitney Clement (Age 24)

Whitney is a legal research assistant with the law firm of Laurent, Heine & Merritt, LLC. Her annual salary is $30,000.

The Children

Nicholas and Whitney have no children from this marriage. Nicholas has two children, Grant, age 4, and Blake, age 3, from a former marriage. Grant and Blake live with their mother, Kelly.

The Clements

Nicholas and Whitney have been married for two years. Nicholas must pay $500 per month in child support until both Grant and Blake reach age 18. The divorce decree also required Nicholas to create an insurance trust for the benefit of the children and contribute $175 per month to the trust. The trustee is Kelly’s father. There are no withdrawal powers on the part of the beneficiaries. The proceeds of the trust are to be used for the education and maintenance of the children in the event of Nicholas’s death. The trustee has the power to invade any trust principal for the beneficiaries at the earlier of the death of Nicholas or Blake reaching age 18.

Economic Information

· Their salaries should increase 5% annually.

· The after tax investment rate of return is 6%.

· There is no state income tax.

· Their marginal tax rate is 15%.

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