Bob Bernstein
847.780.8140
Robert Bernstein
Case Studies*
Second opinion
A successful attorney who works with several financial professionals and has many investment accounts wanted an arm's length comprehensive review of his financial circumstances. He had partially withdrawn from common stocks on his own initiative in early 2002 and had created a 529 college savings plan for his twelve-year-old son in 2003. I confirmed that his asset allocation was on target. Furthermore, I confirmed that his plans to remodel his home were within his financial means. Lastly, I found that his term life insurance was insufficient to meet his needs and recommended an appropriate increase. Along the way I answered his questions and pointed out where the fees or commissions he was paying were competitive or too high.
Facing divorce
While in the midst of divorce negotiations, a wealthy woman sought my advice. Her husband had been very successful as an investor and had handled all financial matters. She didn't know which assets she should seek in the settlement and did not want to trust her husband to give her a fair share. Among their assets were investment real estate, a second home and various securities. Because of the non-securities investments involved, I was able to provide an overall perspective that her stock -broker could not. Her attorney appreciated that I facilitated and professionalized the financial matters while he focused on her legal matters.
Loss of spouse
When his wife died, a widower in his fifties faced a difficult emotional time as a single parent and wage earner. Since his wife had pre-marital assets, he also became executor and trustee of her estate. I was able to help him keep priorities in perspective, assist in choosing a tax attorney, and select appropriate investments for trust assets and life insurance proceeds.
Young professionals
A married couple in their late twenties came to me early in their careers. They both have management level jobs with large corporations and faced many choices regarding their 401K plans, stock option plans and health care plans. They needed help understanding how these plans work and how to make choices that meet their needs and risk preferences. When they purchased a new car, I helped them decide how to allocate the most advantageous amounts between car payments, payoff of their graduate school loans and for saving for a home down payment. When they were buying their first home, I assisted them in judging what they could afford, in understanding financing options and in selecting the best mortgage. When their first child was born, they sought my help in choosing a college funding program and determined how much money they would need to invest over the next 18 years to pay for college. I also advised them to consult an estate attorney to set up a will. Through these events, I consulted with their accountant, insurance agent, mortgage broker, and other professionals as appropriate.
Long term care
When his mother, a widow, was diagnosed with Alzheimer's, a middle-aged man with very little financial knowledge became responsible for her care and investments. Working with a legal specialist in Elder Care, I helped him revise her estate plan and strategize the funding of her assisted living arrangements.
* These case studies are altered to protect confidentiality.