Case Study 06: The Dual-Income Professional Couple

Two High Earners | Competing Priorities | Family Planning | Tax Bracket Management

THE SITUATION

A 46-year-old physician and her 49-year-old attorney husband came to Flagship with a household income approaching $700,000, three children in various stages of pre-college planning, and a financial life that was technically functioning but emotionally disconnected. She was a natural saver who had grown up with financial instability. He valued experiences and believed strongly in living well now. Their disagreements about spending, saving, college funding, and retirement timing had escalated into a recurring source of tension. They had a financial advisor, but he mostly managed their investments. No one had ever helped them have the underlying conversation.

THE CLARITY BUILDER — STARTING WITH WHY

Their Clarity Builder session was the first time they talked about money in terms of values rather than line items. When she articulated the fear of instability that drove her saving, and he explained that his desire to spend was rooted in a deep belief that time with family was the whole point, they stopped arguing about numbers. They started building a shared plan. The deliverable from their Clarity Builder was a document they both felt ownership over, perhaps for the first time.

THE PANORAMIC PLANNING PROCESS

• Coordinated with their CPA to optimize income splitting strategies and evaluate whether she should shift more income through her medical practice S-Corp to reduce self-employment tax exposure
• Modeled a phased college funding strategy using 529 accounts across three children with different time horizons, balancing current cash flow against projected tuition exposure
• Evaluated Backdoor Roth IRA contributions for both, given their income level exceeded direct Roth contribution limits, and coordinated the conversion strategy with their CPA to avoid pro-rata complications
• Introduced a Cash Balance Plan through her medical practice to significantly increase pre-tax retirement contributions beyond 401(k) limits
• Built a discretionary spending plan that gave him a defined, agreed-upon budget for experiences, travel, and family investment without threatening her sense of financial security

TAX PLANNING VS. TAX ADVICE — HOW WE WORK

Flagship provided the planning framework and modeling. Their CPA handled all tax return preparation, S-Corp elections, and formal tax opinions. The estate attorney they engaged updated their documents to reflect the planning decisions.

THE OUTCOME

A year into working together, they described the financial relationship in their marriage as transformed. The tension around money had largely resolved, not because they had changed who they were, but because they had a shared plan that honored both of their whys. Their savings rate increased while their spending on experiences they genuinely valued also increased. The plan held both.

This case study is a composite, anonymized vignette drawn from common planning patterns. No individual client or identifying information is represented. Results vary based on individual circumstances. This is not tax advice. Flagship Asset Services coordinates with CPAs, tax attorneys, estate attorneys, and other licensed professionals as part of a collaborative planning team. Tax planning is educational and strategic in nature; tax advice and tax return preparation are provided by qualified tax professionals.

Securities and Advisory Services offered through LPL Financial, a registered Investment advisor. Member FINRA/SIPC.