Construct a personal retirement plan in accordance with the steps involved in estate planning.

Amidst the soft hum of Ascend$$s office, Jean walks in with an air of bemusement. He has just finished a call with a client, an established surgeon named Dr$.$ Richard, who is looking at retirement in a decade. Dr$.$ Richard, an esteemed cardiothoracic expert, has led a successful career spanning over thirty years. However, he$$s spent more time mending hearts than planning for his own retirement. His current net worth stands at a

healthy $$3$ million, with an annual income of $$500,000.$ Richard$$s investment portfolio is conservative, with $70\%$ in bonds and $30\%$ in equities, nudging the portfolio yield to a moderate $4\%.$Isabelle, overhearing the conversation, nods in agreement. She understands the importance of a comprehensive retirement plan that takes into account estate planning. Chloe, always the tax expert, suggests revisiting Dr$.$ Richard$$s investment

strategy to optimize potential tax benefits. Benjamin, keen on leveraging technology, proposes using digital tools for a personalized retirement plan.

As consultants, your task is to construct a personal retirement plan for Dr$.$ Richard that aligns with his retirement goals, lifestyle expectations, and risk tolerance. You$$ll need to consider his existing financial position, potential tax implications, and future market conditions. Dr$.$ Richard$$s will and testament, power of attorney, and his wishes concerning medical care and asset distribution, ensuring a smooth transition of his wealth.

Deliverables for This Week$$s Case Study

$1.$ Complete a client profile.

$2.$ Develop a comprehensive retirement plan for Dr$.$ Richard, incorporating his financial goals, risk tolerance, and lifestyle expectations.

$3.$ Conduct a thorough review of Dr$.$ Richard$$s existing will and testament, power of attorney, and medical care documents. Propose necessary changes to align with his retirement and wealth transition goals.