Robert age 72 received the sad news of his terminal illness. He was most concerned for his wife Sally, age 68, as he had managed all household financial and investment decisions for over four decades. He wanted to be confident that Sally would be “in good hands” with a trusted advisor - someone who would guide Sally through the estate settlement and updates to financial plans with expertise, compassion and patience. We reviewed their entire financial picture and current estate plan. This involved listing all financial assets and debts, detailing all income sources and expenses and organizing bill pay passwords, checking retirement account and life insurance beneficiaries. We met with Robert, Sally and their attorney to review estate document roles and responsibilities.
Key requests completed included:
When Robert passed, we guided Sally through all the Executor details and tasks that we had outlined. Sally realized that her concerns were unfounded, and appreciated that the time spent planning carefully was a “gift” from Robert. Sally felt empowered and was actively engaged in assessing how much she would need to live comfortably. We implemented her income plan and the amounts she received from Social Security, the marital trust and required IRA distributions were more than enough for her needs. She was comfortable with the investment allocation plan to shift into more income producing investments in the marital trust while investing primarily for growth in her IRA. We helped Sally update her extended care and estate documents to ensure they were aligned with her wishes in her new circumstances.
Actual performance and results will vary. These case studies do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted regarding your specific situation.
