Clients facing the loss of a partner often seek our services for two primary reasons:
- Navigating Complex Financial Matters: The passing of a spouse involves intricate financial tasks such as managing estates, handling probate issues, and addressing the distribution of inherited assets. Many clients find these tasks overwhelming and seek expert guidance to ensure everything is handled properly and efficiently.
- Emotional and Practical Support: Beyond the financial aspects, losing a partner brings profound emotional, psychological, and spiritual challenges. Clients require compassionate support to process their grief while also making critical decisions about their financial future.
The loss of a spouse can complicate both personal and financial aspects of life. During this challenging time, we help clients with Budgeting and Financial Planning, Asset Management, Tax and Probate Support, Estate Planning and Social Security Navigation.
The death of a spouse is one of the most complex and traumatic events one can face. We are here to support you through every aspect of this transition, providing both the space to grieve and the expertise to manage your financial future. Learn more.
Melanie
Melanie (57) was married to Steven (55) for 32 years before he passed away from cancer a month ago. They have four grown children and six grandchildren. Steven and Melanie had been diligently saving for retirement and had life insurance in place.
Melanie had a longstanding relationship with their financial firm but never felt comfortable with the advisor. After Steven’s death, Melanie is unsure about handling their finances and wants to ensure she makes informed decisions regarding the life insurance payout, taxes, and other financial matters. She also needs guidance on talking to her children about potential inheritance.
Needs:
- Experienced Advisor: Find an advisor who listens and addresses Melanie’s emotions and fears during her grief.
- Estate Planning Referrals: Provide referrals for estate attorneys for probate and evaluating the estate plan.
- Financial Planning: Plan for the funds from Steven’s life insurance policy and other investments.
- Tax Assistance: Help with taxes, including options and addressing questions beyond mere filing.
- Non-Judgmental Space: Offer a supportive environment to address tough questions about financial decisions and future planning.
Solution: Planning, Advice, Asset Management (PAAM)
- Financial Therapy: Provide a safe space to express feelings and fears related to recent changes.
- Professional Referrals: Connect with estate planners and tax professionals, forming alliances to address all concerns.
- Goals-Based Financial Plan: Design using Money Guide Pro (MGP) financial software.
- Psychometric Risk Assessment: Use Datapoints software to understand Melanie’s risk profile, behaviors, and money scripts.
- Ongoing Meetings: Discuss changes in financial goals, asset management implementation, estate planning updates, and adjustments following Steven’s death.
- Annual Reviews: Evaluate financial plan progress, investment performance, and necessary adjustments to meet long-term goals.
By addressing Melanie’s needs through a combination of financial expertise, emotional support, and strategic planning, we aim to provide a comprehensive solution that not only manages her financial concerns but also supports her emotional well-being during this transitional period.