The Loss of a Loved One

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Client Profile: The Widow

A valued client’s father recently passed away from a terminal illness and had left all the financial matters to be sorted out by his later aged widow, ‘Jane’. Our client, ‘Mary’, had recommended that her mother utilize our comprehensive services and receive guidance from a trusted source to help with the estate settlement and streamline her financial affairs.

Circumstances and Resolution:

After living through various stages of life and enjoying all that life can offer, nothing could have prepared Jane for the passing of her husband from a terminal illness. Her husband was an executive business leader and was very successful financially. Over the years he had invested in some nuanced private investments, owned large concentrated positions in publically traded stocks and had a partnership agreement that had many legal tangles inside the language of the agreement. To say the least, the estate had various layers of complexity. Too much complexity for Jane, or Mary, to handle alone so they sought our help.

The Concentus team meet with Jane and Mary to understand the current situation and what the future goals and financial needs of Jane would be. During our meeting, we listened and collected information so that we could draft a comprehensive proposal to tackle the complex financial situations and as well provide valued insights to make Jane and Mary feel comfortable with Jane’s current and future finances. After our initial meeting, we got to work developing a draft of a Wealth Plan for Jane. We then met again with Jane and Mary to go over the draft plan, which included a number of different scenarios and projections to determine which plan of action best suited Jane.

Once everyone was comfortable with the draft, we finalized the creation of Jane’s customized Wealth Plan and provided a written document detailing not only the strategic investment plan but all the other planning decisions required to achieve the goals we had discussed in our first meeting. This included:

  • action plan for the estate settlement
  • debt and insurance plan
  • current and future income strategy
  • charitable giving plan
  • process for communicating to her family about her future estate plan

After Jane and Mary completed our process, they both expressed how grateful they were that we really listened to their concerns and customized the plan accordingly. They were comforted that we took the time to explain the various options they had and the decisions they needed to make. By being involved in the process, they felt empowered that they had more clarity and confidence in the future success of her plan.

Key Lessons:

For all households, an untimely death of a family member can cause major disruption to all persons involved. It is important to have a competent team of advisors that will help guide the family through the nuances of an estate settlement. Moreover, being prepared in advance with executed estate documents and having a long term Wealth Plan in place will alleviate a good portion of the financial pressures during the grieving process.

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Concentus Wealth Advisors

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