Women in Transition
Two life events that can be particularly challenging are divorce and the loss of a spouse. Even if one has been actively involved in managing one's finances, suddenly bearing all the responsibility by oneself is daunting. We've worked with a number of clients who have faced these issues to sort out their finances, determine a sustainable lifestyle, and establish an ongoing relationship of trust that provides the security and confidence they often can't achieve on their own.
Below is a summary of a client case that we hope will give you some more insight into how we could help you. For privacy reasons, we have modified the names of our clients.
Sophie and Carl became clients shortly after Carl went on disability at his place of employment. He had been diagnosed with ALS (Lou Gehrig's Disease). He hoped for a slow progression of the disease, but he also wanted to make sure that Sophie had help in managing their financial affairs if he were unable to be involved or eventually passed away.
We helped Carl through the retirement process, invested his company benefits, and assisted Sophie in arranging for Long Term Care Insurance so that if she needed home health care, assisted living, or nursing home care, their children would know that resources had been set aside for that purpose.
Carl eventually succumbed to the disease and passed away. We confirmed that he and Sophie had previously established a revocable living trust and re-titled their home and their investment accounts in the name of the trust. We helped Sophie with a small annuity that Carl had inherited from his mother, so that she was able to avoid probate altogether. Working with Sophie's estate attorney, we also helped segregate assets of the estate into a descendants' trust, so that Sophie's children would be assured of a portion of their father's wealth even if Sophie should remarry at a later date. Sophie inherited Carl's IRA, which she had transferred into her own, allowing her to let it grow tax-deferred until she has to take required minimum distributions at 70-1/2.
For a slightly different take on the challenges people in transition face in moving through adversity, take three minutes to view our video about becoming "Suddenly Single".