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Managing Through Life Events

“The secret of change is to focus all of your energy, not on fighting the old, but on building the new.” – Socrates

Life brings many changes. Some are wonderful, positive experiences that add joy to our lives such as marriage or the birth of a child. Unfortunately, other changes seem to happen to us, often without warning, and can have a lasting impact on our lives and the lives of those we hold dear. Whether it’s the excitement of a new career or the sorrow following the loss of a loved one, most of these life events have a financial impact, as well. Managing through these times alone can be challenging as financial questions and concerns arise.

Those life events and times of transition can take many forms such as...

  • Joining together in marriage
  • The joys of birth
  • Death of a loved one
  • A career change
  • Facing health concerns
  • Starting over after divorce
  • Aging with grace

 

With more than 65 years of combined experience, we have had the great honor and privilege of serving many individuals and families during times of transition. Each situation is unique yet they also share certain aspects in common. For example, most big life transitions require an assessment of the current financial situation with an evaluation of the future outlook in light of the recent changes.

With a monthly monitored long-term investment plan in place, an annually updated net worth statement and a relationship with family members and other advisors, we are in a unique position to play an important role in the lives of our clients during times of transition. We take seriously the key responsibility of engaging with those individuals to assist in the navigation of the new landscape as life events arise.  We are genuinely honored and humbled to be called upon by our clients during these life-changing times of transition.

A Case Study

Sam and his wife, Niki, have been clients and friends for years. During a routine annual review early in our relationship, we determined that the family estate planning documents were not up to date. Sam and Niki asked for a referral to an attorney who specializes in estate planning. We are well acquainted with several estate planning attorneys and suggested one who met Sam and Niki’s requirements. After two meetings with the attorney in which we participated at Sam’s request, they were able to update their wills, powers of attorney, trusts, living wills and healthcare powers of attorney. With the new documents, we were able to update their beneficiary designations to ensure that both Sam and Niki’s investment and retirement accounts would pass according to their wishes. The powers of attorney gave both Sam and Niki the necessary control over each other’s accounts in the event of either becoming incapacitated. With the financial documents, living wills and health care powers of attorney in place, both Sam and Niki were able to focus on living.

Two years ago, we received news that Sam had been diagnosed with cancer. Due to concerns expressed by Niki, we scheduled a meeting with the estate attorney, Sam, Niki and family members to review the family estate plan, investment strategy and address any concerns. After meeting, Niki expressed relief in the knowledge that the necessary plans were in place so that she could put financial concerns behind her and focus on helping Sam get through his treatments. Fortunately, the treatments were effective and Sam recently received an encouraging health report.

This is a hypothetical example for illustration purpose only and does not represent an actual client experience.

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