Client Situation: Kathleen went through the difficult process of losing her beloved husband. As a widow at 62 years old, with one adult child, two step children and multiple estates, Kathleen must navigate a complicated financial world where she needed an organized financial strategy and a comprehensive action plan.
Investable Assets: The total estate is $+10 million split between several trusts and real estate holdings including two resorts properties in a foreign country.
Beacon Pointe Value Add:
We understand that every client has their own unique financial circumstances and we are committed to helping create customized solutions. Our success in the case was predicated on:
- Financial Planning – We prepared a comprehensive financial plan and action item checklist that helped organize her financial life, lifetime goals and legacy goals.
- Education and Empowerment – Through our Women’s Advisory Institute, we assisted Kathleen with navigating her new and complex financial world, educating her on what her financial picture looked like after becoming a widow, as well as the nuances of the complex estate planning vehicles she inherited. Our in person and virtual educational events that Bethany attended made her feel safer, knowing that she wasn’t alone in this process and that her Beacon Pointe advisory team was her safety net she could depend on.
- Portfolio Management – We structured a balanced portfolio including alternatives focused on capital preservation based on Kathleen’s income needs as well as risk tolerance.
- To better understand how her assets were held and structured after the passing of her husband.
- Make smart financial decisions to preserve and grow her wealth.
- Smoothly pass her wealth in the manner she chooses, while minimizing transfer taxes and costs.
Beacon Pointe Action Items:
- Through our access to outstanding institutional-caliber portfolio managers we were able to create a portfolio strategy that brings Kathleen the peace of mind she is looking for.
- Review of Kathleen’s long-term care necessities, insurance needs and various coverage options.
- Continue to review lifetime and legacy goals with Kathleen to ensure they are aligned with her
- Restructure her Trust documents to better reflect her desires when she passes, including the updating of her power of attorney.
Getting Financially Organized:
- She completed our vital information worksheets, which contain important documents and pertinent account information for ease of management for family members.
Additional Actions We Took:
- Designed a gifting strategy to reduce her estate.
- Coordinated the sale of her $4 million ranch to simplify her life
- Helped facilitate the restructuring of a $3 million note receivable which would have defaulted if we had not taken action.
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Important Disclaimer: Case studies presented are hypothetical scenarios and intended for illustrative purposes only. They do not represent an actual client or an actual client’s experience, but rather are meant to provide an example of the Beacon Pointe’s process and methodology. An individual’s experience may vary based on his or her circumstances. There can be no assurance that the Firm will be able to achieve similar results in comparable situations. No portion of this case study is to be interpreted as a testimonial or endorsement of the Firm’s investment advisory services, and it is not known whether the hypothetical clients referenced approve of the Firm or its services. The information contained herein should not be construed as personal investment advice.
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