A Widow Responsible for Navigating Finances

Client Situation:

Kathleen went through the difficult process of losing her beloved husband. 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 – We assisted Kathleen with navigating the 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.
  • Portfolio Management – We structured a balanced portfolio including alternatives focused on capital preservation based on Kathleen’s income needs as well as risk tolerance.
Goals:
  • 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:

Investments:

  • 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.

Financial Planning:

  • 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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