Loss of a loved one.
We utilize a five-step process to help you achieve financial freedom after loss of a loved one:
Step One
Assess
Discussing one’s financial situation after the loss of a loved one can be very emotional. While it is important to get an assessment of your finances along with your income and expenses, there is no need to rush into any major decisions. Deciding whether you will stay in your current home or sell can be a big decision.
- Net Worth/Assets
- Income/Expenses
- Living Arrangements
Financial Planning After Loss of a Loved One
Your Personal Financial Plan Covers:
Cash Flow
Cash Flow
- Income and Expenses
- Social Security Income
- Distribution Strategy
- Life Insurance Proceeds
Financial Plan
Retirement Plan
- Retirement plan analysis
- Income Tax Minimization Strategies
- Estate Plan Review/Update
- Asset Protection Planning
Investments
Investments
- Asset Allocation
- Long | Intermediate | Short Term
- Tax Optimization
- HWM Reservoir Strategy
Housing Strategy
Housing Strategy
- Downsizing
- Renting
- Live with Family
- Senior Community/Assisted Living
CASE STUDY
Say hello to Kate.
The sudden passing of Kate’s 72-year-old husband left her having to rethink not only her personal future – but her financial one as well.
At 60, Kate was still working and had no plans for retirement. Her husband had been collecting social security – and although Kate was entitled to social security benefits, we determined she would be better off waiting because she was still working. Collecting benefits now would reduce the amount of her monthly entitlement.
In lieu of collecting Social Security, we reviewed and rebalanced Kate’s investments and assets in order to provide the additional income needed to meet her expenses and continue living in her home in Woodbury, NY.
Not-too-fast forward.
Like Rome, a new life and secure financial future isn’t built in a day. With Kate, we created a comfortable schedule in order to review and address financial issues over the next year. Cautious financial planning after loss of her loved one accommodated some of the shorter term critical decision-making needed while not overwhelming Kate in the immediate aftermath.
