Guiding a Widow Through Financial Transition and Estate Planning

We helped a 70-year-old widow who, after a 45-year marriage, found herself facing the challenge of managing her finances for the first time. Her late husband, who had been the CFO of a large company, had handled 90% of their family’s financial matters. After his passing, she was left scrambling to understand the terms, providers, and processes involved, while also trying to assess her own financial needs and goals moving forward.

Recognizing her desire for someone she could trust, we first focused on educating her about her financial situation: what she owned and where it was held. We then coordinated with all of her relevant counselors and advisors to develop a plan tailored to her. This helped ease her fear of relying too heavily on her grown children, who were busy with their own careers and families. We also helped facilitate family meetings, so her children could understand their roles in the estate plan and be assured that she had the proper support in place.

In addition to estate planning, we helped her transition to professional tax planning, consolidating the numerous accounts and providers her husband had maintained. We also focused on cleaning up outstanding debts, including her home, car, and a line of credit, to create a more streamlined and organized financial picture. Despite earning $50,000 annually from Social Security and spending $180,000 per year, we worked together to ensure her $5 million net worth would be effectively managed now and in the years to come, providing her with the peace of mind she needed during a difficult time.