Suddenly Single
Suddenly Single
These difficult life events can leave a man or woman in a new position of financial responsibility after relying upon a spouse for many years to handle the finances. We help these clients get comfortable in their new role while avoiding the expensive mistakes. These individuals are common targets for financial abuse. Having Optima as an advocate can prevent these individuals from becoming targets.
CASE STUDY
Beverly
BACKGROUND
Beverly is recently widowed and in her mid-60s. She has adult children and grandchildren. Her late husband was a successful executive and managed all financial aspects for the family. He always took care of her and was adamant that she would be taken care of when he was no longer able.
Family is very important to her and she loves spending time with her children and grandchildren. She and her late husband had spent a considerable amount of time traveling and spending time with family. It was important to her husband that she can continue these activities. She would also like to continue supporting her church and the local charities that were important to her.
The most pressing goal is to retain her lifestyle. Her husband had been prudent with their wealth and she wants that to continue his approach, but she doesn’t want to get overloaded with details. She views prudent wealth management as being extremely complicated and she would like to minimize these complications. Beverly wants guidance to help her avoid making an expensive mistake or being taken advantage of.
Optima
ACTION PLAN
Investment Management
- Ensured appropriate asset selection / allocation providing the highest probability to achieve her goals.
- Customized investment portfolio focused on financial independence and account preservation.
- Coordinated the transfer of assets into accounts for her benefit.
Family Support
- Ensured Beverly was “in the know” about plans and engaged next generation as appropriate
- Periodic meetings with Beverly and her children to ensure comfort level with the plans, Optima team, and investment approach / processes.
- Explained Optima role with the family, the investment approach and processes, and opened accounts for them as necessary to facilitate estate plans.
- Provided financial education to Beverly and the children.
Wealth Management
- Ensured transparency of portfolio decisions, simplified complex web of accounts, addressed insurance and philanthropic giving.
- Explicit financial plan to alleviate any fears about how long her assets would last.
- Helped consolidate financial affairs and reduce investment clutter.
- Reviewed life and umbrella insurance policies to ensure necessary coverage.
- Developed and implemented an annual plan for charitable giving.
Professional Support
- Coordinated with other trusted advisors.
- Met with her Accountant to ensure maximization of tax efficiencies.
- Met with Estate Planning Attorney for overview of estate planning documents, including proper account titling and beneficiaries.