Many of our clients are going through major transitions in their lives. There are many decisions they must make that will impact them financially. You want to make the right decisions and choices. We can help and we can prepare you before a life event begins.
Women and Loss of a Loved One
If you’ve recently experienced a loss, we’d like to extend our deepest condolences. Losing a loved one is difficult enough without having to worry about finances. Our team supports you in avoiding additional stress so you can focus on healing. We want to help you take control of your wealth. Our goal is to make this a smooth financial transition for you.
Women and Divorce
Unfortunately, divorce happens. One in four women aged 50 and over are getting divorced, and based on census data that number is growing. Some divorcees may have complicated financial situations which require help. If you are thinking about getting a divorce, it's better to plan for it rather than jump into it without a plan.
Occupation: Sociology Professor
Current Net Worth: $1,900,000
Recently, Vivianne’s husband Matthew passed away suddenly. He was the Vice President of Sales from PayCom and was a few years away from retirement. They had been married for 35 years. Vivianne would come to the investment meetings with her husband occasionally but left most financial decisions to her husband. They had a living will and trust, lived a frugal life and invested systematically. Vivianne's goal wanted to retire at age 60 and live on her pension and investments. Vivianne and her husband have no debt, has $150,000 of life insurance coverage and owes two more years on their mortgage. Together they have four children and three grandchildren.
*These are fictional characters and hypothetical scenarios. Please note that individual situations can vary and some strategies may not be suitable for all investors. Therefore, the information presented here should only be relied upon when coordinated with individual professional advice.
Vivianne is now in charge of all financial decisions that her husband Matthew had taken care of before his passing. She must now take charge of complex investments and figure out what to do with her assets. Matthew died suddenly. He paid many of the bills, she paid some. Now she has many decisions to make and even more questions to ask. It can be overwhelming and lonely to face the daunting paperwork alone. She does not know if she is financially able to retire at age 60 - now that her husband has passed. Her husband had a 401(k) at PayCom and a rollover IRA at a financial firm, but she is not sure how to handle it. Now that she is alone, she has begun thinking about:
Advance Financial Lighthouse can help understand the complexities of navigating your financial life. We can help you understand investments and options while we educate you along the way regarding your situation. We can visit with you over a series of meetings to listen to and understand your situation and goals and also allow you time to process, understand you with compassion.
Vivianne will be able to apply for social security survivor benefits at age 60. She can make applications on her behalf for all the life insurance on her husband. When she is ready, she can prepare a financial plan with her goals and desires and determine where she stands financially now, for retirement and the long-term. Throughout the process, we can empower Vivianne to become the captain of her financial ship and help guide her toward wealth planning and estate planning, with her individual goals and intentions in mind. She can roll-over her husband's 401(k) into her own Inherited IRA and begin receiving income. She can apply for her husband's pension from his former company and receive spousal benefits. We can assist with all of the paperwork needed to get things started for Vivianne. She can authorize us to transfer the rest of her investments from the Financial Advisor chosen by her husband to one chosen by Vivianne. Investments can be selected for Vivianne that are suitable for her risk profile, that will provide the income she will need for her future. We will help Vivianne establish all of her goals based upon her values and living the life she wants to live.