Family is an important consideration in most financial plans. From getting married, starting a family and planning for a child’s education, to losing a loved one, divorce or taking care of an elderly parent, it’s important to plan ahead for both the expected and unexpected, in order to protect yourself and your loved ones.

We’ll help you to look at your current situation, set realistic goals and put the right plan in place. And as your life changes, we’ll be here to help you readjust and move forward with a financial strategy designed to meet your current and future needs. To us, each situation presents a challenge and an opportunity to make smart, pragmatic financial decisions.

CASE STUDY: FAMILY (Inheritance, Divorce, Surviving a Spouse)

Ruby was an only child and grew up in a family that lived modestly. As a full-time teacher, she had continued to live within her means. A single mother to two children, Ruby owned her car, had a small mortgage on her home and continued to put money away for her kids’ educations.  When Ruby’s mom passed away (her father died several years before), she learned her parents were much wealthier than she imagined. As the sole heir, Ruby inherited their estate, worth over $10 million. As someone with limited investment knowledge, Ruby didn’t know what to do or where to start.

Key Considerations:

  • Understanding new assets, including retirement plans, stocks and bonds, life insurance, cash endowments, businesses or real estate. 
  • Simplified investment management
  • Tax implications
  • Updated financial goals and estate plan
  • Insurance needs
  • Charitable giving

How We Helped:

  • Conducted an in-depth discovery to help Ruby understand her full financial picture.
  • We helped her to understand how to prioritize her goals. Using a risk tolerance assessment questionnaire, she learned more about risk and what she’s comfortable with.
  • We drafted a personalized investment policy statement to guide in the management of her new-found wealth.
  • Her portfolios we designed to take into consideration her goals, risk tolerance and time horizon. This resulted in a combination of high-quality exchange traded funds designed to generate a tax-effective mix of interest, dividends and capital gains.
  • Introduced her to our estate and insurance specialists to review her needs and put strategies in place to ensure her kids are taken care of.
  • Assisted in setting up a private foundation to directly support her charity of choice.