Michael is a 75 year-old Veteran of the Vietnam War. Michael is married to his longtime sweetheart Mary. The couple is retired and spend time with their three grown children and eight grandchildren. The couple chose to work with BayView Private Wealth because of their specialized knowledge and process around working with military families and Veterans.
Michael wants to create a plan to make sure the family is well-cared for and to keep Mary safe. He also wants Mary to maintain the same standards of living she is used to.
After identifying their main goals and objectives while expressing their respective concerns and underlying fears, Michael and Mary scheduled a series of 1 to 2 hour meetings over a 3-month period. Each meeting was devoted to one element of their total financial plan. In this way, the couple felt more confident and had the space and time to ask important questions and avoided the feeling of being too overwhelmed. Technology was used to schedule virtual meetings, and to analyze current holdings.
A comprehensive financial and estate plan for Michael and Mary could help to identify strengths and weaknesses using various scenarios and simulations to account for changes in income, health and how insurance might mitigate some of those risks. Analyzing and stress testing investments to check alignment with their risk tolerance regularly at their age would be warranted. Engaging with Michael and Mary’s three children would be prudent to account for generational planning considerations.
* This is a hypothetical situation for illustrative purposes only. The client is not real. Results are not real nor guaranteed. Past performance is no indication of future success.