Jackie was blindsided by the loss of her spouse of 44 years, Bill. She’s active in church and has her small group of friends to lean on, but she had little familiarity with the family finances. Now, Jackie will become the personal CFO of her household. She will need to find the emotional strength and the financial wisdom to fill that role, which is daunting for anyone.
Jackie needs to adapt her budget to adjustments in income relating to both pension and social security changes. She will likely need to coordinate with a Lawyer & CPA to retitle assets and perhaps simplify through consolidation while assessing debt and budget concerns.
Jackie will need to account for and organize assets, debts, titling of each, named beneficiaries and estate holdings. She should consider opportunities to pay off debt, liquidate non-essential assets and set up a budget covering the new household income.
Whether you’re recently widowed like Jackie or are a businesswoman looking for comprehensive wealth and investment management, BayView is here to help. We’re a member of StrongHer Money, an educational and empowerment program focused on women, and we have the tools to help you make sound financial decisions.
* 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.