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 will lose a sizable portion of household income from Bill’s military pension and reduction in social security benefits. Accounts will need to be re-titled, debts and assets will be consolidated, and Jackie will now become the sole trustee of their joint trust. Due to her life expectancy, Jackie will need to create a dependable income for decades to come.
Educate Jackie on how to pick up pieces as she navigates her finances as a widow. Help her maintain the same standards of living she is used to.
A family friend recommended Jackie meet with the BayView team who could provide the experience to help build the roadmap and coordinate the collaboration of various professionals in the area of tax, estate, and insurance. The team would provide the financial knowledge and resources to help build the emotional strength for her to succeed.
The BayView team was able to educate her and help her with deed searches, pensions, outstanding liabilities, and more. They were able to problem-solve some of the outstanding issues so Jackie didn’t have to figure it out alone.
After identifying her main goals and objectives while expressing her respective concerns and underlying fears, Jackie began working with BayView Private Wealth by scheduling a series of 1-to-2-hour meetings over a 3-month period.
BayView stepped right in and helped Jackie navigate the influx of documents for assets, titling, and estate planning. BayView was able to collaborate with other people to bring them in to assist with selling assets, paying off debts, and consolidating. BayView worked with Jackie to change her assets, life insurance, annuities, and IRAs to that of a single person.
Life has enough surprises. BayView helped Jackie title everything properly and ensure it’s properly documented so that there are no more hidden surprises, just intelligent design and purposeful planning.
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 recognized by Barron’s^, and we have the tools to help you make sound financial decisions.
*This is a hypothetical client example in a financial planning situation that may be proposed in this scenario.
^finalist for 2020 Barron’s Industry Awards
Do you or a loved one need help preparing for life’s unexpected twists and turns? Are you looking for help with your wealth or investments? Contact BayView today to find out how we can assist you for the future.
StrongHer Money helps women take control of their financial lives. Mark Dutram, CPWA®, CFP®, AEP® has more than 25 years of experience helping meet the financial, retirement, and investment planning needs of families, business owners, and professionals. He is also the President of BayView Private Wealth, and one of StrongHer Money’s Advisor Ambassadors.