Special Circumstances

We have worked compassionately many times with widows in crisis situations similar to Beth’s. The key very much becomes balancing decisions that need to be made slowly in a time of emotional transition while still not missing deadlines or indefinitely delaying decisions that need to occur. In situations such as these we are called to be much more than just a financial advisor. —Chris Cushman, Wealth Advisor

 

Challenges

  • Beth lost a life partner and her family’s main source of income and financial security. Stan also had full control of the family’s finances and budgeting figures, so Beth was inadequately prepared to assume the role of managing the finances going forward.
  • Beth did not know what to do with the lump sum payment she received from the life insurance company or how to best spread out the value.
  • Beth had to make a decision about the business that Stan owned since he had not established a succession plan, creating additional anxiety and stress for his employees as well as for Beth.
  • Beth was forced to make some large and far-reaching decisions while going through the grieving process.

 

Solutions

  • We first sat down with Beth and listened at length to her thoughts and fears; literally holding her hand in the immediate aftermath of Stan’s death. Legacy advisors then committed to walking with her through each step of the process and providing insight into each decision recommended.
  • We helped Beth collect and organize all the needed documents and statements, so both the firm and Beth had clarity on the family’s financial situation.
  • The team presented multiple scenarios to best utilize the lump sum provided by the insurance statement.
  • Legacy counseled Beth regarding what to do with Stan’s company, taking into account her hopes and dreams and future aspirations. We found that Beth was not interested in holding an ownership stake in the company, and decided together that selling the business to other leaders in the company was the best way to move forward. We accompanied Beth to the business sale meeting.

 

Ongoing Results

The impact we made in Beth’s life is a direct result of the role that we as advisors at Legacy feel called to fulfill. Beth needed more than a financial advisor; she needed a team she could trust and with whom she could be vulnerable. She needed to seek trustworthy counsel and know that wisdom was being provided to her, and she looked to Legacy to be all those things. We walked with her through the grieving process, helping her to make the decision to sell the business and use the lump sum wisely to sustain her family.

We have worked compassionately many times with widows in crisis situations similar to Beth’s. The key very much becomes balancing decisions that need to be made slowly in a time of emotional transition while still not missing deadlines or indefinitely delaying decisions that need to occur. In situations such as these we are called to be much more than just a financial advisor.

 

While this client story is true, names and certain information have been changed to protect identities.

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