Nancy and her husband, Ron, had both recently retired when Ron suffered a heart attack and died in his mid-60s.As with most couples, Ron and Nancy divided up the responsibilities of running their household. Ron had always managed the family’s finances, including working with accountants to file the couple’s tax return and overseeing their retirement accounts and insurance policies.
One of the “first calls”
In addition to dealing with the grief of losing her spouse and best friend, Nancy had to begin thinking about the family’s finances. This included short-term questions such as making sure the utility bills would be paid and understanding where to access funds to pay for the funeral. It also included longer-term concerns, namely figuring out how to fund her ongoing living expenses. Most importantly, she didn’t want to be a burden for her children. Her younger daughter had just started law school, and the older daughter was starting a family of her own in North Carolina.
Given all of these financial concerns, one of the first calls Nancy made after notifying family members of Ron’s passing was to us.
Assurance and confidence in a time of transition
Our first priority in working with Nancy was to assure her that we were here to support her during this difficult transition period and throughout her retirement. We provided an overview of the family’s assets to show that all of the immediate cash needs were provided for and walked her through which accounts were used to fund these various expenses.
After the funeral, we met with Nancy to learn about her concerns and financial priorities for herself and her family. We asked many questions to understand what role Nancy wanted to play in overseeing the finances going forward and what she wanted to accomplish with the wealth that she and Ron had worked so hard to build. Based on those conversations, we developed a plan for how our team would support her in managing the family’s finances, including regular meetings to provide updates and answer her questions.
Now, five years after Ron’s death, Nancy is enjoying her retirement. We also helped her purchase a condo near her daughter in North Carolina and pay her younger daughter’s law school tuition.
The opinions voiced are for general information only. They are not intended to provide specific advice or recommendations for any individual and do not constitute an endorsement by LPL. To determine which investments may be appropriate for you, consult with your financial professional. Please remember that investment decisions should be based on an individual’s goals, time horizon, and tolerance for risk. LPL does not provide tax or legal advice.