Legacy Planning: Recently Widowed Executive

Legacy Planning – The Situation

Mrs. Freeman, a newly widowed professional services executive, approaches ICMC after having been referred by a colleague of her late husband. She has the fortunate situation of being the beneficiary of excellent financial and estate planning. Substantial funds are available for her future needs and her near college-age children. She is uncertain about legacy planning and how to proceed, as her husband handled the family finances. Some trusts have been established, and she also has substantial assets outside of these trusts, yet she is unsure of the purposes and priorities of these various accounts. In addition, she has garnered substantial assets on her own throughout a 20-plus-year career. She also expects to inherit meaningful assets from her own family soon. Mrs. Freeman senses a growing need for a well-crafted financial approach and plan for dealing with the corporate trustee of her husband’s bequests in trust to her. In the past, she had relied upon her husband’s stewardship, but now she needs her own trusted wealth manager. She has been approached by a number of legacy planning advisors who all appear helpful and capable, but desires a proven team she can trust implicitly that has an established method and positive track record.

The Issues

  • Mrs. Freeman requires a centralized wealth management and investment perspective that includes all elements of her new financial landscape.
  • She needs a comprehensive, flexible financial plan that helps her set priorities and meet her family’s changing needs now and in the future.
  • She recognizes that she is blessed with enough assets that, if cared for properly, can provide for her and her children’s lifetime needs.
  • The situation she has inherited is dynamic and calls for a disciplined process to be set in place as soon as possible.

The Solution

  • ICMC helps Mrs. Freeman develop a strategy and plan, while considering the terms of her husband’s estate plan, her own financial investment growth and needs, the departure of children to college and her anticipated inheritance.
  • After a comprehensive analysis of Mrs. Freeman’s financial situation, ICMC presents her with a recommended action plan, ensuring her involvement and understanding of all that is occurring.
  • Mrs. Freeman approves a personalized wealth management and investment program developed by ICMC that takes into account both current and long-term needs.
  • ICMC meets with Mrs. Freeman frequently over the next 18 months, continually working through the legacy planning action plan together and reviewing their progress.
  • Mrs. Freeman gains a better understanding of her financial affairs through these meetings and becomes more confident in helping guide future financial decisions for herself and her family.
  • The peace of mind experienced by Mrs. Freeman, knowing that she and her children’s lifestyles are secured is priceless.
  • Mrs. Freeman now has a centralized view of her once seemingly complex financial picture, and she takes great comfort in knowing she has a trusted ICMC team she can count on to look out for her best interests.