Although Cathy’s husband left her with $5 million of assets when he passed away prematurely, she still felt vulnerable.
She isn’t sure how to manage the money or coordinate the assets he left behind, such as his pension fund. She is also concerned about the tax implications of making the wrong moves. And since Cathy is now a single mother raising two teenage boys, she doesn’t need the extra stress.
The Dodds team would start by assessing Cathy’s spending needs, and develop a budget for her to follow. This would remove the guesswork about how much she could spend without the fear of exhausting her assets.
We would then adjust her portfolio to make sure it carried the appropriate risk profile for her situation.*
Also, we would take steps to ensure the children were prepared financially if anything should happen to her. We would coordinate establishing trusts, selected guardians and trustees; have pre-approved family members to step in to care for and finish raising the boys, and have another trusted family member to fulfill the needs as the financial co-trustee.
Cathy would feel less anxiety about paying the bills – and more confident about the future. With her financial concerns behind her, she would have more energy to devote to her sons, as well as to starting a new life for herself.