Imagine losing your father, mother and sister all in the same year. That’s what happened to Leslie, a 56-year-old woman who found herself overwhelmed after all three members of her family died. She was not only overwhelmed with grief, but also with the monumental task of clearing up three estates at the same time.
Leslie’s father, mother and sister lived in three different states. None of them did any advanced financial or estate planning. Leslie had little idea of how to handle the situation, so she hired some professionals to help. They were ineffective, though, and a person familiar with the deteriorating situation referred her to BPP.
First we assessed her situation. Leslie needed to separate each situation, and to understand what needed to be done and what deadlines she faced for each estate.
The first thing we did was to draw up a Security Income Plan for Leslie: It was critical to help her gain clarity about what was important to her and what assets she had. Her own financial life had fallen into chaos because of all the turmoil in her life.
We helped Leslie understand her overall financial picture, and we helped her define and order her priorities. We gave her a clear outline of the tasks she needed to complete in order to deal with the estates she had inherited, and we helped her hire a team of professionals to get the job done.
Today Leslie knows there is enough money available for her to complete the tasks associated with the three estates. A sum from her mother’s life insurance policy has freed her to take care of the estates, because we helped her obtain the money and decide what to do with it. Leslie now has paid her mortgage bill and her taxes. She has her finances in order so she can focus on what needs to be done.
We provided Leslie with a detailed action plan that shows her what she needs to do on a monthly, weekly and even daily basis.
Leslie knows how much money she can expect to have left over once all of the work is completed, and that has given her a peace of mind she didn’t have during the worst of the crisis period. In fact, she knows that she will be OK financially.
This material is being provided for general information purposes only and should not be construed as investment, tax, or legal advice, or as a solicitation to buy or sell any specific securities product, or used as the primary determinant of the best strategy. Although these are actual events, not all clients will experience the same result and there is no guarantee of future performance or success.