Nothing can prepare you for the sudden loss of a spouse. Our client, a woman in the early 50’s, came to us in an effort to get a handle on her finances. Our client had three teenage children when her husband died shortly after his cancer diagnosis. Her husband tended to the financial details of the home. Our client had taken time off from her career to raise her children. With the sudden loss of her husband, she was upended and at a loss going forward. Now she was in charge of all of the finances and needed to navigate through the complicated process of the death of her husband.
Her husband had numerous accounts and benefits through his work which needed to be simplified. She needed a financial plan to determine how she can afford to live, at a comfortable level, through her retirement. Her children were either in or about to begin college. Can she fund her children’s college educations? Our plan outlined various options for her regarding living expenses, maintaining her current home, and college. Important issues arose including long term health care and her health insurance. We established an open dialogue with meetings, as she moves into the next phase of her life as an empty-nester.