Miah and Noah were planning a long and wonderful retirement together, but that was cut short when Noah was diagnosed with Pancreatic Cancer. Since it’s a fast-moving disease, they are eager to get their finances in order to make it as easy as possible for Mia when he passes because Noah fills most roles for their family finances.
Noah handles all their investments, which are with multiple companies, does their own tax return, coordinated with their estate planning attorney 10 years ago to update their estate plan, and carefully monitors their insurance coverages. Mia handles the household bills, but has not been involved in what Noah does.
She knows where their bank and investment accounts are located, but does not fully understand the types of accounts they have, how they are invested, and the tax consequences. If Noah passed away tomorrow, she is not sure how she would take withdrawals to supplement her income.
They also don’t remember what their estate plan says and whether it needs to be updated quickly.
Mia and Noah both want a team of professionals in place to help guide Mia during what will be one of the most awful, sad, and confusing times of her life.
First, they should find someone to listen. They should talk about their cancer, life together, and what is most important to them at this point.
Mia should say what she wants to handle and what she prefers handing off to professionals. Once they understand what they want, a simple, one-page plan that outlines next steps should be created. As medical treatment plans change, they can ask questions and adjust the financial plan as needed.
Mia and Noah should work at their own pace in between his treatments to accomplish the following:
If Noah passes away a few months after his diagnosis, Mia should have a team in place to help guide and educate her about what needs to be done when he passes. Although it is not easy, it should be much easier than it would be if they did not simplify their financial life. The life planning should allow Mia more time with her kids and grandkids and through conversations, create a gifting plan to give more to them while still alive.
Note: The above case study is hypothetical and does not involve an actual Kindness Financial Planning client. No portion of the content should be construed by a client or prospective client as a guarantee that they will experience the same or certain level of results or satisfaction if Kindness Financial Planning is engaged to provide investment and financial planning services.