I’ve Found Out I’m Dying… Now What?

Tripp and Susan had just gotten some bad news from Tripp’s doctor.  He had pancreatic cancer, and while it was in the relatively early stages, even with the newest and most aggressive treatments, the survival rate was less than 10%.  Tripp, a retired dentist, realized it was likely that he wouldn’t survive for long. His thoughts turned to Susan.

Throughout their 30 years of marriage, Tripp had managed the finances - everything from their investment portfolio to the monthly bills.  Susan had little or no interest in the finances. Tripp had always considered it his role in their marriage to provide for them and manage everything “financial.”  Soon that would end, and Susan would be on her own.

Unfortunately, this situation is familiar to us. Several times in any given year, either a client, or someone close to one of our clients passes away. Frequently, individuals who have been recently widowed reach out to us for help in getting their financial affairs in order so they can confidently face what lies ahead.

In this situation, we worked closely with Tripp and Susan to transfer management of the finances to Susan while Tripp was still able to help.  She took over paying the monthly bills and balancing their accounts.  We helped her understand all their current sources of income, and what those sources of income would be once Tripp was gone (his pension benefit would be reduced by half and her own Social Security benefit would go away; she would, however, retain Tripp’s Social Security benefit).

We also helped Tripp and Susan streamline their investments to make them easier for Susan to track and understand.  Our financial plan showed monthly withdrawals from their investments would be necessary, but “stress tests” showed that they were well prepared, and she should have money for the remainder of her natural life. 

Sadly, Tripp passed away.  But Susan was able to focus only on grieving her loss and continuing life without him.  She was confidently in charge of her own financial future, rather than feeling lost or panicky.

Live confidently. 

We’d be honored to help.

*This is a hypothetical situation based on real-life examples.  Names and circumstances have been changed.  The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.  To determine which investments or strategies may be appropriate for you, consult your financial advisor prior to investing.  Your results will vary.