Pamela-Jacobs-Certified-Financial-Planne

Spouse Passing - Case Study

Overview

Judy lost her husband who managed all aspects of their finances. He also never threw away any paperwork. One of the client’s closest friends and I helped her sort and discard what was unnecessary. We reviewed her plan and identified opportunities (paid off debt and refinanced her home) giving her peace of mind and the knowledge she could manage her finances successfully. She is always so grateful for the help she received and continues to express this every time we talk.

The Problem

When Judy’s husband passed, she lost more than her soulmate - she lost her financial advisor. He had always taken care of the bills and investments. He had left behind file cabinets full of paperwork, but she was not familiar with any of it. It was overwhelming.

The Challenge

Judy found herself in one of life’s most difficult circumstances: in the midst of coping with her grief and loneliness, she needed to put together a sound financial plan to provide for her future.  However, she knew she lacked the required knowledge to make the best decisions. Judy needed help.

The Goal

The top financial priority for a surviving spouse must be to understand their current financial status. Was Judy in debt? Were her income and expenses aligned to keep her debt-free in the future? She needed to find out and then take the actions that would ensure that her finances remained healthy and stable.

The Path

When Judy asked for help, I had her dig through all the stacks of paperwork for statements I could help review to determine where she stood financially. Once we identified her assets and liabilities, I advised her in improving her financial position by paying off debt, refinancing her home for a shorter-time period and lower-rate, and buying a new car.

The Frontier Wealth Strategies Benefit

To this day, every time Judy and I talk, she mentions how grateful she is for the new confidence she feels knowing she can manage her finances successfully.  Getting the right financial advice after her husband passed has given her tremendous peace of mind.