June came to True North Retirement Counsel on her lawyers’ recommendation. At first she was very uncomfortable, and for good reason - her husband Bob had just died of a sudden stroke. Aside from the emotional turmoil, June was overwhelmed with making so many major financial decisions all on her own. It wasn’t because she’d never taken care of the finances, but that job was something her and Bob had always done together.
She really felt alone and afraid of what the future held for her. Would she have to sell the house? Could she afford to live the lifestyle they’d come accustomed to? What about all the plans to help the kids and grandkids with weddings and school? And what about the life insurance money? Should she invest if for her future or give it to the kids now?
Over several meetings in a no pressure environment, Conrad worked with June to get a complete picture of her financial situation and the issues she faced with Bobs’ estate. The Financial DNA Discovery™ form gave June a structured way where she could take her time and gather all the information needed. She thought it odd that her bank had never helped her in such a way. Just getting everything down on paper allowed June to start feeling better about her situation.
This led to the creation of a comprehensive financial and estate plan. As part of his service, Conrad worked with June to help her get through all the complex issues of settling Bob’s estate. This included, making the life insurance claim, rolling over his RRIF’s at the bank and mutual fund companies, and contacting the government and his previous employer regarding his pensions.
June’s financial plan detailed her expenses and included the new lower level of income she would receive as a result of Bobs passing. The plan recommendations gave her several alternatives she’d never considered for restructuring her investments and for the use of the life insurance proceeds. In fact, she could give some to the kids now and keep some as a reserve for herself. And by making small changes to the types of investments used, her income would increase because she’d pay less tax.
In the end June was relieved to know she wouldn’t have to sell the house just to survive. She might do so in the future but it would be on her terms. And because of the plan, she was able to feel confident about giving some of the insurance money to the kids now, knowing that she has the income to do what she wants. June still had a long way to go to get over the loss of her husband, but at least now she was confident about her financial situation, and had someone new to help make those decisions.