Case study
Experiencing a Big Change
Overview
Mary’s father recently passed away, and she needs help navigating his estate and the inheritance on top of her own wealth.
Goals
- Preserve father’s assets
- Settle his affairs
- Prepare for her future
The challenge
Simply the complex
Managing your own financial affairs while simultaneously dealing with the estate(s) of your parents can be daunting. Numerous decisions need to be made in a short period of time.
4 Key Questions
- What are the first steps?
- What are the major provisions in the estate documents?
- Where are the assets?
- Were retirement distributions completed?
Our approach
Breakdown estate and personal tasks and prioritize decision-making
Big changes or sudden wealth often means large and perhaps life-changing sums of money coming into your possession. Optimizing your personal planning in coordination with sudden money can bring peace of mind and present new opportunities.
Our results
Multiple trains on multiple tracks,
all arriving on time
- Result 1
A custom approach that gathered and analyzed personal and estate data. - Result 2
Tasks prioritized and timeline developed. - Result 3
Approach assisted with implementation.
Note: The above case study is hypothetical and does not involve an actual Approach Retirement client. No portion of the content should be construed by a client or prospective client as a guarantee of a certain result if Approach Retirement is engaged to provide investment advisory services. Each client's situation is unique and will affect the strategies that can be used for that client.
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If you’re dealing with sudden money, we can help you plan your approach.
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Don’t Count on It: 4 Reasons Why You Shouldn’t Rely on a Possible Inheritance
It's not unusual for people to think of an inheritance as a sort of safety net. If times get tough, there’s always a chance that a rich uncle or generous grandparent will swoop in and solve all their financial problems. But is relying on an inheritance really the best way to plan for your financial future?
According to Experian, “The average inheritance is $46,200, according to the Federal Reserve. While $46,200 would be a welcome addition to anyone's retirement fund, it probably wouldn't generate a comfortable retirement all on its own, especially if you receive it later in life. Moreover, plenty of variables can stand between you and an expected inheritance. Even if you're anticipating an inheritance, you shouldn't rely on it solely in your retirement planning.”
Here's why you might not want to count that money before it hits your bank account.
