Transition periods are those times in your life when you are experiencing significant changes due to death, divorce, retirement, career changes, or other life changing events. Transition periods are unique because of the emotional overlays that accompany the important financial decisions that need to be made. Many of our clients find that our on-staff counselor is invaluable in helping them to make their transitions. The following are examples of clients during transition phases of their lifetimes:
Ruth has recently lost her husband at age 76. She has never paid the bills or balanced the checkbook. She wants to work with planners who will make sure that her portfolio is properly invested to produce an adequate cash flow. She needs help with her tax planning and all of her estate planning will need to be updated. She wonders about whether she should continue to live in her current home or whether it is time to consider moving closer to her children or to another setting, and what it will be like living as a single person after all these years. She wants to make sure that her children and grandchildren inherit most of her estate, but she would also like to make sure that there are gifts made to her favorite charities.
Marilyn was divorced at age 52. Although her settlement was generous, she is very concerned about how she will manage her cash flow. She is not sure about whether she should be living on it at this time, or whether she would add to both her life enjoyment and her security by returning to work. She has never paid much attention to her financial affairs and doesn't really understand investments. She is willing to learn and wants to take control of her life. She needs help with her spending plan and tax management. She has been awarded a portion of her ex-husband's pension plan and does not know what the best thing is to do with it. She needs help investing in an appropriate portfolio and establishing monthly cash flows.
It is never easy to lose your job, but Robert has found it particularly disturbing since he hadn't anticipated this layoff. At age 56, he thinks he may find it difficult to find a comparable job without relocating and he does not want to move. He has a sizeable 401K plan, a lump sum pension and the company will pay him the equivalent of six months' pay as a severance package. He doesn't know what the tax implications of the severance package will be. He needs to decide what to do about his insurance coverage. And most of all, he needs to figure out how to provide cash flow for his family while he looks for another job. Can he really afford to retire this young?
Anna has become very absent-minded. Actually, she has become more than absent-minded and her daughter Phyllis is really worried. Phyllis want to make sure that Anna's estate plan is in order and that any planning that should be done to protect Anna is done now, while Anna is still coherent and aware. Phyllis would also like to know what could be done to conserve her mother's assets if she should become institutionalized in the future.

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