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Married for ten years with three children; the wife was in the process of receiving a large inheritance. This situation significantly changed her personal assets since she was the primary caregiver for their children while her husband was the primary income earner. Heritage Investors started the financial planning process by discussing their financial goals, any concerns, and performing a comprehensive, thorough analysis of existing finances. Three areas of concern included: Financial security. Recommendations for future stability included developing:
- A complete financial plan that considered multiple scenarios for meeting personal and family goals
- Income strategies for the present and long-term to achieve an ideal retirement situation
- A diversified investment strategy that fit comfortably within their risk tolerance during changing market conditions
Inheritance. The acquisition of additional assets provided the opportunity to consider the following strategies:
- Estate planning and charitable giving via trusts and other vehicles
- Asset protection (a particular concern for the wife who would like to keep her inherited assets separate from joint assets)
- Income and investment planning for the present and the future
Family issues. In order to protect their assets so they can provide for the family, solutions included:
- Risk management and insurance strategies that helped protect the family in case an income earner became disabled, passed away, or required long-term medical care
- Utilization of trusts and other tools to assist in the division of assets among family members
- Planning to provide for children's higher education and other opportunities
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