Looking around, whether in a restaurant, an airport or even on the beach, you may be observing more and more people out on their own—or perhaps with a group of friends. There are many ways one might be taking note that one of the largest growing demographics globally is single people. 1 This shift in demographics can also be seen here in Minnesota. In 2017, whether by choice or circumstance, 41% of women in the state over age 29 were widowed, divorced, or not married. 2
A single status may be one that is intentional and desired, or it may be one created through circumstances such as divorce or the death of a spouse. Regardless of the decision of or catalyst for a single status, there can be unique considerations and challenges for independent women.
Carlson Capital Management understands the opportunities, and sometimes challenges, that come with a single status and have walked alongside many women as they have navigated this space. Through our integrated approach to wealth management, we consider all of the key disciplines to develop a tailored and customized plan for each individual. Through this process, there are some unique questions and issues to examine through the lens of a single individual, such as:
- Have you designated the right people to discuss and manage your assets and health care decisions should you become incapacitated?
- What are your intentions around spending for yourself, others and charity during your life and at death and how does this inform your investment strategy?
- How would a long-term care event change your plan and who will provide the care you need?
- Will you still be able to retire if you became disabled?
- How can we work together to maximize your potential impact on the people and causes that mean the most to you?
- How will you stay engaged with your support systems and community after retirement?
As we get to know you, we will also strive to learn what and who is important to you. We want to become a part of your support system, as the sounding board for decisions or trusted advisor to provide peace of mind around major life decisions. Some of the experiences we have had working with individual clients include the following:
- Planning the move from a client’s current home to a senior living community.
- Meeting with a client’s trusted friend to make sure they understand the client’s estate plan.
- Guiding clients through the estate settlement process after a partner’s death.
- Consulting on how to gift to heirs, such as nieces and nephews, perhaps unevenly, but in way that the client feels is fair.
- Facilitating trusts for siblings with special needs that will eventually go to charity.
- Developing strategies to favorite charities tax-efficiently.
These represent just a few scenarios that we hope demonstrate examples of the ways in which our team is here to help customize a plan for you. Your CCM Financial Advisor would be happy to discuss this or other related topics with you. If you don’t currently work with an advisor at CCM and would like to learn more, please contact us for a conversation.
This post was written by a member of the CCM Women’s Initiative, which strives to promote the financial empowerment of women. For more information about our Initiative, please contact Callie Geist, CFP®, J.D., MBA, Integrated Wealth Advisor.