It is the Greek philosopher, Heraclitus, who said, “Change is the only constant in life.” Some life changes are more welcome than others, and change is often hard. Some of these changes are planned, while some can be very sudden.
At CCM, I believe we do great work for clients in any number of transitions, including in the instance of a divorce or the death of a spouse. When clients find themselves suddenly single, for example, they are often mired in details and decisions that they have never considered during what can often be a very emotional and vulnerable time. This is when we walk alongside them to provide direction and advice and answer the often-asked question, “Am I going to be alright?”
Our counsel with clients who are suddenly single comes in many forms and often begins with cash flow management. The practical reality of needing to pay the bills can be anxiety-producing when a major life change occurs. We help our clients look at the big picture to determine the most efficient and effective method to put a new cash flow plan in place.
What might not be as apparent are the other issues that need to be addressed. These include income tax consequences from a change to single status filing, insurance needs for life, long-term care, or disability, and estate plan updates given likely beneficiaries changes. These issues may not be as urgent, but are critically important to address in a timely manner.
We recently began working with a client, Jane, who, at the age of 58, found herself fully responsible for her financial future when her husband tragically died in an accident. With two college-aged children, Jane had a number of questions about her financial future, one of them being how she would replace her husband's income and secure her short-term cash-flow needs.
Just two weeks after her husband’s untimely death, Jane took action, reaching out to CCM for guidance after receiving a referral from a friend. After an extensive first meeting with CCM’s financial, tax, and estate planning teams, we were able to answer some of Jane’s most urgent questions, including delivering the news that, no, she didn’t need to jump back into the workforce right away if she didn’t want to. Additionally, although more difficult to deliver, we gave her important news about her tax situation that she needed to hear. We then worked with Jane on a longer term financial plan so that she could have peace of mind regarding her family's future.
Through our initial work and conversations with Jane, we knew that it would be important for her to have someone to check in with, so we’ve continued to do just that. Included in these conversations was helping her daughters complete FAFSA’s special circumstance forms to reflect a change in the family’s income and sitting side-by-side with Jane, logging into her financial accounts. One of the greatest compliments we’ve received from Jane is hearing that she is comfortable working with CCM. It’s this sentiment that drives our commitment to continue delivering the very best service and integrated wealth management advice anywhere.
CCM's Women's Initiative
For women, like Jane, who find themselves on their own, CCM provides support with our Women’s Initiative, which aims to promote the financial empowerment of women. By creating opportunities for women to learn, ask questions, reflect, and discuss ideas with one another, we help women find their financial voice, and be fully engaged in their financial futures.
The First Step
The practical consequences of singlehood come in many forms. CCM’s resources and approach of looking at our clients' full financial picture assures that these consequences will be addressed. In navigating this new life phase, often mired in grief and loss, CCM’s goal is to provide peace of mind about a financial future by extending experience, expertise, and care every step of the way. If you find yourself in the midst of a transition, please contact us. It's our honor to partner with you on a journey to financial understanding and empowerment.
NOTE: The information provided in this video is intended for clients of Carlson Capital Management. We recommend that individuals consult with a professional advisor familiar with their particular situation for advice concerning specific investment, accounting, tax, and legal matters before taking any action.