Spouse's Passing

Latest Winter 2018 Quarterly Newsletter This issues includes reflections from Brian Jones, CFP, on recent market volatility as he draws parallels to the most recent Super Bowl. Kevin Donovan, CFA, discusses how market losses can be tough but in general the market produces positive returns. Mark your calendars for our annual Shredding Event on May 18th and read about which documents to keep versus shred. Lastly, we share the recent Washingtonian Magazine article that quoted Jessica Ness, CFP, and her advice for handling children's allowance. January 2018 Audio Update In our first podcast of 2018, join us as David Greene, Kevin Donovan, Jessica Ness and Brian Jones share their thoughts on what worked in 2017, what to expect in the markets in 2018 as well as an update on the new tax bill just passed by Congress. Newsletter & Podcast Archive

The Situation

When Patricia’s husband passed suddenly in his early 60’s, she was left with a host of financial decisions to make that would have life altering consequences for her. Her husband was a successful CFO at a mid-sized corporation, and rarely during their marriage did Patricia need to worry about financial matters. But with her husband gone, Patricia was now the financial decision maker in her household, and she needed to make some major decisions changes.

The Solution

In this situation Patricia had to make a number of decisions in a very short period of time. Decisions like paying bills, taxes, collection of life insurance, and continuation of health insurance generally must be made within a month or two following a spouse’s death. Other “irreversible” decisions could be put off until things settled a bit and Patricia was emotionally in a clearer frame of mind.

CJM helped create an action plan outlining the items that required her immediate attention and those that were less time sensitive. The team of professionals at CJM advised Patricia on ways to maximize her Social Security survivor benefits, laid out her options surrounding her late husband’s pension and various retirement plans, and implemented a new asset allocation which would provide her with income from the various life insurance policies and her investment portfolio.

In addition, CJM’s team connected Patricia to a counselor who could help her come to terms with the extraordinary loss she had experienced and support her as she learned to adjust to her new reality.

Value To The Client

CJM worked with Patricia to guide her through this emotional time, helping her make sound financial decisions throughout the financial planning process. Patricia is confident that her retirement, although different than originally envisioned, will be secure and that she will have funds available to maintain her lifestyle and pass their legacy on to their children.

More Solutions

At CJM we understand that no two clients are alike and real world problems require practical and timely solutions. The CJM team brings together the best and the brightest in the areas of investment, tax, insurance, financial planning & wealth management to resolve each client’s particular issue(s).