Spouse's Passing

Latest Spring 2017 Quarterly Newsletter In this issue, Tracey Baker, CFP, reflects on current markets as we head into the summer months. Kevin Donovan, CFA, compares performance of "Actively" vs. "Passively" managed funds. Parker Trasborg, CFP, discusses the implications of several common estate planning pitfalls. Read about the tax related benefits that can arise from making Qualified Charitable Distributions. Jessica Ness, CFP, talks about our Day of Service when we partnered with one of our favorite local service organizations for the second year in a row. See how our clients have two different programs to track their CJM portfolios. January 2017 Audio Update Join Tracey, Brian, Kevin and Tim as they discuss CJMs expectations for the markets in 2017, a discussion on small cap equities as well as Tims thoughts on income distributions in retirement. Newsletter & Podcast Archive

The Situation

When Patricias husband passed suddenly in his early 60s, 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 spouses 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 husbands 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, CJMs 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 clients particular issue(s).