Estate Planning

Jim and Lorraine are in their early 60s with three adult children and are looking forward to planning for an active retirement within a few years.

Jim worked for 27 years in healthcare IT and had held several positions over his career.  Lorraine focused on raising their children and managing their home. 

A tragic accident suddenly left Jim with one leg amputated and in a coma that lasted over a year. Compounding this tragedy is the fact that Jim handled all of their banking and retirement investment relationships, as they were primarily tied to his employment.  Without estate documents such as a durable power of attorney in place, Lorraine was required to go to court to obtain authorization to provide for Jim’s care and access/manage their assets.

The court process required an inventory to be compiled but in some cases, the custodians wanted court authorization prior to releasing statements and balance information.  IWC was able to assist Lorraine in contacting the custodians and explaining the situation to help resolve what was a real catch-22 situation. We were able to compile an inventory that could be easily updated as the need arises and create a framework of a financial plan based on the new reality facing Jim and Lorraine.  We assisted Lorraine with making decisions relative to accident insurance claims, pension, and disability benefits that took care of immediate needs and helped create an investment plan for a sustainable future that was quite different than they had envisioned just a short time before. Lorraine has needed to provide for daily travel and accommodations across the metro area to be near the specialized care facilities and services required.  She has also set up an apartment specially outfitted to enable Jim to be cared for in a more home-like environment when he is able.  

What the future holds remains unclear. The plan is a living document that can be used to answer the many “what if’s” as they arise and establish new goals going forward.    

* This example is for illustrative purposes only. Actual performance and results will vary. The example does not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted.




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