A retired couple in their mid-70s wanted to take a more proactive approach to planning for their later years. One spouse had historically managed their finances, while the other had limited involvement. As they continued to age, they identified several key priorities:
- Helping ensure that each spouse would be financially supported, regardless of who passes away first
- Working with a financial professional to assist with long-term planning needs
- Exploring ways to set aside assets to support a family member with special needs
As part of the planning process, the couple worked with an estate planning attorney to develop an estate strategy, which included consideration of a supplemental needs trust.
Following the completion of the estate plan, an asset allocation approach was developed based on their stated objectives. This included consideration of income-oriented investments for the couple and growth-oriented investments for assets designated for the family member.