Marty and Meredith, both 74, have been retired for the last 14 years. They have a 25-year-old niece who is disabled. Meredith, a retired accountant, has always managed their finances. However, as they continue to age, she wants to be proactive in planning for the future and recognizes it is time to turn this over to a professional. Marty is an artist and has no interest in their finances. Their concerns are:
- Ensuring that no matter who goes first the other will be taken care of
- Finding a financial professional who understands them
- Setting aside some of their wealth to take care of their niece
We worked in conjunction with an estate attorney to help Marty and Meredith with their estate planning, including a supplemental needs trust for their niece. After their estate plan was complete, we put together tax-efficient portfolios – an income-focused portfolio for Meredith and Marty and a growth-focused portfolio for their niece. Through our financial planning process, we determined that Meredith and Marty’s portfolio should be sufficient to take care of both through their lifetimes.