Inheritance Receiver

Your finances are complex: Managing a substantial portfolio with various assets like real estate, investments, and retirement accounts can be overwhelming and challenging, especially if you lack experience in financial management.

Meet Sophie

Meet Sophie who, in her mid-50s, received a life-changing windfall from her mother who passed away.  This substantial inheritance has a mix of diverse assets including real estate, stocks, and retirement accounts.  Though she has built a successful career as an ER nurse, managing personal finances has never been her interest or forte.  For Sophie, this inheritance is more than just money.  It brings a spectrum of emotions—gratitude, responsibility, and feeling overwhelmed. She recognizes the need to preserve and manage this wealth responsibly but feels uncertain about navigating the complexities of various assets and tax implications. Seeking guidance, Sophie aims to honor her mother's wishes while shaping a life true to her dreams. 

She understands that to secure this legacy and ensure its longevity, she needs the expertise of a financial planner who can navigate the intricate landscape of investments, tax implications, and effective wealth preservation strategies.  What began as a responsibility evolved into a cornerstone for Sophie—a secure future honoring her mother's legacy through thoughtful financial planning. 

Pain Points
  • She needs to prioritize multiple financial goals:  She has multiple priorities like planning for retirement, buying a home, paying off student loans, relocating, taking a sabbatical, and/or supporting her kids.  

  • Her finances are complex: Managing a substantial portfolio with various assets like real estate, investments, and retirement accounts can be overwhelming and challenging, especially with a lack experience in financial management.

  • Money is emotional: Dealing with the loss of a loved one and suddenly being responsible for a sizable inheritance can bring emotional strain and feelings of overwhelm.

  • There’s a lot to manage: She needs to plan for the future and create a solid plan for the inheritance, including how it fits into her overall financial strategy, ensuring it supports her future goals, understanding how to handle the inheritance responsibly, and navigating tax implications.

Values

Just because Sophie is a novice with money doesn’t mean she’s uneducated.  She desires to become more knowledgeable and empowered in managing her inherited wealth. She appreciates educational resources, workshops, or personalized guidance that help her build financial literacy and gain confidence in her decision-making abilities. She wants to work with an advisor with humility, patience, and respect. 

Questions
  • How can I create reliable passive income from my inheritance?

  • Will I be taxed on my inheritance?

  • Can I afford to retire early or change careers to something more rewarding?

  • How do I protect my inheritance from bad faith actors?

  • How should I allocate my portfolio?

  • What if there is poor market performance?

A widow, son, or daughter who inherited significant wealth and may be inexperienced
Inheritance Receivers
A widow, son, or daughter who recently inherited significant wealth and may be inexperienced with managing a sizable portfolio.
A spouse who has always managed the household finances and wants to prepare their partner for their own passing
Inheritance Leavers
A spouse who has always managed the household finances for the family, and wants to prepare their partner for when they may not be around anymore
An individual or couple who wants to plan for their own retirement and leave a lasting legacy
Pre-retirees/retirees
A couple who wants to plan for own retirement but ALSO expects to leave behind significant wealth to their children and grandchildren