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Case Studies

Victoria - Recently Widowed


Victoria (Vicky), age 74, and her late husband Henry were married for 51 years. Henry passed away a couple of months ago. Henry always handled the family’s financial planning and investment management. He left a note recommending that Vicky seek out the services of Schiavi + Dattani, should he become incapacitated or die. Vicky called the office and set up an appointment for her and her daughter to discuss how Schiavi + Dattani could help her manage her finances.
Reason for seeking financial advice: The passing of Vicky’s husband, who handled the family’s investment and tax planning.
Examples of what Vicky can expect by engaging Schiavi + Dattani:  
·         An experienced, calm, and patient approach to dealing with Vicky’s needs during a time of significant stress and grief.
·         An initial review of all significant financial matters to see if anything needs to be addressed in a timely manner. This may include a review of Henry’s estate and any post-death planning opportunities with the family estate attorney. This review will be followed by the preparation of a more thorough financial plan.
·         A plan to handle the payment of current and future bills.
·        The coordination of any planning recommendations with any adult children, if Vicky would be more comfortable with their involvement. 
·         A plan to simplify investment management, including the consolidation of retirement accounts.
·        Specific recommendations related to the tax efficient management of all financial assets, including allocation, and rebalancing decisions.
·         Assistance with transferring assets into any new trusts that need to be created as a result of Henry’s estate plan.
·         A plan to make sure that trust income is transferred on a monthly basis into Vicky’s trust or personal accounts, if that is what the trust terms direct.
·        A projection of income tax liability and recommendations related to paying estimated taxes or using withholdings through Required Minimum Distributions.
·        A discussion about rolling over Henry’s IRAs into Vicky’s IRAs. Would the use of disclaimers be beneficial?    
·        A discussion to immediately diversify out of Henry’s large investment holdings in his previous employer’s stock. This stock received a step up in tax basis upon Henry’s death, and can now be sold at no tax cost. 
·        Guidance on how much financial support Vicky can provide to her children and grandchildren as those needs arise. Vicky can use Schiavi + Dattani as a screen for requests by family members to make sure that any gifting will not jeopardize Vicky’s financial well being.

This case study is presented to illustrate the type of financial planning assistance that the advisors at Schiavi + Dattani provide. It is not meant to be all inclusive or to represent the facts and circumstances of any actual client of Schiavi + Dattani. Clients of the firm receive reviews and recommendations unique to their own objectives, resources, and constraints.   


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