THE CLIENT’S SITUATION
Jill’s husband Bill’s career seemed on the fast track. A career airline pilot, he had been recently promoted to Vice President in a well-known airline company. When Bill unexpectedly died from an aneurism while on a business trip, Jill suddenly found herself thrust into the role of financial decision maker, a task for which she was wholly unprepared. She was immediately expected to make decisions about Bill’s 401k, pension, company stock options, life insurance, and pension options. On top of that, Bill had been mostly in charge of their investment portfolio and the college savings accounts for their college-age children. Without help, Jill felt that she would make serious missteps that could put her and her children’s financial future in jeopardy.
PARAGON’s team of Certified Financial Planner™ professionals created an action plan for Jill that outlined the items that required her immediate attention and those that could wait. Our team of professionals created multiple scenarios that allowed Jill to choose the best ways to receive her husband’s pension and insurance benefits, maximize her Social Security survivor benefits, and rebuild their investment portfolios from an aggressive growth portfolio into one better designed to provide her with lifetime income. We also connected Jill with a grief counselor to help her cope with her extraordinary loss, and a college funding specialist to make sure her financial decisions didn’t disrupt her children’s college plans - and, because of the family’s change in income - help her children qualify for financial aid and scholarships that they previously were ineligible for.
VALUE TO THE CLIENT
PARAGON helped Jill through this difficult time, helping her make sound financial decisions. Stress-testing the financial scenarios she chose provided her with confidence that she would be able to maintain her lifestyle and still provide the financial legacy she and Bill had envisioned for their children.