A long-term client of SVA Plumb Financial worked with trust and wealth management advisors throughout many major transitions in his life, including planning for management of his affairs during disability and transferring his assets to his children after his passing.
In their late 60s, a couple turned to SVA Plumb Financial to help manage their finances. The husband, a busy professional, was still working and wanted help managing the significant assets they had accumulated over the years.
As the family’s lives changed in the next 15 years, SVA Plumb Financial worked closely with the family to keep their financial and estate plans in sync.
SVA Plumb Financial restructured the family’s financial plan several times. First, as the couple neared retirement, they created a new plan based on the selling of the family home, moving into an easier-to-care-for condominium and consolidating their various 401(k) and IRA plans.
A few years into retirement, the wife died unexpectedly. Several years later, the husband decided to travel more. With his advisors’ guidance, the client decided to move his assets into several trusts, naming SVA Plumb Financial as agent. This gave the client the freedom to leave home when he wanted, knowing that SVA Plumb Financial would handle routine financial duties, like paying bills, as well as continue to assist with regular wealth management tasks.
SVA Plumb Financial overhauled the financial plan again as the client was diagnosed with Alzheimer’s disease. Before his condition became too severe, they worked with the client to create concrete financial and health plans of action. The client decided to step down as trustee and appoint SVA Plumb Trust Company in his stead, meaning that SVA Plumb Financial would take over all of his financial activities, including investments, bill paying, coordination with legal advisors, preparation of income taxes and real estate transactions.
In addition, the SVA Plumb Financial team worked with the client’s attorneys to make sure that the client’s adult children had Powers of Attorney for health and financial matters. As the client’s health condition worsened, the children were in constant contact with SVA Plumb Financial to make major decisions such as moving the client into a senior care facility and selling real estate.
Finally, after the client passed away, SVA Plumb Financial worked with the family to transfer his assets to his beneficiaries. The client’s children continue to work with SVA Plumb Financial today.