Financial Management for a Recent Widow

After her husband’s death, Mrs. Smith retained Foster Thornton to assist her with individual financial management. This task seemed overwhelming to Mrs. Smith as she had never had these responsibilities before. Foster Thornton made the transition as easy as possible. Foster Thornton created a custom solution that relieved Mrs. Smith of the overwhelming details and simplified ongoing financial management tasks. Foster Thornton also provided a plan to protect and enhance Mrs. Smith’s assets according to her personal goals and the goals of the family Trust.

Mrs. Smith’s situation was especially challenging because Mr. Smith had previously operated a business in the home. This included a complex investment portfolio that he had managed personally. Foster Thornton met with the trust and estate lawyer, the CPA, and the investment advisor. Foster Thornton then assisted Mrs. Smith with the transition of the trust assets, tax planning and tax return preparation, and with the development of an updated investment plan.

Foster Thornton then prepared an annual budget. Foster Thornton consolidated and streamlined Mrs. Smith’s accounts so that her monthly financial management consisted of a few simple tasks. Foster Thornton continues to assist Mrs. Smith on a limited monthly basis to ensure her finances remain in order, her tax responsibilities are taken care of, and her investments are being monitored.

Next >