Widow / Divorce
Going through a divorce or dealing with the death of a partner is an emotionally draining experience. If you must also sort through confusing and unfamiliar financial issues, it can be too overwhelming to manage alone. The trusted wealth advisors at Colorado Capital Management understand this and have provided guidance to many clients during difficult times such as these.
We can help you to make sense of where you are financially and what decisions and actions are needed. We will work with you to develop a plan tailored to your new situation and life goals.
Karen, Recently Widowed in Her Early 50s
Karen’s husband had always handled the finances for the family until he passed away. As a result, Karen had little experience with financial matters. She was overwhelmed – especially at first – by all the shifting pieces of their financial picture and the decisions that had to be made.
- Husband recently deceased
- Roughly $2 million in assets
- One child in college
- Well educated and employed, but in need of additional income
Financial Planning & Investments Needs
- A trusted wealth advisor who would look out for her best interests
- Help with settling her husband’s estate
- Comprehensive financial planning, including insurance, tax planning, investment management, budgeting, and retirement planning
- Independent advice on real estate decisions
- Peace of mind
Karen was referred to Colorado Capital Management by a trusted friend who we helped through a similar transition. What Karen most likely didn’t expect was how our staff stepped in to support her in so many different ways. There were stock options, a limited partnership, investment accounts, multiple life insurance policies, retirement plans and other assets that needed to be either rolled over, distributed, or consolidated into the estate.
Once we worked through all the various parts, the next step was to put together a long-term financial plan for Karen that reflected her new situation as well as her life goals. Together, we answered questions like:
- “How expensive a home can I afford?”
- “How long will I need to work?”
- “Should I still contribute to my retirement plan?”
- “Do I need life insurance?”
- “How much can I spend each month?”
Next, we provided written guidelines and financial projections so Karen could see where she was at the time, where she was going, and how she was going to get there. We now manage all of Karen’s investments and help her with various financial planning issues as they arise.
Helping Her Avoid Costly Mistakes
Our only regret in working with Karen was that we didn’t start much sooner. In sorting through the family’s financial assets, we found costly mistakes we would have helped them to avoid.
Most notably, the couple was paying very high annual premiums into a life insurance policy that, in the end, didn’t turn out to be such a great policy. Had the couple been paying the same premium into a competitive term-life policy, the death benefit would have been substantial enough that Karen would likely not have had to work again.