What We Do
Facing Uncertainty from Divorce
A 49-year-old going through divorce needed to reevaluate her financial future with new, realistic assumptions. Working with us, she estimated her future needs and got organized. Our Certified Financial Planner™ built a long-term financial plan which allowed her to afford raising her teenagers, and eventually, to retire comfortably. The client’s divorce lawyer utilized the financial plan projections to bolster our client’s demand for robust alimony and child support payments. We are experienced in helping clients that have faced the unfortunate turbulence that divorce can bring, and the financial decisions that need to be made – we understand how best to navigate what could be some of the most important decisions of your life.
Helping A Spouse with Memory Decline
A couple married for over 55 years was worried because his wife’s memory was declining from Alzheimer’s disease. Since the husband was five years older, he wanted to assure financial oversight and income stability for his wife in case he predeceased her. He established an investment advisory relationship with our firm and introduced us to his adult children. Over several months, the relationship-building process helped his wife become comfortable with our team and gave the whole family confidence about making the best decisions for both his wife and the family’s future.
Analyzing Critical Retirement Decisions
A 30-year veteran of Florida’s largest utility company sought our financial planning advice when she learned the company would offer key executives ‘golden parachute’ retirement packages. Working with our CFP® founder, the executive determined she could retire securely under several potential scenarios. The analysis gave her the facts she needed to respond to the retirement offer confidently. Clients can engage the firm’s expertise for short term financial planning mandates or the long term investment management integrated with financial planning.
Guidance after Losing Your Spouse
A 75-year-old client lost her husband after a prolonged illness. She was uncomfortable due to the limited experience she had managing their $4 million portfolio. Over 6 months, we guided her through the distribution of her husband’s estate, worked with her attorney to implement the terms of her husband’s trust, and adjusted her portfolio to reflect her lower risk tolerance and higher income requirement. Over the last twenty years, we have helped over 50 widows and widowers through the transition which follows the loss of a spouse.
Helping New Florida Residents
People relocating from high-tax states seek information on establishing Florida residency. We are here to help. Although we are not attorneys, we are an experienced resource for the many advantages of Florida residency. For new Floridians who wish to update their wills, trusts, or other estate documents according to Florida law, we refer them to a board-certified Florida lawyer. Importantly, once our client’s new legal documents are drawn up, our team will assist directly in re-titling applicable investment accounts, annuities, or other investments, as needed to ensure your plan is properly in place.
Rapid Liquidity after Hurricanes
Hurricane Sandy destroyed the waterfront homes for two of our best Northern clients. For them to avoid selling taxable stocks to pay for major repairs, we advised both couples to pledge their eligible investments and establish securities-backed credit lines. Unlike their neighbors who were forced to sell assets or wait for insurance payments, our clients were able to act quickly and secure general contractors to begin rebuilding because they had cash readily available from their credit lines. We advise many clients in hurricane-prone regions to consider a stand-by line of credit before the storm.
'Old' Annuities Are Reviewed and Analyzed
Clients joining our advisory practice often own annuities they purchased in the past. While members of our professional team are properly licensed for annuities, we do not sell annuities unless there is a specific need in your financial plan to do so. As investment fiduciaries, our approach is to ask, “is your annuity in your best interest at this time in your life?” As people grow older, their need for annuity riders like Guaranteed Minimum Income Benefits or Guaranteed Lifetime Withdrawal Benefits can change. Our team will analyze your contract, including rider fees, your underlying contract fees, along with your average fund fees if applicable, and then give you the facts on what’s best for your short- and long-term objectives.
Planning for Sale of Major Asset
A couple from New York sold their largest asset for a $6,000,000 capital gain. Prior to the sale, we referred them to a Florida estate attorney who established their Florida residency and created revocable trusts to avoid probate and insure financial privacy. We worked closely with the couple’s CPA to evaluate various tax scenarios and we designed a financial plan to secure their needs for a smooth transition into retirement. We built a customized portfolio of dividend stocks and bonds that adhered to the couple’s socially responsible investment philosophy and risk tolerance for both their short- and long-term objectives.
Boosting Income & Helping Charity
A 61-year-old retired engineer from Connecticut owned $1.1 million of Microsoft stock with an unrealized gain of $850,000. He and his wife had strong charitable intentions, but they also needed more income for retirement. On advice, they created a Charitable Remainder Trust and donated their Microsoft stock to the CRT. The stock was sold, and we advised on diversifying the $1.1 million to produce an income stream for the rest of their joint lives. The husband subsequently passed, and his spouse continues to enjoy annual income for life through our planning. The couple’s favorite charities will receive the remainder of the trust upon her death. We actively engage our clients in conversations about their charitable plans as part of our own passion to make the world a better place.
Advisory services offered through Naples Wealth Planning, a state registered investment advisory firm. Price Wealth Management may only conduct business with residents of the states for which they are properly registered.