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Maggie (58) is a recent widow. Her husband, Dave (68), passed away very suddenly leaving her to run their real estate firm. Maggie has worked part-time at the firm for the past 10 years. She understands the business but hasn’t been involved with the day-to-day operations that Dave handled.
Dave also oversaw all of their investments, including personal savings, an inheritance account from her parents, as well as their IRAs. Maggie handles the day-to-day checkbook management but that’s all.
Now that Dave is gone, she has many decisions to make. Their plan, prior to Dave’s passing, was to sell the business in the next five years. She will need assistance determining how to proceed with the business. Some of the challenges she faces include:
● Should she take over the day-to-day operations and management?
○ Is she equipped to do that?
● Should she hire a full-time manager to handle the operations?
○ Can she afford that?
● Should she consider selling the firm now vs. waiting five years?
● Should she sell their larger home and downsize into something more appropriate in size?
She needs a financial partner that can help her work through the many new challenges that she has. She is looking for a financial firm that understands the ins and outs of small business owners along with estate and retirement planning.
Lake Hills Wealth Management can help Maggie:
● Evaluate her current, short term as well as long term financial plans
● Understand her current investment well so she’s not worried about not having the right allocations in place to sustain her short and long term
● Develop a robust plan/strategy for the business as well as her personal retirement plans
● Should she sell her home and downsize?
● Create an estate plan so that if something happens to her, her assets are properly protected
● Understand when and how to apply for her late husband’s social security benefits