Your Story

We all have a story to share about financial dreams and concerns. The biggest challenge is to put your dreams and concerns into a plan that meet your needs.  The story of Lois and Ralph demonstrate real life examples of how financial planning can make a difference.                                                                                                 

Lois, a middle aged divorced Mother of two adult children sat down with her financial advisor. The topic focused on retirement planning with a special emphasis on developing a long term care plan. The advisor shared that as people age the probability of needing extra assistance grows to nearly 70% at  age 65 and older. 

Lois, was just starting her second career and feeling really great about herself. She could not imagine needing help with getting out of bed, getting dressed, bathing and other basic activites of daily living. The advisor suggested that Lois consider purchasing a long term care policy to help provide funding in the event she would need assistance in the future.

Lois, told the advisor finances were tight and really did not think she would need this type of help. Lois and the advisor talked more about the mechanics of the long term care policy and how much it would cost. Lois lamented and ultimately agreed to apply for long term care insurance coverage.

Fifteen years after the policy was issued Lois was diagnosed with Parkinson's disease. Lois started using home health care services. Ten years after first going on claim Lois was diagnosed with cancer and ultimately spend the last six months of her life in hospice.  The  long term care policy Lois purchased nearly 25 years earlier paid for nearly all of her care and helped maintain her dignity. 


Ralph, a middle aged divorced Father of two adult children sat down with his financial advisor. The conversation focused on how to diversify his company 401(k). The advisor suggested a mutual fund porfolio based on his risk profile and other suitability factors. Ralph implemented the mutual fund solution. The advisor also suggested that Ralph consider how he might finance potential long term care needs. Ralph discussed this matter with his girl friend and told the advisor they would care for each other in the event something happens.

Seven years after that discussion Ralph had a major stroke leaving him physically paralyzed and cognitvely impaired.  His significant other came to the harsh realization that she did not have the physical ability to care for her beau of over 20 years.  Ralph spent the last 5 years of his life in a nursing home. The cost of care exceeded $100,000 per year and was paid for with his company pension and depleting his assets.

Shortly, after his stroke while Ralph was still cognitive his friend and  attorney came to the hospital to execute a durable power of attorney. This document enabled Ralph's son to reshape his investment portfolio to protect against market losses in the event of death, while maintaining the opportunity for growth.  Ralph passed during a recession negatively impacting the market value of his account. However, the death benefit was protected helping to preserve Ralph's financial legacy.  

Lois and Ralph were my parents and clients. I experienced first hand the importance of financial planning!

                What's your story?