Case Study: Complex Planning and Unexpected Health Concerns
Trusting the W&F team in a time of need
Managing life as a single person is challenging enough without the complexities that come along with major financial decisions. That’s why many of our clients appreciate the benefits of having the Welch & Forbes team behind them.
Consider one client who for years relied on his parents and step-parents to guide his financial situation. When his mother passed on, he was faced with the difficult scenario of managing a new influx of assets from her estate while keeping his eye on a thriving West Coast real estate business. When a significant health scare was added to the mix, the real challenges came into view.
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Opportunity: leverage W&F team in a time of need
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Challenge: unexpected health crisis that demands attention
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W&F Goal: provide short-term stability and long-term planning
The financial routine for this client was already anything but “the usual fare.” With a sprawl of assets from different sources and an active interest in residential housing investments, keeping a balanced budget was no easy task. We helped create the basis for making widespread allocations to renovations, seeking buyers, and evaluating new properties. Welch & Forbes helped track his spending, paid his bills, and invested his assets in a customized portfolio.
The twist came with an unexpected diagnosis from a casual doctor’s visit. Major surgery loomed and the potential for an end-of-life scenario began to play out.
Our ongoing relationship provided us with critical information to act as an important advisor in a time of need. We requested any updated records, filings, and plans; after conducting quick due diligence, we became a central part of the team arranging his affairs. We collaborated with his accountant and attorneys to ensure that health proxies, powers of attorney, and estate plans were up to date. Our efforts were especially crucial given the lack of family support, which magnified the value of having partners he could rely on.
We enjoyed the best possible outcome: he fully recovered from surgery. Leaning on our adjusted financial plan and distribution of assets, we ensured that his income continued uninterrupted as he returned to full health. The Welch & Forbes team continued to monitor his financial transactions, track his spending, and manage his investment portfolio.
The process and results are incredibly gratifying: in the midst of a crisis, our client was able to trust our financial guidance and stay focused on restoring his health.
We look forward to many exciting years ahead together, as our work continues with an emphasis on:
- Investment management
- Tax strategy
- Budgeting
- Bill payment
- Estate planning
For more information on how clients without family support can work with Welch & Forbes, contact Welch & Forbes1 at 617-557-9800 or info@welchforbes.com.
Disclosure: This commentary reflects the opinions of Welch & Forbes based on information that we believe to be reliable at the time of publication. It is intended for informational purposes only, and not to suggest any specific performance or results, nor should it be considered investment, financial, tax or other professional advice. It is not an offer or solicitation.
1. Brayden Minahan replaced Ed Sullivan as Director of Client Development as of February 2023, then left the firm as of June 2024