Thoughtfully managing a windfall

You Are Experiencing Life-Changing Wealth What Do You Do Next?

Marv and Helen were just starting to wonder if they would ever be able to retire. For the past 35 years, they had owned the family farm, always seeming to make it but never really able to properly afford investing for the future.

Then, the Bakken happened and they have oil. The money is said to be more than they could ever dream of – to be enough to take care of them for the rest of their lives, and much more.

While significant wealth is often the product of years of hard work, it can also be unexpected. But however it is generated, it brings with it a set of complicated questions.

Their answers can determine whether Marv and Helen's wealth will ultimately create only new obstacles, frustrations, and disenchantment ahead. Or whether it will achieve its promise for the life of their dreams.

Marv and Helen ask:

What do we do with all the money?

What if it doesn’t last . . . how do we protect ourselves?

Do we dare invest it in the markets?

Who do we trust?

Is there a way to take care of ourselves and still change the lives of our children?

Where do we start?

Understanding And Dealing With Sudden Wealth

By following our 5 Step Financial Planning Process for Financial Fitness, we will help Marv and Helen find clarity and a certain calmness in their new dilemma. Through appropriate strategies we will help them manage their wealth carefully to help:

  • preserve their assets,
  • provide income for their lifestyle, and
  • pursue their legacy planning objectives.

Also, we will assemble and coordinate their financial team to address their important tax and estate issues and create a wealth management plan to manage significant wealth in a prudent and disciplined way.

Strategies To Consider First

Dealing responsibly with sudden wealth is truly an ongoing process. Preparation is vital because the form in which the wealth is received and the way it is transferred can have significant tax and estate-planning implications.

There is no ultimate solution for everyone. Marv and Helen will consider several strategies before they even begin investing any money. Once their money is invested, we will continually monitor the ongoing process.

Their Desired Outcome

By making sound decisions to implement a wealth management plan they can strive for their their goals confidently. We want Marv and Helen to feel comfortable about managing their assets and more confident about the future. We want them to see that they are managing their wealth, living the life they desire, and building a positive legacy for their family.

We invite you to request a complimentary, no-obligation consultation to see how the power of our 5 Step Process for Financial Fitness can help you take control of your financial future. Please call 701-852-3090 or contact us here.

This case study is for illustrative purposes only. Individual cases will vary. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Prior to making any investment decision, you should consult with your financial advisor about your individual situation.

Investing involves risk and you may incur a profit or loss regardless of strategy selected.

Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.