Amy is in her late 50s and came to IEM at the beginning of a life-altering tragedy when her husband, Steve, was diagnosed with terminal cancer. Even in the wake of tragedy, it was important for us to make sure the remaining family members were taken care of and could focus on what was most important at that time. With three kids between their late teens and early twenties, Amy and Steve worked with IEM to prioritize their goals during Steve’s last phase of life and into the first years following his passing.

The IEM wealth management team developed a holistic plan around these goals that would last through Steve’s final phase of life, and a coordinated estate and financial plan that would begin at his passing. The plan coordinated asset ownership, beneficiaries, tax, and cash flow planning to ensure each child and their mother were taken care of after his passing. A disclaimer trust was also put in place so that everything not given to the children at the time of death would pass to Amy except for what she disclaimed to minimize estate taxes over her lifetime. Therefore, any income created on the trust is given to Amy during her lifetime and, after her passing, would be distributed amongst the three children without estate taxes. IEM helped ensure her accounts were properly allocated based upon her estate planning documents.

*The above is a hypothetical case study and is for illustrative purposes only. Actual performance and results will vary. These studies do not represent actual clients but a hypothetical composite of various client experiences and issues. These case studies do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted.