An Inside Look at How Helmstar Approached One Client's Unique Challenges

The Situation

The client: A couple, both recent retirees , were devastated when a doctor visit confirmed the return of one spouse’s illness. Unfortunately, this time it looks to be terminal. This left this couple with several key questions:

  • Can they use some of their hard-earned savings to fulfill lifelong dreams while the couple is together, healthy and able to enjoy these precious moments?
  • How will spending on these dreams (travel, RV, etc.) impact the need to pay for medical expenses and the surviving spouse’s remaining savings?
  • How do we plan for any unexpected costs that come from this illness?
  • How can we leave a legacy for our grandchildren?
  • What other changes to their estate plan should be made considering the circumstances?

Planning

These clients needed much more than simple financial planning. The devastation of the terminal illness had left them emotionally spent and worried about every financial detail. What once felt like a secure future was now full of uncertainties.

The Helmstar Group dug deep into their situation, understanding every aspect of not only their financial situation, but their personal goals. We helped them develop a spending, giving and investing program that would allow them to enjoy the time they had together while also accounting for future needs.

Impact

By getting confident answers to their questions, the couple was able to let go of much of the strain caused by financial uncertainty. Part of the plan was encouragement to do life history preservation by recording impactful life stories to be shared in the future with the client’s young grandchildren.

The result was a plan that addressed both the financial and emotional needs of the couple, freeing them to enjoy their remaining time together to the fullest.

Editor’s note: This scenario in principle actually occurred to a THG client. The facts, names, and dollar amounts of this situation have been changed to assure anonymity. This is not a client testimonial and does not represent an actual client’s facts.

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