Planning to Ease the Burden

My dad was a lot of things. He knew a lot about cars. He loved a good brandy or bottle of wine. He worked endlessly on mastering the game of golf. He was a good husband for more than forty-eight years. He was passionate about his children and grandchildren. And, as it turns out, he executed a very good estate plan.

As executor, I gathered a listing of assets. He was never a saver, so there weren’t a lot. However, it turns out that each asset passes via survivorship – either directly to my mom as the joint owner or as the beneficiary. A walk down the hall and conversation with Tom Bentley, who leads Truepoint’s estate planning services, confirmed there would be no probate. No costly procedure, just a filing of the will with the court.

That was just the first of many moments over the past couple of weeks I have been grateful to work at Truepoint and be surrounded by advisors and specialists who have such deep knowledge and experience. Numerous times, I have witnessed the Truepoint team assist clients following the death of a loved one. However, until experiencing it personally, I never realized how comforting the assistance is during a time of loss and confusion.

My dad was employed until his passing, actively contributing to his employer-sponsored 401(k). As such, he never had to take a Required Minimum Distribution (RMD) from the plan. The advisors at Truepoint were familiar with the unique distribution rules and provided invaluable guidance that will help avoid a distribution penalty.

The Client Services team at Truepoint made a number of recommendations to assist with the transition of my mom’s accounts. Sharon Arnold on the Financial Advisory Services team prepared all the documents for her signature – to update her beneficiaries and add Transfer on Death (TOD) instructions to her individual account.

No longer covered under my dad’s employer health insurance, my mom was fretting about coverage and unable to navigate the complexity of enrolling in Medicare supplemental policies. Alexandra Ollinger on our Family Office Services team provided us with a roadmap and connected my mom with a Medicare specialist.

I am confident that the days ahead will bring additional questions and decisions. I am also confident that, with the support of the Truepoint team, we will get the answers and guidance that we need. Our clients should rest assured that their loved ones are also in good hands.

There are still closets to clean, tools to distribute, files to review – those are the truly challenging tasks. Making the tactical financial decisions easy has provided my mom with the security she needed after my dad’s passing, giving her the control and knowledge that she can manage.

Truepoint Wealth Counsel is a fee-only Registered Investment Adviser. Registration as an adviser does not connote a specific level of skill or training. More detail, including forms ADV Part 2A & 2B filed with the SEC, can be found at TruepointWealth.com. Neither the information, nor any opinion expressed, is to be construed as personalized investment, tax or legal advice. The accuracy and completeness of information presented from third-party sources cannot be guaranteed.

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