The loss of a spouse, divorce, or a significant career change can bring financial decisions into sharper focus. During a difficult transition, a trusted advisor can help address concerns and offer perspective on the choices ahead.
At Legacy Wealth Management, we help people develop financial plans that reflect their changed circumstances. For some, that means taking responsibility for finances a spouse previously managed. For others, it means reassessing their financial future after divorce or understanding whether a new career is financially realistic.
Rebuilding a Financial Plan After Losing a Spouse
Many of our recent referrals involve people who have lost a spouse, particularly widows. Some are women in their seventies or eighties whose husbands previously handled the investments and household finances. After a spouse dies, remaining family members may need substantial help managing money and creating a new plan.
That work can include transitioning accounts, considering whether to sell the house, and bringing in an estate-planning attorney to update legal documents. These are connected decisions, and a surviving spouse may want an advisor to help work through them rather than face each one alone.
Long-term financial security is often the central concern. Some widows worry about running out of money, while others especially want to remain in their homes. We help evaluate those questions within a new financial plan, so the decisions reflect the person’s circumstances and priorities.
Financial Guidance After Divorce
We also receive referrals from people who have recently divorced. Many of those referrals were women seeking a trusted advisor as they adjust to a different financial situation. Divorce can involve complicated decisions, which makes a fresh financial plan and dependable professional guidance particularly valuable.
Clients may want a team they can rely on when major questions arise. Depending on their needs, that can include a financial advisor, accountant, and estate-planning attorney. Our role is to help them approach financial decisions with a plan and access to the appropriate professionals.
Understanding the Financial Impact of a Career Change
A move from one job to another may create questions about rolling over retirement accounts. A full career change can require a deeper review, especially when earnings may change substantially. Someone considering starting a business, moving from finance into medicine, or leaving medicine to teach may want to know whether the change fits their financial situation.
We can help examine the potential impact of a different income before someone makes that move. Although we have worked with fewer clients on major career transitions than on widowhood or divorce, we recognize that changing careers can be both a major life decision and a major financial one.
A Trusted Team During a Transition
The common thread is the need to make important decisions with greater clarity. A widow may need help managing investments for the first time; someone going through divorce may want dependable professional guidance; and a person changing careers may need to understand the effect on income. We use in-depth financial planning to help people address the specific decisions their circumstances create.
Frequently Asked Questions
What if my spouse handled our finances?
We can help you take on financial responsibilities, transition accounts, and develop a new plan after your spouse’s death.
Can I afford to remain in my home after my spouse dies?
We can consider your wish to stay in the house as part of a new financial plan, including your concern about whether your money will last.
Who can help with legal documents after a spouse dies?
We can work with an estate-planning attorney who handles updates to legal documents while we help address the related financial decisions.
Should I seek an advisor after divorce?
If divorce has changed your financial circumstances, an advisor can help you create a new plan and provide guidance on important decisions.
How can financial planning help with a career change?
We can examine how a change in pay or a move into business ownership could affect your finances. A routine job change may instead raise questions about retirement-account rollovers.
