Summit’s tailored approach helped the Bounds family navigate a difficult time while helping ensure financial stability and peace of mind for the long term.
THE CHALLENGE:
With a heartbreaking terminal diagnosis, the Bounds family faced a pressing need for an organized financial plan.
Diagnosed with stage-four pancreatic cancer, John reached out to Summit to ensure his family’s financial stability after his passing, beginning a lasting partnership with the Bounds family.
As the sole manager of the family’s finances, John’s wife and daughters needed a clear plan to manage assets and navigate the transition after his death, including guidance on essential documents, asset transfers, and long-term care for Elaine, including her move to a retirement community.
WHAT WE DID:
Summit Financial Group initiated a comprehensive planning strategy with a Family Love Letter, a 6-page document that included:
Asset and Document Consolidation
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- Summit collected and scanned over 100 pages of critical financial documents, including deeds, power of attorney, wills, and insurance information. This process involved securely cataloging all documents in Summit’s digital portal, allowing the Bounds family easy, ongoing access.
Step-by-Step Transition Planning
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- By aligning life insurance policies, investment accounts, and pension benefits, Summit set up a quarterly family review process, where Elaine and her daughters could keep track of all assets in a structured format, minimizing future complications.
Income Analysis for Future Retirement Needs
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- To address Elaine’s desire to move into a retirement community, Summit conducted a detailed financial analysis, projecting living expenses, potential investment growth, and annuity options. This analysis confirmed that Elaine could comfortably afford the community for up to 15 years without sacrificing her lifestyle or compromising her heirs’ inheritance.
Summit’s organized digital system also ensured critical documents, like life insurance details, were accessible when needed, relieving stress during John’s final moments.
THE RESULT:
Summit successfully transitioned $1.2 million in assets to Elaine and her children within three months of John’s passing, which helped in securing their financial foundation.
Through strategic investment planning and regular reviews, Summit helped Elaine secure a retirement community spot and generated an additional $10,000 annually, with the family’s wealth growing by 3% annually, translating to $36,000 in compounded gains over three years.
About the Author: Kaci Skidgel
Kaci Skidgel, CPFA™, C(k)P®, AIF®, serves as President of Summit Financial Group and leads the firm’s investments team. Since joining Summit in 2007, she has helped organizations navigate retirement plan strategies, fiduciary responsibilities, and participant education. Kaci frequently speaks on retirement plan trends and ERISA-related topics and is the author of Path to the Summit – Strategies to Reach Your Company’s Peak Retirement. Learn more about Kaci by visiting her Summit bio: Kaci Skidgel.
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