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Case Study 1: 
Estate Review

Client Centered

Gabe, a long-time client, was moving his mother to an assisted living facility in Florida and asked me to review her assets with her outside Financial Advisor. In doing so, we realized that her financial accounts were held at several separate institutions. There were also issues with her estate plan. As we continued our discovery process, we also found that a long-time neighbor and friend had managed to be added as a sizable beneficiary to her investments, of which the mother and family were unaware. We brought this to the family’s attention and were then able to update her beneficiary designations to ensure that future asset transfers would be intentional and accurate.

Working with Gabe and his sister, we used the power of attorney to consolidate their mother’s assets and set up a transfer-on-death account with the children as beneficiaries, following the directives of the will. After Gabe’s mother moved into assisted living in another state, we worked with the real estate agent and title company to sell the house and collect the proceeds. We were able to assist in gathering all the necessary documents for his mother’s tax return, including those from her prior Advisor and IRA custodians. We were even able to create a proactive gifting strategy with the help of Baird’s specialists in charitable giving.

By getting involved early, we were able to iron out certain entanglements and conflicts of interest and give both Gabe and his sister peace of mind knowing their mother’s assets were all in one place. Gabe now has online access to review Mom’s portfolio, and after witnessing the service we provided firsthand, his sister signed on as a new client.

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