One certainty in life is that change is inevitable. We specialize in helping people in transition, whether it’s due to an inheritance, change in marital status, employment, or location. Each presents different issues, complexities and challenges that must be addressed. We understand the uncertainty these events can trigger and, most important, will be here to help you move forward.

Inheritance

Those who inherit money must resist the urge for instant gratification – spending without regard for the future. We can serve as your voice of reason and help you create a financial plan that addresses both your short- and long-term goals. We would collaborate with your tax and legal professionals to help ensure that your will and estate plan details are up to date, and that the tax impact of sudden wealth is addressed.

Marriage

Two people coming together also means the merger of two separate financial situations and unique attitudes toward investing. Important issues to address include financial goals, household budgets, managing debt and establishing an estate plan. If it is a second marriage, there may be other financial factors to consider regarding your children from the first marriage. We are experienced in addressing the vital financial issues that can accompany marriage.

Divorce

Whether you are newly divorced or presently going through a divorce, we can guide you through the financial details of dividing assets and managing taxes – giving you an opportunity to move forward with your life. During your marriage, you have accumulated assets as well as liabilities. What might first appear as an equal distribution of an asset may not be after considering the original cost basis and tax consequences of liquidating or transferring the asset. We can collaborate with your divorce attorney to help clarify your financial picture and determine your needs.

Death of a spouse

In addition to the emotional turmoil, losing a spouse has major financial implications regarding issues such as life insurance proceeds, Social Security and the retitling of financial accounts. You may be managing your financial affairs on your own for the first time and concerned about having sufficient income to maintain your lifestyle. We are here to help you address these issues, to be your caring guides during this emotionally sensitive time and to help you on the journey to financial independence.

Sandra is a newly single executive looking for financial guidance for her new life.

Sandra is a 59-year-old professional woman who is a senior executive with a public corporation. Though she’d been the primary income earner for the family, her husband, John, sued for alimony and half their assets. Sandra was faced with dividing all her assets with her non-working husband. In the divorce settlement, he was awarded the home and a declining amount of alimony over five years. How could the properties, cash and corporate benefits be divided to minimize Sandra’s economic loss?

The Solution

The McGee Wealth Management team customized a lifetime plan with emphasis on stock option strategies and on transferring the home to John. They collaborated with a CPA who specialized in stock options.

Tax planning helped offset the mortgage liability and minimized the tax impact to Sandra. The alimony paid was tax-deductible for Sandra, but taxable to John, and the income paid as tax-deductible alimony would offset a portion of the joint assets. McGee provided financial coaching to help Sandra stay on track toward her new, independent life-planning goals.

Planning highlights

The McGee team devised a current and future financial plan to fit Sandra’s current need for divorce negotiations and a second plan for rebuilding her future.

Sandra could refocus her personal and financial life. She appreciated the careful and sensitive approach to the emotional and financial impact of the divorce. McGee’s wealth planners helped coach Sandra over time to rebuild her lost assets and formulate new, attainable goals for her future.

This investment profile is hypothetical and not indicative of any specific situations or clients. Individual circumstances and results will vary. It is presented only as an example and not intended as investment advice. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.

Making Life a Richer Experience