WHAT WE DO
FINANCIALLY INDEPENDENT WOMEN
The advisors at Peterson Wealth Services are the go to resource for women who may be dealing with one of the three D’s: Death, Divorce or Departure. We have the resources and experience to help in a very emotional life transition. We want to help our clients get organized in all areas, more specifically their financial, emotional and physical lives. We are able to help them put a plan in place to answer the number one question on their mind “Am I going to be ok?”
Death: Losing a spouse is one of the most traumatic events that one may experience in their lifetime. Our advisors have helped many women transition through this very difficult time.
Divorce: In a time when emotions run high, making the wrong decision can have lasting effects on a person’s long term financial stability. Having our advisors take a look at your situation and help you decide what assets may make the most appropriate for you, what the most equitable divorce settlement will look like and what amount of support is warranted can help give you confidence (click here to be directed to Utah Divorce Planning to learn more).
Departure: Leaving a job and not sure what to do with your retirement funds? Our advisors have help many women in the workforce “make informed decisions with their retirement assets”. If done incorrectly you might be paying unnecessary taxes and a 10% IRS imposed penalty. Let us help you so you can focus on your next career move or maybe even retirement.
“Raymond James is not affiliated with and does not endorse the opinions or services of Utah Divorce Planning”
Case Study: Sarah, 55 year old widow
It is shocking to learn that widows are one of the fastest-growing segments of the population and half of all wives are widowed before age 60. Learn how Peterson Wealth Services can help with this case study.
Sarah suddenly lost her husband in a tragic car accident. Her husband was the breadwinner and managed all financial affairs. Sarah is a homemaker and mother of 2. She has been out of the workforce for 15 years. Children are 31 and 34 years old.
- Review our checklist required actions and important items to consider with Sarah
- Create a net worth statement that includes all assets and liabilities for a clear picture of her current financial situation
- Develop Sarah’s household budget to project spending needs and also extra wants and wishes
- Help Sarah set and prioritize her goals.
- Begin consolidating financial assets
- Determine her best option for her late husband’s pension
- Assist her with moving her late husband’s 401k into her name and then rolling it over to her IRA
- Contact life insurance companies to claim death benefits
- Help Sarah understand her Social Security benefit options
- Create Sarah’s financial plan based on her goals
- Set up sustainable withdrawals from the most tax-efficient accounts
- Sarah was not opposed to re-entering the workforce for additional income and health care benefits
- Recommend that she sell the 2nd home and recreational vehicles based on minimal usage and the expenses involved with upkeep and taxes
- Updated her beneficiaries
- Introduced Sarah to an estate planning attorney to update her will, healthcare directives and power of attorney
- Met with Sarah and her CPA to establish a tax ID for her late husband’s estate, ensure 1041 form is properly filed and final estate return was completed
- Retitle home and investment accounts
- Set up transfer on death designations for her savings and checking accounts
- Continually monitor and update her plan
This case study is for illustrative purposes only. Individual cases will vary. This information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Prior to making any investment decision, you should consult with your financial advisor about your individual situation.
OUR CLIENTS INCLUDE
Has your life been thrown into disarray by a divorce or death of a loved one? In times like these, financial upheaval often accompanies emotional turmoil. Let us guide you through these distressing times.
FINANCIAL PLANNING FOR TOMORROW
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1523 East Skyline Drive, Suite C South Ogden, Utah, 84405
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