Taking the Reins
A Family Turning Point
The Background – A Family Turning Point
One day, Amy’s parents approached her with a request. They were starting to notice that they just weren’t as sharp as they once were. They were becoming more forgetful, easily disoriented, and one of them had recently succumbed to a scam that really shook them up.
Their request for their daughter was to take over as Power of Attorney and trustee. In other words, they wanted her to take the reins as their financial manager.
Naturally, Amy agreed. She knew she had been named as successor trustee and felt prepared to take on the role. Well, perhaps in spirit, but not entirely in experience.
The Challenge – Navigating Complexity Without Experience
Amy had spent most of her career as a high school teacher. She didn’t have extensive experience in finance or investing, and she had been working with us as her advisor for nearly a decade. When she agreed to take over, she told her parents that she would like to hire us to take care of their finances as well.
They agreed.
At first, there were a lot of moving pieces. Her parents had done a great job saving and investing and had accumulated more than $2 million. But their financial picture was disorganized. They had accounts spread across three investment firms, a handful of small annuities, and a mix of insurance and bank accounts that made it difficult to see the whole picture.
The Approach – Guidance, Structure, and Clarity
Over the course of a few months, we helped Amy navigate the administrative side of becoming trustee and Durable Power of Attorney on her parents’ accounts. We organized everything, walking Amy through all the paperwork, so their finances were finally consolidated under one roof.
We also had a few calls with her father, who had always done the financial management for himself and his wife, to make sure he was in agreement with how we planned to proceed.
Once the structure was in place, it was time to review their investments, insurance, tax situation, and spending.
- Verified account titling, beneficiaries, and POA documentation across all accounts.
- Adjusted their investments with a tax-conscious approach, transitioning them from an overly risky portfolio to one that was balanced and properly allocated.
- Assessed their income sources, expenses, and portfolio assets to determine an appropriate and sustainable withdrawal rate.
- Set up automatic monthly transfers to support their ongoing income and expenses.
The Results – Confidence for the Family
Throughout the process, Amy shared with us how stressed she felt trying to “get it right” for her parents, but also how much relief she felt knowing she didn’t have to manage things alone. Having a partner to help her sort through accounts, understand the details, and make informed decisions shifted the entire experience.
She no longer felt like she was carrying the responsibility by herself. With ongoing support, regular check-ins, and a team keeping an eye on the markets for her, she felt supported, reassured, and confident that her parents’ financial lives were being handled with care.
- Implemented decisions that reflected her parents’ values and long-term wishes.
- Their finances were organized so nothing would fall through the cracks.
- Set up their finances so their children could inherit with clarity and minimal complications.
- Her role as trustee became manageable rather than overwhelming.
To maintain privacy, these stories are composites and not based on any one individual. All experiences are drawn from real client situations.
Individual results may vary. Past performance does not guarantee future results.