Newly Wealthy

While it may sound like a dream, suddenly coming into a large amount of money can be a nightmare if not properly managed. Unfortunately, some people who receive a financial windfall often see their money disappear quickly due to frivolous spending or unwise investments. For others, the fear of making the wrong decision with their money is paralyzing and keeps them from doing anything. Clients who come to us in this situation often feel a sense of responsibility, and even some stress, knowing they most likely will get just one chance to do things right and don’t want to make these same mistakes. They are concerned about predatory salespeople who might try to take advantage of their inexperience and they need answers and professional guidance from an authentic advisor whom they can trust to work in their best interests. At Keatley Wealth Management, we will strategize with you to help you enjoy the short-term rewards of your windfall, such as a new car or dream vacation. Most importantly, we will help you put the plans in place to make the money last so that you can achieve your long-term financial goals, such as education, a new home, or retirement.

Life-Changing Inheritance

Cindy and Carl had always lived within their means, worked hard and saved where they could. Their lives were somewhat complicated as working parents with two children, one of whom had physical challenges. Life became even more challenging when Carl was forced to go on permanent disability due to a chronic illness. They worried whether Carl’s disability income and Cindy’s nursing salary would cover their expenses in the long run. It was during all this turmoil when, sadly and suddenly, Cindy’s mother passed away. The stress was incredible.

In the midst of her grief, Cindy learned that her mother left her a very large inheritance. This unexpected inheritance turned out to be more money than she ever dreamed her struggling family would have available to them. Cindy and Carl knew that the inheritance would relieve a lot of financial pressure and then some, but for it to help them in the future, it needed to be managed and invested properly. Unfortunately, the broker Cindy’s mother had used was not up to this task.

“This unexpected inheritance turned out to be more money than she ever dreamed her struggling family would have available to them.”

Cindy and Carl came to Keatley Wealth Management in search of a financial advisor who could explain their options in a language they could understand and provide them with a comprehensive financial plan that would allow them to breathe easier. We helped Cindy and Carl make some immediate decisions, such as how to invest their funds in a way that would position them for meeting longer-term spending goals. And while carefully strategizing to keep them in the lowest capital gains tax brackets, we assisted in selling some of the assets to give them the cash needed to remodel their home to better suit their physical challenges and improve their quality of life. They even got to take a much-needed and long-awaited family vacation.

When developing financial plans, the experienced planning team at Keatley Wealth Management keeps a sharp eye out for the complexities that are unique to each client. We knew Cindy and Carl needed a financial plan that would take into consideration the typical scenarios, like their children’s college educations and Cindy’s eventual retirement. However, given their physical health issues, their plan also included an in-depth audit of all beneficiary designations and asset ownership to be certain that their child would qualify for disability payments when needed in the future. Cindy and Carl certainly benefited from unexpected wealth. By partnering with us, they know they have an investment strategy and financial plan in place, specific to their lives and needs, that will protect this wealth for the future.

Growing Up Fast

Eric became our youngest client when he was referred to us by his attorney. He had been living without parents since the age of 16. Recently, at 20 years old, Eric came into a large sum of money. Showing maturity beyond his years, he knew it was vital that he handle the money responsibly so it would last.

Both Eric and the team at Keatley Wealth Management determined that the immediate goal was to help Eric become financially self-sufficient, while leaving enough left over to grow for the long run. We quickly got to work on helping Eric create a budget that would allow him to move out of his friend’s basement, set up a home of his own, and live comfortably while attending college. Next, we invested most of his money for long-term growth, while still maintaining the resources necessary to support him as he works on completing his degree.

With these plans in place, a heavy burden was lifted off this young man’s shoulders. Our relationship with Eric has given him the confidence and peace of mind that come from financial security so that he can enjoy his life as a “normal” college student. We continue to work with his attorney to make certain Eric’s estate plan is in place. Down the road, we look forward to helping Eric put together a comprehensive financial plan that will help him reach other life goals.

The case studies presented are not a guarantee of future performance or success. Services for actual clients are customized to each unique situation; therefore, investment and financial planning outcomes will vary among clients and results may be better or worse than those scenarios depicted. Information provided is for illustrative purposes only and should not be considered specific investment or financial planning advice. Nothing herein is intended as an endorsement of Keatley Wealth Management by any person.