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Client Success Stories

Divorce

DivorceBackground:

Naomi had been with her ex-husband since she was 18 years old. She had two kids, wasn’t working, and didn’t have a hand in the household finances. She decided to leave her marriage after years of feeling that she wasn’t being heard. Her ex-husband was a money manager who made all the decisions in their marriage and controlled all their money.

Work with us
Naomi came to us in the middle of her divorce process to have us look over the settlement proposal. Naomi and her ex-husband had accumulated a significant amount of assets, and she knew that she did not understand everything she needed to know to make a smart decision about her money, moving forward. Our team felt it would be beneficial to run scenarios to see how each settlement proposal would affect her life, and determine the asset split that would be optimal for her financial future. In this proposal, we showed Naomi the benefits of receiving more assets that would be tax advantageous, such as bank and non-retirement investment accounts, as compared to tax-sensitive accounts (Traditional IRAs and 401(k)s). We modeled out the projected growth rates of various assets to help determine which ones were worth keeping, as some assets are better at funding future expenses than others. We also wanted Naomi to understand the long-term financial effects the settlement would have for her and her current affluent lifestyle. Once the divorce was finalized and she received her lump sum of $2,100,000, we helped her navigate the separation of assets and oversaw that the asset split was done in accordance with the divorce decree. We worked as an independent set of eyes to track and confirm that all financial aspects of the divorce decree were completed properly. At first, Naomi wanted to continue having her ex-husband manage all her money, which would have left her vulnerable to his controlling impulses, which she was trying to escape. Over time, she was able to take control of her own finances and feel empowered enough to become completely independent of him.

The Loss of a Loved One

The Loss of a loved oneBackground:

Rebecca reached out to us when her husband, Mark, of over 30 years passed away. Rebecca, who was 63, had been married before she met Mark but divorced when her children were young.

During her marriage with Mark, she did not worry about her finances. Rebecca was a publicist and Mark was a successful real estate broker. They lived in a townhouse on the Upper East Side in New York City, which allowed Rebecca to have easy access to Central Park.

Rebecca had conservative financial views and was always careful with money. Money was important to her because it gave her a sense of comfort and security. She saw money as a tool to be used to help improve the lives of those close to her, like her children and grandchildren, as well as to give to organizations that were important to her. She loved theatre and the arts and wanted to support them through donations.

Work with us
When we met with Rebecca, she had decided she was going to sell her townhouse and downsize to a smaller apartment. However, she wanted to stay on the Upper East Side, as she loved the neighborhood and her daily walks in the park. Her goal was to invest the proceeds from the sale of the home valued at $3,400,000 and live off the income, and she also wanted to be able to leave money to her children and grandchildren. We helped Rebecca put a financial plan in place where she could move to a rental apartment close to Central Park and continue to give to her family and the community. In Rebecca’s financial plan, we helped her determine how much she could safely withdraw from her investment portfolio every year. We designed a portfolio for her that provided income to help meet her ongoing expenses, while also allowing for capital appreciation for the decades to come. We helped her make tax-efficient gifts to her favorite charities through Qualified Charitable Distributions from her IRA, and through investing in socially conscious funds with companies that have high environmental, social, and corporate governance standards. This was a great way for Rebecca to align her financial success with her values. Today, Rebecca is enjoying her retirement and her walks in Central Park with her grandchildren, while never worrying about her finances.

Retirement

Background:

Jonathan and Patty had been married for over 15 years and didn’t have a plan for their retirement. Jonathan was a successful attorney in New York, and Patty worked part-time for a local art gallery. They lived in Scarsdale, New York, owned an apartment on the Upper West Side, and lived an affluent lifestyle. They had three children approaching middle and high school and wanted to start planning for their college education.

Jonathan hadn’t felt trusting of financial advisors, in the past, and thought he could handle the planning on his own, but Patty felt it was important to seek the insight of a professional as they began approaching major milestones in their life.

Work with us
When we met with Jonathan and Patty, they didn’t have a plan for their retirement, which they hoped to take in the next 15-20 years. They had accumulated a large sum of assets but didn’t have a comprehensive strategy to accomplish all their goals and didn’t have an estate plan in place for their family. After reviewing all their assets with them, we discussed their options, and they decided to finance their retirement first. We had advised them that this takes priority over funding their children’s education, as you cannot receive a loan for retirement. They decided they would ultimately sell their Scarsdale home, once their kids were grown, as they did not want to have the pressure of the maintenance the house required as they got older. We helped Jonathan and Patty put a financial plan in place where they could permanently move to their New York City apartment, full-time, and established the magic number of what they could safely withdraw each year upon retirement. Jonathan and Patty’s portfolio also included college education planning for their three children. We designed a personalized savings plan for them through 529 plans, and created a secure future for each of the children’s future career paths. 529 plans allow for tax-free growth if the funds in the account are used for qualified education expenses, such as college tuition. This makes them a more attractive savings vehicle for college and other educational expenses than a traditional bank or investment account. As New York residents, Jonathan and Patty received a state income tax deduction on the amount they contributed to the account, which, as a married couple, was up to $10,000 per year, since they filed jointly. In addition to creating their portfolio, we helped Jonathan and Patty create an estate plan. We discussed our recommendations and then introduced them to a trusted estate-planning attorney, where they were able to thoughtfully create a comprehensive estate plan that is aligned with their values and wishes. With our support, they now have a better understanding of their money, and are on track to meet all their financial goals and retire stress-free!

Inheritance

wealth-managementBackground:

Emily became a Francis Financial client after receiving an inheritance at the age of 37. She was single, entering the peak of her career as a psychotherapist in Brooklyn, and had opened her own practice five years prior. She had been a saver her entire life, and she wanted to take this money and strategically plan for her future. She hoped to get married, have children and potentially buy a second home in the Hudson Valley in the next few years.

Work with us
For many people, the sudden arrival of a sizable sum of money can be overwhelming, and it often occurs during an emotionally difficult time. For Emily, her mother’s passing was unexpected, and she waited for a few months before making any big financial decisions. When we first met with Emily, she shared that she had never worked with a financial advisor before. We walked her through our strategy for inheritance planning, which would assist her in protecting her new wealth, and helped her understand the tax implications, income planning and how to have the most impact with her inherited assets. This strategy helped to mitigate her tax impact as much as possible, which she could take advantage of in years when she might find herself in lower income tax brackets. After years of working together, Emily decided to look into buying a second home in upstate New York. We ran scenarios against her financial plan to deduce the maximum amount she could afford. We determined it would be best for Emily to find a home for under $2,500,000. Emily stayed within this budget and was able to find the perfect getaway from New York City. In the time we’ve been working with Emily, she has been committed to achieving the goals she set for herself and the goals we implemented into her financial plan. In that time, she also met the love of her life and got married. We sat down with Emily and her new husband to facilitate conversations about their long-term financial plan for their life together.

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Francis Financial

39 Broadway
Suite 1730
New York, NY 10006
(212) 374-9008

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