The following client scenarios are not specific to actual events and are not indicative of all client experiences. These examples are used to illustrate how an advisor at Achieva Wealth Advisors can potentially assist Achieva members with a variety of investment-related needs. Your results may differ substantially. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Mary is 61 and has a 29 year-old son, Jack, with Down Syndrome. Because she’s been so busy working and taking care of her son, the past few decades have flown by. Not long ago, she realized that she won’t live forever – and that she needs to make sure her son is taken care of when she’s gone.
Mary met with her Achieva Wealth Advisor to develop a plan to take care of her son. Her advisor looked at ways to preserve Mary’s wealth so there will be enough money to take care of Jack. He recommended several scenarios that could meet her preservation objective, including a life insurance policy that names a special needs trust as a beneficiary.
Next, the advisor recommended setting up a special needs trust to manage these assets once Mary is gone. Because Mary didn’t have any relatives who felt comfortable managing this trust, her advisor recommend looking into a special needs trust organization to manage it. He then connected Mary with an attorney to help set it up.
With a solid special needs planning in place to help make sure Jack would be cared for throughout his life, Mary can finally take a deep breath and relax.