In this episode, we're joined by Rachel Rasmussen, MBA, CFA, CDFA®, Investment Manager and Shareholder, and Joe Patterson, CFP®, Financial Planner and Shareholder, both at Foster & Motley, Inc. Together, they navigate the financial and emotional complexities that follow the death of a spouse, offering a compassionate and pragmatic look at planning for one of life's most difficult transitions.
Rachel and Joe outline the importance of preparing in advance. They walk through the steps survivors must take in the immediate aftermath of a loss. From accessing cash and organizing documents to managing ongoing bills and updating estate plans, they explain how thoughtful planning and the right support system can make a significant difference during a deeply emotional time.
Key Takeaways:
(01:08) Take time before making major financial decisions.
(02:37) Rely on a support network of professionals and loved ones.
(05:35) Prepare necessary documents to facilitate transitions.
(08:28) Ensure continuity of income through proper coordination.
(11:54) Keep an organized overview of financial assets.
(15:06) Set up account access in advance to avoid complications.
(19:49) Safeguard and share digital access information appropriately.
(20:54) Communicate the location of key legal documents.
(26:48) Reevaluate financial plans and goals as circumstances change.
Resources Mentioned:
Foster & Motley, Inc. | Website
https://www.fosterandmotley.com/
Connect with Joe Patterson and Rachel Rasmussen:
info@fosterandmotley.com
+1 513-561-6640
Foster & Motley
https://www.fosterandmotley.com/
LinkedIn: Joe Patterson
https://www.linkedin.com/in/josephapatterson/
LinkedIn: Rachel Rasmussen
https://www.linkedin.com/in/rachel-rasmussen-cfa-cdfa/
LinkedIn: Foster & Motley, Inc.
https://www.linkedin.com/company/fosterandmotley/
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