Our Clients
Supporting an Aging Parent
Enzo, an existing client, called our office to talk with his financial advisor about the current financial situation for his aging mother. His mother’s mental capacity has been declining over time, and John has decided to invoke the power of attorney his mother executed several years ago giving him full authority to act on her behalf should a time come when she needed assistance.
Enzo requested a meeting with his mother’s advisor so she would know he was now involved. He noted the advisor seemed very reluctant to answer his questions regarding the risk profile of the account and how she was managing his mother’s ongoing cash flow needs. After three meetings with the advisor, Enzo reached out to see if his own advisor was willing to take on management of his mother’s assets.
Enzo learned that our firm welcomes engagement of family members and trusted contacts with clients’ permission. It can be especially comforting for aging individuals to know that another trusted person is present to be certain their best interests are at the heart of their financial planning. Sometimes the decision to work with Curran & Keegan is less about the actual investment management and more about the welcoming environment. Enzo moved his mother’s accounts so she could benefit from the same level of communication and support.
An Unexpected Loss
Maggie, retired, came to us after unexpectedly losing her spouse. Loss of a loved one often leads to uncertainty and anxiety around finances, allowing less energy for the grieving process. After final expenses and wrapping up the estate, Maggie needed help understanding her cash flow as an individual and to determine how her investments could support her spending goals moving forward. We endeavored into a financial plan, helping her to approximate expenses educate her on how her assets could be invested and utilized throughout her lifetime. After several meetings, Maggie was comforted to have an action plan moving forward and a team to support her with any future questions.
A Public Pension and Social Security
Malcolm, a divorced professor, reached out to Curran & Keegan as he approached retirement. He needed help to understand his pension benefits, annuities and retirement savings and understand how, collectively, they may provide income streams in the future. Malcolm needed to navigate the intricacies of his pension benefits, including the best time to take the benefit. Curran & Keegan came to the table with experience in a variety of pension programs and guidance on questions to ask. Additionally, they were able to flag how his Social Security benefits might be reduced due to the windfall elimination provision (WEP), and even his divorced spouse’s benefit, should he opt to take his. Curran & Keegan helped Malcolm to identify the questions to ask the Social Security Department to estimate when it would be best to start the pension and Social Security benefits.
Financial Empowerment Through Divorce
Selene was getting a divorce from her husband after thirty plus year of marriage. In their many years together, Selene had not played a role in the household finances but rather deferred to her partner. She knew she would now need to take on this responsibility and was ready to educate herself to build the knowledge needed to become financially independent. She reached out to Curran and Keegan to start the financial planning process. In developing her financial plan Selene determined she could afford to buy a home on her own, continue to save for retirement and support her children’s needs. College costs would be shared by both parents. Insurances and tax exposures were also reviewed. The many meetings with the C&K advisors provided ample time and a safe environment to ask many questions and test numerous ideas about her resources. Selene is still learning and receives continued guidance, direction, and support from the Curran and Keegan team to consider the many financial paths in front of her.
Achieving Charitable Giving Goals
Cain and Eloise came to C&K after their estate attorney suggested they reach out to a financial advisor to help them do some charitable planning beyond creating their Wills. With a long history of being generous with the many non-profits they cared about Cain and Eloise were ready to think about more creative philanthropic options. After several discussion they landed on creating a Donor Advised Fund funded with highly appreciated stock they had been gifted by Eloise's father many years ago. The Donor Advised Fund would allow the family to take advantage of a large charitable contribution in one year that could reduce their taxes and, in turn, distribute those funds in a timeline that worked best for them and the charities they support.
Family Support
Allegra wanted to consider gifting her grandchildren to support their education. With several grandchildren of wide-ranging ages and pursuits she needed to address both secondary and college costs each family would be responsible for. Through the financial planning process she saw that she could comfortably give to each a fixed amount for college and where needed some support for private school ahead of college. Allegra then determined that 529 educational accounts could allow for tax free savings if used for education. She started systematically funding these plans annually on birthdays and other special occasions. Being able to see her grandchildren thrive at school has been the greatest gift.
One More Move
Longtime clients of Curran and Keegan were considering moving to an independent living community in the area. Evelyn and Amelia had been married for many years and after many financial planning conversations wanted to consider their final move, removing the onus of managing their long term home and moving to a community where they could get the elder care if and when needed. Since they did not have children of their own they knew they would solely be responsible for each other and wanted access to resources while still living in a vibrant community. After interviewing several locations and testing the costs in their financial plan they were set to move and start the next phase of their lives.
Unexpected Inheritance and Tax Planning
Susan’s beloved aunt passed last year and left Susan with an unexpected inheritance. Susan had always struggled to make ends meet as a single mom to two teenagers. She knew that the windfall could change her lifestyle but decided to reach out to Curran and Keegan Financial for a financial plan to be prepared so she could ensure a secure retirement for herself while providing extras for her teens. During her meetings with the team at Curran and Keegan, she learned that if she took a lump sum distribution, the tax burden would be heavy, and Susan preferred to avoid paying taxes all at once on the full inheritance. Susan provided her accountant with permission to work with Curran and Keegan and create a distribution plan that would minimize tax consequences.
The first part of the plan was reviewing the IRA Susan inherited from her aunt. Following Secure 2.0 rules, a distribution plan was established for Susan to deplete the IRA over ten years. The second part of the plan was to address the highly concentrated stock held in a taxable account. The team at Curran and Keegan Financial was able to work with a third-party investment manager to provide a sophisticated solution that would, over time, reduce the concentrated stock position while managing tax implications. Curran and Keegan brought Susan’s accountant into the conversation early on to be sure all of her trusted advisors were working together in her best interests.