Throughout the years, our clients have faced countless unique financial challenges and our team has offered solutions intended to enhance the financial peace of mind of these clients. Here are some examples we’d like to share with you:

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Financial planning upon the loss of a spouse

Financial Planning after loss of a SpouseIt is a trying time for anyone whose partner has passed away. One of the most stressful longer-term aspects of it for the surviving spouse is in trying to determine where they stand financially. This is particularly true when the deceased spouse was handling those duties.

Our CCMI team has been fortunate to earn the trust and confidence of many individuals who progress through this stressful time with our help to complete a personalized financial review of their assets and liabilities. We also help them determine what their current monthly expenses are so they have a firmer grasp of their personal cash flow and how it will meet their needs. We help the surviving spouse to articulate their own goals and desires to move forward, as well as help them to determine what they want to pass on to heirs after they’re gone. A personalized financial plan generally follows that helps enhance our client’s peace of mind which they richly deserve and helps them take charge of their own financial well-being.

How to successfully exit from a business

Financial Plan for Selling Your BusinessAs business owners ourselves, we often get referred to other entrepreneurs. One couple that started a company 10 years ago was referred to us by their CPA because they wanted to plan their exit strategy. It was a successful business to be sure, but it was an illiquid asset which represented a high percentage of their net worth. So naturally, they were concerned about how to do so without putting their Golden Years in jeopardy if they stopped working too soon.

There’s a much different discipline involved in leaving a company than starting one, but it’s even more crucial to design the right exit plan. For this couple, doing it wrong would have meant losing much of what they worked hard to acquire, with no real prospect of being able to earn it back in their later years. So we completed a plan for them which indicated what they needed to net after tax from the sale of their business within a five-year time frame. It involved growing business profits for the next four years, buying a building in which to operate their business and watching their personal cash flow carefully.  By the summer of the fifth year, they had a solid buyer for their more profitable business and sufficient after-tax proceeds to buy their dream home on the coast. The couple also kept the commercial building in order to enhance their personal cash flow. In addition, they now hold enough assets in a liquid managed personal trust portfolio that will appreciate for their longer-term financial peace of mind.

Learn more about how CCMI can assist you with selling your business.

How parents can help their adult children achieve financial success

Financial Advice for Adult ChildrenA long-time, married couple in their early 60’s are recent empty nesters. This couple has put their three children through school and all three are gainfully employed and out of the house. However, although their children are now adults, occasionally they request money to “make ends meet”. We understand that most parents want to help their children when asked. However, this is a dual concern. By continuing to fund money requests for adult children, the children may never become financially adult; it is also a concern because parents who continue to unconditionally provide money to their children may jeopardize their own financial independence in their later years.

We’ve helped many clients cut the “financial apron strings.” It involves sitting down with the family and having a facilitated, frank, open discussion about what the adult children expect from their parents during their parents’ lifetime and from a parental inheritance; a “calling out the elephant in the room”, if you will. Dealing with reality needs to be the outcome along with some homework. Often times we present a challenge for all parties that may include holding the parents and children accountable for teaching the value of savings. For instance, we suggest that parents provide money not when an “emergency” (or sudden expense) pops up, but design a sort of a matching grant that is made when the child shows they’ve saved the same amount either in a bank account or a prudently invested portfolio. This will help both the parents and children to respect not just the money being exchanged, but the long-term benefit of wisely doing so.

How to begin the path toward financial success

Begin the Path to Financial SuccessThere are a lot of “trigger points” at which point individuals get more serious about planning for their future. In our business, we’ve seen them all, including when client lands that really good job, buys their first house or experiences the birth of their first child. Whatever the reason, it’s never too early to start planning. The question for many just starting out is, “where to begin?”

It’s perfectly normal to feel this way because, as we often say, “money doesn’t come with instructions”. For individuals planning and investing for the first time, we’ll take them through a step-by-step process that helps them define their issues and concerns, gathers all the pertinent information, conducts the formalized planning process and executes the plan while also monitoring and adjusting it as needed. It’s a structured approach that ensures a focus in achieving the financial goals of clients and their families we are privileged to assist. With our professional, yet compassionate, planning assistance, we can help create a feeling of empowerment so that clients can realize their dreams.

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