Monday, September 14, 2015

Taking More Control

Wes and his daughter Meg have celebrated his recovery of his mental faculties three years after his traumatic mountain climbing accident.  Meg likes having her father ‘back’ more like she remembers while growing up and is also pleased to be done managing Wes’ finances as his court-appointed guardian.

Wes likes being back in control of his own finances.  He had a long recovery, made more difficult by having to watch his daughter struggle with the burden of managing his financial portfolio during these volatile years as the market has battled back from the 2008 drop. 

Since Meg is a generation younger, she had not previously managed such substantial assets.  She did not have time to learn over time as her own investments slowly grew.  Instead, she had to learn with her father’s retirement nest egg at risk while reporting all to the court.

Wes no longer takes his ability to exercise more control for granted.  He has decided to execute a Power of Attorney for Property, where he names who he would manage his finances without guardianship court supervision.  He chooses his twin brother, Ted, with Meg to serve as the alternate if Ted is cannot do it.  He feels Meg has had enough burden already.

Planning is a way to keep control even if it unexpectedly slips from your grasp.  For advice regarding your own planning opportunities, call our office at (815) 436-1996 for an appointment.

© 2015 Gruber Law Office

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