Planning for a Surviving Spouse
A Plan Both Spouses Can Rely On
Richard and Ellen’s Case Study
How One Couple Built a Team Both Spouses Know and Trust, and a Single Plan Behind It
This case study illustrates a common planning situation faced by many families. The individuals described are hypothetical and do not represent actual clients. Outcomes are illustrative and are not a guarantee of future results.
Executive summary
Many couples reach a stage where one spouse manages the details. If that spouse were no longer here, the other would be left to rely on a team they barely know. This case study follows a hypothetical couple who used Monument Group Wealth Advisors’ Master Planning process to build a team both spouses know and trust.
Richard and Ellen had about $9 million in investments, held partly on their own and partly with an advisor they liked. Richard had coordinated nearly everything for years. He wanted Ellen to be heard, to understand the plan at a high level, and to have a relationship she would be comfortable with now and in the future. Their planning also needed to bring in income tax, their estate, and what they hoped to do for family and community.
Results vary by individual circumstances, and this example illustrates a process, not an expected outcome.
The question they wanted to answer
Richard’s question was not only about money. It was this: if I’m no longer here, will Ellen have a team she knows and trusts?
He also wanted to know that their taxes, estate, giving, and family goals were working together. They have two adult children and three grandchildren. They hope to give to family during their lifetimes, support causes they care about, and leave a legacy.
Build the relationship while both are here
We set the planning conversations up so that both spouses are in the room, and so that Ellen’s priorities and questions shape the plan as much as Richard’s.
Where things stood
Part of their assets was managed by Richard and Ellen themselves. Part was managed by an advisor they had worked with for years and valued.
That relationship centered on the investment portfolio. They had seen planning projections, but income tax, estate planning, giving, and family gifting had not been looked at together.
Richard had coordinated nearly everything. He worked with the tax preparer, the estate attorney, and the advisor, and he was the point of contact for all of them. Ellen was informed but not closely involved, and had little direct contact with the professionals. If Richard were no longer here, she would be starting those relationships on her own, at a difficult time.
They owned a home in Massachusetts, plus homes in Florida and on Cape Cod, which added questions about how those properties fit the longer-term plan.
Why this situation is common
In many households, one spouse takes the lead on money. That works well until the other spouse has to take it over. These are among the questions we hear most often:
- If one of us were no longer here, would the other know whom to call and feel comfortable doing so?
- Does the spouse who handles the details have a way to share them, and does the other want to be involved?
- How do taxes affect what we spend, what we give, and what we leave?
- Does our estate plan reflect our current family, homes, and wishes?
- How can we give to family and charity, and help with our grandchildren’s education, in a way that fits our overall plan?
Understanding what matters
We began with the Dangers, Opportunities, and Strengths exercise. Richard and Ellen each completed it on their own before we met together.
Their answers were not identical. Richard’s focus was on keeping the moving pieces organized, and on making sure Ellen would not have to start from scratch. Ellen’s focus was on understanding the plan well enough to be a confident decision-maker, and on being heard, not briefed.
Both shared the same priorities: supporting their children and grandchildren, giving to causes they care about, and leaving a legacy that reflects their values.
Building the Master Plan
With priorities clarified, we built a plan around these areas:
- Income tax planning across their accounts, coordinated with their ongoing tax preparation
- Estate planning coordination, with legal work performed by attorneys at Woodman & Eaton, P.C. or the couple’s own attorney
- A philanthropy approach tied to their broader goals
- Family gifting and funding for the grandchildren’s education
- How their three homes fit into the estate and family plans
- Their existing investments, reviewed in the context of everything above
- A shared overview of accounts, professionals, and documents that Ellen can follow without having to ask Richard
Building Ellen’s relationship with the team, while Richard is here
A plan only helps if the people it belongs to can use it. The most important work was making sure the relationship belonged to both of them:
- Both spouses attend planning conversations, and notes and next actions are written in plain language.
- Ellen is introduced to the full team (wealth, tax, and legal) and learns how the pieces connect, at a pace that suits her. She has time for her own questions, including one-on-one conversations if she wants them.
- The plan includes a simple “who to call and why” summary that either spouse can use at any time.
- The team gets to know Ellen as well as it knows Richard, so that if circumstances change, the relationship is already in place.
What this does and does not do
A coordinated process may help a couple see how decisions affect each other, and may help a surviving spouse begin from relationships that are already familiar. It cannot remove the uncertainty of markets, tax law changes, or family circumstances.
Any benefit, such as tax efficiency, depends on individual circumstances and may involve trade-offs. Legal documents are prepared by attorneys. This case study is not personalized advice or a forecast.
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