3 minute read
Chapman Capital Advisors
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Ihave been in the money management business for over 26 years now. I have cultivated many relationships with clients over that timeframe. I have learned a great deal from these relationships. ese are trust relationships, a er all my clients are trusting me to help them make the correct investment decisions and guide them through the good times and bad. We have had much more good times over this period than bad when it comes to investing.
Most of the bad times have to do with health and family. I recently met with one of my rst clients and it was a nice stroll down memory lane. Her and I have been through a great deal together. Betty has become more than just a client. I truly think of her as part of my extended family. Her husband, Bill walked into my o ce 25 years ago and she has been with me ever since. He passed away in 2006, so she has been on her own ever since and has depended on me to help her, because her husband Bill handled all the nancial decisions for their family. Betty has been a great advocate for me over the years. She has referred both of her sisters as clients and many of her close friends. Her sister Jane passed away a couple of years ago. I visited with Jane the day before she died. It was heart breaking to see her in that state. She had also become part of my extended family. Betty and Jane were very close, so when I was visiting Betty the other day it brought back some good memories of Jane. I know it will not be long before Betty is gone as well, which was one of the purposes of my visit.
Betty wanted to make sure all her bene ciaries were setup the way she wished. ere have been some backand-forth decisions on this, because her only true heir is her sister Paula. Paula is a client as well and has the same concerns. e concerns stem from the fact that the only true heirs a er they each pass are nieces and nephews who spend all their money once they get it. I understand the concerns because I have witnessed it before. We cannot take our money with us, but we should make the correct decisions on bene ciaries before we die.
One way to control assets from the grave is to create a living trust. Within a trust document you can utilize spendthri clauses to limit the spending of your heirs. Part of being a Financial Advisor is being able to recognize when certain documents may need to be created to protect assets. Investing is just a small part of my role as Financial Advisor. At Chapman Capital Advisors, we take a wholistic view of our client’s nancial situations. We work directly with your accountant and trust attorney to ensure you are not only ready to live, but also prepared when you eventually die. e only two things certain in life is death and taxes. Both of which sound horrible to me.
*Disclaimer :The names in this article have been changed for privacy reasons but the story is real.
Money Talks
by Jay Chapman, CFP®
All the opinions expressed in this article are that of the authors and should not be considered nancial advice for your individual portfolio.
If you would like to learn more about this topic or have your complimentary portfolio reviewed please contact Jay Chapman, CFP® at Chapman Capital Advisors
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