How a CPA and wealth adviser partnership can guide families through transition
Managing Director, Wealth Management Choreo
Michelle is a managing director, Wealth Management, at Choreo in Duluth, Minn. She specializes in financial planning, retirement planning, and investment strategies, working with ultra-high-net-worth individuals and families, including widows and divorcees. Michelle helps clients align their wealth with their values and long-term goals while guiding them through life’s financial complexities.
Michelle founded Women of Widowhood, dedicated to supporting widows through life transitions. She equips women with the tools and knowledge to navigate their financial futures.
Losing a loved one is one of the most challenging transitions families face. Beyond grief and emotional upheaval, clients are often overwhelmed by financial, legal, logistical, and even tax matters. Of course, the best time to plan for loss is well before one occurs. Proactive planning helps decrease worry and eliminates the need to make major decisions while mourning. Together, CPAs and wealth advisers can help clients organize their finances, clarify family expectations, and prepare for tax-advantaged transitions.
Q How common is widowhood, and why does that matter for proactive planning?
A It’s more prevalent and often emerges earlier than many realize. According to the U.S. Census Bureau, the average age of widowhood in the United States is approximately 59, an age when many couples are still working, accumulating assets, and planning for retirement.
Q Why is financial education especially important for both spouses?
A CPAs and wealth advisers can ensure each spouse has the knowledge and confidence to make informed decisions. This includes reviewing where key documents are stored, understanding sources of income, knowing how to access accounts, and discussing financial goals. Early education reduces vulnerability, eases the transition, and empowers surviving spouses to feel more control at a difficult time.
Q How can clients organize their financial lives to prepare for transitions?
A Three practical steps include:
- Inventorying assets, liabilities, accounts, and insurance;
- Documenting online access and passwords (sometimes called a “digital legacy”); and
- Creating a centralized legacy binder with essential paperwork, such as wills, trusts, powers of attorney, health care directives, financial records, and insurance details.
Q What should families understand about estate documents and updates?
A Wills, trusts, beneficiary designations, durable powers of attorney, health care directives, HIPAA authorizations, and executor designations must be kept current. CPAs and wealth advisers should encourage clients to review these documents regularly to ensure they reflect their wishes and current law.
Q How should families prepare for potential incapacity?
A Signs such as memory loss, confusion, or inability to perform daily tasks can create urgent situations. Having tools in place (like a revocable living trust, springing power of attorney, or health care proxy) ensures that a trusted individual can step in to manage affairs when needed.
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