Flying Solo - spouse dies...
Single Income Family...
...if your spouse died today how bad would it be?
Goal: To Work better together while preparing for Flying Solo,
Use our Financial Teamwork System!
WOMEN,
FEELING VULNERABLE?
Your plane is carrying all who rely upon you. With the complexity of your personal/professional life, should it have more than just one pilot?
Family, friends, employees,
clients…in the back of the plane
There’s only one of
you in the cockpit???
OBJECTIVE:
TEAMWORK SO THEY'RE READY AND FEEL SECURE
Fears addressed…
Decisions made now, not while grieving… Relationship conflicts avoided…
Advocate on-board…
Teamwork now and later…
Not be a burden…
Live fullest life.
RESULTS:
1. Autopilot
The switch is ready to be flipped on…big decisions have already been made.
2. Navigator/Advocate
We’re already on board…we see the big picture, know where the mountains and
landing strips are. We’re ready.
3. Co-Pilot ready to be Flying Solo
They're ready…trained with the wisdom of your current pilot and understand the
intent of your legacy.
4. Repeat
Continue going from Estate Transaction to Transitions. Better if started earlier to be
ready for the next transition.
5. LIFE Bonus
Between the teamwork (on the same page more often) and living more intentionally
with the end in mind, your lives are more productive and more meaningful today.
THREE STEP PROCESS:
(WHILE EVERYONE’S
ALIVE AND KICKING.)
You’ve taken off and are flying well…but landing is the hardest part so you need to:
1. Communicate what only you know by asking and answering the real questions together.
2. Organize, update & simplify:
File…shred…consolidate.
3. Coordinate the relational, financial, tax & legal: Right people in right places.
So they can land the plane if necessary.
ARE YOU READY TO GET STARTED?
Who are we?
We are a transitions firm.
I, Paul, am as guilty as anyone of not understanding her vulnerability.
My wife would randomly ask
“How are we doing financially?”
“Is everything okay if something happens to you?”
I’m like “Yep, we have plenty of life insurance.”
Occasionally we’d look at our accounts (that are all over the place) and while she’d see it wasn’t in the best order or understandable she’d be satisfied for a while. But the tension would build… It took the deaths of two more friends and clients to wake me up to see what it’d be like if I died unexpectedly…
I didn’t want to be that guy.
So we got together with Mason who is our Financial Planner (and our next generation so he adds a key perspective) and put together a plan that deals with much more than just the numbers.
When we were getting ready to go live Ashlee who is my business consultant (and our daughter… valuable perspectives) pointed out the deep anxiety and vulnerability women feel when they have given up career opportunities and are worried about Flying Solo.
We believe in a collaborative approach and in one of our founding principles that "You can hire someone who is better than you'll ever be." We help you do that.
1. Team Phase
Paint a picture with you out of the picture, and then both of you out of the picture.
What’s happening:
Joint preparation
2. Guided Transition
A plan is in place, and we’re here to support and guide you through it.
What’s happening:
Practical steps that need to be taken
3. Flying Solo Phase
There used to be a team and that made a big difference, but now someone's alone.
What’s happening:
Support and preparation for your legacy
4. Guided Transition
Your heirs now know what should have happened.
We’re here to guide them.
What’s happening:
Assisting heirs with the transition to your continuing legacy
5. Legacy Phase
Your vision, advice, and wisdom is the most needed here. Now you can provide it.
What’s happening:
The next generation is taking over and
your values have been clearly communicated
Cost
- Flying solo process: $5,000
- Each guided transition: $2,500
À la Carte Services
- Add a business succession/continuity plan: $5,000
- Updates to Flying Solo plan: $90/hour
- Asset review & asset allocation plan 1% account value/year
The Business Plan addition deals with continuity (the unexpected happens) and succession (how do you plan to exit.)
With the personlal or the business plan in place the Navigator is up to speed, the survivor is comfortable with them and can rely on them for support, to remind of what was discussed and can even serve as “the bad guy” for unpopular decisions.
Updates are inevitable. A tune up after the first year fine tunes the course after the plan is mulled over. And every few years an edit is needed as life changes.
The transfer will happen… the only question is whether or not your wisdom will be there to guide it.
It’s what the beneficiaries wish had been done…especially the surviving spouse.
Go from a Transaction to a Transition within the family that includes Communication, Organization and Coordination.
Men, when she' managing the home, has your back and is supporting you it's one thing… she’ll be flying completely alone…
Kids step up? That’s not the same… besides being a generational/age disconnect, it’s a conflict of interest at best.
Ladies, are you afraid of how, without a partner, you’ll handle the finances, lead the family and/or manage the business?
It’s lonely at the top….
The Team Questionnaire will not only help you see how you are doing but will highlight a few areas that need attention…Mike Michalowicz in his book Fix This Next, often answers the question “Where do you start?” by determining what YOU need next. The questionnaire below helps identify where you are and what needs to be done.
Men, you’re likely Flying Solo…but let’s start flying as a team so you’ll Transition Well, starting today…and that teamwork adds more life to today.
