Last-hour financial planning in terminal illness
Planning bright futures together with clients is something we genuinely enjoy. However, in some very unfortunate cases, we know from the outset that the work is intended to bring closure to their affairs.
This particular client had a past history of cancer, and updated her insurances several years ago after the birth of her child. A few years later the cancer came back with particular aggression, giving her just months to live. Reviewing her financial affairs was now urgent.
We took a detailed look at the family’s finances to work out what steps could be taken to optimise their situation, including how to ensure her disability and life insurances were paid out in the most tax-effective way. Asking a client to sign paperwork on their deathbed is not pleasant; however, the swift action saved this family $95,000 in tax.
After our client passed, her bereaved husband and young child returned to their native New Zealand, able to start their lives anew without the stress of undue financial pressure.