Harding Wealth

Just wrapped a call with a client.

76.
Female.
Widowed.
No heirs.
Net worth about $5m ($3m liquid, $2m real estate)

The reason for the call:

Yesterday I learned that she’s getting married to a fellow widower this afternoon after knowing him for just three months.

My first comment was “Congratulations, tell me how you met.”

After hearing their story — and after having worked with hundreds of older retirees in a similar situation, here’s what I said to her:

“I’m so happy you found someone. You don’t have to legally get married to honor that connection, but I understand if that’s important to you.

Also, it’s my job to address the possibility that some things may happen, however unlikely they may be.

So, do me this favor:

1) Do not commingle a meaningful amount of your assets for at least a year.

2) I can see the titling of all of your sizable assets with the exception of your house. Do not make any changes to the title on your real estate unless we talk (we manage the accounts).

3) Let’s sit for a meeting with your new husband as soon as you can. I’d love to get everyone on the same page. “

Then I offered to be the witness at today’s courthouse ceremony if they needed one.
..This stuff is complicated.

On one hand, three months is a very short time before getting married.

On the other hand, loneliness is real. She has no heirs. The man she’s marrying is 79—not 55—and how do you put a price on companionship later in life?

This isn’t the decision I would make personally, but my job isn’t to live clients’ lives. My job is to be a sounding board, to help them understand the biggest risks, protect where I can, and then support them as they live the life they’ve chosen

Markets are doing what markets do.

Time to keep some perspective.

Perspective — Harding Wealth Gratitude.