Meeting the Financial Challenges of Single Parenthood
When Elizabeth and Michael’s marriage ended, Elizabeth assumed custody of their two small girls. As part of the divorce settlement, she received child support from Michael, an executive with an aerospace company. The child support payments would continue for another 10 years, but Elizabeth knew she would need to take steps to provide for her and her daughters’ future. The divorce caused Elizabeth to reevaluate her life goals and plans for building wealth.
Elizabeth decided to ramp up and take on more clients at her successful consulting company. Meanwhile, she began putting aside money for her children’s education and saving for retirement. But she knew she should have been doing more.
Elizabeth consulted a SunTrust Private Wealth Management advisor who is helping her map a plan to address her current and future financial needs, including opening a 529 college savings plan, increasing the amount of life insurance now that her income has increased, and mapping out a long-term plan for retirement. At the same time, her advisor worked with her attorney, who has drafted a qualified domestic relations order that will roll over a portion of Michael’s corporate retirement plan into Elizabeth’s IRA.
SunTrust’s guidance and wealth building strategies have helped Elizabeth address the initial challenges of her new and promising life, while putting her and her daughters on a solid financial footing for the future.