Financial Management After the Loss of a Loved One
It is a scenario that is all too common. Widows and widowers can find themselves treading water when it comes to financial management after the death of a loved one. 7 On Your Side’s Michael Finney looks at how “adult kids” can help their grieving parent get through this tough time.
San Francisco resident Charlene Tuchman is still getting used to life without her husband, Sidney, one year after his death.
They were married for 62 years. “He was fun. He was a little bit outrageous, he was sweet. He was kind,” she said.
Sidney ran a big dry-cleaning business in Indianapolis and took care of all the finances at home. “When it came to things like insurance, investments, and building the funds and money, I seriously had absolutely no idea,” Charlene said.
Her son happens to be a managing director of the Palo Alto-based retirement investment management company Rebalance. Mitch Tuchman says the firm works with a lot of people who are widowed or divorced from spouses who made the financial management decisions for them. “It’s very stressful, and money powers one’s life generally, so when you don’t have that control, it’s very scary for people,” said Tuchman.
He sat down with his mother to ease her fears.
Check out the rest of this piece on ABC 7 News.