The Ramirez family.

A steady hand through loss

At-a-Glance

Ages: Tom (71), Laura (67), Ben (40), Lily (37)

Top Priorities:

Transitioning after the loss of the family’s financial leader
Ensuring business continuity and financial security for the family
Succession planning for the family business

Key Financial Goals:

Preserving wealth and business assets
Securing a plan for long-term family stability

Where They Are Now: Laura and her family have successfully transitioned their business and financial plans, helping ensure that both their business and family’s legacy are protected.

Overview

The Ramirez family — Tom, a successful business owner, his wife Laura, and their two adult children, Ben, a software engineer, and Lily, a human resources manager — experienced significant growth and change as Tom’s manufacturing business flourished over the years.

Having worked with HT|TC for decades, Tom and Laura relied heavily on the practice’s guidance and support, particularly in managing the complexities of their business — including its 401(k) plan. Even after they moved out of state, HT|TC continued to play a crucial role in their financial and business planning.

When Tom passed away at the age of 71, Laura found herself facing a new chapter in life. However, thanks to the strong, long-term relationship with her HT|TC team, she and her family felt confident and prepared to move forward.

Challenges and HT|TC Solutions

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Supporting Business Growth

Tom saw himself as a steward of both his business and the people who helped build it. He was deeply committed to providing excellent benefits for his employees and helping ensure their well-being.

As the business grew from a small startup into a thriving enterprise, HT|TC’s workplace savings and retirement services team partnered with Tom to design and implement a 401(k) plan that offered substantial benefits to his staff. This not only attracted and retained high quality talent, but also demonstrated Tom’s dedication to taking care of those who contributed to the company’s success.

HT|TC also conducted regular business valuations to give Tom and Laura a clear understanding of their business’s worth, which helped inform their decisions on reinvestment and growth strategies.

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Succession Planning and Insurance

One of Tom’s key concerns was the future of his business and how it would be managed after he retired.

HT|TC helped Tom develop a comprehensive succession plan that involved Ben and Lily, aligning the business’s future with the family’s long-term goals. The team also reviewed and updated the family’s and business’s insurance policies, including key person insurance, which provided financial protection for the business in the event of Tom’s passing.

This strategic planning allowed the Ramirez family to feel secure about the future of the business and its continued success.

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Maintaining Strong Relationships Across State Lines

Even after moving out of state, Tom and Laura continued to rely on HT|TC for financial guidance and wealth management. The team maintained regular communication, offering virtual meetings and proactive financial plan reviews as their goals and lifestyle changed.

This seamless, long-distance relationship allowed Tom and Laura to continue benefiting from the knowledge and personalized service they had come to trust, without the need to find a new advisor in their new location.

HT|TC's business owner services, risk management, and estate and trust services teams also kept the family involved, including Ben a also kept the family involved, including Ben and Lily in discussions about long-term planning and the future of the family’s wealth and business.

Preparing for the Unexpected

As Tom’s health began to decline in his later years, HT|TC worked closely with the Ramirez family to update their estate plan, helping ensure that Laura would be well-supported in the event of his passing. The team helped the couple review and adjust their wills, trusts, and life insurance policies to reflect their current circumstances and the needs of their children and grandchildren.

Laura was guided through the process of understanding their financial position and managing the business in Tom’s absence, providing her with the confidence and tools she needed to take on a more active role.

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Navigating a New Chapter with Confidence

After Tom’s passing at the age of 71, Laura found herself in an unfamiliar position — managing her financial future without her husband. However, the long-standing relationship she had with HT|TC provided her with a strong support system.

The team assisted Laura in transitioning the management of the business and coordinated with HT|TC’s in-house trust company to help ensure that the estate was handled smoothly.

They also helped her set up a plan to support her grandchildren’s future education and well-being, allowing Tom’s legacy to continue benefiting his family for generations to come.

HT|TC’s financial counseling and guidance helped Laura navigate her new reality, focus on her long-term financial goals, and feel comfortable and secure as she moved forward.

Outcome

Laura was able to enter the next chapter of her life with confidence and comfort, knowing that her financial future was secure and that her children and grandchildren were provided for.

The long-term relationship she and Tom had built with HT|TC gave her the stability and guidance she needed to manage her finances after Tom’s passing. The seamless support and communication she received, both during their years of business growth and after moving out of state, allowed Laura to focus on her personal goals and well-being, knowing that she had a trusted team by her side every step of the way.

HT|TC’s deep understanding of the Ramirez family’s journey allowed the team to provide meaningful, tailored support as they navigated both the successes and challenges of life, helping ensure that their legacy would continue through their children and grandchildren.

* Although this story is representative of the work HT|TC does to support the clients we serve, all individuals are fictional and do not represent actual clients.