There is a steady hum of conversation this evening as parents meander about the rows of chairs in the middle school auditorium looking for good seats. Jim and Jamie Williams walk over to the middle section, which provides for a nice overall view of the orchestra. As they sit down, they wave to a couple, the Brownings, sitting several rows over, and then nod hello to the Hazens. They too, are here to watch their kids play tonight.

The Williams are looking forward to hearing their daughter, Julia, play her cello with the orchestra. She has progressed nicely from her elementary school days of first strumming the instrument, and it is a point of pride for the couple as they get to watch her excel in this hobby.

It is also a nice break away from the recent struggles the family has been going through. Jamie’s father, Don, passed away right after Christmas from a long decline with Alzheimer’s disease. Jamie was especially close to her father and moved him from his home in Bozeman, Montana, to their home in Medford, Oregon, where she took care of him until his care needs became more than what she could do safely. Then they moved him into an assisted living facility. Even though she feels that she did her best to honor and care for him, she still wrestles with a mix of guilt and relief regarding that decision. 

Jamie and Jim Williams are a couple in their late 40s. They are an athletic and outdoorsy couple enjoying a modest life in a small, but close-knit community. They have always been responsible with their finances, prioritizing needs over wants and making thoughtful spending decisions. They honestly feel they are both very rich as they enjoy a loving marriage, good health, and have a healthy and well-adjusted pre-teen in Julia.

Jim is a teacher at the local high school and the track coach. He is very passionate about teaching biology, a subject he believes should be fun and presented in such a way as to peak interest in any student. His students love him because he has a quirkiness and enthusiasm that makes his class interesting, and he is always leading his students in unusual, hands-on experiments. While Jim thoroughly enjoys teaching, he is concerned about the increasing bureaucracy he sees in education, so much more so than when he started teaching 25 years ago.

Often, in the evenings, when he is recounting his day with Jamie, Jim dreams about running his own summer wilderness school, where he could teach his students in a unique, outdoor-type setting and run his school simply, not having to worry about getting so tied up in the administration of it. Jamie agrees and adds to the dream with enthusiasm, stating that she could help with the day-to-day running of the school, lessening any burdens to Jim in regards to the financial and managerial aspects.

Jamie currently works part-time as a bookkeeper and is a stay-at-home mom. She also coaches Julia’s soccer team. Going back as far as her days playing soccer in high school, Jamie continues to go on early morning jogs as a way to stay in shape, have time for herself and process her emotions. This was especially helpful as she dealt with the stress of her dad’s illness and continues to be a source of stress relief as she handles her grief. Memories are fresh as she jogs, but she especially treasures those of watching her daughter Julia make smores with her grandpa outside by the backyard fire pit, before he became too incapacitated with his illness.

Current Situation

Jamie and Jim are in the midst of a significant life change following the passing of Jamie’s father. Jamie was named the executor and trustee of his estate, and her father, who had a successful career in sales, and was frugal and intentional with his money, amassed $7.8 million in assets, which included investments, cash and real estate. (See the sidebar on the right for the details of the estate and the designees of each item and amount.)

The Williams’ financial situation up to this point has always been tight, with limited savings, a significant mortgage, and some debt. This financial windfall is an incredible opportunity for them, however; it comes with some significant hurdles regarding the complexity of the estate and managing delicate family relationships. They sincerely want to make solid, informed decisions while minimizing stress and family friction.

Family Dynamics

Jamie’s family relationships are somewhat complicated, but she has compassion and good intentions with everyone, even with some expressing distrust and hard feelings. Jamie’s mom, Don’s first wife, passed away when Jaime was just a toddler. A couple years later, when Jamie was five years old, Don re-married a woman named Charlene, who was kind and motherly to Jamie, and Jamie viewed Charlene as her mom. Don and Charlene went on to have two additional children, Jamie’s half siblings, Charles and Dawn-Marie.

Unfortunately, Don and Charlene divorced when Jamie was in her mid-20s. While the divorce appeared amicable from the outside and was for the most part, Don did harbor some resentment from the divorce. Charlene ended up remarrying several years later. Don told Jaime that he was concerned then that Charlene would not leave an equitable inheritance for her, so he put together his will and estate plan and he made her portion larger than her siblings. He also let her know that, as she was the most responsible of the children, that he was making her the executor and trustee of his will and estate. 

Jaime’s dad, Don, was a man who never met a stranger – he was jubilant and compassionate and very well-liked. He was very active in his community and part of several civic groups. He loved to ski and be outside as much as he could with his friends, but he also regularly enjoyed going to “coffee with the boys” every Tuesday. You could often find him debating his friends and colleagues about principles he held dear, though he was intentional to never to leave a conversation on a bad note, but on a topic where each had common ground. Active in his church, he put his dollars behind his compassion, and he made a pledge for $60k of his assets to go towards building an orphanage in Mexico.

While Don excelled in his friendships and loved people in a jovial way, he had trouble with his relationships with his children, specifically Dawn-Marie and Charles. They took more of their mom’s side in the divorce, although again, it was amicable, but they both still held their dad at arm’s length. Don tried to reach out to them more in their adult years, but it was a one-sided effort. Nevertheless, he really regretted the distance that came as a result. Both Charles and Dawn-Marie rarely spoke to their dad and they both settled in states a great distance south from Montana. When Don’s health started to decline and Jamie let them know about it, both siblings chose not to engage with their dad or help in any way. Now that Don passed, Jaime has become aware that Charles seems to distrust her and is concerned about the division of Don’s assets. Charles also has a girlfriend who is a “silent resource” ─ essentially giving Charles unsolicited advice that isn’t appropriate or accurate and does not help the situation.

Values and Priorities

As Jamie and Jim navigate this new, complex situation, they are guided by the following values:

• Family and Stability: Ensuring a secure financial future for their daughter and making life easier for her.
• Legacy and Giving Back: Honoring Don’s unfulfilled $60K pledge to his church and finding meaningful ways to continue his generosity.
• Outdoor and Experiential Learning: Pursuing their dream of opening a summer wilderness school to create impactful experiences for kids.
• Avoiding Family Conflict: Navigating inheritance discussions with Charles and Dawn-Marie in a way that maintains peace.
• Long-Term Financial Independence: Using this wealth wisely to create opportunities without depleting their resources too quickly.

Jamie and Jim want to be thoughtful in how they manage their portion of the inheritance, prioritizing their family’s financial security while honoring Jamie’s father’s legacy. They obviously have limited experience managing large sums of money. Their previous financial constraints have made them resourceful, but they want to avoid feeling too limited now that they have more options. They dislike debt and wonder if they should start by eliminating all of their debt. Jamie’s bookkeeping background makes her comfortable with numbers, but they will need guidance on investment strategies. Also, they want to ensure they don’t overspend, but they aren’t sure what the best options for creating passive income would be.