Preparing for the what-ifs in life

About five years ago, Patrick and Shannon Talley realized they needed financial guidance. The couple from Oviedo, Florida, has four children in their blended family, and they wanted to be prepared if something should happen to them.

In addition, Shannon, a certified public accountant, lost her job. She had received a severance package, but even so, they needed to tighten their financial belts. That included figuring out what to do with Shannon’s previous home in Sarasota, where her parents were living at the time.

“We were in the midst of Covid, so finding a job was difficult, and we didn’t know if we could keep the home for her parents and our home,” says Patrick, who is an accounting manager for the federal government. “We didn’t know how to move forward.”

The couple contacted Thrivent Wealth Advisor Carlos Travieso, who had been their neighbor, for advice on how to start.

“They really needed someone who could help them connect the dots,” Travieso says. “They knew what was important, but needed guidance on how to put them together strategically, in a way that works over time.”

In addition to meeting with Travieso and his team to review their financial foundation, the Talleys connected with an estate planning attorney to get their legal documents, like wills and powers of attorney, created. “We were able to create a ratio of splitting up the assets if something should happen,” Patrick says.

With the houses, they worked with a lending group to refinance their current home in Oviedo, rolling in what they still owed on the house in Sarasota. “The interest rates were amazing at the time, and we got a lower rate on our home,” Shannon says. “We had plenty of equity to roll the two into one and saved on our monthly mortgage.”

Simultaneously, the Talleys worked with Travieso on shoring up their financial foundation and creating a roadmap for their short- and long-term goals.

“We’ve done the heavy lifting,” Travieso says. “There was a lot of work on the front end for all of us—conversation and time. While there’s still time, effort and energy needed, because of the relationship we’ve built—I know about them, their kids and what’s important to them—I can connect the dots a lot faster, and we can work on the material things to help their family move forward.”

The Talleys are focusing on their current assets—if they’re putting them to good use—and they’re aligning their decisions with their values. That includes giving to church and charities, making sure their kids have access to college funds so as to not take on debt and continuing to build their retirement fund.