Put Living First

Tab 1

Summer 2013


Often, personal tragedy sparks self-reflection. That was the case for Ron and Ginger Askew as they coped with several deaths of extended family members over the past decade.

 

In each of their family’s situations, one of two scenarios played out: Either children ended up with a large inheritance but few happy memories, or they had a smaller inheritance but a lifetime of memories and laughter. Ron and Ginger want to ensure the latter for their three children and three grandchildren.

 

Rather than tightly guard assets to maintain life in retirement, the couple’s goal is to create memorable life experiences with family. Specifically, their vision involves spending time with family and friends in their Colorado homes in Vail and Denver, and in their beach house in the Florida Panhandle. They hope to take family vacations, ensure their children have sound financial knowledge and leave them at least one vacation home where they can continue to share memories.

Ron and Ginger Askew; photo by Bill Schild

“We don’t want to outlive our money, but we want to create an abundance of life experiences for our children and grandchildren while we’re still alive and can watch them have fun and grow — and while we’re still healthy enough to be able to do all that,” Ron says.

Tab 2

Summer 2013


Vision: Impossible?

For the Askews, living creatively is a way of life. They raised their children — now 26, 28 and 30 — on a ranch an hour outside of Denver, growing their own hay and surrounding themselves with wildlife. They drove all the way to Denver to take their kids to school, living a half-city/half-country lifestyle. While Ron worked at marketing and advertising firms, and eventually owned his own, Ginger cared for the kids at home.

 

“We don’t want to outlive our money, but we want to create an abundance of life experiences for our children and grandchildren while we’re still alive and can watch them have fun and grow.”

—Ron Askew

 

When Ron sold his company and began preparing for retirement, he and Ginger found that most people, including most bankers, couldn’t understand their imaginative vision. They spoke with several banks to see if their retirement

goal was possible. “But rather than offer helpful guidance, they would try to talk us out of our goal,” Ron says.

 

But in U.S. Bank, Ron and Ginger found an organization that not only understood their goal but also had experience working with other clients who had a similar vision. “U.S. Bank’s attitude was, ‘We can help you achieve your goals,’” Ron says.
So the Askews consolidated all of their wealth-management needs under the purview of The Private Client Reserve. Previously, three different companies managed their investment accounts.

 

A team of advisors now works with them to manage their banking and investment accounts, financial plan and mortgages — all with the goal of creating the family experiences they desire. As Ron transitioned from working at a marketing and advertising firm to owning his own marketing and advertising consultancy, the team also helped him develop a plan for his eventual retirement.

 

“All of a sudden, they’re taking our goals, making sense of them and weaving them into a tapestry,” says Ron, now semi-retired. “When you retire and step out on a gangplank, it’s scary. The team exuded confidence, listened, considered and responded.”

Tab 3

Summer 2013


Family Lessons

In addition to creating lasting family memories in retirement, the Askews have long had the goal of providing a financial education for their children. They hope to leave them with the financial wherewithal to make smart decisions throughout their lives.

 

When their children were young, the Askews opened checking accounts at U.S. Bank and later obtained credit cards for them. Based on a request of the Askews, if the kids overdrew from their account, a banking associate would call them first to let them know why it was wrong and how to fix it — and to suggest they tell their parents. “The banking associate was like an extended family member,” Ron says. “That’s the kind of caring we found throughout The Private Client Reserve organization.”

Ginger recently gave each child a small amount of money to open their own investment account. “We want to see the thrill of victory and the agony of defeat in making and losing money,” Ron says.

 

But first Ron and Ginger wanted someone to educate the kids on investing. So last December, The Private Client Reserve held an educational lunch for the kids, during which the Askew’s team of advisors taught them about investing and gave them a test on their risk tolerance. To Ron and Ginger’s surprise, each child had a different risk tolerance. As the meeting progressed, the kids became more excited about investing and started asking questions about their future. The advisors answered them and kept the whole family engaged and at times “laughing hysterically,” Ginger says.

 

“I have to say it was one of the happier parental moments of my life,” Ginger says. “As a parent, you want your children to know they’re going to be OK in the future and that you’ve given them the skills to go forward in life.”

Tab 4

Summer 2013


A Seamless Legacy

Knowing their future is in the hands of a team they trust has been a relief for the Askews. “We’re all on the same page, and nobody is telling us to preserve our assets at all costs rather than spend some money and have life experiences,” Ron says. “It makes it trustworthy and fun. That brings relaxation to the whole process.”

he’s developing a seamless transition for his family. “If something happens to me, Ginger has a team. If something happens to Ginger and I — together or sequentially — the kids now have a team,” he says.

 

But more importantly, someday Ron and Ginger will leave their children and grandchildren with a lifetime of priceless memories. “Story after story, experience after experience, that’s what we want to happen in the end,” Ginger says. “That’s our goal. The Private Client Reserve is helping us achieve it.”

 

Please see important information below.

Categories:
Wealth Transfer