Our Story
A Life-Changing Diagnosis
In February 2005, my Dad was diagnosed with pancreatic and liver cancer. The doctors gave him less than three months to live. Suddenly, our family faced a reality none of us were prepared for, and the clock was ticking in a way that changed everything.
A Difficult but Important Conversation
Amid this crisis, my Dad asked me what I wanted to do about his finances. Over his career, he had accumulated IRA and non-IRA accounts. The IRA beneficiaries were my brother, who lives with mental illness, and me. To protect both of them, I advised my Dad to split his IRA into two equal accounts—one with me as 100% beneficiary and one with my brother as 100% beneficiary.
I had my Dad convert my IRA account into a Roth IRA while he was still in a low tax bracket after stopping work. I didn’t convert my brother’s account since he would remain in a low tax bracket for life.
When Dad passed away in April 2005, I inherited the Roth IRA—tax-free for my lifetime and for my beneficiaries. I also recommended that Dad set up a living trust, naming me the successor trustee to care for my brother financially. Today, I provide my brother with a monthly income that allows him to live comfortably and responsibly.
Becoming Better Together
This experience revealed a critical gap: financial planners, attorneys, and tax professionals often work in silos, and important information can get lost in translation. When recommendations are made, it’s often up to the client to connect the dots, which can be overwhelming and confusing.
I wanted to change that for the benefit of families like mine. At Chatterton & Associates, we created a seamless communication process among wealth, tax, and estate professionals. By explaining the pros and cons from every angle, we empower clients to make informed decisions for themselves and their loved ones.
“Chatterton and Associates is the place where you truly feel understood, where your hopes and dreams can become a reality.”
Robert D. Chatterton, Jr.
Founder & President of Chatterton & Associates
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