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Wealth Transfer

From handing down a business you’ve painstakingly built, to passing along an estate that will fund the aspirations of generations to come, or providing an endowment to a beloved charity, wealth transfer comes in many shapes and forms. Our capable and experienced team can assist you with your estate and legacy planning, including helping you to optimize your assets, potentially minimize tax implications and determine the course most appropriate to your situation. In addition, we can help you select effective vehicles to implement your plans.

Business Succession Plan

A business succession plan helps address and resolve many important considerations – Should you transfer ownership to family members or employees or perhaps an outside party? Do you have an orderly plan in place in the event of an incapacitating health event or death? How can you take money out of the business in a tax-efficient manner? We can help you answer these important questions – and others – and smooth the transition by building a solid business succession plan.

A 360-Degree View: Dan

This 63-year old businessman owns 100% interest in his $10 million company. Even though he had a will that would divide his estate into equal shares between his two sons and one daughter, he did not have a buy-sell agreement in place for his business. His oldest son and daughter work in the business, while his other son is a research physician.

Dan’s eldest son believed it was his “birthright” to take over and run the business at Dan’s retirement, but Dan knew this would not work because his son is not the savvy businessman he believes himself to be. To keep the business in the family, Dan’s daughter was the only potential family management successor. Dan feared, however, that she does not have the fortitude to run the business, but wanted her to at least try her hand at it.

Dan’s 360 WMG financial advisor identified professionals at the firm who could help him facilitate the transfer of ownership in a manner different than the transfer of management. This process included involving outside legal counsel who drafted business transfer documents that included both gifting company interest and purchasing company interest by the children. The value of the stock was inhibited by the use of a family partnership agreement to help control and influence management of the company on a go–forward basis.

Additionally, it was agreed that Dan should begin the transfer process immediately. To facilitate the process, a family meeting was held, hosted by representatives from our firm and Dan’s attorney. The result of the meeting was a plan that elevated Dan’s daughter to leadership level within the company so that Dan can work closely with her over the next three years to prepare her to succeed him.

What’s your view?

This case study is for illustrative purposes only. Individual cases will vary. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Prior to making any investment decision, you should consult with your financial advisor about your individual situation.


Distribution of Wealth at Death

Whether it’s providing income for a spouse, educating children or grandchildren or leaving money to your favorite charity, proper estate planning can help ensure that your assets accumulated over your lifetime are preserved for the use you have intended. We can offer financial strategies designed to efficiently manage the transfer of wealth from one generation to the next, and mitigate related tax issues.

A 360-Degree View: Tom and Elizabeth

This financially successful couple has an estimated net worth of $8 million and four adult children. The vast majority of their real estate and personal assets were titled JTWROS. Each has life insurance and a retirement plan that lists the other as beneficiary. Their wills were updated eight years ago and provided all assets to the surviving spouse, should they survive. If not, assets were to go in equal shares to the children.

In discussing their situation with their 360 WMG financial advisor, the couple was alerted as to a potential need to review the ownership structure of their assets. The couple worked with their estate-planning attorney to draft new wills that provide for the potential creation of credit shelter trusts at the death of the first spouse. It was also decided that their assets should be retitled. Their 360 WMG financial advisor worked with Tom and Elizabeth to ensure all steps were completed.

What’s your view?

This case study is for illustrative purposes only. Individual cases will vary. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Prior to making any investment decision, you should consult with your financial advisor about your individual situation.


Personal Executor/Trustee

The person you select for this all-important role needs to be someone who will represent your best interests and you’ll want to clearly discuss with them what their primary role would be if he or she were called upon to act. In doing so, you can help ensure that your influence carries forward in the management of your wealth.

A 360-Degree View: Kevin and Susan

This couple has been married for over thirty years and has properly executed durable powers of attorney. In each instance, they named each other as the primary appointee. Both of them chose their eldest child, Kim, as the secondary appointee. However, they did not tell Kim which left her unaware of any role she might be called upon to play.

After meeting with their 360 WMG financial advisor, Kevin and Susan agreed that a meeting was in order (Kevin, Susan, Kim, and their accountant, attorney and financial advisor). During the meeting, Kevin and Susan covered three things: First, why they chose Kim and what her duties would be in the case of incapacity; second, where all vital papers were located; and third, the role their 360 WMG financial advisor played in their life and why they wanted the advisor to continue that role if they became incapacitated.

What’s your view?

This case study is for illustrative purposes only. Individual cases will vary. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Prior to making any investment decision, you should consult with your financial advisor about your individual situation.


Gifting to Children/Descendant

Gifting can be a powerful estate-planning tool that enables you to transfer your wealth to others during your lifetime. You may also enjoy significant income tax and estate tax savings with a properly structured gifting program. Our professionals can work with you and your tax advisor to develop a gifting plan that fits your unique need and situation.

A 360-Degree View: Bob and Jenny

This couple has three children, ages 13, 11 and six, and two objectives for gifting. First, they want to ensure their children have sufficient funding to attend undergraduate and graduate school. Second, they want to create a format in which they can help their children become, “fluent” in money matters.

Working with their 360 WMG financial advisor, Bob and Jenny did two things: First, they established separate 529 education accounts for each of their three children and funded each account with different amounts based on the projected need of funds at the time each child reaches age 18. Second, the couple placed $7,000 into UGMA accounts for the two oldest children.

Bob and Jenny intend to review the monthly statements from these accounts with each child and get the children involved in researching background information on the funds in the accounts. Their financial advisor also suggested that he meet with Bob, Jenny and the two oldest children once per year to review the portfolios. Bob and Jenny plan to fund a similar account when their youngest child reaches age 11.

What’s your view?

This case study is for illustrative purposes only. Individual cases will vary. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Prior to making any investment decision, you should consult with your financial advisor about your individual situation.


Charitable Giving

Philanthropy can bring personal satisfaction by enabling you to support causes and organizations that matter most to you. It can also result in significant tax advantages – including income tax deductions, reduction of capital gains taxes, and lower estate taxes. The professionals on our team can help tailor a charitable giving plan for you that can include one or more of the following forms:

Outright gifts - This will benefit your charity immediately and create a gift tax deduction.

Will or trust bequests and beneficiary designations – Through your will or trust document, or beneficiary designation form, the charity will receive the gift upon your death. Your estate is then entitled to income and estate tax deductions.

Charitable trusts – You can name a charity as the sole beneficiary or name other, non-charitable beneficiaries as well (making a partial charitable gift). The most common types of trusts used to make partial gifts are charitable lead trusts and charitable remainder trusts.

Private family foundation - You create a foundation and transfer assets into it. The foundation then makes grants to public charities. You and your descendants have complete control over which charities receive grants, Unless you contribute enough capital to generate funds for grants, the costs and complexities may outweigh its benefits.

Community foundation - The foundation accepts donations from many sources and is overseen by individuals familiar with the community’s needs and professionals experienced at running charitable organizations.

Donor-advised fund - This is a fund held within a charitable organization. Once you transfer assets to the account, the organization becomes legal owner of the assets and has ultimate control. You may advise, but not direct, how your contributions will be distributed.

A 360-Degree View: James and Ally

This couple has a history of supporting four charitable groups each year: the alumni fund of Duke University (of which both James and Ally are graduates), their church, their children’s elementary school and James’ high school. Total gifts equal approximately $15,000 per year.

James and Ally own approximately $440,000 of General Electric stock that James’ parents purchased when he was born. The adjusted cost basis in the stock is estimated to be $12,000. For the current tax year, the couple expects to have approximately $60,000 of extraordinary income.

In a meeting with their 360 WMG financial advisor, James and Ally chose to establish a donor advised fund that they funded with $60,000 of General Electric Stock. This strategy enables them to match deductions of $60,000 with the $60,000 of extraordinary income. James and Ally may also continue to space the actual gifts to their causes in the coming years, even though the tax deduction is for the current year.

What’s your view?

This case study is for illustrative purposes only. Individual cases will vary. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Prior to making any investment decision, you should consult with your financial advisor about your individual situation.


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