Due to the sale of their business, our client came into a sudden influx of wealth totaling around $60 M. At the time of the business sale, only very basic estate planning was in place for their family.
Financial Harvest worked with an established estate planning attorney to ensure that 1) the family’s assets would be protected from unjust litigation, 2) the assets would transfer as tax efficiently as possible, avoiding estate and income taxes where possible, and 3) the client’s charitable intent would be fulfilled.
The first step involved numerous conversations about the ultimate purposes for wealth and truly understanding the desires and intentions of the clients for their daughters, extended family, and the charitable causes important to them. This family cares so deeply about these charitable causes that to fulfill one objective we helped design was a plan to preserve the estate tax-free exemption amount, plus growth, for their family. Any amount above that would go to charity, avoiding all estate taxes.
We partnered with the client and the attorney to create Spousal Limited Access Trusts, revocable living trusts for each, and a donor-advised fund. Plans are also in place to establish a charitable foundation in the future.
Once the documents were properly executed, we implemented the planning by properly funding the new trusts and updating beneficiary designations.
The family can now focus on their ministry of assisting pregnant women with needed resources, knowing that their legacy will continue after their passing.
