After selling their business, a couple received a sudden influx of wealth–$60 million—but realized they only had a very basic estate plan in place.
Following a significant liquidity event, one of our clients wanted to protect his wealth from excessive taxation while using it charitably to benefit future generations. His goal was to avoid estate taxes while giving away a substantial amount of money to faith-based charitable organizations close to his heart.
Our first step was to thoroughly understand the couple’s intentions, which included paying no estate taxes to the government. Next, we needed to determine how to structure his estate plan to capture full estate tax exemption, with everything above that going to charities.
Working with the estate planner to establish spousal lifetime access trusts (SLATs) and a donor-advised fund, we helped our clients lay the groundwork for establishing a charitable foundation in the future.
Thanks to strategic planning, the couple has been able to start a ministry helping pregnant women understand their options and gain access to the resources they need.
