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Inheritance



INHERITANCE

Are you prepared to manage a large sum of money?

Recently you inherited a sum of money, either expected or unexpected. It seems like managing this money should be pretty easy… right? Not right.

Even Consumer Reports created a, Follow these 9 Steps to avoid making some common mistakes list when handling an inheritance. Problems occur more often than you may have originally thought. Interestingly enough, step #3 on this list is to “Consult a financial advisor.”

Along with seeking the counsel of an advisor, common sense also comes into play. However you handle, save, and invest your current finances will be a direct link to how you would naturally make choices on what to do with your inheritance. Is that good or bad? That’s up to you to decide, but either way, follow step #3 and give SVA Plumb a call to set up an appointment. The goal is to make this money work for you and move you toward achieving the financial freedom you are seeking.

HOW WE'VE HELPED PEOPLE LIKE YOU!

Managing Inheritance Case Study

When a couple received a $15 million inheritance, they didn’t realize how complicated the process of sorting through and managing the assets could be. They also wanted to know which of their dreams they could afford now, and which needed a bit more thought before they could become a reality. SVA Plumb helped to answer these questions, and they developed a plan to achieve the couple’s goals.

Having just inherited a $15 million estate, this couple was referred to SVA Plumb by their law firm. They were excited to begin living their dreams, but also overwhelmed at the thought of managing the wide variety of assets and the tax and legal issues that were beginning to emerge.

SVA Plumb helped by effectively “quarterbacking” the process of comprehensive wealth management. SVA Plumb advisors coordinated with a wide range of specialists to consult on their tax issues, evaluate their estate documents, and organize and streamline the various assets of the estate, including individual equities, bonds, and even land and businesses in different states.

As the wealth management team helped organize this couple’s assets, they also worked with the couple to assess their lifestyle and prioritize their dreams for the future. After thorough evaluation, a plan was put in place to help the couple navigate how much they could spend every year, and when they could cut back on work and begin transitioning into retirement.

A large part of this couple’s plan was to leave money for their children, so they worked closely with the attorneys at SVA Plumb’s Trust Company. SVA Plumb worked in partnership with the couple’s lawyers to create a trust that appointed SVA Plumb Trust as a contingent trustee. This meant that after the couple’s passing, SVA Plumb would administer the trust for their children, saving their children from complex financial and legal dealings. The advance planning served as a valuable tool in outlining their goals, as well as removing the need for probate and keeping their financial affairs private.

Now that they have a firm grasp of how much they can spend each year and still meet the long-term goals for their family, they’ve started to enjoy life more. They recently bought their dream vacation home in Colorado and are currently easing into retirement. They regularly contact SVA Plumb Trust for ongoing general advice and formally meet with the members of their SVA Plumb Trust team two to three times a year. Now that the initial inheritance has been fully transferred and streamlined, they are able to focus on their newest project: charitable giving.

“We assembled a team of experts to make managing the inheritance as easy as possible. We work as real partners and advocates for our clients. As a fiduciary firm, we’re bound by law to make financial decisions that are in our clients’ best interest plus we truly do want what is best for them. We’re proud to have built the kind of trusting relationship to enable clients to enjoy their inheritance without worry.”

Dan Gibson - CFP®
Principal

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PERSONAL INVESTMENT STRATEGY

At SVA Plumb Financial, our financial advisors take a broad view of your financial picture, including your life stage, sources of income, assets and liabilities, insurance coverage, and family composition. Taking all of these things into consideration, we work with you to develop a financial plan that’s custom tailored just for you.

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INDIVIDUAL RETIREMENT SERVICES

At SVA Plumb Financial, we believe that the correct time to start planning for retirement is right now. Through the services that we offer, we’ll help you realize your retirement goals and set you up with the proper IRA account that best fits your current situation. Want to crunch some of the numbers yourself? We offer an array of retirement calculators that can help you answer some common financial questions.

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TRUST & ESTATE SERVICES

Our mission is to simplify the financial lives for both individuals and institutions. Our trust officers are trained to comply with fiduciary management laws to protect and safe-keep the assets with which we are entrusted. We provide clients with the peace of mind that comes with knowing your investments are continuously monitored and your obligations are being met.

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