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 Financial 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 Financial 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 Financial helped by effectively “quarterbacking” the process of comprehensive wealth management. SVA Plumb Financial 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 Trust Company. SVA Plumb Financial worked in partnership with the couple’s lawyers to create a trust that appointed SVA Plumb Trust Company as a contingent trustee. This meant that after the couple’s passing, SVA Plumb Financial 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 Company for ongoing general advice and formally meet with the members of their SVA Plumb Trust Company 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.