CASE STUDY
Family Trustee’s Peace of Mind
CLIENT PROFILE
Female, age 63
Trustee of mother’s trust and deceased father’s trust
Divorced, with two grown children, and 89 year old elderly mother
Mother’s annual income: $90,000
Trust’s investable assets: $3,500,000
Trust’s real estate assets: $6,000,000
The daughter, a family trustee, has a number of questions around managing the estate of her parents. Her father passed away 6 years ago, and her mother’s health is declining. The daughter recently became the trustee of the family trusts and is now handling the affairs of her mother’s estate. She is seeking a financial advisor who can coordinate with the family’s estate planning attorney and CPA to help her oversee the administration of the trust during her mother’s lifetime. Eventually the trust assets, which include the house she grew up in, two rental properties, and a brokerage account, will be inherited by her and her brother.
ACTION
Organize asset values and accurate tax basis information using father’s estate tax return and other information provided by the daughter. Share this information with attorney and CPA.
Help client close unnecessary accounts and consolidate assets into trust in order to avoid the costs and time delays of probate court upon mother’s death.
Ongoing coordination and communication with the family attorney and CPA to ensure client’s plan is seamlessly executed.
RESULT
A written financial plan that determined the amount of the estate needed to support mother in her remaining years and the amount of the estate that was deemed “excess” and would eventually be inherited.
Advised on which assets and transfer methods to gift thereby accelerating the inheritance as well as increasing it by $500,000 via a reduction in estate taxes.
Client was relieved to know that her mother’s estate was being prudently managed and pleased that her family was taking full advantage of the tax laws which allowed them to reduce their estate tax burden.
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