Planning your lasting legacy to flourish for decades
The dynamics of every wealthy family are different, but they all have one thing in common: they face challenging situations requiring a personalized and caring approach. Thoughtful strategies and discretion can help families create a meaningful and appreciated legacy for generations to come.
Hightower Wealth Advisors | St. Louis collaborates with families to customize solutions for challenging situations like these:
I’m worried my children aren’t ready to inherit wealth. What can we do?
How can I pass on our family’s values along with transferring wealth?
Have my elderly parents properly planned their financial lives?
I’d like my family to keep as much wealth within our family as possible. How can we do this?
Planning
Setting the stage for individuals and couples to live successful retirements, while also leaving healthy estates for future generations.
Retirement Planning
Accumulation Strategies
Wealth & Estate Transfer Solutions
Cash Flow Management
Lending Solutions, including real estate financing for family members
Wealth Protection Planning
Coordinating the risk and tax planning needs of wealthy families to protect assets for the future.
Insurance Planning
Tax Minimization Strategies
Asset Protection
Accountant and Attorney Coordination
Elder Care Planning & Coordination
Trust Services through Hightower Trust Company
Legacy Planning
Bringing generations together to create a meaningful strategy for transferring wealth to philanthropic organizations and other family causes.
Advanced Estate Planning
Income & Estate Tax Minimization Strategies
Planning for Vulnerable Family Members
Special Needs Planning
Charitable Giving
Moderated Family Meetings
Family Education
Working with Multigenerational Families
The Dilemma
Pat and Jane retired a year ago but have been struggling with how to feel confident they have all they need to live the rest of their lives comfortably, and still know some of their hard-earned wealth will pass down to their three kids and future grandchildren. The couple admits they never discussed money with their children, and they are worried whether at least two of their kids will stay motivated to work if they know they’ll be inheriting a large sum.
The couple already donates a large amount each year to charities, but it’s done haphazardly when requests come in, rather than gifting significantly to the causes close to their hearts. After death, they want to continue supporting the schools and charities that mean so much to them, but they also want their heirs to support their own meaningful causes.
Pat and Jane suspect their gifts could be executed in a more tax efficient manner, and Pat is tired of struggling to keep up with annual gifting, gift tax returns, and Crummey Notices.
The Solution
The first step Hightower Wealth Advisors | St. Louis took was to help Pat and Jane identify their goals for the rest of their lives and to lay out wishes for when they are gone. Next, the team led a series of family meetings, bringing together multiple generations to discuss basic finance, charitable intentions, estate planning, and to clarify the values that Pat and Jane want their family to carry on after their death – their legacy.
The strategies we implemented for the family included Charitable Lead Trusts, a Donor Advised Fund, and a detailed giving plan for annual gifts to children and grandchildren. We coordinated with the couple’s accountant and estate planning attorney to make sure everything was working together to meet the family’s long-term vision.
Finally, investment allocations were changed to align with specific goals, with more equity and private equity added for those goals with a longer time horizon, and a mix of bonds and cash added to meet current needs.
This is a fictional situation. Specific financial advice references provided herein are for illustrative purposes only and are not representative of decisions that have been made since the case study was published nor of decisions that would be made in the future. Advisors’ services, investment strategies and conditions for accepting accounts may vary.
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St Louis, MO 63144
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