About This Project

Frank started his medical supply business in the late 1990’s assuming an exit strategy that would someday provide a major liquidity event. Constantly growing the business, he didn’t save much along the way and rarely had enough cash to require an investment manager of any sort. When the day came to sell his business, he found himself with more than $10 million that had to be invested and protected. Frank went from anonymity to being everyone’s best friend – suddenly everyone wanted to help, and everyone seemed qualified. Frank was exposed to a world of financial items he had never worried about before: liability, complex tax issues, supporting charities.

 

While Frank was surprised at the complexities of new-found wealth, he still had a vision for where he wanted to go. He and his wife, Maggie, had a ten-year plan for where they want to be. He just needed know how to get there, and he knew he needed someone to handle those details.

 

Frank didn’t come to us first. He met with people who all knew exactly what to do with their money. They all had wonderful products in which to invest. But what Frank didn’t feel was that someone was actually caring. He felt like he was being sold.

 

And that’s where we came in: We didn’t dive right in and start spending his money. Instead, we spent the time to understand Frank and Maggie’s long-term plan. We set up an estate plan. We met with their kids. We got them into trusts. We aligned them with attorneys and CPA’s. We protected their lifestyle. We invested their money conservatively based on their current cash flow needs, and preserving their capital in a volatile market. We were patient with their money and that saved them a tremendous amount of money – and emotional trauma.

 

And as important to Frank, was finally feeling like part of “the club.” We introduced him to the right people and helped him network. We brought him private equity deals and seats on Boards of Directors. When he and Maggie prepared for a trip to Brazil, we set them up with hotels, drivers, currency exchange and VIP access to the bucket list of their dreams.

 

This profile is representative of Legacy Trust clients and the strategies that we design and implement for them.
 It does not describe an actual Legacy Trust client.

 

Personal Snapshot

  • Married high school sweetheart
  • Two grandchildren in college
  • Unpretentious and down to earth
  • Love good food and great wine
  • They travel as a hobby
  • Prepared for trip oversees

Category
Client Case Studies