About This Project

After 30 years of marriage, Paula and David still loved each other dearly and spent as much time as they could together. If they weren’t traveling, they were playing golf. If they weren’t playing golf they were spending time with the kids and the grand kids. Dave was a successful entrepreneur who’s income left Paula with time to pursue her dream as a professional artist and philanthropist. She was fortunate to have been able to spend the time raising her kids and managing their wonderful home. Dave’s job was to run the business and manage their finances.

 

When Dave died of a sudden massive heart attack, Paula was naturally devastated on every personal and emotional level. And she was left without any guidance on her family’s financially situation. From simply paying the landscapers to interacting with lawyers and accountants, Paula found herself in a completely different world. Her kids we grown and living 1000 miles away. They were equally as mystified. Not only did Paula not have the expertise, but didn’t event know where to start and, frankly, had no interest in managing this part of her life.

 

Referred to us by a client who had gone through a similar experience a few years prior, we sprang into action. We spent several days working through her family’s financial picture. We sorted through countless boxes of statements and materials. We collated, scanned and shredded and ultimately analyzed thousands of pages of numbers, contracts, insurance policies and tax documents. And we came back with a plan that would allow her to feel comfortable, live to her current lifestyle and have enough left to share with her children through the estate plans.

 

And that’s where we came in: We played the same role her husband had played. We brought together the CPA and the attorneys. We brought the investment accounts in-house. We pay her bills. We even negotiated the mortgage on her new home. Each month Paula receives an easy-to-follow report that outlines how much she spends, how much has left and what tasks we took care of on her behalf. Paula and her children now have a detailed account of what her financial picture looks like. We are their personal representation for their financial life. If something happens, we are there for her and her family every step of the way.

 

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

  • Late 50’s
  • Lives in South Carolina
  • Three kids and nine grand children live in New England
  • She’s philanthropic, but her family comes first
  • She supports the schools she attended and her kids attended
  • She enjoys traveling, the arts and playing golf
  • First generation wealth in excess of $20 mm

Category
Client Case Studies