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Family Wealth Management - Legacy Planning
The Challenge
As a divorced mother, you want to do everything you can to instill strong values and a sense of responsibility in your two grown children. You have both a revocable trust and irrevocable trusts currently. You have accrued your wealth over the past several years, mostly as a result of trusts established by your grandfather as well as an outright distribution from another family member's trust. With your health uncertain, you are becoming increasingly concerned about providing for your family and for generations to come, ever mindful of the effects of taxes, insurance, and estate planning. You are also a proponent of philanthropy, having already established a private foundation. Although you are interested in planning for your children's future, you guard your privacy and are somewhat reluctant to enter a dialogue about your estate with anyone but your closest advisors. You have heard about legacy planning and wonder if it is something that can benefit your family.
Our Solution
Hawthorn understands and respects your need for privacy. We begin by assigning you a Hawthorn wealth planner, who will open a confidential dialogue with you and involve you and your children in the legacy planning and wealth coaching process. Through discovery, we work with you to create a family financial philosophy that becomes the foundation for a lifetime plan that builds on your personal talents and reflects your personal values. Working with you and your attorney, Hawthorn can suggest strategies and tactics that can help you achieve your goals, and follow through by creating a comprehensive plan that may include appropriate trusts for you and your beneficiaries during your lifetime. Through this planning, we aim to facilitate the ongoing management and transfer of wealth to future generations and to help you meet your philanthropic goals.
Customer Benefits
Working with your Hawthorn wealth planner and other trusted advisors, you have created a personal vision statement and a plan that focuses on what is important to you. Also, you have identified how you can direct your funds to meet the financial needs of your children and the charitable causes that matter to you. Implementing the strategies derived from the legacy planning process has many benefits for you and your family, including the comfort of knowing that you have made wise choices regarding your wealth, the possibility of higher income streams, greater control over financial destinies, and secure economic futures for your children and for generations to come.
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