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Estate Planning - Personal
The Challenge
Before he died many years ago, your father established an irrevocable trust for you and your mother. As a young woman with a sudden influx of wealth, you were unwilling to listen to the family's financial advisors and spent recklessly until you were forced to declare bankruptcy. Recently, your mother passed away, leaving you as the principal beneficiary of the trust worth several million dollars. With this new money, you are able to make substantial improvements to your residence and properties, and to purchase several antiques for your home. To complicate matters, however, a decline in the financial markets has decreased the value of your assets. You are now faced with the reality of dwindling assets and no plan for the future. You are also starting to think about your legacy and the disposal of your assets upon your death, as you have no family of your own.
Our Solution
Hawthorn understands your situation and can suggest strategies and tactics that can help you plan for future income. Further, Hawthorn will follow through by creating a comprehensive plan that may include appropriate trusts for you during your lifetime. We assign you a Hawthorn wealth planner, who will open a confidential dialogue with you and involve you in the wealth coaching process. Through discovery, we work with you and your family attorney to build a financial philosophy that becomes the foundation for a lifetime plan reflecting your personal values and goals. Our first step is to create a charitable remainder unitrust for the bulk of your remaining assets, with a payout rate that would ensure a continuous stream of income for you. Working with you and your attorney, Hawthorn can also help you with the decisions concerning your vast real estate holdings, as well as plan for any philanthropic wishes. Through our planning, our goal is to help you maintain a comfortable lifestyle while planning for your future.
Customer Benefit
Working with your Hawthorn wealth planner and other trusted advisors, you have created a plan that works for you. Also, you have gained a new sense of how to manage your wealth and to plan for the future. We have also helped you identify how you can direct your funds to meet your financial needs during your lifetime. Implementing the strategies derived from the legacy planning process, we have also helped you determine how your assets will be distributed upon your death. You will have the comfort of knowing that you have made wise choices regarding your wealth, secured the possibility of higher income streams, and achieved greater control over your financial destiny.
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