Inheriting wealth or obtaining access to a trust can be a welcomed gift and lasting legacy from a family member.

This successful client earns a stable income and has access to her inheritance/trust assets. She is now required to make her own financial decisions. She recognizes that the portfolio she inherited was designed to meet the needs, goals and risk profile of her father, which he managed himself. Since the funds were transferred in-kind from the prior investment company, she is faced with the challenge of making sure the portfolio is redesigned to meet her current needs and be positioned to meet the needs of her future goals.

The following questions were addressed at the start of the planning process:

  • Am I emotionally ready to make changes or am I still grieving the loss of my father?
  • If not emotionally ready, what do I have to do now and what can wait?
  • What are my goals?
  • How do I want this trust and inheritance to impact my life now?
  • How do I want this money to impact my life in the future?
  • What is my risk tolerance?
  • What investments do I keep and what do I change to design an investment mix that supports my goals?
  • What are the tax consequences of making changes to the portfolio?
  • How do I handle legacy investments that had meaning to my father?
  • What amount of money do I want to take out currently and what is the plan for the future?

In addition to the investment portfolio allocation and distribution planning, TrustCore helped the client address her cash flow, risk management needs, executed her own estate planning documents, and developed a charitable gifting strategy.

Inheriting wealth or obtaining access to a trust can be a welcomed gift and lasting legacy from a family member. We must also recognize receiving family wealth can be the most personal, stressful, and complicated of financial transitions faced in a lifetime. Your TrustCore planner is here to help you make the most of the financial gift you have received.