A business owner, Walter, was concerned because he did not have an immediate successor or contingency plan in place for his business and felt that there were significant opportunities for growth. Walter realized that a large portion of his net worth was tied up in the business, which he wanted to control even after he retired. Walter needed liquidity, a more-diverse portfolio and an income stream. He also faced significant tax consequences upon the sale of his business interests. He wanted to maximize the amount of wealth that would be available to his family and create a charitable legacy.
Walter and his wife, Sue, worked with their Northern Advisory Team throughout the sale of the business to ensure the sale was handled in a most tax advantaged manner. After the sale was completed, Walter and Sue established an investment relationship at Northern Trust. Working with their investment advisor, they were able to invest in a more diverse portfolio which provided for their income needs.
Knowing that Northern Trust would be unbiased in settling his estate, Walter named Northern Trust as Executor under his Will to help ensure his wealth would be transferred according to his wishes. This included benefiting his spouse, children and providing for a charitable legacy.
Value of an Integrated Approach:
The family benefited from the integrated approach of Northern Trusts Advisory Team to help achieve their personal goals related to their investments, wealth transfer, and charitable planning. Walter and Sue had peace of mind knowing that they could rely on the corporate strength and expertise of Northern Trust for the current and future needs.
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