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Financial Intermediary
Learn about asset management solutions designed for Retirement Plan Advisors, TAMPs/Outsourcing Providers, Subadvisory Program Sponsors, RIAs/Financial Advisors and Trust Institutions.
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Learn about asset management solutions including: global index management, active equity and fixed income, target retirement date funds, and manager of manager programs.
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Get answers to your investment challenges with asset management capabilities including alternatives, exchange traded funds, fixed income, mutual funds and tax-advantaged equity.
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Business Owner

 
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Make your business the foundation of your future

 
Solutions for Business OwnersWhether it’s the sale of your company, minimizing tax risk, developing a succession plan, building an investment strategy to diversify your portfolio, creating an estate plan, educating the next generation, or more, Northern Trust can help business owners achieve their goals.

Make your business the foundation for your future. A well planned strategy can help you best leverage your success to help create opportunities and security for you, your family and generations to come.

Our integrated approach to wealth management can  help you clarify your total financial picture, identify your priorities and focus on achieving your life's goals.

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The Situation

Our client owns a thriving landscaping business, which she runs with the help of her daughter. Her other three children – all boys – are professionals living in other cities. Although she would like to pass the business on to her daughter, she would like to provide for her sons as well.

Customized, integrated solutions

With the help of her estate planning attorney, accountant and Northern Trust financial professionals, she crafts a business succession plan that is designed to help ensure her daughter will own the business at her death.  Options they discuss include:

  • Selling a portion of the real estate owned by the business and using the proceeds to fund a life insurance trust benefiting the other three children
  • Using life insurance in an effort to help provide for sufficient liquidity to pay estate tax upon her death
  • Using a GRAT to transfer shares of the business to her daughter during her lifetime
  • Transferring shares of the business to her daughter in a bargain sale
  • Gifting shares of the business to her daughter
After talking with all her children about her intentions, they agreed that they are each being treated fairly and that her daughter should have the business.  Communication with all her children was a key component of the planning process, thus avoiding a bitter family conflict.
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