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Fred, Nancy, Isabella and Grant* are all members of one family. And they each had their own ideas about how best to use their share of the family’s wealth.
The Dad: As the heir to his own father’s fortune, money was never scarce for Fred. When his father passed away, Fred stepped in as chief executive of the family hotel empire. As he inched closer to retirement, he was interested in finding ways to live a little. (And with a 40+ year career under his belt, he’d certainly earned it.) But he also wanted to plan for the future of his business. Take care of his family. And make sure his children’s children would never have to worry.
The Mom: Nancy and Fred had been married for over three decades. Nancy had her own career as an interior designer and also served on the hotel’s board of directors. But more recently she’d been looking to switch gears and pursue a new passion: educational philanthropy.
The twins: Isabella and Grant are Nancy and Fred’s only children. They’re both set to receive substantial inheritances on their 35th birthdays—thanks to the trust Fred’s father established for them when they were born. Both Isabella and Grant were looking for ways to make the most of their upcoming inheritance. But that’s where the similarities ended. Isabella is an environmental crusader. Grant is a budding curator with a passion for collecting the work of emerging artists.
After taking a look at the family’s total investments and assets, we met with each of them to develop plans to help them achieve their goals.
- Business advice: Fred had been running a business for a long time. But he didn’t know what to do when his kids expressed no interest in filling his shoes. Our Private Business Advisory group helped Fred plan for a successful sale that kept his seat on the board so that he could help steer the transition.
- Estate planning: With retirement on the horizon, Fred was ready to take a closer look at his estate plans. Our trusts and estates planning specialists connected him with a lawyer who collaborated with the Private Bank’s advisors. Their retooled plan accounted for the effects of the upcoming changes in his life, including the money he’d receive from the sale of the business.
- Private foundation: Nancy was ready to build a legacy of her own. She worked with our Endowments & Foundations Group and Philanthropy Centre to establish a private foundation that provides educational programming to underprivileged children in the St. Louis neighborhood where she was born and raised. To get comfortable in her new role and grow her fundraising network, she’s been first in line at conferences sponsored by our Philanthropy Centre. She’s learning more and connecting with others like her. And she puts her interior design talents to work buying furniture and decorating the foundation’s new space.
For the twins:
- Trusts and estates: The twins scheduled a meeting with their family’s private banker to get advice. And learn more about what they needed to do as co-executors during the estate transition. The banker initiated a conversation to understand their goals. The twins then chatted with our investment and lending specialists about how to best preserve their inheritance for future generations—while also making it work toward their more immediate goals.
- Sustainable investing: Isabella’s advisor introduced her to our sustainable investing team to build a portfolio focused on protecting the environment. When she receives her inheritance, she’s ready to create a broad portfolio of diversified, socially responsible investments.
- Specialty financing: Grant connected with our arts lending team to evaluate the worth of his collection on-the-rise—and to track down and finance some of his most sought-after paintings. And with the team’s help, he was able to put up one of his most promising finds as collateral to help bankroll his own gallery space. Should Grant require more extensive financing in the future, we—unlike others—have the ability to collateralize an entire collection, not just a single piece.
For the whole family:
- Philanthropy: Fred, Nancy, Isabella and Grant are all proud alumni of the same university. And giving back to an institution close to their hearts was something they all agreed on. The family set up a donor-advised fund to seed fundraising and provide a new library at their alma mater, named in honor of their family.
All case studies are shown for illustrative purposes only and should not be relied upon as advice or interpreted as a recommendation. They are based on current market conditions that constitute our judgment and are subject to change. Results shown are not meant to be representative of actual results or experience of other individuals. Past performance is not a guarantee of the future performance of an investment.