How J.P. Morgan managed a complex and unique estate asset
Situation
Mandy’s family has been a longtime, loyal client of J.P. Morgan Private Bank. The relationship began when Mandy’s mother, a renowned entertainer, trusted J.P. Morgan with the settlement of her estate over 25 years ago.
Recently, Mandy passed away, leaving her mother’s prestigious entertainment award in her estate. As her appointed executor, J.P. Morgan had to navigate the complexities of valuing the award for estate tax purposes and determining its appropriate disposition.
Our Approach
Mandy’s Estate Officer collaborated with the family’s longstanding J.P. Morgan Trust Officer in order to gain a comprehensive understanding of the family’s situation. The team then engaged with the award’s original issuer and the family’s entertainment attorney, who were crucial in providing additional information about the award. As the J.P. Morgan team examined the characteristics of the award more closely, they discovered it could not be sold, presenting a significant challenge in valuating it. This led them to reach out to a highly respected, knowledgeable appraiser who was able to provide an accurate valuation of the award.
Outcome
Through their meticulous efforts in gathering the information required to appraise the award, the J.P. Morgan team enabled the family to explore several alternative options for disposing of the award, given its non-saleable nature. The family was particularly moved by one option, which they believed would serve as a heartfelt tribute to both Mandy and her mother, and ultimately chose to pursue this choice.
The family expressed profound gratitude for the team’s diligent and comprehensive efforts in valuing and managing the award, recognizing the exceptional challenges that necessitated extensive time and research. They were also deeply appreciative of J.P. Morgan’s role in alleviating the burdens of estate settlement, allowing them the space to grieve Mandy’s passing with greater peace of mind.
