Due to the recent sale of the family business and gifting from his parents, Mr. and Mrs. J have received $40 million in cash. They have one child, age 6. Profits from the family business have allowed Mr. J to live an affluent lifestyle since childhood, but this is the first time that he has had significant net worth to manage.
Because Mr. J is not an expert in financial matters, he is worried that he will not be able to effectively manage his assets. He is also overwhelmed by solicitations from financial services firms. Mr. J has an investment broker whom he trusts and with whom he would like to continue doing business. Mr. J’s will is more than 5 years old, and he has done no estate planning. The family lives modestly, but they are interested in purchasing a vacation home in Colorado. Mr. J would also like to work with some of his favorite charities.
Tolleson Wealth Management develops a fully customized investment strategy. We work with the family’s investment broker to determine the investment products best suited to the situation, and find other investment firms with complementary offerings.
Through an attorney recommended by Tolleson Wealth Management, Mr. J updates his will and creates trusts to protect his wife and child in the event of his death. He establishes a private foundation that makes gifts to his favorite charities. Tolleson Wealth Management works directly with Mr. J’s CPA on all tax and compliance matters regarding his trusts and foundation.
Because Tolleson Wealth Management oversees other investments in Colorado, we are familiar with the area. We work with a real estate broker to negotiate the purchase of a vacation home, and then secure property insurance from a firm in the area. For tax and investment planning purposes, Tolleson Wealth Management advises Mr. J to borrow a portion of the purchase price of the home. We then coordinate the entire loan process through Tolleson Private Bank.
Each quarter, Mr. and Mrs. J meet with Tolleson Wealth Management to review their investment performance, cash flow planning, and any other financial matters. We monitor the performance of the family’s investments to seek the most optimal results and provide objective advice, as circumstances require.