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Case Studies


The Situation:

Mr. and Mrs. K are prospective clients in their 70s that expressed a great deal of concern about who would take over their financial affairs in the event of either of their deaths. They have four married children in their 40s and nine grandchildren. The children live all over the US.

The couple has accumulated considerable wealth and owns a home in Park City, Utah and Palm Beach, Florida. Their financial assets are spread across three major banking firms, and the investment strategy is not coordinated. They also have several household employees and use a private jet to travel among their homes. They work directly with all of their many advisors – a broker at each of the three major banks, a CPA, an estate planning attorney, several insurance brokers, an aircraft management firm and their personal assistant – who also pays most of their bills.

They have funded trusts for each of their children, but asked Mrs. K’s older brother to serve as trustee when the trusts were created. It is getting harder and harder for her brother to keep up with everything he needs to do as trustee, and he seems to be suffering from what they believe to be normal, age-related memory loss.

So now Mr. and Mrs. K are worried. They have less interest and energy to keep up with all of their “stuff,” and are not sure whether anyone knows where all of their important documents are, or whether anyone understands all of the pieces of their financial picture.

The Solution

Upon further discussion, the Mr. and Mrs. K became very interested in working with a Tolleson Wealth Management advisor. The first thing that advisor does is complete a detailed review of the family’s current financial picture. That includes collecting and reviewing copies of every important document, noting the location of originals and creating an online repository of information. It also includes creating or updating a complete net worth summary, reviewing all of the family’s tax filings, estate planning and trust documents, insurance summaries, investment reports and any other required documents.

Then, the advisor begins the process of creating and implementing an overall strategy that includes coordination of the many parts of their financial picture. To the extent the family desires, existing relationships are retained and those advisors continue to be a part of the process.

The goal of this process is to ensure that if something happens to one or both of them, a transition plan is ready to be put into action.