Client Story
Challenge: Clients of Three60 built up significant wealth and were now concerned about estate planning, and how to pass this wealth to their young adult children while protecting it from a potential marital breakdown.
Solution: In working with Three60 Wealth, the clients engaged a Wills and Estates Lawyer from Three60’s trusted network. A trust strategy was implemented within their estate documents that allowed their children to benefit from the wealth while also protecting it.
Outcome: Within 3 months of engaging with Three60 Wealth, the clients had an estate plan in place that fit their unique situation.
Estate Planning
Estate Planning is generally considered a multi-faceted process, encompassing everything from creating an inventory of assets and liabilities and determining how one would like their assets distributed upon death, to structuring a plan that will accomplish specific objectives and goals in the most efficient manner possible.
A well-thought out estate plan will not only help to minimize taxes, protect assets, and ensure appropriate distribution to designated beneficiaries, it will also help to prevent discord amongst family members and business successors. When a person dies, the potential for a dispute can arise, particularly if there is considerable wealth to be distributed. Whether it is the proverbial skeleton that comes out of the closet, a deep-rooted wound that never healed, or a family member or business partner with a sense of entitlement or an unfulfilled expectation, a wide variety of circumstances can bring about disharmony.
Planning your estate will allow you to have those valuable conversations with your family members and business partners in advance, ensuring everyone is on the same page. When estate planning is not considered, the resulting discord can strain (or even sever) family ties forever. Substantial sums could be spent on litigation, and the distribution of wealth may be far different than what was originally intended. For these reasons it is imperative that you ask the right questions before you finalize your estate plan so you can address potential issues in advance, and increase the likelihood that your wishes and your family will remain intact when you are gone.
Three60 Wealth & Estate Solutions is well-positioned to help you achieve your estate planning objectives, to create a plan that makes sense for you and your family, and to minimize taxes and other expenses that could otherwise dramatically reduce the value of your estate.