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Sold Business but Failed Estate - Don & Elizabeth


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8 years after selling business Don & Elizabeth realized their estate planning would fail, costing > $2,000,000 in lost value for their family. How could this happen to your family? How can you fix this? Who would you reach for help?

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Sold Business but Failed Estate - Don & Elizabeth

  1. 1. Sold their Business but Failed their Estate <> Don and Elizabeth Brian Weatherdon MA, CFP, CLU, CPCA Author, Speaker, Financial Planner. Aligning your Wealth & Life to overcome fears and secure your income, lifestyle, & comfort to age 105
  2. 2. Before hearing this story . . . . • Continuing into these slides signifies you realize one person’s story cannot be representative of what everyone else should do. This story is personal and not in any way prescriptive for what you should do, nor for how your advisors may guide you. • • Stories in this wider series capture different approaches to value and decisions in business, pension, savings, and results for personal security, life income, and family estate. • • More information/insights at educational website And 5-star rated book (Amazon, Kindle, bookstores) “A Lifetime Of Wealth -- And How Not To Lose It”
  3. 3. Don and Elizabeth sold business • Their family business sold 8 years ago. Life was good but questions arose about their investments, sustaining Life-Income, and tax strategies. They were referred to me. Self-study (& subscribe), “Life Income Mandates” • We soon found a failure in estate planning that could cost their family over $2M.
  4. 4. What had been missed? • What matters most is what may have been missed in your own family’s estate planning. • Who are the executors? Are they willing and able to serve? Are they healthy? Is there a contingency that if they cannot serve, an institutional trustee has been named?
  5. 5. Why could it matter? • Too many times people have said, “Well I’ll be gone by the time people are dealing with my estate: what will it matter to me?” • OK but you love your family more than you love the Government, or lawyers, or in-law out-laws. Wouldn’t you want to control or guide the bequests coming from your estate?
  6. 6. Don’s and Elizabeth’s problem... • Their Wills appointed as executor someone who was known to be unreliable with money. Serious health issues were key here. Don and Elizabeth stated sadly, their executor would spend all and leave nothing for grandchildren. • To remedy and repair this we introduced a dedicated estate lawyer who focuses solely on estates and trusts.
  7. 7. The new picture . . . • New Wills stipulated Don’s and Elizabeth’s wishes that trusts be set up for each child with remainder to grandchildren; ...and separately that gifts be given directly to grandchildren at specific ages. • Bonus result: not only was this plan secure but it also saved thousands in tax, and fulfilled philanthropic goals that the prior planning had left entirely silent and void.
  8. 8. Resources and key team members • Certified Financial Planner • Chartered Accountant: business & personal • Business Attorney for business transitions • Estate Lawyer for Wills, POAs, future Trusts ... • Insurance / Investment advisors (if not above) • Retirement income specialist (if not above) • Philanthropic consultant for charitable intents
  9. 9. Exit and Estate Strategies for Business • The website has a growing library of resources including video, podcast, articles, blogs, plus learning modules in the site, and the book.
  10. 10. Resources to help get what you want • Experience this website to help focus on your future: • Get 5-star book, Amazon/Kindle/bookstores: “A Lifetime Of Wealth – And How Not To Lose It” ie=UTF8&qid=1380311791&sr=8-1&keywords=a+lifetime+of+wealth+-+and+how+not+to+lose+it • Visit