Simplified Solutions for Families With Complex Financial Needs

In most families, the responsibilities of running a household are not much different than running a business. Roles are divided based on time, availability or skill. At the Trust Point Family Office, we can act as the quarterback to manage the workload and guide family members in their roles.

In one instance, a client who handled all of the family finances was concerned that their spouse and children wouldn’t know where to start if the work fell to them. At first, the client asked for support with bookkeeping and bill pay, but after talking more in depth about their concerns and objectives, we developed a deeper plan.

We first took inventory of their assets and insurance accounts, consolidating IRAs and investments. We took over the management of their investment portfolio and tax payments and developed a plan to facilitate all of their household bill payments, including the bills for a secondary residence. We even discovered gaps in their property and casualty insurance and met with their insurance agent to undergo a comprehensive review of their coverages.

With help from the Trust Point Family Office, the client and family now feel confident in their financial future.

We were working on an estate plan with a client who named his son Power of Attorney as well as co-trustee and personal representative of the estate. The client wanted to ensure a smooth transition of his wealth, so he turned to us for investment management services and support.

To build a strong understanding of the client’s wishes, we met regularly with him and his son until the client began struggling with Alzheimer’s Disease. We shifted our meetings to the son and supported him in handling all of his father’s affairs, including managing tax payments, annual exclusion gift planning for his grandchildren, and charitable giving.

When his father passed, we continued to help the son with the transition process, including coordinating with his attorney and accountant to ensure all deadlines were met. We also communicated with other family members, relieving tension. Good planning and communication across generations led to a smooth transition of assets and peace of mind.

The owner of an established, successful business was looking for help educating the next generation of family ownership.

The owner had already organized several family meetings, inviting presenters on various topics, but the meetings felt disjointed—he wanted to establish a consistent, comprehensive education plan. We initially met with the owner to learn about the family, the business, plans for succession and the long-term vision for the business and the family ownership.

We then created an inventory of the topics previously covered with the family and developed an education plan in alignment with the owner’s goals. Getting the next generation involved early through surveys and small group meetings helped engage them in the process. Topics in those small groups ranged from family governance to philanthropic philosophy to company culture and history. We then included the full family in a series of meetings, with required attendance to ensure a consistent message was delivered.

The education program continues today, evolving with the business to help ensure its continued success. It has laid the groundwork for a successful business transition and created peace of mind for the owner.