Real Estate And Inheritance Planning
Kathy* and Peter* came to us wanting to simplify the asset base they were going to pass on to their next generation without losing the income stream they were enjoying from their real estate investments. Compounding their dilemma was the complex nature of their family structure (children of prior marriages, nieces and nephews and children of their marriage) and certain assets they held jointly with various family members.
As Kathy and Peter grappled with these issues on their own, they were of the mind to simply let their estate pass to their heirs, forcing their heirs to sort it out amongst themselves. But, neither Kathy nor Peter wanted to leave the other with a potentially complex situation. Thus, they took the advice of a friend who recommended they contact Sand Hill Advisors for their expertise in Retirement and Estate Planning.
Comprehensive Needs Evaluation
The first thing we did was to conduct a Comprehensive Needs Evaluation. This included talking through Kathy and Peter’s circumstances and their goals. We discussed their concerns and explored the relationships and personalities of those heirs who were involved in the jointly held assets. For example, what if one sibling wanted to cash out, while other siblings did not? What would that do to their relationships?
We helped Kathy and Peter evaluate the tax and estate / inheritance planning consequences of selling large and successful investments, now. Additionally, we helped them examine various ways in which they could replace the income they were receiving from real estate investments with other types of securities. Where applicable, we provided Kathy and Peter with issues they needed to raise with their other professional advisors, including their estate planning attorneys, life insurance agents, property insurance specialists, tax specialists, trust officers, private bankers and accountants. Equally important, we helped them sort through the recommendations of their various advisors in order to develop their investment portfolio and manage their financial future. Sand Hill Advisors is very successful working in this central point, ‘hub of the wheel’ contact role.
Portfolio Creation and Growth With a Wealth Management Team
Based on the results of the comprehensive needs evaluation, Kathy and Peter were assigned their own personal Wealth Manager. That individual identified a team of legal and tax professionals whose expertise was well matched to the couple’s specific investment and financial planning needs.