Can an Estate Plan be both Fair and Meaningful? Yes, says a Buffalo Fiduciary
“Beauty is in the eye of the Beholder,” but it is also true that value is in the eye of the beholder. Your heirs will assign value not just on a monetary basis but on emotional and other terms. Perhaps son values a $475,000, memory-filled home in Williamsville much higher than a $475,000 stock portfolio. In comparison, a less sentimental daughter may choose the stock portfolio for its growth potential and lack of upkeep costs.
It seems that many parents want to keep their estate plans a secret from their heirs, fearing it will create family divisions while they are still alive. However, delaying the news until after death can exacerbate underlying problems because the Parents are not there to Referee. When this happens, their estate plans can be upended by infighting among heirs.
The allocation process can become more complicated when a family business is involved, particularly when it includes certain heirs involved in the business, and others are not. The process is more arduous as basic issues like valuation and taxation are compounded by issues such as sibling rivalries and favoritism.
Fortunately, you are not the first couple to face these issues. An experienced Financial Advisor, particularly a Fiduciary that takes the time to get to know your family, can help you craft an individualized solution that:
- Recognizes the relative value of your assets from the perspective of your heirs
- Creates a framework for assigning value to your assets
- Develops estate equalization strategies, particularly where a business is the family’s primary asset; and
- Communicates your wishes and coordinates the work of your estate attorney, CPA, and other financial professionals.
The Fiduciaries and Advisors at Winthrop Partners have worked with Business families and Families with complex holdings on many occasions and in a variety of roles. Let our diversity of experience work for you. Contact Ryan Carney for a complimentary consultation. 716-597-3007 Ryan.Carney@winthropPartners
WINTHROP PARTNERS is a Fee-Only Fiduciary and Wealth Advisor that provides Investment Management and Wealth Plans to individuals in Buffalo and Erie County.
Winthrop Partners l 295 Main Street Suite 840 Buffalo, NY 14203 l 716-597-3007 l Winthrop Partners.com
Ryan Carney is a Partner at Winthrop Partners. With nearly 10 years of experience in financial services, Ryan began his career with Fidelity Investments and First Niagara Financial Group. In 2018 he was named by Buffalo Business First’s as a “30 under 30” honoree. He earned his B.S. in Economics from Bowdoin College and is a Certified Financial Planner.