Those sharing their wealth

Distributions to family or community

Some of our clients are fortunate enough to have more than enough wealth to enjoy a great lifestyle. Their next priority is often how to share that wealth with family and support special causes. We work with these clients to establish their personal and financial priorities and then manage their assets and cash flow to ensure their own security while helping the people and causes that are near and dear to them.

The following is an illustration of how we can help those planning to share their wealth

Mary had been recently widowed and wanted to know how to maintain her lifestyle but also how to share some of her wealth with her family and her community. Here’s how we helped her with the Life Compass (click on the compass to learn more about each quadrant of the process).
 

The following is an illustration of how we can help those planning to share their wealth

Mary had been recently widowed and wanted to know how to maintain her lifestyle but also how to share some of her wealth with her family and her community. Here’s how we helped her with the Life Compass (scroll over the compass to learn more about each quadrant of the process).

DISCOVERY

Where Do You Want to Go?

While Mary had always taken care of the household finances, her husband Jim had a keen interest in investing and had always personally managed their portfolio. Over the past several years, Mary and Jim had been expanding their philanthropic endeavors. Since Jim’s passing, Mary had decided to make this a more formal process by establishing a private foundation and having her children involved.

MONITORING & REPORTING

Charting Your Progress

Mary receives regular monthly and quarterly reporting from Genova and appreciates that she can call us whenever she needs guidance regarding her financial decision making. We also provided life guidance and coaching to help her transition to her new life and provide mentoring to her and her kids regarding the family’s private foundation.

PLANNING

How Will You Get There?

We reviewed Mary’s financial position and developed a plan that established her cash flow requirements. We then structured her portfolio to ensure she has the cash she needs for her lifestyle while distributing the remainder.

IMPLEMENTATION

Making It Happen

We helped Mary establish a private foundation and helped her decide which causes she and her children wanted to benefit and how they would be involved (both financially and personally). We worked with Mary’s estate administrator to ensure that all of the details of Jim’s estate were looked after. And we also introduced Mary to a lawyer we had previously worked with who helped Mary update her will and estate plan.