Case Studies

Pratt Legacy Advisors provides professional services to a variety of clients with many types of legacy planning issues. Below are actual case studies of clients.

Case Study #1 - A widow, in her early 80's, with 2 adult children and 4 adult grandchildren.

Case Study #2 - A couple in their mid 70's with 3 adult children and 9 grandchildren.

Case Study #3 - A couple in their mid 60's, with 2 adult children and 2 grandchildren.





Case Study # 1

Background
Our client is a widow, in her early 80’s, with 2 adult children and 4 adult grandchildren.

Before coming to Pratt Legacy Advisors (Plan by Default), the client had a net worth of $7.0 million. She desired to keep the wealth in the family and was concerned that her estate tax liability was too high She was not too charitably minded or inclined to give, but had a desire to learn wealth transfer choices that would allow her to reduce her taxes and provide the ability to leave more to her children and grandchildren. Initially, she had only a limited dialogue with her daughters and their husbands. We started with a family meeting to identify common objectives and work together as a family.

What the Client Accomplished (Plan by Design) with the Guidance of Pratt Legacy Advisors Established Private Family Foundation to honor her deceased husband – father to the children. Children to have major say in how the assets will be given away in honor of their dad. Increased cash flow over 40% through use of Charitable Trust. Choosing the charities and being involved with them has been wonderful. Leveraged gifts to family members with Irrevocable Family Trust and Family Limited Liability Corporation. Sheltered residence from significant tax exposure through use of a Qualified Residence Trust.

Summary
As a result of her work with Pratt Legacy Advisors, she grew the family wealth to $8.5 million. She reduced the tax exposure and designated a sizeable portion to charitable entities based on the extended family’s desire to do so and again, to honor their dad. Over a period of about 6 months, she completed several family meetings to build consensus on the right steps to take and actively involved her daughters and their husbands in all decisions. In the process, she gained peace of mind from knowing they were involved and informed and established a superb family dialogue amongst her team of advisors.

Their approach was gentle ... sensitive to
the needs of each
family member.