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 # 2

Background
Our client is a couple in their mid 70’s with 3 adult children and 9 grandchildren.

Before coming to Pratt Legacy Advisors (Plan by Default), the client had net worth of $20.7 million. The client was concerned about reducing their sizeable tax exposure and positioning their wealth to stay in the family for generations to come. They wanted to augment charitable giving to match their lifetime values, principles and passions of: love, honesty, two way communication, hard work, faith in God, humility, saving and giving. Ultimately, they wanted to provide for their nine grandchildren in a responsible fashion, in a way that would demonstrate long-lived family values. To accomplish this, they would need to reposition specified assets into family-centered and charitable centered containers of wealth to reach their desired objectives and honor the people and organizations they designated.

What the Client Accomplished (Plan by Design) with the Guidance of Pratt Legacy Advisors Utilized a special Family Trust to shelter significant wealth from taxation. Included all grown children in conversation. Enhanced and improved interfamily communication. Building strong appreciation for the family resources by the children and grandchildren. Created a Private Family Foundation and Charitable Remainder Trust to accomplish meaningful gifting to organizations the family believed in. Utilized a Generation Skipping Trusts to provide significant wealth/values transfer (long-term) to grandchildren. Established an ongoing dialogue among family members on a regular basis.

Summary
As a result of their work with Pratt Legacy Advisors, the couple grew their distributable wealth from $20.7 million to $25.8 million. Today, 13 organizations receive the benefit of this family’s ongoing generosity and support. At the same time, the clients have increased their personal cash flow while reducing their income tax burden, enabling additional lifetime gifting. Most importantly, however, they have strengthened the interfamily communication and sharing what they value so much! They plan with their adult children and not at them. Charitable giving decisions now involve multiple family members. And, as a result of the legacy they have ensured, the couple experiences a huge amount of gratitude and appreciation from their grandchildren.

... a low-key approach with a highly personal touch ...