Client Snapshot

A partner at a large law firm—who left to head a billion-dollar business—needed financial management and professional guidance for his personal investments, retirement planning and philanthropic endeavors, especially following the death of his wife.

Situation and Outcome

A former senior law partner and the current CEO of a large and growing company, this client was an active philanthropist.  His goal was to tie his income into multiple charities.  Although his company provided financial planning as an executive benefit, he engaged Wescott as his personal financial advisor.

His portfolio of employer benefits was complex. He had multiple plans from the law firm and his current employer—with each introducing specific tax ramifications now and in the future when distributed.  He had a basic 401(k), a deferred compensation plan, a money pension purchase plan, and an excess benefit plan.

The executive, a widower, wished to continue giving to a variety of religious organizations and charities.  The estate’s needs were made more complex with the wife’s death, as executive benefits pass directly to the spouse.  Wescott worked closely with the client and his human resources director to gauge the implications of his executive benefit compensation package, and craft the best solution for his particular situation.

Family giving and gifting also played a role.  The couple long had given generously through planned and opportunistic giving to their children and grandchildren.  Before his wife’s death, Wescott helped formulate an appropriate plan that was not only opportunistic and tax efficient, but personal in nature.  Recommendations were made that included various education investment and trust plans, providing stability and longevity for multiple generations—and to perpetuate the meeting of the family’s needs.

Lessons Learned

By working closely with the client and getting to know personally his and his wife’s goals and intentions, the Wescott team helped create the strategies and vehicles necessary to fulfill the couple’s wishes—and ensure future giving to family and philanthropies alike.