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Personal and Corporate Insurance Planning

What’s the Problem?

The Jones Family was facing challenges typical of many highly successful entrepreneurial families. With increasing financial success, they had concerns their estate was not properly organized. Their primary concern was how to protect the next generation. They believed their estate was not properly organized “pre” and “post” death. How would they ensure their estate was set up to effect a proper and efficient succession plan to the next generation? Their CFO was overwhelmed managing the Family’s group of companies along with their personal finances with little time to address these important planning issues.


What were we asked to do?

Penmore was brought in to evaluate the current business structure, to identify the owners’ long-term estate planning goals; and to build and implement a plan that would organize the estate properly and efficiently “pre” and “post” death.


What did we actually do?

Penmore initiated the process with an in-depth “fact-find” with the owners to determine their overall goals and objectives. We subsequently communicated the Family’s intentions to the accountants, lawyers, and other key advisors of the firm. Penmore then quarterbacked the process of designing and implementing a proper and efficient estate plan which was subsequently communicated to the “next generation” so they were fully aware of the estate planning process and expected outcomes.


How did it work?

Over a 5 year period, Penmore helped the client become clear about the key issues affecting their future. This led to the family clarifying their long-term vision along with their own goals and objectives. Key to this process was facilitating the children’s appreciation of “wealth stewardship” … ensuring they understood how Family wealth was generated and the importance of securing that it is there for future generations. The children in their early 20’s were not yet “settled” and the thought of them inheriting enough money to take away their motivation to work was a huge concern.


Deliverables over a 5-year period included:

  • Quarterbacked an “Estate freeze” with a redemption strategy to reduce future taxes
  • Collaborated with lawyers to complete wills to mitigate the value of assets that children will have direct access to
  • Put in place Insurance to fund a significant capital gains tax liability and to fund a donation at death
  • Worked with Advisors to create a private foundation, managed by both generations, which receives the majority of the family’s annual donations
  • A strategy and plan was developed to allocate a fixed amount of capital each year to Mom to fund her ‘special charitable projects’
  • Hired an assistant to help manage the Family’s finances and related compliance work required to keep the Family companies up-to-date
  • Reviewed the Family’s investments and estate plan with the children
  • Engaged the children to prepare their own ‘investment plans’
  • Conducted ongoing reviews to update and revise the plan annually

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