Unexpected loss of a loved one

70% of the time the wealth that transitions from one generation to the next generations is spent and 60% of the time it is due to lack of communication.  A second-generation client who was in the 30% that had a successful transition of wealth unexpectedly passed away and a significant portion of assets were being transitioned to the third generation (not all to the spouse).  This transition was naturally a very emotional time, however due to the long-standing relationship with our team we were able to help fill the gaps as to “why” the estate planning was created this way to support their children and not all the funds went to the spouse. 

The process created an opportunity for our team to work very closely with the attorney and CPA to help explain the process to the spouse and children, who hadn’t been involved in the estate planning, and walk through where the funds came from (a sale of a business by their grandparents) and give a historical preference as to the desired purpose and use of the funds. 

This background and experience with the family has allowed the third generation, as well as the surviving spouse, to understand the complex estate planning and how proper planning can help support their needs and set themselves up for long term success.

"Robert W. Baird & Co. Incorporated does not offer tax or legal advice. This case study is for illustrative purposes only. This is not an offer or solicitation of an offer to buy or sell any securities, products, or services. This is not the experience of all clients. Each investor's situation is unique, and there is no guarantee of the same or similar results. All investments carry some level of risk."