Strategic preparation helps ensure your family won’t be caught off-guard.
Benjamin Franklin knew a thing or two about many topics, including, as it turns out, estate planning. As he famously warned, In this world nothing can be said to be certain, except death and taxes.
If you’ve diversified your investments, stayed up to date on insurance coverage, and prepared a will, trust, power of attorney, and medical directive, you’ve checked off most of the steps people take against life’s uncertainties. But there’s one additional precaution that can often be the most critical: designating someone you trust to manage all the components of your estate and be a reassuring partner to your family when settling estate matters. “Knowing what to expect long before a big life change can help alleviate stress for everyone involved,” says Libby Baeza, Officer and Client Advisor at Whittier Trust. “And that’s where it’s really helpful to have a trusted family office by your side.”
Estate Planning
Baeza has helped dozens of clients navigate the minutiae of estate planning and wealth distribution. “Your Whittier family office team will simplify all the intricate details,” she explains. “We also facilitate discussion among family members, helping you set clear expectations and making sure everyone understands all the factors involved.”
Whatever the status of your estate, Whittier Trust meets you at your current stage in the planning process. Some clients already have strategic plans in place and are looking to stay current on changes in tax laws. Others may have no plan at all. Recognizing the uniqueness of each client’s assets, lifestyle, and objectives, Whittier’s team of expert fiduciaries works hand-in-hand with clients and their attorneys to create a personalized and tailored estate plan. Relationships begin with the Client Advisor and Portfolio Manager, but as they evolve, so does the composition of your team. The highest priority is to ensure that the goals you envision for your legacy are realized and that you rest easy knowing your family has direct access to all Whittier team members whenever needed.
Estate Settlement
“With unexpected life changes, people are often overwhelmed by the alteration of their family structure and the complexities of the estate settlement process,” says Baeza. “One of the reasons Whittier excels in this area is our ability to retain, maintain, and organize the essential documents needed to settle the estate properly.”
Baeza notes that many clients make Whittier the go-to emergency contact for their families. “A while back, a couple called to tell me about an overseas vacation they were planning. They wanted to confirm the best contact number for their daughters to call in case anything happened, and Whittier was at the top of that list. Like many of our clients, they instructed their children to call us first (after emergency services, of course) in the event of an emergency, because they knew it would be the only call necessary; we would take care of everything after that,” she says.
It’s an ethos that’s baked into Whittier Trust’s core values. “Our culture and values are all about getting to know our clients and their families, giving them the confidence that we’ll look after their families through multiple generations, even after they no longer can,” Baeza explains.
Tax Planning and Gifting
Part of Whittier’s holistic approach to estate planning is to develop proactive strategies to mitigate the tax burden as life changes and families evolve. “Working collaboratively with your accounting and legal teams, we tailor your tax strategy to your values and objectives,” explains Baeza. “While options such as tax loss harvesting, gifting assets, and charitable donations should all be considered, the chosen course of action is based on the client's ultimate goals, seeking to reap the greatest benefits for both the grantor and the succeeding generation of beneficiaries.”
By analyzing clients' balance sheets, the Whittier team can aid in identifying opportunities to leverage the lifetime gifting exemption. “We often uncover assets that extend beyond marketable securities, such as ownership in a limited partnership or family-owned business, that can be strategically used for gifting to the next generation,” Baeza says. “In such cases, we work alongside appraisers and legal counsel to obtain valuations and discounts when applicable.”
Whittier’s goal is to make a meaningful and lasting difference in all aspects of your wealth, family, and legacy, Baeza says, “and to be the first call you make, whether in good times or challenging ones.” Understanding what matters most to you is the key to both smart estate planning and a successful, long-term relationship—one where everyone in the family knows who they can turn to in uncertain times.
Featured in Family Business Magazine. For more information, start a conversation with a Whittier Trust advisor today by visiting our contact page.
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