Case Study 8

Fulfilling Philanthropic and Generational Goals

With $10 million in net worth, Grace and Frank, both in their mid-60s, wanted to create a wealth transfer strategy that would “give back” in a meaningful way while still providing an inheritance for their three daughters.

Grace and Frank turned to SunTrust Private Wealth Management for wealth transfer planning advice. In meetings with their advisor, they expressed a particular interest in supporting public health initiatives in developing nations. SunTrust worked with Grace, Frank and their estate planning attorney to create and administer a lifetime charitable remainder unitrust. This would provide annual distributions to Grace and Frank for their lifetimes, with the remainder of the trust assets passing to designated charities upon the death of the second spouse.

A SunTrust trust advisor also worked closely with Grace and Frank’s family attorney in amending their will to include a testamentary charitable lead trust. This trust provides additional charitable contributions while securing their daughters’ inheritance.

There are fees and risks associated with establishing and maintaining a trust. Please contact your advisor or attorney for more information.

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These materials are educational in nature. The implications and risks of a transaction may be different from individual to individual based upon past estate, gift and income tax strategies employed and each individual’s unique financial and familial circumstances and risk tolerances.

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