Tom is 83 and Jane is 76. They have two children who are both well employed and live productive and happy lives. Tom was an attorney who headed a large patent firm in Washington DC. Jane served as an expert in international trade for much of her professional life. During the latter part of his career, Tom agreed to do work for a start up company that became very successful. Today, Tom’s share of the company is valued at $3.2M but generates $1.4M-$1.5M per year in taxable distributions. Several years ago, the company spun out one of its divisions and took the new company public. It has seen massive growth; almost no dividends have been distributed, and the company has a value to Tom today of approximately $6.4M. Tom and Jane also have approximately $5.2M in cash, $3.2M in retirement funds, and real estate of $4M for a total net worth of about $22M.
The primary planning goals were to:
Make sure that they have sufficient funds to live on for the rest of their lives
Maximize what they leave to their children and grandchildren
Increase their charitable giving
Equalize the financial positions of their son and daughter
Make a substantial provision for charity in place of estate tax if possible
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