Prowell Financial Management (PFM) specializes in assisting owners of private corporations and their families. We know owners of private companies face challenges uniquely different from those of public companies. Wealth transition is one of them.
Trusts allow families to side-step many of the messier aspects of estate transitions such as excessive taxes, probate, and preventable family squabbles. Trusts can offer protection and control on many levels if set up correctly. There are many types of trusts and accompanying techniques that facilitate smooth wealth transfer. In tandem with your attorney, we can help you navigate trust options for the best outcome.
We can assist with all of the following:
- Basic Wealth Transfer Strategies
- Grantor Retained Annuity Trusts (GRAT)
- Grantor Trusts
- Qualified Personal Residence Trusts (QPRT)
- Irrevocable Life Insurance Trusts (ILIT)
- Charitable Remainder Trusts
- Charitable Lead Trusts
Recent Examples of Effective use of Trusts
Staying Current with Changing Laws and Techniques
Wealth transition planning is an ever-evolving exercise because the laws that govern inheritance and trusts change on both the federal and state levels. Keeping up-to-date with these changes is crucial. In addition to keeping abreast of new laws, we participate in the Heckerling Institute on Estate Planning conference each year. The Heckerling Institute on Estate Planning is the nation's leading conference for estate planners of various types, including attorneys, trust officers, accountants, insurance advisors, and wealth management professionals. At Heckerling we are able to share industry wisdom—as well as the successes and setbacks experienced by other wealth management professionals—and strategically integrate recent developments and new techniques into our planning,
Our Knowledge of Trusts Spans Strategy to Implementation: Our Connection with Commonwealth Trust Company (CTC)
In the early 2000’s Mark was tasked with finding a new corporate trustee for two family groups and their 20+ trusts. The clients were seeking a Delaware-directed trust company that would provide fiduciary services but allow families to direct the investments, including private business interests, within the trusts. In the process, we discovered Commonwealth Trust Company (CTC). CTC is one of the oldest independent trust company in the U.S. with assets under administration of $17 billion and nine of the 400 Wealthiest Americans on their client list (per Forbes magazine). Because of the strong relationship formed while working with CTC on behalf of our clients, and because of Mark’s extensive knowledge of the industry, he was asked to join CTC's Board of Directors in 2009. This connection and experience bring valuable insight to the trust creation component of our planning process. more CTC information...
Note: Prowell Financial Management is independent from CTC.