In Perspectives

In my time as an estate planning attorney I met people of all backgrounds and with various levels of wealth.  One client that I remember well was an older woman who was leaving her son millions of dollars.  She lived a very modest life and you would never guess she had millions of dollars stashed away.  Her son lived in a mobile home, had minimal assets of his own, and had no idea that his mother was a millionaire.  I often wonder what will happen when he (who was in his thirties at the time) inherits the money from his mother . . . and how long those millions will last.

If you will be leaving your children a substantial sum of money, are they prepared to take on the responsibility?  Are you confident that they would be able to make it last and even make it grow to pass to future generations?  Have you shared with them how you feel about charitable giving?  There is a saying “from shirt tails to shirt tails in three generations,” meaning that one generation starts with little and earns money to pass along, the second generation preserves the wealth, and the third generation spends it all and returns to having very little.  Some may argue that it’s not taking three generations to lose the wealth anymore. If the second generation has never had to manage and preserve money, they may not know how to handle it.

Having an estate plan in place and naming a professional trustee is a step in the right direction.  With the proper trust language, a trustee can ensure that your hard earned money isn’t spent before your loved one even gets to retirement.  With a professional trustee AND a wealth manager in place, the inheritance could last to that third generation and beyond.  The next step would be to talk to your family members that will be receiving the inheritance.  Let them know that you have expectations on what the money is to be used for, express your desire for them to use it to help them through life, and that you would like it to last for their children.

As professional trustees, we at Legacy Trust are not afraid to say “no” to a beneficiary if he or she requests payment for something that is not within the terms of the trust. We want to carry on your legacy and see that your money is used how you intended (i.e. for your loved one’s education, healthcare, and general support – not weekend trips to Vegas).  We have the facilities to bring you and your loved ones around the table to have an open discussion about exactly that – growing and preserving wealth. The combination of our desire to carry out your wishes, and our ability to actively manage and grow assets, is an ideal recipe for preserving your wealth and passing it on to future generations.  Contact Legacy Trust today to set up a time to come and meet with us.

Legacy Trust and Your Right to Financial Privacy

At Legacy Trust we have established policies and practices that respect the financial privacy of all individuals who use our trust company. We believe it is critical to comply with the laws and regulations designed to secure your financial privacy. Your relationship with us as our client is very important to us, and we want you to understand our policies and practices about handling your information.

This Policy applies to you – This Policy applies to our relationships with individual clients who inquire about or obtain products or services from us for personal, family and household purposes.

Strict security measures – We take the security of information very seriously. We have established security standards and procedures to prevent access to client information. We maintain physical, electronic and procedural safeguards to guard client information.

Limited employee access – We have established procedures to limit employee access to information to only those employees with a business reason for accessing such information. We educate our employees about the importance of confidentiality and client privacy. We take appropriate disciplinary measures to enforce employee responsibilities regarding client information.

Why we collect information – We collect information about you to:

  • accurately identify you;
  • protect and administer your records, accounts and funds;
  • help us design or improve our products and services;
  • understand your financial needs;
  • save you time when you apply for new products and services; offer you quality products and services; and comply with certain laws and regulations;

We collect information – We collect and maintain your personal information so that we can provide investment management and other services to you. The types and categories of information that we collect and maintain about you include:

  • Information we receive from you to open an account or provide investment advice or other services to you (such as your home address, social security number, telephone, financial information and investment objectives).
  • Information that we generate to service your account or from our transactions with you (such as account statements and other financial information).
  • Information on your transactions with nonaffiliated third parties.

We have established procedures so that the financial information we collect is accurate, current and complete. We are committed to work with you to promptly correct any inaccurate information.

Our selective sharing of information – In order for us to provide investment management and other services to you, we do disclose your personal information in very limited instances, which include:

  • Disclosures to nonaffiliated companies as permitted by law, including those who help us service your account (such as providing account information to brokers and custodians).
  • Other limited disclosures as permitted by law, for example, required reports to government entities.

We do not share your information with third parties for marketing purposes. We do not sell your information.

Former clients – If you end your relationship with us, we will continue to adhere to the privacy policies and practices described in this notice.


Important Information About Procedures For Opening A New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

We apologize for any inconvenience this may cause; however, federal law prohibits us from waiving these requirements.

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