Addressing the Challenges and Complexities of a Major Inheritance
Upon the death of her father, Susan, a successful pharmaceutical sales executive, shared a large inheritance with her two brothers. While the 48-year-old mother of two teenagers had some ideas about what she wanted to do with the money—set aside funds for her children, contribute to a few favorite charities and perhaps even open a small café—she was uncertain how to proceed and was somewhat overwhelmed by the challenges and opportunities of her sudden wealth. For help, Susan turned to Harris myCFO.

"There are things I know that I don't know," she admitted. "But what scares me are the things I don't know that I don't know." Our wealth professionals worked closely with Susan to sort out the myriad financial and nonfinancial issues, deal with the administrative challenges, and explore the options associated with her newfound affluence.

Since the money had been left to the three heirs in trust, we examined the trust documents and ascertained that she would be permitted to borrow money from the trust to fund the opening of her restaurant, but would first need to draft a business plan. Working with her attorney, we helped her prepare the necessary documents and start her new venture on a sound footing.

In addition, we provided advice and support in other areas—investing, establishing trust funds and funding existing 529 plans for her two children, defining her philanthropic goals, and creating a donor-advised fund to afford her an opportunity to involve her family in helping her achieve those goals. Our advice and guidance has helped Susan to successfully address the challenges and complexities of her new wealth and use that wealth not only to enhance her own life, but also that of her family.