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Case Studies

“Milton and Brenda”* had no obvious reason to be anxious about their finances. Milton had enjoyed a reputation as a well-known real estate developer and investor in the New York area for several decades and had amassed a significant fortune. Now in his late 60s, he had recently started a second family with Brenda and was beginning to be concerned about the impact of estate taxes on his wealth. He was also concerned about providing for Brenda and their children, as well as for his other adult children from an earlier marriage.

With an estimated net worth of $250 million, and an expectation of an 8% average net annual return based on his own history, the real question was how to find the most efficient way to achieve Milton's objectives.

We engaged Milton and Brenda in our four-step process:

Each CPS client comes in with specific objectives and financial circumstances.  Once clients complete our process, they are in a good position to make informed, independent financial decisions that they believe are likely to support their goals.  For high net worth clients we typically explore robust life insurance strategies that can be implemented with little or no additional out-of-pocket outlay.  Combined with appropriate trust structures developed in conjunction with the client's CPS and estate planning attorney, the overall approach is intended to minimize taxes and achieve sustainable growth.

Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal or investment advice. Although the information has been gathered from sources believed reliable, please note that individual situations can vary. Therefore, you should consult your professional tax and legal advisors.

The information or opinions contained in this website should not be construed by any consumer and/or prospective client as an offer to sell or the solicitation of an offer to buy any particular investment and/or financial product. The information contained herein is directed solely to those individuals who reside in jurisdictions in which the representative is registered and/or licensed and in the state where the consumer and/or prospective client reside. Any subsequent direct communication with a consumer and/or prospective client shall only be conducted by a representative that is registered and/or licensed in the state where the consumer and/or prospective client reside.

*All scenarios and names mentioned herein are purely fictional and have been created solely for illustrative/educational purposes. Any resemblance to existing situations, persons or fictional characters is coincidental. The information presented should not be used as the basis for any specific investment advice. This material is intended for general public use. By providing this material, CPS is not undertaking to provide investment advice for any specific individual or situation, or to otherwise act in a fiduciary capacity. Please contact a financial professional for guidance and information specific to your individual situation.

 

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CASE STUDIES:

Milton and Brenda

Tom and Jennifer

Michael A. Rosenbaum, CPA, a senior partner at the firm of Berdon LLP, Edwin J. Sirlin, a Group Director and Senior Vice President of Signature Bank, and Scott Silbert. All three professionals discuss a number of shared clients.