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Next Generation

“In every conceivable manner, the family is link to our past, bridge to our future.” – Alex Haley

We didn’t arrive here by our own doing. Rather, we stand on the shoulders of our parents just as they stood upon our grandparents’ shoulders. We have seen sights and experienced things they never imagined at our stage in life. Even now, our children are standing upon our shoulders. What will the future look like to them? Every generation owes a debt of gratitude to those who preceded and a burden of responsibility to those who will follow.

At Gaskin Asset Management, we believe families are the mortar that holds our country and society together. With this foremost in our minds, we recognize that our advice, recommendations and investment decisions will not only impact our clients today but have the potential to influence future generations. This is a simple but clear recognition of the paramount responsibility we feel in serving our clients. Our sense of stewardship reaches before and beyond our clients today.

 

There are many ways we seek to honor this commitment to serve not only our clients but also their families. Due to the broad scope and depth of family issues related to financial decisions, this space is inadequate to fully address the matter. They range from planning for unborn children to planning for estate settlement and everything in-between. However, the following short bullet points highlight a few of the broad areas in which we seek to serve our clients and their families:

  • Education Planning
  • 529 Plans
  • Coverdell Education Savings Account
  • Uniform Trust to Minors Act (UTMA) Accounts
  • Uniform Gift to Minors Act (UGMA) Accounts
  • Leaving a Legacy

A common goal among many of our clients is to leave a legacy for the benefit of children, grandchildren or a charity. Partnering with our clients' attorneys and CPAs enables us to assist them in developing basic and sometimes even advanced planning techniques which can direct how assets will be distributed and managed as they pass to new generations.*

  • Basic Estate Planning Strategies
  • Beneficiary Designations (account retitling)
  • Trusts for Minor Children
  • Special Needs Trust
  • Powers of Attorney
  • Revocable Living Trust
  • Living Will
  • Advanced Estate Planning Strategies
  • Credit Shelter (Family) Trust
  • QTIP Marital Trust
  • Irrevocable Life Insurance Trust (ILIT)
  • Generation Skipping Trust
  • Charitable Remainder Trust

A Case Study

Frank and Betty recently celebrated their 30th wedding anniversary. They have been clients since before their 10th. They own a successful family business which Frank helped his father build after college. They have two children, Nathan and Susan. Early in our relationship, we worked with Frank and Betty to formulate a strategy to fund Nathan and Susan’s college education costs. The strategy included an estimate of the tuition and boarding costs to attend in-state public schools for both children as Frank and Betty expected their children to maximize the benefits of public education. With estimated inflation and conservative growth expectations included in our projections, and conservative growth expectations, Frank and Betty’s monthly contributions to the education accounts were adequate to achieve their tuition and boarding needs for their children. Nathan graduated several years ago and is working out of state while Susan recently completed a marketing degree and has joined the family business.

While Frank and Betty expect to keep working as long as they are healthy, we felt that they should consider taking steps to plan for the future with respect to their business continuation and personal family finances in the event that either Frank or Betty should become ill or die unexpectedly. They recently agreed to meet with one of several estate planning attorneys we recommended. The attorney conducted a complimentary initial face-to-face meeting to determine interest and need. Having engaged the attorney, Frank and Betty are now in the process of updating all of their estate planning documents to include their wills with testamentary trust provisions, powers of attorney, living wills and health care powers of attorney. Additionally, they are beginning a conversation over plans for slowly transitioning the business to Susan in the coming years. They have asked us to participate in a meeting with their children in which they will share the details of their legal documents and future plans for the family business.

This is a hypothetical example for illustration purpose only and does not represent an actual client experience.

*Raymond James does not provide tax or legal services.

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