Financial Advisors to Generations
Client: Daughter who had a durable power of attorney over financial matters in support of her mother who suffered from dementia. Although the daughter was responsible for her mother’s finances, she lacked the experience to handle the details and investment decisions.
Situation: The daughter, who was in her 40s, needed administrative and investment assistance in administering her father’s estate on her incapacitated mother’s behalf in keeping with their estate plan. There was a concentrated equity position in the company that had employed her father, a retirement plan, and a set of collectibles that our client needed help to marshal, rollover, invest/divest, distribute income, and account for trust and investment transactions.
Solution: Perkins Coie Trust Company was engaged as the investment advisor to the daughter in her capacity as attorney-in-fact. She relied on our advice related to diversification of the concentrated stock, asset allocation and investment selection. We introduced her to an art dealer who assisted her in the disposition of the collectibles. We then invested all proceeds on her behalf. She developed significant trust and confidence in the senior trust officer and the estate planning lawyer who were her primary contacts through the relationship.
Results: Our client was also the appointed personal representative responsible for her mother’s estate at her passing. We remained the investment advisor and agent to her as executor through the settlement of the estate, shifting the management of the investments toward the objectives of the daughter and her sibling as sole beneficiaries of the estate. On division of the estate post settlement, the client asked Perkins Coie Trust Company to serve as her investment advisor as well as the trustee for those assets transferred to her sibling. Like many of our clients, we are serving this family over multiple generations.