Financial success creates complexities.
Bill and Janet have been married for more than 50 years, have two children and four grandchildren. They built their home in the 1960’s where they still reside today. Their “home on the hill” in a Twin Cities suburb that previously gave them stunning views of downtown Minneapolis 10 miles on the horizon, is now surrounded by mature trees that provide their city setting with a serenity typically found in a quiet rural setting.
Bill spent many years in a family business before making the tough decision to sell his interest. After the decision came the questions! Would there still be sufficient assets to fund their lifestyle? Would Janet be adequately secure if something were to happen to Bill? Would their children be sufficient stewards of their money if something were to happen to both Bill and Janet? Would their four grandchildren have an opportunity to attend good schools in order to give them a good start in life? They were looking for peace of mind.
Enter BerganKDV Wealth Management.
The initial fear of outliving their money was quickly put to rest during their first meeting with a BerganKDV advisor. As BerganKDV began managing their assets and assisting them with estate planning needs, a relationship began growing. BerganKDV spent time fishing with the family, visited their home, poured over countless spreadsheets and enjoyed many cups of coffee and donuts alongside them.
Along the way, Bill and Janet thanked BerganKDV for being there for their family – helping them by manage their money, coordinating their tax planning with investment decisions, giving them advice on how to arrange their estate and for being there for them as their first call, even if it involved something as simple as “how do I fix my spreadsheet.”
They also thanked BerganKDV for helping them arrange for the sale of Bill’s business interest to his brother, recommending and placing insurance on his brother’s life to protect Bill’s contract receivable. This became invaluable within a few years of the sale when Bill’s brother was unfortunately diagnosed with incurable lung cancer and passed away a year later. In life’s tough times, it’s important to be focusing on what matters not on financial matters.
Financial success creates complexities. BerganKDV is here to help our clients navigate those complexities. We helped Bill and Janet accumulate their assets – by giving great business advice and managing their money. We helped them protect their assets – by placing insurance to protect a contract receivable, defensively investing their liquid assets, and minimizing taxes. We helped them distribute their assets – by setting up college savings plans for their grandchildren, helping them with their estate plan, devising a gifting strategy, and creating a distribution strategy to meet their spending needs.
The above situation is hypothetical and used purely to showcase the services offered by BerganKDV and how they may help clients solve financial complexities.