20 Nov Ask StoryOne – November
In Ask StoryOne, we answer real questions brought to us by real families. These are the important questions that shape decisions about wealth, legacy and purpose.
Last month we discussed our experience with complexity, highlighting the key takeaway that it’s a great opportunity for creative solutions. This month, we dive deeper into complexity and creativity by featuring specific examples.
Do you have experience with complexity and creativity?
At StoryOne, the answer is a resounding yes. We not only have deep experience navigating complex financial and estate situations, we thrive on them. Complexity often creates opportunities for creativity, and it is in those moments that thoughtful planning has its greatest impact.
Many of the families we serve face multi-layered decisions involving trusts, charitable entities, operating businesses, and family governance. Our approach is shaped by both technical knowledge and perspective. One of our partners began his career studying to become an estate and tax planning attorney before redirecting his focus nearly twenty years ago to serve families directly. That legal foundation still informs the way we think and work today.
We often serve as the team member who sees the full picture, holding all the component parts in mind while viewing decisions through the lens of stewardship, alignment, and long-term strategy. Our perspective is more akin to that of an estate and tax planning attorney than a traditional investment advisor.
We consider it an honor to walk alongside families as they face complex and challenging decisions. Every family has a unique story, with its own strengths, challenges, and opportunities. Our role is to help align today’s decisions and actions with the far horizon, creating a multiplier effect that supports long-term goals.
Examples of Complex Planning and Creative Solutions
Appreciation Projections and Distribution Schedules
We help families visualize how assets within various trusts and entities may appreciate over time and flow to future generations or charities. This modeling provides clarity and inspires purposeful planning.
Navigating UK Tax Law Changes
When the United Kingdom transitioned from a remittance basis to a worldwide income basis for U.S. expats, we designed a coordinated plan with international and domestic tax advisors to manage short, intermediate, and long-term implications.
Complex Charitable Gifts
We have structured multiple creative charitable strategies, including:
- The gift of an operating business to charity, followed by its purchase by a long-term employee through a donor advised fund.
- The gift and sale of a family vacation home through a donor advised fund, allowing for charitable impact and tax efficiency.
Asset Freeze and Dynasty Trust Design
For one family whose farming operation grew substantially over 15 years, we helped design a dynasty trust to preserve value for future generations while freezing the grantor’s estate for tax purposes.
Avoiding Generation Skipping Tax (GST)
We advised a family with seven legacy trusts, one of which was not GST exempt, and implemented a strategy to prevent significant tax implications for the next generation while providing a step-up in basis upon the beneficiary’s passing.
Decanting a Legacy Trust
We recently recommended the decanting of an older trust structure to protect estate and gift tax exemptions and achieve a step-up in basis, ensuring both flexibility and preservation of family wealth.
Key Takeaway: Complexity and creativity are not opposites. They are partners. The more complex a family’s story becomes, the more important it is to think creatively, align strategically and plan intentionally. At StoryOne, we view every layer of complexity as an opportunity to serve families with wisdom, structure and purpose.