How We’ve Helped Our Clients

Business Owners

We help business owners bridge their business’s success with their personal financial lives.

For business owners, work and play are often intertwined. TrustCore helps create an individual financial plan for each owner, built upon an understanding of how the business influences the inflows and outflows of his or her unique personal financial picture. Knowledge of the business directly informs personal decisions including retirement goals and short-term cash flow needs, such as private grade school expenses, college savings and housing purchases.

At the business level, TrustCore works with business owners on a variety of needs, beginning with early-stage business planning all the way to assisting with its sale. We serve owners in the meantime in multiple ways including helping to select the most advantageous retirement savings vehicle for the business given its size, cash flow and types of employees. 

Having an estate plan in place is a vital piece of responsible business ownership. This is one of the main areas where the business and personal plans of an owner are intertwined. TrustCore helps our business owner clients ensure that there is minimal business interruption in the event of an untimely death and, at the same time, helps make sure their families are properly provided for. We are experienced in helping owners put buy/sell agreements in place and assisting with the purchase of buy/sell insurance along with key man insurance, as appropriate.

We often serve multiple owners of the same business, helping each one determine his or her own personal financial goals in light of the business. Even though the business outlook is the same for all owners, an individual plan can often look very different among the owners after accounting for unique goals for the future, varying risk tolerances, etc.

After initial implementation, the planning does not stop. As owners make profit distributions and the business grows and changes, TrustCore continues to update financial plans on an annual basis to ensure owners stay on track towards their business and personal goals.

Nonprofit

We help non-profits create a roadmap to guide their financial future. 

Many non-profits hold cash reserves they can draw upon in the event they experience funding disruptions or other crises. However, they may need outsourced help to establish policies that ensure these funds remain available over the long-term. In addition, board members often do not have the time or expertise to manage the assets. 

TrustCore Institutional serves as an investment advisor for various non-profits. We also help develop policies to guide current and future board members in the oversight of their organization’s assets. We first meet with management to gain an understanding of their goals for the reserves, return objectives, spending needs and risk tolerance. TrustCore Institutional then incorporates those details into an Investment Policy Statement (IPS). The IPS can be a helpful roadmap for guiding management in the oversight of their assets by: 

• Documenting and defining the purpose of the funds 
• Detailing the roles and responsibilities for both the Board and TrustCore Institutional  
• Setting the investment objective for the fund 
• Defining allowable investments for the portfolio 
• Forming a strategic asset allocation architecture 
• Identifying the performance benchmarks  
• Establishing a reporting schedule and the frequency of advisor meetings 

TrustCore Institutional also serves as an outsourced CIO for non-profits by providing a variety of services. These can include cash management review and internal control review. We also provide periodic trainings on relevant investment topics in order to expand a Board’s understanding of their agency’s asset allocation and portfolio holdings. In addition, we have experience with socially responsible and faith-based investing, allowing certain organizations the ability to stay true to their core values even through their investment holdings. 

Trustcore Institutional’s investing, operational and governance skills free non-profit staff and board members to focus on living out their mission. We relish our role as a trusted advisor for non-profit organizations and help to ensure their reserves remain in place for future generations through strategic operations and investing. 

Family Business

We help family businesses define the roles of each working family member and plan how those specific roles will transfer to the next generation. 

There are many planning issues unique to a family whose wealth is tied up in a business. What happens if the owners pass unexpectedly, for example? How will their children pay the estate tax? How will the business continue operationally and fill empty roles? How will wealth pass equitably between the children working in the business and those who have chosen a different career path? 

Within family businesses, members of the founding generation typically have clearly defined responsibilities. Grown children who later join the business often need help determining how their skillset can be used to fill both current and future responsibilities. Separately, many planning issues can arise in making sure that the children who choose not to join the family business are fairly provided for upon the passing of the first generation. 

TrustCore spends time getting to know both the family and the business. We help owners plan strategically for a seamless transfer of operations to the next generation given the talents of the various family employees. 

TrustCore also works in conjunction with an estate attorney on the owners’ estate documents. These can be crafted to ensure that children inside and outside of the business will benefit from its future success in a fair way. This planning can also provide liquidity in the event of an unexpected death by using life insurance and various trusts to ensure funds are available to pay estate taxes and continue business operations. 

TrustCore also helps owners with a variety of other planning needs including employee benefit plans. These can increase employee retention among non-family member employees and improve the tax-advantaged retirement savings options for the owners. 

Through these long-term, inter-generational planning relationships, TrustCore guides clients through complex decisions that can have a positive short-term and long-term impact on both the family and the business. 

Inheritance

We guide clients through the process of inheriting wealth, helping them make the most of the gift in both the short and long run.

Receiving family wealth can be one of the most emotional, stressful and complicated financial transitions faced in a lifetime. TrustCore works with clients through the necessary adjustments to help them make more informed decisions on what to do with the financial gift received. 

We recognize that receiving an inheritance is a wonderful thing, but it also signifies the loss of a loved one. In order to avoid making too many changes too quickly, we often have clients think through the following questions: 

• Am I emotionally ready to make changes or am I still grieving the loss of my family member? 
• If I am not ready, what needs to be done now and what can wait? 
• What are my personal goals? 
• How do I want this inheritance to impact my life both now and in the future? 
• How do I want to handle legacy investments that had meaning to my loved one? 
• What are the tax consequences of making changes to the portfolio? 
• What is my own risk tolerance? 
• What amount of money do I need currently and what are my future needs and plans? 

An inherited portfolio typically transfers to the recipient still invested according to the needs, goals and risk profile of the previous owner. The heir is then faced with the task of redesigning the portfolio to meet his or her own current needs and future goals. 

TrustCore helps clients develop an appropriate investment portfolio allocation and creates a plan for distributions. In addition, we help address personal cash flow and risk management needs, execute updated estate planning documents and develop charitable gifting strategies. 

Working with our clients through the transition period of receiving an inheritance helps reduce the stress involved and creates a plan to ensure the money lasts through their lifetime. In addition, we hope our assistance frees clients to more quickly and fully enjoy the wonderful benefits an inheritance can bring. 

Corporate Executive

We help corporate executives manage the complexities of their personal finances, freeing them to focus on their career.

Corporate executives face many unique challenges related to their personal finances. They are typically paid in a variety of ways – base salary, bonuses, shares of company stock, options, etc. We help our executive clients navigate the unique tax implications of their compensation structure in order to maximize their take home income. We also review employee benefit packages, allowing them the opportunity to make the most advantageous choices given their personal situation. 

Our goal is to simplify an executive’s financial picture where appropriate. We begin by creating a working Balance Sheet of the various assets and liabilities an executive has. We help consolidate retirement and investment accounts and make appropriate investments in both the public and private markets. We create unique portfolio allocations for our executive clients by taking into consideration the single stock risk that occurs with equity compensation.   

Successful executives also have the opportunity to make private investments as a result of their high net worth and income. We offer a variety of private alternative investments to our clients across an array of asset classes including hedge funds, real estate, private equity, etc.    

Additionally, TrustCore works to ensure these clients are protected with adequate personal insurance, considering the added risk they may have given their position. We review existing liability, home, auto, life and disability policies in detail and make recommendations as appropriate. We also help create estate planning documents that coordinate with related insurance and retirement plans. 

We seek to be the personal CFO for our executive clients, helping them make various financial decisions that best fit their family’s personal well-being and goals. The ongoing planning process can involve decisions including real estate ventures, country club memberships, car and home purchases, education planning and additional savings beyond retirement plan contributions.    

Through quality financial planning conversations and actions, we provide our corporate executive clients with more personal free time, an improved quality of life and, perhaps most importantly, peace of mind. 

Loss of a Spouse

We support our widow and widower clients through one of the most trying times in their lives.

Navigating the loss of a spouse is a difficult road. TrustCore works alongside our widow and widower clients as they build new lives after loss. We help create a clear financial path forward in order to ease the financial stress that such a loss can bring.   

Sometimes our working relationship begins after a loss. Other times, the deceased spouse was a client and friend. In either case, we help surviving spouses take over what was once a shared financial picture. If a surviving spouse is less versed in the couple’s finances or if there was no plan in place, TrustCore first helps uncover the financial picture in order to create a plan for the future. We work with an estate attorney to close the deceased spouse’s estate and update estate documents for the survivor.   

One of the most advantageous and time-sensitive pieces of planning for a surviving spouse is tax planning for the last tax year the deceased spouse was living. This window provides an opportunity for maxing any remaining retirement contributions, taking large taxable gains, and making larger than usual charitable contributions, as applicable. These moves can create significant, one-time tax savings for the surviving spouse, helping them to retain more money for the future. 

TrustCore creates a comprehensive financial plan to show what a sustainable standard of living can look like going forward. We look at the remaining assets and liabilities along with any life insurance proceeds to paint a complete picture and provide recommendations to help ensure the plan’s success. In addition to estate and tax planning updates, these recommendations may also include selling unneeded assets, paying off debt, etc. 

Our ultimate goal is to provide a clear, manageable plan for the surviving spouse’s finances, regardless of their former knowledge of the family financial picture. We seek to be their first phone call when financial issues arise, no matter how big or small. 

Divorce

We help clients navigate divorce and the unique financial challenges that come with building a new life.  

At TrustCore, we recognize that divorce is one of the most difficult experiences in a client’s life. We walk our clients step-by-step through the changes needed and help them create a picture of what life will look like financially on the other side.  

TrustCore does a completely updated financial plan for our divorced clients. We use the divorce decree as a guide to determine all aspects of their new financial situation. This includes updating tax projections, creating a new budget and setting new retirement savings goals.   

If a settlement sum is involved, we help determine the best use of those funds for both current and future needs. We reconstruct any existing portfolio allocation to reflect our new goals. If needed, we fund several years of living expenses at a time to lessen the probability of having to sell in a down market. 

TrustCore reviews existing personal insurance in detail including liability, home, auto, disability and life policies to be sure they adequately represent a divorced client’s new financial picture. We also make sure that all existing life insurance policies properly reflect the terms spelled out in the divorce decree. We help clients obtain new life insurance policies if required per the decree or needed otherwise.  

We then update estate plans to be sure they reflect the client’s new life. This includes making sure that beneficiaries are updated on all retirement accounts and life insurance policies and that all assets are properly titled. 

If a client was previously less involved in their household finances, we recognize that they may need further help building their new financial picture. In addition to our planning expertise, we help with a variety of financial tasks from advice on re-entering the workplace to establishing credit.   

TrustCore seeks to be a trusted resource for all our divorced clients, providing guidance with day-to-day financial and personal decisions. 

Caring for an Aging Parent

We help clients provide care for their aging parents by coordinating a plan that works for the whole family and lightens the load for all involved. 

Many adult children find themselves assuming the responsibility of caring for their aging parents just as they begin approaching retirement. This can place a heavy burden on the children with the competing worries of providing the best care for their parents and not damaging their own financial situation. We seek to be an objective resource for our clients, helping them create a plan to provide their parents with the most suitable care available while understanding and protecting their own personal finances.   

TrustCore helps clients tackle these issues one step at a time by organizing finances. If merited, this involves meeting with both generations to gain an understanding of the current financial outlook and the potential needs for a care plan for the aging parent.    

We review any existing long-term care and health insurance policies and can assist with enrolling for Medicare, Medicaid or Veterans benefits as needed. We can also help by simplifying the number of investment and financial accounts, and changing account titling as necessary so family members have appropriate access to funds available for care expenses. 

TrustCore coordinates with an estate planning attorney to be sure the parents’ estate documents are up to date and give proper authority to caregiving children through Healthcare and Financial Powers of Attorney. Depending on the complexity of the case, we may also engage an elder law attorney for more specialized needs such as conservatorship. 

Taking over the care of an aging parent can be an emotional, stressful and time-consuming process, but it does not have to be overwhelming. TrustCore helps reduce the burden for our clients by creating a care plan that respects their parents’ lifestyle wishes without being overly burdensome to their own lives and finances.