A few years ago, I started working with a client about 75 years old, and they had just inherited a substantial amount of wealth. It was about $10 million. And as we were talking through the goals and objectives, at a certain point they stopped me and they just said, Rich, I'm 75. We've already raised our family. We've raised our four kids. We're not looking to move into a mansion. We're not looking to take a year long trip around the world.
You know, we were happy with where we are right now, but the next thing they told me is something that's always stuck with me, and it's something that I share with clients to this day. And what he said to me was, it would have been really nice if we had had even a fraction of this money 25 or 30 years ago, when we were actually raising our family, and we could have really, really used it at that time.
And what was great about this particular client relationship is, as we talk through this, and I really saw what was most important to them, we were able to bring in our trust and tax and estate specialist at work within Schwab Wealth Advisory. We coordinated with their estate attorney, with their CPA, and we looked at a number of different strategies to find the type of gifting strategy that really was going to make the most sense for this family.
And ultimately, what was coordinated was they gave a $1 million gift to each of their four children, adult children, to be able to use now in their lifetime. There were still about 5 or $6 million left, so there's still likely a very large legacy that will also go to their kids. But the fact that they were able to provide this to their loved ones now and see their children actually benefiting and their grandchildren benefiting from that money now is something that to this day, they still let us know how important that was to them.
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Portfolio Management provided by Schwab Wealth Advisory, Inc., a Registered Investment Adviser and affiliate of Charles Schwab & Co., Inc. (Schwab). Please read the Schwab Wealth Advisory and the Schwab Wealth Advisory, Inc. Disclosure Brochures for information and disclosures about this program. The Wealth Advisor, Associate Wealth Advisor, and other representatives making investment recommendations in your Schwab Wealth Advisory accounts are employees of Schwab Wealth Advisory, Inc.
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