The Charles Schwab logo and Wealth Advisory logo appears on an all-white screen. The title reads Professional Wealth Management on Your Terms.
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The logos and text fade away to show Schwab Wealth Advisor, Richard Velasquez, CFP®, CPWA®, CWS®, standing in front of a window.
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 ten million dollars.
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, we're 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've shared with clients to this day. And what he said to me was 'It would have been really nice if we had even had a fraction of this money twenty five or thirty 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 talked through this and I really saw what was most important to them, we were able to bring in our Trust and Tax and Estate Specialists that 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 one million dollar gift to each of their four children, adult children, to be able to use now in their lifetime.
There was still about five or six million dollars 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 benefitting, and their grandchildren benefitting 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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Schwab Wealth Advisory™ ("SWA") is a non‐discretionary investment advisory program sponsored by Charles Schwab & Co., Inc. ("Schwab"). Schwab Wealth Advisory, Inc. ("SWAI") is a Registered Investment Adviser and provides portfolio management for the SWA program. Schwab and SWAI are affiliates and are subsidiaries of The Charles Schwab Corporation.
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