Mary and John have been married for quite some time. Although they both had children from previous marriages, they now have a large valued stock that they purchased together. They would like to use this stock to set up trust for their blended family in the event of their death. However, they are worried about the tax implications that come with gifting.
Mary and John contacted their PNC Fiduciary Advisor and local attorney to develop an estate plan and trusts. This would help ensure that following their death, their children from previous marriages are equally taken care of and their charitable interests would also be satisfied.
In the event of either John or Mary’s death, the estate settlement advisor at PNC would work with their attorney to identify and collect assets, liabilities and handle all of the business matters pertaining to the settlement of the estate, filing court documents and tax documents, allowing time for the surviving spouse to console the family and make additional arrangements.
Estate planning is only performed in conjunction with a client’s attorney, accountant, and/or other business advisors.
Serving as a fudiciary for you and your family, PNC Wealth Management® is known for administering complex estates, multi-generational trusts and providing asset management services.
This story represents a hypothetical scenario and is intended for illustrative purposes; the person described is fictional and not an actual client, but the scenario is intended to reflect a typical and/or previously experienced situation. Actual client experiences and outcomes may vary and future performance or success is not guaranteed.
The PNC Financial Services Group, Inc. (“PNC”) uses the marketing name PNC Wealth Management® to provide investment consulting and wealth management, fiduciary services, FDIC-insured banking products and services, and lending of funds to individual clients through PNC Bank, National Association (“PNC Bank”), which is a Member FDIC, and to provide specific fiduciary and agency services through PNC Delaware Trust Company or PNC Ohio Trust Company. PNC does not provide legal, tax, or accounting advice unless, with respect to tax advice, PNC Bank has entered into a written tax services agreement. PNC Bank is not registered as a municipal advisor under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“PNC Wealth Management,” is a registered mark of The PNC Financial Services Group, Inc.
Important Information about Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we are required by Federal law to ask for your name, street address, date of birth (for natural persons) and other information as required to identify you. This may include a request or requests for confirmatory information such as presentation of your driver’s license and/or other document(s).
Investments: Not FDIC Insured. No Bank Guarantee. May Lose Value.
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Read a summary of privacy rights for California residents which outlines the types of information we collect, and how and why we use that information.