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Ryan has been a PNC client for over 30 years, holding over $2 million in his investment management account.
While he was open to discussing the details of most of his assets, there was one that was off-limits. Ryan spent the majority of his career at a large distribution company with stock options that valued over $10 million dollars. Ryan’s wife, adult children and his grandchildren were unaware of his total wealth.
Ryan received a mailer about lifetime gifting from PNC Wealth Management. He called his PNC Fiduciary Advisor and discussed how he could start gifting his wealth to his family with minimal tax implications. Ryan’s PNC Fiduciary Advisor and his attorney, helped draft a trust and will for him.
Ryan’s PNC Fiduciary Advisor and PNC Relationship Strategist introduced him to the PNC Trust Director of the PNC Ohio Trust Company, a subsidiary of PNC Wealth Management. Ryan was able to establish and customize multiple trusts, through the Ohio Trust Company, for his children, grandchildren and great-grandchildren at $800,000 each.
Through the PNC Ohio Trust Company, PNC Wealth Management could serve as the directed trustee for the irrevocable trusts while Ryan, who does not need to be a resident of Ohio, maintains the authority to manage his funds. By incorporating the strong directed trust statutory language found in Ohio and utilizing the PNC Ohio Trust Company as the directed trustee, PNC was able to provide a solution that could meet Ryan’s goals.
As with any situation involving gifting, Ryan did not know how his family would react once he shared information about the trusts he set up for them. Ryan held a family meeting where his PNC team facilitated conversations informing Ryan’s family about their trusts, its responsibility and how Ryan would be able to monitor their accounts. A PNC Banking Advisor helped Ryan’s family set up checking accounts so they were able to receive the income from the trust accounts.
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.
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