Original Financial Impact
- Couple in their early 50’s with 4 sons.
- Father started a family business and ownership was passed to the client, his brother, two sisters, their spouses, and 7 members of the third generation. Including the father, there were 16 owners.
- He and his brother were leading and operating the company but were severely undercompensated.
- None of the nieces or nephews were interested in running the family business and his sons were interested but still in college or high school.
- Company was filing as an S-Corp and had substantial income that was being reinvested.
Original Family Impact
- They had “good values” but no common purpose.
- One son was recently married, and they wanted to create a plan to bring in-laws into the family.
- There was a desire to be more generous but little clarity around the impact the family could make.
- Family gatherings centered on vacations and holidays and during those event’s some family stories were shared.
- The Palmer’s desired to have more feedback from their children on their plans but had not established an avenue to facilitate these conversations.