Legacy Planning

Help families and foundations envision, strengthen and live according to a family legacy that will endure for generations.

Situation Overview

A client family wants to safeguard their family heritage, which includes a legacy farm property that is used and shared by three generations. The family farm is a residence, a vacation spot, a family gathering place and a working farm that allows children from various families to work and play together during summers.

Solution

Threshold helps the family transfer title for the property to its second and third generations while still allowing the first generation to reside on the farm. Relationship managers work with the family to identify desires and priorities, and coordinate a transfer strategy with estate plan attorneys. The client service team crafts a long-term plan for the property, including financial responsibilities, operational budgeting, governance, maintenance and staff employment. Accounting records are created, and an archive of historical photos and stories is captured.

Outcome

The family begins a gradual progression of gifting, monitored by Threshold, to allow a unique heirloom property to be shared and honored for many generations.  Family members invest new energy and commitment to the place and to each other. Everyone gets fresh berries in the summer and apple cider in the fall.