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Planning for prosperity—One family’s wealth preservation journey

Through business succession planning and wealth management, Nixon Peabody Trust Company helped a family ensure financial prosperity and growth for years to come.

Business ownership is a common way to foster financial success and build generational wealth, but what happens when heirs desire to carve out their own paths?

Navigating multigenerational business transitions

Around a hundred years ago, a husband and wife began operating a business in their community near Boston. When the business took off, the couple turned to Nixon Peabody’s law firm to help navigate the legal work associated with day-to-day operations. The family expanded the business to multiple locations, and the company continued to thrive.

Trust building

As the years went by, Nixon Peabody helped formulate a generational estate plan, and the couple named an NP lawyer as a trustee for various trusts, which included shares of the business. Over time, the family contributed small amounts of money to these trusts, which Nixon Peabody then managed.

Evolving financial strategies

Following the owner’s illness and subsequent passing, the family sought help from Nixon Peabody to administer the estate. The family decided to sell these enterprises and focus on other endeavors. Nixon Peabody’s attorneys guided the family through the sales process, culminating in a sale. The team proposed that the proceeds be entrusted to Nixon Peabody Trust Company (NPTC). The family agreed, and since the sale, NPTC has been dedicated to managing their substantial wealth, working closely with them to ensure its transfer to the next generation.

Protecting resources, providing security

The family’s work with NPTC and Nixon Peabody progressed from a commercial relationship to camaraderie, and the family now relies on NPTC to manage their sizeable trusts to provide for their day-to-day living expenses. The NPTC team carefully determines appropriate distributions, deciding which trusts to draw funds from to safeguard the longevity of the family’s assets. NPTC also handles tax projections and planning, focusing on both income and estate taxes to reduce the financial impact on the family.