In the late 1990s, a long-time client of the firm died. The client owned 100% of a successful professional services business as well as numerous real-estate investments.

The family chose an attorney with Culp Elliott & Carpenter to serve as executor of the estate and trustee of the client’s trusts. Traditionally bank trust departments are not interested in serving as trustee in an estate that involves ownership of a closely held business and real-estate assets.

As part of the estate administration, the firm devised and implemented a multi-generational estate plan. This plan involved the creation of several new trusts and substantial intra-family gifts and sales.

Selling the business: It was necessary to sell the professional services business because none of the heirs was a licensed professional authorized to own the business under North Carolina law. The firm retained an investment banker to solicit purchasers. With his help, the firm evaluated competing bids and negotiated a sale to the employees of the business on favorable terms.

Trust investments: The firm and the executor funded the trusts created under the client’s estate plan. It also hired an outside money manager to manage trust marketable securities. The firm solicits ideas from the trust beneficiaries on trust investments and decisions, and keeps them up-to-date on the trusts’ progress.

The trustee maintains control of trust assets, prepares periodic accounting, and prepares tax returns for the trust. Family members, with the help of outside consultation manage the real-estate assets.

Culp Elliott & Carpenter created, implemented, and continues to administer an integrated tax, legal and financial solution that meets all the needs of the client’s family.