May 06, 2016
Grandparents who want to cultivate family legacies and instill treasured family values in their grandchildren often turn to trusts, college tuition and financial gifts. Families are also discovering that simple family heirlooms — a revealing letter or an old photo — can be powerful ways to convey the family’s unique past and keep their heritage alive. These types of gifts can be both lasting and meaningful.
Case in point: one Minneapolis couple’s recent gift to their grandson was nothing short of a historical family experience, as it came complete with old documents, photos and a story about the founding of the great-grandfather’s business.
It happened when they revealed the existence of a trust designated for their 18-year-old grandson during a multigenerational meeting.
They explained the intricacies of the trust during a meeting that included the grandparents and parents along with their Private Client Reserve team, which included Wealth Management Advisor Bryan Polley and their Trust Officer and Portfolio Manager.
Polley spent weeks helping the Minneapolis family devise a plan that would communicate the family’s history, values and charitable intent to their grandson. The family provided the vision; it was simply a matter of figuring out how to best communicate the information.
Under the direction of the U.S. Bank team, the meeting began with a priceless conversation about the family’s values, philanthropic vision and the history of their wealth. The grandson was even shown a drawing of the tool that launched their fortune and a Depression-era letter detailing his great-grandfather’s business dealings.