Jul 20 2010 3:00PM

Case Study: Gerald and Eileen Fitzsimmons

Learn how to integrate various estate planning techniques into a cohesive plan while understanding income tax implications, cash flows and estate taxes. Case Details: Gerald and Eileen Fitzsimmons are 58 and 54 years old respectively. They are in good health. They have four grown children, two from Eileen’s first marriage. Their daughter has been in and out of rehab several times. Gerald owns 50% of a business that he inherited from his father. His mother and his sister own the other 50% and Gerald is in the process of buying them out. Their agreement is for a price well below what the company would sell for on the open market. Gerald and Eileen are very charitable and would like to give a great deal of their wealth away to several of their favorite causes. Gerald has been in negotiations to sell part of his company to an outside buyer. His first offer for 20% of the company was for $5Million. He anticipates that he will sell the entire business over the next five to seven years.

Randy Fox, CFP®, ChFC
InKnow Vision, LLC

Business History

A third-generation entrepreneur, Randy is a founding principal of InKnowVision, LLC, a national consulting and marketing firm that develops management and preservation strategies for clients of exceptional wealth. He is a director and faculty member of the InKnowVision Institute, which provides professional advisors with the advanced technical and interpersonal tools they need to attract and work successfully with high net worth clients. Randy also works directly with individuals and families in his role as President of Wealth Strategies Counselors, Inc.

Randy is a nationally known wealth strategist, philanthropic estate planner, educator and speaker dedicated to helping individuals, professional advisors, charitable institutions and planned giving organizations do well while doing good. His collaborative approach facilitates clients' ability to preserve and transform wealth in ways that honor their goals and passions while passing values, responsibility and stewardship ethics to their heirs.

Education and Professional Accreditation

Randy is President of the Board of the International Association of Advisors in Philanthropy. He serves on the Advisory Council of The Capital Trust Company of Delaware, and the Board of Directors of the Suburban Chicago Council on Planned Giving. He is also active in the Financial Planning Association, and the Chicago Council of the National Committee on Planned Giving.

Randy is a Fellow of the Esperti Peterson Institute for wealth strategies research and education, and is a guest instructor for the John Marshall Law School LLM Program and the Illinois Institute of Continuing Legal Education.

Presentations

Randy has an exceptional ability to make even the most complex and technical material clear and relevant. And his enthusiasm, warmth, and famously wry offbeat humor create a relaxed, fun environment for learning. Presentations to national groups of tax attorneys include: Alternatives to FLPs in light of Strangi and Kimball, Southern California Institute, San Diego, 2005.

Books and Publications

Randy has served as co-editor in chief of the CCH Journal of Practical Estate Planning, and has authored its regular "Money and Meaning" column. He has also been a contributing editor for Cutting Edge Current magazine, and contributing author for the book Giving: Philanthropy for Everyone.

Randy's articles and advice have appeared in Worth Magazine, Research Magazine, The Illinois State Bar Association's Of Counsel, the Chicago Daily Law Bulletin, Law Firm Benefits, and The American Medical Association's News.