Category: Uncategorized

Jan 11th

How Philanthropy Unites a Family

Giving together can create a lasting bond.

“Philanthropy has the power to bring a family together,” says Pegine Grayson. “It can be life-changing, not just in its impact on a community, but also its impact on the donors.”

Invitation to Share

As Director of Whittier Trust's Philanthropic Services department, Grayson and her team help high-net-worth families meet their charitable goals, but the personal rewards for families are sometimes among the most meaningful outcomes.

Grayson recounts the time she helped plan a family retreat with the goal of getting three young adult children involved in the family foundation. While the two sons were enthusiastic, the daughter had been largely estranged from the family and only reluctantly agreed to attend.

“About an hour into the retreat, we asked the father to talk about why he wanted a foundation—what happened in his life that made him want to use his wealth in this way,” Grayson recalls. “He began talking about his reasons for joining the military decades ago, the experiences he had during his service that left a lasting impression on him, his own experiences as a veteran, and why he cares so deeply about helping fellow vets. As his story unfolded, he broke down and cried. The kids were stunned. They had never heard this story. After so many years, they finally had a key to begin to understand what their father was about.”

The father's vulnerability created a major shift in the room, Grayson says, which transitioned to asking each of them about their own lives and areas where they'd like to have an impact. Although no one's causes were the same, there were no wrong answers, and everyone was truly listening and hearing each other. “By the end, the kids realized that it's not always going to be the dad show; it can be the family show,” Grayson concludes. “And they've all been active in the family foundation since, including the daughter.”

The School of Philanthropy

Because the work of Philanthropy is steeped in personal values, it's an ideal vehicle for a family to talk about what has shaped them as individuals and what it means to them to align their wealth and values. Philanthropic pursuits open the door for a family to work together as a team on projects or initiatives that will benefit others outside of the family unit. Grayson discusses her top five:

1) Values and succession

As a parent, you don't want wealth to undermine your children's initiative and drive for success. You want them to be equipped with the tools and values they need for a good life. Philanthropy provides that foundation, prompting discussions of family members' backgrounds and beliefs and helping everyone embrace family history and carry forward important values.

2) Life skills 

Even once you have settled on a charitable mission, it can be surprisingly challenging to select grantees, develop a decision-making process, decide the type of impact you want to have and how to evaluate it, etc. Making these decisions as a family provides a rich learning environment, as members research the causes they care about and learn how to communicate respectfully, make persuasive arguments, appreciate other perspectives, and compromise. You also have to learn how to represent your family effectively in the community so that every encounter leaves people, grantees, organizations, and other philanthropists with a positive impression. 

3) Financial literacy

By tending to the business of the foundation, family members learn about investments, financial planning, budgeting, market fluctuations, and other financial management practices, including how to calculate the 5% required distribution for private foundations.

4) Resolving ambivalence 

It's not uncommon for family members to have a love-hate relationship with the family's wealth, particularly for those who didn't earn the money themselves. Sometimes, there are expectations of achievement; sometimes, politics and unconscious messages of distrust. But coming together to decide how to use the wealth for good can serve as a pressure relief valve for some of those issues and get family members rowing in the same direction as they focus on the positive impact they can have on issues they care about.

5) Togetherness

With families spread all over the country, or even the world, philanthropy can keep you united around a common purpose and provide an impetus to physically come together, visit grantees, see your work in the community, and then talk about what you've seen.

Strategy for Family Continuity

“One longtime Whittier client had a situation that demonstrated all five of these benefits,” Grayson says. 

The origin of the family's wealth went back many generations, and as the family branched out, they created a variety of foundations. By the fourth generation, everyone had their own separate interests, and they were no longer collaborating. 

“We saw a way to bring everyone back together,” Grayson explains. “For the fifth generation, we had the idea to create a junior board to start talking about seamless succession planning for the family foundations, identifying promising charities, and learning about making grants. So, we formed a group of cousins and started to educate them on the responsibilities of being a board member of a foundation and the legal and tax constraints in which they operate. We focused on fundamental activities such as researching grantees, making site visits, and budgeting. As the training sessions progressed, the cousins wanted to know more. Some of the questions that came up were, While we're talking about philanthropy, can we also talk about why my parents set up a trust, what it means, and what are the differences between stocks and bonds and other investments? They were hungry for knowledge.

“As the group started to learn together, they started respecting each other. That has led to even deeper relationships over time. They're all still very close and doing collaborative grant-making across branches of the family. Every other year, they have a ‘G5’ retreat in person, and they plan it themselves!” Grayson says. “Philanthropy created those relationships. That fifth generation got to know each other in a way that never would have happened without the common bond of using the family's wealth for good. It's the best feeling to be able to help facilitate that.”

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Jan 3rd

David Dahl Reflects on Thirty Years With Whittier Trust

To our Whittier Trust Family,

I want to express my deepest gratitude to each of you--clients, employees, and partners--who have been an integral part of the Whittier Trust family since I started here over 30 years ago. This journey has been extraordinary, and your unwavering support and commitment have made it all possible. This is a significant milestone, and as I reflect on the past 30 years, I am reminded that success is not a solitary endeavor. Success is a collective achievement, a testament to the incredible people around me.

My journey in wealth management began with a personal connection, perhaps foreshadowing the mantra that so many of my colleagues at Whittier and I would be guided by as we worked to serve our clients. I vividly recall a neighbor noticing my fervent, insatiable curiosity about investing, and him making the time to share the Wall Street Journal with me. From that curiosity, I began my career in institutional money management. My role often included presenting performance results to large public funds. If the investment performance was good, the meeting was short. There was very little personal connection with the actual investors. When visiting smaller public funds – the entire fire department would show up. I will never forget a fireman approaching me after a meeting and saying, "Mr. Dahl, I really don't understand much of what you just said here today, but I want you to know that you have everything I own – my pension – and it is there for my wife and daughter. Just don't blow it!" Now, that is a personal touch. Truly successful people in this business have to be able to deliver exceptional performance and also have the ability to connect. That same emphasis on personal touch and genuine connection ignited a passion within me and has made Whittier Trust feel like home all these years.

For almost the entirety of its existence as a multifamily office, I have been proud to help grow the wealth and legacy of our clients and privileged to welcome so many into the Whittier Trust family. Over the past three decades, we have navigated various challenges, from the dot-com bubble to the rise of Silicon Valley, the 2008 financial crisis, and the hurdles posed by a global pandemic. We have witnessed the birth of the internet, smartphones, gene therapy, gene editing, and artificial intelligence. Yet, through it all, Whittier Trust has not just adapted; we have thrived. We have embraced change, continuously thinking like entrepreneurs, evolving our methods, and incorporating new technologies while holding to the timeless principles of the “Whittier Way” and putting our clients above all else.

In a world increasingly moving towards less personalization, Whittier Trust remains committed to being that second call for our clients in times of great need (after their spouses, of course). We empower our team to provide holistic, tailored approaches across all five pillars that build families and grow value. We seek to be a beacon of safety for our clients.

Through our unique approach, we are honored to bring families together, create visions for legacies today and tomorrow, offer meaningful career paths for our team members, and bring preeminence to the multifamily office arena. As I reflect on the last 30 years, I find immense pride in knowing that Whittier Trust has been a guiding force in our clients' journeys and our team members' professional pursuits.

Looking ahead to the next 30 years, our vision remains unwavering. With the recent opening of West LA and Menlo Park offices, alongside the relocation of our largest office to Pasadena, we continue building momentum and unlocking opportunity. While we are growing, our focus remains on fostering success from within for the benefit of our clients. We are committed to nurturing and developing our talent, ensuring that our team continues to drive our success.

In closing, I want to express my deepest gratitude. Your belief in Whittier's mission and continued trust and dedication to that mission truly shine through. It’s this shared spirit drives us towards our goal of being the preeminent multifamily office, and I am confident that each of our team members embodies and embraces that ambition.

Looking ahead, I am confident that we can reach even greater heights. With your talent, drive, and collaborative spirit, there's no limit to what we can achieve together.

With heartfelt appreciation,

David A. Dahl, CFA

President & CEO 

Dec 5th

Federal Tax Updates

On November 9, the IRS released its annual inflation adjustments for tax year 2024 covering updates to more than 63 tax provisions. The 2024 adjustments will affect tax returns filed in 2025.

On December 31, 2025, a significant amount of the individual tax provisions passed under the 2017 Tax Cuts and Jobs Act (“TCJA”) will sunset, including: the TCJA’s lower tax rates, the 60% AGI threshold for cash gifts, the doubling of the Unified Gift and Estate Tax Credit, the elimination of the $10,000 state and local tax cap, the return of the 2% miscellaneous tax deduction, and more. Whittier Trust’s Tax Department can assist with modeling these upcoming changes.

2023 tax year filings are due in 2024; certain tax due dates fall on a weekend or holiday. A list of 2024 federal tax due dates can be found available for download in the attached PDF.

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Nov 20th

Providing for Pets in Your Estate Plan

In 2022, the United Kingdom’s Queen Elizabeth passed away at 96 years old, leaving behind four beloved dogs, Candy, Lissy, Sandy and Muick. The Queen, famous for being a dog lover, worried about the fate of her pets and planned ahead for her children and staff to adopt them after her death. Ultimately, it was a happy outcome for the royal pooches. 

Many of us can relate to pets feeling like full-fledged family members. In fact, according to the American Veterinary Medical Association, in the United States, 85% of dog owners and 76% of cat owners consider their pets to be a member of the family. Those numbers are huge since, according to the American Pet Products Association, as of 2023, 66% of U.S. households have at least one pet. Still, the overwhelming majority of pet owners neglect to plan for their animals in their estate plans (Everplans reports that only 9% of people with wills include provisions for their cats, dogs, or exotic birds). 

More and more Whittier Trust clients have questions about how best to provide for their fur babies and feathered friends. Whittier Trust Senior Vice President and Director of Philanthropic Services Pegine Grayson sat down with Christine Chacon, a partner at Best Best & Krieger LLP. Chacon has extensive estate planning experience in the areas of trusts for individuals and pets, wills, powers of attorney and healthcare directives.

Pegine Grayson: Why do you believe it’s important for people of means to engage in advance planning for their pets?

Christine Chacon: Our pets are like family members. And despite their shorter life expectancy, it’s actually very common for pets to outlive their owners. Most of us can’t imagine a scenario in which our beloved animals are just dropped off at the nearest shelter with no idea how they would fare. Even if you have a family caregiver in mind, pets are expensive and most of us don’t expect others to have to shoulder the costs of caring for our pets into the future.

Pegine Grayson: That makes sense. What can we do to ensure the best outcome for our pets after we’re gone?

Christine Chacon: I usually begin by asking my clients whether or not they have a successor caregiver—a family member, friend or a neighbor—in mind. Their options will be different depending on how they answer.

Pegine Grayson: Then let’s take those one at a time. What are the options for people who do have a specific caregiver in mind for their pets?

Christine Chacon: First, make sure they know of your intention and agree to serve in this capacity. Consider naming a second person in case something happens to the first one or they become unable or unwilling to serve. The next step is to craft a letter with instructions to guide them (the pet’s medical history, medical conditions, vet contact, special dietary restrictions, habits, etc.). In short, these are tips for success. Finally, ensure your chosen caregiver will have enough resources to care for your pet in the way that you would want them to. This can be accomplished as a simple, outright bequest to the caregiver for this purpose or by arranging a pet trust. The best option depends on the pet owner’s assets, other chosen beneficiaries and circumstances.

Pegine Grayson: Let’s discuss the bequest first. That sounds easier than establishing a trust. Why not just opt for this solution?

Christine Chacon:  It’s a simpler option, but it may not provide sufficient protection under some circumstances. For example, what if your chosen caregiver falls ill or passes before your pet does? What if he or she turns out to be less financially responsible than you had assumed and squanders the money you leave them on a new car? I always advise my clients to hope for the best outcome but plan for the worst one.

Pegine Grayson: So it sounds like a trust structure would be safer, but is that possible for pets?

Christine Chacon: Absolutely! Many states have provisions in their Probate Codes for this type of structure. For example, in California, it is found in Section 15212. You’ll want to engage an attorney who is experienced in setting up these special trusts. Typically, people name the same personal or professional trustee that they have in place for their other trusts and specify that distributions can be made for all expenses reasonably necessary for the pet’s care. The trustee would be obligated to invest the funds prudently, so they may grow over time. The trust would stay in place even if the caregiver ends up changing over time.  Finally, you’ll need to decide what happens to any fund balance remaining upon the pet’s death. Most people designate a trusted animal shelter to receive the residue.  

Pegine Grayson: How does one determine the right amount of money to put into the trust?

Christine Chacon: I suggest you make a list of your typical monthly expenses (food, grooming, vet bills, walking, toys, medications, etc.) as well as the annual ones (dental cleanings, boarding for vacations, even plane tickets) and come up with an average annual amount. We can specify varying amounts to be transferred to the trust upon the owner’s death, depending on the age of the animal at the time of the owner’s death.

Pegine Grayson: OK, you’ve been talking about the situations where the pet owner has a specific caregiver in mind. What if they don’t have anyone willing or able to step in and take the pet?

Christine Chacon: In that case, most of my clients still opt to establish a trust with a professional trustee and name a trusted animal shelter or other appropriate nonprofit as the beneficiary. For dogs and cats, a local shelter is typical. For horses, they’ll need to find a ranch or stables willing to board them for the remainder of the animal’s life. It’s important to reach out to the organizational beneficiary in advance and get their consent to the arrangement. It would be tragic to make plans that you thought were iron-clad only to have the organization say that they’re not willing to take the animal in. The trust instrument will provide that if the pet is adopted, the organization may retain the funds as a charitable contribution.

Pegine Grayson: Can you share a story of a pet trust you established and how it worked out?

Christine Chacon: I counseled a Trustee through the administration of a pet trust which just ended a few years ago. The decedent left a large portion of her estate in trust for the benefit of her dog. Her dog was young when she died, so the trust lasted for the dog’s lifetime. A friend cared for the dog, and a professional licensed fiduciary managed the trust account. The dog was very well cared for, from grooming to boarding, supplies, food, equipment and anything else you can imagine. When the dog died of old age, the balance of the trust fund was given to a local pet organization. It was a lovely arrangement, because the dog’s life continued as her owner would have liked, and a charity was benefited as well. 

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Nov 17th

Whittier Trust Positions for Growth with New Pasadena Relocation

Whittier Trust Company, the oldest wealth management firm headquartered on the West Coast, today announced the relocation of its South Pasadena office to 177 E. Colorado Blvd, Suite 800, Pasadena, CA 91105, effective November 20, 2023.

This move is a response to Whittier Trust's remarkable growth in recent years, fueled by its ever-expanding client base and its pledge to maintain personalized service.

"Our recent expansion is a clear reflection of our unwavering commitment to our clients," said David Dahl, President and CEO of Whittier Trust. "Our new Pasadena location will not only enable us to sustain our high standard of service but will also position us more strategically to connect with additional families."

The relocation is set to support Whittier Trust's burgeoning team, ensuring that the increasing demand for its premier wealth management services continues to be met with the utmost expertise. The new, larger space in Pasadena will underpin the firm's ongoing recruitment of exceptional talent and support its staff's professional growth.

By establishing its largest office in Pasadena, Whittier Trust reaffirms its devotion to its core pillars of wealth management services, including fiduciary services, family office, investment management, philanthropy, real estate, and alternative assets. Strategically situated near key transport links and amenities, the office enhances client accessibility to Whittier Trust's services.

As it solidifies its presence in Pasadena, Whittier Trust maintains a robust network with branches in West Los Angeles, Newport Beach, Menlo Park, San Francisco, Reno, Portland, and Seattle, reinforcing its mission to serve its clientele on a local and personal level.

 

Nov 16th

Peace on Earth and Goodwill Toward Family

The holidays are a time to be together: Here’s how to ensure family harmony

For many, the holidays are the only time of year when the entire family gets together. From January to October, family dynamics may be easily avoided, but November and December usher in the season of togetherness as well as expectation. Studies show that roughly half of all Americans have increased stress during the Thanksgiving to New Year’s timeframe as they anticipate the minefield of family interactions around planning, travel, food, and gift-giving, combined with conflicts over the most common topics of politics, religion, and money.  

“The strains of family dynamics can be exacerbated by wealth,” notes Whittier Trust Senior Vice President and Client Advisor Brian G. Bissell. “Shared family assets, vacation homes, gift expectations, sibling rivalry, and family business affairs all add complexity and can lead to lingering issues. Addressing these issues and working toward family harmony throughout the year is imperative if the goal is to have a drama-free holiday gathering.”

Bissell recommends a few top tips for holiday family harmony: 

  • Try to have regular family communication throughout the year, especially if you have shared assets or an operating family business. Allow the holidays to be a time where you just enjoy each other’s company rather than talk business. Create opportunities for all family members to express their opinions, concerns, and aggravations separate from holiday gatherings.
  • Respect each individual’s personal version of success and happiness. Everyone is on their own life path and will achieve different levels of financial success. The banker may obtain a higher salary than the artist, though the artist may live a more creative life. Envy and rivalries can only be resolved if both parties put in the work. Parents can help by making sure everyone’s accomplishments are celebrated. Being fair in the amount of praise given can be just as important as fairness in the distribution of financial gifts.
  • If alcohol is prevalent at your family gatherings, it’s extra important to set boundaries. Stress that family Thanksgiving, Christmas, and other celebrations are a time to enjoy each other, not a time for weighty topics. And prepare for intervention if necessary. Plan ahead for what you might need to say or do to defuse a conversation that is headed to the abyss. 
  • Model good behavior. Even in the trickiest family interactions, you should maintain your own high standards. Practice compassion, open-mindedness, understanding, and active listening.   

One of the advantages of family wealth is the opportunity for outside assistance in managing family dynamics. If financial issues are regularly fueling the discontent, families should consider hiring an experienced third-party wealth manager who specializes in working through family dynamics to help keep the peace and build trust with all stakeholders. 

“By engaging the services of wealth management offices that prioritize objectivity and open communication, families can navigate the complexities of wealth and financial matters, ensuring that the holiday season is truly a time to be together in harmony,” Bissell says. Through his work at Whittier Trust, he has seen firsthand the value of three key steps families can take:  

  1. Form a family office to include a non-family wealth management team of advisors. These independent, impartial advisors can manage family estate planning and wealth transfer and deliver sensitive family communications. An advisor also serves as a mediator or unbiased perspective to help resolve conflicts among family members and foster long-term family unity. 
  2. Build a strong foundation of family identity and shared values. Work together to articulate shared goals, philanthropic objectives, and a family mission statement. An advisor can help you establish guidelines for communication, compassion, and conflict resolution.
  3. Design a family governance plan that ensures everyone understands how decisions are made about family financial, legal, and personal matters. The structure of the plan might include agreed-upon principles, conditions, and methods of communication. The family office team of advisors will guide you in creating, implementing, and monitoring the plan.

“Family Thanksgiving and the holidays in general are an opportunity to express your thanks for all that family means to you and strengthen family bonds,” Bissell says. “Families are the most enduring relationships of your life, and it’s worth the investment of time and energy to create family harmony.” After all, what better holiday gift could you ask for?

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Nov 15th

3 Steps for a Generational Transition of the Family Business

As the oldest Multifamily Office headquartered in the West, we bring decades of experience helping families transition their businesses to the next generation. Over the years, we’ve identified several commonalities among families that have successfully navigated a family business transition. The following three concepts we believe are essential:

1. Create a family office to organize your family outside of the business.

Generational transitions in a family business can affect morale, liquidity, and security within the family. A family office can be particularly effective in identifying and addressing these issues, especially when family members share interests in complex assets, such as real estate or business stock.
A family office also plays a critical role in creating privacy, community, shared purpose, and a safe meeting space for all family members. Designed around your family’s unique needs and objectives, your family office can provide education about your family’s financial situation, estate planning objectives, and family history. It can help you articulate values, roles, and responsibilities for the business and the family.

Some families set out to create their own single-family office by hiring attorneys, accountants, administrators, trust officers, real estate professionals, and philanthropic advisors. They will also lease out office space to house these professionals and host family meetings. Our clients find significant value in having efficient access to our many resources, benefiting from economies of scale. With over 550 client families with distinct needs and unique family office structures, we are able to deploy the lessons learned and shared knowledge to help families establish their own platform and make critical adjustments as the business and family evolve.

2. Establish a strong foundation.

For any family to work together and make decisions collectively, it is paramount that a clearly defined vision, mission, and purpose is articulated, integrating their core values and long-term objectives. There should be a mission statement for the family office incorporating each of these elements that is different from the mission statement for the family business. The ability to effectively communicate and resolve conflict is crucial to longevity and work may need to be done to strengthen this foundation.

3. Design a structure that allows the flexibility to adapt, evolve, grow, and protect the family.

Once you have formed a dynamic family office and created a strong foundation, your family is ready to construct an entity structure that allows for ownership and control to transition smoothly ensuring continued success in a tax efficient manner. If there is one constant we can count on, it is that tax laws will always change. The family office will help keep your family at the forefront of planning ahead for these changes. The entity structure should either benefit from being grandfathered into current laws or have the flexibility to adapt to unforeseen future tax law changes. We’ve seen the struggle created when an owner dies, and the family hasn’t planned for the succession or the estate tax liability. There are many options available today that will reduce estate and other tax burdens and prepare the family and the business for the emotional, financial, and related burdens associated with generational transitions.

Having a skilled advisory team that knows your family and understands big picture objectives can make all the difference.

 

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Nov 9th

Art As An Investment

Works of art can have significant value, both personally and as an asset

Fine art may not be one of the first categories that comes to mind when you consider diversifying your portfolio. But paintings, sculpture and other works of art can be a substantial asset in an estate while also bringing beauty and joy into your life.

Make a statement while making an investment

“Quality art is a dual investment,” says Elaine Adams, director of American Legacy Fine Arts who consults with Whittier Trust clients. “It has personal value because it gives you pleasure and because you’ll constantly be discovering something new in it. And if you’ve done your research—and particularly if you have something rare—the piece will also increase in value over time as an investment.”

But how do you shop wisely if you have no formal art education? “Approach it as an adventure,” Adams suggests. “Sometimes you don’t even know what your own interests are; you just see it and it hits you. Gallerists and museum staff love to educate and answer questions, so don’t be intimidated. The first piece you buy may not end up being among the most important, but it starts your collection, and one thing will lead to another. The detective work is the fun part, learning about individual artists while you learn the language. Take your time with it, and soon you’ll become an expert.”

Here are some of the initial steps that Adams and other art consultants recommend as you begin investing in fine art:

  • Read about different art styles, periods and movements. Go to galleries, exhibitions, museums and art auctions to understand the market. Get involved with local fine arts organizations. Learn about factors that can affect the value of art, such as historical significance, cultural and market trends, and the reputations of different artists. 
  • Set a realistic budget and remember to account for potential costs such as shipping, framing, lighting, installation, insurance and climate-controlled storage if needed. Art investment is typically a long-term commitment, so plan to keep your works for many years. 
  • Once you discover an artist whose work interests you, research their background, read about their inspirations and consider factors such as where their work has been exhibited and at what stage in their career each piece was created.
  • If you like what you learn about the artist, take the next step and ensure that their artwork is authentic and not an imitation of other works or simply an attempt to capitalize on a trend. Verify the piece's legitimacy through reputable authorities. 
  • Consider working with a trusted gallerist or hiring a qualified art consultant who can help you navigate the market and also help with aesthetic decisions, such as framing and placement in your home.
  • Diversify your collection, just as you would with stocks and bonds, by investing in different artists, styles and mediums. Consider both established artists and emerging new talent. There’s less risk with artists who have a record of strong auction or gallery sales and whose work has a proven appreciation in value. But you might see a bigger payoff in the long run, and perhaps have more fun, taking your chances on lesser-known works.
  • Prioritize quality and what speaks to your soul while keeping an eye on the development of artists’ careers and their evolving styles. Educate yourself about the art markets in your area of interest by following auctions, joining art investment forums and subscribing to respected art publications.

Make It Personal

You’re likely to find that many of the professional skills and investment acumen you already have will serve you well in navigating the art world. But be sure to balance market considerations with your personal goals: Do you want to become a collector of art from a certain region, specific era or of a particular style? Or would you prefer a more eclectic collection, buying items that catch your eye at different times or that fit into ideal spaces in your home? Are you looking for soothing pieces that invite contemplation or bold pieces that energize you, or both? 

Discussing and shopping for art with a loved one can become a lifelong passion, and each piece will reflect your interests over time. “Collecting as a couple opens a door to learning more about each other and yourselves,” says Adams. “Each year you’ll notice something new in the art because you’ve changed and you’re seeing yourself differently.” 

From a long-term perspective, your collection and the stories of how you discovered and selected each piece can be passed on to family members who will cherish the works that remind them of you and your home. 

So enjoy the journey, the stories you’ll gain along the way, and the lasting satisfaction of discovering and owning pieces that speak to you.

From Investments to Family Office to Trustee Services and more, we are your single-source solution.

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Nov 2nd

The Employee Experience at Whittier Trust

A Journey from Internship to Full-Time Excellence

At Whittier Trust, our clients are the core of all we do. We're dedicated to delivering a tailored wealth management experience that prioritizes our clients' families, estates, and legacies. To achieve this, we assemble exceptional teams around our clients, comprising top-tier professionals and talent cultivated through our robust internship program. Many of our interns become full-time employees, ensuring our team's expertise is deeply rooted in our values. For these individuals, working at Whittier Trust isn't just a job; it's a dynamic journey of learning, mentorship, and growth. We spoke with seven former interns, now full-time team members, to explore the Whittier Trust experience from their perspective.

The Internship Experience

"I think what really stood out to me throughout my first internship with Whittier was just the willingness for each employee to actually take the time and meet with you,” says Taylor Hughes, a former intern and now Officer and Client Advisor at Whittier Trust. “Not only did I get one-on-one time with top-level people, I was included in a lot of conversations and given projects that were actually interesting and not just busy work.”

Matthew Mackel, a former intern, now Investment Analyst with Whittier Trust adds, "I was really amazed by the people and the culture and really the growth mindset of the culture. You can go and talk to anybody, even someone who is at the highest level of the company, and often they'd come and talk to me first.”

These personal connections don’t stop once interns leave Whittier Trust as William Dodds, a former intern and now Client Advisor, notes, "My mentors really cared about me as a person and about my development... it wasn't a transactional relationship. It wasn't, 'Your internship is done, you're back to college, and hopefully you learned something.'”

Katie Muzzin, a former intern turned Officer and Investment Analyst, further highlights the emphasis on mentorship and personal development at Whittier Trust. "Everyone at the firm, especially the investment team, has taken the time to not only teach me and answer my questions, but they've also tailored my projects to areas where I was most interested in and wanted to develop my skills."

However, an internship at Whittier Trust isn't just about technical skills. Derek Galvan discovered the importance of EQ (emotional intelligence) during his internship. He explains that "what really makes a difference in business development and client relationships is being personable and learning that side of the business… as we value relationships with clients at the level we do here, it’s probably the most necessary skill."

Transitioning to Full-Time Employees

Danny Schenker, a Vice President and Client Advisor in the Reno Office, cites these client relationships as a major reason why he returned to Whittier Trust. “No two days are the same. We're a family office and with the family office, we offer our clients a lot of concierge services.”

Katie Muzzin points out that the internship experience at Whittier Trust showcased that the firm doesn't just overdeliver, but genuinely cares about its clients. Matthew Mackel concurs, “We have really close connections with our clients. You know, we're in their life. We're not just sending out a report saying ‘Here's how you're doing it for this year. See you next year.’ We learn how to approach things holistically and that necessitates a strong relationship.”

Muzzin expands on the firm's client-centric philosophy, noting that, "We measure success across generations rather than in years." This long-term, client-focused approach guides employees at Whittier Trust, ensuring that they continue to prioritize their clients over anything else.

Danny Schenker also notes the satisfaction he feels from solving unorthodox problems for his clients. "I feel like at Whittier, I'm challenged to come up with unique solutions to complex situations, and with each challenge that I work on and get to solve, I feel like I get to add another tool to my toolbox."

The journey from intern to full-time employee at Whittier Trust is marked by continuous learning and personal development. The trust that interns receive during their internship carries over as they step into more significant roles. Katie Muzzin highlights that the transition comes with ongoing support: "Whittier and my team have continued to support me in furthering my education and ensuring that I have the time and resources necessary to succeed."

Katie Muzzin also valued the trust she received immediately from her team: "They have always treated me as an equal part of the team since day one and have shown that they value my opinion throughout my time here." After starting as a full-time member at Whittier Trust, Katie was quickly asked to take on key roles in important projects, such as the due diligence of private asset managers and managing alternative asset funds.

Matthew Mackell adds, "It's where the culture of the firm comes from, everyone wanting to promote each other and help each other.”

This culture extends beyond client work. "Whittier is also really supportive of the nonprofit community which is something that I hold close to my heart. I'm on the Young Professionals Committee of Big Brothers, Big Sisters in Northern Nevada and also serve as the President of the Planned Giving Round Table of Northern Nevada,” says Danny Schenker. He notes that not only does his office give employees the full support they need to pursue philanthropic work important to them, but also organizes opportunities for all employees to volunteer.

What advice would you give to interns now?

Whittier Trust interns come from diverse backgrounds, but they all share a common trait: curiosity and passion. As Derek Galvan highlights, "A lot of people have those technical skills. But coming in, you really have to accept that you're not going to know a lot and you're going to have to ask a lot of questions, a lot of the right questions."

Reflecting back to his first few months at Whittier Trust, William Dodds notes, "Coming in with an open mind and accepting that you're not going to know everything and just learning from the people with experience... That's really what helped me grow within this company."

"I think the thing that could be the most helpful is just stay curious,” agrees Taylor Hughes. “Make sure that you continue to ask questions and demonstrate that you care deeply about the work that you're doing.”

William Dodds adds, "Asking ‘why’, is something that I learned over the course of my internship... all of those people that ended up in senior roles have spent their career asking ‘why’."

Matthew Mackel says, "One of the interesting things about the people here is that there's no ego. And, so I'd say take full advantage, and talk with your superiors and learn as much as you can and show a passion. I think one of the things about Whittier Trust employees is that they're passionate, and they care about their work. So I think if you're someone who is looking to go  full time, that's kind of how you want to approach work."

At Whittier Trust, we understand that the well-being of our clients’ estates is only as strong as the team behind it. Whittier Trust's internship program provides an exceptional foundation for young professionals to develop their skills and gain insights into wealth management. As evidenced by the number of interns who are now full-time employees at Whittier Trust, they carry with them a wealth of experience, mentorship, and a profound commitment to client satisfaction. The journey from internship to full-time employment at Whittier Trust is not only a testament to the firm's dedication to personal development but also a demonstration of the potential for individual growth within a thriving company.

From Investments to Family Office to Trustee Services and more, we are your single-source solution.

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Oct 24th

Impact and Reward: Strategic Year-end Giving

Strategic year-end giving is a win-win for all. 

Many people are philanthropic all year long—from volunteering with a favorite charity to donating when a disaster occurs. However, as the calendar creeps toward the end of the year, philanthropic individuals are reminded of the financial planning benefits of giving. While year-end is typically the most generous season of all, it’s best not to wait until Thanksgiving to think through your charitable plan. “It’s ideal to be selective and strategic in your giving,” says Ashley Fontanetta, senior vice president of Philanthropic Services at Whittier Trust. “By taking the time to work with your advisors and create a well thought out charitable plan, you’ll maximize the benefits available both to you and to the charities you support.” Here are some things to keep in mind as you prepare to make donations at the end of the year and beyond.  

Quick tips for year-end giving 

There is extra motivation to give in December when you realize that you’re running out of time to obtain valuable charitable deductions for that tax year. However, when time is limited, it’s easy to make short-sighted decisions that may not be maximizing your opportunities. Here are a few ways you can supercharge your giving between now and year’s end: 

  • Look across your balance sheet. Charitable gifts don’t always need to be made in cash. Beyond your checkbook, there may be excellent tax benefits to making gifts of appreciated stock (held longer than 1 year), real estate and even privately held business interests. Complex asset gifts should always involve the guidance of an experienced advisor.
  • If you’re 70 ½ or older, you may make a charitable donation (called a qualified charitable distribution) of up to $100,000 per year directly from your IRA to charity.
  • While you’re at it, consider naming your favorite charity as the remainder beneficiary of your retirement account. Doing so allows you to make your intended charitable gift from the IRA, freeing up other assets to be left to your family—assets that do not generate income tax for the recipient like a retirement plan would. 
  • Give directly to a public charity. Whether it’s a nonprofit organization, a donor-advised fund, or other public charity fund (scholarship, designated, field of interest), donating directly to a public charity, rather than a private non-operating foundation, maximizes the extent of your total charitable deductions for the year, and can be carried over to benefit you in future years. 

Plan in advance: Creating a formal charitable entity

With adequate time to plan, many families and individuals see the benefits of formalizing their giving by establishing a charitable entity, like a private foundation or a donor-advised fund. Some of the benefits are: 

  • Creating a reason for family members to meet and discuss things that matter, such as values, and creating a family legacy of philanthropy 
  • Enabling family philanthropy to have greater impact by focusing on one, cohesive mission statement 
  • Creating opportunities for the rising generation to learn about financial stewardship 
  • Fostering a family ethos that wealth can be a force for good
  • Dramatically simplifying record-keeping at tax time
  • Ability to make creative gifts, i.e., gifts to foreign charities, for-profit mission-aligned companies or even create your own scholarship program
  • Giving through a charitable entity supports strategic charitable planning, both in selecting the assets contributed but also in planning for larger, multi-year and pivotal gifts for the organizations 

Using a formal entity to implement your charitable plans is a best practice. By working with an advisor who specializes in philanthropy, you’ll ensure that you’re choosing the right course of action to align with your charitable goals and maximize the deductibility of your contributions. 

Simplicity and impact: Introducing the donor-advised fund

“If year-end is looming and you’d like a simple solution to both buy yourself some time and maximize your deduction, consider establishing a donor-advised fund (DAF), or similar vehicle like a designated fund,” Fontanetta says. While establishing such a fund requires slightly more work than simply writing a check, they are much simpler and lower cost than creating a private foundation. Some of the benefits of creating a DAF or designated fund include: 

  • Allows for the greatest overall amount of deductibility available for contributions of all assets, including cash, stock and real estate 
  • The vehicle can be used to convert stock or other alternative assets to cash without paying capital gains tax, preserving the full value of the simplifying gift acceptance for the charity
  • The main difference between a DAF and designated fund is that a DAF can give to any charity, while a designated fund is specified to support one charity only. A perk of the designated fund is that it can accept IRA-required minimum distributions
  • Some DAFs allow donors to name unlimited successor advisors, providing a way to keep your family members involved in giving for generations
  • Grants from DAFs are considered “public support,” which can benefit grantees
  • Currently, there’s no requirement for a minimum annual distribution and no need to file a tax return for either of these entities

Legacy and governance: When a private foundation is the best option 

Private foundations are still a great choice, but you should consider a few things before establishing one. If time is of the essence for year-end giving, a private foundation may not be in the cards, since creating one takes time. It’s recommended to first consult with a philanthropic advisor to make sure a private foundation is a fit for your goals. Some of the benefits of a private foundation are: 

  • You can use the foundation to pay reasonable, related expenses like educational conferences, travel, meals and accommodations for meetings and charity site visits 
  • It’s possible to pay salaries for management or stipends for board service, including to family members
  • There is an option to convert the foundation to a DAF if you change your mind or if priorities change down the line (although this process can be costly due to legal fees involved). The opposite is not true. Once funds are given to a DAF, they cannot be used to fund a private foundation
  • You can always open both a DAF and a private foundation to achieve greater flexibility, including deductibility of donated assets and anonymity in grantmaking 

Want to really make a difference? Connect with the organizations you care about

Once you’ve decided on the right approach to manage your giving, it’s important to consider which cause areas and nonprofits best align with your philanthropic goals and interests. Once you’ve identified a nonprofit, it’s helpful to ask some questions to determine how best to support them. “I highly recommend communicating with the charity you plan to support, either directly or through an advisor,” says Fontanetta. “Donors should see themselves as partners with the organization, providing essential capital to fuel their work and achieve shared goals.”   

  • A good starting place is to ask what the organization’s greatest needs are. Your gift could help them reach an important milestone or complete a pivotal project or campaign. For many organizations, year-end giving is a vital part of fundraising.
  • If you believe in the nonprofit’s leadership, consider making a multi-year commitment of support. This will help your favorite organization plan their operations with your committed support in mind.
  • If you want to give non-cash assets, such as stock or real estate, make sure the organization is able to accept the gift. Some organizations may not have the infrastructure in place to receive non-cash gifts, and the unexpected receipt of such a donation may create unnecessary complications. 
  • Be mindful of the “related use rule.” If you plan to contribute tangible personal property—a vehicle, for example—a full fair market value deduction is only given if the receiving charity uses the vehicle in a way that is related to its charitable purpose. If the charity plans to sell the vehicle immediately and use the proceeds to support programming, the donor’s deduction will be limited to its cost basis. It’s important to discuss such gifts with the organization well in advance to establish an understanding of how they will use your donated item to further their charitable purpose.

“While tax benefits are a powerful motivator for giving, most of our clients truly want to help the organizations they support,” Fontanetta says. With that in mind, it’s important to remember that although year-end giving is crucial for nonprofit organizations, funding is needed all year round. “In a perfect world, donors will start thinking about their charitable intentions early in the year. I often see donors run out of time to accomplish their most effective giving plan before year end. But, regardless of when you start,” she says, “thoughtful and strategic giving is a win-win for both donor and charity.”

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