Business & Wealth

For some families, the apple doesn’t fall far from the tree, whether it’s looks, personality or career. For each of these families, a shared passion for law brought two generations together in one firm, as they enjoy working together and learning from each other along the way.

If you think it’s too early to start worrying about estate planning, think again, local financial advisors say. “It’s a very difficult subject, and I would say procrastination is the No. 1 problem with estate planning, because none of us like to visualize our own demise or incapacitation,” says Stephen Wedel, a certified financial planner and certified funds specialist at Four Seasons Wealth Management. But it’s still vitally important to plan for those possibilities, he says. “If something happened to me, and I’ve left no instructions to the court, what I’m really saying is that I just want a judge somewhere to make decisions for me. But that’s not really what most people would say, is it?”

A wayward ember from the fireplace sparks a blaze in your home, and it quickly spreads, resulting in a total loss. While it is a devastating event, luckily you have homeowner’s insurance. But is your coverage sufficient to rebuild your life? Combining a person’s individual coverage needs with the varying policies offered by each company can result in homeowners who don’t realize they are underinsured before it’s too late. “Not all homeowner policies are created equal, and it’s unfortunate that a lot of people just shop price and they don’t know the differences,” says Todd Taxman, owner of Taxman Insurance Group with Farmers Insurance. “If they just have a standard policy, they may not be covered for everything, and they don’t find out until there’s a loss.”

Since 1906, the year the Dow Jones first topped 100 and The Commerce Trust Company opened for business, five generations of high-net-worth families have turned to Commerce to help them achieve their financial goals and protect their legacy. Commerce Trust president and CEO Ray Stranghoener says the company is well-prepared to handle the complex challenges of wealth management. “We really do have a broad range of services, which we divide into four categories: private banking services, investment management, trust services, and what we call financial advisory service (FAS), which would include financial planning for retirement, tax advice and estate planning.” There are different levels of complexity, he adds, depending on the customer. “We cover the full spectrum, from new investors who are just beginning to accumulate some investable assets, to people with several million dollars seeking advice.”