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Two’s Company, Three’s a Crowd:  Charity, Heirs, and the IRS

Join Dee Ann Remo and Bobby Thalhimer for a captivating case study in which they devise financial and philanthropic planning options for the fictional industrialist and philanthropist, Fitzgibbons "Fitz" C. Abernathy IV, who has a substantial but illiquid estate.

For those who wish to read the case before the presentation:

Fitzgibbons "Fitz" C. Abernathy IV is the majority owner of a two-generation company that manufactures drill bits used in a wide variety of industries. He learned the business from his father, bought out his brother and has been bringing his son and daughter along. Presently, Fitz owns 90% of the company, and his children own 5% each.
Business is booming due to the resurgence of the U.S. oil industry. This growth is of course welcome, but it comes at a bad time for estate planning purposes. Fitz turned 70 in February, and he has experienced health issues related to diabetes. His second wife, Kay, is 50, his son 42 and his daughter 40.

Fitz is a philanthropist and a collector. He supports the Virginia Museum of Fine Arts ("VMFA"), which covets his Impressionist paintings by Monet and Degas, as well as sculptures of the latter. Fitz has been a supporter of the VMFA,  his alma mater (VMI), St. Stephen's Episcopal Church, the Science Museum of Virginia and a dozen other nonprofits to a far lesser extent. He gives in several ways: directly, through a donor advised fund at The Community Foundation and through a family foundation established by his parents of which he and his children are the sole Directors. When Fitz bought his brother's interest in the company, he also distributed half the foundation's assets to a his brother's new private foundation.

Our Panelists

Dee Ann Remo is the CEO and Managing Director of Heritage Wealth Advisors. She has over twenty-six years of experience providing wealth management planning and services to corporate executives, professionals, business owners, and other high net worth individuals.

Her professional and organizational involvement includes the American Institute for Certified Public Accountants, the Institute for Certified Financial Planners, and the Richmond Estate Planning Council. Dee Ann sits on the Board of Directors for the Richmond Memorial Health Foundation, Richmond Sportsbackers, the Visual Arts Center and The Community Foundation Serving Richmond and Central Virginia. Previously she was a partner with KPMG where she spent the first 19 years of her career.

Dee Ann earned her Bachelor of Science degree magna cum laude from West Virginia University. She is a Certified Public Accountant, Certified Financial Planner and Personal Financial Specialist.

 Bobby Thalhimer joined The Community Foundation staff in 1999, after having been a board member from 1981 to 1991. As Senior Vice President of Philanthropic Services & Donor Engagement, he has responsibilities in donor services, outreach and affiliate operations.

Bobby serves on the boards of Impact Makers and the Richmond Memorial Health Foundation, where he chairs the Investment Committee. He was formerly President of the Science Museum of Virginia Foundation, where he served as executive director from 1992 to 1998, and he was President of the William B. Thalhimer, Jr. & Family Foundation, which is now a component fund of The Community Foundation.

Bobby earned a B.S. in Economics from Williams College and an MBA from the University of Richmond.