A look back at Q3 2024. Authored by John Simms and Daniel Smith of Piedmont: https://acrobat.adobe.com/id/urn:aaid:sc:VA6C2:1b3c43f2-2e19-4c90-8061-9e1db0941b7a

A look back at Q2 2024. Authored by John Simms and Daniel Smith of Piedmont. https://acrobat.adobe.com/id/urn:aaid:sc:VA6C2:abac5282-f7b8-46b5-976e-347f3c33cea0

A look back at Q1 2024. Authored by John Simms and Daniel Smith of Piedmont. https://acrobat.adobe.com/id/urn:aaid:sc:VA6C2:4a631b23-b270-4715-8ba9-07582ae47842

After an extensive search process, the Board of Directors is pleased to introduce Jay Harris as the company's new President and Chief Executive Officer, effective May 13, 2024. Jay brings a wealth of experience and a strategic vision that aligns seamlessly with the company's values and objectives. With over 30 years of experience in the banking industry, Jay has consistently demonstrated exceptional leadership qualities, a deep understanding of financial dynamics, and a dedication to fostering strong client relationships.

"We are thrilled to welcome Jay as our new President and CEO.  As a Greensboro native, he brings strong leadership skills and decades of management experience in the financial industry to Piedmont.” said Barbara Evans, Chair of the Board of Directors. "His proven leadership, combined with his financial acumen and commitment to our core values, makes him the ideal candidate to lead our organization into the future."

Prior to joining Piedmont, Jay held several key executive positions within the banking sector, where he earned a reputation for fostering a culture of collaboration, dedication, and integrity. His background and deep knowledge of the Triad landscape will be instrumental in guiding Piedmont into its next chapter.

"I am honored to have been chosen as Piedmont Trust Company's next CEO," said Harris. "I am deeply committed to building upon the strong foundation established by my predecessors and working closely with our talented team to deliver exceptional value to our clients while driving sustainable growth and profitability."

As Piedmont embarks on this new chapter under Jay's leadership, the company remains steadfast in its commitment to delivering unparalleled client service and maintaining the highest standards of trust and integrity.

Hosted by John Simms and Daniel Smith of Piedmont along with Wes Hays of Monticello Associates.

Listen in as Wes Hays of Monticello Associates joins John and Daniel to review 2023 and look ahead to 2024! The information referenced in the recording is available below and titled as Piedmont Investment Slides. Please reach out to us if you have any questions or comments. Thank you to those who joined us and those who listen later. Here’s to a very successful 2023!

Piedmont Investment Slides

Piedmont Investment Call Audio File

A look back at Q4 2023. Authored by Mike Shields, John Simms and Daniel Smith of Piedmont. https://acrobat.adobe.com/id/urn:aaid:sc:VA6C2:20d4eb81-80a8-4f0d-9bba-111340c3a4f3

A look back at Q3 2023. Authored by Mike Shields, John Simms and Daniel Smith of Piedmont. https://acrobat.adobe.com/id/urn:aaid:sc:VA6C2:c28015f1-07f6-4d5b-9ef8-79d3f2355547

A look back at Q2 2023. Authored by Mike Shields, John Simms and Daniel Smith of Piedmont. https://acrobat.adobe.com/id/urn:aaid:sc:VA6C2:e7294b1a-589b-48ae-a310-9fdc5a65a93a

A look back at Q1 2023. Authoried by Mike Shields, John Simms and Daniel Smith of Piedmont.https://www.piedmonttrust.com/cms_uploads/file/market-commentary-1q-2023(1).pdf

Hosted by Mike Shields, John Simms, and Daniel Smith of Piedmont along with Eric Riedlin of Monticello Associates.

Listen in as Eric Riedlin of Monticello Associates joins Mike, John, and Daniel to review 2022 and look ahead to 2023! The information referenced in the recording is available below and titled as Piedmont Investment Slides. Please reach out to us if you have any questions or comments. Thank you to those who joined us and those who listen later. Here’s to a very successful 2023!

Piedmont Investment Slides

Piedmont Investment Call Audio File

A look back at 4Q 2022. Authored by Mike Shields, John Simms, and Daniel Smith of Piedmont.

A look back at 3Q 2022. Authored by Mike Shields, John Simms, and Daniel Smith of Piedmont.

Danielle and her siblings are young adult beneficiaries of a Trust and do not fully understand its terms, specifically the distribution provisions. The existing Trustee is a distant family member who is not experienced with administering a trust and who has never explicitly talked with the beneficiaries about the Trust’s terms. The beneficiaries are aggravated with the length of time the Trustee takes to answer questions and are often confused by the responses. They wonder what they should reasonably expect from the Trustee in the administration of their Trust.

A close friend hears the beneficiaries’ frustrations and introduces them to Piedmont Trust Company. The Piedmont team coaches the beneficiaries on what they should expect from an active, engaged, professional Trustee:

1. Reporting of current valuations of Trust assets;
2. Meetings about investments, often featuring conversations with managers;
3. Details about distribution requests and resulting decisions; and
4. Explanation of income tax returns and other administrative details of the Trust. 

Currently serving as Trustee of over 250 trusts, Piedmont is skilled and experienced in trust administration. Questions and requests are answered and decided locally rather than forwarded to a home office of a larger institution. Danielle and her siblings like the idea of replacing their existing Trustee with a boutique firm such as Piedmont with over 90 years of expertise focusing on families. To learn more about our fiduciary and family office services, please contact us.

A look back at 2Q 2022. Authored by Mike Shields, John Simms, and Daniel Smith of Piedmont.

A look back at 1Q 2022. Authored by Mike Shields, John Simms, and Daniel Smith of Piedmont.

A look back at the market in 2021 as well as our outlook for 2022. Authored by Mike Shields, John Simms, and Daniel Smith of Piedmont.

Hosted by Mike Shields, John Simms, and Daniel Smith of Piedmont along with Eric Riedlin of Monticello Associates.

Listen in as Eric Riedlin of Monticello Associates joins Mike, John, and Daniel to review 2021 and look ahead to 2022! The information referenced in the recording is available below and titled as Piedmont Investment Slides. Please reach out to us if you have any questions or comments. Thank you to those who joined us and those who listen later. Here’s to a very successful 2022!

Piedmont Investment Slides

Piedmont Investment Call Audio File

We are pleased to announce that Kathryn (Katie) H. Muhlenkamp, J.D., has recently joined Piedmont as a Trust Officer. 

Katie has practiced law in the areas of estate, charitable and income tax planning and estate and trust administration for nearly a decade, most recently at Wyatt Early Harris Wheeler, LLP in High Point, NC.  She enjoys serving as an educator to her clients, simplifying complex concepts, and empowering families to make decisions for the future.

Katie graduated from Wake Forest University School of Law where she was a member of the Order of the Barristers, the National Moot Court Team, and the Board of Editors for the Journal of Law & Policy.  Outside of the office, Katie is a professional singer and teaches on the voice faculty for UNCSA – Community Programs.

Piedmont is a family office in Greensboro focused on serving individuals and families comprehensively through its fiduciary, family office and investment management services.  Piedmont was founded in 1928 by members of the Lunsford Richardson family, founders of Richardson-Vicks and Vicks products and remedies.  Today, Piedmont is focused on growth and includes both the North Carolina trust company referenced above (Piedmont Trust) and a registered investment advisor (Piedmont Capital Management). 

During the COVID pandemic, Elizabeth and Truitt have reset their focus on family and their personal financial situations. Connecting with loved ones and planning in the face of uncertainty have become essential.

They have reviewed their estate plans, especially several trusts already in existence. Elizabeth learned about Piedmont and its emphasis on comprehensively serving families from her close friend. She was particularly interested in Piedmont’s fiduciary services.

Currently serving as Trustee of over 250 trusts, Piedmont is skilled at managing investments with the beneficiaries’ interests in mind, making distribution decisions, reporting on all trust assets whether held at Piedmont or elsewhere, and preparing associated tax returns. Most important to Elizabeth and Truitt is Piedmont’s focus on educating beneficiaries about trusts and why they were created.

Elizabeth liked the idea of choosing a boutique firm allied with strong partners, as opposed to a larger institution serving a broader audience of clients. Piedmont has over 90 years of experience focusing on families. To learn more about our fiduciary and family office services, please contact us.

Hosted by Mike Shields, John Simms, Daniel Smith, and Eric Riedlin of Monticello Associates.

Listen in as Eric Riedlin of Monticello Associates joins Mike, John, and Daniel to review 2020 and look ahead to 2021! The information referenced in the recording is available below and titled as Piedmont Investment Slides. Please reach out to us if you have any questions or comments. Thank you to those who joined us and those who listen later. Here’s to a very successful 2021!

  Piedmont Investment Slides  

  Piedmont Investment Call Audio File  

In the midst of a chaotic 2020, clients desire certainty. Estate planning has never been more important or top of mind.

One particular client with substantial assets wanted to ensure that she could use the current sizable gift tax exemption in 2020. She was not comfortable giving her assets away to her children because of the concern that she and her husband might need her wealth down the road.

Piedmont introduced the client to an experienced estate tax attorney who, at Piedmont’s suggestion, drafted a spousal lifetime access trust (SLAT) to accomplish the client’s goals. The husband understood that he would have the flexibility to avail himself of the trust assets if needed. That certainty gave the client and her husband much comfort that, upon the wife’s eventual death, her estate tax would be minimized, her children would benefit, and the trust assets would still be available to her husband for life. 

Piedmont has over 90 years of experience in helping families work through major life and financial transitions. To learn more about how we have assisted families in times of uncertainty, please contact us!  Our experienced team would love to assist you with an estate plan review at any time.

A business owner has focused her time on growing her business. As her assets grow, she contacts Piedmont for investment advisory services, realizing that her investment portfolio is quite concentrated.

She is grateful for the security of her business. However, given increased market volatility due to the COVID-19 pandemic, she seeks guidance in repositioning her portfolio.

The client’s Piedmont team evaluated her portfolio and provided guidance on reallocating her investment dollars. She deeply appreciated the time Piedmont spent and the strategic steps Piedmont took to help her create a diversified portfolio in a tax-efficient manner.

We are calm, confident, and ready to assist during this unexpected and challenging time.

In this uncertain and unprecedented COVID-19 environment, a client family of Piedmont is focused on transitioning back to the office from working remotely, arranging childcare, and keeping their household running.

Tax laws are evolving rapidly, and this couple does not have the capacity to review all the changes and understand the implications for them.

Piedmont’s tax team stays current on tax law changes to determine how clients can benefit. Piedmont reached out to the couple informing them that their children could save income tax due to a recent retroactive change in the Kiddie Tax rules. Piedmont’s team amended the children’s prior returns, and they received refunds.

We are calm, confident, and ready to assist during this unexpected and challenging time.

Hosted by Mike Shields, John Simms, Daniel Smith, and Eric Riedlin of Monticello Associates.

Listen in as Eric Riedlin of Monticello Associates joins Mike, John, and Daniel to review 2019 and look ahead to 2020! The information referenced in the recording is available below and titled as Piedmont Investment Slides. Please reach out to us if you have any questions or comments. Thank you to those who joined us and those who listen later. Here’s to a very successful 2020!

Piedmont Investment Slides

Piedmont Investment Call Audio File

A widow and widower, each with their own families, married each other late in life. The wife wanted her family to benefit from her estate tax exclusion, so she was reluctant to split gifts with her wealthier husband and potentially use part of her exclusion. Solving the problem was particularly important because the wife wanted to be sure that her estate provided for her handicapped grandchild.

Piedmont advisors customized a plan to benefit both families, and the wife and her family are now comfortable that their collective financial interests are protected.

Piedmont has more than 90 years of experience in helping families work through major life and financial transitions. To learn more about how we have assisted families in these types of situations, please contact us! Our experienced team would love to assist you with an estate plan review at any time.

Louise Maultsby Bristol
Senior Trust Officer
Louise.bristol@piedmonttrust.com
336.574.8662

Whom should I call when something happens to my spouse?

We are often asked this question. Life throws all of us difficult circumstances, and Piedmont's caring competent team is ready to assist during these distressing times. Here's an example:

Problem: An untimely death

A client retired on December 31, excited about her next phase of life including relaxing travel and more time with grandchildren and her already-retired husband. Just six months later, her husband died suddenly from a heart attack after a Sunday afternoon playing golf.

Piedmont Capability: Providing calm during the storm

We were among the first calls the wife made following her husband's untimely death. We stepped in to assist with various projects ranging from arranging cremation details to packing up her husband's belongings. We viewed these assignments as a critical part of our service to this family.

Result: Informed decision making

We walked alongside the family as they recovered from their tragic loss. Our knowledgeable team members have seen a surviving spouse rush into the "to dos" of the estate administration because doing something - anything - feels like progress, but we know that it's important to take time before making financial decisions.

In an uncertain and upsetting time, Piedmont is a trusted and reliable resource. Knowing that, our client gave herself permission to slow down and grieve. Because we are prepared to help clients deal with grim situations, we were ready at the appropriate time to help her

with the next phase of decision making just as she and her husband had planned. As we assisted our client, we let her know of a recent Supreme Court case* that will benefit her family going forward because related family trusts won't have to file income tax returns in as many states as they have in the past. Our team members stay up to date on changes in state and federal law and look for opportunities like this to talk with clients about how these changes affect their family.

Piedmont has more than 90 years of experience helping families work through major life and financial transitions. In a time when the wealth management industry is dominated by large institutions, Piedmont offers an alternative: confidential, professional, and personal service focused exclusively on the complexities of family wealth.

*North Carolina Department of Revenue v. Kimberly Rice Kaestner 1992 Family Trust, 588 U.S.__(June 21, 2019)

To learn more about how we have assisted families, please contact us!

Louise Maultsby Bristol
Senior Trust Officer
Louise.bristol@piedmonttrust.com
336.574.8662