This estate plan was created for a man in his late thirties, with no children. His assets totaled under two million dollars, and he had no real estate.
What we did for him: we created a simple Will plan for him, containing a:
- Will;
- Financial Power of Attorney;
- Healthcare Power of Attorney; and
- Healthcare Directive.
Because his estate was small, a simple Will plan works. A simple probate can be closed quickly once his accounts are settled and once the creditor claim period has passed. Also, since he had minimal assets, he fell under the state and federal tax exemptions – meaning he doesn’t need a trust to avoid paying estate taxes.
The Power of Attorney documents provide him with designations for individuals to take care of him in case he becomes incapacitated.
We prepared the Health Care Directive for end of life decisions and to take the mystery out of what he would want to happen to him if he were in a permanent vegetative state.
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Need estate planning help but not sure where to start? Click the link to check out this free presentation I put together that will answer all your questions (it’s basically the talk I give at potential client strategy sessions):
https://cmslawfirm.com/foundation
And, if you know you just want to talk, click the link below to schedule a free strategy session with us:
