These clients were a married couple who had one minor child and were expecting another child in two months. They were also business owners. Their goals were to protect their assets, provide for their children, and avoid probate.
We created a trust plan for them, which included:
- A Trust;
- Wills;
- Powers of Attorney for Finances;
- Powers of Attorney for Health Care;
- Advance Health Care Directives;
- Disposition Instructions;
- Quit Claim Deeds to Trust;
- An Assignment of Corporate Shares to Trust; and
- Assignments of LLC Interest to Trust.
The Trust enables the clients to accomplish their goals with their Estate. It also names a trustee to oversee the assets held in trust and the distributions.
The Wills name personal representatives to act if the clients miss transferring any assets into their trust during their lifetime. They enable personal representative named to transfer any missed assets into the Trust.
The Powers of Attorney for Finances appoint people to manage the clients’ finances if they are ever unable to do so during their lifetime.
The Powers of Attorney for Health Care designate people to manage the clients’ health care if they are ever incapacitated.
The Advance Health Care Directions include what the clients would like in regard to health care if they are incapacitated or in a terminal condition.
The Disposition Instructions state what the clients would like to happen to their remains after they are gone.
The Quit Claim Deeds to Trust transfer the clients’ interest in their real property to their trust so it will avoid probate and be held in trust or distributed as the clients directed.
The Assignment of Corporate Shares to Trust and Assignments of LLC Interest to Trust transfer the clients’ corporate shares and LLC ownership interest in their businesses to their trust, so they will avoid probate and be held in trust or distributed as the clients instructed.
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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:
