This estate plan was created for a married couple with one adult child. The couple’s goal was to provide for their son’s future. They also wanted to avoid probate by establishing a trust.
The couple decided that their son should receive his inheritance outright, instead of in delayed distributions. Because they had a larger estate, a trust plan worked best for them as it protects them from paying estate taxes and from having to file a probate with the court.
The trust plan contains:
- A Revocable Living Trust;
- Pour-Over Wills;
- Healthcare Power of Attorneys;
- Financial Power of Attorneys; and
- Healthcare Directives.
The Pour Over Will provides backup for any assets that the clients may forget to place into the trust. It gives a personal representative the authority to funnel any assets into the trust, even after the clients’ deaths.
The Power of Attorney documents provide the couple with designations for individuals to take care of them if they every become incapacitated.
We prepared the Health Care Directive for end of life decisions, and to take the mystery out of what the couple would want to happen to them if they find themselves in a permanent vegetative state.
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):
And, if you know you just want to talk, click the link below to schedule a free strategy session with us: