We created this estate plan for an elderly man whose wife had special needs. He wanted to provide care for his wife in the event of his death before hers, and provide specific distributions of his assets to his children.
We created a trust plan for him, which included a special needs trust for his wife and distributions of property and assets to the children. The trust plan also included a:
- Revocable Living Trust;
- Pour Over Will;
- Financial Power of Attorney;
- Healthcare Power of Attorney; and
- Living Will.
The Pour Over Will provides for any assets that were forgotten or did not get transferred or placed into the trust. It gives a Personal Representative the authority to funnel any such asset into the trust, even after the clients’ deaths.
The Power of Attorney documents provide the client with designations for individuals to take care of him if he were to become incapacitated.
The Living Will is for end of life decisions and taking the mystery out of what the client would want to happen to him if he were 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: